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Restructuring and Related Activities | 12 Months Ended
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Dec. 31, 2014
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities | Note 4 – Restructuring and Related Activities The Company places a strong emphasis on controlling its costs. Historically, the Company's primary cost reduction technique was through the transfer of production to the extent possible from high-labor-cost countries, such as the United States and Western Europe, to lower-labor-cost countries, such as the Czech Republic, Hungary, Israel, India, Malaysia, Mexico, the People's Republic of China, and the Philippines. Between 2001 and 2009, the Company recorded, in the consolidated statements of operations, restructuring and severance costs and related asset write-downs in order to reduce its cost structure going forward. The Company also incurred significant costs to restructure and integrate acquired businesses, which was included in the cost of the acquisitions under then-applicable GAAP. The Company did not initiate any new restructuring projects in the years ended December 31, 2012, 2011, or 2010. On October 28, 2013, the Company announced various cost reduction programs as part of its continuous efforts to improve efficiency and operating performance. The cash costs of these programs, primarily severance, are expected to be approximately $32,000. Complete implementation of all of the programs is expected to occur before the end of the first fiscal quarter of 2016. Many of the severance costs will be recognized ratably over the required stay periods. The following table summarizes restructuring and related expenses which were recognized during the years ended December 31, 2014 and 2013 and reported on a separate line in the accompanying consolidated statement of operations:
|  | Years ended December 31, |
|  | 2014 |  |  | 2013 |
MOSFETS Enhanced Competitiveness Program |  | $ | 6,025 |  |  | $ | 2,328 |
Voluntary Separation / Retirement Program |  |  | 12,792 |  |  |  | 486 |
Modules Production Transfer Program |  |  | 2,080 |  |  |  | - |
Total |  | $ | 20,897 |  |  | $ | 2,814 |
MOSFETs Enhanced Competitiveness Program Over a period of approximately 2 years and in a period of discrete steps, the manufacture of wafers for a substantial share of products will be transferred into a more cost-efficient fab. As a consequence, certain other manufacturing currently occurring in-house will be transferred to third-party foundries. The total severance costs associated with these initiatives are expected to be approximately $16,000. Employees generally must remain with the Company during the production transfer period. Accordingly, the Company will accrue these severance costs ratably over the respective employees' remaining service periods. The following table summarizes the activity to date related to this program:
Expense recorded in 2013 |  | $ | 2,328 |
Cash paid |  |  | (267 | )
Foreign currency translation |  |  | - |
Balance at December 31, 2013 |  | $ | 2,061 |
Expense recorded in 2014 |  |  | 6,025 |
Cash paid |  |  | (856 | )
Foreign currency translation |  |  | - |
Balance at December 31, 2014 |  | $ | 7,230 |
Severance benefits are generally paid in a lump sum at cessation of employment. The current portion of the liability is $786 and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. The non-current portion of the liability is included in other liabilities in the accompanying consolidated balance sheets. Note 4 – Restructuring and Related Activities (continued) Voluntary Separation / Retirement Program The voluntary separation / early retirement program was offered to employees worldwide who were eligible because they met job classification, age, and years-of-service criteria as of October 31, 2013. The program benefits vary by country and job classification, but generally include a cash loyalty bonus based on years of service. All employees eligible for the program have been identified, and have left or will leave the Company after the expiration of their respective transition periods. These employees generally were not aligned with any particular segment. The effective separation / retirement date for most employees who accepted the offer was June 30, 2014 or earlier, with a few exceptions to allow for a transition period. The following table summarizes the activity to date related to this program:
Expense recorded in 2013 |  | $ | 486 |
Cash paid |  |  | (98 | )
Foreign currency translation |  |  | 3 |
Balance at December 31, 2013 |  | $ | 391 |
Expense recorded in 2014 |  |  | 12,792 |
Cash paid |  |  | (8,054 | )
Foreign currency translation |  |  | (455 | )
Balance at December 31, 2014 |  | $ | 4,674 |
The payment terms vary by country, but generally are paid in a lump sum at cessation of employment. The entire amount of the liability is considered current and is included in other accrued expenses in the accompanying consolidated balance sheets. Modules Production Transfer In an effort to reduce costs and streamline production of its module products within its Diodes segment, the Company committed to two smaller cost reduction programs related to the transferring of production of certain of its products. The following table summarizes the activity to date related to this program:
Expense recorded in 2014 |  | $ | 2,080 |
Cash paid |  |  | (464 | )
Foreign currency translation |  |  | (121 | )
Balance at December 31, 2014 |  | $ | 1,495 |
Severance benefits are generally paid in a lump sum at cessation of employment. The entire amount of the liability is considered current and is included in other accrued expenses in the accompanying consolidated balance sheets. Gain on Sale of Vacated Property On April 3, 2012, Vishay sold a property in Belgium vacated as a result of its restructuring activities in prior years for approximately $14,200. At closing, Vishay recognized a gain on the sale of the property of $12,153 within its statements of operations and proceeds from the sale of property and equipment of $3,406 within its statement of cash flows. The remaining proceeds are reported as proceeds from the sale of property and equipment within the statements of cash flows as the cash is received. At December 31, 2014, the remaining amount receivable by the Company is $1,771.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 + Details
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