View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2017	Oct. 27, 2017
Document Information [Line Items]
Entity Registrant Name	LITTELFUSE INC /DE
Entity Central Index Key	0000889331
Trading Symbol	lfus
Current Fiscal Year End Date	--12-30
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		22,713,384
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 372,828	$ 275,124
Short-term investments	35	3,690
Trade receivables, less allowances (September 30, 2017 - $30,658 December 31, 2016 - $25,874)	197,539	176,032
Inventories	136,505	114,063
Prepaid income taxes	6,658	11,671
Prepaid expenses and other current assets	45,799	31,501
Total current assets	759,364	612,081
Property, plant, and equipment:
Land	9,690	9,268
Buildings	86,111	80,553
Equipment	493,361	439,542
Accumulated depreciation and amortization	(344,288)	(312,188)
Net property, plant, and equipment	244,874	217,175
Intangible assets, net of amortization:
Patents, licenses and software	84,455	83,607
Distribution network	20,329	18,995
Customer relationships, trademarks and tradenames	104,738	110,425
Goodwill	451,131	403,544
Investments	10,582	13,933
Deferred income taxes	17,806	20,585
Other assets	8,913	10,849
Total assets	1,702,192	1,491,194
LIABILITIES AND EQUITY
Accounts payable	103,849	90,712
Accrued payroll	42,131	42,810
Accrued expenses	52,786	36,138
Accrued severance	1,734	2,785
Accrued income taxes	16,281	8,846
Current portion of long-term debt	9,375	6,250
Total current liabilities	226,156	187,541
Long-term debt, less current portion	492,272	447,892
Deferred income taxes	(7,719)	(7,066)
Accrued post-retirement benefits	16,571	13,398
Other long-term liabilities	26,230	20,366
Shareholders’ equity:
Common stock, par value $0.01 per share	229	228
Treasury stock, at cost	(41,260)	(36,510)
Additional paid-in capital	306,118	291,258
Accumulated other comprehensive income	(73,343)	(74,579)
Retained earnings	741,363	634,391
Littelfuse, Inc. shareholders’ equity	933,107	814,788
Non-controlling interest	137	143
Total equity	933,244	814,931
Total liabilities and equity	$ 1,702,192	$ 1,491,194

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Trade receivables, allowances	$ 30,658	$ 25,874
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Condensed Consolidated Statements of Net Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Net sales	$ 317,889	$ 280,331	$ 916,685	$ 771,641
Cost of sales	184,238	166,572	536,776	472,861
Gross profit	133,651	113,759	379,909	298,780
Selling, general, and administrative expenses	56,759	56,589	156,899	150,047
Research and development expenses	11,991	10,403	36,872	30,884
Amortization of intangibles	6,292	4,432	18,407	13,384
Impairment of goodwill and intangible assets		14,809		14,809
Total operating expenses	75,042	86,233	212,178	209,124
Operating income	58,609	27,526	167,731	89,656
Interest expense	3,467	2,571	9,868	6,286
Foreign exchange loss (gain)	632	(4,700)	(1,483)	(7,114)
Other income, net	(1,013)	(778)	(962)	(1,040)
Income before income taxes	55,523	30,433	160,308	91,524
Income taxes	12,715	(369)	29,970	14,281
Net income	$ 42,808	$ 30,802	$ 130,338	$ 77,243
Income per share:
Basic (in dollars per share)	$ 1.88	$ 1.36	$ 5.75	$ 3.43
Diluted (in dollars per share)	$ 1.87	$ 1.35	$ 5.69	$ 3.41
Weighted-average shares outstanding:
Basic (in shares)	22,713	22,578	22,678	22,515
Diluted (in shares)	22,953	22,734	22,906	22,675

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Net income	$ 42,808	$ 30,802	$ 130,338	$ 77,243
Other comprehensive income (loss):
Pension liability adjustments (net of tax of $89 and $30 for the three months ended 2017 and 2016, and $144 and $395 for the nine months ended 2017 and 2016, respectively)	58	(138)	(142)	(183)
Pension and post-retirement reclassification adjustments	(118)	68	(299)	212
Unrealized (loss) gain on investments	(1,710)	927	(1,235)	(559)
Foreign currency translation adjustments	1,531	(5,771)	2,912	(8,951)
Comprehensive income	$ 42,569	$ 25,888	$ 131,574	$ 67,762

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Oct. 01, 2016	Sep. 30, 2017	Oct. 01, 2016
Pension and postemployment liability adjustments, tax	$ 89	$ 30	$ 144	$ 395

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Oct. 01, 2016
Operating activities
Net income	$ 130,338	$ 77,243
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	28,228	24,841
Amortization of intangibles	18,407	13,384
Impairment of goodwill and intangible assets		14,809
Provision for bad debts	1,586
Impairment of long-lived assets		1,391
Non-cash inventory charge	1,607	7,456
Loss on sale of property, plant, and equipment	584	440
Stock-based compensation	12,437	9,166
Excess tax benefit on share-based compensation		(2,272)
Deferred income taxes	1,863
Changes in operating assets and liabilities:
Trade receivables	(26,792)	(17,973)
Inventories	(17,159)	4,505
Accounts payable	9,448	7,845
Accrued expenses (including post-retirement)	1,757	6,497
Accrued payroll and severance	(3,788)	1,388
Accrued income taxes	7,267	(23,613)
Prepaid expenses and other current assets	15,537	(25,092)
Net cash provided by operating activities	181,320	100,015
Investing activities
Acquisitions of businesses, net of cash acquired	(38,610)	(468,636)
Proceeds from maturities of short-term investments	3,739	345
Decrease in entrusted loan	3,599	4,056
Purchases of property, plant, and equipment	(48,470)	(34,501)
Proceeds from sale of property, plant, and equipment	541	255
Net cash used in investing activities	(79,201)	(498,481)
Financing activities:
Proceeds of revolving credit facility	15,000	258,000
Proceeds of term loan		234,000
Proceeds of senior notes payable	125,000
Payments of term loan	(4,687)	(119,125)
Payments of revolving credit facility	(112,500)	(97,500)
Net (payments) proceeds related to stock-based award activities	(2,336)	14,581
Payments of entrusted loan	(3,599)	(4,056)
Debt issuance costs	(2)	(1,701)
Cash dividends paid	(23,367)	(20,405)
Excess tax benefit on share-based compensation		2,272
Purchases of common stock		(3,685)
Net cash (used in) provided by financing activities	(6,491)	262,381
Effect of exchange rate changes on cash and cash equivalents	2,076	1,793
Increase (decrease) in cash and cash equivalents	97,704	(134,292)
Cash and cash equivalents at beginning of period	275,124	328,786
Cash and cash equivalents at end of period	372,828	194,494
Supplemental disclosure of non-cash investing activities:
Fair value of commitment to purchase non-controlling interest of Monolith	$ 9,000

Note 1 - Summary of Significant Accounting Policies and Other Information	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Summary of Significant Accounting Policies and Other Information Nature of Operations Littelfuse, Inc. and subsidiaries (the “ Company”) is one of the world’s leading designer, manufacturer and supplier of circuit protection products, with expanding platforms in sensors and power control components and modules. In addition to circuit protection products and solutions, the Company offers electronic reed switches and sensors, automotive sensors for comfort and safety systems and a comprehensive line of highly reliable electromechanical and electronic switch and control devices for commercial and specialty vehicles, as well as protection relays and power distribution centers for the safe control and distribution of electricity. The Company has a network of global engineering centers and labs that develop new products and product enhancements, provides customer application support and test products for safety, reliability, and regulatory compliance. The Company’s products protect products in virtually every market that uses electrical energy, from consumer electronics to automobiles to industrial equipment. Basis of Presentation The Company’s accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information, the instructions to Form 10 -Q and Article 10 of Regulation S- X. Accordingly, certain information and disclosures normally included in the consolidated balance sheet, statements of net income and comprehensive income and cash flows prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10 -K for the year ended December 31, 2016, which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results. Certain reclassifications of prior year amounts for Trade receivables, net and Prepaid expenses and other current assets were made to conform to the 2017 presentation. Goodwill and Indefinite-Lived Intangible Assets The Company annually tests goodwill and indefinite-lived intangible assets for impairment on the first day of its fiscal fourth quarter or at other dates if there is an event or change in circumstances that indicates the asset may be impaired. Management determines the fair value of each of its reporting units by using a discounted cash flow model (which includes forecasted five -year income statement and working capital projections, a market-based weighted average cost of capital and terminal values after five years) to estimate market value. In addition, the Company compares its derived enterprise value on a consolidated basis to the Company’s market capitalization as of its test date to ensure its derived value approximates the market value of the Company when taken as a whole. Factors the Company considers important when performing the impairment tests, which could result in changes to its estimates, include underperformance relative to historical or projected future operating results and declines in acquisitions and trading multiples. Due to the diverse end user base and non-discretionary product demand, the Company does not believe its future operating results will vary significantly relative to its historical and projected future operating results. However, it is possible that impairment charges could be recognized for the Relays reporting unit if there are declines in profitability or projected future operating results and cash flows due to changes in volume, market pricing, cost, or the business environment. As of the most recent annual test conducted on October 2, 2016, the Company concluded the fair value of the Relays reporting unit exceeded its carrying value of invested capital and therefore, no potential goodwill impairment existed. As of the 2016 annual test date, the Relays reporting unit had $41.4 million of goodwill and intangible assets and the excess of fair value over the carrying value of invested capital was 15%. As of September 30, 2017, there were no events or circumstances that indicate the Relays intangible assets were impaired. In the third quarter of 2016, due to continued declines in the potash market the Company conducted a goodwill impairment analysis of the Custom Products reporting unit and concluded that the reporting unit was impaired. The fair value of the unit was estimated using the expected present value of future cash flows over a seven year forecast period and appraisal of certain assets. This analysis required a write down of the reporting unit’s carrying value of $14.8 million. A goodwill impairment loss of $8.8 million and intangible assets impairments aggregating $6.0 million were recognized during the third quarter, including a $3.8 million reduction of the custom products trade names to a $0.7 million remaining value and a $2.2 million reduction of the reporting unit’s customer relationships to zero value. Recently Adopted Accounting Standards In July 2015, the Financial Accounting Standards Board ( “FASB”) issued Accounting Standards Update (“ASU”) No. 2015 - 11 – “Inventory (Topic 330 ): Simplifying the Measurement of Inventory,” which simplifies the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The update is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted the new standard on January 1, 2017. The adoption of the update did not have a material impact on the Company’s consolidated financial position and results of operations. As a result of the adoption of the update, inventories are stated at the lower of cost or net realizable value. Cost is principally determined using the first -in, first -out method. The Company maintains excess and obsolete allowances against inventory to reduce the carrying value to the expected net realizable value. These allowances are based upon a combination of factors including historical sales volume, market conditions, lower of cost or market analysis and expected realizable value of the inventory. In March 2016, the FASB issued ASU No. 2016 - 09 – “Improvements to Employee Share-Based Payment Accounting,” which amends ASC 718, “Compensation – Stock Compensation.” The update simplifies several aspects of the accounting for employee share-based payment transactions, including accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the Condensed Consolidated Statements of Cash Flows. The update is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted the new standard on January 1, 2017. As a result of the adoption, on a prospective basis, the Company recognized $0.1 million and $1.9 million of excess tax benefits from stock-based compensation as a discrete item in income tax expense for the three and nine months ended September 30, 2017, respectively. Historically, these amounts were recorded as additional paid-in capital. The Company also elected to apply the change prospectively to the Condensed Consolidated Statement of Cash Flows. As a result, on a prospective basis, share-based payments will be reported as operating activities in the Condensed Consolidated Statement of Cash Flows. The Company elected not to change its policy on accounting for forfeitures and will continue to estimate a requisite forfeiture rate. Additional amendments to the accounting for income taxes and minimum statutory withholding requirements had no impact on the results of operations. Recently Issued Accounting Standards In March 2017, the FASB issued ASU No. 2017 - 07 “Compensation-Retirement Benefits (Topic 715 ): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost,” which changes the presentation of net periodic pension and post-retirement benefit cost (net benefit cost) within the Statement of Income. Under the current guidance, net benefit cost is reported as an employee cost within operating income. The amendment requires the bifurcation of net benefit cost, with the service cost component to be presented with other employee compensation costs in operating income while the other components will be reported separately outside of income from operations. ASU No. 2017 - 07 will be effective for the first quarter of 2018 and is required to be retrospectively adopted. Had this guidance been adopted as of January 1, 2017, operating income within the Condensed Consolidated Statements of Income for the three months and nine months ended September 30, 2017 would have not changed by a material amount. In January 2017, the FASB issued ASU No. 2017 - 04, “Intangibles-Goodwill and Other” (Topic 350 ). This ASU modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Because the update will eliminate Step 2 from the goodwill impairment test, it should reduce the cost and complexity of evaluating goodwill for impairment. This ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020, with early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company expects to adopt the new standard in 2017. In January 2016, the FASB issued ASU No. 2016 - 01, “ Financial Instruments-Recognition and Measurement of Financial Assets and Financial Liabilities” which addresses certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. The ASU will require the Company to recognize any changes in the fair value of certain equity investments in net income. These changes are currently recognized in other comprehensive income ("OCI"). This guidance is effective for interim and fiscal years beginning after December 15, 2017. In May 2014, the FASB issued ASU No. 2014 - 09, “Revenue from Contracts with Customers” (Topic 606 ) which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition.” This ASU provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. In August, 2015, the FASB issued ASU No. 2015 - 14, which postponed the effective date of ASU No. 2014 - 09 to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted on the original effective date of fiscal years beginning after December 15, 2016. The Company is in the process of performing its assessment of the potential impact on its consolidated financial statements, and anticipates adopting this standard using the modified retrospective method. While the Company is currently assessing the impact of the new standard, the Company’s revenue is primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risks, and rewards transfer. These are largely un-affected by the new standard. The Company does not expect this new guidance to have a material impact on the amount of overall sales recognized; however, the timing of sales on certain projects may be affected. The Company has not yet quantified this potential impact. In February 2016, the FASB issued ASU No. 2016 - 02, "Leases" (Topic 842 ). This ASU requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. The accounting by lessors will remain largely unchanged. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Adoption will require a modified retrospective transition, however the Company plans to adopt the standard in the first quarter of 2019. The Company is currently evaluating the impact of ASU 2016 - 02.

Note 2 - Acquisitions

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

. Acquisitions

The

Company accounts for acquisitions using the acquisition method in accordance with ASC

805,

“Business Combinations,” in which assets acquired and liabilities assumed are recorded at fair value as of the date of acquisition. These acquisitions were recorded by allocating the cost of the acquisition to the assets acquired, including other intangible assets, based on their estimate fair values at the acquisition date. The excess of the cost over the net amounts assigned to the fair value of the assets acquired was recorded as goodwill. The goodwill associated with these acquisitions is primarily attributable to the synergies expected to arise as a result of these acquisitions. The operating results of the acquired business are included in the Company’s condensed consolidated financial statements from the date of the acquisition.

2017

Acquisitions

IXYS Corporation

August

28,

2017,

the Company announced that it had entered in a definitive agreement to acquire IXYS Corporation (“IXYS”), a global pioneer in the power semiconductor and integrated circuit markets with a focus on medium to high voltage power control semiconductors across the industrial, communications, consumer and medical markets. IXYS has a broad customer base, serving more than

3,500

customers through its direct salesforce and global distribution partners.

The Company will acquire all outstanding shares of common stock of IXYS in exchange for a combination of cash and shares of common stock of the Company. Each IXYS stockholder will be entitled to elect to receive, per IXYS share, either

$23.00

in cash or

0.1265

of a share of Littelfuse common stock, subject to proration. In total,

50%

of IXYS stock will be converted into the cash election option and the remaining will be converted into the stock election option. The

equity value of the transaction at the announcement was approximately

$750

million. The exchange ratio is fixed and will

not

be adjusted for changes in the market value of shares of Littelfuse or IXYS common stock. The market values of Littelfuse common stock and number of outstanding shares of IXYS common stock and equity-based awards will continue to fluctuate until the acquisition is completed. As a result, the final purchase price will differ from the initially announced purchase price, and that difference

may

be material.

The transaction is expected to close in the

first

calendar quarter of

2018

and is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by IXYS stockholders.

The Company expects to finance the cash portion of the transaction consideration through a combination of existing cash and additional debt.

U.S. Sensor

July 7, 2017,

the Company acquired the assets of U.S. Sensor Corporation (“U.S. Sensor”) for

$24.4

million. The Company funded the acquisition with available cash

. The final purchase price is subject to adjustment for finalization of income tax gross up which is expected to be settled in the

fourth

quarter of

2017.

The acquired business

expands the Company’s existing sensor portfolio in several key electronics and industrial end markets. U.S. Sensor manufactures a variety of high quality negative temperature coefficient thermistors as well as thermistor probes and assemblies. Product lines also include thin film platinum resistance temperature detectors (“RTDs”) and RTD assemblies.

The following table summarizes the preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed in the U.S. Sensor acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash	$	24,439
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	4,755
Patented and unpatented technologies		1,090
Trademarks and tradenames		200
Non-compete agreement		50
Customer relationships		2,830
Goodwill		16,054
Current liabilities		(540	)
	$	24,439

All U.S. Sensor goodwill, other assets and liabilities were recorded in the Electronics segment and reflected in the United States geographic area. The goodwill resulting from this acquisition consists largely of the Company

’s expected future product sales and synergies from combining U.S. Sensor’s products and technology with the Company’s existing electronics product portfolio. Goodwill for the above acquisition is expected to be deductible for tax purposes.

As required by purchase accounting rules, the Company recorded a

$1.6

million step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation.

The step-up was amortized as a non-cash charge to cost of goods sold during the

third

quarter of

2017,

as the acquired inventory was sold, and reflected as other non-segment costs.

Monolith

December 2015,

the

Company invested

$3.5

million in the preferred stock of Monolith Semiconductor Inc. (“Monolith”), a U.S. start-up company developing silicon carbide technology, which represented approximately

12%

of the common stock of Monolith on an as-converted basis. The Company accounted for its investment in Monolith under the cost method with any changes in value recorded in other comprehensive income. The value of the Monolith investment was

$3.5

million at

December 31, 2016.

February 28, 2017,

pursuant to a Securities Purchase Agreement between the

Company and the stockholders of Monolith and conditioned on Monolith achieving a product development milestone and other provisions, the Company acquired approximately

62%

of the outstanding common stock of Monolith for

$15

million. The Securities Purchase Agreement includes provisions whereby the Company will acquire the remaining outstanding stock of Monolith (“non-controlling interest”) at a time or times based on Monolith meeting certain technical and sales targets. Consideration for the additional investment(s) will range from

$1.0

million to

$10

million and will be paid

later than

June 30, 2019.

The additional investment resulted in the

Company gaining control of Monolith and was accounted for as a step-acquisition with the fair value of the original investment immediately before the acquisition estimated to be approximately

$3.5

million. As the fair value of the investment immediately prior to the transaction equaled the carrying value, there was

impact on the Company’s condensed consolidated statement of net income. As the Securities Purchase Agreement includes an obligation of the Company to mandatorily redeem the non-controlling interest for cash, the fair value of the non-controlling interest was recognized as a liability on the Company’s condensed consolidated balance sheet. Changes in the fair value of the non-controlling interest are recognized in the Company’s condensed consolidated statements of net income.

Commencing

March 1, 2017,

Monolith was reflected as a consolidated subsidiary within the

Company’s condensed consolidated financial statements. Had the acquisition occurred as of

January

2017,

the impact on the Company’s consolidated results of operations would

not

have been material.

The following table summarizes the preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed in the Monolith acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Original investment	$	3,500
Cash, net of cash acquired		14,172
Fair value of commitment to purchase non-controlling interest		9,000
Total purchase consideration	$	26,672
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	891
Property, plant, and equipment		789
Patented and unpatented technologies		6,720
Non-compete agreement		140
Goodwill		20,641
Current liabilities		(639	)
Other non-current liabilities		(1,870	)
	$	26,672

All Monolith goodwill, other assets and liabilities were recorded in the Electronics segment and reflected in the United States geographic area. The goodwill resulting from this acquisition consists largely of the

Company’s expected future product sales and synergies from combining Monolith’s products and technology with the Company’s existing electronics product portfolio. Goodwill for the above acquisition is

not

expected to be deductible for tax purposes.

The purchase price allocations for U.S. Sensor and Monolith are preliminary because the evaluations necessary to assess the fair values of the net assets acquired are still in process. The primary areas that are

not

yet finalized relate to the completion of the independent valuations of

other intangible assets.

2016

Acquisitions

ON Portfolio

August 29, 2016,

the

Company acquired certain assets of select businesses (the “ON Portfolio”) of ON Semiconductor Corporation for

$104.0

million. The Company funded the acquisition with available cash and proceeds from its credit facility

. The acquired business, which is included in the Electronics segment,

consists of a product portfolio that includes transient voltage suppression (“TVS”) diodes, switching thyristors and insulated gate bipolar transistors (“IGBTs”) for automotive ignition applications. The acquisition expands the Company’s offerings in power semiconductor applications as well as increases its presence in the automotive electronics market. The ON Portfolio products have strong synergies with the Company’s existing circuit protection business and will strengthen its channel partnerships and customer engagement.

The following table summarizes the

final purchase price allocation of the fair value of assets acquired and liabilities assumed in the ON Portfolio acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash	$	104,000
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	4,816
Customer relationships		31,800
Patented and unpatented technologies		8,800
Non-compete agreement		2,500
Goodwill		56,084
	$	104,000

All the ON Portfolio business goodwill and other assets were recorded in the Electronics segment and are reflected in the Americas and Europe geographic areas. The customer relationships are being amortized over

13.5

years. The patented and unpatented technologies are being amortized over

8.5

years. The non-compete agreement is being amortized over

years. The goodwill resulting from this acquisition consists largely of the

Company’s expected future product sales and synergies from combining the ON Portfolio products with the Company’s existing

power semiconductor product portfolio.

$7.3

million of goodwill for the above acquisition is expected to be deductible for tax purposes.

As required by purchase accounting rules, the

Company recorded a

$0.7

million step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. All of the step-up was amortized as a non-cash charge to cost of goods sold during

2016,

as the acquired inventory was sold, and reflected as other non-segment costs.

Menber

’s

April 4, 2016,

the

Company completed the acquisition of Menber’s S.p.A. (“Menber’s”) headquartered in Legnago, Italy for

$19.2

million, net of acquired cash and after settlement of a working capital adjustment. The Company funded the acquisition with cash on hand and borrowings under the Company’s revolving credit facility. The acquired business is part of the Company's commercial vehicle product business within the Automotive segment and specializes in the design, manufacturing, and selling of manual and electrical high current switches and trailer connectors for commercial vehicles. The acquisition expands the Company’s commercial vehicle products business globally.

The following table summarizes the

final purchase price allocation of the fair value of assets acquired and liabilities assumed in the Menber’s acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash, net of acquired cash	$	19,162
Preliminary allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	12,919
Property, plant, and equipment		1,693
Customer relationships		3,050
Patented and unpatented technologies		224
Trademarks and tradenames		1,849
Goodwill		8,091
Current liabilities		(7,220	)
Other non-current liabilities		(1,444	)
	$	19,162

All Menber

’s goodwill and other assets and liabilities were recorded in the Automotive segment and reflected in the Europe geographic area. The customer relationships are being amortized over

years. The patented and unpatented technologies are being amortized over

years. The trademarks and tradenames are being amortized over

years. The goodwill resulting from this acquisition consists largely of the Company’s expected future product sales and synergies from combining Menber’s products with the Company’s existing automotive product portfolio. Goodwill for the above acquisition is

not

expected to be deductible for tax purposes.

As required by purchase accounting rules, the

Company recorded a

$0.2

million step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. The step-up was amortized as a non-cash charge to cost of goods sold during

2016,

as the acquired inventory was sold, with the charge reflected as other non-segment costs.

PolySwitch

March 25, 2016,

the

Company acquired

100%

of the circuit protection business (“PolySwitch”) of TE Connectivity Ltd. for

$348.3

million, net of acquired cash and after settlement of certain post-closing adjustments. In the

second

quarter of

2017,

the Company paid the final consideration of

$3.8

million. The Company funded the acquisition with available cash on hand and borrowings under the Company’s revolving credit facility. The PolySwitch business, which is split between the Automotive and Electronics segments,

has a leading position in polymer based resettable circuit protection devices, with a strong global presence in the automotive, battery, industrial, communications and mobile computing markets. PolySwitch has manufacturing facilities in Shanghai and Kunshan, China and Tsukuba, Japan. The acquisition allows the Company to strengthen its global circuit protection product portfolio, as well as strengthen its presence in the automotive electronics and battery end markets. The acquisition also significantly increases the Company’s presence in Japan.

The following table summarizes the

final purchase price allocation of the fair value of assets acquired and liabilities assumed in the PolySwitch acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Original consideration	$	350,000
Post closing consideration adjustment received		(1,708	)
Acquired cash		(3,810	)
Acquired cash returned to seller		3,810
Total purchase consideration	$	348,292
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	60,228
Property, plant, and equipment		51,613
Land lease		4,290
Patented and unpatented technologies		56,425
Customer relationships		39,720
Goodwill		165,088
Other long-term assets		11,228
Current liabilities		(35,280	)
Other non-current liabilities		(5,020	)
	$	348,292

All PolySwitch goodwill and other assets and liabilities were recorded in the Electronics and Automotive segments and reflected in all geographic areas. The customer relationships are being amortized over

years. The patented and unpatented technologies are being amortized over

years. The goodwill resulting from this acquisition consists largely of the

Company’s expected future product sales and synergies from combining PolySwitch products with the Company’s existing automotive and electronics product portfolio.

$103.8

million and

$61.3

million of the goodwill for the above acquisition has been assigned to the Electronics and Automotive segments, respectively, with

$64.9

million expected to be deductible for tax purposes.

As required by purchase accounting rules, the

Company recorded a

$6.9

million step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. The step-up was amortized as a non-cash charge to cost of goods sold during the

second

quarter of

2016,

as the acquired inventory was sold, and reflected as other non-segment costs.

Pro Forma Results

The following table summarizes, on a pro forma basis, the combined results of operations of the

Company and the acquired PolySwitch and the ON Portfolio businesses for the

three

months and

nine

months ended

October 1, 2016

as though the acquisitions had occurred as of

January 3, 2016.

The Company has

not

included pro forma results of operations for Menber’s, Monolith, or U.S. Sensors as these results were

not

material to the Company. The pro forma amounts presented are

not

necessarily indicative of either the actual consolidated results had the PolySwitch or ON Portfolio acquisitions occurred as of

January 3, 2016

or of future consolidated operating results.

(in thousands)	Three Months Ended October 1 , 2016		Nine Months Ended October 1 , 2016
Net sales	$	290,377	$	846,127
Income before income taxes		32,760		110,982
Net income		33,119		96,819
Net income — basic		1.47		4.30
Net income — diluted		1.46		4.27

Pro forma results presented above primarily reflect: (i) incremental depreciation relating to fair value adjustments to property, plant, and equipment; (ii) amortization adjustments relating to fair value estimates of intangible assets; (iii) incremental interest expense on assumed indebtedness; and (iv) additional cost of goods sold relating to the capitalization of gross profit as part of purchase accounting recognized for purposes of the pro forma as if it was recognized during the

Company’s

first

quarter of

2016.

Pro forma adjustments described above have been tax affected using the Company's effective rate during the respective periods.

Note 3 - Inventories

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Inventory Disclosure [Text Block]

. Inventories

The components of inventories at

September 30, 2017

and

December 31, 2016

were as follows:

(in thousands)	September 30 , 2017		December 31, 2 016
Raw materials	$	38,320	$	32,231
Work in process		28,477		23,354
Finished goods		69,708		58,478
Total	$	136,505	$	114,063

Note 4 - Debt

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

. Debt

The carrying amounts of debt at

September 30, 2017

and

December 31, 2016

were as follows:

(in thousands )	September 30 , 2017			December 31, 2016
Revolving credit facility	$	15,000		$	112,500
Term loan		115,625			120,313
Entrusted loan		—			3,522
Euro Senior Notes, Series A due 2023		137,670			122,313
Euro Senior Notes, Series B due 2028		111,784			99,314
USD Senior Notes, Series A due 2022		25,000			—
USD Senior Notes, Series B due 2027		100,000			—
Unamortized debt issuance costs		(3,432	)		(3,820	)
Total debt		501,647			454,142
Less: Current maturities		(9,375	)		(6,250	)
Total long-term debt	$	492,272		$	447,892

Revolving Credit Facility / Term Loan

October 13, 2017,

the Company amended its existing

Credit Agreement to increase the unsecured revolving credit facility from

$575.0

million to

$700.0

million and increase the unsecured term loan credit facility from

$125.0

million to

$200.0

million and to extend the expiration date from

March 4, 2021

October 13, 2022.

The Credit Agreement also includes the option for the Company to increase the size of the revolving credit facility and the term loan facility by up to an additional

$300.0

million, in the aggregate, subject to the satisfaction of certain conditions set forth in the Credit Agreement. Term loans

may

be made in up to

two

advances, the

first

advance occurring on

October 13, 2017

and the

second

advance, in the aggregate amount

not

to exceed

$75.0

million, to occur in the

first

quarter of

2018.

March 4, 2016,

the

Company entered into a new

five

year credit agreement with a group of lenders for up to

$700.0

million. The new credit agreement consists of an unsecured revolving credit facility of

$575.0

million and an unsecured term loan credit facility of up to

$125.0

million. In addition, the Company has the ability, from time to time, to increase the size of the revolving credit facility and the term loan facility by up to an additional

$150.0

million, in the aggregate, in each case in minimum increments of

$25.0

million, subject to certain conditions and the agreement of participating lenders. For the term loan credit facility, the Company is required to make quarterly principal payments of

$1.6

million through

March 31, 2018

and

$3.1

million from

June 30, 2018

through

December 31, 2020

with the remaining balance due on

March 4, 2021.

Outstanding borrowings under the credit agreement bear interest, at the

Company’s option, at either LIBOR, fixed for interest periods of one, two,

three

six

month periods, plus

1.00%

2.00%,

or at the bank’s Base Rate, as defined, plus

0.00%

1.00%,

based upon the Company’s Consolidated Leverage Ratio, as defined. The Company is also required to pay commitment fees on unused portions of the credit agreement ranging from

0.15%

0.30%,

based on the Consolidated Leverage Ratio, as defined. The credit agreement includes representations, covenants and events of default that are customary for financing transactions of this nature. The effective interest rate on outstanding borrowings under the credit facility was

2.73%

September 30, 2017.

As of

September 30, 2017,

the Company had

$0.1

million outstanding in letters of credit and had available

$559.9

million of borrowing capacity under the revolving credit facility. At

September 30, 2017,

the Company was in compliance with all covenants under the credit agreement and expects to remain in compliance based on management’s estimates of operating and financial results for

2017

and the foreseeable future.

Senior Notes

December 8, 2016,

the

Company entered into a Note Purchase Agreement, pursuant to which the Company issued and sold

€212

million aggregate principal amount of senior notes in

two

series. The funding date for the Euro denominated senior notes occurred on

December 8, 2016

for

€117

million in aggregate amount of

1.14%

Senior Notes, Series A, due

December 8, 2023,

and

€95

million in aggregate amount of

1.83%

Senior Notes, Series B due

December 8, 2028 (

together, the “Euro Senior Notes”). Interest on the Euro Senior Notes is payable semiannually on

June 8

and

December 8,

commencing

June 8, 2017.

December 8, 2016,

the

Company entered into a Note Purchase Agreement, pursuant to which the Company issued and sold

$125

million aggregate principal amount of senior notes in

two

series. On

February 15, 2017,

$25

million in aggregate principal amount of

3.03%

Senior Notes, Series A, due

February 15, 2022,

and

$100

million in aggregate principal amount of

3.74%

Senior Notes, Series B, due

February 15, 2027 (

together, the “U.S. Senior Notes,” and together with the Euro Senior Notes, the “Senior Notes”) were funded. Interest on the U.S. Senior Notes will be payable semiannually on

February 15

and

August 15,

commencing

August 15, 2017.

The Senior Notes have

not

been registered under the Securities Act, or applicable state securities laws. The Senior Notes are general unsecured senior obligations and rank equal in right of payment with all existing and future unsecured unsubordinated indebtedness of the

Company.

The Senior Notes are subject to certain customary covenants, including limitations on the

Company’s ability, with certain exceptions, to engage in mergers, consolidations, asset sales and transactions with affiliates, to engage in any business that would substantially change the general business of the Company, and to incur liens. In addition, the Company is required to satisfy certain financial covenants and tests relating to, among other matters, interest coverage and leverage. At

September 30, 2017,

the Company was in compliance with all covenants under the revolving credit facility and the Senior Notes.

The

Company

may

redeem the Senior Notes upon the satisfaction of certain conditions and the payment of a make-whole amount to noteholders, and are required to offer to repurchase the Senior Notes at par following certain events, including a change of control.

Entrusted Loan

During

2014,

the

Company entered into an entrusted loan arrangement (“Entrusted Loan”) of

Chinese renminbi

110.0

million (approximately U.S.

$17.9

million) between

two

of its China legal entities, Littelfuse Semiconductor (“Wuxi”) Company (the “lender”) and Suzhou Littelfuse OVS Ltd. (the “borrower”), utilizing Bank of America, N.A., Shanghai Branch as agent. Direct borrowing and lending between

two

commonly owned commercial entities was strictly forbidden at the time under China’s regulations requiring the use of a

third

party agent to enable loans between Chinese legal entities. As a result, the Entrusted Loan was reflected as both a long-term asset and long-term debt on the Company’s Condensed Consolidated Balance Sheets and was reflected in the investing and financing activities in its Condensed Consolidated Statements of Cash Flows. Interest expense and interest income are recorded between the lender and borrower with

net impact on the Company’s Condensed Consolidated Statements of Income since the amounts were offsetting. The loan interest rate per annum is

5.25%.

The Entrusted Loan was used to finance the operation and working capital needs of the borrower and was scheduled to mature in

November 2019.

The balance of the Entrusted Loan was paid off as of

September 30, 2017.

Note 5 - Fair Value of Assets and Liabilities

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Fair Value Disclosures [Text Block]

. Fair Value of Assets and Liabilities

Applicable accounting literature establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Applicable accounting literature defines levels within the hierarchy based on the reliability of inputs as follows:

Level

—Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets;

Level

—Valuations based upon quoted prices for

similar

instruments, prices for identical or similar instruments in markets that are

not

active, or model-derived valuations, all of whose significant inputs are observable, and

Level

—

Valuations

based upon

one

or more significant unobservable inputs.

Following is a description of the valuation methodologies used for instruments measured at fair value and their classification in the valuation hierarchy.

Investments

Investments in equity securities listed on a national market or exchange are valued at the last sales price

and are classified within Level

of the valuation hierarchy.

There were

changes during

the quarter ended

September 30, 2017

to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of

September 30, 2017

and

December 31, 2016,

the Company did

not

hold any non-financial assets or liabilities that are required to be measured at fair value on a recurring basis.

The following table presents assets measured at fair value by classification within the fair value hierarchy as of

September 30, 2017:

	Fair Value Measurements Using
(in thousands )	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	10,582	$	—	$	—	$	10,582

The following table presents assets measured at fair value by classification within the fair value hierarchy as of

December 31, 2016:

	Fair Value Measurements Using
(in thousands )	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	10,435	$	—	$	—	$	10,435

In addition to the methods and assumptions used for the financial instruments recorded at fair value as discussed above, the following methods and assumptions are used to estimate the fair value of other financial instruments that are

not

marked to market on a recurring basis.

The Company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable and its long-term debt. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, short-term investments and accounts receivable approximate their fair values. The Company’s revolving and term loan debt facilities’ fair values approximate book value at

September 30, 2017

and

December 31, 2016,

as the rates on these borrowings are variable in nature.

The carrying value and estimated fair values of the

Company’s Euro Senior Notes, Series A and Series B and USD Senior Notes, Series A and Series B, as of

September 30, 2017

and

December 31, 2016

were as follows:

	September 30 , 2017				December 31, 2016
(in thousands )	Carrying Value		Estimated Fair Value		Carrying V alue		Estimated Fair Value
Euro Senior Notes, Series A due 2023	$	137,670	$	137,581	$	122,313	$	122,586
Euro Senior Notes, Series B due 2028		111,784		110,550		99,314		99,230
USD Senior Notes, Series A due 2022		25,000		24,938		—		—
USD Senior Notes, Series B due 2027		100,000		99,884		—		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 6 - Benefit Plans

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

. Benefit Plans

The

Company has company-sponsored defined benefit pension plans covering employees in the U.K., Germany, the Philippines, China, Japan, and France. The amount of the retirement benefits provided under the plans is based on years of service and final average pay.

The components of net periodic benefit cost for the

three

and

nine

months ended

September 30, 2017

and

October 1, 2016

were as follows:

	For the Three Months Ended						For the Nine Months Ended
(in thousands)	September 30 , 2017			October 1 , 2016			September 30 , 2017			October 1 , 2016
Components of net periodic benefit cost:
Service cost	$	408		$	332		$	1,224		$	997
Interest cost		360			496			1,080			1,489
Expected return on plan assets		(476	)		(520	)		(1,428	)		(1,560	)
Amortization , net		84			74			252			220
Net periodic benefit cost	$	376		$	382		$	1,128		$	1,146

The expected return on pension assets is

4.5%

and

4.9%

2017

and

2016,

respectively. The Company does

not

expect to make cash contributions to its pension plans in

2017.

Note 7 - Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes in the components of

Accumulated Other Comprehensive Income (Loss) by component for the

nine

months ended

September 30, 2017:

(in thousands )	Pension and postretirement liability and reclassification adjustments (a)			Unrealized g ain /(loss) on investments			Foreign currency translation adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2016	$	(11,983	)	$	10,769		$	(73,365	)	$	(74,579	)
Activity in the period		(441	)		(1,235	)		2,912			1,236
Balance at September 30, 2017	$	(12,424	)	$	9,534		$	(70,453	)	$	(73,343	)

(a) The balances at

September 30, 2017

and

December 31, 2016

are net of taxes of

$1.2

million and

$1.1

million, respectively.

Note 8 - Income Taxes	9 Months Ended
Note 8 - Income Taxes	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes The effective tax rates for the three and nine months ended September 30, 2017 was 22.9% and 18.7%, respectively, compared to effective tax rates for the three and nine months ended October 1, 2016 of ( 1.2% ) and 15.6%, respectively. The effective tax rates for the 2017 periods are lower than the U.S. statutory tax rate primarily due to income earned in lower tax jurisdictions, partially offset by a forecasted accrual for taxes on undistributed current year-earnings of certain non-US affiliates. The effective tax rate for the 2016 periods are lower than the U.S. statutory tax rate primarily due to income earned in lower tax jurisdictions and a one -time deduction with respect to the stock of one of the company’s affiliates partially offset by the impact of the impairment of goodwill for which no tax benefit was recorded.

Note 9 - Earnings Per Share

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	For the Three Months Ended				For the Nine Months Ended
(in thousands, except per share amounts)	September 30 , 2017		October 1 , 2016		September 30 , 2017		October 1 , 2016
Numerator:
Net income as reported	$	42,808	$	30,802	$	130,338	$	77,243

Denominator:
Weighted average shares outstanding
Basic		22,713		22,578		22,678		22,515
Effect of dilutive securities		240		156		228		160
Diluted		22,953		22,734		22,906		22,675

Earnings Per Share:
Basic earnings per share	$	1.88	$	1.36	$	5.75	$	3.43
Diluted earnings per share	$	1.87	$	1.35	$	5.69	$	3.41

Potential shares of common stock relating to stock options excluded from the earnings per share calculation because their effect would be anti-dilutive were

30,579

and

76,845

for the

three

months ended

September 30, 2017

and

October 1, 2016,

respectively, and

35,858

and

45,591

for the

nine

months ended

September 30, 2017

and

October 1, 2016,

respectively.

Note 10 - Segment Information

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

. Segment Information

The

Company and its subsidiaries design, manufacture and sell components and modules for circuit protection, power control and sensing throughout the world. The Company reports its operations by the following segments: Electronics, Automotive, and Industrial. An operating segment is defined as a component of an enterprise that engages in business activities from which it

may

earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”). The CODM allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss) before interest and taxes, but does

not

evaluate the operating segments using discrete balance sheet information.

Sales, marketing, and research and development expenses are charged directly into each operating segment. Manufacturing, purchasing, logistics, customer service, finance, information technology, and human resources are shared functions that are allocated back to the

three

operating segments.

The Company does

not

report inter-segment revenue because the operating segments do

not

record it. Certain expenses, determined by the CODM to be strategic in nature and

not

directly related to segments current results, are

not

allocated but identified as “Other”. Additionally, the Company does

not

allocate interest and other income, interest expense, or taxes to operating segments. These costs are

not

allocated to the segments, as management excludes such costs when assessing the performance of the segments. Although the CODM uses operating income (loss) to evaluate the segments, operating costs included in

one

segment

may

benefit other segments. Except as discussed above, the accounting policies for segment reporting are the same as for the Company as a whole.

●

Electronics Segment

: Provides circuit protection components for overcurrent and overvoltage protection, as well as power control products and sensor components and modules to leading global manufacturers of a wide range of electronic products. The segment covers a broad range of end markets, including consumer electronics, telecommunications equipment, medical devices, lighting products, and white goods. The Electronics segment supplies circuit protection, sensing and control products to various leading manufacturers. The Electronics segment has

one

of the broadest product offerings in the industry including fuses and protectors, positive temperature coefficient (“PTC”) resettable fuses, varistors, polymer electrostatic discharge (“ESD”) suppressors, discrete TVS diodes, TVS diode arrays protection and switching thyristors, gas discharge tubes, power switching components, fuseholders, reed switch and sensor assemblies, IGBT blocks, and related accessories.

●

Automotive Segment:

Provides circuit protection and sensor products to the worldwide automotive original equipment manufacturers (“OEM”) and parts distributors of passenger automobiles, trucks, buses, and off-road equipment. In addition, the Company supplies heavy duty power distribution modules, switches and relays to the commercial vehicle industry. The Company also sells its fuses, including blade fuses and high current fuses, battery cable protectors, and varistors, in the automotive replacement parts market. The Company also supplies wiring harness manufacturers and auto parts suppliers worldwide.

●

Industrial Segment:

Provides circuit protection products for industrial and commercial customers. Products include power fuses and other circuit protection devices, including protection and time delay relays, which are used in commercial and industrial buildings and large equipment such as HVAC systems, elevators, and machine tools. The Company also supplies industrial ground fault protection in mining and other large industrial operations.

Segment information is summarized as follows:

	For the Three Months Ended						For the Nine Months Ended
(in thousands )	September 30 , 2017			October 1 , 2016			September 30 , 2017			October 1 , 2016
Net sales
Electronics	$	175,899		$	147,730		$	499,052		$	378,696
Automotive		113,797			106,341			338,094			309,644
Industrial		28,193			26,260			79,539			83,301
Total net sales	$	317,889		$	280,331		$	916,685		$	771,641

Depreciation and amortization
Electronics	$	8,986		$	7,694		$	26,080		$	20,783
Automotive		5,622			4,627			16,572			12,881
Industrial		1,338			1,733			3,982			4,561
Other		—			(937	)		—			—
Total depreciation and amortization	$	15,946		$	13,117		$	46,634		$	38,225

Operating income (loss)
Electronics	$	44,345		$	34,571		$	122,518		$	82,246
Automotive		16,821			15,032			47,599			48,997
Industrial		3,757			57			5,769			3,758
Other (a)		(6,314	)		(22,134	)		(8,155	)		(45,345	)
Total operating income		58,609			27,526			167,731			89,656
Interest expense		3,467			2,571			9,868			6,286
Foreign exchange loss (gain)		632			(4,700	)		(1,483	)		(7,114	)
Other income, net		(1,013	)		(778	)		(962	)		(1,040	)
Income before income taxes	$	55,523		$	30,433		$	160,308		$	91,524

(a)	Included in “Other” Operating income (loss) for the 2017 third quarter is $4.8 million ( $6.6 million year-to-date) of acquisition-related and integration charges associated with the company’s acquisitions, including $1.6 million ( $1.6 million year-to-date) of purchase accounting inventory charges related to the company’s 2017 acquisition of US Sensor as described in Note 2 and $1.5 million ( $1.5 million year-to-date) of charges related to restructuring and production transfers in our Asia operations.

	Included in “Other” Operating income (loss) for the 2016 third quarter is $14.8 million ( 14.8 million year-to-date) of charges related to the impairment of goodwill and other intangible assets within the custom products reporting unit, $5.9 million ( $18.2 million year-to-date) of acquisition-related and integration charges associated with the company’s 2016 acquisitions, $0.6 million ( $7.5 million year-to-date) of non-cash inventory charges relating to the company’s 2016 acquisitions as described in Note 2, $1.9 million year-to-date in charges related to the closure of the company’s manufacturing facility in Denmark, $1.7 million year-to-date related to the company’s transfer of its reed sensor manufacturing operations from the U.S. and China to the Philippines and $0.9 million ( $1.3 million year-to-date) related to internal legal restructuring costs.

The

Company’s net sales by country were as follows:

	For the Three Months Ended				For the Nine Months Ended
(in thousands )	September 30 , 2017		October 1 , 2016		September 30 , 2017		October 1 , 2016
Net sales
United States	$	103,233	$	92,475	$	290,538	$	270,659
China (a)		82,986		70,215		240,731		181,134
Other countries		131,670		117,641		385,416		319,848
Total net sales	$	317,889	$	280,331	$	916,685	$	771,641

(a)

Included in China are net sales in China and Hong Kong.

The

Company’s long-lived assets by country, as of

September 30, 2017

and

December 31, 2016,

were as follows:

(in thousands )	September 30 , 2017		December 31, 2016
Long-lived assets
United States	$	23,922	$	23,731
China (a)		80,616		65,345
Mexico		61,664		52,262
Philippines		30,760		33,345
Other countries		47,912		42,492
Total long-lived assets	$	244,874	$	217,175

(a)

Included in China are long-lived assets in China and Hong Kong.

The

Company’s additions to long-lived assets by country were as follows:

	For the Nine Months Ended
(in thousands )	September 30, 2017		October 1 , 2016
Additions to long-lived assets
United States	$	2,752	$	4,485
China (a)		22,165		8,272
Mexico		15,041		12,312
Philippines		2,018		4,054
Other countries		6,494		5,378
Total additions to long-lived assets	$	48,470	$	34,501

(a)

Included in China are additions to long-lived assets in China and Hong Kong.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The Company’s accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information, the instructions to Form 10 -Q and Article 10 of Regulation S- X. Accordingly, certain information and disclosures normally included in the consolidated balance sheet, statements of net income and comprehensive income and cash flows prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10 -K for the year ended December 31, 2016, which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results. Certain reclassifications of prior year amounts for Trade receivables, net and Prepaid expenses and other current assets were made to conform to the 2017 presentation.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Indefinite-Lived Intangible Assets The Company annually tests goodwill and indefinite-lived intangible assets for impairment on the first day of its fiscal fourth quarter or at other dates if there is an event or change in circumstances that indicates the asset may be impaired. Management determines the fair value of each of its reporting units by using a discounted cash flow model (which includes forecasted five -year income statement and working capital projections, a market-based weighted average cost of capital and terminal values after five years) to estimate market value. In addition, the Company compares its derived enterprise value on a consolidated basis to the Company’s market capitalization as of its test date to ensure its derived value approximates the market value of the Company when taken as a whole. Factors the Company considers important when performing the impairment tests, which could result in changes to its estimates, include underperformance relative to historical or projected future operating results and declines in acquisitions and trading multiples. Due to the diverse end user base and non-discretionary product demand, the Company does not believe its future operating results will vary significantly relative to its historical and projected future operating results. However, it is possible that impairment charges could be recognized for the Relays reporting unit if there are declines in profitability or projected future operating results and cash flows due to changes in volume, market pricing, cost, or the business environment. As of the most recent annual test conducted on October 2, 2016, the Company concluded the fair value of the Relays reporting unit exceeded its carrying value of invested capital and therefore, no potential goodwill impairment existed. As of the 2016 annual test date, the Relays reporting unit had $41.4 million of goodwill and intangible assets and the excess of fair value over the carrying value of invested capital was 15%. As of September 30, 2017, there were no events or circumstances that indicate the Relays intangible assets were impaired. In the third quarter of 2016, due to continued declines in the potash market the Company conducted a goodwill impairment analysis of the Custom Products reporting unit and concluded that the reporting unit was impaired. The fair value of the unit was estimated using the expected present value of future cash flows over a seven year forecast period and appraisal of certain assets. This analysis required a write down of the reporting unit’s carrying value of $14.8 million. A goodwill impairment loss of $8.8 million and intangible assets impairments aggregating $6.0 million were recognized during the third quarter, including a $3.8 million reduction of the custom products trade names to a $0.7 million remaining value and a $2.2 million reduction of the reporting unit’s customer relationships to zero value.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In July 2015, the Financial Accounting Standards Board ( “FASB”) issued Accounting Standards Update (“ASU”) No. 2015 - 11 – “Inventory (Topic 330 ): Simplifying the Measurement of Inventory,” which simplifies the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The update is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted the new standard on January 1, 2017. The adoption of the update did not have a material impact on the Company’s consolidated financial position and results of operations. As a result of the adoption of the update, inventories are stated at the lower of cost or net realizable value. Cost is principally determined using the first -in, first -out method. The Company maintains excess and obsolete allowances against inventory to reduce the carrying value to the expected net realizable value. These allowances are based upon a combination of factors including historical sales volume, market conditions, lower of cost or market analysis and expected realizable value of the inventory. In March 2016, the FASB issued ASU No. 2016 - 09 – “Improvements to Employee Share-Based Payment Accounting,” which amends ASC 718, “Compensation – Stock Compensation.” The update simplifies several aspects of the accounting for employee share-based payment transactions, including accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the Condensed Consolidated Statements of Cash Flows. The update is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted the new standard on January 1, 2017. As a result of the adoption, on a prospective basis, the Company recognized $0.1 million and $1.9 million of excess tax benefits from stock-based compensation as a discrete item in income tax expense for the three and nine months ended September 30, 2017, respectively. Historically, these amounts were recorded as additional paid-in capital. The Company also elected to apply the change prospectively to the Condensed Consolidated Statement of Cash Flows. As a result, on a prospective basis, share-based payments will be reported as operating activities in the Condensed Consolidated Statement of Cash Flows. The Company elected not to change its policy on accounting for forfeitures and will continue to estimate a requisite forfeiture rate. Additional amendments to the accounting for income taxes and minimum statutory withholding requirements had no impact on the results of operations. Recently Issued Accounting Standards In March 2017, the FASB issued ASU No. 2017 - 07 “Compensation-Retirement Benefits (Topic 715 ): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost,” which changes the presentation of net periodic pension and post-retirement benefit cost (net benefit cost) within the Statement of Income. Under the current guidance, net benefit cost is reported as an employee cost within operating income. The amendment requires the bifurcation of net benefit cost, with the service cost component to be presented with other employee compensation costs in operating income while the other components will be reported separately outside of income from operations. ASU No. 2017 - 07 will be effective for the first quarter of 2018 and is required to be retrospectively adopted. Had this guidance been adopted as of January 1, 2017, operating income within the Condensed Consolidated Statements of Income for the three months and nine months ended September 30, 2017 would have not changed by a material amount. In January 2017, the FASB issued ASU No. 2017 - 04, “Intangibles-Goodwill and Other” (Topic 350 ). This ASU modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Because the update will eliminate Step 2 from the goodwill impairment test, it should reduce the cost and complexity of evaluating goodwill for impairment. This ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020, with early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company expects to adopt the new standard in 2017. In January 2016, the FASB issued ASU No. 2016 - 01, “ Financial Instruments-Recognition and Measurement of Financial Assets and Financial Liabilities” which addresses certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. The ASU will require the Company to recognize any changes in the fair value of certain equity investments in net income. These changes are currently recognized in other comprehensive income ("OCI"). This guidance is effective for interim and fiscal years beginning after December 15, 2017. In May 2014, the FASB issued ASU No. 2014 - 09, “Revenue from Contracts with Customers” (Topic 606 ) which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition.” This ASU provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. In August, 2015, the FASB issued ASU No. 2015 - 14, which postponed the effective date of ASU No. 2014 - 09 to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted on the original effective date of fiscal years beginning after December 15, 2016. The Company is in the process of performing its assessment of the potential impact on its consolidated financial statements, and anticipates adopting this standard using the modified retrospective method. While the Company is currently assessing the impact of the new standard, the Company’s revenue is primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risks, and rewards transfer. These are largely un-affected by the new standard. The Company does not expect this new guidance to have a material impact on the amount of overall sales recognized; however, the timing of sales on certain projects may be affected. The Company has not yet quantified this potential impact. In February 2016, the FASB issued ASU No. 2016 - 02, "Leases" (Topic 842 ). This ASU requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. The accounting by lessors will remain largely unchanged. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Adoption will require a modified retrospective transition, however the Company plans to adopt the standard in the first quarter of 2019. The Company is currently evaluating the impact of ASU 2016 - 02.

Note 2 - Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash	$	24,439
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	4,755
Patented and unpatented technologies		1,090
Trademarks and tradenames		200
Non-compete agreement		50
Customer relationships		2,830
Goodwill		16,054
Current liabilities		(540	)
	$	24,439

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Original investment	$	3,500
Cash, net of cash acquired		14,172
Fair value of commitment to purchase non-controlling interest		9,000
Total purchase consideration	$	26,672
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	891
Property, plant, and equipment		789
Patented and unpatented technologies		6,720
Non-compete agreement		140
Goodwill		20,641
Current liabilities		(639	)
Other non-current liabilities		(1,870	)
	$	26,672

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash	$	104,000
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	4,816
Customer relationships		31,800
Patented and unpatented technologies		8,800
Non-compete agreement		2,500
Goodwill		56,084
	$	104,000

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash, net of acquired cash	$	19,162
Preliminary allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	12,919
Property, plant, and equipment		1,693
Customer relationships		3,050
Patented and unpatented technologies		224
Trademarks and tradenames		1,849
Goodwill		8,091
Current liabilities		(7,220	)
Other non-current liabilities		(1,444	)
	$	19,162

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Original consideration	$	350,000
Post closing consideration adjustment received		(1,708	)
Acquired cash		(3,810	)
Acquired cash returned to seller		3,810
Total purchase consideration	$	348,292
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	60,228
Property, plant, and equipment		51,613
Land lease		4,290
Patented and unpatented technologies		56,425
Customer relationships		39,720
Goodwill		165,088
Other long-term assets		11,228
Current liabilities		(35,280	)
Other non-current liabilities		(5,020	)
	$	348,292

Business Acquisition, Pro Forma Information [Table Text Block]

(in thousands)	Three Months Ended October 1 , 2016		Nine Months Ended October 1 , 2016
Net sales	$	290,377	$	846,127
Income before income taxes		32,760		110,982
Net income		33,119		96,819
Net income — basic		1.47		4.30
Net income — diluted		1.46		4.27

Note 3 - Inventories (Tables)

9 Months Ended

Sep. 30, 2017

Notes Tables

Schedule of Inventory, Current [Table Text Block]

(in thousands)	September 30 , 2017		December 31, 2 016
Raw materials	$	38,320	$	32,231
Work in process		28,477		23,354
Finished goods		69,708		58,478
Total	$	136,505	$	114,063

Note 4 - Debt (Tables)

9 Months Ended

Sep. 30, 2017

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

(in thousands )	September 30 , 2017			December 31, 2016
Revolving credit facility	$	15,000		$	112,500
Term loan		115,625			120,313
Entrusted loan		—			3,522
Euro Senior Notes, Series A due 2023		137,670			122,313
Euro Senior Notes, Series B due 2028		111,784			99,314
USD Senior Notes, Series A due 2022		25,000			—
USD Senior Notes, Series B due 2027		100,000			—
Unamortized debt issuance costs		(3,432	)		(3,820	)
Total debt		501,647			454,142
Less: Current maturities		(9,375	)		(6,250	)
Total long-term debt	$	492,272		$	447,892

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Note 5 - Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2017

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Fair Value Measurements Using
(in thousands )	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	10,582	$	—	$	—	$	10,582

	Fair Value Measurements Using
(in thousands )	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	10,435	$	—	$	—	$	10,435

Fair Value, by Balance Sheet Grouping [Table Text Block]

	September 30 , 2017				December 31, 2016
(in thousands )	Carrying Value		Estimated Fair Value		Carrying V alue		Estimated Fair Value
Euro Senior Notes, Series A due 2023	$	137,670	$	137,581	$	122,313	$	122,586
Euro Senior Notes, Series B due 2028		111,784		110,550		99,314		99,230
USD Senior Notes, Series A due 2022		25,000		24,938		—		—
USD Senior Notes, Series B due 2027		100,000		99,884		—		—

Note 6 - Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2017

Notes Tables

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

	For the Three Months Ended						For the Nine Months Ended
(in thousands)	September 30 , 2017			October 1 , 2016			September 30 , 2017			October 1 , 2016
Components of net periodic benefit cost:
Service cost	$	408		$	332		$	1,224		$	997
Interest cost		360			496			1,080			1,489
Expected return on plan assets		(476	)		(520	)		(1,428	)		(1,560	)
Amortization , net		84			74			252			220
Net periodic benefit cost	$	376		$	382		$	1,128		$	1,146

Note 7 - Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2017

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

(in thousands )	Pension and postretirement liability and reclassification adjustments (a)			Unrealized g ain /(loss) on investments			Foreign currency translation adjustment			Accumulated other comprehensive income (loss)
Balance at December 31, 2016	$	(11,983	)	$	10,769		$	(73,365	)	$	(74,579	)
Activity in the period		(441	)		(1,235	)		2,912			1,236
Balance at September 30, 2017	$	(12,424	)	$	9,534		$	(70,453	)	$	(73,343	)

Note 9 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2017

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

For the Three Months Ended

For the

Nine

Months Ended