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Segment and Geographic Data | 12 Months Ended
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Dec. 31, 2024
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.
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’s chief operating decision maker is its President and Chief Executive Officer. The chief operating decision maker uses both gross profit and operating income, exclusive of certain items ("segment operating income") to make decisions, allocate resources, and assess performance, and the Company thus considers segment gross profit and operating income to be its measures of segment profit or loss. 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 selling, general, and administrative costs of its global operations, sales and marketing, information systems, finance, and administration groups, as well as restructuring and severance costs, goodwill impairment charges, the direct impact of the COVID-19 pandemic, and other items affecting comparability. 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. Cost of products sold (excluding depreciation) is defined as the aggregate costs incurred in the production of goods for sale, excluding depreciation expense. Depreciation expense is defined as the aggregate expense recognized for the allocation of costs of tangible assets used in the production of goods to the periods that benefit from the use of the assets. It excludes depreciation expense attributed to selling, general, and administrative activities. Segment gross profit is calculated as net revenues determined based on the U.S. GAAP definition, minus costs of goods sold and depreciation expense, as defined above. Segment operating expenses is defined as the dedicated, direct selling, general, and administrative expenses, including research and development expenses attributed to the segment. The following tables set forth business segment information:
|  | MOSFETs |  |  | Diodes |  |  | Optoelectronic Components |  |  | Resistors |  |  | Inductors |  |  | Capacitors |  |  | Corporate / Other |  |  | Total |
Year ended December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 601,979 |  |  | $ | 581,975 |  |  | $ | 212,368 |  |  | $ | 725,614 |  |  | $ | 356,355 |  |  | $ | 459,296 |  |  | $ | - |  |  | $ | 2,937,587 |
Cost of products sold (excluding depreciation) |  | $ | 465,536 |  |  | $ | 414,893 |  |  | $ | 158,742 |  |  | $ | 524,808 |  |  | $ | 231,456 |  |  | $ | 330,460 |  |  | $ | - |  |  | $ | 2,125,895 |
Depreciation expense in cost of products sold |  |  | 49,342 |  |  |  | 45,920 |  |  |  | 15,374 |  |  |  | 41,848 |  |  |  | 17,819 |  |  |  | 15,097 |  |  |  | - |  |  |  | 185,400 |
Total cost of products sold |  |  | 514,878 |  |  |  | 460,813 |  |  |  | 174,116 |  |  |  | 566,656 |  |  |  | 249,275 |  |  |  | 345,557 |  |  |  | - |  |  |  | 2,311,295 |
Gross profit |  |  | 87,101 |  |  |  | 121,162 |  |  |  | 38,252 |  |  |  | 158,958 |  |  |  | 107,080 |  |  |  | 113,739 |  |  |  | - |  |  |  | 626,292 |
Segment operating expenses |  | $ | 80,243 |  |  | $ | 25,281 |  |  | $ | 21,393 |  |  | $ | 33,217 |  |  | $ | 14,818 |  |  | $ | 23,469 |  |  | $ | - |  |  | $ | 198,421 |
Segment operating income |  | $ | 6,858 |  |  | $ | 95,881 |  |  | $ | 16,859 |  |  | $ | 125,741 |  |  | $ | 92,262 |  |  | $ | 90,270 |  |  | $ | - |  |  | $ | 427,871 |
Total depreciation expense |  | $ | 51,301 |  |  | $ | 47,099 |  |  | $ | 15,784 |  |  | $ | 42,568 |  |  | $ | 17,940 |  |  | $ | 15,293 |  |  | $ | 8,976 |  |  | $ | 198,961 |
Capital expenditures |  |  | 224,998 |  |  |  | 29,534 |  |  |  | 10,451 |  |  |  | 30,301 |  |  |  | 6,339 |  |  |  | 13,609 |  |  |  | 4,847 |  |  |  | 320,079 |
Total assets as of December 31, 2024: |  | $ | 1,033,555 |  |  | $ | 724,603 |  |  | $ | 346,866 |  |  | $ | 958,985 |  |  | $ | 342,286 |  |  | $ | 430,871 |  |  | $ | 273,530 |  |  | $ | 4,110,696 |
Year ended December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 778,754 |  |  | $ | 690,540 |  |  | $ | 243,146 |  |  | $ | 843,472 |  |  | $ | 347,392 |  |  | $ | 498,741 |  |  | $ | - |  |  | $ | 3,402,045 |
Cost of products sold (excluding depreciation) |  | $ | 485,086 |  |  | $ | 471,088 |  |  | $ | 164,791 |  |  | $ | 566,640 |  |  | $ | 220,090 |  |  | $ | 358,120 |  |  | $ | - |  |  | $ | 2,265,815 |
Depreciation expense in cost of products sold |  |  | 34,282 |  |  |  | 43,831 |  |  |  | 16,129 |  |  |  | 38,404 |  |  |  | 14,888 |  |  |  | 14,203 |  |  |  | - |  |  |  | 161,737 |
Total cost of products sold |  |  | 519,368 |  |  |  | 514,919 |  |  |  | 180,920 |  |  |  | 605,044 |  |  |  | 234,978 |  |  |  | 372,323 |  |  |  | - |  |  |  | 2,427,552 |
Gross profit |  |  | 259,386 |  |  |  | 175,621 |  |  |  | 62,226 |  |  |  | 238,428 |  |  |  | 112,414 |  |  |  | 126,418 |  |  |  | - |  |  |  | 974,493 |
Segment operating expenses |  | $ | 63,593 |  |  | $ | 22,159 |  |  | $ | 19,263 |  |  | $ | 29,003 |  |  | $ | 12,730 |  |  | $ | 21,433 |  |  | $ | - |  |  | $ | 168,181 |
Segment operating income |  | $ | 195,793 |  |  | $ | 153,462 |  |  | $ | 42,963 |  |  | $ | 209,425 |  |  | $ | 99,684 |  |  | $ | 104,985 |  |  | $ | - |  |  | $ | 806,312 |
Total depreciation expense |  | $ | 35,965 |  |  | $ | 44,904 |  |  | $ | 16,496 |  |  | $ | 39,781 |  |  | $ | 14,963 |  |  | $ | 14,269 |  |  | $ | 8,079 |  |  | $ | 174,457 |
Capital expenditures |  |  | 132,543 |  |  |  | 62,185 |  |  |  | 23,228 |  |  |  | 67,085 |  |  |  | 10,767 |  |  |  | 21,914 |  |  |  | 11,688 |  |  |  | 329,410 |
Total assets as of December 31, 2023: |  | $ | 702,299 |  |  | $ | 852,703 |  |  | $ | 352,984 |  |  | $ | 946,585 |  |  | $ | 365,111 |  |  | $ | 459,653 |  |  | $ | 560,588 |  |  | $ | 4,239,923 |
Year ended December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 762,260 |  |  | $ | 765,220 |  |  | $ | 296,384 |  |  | $ | 832,806 |  |  | $ | 331,086 |  |  | $ | 509,645 |  |  | $ | - |  |  | $ | 3,497,401 |
Cost of products sold (excluding depreciation) |  | $ | 458,283 |  |  | $ | 528,278 |  |  | $ | 179,848 |  |  | $ | 536,514 |  |  | $ | 211,969 |  |  | $ | 371,766 |  |  | $ | 6,661 |  |  | $ | 2,293,319 |
Depreciation expense in cost of products sold |  |  | 29,479 |  |  |  | 38,837 |  |  |  | 13,749 |  |  |  | 34,220 |  |  |  | 14,768 |  |  |  | 14,040 |  |  |  | - |  |  |  | 145,093 |
Total cost of products sold |  |  | 487,762 |  |  |  | 567,115 |  |  |  | 193,597 |  |  |  | 570,734 |  |  |  | 226,737 |  |  |  | 385,806 |  |  |  | 6,661 |  |  |  | 2,438,412 |
Gross profit |  |  | 274,498 |  |  |  | 198,105 |  |  |  | 102,787 |  |  |  | 262,072 |  |  |  | 104,349 |  |  |  | 123,839 |  |  |  | (6,661 | ) |  |  | 1,058,989 |
Segment operating expenses |  | $ | 45,806 |  |  | $ | 21,683 |  |  | $ | 17,331 |  |  | $ | 26,813 |  |  | $ | 10,896 |  |  | $ | 19,029 |  |  | $ | - |  |  | $ | 141,558 |
Segment operating income |  | $ | 228,692 |  |  | $ | 176,422 |  |  | $ | 85,456 |  |  | $ | 235,259 |  |  | $ | 93,453 |  |  | $ | 104,810 |  |  | $ | (6,661 | ) |  | $ | 917,431 |
Total depreciation expense |  | $ | 30,551 |  |  | $ | 40,014 |  |  | $ | 14,065 |  |  | $ | 34,903 |  |  | $ | 14,927 |  |  | $ | 14,286 |  |  | $ | 7,118 |  |  | $ | 155,864 |
Capital expenditures |  |  | 90,297 |  |  |  | 69,126 |  |  |  | 27,776 |  |  |  | 76,702 |  |  |  | 35,102 |  |  |  | 15,214 |  |  |  | 11,091 |  |  |  | 325,308 |
Total assets as of December 31, 2022: |  | $ | 672,048 |  |  | $ | 814,017 |  |  | $ | 385,388 |  |  | $ | 861,870 |  |  | $ | 322,893 |  |  | $ | 496,924 |  |  | $ | 312,513 |  |  | $ | 3,865,653 |
________________ Note 15 – Segment and Geographic Data (continued)
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Reconciliation: |  |  |  |  |  |  |  |  |
Segment Operating Income |  | $ | 427,871 |  |  | $ | 806,312 |  |  | $ | 917,431 |
Restructuring and Severance Costs |  |  | (40,614 | ) |  |  | - |  |  |  | - |
Impairment of Goodwill |  |  | (66,487 | ) |  |  | - |  |  |  | - |
Impact of COVID-19 Pandemic on Selling, General, and Administrative Expenses |  |  | - |  |  |  | - |  |  |  | (546 | )
Unallocated Selling, General, and Administrative Expenses |  |  | (315,143 | ) |  |  | (320,168 | ) |  |  | (301,399 | )
Consolidated Operating Income (Loss) |  | $ | 5,627 |  |  | $ | 486,144 |  |  | $ | 615,486 |
Unallocated Other Income (Expense) |  |  | (8,016 | ) |  |  | (18,742 | ) |  |  | (21,981 | )
Consolidated Income (Loss) Before Taxes |  | $ | (2,389 | ) |  | $ | 467,402 |  |  | $ | 593,505 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Distributors |  | $ | 1,578,172 |  |  | $ | 1,798,291 |  |  | $ | 2,019,842 |
OEMs |  |  | 1,156,852 |  |  |  | 1,378,065 |  |  |  | 1,229,114 |
EMS companies |  |  | 202,563 |  |  |  | 225,689 |  |  |  | 248,445 |
|  | $ | 2,937,587 |  |  | $ | 3,402,045 |  |  | $ | 3,497,401 |
Net revenues were attributable to customers in the following regions:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Asia |  | $ | 1,149,138 |  |  | $ | 1,255,563 |  |  | $ | 1,347,893 |
Europe |  |  | 1,029,901 |  |  |  | 1,255,652 |  |  |  | 1,146,898 |
Americas |  |  | 758,548 |  |  |  | 890,830 |  |  |  | 1,002,610 |
|  | $ | 2,937,587 |  |  | $ | 3,402,045 |  |  | $ | 3,497,401 |
Note 15 – Segment and Geographic Data (continued) The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, military and aerospace, medical, power supplies, telecommunications, consumer products, and computing end markets. Sales by end market are presented below:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Industrial |  | $ | 992,192 |  |  | $ | 1,216,078 |  |  | $ | 1,377,043 |
Automotive |  |  | 1,097,713 |  |  |  | 1,202,923 |  |  |  | 1,067,499 |
Military and Aerospace |  |  | 325,318 |  |  |  | 271,871 |  |  |  | 215,078 |
Medical |  |  | 147,845 |  |  |  | 152,611 |  |  |  | 133,808 |
Other* |  |  | 374,519 |  |  |  | 558,562 |  |  |  | 703,973 |
|  | $ | 2,937,587 |  |  | $ | 3,402,045 |  |  | $ | 3,497,401 |
*Power supplies, telecommunications, consumer products, and computing The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 761,218 |  |  | $ | 879,734 |  |  | $ | 974,503 |
Germany |  |  | 871,479 |  |  |  | 1,076,812 |  |  |  | 1,005,796 |
Other Europe |  |  | 148,055 |  |  |  | 151,160 |  |  |  | 142,454 |
Israel |  |  | 22,517 |  |  |  | 29,560 |  |  |  | 25,844 |
Asia |  |  | 1,134,318 |  |  |  | 1,264,779 |  |  |  | 1,348,804 |
|  | $ | 2,937,587 |  |  | $ | 3,402,045 |  |  | $ | 3,497,401 |
The following table summarizes property and equipment based on physical location:
|  | December 31, |
|  | 2024 |  |  | 2023 |
United States |  | $ | 149,487 |  |  | $ | 162,428 |
Germany |  |  | 359,430 |  |  |  | 305,504 |
United Kingdom |  |  | 214,838 |  |  |  | 755 |
Other Europe |  |  | 137,109 |  |  |  | 147,891 |
Israel |  |  | 109,277 |  |  |  | 98,800 |
People's Republic of China |  |  | 236,068 |  |  |  | 250,209 |
Republic of China (Taiwan) |  |  | 204,757 |  |  |  | 207,515 |
Other Asia |  |  | 119,236 |  |  |  | 108,055 |
Other |  |  | 15,536 |  |  |  | 13,489 |
|  | $ | 1,545,738 |  |  | $ | 1,294,646 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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