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Pensions and Other Postretirement Benefits | 9 Months Ended
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Oct. 03, 2015
Pensions and Other Postretirement Benefits [Abstract] |
Pensions and Other Postretirement Benefits | Note 8 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. Defined Benefit Pension Plans The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2015 and 2014 for the Company's defined benefit pension plans:
|  | Fiscal quarter ended October 3, 2015 |  |  | Fiscal quarter ended September 27, 2014 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 812 |  |  | $ | - |  |  | $ | 826 |
Interest cost |  |  | 2,915 |  |  |  | 1,412 |  |  |  | 3,313 |  |  |  | 2,149 |
Expected return on plan assets |  |  | (3,391 | ) |  |  | (448 | ) |  |  | (3,578 | ) |  |  | (534 | )
Amortization of prior service cost (credit) |  |  | 16 |  |  |  | - |  |  |  | (23 | ) |  |  | 1 |
Amortization of losses |  |  | 2,048 |  |  |  | 1,278 |  |  |  | 1,507 |  |  |  | 677 |
Curtailment and settlement losses |  |  | - |  |  |  | - |  |  |  | 15,588 |  |  |  | - |
Net periodic benefit cost |  | $ | 1,588 |  |  | $ | 3,054 |  |  | $ | 16,807 |  |  | $ | 3,119 |
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2015 and September 27, 2014 for the Company's defined benefit pension plans:
|  | Nine fiscal months ended October 3, 2015 |  |  | Nine fiscal months ended September 27, 2014 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 2,467 |  |  | $ | - |  |  | $ | 2,481 |
Interest cost |  |  | 8,743 |  |  |  | 4,263 |  |  |  | 10,981 |  |  |  | 6,525 |
Expected return on plan assets |  |  | (10,174 | ) |  |  | (1,358 | ) |  |  | (11,694 | ) |  |  | (1,591 | )
Amortization of prior service cost (credit) |  |  | 48 |  |  |  | - |  |  |  | (69 | ) |  |  | 3 |
Amortization of losses |  |  | 6,144 |  |  |  | 3,859 |  |  |  | 5,127 |  |  |  | 2,055 |
Curtailment and settlement losses |  |  | - |  |  |  | - |  |  |  | 15,588 |  |  |  | - |
Net periodic benefit cost |  | $ | 4,761 |  |  | $ | 9,231 |  |  | $ | 19,933 |  |  | $ | 9,473 |
During the third fiscal quarter of 2014, the Company executed two partial-settlement transactions to reduce the risk associated with its U.S. qualified pension obligations. These transactions included the purchase of annuity contracts for approximately 700 participants pursuant to an arrangement inherited in a past acquisition and a special limited-time voluntary lump-sum payment offer to certain former employees who were deferred vested participants of the plan not currently receiving periodic payments of their pension benefit. A total of 800 participants accepted the voluntary lump-sum offer. The plan is no longer obligated to pay any benefits to the 1,500 participants covered by these two settlement transactions. These former participants represented approximately 23% of the total participants prior to executing these transactions. As a result of these transactions, the projected benefit obligation, plan assets, and funded status were remeasured on the dates of the respective settlements. The plan assets consisted of equity securities, fixed income securities, and real estate investments. These transactions reduced the U.S. projected benefit obligation by approximately $59,400, and were funded entirely with plan assets. These transactions also resulted in the recognition of non-cash settlement charges aggregating $15,588, representing previously unrecognized actuarial items. These non-cash charges are presented on a separate line in the consolidated condensed statements of operations. 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. Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2015 and 2014 for the Company's other postretirement benefit plans:
|  | Fiscal quarter ended October 3, 2015 |  |  | Fiscal quarter ended September 27, 2014 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 31 |  |  | $ | 69 |  |  | $ | 29 |  |  | $ | 77 |
Interest cost |  |  | 83 |  |  |  | 37 |  |  |  | 88 |  |  |  | 61 |
Amortization of prior service (credit) |  |  | (209 | ) |  |  | - |  |  |  | (206 | ) |  |  | - |
Amortization of losses (gains) |  |  | 22 |  |  |  | 19 |  |  |  | (35 | ) |  |  | 9 |
Net periodic benefit cost |  | $ | (73 | ) |  | $ | 125 |  |  | $ | (124 | ) |  | $ | 147 |
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 3, 2015 and September 27, 2014 for the Company's other postretirement benefit plans:
|  | Nine fiscal months ended October 3, 2015 |  |  | Nine fiscal months ended September 27, 2014 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 91 |  |  | $ | 206 |  |  | $ | 87 |  |  | $ | 235 |
Interest cost |  |  | 250 |  |  |  | 110 |  |  |  | 264 |  |  |  | 187 |
Amortization of prior service (credit) |  |  | (627 | ) |  |  | - |  |  |  | (618 | ) |  |  | - |
Amortization of losses (gains) |  |  | 67 |  |  |  | 57 |  |  |  | (105 | ) |  |  | 29 |
Net periodic benefit cost |  | $ | (219 | ) |  | $ | 373 |  |  | $ | (372 | ) |  | $ | 451 |

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