<SEC-DOCUMENT>0000103730-12-000049.txt : 20130125
<SEC-HEADER>0000103730-12-000049.hdr.sgml : 20130125
<ACCEPTANCE-DATETIME>20121126162116
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000103730-12-000049
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20121126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISHAY INTERTECHNOLOGY INC
		CENTRAL INDEX KEY:			0000103730
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS & ACCESSORIES [3670]
		IRS NUMBER:				381686453
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		63 LANCASTER AVENUE
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6106441300

	MAIL ADDRESS:	
		STREET 1:		63 LANCASTER AVENUE
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<!--Licensed to: Vishay Intertechnology, Inc.
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Via EDGAR</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">U.S. Securities and Exchange Commission</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Division of Corporation Finance</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">100 F. Street, N.E.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt">Attention: Martin F. James, Senior Assistant Chief Accountant</div>

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<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Vishay Intertechnology, Inc.<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><br>
</font>Form 10-K for the Fiscal Year Ended December 31, 2011<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><br>
</font>Filed February 23, 2012<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><br>
</font> File No. 1-07416</td>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 14.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Dear Mr. James:</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11.5pt">This letter sets forth the response of Vishay Intertechnology, Inc. ("<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Vishay</u></font>" or the "<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Company</u></font>") to the comment letter of the staff of the Division of Corporation Finance (the "<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Staff</u></font>") of the Securities and Exchange Commission (the "<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>SEC</u></font>"), dated November 20, 2012, regarding the Company's Form 10-K for the fiscal year ended December 31, 2011 (the "<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>Form 10-K</u></font>"). &#160;For your convenience, we have incorporated the Staff's comment into this response letter below, and the Company's response thereto is set forth after the comment.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt"><u>Form 10-K for the Fiscal Year Ended December 31, 2011</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt"><u>Item 8. Financial Statements and Supplementary Data</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt"><u>Note 18. Fair Value Measurements, page F-64</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">1.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">We note that as of December 31, 2011, you held approximately $249 million of short-term investments. In regards to these investments, please explain to us how you considered the disclosure requirements of FASB ASC 820-10-50 and 320-10-50.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Response: &#160;</font>The Company evaluated the nature of the short-term investments and determined that its disclosures were appropriate.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Vishay Intertechnology, Inc</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; FONT-SIZE: 7pt">Corporate Headquarters &#160;63 Lancaster Ave., Malvern PA 19355-2143 U.S.A. &#160; Phone (610) 644-1300 &#160;Fax (610) 644-5812 &#160;<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">www.vishay.com</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; FONT-SIZE: 7pt; FONT-WEIGHT: bold">ONE OF THE WORLD'S LARGEST MANUFACTURERS OF DISCRETE SEMICONDUCTORS AND PASSIVE COMPONENTS</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt">At December 31, 2011, the investments were comprised of time deposits with financial institutions whose original maturity exceeded three months, and accordingly, could not be classified as cash or cash equivalents as defined in the glossary of the FASB Codification.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt">Accordingly, the Company believes that these investments do not qualify as securities within the scope of ASC 320 and are thus measured at amortized cost. &#160;Investments recorded at amortized cost are not subject to the measurement and recurring disclosure requirements of ASC 820. &#160;Appropriate disclosure, as required by ASC 825, is included in the last paragraph of Note 18.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt">The Company respectfully would like to highlight for the Staff that the nature of the investments is disclosed in Note 1 to the consolidated financial statements (under the heading "Cash, Cash Equivalents, and Short-Term Investments," page F-12), as well as in Management's Discussion and Analysis &#8211; Financial Condition, Liquidity, and Capital Resources (pages 60-61). &#160;The Company will further clarify disclosures of the nature of the short-term investments in future filings.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt">To the extent the Company in the future invests in securities that are subject to ASC 320, the Company will provide the disclosures required by ASC 820 in future filings. &#160;Furthermore, if any of the investments carried at amortizable cost is deemed to be impaired and written down to its fair value, the Company understands that the measurement requirements of ASC 820 and the disclosure requirements for non-recurring measures would apply.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">* * * * * *</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Vishay Intertechnology, Inc</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; FONT-SIZE: 7pt">Corporate Headquarters &#160;63 Lancaster Ave., Malvern PA 19355-2143 U.S.A. &#160; Phone (610) 644-1300 &#160;Fax (610) 644-5812 &#160;<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">www.vishay.com</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; FONT-SIZE: 7pt; FONT-WEIGHT: bold">ONE OF THE WORLD'S LARGEST MANUFACTURERS OF DISCRETE SEMICONDUCTORS AND PASSIVE COMPONENTS</div>
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<div><img src="vishaylogo.jpg"></div>

<div>&#160;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11.5pt">The Company hereby acknowledges that:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, Serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11.5pt">&#183;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Serif; FONT-SIZE: 11.5pt">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Serif; FONT-SIZE: 11.5pt">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Serif; FONT-SIZE: 11.5pt">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11.5pt">Please do not hesitate to contact me at (610) 644-1300 with any questions or further comments you may have regarding this letter or if you wish to discuss the above response.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Sincerely,</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt"><u>/s/ Lori Lipcaman</u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Lori Lipcaman</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Executive Vice President</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Chief Financial Officer</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">Vishay Intertechnology, Inc.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">Vishay Intertechnology, Inc</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; FONT-SIZE: 7pt">Corporate Headquarters &#160;63 Lancaster Ave., Malvern PA 19355-2143 U.S.A. &#160; Phone (610) 644-1300 &#160;Fax (610) 644-5812 &#160;<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 7pt; FONT-WEIGHT: bold">www.vishay.com</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; MARGIN-BOTTOM: 2pt; FONT-SIZE: 7pt; FONT-WEIGHT: bold">ONE OF THE WORLD'S LARGEST MANUFACTURERS OF DISCRETE SEMICONDUCTORS AND PASSIVE COMPONENTS</div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
