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As Of Filer Filing For·On·As Docs:Size 10/30/19 Littelfuse Inc/DE 10-Q 9/28/19 88:10M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.31M 2: EX-10.1 Material Contract HTML 25K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 33K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 33K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 28K 66: R1 Document and Entity Information HTML 80K 11: R2 Condensed Consolidated Balance Sheets HTML 132K 42: R3 Condensed Consolidated Balance Sheets HTML 38K (Parentheticals) 74: R4 Condensed Consolidated Statements of Net Income HTML 90K 67: R5 Condensed Consolidated Statements of Comprehensive HTML 43K Income 12: R6 Condensed Consolidated Statements of Cash Flows HTML 127K 43: R7 Condensed Consolidated Statements of Stockholders' HTML 94K Equity 78: R8 Condensed Consolidated Statements of Stockholders' HTML 28K Equity (Parentheticals) 65: R9 Summary of Significant Accounting Policies and HTML 147K Other Information 82: R10 Acquisitions HTML 80K 51: R11 Inventories HTML 36K 24: R12 Property, Plant, and Equipment HTML 40K 34: R13 Goodwill and Other Intangible Assets HTML 63K 83: R14 Lease Commitments HTML 61K 52: R15 Accrued Liabilities HTML 44K 25: R16 Restructuring, Impairment and Other Charges HTML 109K 35: R17 Debt HTML 71K 81: R18 Fair Value of Assets and Liabilities HTML 83K 53: R19 Benefit Plans HTML 51K 18: R20 Other Comprehensive Income (Loss) HTML 114K 48: R21 Income Taxes HTML 29K 79: R22 Earnings Per Share HTML 68K 69: R23 Related Party Transactions HTML 42K 19: R24 Segment Information HTML 162K 49: R25 Summary of Significant Accounting Policies and HTML 150K Other Information (Policies) 80: R26 Summary of Significant Accounting Policies and HTML 126K Other Information (Tables) 70: R27 Acquisitions (Tables) HTML 71K 20: R28 Inventories (Tables) HTML 38K 47: R29 Property, Plant, and Equipment (Tables) HTML 39K 32: R30 Goodwill and Other Intangible Assets (Tables) HTML 67K 23: R31 Lease Commitments (Tables) HTML 63K 56: R32 Accrued Liabilities (Tables) HTML 43K 85: R33 Restructuring, Impairment and Other Charges HTML 104K (Tables) 31: R34 Debt (Tables) HTML 53K 22: R35 Fair Value of Assets and Liabilities (Tables) HTML 75K 54: R36 Benefit Plans (Tables) HTML 50K 84: R37 Other Comprehensive Income (Loss) (Tables) HTML 118K 33: R38 Earnings Per Share (Tables) HTML 63K 21: R39 Segment Information (Tables) HTML 155K 45: R40 Summary of Significant Accounting Policies and HTML 29K Other Information (Details Textual) 17: R41 Summary of Significant Accounting Policies and HTML 72K Other Information - 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Document |
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 36-3795742 | |
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
i 8755 West Higgins Road | ||
i Suite
500 | ||
i Chicago | i Illinois | i 60631 |
(Address
of principal executive offices) | (ZIP Code) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | |||
i Common
Stock, $0.01 par value | i LFUS | i NASDAQ | Global Select Market |
Page | ||
PART
I | ||
Item 1. | ||
Condensed Consolidated Balance Sheets as of September 28, 2019 (unaudited) and December 29, 2018 | ||
Condensed
Consolidated Statements of Net Income for the three and nine months ended September 28, 2019 (unaudited) and September 29, 2018 (unaudited) | ||
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 28, 2019 (unaudited) and September 29, 2018 (unaudited) | ||
Condensed
Consolidated Statements of Cash Flows for the nine months ended September 28, 2019 (unaudited) and September 29, 2018 (unaudited) | ||
Condensed Consolidated Statements of Stockholders' Equity for the nine months ended September 28, 2019 (unaudited) and September 29, 2018 (unaudited) | ||
Item 2. | ||
Item 3. | ||
Item
4. | ||
PART II | ||
Item 1. | ||
Item
1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item
6. | ||
(Unaudited) | ||||||||
(in
thousands) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash
and cash equivalents | $ | i 476,057 | $ | i 489,733 | ||||
Short-term
investments | i 33 | i 34 | ||||||
Trade
receivables, less allowances of $39,874 and $36,038 at September 28, 2019 and December 29, 2018, respectively | i 226,352 | i 232,892 | ||||||
Inventories | i 240,059 | i 258,228 | ||||||
Prepaid
income taxes and income taxes receivable | i 2,730 | i 2,339 | ||||||
Prepaid
expenses and other current assets | i 62,361 | i 49,291 | ||||||
Total
current assets | i 1,007,592 | i 1,032,517 | ||||||
Net
property, plant, and equipment | i 329,792 | i 339,894 | ||||||
Intangible
assets, net of amortization | i 326,417 | i 361,474 | ||||||
Goodwill | i 813,653 | i 826,715 | ||||||
Investments | i 26,662 | i 25,405 | ||||||
Deferred
income taxes | i 7,485 | i 7,330 | ||||||
Right
of use lease assets, net | i 21,598 | — | ||||||
Other assets | i 18,162 | i 20,971 | ||||||
Total
assets | $ | i 2,551,361 | $ | i 2,614,306 | ||||
LIABILITIES
AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | i 107,211 | $ | i 126,323 | ||||
Accrued
liabilities | i 114,549 | i 138,405 | ||||||
Accrued
income taxes | i 16,989 | i 20,547 | ||||||
Current
portion of long-term debt | i 10,000 | i 10,000 | ||||||
Total
current liabilities | i 248,749 | i 295,275 | ||||||
Long-term
debt, less current portion | i 668,160 | i 684,730 | ||||||
Deferred
income taxes | i 51,776 | i 51,853 | ||||||
Accrued
post-retirement benefits | i 28,725 | i 31,874 | ||||||
Non-current
operating lease liabilities | i 17,237 | — | ||||||
Other long-term liabilities | i 64,502 | i 72,232 | ||||||
Shareholders’
equity: | ||||||||
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, September 28, 2019–25,820,918; December 29, 2018–25,641,959 | i 256 | i 254 | ||||||
Treasury
stock, at cost: 1,473,558 and 868,045 shares, respectively | ( i 216,384 | ) | ( i 116,454 | ) | ||||
Additional
paid-in capital | i 860,871 | i 835,828 | ||||||
Accumulated
other comprehensive loss | ( i 112,608 | ) | ( i 97,924 | ) | ||||
Retained
earnings | i 939,946 | i 856,507 | ||||||
Littelfuse,
Inc. shareholders’ equity | i 1,472,081 | i 1,478,211 | ||||||
Non-controlling
interest | i 131 | i 131 | ||||||
Total
equity | i 1,472,212 | i 1,478,342 | ||||||
Total
liabilities and equity | $ | i 2,551,361 | $ | i 2,614,306 |
Three
Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net sales | $ | i 361,971 | $ | i 439,191 | $ | i 1,165,350 | $ | i 1,316,187 | ||||||||
Cost
of sales | i 231,025 | i 259,597 | i 737,368 | i 817,983 | ||||||||||||
Gross
profit | i 130,946 | i 179,594 | i 427,982 | i 498,204 | ||||||||||||
Selling,
general, and administrative expenses | i 54,224 | i 69,782 | i 174,845 | i 220,540 | ||||||||||||
Research
and development expenses | i 19,728 | i 20,454 | i 62,595 | i 65,742 | ||||||||||||
Amortization
of intangibles | i 9,827 | i 13,130 | i 30,068 | i 38,501 | ||||||||||||
Total
operating expenses | i 83,779 | i 103,366 | i 267,508 | i 324,783 | ||||||||||||
Operating
income | i 47,167 | i 76,228 | i 160,474 | i 173,421 | ||||||||||||
Interest
expense | i 5,559 | i 5,775 | i 16,834 | i 16,980 | ||||||||||||
Foreign
exchange loss (gain) | i 4,968 | i 982 | i 5,636 | ( i 6,372 | ) | |||||||||||
Other
(income) expense, net | ( i 4,764 | ) | i 1,259 | ( i 3,406 | ) | ( i 2,362 | ) | |||||||||
Income
before income taxes | i 41,404 | i 68,212 | i 141,410 | i 165,175 | ||||||||||||
Income
taxes | i 5,757 | i 14,666 | i 24,982 | i 33,275 | ||||||||||||
Net
income | $ | i 35,647 | $ | i 53,546 | $ | i 116,428 | $ | i 131,900 | ||||||||
Income
per share: | ||||||||||||||||
Basic | $ | i 1.46 | $ | i 2.13 | $ | i 4.72 | $ | i 5.31 | ||||||||
Diluted | $ | i 1.44 | $ | i 2.10 | $ | i 4.68 | $ | i 5.23 | ||||||||
Weighted-average
shares and equivalent shares outstanding: | ||||||||||||||||
Basic | i 24,482 | i 25,109 | i 24,646 | i 24,817 | ||||||||||||
Diluted | i 24,684 | i 25,471 | i 24,894 | i 25,212 |
Three
Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | ||||||||||||||||
Net income | $ | i 35,647 | $ | i 53,546 | $ | i 116,428 | $ | i 131,900 | ||||||||
Other
comprehensive income (loss): | ||||||||||||||||
Pension and postemployment adjustment, net of tax | i 137 | ( i 115 | ) | i 249 | i 648 | |||||||||||
Foreign
currency translation adjustments | ( i 17,163 | ) | ( i 7,832 | ) | ( i 14,933 | ) | ( i 24,816 | ) | ||||||||
Comprehensive
income | $ | i 18,621 | $ | i 45,599 | $ | i 101,744 | $ | i 107,732 |
Nine
Months Ended | ||||||||
(in thousands) | ||||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | i 116,428 | $ | i 131,900 | ||||
Adjustments
to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | i 38,988 | i 37,559 | ||||||
Amortization
of intangibles | i 30,068 | i 38,501 | ||||||
Deferred
revenue | ( i 228 | ) | i 3,965 | |||||
Non-cash
inventory charges | i — | i 36,927 | ||||||
Impairment
charges | i 322 | i 1,125 | ||||||
Stock-based
compensation | i 15,738 | i 23,153 | ||||||
Loss
(gain) on investments and other assets | i 559 | ( i 350 | ) | |||||
Deferred
income taxes | ( i 203 | ) | ( i 10,979 | ) | ||||
Other | i 8,267 | i 594 | ||||||
Changes
in operating assets and liabilities: | ||||||||
Trade receivables | i 2,781 | ( i 20,588 | ) | |||||
Inventories | i 18,102 | ( i 17,624 | ) | |||||
Accounts
payable | ( i 29,453 | ) | i 17,033 | |||||
Accrued
liabilities and income taxes | ( i 44,241 | ) | i 20,736 | |||||
Prepaid
expenses and other assets | i 3,735 | ( i 9,836 | ) | |||||
Net
cash provided by operating activities | i 160,863 | i 252,116 | ||||||
INVESTING
ACTIVITIES | ||||||||
Acquisitions of businesses, net of cash acquired | ( i 775 | ) | ( i 313,475 | ) | ||||
Purchases
of property, plant, and equipment | ( i 38,397 | ) | ( i 55,946 | ) | ||||
Net
proceeds from sale of property, plant and equipment, and other | i 6,212 | i 858 | ||||||
Net
cash used in investing activities | ( i 32,960 | ) | ( i 368,563 | ) | ||||
FINANCING
ACTIVITIES | ||||||||
Proceeds of revolving credit facility | i — | i 60,000 | ||||||
Proceeds
of term loan | i — | i 75,000 | ||||||
Net
proceeds from senior notes payable | i — | i 175,000 | ||||||
Payments
of term loan | ( i 7,500 | ) | ( i 42,525 | ) | ||||
Payments
of revolving credit facility | i — | ( i 60,000 | ) | |||||
Net
proceeds related to stock-based award activities | i 4,412 | i 17,920 | ||||||
Purchases
of common stock | ( i 99,387 | ) | i — | |||||
Debt
issuance costs | i — | ( i 878 | ) | |||||
Cash
dividends paid | ( i 32,990 | ) | ( i 29,258 | ) | ||||
Net
cash (used in) provided by financing activities | ( i 135,465 | ) | i 195,259 | |||||
Effect
of exchange rate changes on cash and cash equivalents | ( i 6,114 | ) | ( i 10,273 | ) | ||||
(Decrease)
increase in cash and cash equivalents | ( i 13,676 | ) | i 68,539 | |||||
Cash
and cash equivalents at beginning of period | i 489,733 | i 429,676 | ||||||
Cash
and cash equivalents at end of period | $ | i 476,057 | $ | i 498,215 | ||||
Supplementary
Cash Flow Information | ||||||||
Cash paid during the period for interest | $ | i 17,872 | $ | i 15,785 | ||||
Capital
expenditures, not yet paid | $ | i 8,978 | $ | i — |
Littelfuse,
Inc. Shareholders’ Equity | |||||||||||||||||||||||||||
(in thousands, except share and per share data) | Common Stock | Addl. Paid in Capital | Treasury Stock | Accum.
Other Comp. Inc. (Loss) | Retained Earnings | Non-controlling Interest | Total | ||||||||||||||||||||
Balance at December 29, 2018 | $ | i 254 | $ | i 835,828 | $ | ( i 116,454 | ) | $ | ( i 97,924 | ) | $ | i 856,507 | $ | i 131 | $ | i 1,478,342 | |||||||||||
Net
income | — | — | — | — | i 36,989 | — | i 36,989 | ||||||||||||||||||||
Other
comprehensive income, net of tax | — | — | — | i 8,073 | — | — | i 8,073 | ||||||||||||||||||||
Stock-based
compensation | — | i 3,966 | — | — | — | — | i 3,966 | ||||||||||||||||||||
Withheld
shares on restricted share units for withholding taxes | — | — | ( i 94 | ) | — | — | — | ( i 94 | ) | ||||||||||||||||||
Stock
options exercised | — | i 2,292 | — | — | — | — | i 2,292 | ||||||||||||||||||||
Repurchases
of common stock | — | — | ( i 13,555 | ) | — | — | — | ( i 13,555 | ) | ||||||||||||||||||
Cash
dividends paid ($0.43 per share) | — | — | — | — | ( i 10,625 | ) | — | ( i 10,625 | ) | ||||||||||||||||||
Balance
at March 30, 2019 | $ | i 254 | $ | i 842,086 | $ | ( i 130,103 | ) | $ | ( i 89,851 | ) | $ | i 882,871 | $ | i 131 | $ | i 1,505,388 | |||||||||||
Net
income | — | — | — | — | i 43,792 | — | i 43,792 | ||||||||||||||||||||
Other
comprehensive loss, net of tax | — | — | — | ( i 5,731 | ) | — | — | ( i 5,731 | ) | ||||||||||||||||||
Stock-based
compensation | — | i 8,284 | — | — | — | — | i 8,284 | ||||||||||||||||||||
Withheld
shares on restricted share units for withholding taxes | — | — | ( i 4,010 | ) | — | — | — | ( i 4,010 | ) | ||||||||||||||||||
Stock
options exercised | i 1 | i 4,822 | — | — | — | — | i 4,823 | ||||||||||||||||||||
Repurchases
of common stock | — | — | ( i 31,955 | ) | — | — | — | ( i 31,955 | ) | ||||||||||||||||||
Cash
dividends paid ($0.43 per share) | — | — | — | — | ( i 10,649 | ) | — | ( i 10,649 | ) | ||||||||||||||||||
Balance
at June 29, 2019 | $ | i 255 | $ | i 855,192 | $ | ( i 166,068 | ) | $ | ( i 95,582 | ) | $ | i 916,014 | $ | i 131 | $ | i 1,509,942 | |||||||||||
Net
income | i 35,647 | i 35,647 | |||||||||||||||||||||||||
Other
comprehensive loss, net of tax | — | — | — | ( i 17,026 | ) | — | — | ( i 17,026 | ) | ||||||||||||||||||
Stock-based
compensation | i 3,488 | i 3,488 | |||||||||||||||||||||||||
Withheld
shares on restricted share units for withholding taxes | — | — | ( i 790 | ) | — | — | — | ( i 790 | ) | ||||||||||||||||||
Stock
options exercised | i 1 | i 2,191 | i 2,192 | ||||||||||||||||||||||||
Repurchases
of common stock | — | — | ( i 49,526 | ) | — | — | — | ( i 49,526 | ) | ||||||||||||||||||
Cash
dividends paid ($0.48 per share) | — | — | — | — | ( i 11,715 | ) | — | ( i 11,715 | ) | ||||||||||||||||||
Balance
at September 28, 2019 | $ | i 256 | $ | i 860,871 | $ | ( i 216,384 | ) | $ | ( i 112,608 | ) | $ | i 939,946 | $ | i 131 | $ | i 1,472,212 |
Littelfuse,
Inc. Shareholders’ Equity | |||||||||||||||||||||||||||
(in thousands, except share and per share data) | Common Stock | Addl. Paid in Capital | Treasury Stock | Accum.
Other Comp. Inc. (Loss) | Retained Earnings | Non-controlling Interest | Total | ||||||||||||||||||||
Balance at December 30, 2017 | $ | i 229 | $ | i 310,012 | $ | ( i 41,294 | ) | $ | ( i 63,668 | ) | $ | i 722,140 | $ | i 137 | $ | i 927,556 | |||||||||||
Net
income | — | — | — | — | i 36,029 | — | i 36,029 | ||||||||||||||||||||
Cumulative
effect adjustment | — | — | — | ( i 9,795 | ) | i 9,795 | — | i — | |||||||||||||||||||
Other
comprehensive loss, net of tax | — | — | — | ( i 279 | ) | — | — | ( i 279 | ) | ||||||||||||||||||
Stock-based
compensation | — | i 8,714 | — | — | — | — | i 8,714 | ||||||||||||||||||||
Withheld
shares on restricted share units for withholding taxes | — | — | ( i 2,758 | ) | — | — | — | ( i 2,758 | ) | ||||||||||||||||||
Stock
options exercised | — | i 9,609 | — | — | — | — | i 9,609 | ||||||||||||||||||||
Issuance
of common stock | i 22 | i 472,279 | — | — | — | — | i 472,301 | ||||||||||||||||||||
Cash
dividends paid ($0.37 per share) | — | — | — | — | ( i 9,198 | ) | — | ( i 9,198 | ) | ||||||||||||||||||
Balance
at March 31, 2018 | $ | i 251 | $ | i 800,614 | $ | ( i 44,052 | ) | $ | ( i 73,742 | ) | $ | i 758,766 | $ | i 137 | $ | i 1,441,974 | |||||||||||
Net
income | — | — | — | — | i 42,326 | — | i 42,326 | ||||||||||||||||||||
Other
comprehensive loss, net of tax | — | — | — | ( i 15,942 | ) | — | — | ( i 15,942 | ) | ||||||||||||||||||
Stock-based
compensation | — | i 7,169 | — | — | — | — | i 7,169 | ||||||||||||||||||||
Non-controlling
interest | — | — | — | — | — | ( i 7 | ) | ( i 7 | ) | ||||||||||||||||||
Withheld
shares on restricted share units for withholding taxes | — | — | ( i 4,284 | ) | — | — | — | ( i 4,284 | ) | ||||||||||||||||||
Stock
options exercised | i 2 | i 8,043 | — | — | — | — | i 8,045 | ||||||||||||||||||||
Cash
dividends paid ($0.37 per share) | — | — | — | — | ( i 9,261 | ) | — | ( i 9,261 | ) | ||||||||||||||||||
Balance
at June 30, 2018 | $ | i 253 | $ | i 815,826 | $ | ( i 48,336 | ) | $ | ( i 89,684 | ) | $ | i 791,831 | $ | i 130 | $ | i 1,470,020 | |||||||||||
Net
income | i 53,546 | i 53,546 | |||||||||||||||||||||||||
Other
comprehensive loss, net of tax | — | — | — | ( i 7,947 | ) | — | — | ( i 7,947 | ) | ||||||||||||||||||
Stock-based
compensation | — | i 7,270 | — | — | — | — | i 7,270 | ||||||||||||||||||||
Withheld
shares on restricted share units for withholding taxes | — | — | ( i 210 | ) | — | — | — | ( i 210 | ) | ||||||||||||||||||
Stock
options exercised | i 1 | i 7,516 | — | — | — | — | i 7,517 | ||||||||||||||||||||
Cash
dividends paid ($0.43 per share) | — | — | — | — | ( i 10,800 | ) | — | ( i 10,800 | ) | ||||||||||||||||||
Balance
at September 29, 2018 | $ | i 254 | $ | i 830,612 | $ | ( i 48,546 | ) | $ | ( i 97,631 | ) | $ | i 834,577 | $ | i 130 | $ | i 1,519,396 |
Three
Months Ended September 28, 2019 | Nine Months Ended September 28, 2019 | |||||||||||||||||||||||||||||||
(in thousands) | Electronics Segment | Automotive Segment | Industrial Segment | Total | Electronics Segment | Automotive Segment | Industrial Segment | Total | ||||||||||||||||||||||||
Electronics
– Passive Products and Sensors | $ | i 94,766 | $ | i — | $ | i — | $ | i 94,766 | $ | i 311,624 | $ | i — | $ | i — | $ | i 311,624 | ||||||||||||||||
Electronics
– Semiconductor | i 132,486 | i — | i — | i 132,486 | i 440,575 | i — | i — | i 440,575 | ||||||||||||||||||||||||
Passenger
Car Products | i — | i 53,889 | i — | i 53,889 | i — | i 164,348 | i — | i 164,348 | ||||||||||||||||||||||||
Automotive
Sensors | i — | i 23,877 | i — | i 23,877 | i — | i 74,616 | i — | i 74,616 | ||||||||||||||||||||||||
Commercial
Vehicle Products | i — | i 26,915 | i — | i 26,915 | i — | i 87,850 | i — | i 87,850 | ||||||||||||||||||||||||
Industrial
Products | i — | i — | i 30,038 | i 30,038 | i — | i — | i 86,337 | i 86,337 | ||||||||||||||||||||||||
Total | $ | i 227,252 | $ | i 104,681 | $ | i 30,038 | $ | i 361,971 | $ | i 752,199 | $ | i 326,814 | $ | i 86,337 | $ | i 1,165,350 |
Three
Months Ended September 29, 2018 | Nine Months Ended September 29, 2018 | |||||||||||||||||||||||||||||||
(in thousands) | Electronics Segment | Automotive Segment | Industrial Segment | Total | Electronics Segment | Automotive Segment | Industrial Segment | Total | ||||||||||||||||||||||||
Electronics
– Passive Products and Sensors | $ | i 124,174 | $ | i — | $ | i — | $ | i 124,174 | $ | i 366,990 | $ | i — | $ | i — | $ | i 366,990 | ||||||||||||||||
Electronics
– Semiconductor | i 172,298 | i — | i — | i 172,298 | i 493,250 | i — | i — | i 493,250 | ||||||||||||||||||||||||
Passenger
Car Products | i — | i 57,761 | i — | i 57,761 | i — | i 184,922 | i — | i 184,922 | ||||||||||||||||||||||||
Automotive
Sensors | i — | i 27,311 | i — | i 27,311 | i — | i 89,362 | i — | i 89,362 | ||||||||||||||||||||||||
Commercial
Vehicle Products | i — | i 29,344 | i — | i 29,344 | i — | i 93,434 | i — | i 93,434 | ||||||||||||||||||||||||
Industrial
Products | i — | i — | i 28,303 | i 28,303 | i — | i — | i 88,229 | i 88,229 | ||||||||||||||||||||||||
Total | $ | i 296,472 | $ | i 114,416 | $ | i 28,303 | $ | i 439,191 | $ | i 860,240 | $ | i 367,718 | $ | i 88,229 | $ | i 1,316,187 |
(in thousands) | Purchase Price Allocation | ||
Total purchase consideration: | |||
Cash, net of cash acquired | $ | i 302,865 | |
Cash
settled stock options | i 3,622 | ||
Littelfuse stock | i 434,192 | ||
Converted
stock options | i 38,109 | ||
Total purchase consideration | $ | i 778,788 | |
Allocation
of consideration to assets acquired and liabilities assumed: | |||
Current assets, net | $ | i 155,930 | |
Property,
plant, and equipment | i 77,442 | ||
Intangible assets | i 212,720 | ||
Goodwill | i 382,360 | ||
Other
non-current assets | i 28,706 | ||
Other non-current liabilities | ( i 78,370 | ) | |
$ | i 778,788 |
Three Months Ended | Nine
Months Ended | |||||||
(in thousands, except per share amounts) | ||||||||
Net sales | $ | i 439,191 | $ | i 1,332,900 | ||||
Income
before income taxes | i 71,737 | i 228,503 | ||||||
Net
income | i 56,060 | i 179,264 | ||||||
Net
income per share — basic | i 2.23 | i 7.17 | ||||||
Net
income per share — diluted | i 2.18 | i 7.16 |
Three Months Ended | Nine Months Ended | |||||||
(in thousands) | ||||||||
Amortization(a) | $ | i 3,104 | $ | i 8,289 | ||||
Transaction
costs(b) | i — | i 9,976 | ||||||
Amortization
of inventory step-up(c) | i — | i 36,927 | ||||||
Stock
compensation(d) | i 421 | i 5,110 | ||||||
Income
tax impact of above items | ( i 1,011 | ) | ( i 14,290 | ) |
(a) | The
amortization adjustment for the three and nine months ended September 29, 2018 primarily reflects the reduction of amortization expense in the period related to the Order backlog intangible asset. The Order backlog has a useful life of twelve months and was fully amortized in the fiscal 2017 pro forma results. |
(b) | The transaction cost adjustments reflect the reversal of certain bank and attorney fees from the nine months ended September 29, 2018 and recognition of
those fees during the nine months ended September 30, 2017. |
(c) | The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during the three and nine months ended September 29, 2018 and recognition of those costs during the three and nine months ended September 30, 2017. The inventory step-up was amortized over i five
months as the inventory was sold. |
(d) | The stock compensation adjustment reflects the reversal of the portion of stock compensation for IXYS stock options that were converted to Littelfuse stock options and expensed immediately during the nine months ended September 29, 2018. |
(in thousands) | ||||||||
Raw
materials | $ | i 71,327 | $ | i 69,883 | ||||
Work
in process | i 78,022 | i 88,505 | ||||||
Finished
goods | i 90,710 | i 99,840 | ||||||
Total | $ | i 240,059 | $ | i 258,228 |
(in thousands) | ||||||||
Land | $ | i 24,699 | $ | i 25,630 | ||||
Building | i 106,062 | i 114,636 | ||||||
Equipment | i 605,965 | i 583,043 | ||||||
Accumulated
depreciation and amortization | ( i 406,934 | ) | ( i 383,415 | ) | ||||
Total | $ | i 329,792 | $ | i 339,894 |
(in thousands) | Electronics | Automotive | Industrial | Total | ||||||||||||
As
of December 29, 2018 | $ | i 656,039 | $ | i 132,332 | $ | i 38,344 | $ | i 826,715 | ||||||||
Currency
translation | ( i 10,627 | ) | ( i 2,530 | ) | i 95 | ( i 13,062 | ) | |||||||||
As
of September 28, 2019 | $ | i 645,412 | $ | i 129,802 | $ | i 38,439 | $ | i 813,653 |
(in thousands) | Gross Carrying Value | Accumulated
Amortization | Net Book Value | |||||||||
Patents, licenses and software | $ | i 136,565 | $ | i 76,797 | $ | i 59,768 | ||||||
Distribution
network | i 43,638 | i 36,014 | i 7,624 | |||||||||
Customer
relationships, trademarks, and tradenames | i 372,627 | i 113,602 | i 259,025 | |||||||||
Total | $ | i 552,830 | $ | i 226,413 | $ | i 326,417 |
(in thousands) | Amount | ||
2019 | $ | i 41,376 | |
2020 | i 39,206 | ||
2021 | i 37,606 | ||
2022 | i 36,532 | ||
2023 | i 32,150 | ||
2024
and thereafter | i 169,616 | ||
Total | $ | i 356,486 |
Leases (in thousands) | Condensed
Consolidated Balance Sheet Classification | |||
Assets | ||||
Operating ROU assets | Right of use lease assets, net | $ | i 21,598 | |
Liabilities | ||||
Current
operating lease liabilities | Accrued liabilities | $ | i 6,926 | |
Non-current operating lease liabilities | Non-current operating lease liabilities | i 17,237 | ||
Total
lease liabilities | $ | i 24,163 |
Leases cost (in thousands) | Condensed Consolidated Statements of Net Income Classification | Three Months Ended September 28, 2019 | Nine
Months Ended September 28, 2019 | ||||
Short-term lease expenses | Cost of sales, SG&A expenses | $ | i 86 | $ | i 387 | ||
Variable
lease expenses | Cost of sales, SG&A expenses | i 239 | i 621 | ||||
Operating
lease rent expenses | Cost of sales, SG&A expenses | i 2,131 | i 6,539 | ||||
Total
operating lease costs | Cost of sales, SG&A expenses | $ | i 2,456 | $ | i 7,547 |
Maturity of Lease Liabilities as of September 28, 2019 (in thousands) | Operating leases | ||
2019 (excluding the nine
months ended September 28, 2019) | $ | i 2,155 | |
2020 | i 7,571 | ||
2021 | i 5,878 | ||
2022 | i 4,873 | ||
2023 | i 3,252 | ||
2024
and thereafter | i 3,253 | ||
Total lease payments | $ | i 26,982 | |
Present
value of lease liabilities | $ | i 24,163 |
Operating
Lease Term and Discount Rate | ||
Weighted-average remaining lease term (years) | i 4.19 | |
Weighted-average discount rate | i 5.18 | % |
Other
Information (in thousands) | Nine Months Ended September 28, 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flow payments for operating leases | $ | ( i 6,762 | ) |
Leased
assets obtained in exchange for operating lease liabilities | i 2,051 |
(in thousands) | ||||||||
Employee-related
liabilities | $ | i 42,076 | $ | i 60,640 | ||||
Other
non-income taxes | i 32,453 | i 21,523 | ||||||
Operating
lease liability | i 6,926 | i — | ||||||
Professional
services | i 4,117 | i 6,169 | ||||||
Interest | i 3,239 | i 5,137 | ||||||
Accrued
share repurchases | i — | i 4,349 | ||||||
Restructuring
liability | i 2,302 | i 3,887 | ||||||
Other | i 23,436 | i 36,700 | ||||||
Total | $ | i 114,549 | $ | i 138,405 |
Three
months ended September 28, 2019 | Nine months ended September 28, 2019 | ||||||||||||||||||||||||||||||
(in thousands) | Electronics | Automotive | Industrial | Total | Electronics | Automotive | Industrial | Total | |||||||||||||||||||||||
Employee
terminations | $ | i 655 | $ | i 109 | $ | i 49 | $ | i 813 | $ | i 4,153 | $ | i 3,955 | $ | i 770 | $ | i 8,878 | |||||||||||||||
Other
restructuring charges | i 128 | i 1,150 | i 124 | i 1,402 | i 141 | i 1,240 | i 374 | i 1,755 | |||||||||||||||||||||||
Total
restructuring charges | i 783 | i 1,259 | i 173 | i 2,215 | i 4,294 | i 5,195 | i 1,144 | i 10,633 | |||||||||||||||||||||||
Impairment
| i — | i 322 | i — | i 322 | i — | i 322 | i — | i 322 | |||||||||||||||||||||||
Total | $ | i 783 | $ | i 1,581 | $ | i 173 | $ | i 2,537 | $ | i 4,294 | $ | i 5,517 | $ | i 1,144 | $ | i 10,955 |
Three
months ended September 29, 2018 | Nine months ended September 29, 2018 | ||||||||||||||||||||||||||||||
(in thousands) | Electronics | Automotive | Industrial | Total | Electronics | Automotive | Industrial | Total | |||||||||||||||||||||||
Employee
terminations | $ | i 4,614 | $ | i 202 | $ | i — | $ | i 4,816 | $ | i 7,693 | $ | i 301 | $ | i 65 | $ | i 8,059 | |||||||||||||||
Other
restructuring charges | i — | i 166 | i — | i 166 | i 670 | i 166 | i — | i 836 | |||||||||||||||||||||||
Total
restructuring charges | i 4,614 | i 368 | i — | i 4,982 | i 8,363 | i 467 | i 65 | i 8,895 | |||||||||||||||||||||||
Impairment
| i — | i — | i — | i — | i — | i 88 | i 1,037 | i 1,125 | |||||||||||||||||||||||
Total | $ | i 4,614 | $ | i 368 | $ | i — | $ | i 4,982 | $ | i 8,363 | $ | i 555 | $ | i 1,102 | $ | i 10,020 |
(in thousands) | ||||||||
Term Loan | $ | i 147,500 | $ | i 155,000 | ||||
Euro
Senior Notes, Series A due 2023 | i 128,002 | i 133,417 | ||||||
Euro
Senior Notes, Series B due 2028 | i 103,932 | i 108,330 | ||||||
U.S.
Senior Notes, Series A due 2022 | i 25,000 | i 25,000 | ||||||
U.S.
Senior Notes, Series B due 2027 | i 100,000 | i 100,000 | ||||||
U.S.
Senior Notes, Series A due 2025 | i 50,000 | i 50,000 | ||||||
U.S.
Senior Notes, Series B due 2030 | i 125,000 | i 125,000 | ||||||
Other | i 2,619 | i 2,619 | ||||||
Unamortized
debt issuance costs | ( i 3,893 | ) | ( i 4,636 | ) | ||||
Total
debt | i 678,160 | i 694,730 | ||||||
Less:
Current maturities | ( i 10,000 | ) | ( i 10,000 | ) | ||||
Total
long-term debt | $ | i 668,160 | $ | i 684,730 |
Fair
Value Measurements Using | ||||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Investments
in equity securities | $ | i 12,648 | $ | i — | $ | i — | $ | i 12,648 | ||||||||
Mutual
funds | i 9,717 | i — | i — | i 9,717 |
Fair Value Measurements Using | ||||||||||||||||
(in
thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Investments in equity securities | $ | i 10,312 | $ | i — | $ | i — | $ | i 10,312 | ||||||||
Mutual
funds | i 9,112 | i — | i — | i 9,112 |
(in thousands) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair
Value | ||||||||||||
Euro Senior Notes, Series A due 2023 | $ | i 128,002 | $ | i 129,793 | $ | i 133,417 | $ | i 130,888 | ||||||||
Euro
Senior Notes, Series B due 2028 | i 103,933 | i 109,767 | i 108,330 | i 103,774 | ||||||||||||
USD
Senior Notes, Series A due 2022 | i 25,000 | i 25,010 | i 25,000 | i 24,115 | ||||||||||||
USD
Senior Notes, Series B due 2027 | i 100,000 | i 103,179 | i 100,000 | i 94,458 | ||||||||||||
USD
Senior Notes, Series A due 2025 | i 50,000 | i 50,918 | i 50,000 | i 47,434 | ||||||||||||
USD
Senior Notes, Series B due 2030 | i 125,000 | i 128,681 | i 125,000 | i 114,731 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
(in thousands) | ||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service
cost | $ | i 509 | $ | i 533 | $ | i 1,523 | $ | i 1,599 | ||||||||
Interest
cost | i 777 | i 501 | i 2,374 | i 1,503 | ||||||||||||
Expected
return on plan assets | ( i 773 | ) | ( i 540 | ) | ( i 2,384 | ) | ( i 1,620 | ) | ||||||||
Amortization
of prior service | i 60 | i 74 | i 184 | i 222 | ||||||||||||
Net
periodic benefit cost | $ | i 573 | $ | i 568 | $ | i 1,697 | $ | i 1,704 |
(in
thousands) | Three Months Ended September 28, 2019 | Three Months Ended September 29, 2018 | ||||||||||||||||||||||
Pre-tax | Tax | Net of Tax | Pre-tax | Tax | Net
of Tax | |||||||||||||||||||
Defined benefit pension plan adjustments | $ | i 155 | $ | i 18 | $ | i 137 | $ | ( i 115 | ) | $ | i — | $ | ( i 115 | ) | ||||||||||
Foreign
currency translation adjustments | ( i 17,163 | ) | i — | ( i 17,163 | ) | ( i 7,832 | ) | i — | ( i 7,832 | ) | ||||||||||||||
Total
change in other comprehensive income (loss) | $ | ( i 17,008 | ) | $ | i 18 | $ | ( i 17,026 | ) | $ | ( i 7,947 | ) | $ | i — | $ | ( i 7,947 | ) |
(in
thousands) | Nine Months Ended September 28, 2019 | Nine Months Ended September 29, 2018 | ||||||||||||||||||||||
Pre-tax | Tax | Net of Tax | Pre-tax | Tax | Net
of Tax | |||||||||||||||||||
Defined benefit pension plan adjustments | $ | i 278 | $ | i 29 | $ | i 249 | $ | i 630 | $ | ( i 18 | ) | $ | i 648 | |||||||||||
Foreign
currency translation adjustments | ( i 14,933 | ) | i — | ( i 14,933 | ) | ( i 24,816 | ) | i — | ( i 24,816 | ) | ||||||||||||||
Total
change in other comprehensive income (loss) | $ | ( i 14,655 | ) | $ | i 29 | $ | ( i 14,684 | ) | $ | ( i 24,186 | ) | $ | ( i 18 | ) | $ | ( i 24,168 | ) |
(in thousands) | Pension
and postretirement liability and reclassification adjustments | Foreign currency translation adjustment | Accumulated other comprehensive income (loss) | |||||||||
Balance at December 29,
2018 | $ | ( i 9,959 | ) | $ | ( i 87,965 | ) | $ | ( i 97,924 | ) | |||
Activity
in the period | i 249 | ( i 14,933 | ) | ( i 14,684 | ) | |||||||
Balance
at September 28, 2019 | $ | ( i 9,710 | ) | $ | ( i 102,898 | ) | $ | ( i 112,608 | ) |
(in
thousands) | Pension and postretirement liability and reclassification adjustments | Unrealized gain (loss) on investments | Foreign currency translation adjustment | Accumulated other comprehensive income
(loss) | ||||||||||||
Balance at December 30, 2017 | $ | ( i 10,836 | ) | $ | i 9,795 | $ | ( i 62,627 | ) | $ | ( i 63,668 | ) | |||||
Cumulative
effect adjustment (a) | i — | ( i 9,795 | ) | i — | ( i 9,795 | ) | ||||||||||
Activity
in the period | i 648 | i — | ( i 24,816 | ) | ( i 24,168 | ) | ||||||||||
Balance
at September 29, 2018 | $ | ( i 10,188 | ) | $ | i — | $ | ( i 87,443 | ) | $ | ( i 97,631 | ) |
Three
Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | ||||||||||||||||
Pension and Postemployment plans: | ||||||||||||||||
Amortization of prior service | $ | i 60 | $ | i 74 | $ | i 184 | $ | i 222 |
Three
Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income as reported | $ | i 35,647 | $ | i 53,546 | $ | i 116,428 | $ | i 131,900 | ||||||||
Denominator: | ||||||||||||||||
Weighted
average shares outstanding | ||||||||||||||||
Basic | i 24,482 | i 25,109 | i 24,646 | i 24,817 | ||||||||||||
Effect
of dilutive securities | i 202 | i 362 | i 248 | i 395 | ||||||||||||
Diluted | i 24,684 | i 25,471 | i 24,894 | i 25,212 | ||||||||||||
Earnings
Per Share: | ||||||||||||||||
Basic earnings per share | $ | i 1.46 | $ | i 2.13 | $ | i 4.72 | $ | i 5.31 | ||||||||
Diluted
earnings per share | $ | i 1.44 | $ | i 2.10 | $ | i 4.68 | $ | i 5.23 |
• | Electronics
Segment: Consists of one of the broadest product offerings in the industry, including fuses and fuse accessories, positive temperature coefficient (“PTC”) resettable fuses, polymer electrostatic discharge (“ESD”) suppressors, varistors, reed switch based magnetic sensing, gas discharge tubes; semiconductor and power semiconductor products such as discrete transient voltage suppressor (“TVS”) diodes, TVS diode arrays, protection and switching thyristors, silicon carbide, metal-oxide-semiconductor field-effect transistors (“MOSFETs”) and silicon carbide diodes; and insulated gate bipolar transistors (“IGBT”) technologies. The segment covers a broad range of end markets, including industrial and automotive electronics, electric vehicle infrastructure, data and telecommunications, medical devices, LED lighting, consumer electronics and appliances |
• | Automotive
Segment: Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (“OEMs”), Tier-I suppliers and parts distributors in passenger car, heavy duty truck, off-road vehicles, material handling, agricultural, construction and other commercial vehicle industries. Passenger car fuse products include fuses and fuse accessories for internal combustion engine vehicles and hybrid and electric vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, and high-voltage fuses. Commercial vehicle products include fuses, switches, relays, and power distribution modules for the commercial vehicle industry. Automotive sensor products include a wide range of automotive and commercial vehicle products designed to monitor the passenger compartment occupants, safety and environment as well as the vehicle’s powertrain, emissions, speed and suspension. |
• | Industrial
Segment: Consists of power fuses, protection relays and controls and other circuit protection products for use in various industrial applications such as oil, gas, mining, alternative energy - solar and wind, electric vehicle infrastructure, construction, HVAC systems, elevator and other industrial equipment. |
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | ||||||||||||||||
Net sales | ||||||||||||||||
Electronics | $ | i 227,252 | $ | i 296,472 | $ | i 752,199 | $ | i 860,240 | ||||||||
Automotive | i 104,681 | i 114,416 | i 326,814 | i 367,718 | ||||||||||||
Industrial | i 30,038 | i 28,303 | i 86,337 | i 88,229 | ||||||||||||
Total
net sales | $ | i 361,971 | $ | i 439,191 | $ | i 1,165,350 | $ | i 1,316,187 | ||||||||
Depreciation
and amortization | ||||||||||||||||
Electronics | $ | i 14,960 | $ | i 15,898 | $ | i 45,031 | i 45,227 | |||||||||
Automotive | i 7,067 | i 5,891 | i 20,848 | i 17,830 | ||||||||||||
Industrial | i 1,061 | i 1,364 | i 3,177 | i 4,291 | ||||||||||||
Other | i — | i 3,105 | i — | i 8,712 | ||||||||||||
Total
depreciation and amortization | $ | i 23,088 | $ | i 26,258 | $ | i 69,056 | $ | i 76,060 | ||||||||
Operating
income (loss) | ||||||||||||||||
Electronics | $ | i 34,567 | $ | i 72,464 | $ | i 127,233 | $ | i 193,739 | ||||||||
Automotive | i 11,437 | i 10,863 | i 34,987 | i 44,965 | ||||||||||||
Industrial | i 6,822 | i 4,134 | i 16,158 | i 14,123 | ||||||||||||
Other(a) | ( i 5,659 | ) | ( i 11,233 | ) | ( i 17,904 | ) | ( i 79,406 | ) | ||||||||
Total
operating income | i 47,167 | i 76,228 | i 160,474 | i 173,421 | ||||||||||||
Interest
expense | i 5,559 | i 5,775 | i 16,834 | i 16,980 | ||||||||||||
Foreign
exchange loss (gain) | i 4,968 | i 982 | i 5,636 | ( i 6,372 | ) | |||||||||||
Other
(income) expense, net | ( i 4,764 | ) | i 1,259 | ( i 3,406 | ) | ( i 2,362 | ) | |||||||||
Income
before income taxes | $ | i 41,404 | $ | i 68,212 | $ | i 141,410 | $ | i 165,175 |
Three
Months Ended | Nine Months Ended | |||||||||||||||
(in thousands) | ||||||||||||||||
Net sales | ||||||||||||||||
United States | $ | i 105,292 | $ | i 125,867 | $ | i 340,811 | $ | i 386,980 | ||||||||
China | i 101,960 | i 117,813 | i 316,553 | i 352,097 | ||||||||||||
Other
countries(a) | i 154,719 | i 195,511 | i 507,986 | i 577,110 | ||||||||||||
Total
net sales | $ | i 361,971 | $ | i 439,191 | $ | i 1,165,350 | $ | i 1,316,187 |
(in thousands) | ||||||||
Long-lived assets | ||||||||
United
States | $ | i 56,790 | $ | i 58,691 | ||||
China | i 88,386 | i 95,806 | ||||||
Mexico | i 73,350 | i 70,495 | ||||||
Germany | i 35,817 | i 36,548 | ||||||
Philippines | i 37,775 | i 32,459 | ||||||
Other
countries(a) | i 37,674 | i 45,895 | ||||||
Total
long-lived assets | $ | i 329,792 | $ | i 339,894 |
Nine Months Ended | ||||||||
(in thousands) | ||||||||
Additions to long-lived assets | ||||||||
United States | $ | i 4,972 | $ | i 5,636 | ||||
China | i 12,418 | i 19,043 | ||||||
Mexico | i 12,650 | i 14,089 | ||||||
Germany | i 4,335 | i 5,917 | ||||||
Philippines | i 9,546 | i 6,133 | ||||||
Other
countries(a) | i 3,454 | i 5,128 | ||||||
Total
additions to long-lived assets | $ | i 47,375 | $ | i 55,946 |
(a) | Each
country included in other countries are less than i 10% of net sales. |
Third
Quarter | First Nine Months | |||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | Change | % Change | 2019 | 2018 | Change | % Change | ||||||||||||||||||||||
Net
sales | $ | 361,971 | $ | 439,191 | $ | (77,220 | ) | (17.6 | )% | $ | 1,165,350 | $ | 1,316,187 | $ | (150,837 | ) | (11.5 | )% | ||||||||||||
Gross
profit | 130,946 | 179,594 | (48,648 | ) | (27.1 | )% | 427,982 | 498,204 | (70,222 | ) | (14.1 | )% | ||||||||||||||||||
Operating
expenses | 83,779 | 103,366 | (19,587 | ) | (18.9 | )% | 267,508 | 324,783 | (57,275 | ) | (17.6 | )% | ||||||||||||||||||
Operating
income | 47,167 | 76,228 | (29,061 | ) | (38.1 | )% | 160,474 | 173,421 | (12,947 | ) | (7.5 | )% | ||||||||||||||||||
Income
before income taxes | 41,404 | 68,212 | (26,808 | ) | (39.3 | )% | 141,410 | 165,175 | (23,765 | ) | (14.4 | )% | ||||||||||||||||||
Income
taxes | 5,757 | 14,666 | (8,909 | ) | (60.7 | )% | 24,982 | 33,275 | (8,293 | ) | (24.9 | )% | ||||||||||||||||||
Net
income | $ | 35,647 | $ | 53,546 | $ | (17,899 | ) | (33.4 | )% | $ | 116,428 | $ | 131,900 | $ | (15,472 | ) | (11.7 | )% |
Third
Quarter | First Nine Months | |||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | Change | % Change | 2019 | 2018 | Change | % Change | ||||||||||||||||||||||
Electronics | $ | 227,252 | $ | 296,472 | $ | (69,220 | ) | (23.3 | )% | $ | 752,199 | $ | 860,240 | $ | (108,041 | ) | (12.6 | )% | ||||||||||||
Automotive | 104,681 | 114,416 | (9,735 | ) | (8.5 | )% | 326,814 | 367,718 | (40,904 | ) | (11.1 | )% | ||||||||||||||||||
Industrial | 30,038 | 28,303 | 1,735 | 6.1 | % | 86,337 | 88,229 | (1,892 | ) | (2.1 | )% | |||||||||||||||||||
Total | $ | 361,971 | $ | 439,191 | $ | (77,220 | ) | (17.6 | )% | $ | 1,165,350 | $ | 1,316,187 | $ | (150,837 | ) | (11.5 | )% |
Third
Quarter | First Nine Months | |||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | Change | % Change | 2019 | 2018 | Change | % Change | ||||||||||||||||||||||
Asia-Pacific | $ | 158,778 | $ | 193,249 | $ | (34,471 | ) | (17.8 | )% | $ | 504,453 | $ | 576,103 | $ | (71,650 | ) | (12.4 | )% | ||||||||||||
Americas | 122,754 | 156,852 | (34,098 | ) | (21.7 | )% | 396,683 | 442,200 | (45,517 | ) | (10.3 | )% | ||||||||||||||||||
Europe | 80,439 | 89,090 | (8,651 | ) | (9.7 | )% | 264,214 | 297,884 | (33,670 | ) | (11.3 | )% | ||||||||||||||||||
Total | $ | 361,971 | $ | 439,191 | $ | (77,220 | ) | (17.6 | )% | $ | 1,165,350 | $ | 1,316,187 | $ | (150,837 | ) | (11.5 | )% |
First Nine
Months | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Net cash provided by operating activities | $ | 160,863 | $ | 252,116 | ||||
Net
cash used in investing activities | (32,960 | ) | (368,563 | ) | ||||
Net cash (used in) provided by financing activities | (135,465 | ) | 195,259 | |||||
Effect
of exchange rate changes on cash and cash equivalents | (6,114 | ) | (10,273 | ) | ||||
(Decrease) increase in cash and cash equivalents | (13,676 | ) | 68,539 | |||||
Cash
and cash equivalents at beginning of period | 489,733 | 429,676 | ||||||
Cash and cash equivalents at end of period | $ | 476,057 | $ | 498,215 |
Period | Total
number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs | ||||||||
2018 Program | ||||||||||||
December
30 through January 26 | 66,796 | $ | 169.11 | 66,796 | 541,232 | |||||||
January 27 through February 23 | 13,120 | $ | 172.16 | 13,120 | 528,112 | |||||||
February
24 through March 30 | — | — | — | 528,112 | ||||||||
March 31 through April 30 | — | — | — | 528,112 | ||||||||
2019
Program | ||||||||||||
May1 through May 25 | 90,301 | $ | 170.53 | 90,301 | 909,699 | |||||||
May
26 through June 29 | 97,913 | $ | 169.09 | 97,913 | 811,786 | |||||||
June 30 through July 27 | 49,816 | $ | 171.13 | 49,816 | 761,970 | |||||||
July
28 through August 24 | 230,000 | $ | 156.75 | 230,000 | 531,970 | |||||||
August 25 through September 28 | 31,970 | $ | 154.80 | 31,970 | 500,000 | |||||||
Total | 579,916 | $ | 163.88 | 579,916 | 500,000 |
Exhibit | Description | |
10.1* | ||
31.1* | ||
31.2* | ||
32.1** | ||
101 | The
following financial information from LITTELFUSE, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 28, 2019 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Net Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders Equity , (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements. | |
104 | The
cover page from this Quarterly Report on Form 10-Q for the quarter ended September 28, 2019, formatted in Inline XBRL. | |
+ | Certain schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K promulgated by the SEC. The registrant agrees to furnish supplementary a copy of any omitted schedule or exhibit to the SEC upon request. | |
* | ||
** | Furnished herewith. |
Littelfuse, Inc. | |||
By: | /s/ Meenal
A. Sethna | ||
Executive Vice President and Chief Financial Officer | |||
Date:
October 30, 2019 | By: | ||
Vice President and Chief Accounting Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
2/15/30 | ||||
12/8/28 | ||||
2/15/27 | ||||
2/15/25 | ||||
12/8/23 | ||||
10/13/22 | ||||
2/15/22 | ||||
3/4/21 | ||||
4/30/20 | 4, 4/A | |||
12/5/19 | ||||
11/21/19 | ||||
Filed on: | 10/30/19 | 8-K | ||
10/25/19 | 4 | |||
For Period end: | 9/28/19 | |||
6/29/19 | 10-Q | |||
5/1/19 | 10-Q, 8-K | |||
4/30/19 | 4 | |||
4/26/19 | 4, 8-K, DEF 14A | |||
3/30/19 | 10-Q | |||
3/25/19 | ||||
12/30/18 | ||||
12/29/18 | 10-K, 5 | |||
12/15/18 | ||||
9/30/18 | ||||
9/29/18 | 10-Q | |||
8/15/18 | 4, CORRESP | |||
6/30/18 | 10-Q | |||
5/1/18 | 4 | |||
3/31/18 | 10-Q | |||
1/17/18 | 3, 4 | |||
1/16/18 | ||||
12/31/17 | 4, SD | |||
12/30/17 | 10-K, 5 | |||
11/15/17 | 8-K | |||
10/13/17 | 8-K | |||
9/30/17 | 10-Q | |||
8/15/17 | 3, 4 | |||
6/8/17 | 4 | |||
2/15/17 | 4, 8-K | |||
1/1/17 | ||||
12/8/16 | 8-K | |||
3/4/16 | 8-K | |||
List all Filings |