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Pensions and Other Postretirement Benefits | 9 Months Ended
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Oct. 01, 2016
Pensions and Other Postretirement Benefits [Abstract] |
Pensions and Other Postretirement Benefits | Note 9 – 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 2016 and 2015 for the Company's defined benefit pension plans:
|  | Fiscal quarter ended October 1, 2016 |  |  | Fiscal quarter ended October 3, 2015 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 790 |  |  | $ | - |  |  | $ | 812 |
Interest cost |  |  | 2,945 |  |  |  | 1,361 |  |  |  | 2,915 |  |  |  | 1,412 |
Expected return on plan assets |  |  | (2,825 | ) |  |  | (529 | ) |  |  | (3,391 | ) |  |  | (448 | )
Amortization of prior service cost |  |  | 36 |  |  |  | 12 |  |  |  | 16 |  |  |  | - |
Amortization of losses |  |  | 1,650 |  |  |  | 1,196 |  |  |  | 2,048 |  |  |  | 1,278 |
Curtailment and settlement losses |  |  | - |  |  |  | 205 |  |  |  | - |  |  |  | - |
Net periodic benefit cost |  | $ | 1,806 |  |  | $ | 3,035 |  |  | $ | 1,588 |  |  | $ | 3,054 |
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2016 and October 3, 2015 for the Company's defined benefit pension plans:
|  | Nine fiscal months ended October 1, 2016 |  |  | Nine fiscal months ended October 3, 2015 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Net service cost |  | $ | - |  |  | $ | 2,355 |  |  | $ | - |  |  | $ | 2,467 |
Interest cost |  |  | 8,834 |  |  |  | 4,097 |  |  |  | 8,743 |  |  |  | 4,263 |
Expected return on plan assets |  |  | (8,476 | ) |  |  | (1,605 | ) |  |  | (10,174 | ) |  |  | (1,358 | )
Amortization of prior service cost |  |  | 108 |  |  |  | 37 |  |  |  | 48 |  |  |  | - |
Amortization of losses |  |  | 4,951 |  |  |  | 3,568 |  |  |  | 6,144 |  |  |  | 3,859 |
Curtailment and settlement losses |  |  | - |  |  |  | 601 |  |  |  | - |  |  |  | - |
Net periodic benefit cost |  | $ | 5,417 |  |  | $ | 9,053 |  |  | $ | 4,761 |  |  | $ | 9,231 |
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 was 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. During the third fiscal quarter of 2016, the Company received a favorable determination letter from the IRS, and has met all other applicable IRS and PBGC requirements. The Company is in the final stages of completing the termination and settlement, which is expected to occur in December 2016. The settlement will result in a non-cash charge to recognize the unrecognized actuarial items related to the Vishay Retirement Plan recorded in accumulated other comprehensive income. As of the last fiscal year-end measurement date (December 31, 2015), 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 $20,000. The Company contributed $16,966 to the Company's Taiwanese pension plans to improve the funded status of those plans in 2016. Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2016 and 2015 for the Company's other postretirement benefit plans:
|  | Fiscal quarter ended October 1, 2016 |  |  | Fiscal quarter ended October 3, 2015 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 31 |  |  | $ | 67 |  |  | $ | 31 |  |  | $ | 69 |
Interest cost |  |  | 85 |  |  |  | 36 |  |  |  | 83 |  |  |  | 37 |
Amortization of prior service (credit) |  |  | (209 | ) |  |  | - |  |  |  | (209 | ) |  |  | - |
Amortization of losses (gains) |  |  | (8 | ) |  |  | 17 |  |  |  | 22 |  |  |  | 19 |
Net periodic benefit cost |  | $ | (101 | ) |  | $ | 120 |  |  | $ | (73 | ) |  | $ | 125 |
The following table shows the components of the net periodic pension cost for the nine fiscal months ended October 1, 2016 and October 3, 2015 for the Company's other postretirement benefit plans:
|  | Nine fiscal months ended October 1, 2016 |  |  | Nine fiscal months ended October 3, 2015 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 94 |  |  | $ | 202 |  |  | $ | 91 |  |  | $ | 206 |
Interest cost |  |  | 255 |  |  |  | 108 |  |  |  | 250 |  |  |  | 110 |
Amortization of prior service (credit) |  |  | (627 | ) |  |  | - |  |  |  | (627 | ) |  |  | - |
Amortization of losses (gains) |  |  | (23 | ) |  |  | 51 |  |  |  | 67 |  |  |  | 57 |
Net periodic benefit cost |  | $ | (301 | ) |  | $ | 361 |  |  | $ | (219 | ) |  | $ | 373 |

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