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Table of Contents

United States
Securities and Exchange Commission
Washington, D.C. 20549
 
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___

Commission file number 0-20388
LITTELFUSE, INC. 
(Exact name of registrant as specified in its charter)
Delaware
 
36-3795742
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
8755 West Higgins Road
 
 
 Suite 500
 
 
Chicago
Illinois
60631
(Address of principal executive offices)
 
(ZIP Code)
 
Registrant’s telephone number, including area code: 773-628-1000
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
 
Trading Symbol
 
Name of exchange on which registered
Common Stock, $0.01 par value
 
LFUS
 
NASDAQ
Global Select Market
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one): Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes [ ] No [ ]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No [X]

As of October 25, 2019, the registrant had outstanding 24,358,002 shares of Common Stock, net of Treasury Shares.


Table of Contents

TABLE OF CONTENTS
 
 
Page
 
 
PART I
 
Item 1.
 
 
Condensed Consolidated Balance Sheets as of September 28, 2019 (unaudited) and December 29, 2018
 
Condensed Consolidated Statements of Net Income for the three and nine months ended September 28, 2019 (unaudited) and September 29, 2018 (unaudited)
 
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 28, 2019 (unaudited) and September 29, 2018 (unaudited)
 
Condensed Consolidated Statements of Cash Flows for the nine months ended September 28, 2019 (unaudited) and September 29, 2018 (unaudited)
 
Condensed Consolidated Statements of Stockholders' Equity for the nine months ended September 28, 2019 (unaudited) and September 29, 2018 (unaudited)
 
Item 2.
Item 3.
Item 4.
PART II 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


2

Table of Contents



LITTELFUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

 
 
(Unaudited)
 
 
(in thousands)
 
September 28,
2019
 
December 29,
2018
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
476,057

 
$
489,733

Short-term investments
 
33

 
34

Trade receivables, less allowances of $39,874 and $36,038 at September 28, 2019 and December 29, 2018, respectively
 
226,352

 
232,892

Inventories
 
240,059

 
258,228

Prepaid income taxes and income taxes receivable
 
2,730

 
2,339

Prepaid expenses and other current assets
 
62,361

 
49,291

Total current assets
 
1,007,592


1,032,517

Net property, plant, and equipment
 
329,792


339,894

Intangible assets, net of amortization
 
326,417

 
361,474

Goodwill
 
813,653

 
826,715

Investments
 
26,662

 
25,405

Deferred income taxes
 
7,485

 
7,330

Right of use lease assets, net
 
21,598

 

Other assets
 
18,162

 
20,971

Total assets
 
$
2,551,361


$
2,614,306

LIABILITIES AND EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
107,211

 
$
126,323

Accrued liabilities
 
114,549

 
138,405

Accrued income taxes
 
16,989

 
20,547

Current portion of long-term debt
 
10,000

 
10,000

Total current liabilities
 
248,749


295,275

Long-term debt, less current portion
 
668,160

 
684,730

Deferred income taxes
 
51,776

 
51,853

Accrued post-retirement benefits
 
28,725

 
31,874

Non-current operating lease liabilities
 
17,237

 

Other long-term liabilities
 
64,502

 
72,232

Shareholders’ equity:
 
 
 
 
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, September 28, 2019–25,820,918; December 29, 2018–25,641,959
 
256

 
254

Treasury stock, at cost: 1,473,558 and 868,045 shares, respectively
 
(216,384
)
 
(116,454
)
Additional paid-in capital
 
860,871

 
835,828

Accumulated other comprehensive loss
 
(112,608
)
 
(97,924
)
Retained earnings
 
939,946

 
856,507

Littelfuse, Inc. shareholders’ equity
 
1,472,081


1,478,211

Non-controlling interest
 
131

 
131

Total equity
 
1,472,212


1,478,342

Total liabilities and equity
 
$
2,551,361


$
2,614,306

 See accompanying Notes to Condensed Consolidated Financial Statements.

3

Table of Contents


LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)

 
 
Three Months Ended
 
Nine Months Ended
(in thousands, except per share data)
 
September 28,
2019
 
September 29,
2018
 
September 28,
2019
 
September 29,
2018
Net sales
 
$
361,971

 
$
439,191

 
$
1,165,350

 
$
1,316,187

Cost of sales
 
231,025

 
259,597

 
737,368

 
817,983

Gross profit
 
130,946


179,594


427,982


498,204

 
 
 
 
 
 
 
 
 
Selling, general, and administrative expenses
 
54,224

 
69,782

 
174,845

 
220,540

Research and development expenses
 
19,728

 
20,454

 
62,595

 
65,742

Amortization of intangibles
 
9,827

 
13,130

 
30,068

 
38,501

Total operating expenses
 
83,779


103,366


267,508


324,783

Operating income
 
47,167


76,228


160,474


173,421

 
 
 
 
 
 
 
 
 
Interest expense
 
5,559

 
5,775

 
16,834

 
16,980

Foreign exchange loss (gain)
 
4,968

 
982

 
5,636

 
(6,372
)
Other (income) expense, net
 
(4,764
)
 
1,259

 
(3,406
)
 
(2,362
)
Income before income taxes
 
41,404

 
68,212

 
141,410

 
165,175

Income taxes
 
5,757

 
14,666

 
24,982

 
33,275

Net income
 
$
35,647


$
53,546


$
116,428


$
131,900

 
 
 
 
 
 
 
 
 
Income per share:
 
 
 
 
 
 
 
 
Basic
 
$
1.46

 
$
2.13

 
$
4.72

 
$
5.31

Diluted
 
$
1.44

 
$
2.10

 
$
4.68

 
$
5.23

 
 
 
 
 
 
 
 
 
Weighted-average shares and equivalent shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
24,482

 
25,109

 
24,646

 
24,817

Diluted
 
24,684

 
25,471

 
24,894

 
25,212

 
See accompanying Notes to Condensed Consolidated Financial Statements.


4

Table of Contents

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
Three Months Ended
 
Nine Months Ended
(in thousands)
 
September 28,
2019
 
September 29,
2018
 
September 28,
2019
 
September 29,
2018
Net income
 
$
35,647

 
$
53,546

 
$
116,428

 
$
131,900

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Pension and postemployment adjustment, net of tax
 
137

 
(115
)
 
249

 
648

Foreign currency translation adjustments
 
(17,163
)
 
(7,832
)
 
(14,933
)
 
(24,816
)
Comprehensive income
 
$
18,621


$
45,599


$
101,744


$
107,732

 
See accompanying Notes to Condensed Consolidated Financial Statements.


5

Table of Contents

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
Nine Months Ended
(in thousands)
 
September 28, 2019
 
September 29, 2018
OPERATING ACTIVITIES
 
 
 
 
Net income
 
$
116,428

 
$
131,900

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation
 
38,988

 
37,559

Amortization of intangibles
 
30,068

 
38,501

Deferred revenue
 
(228
)
 
3,965

Non-cash inventory charges
 

 
36,927

Impairment charges
 
322

 
1,125

Stock-based compensation
 
15,738

 
23,153

Loss (gain) on investments and other assets
 
559

 
(350
)
Deferred income taxes
 
(203
)
 
(10,979
)
Other
 
8,267

 
594

Changes in operating assets and liabilities:
 
 
 
 
Trade receivables
 
2,781

 
(20,588
)
Inventories
 
18,102

 
(17,624
)
Accounts payable
 
(29,453
)
 
17,033

Accrued liabilities and income taxes
 
(44,241
)
 
20,736

Prepaid expenses and other assets
 
3,735

 
(9,836
)
Net cash provided by operating activities
 
160,863


252,116

 
 
 
 
 
INVESTING ACTIVITIES
 
 
 
 
Acquisitions of businesses, net of cash acquired
 
(775
)
 
(313,475
)
Purchases of property, plant, and equipment
 
(38,397
)
 
(55,946
)
Net proceeds from sale of property, plant and equipment, and other
 
6,212

 
858

Net cash used in investing activities
 
(32,960
)

(368,563
)
 
 
 
 
 
FINANCING ACTIVITIES
 
 
 
 
Proceeds of revolving credit facility
 

 
60,000

Proceeds of term loan
 

 
75,000

Net proceeds from senior notes payable
 

 
175,000

Payments of term loan
 
(7,500
)
 
(42,525
)
Payments of revolving credit facility
 

 
(60,000
)
Net proceeds related to stock-based award activities
 
4,412

 
17,920

Purchases of common stock
 
(99,387
)
 

Debt issuance costs
 

 
(878
)
Cash dividends paid
 
(32,990
)
 
(29,258
)
Net cash (used in) provided by financing activities
 
(135,465
)
 
195,259

Effect of exchange rate changes on cash and cash equivalents
 
(6,114
)
 
(10,273
)
(Decrease) increase in cash and cash equivalents
 
(13,676
)
 
68,539

Cash and cash equivalents at beginning of period
 
489,733

 
429,676

Cash and cash equivalents at end of period
 
$
476,057


$
498,215

Supplementary Cash Flow Information
 
 
 
 
Cash paid during the period for interest
 
$
17,872

 
$
15,785

Capital expenditures, not yet paid
 
$
8,978

 
$

 
See accompanying Notes to Condensed Consolidated Financial Statements.


6

Table of Contents

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
 
Littelfuse, Inc. Shareholders’ Equity
 
 
 
 
(in thousands, except share and per share data)
Common Stock
 
Addl. Paid in Capital
 
Treasury Stock
 
Accum. Other Comp. Inc. (Loss)
 
Retained Earnings
 
Non-controlling Interest
 
Total
Balance at December 29, 2018
$
254

 
$
835,828

 
$
(116,454
)
 
$
(97,924
)
 
$
856,507

 
$
131

 
$
1,478,342

Net income

 

 

 

 
36,989

 

 
36,989

Other comprehensive income, net of tax

 

 

 
8,073

 

 

 
8,073

Stock-based compensation

 
3,966

 

 

 

 

 
3,966

Withheld shares on restricted share units for withholding taxes

 

 
(94
)
 

 

 

 
(94
)
Stock options exercised

 
2,292

 

 

 

 

 
2,292

Repurchases of common stock

 

 
(13,555
)
 

 

 

 
(13,555
)
Cash dividends paid ($0.43 per share)

 

 

 

 
(10,625
)
 

 
(10,625
)
Balance at March 30, 2019
$
254

 
$
842,086

 
$
(130,103
)
 
$
(89,851
)
 
$
882,871

 
$
131

 
$
1,505,388

Net income

 

 

 

 
43,792

 

 
43,792

Other comprehensive loss, net of tax

 

 

 
(5,731
)
 

 

 
(5,731
)
Stock-based compensation

 
8,284

 

 

 

 

 
8,284

Withheld shares on restricted share units for withholding taxes

 

 
(4,010
)
 

 

 

 
(4,010
)
Stock options exercised
1

 
4,822

 

 

 

 

 
4,823

Repurchases of common stock

 

 
(31,955
)
 

 

 

 
(31,955
)
Cash dividends paid ($0.43 per share)

 

 

 

 
(10,649
)
 

 
(10,649
)
Balance at June 29, 2019
$
255

 
$
855,192

 
$
(166,068
)
 
$
(95,582
)
 
$
916,014

 
$
131

 
$
1,509,942

Net income
 
 
 
 
 
 
 
 
35,647

 
 
 
35,647

Other comprehensive loss, net of tax

 

 

 
(17,026
)
 

 

 
(17,026
)
Stock-based compensation
 
 
3,488

 
 
 
 
 
 
 
 
 
3,488

Withheld shares on restricted share units for withholding taxes

 

 
(790
)
 

 

 

 
(790
)
Stock options exercised
1

 
2,191

 
 
 
 
 
 
 
 
 
2,192

Repurchases of common stock

 

 
(49,526
)
 

 

 

 
(49,526
)
Cash dividends paid ($0.48 per share)

 

 

 

 
(11,715
)
 

 
(11,715
)
Balance at September 28, 2019
$
256

 
$
860,871

 
$
(216,384
)
 
$
(112,608
)
 
$
939,946

 
$
131

 
$
1,472,212















7

Table of Contents





LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)

 
Littelfuse, Inc. Shareholders’ Equity
 
 
 
 
(in thousands, except share and per share data)
Common Stock
 
Addl. Paid in Capital
 
Treasury Stock
 
Accum. Other Comp. Inc. (Loss)
 
Retained Earnings
 
Non-controlling Interest
 
Total
Balance at December 30, 2017
$
229

 
$
310,012

 
$
(41,294
)
 
$
(63,668
)
 
$
722,140

 
$
137

 
$
927,556

Net income

 

 

 

 
36,029

 

 
36,029

Cumulative effect adjustment

 

 

 
(9,795
)
 
9,795

 

 

Other comprehensive loss, net of tax

 

 

 
(279
)
 

 

 
(279
)
Stock-based compensation

 
8,714

 

 

 

 

 
8,714

Withheld shares on restricted share units for withholding taxes

 

 
(2,758
)
 

 

 

 
(2,758
)
Stock options exercised

 
9,609

 

 

 

 

 
9,609

Issuance of common stock
22

 
472,279

 

 

 

 

 
472,301

Cash dividends paid ($0.37 per share)

 

 

 

 
(9,198
)
 

 
(9,198
)
Balance at March 31, 2018
$
251

 
$
800,614

 
$
(44,052
)
 
$
(73,742
)
 
$
758,766

 
$
137

 
$
1,441,974

Net income

 

 

 

 
42,326

 

 
42,326

Other comprehensive loss, net of tax

 

 

 
(15,942
)
 

 

 
(15,942
)
Stock-based compensation

 
7,169

 

 

 

 

 
7,169

Non-controlling interest

 

 

 

 

 
(7
)
 
(7
)
Withheld shares on restricted share units for withholding taxes

 

 
(4,284
)
 

 

 

 
(4,284
)
Stock options exercised
2

 
8,043

 

 

 

 

 
8,045

Cash dividends paid ($0.37 per share)

 

 

 

 
(9,261
)
 

 
(9,261
)
Balance at June 30, 2018
$
253

 
$
815,826

 
$
(48,336
)
 
$
(89,684
)
 
$
791,831

 
$
130

 
$
1,470,020

Net income
 
 
 
 
 
 
 
 
53,546

 
 
 
53,546

Other comprehensive loss, net of tax

 

 

 
(7,947
)
 

 

 
(7,947
)
Stock-based compensation

 
7,270

 

 

 

 

 
7,270

Withheld shares on restricted share units for withholding taxes

 

 
(210
)
 

 

 

 
(210
)
Stock options exercised
1

 
7,516

 

 

 

 

 
7,517

Cash dividends paid ($0.43 per share)

 

 

 

 
(10,800
)
 

 
(10,800
)
Balance at September 29, 2018
$
254

 
$
830,612

 
$
(48,546
)
 
$
(97,631
)
 
$
834,577

 
$
130

 
$
1,519,396


See accompanying Notes to Condensed Consolidated Financial Statements.

8

Table of Contents

Notes to Condensed Consolidated Financial Statements 
 
1. Summary of Significant Accounting Policies and Other Information
 
Nature of Operations 
 
Littelfuse, Inc. and subsidiaries (the “Company”) is a global manufacturer of leading technologies in circuit protection, power control and sensing. The Company's products are found in automotive and commercial vehicles, industrial applications, data and telecommunications, medical devices, consumer electronics and appliances. With its broad product portfolio of fuses, semiconductors, polymers, ceramics, relays and sensors, and extensive global infrastructure, the Company’s worldwide associates partner with its customers to design, manufacture and deliver innovative, high-quality solutions for a safer, greener and increasingly connected world.
 
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 sheets, statements of net income and comprehensive income, statements of cash flows, and statement of stockholders' equity 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 fiscal year ended December 29, 2018 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.
 
Revenue Recognition
 
On December 31, 2017, the Company adopted new guidance on revenue from contracts with customers using the modified retrospective method. The adoption did not have a significant impact on the Company’s consolidated financial statements.
 
Revenue Disaggregation
 
The following tables disaggregate the Company’s revenue by primary business units for the three and nine months ended September 28, 2019 and September 29, 2018:
 
 
 
Three Months Ended September 28, 2019
 
Nine Months Ended September 28, 2019
(in thousands)
 
Electronics
Segment
 
Automotive
Segment
 
Industrial
Segment
 
 
Total
 
Electronics
Segment
 
Automotive
Segment
 
Industrial
Segment
 
 
Total
Electronics – Passive Products and Sensors
 
$
94,766

 
$

 
$

 
$
94,766

 
$
311,624

 
$

 
$

 
$
311,624

Electronics – Semiconductor
 
132,486

 

 

 
132,486

 
440,575

 

 

 
440,575

Passenger Car Products
 

 
53,889

 

 
53,889

 

 
164,348

 

 
164,348

Automotive Sensors
 

 
23,877

 

 
23,877

 

 
74,616

 

 
74,616

Commercial Vehicle Products
 

 
26,915

 

 
26,915

 

 
87,850

 

 
87,850

Industrial Products
 

 

 
30,038

 
30,038

 

 

 
86,337

 
86,337

Total
 
$
227,252


$
104,681


$
30,038


$
361,971

 
$
752,199

 
$
326,814

 
$
86,337

 
$
1,165,350








9

Table of Contents

 
 
Three Months Ended September 29, 2018
 
Nine Months Ended September 29, 2018
(in thousands)
 
Electronics
Segment
 
Automotive
Segment
 
Industrial
Segment
 
 
Total
 
Electronics
Segment
 
Automotive
Segment
 
Industrial
Segment
 
 
Total
Electronics – Passive Products and Sensors
 
$
124,174

 
$

 
$

 
$
124,174

 
$
366,990

 
$

 
$

 
$
366,990

Electronics – Semiconductor
 
172,298

 

 

 
172,298

 
493,250

 

 

 
493,250

Passenger Car Products
 

 
57,761

 

 
57,761