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Table of Contents
United States
Securities and Exchange Commission
Washington, D.C. 20549
 
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 26, 2021
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, 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 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 July 23, 2021, the registrant had outstanding 24,617,137 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 June 26, 2021 (unaudited) and December 26, 2020
 Condensed Consolidated Statements of Net Income (Loss) for the three and six months ended June 26, 2021 (unaudited) and June 27, 2020 (unaudited)
 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 26, 2021 (unaudited) and June 27, 2020 (unaudited)
 Condensed Consolidated Statements of Cash Flows for the six months ended June 26, 2021 (unaudited) and June 27, 2020 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity for the six months ended June 26, 2021 (unaudited) and June 27, 2020 (unaudited)
 
Item 2.
Item 3.
Item 4.
PART II 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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LITTELFUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)June 26,
2021
December 26,
2020
ASSETS  
Current assets:  
Cash and cash equivalents$616,330 $687,525 
Short-term investments18 54 
Trade receivables, less allowances of $46,328 and $45,237 at June 26, 2021 and December 26, 2020, respectively
313,332 232,760 
Inventories325,774 258,002 
Prepaid income taxes and income taxes receivable3,961 3,029 
Prepaid expenses and other current assets59,503 35,939 
Total current assets1,318,918 1,217,309 
Net property, plant, and equipment352,826 344,178 
Intangible assets, net of amortization307,771 291,887 
Goodwill851,070 816,812 
Investments39,255 30,547 
Deferred income taxes9,837 11,224 
Right of use lease assets, net28,465 17,615 
Other assets19,356 18,021 
Total assets$2,927,498 $2,747,593 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$205,138 $145,984 
Accrued liabilities126,445 110,478 
Accrued income taxes25,109 19,186 
Current portion of long-term debt25,000  
Total current liabilities381,692 275,648 
Long-term debt, less current portion626,917 687,034 
Deferred income taxes47,518 50,134 
Accrued post-retirement benefits43,176 45,802 
Non-current operating lease liabilities19,241 12,950 
Other long-term liabilities66,734 67,252 
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, June 26, 2021–26,280,882; December 26, 2020–26,131,544
260 259 
Additional paid-in capital930,106 907,858 
Treasury stock, at cost: 1,664,200 and 1,644,283 shares, respectively
(247,963)(242,366)
Accumulated other comprehensive loss(90,574)(91,157)
Retained earnings1,150,260 1,034,048 
Littelfuse, Inc. shareholders’ equity1,742,089 1,608,642 
Non-controlling interest131 131 
Total equity1,742,220 1,608,773 
Total liabilities and equity$2,927,498 $2,747,593 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
(Unaudited)
 Three Months EndedSix Months Ended
(in thousands, except per share data)June 26,
2021
June 27,
2020
June 26,
2021
June 27,
2020
Net sales$523,488 $307,337 $987,282 $653,433 
Cost of sales326,092 207,435 629,420 429,175 
Gross profit197,396 99,902 357,862 224,258 
Selling, general, and administrative expenses73,315 53,199 131,603 104,399 
Research and development expenses16,394 13,161 31,133 27,624 
Amortization of intangibles10,641 9,827 21,162 19,808 
Restructuring, impairment, and other charges789 35,665 1,226 39,627 
Total operating expenses101,139 111,852 185,124 191,458 
Operating income (loss)96,257 (11,950)172,738 32,800 
Interest expense4,626 5,855 9,299 11,273 
Foreign exchange (gain) loss(1,676)(6,010)5,161 (3,426)
Other (income) expense, net(1,890)(1,210)(9,627)39 
Income (loss) before income taxes95,197 (10,585)167,905 24,914 
Income taxes13,102 (1,594)28,097 9,261 
Net income (loss)$82,095 $(8,991)$139,808 $15,653 
Earnings (loss) per share:    
Basic$3.34 $(0.37)$5.69 $0.64 
Diluted$3.30 $(0.37)$5.62 $0.64 
Weighted-average shares and equivalent shares outstanding:
Basic24,592 24,312 24,562 24,353 
Diluted24,900 24,312 24,894 24,520 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 Three Months EndedSix Months Ended
(in thousands)June 26,
2021
June 27,
2020
June 26,
2021
June 27,
2020
Net income (loss)$82,095 $(8,991)$139,808 $15,653 
Other comprehensive income (loss):
Pension and postemployment adjustment, net of tax329 (10,839)783 (10,278)
Foreign currency translation adjustments5,125 8,422 (200)(7,118)
Comprehensive income (loss)$87,549 $(11,408)$140,391 $(1,743)
 
See accompanying Notes to Condensed Consolidated Financial Statements.

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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 Six Months Ended
(in thousands)June 26, 2021June 27, 2020
OPERATING ACTIVITIES  
Net income$139,808 $15,653 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation27,251 27,728 
Amortization of intangibles21,162 19,808 
Deferred revenue(316)(289)
Non-cash inventory charges6,807  
Impairment charges  36,078 
Stock-based compensation12,238 10,852 
(Gain) loss on investments and other assets(8,865)542 
Deferred income taxes(2,172)2,512 
Other7,842 (1,222)
Changes in operating assets and liabilities:
Trade receivables(69,881)13,914 
Inventories(38,205)(10,761)
Accounts payable38,955 3,439 
Accrued liabilities and income taxes4,488 (19,144)
Prepaid expenses and other assets(12,766)2,176 
Net cash provided by operating activities126,346 101,286 
INVESTING ACTIVITIES  
Acquisitions of businesses, net of cash acquired(109,852) 
Purchases of property, plant, and equipment(32,657)(29,479)
Net proceeds from sale of property, plant and equipment, and other2,569 89 
Net cash used in investing activities(139,940)(29,390)
FINANCING ACTIVITIES  
Proceeds of revolving credit facility 240,000 
Payments of revolving credit facility(30,000) 
Payments of term loan (145,000)
Net proceeds related to stock-based award activities4,413 3,642 
Purchases of common stock (22,927)
Debt issuance costs (1,786)
Cash dividends paid(23,596)(23,403)
Net cash (used in) provided by financing activities(49,183)50,526 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(2,894)(1,694)
(Decrease) increase in cash, cash equivalents, and restricted cash(65,671)120,728 
Cash, cash equivalents, and restricted cash at beginning of period687,525 531,139 
Cash, cash equivalents, and restricted cash at end of period$621,854 $651,867 
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents$616,330 $651,867 
Restricted cash included in prepaid expenses and other current assets$3,790  
Restricted cash included in other assets$1,734 $ 
Cash paid during the period for interest$8,719 $10,799 
Capital expenditures, not yet paid$6,826 $4,665 
 See accompanying Notes to Condensed Consolidated Financial Statements.
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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)Retained EarningsNon-controlling InterestTotal
Balance at December 26, 2020$259 $907,858 $(242,366)$(91,157)$1,034,048 $131 $1,608,773 
Net income— — — — 57,713 — 57,713 
Other comprehensive loss, net of tax— — — (4,871)— — (4,871)
Stock-based compensation— 3,395 — — — — 3,395 
Stock options exercised— 7,509 — — — — 7,509 
Cash dividends paid ($0.48 per share)
— — — — (11,782)— (11,782)
Balance at March 27, 2021$259 $918,762 $(242,366)$(96,028)$1,079,979 $131 $1,660,737 
Net income— — — — 82,095 — 82,095 
Other comprehensive loss, net of tax— — — 5,454 — — 5,454 
Stock-based compensation— 8,843 — — — — 8,843 
Withheld shares on restricted share units for withholding taxes— — (5,597)— — — (5,597)
Stock options exercised1 2,501 — — — — 2,502 
Cash dividends paid ($0.48 per share)
— — — — (11,814)— (11,814)
Balance at June 26, 2021$260 $930,106 $(247,963)$(90,574)$1,150,260 $131 $1,742,220 

See accompanying Notes to Condensed Consolidated Financial Statements.
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 Littelfuse, Inc. Shareholders’ Equity  
(in thousands, except share and per share data)Common StockAddl. Paid in CapitalTreasury StockAccum. Other Comp. (Loss)Retained 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 

See accompanying Notes to Condensed Consolidated Financial Statements.
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Notes to Condensed Consolidated Financial Statements 
 
1. Summary of Significant Accounting Policies and Other Information
 
Nature of Operations 
 
Founded in 1927, Littelfuse is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 countries, and with 12,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day.

 
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 26, 2020 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 six months ended June 26, 2021 and June 27, 2020:
 
 Three Months Ended June 26, 2021Six Months Ended June 26, 2021
(in thousands)Electronics
Segment
Automotive
Segment
Industrial
Segment
 
Total
Electronics
Segment
Automotive
Segment
Industrial
Segment
 
Total
Electronics – Passive Products and Sensors$155,276 $ $ $155,276 $287,713 $ $ $287,713 
Electronics – Semiconductor170,071   170,071 324,169   324,169 
Passenger Car Products 68,048  68,048  135,949  135,949 
Automotive Sensors 26,685  26,685  54,969  54,969 
Commercial Vehicle Products 38,585  38,585  70,929  70,929 
Industrial Products  64,823 64,823   113,553 113,553 
Total$325,347 $133,318 $64,823 $523,488 $611,882 $261,847 $113,553 $987,282 





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 Three Months Ended June 27, 2020Six Months Ended June 27, 2020
(in thousands)Electronics
Segment
Automotive
Segment
Industrial
Segment
 
Total
Electronics
Segment
Automotive
Segment
Industrial
Segment
 
Total
Electronics – Passive Products and Sensors$92,846 $ $ $92,846 $177,444 $ $ $177,444 
Electronics – Semiconductor130,425   130,425 260,016   260,016 
Passenger Car Products 30,309  30,309  82,954  82,954 
Automotive Sensors 13,899  13,899  38,073  38,073 
Commercial Vehicle Products 17,791  17,791  45,742  45,742 
Industrial Products  22,067 22,067   49,204 49,204 
Total$223,271 $61,999 $22,067 $307,337 $437,460 $166,769 $49,204 $653,433 

 
See Note 15, 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.
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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.
 
Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash at June 26, 2021 and December 26, 2020 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows.

(in thousands)June 26,
2021
December 26,
2020
Cash and cash equivalents$616,330 $687,525 
Restricted cash included in prepaid expenses and other current assets3,790  
Restricted cash included in other assets1,734 $ 
Total cash, cash equivalents and restricted cash$621,854 $687,525 

Recently Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes" as part of its initiative to reduce complexity in the accounting standards. The guidance is effective for fiscal years beginning after December 15, 2020 with early adoption permitted. The adoption of ASU 2019-12 did not have a material impact on our Condensed Consolidated Financial Statements.


2. Acquisitions
 
The Company accounts for acquisitions using the acquisition method in accordance with ASC 805, “Business Combinations,” in which assets acquired and liabilities assumed are recorded at fair value as of the date of acquisition. The operating results of the acquired business are included in the Company’s Consolidated Financial Statements from the date of the acquisition.

Hartland Controls

On January 28, 2021, the Company acquired Hartland Controls ("Hartland"), a manufacturer and leading supplier of electrical components used primarily in heating, ventilation, air conditioning (HVAC) and other industrial and control systems applications with annualized sales of approximately $70 million. The purchase price for Hartland was approximately $112.3 million and the operations of Hartland are included in the Industrial segment.

The total purchase consideration of $109.9 million, net of cash, cash equivalents, and restricted cash has been allocated, on a preliminary basis, to assets acquired and liabilities assumed, as of the completion of the acquisition, based on preliminary estimated fair values. The purchase consideration is subject to change for the final working capital adjustments. As of June 26, 2021, the Company had restricted cash of $1.7 million in an escrow account for general indemnification purposes. The purchase price allocation is preliminary because the evaluations necessary to assess the fair values of the net assets acquired are still in process. The primary areas that are not yet finalized relate to the completion of the valuation of certain contingent liabilities. As a result, these allocations are subject to change during the purchase price allocation period as the valuations are finalized.

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

(in thousands)Purchase Price
Allocation
Total purchase consideration: 
Cash, net of cash acquired, and restricted cash $109,852 
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net13,027 
Inventories35,808 
Other current assets2,224 
Property, plant, and equipment6,296 
Intangible assets39,660 
Goodwill40,442 
Other non-current assets3,787 
Current liabilities(24,846)
Other non-current liabilities(6,546)
 $109,852 
During the three months ended June 26, 2021, the Company recorded a cumulative net measurement period adjustment that increased goodwill by $ 1.5 million and resulted in a decrease to the fair value assigned to trade receivables, inventories and net current liabilities of $1.3 million, $0.5 million and $0.3 million, respectively. The measurement period adjustment was primarily associated with certain contingent liabilities and customer settlements. The Company made these measurement period adjustments to reflect facts and circumstances that existed as of the acquisition date.

All Hartland goodwill, other assets and liabilities were recorded in the Industrial segment and are primarily reflected in the Americas and Asia-Pacific geographic areas. The goodwill resulting from this acquisition consists largely of the Company’s expected future product sales and synergies from combining Hartland’s products and technology with the Company’s existing industrial products portfolio. Goodwill resulting from the Hartland acquisition is not expected to be deductible for tax purposes.
 
Included in the Company’s Condensed Consolidated Statements of Net Income for the three and six months ended June 26, 2021 are net sales of approximately $26.4 million and $43.1 million respectively, and a loss before income taxes of $0.3 million and $2.5 million, respectively since the January 28, 2021 acquisition of Hartland.

The Company recorded a $6.8 million step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. The step-up was amortized as a non-cash charge to cost of goods sold during the first and second quarters of 2021, as the acquired inventory was sold, and is reflected as other non-segment costs. During the three and six months ended June 26, 2021, the Company recognized a charge of $3.3 million and $6.8 million for the amortization of this fair value inventory step-up.
 
During the three and six months ended June 26, 2021, the Company incurred approximately $0.1 million and $0.8 million of legal and professional fees related to this acquisition recognized as Selling, general, and administrative expenses. These costs were reflected as other non-segment costs.

Pro Forma Results
The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company and Hartland as though the acquisition had occurred as of December 29, 2019. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the Hartland acquisition occurred as of December 29, 2019 or of future consolidated operating results.
 
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 For the Three Months EndedFor the Six Months Ended
(in thousands, except per share amounts)June 26,
2021
June 27, 2020June 26,
2021
June 27, 2020
Net sales$523,488 $323,713 $994,320 $687,330 
Income (loss) before income taxes98,644 (10,392)175,939 21,039 
Net income (loss)84,818 (8,873)146,143 12,565 
Net income (loss) per share — basic3.45 (0.36)5.95 0.52 
Net income (loss) per share — diluted3.41 (0.36)5.87