lfus-20200926
LITTELFUSE INC /DE0000889331--12-262020Q3FALSE00008893312019-12-292020-09-26xbrli:shares00008893312020-10-23iso4217:USD00008893312020-09-2600008893312019-12-28iso4217:USDxbrli:shares00008893312020-06-282020-09-2600008893312019-06-302019-09-2800008893312018-12-302019-09-2800008893312018-12-2900008893312019-09-280000889331us-gaap:CommonStockMember2019-12-280000889331us-gaap:AdditionalPaidInCapitalMember2019-12-280000889331us-gaap:TreasuryStockMember2019-12-280000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-280000889331us-gaap:RetainedEarningsMember2019-12-280000889331us-gaap:NoncontrollingInterestMember2019-12-280000889331us-gaap:RetainedEarningsMember2019-12-292020-03-2800008893312019-12-292020-03-280000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-292020-03-280000889331us-gaap:AdditionalPaidInCapitalMember2019-12-292020-03-280000889331us-gaap:TreasuryStockMember2019-12-292020-03-280000889331us-gaap:CommonStockMember2020-03-280000889331us-gaap:AdditionalPaidInCapitalMember2020-03-280000889331us-gaap:TreasuryStockMember2020-03-280000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-280000889331us-gaap:RetainedEarningsMember2020-03-280000889331us-gaap:NoncontrollingInterestMember2020-03-2800008893312020-03-280000889331us-gaap:RetainedEarningsMember2020-03-292020-06-2700008893312020-03-292020-06-270000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-292020-06-270000889331us-gaap:AdditionalPaidInCapitalMember2020-03-292020-06-270000889331us-gaap:TreasuryStockMember2020-03-292020-06-270000889331us-gaap:CommonStockMember2020-03-292020-06-270000889331us-gaap:CommonStockMember2020-06-270000889331us-gaap:AdditionalPaidInCapitalMember2020-06-270000889331us-gaap:TreasuryStockMember2020-06-270000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-270000889331us-gaap:RetainedEarningsMember2020-06-270000889331us-gaap:NoncontrollingInterestMember2020-06-2700008893312020-06-270000889331us-gaap:RetainedEarningsMember2020-06-282020-09-260000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-282020-09-260000889331us-gaap:AdditionalPaidInCapitalMember2020-06-282020-09-260000889331us-gaap:TreasuryStockMember2020-06-282020-09-260000889331us-gaap:CommonStockMember2020-06-282020-09-260000889331us-gaap:CommonStockMember2020-09-260000889331us-gaap:AdditionalPaidInCapitalMember2020-09-260000889331us-gaap:TreasuryStockMember2020-09-260000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-260000889331us-gaap:RetainedEarningsMember2020-09-260000889331us-gaap:NoncontrollingInterestMember2020-09-260000889331us-gaap:CommonStockMember2018-12-290000889331us-gaap:AdditionalPaidInCapitalMember2018-12-290000889331us-gaap:TreasuryStockMember2018-12-290000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-290000889331us-gaap:RetainedEarningsMember2018-12-290000889331us-gaap:NoncontrollingInterestMember2018-12-290000889331us-gaap:RetainedEarningsMember2018-12-302019-03-3000008893312018-12-302019-03-300000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-302019-03-300000889331us-gaap:AdditionalPaidInCapitalMember2018-12-302019-03-300000889331us-gaap:TreasuryStockMember2018-12-302019-03-300000889331us-gaap:CommonStockMember2019-03-300000889331us-gaap:AdditionalPaidInCapitalMember2019-03-300000889331us-gaap:TreasuryStockMember2019-03-300000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-300000889331us-gaap:RetainedEarningsMember2019-03-300000889331us-gaap:NoncontrollingInterestMember2019-03-3000008893312019-03-300000889331us-gaap:RetainedEarningsMember2019-03-312019-06-2900008893312019-03-312019-06-290000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-312019-06-290000889331us-gaap:AdditionalPaidInCapitalMember2019-03-312019-06-290000889331us-gaap:TreasuryStockMember2019-03-312019-06-290000889331us-gaap:CommonStockMember2019-03-312019-06-290000889331us-gaap:CommonStockMember2019-06-290000889331us-gaap:AdditionalPaidInCapitalMember2019-06-290000889331us-gaap:TreasuryStockMember2019-06-290000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-290000889331us-gaap:RetainedEarningsMember2019-06-290000889331us-gaap:NoncontrollingInterestMember2019-06-2900008893312019-06-290000889331us-gaap:RetainedEarningsMember2019-06-302019-09-280000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-302019-09-280000889331us-gaap:AdditionalPaidInCapitalMember2019-06-302019-09-280000889331us-gaap:TreasuryStockMember2019-06-302019-09-280000889331us-gaap:CommonStockMember2019-06-302019-09-280000889331us-gaap:CommonStockMember2019-09-280000889331us-gaap:AdditionalPaidInCapitalMember2019-09-280000889331us-gaap:TreasuryStockMember2019-09-280000889331us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-280000889331us-gaap:RetainedEarningsMember2019-09-280000889331us-gaap:NoncontrollingInterestMember2019-09-28lfus:customer0000889331lfus:ElectronicsPassiveProductsAndSensorsMemberlfus:ElectronicsMember2020-06-282020-09-260000889331lfus:ElectronicsPassiveProductsAndSensorsMemberlfus:AutomotiveMember2020-06-282020-09-260000889331lfus:IndustrialMemberlfus:ElectronicsPassiveProductsAndSensorsMember2020-06-282020-09-260000889331lfus:ElectronicsPassiveProductsAndSensorsMember2020-06-282020-09-260000889331lfus:ElectronicsPassiveProductsAndSensorsMemberlfus:ElectronicsMember2019-12-292020-09-260000889331lfus:ElectronicsPassiveProductsAndSensorsMemberlfus:AutomotiveMember2019-12-292020-09-260000889331lfus:IndustrialMemberlfus:ElectronicsPassiveProductsAndSensorsMember2019-12-292020-09-260000889331lfus:ElectronicsPassiveProductsAndSensorsMember2019-12-292020-09-260000889331lfus:ElectronicsSemiconductorMemberlfus:ElectronicsMember2020-06-282020-09-260000889331lfus:ElectronicsSemiconductorMemberlfus:AutomotiveMember2020-06-282020-09-260000889331lfus:ElectronicsSemiconductorMemberlfus:IndustrialMember2020-06-282020-09-260000889331lfus:ElectronicsSemiconductorMember2020-06-282020-09-260000889331lfus:ElectronicsSemiconductorMemberlfus:ElectronicsMember2019-12-292020-09-260000889331lfus:ElectronicsSemiconductorMemberlfus:AutomotiveMember2019-12-292020-09-260000889331lfus:ElectronicsSemiconductorMemberlfus:IndustrialMember2019-12-292020-09-260000889331lfus:ElectronicsSemiconductorMember2019-12-292020-09-260000889331lfus:ElectronicsMemberlfus:PassengerCarProductsMember2020-06-282020-09-260000889331lfus:PassengerCarProductsMemberlfus:AutomotiveMember2020-06-282020-09-260000889331lfus:IndustrialMemberlfus:PassengerCarProductsMember2020-06-282020-09-260000889331lfus:PassengerCarProductsMember2020-06-282020-09-260000889331lfus:ElectronicsMemberlfus:PassengerCarProductsMember2019-12-292020-09-260000889331lfus:PassengerCarProductsMemberlfus:AutomotiveMember2019-12-292020-09-260000889331lfus:IndustrialMemberlfus:PassengerCarProductsMember2019-12-292020-09-260000889331lfus:PassengerCarProductsMember2019-12-292020-09-260000889331lfus:ElectronicsMemberlfus:AutomotiveSensorsMember2020-06-282020-09-260000889331lfus:AutomotiveSensorsMemberlfus:AutomotiveMember2020-06-282020-09-260000889331lfus:IndustrialMemberlfus:AutomotiveSensorsMember2020-06-282020-09-260000889331lfus:AutomotiveSensorsMember2020-06-282020-09-260000889331lfus:ElectronicsMemberlfus:AutomotiveSensorsMember2019-12-292020-09-260000889331lfus:AutomotiveSensorsMemberlfus:AutomotiveMember2019-12-292020-09-260000889331lfus:IndustrialMemberlfus:AutomotiveSensorsMember2019-12-292020-09-260000889331lfus:AutomotiveSensorsMember2019-12-292020-09-260000889331lfus:CommercialVehicleProductsMemberlfus:ElectronicsMember2020-06-282020-09-260000889331lfus:CommercialVehicleProductsMemberlfus:AutomotiveMember2020-06-282020-09-260000889331lfus:CommercialVehicleProductsMemberlfus:IndustrialMember2020-06-282020-09-260000889331lfus:CommercialVehicleProductsMember2020-06-282020-09-260000889331lfus:CommercialVehicleProductsMemberlfus:ElectronicsMember2019-12-292020-09-260000889331lfus:CommercialVehicleProductsMemberlfus:AutomotiveMember2019-12-292020-09-260000889331lfus:CommercialVehicleProductsMemberlfus:IndustrialMember2019-12-292020-09-260000889331lfus:CommercialVehicleProductsMember2019-12-292020-09-260000889331lfus:ElectronicsMemberlfus:IndustrialProductsMember2020-06-282020-09-260000889331lfus:IndustrialProductsMemberlfus:AutomotiveMember2020-06-282020-09-260000889331lfus:IndustrialMemberlfus:IndustrialProductsMember2020-06-282020-09-260000889331lfus:IndustrialProductsMember2020-06-282020-09-260000889331lfus:ElectronicsMemberlfus:IndustrialProductsMember2019-12-292020-09-260000889331lfus:IndustrialProductsMemberlfus:AutomotiveMember2019-12-292020-09-260000889331lfus:IndustrialMemberlfus:IndustrialProductsMember2019-12-292020-09-260000889331lfus:IndustrialProductsMember2019-12-292020-09-260000889331lfus:ElectronicsMember2020-06-282020-09-260000889331lfus:AutomotiveMember2020-06-282020-09-260000889331lfus:IndustrialMember2020-06-282020-09-260000889331lfus:ElectronicsMember2019-12-292020-09-260000889331lfus:AutomotiveMember2019-12-292020-09-260000889331lfus:IndustrialMember2019-12-292020-09-260000889331lfus:ElectronicsPassiveProductsAndSensorsMemberlfus:ElectronicsMember2019-06-302019-09-280000889331lfus:ElectronicsPassiveProductsAndSensorsMemberlfus:AutomotiveMember2019-06-302019-09-280000889331lfus:IndustrialMemberlfus:ElectronicsPassiveProductsAndSensorsMember2019-06-302019-09-280000889331lfus:ElectronicsPassiveProductsAndSensorsMember2019-06-302019-09-280000889331lfus:ElectronicsPassiveProductsAndSensorsMemberlfus:ElectronicsMember2018-12-302019-09-280000889331lfus:ElectronicsPassiveProductsAndSensorsMemberlfus:AutomotiveMember2018-12-302019-09-280000889331lfus:IndustrialMemberlfus:ElectronicsPassiveProductsAndSensorsMember2018-12-302019-09-280000889331lfus:ElectronicsPassiveProductsAndSensorsMember2018-12-302019-09-280000889331lfus:ElectronicsSemiconductorMemberlfus:ElectronicsMember2019-06-302019-09-280000889331lfus:ElectronicsSemiconductorMemberlfus:AutomotiveMember2019-06-302019-09-280000889331lfus:ElectronicsSemiconductorMemberlfus:IndustrialMember2019-06-302019-09-280000889331lfus:ElectronicsSemiconductorMember2019-06-302019-09-280000889331lfus:ElectronicsSemiconductorMemberlfus:ElectronicsMember2018-12-302019-09-280000889331lfus:ElectronicsSemiconductorMemberlfus:AutomotiveMember2018-12-302019-09-280000889331lfus:ElectronicsSemiconductorMemberlfus:IndustrialMember2018-12-302019-09-280000889331lfus:ElectronicsSemiconductorMember2018-12-302019-09-280000889331lfus:ElectronicsMemberlfus:PassengerCarProductsMember2019-06-302019-09-280000889331lfus:PassengerCarProductsMemberlfus:AutomotiveMember2019-06-302019-09-280000889331lfus:IndustrialMemberlfus:PassengerCarProductsMember2019-06-302019-09-280000889331lfus:PassengerCarProductsMember2019-06-302019-09-280000889331lfus:ElectronicsMemberlfus:PassengerCarProductsMember2018-12-302019-09-280000889331lfus:PassengerCarProductsMemberlfus:AutomotiveMember2018-12-302019-09-280000889331lfus:IndustrialMemberlfus:PassengerCarProductsMember2018-12-302019-09-280000889331lfus:PassengerCarProductsMember2018-12-302019-09-280000889331lfus:ElectronicsMemberlfus:AutomotiveSensorsMember2019-06-302019-09-280000889331lfus:AutomotiveSensorsMemberlfus:AutomotiveMember2019-06-302019-09-280000889331lfus:IndustrialMemberlfus:AutomotiveSensorsMember2019-06-302019-09-280000889331lfus:AutomotiveSensorsMember2019-06-302019-09-280000889331lfus:ElectronicsMemberlfus:AutomotiveSensorsMember2018-12-302019-09-280000889331lfus:AutomotiveSensorsMemberlfus:AutomotiveMember2018-12-302019-09-280000889331lfus:IndustrialMemberlfus:AutomotiveSensorsMember2018-12-302019-09-280000889331lfus:AutomotiveSensorsMember2018-12-302019-09-280000889331lfus:CommercialVehicleProductsMemberlfus:ElectronicsMember2019-06-302019-09-280000889331lfus:CommercialVehicleProductsMemberlfus:AutomotiveMember2019-06-302019-09-280000889331lfus:CommercialVehicleProductsMemberlfus:IndustrialMember2019-06-302019-09-280000889331lfus:CommercialVehicleProductsMember2019-06-302019-09-280000889331lfus:CommercialVehicleProductsMemberlfus:ElectronicsMember2018-12-302019-09-280000889331lfus:CommercialVehicleProductsMemberlfus:AutomotiveMember2018-12-302019-09-280000889331lfus:CommercialVehicleProductsMemberlfus:IndustrialMember2018-12-302019-09-280000889331lfus:CommercialVehicleProductsMember2018-12-302019-09-280000889331lfus:ElectronicsMemberlfus:IndustrialProductsMember2019-06-302019-09-280000889331lfus:IndustrialProductsMemberlfus:AutomotiveMember2019-06-302019-09-280000889331lfus:IndustrialMemberlfus:IndustrialProductsMember2019-06-302019-09-280000889331lfus:IndustrialProductsMember2019-06-302019-09-280000889331lfus:ElectronicsMemberlfus:IndustrialProductsMember2018-12-302019-09-280000889331lfus:IndustrialProductsMemberlfus:AutomotiveMember2018-12-302019-09-280000889331lfus:IndustrialMemberlfus:IndustrialProductsMember2018-12-302019-09-280000889331lfus:IndustrialProductsMember2018-12-302019-09-280000889331lfus:ElectronicsMember2019-06-302019-09-280000889331lfus:AutomotiveMember2019-06-302019-09-280000889331lfus:IndustrialMember2019-06-302019-09-280000889331lfus:ElectronicsMember2018-12-302019-09-280000889331lfus:AutomotiveMember2018-12-302019-09-280000889331lfus:IndustrialMember2018-12-302019-09-280000889331us-gaap:LandMember2020-09-260000889331us-gaap:LandMember2019-12-280000889331us-gaap:BuildingMember2020-09-260000889331us-gaap:BuildingMember2019-12-280000889331us-gaap:EquipmentMember2020-09-260000889331us-gaap:EquipmentMember2019-12-280000889331lfus:ElectronicsMember2019-12-280000889331lfus:AutomotiveMember2019-12-280000889331lfus:IndustrialMember2019-12-280000889331lfus:ElectronicsMember2020-09-260000889331lfus:AutomotiveMember2020-09-260000889331lfus:IndustrialMember2020-09-260000889331lfus:AutomotiveSensorsMember2020-09-260000889331us-gaap:UseRightsMember2020-09-260000889331lfus:PatentsLicensesAndSoftwareMember2020-09-260000889331us-gaap:DistributionRightsMember2020-09-260000889331lfus:CustomerListsTrademarksAndTradeNamesMember2020-09-260000889331us-gaap:UseRightsMember2019-12-280000889331lfus:PatentsLicensesAndSoftwareMember2019-12-280000889331us-gaap:DistributionRightsMember2019-12-280000889331lfus:CustomerListsTrademarksAndTradeNamesMember2019-12-280000889331lfus:ElectronicsMemberus-gaap:EmployeeSeveranceMember2020-06-282020-09-260000889331us-gaap:EmployeeSeveranceMemberlfus:AutomotiveMember2020-06-282020-09-260000889331lfus:IndustrialMemberus-gaap:EmployeeSeveranceMember2020-06-282020-09-260000889331us-gaap:EmployeeSeveranceMember2020-06-282020-09-260000889331lfus:ElectronicsMemberus-gaap:EmployeeSeveranceMember2019-12-292020-09-260000889331us-gaap:EmployeeSeveranceMemberlfus:AutomotiveMember2019-12-292020-09-260000889331lfus:IndustrialMemberus-gaap:EmployeeSeveranceMember2019-12-292020-09-260000889331us-gaap:EmployeeSeveranceMember2019-12-292020-09-260000889331lfus:ElectronicsMemberus-gaap:OtherRestructuringMember2020-06-282020-09-260000889331lfus:AutomotiveMemberus-gaap:OtherRestructuringMember2020-06-282020-09-260000889331lfus:IndustrialMemberus-gaap:OtherRestructuringMember2020-06-282020-09-260000889331us-gaap:OtherRestructuringMember2020-06-282020-09-260000889331lfus:ElectronicsMemberus-gaap:OtherRestructuringMember2019-12-292020-09-260000889331lfus:AutomotiveMemberus-gaap:OtherRestructuringMember2019-12-292020-09-260000889331lfus:IndustrialMemberus-gaap:OtherRestructuringMember2019-12-292020-09-260000889331us-gaap:OtherRestructuringMember2019-12-292020-09-260000889331lfus:ElectronicsMemberus-gaap:EmployeeSeveranceMember2019-06-302019-09-280000889331us-gaap:EmployeeSeveranceMemberlfus:AutomotiveMember2019-06-302019-09-280000889331lfus:IndustrialMemberus-gaap:EmployeeSeveranceMember2019-06-302019-09-280000889331us-gaap:EmployeeSeveranceMember2019-06-302019-09-280000889331lfus:ElectronicsMemberus-gaap:EmployeeSeveranceMember2018-12-302019-09-280000889331us-gaap:EmployeeSeveranceMemberlfus:AutomotiveMember2018-12-302019-09-280000889331lfus:IndustrialMemberus-gaap:EmployeeSeveranceMember2018-12-302019-09-280000889331us-gaap:EmployeeSeveranceMember2018-12-302019-09-280000889331lfus:ElectronicsMemberus-gaap:OtherRestructuringMember2019-06-302019-09-280000889331lfus:AutomotiveMemberus-gaap:OtherRestructuringMember2019-06-302019-09-280000889331lfus:IndustrialMemberus-gaap:OtherRestructuringMember2019-06-302019-09-280000889331us-gaap:OtherRestructuringMember2019-06-302019-09-280000889331lfus:ElectronicsMemberus-gaap:OtherRestructuringMember2018-12-302019-09-280000889331lfus:AutomotiveMemberus-gaap:OtherRestructuringMember2018-12-302019-09-280000889331lfus:IndustrialMemberus-gaap:OtherRestructuringMember2018-12-302019-09-280000889331us-gaap:OtherRestructuringMember2018-12-302019-09-280000889331lfus:IndustrialMemberus-gaap:FacilityClosingMember2020-03-292020-06-270000889331us-gaap:LineOfCreditMember2020-09-260000889331us-gaap:LineOfCreditMember2019-12-280000889331us-gaap:UnsecuredDebtMember2020-09-260000889331us-gaap:UnsecuredDebtMember2019-12-280000889331lfus:EuroSeniorNotesSeriesAMemberus-gaap:SeniorNotesMember2020-09-260000889331lfus:EuroSeniorNotesSeriesAMemberus-gaap:SeniorNotesMember2019-12-280000889331lfus:EuroSeniorNotesSeriesBMemberus-gaap:SeniorNotesMember2020-09-260000889331lfus:EuroSeniorNotesSeriesBMemberus-gaap:SeniorNotesMember2019-12-280000889331lfus:USSeniorNotesSeriesADue2022Memberus-gaap:SeniorNotesMember2020-09-260000889331lfus:USSeniorNotesSeriesADue2022Memberus-gaap:SeniorNotesMember2019-12-280000889331lfus:USSeniorNotesSeriesBDue2027Memberus-gaap:SeniorNotesMember2020-09-260000889331lfus:USSeniorNotesSeriesBDue2027Memberus-gaap:SeniorNotesMember2019-12-280000889331lfus:USSeniorNotesSeriesADue2025Memberus-gaap:SeniorNotesMember2020-09-260000889331lfus:USSeniorNotesSeriesADue2025Memberus-gaap:SeniorNotesMember2019-12-280000889331us-gaap:SeniorNotesMemberlfus:USSeniorNotesSeriesBDue2030Member2020-09-260000889331us-gaap:SeniorNotesMemberlfus:USSeniorNotesSeriesBDue2030Member2019-12-280000889331us-gaap:NotesPayableOtherPayablesMember2020-09-260000889331us-gaap:NotesPayableOtherPayablesMember2019-12-280000889331lfus:CreditAgreementMember2016-03-042016-03-040000889331lfus:CreditAgreementMember2016-03-040000889331lfus:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2016-03-040000889331lfus:TermLoanCreditFacilityMemberlfus:CreditAgreementMember2016-03-040000889331lfus:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2017-10-120000889331lfus:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2017-10-130000889331lfus:TermLoanCreditFacilityMemberlfus:CreditAgreementMember2017-10-130000889331lfus:CreditAgreementMember2017-10-13lfus:advance0000889331lfus:TermLoanCreditFacilityMemberlfus:CreditAgreementMember2017-10-132017-10-130000889331lfus:TermLoanCreditFacilityMemberlfus:CreditAgreementMember2018-01-162018-01-16xbrli:pure0000889331lfus:TermLoanCreditFacilityMemberlfus:CreditAgreementMember2019-12-292020-09-2600008893312020-03-252020-03-250000889331us-gaap:UnsecuredDebtMember2020-04-032020-04-030000889331us-gaap:UnsecuredDebtMember2020-04-020000889331us-gaap:LondonInterbankOfferedRateLIBORMemberlfus:CreditAgreementMembersrt:MinimumMember2016-03-042016-03-040000889331us-gaap:LondonInterbankOfferedRateLIBORMemberlfus:CreditAgreementMembersrt:MaximumMember2016-03-042016-03-040000889331lfus:CreditAgreementMemberus-gaap:BaseRateMembersrt:MinimumMember2016-03-042016-03-040000889331lfus:CreditAgreementMemberus-gaap:BaseRateMembersrt:MaximumMember2016-03-042016-03-040000889331lfus:CreditAgreementMembersrt:MinimumMember2016-03-042016-03-040000889331lfus:CreditAgreementMembersrt:MaximumMember2016-03-042016-03-040000889331lfus:CreditAgreementMember2020-09-260000889331lfus:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2020-09-26iso4217:EUR0000889331lfus:EuroSeniorNotesSeriesAAndBMemberus-gaap:SeniorNotesMember2016-12-08lfus:series0000889331lfus:EuroSeniorNotesSeriesAMemberus-gaap:SeniorNotesMember2016-12-080000889331lfus:EuroSeniorNotesSeriesBMemberus-gaap:SeniorNotesMember2016-12-080000889331us-gaap:SeniorNotesMemberlfus:USSeniorNotesSeriesAAndBMember2016-12-080000889331lfus:USSeniorNotesSeriesAMemberus-gaap:SeniorNotesMember2017-02-150000889331lfus:USSeniorNotesSeriesBMemberus-gaap:SeniorNotesMember2017-02-150000889331lfus:USSeniorNotesAAndBDue2025And2030Memberus-gaap:SeniorNotesMember2017-11-150000889331lfus:USSeniorNotesSeriesADue2025Memberus-gaap:SeniorNotesMember2018-01-160000889331us-gaap:SeniorNotesMemberlfus:USSeniorNotesSeriesBDue2030Member2018-01-160000889331lfus:OtherExpenseIncomeMember2020-06-282020-09-260000889331lfus:OtherExpenseIncomeMember2018-12-302019-09-280000889331lfus:OtherExpenseIncomeMember2020-09-260000889331lfus:OtherExpenseIncomeMember2019-12-2800008893312020-03-232020-03-230000889331us-gaap:FairValueInputsLevel1Member2020-09-260000889331us-gaap:FairValueInputsLevel2Member2020-09-260000889331us-gaap:FairValueInputsLevel3Member2020-09-260000889331us-gaap:FairValueInputsLevel1Member2019-12-280000889331us-gaap:FairValueInputsLevel2Member2019-12-280000889331us-gaap:FairValueInputsLevel3Member2019-12-280000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:EuroSeniorNotesSeriesAMemberus-gaap:SeniorNotesMember2020-09-260000889331lfus:EuroSeniorNotesSeriesAMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-09-260000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:EuroSeniorNotesSeriesAMemberus-gaap:SeniorNotesMember2019-12-280000889331lfus:EuroSeniorNotesSeriesAMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2019-12-280000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:EuroSeniorNotesSeriesBMemberus-gaap:SeniorNotesMember2020-09-260000889331lfus:EuroSeniorNotesSeriesBMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-09-260000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:EuroSeniorNotesSeriesBMemberus-gaap:SeniorNotesMember2019-12-280000889331lfus:EuroSeniorNotesSeriesBMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2019-12-280000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:USSeniorNotesSeriesADue2022Memberus-gaap:SeniorNotesMember2020-09-260000889331us-gaap:EstimateOfFairValueFairValueDisclosureMemberlfus:USSeniorNotesSeriesADue2022Memberus-gaap:SeniorNotesMember2020-09-260000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:USSeniorNotesSeriesADue2022Memberus-gaap:SeniorNotesMember2019-12-280000889331us-gaap:EstimateOfFairValueFairValueDisclosureMemberlfus:USSeniorNotesSeriesADue2022Memberus-gaap:SeniorNotesMember2019-12-280000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:USSeniorNotesSeriesBDue2027Memberus-gaap:SeniorNotesMember2020-09-260000889331lfus:USSeniorNotesSeriesBDue2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-09-260000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:USSeniorNotesSeriesBDue2027Memberus-gaap:SeniorNotesMember2019-12-280000889331lfus:USSeniorNotesSeriesBDue2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2019-12-280000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:USSeniorNotesSeriesADue2025Memberus-gaap:SeniorNotesMember2020-09-260000889331us-gaap:EstimateOfFairValueFairValueDisclosureMemberlfus:USSeniorNotesSeriesADue2025Memberus-gaap:SeniorNotesMember2020-09-260000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberlfus:USSeniorNotesSeriesADue2025Memberus-gaap:SeniorNotesMember2019-12-280000889331us-gaap:EstimateOfFairValueFairValueDisclosureMemberlfus:USSeniorNotesSeriesADue2025Memberus-gaap:SeniorNotesMember2019-12-280000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberlfus:USSeniorNotesSeriesBDue2030Member2020-09-260000889331us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberlfus:USSeniorNotesSeriesBDue2030Member2020-09-260000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberlfus:USSeniorNotesSeriesBDue2030Member2019-12-280000889331us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberlfus:USSeniorNotesSeriesBDue2030Member2019-12-280000889331us-gaap:LandAndBuildingMember2019-12-292020-03-280000889331us-gaap:PatentsMember2019-12-292020-03-280000889331us-gaap:FairValueMeasurementsNonrecurringMember2019-12-292020-09-260000889331us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2020-09-260000889331us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-09-260000889331us-gaap:ForeignPlanMember2020-06-282020-09-260000889331us-gaap:ForeignPlanMember2019-06-302019-09-280000889331us-gaap:ForeignPlanMember2019-12-292020-09-260000889331us-gaap:ForeignPlanMember2018-12-302019-09-2800008893312020-04-070000889331srt:ScenarioForecastMembersrt:MinimumMember2021-07-012021-12-310000889331srt:ScenarioForecastMembersrt:MaximumMember2021-07-012021-12-3100008893312020-04-062020-04-06iso4217:GBP0000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-062020-04-060000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-282020-09-260000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-06-302019-09-280000889331us-gaap:AccumulatedTranslationAdjustmentMember2020-06-282020-09-260000889331us-gaap:AccumulatedTranslationAdjustmentMember2019-06-302019-09-280000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-292020-09-260000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-302019-09-280000889331us-gaap:AccumulatedTranslationAdjustmentMember2019-12-292020-09-260000889331us-gaap:AccumulatedTranslationAdjustmentMember2018-12-302019-09-280000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-280000889331us-gaap:AccumulatedTranslationAdjustmentMember2019-12-280000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-260000889331us-gaap:AccumulatedTranslationAdjustmentMember2020-09-260000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-290000889331us-gaap:AccumulatedTranslationAdjustmentMember2018-12-290000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-280000889331us-gaap:AccumulatedTranslationAdjustmentMember2019-09-280000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-06-282020-09-260000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-06-302019-09-280000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-12-292020-09-260000889331us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2018-12-302019-09-280000889331us-gaap:EmployeeStockOptionMember2020-06-282020-09-260000889331us-gaap:EmployeeStockOptionMember2019-06-302019-09-280000889331us-gaap:EmployeeStockOptionMember2019-12-292020-09-260000889331us-gaap:EmployeeStockOptionMember2018-12-302019-09-280000889331lfus:A2018ShareRepurchaseProgramMember2019-05-010000889331lfus:A2019ShareRepurchaseProgramMember2019-04-260000889331lfus:A2020ShareRepurchaseProgramMember2020-04-230000889331lfus:PowersemMember2020-09-260000889331lfus:EBTechMember2020-09-260000889331lfus:ATECMember2020-09-260000889331lfus:PowersemMember2020-06-282020-09-260000889331lfus:EBTechMember2020-06-282020-09-260000889331lfus:ATECMember2020-06-282020-09-260000889331lfus:PowersemMember2019-06-302019-09-280000889331lfus:EBTechMember2019-06-302019-09-280000889331lfus:ATECMember2019-06-302019-09-280000889331lfus:PowersemMember2019-12-292020-09-260000889331lfus:EBTechMember2019-12-292020-09-260000889331lfus:ATECMember2019-12-292020-09-260000889331lfus:PowersemMember2018-12-302019-09-280000889331lfus:EBTechMember2018-12-302019-09-280000889331lfus:ATECMember2018-12-302019-09-280000889331lfus:PowersemMember2019-12-280000889331lfus:EBTechMember2019-12-280000889331lfus:ATECMember2019-12-280000889331lfus:MWTMember2019-04-262019-04-26lfus:segment0000889331us-gaap:OperatingSegmentsMemberlfus:ElectronicsMember2020-06-282020-09-260000889331us-gaap:OperatingSegmentsMemberlfus:ElectronicsMember2019-06-302019-09-280000889331us-gaap:OperatingSegmentsMemberlfus:ElectronicsMember2019-12-292020-09-260000889331us-gaap:OperatingSegmentsMemberlfus:ElectronicsMember2018-12-302019-09-280000889331us-gaap:OperatingSegmentsMemberlfus:AutomotiveMember2020-06-282020-09-260000889331us-gaap:OperatingSegmentsMemberlfus:AutomotiveMember2019-06-302019-09-280000889331us-gaap:OperatingSegmentsMemberlfus:AutomotiveMember2019-12-292020-09-260000889331us-gaap:OperatingSegmentsMemberlfus:AutomotiveMember2018-12-302019-09-280000889331us-gaap:OperatingSegmentsMemberlfus:IndustrialMember2020-06-282020-09-260000889331us-gaap:OperatingSegmentsMemberlfus:IndustrialMember2019-06-302019-09-280000889331us-gaap:OperatingSegmentsMemberlfus:IndustrialMember2019-12-292020-09-260000889331us-gaap:OperatingSegmentsMemberlfus:IndustrialMember2018-12-302019-09-280000889331us-gaap:CorporateNonSegmentMemberus-gaap:AllOtherSegmentsMember2020-06-282020-09-260000889331us-gaap:CorporateNonSegmentMemberus-gaap:AllOtherSegmentsMember2019-06-302019-09-280000889331us-gaap:CorporateNonSegmentMemberus-gaap:AllOtherSegmentsMember2019-12-292020-09-260000889331us-gaap:CorporateNonSegmentMemberus-gaap:AllOtherSegmentsMember2018-12-302019-09-280000889331us-gaap:AllOtherSegmentsMemberus-gaap:OperatingIncomeLossMember2020-06-282020-09-260000889331us-gaap:AllOtherSegmentsMemberus-gaap:OperatingIncomeLossMember2019-12-292020-09-260000889331us-gaap:OperatingIncomeLossMember2020-06-282020-09-260000889331us-gaap:OperatingIncomeLossMember2019-12-292020-09-260000889331us-gaap:FacilityClosingMemberlfus:AutomotiveMember2020-03-292020-06-270000889331lfus:AutomotiveMember2019-12-292020-03-280000889331us-gaap:OperatingIncomeLossMember2019-06-302019-09-280000889331us-gaap:OperatingIncomeLossMember2018-12-302019-09-280000889331lfus:IXYSMemberus-gaap:EmployeeSeveranceMember2019-06-302019-09-280000889331lfus:IXYSMemberus-gaap:EmployeeSeveranceMember2018-12-302019-09-280000889331country:US2020-06-282020-09-260000889331country:US2019-06-302019-09-280000889331country:US2019-12-292020-09-260000889331country:US2018-12-302019-09-280000889331country:CN2020-06-282020-09-260000889331country:CN2019-06-302019-09-280000889331country:CN2019-12-292020-09-260000889331country:CN2018-12-302019-09-280000889331lfus:OtherCountriesMember2020-06-282020-09-260000889331lfus:OtherCountriesMember2019-06-302019-09-280000889331lfus:OtherCountriesMember2019-12-292020-09-260000889331lfus:OtherCountriesMember2018-12-302019-09-280000889331country:US2020-09-260000889331country:US2019-12-280000889331country:CN2020-09-260000889331country:CN2019-12-280000889331country:MX2020-09-260000889331country:MX2019-12-280000889331country:DE2020-09-260000889331country:DE2019-12-280000889331country:PH2020-09-260000889331country:PH2019-12-280000889331lfus:OtherCountriesMember2020-09-260000889331lfus:OtherCountriesMember2019-12-280000889331country:MX2019-12-292020-09-260000889331country:MX2018-12-302019-09-280000889331country:DE2019-12-292020-09-260000889331country:DE2018-12-302019-09-280000889331country:PH2019-12-292020-09-260000889331country:PH2018-12-302019-09-28
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 26, 2020
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)
Delaware36-3795742
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
8755 West Higgins Road 
 Suite 500
ChicagoIllinois60631
(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 SymbolName of exchange on which registered
Common Stock, $0.01 par valueLFUSNASDAQGlobal 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 23, 2020, the registrant had outstanding 24,375,049 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 26, 2020 (unaudited) and December 28, 2019
 Condensed Consolidated Statements of Net Income for the three and nine months ended September 26, 2020 (unaudited) and September 28, 2019 (unaudited)
 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 26, 2020 (unaudited) and September 28, 2019 (unaudited)
 Condensed Consolidated Statements of Cash Flows for the nine months ended September 26, 2020 (unaudited) and September 28, 2019 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity for the nine months ended September 26, 2020 (unaudited) and September 28, 2019 (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 26,
2020
December 28,
2019
ASSETS  
Current assets:  
Cash and cash equivalents$641,890 $531,139 
Short-term investments52 44 
Trade receivables, less allowances of $42,737 and $42,043 at September 26, 2020 and December 28, 2019, respectively
231,930 202,309 
Inventories243,832 237,507 
Prepaid income taxes and income taxes receivable1,218 4,831 
Prepaid expenses and other current assets30,012 28,564 
Total current assets1,148,934 1,004,394 
Net property, plant, and equipment339,870 344,617 
Intangible assets, net of amortization296,159 321,247 
Goodwill799,791 820,589 
Investments26,066 24,099 
Deferred income taxes7,173 8,069 
Right of use lease assets, net18,811 21,918 
Other assets17,566 14,965 
Total assets$2,654,370 $2,559,898 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$120,938 $117,320 
Accrued liabilities98,437 84,120 
Accrued income taxes15,231 14,122 
Current portion of long-term debt 10,000 
Total current liabilities234,606 225,562 
Long-term debt, less current portion725,507 669,158 
Deferred income taxes46,584 49,763 
Accrued post-retirement benefits40,279 38,198 
Non-current operating lease liabilities14,193 17,166 
Other long-term liabilities63,639 64,037 
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, September 26, 2020–26,015,067; December 28, 2019–25,855,203
258 256 
Treasury stock, at cost: 1,644,103 and 1,473,901 shares, respectively
(242,323)(216,447)
Additional paid-in capital891,924 867,996 
Accumulated other comprehensive loss(107,238)(106,823)
Retained earnings986,810 950,901 
Littelfuse, Inc. shareholders’ equity1,529,431 1,495,883 
Non-controlling interest131 131 
Total equity1,529,562 1,496,014 
Total liabilities and equity$2,654,370 $2,559,898 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
3

Table of Contents

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
 Three Months EndedNine Months Ended
(in thousands, except per share data)September 26,
2020
September 28,
2019
September 26,
2020
September 28,
2019
Net sales$391,566 $361,971 $1,044,999 $1,165,350 
Cost of sales253,390 231,025 684,012 737,368 
Gross profit138,176 130,946 360,987 427,982 
Selling, general, and administrative expenses50,465 54,224 158,832 174,845 
Goodwill impairment charge  33,841  
Research and development expenses13,049 19,728 41,044 62,595 
Amortization of intangibles10,104 9,827 29,912 30,068 
Total operating expenses73,618 83,779 263,629 267,508 
Operating income64,558 47,167 97,358 160,474 
Interest expense4,988 5,559 16,261 16,834 
Foreign exchange (gain) loss(6,174)4,968 (9,600)5,636 
Other income, net(1,682)(4,764)(1,643)(3,406)
Income before income taxes67,426 41,404 92,340 141,410 
Income taxes12,070 5,757 21,331 24,982 
Net income$55,356 $35,647 $71,009 $116,428 
Income per share:    
Basic$2.27 $1.46 $2.92 $4.72 
Diluted$2.25 $1.44 $2.89 $4.68 
Weighted-average shares and equivalent shares outstanding:
Basic24,357 24,482 24,354 24,646 
Diluted24,573 24,684 24,535 24,894 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

4

Table of Contents
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three Months EndedNine Months Ended
(in thousands)September 26,
2020
September 28,
2019
September 26,
2020
September 28,
2019
Net income$55,356 $35,647 $71,009 $116,428 
Other comprehensive income (loss):
Pension and postemployment adjustment, net of tax563 137 (9,715)249 
Foreign currency translation adjustments16,418 (17,163)9,300 (14,933)
Comprehensive income$72,337 $18,621 $70,594 $101,744 
 
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 26, 2020September 28, 2019
OPERATING ACTIVITIES  
Net income$71,009 $116,428 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation41,953 38,988 
Amortization of intangibles29,912 30,068 
Deferred revenue(438)(228)
Impairment charges 36,078 322 
Stock-based compensation14,544 15,738 
(Gain) loss on investments and other assets(1,200)559 
Deferred income taxes1,567 (203)
Other(8,549)8,267 
Changes in operating assets and liabilities:
Trade receivables(29,362)2,781 
Inventories(1,611)18,102 
Accounts payable6,661 (29,453)
Accrued liabilities and income taxes(2,095)(44,241)
Prepaid expenses and other assets5,787 3,735 
Net cash provided by operating activities164,256 160,863 
INVESTING ACTIVITIES  
Acquisitions of businesses, net of cash acquired (775)
Purchases of property, plant, and equipment(41,536)(38,397)
Net proceeds from sale of property, plant and equipment148 6,212 
Net cash used in investing activities(41,388)(32,960)
FINANCING ACTIVITIES  
Proceeds of revolving credit facility240,000  
Payments of revolving credit facility(60,000) 
Payments of term loan(145,000)(7,500)
Net proceeds related to stock-based award activities6,437 4,412 
Purchases of common stock(22,927)(99,387)
Debt issuance costs(1,786) 
Cash dividends paid(35,100)(32,990)
Net cash used in financing activities(18,376)(135,465)
Effect of exchange rate changes on cash and cash equivalents6,259 (6,114)
Increase (decrease) in cash and cash equivalents110,751 (13,676)
Cash and cash equivalents at beginning of period531,139 489,733 
Cash and cash equivalents at end of period$641,890 $476,057 
Supplementary Cash Flow Information
Cash paid during the period for interest$17,228 $17,872 
Capital expenditures, not yet paid$6,267 $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 StockAddl. Paid in CapitalTreasury StockAccum. Other Comp. (Loss) IncomeRetained EarningsNon-controlling InterestTotal
Balance at December 28, 2019$256 $867,996 $(216,447)$(106,823)$950,901 $131 $1,496,014 
Net income— — — — 24,644 — 24,644 
Other comprehensive loss, net of tax— — — (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 ($0.48 per share)
— — — — (11,725)— (11,725)
Balance at March 28, 2020$256 $874,360 $(239,817)$(121,802)$963,820 $131 $1,476,948 
Net loss— — — — (8,991)— (8,991)
Other comprehensive loss, net of tax— — — (2,417)— — (2,417)
Stock-based compensation— 7,887 — — — — 7,887 
Withheld shares on restricted share units for withholding taxes— — (2,375)— — — (2,375)
Stock options exercised1 3,059 — — — — 3,060 
Cash dividends paid ($0.48 per share)
— — — — (11,678)— (11,678)
Balance at June 27, 2020$257 $885,306 $(242,192)$(124,219)$943,151 $131 $1,462,434 
Net income— — — — 55,356 — 55,356 
Other comprehensive income, net of tax— — — 16,981 — — 16,981 
Stock-based compensation— 3,692 — — — — 3,692 
Withheld shares on restricted share units for withholding taxes— — (131)— — — (131)
Stock options exercised1 2,926 — — — — 2,927 
Cash dividends paid ($0.48 per share)
— — — — (11,697)— (11,697)
Balance at September 26, 2020$258 $891,924 $(242,323)$(107,238)$986,810 $131 $1,529,562 

See accompanying Notes to Condensed Consolidated Financial Statements.
7

Table of Contents
 Littelfuse, Inc. Shareholders’ Equity  
(in thousands, except share and per share data)Common StockAddl. Paid in CapitalTreasury StockAccum. Other Comp. (Loss) IncomeRetained EarningsNon-controlling InterestTotal
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 loss, 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 exercised1 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 exercised1 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 

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. 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 and nine months ended September 26, 2020 and September 28, 2019:
 
 Three Months Ended September 26, 2020Nine Months Ended September 26, 2020
(in thousands)Electronics
Segment
Automotive
Segment
Industrial
Segment
 
Total
Electronics
Segment
Automotive
Segment
Industrial
Segment
 
Total
Electronics – Passive Products and Sensors$108,253 $ $ $108,253 $285,697 $ $ $285,697 
Electronics – Semiconductor147,096   147,096 407,112   407,112 
Passenger Car Products 52,691  52,691  135,645  135,645 
Automotive Sensors 26,093  26,093  64,166  64,166 
Commercial Vehicle Products 25,940  25,940  71,682  71,682 
Industrial Products  31,493 31,493   80,697 80,697 
Total$255,349 $104,724 $31,493 $391,566 $692,809 $271,493 $80,697 $1,044,999 





9

Table of Contents
 Three Months Ended September 28, 2019Nine 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 – Semiconductor132,486   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 

 
See Note 14, 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.
10

Table of Contents


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 other 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