LITTELFUSE INC DE
For the period ended Dec 30, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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13. Other Comprehensive Income (Loss)
- Other Comprehensive Income (Loss)
Changes in other comprehensive income (loss) by component for fiscal years 2023, 2022, and 2021 were as follows:
| Fiscal Year Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| December 30, 2023 | December 31, 2022 | January 1, 2022 | |||||||
| (in thousands) | Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax |
| Defined benefit pension plan and other adjustments | $(5,911) | $491 | $(5,420) | $11,560 | $(1,825) | $9,735 | $27,481 | $(5,268) | $22,213 |
| Cash flow hedge | (2,827) | 679 | (2,148) | 8,679 | (2,083) | 6,596 | — | — | — |
| Foreign currency translation adjustments (1) | 48,227 | (712) | 47,515 | (39,619) | 987 | (38,632) | (6,967) | 2,448 | (4,519) |
| Total change in other comprehensive income (loss) | $39,489 | $458 | $39,947 | $(19,380) | $(2,921) | $(22,301) | $20,514 | $(2,820) | $17,694 |
(1) The tax shown above within theforeign currency translation adjustments is the U.S. tax associated with the foreign currency translation adjustments of earnings of non-U.S. subsidiaries which have been previously taxed in the U.S. and are not permanently reinvested.
Accumulated Other Comprehensive Loss (“AOCI”): The following table sets forth the changes in the components of AOCI by component for fiscal years 2023, 2022, and 2021:
| (in thousands) | Pension and postretirement liability and reclassification adjustments | Cash flow hedge | Foreign currency translation adjustments | Accumulated other comprehensive income (loss) |
|---|---|---|---|---|
| Balance at December 26, 2020 | $(34,141) | $— | $(57,016) | $(91,157) |
| 2021 activity | 22,213 | — | (4,519) | 17,694 |
| Balance at January 1, 2022 | (11,928) | — | (61,535) | (73,463) |
| 2022 activity | 9,735 | 6,596 | (38,632) | (22,301) |
| Balance at December 31, 2022 | (2,193) | 6,596 | (100,167) | (95,764) |
| 2023 activity | (5,420) | (2,148) | 47,515 | 39,947 |
| Balance at December 30, 2023 | (7,613) | 4,448 | (52,652) | (55,817) |
The Company completed the buy-out of a U.K. pension plan during the fourth quarter of 2021 and as a result in the fourth quarter of 2021, the Company recorded a non-cash pension settlement charge of $19.9 million (£14.9 million), inclusive of the accelerated recognition of prior service cost of $0.5 million (£0.4 million). See Note 11, Benefits Plans for further discussion.
Amounts reclassified from accumulated other comprehensive loss to earnings for fiscal years 2023, 2022, and 2021 were as follows:
| Fiscal Year Ended | |||
|---|---|---|---|
| (in thousands) | December 30, 2023 | December 31, 2022 | January 1, 2022 |
| Pension and postemployment and other plans: | |||
| Amortization of prior service, net actuarial (gain) loss, and other | $(43) | $785 | $2,006 |
| Net settlement loss and accelerated prior service costs | 247 | 477 | 19,855 |
| Total | $204 | $1,262 | $21,861 |
The Company recognizes the amortization of prior service costs and net settlement loss inother (income) expense, net within the Consolidated Statements of Net Income.
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