LITTELFUSE INC DE

For the period ended Jun 29, 2024. Filed Jul 31, 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.

Jun 29, 2024 · Filed Jul 31, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)
(in thousands, except share and per share data)	June 29,2024	December 30,2023
ASSETS
Current assets:
Cash and cash equivalents (Note 1)	$561,742	$555,513
Short-term investments	971	235
Trade receivables, less allowances of $73,744 and $84,696 at June 29, 2024 and December 30, 2023, respectively	317,963	287,018
Inventories (Note 3)	451,186	474,607
Prepaid income taxes and income taxes receivable	6,413	8,701
Prepaid expenses and other current assets	125,703	82,526
Total current assets	1,463,978	1,408,600
Net property, plant, and equipment (Note 4)	472,537	493,153
Intangible assets, net of amortization (Note 5)	566,030	606,136
Goodwill (Note 5)	1,287,762	1,309,998
Investments	22,904	24,821
Deferred income taxes	10,950	10,486
Right of use lease assets	59,563	62,370
Other long-term assets	41,254	79,711
Total assets	$3,924,978	$3,995,275
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$176,095	$173,535
Accrued liabilities (Note 6)	135,180	149,214
Accrued income taxes	39,235	38,725
Current portion of long-term debt (Note 8)	67,679	14,020
Total current liabilities	418,189	375,494
Long-term debt, less current portion (Note 8)	795,825	857,915
Deferred income taxes	96,214	110,820
Accrued post-retirement benefits	31,810	34,422
Non-current lease liabilities	49,581	49,472
Other long-term liabilities	67,872	86,671
Total liabilities	$1,459,491	$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, June 29, 2024–26,713,727; December 30, 2023–26,624,071	262	262
Additional paid-in capital	1,032,974	1,012,325
Treasury stock, at cost: 1,936,187 and 1,711,290 shares, respectively	(305,136)	(259,263)
Accumulated other comprehensive loss	(107,175)	(55,817)
Retained earnings	1,844,204	1,782,662
Littelfuse, Inc. shareholders’ equity	2,465,129	2,480,169
Non-controlling interest	358	312
Total equity	2,465,487	2,480,481
Total liabilities and equity	$3,924,978	$3,995,275

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

	Three Months Ended		Six Months Ended
(in thousands, except per share data)	June 29,2024	July 1,2023	June 29,2024	July 1,2023
Net sales	$558,489	$611,997	$1,093,874	$1,221,779
Cost of sales	351,485	377,165	699,062	741,990
Gross profit	207,004	234,832	394,812	479,789
Selling, general, and administrative expenses	93,371	94,543	179,498	182,853
Research and development expenses	27,146	24,496	54,813	51,786
Amortization of intangibles	15,729	16,885	31,554	33,751
Restructuring, impairment, and other charges	5,252	6,855	8,489	8,705
Total operating expenses	141,498	142,779	274,354	277,095
Operating income	65,506	92,053	120,458	202,694
Interest expense	9,975	10,056	19,586	19,702
Foreign exchange gain	(315)	(1,404)	(5,357)	(3,079)
Other income, net	(5,298)	(2,050)	(10,619)	(8,283)
Income before income taxes	61,144	85,451	116,848	194,354
Income taxes	15,678	15,380	22,930	35,538
Net income	$45,466	$70,071	$93,918	$158,816
Earnings per share:
Basic	$1.83	$2.82	$3.78	$6.40
Diluted	$1.82	$2.79	$3.75	$6.33
Weighted-average shares and equivalent shares outstanding:
Basic	24,822	24,839	24,867	24,810
Diluted	25,030	25,095	25,075	25,078

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended		Six Months Ended
(in thousands)	June 29,2024	July 1,2023	June 29,2024	July 1,2023
Net income	$45,466	$70,071	$93,918	$158,816
Other comprehensive income (loss):
Defined benefit pension plan and other adjustments, net of tax	326	(159)	670	(153)
Cash flow hedge, net of tax	(18)	3,113	1,908	595
Foreign currency translation adjustments	(21,375)	(17,865)	(53,936)	(2,070)
Comprehensive income	$24,399	$55,160	$42,560	$157,188

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended
(in thousands)	June 29, 2024	July 1, 2023
OPERATING ACTIVITIES
Net income	$93,918	$158,816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	33,719	35,623
Amortization of intangibles	31,554	33,751
Deferred revenue	(1,272)	824
Impairment charges	933	3,924
Stock-based compensation	16,888	16,275
Loss (gain) on investments and other assets	1,148	(680)
Deferred income taxes	(12,427)	(3,431)
Other	2,618	(2,939)
Changes in operating assets and liabilities:
Trade receivables	(36,474)	(30,562)
Inventories	16,241	26,638
Accounts payable	6,819	(33,796)
Accrued liabilities and income taxes	(28,829)	(57,790)
Prepaid expenses and other assets	1,738	4,980
Net cash provided by operating activities	126,574	151,633
INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	—	(158,260)
Purchases of property, plant, and equipment	(34,674)	(41,501)
Net proceeds from sale of property, plant and equipment, and other	7,997	741
Net cash used in investing activities	(26,677)	(199,020)
FINANCING ACTIVITIES
Repayments of other debts	(1,351)	(1,347)
Payments of term loan	(3,750)	(3,750)
Net (payments) proceeds related to stock-based award activities	(997)	2,201
Repurchases of common stock	(40,862)	—
Cash dividends paid	(32,330)	(29,790)
Net cash used in financing activities	(79,290)	(32,686)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(14,434)	(1,772)
Increase (decrease) in cash, cash equivalents, and restricted cash	6,173	(81,845)
Cash, cash equivalents, and restricted cash at beginning of period	557,123	564,939
Cash, cash equivalents, and restricted cash at end of period	$563,296	$483,094
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	$561,742	$480,743
Restricted cash included in prepaid expenses and other current assets	$—	$771
Restricted cash included in other long-term assets	$1,554	$1,580
Cash paid during the period for interest	$19,621	$21,310
Capital expenditures, not yet paid	$8,386	$10,183

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
Net income	—	—		—	—	45,466		—	45,466
Other comprehensive loss, net of tax	—	—		—	(21,067)	—		—	(21,067)
Stock-based compensation	—	13,271		—	—	—		—	13,271
Non-controlling interest	—	—		—	—	(48)		48	—
Withheld shares on restricted share units for withholding taxes	—	—		(4,754)	—	—		—	(4,754)
Stock options exercised	—	2,392		—	—	—		—	2,392
Repurchase of common stock, with excise tax			(24,984)				(24,984)
Cash dividends paid ($0.65 per share)	—	—		—	—	(16,130)		—	(16,130)
Balance at June 29, 2024	$262	$1,032,974		$(305,136)	$(107,175)	$1,844,204		$358	$2,465,487

	Littelfuse, Inc. Shareholders’ Equity
(in thousands, except share and per share data)	Common Stock	Addl. Paid in Capital	Treasury Stock	Accum. Other Comp. Income (Loss)	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
Net income	—	—	—	—	70,071	—	70,071
Other comprehensive loss, net of tax	—	—	—	(14,911)	—	—	(14,911)
Stock-based compensation	—	12,545	—	—	—	—	12,545
Non-controlling interest	—	—	—	—	(45)	45	—
Withheld shares on restricted share units for withholding taxes	—	—	(5,999)	—	—	—	(5,999)
Stock options exercised	—	2,979	—	—	—	—	2,979
Cash dividends paid ($0.60 per share)	—	—	—	—	(14,910)	—	(14,910)
Balance at July 1, 2023	$261	$998,589	$(258,883)	$(97,392)	$1,714,381	$295	$2,357,251

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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.