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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 28, 2020	Apr. 24, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2020
Document Transition Report	false
Entity File Number	0-20388
Entity Registrant Name	LITTELFUSE INC /DE
Entity Central Index Key	0000889331
Current Fiscal Year End Date	--12-26
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3795742
Entity Address, Address Line One	8755 West Higgins Road
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631
City Area Code	773
Local Phone Number	628-1000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	LFUS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,276,841

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 620,575	$ 531,139
Short-term investments	43	44
Trade receivables, less allowances of $37,482 and $42,043 at March 28, 2020 and December 28, 2019, respectively	207,912	202,309
Inventories	227,282	237,507
Prepaid income taxes and income taxes receivable	4,253	4,831
Prepaid expenses and other current assets	32,418	28,564
Total current assets	1,092,483	1,004,394
Net property, plant, and equipment	334,829	344,617
Intangible assets, net of amortization	308,393	321,247
Goodwill	812,763	820,589
Investments	21,248	24,099
Deferred income taxes	7,608	8,069
Right of use lease assets, net	20,611	21,918
Other assets	14,694	14,965
Total assets	2,612,629	2,559,898
Current liabilities:
Accounts payable	106,796	117,320
Accrued liabilities	73,512	84,120
Accrued income taxes	17,907	14,122
Current portion of long-term debt	10,000	10,000
Total current liabilities	208,215	225,562
Long-term debt, less current portion	764,195	669,158
Deferred income taxes	49,698	49,763
Accrued post-retirement benefits	35,904	38,198
Non-current operating lease liabilities	15,960	17,166
Other long-term liabilities	61,709	64,037
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, March 28, 2020–25,902,213; December 28, 2019–25,855,203	256	256
Treasury stock, at cost: 1,626,357 and 1,473,901 shares, respectively	(239,817)	(216,447)
Additional paid-in capital	874,360	867,996
Accumulated other comprehensive loss	(121,802)	(106,823)
Retained earnings	963,820	950,901
Littelfuse, Inc. shareholders’ equity	1,476,817	1,495,883
Non-controlling interest	131	131
Total equity	1,476,948	1,496,014
Total liabilities and equity	$ 2,612,629	$ 2,559,898

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Statement of Financial Position [Abstract]
Allowance for trade receivables	$ 37,482	$ 42,043
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	34,000,000	34,000,000
Common stock issued (in shares)	25,902,213	25,855,203
Treasury stock (in shares)	1,626,357	1,473,901

- Definition

Amount of allowance for credit loss on accounts receivable, classified as current.

+ References + Details

- Definition

Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.

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Condensed Consolidated Statements of Net Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Income Statement [Abstract]
Net sales	$ 346,096	$ 405,500
Cost of sales	222,384	250,272
Gross profit	123,712	155,228
Selling, general, and administrative expenses	54,386	62,955
Research and development expenses	14,595	21,409
Amortization of intangibles	9,981	10,191
Total operating expenses	78,962	94,555
Operating income	44,750	60,673
Interest expense	5,418	5,686
Foreign exchange loss	2,584	4,243
Other expense, net	1,249	4,305
Income before income taxes	35,499	46,439
Income taxes	10,855	9,450
Net income	$ 24,644	$ 36,989
Income per share:
Basic (in dollars per share)	$ 1.01	$ 1.50
Diluted (in dollars per share)	$ 1.00	$ 1.48
Weighted-average shares and equivalent shares outstanding:
Basic (in shares)	24,393	24,717
Diluted (in shares)	24,578	25,009

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 24,644	$ 36,989
Other comprehensive income (loss):
Pension and postemployment adjustment, net of tax	561	(49)
Foreign currency translation adjustments	(15,540)	8,122
Comprehensive income	$ 9,665	$ 45,062

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.

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- Definition

Amount, after tax, of reclassification adjustment from accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
OPERATING ACTIVITIES
Net income	$ 24,644	$ 36,989
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,821	13,088
Amortization of intangibles	9,981	10,191
Deferred revenue	(145)	0
Impairment charges	2,237
Stock-based compensation	2,965	3,966
Loss on investments and other assets	2,604	2,810
Deferred income taxes	616	(72)
Other	3,547	5,393
Changes in operating assets and liabilities:
Trade receivables	(9,457)	(5,800)
Inventories	6,667	(3,250)
Accounts payable	(3,964)	(8,499)
Accrued liabilities and income taxes	(7,012)	(27,170)
Prepaid expenses and other assets	(1,225)	3,273
Net cash provided by operating activities	45,279	30,919
INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	0	(775)
Purchases of property, plant, and equipment	(16,586)	(14,076)
Net proceeds from sale of property, plant and equipment	50	607
Net cash used in investing activities	(16,536)	(14,244)
FINANCING ACTIVITIES
Proceeds of revolving credit facility	100,000	0
Payments of term loan	(2,500)	(5,000)
Net proceeds related to stock-based award activities	2,956	2,198
Purchases of common stock	(22,927)	(17,906)
Cash dividends paid	(11,725)	(10,625)
Net cash provided by (used in) financing activities	65,804	(31,333)
Effect of exchange rate changes on cash and cash equivalents	(5,111)	1,539
Increase (decrease) in cash and cash equivalents	89,436	(13,119)
Cash and cash equivalents at beginning of period	531,139	489,733
Cash and cash equivalents at end of period	620,575	476,614
Supplementary Cash Flow Information
Cash paid during the period for interest	7,354	8,011
Capital expenditures, not yet paid	$ 5,832	$ 0

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Addl. Paid in Capital	Treasury Stock	Accum. Other Comp. Inc. (Loss)	Retained Earnings	Non- controlling Interest
Balance at Dec. 29, 2018	$ 1,478,342	$ 254	$ 835,828	$ (116,454)	$ (97,924)	$ 856,507	$ 131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,989					36,989
Activity in the period	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	(10,625)					(10,625)
Balance at Mar. 30, 2019	1,505,388	254	842,086	(130,103)	(89,851)	882,871	131
Balance at Dec. 28, 2019	1,496,014	256	867,996	(216,447)	(106,823)	950,901	131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,644					24,644
Activity in the period	(14,979)				(14,979)
Stock-based compensation	2,965		2,965
Withheld shares on restricted share units for withholding taxes	(443)			(443)
Stock options exercised	3,399		3,399
Repurchases of common stock	(22,927)			(22,927)
Cash dividends paid	(11,725)					(11,725)
Balance at Mar. 28, 2020	$ 1,476,948	$ 256	$ 874,360	$ (239,817)	$ (121,802)	$ 963,820	$ 131

- Definition

Amount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Value of stock issued as a result of the exercise of stock options.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References + Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

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Condensed Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends paid, per share (in dollars per share)	$ 0.48	$ 0.43

Summary of Significant Accounting Policies and Other Information

3 Months Ended

Mar. 28, 2020

Accounting Policies [Abstract]

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. Serving over 100,000 end customers, 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 28, 2019 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

Revenue Disaggregation

The following tables disaggregate the Company’s revenue by primary business units for the three months ended March 28, 2020 and March 30, 2019 :



	Three Months Ended March 28, 2020
(in thousands)	Electronics Segment		Automotive Segment		Industrial Segment		Total
Electronics – Passive Products and Sensors	$	84,598	$	—	$	—	$	84,598
Electronics – Semiconductor	129,591		—		—		129,591
Passenger Car Products	—		52,645		—		52,645
Automotive Sensors	—		24,174		—		24,174
Commercial Vehicle Products	—		27,951		—		27,951
Industrial Products	—		—		27,137		27,137
Total	$	214,189	$	104,770	$	27,137	$	346,096



	Three Months Ended March 30, 2019
(in thousands)	Electronics Segment		Automotive Segment		Industrial Segment		Total
Electronics – Passive Products and Sensors	$	108,377	$	—	$	—	$	108,377
Electronics – Semiconductor	157,017		—		—		157,017
Passenger Car Products	—		56,543		—		56,543
Automotive Sensors	—		26,057		—		26,057
Commercial Vehicle Products	—		30,883		—		30,883
Industrial Products	—		—		26,623		26,623
Total	$	265,394	$	113,483	$	26,623	$	405,500

See Note 16, Segment Information for net sales by segment and countries.

Revenue Recognition

The Company recognizes revenue on product sales in the period in which the Company satisfies its performance obligation and control of the product is transferred to the customer. The Company’s sales arrangements with customers are predominately short term in nature and generally provide for transfer of control at the time of shipment as this is the point at which title and risk of loss of the product transfers to the customer. At the end of each period, for those shipments where title to the products and the risk of loss and rewards of ownership do not transfer until the product has been received by the customer, the Company adjusts revenues and cost of sales for the delay between the time that the products are shipped and when they are received by the customer. The amount of revenue recorded reflects the consideration to which the Company expects to be entitled in exchange for goods and may include adjustments for customer allowance, rebates and price adjustments. The Company’s distribution channels are primarily through direct sales and independent third-party distributors.

The Company elected the practical expedient under Accounting Standards Codification ("ASC") 340-40-25-4 to expense commissions when incurred as the amortization period of the commission asset the Company would have otherwise recognized is less than one year.

Revenue and Billing

The Company generally accepts orders from customers through receipt of purchase orders or electronic data interchange based on written sales agreements and purchasing contracts. Contract pricing and selling agreement terms are based on market factors, costs, and competition. Pricing is often negotiated as an adjustment (premium or discount) from the Company’s published price lists. The customer is invoiced when the Company’s products are shipped to them in accordance with the terms of the sales agreement. As the Company’s standard payment terms are less than one year, the Company elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. The Company also elected the practical expedient provided in ASC 606-10-25-18B to treat all product shipping and handling activities as fulfillment activities, and therefore recognize the gross revenue associated with the contract, inclusive of any shipping and handling revenue.

Ship and Debit Program

Some of the terms of the Company’s sales agreements and normal business conditions provide customers (distributors) the ability to receive price adjustments on products previously shipped and invoiced. This practice is common in the industry and is referred to as a “ship and debit” program. This program allows the distributor to debit the Company for the difference between the distributors’ contracted price and a lower price for specific transactions. Under certain circumstances (usually in a competitive situation or large volume opportunity), a distributor will request authorization for pricing allowances to reduce its price. When the Company approves such a reduction, the distributor is authorized to “debit” its account for the difference between the contracted price and the lower approved price. The Company establishes reserves for this program based on historic activity, electronic distributor inventory levels and actual authorizations for the debit and recognizes these debits as a reduction of revenue.

Return to Stock

The Company has a return to stock policy whereby certain customers, with prior authorization from Littelfuse management, can return previously purchased goods for full or partial credit. The Company establishes an estimated allowance for these returns based on historic activity. Sales revenue and cost of sales are reduced to anticipate estimated returns.

Volume Rebates

The Company offers volume based sales incentives to certain customers to encourage greater product sales. If customers achieve their specific quarterly or annual sales targets, they are entitled to rebates. The Company estimates the projected amount of rebates that will be achieved by the customer and recognizes this estimated cost as a reduction to revenue as products are sold.

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments." The standard modifies the measurement approach for credit losses on financial instruments, including trade receivables, from an incurred loss method to a current expected credit loss method ("CECL"). The standard requires the measurement of expected credit losses to be based on relevant information, including historical experiences, current conditions and a forecast that is supportable. The Company adopted the new standard on December 29, 2019. The adoption of the standard did not have a material effect on our Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement." ASU 2018-13 modifies the disclosure requirements in Topic 820: "Fair Value Measurement," based on the FASB Concepts Statement, "Conceptual Framework for Financial Reporting - Chapter 8: Notes to Financial Statements," including consideration of costs and benefits. The new standard removes certain disclosures, modifies certain disclosures and adds additional disclosures related to fair value measurement. The Company adopted the new standard on December 29, 2019. The adoption of ASU 2018- 13 did not have a material impact on our Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic: 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)." ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The Company adopted the new standard on December 29, 2019. The adoption of ASU 2018-15 did not have a material impact on our Condensed Consolidated Financial Statements.

In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The objective of this is to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting due to the cessation of the London Interbank Offered Rate (LIBOR). The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not expect a material effect from the adoption of this guidance on its Condensed Consolidated Financial Statements.

Inventories

3 Months Ended

Mar. 28, 2020

Inventory Disclosure [Abstract]

Inventories

The components of inventories at March 28, 2020 and December 28, 2019 are as follows:



(in thousands)	March 28, 2020			December 28, 2019
Raw materials	$	75,202		$	76,732
Work in process	84,030			84,561
Finished goods	100,415			110,388
Inventory Reserves	(32,365		)	(34,174		)
Total	$	227,282		$	237,507

Property, Plant, and Equipment

3 Months Ended

Mar. 28, 2020

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

The components of net property, plant, and equipment at March 28, 2020 and December 28, 2019 are as follows:



(in thousands)	March 28, 2020			December 28, 2019
Land	$	22,781		$	24,758
Building	105,067			108,501
Equipment	633,899			631,273
Accumulated depreciation and amortization	(426,918		)	(419,915		)
Total	$	334,829		$	344,617

The Company recorded depreciation expense of $13.8 million and $13.1 million for the three months ended March 28, 2020 and March 30, 2019 , respectively.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The amounts for goodwill and changes in the carrying value by segment for the three months ended March 28, 2020 are as follows:



(in thousands)	Electronics			Automotive			Industrial			Total
As of December 28, 2019	$	650,796		$	131,321		$	38,472		$	820,589
Currency translation	(5,873		)	(1,693		)	(260		)	(7,826		)
As of March 28, 2020	$	644,923		$	129,628		$	38,212		$	812,763

The components of other intangible assets at March 28, 2020 and December 28, 2019 are as follows:



	As of March 28, 2020
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	9,545	$	1,755	$	7,790
Patents, licenses and software	129,380		$	80,506	$	48,874
Distribution network	43,076		36,560		6,516
Customer relationships, trademarks, and tradenames	357,188		111,975		245,213
Total	$	539,189	$	230,796	$	308,393



	As of December 28, 2019
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	9,649	$	1,730	$	7,919
Patents, licenses and software	131,164		78,828		52,336
Distribution network	43,239		36,163		7,076
Customer relationships, trademarks, and tradenames	360,534		106,618		253,916
Total	$	544,586	$	223,339	$	321,247

During the three months ended March 28, 2020 and March 30, 2019 , the Company recorded amortization expense of $10.0 million and $10.2 million , respectively.

During the three months ended March 28, 2020, the Company recognized a $0.3 million non-cash impairment charge on a certain patent triggered by the Company’s announcement to consolidate a manufacturing facility within the Industrial segment.

Estimated annual amortization expense related to intangible assets with definite lives as of March 28, 2020 is as follows:



(in thousands)	Amount
2020	$	38,291
2021	37,487
2022	36,561
2023	32,195
2024	29,135
2025 and thereafter	144,705
Total	$	318,374

Lease Commitments

3 Months Ended

Mar. 28, 2020

Leases [Abstract]

Lease Commitments

The Company leases office and production space under various non-cancelable operating leases that expire no later than 2028. Certain real estate leases include one or more options to renew. The exercise of lease renewal options is at the Company's sole discretion. Options to extend the lease are included in the lease term when it is reasonably certain the Company will exercise the option. The Company also has production equipment, office equipment and vehicles under operating leases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option that is reasonably certain of exercise. Certain leases include rental payments adjusted periodically for inflation. The lease agreements do not contain any material residual value guarantee or material restrictive covenants.

The Company does not have a published credit rating because it has no publicly traded debt; therefore, the Company is generating its incremental borrowing rate (IBR), using a synthetic credit rating model that compares its credit quality to other rated companies based on certain financial metrics and ratios. The reference rate will be based on the yield curve of companies with similar credit quality based on the metrics and adjusted for currency in regions where we have significant operations.

All leases with an initial term of 12 months or less that do not include an option to extend or purchase the underlying asset that the Company is reasonably certain to exercise (“short-term leases”) are not recorded on the Condensed Consolidated Balance Sheet. Short-term lease expenses are recognized on a straight-line basis over the lease term.

The following table presents the classification of ROU assets and lease liabilities at March 28, 2020 and December 28, 2019 :



Leases (in thousands)	Condensed Consolidated Balance Sheet Classification	March 28, 2020		December 28, 2019
Assets
Operating ROU assets	Right of use lease assets, net	$	20,611	$	21,918
Liabilities
Current operating lease liabilities	Accrued liabilities	$	7,073	$	7,259
Non-current operating lease liabilities	Non-current operating lease liabilities	$	15,960	$	17,166
Total lease liabilities		$	23,033	$	24,425

The following table represents the lease costs for the three months ended March 28, 2020 and March 30, 2019 :



Leases cost (in thousands)	Condensed Consolidated Statements of Net Income Classification	Three Months Ended March 28, 2020		Three Months Ended March 30, 2019
Short-term lease expenses	Cost of sales, SG&A expenses	$	117	$	153
Variable lease expenses	Cost of sales, SG&A expenses	318		194
Operating lease rent expenses	Cost of sales, SG&A expenses	2,173		2,193
Total operating lease costs	Cost of sales, SG&A expenses	$	2,608	$	2,540



Maturity of Lease Liabilities as of March 28, 2020 (in thousands)	Operating leases
2020 (excluding the three months ended March 28, 2020)	$	6,156
2021	6,620
2022	5,341
2023	3,590
2024	3,177
2025 and thereafter	498
Total lease payments	$	25,382

Present value of lease liabilities	$	23,033



Operating Lease Term and Discount Rate	March 28, 2020
Weighted-average remaining lease term (years)	3.90
Weighted-average discount rate	5.04	%



Other Information (in thousands)	Three Months Ended March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flow payments for operating leases	$	(2,242	)
Leased assets obtained in exchange for operating lease liabilities	848

Accrued Liabilities

3 Months Ended

Mar. 28, 2020

Payables and Accruals [Abstract]

Accrued Liabilities

The components of accrued liabilities at March 28, 2020 and December 28, 2019 are as follows:



(in thousands)	March 28, 2020		December 28, 2019
Employee-related liabilities	$	32,381	$	40,774
Operating lease liability	7,073		7,259
Interest	3,159		5,058
Professional services	3,359		3,986
Restructuring liability	3,336		2,679
Other non-income taxes	2,058		1,940
Other	22,146		22,424
Total	$	73,512	$	84,120

Employee-related liabilities consist primarily of payroll, sales commissions, bonus, employee benefit accruals and workers’ compensation. Bonus accruals include amounts earned pursuant to the Company’s primary employee incentive compensation plans. Other accrued liabilities include miscellaneous operating accruals and other client-related liabilities.

Restructuring, Impairment and Other Charges

3 Months Ended

Mar. 28, 2020

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Other Charges

The Company recorded restructuring, impairment and other charges for the three months ended March 28, 2020 and March 30, 2019 as follows:



	Three months ended March 28, 2020
(in thousands)	Electronics		Automotive		Industrial		Total
Employee terminations	$	881	$	399	$	321	$	1,601
Other restructuring charges	1		120		3		124
Total restructuring charges	882		519		324		1,725
Impairment	—		—		2,237		2,237
Total	$	882	$	519	$	2,561	$	3,962



	Three months ended March 30, 2019
(in thousands)	Electronics		Automotive		Industrial		Total
Employee terminations	$	1,800	$	605	$	47	$	2,452
Other restructuring charges	13		20		250		283
Total restructuring charges	1,813		625		297		2,735
Impairment	—		—		—		—
Total	$	1,813	$	625	$	297	$	2,735

2020

For the three months ended March 28, 2020 , the Company recorded total restructuring charges of $1.7 million , for employee termination costs and other restructuring charges. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions across all segments and the announced consolidation of a manufacturing facility within the Industrial segment. The Company also recognized $2.2 million of impairment charges related to the land and building associated

with the Company’s announcement to consolidate a manufacturing facility within the Industrial segment. The impairment charges were included in selling, general and administrative expenses.

2019

For three months ended March 30, 2019 , the Company recorded total restructuring charges of $2.7 million , of which $2.5 million , was for employee termination costs and $0.3 million for other restructuring charges. These charges primarily related to reorganization of operations and selling, general and administrative functions as well as integration of IXYS within the Electronics segment and the reorganization of operations in the commercial vehicle products and automotive sensors businesses within the Automotive segment.

The restructuring reserves as of March 28, 2020 and December 28, 2019 are $3.3 million and $2.7 million , respectively. The restructuring reserves are included within accrued liabilities in the Condensed Consolidated Balance Sheets. The Company anticipates the remaining payments associated with employee terminations will primarily be completed by March 2021.

Debt

3 Months Ended

Mar. 28, 2020

Debt Disclosure [Abstract]

Debt

The carrying amounts of debt at March 28, 2020 and December 28, 2019 are as follows:



(in thousands)	March 28, 2020			December 28, 2019
Revolving Credit Facility	$	100,000		$	—
Term Loan	142,500			145,000
Euro Senior Notes, Series A due 2023	128,316			129,808
Euro Senior Notes, Series B due 2028	104,189			105,400
U.S. Senior Notes, Series A due 2022	25,000			25,000
U.S. Senior Notes, Series B due 2027	100,000			100,000
U.S. Senior Notes, Series A due 2025	50,000			50,000
U.S. Senior Notes, Series B due 2030	125,000			125,000
Other	2,619			2,619
Unamortized debt issuance costs	(3,429		)	(3,669		)
Total debt	774,195			679,158
Less: Current maturities	(10,000		)	(10,000		)
Total long-term debt	$	764,195		$	669,158

Revolving Credit Facility / Term Loan

On March 4, 2016, the Company entered into a five -year credit agreement (“Credit Agreement”) with a group of lenders for up to $700.0 million . The Credit Agreement consisted of an unsecured revolving credit facility (“Revolving Credit Facility”) of $575.0 million and an unsecured term loan credit facility (“Term Loan”) of up to $125.0 million . In addition, the Company had the ability, from time to time, to increase the size of the Revolving Credit Facility and the Term Loan 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.

On October 13, 2017, the Company amended the Credit Agreement to increase the Revolving Credit Facility from $575.0 million to $700.0 million and increase the Term Loan from $125.0 million to $200.0 million and to extend the expiration date from March 4, 2021 to October 13, 2022. The Credit Agreement also included the option for the Company to increase the size of the Revolving Credit Facility and the Term Loan 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 could be made in up to two advances. The first advance of $125.0 million occurred on October 13, 2017 and the second advance of $75.0 million occurred on January 16, 2018. For the Term Loan, the Company was required to make quarterly principal payments of 1.25% of the original term loan ( $2.5 million quarterly) through maturity, with the remaining balance due on October 13, 2022. The Company paid $2.5 million of principal payments on the term loan during the three months ended March 28, 2020 .

Outstanding borrowings under the Credit Agreement bore interest, at the Company’s option, at either LIBOR, fixed for interest periods of one , two , three or six -month periods, plus 1.00% to 2.00% , or at the bank’s Base Rate, as defined, plus 0.00% to 1.00% , based upon the Company’s Consolidated Leverage Ratio, as defined. The Company was also required to pay commitment fees on unused portions of the credit agreement ranging from 0.15% to 0.25% , based on the Consolidated Leverage Ratio, as defined in the agreement. The Credit Agreement included 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 2.47% at March 28, 2020 .

On March 25, 2020, the company borrowed $100.0 million from the revolving credit facility to preserve financial flexibility and enhance liquidity, given the increasing levels of uncertainty related to coronavirus disease 2019 ("COVID-19").

As of March 28, 2020 , the Company had no amount outstanding in letters of credit and had available $219.8 million of borrowing capacity under the Revolving Credit Facility based on financial covenants. At March 28, 2020 , the Company was in compliance with all covenants under the Credit Agreement.

On April 3, 2020, the Company amended the Credit Agreement to effect certain changes, including, among others: (i) eliminating the $200.0 million unsecured term loan credit facility, the remaining outstanding balance of which was repaid in full on April 3, 2020 through the revolving credit facility; (ii) making certain financial and non-financial covenants less restrictive on the Company; (iii) modifying performance-based interest rate margins and undrawn fees; and (iv) extending the maturity date to April 3, 2025. The amended Credit Agreement also allows the Company to increase the size of the revolving credit facility or enter into one or more tranches of term loans if there is no event of default and the Company is in compliance with certain financial covenants. The balance under the facility is $240.0 million as of April 3, 2020.

Senior Notes

On 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 (“Euro Senior Notes, Series A due 2023”), and €95 million in aggregate amount of 1.83% Senior Notes, Series B due December 8, 2028 (“Euro Senior Notes, Series B due 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.

On 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 (“U.S. Senior Notes, Series A due 2022”), and $100 million in aggregate principal amount of 3.74% Senior Notes, Series B, due February 15, 2027 (“U.S. Senior Notes, Series B due 2027”) (together, the “U.S. Senior Notes due 2022 and 2027”) were funded. Interest on the U.S. Senior Notes due 2022 and 2027 is payable semiannually on February 15 and August 15, commencing August 15, 2017.

On November 15, 2017, the Company entered into a Note Purchase Agreement pursuant to which the Company issued and sold $175 million in aggregate principal amount of senior notes in two series. On January 16, 2018, $50 million aggregate principal amount of 3.48% Senior Notes, Series A, due February 15, 2025 (“U.S. Senior Notes, Series A due 2025”) and $125 million in aggregate principal amount of 3.78% Senior Notes, Series B, due February 15, 2030 (“U.S. Senior Notes, Series B due 2030”) (together the “U.S. Senior Notes due 2025 and 2030” and with the Euro Senior Notes and the U.S. Senior Notes due 2022 and 2027, the “Senior Notes”) were funded. Interest on the U.S. Senior Notes due 2025 and 2030 is payable semiannually on February 15 and August 15, commencing on August 15, 2018.

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 March 28, 2020 , the Company was in compliance with all covenants under 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.

Interest paid on all Company debt was $7.4 million and $8.0 million for the three months ended March 28, 2020 and March 30, 2019 , respectively.

Fair Value of Assets and Liabilities

3 Months Ended

Mar. 28, 2020

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, the Company classifies each fair value measurement as follows:

Level 1 —Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets;

Level 2 —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 3 —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.

Cash Equivalents

Cash equivalents primarily consist of money market funds, which are held with an institution with sound credit rating and are highly liquid. The Company classified cash equivalents as Level 1 and are valued at cost which approximates fair value.

Investments in Equity Securities

Investments in equity securities listed on a national market or exchange are valued at the last sales price and classified within Level 1 of the valuation hierarchy and recorded in investments and other assets.

The Company has certain convertible debt and convertible preferred stock investments that are accounted for under the cost method reflected in other assets in the Condensed Consolidated Balance Sheets. During the three months ended March 30, 2019 , the Company recorded impairment charges of $2.8 million in Other expense (income), net in the Condensed Consolidated Statements of Net Income to adjust these certain investments to their estimated fair value. As of March 28, 2020 and December 28, 2019 , the balances of these investments were $0.4 million . The fair value of these investments are measured on a nonrecurring basis and determined to be Level 3 under the fair value hierarchy. The Company's accounting and finance management determines the valuation policies and procedures for Level 3 fair value measurements and is responsible for the development and determination of unobservable inputs.

Mutual Funds

The Company has a non-qualified Supplemental Retirement and Savings Plan which provides additional retirement benefits for certain management employees and named executive officers by allowing participants to defer a portion of their annual compensation. The Company maintains accounts for participants through which participants make investment elections. The marketable securities are classified as Level 1 under the fair value hierarchy as they are maintained in mutual funds with readily determinable fair value and recorded in other assets.

There were no changes during the quarter ended March 28, 2020 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. On October 30, 2019, the Company entered a foreign currency exchange forward contract to mitigate the currency fluctuation risk between the Chinese renminbi and U.S. dollar. The foreign currency contract was not designated as a hedge instrument and was marked to market on a monthly basis. The notional value of the forward contracts at December 28, 2019 was $16.0 million and expires on May 5, 2020. On March 23, 2020, the Company unwound the foreign currency exchange forward contract entered on October 30, 2019 and recognized a gain of $0.2 million within Other expenses,

net during the three months ended March 28, 2020 . The fair values of the foreign currency forward contract was determined to be Level 2 under the fair value hierarchy and is valued using market exchange rates.

As of March 28, 2020 and December 28, 2019, 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 March 28, 2020 :



	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
Cash Equivalents	$	198,221	$	—	$	—	$	198,221
Investments in equity securities	10,529		—		—		10,529
Mutual funds	8,769		—		—		8,769

The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 28, 2019 :



	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
Cash Equivalents	$	118,999	$	—	$	—	$	118,999
Investments in equity securities	12,969		—		—