Long-Term Debt (Tables)

9 Months Ended

Sep. 28, 2013

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
September 28, 2013
Due 2040	$	275,000		(174,110	)		429	$	101,319	$	110,094
Due 2041	$	150,000		(98,321	)		299	$	51,978	$	62,246
Due 2042	$	150,000		(92,274	)		209	$	57,935	$	57,874
Total	$	575,000	$	(364,705	)	$	937	$	211,232	$	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:

	September 28, 2013		December 31, 2012

Credit facility	$	110,000	$	89,000
Exchangeable unsecured notes, due 2102		38,642		95,042
Convertible senior debentures, due 2040		101,319		100,166
Convertible senior debentures, due 2041		51,978		51,399
Convertible senior debentures, due 2042		57,935		57,324
		359,874		392,931
Less current portion		-		-
	$	359,874	$	392,931

Convertible debentures, interest expense

Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters 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
September 28, 2013
Due 2040	$	1,547		458		22		(30	)	$	1,997
Due 2041	$	844		231		11		(13	)	$	1,073
Due 2042	$	844		233		13		3		$	1,093
Total	$	3,235	$	922	$	46	$	(40	)	$	4,163

September 29, 2012
Due 2040	$	1,547		423		22		47		$	2,039
Due 2041	$	844		213		12		(19	)	$	1,050
Due 2042	$	844		216		13		(13	)	$	1,060
Total	$	3,235	$	852	$	47	$	15		$	4,149

Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the nine fiscal 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
September 28, 2013
Due 2040	$	4,641		1,346		66		(193	)	$	5,860
Due 2041	$	2,532		679		35		(100	)	$	3,146
Due 2042	$	2,532		684		40		(73	)	$	3,183
Total	$	9,705	$	2,709	$	141	$	(366	)	$	12,189

September 29, 2012
Due 2040	$	4,641		1,244		66		14		$	5,965
Due 2041	$	2,532		626		36		15		$	3,209
Due 2042	$	1,135		290		18		29		$	1,472
Total	$	8,308	$	2,160	$	120	$	58		$	10,646