LITTELFUSE INC DE

For the period ended Mar 30, 2024. Filed May 1, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 30, 2024 · Filed May 1, 2024

LFUS$385.63+8.4%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
(in thousands)	March 30,2024	December 30,2023
ASSETS
Current assets:
Cash and cash equivalents (Note 1)	$562,153	$555,513
Short-term investments	231	235
Trade receivables, less allowances of $76,496 and $84,696 at March 30, 2024 and December 30, 2023, respectively	295,876	287,018
Inventories (Note 3)	456,135	474,607
Prepaid income taxes and income taxes receivable	8,574	8,701
Prepaid expenses and other current assets	121,142	82,526
Total current assets	1,444,111	1,408,600
Net property, plant, and equipment (Note 4)	479,435	493,153
Intangible assets, net of amortization (Note 5)	584,631	606,136
Goodwill (Note 5)	1,294,737	1,309,998
Investments	24,204	24,821
Deferred income taxes	10,798	10,486
Right of use lease assets	63,718	62,370
Other long-term assets	41,827	79,711
Total assets	$3,943,461	$3,995,275
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$172,809	$173,535
Accrued liabilities (Note 6)	124,288	149,214
Accrued income taxes	42,051	38,725
Current portion of long-term debt (Note 8)	65,824	14,020
Total current liabilities	404,972	375,494
Long-term debt, less current portion (Note 8)	800,849	857,915
Deferred income taxes	100,755	110,820
Accrued post-retirement benefits	34,049	34,422
Non-current lease liabilities	50,791	49,472
Other long-term liabilities	80,752	86,671
Total liabilities	$1,472,168	$1,514,794
Commitments and contingencies (Note 15)
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, March 30, 2024–26,634,597; December 30, 2023–26,624,071	262	262
Additional paid-in capital	1,017,311	1,012,325
Treasury stock, at cost: 1,781,633 and 1,711,290 shares, respectively	(275,398)	(259,263)
Accumulated other comprehensive loss	(86,108)	(55,817)
Retained earnings	1,814,916	1,782,662
Littelfuse, Inc. shareholders’ equity	2,470,983	2,480,169
Non-controlling interest	310	312
Total equity	2,471,293	2,480,481
Total liabilities and equity	$3,943,461	$3,995,275

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

	Three Months Ended
(in thousands, except per share data)	March 30,2024	April 1,2023
Net sales	$535,385	$609,782
Cost of sales	347,577	364,825
Gross profit	187,808	244,957
Selling, general, and administrative expenses	86,127	88,310
Research and development expenses	27,667	27,290
Amortization of intangibles	15,825	16,866
Restructuring, impairment, and other charges	3,237	1,850
Total operating expenses	132,856	134,316
Operating income	54,952	110,641
Interest expense	9,611	9,646
Foreign exchange gain	(5,042)	(1,675)
Other income, net	(5,321)	(6,233)
Income before income taxes	55,704	108,903
Income taxes	7,252	20,158
Net income	$48,452	$88,745
Earnings per share:
Basic	$1.95	$3.58
Diluted	$1.93	$3.54
Weighted-average shares and equivalent shares outstanding:
Basic	24,911	24,782
Diluted	25,124	25,062

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended
(in thousands)	March 30,2024	April 1,2023
Net income	$48,452	$88,745
Other comprehensive income (loss):
Defined benefit pension plan and other adjustments, net of tax	344	6
Cash flow hedge, net of tax	1,926	(2,518)
Foreign currency translation adjustments	(32,561)	15,795
Comprehensive income	$18,161	$102,028

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended
(in thousands)	March 30, 2024	April 1, 2023
OPERATING ACTIVITIES
Net income	$48,452	$88,745
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,668	17,616
Amortization of intangibles	15,825	16,866
Deferred revenue	(918)	639
Impairment charges	933	—
Stock-based compensation	3,617	3,730
Loss (gain) on investments and other assets	379	(1,779)
Deferred income taxes	(8,811)	1,624
Other	1,036	(6,138)
Changes in operating assets and liabilities:
Trade receivables	(12,723)	(13,176)
Inventories	16,179	(1,535)
Accounts payable	345	(16,246)
Accrued liabilities and income taxes	(28,042)	(43,578)
Prepaid expenses and other assets	4,210	6,639
Net cash provided by operating activities	57,150	53,407
INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	—	(158,260)
Purchases of property, plant, and equipment	(15,547)	(25,665)
Net proceeds from sale of property, plant and equipment, and other	7,064	737
Net cash used in investing activities	(8,483)	(183,188)
FINANCING ACTIVITIES
Repayments of other debts	(678)	(668)
Payments of term loan	(1,875)	(1,875)
Net proceeds related to stock-based award activities	1,364	5,219
Repurchases of common stock	(16,131)	—
Cash dividends paid	(16,200)	(14,880)
Net cash used in financing activities	(33,520)	(12,204)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(8,550)	4,571
Increase (decrease) in cash, cash equivalents, and restricted cash	6,597	(137,414)
Cash, cash equivalents, and restricted cash at beginning of period	557,123	564,939
Cash, cash equivalents, and restricted cash at end of period	$563,720	$427,525
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	$562,153	$425,127
Restricted cash included in prepaid expenses and other current assets	$—	$812
Restricted cash included in other long-term assets	$1,567	$1,586
Cash paid during the period for interest	$13,235	$11,027
Capital expenditures, not yet paid	$9,968	$7,523

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

	Littelfuse, Inc. Shareholders’ Equity
(in thousands, except share and per share data)	Common Stock	Addl. Paid in Capital	Treasury Stock	Accum. Other Comp. Loss	Retained Earnings	Non-controlling Interest	Total
Balance at December 30, 2023	$262	$1,012,325	$(259,263)	$(55,817)	$1,782,662	$312	$2,480,481
Net income	—	—	—	—	48,452	—	48,452
Other comprehensive loss, net of tax	—	—	—	(30,291)	—	—	(30,291)
Stock-based compensation	—	3,617	—	—	—	—	3,617
Non-controlling interest	—	—	—	—	2	(2)	—
Withheld shares on restricted share units for withholding taxes	—	—	(4)	—	—	—	(4)
Stock options exercised	—	1,369	—	—	—	—	1,369
Repurchases of common stock	—	—	(16,131)	—	—	—	(16,131)
Cash dividends paid ($0.65 per share)	—	—	—	—	(16,200)	—	(16,200)
Balance at March 30, 2024	$262	$1,017,311	$(275,398)	$(86,108)	$1,814,916	$310	$2,471,293

	Littelfuse, Inc. Shareholders’ Equity
(in thousands, except share and per share data)	Common Stock	Addl. Paid in Capital	Treasury Stock	Accum. Other Comp. (Loss) Income	Retained Earnings	Non-controlling Interest	Total
Balance at December 31, 2022	$261	$974,097	$(252,866)	$(95,764)	$1,585,466	$184	$2,211,378
Net income	—	—	—	—	88,745	—	88,745
Other comprehensive income, net of tax	—	—	—	13,283	—	—	13,283
Stock-based compensation	—	3,730	—	—	—	—	3,730
Non-controlling interest	—	—	—	—	(66)	66	—
Withheld shares on restricted share units for withholding taxes	—	—	(18)	—	—	—	(18)
Stock options exercised	—	5,238	—	—	—	—	5,238
Cash dividends paid ($0.60 per share)	—	—	—	—	(14,880)	—	(14,880)
Balance at April 1, 2023	$261	$983,065	$(252,884)	$(82,481)	$1,659,265	$250	$2,307,476

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.