LITTELFUSE INC DE

For the period ended Sep 28, 2024. Filed Oct 30, 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.

Sep 28, 2024 · Filed Oct 30, 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)	September 28,2024	December 30,2023
ASSETS
Current assets:
Cash and cash equivalents (Note 1)	$629,670	$555,513
Short-term investments	1,011	235
Trade receivables, less allowances of $76,151 and $84,696 at September 28, 2024 and December 30, 2023, respectively	338,758	287,018
Inventories (Note 3)	453,781	474,607
Prepaid income taxes and income taxes receivable	6,793	8,701
Prepaid expenses and other current assets	132,510	82,526
Total current assets	1,562,523	1,408,600
Net property, plant, and equipment (Note 4)	481,592	493,153
Intangible assets, net of amortization (Note 5)	560,994	606,136
Goodwill (Note 5)	1,317,748	1,309,998
Investments	26,607	24,821
Deferred income taxes	11,955	10,486
Right of use lease assets	60,277	62,370
Other long-term assets	40,548	79,711
Total assets	$4,062,244	$3,995,275
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$179,486	$173,535
Accrued liabilities (Note 6)	152,772	149,214
Accrued income taxes	39,809	38,725
Current portion of long-term debt (Note 8)	67,799	14,020
Total current liabilities	439,866	375,494
Long-term debt, less current portion (Note 8)	799,949	857,915
Deferred income taxes	95,554	110,820
Accrued post-retirement benefits	31,373	34,422
Non-current lease liabilities	52,074	49,472
Other long-term liabilities	70,328	86,671
Total liabilities	$1,489,144	$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, September 28, 2024–26,749,671; December 30, 2023–26,624,071	262	262
Additional paid-in capital	1,043,736	1,012,325
Treasury stock, at cost: 1,936,668 and 1,711,290 shares, respectively	(305,259)	(259,263)
Accumulated other comprehensive loss	(50,782)	(55,817)
Retained earnings	1,884,823	1,782,662
Littelfuse, Inc. shareholders’ equity	2,572,780	2,480,169
Non-controlling interest	320	312
Total equity	2,573,100	2,480,481
Total liabilities and equity	$4,062,244	$3,995,275

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

	Three Months Ended		Nine Months Ended
(in thousands, except per share data)	September 28,2024	September 30,2023	September 28,2024	September 30,2023
Net sales	$567,390	$607,071	$1,661,263	$1,828,850
Cost of sales	351,498	380,200	1,050,559	1,122,190
Gross profit	215,892	226,871	610,704	706,660
Selling, general, and administrative expenses	83,897	87,204	263,395	270,057
Research and development expenses	26,470	25,484	81,283	77,270
Amortization of intangibles	15,864	16,022	47,418	49,773
Restructuring, impairment, and other charges	1,840	4,516	10,329	13,221
Total operating expenses	128,071	133,226	402,425	410,321
Operating income	87,821	93,645	208,279	296,339
Interest expense	9,772	10,101	29,358	29,803
Foreign exchange loss	9,630	11,776	4,273	8,697
Other income, net	(9,297)	(3,527)	(19,916)	(11,810)
Income before income taxes	77,716	75,295	194,564	269,649
Income taxes	19,658	17,507	42,588	53,045
Net income	$58,058	$57,788	$151,976	$216,604
Earnings per share:
Basic	$2.34	$2.32	$6.12	$8.72
Diluted	$2.32	$2.30	$6.07	$8.63
Weighted-average shares and equivalent shares outstanding:
Basic	24,796	24,893	24,822	24,838
Diluted	25,025	25,143	25,040	25,100

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended		Nine Months Ended
(in thousands)	September 28,2024	September 30,2023	September 28,2024	September 30,2023
Net income	$58,058	$57,788	$151,976	$216,604
Other comprehensive income (loss):
Defined benefit pension plan and other adjustments, net of tax	191	(3)	861	(156)
Cash flow hedges, net of tax	(8,297)	1,546	(6,389)	2,141
Foreign currency translation adjustments	64,499	(3,677)	10,563	(5,747)
Comprehensive income	$114,451	$55,654	$157,011	$212,842

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended
(in thousands)	September 28, 2024	September 30, 2023
OPERATING ACTIVITIES
Net income	$151,976	$216,604
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	51,025	53,510
Amortization of intangibles	47,418	49,773
Deferred revenue	(1,764)	1,769
Impairment charges	933	4,742
Stock-based compensation	21,428	20,132
(Gain) loss on investments and other assets	(1,947)	922
Deferred income taxes	(16,346)	(689)
Other	690	7,829
Changes in operating assets and liabilities:
Trade receivables	(50,672)	(21,752)
Inventories	19,865	66,456
Accounts payable	5,460	(38,475)
Accrued liabilities and income taxes	(19,434)	(61,359)
Prepaid expenses and other assets	(1,633)	13,678
Net cash provided by operating activities	206,999	313,140
INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	—	(198,810)
Purchases of property, plant, and equipment	(50,065)	(63,166)
Net proceeds from sale of property, plant and equipment, and other	8,931	597
Net cash used in investing activities	(41,134)	(261,379)
FINANCING ACTIVITIES
Repayments of other debts	(2,037)	(2,027)
Payments of term loan	(3,750)	(5,625)
Net proceeds related to stock-based award activities	5,037	6,481
Repurchases of common stock	(40,862)	—
Cash dividends paid	(49,687)	(45,973)
Net cash used in financing activities	(91,299)	(47,144)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(396)	(7,965)
Increase (decrease) in cash, cash equivalents, and restricted cash	74,170	(3,348)
Cash, cash equivalents, and restricted cash at beginning of period	557,123	564,939
Cash, cash equivalents, and restricted cash at end of period	$631,293	$561,591
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	$629,670	$560,056
Restricted cash included in other long-term assets	$1,623	$1,535
Cash paid during the period for interest	$30,094	$33,177
Capital expenditures, not yet paid	$9,217	$9,780

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
Net income	—	—		—		—		58,058			—	58,058
Other comprehensive gain, net of tax	—	—		—		56,393		—			—	56,393
Stock-based compensation	—	4,540		—		—		—			—	4,540
Non-controlling interest					(82)		(38)			(120)
Withheld shares on restricted share units for withholding taxes	—	—		(188)		—		—			—	(188)
Stock options exercised	—	6,222								6,222
Excise tax adjustment on stock options exercised	—	—		65		—		—			—	65
Cash dividends paid ($0.70 per share)	—	—		—		—		(17,357)			—	(17,357)
Balance at September 28, 2024	$262	$1,043,736		$(305,259)		$(50,782)		$1,884,823			$320	$2,573,100

	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
Net income	—	—	—	—	57,788	—	57,788
Other comprehensive loss, net of tax	—	—	—	(2,134)	—	—	(2,134)
Stock-based compensation	—	3,857	—	—	—	—	3,857
Non-controlling interest	—	—	—	—	(50)	50	—
Withheld shares on restricted share units for withholding taxes	—	—	(308)	—	—	—	(308)
Stock options exercised	1	4,587	—	—	—	—	4,588
Cash dividends paid ($0.65 per share)	—	—	—	—	(16,183)	—	(16,183)
Balance at September 30, 2023	$262	$1,007,033	$(259,191)	$(99,526)	$1,755,936	$345	$2,404,859

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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.