Littelfuse Reports Fourth Quarter and Full Year Results For 2020

February 3, 2021 at 6:00 AM EST

Company delivers solid performance amidst global pandemic

CHICAGO--(BUSINESS WIRE)--Feb. 3, 2021-- Littelfuse, Inc. (NASDAQ: LFUS), a global manufacturer of leading technologies in circuit protection, power control and sensing, today reported financial results for the fourth quarter and full year ended December 26, 2020:

Fourth Quarter 2020 Results

  • Net sales of $400.7 million were up 18% versus the prior year period, and up 16% organically, led by higher than expected demand across a number of automotive, electronics and industrial end markets
  • Segment performance versus the prior year period:
    • Electronics sales grew 17% (up 16% organically)
    • Automotive sales grew 22% (up 18% organically)
    • Industrial sales grew 13% (up 5% organically)
  • GAAP diluted EPS was $2.39; adjusted diluted EPS was $2.23, which benefited from a lower effective tax rate versus the forecasted rate equating to approximately $0.14 in EPS
  • GAAP effective tax rate was 14.4% and the adjusted effective tax rate was 15.3%
  • On January 28, the company completed the acquisition of Hartland Controls, a manufacturer and leading supplier of electrical components used primarily in HVAC and other industrial applications, with annualized sales of approximately $70 million

Full Year 2020 Results

  • Net sales of $1.45 billion were down 4% in total and organically versus the prior year
  • Segment performance versus the prior year:
    • Electronics sales decreased 2% in total and organically
    • Automotive sales decreased 8% (down 9% organically)
    • Industrial sales decreased 2% (down 5% organically)
  • GAAP diluted EPS was $5.29; adjusted diluted EPS was $6.40
  • GAAP effective tax rate was 19.4% and the adjusted effective tax rate was 18.3%
  • Cash flow from operations was $258.0 million and free cash flow was $201.8 million, representing a 155% conversion from net income

“We finished the year with our fourth quarter well ahead of expectations, with double-digit sales growth across all of our segments,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “While 2020 was a challenging year, we continued to meet our customer commitments while advancing our strategic growth initiatives. Building on this momentum, we are seeing a strong start to 2021, which positions us for long-term growth and improved profitability.”

First Quarter of 2021*

For the first quarter, the company expects net sales in the range of $418 to $432 million, adjusted diluted EPS in the range of $1.76 to $1.92 and an adjusted effective tax rate of approximately 21%.

*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, February 3, 2021, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast live and available for replay at Littelfuse.com.

Virtual Investor and Analyst Event

Littelfuse will host a virtual investor and analyst event on February 23, 2021, at 9:00 a.m. Central Time. Interested parties can register for the event here or via the registration link on the investor relations page of the company’s website, Littelfuse.com. Presentation materials will be posted, and archived webcast made available after the event.

About Littelfuse

Littelfuse (NASDAQ: LFUS) is a global manufacturer of leading technologies in circuit protection, power control and sensing. Serving over 100,000 end customers, our products are found in automotive and commercial vehicles, industrial applications, data and telecommunications, medical devices, consumer electronics, and appliances. Our 11,000 worldwide associates partner with customers to design, manufacture and deliver innovative, high-quality solutions, for a safer, greener and increasingly connected world - everywhere, every day. Learn more at Littelfuse.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

The statements in this press release that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. These statements may involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to general economic conditions; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity price fluctuations; the effect of Littelfuse, Inc.'s ("Littelfuse" or the "Company") accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 28, 2019. Further discussion of the risk factors of the company can be found under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 28, 2019, under the caption "Risk Factors" in its Quarterly Report on Form 10-Q for the quarter ended September 26, 2020, and in other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investor.littelfuse.com and on the SEC’s website at www.sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information.

Non-GAAP Financial Measures

The information included in this press release includes the non-GAAP financial measures of organic net sales growth (decline), adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, adjusted effective tax rate, free cash flow, consolidated total gross debt, consolidated EBITDA (as defined in the private placement senior notes), and ratio of consolidated total gross debt to consolidated EBITDA. Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations.

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules.

The company believes that organic net sales growth (decline), adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes that free cash flow is a useful measure of its ability to generate cash. The company believes that consolidated total gross debt, consolidated EBITDA, and ratio of consolidated total gross debt to consolidated EBITDA are useful measures of its credit position. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

LFUS-F

LITTELFUSE, INC.

CONSOLIDATED BALANCE SHEETS

 

(in thousands)

December 26,
2020

December 28,
2019

 

(Unaudited)

 

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents

$

687,525

 

$

531,139

 

Short-term investments

 

54

 

44

Trade receivables, less allowances of $45,237 and $42,043, respectively

 

232,760

 

 

202,309

 

Inventories

 

258,002

 

 

237,507

 

Prepaid income taxes and income taxes receivable

 

3,029

 

 

4,831

 

Prepaid expenses and other current assets

 

35,939

 

 

28,564

 

Total current assets

 

1,217,309

 

 

1,004,394

 

Net property, plant, and equipment

 

344,178

 

 

344,617

 

Intangible assets, net of amortization

 

291,887

 

 

321,247

 

Goodwill

 

816,812

 

 

820,589

 

Investments

 

30,547

 

 

24,099

 

Deferred income taxes

 

11,224

 

 

8,069

 

Right of use assets, net

 

17,615

 

 

21,918

 

Other assets

 

18,021

 

 

14,965

 

Total assets

$

2,747,593

 

$

2,559,898

 

 

 

 

LIABILITIES AND EQUITY

 

 

Current liabilities:

 

 

Accounts payable

$

145,984

 

$

117,320

 

Accrued liabilities

 

110,478

 

 

84,120

 

Accrued income taxes

 

19,186

 

 

14,122

 

Current portion of long-term debt

 

 

 

10,000

 

Total current liabilities

 

275,648

 

 

225,562

 

Long-term debt, less current portion

 

687,034

 

 

669,158

 

Deferred income taxes

 

50,134

 

 

49,763

 

Accrued post-retirement benefits

 

45,802

 

 

38,198

 

Non-current operating lease liabilities

 

12,950

 

 

17,166

 

Other long-term liabilities

 

67,252

 

 

64,037

 

Total equity

 

1,608,773

 

 

1,496,014

 

Total liabilities and equity

$

2,747,593

 

$

2,559,898

 

LITTELFUSE, INC.

CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

 

 

 

Three Months Ended

 

Fiscal Year Ended

(in thousands, except per share data)

 

December 26,
2020

 

December 28,
2019

 

December 26,
2020

 

December 28,
2019

Net sales

 

$

400,696

 

 

$

338,523

 

 

$

1,445,695

 

 

$

1,503,873

 

Cost of sales

 

 

262,613

 

 

 

224,788

 

 

 

944,523

 

 

 

957,578

 

Gross profit

 

 

138,083

 

 

 

113,735

 

 

 

501,172

 

 

 

546,295

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

50,179

 

 

 

51,554

 

 

 

204,507

 

 

 

220,448

 

Research and development expenses

 

 

11,951

 

 

 

17,828

 

 

 

52,538

 

 

 

79,997

 

Amortization of intangibles

 

 

10,127

 

 

 

9,958

 

 

 

40,039

 

 

 

40,026

 

Restructuring, impairment, and other charges

 

 

812

 

 

 

2,078

 

 

 

41,716

 

 

 

13,033

 

Total operating expenses

 

 

73,069

 

 

 

81,418

 

 

 

338,800

 

 

 

353,504

 

Operating income

 

 

65,014

 

 

 

32,317

 

 

 

162,372

 

 

 

192,791

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,816

 

 

 

5,432

 

 

 

21,077

 

 

 

22,266

 

Foreign exchange (gain) loss

 

 

(5,275

)

 

 

(412

)

 

 

(14,875

)

 

 

5,224

 

Other (income) expense, net

 

 

(3,440

)

 

 

2,823

 

 

 

(5,083

)

 

 

(583

)

Income before income taxes

 

 

68,913

 

 

 

24,474

 

 

 

161,253

 

 

 

165,884

 

Income taxes

 

 

9,936

 

 

 

1,820

 

 

 

31,267

 

 

 

26,802

 

Net income

 

$

58,977

 

 

$

22,654

 

 

$

129,986

 

 

$

139,082

 

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

Basic

 

$

2.41

 

 

$

0.93

 

 

$

5.33

 

 

$

5.66

 

Diluted

 

$

2.39

 

 

$

0.92

 

 

$

5.29

 

 

$

5.60

 

 

 

 

 

 

 

 

 

 

Weighted-average shares and equivalent shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

24,423

 

 

 

24,366

 

 

 

24,371

 

 

 

24,576

 

Diluted

 

 

24,726

 

 

 

24,598

 

 

 

24,592

 

 

 

24,818

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

75,058

 

 

 

28,439

 

 

 

145,652

 

 

 

130,183

 

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Year Ended

(in thousands)

December 26,
2020

December 28,
2019

 

(Unaudited)

 

OPERATING ACTIVITIES

 

 

Net income

$

129,986

 

$

139,082

 

Adjustments to reconcile net income to net cash provided by operating activities, net:

 

123,685

 

 

121,898

 

Changes in operating assets and liabilities:

 

 

Trade receivables

 

(25,588

)

 

28,497

 

Inventories

 

(12,425

)

 

22,094

 

Accounts payable

 

28,820

 

 

(22,574

)

Accrued liabilities

 

6,765

 

 

(54,242

)

Prepaid expenses and other assets

 

6,788

 

 

10,573

 

Net cash provided by operating activities

 

258,031

 

 

245,328

 

 

 

 

INVESTING ACTIVITIES

 

 

Acquisitions of businesses, net of cash acquired

 

 

 

(775

)

Purchases of property, plant, and equipment

 

(56,191

)

 

(61,895

)

All other cash provided by investing activities

 

4,758

 

 

6,213

 

Net cash used in investing activities

 

(51,433

)

 

(56,457

)

 

 

 

FINANCING ACTIVITIES

 

 

Net payments of credit facility and senior notes

 

(15,000

)

 

(10,000

)

Cash dividends paid

 

(46,839

)

 

(44,689

)

Purchases of common stock

 

(22,927

)

 

(99,387

)

All other cash provided by financing activities

 

16,958

 

 

7,800

 

Net cash used in financing activities

 

(67,808

)

 

(146,276

)

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

17,596

 

 

(1,189

)

Increase in cash and cash equivalents

 

156,386

 

 

41,406

 

Cash and cash equivalents at beginning of year

 

531,139

 

 

489,733

 

Cash and cash equivalents at end of year

$

687,525

 

$

531,139

 

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

 

 

 

Fourth Quarter

 

Year-to-Date

(in thousands)

 

2020

 

2019

 

%
Growth
/(Decline)

 

2020

 

2019

 

%
Growth
/(Decline)

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

244,953

 

 

$

208,881

 

 

17.3

%

 

$

937,762

 

 

$

961,080

 

 

(2.4

)%

Automotive

 

 

124,271

 

 

 

101,719

 

 

22.2

%

 

 

395,764

 

 

 

428,533

 

 

(7.6

)%

Industrial

 

 

31,472

 

 

 

27,923

 

 

12.7

%

 

 

112,169

 

 

 

114,260

 

 

(1.8

)%

Total net sales

 

$

400,696

 

 

$

338,523

 

 

18.4

%

 

$

1,445,695

 

 

$

1,503,873

 

 

(3.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

$

41,912

 

 

$

18,361

 

 

128.3

%

 

$

152,695

 

 

$

145,594

 

 

4.9

%

Automotive

 

 

21,013

 

 

 

11,732

 

 

79.1

%

 

 

41,655

 

 

 

46,719

 

 

(10.8

)%

Industrial

 

 

3,587

 

 

 

6,249

 

 

(42.6

)%

 

 

11,996

 

 

 

22,407

 

 

(46.5

)%

Other(a)

 

 

(1,498

)

 

 

(4,025

)

 

N.M.

 

 

 

(43,974

)

 

 

(21,929

)

 

N.M.

 

Total operating income

 

 

65,014

 

 

 

32,317

 

 

101.2

%

 

 

162,372

 

 

 

192,791

 

 

(15.8

)%

Operating Margin

 

 

16.2

%

 

 

9.5

%

 

 

 

 

11.2

%

 

 

12.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,816

 

 

 

5,432

 

 

 

 

 

21,077

 

 

 

22,266

 

 

 

Foreign exchange (gain) loss

 

 

(5,275

)

 

 

(412

)

 

 

 

 

(14,875

)

 

 

5,224

 

 

 

Other (income) expense, net

 

 

(3,440

)

 

 

2,823

 

 

 

 

 

(5,083

)

 

 

(583

)

 

 

Income before income taxes

 

$

68,913

 

 

$

24,474

 

 

181.6

%

 

$

161,253

 

 

$

165,884

 

 

(2.8

)%

(a) "other" typically includes non-GAAP adjustments such as acquisition-related and integration costs and restructuring, impairment and other charges. (See Supplemental Financial Information for details.)

 

N.M. - Not meaningful

 

 

Fourth Quarter

 

Year-to-Date

(in thousands)

 

2020

 

2019

 

%
Growth
/(Decline)

 

2020

 

2019

 

%
Growth
/(Decline)

Operating Margin

 

 

 

 

 

 

 

 

 

 

 

 

Electronics

 

17.1

%

 

8.8

%

 

8.3

%

 

16.3

%

 

15.1

%

 

1.2

%

Automotive

 

16.9

%

 

11.5

%

 

5.4

%

 

10.5

%

 

10.9

%

 

(0.4

)%

Industrial

 

11.4

%

 

22.4

%

 

(11.0

)%

 

10.7

%

 

19.6

%

 

(8.9

)%

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts unaudited)

 

Non-GAAP EPS reconciliation

 

 

 

 

 

Q4-20

Q4-19

YTD-20

YTD-19

GAAP diluted EPS

$

2.39

 

$

0.92

 

$

5.29

 

$

5.60

 

EPS impact of Non-GAAP adjustments (below)

 

(0.16

)

 

0.25

 

 

1.11

 

 

1.22

 

Adjusted diluted EPS

$

2.23

 

$

1.17

 

$

6.40

 

$

6.82

 

 

Non-GAAP adjustments - (income)/expense

 

 

 

 

 

Q4-20

Q4-19

YTD-20

YTD-19

Acquisition-related and integration costs (a)

$

0.7

 

$

2.0

 

$

2.3

 

$

8.9

 

Restructuring, impairment and other charges (d)

 

0.8

 

 

2.0

 

 

41.7

 

 

13.0

 

Non-GAAP adjustments to operating income

 

1.5

 

 

4.0

 

 

44.0

 

 

21.9

 

Other expense, net (b)

 

 

 

4.2

 

 

2.1

 

 

10.0

 

Non-operating foreign exchange (gain) loss

 

(5.3

)

 

(0.4

)

 

(14.9

)

 

5.2

 

Non-GAAP adjustments to income before income taxes

 

(3.8

)

 

7.8

 

 

31.2

 

 

37.1

 

Income taxes (c)

 

 

 

2.0

 

 

3.9

 

 

7.1

 

Non-GAAP adjustments to net income

$

(3.8

)

$

5.8

 

$

27.3

 

$

30.0

 

 

 

 

 

 

Total EPS impact

$

(0.16

)

$

0.25

 

$

1.11

 

$

1.22

 

 

Adjusted operating margin /Adjusted EBITDA reconciliation

 

 

 

 

 

Q4-20

Q4-19

YTD-20

YTD-19

Net sales

$

400.7

 

$

338.5

 

$

1,445.7

 

$

1,503.9

 

 

 

 

 

 

GAAP operating income

$

65.0

 

$

32.3

 

$

162.4

 

$

192.8

 

Add back non-GAAP adjustments

 

1.5

 

 

4.0

 

 

44.0

 

 

21.9

 

Adjusted operating income

$

66.5

 

$

36.3

 

$

206.4

 

$

214.7

 

Adjusted operating margin

 

16.6

%

 

10.7

%

 

14.3

%

 

14.3

%

 

 

 

 

 

Add back amortization

 

10.1

 

 

9.9

 

 

40.0

 

 

40.0

 

Add back depreciation

 

14.2

 

 

13.5

 

 

56.1

 

 

52.5

 

Adjusted EBITDA

$

90.8

 

$

59.7

 

$

302.5

 

$

307.2

 

Adjusted EBITDA margin

 

22.7

%

 

17.6

%

 

20.9

%

 

20.4

%

Net sales reconciliation

Q4-20 vs. Q4-19

 

Electronics

Automotive

Industrial

Total

Net sales growth

17

%

22

%

13

%

18

%

Less:

 

 

 

 

Transfer a product line between segments

(1

)%

%

7

%

%

FX impact

2

%

4

%

1

%

2

%

Organic net sales growth

16

%

18

%

5

%

16

%

 

Net sales reconciliation

YTD-20 vs. YTD-19

 

Electronics

Automotive

Industrial

Total

Net sales decline

(2

)%

(8

)%

(2

)%

(4

)%

Less:

 

 

 

 

Transfer a product line between segments

%

 

3

%

%

FX impact

%

1

%

%

%

Organic net sales decline

(2

)%

(9

)%

(5

)%

(4

)%

Income tax reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-20

 

Q4-19

 

YTD-20

 

YTD-19

Income taxes

 

$

9.9

 

 

$

1.8

 

 

$

31.3

 

 

$

26.8

 

Effective rate

 

 

14.4

%

 

 

7.4

%

 

 

19.4

%

 

 

16.2

%

Non-GAAP adjustments - income taxes

 

 

 

 

 

2.0

 

 

 

3.9

 

 

 

7.1

 

Adjusted income taxes

 

$

9.9

 

 

$

3.8

 

 

$

35.2

 

 

$

33.9

 

Adjusted effective rate

 

 

15.3

%

 

 

11.9

%

 

 

18.3

%

 

 

16.7

%

Free cash flow reconciliation

 

 

 

 

 

 

 

 

 

 

Q4-20

 

Q4-19

 

YTD-20

 

YTD-19

Net cash provided by operating activities

 

$

93.7

 

 

$

84.4

 

 

$

258.0

 

 

$

245.3

 

Less: Purchases of property, plant and equipment

 

 

(14.6

)

 

 

(23.5

)

 

 

(56.2

)

 

 

(61.9

)

Free cash flow

 

$

79.1

 

 

$

60.9

 

 

$

201.8

 

 

$

183.4

 

Consolidated Total Debt

 

As of December 26,
2020

Consolidated total gross debt

 

$

691.1

 

Unamortized debt issuance costs

 

 

(4.1

)

Consolidated Total Debt

 

$

687.0

 

 

 

 

Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1)

 

Twelve Months Ended
December 26, 2020

Net Income

 

$

130.0

 

Interest expense

 

 

21.1

 

Income taxes

 

 

31.3

 

Depreciation

 

 

56.1

 

Amortization

 

 

40.0

 

Non-cash reductions:

 

 

Stock-based compensation expense

 

 

18.1

 

Unrealized gain on investments

 

 

(4.7

)

Impairment charges

 

 

36.1

 

Other

 

 

(21.0

)

Consolidated EBITDA (as defined in the Private Placement Senior Notes) (1)

 

$

307.0

 

 

 

 

Ratio of Consolidated total gross debt to Consolidated EBITDA (as defined in Private Placement Senior Notes)*

 

2.3x

 

* Our Private Placement Senior Notes, with maturities ranging from 2022 to 2030, contain a financial ratio covenant providing that if, as of the last day of each fiscal quarter, the ratio of Consolidated total gross debt at such time to Consolidated EBITDA for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Private Placement Senior Notes) is triggered

 

Note: Totals will not always foot due to rounding.

 

(a) reflected in selling, general and administrative expenses ("SG&A").

 

(b) 2020 year-to-date amount included a $1.8 million increase in coal mining reserves, a $0.2 million charge for an asset retirement obligation related to the disposal of a business in 2019, and $0.1 million of impairment charges on certain other investments. 2019 quarter-to-date amount included $4.2 million of impairment charges related to certain other investments. 2019 year-to-date primarily consisted of $7.3 million of impairment charges related to certain other investments and a $2.6 million loss on the disposal of a business.

 

(c) reflected the tax impact associated with the non-GAAP adjustments. The three and twelve months ended December 28, 2019 reflected a $3.3 million reversal for previously unrecognized tax benefits as the statute of limitations expired.

 

(d) for fiscal year ended December 26, 2020, the Company began presenting restructuring, impairment and other charges as a separate caption in the Consolidated Statements of Net Income. Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements.

 

Trisha Tuntland
Head of Investor Relations
(773) 628-2163

Source: Littelfuse, Inc.

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