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Table of Contents
United States
Securities and Exchange Commission
Washington, D.C. 20549
 
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 25, 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 October 22, 2021, the registrant had outstanding 24,632,027 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 25, 2021 (unaudited) and December 26, 2020
 Condensed Consolidated Statements of Net Income for the three and nine months ended September 25, 2021 (unaudited) and September 26, 2020 (unaudited)
 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 25, 2021 (unaudited) and September 26, 2020 (unaudited)
 Condensed Consolidated Statements of Cash Flows for the nine months ended September 25, 2021 (unaudited) and September 26, 2020 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity for the nine months ended September 25, 2021 (unaudited) and September 26, 2020 (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 25,
2021
December 26,
2020
ASSETS  
Current assets:  
Cash and cash equivalents$690,682 $687,525 
Short-term investments28 54 
Trade receivables, less allowances of $53,006 and $45,237 at September 25, 2021 and December 26, 2020, respectively
325,739 232,760 
Inventories357,024 258,002 
Prepaid income taxes and income taxes receivable2,695 3,029 
Prepaid expenses and other current assets59,768 35,939 
Total current assets1,435,936 1,217,309 
Net property, plant, and equipment364,329 344,178 
Intangible assets, net of amortization295,766 291,887 
Goodwill847,205 816,812 
Investments39,885 30,547 
Deferred income taxes9,575 11,224 
Right of use lease assets, net24,375 17,615 
Other assets21,447 18,021 
Total assets$3,038,518 $2,747,593 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$221,889 $145,984 
Accrued liabilities139,670 110,478 
Accrued income taxes32,462 19,186 
Current portion of long-term debt27,619  
Total current liabilities421,640 275,648 
Long-term debt, less current portion620,112 687,034 
Deferred income taxes50,365 50,134 
Accrued post-retirement benefits42,026 45,802 
Non-current operating lease liabilities17,440 12,950 
Other long-term liabilities65,537 67,252 
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, September 25, 2021–26,292,015; December 26, 202026,131,544
260 259 
Additional paid-in capital935,351 907,858 
Treasury stock, at cost: 1,664,571 and 1,644,283 shares, respectively
(248,078)(242,366)
Accumulated other comprehensive loss(95,528)(91,157)
Retained earnings1,229,262 1,034,048 
Littelfuse, Inc. shareholders’ equity1,821,267 1,608,642 
Non-controlling interest131 131 
Total equity1,821,398 1,608,773 
Total liabilities and equity$3,038,518 $2,747,593 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
 Three Months EndedNine Months Ended
(in thousands, except per share data)September 25,
2021
September 26,
2020
September 25,
2021
September 26,
2020
Net sales$539,581 $391,566 $1,526,863 $1,044,999 
Cost of sales325,009 252,735 954,429 681,910 
Gross profit214,572 138,831 572,434 363,089 
Selling, general, and administrative expenses67,468 49,929 199,071 154,328 
Research and development expenses15,779 12,963 46,912 40,587 
Amortization of intangibles10,446 10,104 31,608 29,912 
Restructuring, impairment, and other charges772 1,277 1,998 40,904 
Total operating expenses94,465 74,273 279,589 265,731 
Operating income120,107 64,558 292,845 97,358 
Interest expense4,602 4,988 13,901 16,261 
Foreign exchange loss (gain)3,154 (6,174)8,315 (9,600)
Other income, net(1,240)(1,682)(10,867)(1,643)
Income before income taxes113,591 67,426 281,496 92,340 
Income taxes21,537 12,070 49,634 21,331 
Net income$92,054 $55,356 $231,862 $71,009 
Earnings per share:    
Basic$3.74 $2.27 $9.43 $2.92 
Diluted$3.69 $2.25 $9.31 $2.89 
Weighted-average shares and equivalent shares outstanding:
Basic24,622 24,357 24,582 24,354 
Diluted24,926 24,573 24,904 24,535 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three Months EndedNine Months Ended
(in thousands)September 25,
2021
September 26,
2020
September 25,
2021
September 26,
2020
Net income$92,054 $55,356 $231,862 $71,009 
Other comprehensive income (loss):
Pension and postemployment adjustment, net of tax487 563 1,270 (9,715)
Foreign currency translation adjustments(5,441)16,418 (5,641)9,300 
Comprehensive income$87,100 $72,337 $227,491 $70,594 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 Nine Months Ended
(in thousands)September 25, 2021September 26, 2020
OPERATING ACTIVITIES  
Net income$231,862 $71,009 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation41,441 41,953 
Amortization of intangibles31,608 29,912 
Deferred revenue(2,154)(438)
Non-cash inventory charges6,807  
Impairment charges  36,078 
Stock-based compensation16,010 14,544 
Gain on investments and other assets(9,739)(1,200)
Deferred income taxes1,116 1,567 
Other11,735 (8,549)
Changes in operating assets and liabilities:
Trade receivables(83,793)(29,362)
Inventories(71,232)(1,611)
Accounts payable53,945 6,661 
Accrued liabilities and income taxes23,294 (2,095)
Prepaid expenses and other assets(10,236)5,787 
Net cash provided by operating activities240,664 164,256 
INVESTING ACTIVITIES  
Acquisitions of businesses, net of cash acquired(110,646) 
Purchases of property, plant, and equipment(57,526)(41,536)
Net proceeds from sale of property, plant and equipment, and other2,561 148 
Net cash used in investing activities(165,611)(41,388)
FINANCING ACTIVITIES  
Proceeds of revolving credit facility 240,000 
Payments of revolving credit facility(30,000)(60,000)
Payments of term loan (145,000)
Net proceeds related to stock-based award activities5,771 6,437 
Purchases of common stock (22,927)
Debt issuance costs (1,786)
Cash dividends paid(36,648)(35,100)
Net cash used in financing activities(60,877)(18,376)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(5,832)6,259 
Increase in cash, cash equivalents, and restricted cash8,344 110,751 
Cash, cash equivalents, and restricted cash at beginning of period687,525 531,139 
Cash, cash equivalents, and restricted cash at end of period$695,869 $641,890 
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents$690,682 $641,890 
Restricted cash included in prepaid expenses and other current assets$3,483  
Restricted cash included in other assets$1,704 $ 
Cash paid interest during the period$14,830 $17,228 
Capital expenditures, not yet paid$9,234 $6,267 
 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 income, 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 
Net income— — — — 92,054 — 92,054 
Other comprehensive loss, net of tax— — — (4,954)— — (4,954)
Stock-based compensation— 3,772 — — — — 3,772 
Withheld shares on restricted share units for withholding taxes— — (115)— — — (115)
Stock options exercised— 1,473 — — — — 1,473 
Cash dividends paid ($0.53 per share)
— — — — (13,052)— (13,052)
Balance at September 25, 2021$260 $935,351 $(248,078)$(95,528)$1,229,262 $131 $1,821,398 

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 
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.
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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 nine months ended September 25, 2021 and September 26, 2020:
 
 Three Months Ended September 25, 2021Nine Months Ended September 25, 2021
(in thousands)Electronics
Segment
Automotive
Segment
Industrial
Segment
 
Total
Electronics
Segment
Automotive
Segment
Industrial
Segment
 
Total
Electronics – Passive Products and Sensors$171,299 $— $— $171,299 $459,012 $— $— $459,012 
Electronics – Semiconductor175,941 — — 175,941 500,110 — — 500,110 
Passenger Car Products— 64,630 — 64,630 — 200,579 — 200,579 
Automotive Sensors— 24,112 — 24,112 — 79,081 — 79,081 
Commercial Vehicle Products— 35,673 — 35,673 — 106,602 — 106,602 
Industrial Products— — 67,926 67,926 — — 181,479 181,479 
Total$347,240 $124,415 $67,926 $539,581 $959,122 $386,262 $181,479 $1,526,863 





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 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 

 
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 September 25, 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)September 25,
2021
December 26,
2020
Cash and cash equivalents$690,682 $687,525 
Restricted cash included in prepaid expenses and other current assets3,483  
Restricted cash included in other assets1,704 $ 
Total cash, cash equivalents and restricted cash$695,869 $687,525 

Recently Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards 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 $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 September 25, 2021, the Company had restricted cash of $1.7 million in an escrow account for general indemnification purposes.


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The following table summarizes the final 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 

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 nine months ended September 25, 2021 are net sales of $29.3 million and $72.3 million respectively, and an income (loss) before income taxes of $1.2 million and $(1.3) 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 nine months ended September 25, 2021, the Company recognized a charge of $6.8 million for the amortization of this fair value inventory step-up.
 
During the nine months ended September 25, 2021, the Company incurred approximately $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.
 
 For the Three Months EndedFor the Nine Months Ended
(in thousands, except per share amounts)September 25,
2021
September 26, 2020September 25,
2021
September 26, 2020
Net sales$539,581 $414,100 $1,533,901 $1,101,430