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Pensions and Other Postretirement Benefits | 6 Months Ended
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Jun. 30, 2015
Pensions and Other Postretirement Benefits [Abstract] |
Pensions and Other Postretirement Benefits | Note 6 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. The following table shows the components of the net periodic pension cost for the second fiscal quarters of 2015 and 2014 for the Company's defined benefit pension plans:
|  | Fiscal quarter ended July 4, 2015 |  |  | Fiscal quarter ended June 28, 2014 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 826 |  |  | $ | - |  |  | $ | 831 |
Interest cost |  |  | 2,885 |  |  |  | 1,419 |  |  |  | 3,834 |  |  |  | 2,195 |
Expected return on plan assets |  |  | (3,398 | ) |  |  | (456 | ) |  |  | (4,058 | ) |  |  | (532 | )
Amortization of prior service cost (credit) |  |  | 16 |  |  |  | - |  |  |  | (23 | ) |  |  | 1 |
Amortization of losses |  |  | 2,074 |  |  |  | 1,282 |  |  |  | 1,810 |  |  |  | 691 |
Net periodic benefit cost |  | $ | 1,577 |  |  | $ | 3,071 |  |  | $ | 1,563 |  |  | $ | 3,186 |
The following table shows the components of the net periodic pension cost for the six fiscal months ended July 4, 2015 and June 28, 2014 for the Company's defined benefit pension plans:
|  | Six fiscal months ended July 4, 2015 |  |  | Six fiscal months ended June 28, 2014 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 1,655 |  |  | $ | - |  |  | $ | 1,655 |
Interest cost |  |  | 5,828 |  |  |  | 2,851 |  |  |  | 7,668 |  |  |  | 4,376 |
Expected return on plan assets |  |  | (6,783 | ) |  |  | (910 | ) |  |  | (8,116 | ) |  |  | (1,057 | )
Amortization of prior service cost (credit) |  |  | 32 |  |  |  | - |  |  |  | (46 | ) |  |  | 2 |
Amortization of losses |  |  | 4,096 |  |  |  | 2,581 |  |  |  | 3,620 |  |  |  | 1,378 |
Net periodic benefit cost |  | $ | 3,173 |  |  | $ | 6,177 |  |  | $ | 3,126 |  |  | $ | 6,354 |
In the second fiscal quarter of 2015, the Company began the process of terminating the Vishay Retirement Plan, the Company's U.S. qualified pension plan. Plan participants will not be adversely affected by the plan termination, but rather will have their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. The completion of this proposed termination and settlement is contingent upon the receipt of a favorable determination letter from the Internal Revenue Service ("IRS") and meeting certain IRS and Pension Benefit Guarantee Corporation ("PBGC") requirements, which is expected to take at least one year. As of the last fiscal year-end measurement date (December 31, 2014), the Vishay Retirement Plan was fully-funded on a GAAP basis. In order to terminate the plan in accordance with IRS and PBGC requirements, the Company is required to fully fund the plan on a termination basis and will commit to contribute the additional assets necessary to do so. The amount necessary to do so is not yet known, but is currently estimated to be between zero and $35,000. The following table shows the components of the net periodic benefit cost for the second fiscal quarters of 2015 and 2014 for the Company's other postretirement benefit plans:
|  | Fiscal quarter ended July 4, 2015 |  |  | Fiscal quarter ended June 28, 2014 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 30 |  |  | $ | 68 |  |  | $ | 29 |  |  | $ | 79 |
Interest cost |  |  | 84 |  |  |  | 36 |  |  |  | 88 |  |  |  | 63 |
Amortization of prior service (credit) |  |  | (209 | ) |  |  | - |  |  |  | (206 | ) |  |  | - |
Amortization of losses (gains) |  |  | 23 |  |  |  | 19 |  |  |  | (35 | ) |  |  | 10 |
Net periodic benefit cost |  | $ | (72 | ) |  | $ | 123 |  |  | $ | (124 | ) |  | $ | 152 |
The following table shows the components of the net periodic pension cost for the six fiscal months ended July 4, 2015 and June 28, 2014 for the Company's other postretirement benefit plans:
|  | Six fiscal months ended July 4, 2015 |  |  | Six fiscal months ended June 28, 2014 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 60 |  |  | $ | 137 |  |  | $ | 58 |  |  | $ | 158 |
Interest cost |  |  | 167 |  |  |  | 73 |  |  |  | 176 |  |  |  | 126 |
Amortization of prior service (credit) |  |  | (418 | ) |  |  | - |  |  |  | (412 | ) |  |  | - |
Amortization of losses (gains) |  |  | 45 |  |  |  | 38 |  |  |  | (70 | ) |  |  | 20 |
Net periodic benefit cost |  | $ | (146 | ) |  | $ | 248 |  |  | $ | (248 | ) |  | $ | 304 |

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