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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 30, 2013
Long-Term Debt [Abstract] |
Key terms of the convertible debentures | Vishay currently has three issuances of convertible senior debentures outstanding with generally congruent terms. The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures:
|  | Due 2040 |  |  | Due 2041 |  |  | Due 2042 |
Issuance date |  | November 9, 2010 |  |  | May 13, 2011 |  |  | May 31, 2012 |
Maturity date |  |  | November 15, 2040 |  |  | May 15, 2041 |  |  | June 1, 2042 |
Principal amount |  | $ | 275,000 |  |  | $ | 150,000 |  |  | $ | 150,000 |
Cash coupon rate (per annum) |  |  | 2.25 | % |  |  | 2.25 | % |  |  | 2.25 | %
Nonconvertible debt borrowing rate at issuance (per annum) |  |  | 8.00 | % |  |  | 8.375 | % |  |  | 7.50 | %
Initial conversion rate (per $1 principal amount) |  |  | 72.0331 |  |  |  | 52.5659 |  |  |  | 84.6937 |
Effective conversion price (per share) |  | $ | 13.88 |  |  | $ | 19.02 |  |  | $ | 11.81 |
130% of the conversion price (per share) |  | $ | 18.04 |  |  | $ | 24.73 |  |  | $ | 15.35 |
Call date |  |  | November 20, 2020 |  |  | May 20, 2021 |  |  | June 7, 2022 |
Liability and equity of component of convertible senior debentures | The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows:
|  | Principal amount of the debentures |  |  | Unamortized discount |  |  | Embedded derivative |  |  | Carrying value of liability component |  |  | Equity component - net carrying value |
March 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 275,000 |  |  |  | (175,016 | ) |  |  | 475 |  |  | $ | 100,459 |  |  | $ | 110,094 |
Due 2041 |  | $ | 150,000 |  |  |  | (98,778 | ) |  |  | 311 |  |  | $ | 51,533 |  |  | $ | 62,246 |
Due 2042 |  | $ | 150,000 |  |  |  | (92,734 | ) |  |  | 209 |  |  | $ | 57,475 |  |  | $ | 57,874 |
Total |  | $ | 575,000 |  |  | $ | (366,528 | ) |  | $ | 995 |  |  | $ | 209,467 |  |  | $ | 230,214 |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 275,000 |  |  |  | (175,456 | ) |  |  | 622 |  |  | $ | 100,166 |  |  | $ | 110,094 |
Due 2041 |  | $ | 150,000 |  |  |  | (99,000 | ) |  |  | 399 |  |  | $ | 51,399 |  |  | $ | 62,246 |
Due 2042 |  | $ | 150,000 |  |  |  | (92,958 | ) |  |  | 282 |  |  | $ | 57,324 |  |  | $ | 57,874 |
Total |  | $ | 575,000 |  |  | $ | (367,414 | ) |  | $ | 1,303 |  |  | $ | 208,889 |  |  | $ | 230,214 |
Schedule of long-term debt instruments | Long-term debt consists of the following:
|  | March 30, 2013 |  |  | December 31, 2012 |
Credit facility |  | $ | 90,000 |  |  | $ | 89,000 |
Exchangeable unsecured notes, due 2102 |  |  | 95,042 |  |  |  | 95,042 |
Convertible senior debentures, due 2040 |  |  | 100,459 |  |  |  | 100,166 |
Convertible senior debentures, due 2041 |  |  | 51,533 |  |  |  | 51,399 |
Convertible senior debentures, due 2042 |  |  | 57,475 |  |  |  | 57,324 |
|  |  | 394,509 |  |  |  | 392,931 |
Less current portion |  |  | - |  |  |  | - |
|  | $ | 394,509 |  |  | $ | 392,931 |
Convertible debentures, interest expense | Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the three months ended:
|  | Contractual coupon interest |  |  | Non-cash amortization of debt discount |  |  | Non-cash amortization of deferred financing costs |  |  | Non-cash change in value of derivative liability |  |  | Total interest expense related to the debentures |
March 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 1,547 |  |  |  | 440 |  |  |  | 22 |  |  |  | (147 | ) |  | $ | 1,862 |
Due 2041 |  | $ | 844 |  |  |  | 222 |  |  |  | 12 |  |  |  | (88 | ) |  | $ | 990 |
Due 2042 |  | $ | 844 |  |  |  | 224 |  |  |  | 13 |  |  |  | (73 | ) |  | $ | 1,008 |
Total |  | $ | 3,235 |  |  | $ | 886 |  |  | $ | 47 |  |  | $ | (308 | ) |  | $ | 3,860 |
March 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 1,547 |  |  |  | 407 |  |  |  | 22 |  |  |  | (104 | ) |  | $ | 1,872 |
Due 2041 |  | $ | 844 |  |  |  | 204 |  |  |  | 12 |  |  |  | (75 | ) |  | $ | 985 |
Total |  | $ | 2,391 |  |  | $ | 611 |  |  | $ | 34 |  |  | $ | (179 | ) |  | $ | 2,857 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 + Details
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- Definition Components of Interest expense related to convertible debentures reflected on the consolidated condensed statement of operations. + References No definition available. + Details
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- Definition Liability and equity component of the convertible senior debentures as at the reporting date. + References No definition available. + Details
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