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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 October 01, 2022
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 28, 2022, the registrant had outstanding 24,755,581 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 October 01, 2022 (unaudited) and January 01, 2022
 Condensed Consolidated Statements of Net Income for the three and nine months ended October 01, 2022 (unaudited) and September 25, 2021 (unaudited)
 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 01, 2022 (unaudited) and September 25, 2021 (unaudited)
 Condensed Consolidated Statements of Cash Flows for the nine months ended October 01, 2022 (unaudited) and September 25, 2021 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity for the nine months ended October 01, 2022 (unaudited) and September 25, 2021 (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

ITEM 1. FINANCIAL STATEMENTS
LITTELFUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)October 1,
2022
January 1,
2022
ASSETS  
Current assets:  
Cash and cash equivalents$474,003 $478,473 
Short-term investments79 28 
Trade receivables, less allowances of $83,872 and $59,232 at October 1, 2022 and January 1, 2022, respectively
339,729 275,192 
Inventories536,026 445,671 
Prepaid income taxes and income taxes receivable5,833 2,035 
Prepaid expenses and other current assets75,643 68,812 
Total current assets1,431,313 1,270,211 
Net property, plant, and equipment458,234 437,889 
Intangible assets, net of amortization605,310 407,126 
Goodwill1,168,458 929,790 
Investments23,770 39,211 
Deferred income taxes10,461 13,127 
Right of use lease assets, net46,175 29,616 
Other long-term assets34,207 24,734 
Total assets$3,777,928 $3,151,704 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$219,447 $222,039 
Accrued liabilities177,127 159,689 
Accrued income taxes42,016 27,905 
Current portion of long-term debt10,220 25,000 
Total current liabilities448,810 434,633 
Long-term debt, less current portion975,610 611,897 
Deferred income taxes116,595 81,289 
Accrued post-retirement benefits36,842 37,037 
Non-current operating lease liabilities35,778 22,305 
Other long-term liabilities75,402 71,023 
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, October 1, 202226,440,679; January 1, 202226,350,763
261 260 
Additional paid-in capital969,459 946,588 
Treasury stock, at cost: 1,685,182 and 1,664,711 shares, respectively
(252,828)(248,120)
Accumulated other comprehensive loss(135,203)(73,463)
Retained earnings1,507,035 1,268,124 
Littelfuse, Inc. shareholders’ equity2,088,724 1,893,389 
Non-controlling interest167 131 
Total equity2,088,891 1,893,520 
Total liabilities and equity$3,777,928 $3,151,704 
 
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)October 1,
2022
September 25,
2021
October 1,
2022
September 25,
2021
Net sales$658,880 $539,581 $1,900,646 $1,526,863 
Cost of sales402,059 325,009 1,122,258 954,429 
Gross profit256,821 214,572 778,388 572,434 
Selling, general, and administrative expenses90,219 67,468 258,820 199,071 
Research and development expenses25,752 15,779 68,796 46,912 
Amortization of intangibles15,567 10,446 39,883 31,608 
Restructuring, impairment, and other charges3,413 772 4,265 1,998 
Total operating expenses134,951 94,465 371,764 279,589 
Operating income121,870 120,107 406,624 292,845 
Interest expense8,399 4,602 17,069 13,901 
Foreign exchange loss18,191 3,154 40,051 8,315 
Other (income) expense, net(698)(1,240)9,789 (10,867)
Income before income taxes95,978 113,591 339,715 281,496 
Income taxes20,510 21,537 59,713 49,634 
Net income$75,468 $92,054 $280,002 $231,862 
Earnings per share:    
Basic$3.05 $3.74 $11.32 $9.43 
Diluted$3.02 $3.69 $11.21 $9.31 
Weighted-average shares and equivalent shares outstanding:
Basic24,755 24,622 24,726 24,582 
Diluted24,988 24,926 24,986 24,904 
 
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)October 1,
2022
September 25,
2021
October 1,
2022
September 25,
2021
Net income$75,468 $92,054 $280,002 $231,862 
Other comprehensive (loss) income:
Pension and postemployment adjustment, net of tax599 487 1,548 1,270 
Cash flow hedge, net of tax7,609  7,068  
Foreign currency translation adjustments(36,396)(5,441)(70,356)(5,641)
Comprehensive income$47,280 $87,100 $218,262 $227,491 
 
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)October 1, 2022September 25, 2021
OPERATING ACTIVITIES  
Net income$280,002 $231,862 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation48,326 41,441 
Amortization of intangibles39,883 31,608 
Deferred revenue(377)(2,154)
Non-cash inventory charges11,534 6,807 
Stock-based compensation19,732 16,010 
Loss (gain) on investments and other assets13,740 (9,739)
Deferred income taxes(4,320)1,116 
Other55,424 11,735 
Changes in operating assets and liabilities:
Trade receivables(56,431)(83,793)
Inventories(83,803)(71,232)
Accounts payable(3,838)53,945 
Accrued liabilities and income taxes(4,399)23,294 
Prepaid expenses and other assets(2,034)(10,236)
Net cash provided by operating activities313,439 240,664 
INVESTING ACTIVITIES  
Acquisitions of businesses, net of cash acquired(532,772)(110,646)
Purchases of property, plant, and equipment(77,773)(57,526)
Net proceeds from sale of property, plant and equipment, and other565 2,561 
Net cash used in investing activities(609,980)(165,611)
FINANCING ACTIVITIES  
Proceeds of term loan300,000  
Proceeds of senior notes100,000  
Payments of senior notes payable(25,000) 
Repayments of other debts(5,979) 
Payments of term loan(1,875) 
Payments of revolving credit facility (30,000)
Net proceeds related to stock-based award activities(1,568)5,771 
Debt issuance costs(2,600) 
Cash dividends paid(41,055)(36,648)
Net cash provided by (used in) financing activities321,923 (60,877)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(31,963)(5,832)
(Decrease) increase in cash, cash equivalents, and restricted cash(6,581)8,344 
Cash, cash equivalents, and restricted cash at beginning of period482,836 687,525 
Cash, cash equivalents, and restricted cash at end of period$476,255 $695,869 
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents$474,003 $690,682 
Restricted cash included in prepaid expenses and other current assets$824 $3,483 
Restricted cash included in other long-term assets$1,428 $1,704 
Cash paid interest during the period$16,888 $14,830 
Capital expenditures, not yet paid$9,111 $9,234 
 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 January 1, 2022$260 $946,588 $(248,120)$(73,463)$1,268,124 $131 $1,893,520 
Net income— — — — 117,518 — 117,518 
Other comprehensive loss, net of tax— — — (2,203)— — (2,203)
Stock-based compensation— 3,886 — — — — 3,886 
Withheld shares on restricted share units for withholding taxes— — (4)— — — (4)
Stock options exercised— 1,021 — — — — 1,021 
Cash dividends paid ($0.53 per share)
— — — — (13,086)— (13,086)
Balance at April 2, 2022$260 $951,495 $(248,124)$(75,666)$1,372,556 $131 $2,000,652 
Net income— — — — 87,016 — 87,016 
Other comprehensive loss, net of tax— — — (31,349)— — (31,349)
Stock-based compensation— 11,382 — — — — 11,382 
Withheld shares on restricted share units for withholding taxes— — (4,704)— — — (4,704)
Stock options exercised1 2,060 — — — — 2,061 
Cash dividends paid ($0.53 per share)
— — — — (13,115)— (13,115)
Balance at July 2, 2022$261 $964,937 $(252,828)$(107,015)$1,446,457 $131 $2,051,943 
Net income— — — — 75,468 — 75,468 
Other comprehensive loss, net of tax— — — (28,188)— — (28,188)
Stock-based compensation— 4,464 — — — — 4,464 
Non-controlling interest(36)36  
Stock options exercised— 58 — — — — 58 
Cash dividends paid ($0.60 per share)
— — — — (14,854)— (14,854)
Balance at October 1, 2022$261 $969,459 $(252,828)$(135,203)$1,507,035 $167 $2,088,891 

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 26, 2020$259 $907,858 $(242,366)$(91,157)$1,034,048 $131 $1,608,773 
Net income— — — — 57,713 — 57,713 
Other comprehensive income (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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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 approximately 19,000 global associates, the Company partners with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, the Company’s 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 January 1, 2022 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 October 1, 2022 and September 25, 2021:
 
 Three Months Ended October 1, 2022Nine Months Ended October 1, 2022
(in thousands)Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics – Passive Products and Sensors$188,916 $ $ $188,916 $521,172 $ $ $521,172 
Electronics – Semiconductor208,713   208,713 600,454   600,454 
Passenger Car Products 62,280  62,280  186,552  186,552 
Automotive Sensors 22,998  22,998  72,336  72,336 
Commercial Vehicle Products 96,457  96,457  289,378  289,378 
Industrial Products  79,516 79,516   230,754 230,754 
Total$397,629 $181,735 $79,516 $658,880 $1,121,626 $548,266 $230,754 $1,900,646 





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 Three Months Ended September 25, 2021Nine Months Ended September 25, 2021
(in thousands)Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics
Segment
Transportation
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