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目錄
美國
證券交易委員會
華盛頓特區20549
 
表格 10-Q 
（標記一）
☒
根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月28日
或者
☐
根據1934年證券交易法第13或15(d)節的轉型報告書
過渡期從___到___

佣金文件號 0-20388
LITTELFUSE，INC。 
(根據其章程規定的註冊人準確名稱)
特拉華州36-3795742
（設立或組織的其他管轄區域）（納稅人識別號碼）
8755 West Higgins Road 
 Suite 500
芝加哥伊利諾伊州60631
，（主要行政辦公地址）（郵政編碼）
 
公司電話，包括區號：773-628-1000
 
在法案第12(b)條的規定下注冊的證券：
 
每種類別的證券		交易代碼登記的交易所名稱
普通股票，面值爲$0.01LFUS納斯達克全球精選市場
 
請勾選以下選項以指示註冊人是否在過去12個月內(或在註冊人需要提交此類報告的較短時間內)已提交證券交易法1934年第13或15(d)條所要求提交的所有報告，並且在過去90天內已受到此類報告提交要求的影響。是 [X] 否 [ ]

請用勾號表示，註冊人在過去12個月內（或者註冊人需要提交和發佈此類文件的更短期間），是否已根據S-t條例第405條規定的電子方式提交了每個互動數據文件。 是 [X] 否 ☐
 
請在公司網站上以複選標記方式指明是否根據電子和公司網站所需的交互數據文件提交和發佈的規定405條款規定（本章第232.405節）在過去12個月（或註冊人要求提交和發佈此類文件的較短期間）。 是 [X] 否 [ ]
 
請用複選框標記表明申報人是大型加速文件編制者、加速文件編制者、非加速文件編制者、較小的報告公司還是新興增長公司。請參閱交易所法規120億.2中「大型加速文件編制者」、「加速文件編制者」、「較小的報告公司」和「新興增長公司」的定義（選擇一項）： 大型加速報告人 [X] 加速文件編制者 [ ] 非加速文件編制者 [ ] 較小的報告公司 ☐ 新興成長公司 ☐
 
如果是新興成長型公司，請通過勾選選擇是否註冊公司選擇不使用《證券交易法》第13(a)節規定的任何新的或修訂的財務會計準則的延伸過渡期。 是 [ ] 否 [ ]
 
請在勾選符號上註明本公司是否爲外殼公司（在證券交易法12b-2規定中定義）。是 ☐ 否[X]

截至2024年10月25日，登記人持有的普通股爲 24,814,687 普通股股份中扣除庫藏股。

目錄
目錄
 
 
  
第一部分 
項目1。 
 2024年9月28日（未經審計）和2023年12月30日的簡明合併資產負債表
 2024年9月28日結束的三個月和九個月的簡明合併淨利潤表（未經審計），以及2023年9月30日（未經審計）
 2024年9月28日結束的三個月和九個月的簡明合併綜合收益表（未經審計），以及2023年9月30日（未經審計）
 截至2024年9月28日的未經審計的合併現金流量表及2023年9月30日的未經審計的合併現金流量表
截至2024年9月28日的未經審計的合併股東權益報表及2023年9月30日的未經審計的合併股東權益報表
 
事項二
第3項。
事項4。
第II部分  
項目1。
項目1A。
事項二
第3項。
事項4。
項目5。
項目6。

2
目錄

項目1.基本報表
LITTELFUSE，INC。
簡明合併資產負債表
(未經審計)
（以千爲單位，除股份數和每股數據外）9月28日，
2024		12月30日
2023
資產  
流動資產：  
現金及現金等價物（附註1）$629,670 $555,513 
短期投資1,011 235 
應收賬款減少津貼$76,151 和 $84,696 分別爲2024年9月28日和2023年12月30日
338,758 287,018 
存貨（注3）453,781 474,607 
預付所得稅及應收所得稅6,793 8,701 
預付費用和其他流動資產132,510 82,526 
總流動資產1,562,523 1,408,600 
淨資產、設備和設備（注4）481,592 493,153 
無形資產，減除攤銷（附註5）560,994 606,136 
20221,317,748 1,309,998 
投資26,607 24,821 
延遲所得稅11,955 10,486 
租賃權利資產。60,277 62,370 
其他長期資產40,548 79,711 
總資產$4,062,244 $3,995,275 
負債和股東權益  
流動負債:  
應付賬款$179,486 $173,535 
待攤負債（注6）152,772 149,214 
應計所得稅$39,61439,809 38,725 
— 67,799 14,020 
流動負債合計439,866 375,494 
長期債務，減少流動部分（注8）799,949 857,915 
遞延所得稅 95,554 110,820 
發帖後養老福利 31,373 34,422 
非流動租賃負債52,074 49,472 
其他長期負債70,328 86,671 
負債合計$1,489,144 $1,514,794 
承諾和 contingencies（注意 15）
股東權益：
普通股，每股面值 $，授權股數：百萬股；發行股數：分別爲2024年6月30日和2023年12月31日：百萬股；流通股數：分別爲2024年6月30日和2023年12月31日：百萬股0.01，34,000,000 授權股份；2024年9月28日發行的股份-26,749,671；2023年12月30日-26,624,071
262 262 
額外實收資本1,043,736 1,012,325 
以成本計量的庫存股：1,936,668和頁面。1,711,290 股份分別爲
(305,259)(259,263)
累計其他綜合損失(50,782)(55,817)
保留盈餘1,884,823 1,782,662 
Littelfuse, Inc.股東權益2,572,780 2,480,169 
非控制權益320 312 
股東權益總計2,573,100 2,480,481 
負債和所有者權益總額$4,062,244 $3,995,275 
 
請參閱簡明合併基本報表註解。
3
目錄

LITTELFUSE，INC。
濃縮 綜合淨利潤表
(未經審計)
 三個月之內結束九個月結束
（以千爲單位，每股數據除外）9月28日，
2024		2020年9月30日
2023		9月28日，
2024		2020年9月30日
2023
淨銷售額$567,390 $607,071 $1,661,263 $1,828,850 
銷售成本351,498 380,200 1,050,559 1,122,190 
毛利潤215,892 226,871 610,704 706,660 
銷售、一般和管理費用83,897 87,204 263,395 270,057 
研發費用26,470 25,484 81,283 77,270 
無形資產攤銷15,864 16,022 47,418 49,773 
重組、減值和其他費用1,840 4,516 10,329 13,221 
營業費用總計128,071 133,226 402,425 410,321 
營業利潤87,821 93,645 208,279 296,339 
利息支出9,772 10,101 29,358 29,803 
匯率期貨損失9,630 11,776 4,273 8,697 
其他收入，淨額(9,297)(3,527)(19,916)(11,810)
稅前收入77,716 75,295 194,564 269,649 
所得稅19,658 17,507 42,588 53,045 
淨收入$58,058 $57,788 $151,976 $216,604 
每股收益:    
基本$2.34 $2.32 $6.12 $8.72 
稀釋的$2.32 $2.30 $6.07 $8.63 
加權平均股份和等價股份流通
基本24,796 24,893 24,822 24,838 
稀釋的25,025 25,143 25,040 25,100 
 
請參閱附註的基本財務報表。

4
目錄
LITTELFUSE，INC。
濃縮 綜合收益綜合表
(未經審計)
 
 截至三個月截至九個月
(以千爲單位)九月二十八日，
2024		9月30日,
2023		九月二十八日，
2024		9月30日,
2023
淨利潤$58,058 $57,788 $151,976 $216,604 
其他全面收益（損失）：
確定收益養老金計劃及其他調整，扣除稅費後191 (3)861 (156)
現金流套期保值，扣除稅費後(8,297)1,546 (6,389)2,141 
外幣轉化調整64,499 (3,677)10,563 (5,747)
綜合收益$114,451 $55,654 $157,011 $212,842 
 
請參閱附註的基本財務報表。

5
目錄
LITTELFUSE，INC。
濃縮 合併現金流量表（未經審計）
 截至九個月
(以千爲單位)2024年9月28日2023年9月30日
營業收入  
淨利潤$151,976 $216,604 
調整淨利潤以計入經營活動現金流量:
折舊費51,025 53,510 
無形資產攤銷47,418 49,773 
遞延收入(1,764)1,769 
減值損失費用 933 4,742 
基於股票的補償21,428 20,132 
(收益) 投資和其他資產的損失(1,947)922 
遞延所得稅(16,346)(689)
其他690 7,829 
運營資產和負債的變化：
應收賬款(50,672)(21,752)
存貨19,865 66,456 
應付賬款5,460 (38,475)
應計負債和所得稅(19,434)(61,359)
預付款和其他資產(1,633)13,678 
經營活動產生的淨現金流量206,999 313,140 
投資活動  
收購企業，淨額— (198,810)
購置固定資產(50,065)(63,166)
出售物業、工廠和設備及其他的淨收益8,931 597 
投資活動中使用的淨現金(41,134)(261,379)
籌資活動  
償還其他債務(2,037)(2,027)
支付定期貸款(3,750)(5,625)
與基於股票獎勵活動相關的淨收益5,037 6,481 
回購普通股(40,862)— 
支付現金分紅派息(49,687)(45,973)
融資活動所使用的淨現金(91,299)(47,144)
匯率變動對現金、現金等價物及受限現金的影響(396)(7,965)
現金、現金等價物和受限制的現金的增加（減少）74,170 (3,348)
期初現金、現金等價物和受限制的現金餘額557,123 564,939 
期末現金、現金等價物和受限制的現金餘額$631,293 $561,591 
補充現金流量信息
現金及現金等價物的調節：
現金及現金等價物$629,670 $560,056 
其他長期資產中包含的受限制的現金$1,623 $1,535 
期間支付的利息$30,094 $33,177 
需要支付的資本支出$9,217 $9,780 
請參閱附註的基本財務報表。
6
目錄
美國力特保險絲, INC.
股東權益簡明合併財務報表
（未經審計）
 美國力特保險絲公司股東權益
(以千為單位，除股數和每股資料外)普通股額外實收資本庫存股累計其他綜合損失留存收益非控制性權益總計
截至2023年12月30日的餘額$262 $1,012,325 $(259,263)$(55,817)$1,782,662 $312 $2,480,481 
淨利潤— — — — 48,452 — 48,452 
其他綜合損失，稅後— — — (30,291)— — (30,291)
基於股票的薪酬— 3,617 — — — — 3,617 
非控制性權益— — — — 2 (2)— 
用於扣繳稅款的限制性股票單位的扣留股票— — (4)— — — (4)
行使的股票期權— 1,369 — — — — 1,369 
庫藏普通股— — (16,131)— — — (16,131)
現金分紅派息支付（$0.65 每份股份)
— — — — (16,200)— (16,200)
截至2024年3月30日的餘額$262 $1,017,311 $(275,398)$(86,108)$1,814,916 $310 $2,471,293 
淨利潤— — — — 45,466 — 45,466 
其他綜合損失，稅後— — — (21,067)— — (21,067)
基於股票的薪酬— 13,271 — — — — 13,271 
非控制性權益— — — — (48)48 — 
對受限股票單位扣除的股份用於預扣稅— — (4,754)— — — (4,754)
行使的期權股票— 2,392 — — — — 2,392 
回購普通股，附加消費稅(24,984)(24,984)
支付的現金分紅派息 ($0.65 每份股份)
— — — — (16,130)— (16,130)
截至2024年6月29日的餘額$262 $1,032,974 $(305,136)$(107,175)$1,844,204 $358 $2,465,487 
淨利潤— — — — 58,058 — 58,058 
其他綜合收益，扣除稅後— — — 56,393 — — 56,393 
基於股票的薪酬— 4,540 — — — — 4,540 
非控制性權益(82)(38)(120)
對限制性股票單位的股票進行扣留以支付預扣稅— — (188)— — — (188)
行使的股票期權— 6,222 6,222 
對行使的股票期權進行的特別稅調整— — 65 — — — 65 
支付的現金分紅派息（$0.70 每份股份)
— — — — (17,357)— (17,357)
截至2024年9月28日的餘額$262 $1,043,736 $(305,259)$(50,782)$1,884,823 $320 $2,573,100 


7
目錄
 美國力特保險絲公司 股東權益
(以千計，除了股份和每股數據)普通股附加實收資本庫存股累積其他綜合淨收益（損失）留存收益非控制性權益總計
截至2022年12月31日的餘額$261 $974,097 $(252,866)$(95,764)$1,585,466 $184 $2,211,378 
淨利潤— — — — 88,745 — 88,745 
其他綜合收益，扣除稅項後— — — 13,283 — — 13,283 
基於股票的薪酬— 3,730 — — — — 3,730 
非控制性權益— — — — (66)66 — 
在限制性股票單位上扣留的股份用於繳納稅款— — (18)— — — (18)
行使的股票期權— 5,238 — — — — 5,238 
現金分紅派息 ($0.60 每份股份)
— — — — (14,880)— (14,880)
截至2023年4月1日的餘額$261 $983,065 $(252,884)$(82,481)$1,659,265 $250 $2,307,476 
淨利潤— — — — 70,071 — 70,071 
其他綜合損失，稅後— — — (14,911)— — (14,911)
基於股票的薪酬— 12,545 — — — — 12,545 
非控制性權益— — — — (45)45 — 
爲代扣稅款而扣留的限制性股票單位的股份— — (5,999)— — — (5,999)
已行使的股票期權— 2,979 — — — — 2,979 
已支付的現金分紅($0.60 每份股份)
— — — — (14,910)— (14,910)
截至2023年7月1日的餘額$261 $998,589 $(258,883)$(97,392)$1,714,381 $295 $2,357,251 
淨利潤— — — — 57,788 — 57,788 
其他綜合損失，稅後— — — (2,134)— — (2,134)
基於股票的薪酬— 3,857 — — — — 3,857 
非控制性權益— — — — (50)50 — 
限制性股權單位上的扣繳股份用於扣繳稅款— — (308)— — — (308)
行使期權1 4,587 — — — — 4,588 
支付現金分紅派息（$0.65 每份股份)
— — — — (16,183)— (16,183)
截至2023年9月30日的餘額$262 $1,007,033 $(259,191)$(99,526)$1,755,936 $345 $2,404,859 

見附帶的基本報表附註。
8
目錄
簡明合併基本報表附註
 
1. 重要會計政策和其他信息摘要
 
運營性質 
 
Littelfuse, Inc.（“Littelfuse” 或 “公司”）成立於1927年，是一家多元化的工業技術製造公司，致力於打造一個可持續、互聯和更安全的世界。橫跨超過 20 國家，以及大約ly 16,000 glob所有員工，公司與客戶合作，設計和提供創新、可靠的解決方案。服務結束了 100,000 終端客戶，該公司的產品每天都在各種工業、運輸和電子終端市場中隨處可見。

財務報表基礎 
 
本公司的未經審計的濃縮合並基本報表已經根據美國通用會計原則（“GAAP”）爲中期財務信息、10-Q表格的說明以及S-X條例第10條編制。因此，某些通常包含在合併資產負債表、淨利潤及全面收益表、現金流量表和股東權益變動表中的信息和披露根據這些規則和規定得到了簡化或省略，儘管公司認爲所做的披露足以使信息不具誤導性。它們是根據公司截至2023年12月30日的10-K表格年度報告中描述的會計政策編制的，應與其中的披露一併閱讀。在管理層看來，所有被認爲對公平呈現必要的調整均已包含在內，且屬於正常的、經常性的性質。中期的經營結果未必能反映年度的經營結果。
 
營業收入確認
  
營業收入分解
 
以下表格按主要業務單位細分公司的營業收入，數據截至2024年9月28日和2023年9月30日，涵蓋三個月和九個月的情況：
 截至2024年9月28日的三個月截至2024年9月28日的九個月
(以千爲單位)電子產品
部門		交通
部門		工業
細分		 
總計		電子
細分		交通
細分		工業
細分		 
總計
電子 – 半導體$151,954 $— $— $151,954 $469,389 $— $— $469,389 
電子 – 被動產品和傳感器152,234 — — 152,234 431,543 — — 431,543 
商用車產品— 82,077 — 82,077 — 242,350 — 242,350 
乘用車產品— 71,299 — 71,299 — 210,597 — 210,597 
汽車傳感器— 18,005 — 18,005 — 57,764 — 57,764 
工業產品— — 91,821 91,821 — — 249,620 249,620 
總計$304,188 $171,381 $91,821 $567,390 $900,932 $510,711 $249,620 $1,661,263 

9
目錄
 截至2023年9月30日的三個月截至2023年9月30日的九個月
(以千爲單位)電子產品
部門		交通
部門		工業
細分
 
總計
電子產品
細分		交通
細分		工業
細分
 
總計
電子 – 半導體$191,523 $— $— $191,523 $598,813 $— $— $598,813 
電子 – 被動產品和傳感器152,410 — — 152,410 453,860 — — 453,860 
商用車產品— 81,290 — 81,290 — 248,765 — 248,765 
乘用車產品— 72,524 — 72,524 — 200,104 — 200,104 
汽車傳感器— 23,205 — 23,205 — 66,839 — 66,839 
工業產品— — 86,119 86,119 260,469 260,469 
總計$343,933 $177,019 $86,119 $607,071 $1,052,673 $515,708 $260,469 $1,828,850 

請參閱註釋14， 分部信息， 以獲取按分部和國家劃分的淨銷售額。
 
營業收入確認
 
公司在滿足其績效義務並將產品控制權轉移給客戶的期間確認產品銷售的營業收入。公司與客戶的銷售安排主要是短期性質，一般在發貨時轉移控制權，因爲這是所有權和產品損失風險轉移給客戶的時點。在每個期間結束時，對於在客戶收到產品之前所有權、損失風險和所有權利益未轉移的發貨，公司會調整營業收入和銷售成本，以反映產品發貨和客戶收到之間的延遲。記錄的營業收入金額反映了公司預計有權獲得的對價，可能包括客戶津貼、折扣和價格調整的調整。公司的分銷渠道主要通過直接銷售和獨立的第三方分銷商。
 
公司根據《會計標準編纂》（"ASC"）340-40-25-4選擇了實用的簡化方法，將佣金在發生時作爲費用化，因爲公司本來會確認的佣金資產的攤銷期不足一年。
 
營業收入與賬單
 
公司通常通過接收採購訂單或基於書面銷售協議和採購合同的電子數據交換來接受客戶訂單。合同定價和銷售協議條款基於市場因素、成本和競爭。定價通常作爲對公司公佈價格清單的調整（溢價或折扣）進行談判。產品根據銷售協議的條款在發貨時開具發票。當公司的標準支付條款少於一年時，公司選擇根據ASC 606-10-32-18的實用便利條款，不評估合同是否具有重要的融資成分。公司還選擇根據ASC 606-100-250-180億提供的實用便利條款，將所有產品運輸和處理活動視爲履行活動，因此確認與合同相關的總營業收入，包括任何運輸和處理收入。
 
船舶和借記計劃
 
公司的銷售協議和正常業務條件中的一些條款允許客戶（分銷商）對先前發貨和開票的產品進行價格調整。這種做法在行業中是很常見的，稱爲“船舶和借記”計劃。此計劃允許分銷商就其合同價格與具體交易的較低價格之間的差額向公司借記。在某些情況下（通常是在競爭環境或大成交量機會中），分銷商會請求授權以獲取價格補貼以降低其價格。當公司批准此類降價時，分銷商被授權就合同價格與較低批准價格之間的差額“借記”其帳戶。公司根據歷史活動、分銷商庫存水平和實際的借記授權建立該計劃的準備金，並將這些借記視爲營業收入的減少。
10
目錄
返回股票 
 
公司有一個回貨政策，某些客戶在公司管理層的事先授權下，可以退還之前購買的商品以獲得全部或部分信用。公司根據歷史活動建立了這些退貨的估計準備金。銷售收入和銷售成本會減少以預期估計的退貨。
 
成交量返利
 
公司向特定客戶提供基於成交量的銷售激勵，以鼓勵更多產品銷售。如果客戶達到其特定的季度或年度銷售目標，他們將有權獲得回扣。公司估計客戶將獲得的回扣金額，並將這個估計的成本作爲銷售產品時營業收入的減少進行確認。
 
現金、現金等價物和受限現金

下表提供了截至2024年9月28日和2023年12月30日的現金、現金等價物和限制現金的調節，這些數據報告在《濃縮合並資產負債表》中，並與《濃縮合並現金流量表》中顯示的相同金額的總和相等。

(以千爲單位)2024年9月28日2023年12月30日
現金及現金等價物$629,670 $555,513 
限制性現金包含在其他長期資產中1,623 1,610 
現金、現金等價物及限制現金總額$631,293 $557,123 

最近 被收養 會計準則

在2023年3月，財務會計準則委員會（"FASB"）發佈了會計準則更新（"ASU"）ASU No. 2023-01，"租賃（主題842）：共同控制安排。"該標準要求，與共同控制租賃相關的租賃改進應：1）由承租人按照租賃改進對共同控制集團的使用壽命進行攤銷（與租賃期限無關），只要承租人通過租賃控制基礎資產（租賃資產）的使用。然而，如果出租人通過與未在同一共同控制集團的其他實體的租賃獲得了控制基礎資產使用的權利，則攤銷期不得超過共同控制集團的攤銷期。2）如果承租人不再控制基礎資產的使用，則須通過對股權（或非營利實體的淨資產）進行調整，將租賃改進視爲在共同控制下的實體之間的轉移。此外，這些租賃改進需遵循主題360《財產、廠房和設備》的減值指導。本標準適用於2023年12月15日之後開始的財政年度，包括這些財政年度內的中期期間。ASU 2023-01的採納對公司簡明合併基本報表沒有產生重大影響。

最近發佈的會計準則

在2024年3月，證券交易委員會（"SEC"）發佈了一項最終規則，要求註冊人必須在年度報告和註冊聲明中提供氣候披露。氣候相關的最終規則要求在財務報表的腳註中進行披露，包括：1）嚴重天氣事件和其他自然條件對財務報表的具體影響，2）如果作爲註冊人實現其披露的氣候相關目標或計劃的重要組成部分，某些碳抵消和可再生能源信用或證書，3）如果財務報表中的財務估計和假設可能受到與嚴重天氣事件和其他自然條件、先前披露的氣候相關目標以及過渡計劃相關的風險和不確定性實質性影響的材料影響。財務報表披露要求自2025日曆年開始的財政年度的年度報告起生效，適用於作爲大型加速報表人的公司。這些披露將受現有財務報表審計要求的約束。2024年4月4日，SEC選擇暫停其氣候披露規則，等待司法審查。該規則的採用將增加公司在其合併財務報表中的披露。公司目前正在評估並進行初步評估，以確定對其精簡合併財務報表的潛在影響。

11
目錄
在2023年12月，FASB發佈了ASU第2023-09號，"所得稅（主題740）：所得稅披露的改進"。本次更新的修訂提供了關於所得稅信息的更大透明度，主要通過改善與所得稅率調節和已支付所得稅信息相關的所得稅披露。這些要求包括：(1) 在稅率調節中使用一致的類別和更多的信息分解，以及(2) 根據法域分別披露已支付的所得稅。本次更新中的其他修訂通過(3) 添加預稅收入（或虧損）和所得稅費用（或收益）的披露，和(4) 移除不再被認爲具成本效益或相關的披露，提高了披露的有效性和可比性。該指導適用於在2024年12月15日後開始的財年，允許提前採用。採用此指導將修改公司的凝聚合並基本報表中的披露。

在2023年11月，財務會計準則委員會（FASB）發佈了ASU第2023-07號，"分部報告（主題280）：可報告分部披露的改進"。此更新中的修訂要求提供關於可報告分部費用的更多詳細信息和增強的信息，包括重要分部費用和其他分部項目，連接分部收入和分部利潤或虧損的重要費用。該ASU還要求每年披露首席運營決策者（“CODM”）的職稱和職位，並解釋CODM如何使用報告的指標和其他披露。此更新中的修訂不會改變公共實體識別其操作分部、彙總這些操作分部或應用量化閾值以判斷可報告分部的方式。該指引在2023年12月15日後開始的財政年度以及在2024年12月15日後開始的財政年度的臨時期間生效，允許提前採用。採用此指引將修改公司的簡明合併基本報表中的披露。

在2023年10月，FASB發佈了ASU第2023-06號，標題爲“披露改進”。本次更新中的修訂代表了對ASC中各種話題的披露或呈現要求的澄清或改進。公司可能會受到這些修訂中的一項或多項的影響。本ASU中的修訂應按前瞻性方式應用，並將於2027年6月30日生效。公司目前正在評估這些修訂對其簡明合併基本報表的潛在影響。

2. 收購
 
本公司根據ASC 805“業務合併”採用收購法進行會計處理，所購資產和承擔的負債按購置日期的公允價值記錄。自收購日期起，被收購業務的經營結果被納入公司的簡明合併基本報表中。

Dortmund Fab

2023年6月28日，公司簽訂了最終收購協議，從埃爾莫斯半導體股份有限公司收購位於德國多特蒙德的200毫米晶圓廠（“多特蒙德晶圓廠”）。對多特蒙德晶圓廠的收購預計將在2025財年初完成。多特蒙德晶圓廠的總購買價格約爲 93百萬歐元，其中 37.2百萬歐元的首付（約合美元）40.5百萬) 記錄在 預付費用和其他流動資產 在簡明合併資產負債表中。首付是在監管部門批准後於2023年第三季度支付的，大約 56百萬歐元將在收盤時支付。該交易預計不會對公司2024財年的財務業績產生重大影響，並將在公司電子板塊的電子半導體業務中進行報告。

西方自動化

在2023年2月3日，公司完成了對西方自動化研發有限公司（“西方自動化”）的收購，交易金額約爲$162百萬現金。西方自動化總部位於愛爾蘭戈爾韋，是一家電擊保護設備的設計和製造商，這些設備廣泛應用於多個高增長最終市場，包括電動出行的離線充電製造行業、工業安全和可再生能源。公司與西方自動化簽署最終協議時，西方自動化的年銷售額約爲$25百萬。該業務在公司的工業部門內報告。

此次收購是通過手頭現金進行融資的。此次購買對價爲$158.3 百萬美元，扣除收購現金後，已根據估計的公允價值分配給已收購的資產和承擔的負債，在收購完成時。

下表總結了在西方自動化收購中，所收購資產的公允價值和承接負債的最終購買價格分配：

12
目錄
(以千爲單位)購買價格
分配
總購買對價： 
現金，剔除所收購現金$158,260 
對所收購資產和承擔負債的對價分配：
貿易應收款3,359 
存貨3,678 
其他流動資產718 
固定資產、廠房和設備1,328 
無形資產68,000 
商譽93,937 
其他長期資產573 
流動負債(4,335)
其他長期負債(8,998)
 $158,260 

所有板塊西方自動化的資產和負債均在工業板塊中記錄，並主要反映在歐州地理區域內。這次收購所產生的商譽主要由公司預期未來的產品銷售和與公司現有的工業產品組合相結合的協同效應組成。西方自動化收購所產生的商譽預計不符合稅收可扣除條件。

截至2023年9月30日的九個月期間，公司 incurred approximately $1.2百萬的與西部自動化併購相關的法律和專業費用，被確認在 銷售、一般和行政費用 的簡明合併淨利潤表中。這些成本被視爲其他非細分成本。

預計結果

以下表格以未經審計的形式總結了公司和西方自動化的合併營業結果，假設收購在2022年1月2日發生。所呈現的形式金額不一定代表如果在2022年1月2日發生西方自動化收購的實際合併結果，或未來的合併營業結果。
（以千爲單位，除每股金額外）截至2023年9月30日的三個月截至2023年9月30日的九個月
淨銷售額$607,071 $1,830,736 
所得稅前收入75,071 271,165 
淨利潤57,591 217,930 
每股凈利潤 — 基本2.31 8.77 
每股凈利潤 — 稀釋2.29 8.68 

上述的臨時結果主要反映了以下調整：
(以千爲單位)截至2023年9月30日的三個月截至2023年9月30日的九個月
攤銷 (a)$— $(479)
交易成本 (b)(224)1,203 
上述項目的所得稅收益 (費用)28 (91)

(a) 截至2023年9月30日的九個月期間的攤銷調整主要反映了由於按公允價值計量無形資產而產生的增量攤銷。
(b) 交易成本調整反映了截至2023年9月30日的三個月和九個月中某些法律和專業費用的逆轉。

13
目錄
3. 庫存
 
截至2024年9月28日和2023年12月30日的庫存元件如下：
 
(以千爲單位)2024年9月28日2023年12月30日
原材料$202,119 $201,984 
在製品137,713 137,688 
成品178,570 195,886 
庫存儲備(64,621)(60,951)
總計$453,781 $474,607 
 
4. 不動產、廠房和設備
 
截至2024年9月28日和2023年12月30日的淨物業、廠房和設備的元件如下：
(以千爲單位)2024年9月28日2023年12月30日
土地及其改良$18,442 $22,212 
建築物及其改良200,856 202,764 
機械及設備896,045 859,060 
累計折舊(633,751)(590,883)
總計$481,592 $493,153 

公司在截至2024年9月28日及2023年9月30日的三個月內記錄的折舊費用爲$17.3 百萬美元和$17.9 百萬，且截至2024年9月28日及2023年9月30日的九個月內記錄的折舊費用爲$51.0 百萬美元和$53.5 百萬。

5. 商譽和其他無形資產
 
截至2024年9月28日的九個月中，各個部門商譽的賬面價值變動如下：
(以千爲單位)電子產品交通工業總計
截至2023年12月30日的淨商譽
截至2023年12月30日的總商譽
$936,505 $237,115 $179,117 $1,352,737 
截至2023年12月30日的累計減值損失
— (34,004)(8,735)(42,739)
總計936,505 203,111 170,382 1,309,998 
2024年的變更：
外幣翻譯調整3,581 1,881 2,288 7,750 
截至2024年9月28日的淨商譽
截至2024年9月28日的總商譽
940,086 239,777 181,237 1,361,100 
截至2024年9月28日的累積減值損失
— (34,785)(8,567)(43,352)
總計$940,086 $204,992 $172,670 $1,317,748 

14
目錄
截至2024年9月28日和2023年12月30日的其他無形資產的元件如下：

截至2024年9月28日
(以千爲單位)毛額
資產
價值
 
累計攤銷
 
淨賬面
價值
土地使用權$16,731 $2,989 $13,742 
專利、許可證和軟體277,011 181,471 95,540 
分銷網絡42,106 42,106 — 
客戶關係、商標和商號691,519 239,807 451,712 
總計$1,027,367 $466,373 $560,994 
 
 
2023年12月30日
(以千爲單位)毛額
資產
價值
 
累計
攤銷
 
淨賬
價值
土地使用權$17,621 $2,786 $14,835 
專利、許可證和軟體275,337 163,799 111,538 
分銷網絡43,210 43,210 — 
客戶關係、商標和商業名稱689,244 209,481 479,763 
總計$1,025,412 $419,276 $606,136 

截至2024年9月28日和2023年9月30日的三個月期間，公司記錄的攤銷費用爲$15.9 百萬美元和$16.0 截至2024年9月28日和2023年9月30日的九個月期間，公司記錄的攤銷費用爲$47.4 百萬美元和$49.8 分別爲百萬美元。

截至2024年9月28日，相關於具有確定壽命的無形資產的年度攤銷費用預計如下：
 
(以千爲單位)
金額
2024年剩餘時間$16,000 
202563,795 
202652,706 
202750,597 
202849,970 
2029年及以後327,926 
總計$560,994 
 
 
15
目錄
6. 應計負債
 
截至2024年9月28日和2023年12月30日的應計負債的組成如下：
 
(以千爲單位)2024年9月28日2023年12月30日
員工相關負債$71,614 $72,635 
當前租賃負債10,162 12,110 
其他非收入稅7,597 7,855 
利息5,311 6,387 
專業服務4,938 5,282 
其他客戶預留4,815 5,998 
重組負債4,461 2,141 
當前對沖負債4,307 — 
透過收入1,614 2,198 
當前福利負債1,482 1,482 
其他36,471 33,126 
總計$152,772 $149,214 

與員工相關的負債主要包括工資， 銷售佣金， 獎金，員工福利應計以及工傷賠償。獎金應計包括根據公司的主要員工激勵補償計劃所賺取的金額。其他應計負債包括雜項運營應計和其他與客戶相關的負債。

7. 重組、減值和其他費用

公司在截至2024年9月28日和2023年9月30日的三個月和九個月內記錄了重組、減值和其他費用如下：
截至2024年9月28日的三個月截至2024年9月28日的九個月
(以千爲單位)電子產品交通工業總計電子產品交通工業總計
員工解僱$1,140 $404 $1 $1,545 $6,245 $1,995 $417 $8,657 
其他重組費用95 187 13 295 234 474 31 739 
總重組費用1,235 591 14 1,840 6,479 2,469 448 9,396 
減值 — — — — — 933 — 933 
   合計$1,235 $591 $14 $1,840 $6,479 $3,402 $448 $10,329 

截至2023年9月30日的三個月截至2023年9月30日的九個月
(以千爲單位)電子產品交通工業總計電子產品交通工業總計
員工離職$1,174 $1,665 $293 $3,132 $2,833 $2,598 $887 $6,318 
其他重組費用64 138 364 566 321 822 1,018 2,161 
重組費用總計1,238 1,803 657 3,698 3,154 3,420 1,905 8,479 
減值 — — 818 818 — 3,870 872 4,742 
   總計$1,238 $1,803 $1,475 $4,516 $3,154 $7,290 $2,777 $13,221 

16
目錄
2024
截至2024年9月28日的三個月和九個月期間，公司記錄了總重組費用爲$1.8 百萬美元和$9.4 百萬，主要用於員工解僱成本。這些費用主要與電子部門半導體業務中某些製造業、銷售和行政職能的重組以及交通部門商用車業務中某些銷售和行政職能的重組有關。此外，在2024年第一季度，公司確認了$0.9 百萬的減值損失，涉及交通部門商用車業務中的某些機械和設備。

2023
截至2023年9月30日的三個月和九個月，公司記錄了總重組費用爲$3.7 百萬美元和$8.5 百萬，主要與員工解僱成本相關。這些費用主要涉及交通部門商用車業務中某些製造、銷售和行政職能的重組，以及因C&k開關收購而對電子部門某些銷售和行政職能的重組。在2023年第三季度，公司確認了$0.8 百萬的減值費用，主要與工業部門內某業務的某些專利相關。此外，在2023年第二季度，公司確認了$3.9 百萬的減值費用，涉及交通部門商用車業務內的一處地產的土地和建築，公司決定捐贈該地產。

截至2024年9月28日和2023年12月30日的重組準備金分別爲$4.5 百萬美元和$2.1 百萬。重組負債包含在 應計負債 中合併資產負債表中。公司預計與員工解僱相關的剩餘支付將主要在2025財政年度的第一季度完成。

8. 債務
 
截至2024年9月28日和2023年12月30日的債務賬面金額如下：
 
(以千爲單位)2024年9月28日2023年12月30日
循環信貸便利$100,000 $100,000 
定期貸款285,000 288,750 
歐元高級票據，B系列到期於2028年106,106 105,246 
美國高級票據，B系列到期於2027年100,000 100,000 
美國高級票據，A系列到期於2025年50,000 50,000 
美國高級票據，系列b，2030年到期125,000 125,000 
美國高級票據，2032年到期100,000 100,000 
其他4,670 6,709 
未攤銷的債務發行成本(3,028)(3,770)
總債務867,748 871,935 
減：當前到期(67,799)(14,020)
長期債務總額$799,949 $857,915 
 
循環信貸設施和定期貸款

2022年6月30日，公司修訂並重述了其信用協議，該協議日期爲2020年4月3日（以下稱“信用協議”），以進行某些變更，包括但不限於： (i) 添加一項$300百萬無擔保定期貸款信用額度； (ii) 使某些財務和非財務契約對公司及其子公司 less restrictive； (iii) 替換基於LIBOR的利率基準並修改基於業績的利率差； (iv) 將到期日延長至2027年6月30日（以下稱“到期日”）。根據信用協議，公司可以不時增加循環信貸額度的規模或根據最低增量$25百萬的原則進入一項或多項定期貸款分期，只要沒有違約事件且公司遵守某些財務契約。

17
目錄
根據信貸協議（“信貸額度”）在可用信貸額度下發放的貸款可按公司選擇的有擔保隔夜融資利率（“SOFR”）計息，固定利率爲一、二、三或六個月，外加 1.00% 到 1.75%，加上 SOFR 調整爲 0.10% 或按信貸協議中定義的銀行基準利率計算，加上 0% 到 0.75％，基於信貸協議中定義的公司的合併槓桿比率。公司還必須爲信貸額度的未使用部分支付承諾費，包括 0.10% 到 0.175%，基於信貸協議中定義的合併槓桿比率。信貸協議包括陳述、契約和違約事件，這些都是此類性質融資交易的慣例。

根據信貸協議，循環貸款可以借用、償還及重新借用，直到到期日，此時所有借款金額必須償還。公司借款 $300.0百萬，按照定期貸款於2022年6月30日借入。定期貸款的本金餘額必須在每個日曆季度的最後一天以 $1.9 百萬的方式償還，償還時間從2022年9月30日開始，直到2024年6月30日，金額爲 $3.8 百萬，從2024年9月30日開始，直到2027年3月31日，其餘未償還的本金餘額在到期日一次性償還。貸款的應計利息在每個適用的利息支付日以欠款方式支付，並在信貸協議中可能指定的其他時間支付。根據某些條件，(i) 公司可以終止或減少信貸協議中定義的總循環承諾，部分或全部終止，(ii) 公司可以隨時提前償還循環貸款或定期貸款，無需支付溢價或罰款。在截至2024年9月28日的九個月內，公司對其定期貸款支付了 $3.8 百萬。信貸設施下的循環貸款和定期貸款餘額截至2024年9月28日分別爲 $100.0 百萬美元和$285.0 百萬。

在2022年5月12日，公司簽署了一份利率互換協議，以管理利率風險敞口，有效地將公司基於SOFR的浮動利率貸款的利率轉換爲固定利率。該利率互換的名義價值爲$200百萬，被指定爲現金流對沖，以對抗與公司基於SOFR的貸款在2027年6月30日到期相關的現金流變動。

截至2024年9月28日，信貸設施下未對沖部分的有效利率爲 6.60%，而 4.13%爲對沖部分的利率。

截至2024年9月28日，公司有$0.1 百萬未償信用證在信貸協議下，並且有$599.9 百萬的借款能力可用於循環信用設施。截至2024年9月28日，公司遵守了信貸協議下的所有契約。

高級票據
 
在2016年12月8日，公司簽署了一項票據購買協議，根據該協議，公司發行並出售了歐元指數212 百萬歐元的高級票據，總金額爲 兩個 系列。117 以歐元計價的高級票據的融資日期爲2016年12月8日，總金額爲 1.14的%高級票據，系列A，截止日期爲2023年12月8日（“2023年到期的歐元高級票據，系列A”），95 和總金額爲 1.83的%高級票據，系列b，截止日期爲2028年12月8日（“2028年到期的歐元高級票據，系列b”）（統稱爲“歐元高級票據”）。在2023年第四季度，公司償還了117 百萬歐元高級票據，A系列於2023年12月8日到期。2028年到期的歐元高級票據的利息每年支付兩次，支付日期爲6月8日和12月8日，從2017年6月8日開始。
 
2016年12月8日，公司簽訂了一份票據購買協議，根據該協議，公司發行並銷售了$125 百萬總本金額的高級票據， 兩個 系列。2017年2月15日，$25 百萬總本金額的 3.03%高級票據，A系列，到期日爲2022年2月15日（“2022年到期的美國高級票據，A系列”），以及$100 百萬總本金額的 3.74%高級票據，B系列，到期日爲2027年2月15日（“2027年到期的美國高級票據，B系列”）已被資助。在2022年第一季度，公司還清了$25 百萬美元高級票據，A系列，截止日期爲2022年2月15日。2027年到期的美國高級票據利息每年支付兩次，支付日期爲2月15日和8月15日，自2017年8月15日開始。
 
2017年11月15日，公司簽署了一份票據購買協議，根據該協議，公司發行並出售了175 百萬美元的高級票據， 兩個 系列。2018年1月16日，50 百萬美元的總本金金額的 3.48%高級票據A系列，將於2025年2月15日到期（“2025年到期的美國高級票據A系列”）和125 百萬美元的總本金金額的 3.78%高級票據B系列，將於2030年2月15日到期（“2030年到期的美國高級票據B系列”））（統稱爲“2025年和2030年到期的美國高級票據”）已獲得資金。2025年和2030年到期的美國高級票據的利息將於每年2月15日和8月15日支付，首次支付時間爲2018年8月15日。

2022年5月18日，上述票據購買協議進行了修訂，主要是更新某些條款，包括財務契約，以與下文定義的重述信用協議和2022年購買協議的條款保持一致。

18
目錄
2022年5月18日，公司簽署了一項票據購買協議（"2022購買協議"），根據該協議，公司於2022年7月18日發行並融資了$100百萬美元的總本金金額。 4.33%優先票據，到期日爲2032年6月30日（"2032年到期的美國優先票據"）（連同2035年和2030年到期的美國優先票據、歐元優先票據以及2022年和2027年到期的美國優先票據，統稱爲"優先票據"）。2032年到期的美國優先票據的利息每年支付兩次，支付日爲6月30日和12月30日，首次支付將於2022年12月30日進行。

高級票據未在證券法或適用的州證券法下注冊。高級票據是一般無擔保高級債務，並在付款權利上與公司所有現有及未來的無擔保非從屬債務平等。
 
高級票據受到一些慣例契約的約束，包括在一定例外情況下限制公司進行合併、整合、資產銷售和與關聯方的交易，以及進行任何實質上會改變公司一般業務的業務，並承擔留置權。此外， 公司需要滿足某些財務契約和測試 與包括利息覆蓋率和槓桿在內的其他事項相關。截至2024年9月28日，公司已遵守所有高級票據下的契約。
 
公司可以在滿足某些條件和向債券持有人支付補償金額的情況下贖回高級票據，並在發生某些事件後（包括控制權變更）被要求按面值要約回購高級票據。

公司所有債務支付的利息爲$10.5 百萬美元和$11.9 百萬，且截至2024年9月28日及2023年9月30日的九個月內記錄的折舊費用爲$30.1 百萬美元和$33.2 百萬。

9. 資產和負債的公允價值
 
對於以公允價值計量的資產和負債，無論是經常性的還是非經常性的，使用基於可觀察和不可觀察輸入的三級計量層次結構來確定公允價值。可觀察輸入是基於從獨立來源獲得的市場數據開發的，而不可觀察輸入則反映了公司在特定情況下根據最佳可用信息所做的估值假設。根據輸入的不同，公司將每項公允價值計量分類如下：
 
第一級—基於活躍市場中相同資產或負債的未調整報價價格的估值；
 
第二級—基於類似工具的報價、在不活躍市場中相同或類似工具的價格，或模型衍生的估值，其所有重要輸入均爲可觀察的，且
 
第三級—估值基於一個或多個重要的不可觀察的輸入

在此期間，一級、二級和三級沒有任何進出轉移。

以下是對公允價值計量的工具所使用的估值方法的描述及其在估值層級中的分類。
 
現金等價物
 
現金等價物主要包括貨幣市場基金、存單和短期存款，這些都是與信譽良好的機構存放的，流動性很強。公司將現金等價物歸類爲一級，並以成本計價，接近公允價值。

對股票證券的投資

在國家市場或交易所上市的股票證券投資按最後成交價格計價，並歸類於估值層級的第1級，記錄在 投資 和 其他長期資產.

19
目錄
指定爲對沖工具的衍生品

對於將被視爲對沖工具的衍生工具，公司在開始時正式指定並記錄該金融工具作爲特定基礎風險的對沖，風險管理目標以及進行對沖交易的策略。此外，公司在開始時以及至少每季度正式評估一次，用於對沖交易的金融工具是否有效抵消相關基礎風險的公允價值或現金流的變化。對於高度有效的現金流對沖，ASC 815要求將對沖工具公允價值的全部變化包含在對沖有效性的評估中，並記錄在其他綜合收益中。公司的對沖工具的任何元件都沒有被排除在對沖有效性的評估之外。

零成本保護協議

在2024年7月，公司實施了一項對沖計劃，以管理與美元和墨西哥披索之間波動相關的外匯風險敞口。這些外匯零成本保護措施被指定爲部分以墨西哥披索計價的製造費用的現金流對沖，主要是工資費用、供應商付款和公用事業費用。2024年7月的保護措施將在2025年8月到期，具有加權平均上限爲 19.435 和加權平均下限爲 18.000。2024年8月的保護措施將在2025年9月到期，具有加權平均上限爲 21.000 和加權平均下限爲 19.655。如果到期日的現貨匯率在加權平均上限和下限匯率之間，則公司將不需在這些保護措施下支付或收取任何款項。公司計劃繼續執行具有14個月滾動到期的零成本保護措施，作爲對沖以披索計價的製造費用的持續策略。

對於套保的公允價值，通過獨立的第三方評估模型確定。根據該模型，被指定爲現金流對沖的衍生品的公允價值變動在累計其他綜合損失中延期，直至基礎交易在收益中確認爲止。對於 截至2024年9月28日的三個月，公司記錄了對套保的未實現稅前損失爲$4.0 百萬。公司估計，目前在累計其他綜合損失中記錄的約$4.2百萬的稅前損失將在接下來的12個月內確認到收益中。如果對沖不再被視爲有效，累積的其他綜合收益中的金額將重新分類爲收益。在 截至2024年9月28日的三個月中，未包括任何無效性金額在淨利潤中。 公司將繼續持續評估對沖的有效性。套保的主要評估輸入爲利率收益曲線、利率波動、匯率、匯率波動、信用風險、信用利差及其他市場信息。由於所有重要輸入均得到市場可觀察數據的確認，套保被歸類爲公允價值層級的第2級。

利率互換

在2022年5月12日，公司簽署了一份利率互換協議，以管理利率風險敞口，有效地將公司基於SOFR的浮動利率貸款的利率轉換爲固定利率。該利率互換的名義價值爲$200以百萬計，被指定爲對沖現金流的現金流對沖，以應對與公司基於SOFR的貸款相關的現金流波動，貸款預計將在2027年6月30日到期。利率掉期的公允價值是使用獨立第三方評估模型進行評估的。根據該模型，c被指定爲現金流對沖的衍生工具的公允價值變動被遞延到 累計其他綜合損失中u直到基礎交易被確認收入。 贊成 截至2024年9月28日的三個月和九個月，公司記錄了利率掉期的未實現稅前損失爲$5.9 百萬美元和$3.3 百萬，分別。公司估計大約 $1.8目前記錄在其他綜合損益累積中的前稅收益約爲百萬將在接下來的12個月內確認入賬。利率互換的估值主要輸入爲利率收益曲線、利率波動性、信用風險、信用利差和其他市場信息。利率互換被歸類於公允價值層級的第2級，因爲所有重要輸入均由市場可觀察數據驗證。

使用衍生工具會產生與信用風險相關的敞口，可能導致在這些工具的交易對手未能履行其合同義務時被確認的潛在損失。公司通過將其交易對手限制爲具有可接受信用評級的主要金融機構，並監控與個別交易對手的總頭寸價值，來尋求降低這一風險。如果其中一個交易對手違約，公司可能無法根據其衍生工具的條款收到應得的付款。

未指定爲對沖工具的衍生品

在2022年7月14日，公司簽訂了一份外匯遠期合約，以減輕歐元與美元之間的貨幣波動風險，針對其2023年到期的以歐元計的高級票據A系列。該遠期合約在2022年7月14日的名義價值爲€117.0百萬，並於2023年12月7日到期，最終結算價值爲$6.3百萬，公司利用該金額將USD轉換爲Euro，以償還2023年到期的€117.0百萬歐元高級票據A系列。該外匯合約未被指定爲對沖工具，並在每月按市價進行標記。因此，2023年期間的公允價值變動已在 匯率期貨收益 在合併簡明淨利潤報表中報告。外匯遠期合約的公允價值由第三方根據市場匯率進行評估，並根據公允價值層級被分類爲第2級輸入。
20
目錄

公司不爲交易目的而進行衍生金融工具的交易。

截至2024年9月28日和2023年12月30日，公司衍生金融工具的公允價值及其在簡明合併資產負債表上的分類如下：


(以千爲單位)		綜合合併資產負債表分類2024年9月28日2023年12月30日
指定爲對沖工具的衍生品
利率互換協議：
指定爲現金流對沖預付費用及其他流動資產$1,792 $3,712 
其他長期資產$713 $2,140 
零成本保護協議：
指定爲現金流對沖預付費用及其他流動資產$60 $— 
應計負債$4,307 $— 
其他長期負債$1 $— 

截至2024年9月28日和2023年9月30日的簡明合併淨利潤表中確認的衍生金融工具的稅前（收益）虧損如下：
三個月結束截至九個月
(以千爲單位)在簡化合並損益表中確認的（收益）損失的分類2024年9月28日2023年9月30日2024年9月28日2023年9月30日
指定爲現金流對沖的衍生品
利率互換協議利息費用$(1,282)$(1,252)$(3,850)$(3,246)
零成本區間協議銷售成本$409 $— $409 $— 
未指定爲對沖工具的衍生品
匯率期貨合同匯率損失$— $4,310 $— $3,226 


截至2024年9月28日和2023年9月30日的三個月和九個月的綜合收益表中，所確認的衍生金融工具的稅前損失（收益）如下：
 三個月結束截至九個月
(以千爲單位)2024年9月28日2023年9月30日2024年9月28日2023年9月30日
被指定爲現金流對沖的衍生品
利率掉期協議$5,857 $(2,034)$3,346 $(2,817)
零成本保護協議$4,003 $— $4,003 $— 

所有基金類型
 
公司有一個非合格的補充養老和儲蓄計劃，爲某些管理人員和指定的高級管理人員提供額外的養老福利，允許參與者推遲一部分年薪。公司爲參與者維護帳戶，參與者通過該帳戶進行投資選擇。可交易證券依據公允價值等級劃分爲第一級，因爲這些證券被保存在具有可容易確定公允價值的共同基金中，並記錄在 其他長期資產 在濃縮合並資產負債表中.
21
目錄
 
那裏我們在截至2024年9月28日的季度內，公司用於衡量資產和負債公允價值的估值技術沒有任何變化。截至2024年9月28日和2023年12月30日，公司沒有持有任何需要定期按公允價值計量的非金融資產或負債。

下表列出了截至2024年9月28日按公允價值層級分類計量的資產。
 公允價值計量使用 
(以千爲單位)報價
活躍市場
Identical Assets
（一級）		重要性
其他
可觀察的
輸入
(第二等級)		顯著
不可觀察的
輸入
(第三等級)		總計
現金等價物$552,735 $— $— $552,735 
股權證券投資12,888 — — 12,888 
共同基金23,479 — — 23,479 
   總計 $589,102 $— $— $589,102 

下表展示了截至2023年12月30日按公允價值層級分類的公允價值計量的資產：
 公允價值測量使用 
(以千爲單位)報價價格於
活躍市場的
Identical Assets
(級別1)		重要的
其他
可觀察的
輸入
(級別 2)		重要的
不可觀察的
輸入
(級別 3)		總計
現金等價物$415,788 $— $— $415,788 
股權投資10,832 — — 10,832 
共同基金20,148 — — 20,148 
   合計$446,768 $— $— $446,768 

除了上述關於公允價值下財務工具的方法和假設外，以下方法和假設用於估計未定期市場價格的其他財務工具的公允價值。公司的其他財務工具包括現金及現金等價物、短期投資、應收賬款和長期債務。由於它們的短期到期，現金及現金等價物、短期投資和應收賬款的賬面金額近似於它們的公允價值。公司的循環和定期貸款債務的公允價值在2024年9月28日和2023年12月30日近似於賬面價值，因爲這些借款的利率本質上是變量。

截至2024年9月28日和2023年12月30日，公司的歐元指數高級票據A系列和B系列以及美元指數高級票據A系列和B系列的賬面價值和預計公允價值如下：
 2024年9月28日2023年12月30日
(以千爲單位)資產
價值		估計
公允價值		資產
價值		估計
公允價值
歐元高級票據，B系列到期於2028年$106,106 $99,141 $105,246 $96,532 
美元指數高級債券，b系列，2027年到期100,000 97,967 100,000 96,127 
美元指數高級債券，A系列，2025年到期50,000 49,735 50,000 49,070 
美元指數高級債券，b系列，2030年到期125,000 118,596 125,000 115,687 
美元指數高級債券，2032年到期100,000 95,229 100,000 93,228 

22
目錄
10. 福利計劃
 
公司有公司贊助和強制性的養老福利計劃，覆蓋英國（"英國"）、德國、菲律賓、中國、日本、墨西哥、意大利和法國的員工。根據這些計劃提供的養老福利金額通常基於服務年限和最終的平均薪資。
 
公司在綜合淨利表中確認利息成本、計劃資產的預期回報和以前服務的攤銷，淨計入 其他收入，淨額 在綜合淨收益表中。 截至2024年9月28日和2023年9月30日的三個月和九個月的淨定期福利成本的元件如下：
 截至三個月截至九個月
(以千爲單位)2024年9月28日2023年9月30日2024年9月28日2023年9月30日
淨週期性福利成本的元件：    
服務成本$753 $700 $2,318 $2,087 
利息成本961 961 2,931 2,850 
計劃資產的預期回報(527)(470)(1,555)(1,409)
以前服務和淨精算損失的攤銷47 12 139 34 
淨定期收益成本$1,234 $1,203 $3,833 $3,562 

公司預計在2024年向計劃貢獻約$2.2 百萬美元，並直接支付$2.1百萬美元的福利。

在2024年10月4日，公司簽署了一項最終協議，以購買一份團體年金合同，保險公司將被要求向公司的英國退休金計劃支付養老金，直到以後進行買斷，此時保險公司將直接向計劃參與者或其指定受益人支付和管理福利。購買該團體年金合同將使公司的未償養老金福利義務減少約$23百萬，約佔公司合格養老金計劃總義務的 31%，資金將來自養老金計劃資產和額外的現金。在此次交易中，公司目前預計將在2026年記錄一次性非現金結算費用，預計在$6百萬和$8百萬之間，反映計劃中一部分未攤銷的精算損失的加速確認。實際結算費用可能因最終數據和計劃終止費用而有所不同。

公司還在外國贊助某些離職後計劃和其他法定福利計劃。0.6百萬和$0.4公司在截至2024年9月28日的三個月內錄得費用爲$百萬， 2023年9月30日, 分別爲， $2.0百萬 和 $1.1$百萬，針對截至2024年9月28日和2023年9月30日的九個月， 在銷售成本 和 其他收入，淨值在簡明合併凈利潤報表中。計入其他綜合收益（損失）的稅前（收益）損失金額作爲這些計劃的淨定期福利成本的元件爲$0.3 百萬 名義上的 截至2024年9月28日的三個月期間和 截至2023年9月30日，分別爲 $0.9 百萬 和 $(0.1）百萬 截至2024年9月28日和2023年9月30日的九個月。

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目錄
11. 其他綜合收益（損失）

其他綜合收益（損失）按組成部分的變化如下：
(以千爲單位)截至三個月
2024年9月28日		截至三個月
2023年9月30日
稅前稅收稅後淨額稅前稅收稅後淨額
確定收益養老金計劃和其他調整$205 $(14)$191 $(3)$— $(3)
現金流對沖(9,860)1,563 (8,297)2,034 (488)1,546 
外幣翻譯調整 (a)66,331 (1,832)64,499 (4,301)624 (3,677)
其他綜合收益（損失）的總變化$56,676 $(283)$56,393 $(2,270)$136 $(2,134)
(以千爲單位)截至九個月
2024年9月28日		截至九個月
2023年9月30日
稅前稅收稅後淨額稅前稅收稅後淨額
確定收益養老金計劃及其他調整$901 $(40)$861 $(125)$(31)$(156)
現金流對沖(7,349)960 (6,389)2,817 (676)2,141 
外幣轉換調整 (a)11,619 (1,056)10,563 (6,098)351 (5,747)
其他綜合收益（損失）總變化$5,171 $(136)$5,035 $(3,406)$(356)$(3,762)
(a) 上述在外幣換算調整中顯示的稅收是與非美國子公司的收益的外幣換算調整相關的美國稅收，這些收益已在美國徵稅並且沒有永久再投資。

下表列出了截至2024年9月28日和2023年9月30日的累計其他綜合收益（損失）按組成部分的變化：按組成部分顯示的累計其他綜合收益（損失）變化截至2024年9月28日和2023年9月30日的九個月的變化：
(以千爲單位)固定收益養老金計劃和其他調整現金流對沖外幣
翻譯調整		累計其他
全面虧損
截至2023年12月30日的餘額$(7,613)$4,448 $(52,652)$(55,817)
期間活動861 (6,389)10,563 5,035 
截至2024年9月28日的餘額$(6,752)$(1,941)$(42,089)$(50,782)
(以千爲單位)確定福利養老金計劃和其他調整現金流對沖外幣折算調整累計其他綜合損失
截至2022年12月31日的餘額$(2,193)$6,596 $(100,167)$(95,764)
期間活動(156)2,141 (5,747)(3,762)
截至2023年9月30日的餘額$(2,349)$8,737 $(105,914)$(99,526)

從累計其他綜合收益（損失）重新分類到收入的金額爲：截至2024年9月28日和2023年9月30日的三個月和九個月內的收益如下：
 截至三個月截至九個月
(以千爲單位)2024年9月28日2023年9月30日2024年9月28日2023年9月30日
養老金和退休後計劃：
以往服務的攤銷和淨精算損失（收益）$323 $(11)$1,026 $(33)

公司在內確認以前服務成本的攤銷， 其他收入，淨額 在簡明合併凈利潤表中。
24
目錄


12. 所得稅

截至2024年9月28日的三個月和九個月的有效稅率爲 25.3% 21.9%，與截至2023年9月30日的三個月和九個月的有效稅率比較爲 23.3% 19.7%。2024年的有效稅率高於可比2023年期間的有效稅率，主要是由於與2023年相比，2024年在低稅收管轄區的收入減少。

截至2024年9月28日和2023年9月30日的三個月有效稅率高於法定稅率，主要是由於匯率期貨損失的影響，而沒有相關的稅收利益。此外，在2024年期間，由於在高稅收司法管轄區賺取的稅前收入比例，有效稅率也更高。截至2024年9月28日的九個月有效稅率高於法定稅率，主要是由於在高稅收司法管轄區賺取的稅前收入比例，部分抵消了由於法定時效的過期而在第一季度確認的以前未確認的稅收利益。截止2023年9月30日的九個月有效稅率低於法定稅率，主要是由於在低稅收司法管轄區賺取的收入。


13. 每股收益
 
下表列出了基本每股收益和稀釋每股收益的計算：
 截至三個月截至九個月
(以千爲單位，除每股金額外)2024年9月28日2023年9月30日2024年9月28日2023年9月30日
分子:
報告的凈利潤$58,058 $57,788 $151,976 $216,604 
分母:
加權平均流通股數
基本24,796 24,893 24,822 24,838 
稀釋證券的影響229 250 218 262 
稀釋25,025 25,143 25,040 25,100 
每股收益：
基本每股收益$2.34 $2.32 $6.12 $8.72 
攤薄後每股收益$2.32 $2.30 $6.07 $8.63 
 
與期權和限制性股票單位相關的潛在普通股在每股收益計算中被排除，因爲其效果會是反稀釋的， 124,197 和 80,828 截至2024年9月28日和2023年9月30日的三個月， 136,635 和 106,156 截至2024年9月28日和2023年9月30日的九個月，

股份回購計劃

公司的董事會授權在一個計劃下回購高達$300.0百萬股票，計劃的時間爲2021年5月1日至2024年4月30日（"2021計劃"）。在2024年4月25日，公司的董事會授權一個新的三年計劃回購高達$300.0百萬股票，時間爲2024年5月1日至 2027年4月30日 （"2024計劃"），以取代已到期的2021計劃。公司確實 無在截至2024年9月28日的三個月內未回購其普通股。在截至2024年9月28日的九個月內，公司回購了 179,311 股份，總計$40.9 百萬，其中，$38.9百萬是根據2021年方案，$2.0百萬是根據2024年方案。公司在截至2023年9月30日的三個月和九個月內沒有回購普通股。 無沒有回購普通股。


25
目錄
14. 細分信息
 
公司及其子公司設計、製造和出售組件、模塊和子系統，以支持可持續性、連通性和安全性的長期結構主題。公司按以下部門報告其運營：電子、交通和工業。運營部門被定義爲一個企業的組成部分，該部分從事業務活動，可以獲得營業收入並承擔費用，且有關部門的單獨財務信息定期由首席運營決策者（「CODM」）評估，以決定如何分配資源。CODM是公司的總裁兼首席執行官（「CEO」）。CODM使用有關每個運營部門的營業收入和利息及稅前營業收入（損失）信息來分配資源並評估其績效，但不使用單獨的資產負債表信息來評估運營部門。

銷售、營銷和研發費用直接計入每個運營部門。採購、物流、客戶服務、財務、信息技術和人力資源是共享的職能，分配給 三 運營部門。該公司不報告分部間收入，因爲運營部門未記錄該收入。某些費用由CodM確定爲戰略性的，與各細分市場的當前業績沒有直接關係，這些費用未被分配，而是被確定爲 「其他」。此外，公司不向運營部門分配利息和其他收入、利息支出或稅款。這些成本不分配給各細分市場，因爲管理層在評估各分部的業績時不包括此類成本。儘管CodM使用營業收入（虧損）來評估細分市場，但一個細分市場中包含的運營成本可能會使其他細分市場受益。除上述情況外，分部報告的會計政策與整個公司的會計政策相同。

•電子板塊: 包括業內最廣泛的產品之一，包括保險絲和保險絲配件、正溫度係數 (「PTC」) 可復位保險絲、機電開關和互連解決方案、聚合物靜電放電 (「ESD」) 抑制器、壓敏電阻、基於簧片開關的磁感應、氣體放電管；半導體產品，例如分立瞬態電壓抑制器 (「TVS」) 二極管、TVS 二極管陣列、保護和開關晶閘管、硅和碳化硅金屬氧化物半導體場效應晶體管（「MOSFET」）”）和二極管；以及絕緣柵雙極晶體管（「IGBT」）技術。該細分市場涵蓋廣泛的終端市場，包括工業電機驅動和功率轉換、汽車電子、電動汽車和相關的充電基礎設施、航空航天、電源、數據中心和電信、醫療設備、替代能源和儲能、建築和家庭自動化、電器和移動電子產品。

•交通細分市場： 包含廣泛的電路保護、功率控制和傳感技術，面向全球原始設備製造商（「OEMs」）、一級供應商、零部件和售後分銷商，涵蓋乘用車、重型卡車和公交車、越野和休閒車、物料搬運設備、農業機械、施工設備以及其他商用車終端市場。乘用車產品用於內燃機、混合動力和新能源車，包括葉片保險絲、電池電纜保護器、可重置保險絲、大電流保險絲、高電壓保險絲，以及旨在監控乘員安全和環境以及車輛動力系統的傳感器產品。商用車產品包括保險絲、開關、電路斷路器、繼電器和電力分配模塊及單元，用於服務於重型卡車和公交車、施工、農業、物料搬運和海洋等多個終端市場的應用。

•工業部門： 包括工業電路保護（工業熔斷器）、保護與監測繼電器（保護繼電器、剩餘電流裝置和監測器、漏電斷路器及電弧故障檢測裝置），以及用於各種應用的工業控制和傳感器（接觸器、變壓器和溫度傳感器），如可再生能源和能源存儲系統、工業安全， 工廠自動化，電動汽車基礎設施、暖通空調系統、非住宅施工、維護、維修和礦業。

26
目錄
分段信息總結如下：
 截至三個月截至九個月
(以千爲單位)2024年9月28日2023年9月30日2024年9月28日2023年9月30日
淨銷售額    
電子產品$304,188 $343,933 $900,932 $1,052,673 
交通171,381 177,019 510,711 515,708 
工業91,821 86,119 249,620 260,469 
總淨銷售額$567,390 $607,071 $1,661,263 $1,828,850 
折舊和攤銷
電子產品$20,045 $19,623 $59,656 59,219 
交通9,084 10,193 26,827 32,547 
工業4,041 4,093 11,960 11,517 
總折舊和攤銷$33,170 $33,909 $98,443 $103,283 
營業收入（虧損）
電子產品$48,891 $77,022 $132,859 $247,028 
交通23,485 9,694 54,925 26,015 
工業17,711 13,201 32,054 45,450 
其他 (a)
(2,266)(6,272)(11,559)(22,154)
總營業收入87,821 93,645 208,279 296,339 
利息支出9,772 10,101 29,358 29,803 
匯率損失9,630 11,776 4,273 8,697 
其他收入，淨額(9,297)(3,527)(19,916)(11,810)
稅前收入$77,716 $75,295 $194,564 $269,649 
 
(a) 2024年第三季度的「其他」營業收入中包括$1.8 百萬（$9.4 百萬年初至今)的重組費用，主要與員工離職相關的費用，以及$1.0 百萬（$2.8 百萬年初至今)的法律和專業費用以及與已完成和擬議收購相關的其他整合費用。在2024年第一季度，公司確認了$0.9 百萬的減值費用，涉及交通部門商用車業務中的某些機械和設備。參見第7號， 重組、減值和其他費用， 以獲取更多討論。在2024年第三季度，公司錄得$0.5 與電子部門的土地使用權銷售相關的百萬收入。此外，公司確認在銷售中獲得了$1.0百萬的收入 兩個 在2024年上半年，交通部門的建築物銷售.

2023年第三季度的「其他」營業收入中包括$3.7 百萬（$8.5 （年初至今）重組費用，總體上與員工解僱成本相關，$1.8 百萬（$9.0 （年初至今）法律及專業費用以及與已完成和考慮的收購相關的其他整合費用。 在2023年第三季度，公司確認了$0.8 的減值費用，主要與工業部門內某些專利相關。此外，在2023年第二季度，公司確認了$3.9 的減值費用，涉及交通部門內商用車業務的土地和建築物。請參見第7條， 重組、減值和其他費用， 進行進一步討論。
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公司的各國淨銷售額如下，按客戶所在國家分類：
 Three Months EndedNine Months Ended
(in thousands)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Net sales
United States$211,940 $217,904 $604,198 $635,892 
China133,051 138,393 379,730 415,430 
Other countries (a)
222,399 250,774 677,335 777,528 
Total net sales$567,390 $607,071 $1,661,263 $1,828,850 
 
The Company’s long-lived assets represent net property, plant, and equipment, and are classified according to the country where the asset is located were as follows:
(in thousands)September 28, 2024December 30, 2023
Long-lived assets
United States$67,491 $73,126 
China137,813 139,736 
Mexico93,057 102,218 
Germany56,578 47,217 
Philippines68,620 73,217 
Other countries 58,033 57,639 
Total long-lived assets$481,592 $493,153 
 
The Company’s additions to long-lived assets by country were as follows:
 Nine Months Ended
(in thousands)September 28, 2024September 30, 2023
Additions to long-lived assets
United States$9,591 $7,407 
China10,681 22,558 
Mexico8,875 11,339 
Germany12,160 6,534 
Philippines3,025 5,245 
Other countries 5,759 8,138 
Total additions to long-lived assets$50,091 $61,221 

(a)Each country included in other countries is less than 10% of net sales.


15. Commitments and Contingencies

Off-Balance Sheet Arrangements

As of September 28, 2024, the Company did not have any off-balance sheet arrangements, as defined under SEC rules. Specifically, the Company was not liable for guarantees of indebtedness owed by third parties, the Company was not directly liable for the debt of any unconsolidated entity and the Company did not have any retained or contingent interest in assets. The Company does not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities.

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Product Warranty Liabilities

The company's policy is to accrue for warranty claims when a loss is both probable and estimable. Liabilities for warranty claims have historically not been material and in limited instances, customers may make claims for costs they incurred or other damages related to a claim.

The Company carries insurance for potential product liability claims at coverage levels based on the Company's prior claims experience. This coverage is subject to deductibles, and various terms and conditions. The Company cannot assure that the level of coverage will be sufficient to cover every possible claim that can arise in its businesses, now or in the future, or that such coverage always will be available should the Company, now or in the future, wish to extend, increase or otherwise adjust its insurance.

The Company has been notified by one of its customers of a product recall potentially due to certain fuses provided by Littelfuse and incorporated in such products. The Company is currently working with its customer to investigate the cause and level of responsibility for this recall. The Company has determined pursuant to ASC 450, "Contingencies", that a loss is reasonably possible. However, the Company continues to evaluate this matter and the ultimate costs of the recall and range of the potential loss cannot be determined at this time. Accordingly, no accrual has been made yet for this matter. Factors that will impact the amount of such losses include the per vehicle cost of fuse replacement, the determination of the relative liability among the customer, the Company, and any relevant third parties, as well as actual insurance recoveries.

Environmental Remediation Liabilities

The company's operations and facilities are subject to U.S. and non-U.S. laws and regulations governing the protection of the environment and its employees, including those governing air emissions, chemical usage, water discharges, the management and disposal of hazardous substances and wastes, and the cleanup of contaminated sites. The Company could incur significant costs, including cleanup costs, fines, civil or criminal sanctions, or third-party property damage or personal injury claims, in the event of violations or liabilities under these laws and regulations, or non-compliance with the environmental permits required at its facilities. Potentially significant expenditures could be required in order to comply with environmental laws that may be adopted or imposed in the future. The Company is, however, not aware of any threatened or pending material environmental investigations, lawsuits, or claims involving the Company or its operations.

Legal Proceedings

In the ordinary course of business, the Company may be involved in a number of claims and litigation matters. While it is not feasible to predict the outcome of these matters, based upon the Company's experience and current information known, the Company does not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on its results of operations, financial position, and/or cash flows.

The Company accounts for litigation and claims losses in accordance with ASC 450, "Contingencies" where loss contingency provisions are recognized for probable and estimable losses at the Company's best estimate of a loss or, when a best estimate cannot be made, at its estimate of the minimum loss. These estimates require the application of considerable judgment and are refined each accounting period as additional information becomes known. If the Company is initially unable to develop a best estimate of loss and therefore the minimum amount, which could be an immaterial amount, is recognized. As information becomes known, either the minimum loss amount is increased, or a best estimate can be made, resulting in additional loss provisions. A best estimate may be changed when events result in an expectation different than previously expected.

Pending Litigation and Claims

There are no material pending litigation or claims outstanding as of September 28, 2024.

16. Related Party Transactions
 
The Company has equity ownership in various investments that are accounted for under the equity method. The following is a description of the investments and related party transactions.
 
Powersem GmbH: The Company owns 45% of the outstanding equity of Powersem GmbH (“Powersem”), a module manufacturer based in Germany.
 
EB-Tech Co., Ltd.: The Company owns approximately 19% of the outstanding equity of EB Tech Co., Ltd. (“EB Tech”), a company with expertise in radiation technology based in South Korea.
 
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Automated Technology (Phil), Inc.: The Company owns approximately 24% of the outstanding common shares of Automated Technology (Phil), Inc. (“ATEC”), a supplier located in the Philippines that provides assembly and test services. One member of the Company's executive officers serves on the Board of Directors of ATEC.
 Three Months Ended September 28, 2024Three Months Ended September 30, 2023
(in millions)PowersemEB TechATECPowersemEB TechATEC
Sales to related party$0.3 $— $— $0.5 $— $— 
Purchase material/service from related party0.6 0.2 0.6 1.2 0.1 2.0 
Nine Months Ended September 28, 2024Nine Months Ended September 30, 2023
(in millions)PowersemEB-TechATECPowersemEB TechATEC
Sales to related party$1.2 $— $— $1.7 $— $— 
Purchase material/service from related party3.0 0.6 3.5 3.3 0.3 7.6 
 September 28, 2024December 30, 2023
(in millions)PowersemEB TechATECPowersemEB TechATEC
Accounts receivable balance$0.1 $— $— $— $— $— 
Accounts payable balance$0.5 $— $0.1 $0.5 $— $1.0 


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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Cautionary Statement Regarding Forward-Looking Statements Under the Private Securities Litigation Reform Act of 1995 (“PSLRA”).
 
Certain statements in this section and other parts of this Quarterly Report on Form 10-Q may constitute "forward-looking statements" within the meaning of the federal securities laws and are entitled to the safe-harbor provisions of the PSLRA. These statements include statements regarding the Company’s future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "estimates," "will," "should," "plans" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy, although not all forward-looking statements contain such terms. The Company cautions that forward-looking statements, which speak only as of the date they are made, are subject to risks, uncertainties and other factors, and actual results and outcomes may differ materially from those indicated or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, risks and uncertainties relating to general economic conditions; product demand and market acceptance; economic conditions; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity price fluctuations; the effect of the Company's accounting policies; labor disputes and shortages; restructuring costs in excess of expectations; pension plan asset returns less than assumed; uncertainties related to political or regulatory changes; integration of acquisitions may not be achieved in a timely manner, or at all; limited realization of the expected benefits from investment and strategic plans; and other risks that may be detailed in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 3, “Quantitative and Qualitative Disclosures About Market Risk” of Part I and Item 1, “Legal Proceedings” and Item 1A, “Risk Factors” of Part II of this Report, as well as Item 1A. "Risk Factors" and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of Part II of the Company's Annual Report on Form 10-K for the year ended December 30, 2023, and the Company's other filings and submissions with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise. .
 
This report, including the Management’s Discussion and Analysis of Financial Condition and Results of Operations, should be read in conjunction with information provided in the consolidated financial statements and the related Notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 30, 2023. 
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide information that is supplemental to, and should be read together with, the consolidated financial statements and the accompanying notes. Information in MD&A is intended to assist the reader in obtaining an understanding of (i) the consolidated financial statements, (ii) the changes in certain key items within those financial statements from year-to-year, (iii) the primary factors that contributed to those changes, and (iv) any changes in known trends or uncertainties that the Company is aware of and that may have a material effect on future performance. In addition, MD&A provides information about the Company’s segments and how the results of those segments impact the results of operations and financial condition as a whole.



 

 


 
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Executive Overview
 
Founded in 1927, Littelfuse is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 16,000 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.

The Company maintains a network of global laboratories and engineering centers that develop new products and product enhancements, provide customer application support and test products for safety, reliability, and regulatory compliance. The Company conducts its business through three reportable segments: Electronics, Transportation, and Industrial. Within these segments, the Company designs, manufactures and sells components and modules empowering a sustainable, connected, and safer world. Our products protect against electrostatic discharge, power surges, short circuits, voltage spikes and other harmful occurrences, safely and efficiently control power and improve productivity and are used to identify and detect temperature, proximity, flow speed and fluid level in various applications.

Executive Summary
 
For the third quarter of 2024, the Company recognized net sales of $567.4 million, a decrease of $39.7 million, or 6.5% as compared to $607.1 million in the third quarter of 2023 including $0.7 million or 0.1% of favorable changes in foreign exchange rates. The decrease in net sales was primarily due to lower volume in the Electronics segment. The Company recognized net income of $58.1 million, or $2.32 per diluted share, in the third quarter of 2024 compared to $57.8 million, or $2.30 per diluted share, in the third quarter of 2023.

Net cash provided by operating activities was $207.0 million for the nine months ended September 28, 2024 compared to $313.1 million for the nine months ended September 30, 2023. The decrease in net cash provided by operating activities was primarily due to lower cash earnings.

On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under which an insurance company will be required to pay pension payments to the Company’s United Kingdom pension plan to match required pension payments until a later buyout, at which point the insurance company will directly pay and administer the benefits to the plan's participants, or to their designated beneficiaries. The purchase of this group annuity contract will reduce the Company’s outstanding pension benefit obligation by approximately $23 million, representing approximately 31% of the total obligations of the Company’s qualified pension plans, and will be funded with pension plan assets and additional cash on hand. In connection with this transaction, the Company currently expects to record a one-time non-cash settlement charge in 2026 estimated between $6 million and $8 million, reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. The actual settlement charge could differ from this estimate due to final data and plan wind-up expenses.

Risk Related to Market Conditions

The Company performs its goodwill impairment tests annually on the first day of its fiscal fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. As part of its interim review for indicators of impairment, management analyzed potential changes in value of individual reporting units with goodwill based on each reporting unit’s operating results for the nine months ended September 28, 2024 compared to expected results. In addition, management considered how other key assumptions, including discount rates and expected long-term growth rates, used in the last fiscal year’s impairment analysis could be impacted by changes in market conditions and economic events.

Management considered trends in these factors when performing its assessment of whether an interim impairment review was required for any reporting unit. Based on this interim assessment, management concluded that as of September 28, 2024, no events or changes in circumstances indicated that it was more likely than not that the fair value of any reporting unit had declined below its carrying value. Nevertheless, significant changes in global economic and market conditions could result in changes to expectations of future financial results and key valuation assumptions. Such changes could result in revisions of management’s estimates of the fair value of the Company’s reporting units and could result in a material impairment of goodwill as of September 29, 2024, the Company’s next annual measurement date.

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In particular, the Industrial controls and sensors reporting unit within the Industrial segment is at risk for future impairment if projected operating results are not met or other inputs into the fair value measurement change. The potential reduction in the estimated fair value of the reporting unit is due to lower expectations for future revenue, profitability and cash flows for the Industrial controls and sensors reporting unit as compared to the expectations of the 2023 annual goodwill impairment test driven by lower-than-expected demand in the electric vehicle end market as well as reduced government funding to support charging infrastructures for electric vehicles, primarily in Europe. Continued negative trends could have a significant impact on the estimate fair value of this reporting unit and could result in future impairment charges. As of the October 1, 2023 annual goodwill impairment test, the Industrial controls and sensors reporting unit’s estimated fair value exceeded book value by approximately 23%. As of September 28, 2024, the Industrial controls and sensors reporting unit had $157.8 million of goodwill.

Other Risk

The Company has been notified by one of its customers of a product recall potentially due to certain fuses provided by Littelfuse and incorporated in such products. The Company is currently working with its customer to investigate the cause and level of responsibility for this recall. The Company has determined pursuant to ASC 450, "Contingencies" that a loss is reasonably possible. However, the Company continues to evaluate this matter and the ultimate costs of the recall and range of the potential loss cannot be determined at this time. Accordingly, no accrual has been made yet for this matter. Factors that will impact the amount of such losses include the per vehicle cost of fuse replacement, the determination of the relative liability among the customer, the Company, and any relevant third parties, as well as actual insurance recoveries.

Results of Operations
 
The following table summarizes the Company’s unaudited condensed consolidated results of operations for the periods presented. The third quarter of 2024 includes $1.8 million ($9.4 million year-to-date) of restructuring charges primarily related to employee termination cost, and $1.0 million ($2.8 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the first quarter of 2024, the Company recognized a $0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. During the third quarter of 2024, the Company recorded a gain of $0.5 million related to the sale of a land use right within the Electronics segment. In addition, the Company recognized a gain of $1.0 million for the sale of two buildings within the Transportation segment during the first half of 2024.

The third quarter of 2023 includes $3.7 million ($8.5 million year-to-date) of restructuring charges, primarily related to employee termination costs, and $1.8 million ($9.0 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the third quarter of 2023, the Company recognized a $0.8 million impairment charge substantially related to certain patents in a business within the Industrial segment. In addition, during the second quarter of 2023, the Company recognized a $3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion.
 Third QuarterFirst Nine Months
(in thousands)20242023Change%
Change		20242023Change%
Change
Net sales$567,390 $607,071 $(39,681)(6.5)%$1,661,263 $1,828,850 $(167,587)(9.2)%
Cost of sales351,498 380,200 (28,702)(7.5)%1,050,559 1,122,190 (71,631)(6.4)%
Gross profit215,892 226,871 (10,979)(4.8)%610,704 706,660 (95,956)(13.6)%
Operating expenses128,071 133,226 (5,155)(3.9)%402,425 410,321 (7,896)(1.9)%
Operating income 87,821 93,645 (5,824)(6.2)%208,279 296,339 (88,060)(29.7)%
Income before income taxes77,716 75,295 2,421 3.2 %194,564 269,649 (75,085)(27.8)%
Income taxes19,658 17,507 2,151 12.3 %42,588 53,045 (10,457)(19.7)%
Net income$58,058 $57,788 $270 0.5 %$151,976 $216,604 $(64,628)(29.8)%

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Net Sales
 
Net sales decreased $39.7 million, or 6.5%, for the third quarter of 2024 compared to the third quarter of 2023 including $0.7 million or 0.1% of favorable changes in foreign exchange rates. The decrease in net sales was primarily due to lower volume of $39.7 million in the Electronics segment.

Net sales decreased $167.6 million, or 9.2%, for the first nine months of 2024 compared to the first nine months of 2023, including $6.2 million or 0.3% of unfavorable changes in foreign exchange rates. The sales decrease was primarily due to lower volume of $151.7 million and $10.8 million in the Electronics and Industrial segments, respectively.

Cost of Sales

Cost of sales was $351.5 million, or 61.9% of net sales, in the third quarter of 2024, compared to $380.2 million, or 62.6% of net sales, in the third quarter of 2023. As a percent of net sales, cost of sales decreased 0.7% driven by improved margins from all businesses within the Transportation and Industrial segments driven by favorable price, product mix and cost reduction initiatives, partially offset by lower volume in the Electronics segments.

Cost of sales was $1,050.6 million, or 63.2% of net sales, in the first nine months of 2024, compared to $1,122.2 million, or 61.4% of net sales, in the first nine months of 2023. As a percent of net sales, cost of sales increased 1.8% driven by lower volume in the Electronics and Industrial segments, partially offset by improved margin from all businesses within the Transportation segment driven by favorable price, product mix and cost reduction initiatives.

Gross Profit
 
Gross profit was $215.9 million, or 38.1% of net sales, in the third quarter of 2024 compared to $226.9 million, or 37.4% of net sales, for the third quarter of 2023. The $11.0 million decrease in gross profit was primarily due to lower volume in the Electronics segment, partially offset by improved margin from the Transportation and Industrial segments driven by favorable price, product mix and cost reduction initiatives.

Gross profit was $610.7 million, or 36.8% of net sales, in the first nine months of 2024 compared to $706.7 million, or 38.6% of net sales, for the first nine months of 2023. The $96.0 million decrease in gross profit was primarily due to lower volume in the Electronics and Industrial segments, partially offset by improved margin from the commercial vehicle and passenger car products businesses within the Transportation segment driven by favorable price, product mix and cost reduction initiatives.

Operating Expenses
 
Operating expenses were $128.1 million, or 22.6% of net sales, for the third quarter of 2024 compared to $133.2 million, or 21.9% of net sales, for the third quarter of 2023. The decrease in operating expenses of $5.2 million was primarily due to lower selling, general, and administrative expenses of $3.3 million driven by cost control initiatives and lower restructuring, impairment, and other charges of $2.7 million, partially offset by higher research and development expenses of $1.0 million.

Operating expenses were $402.4 million, or 24.2% of net sales, for the first nine months of 2024 compared to $410.3 million, or 22.4% of net sales, for the first nine months of 2023. The decrease in operating expenses of $7.9 million was primarily due to lower selling, general, and administrative expenses of $6.7 million as a result of lower legal and professional fees and other integration expenses related to completed and contemplated acquisitions, lower restructuring, impairment, and other charges of $2.9 million caused by a $3.9 million impairment charge recognized during the second quarter 2023 related to the land and building of a property within the Transportation segment, and lower amortization expense of $2.4 million, partially offset by higher research and development expenses of $4.0 million.

Operating Income
 
Operating income was $87.8 million, representing a decrease of $5.8 million, or 6.2%, for the third quarter of 2024 compared to $93.6 million for the third quarter of 2023. The decrease in operating income was due to lower gross profit from the Electronics segment, partially offset by higher gross profit from the Transportation and Industrial segments. Operating margins increased from 15.4% in the third quarter of 2023 to 15.5% in the third quarter of 2024 driven by improved gross margin in the Transportation and Industrial segments, partially offset by lower volume in the Electronics segment.

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Operating income was $208.3 million, representing a decrease of $88.1 million, or 29.7%, for the first nine months of 2024 compared to $296.3 million for the first nine months of 2023. The decrease in operating income was due to lower gross profit from the Electronics and Industrial segments, partially offset by higher gross profit from the Transportation segment. Operating margins decreased from 16.2% in the first nine months quarter of 2023 to 12.5% in the first nine months of 2024 driven by lower volume in the Electronics segment.
  
Income Before Income Taxes
 
Income before income taxes was $77.7 million, or 13.7% of net sales, for the third quarter of 2024 compared to $75.3 million, or 12.4% of net sales, for the third quarter of 2023. In addition to the factors impacting comparative results for operating income discussed above, income before income taxes was primarily benefited by unrealized gains of $3.1 million in the third quarter of 2024 compared to unrealized losses of $1.6 million in the third quarter of 2023 related to the Company's equity investment, higher interest income of $2.3 million from short-term investment in cash equivalents, and lower foreign exchange losses of $2.1 million in the third quarter of 2024 compared to the third quarter of 2023.

Income before income taxes was $194.6 million, or 11.7% of net sales, for the first nine months of 2024 compared to $269.6 million, or 14.7% of net sales, for the first nine months of 2023. In addition to the factors impacting comparative results for operating income discussed above, income before income taxes was primarily benefited by higher interest income of $8.2 million from short-term investments in cash equivalents and lower foreign exchange losses of $4.4 million in the first nine months of 2024 compared to the first nine months of 2023, and unrealized gains of $1.9 million during the first nine months of 2024 compared to unrealized losses of $0.9 million during the first nine months of 2023 related to the Company's equity investment.

Income Taxes
 
The effective tax rate for the three and nine months ended September 28, 2024 was 25.3% and 21.9%, compared to the effective tax rate for the three and nine months ended September 30, 2023 of 23.3% and 19.7%. The effective tax rates for 2024 are higher than the effective tax rates for the comparable 2023 periods primarily due to decreases in the income earned in lower tax jurisdictions in 2024 as compared to 2023.

The effective tax rates for the three months ended September 28, 2024 and September 30, 2023 are higher than the statutory tax rate primarily due to the impact of foreign exchange losses with no related tax benefit. Additionally, for the 2024 period, the effective tax rate was also higher due to the proportion of pre-tax income that is earned in higher tax jurisdictions. The effective tax rate for the nine months ended September 28, 2024 is higher than the statutory tax rate primarily due to the proportion of pre-tax income that is earned in higher tax jurisdictions, partially offset by previously unrecognized tax benefits recognized in the first quarter due to the lapse in the statute of limitations. The effective tax rate for the nine months ended September 30, 2023 is lower than the statutory tax rate primarily due to income earned in lower tax jurisdictions.

Segment Results of Operations
 
The Company reports its operations by the following segments: Electronics, Transportation and Industrial. Segment information is described more fully in Note 14, Segment Information, of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report.
 
The following table is a summary of the Company’s net sales and operating income by segment: 
Net SalesThird QuarterFirst Nine Months
(in thousands)20242023Change%
Change		20242023Change%
Change
Electronics$304,188 $343,933 $(39,745)(11.6)%$900,932 $1,052,673 $(151,741)(14.4)%
Transportation171,381 177,019 (5,638)(3.2)%510,711 515,708 (4,997)(1.0)%
Industrial91,821 86,119 5,702 6.6 %249,620 260,469 (10,849)(4.2)%
Total$567,390 $607,071 $(39,681)(6.5)%$1,661,263 $1,828,850 $(167,587)(9.2)%
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Operating IncomeThird QuarterFirst Nine Months
(in thousands)20242023Change%
Change		20242023Change%
Change
Electronics$48,891 $77,022 $(28,131)(36.5)%$132,859 $247,028 $(114,169)(46.2)%
Transportation23,485 9,694 13,791 142.3 %54,925 26,015 28,910 111.1 %
Industrial17,711 13,201 4,510 34.2 %32,054 45,450 (13,396)(29.5)%
Other (a)
(2,266)(6,272)4,006 (11,559)(22,154)10,595 
Total$87,821 $93,645 $(5,824)(6.2)%$208,279 $296,339 $(88,060)(29.7)%

(a) Included in “Other” Operating income for the third quarter of 2024 was $1.8 million ($9.4 million year-to-date) of restructuring charges primarily related to employee termination cost, and $1.0 million ($2.8 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the first quarter of 2024, the Company recognized a $0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. During the third quarter of 2024, the Company recorded a gain of $0.5 million related to the sale of a land use right within the Electronics segment. In addition, the Company recognized a gain of $1.0 million for the sale of two buildings within the Transportation segment during the first half of 2024.

Included in “Other” Operating income for the third quarter of 2023 was $3.7 million ($8.5 million year-to-date) of restructuring charges, primarily related to employee termination costs, and $1.8 million ($9.0 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the third quarter of 2023, the Company recognized a $0.8 million impairment charge substantially related to certain patents in a business within the Industrial segment. In addition, during the second quarter of 2023, the Company recognized a $3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion.

Electronics Segment

Net Sales
 
Net sales decreased $39.7 million, or 11.6%, in the third quarter of 2024 compared to the third quarter of 2023 and included favorable changes in foreign exchange rates of $0.5 million. The sales decrease was due to lower volume from the semiconductor business resulting in a sales decline of $39.6 million driven by reduced demand across industrial markets and inventory rebalancing at certain distributors.

Net sales decreased $151.7 million, or 14.4%, in the first nine months of 2024 compared to the first nine months of 2023 and included unfavorable changes in foreign exchange rates of $3.0 million. The sales decrease was mainly due to lower volume from the semiconductor business of $129.4 million and to a lesser extent the electronics products business driven by inventory rebalancing at certain distributors and reduced demand across certain electronics markets, including consumer facing and personal electronics, as well as industrial markets.

Operating Income

Operating income was $48.9 million, representing a decrease of $28.1 million, or 36.5%, for the third quarter of 2024 compared to $77.0 million for the third quarter of 2023. The decrease in operating income was primarily from the semiconductor business due to lower volume leverage and unfavorable product mix. Operating margins decreased from 22.4% in the third quarter of 2023 to 16.1% in the third quarter of 2024 primarily due to the lower volume.

Operating income was $132.9 million, representing a decrease of $114.2 million, or 46.2%, for the first nine months of 2024 compared to $247.0 million for the first nine months of 2023. The decrease in operating income was primarily due to lower volume leverage and unfavorable product mix that were partially offset by cost control initiatives. Operating margins decreased from 23.5% in the first nine months of 2023 to 14.7% in the first nine months of 2024 primarily due to the lower volume.

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Transportation Segment

Net Sales
 
Net sales decreased $5.6 million, or 3.2%, in the third quarter of 2024 compared to the third quarter of 2023 and included favorable changes in foreign exchange rates of $0.5 million. The sales decline was primarily due to lower automotive sensors business volume of $5.2 million driven by the strategic exit of certain lower margin products.

Net sales decreased $5.0 million, or 1.0%, in the first nine months of 2024 compared to the first nine months of 2023 and included unfavorable changes in foreign exchange rates of $2.3 million. The sales decrease was mainly driven by lower volume of $9.1 million and $6.4 million from the automotive sensors and the commercial vehicles businesses, respectively, due to the strategic exit of certain lower margin products and reduced demand largely due to inventory rebalancing at certain distributors and customers, partially offset by a sales increase of $10.5 million from the passenger car business driven by the ongoing electronification and electrification of vehicles and vehicle content growth.

Operating Income

Operating income was $23.5 million, representing an increase of $13.8 million, or 142.3%, for the third quarter of 2024 compared to $9.7 million for the third quarter of 2023. The increase in operating income was primarily from the commercial vehicle and passenger car businesses due to favorable price and cost reduction initiatives. Operating margins increased from 5.5% in the third quarter of 2023 to 13.7% in the third quarter of 2024 primarily driven by favorable price and products mix and cost reduction initiatives from all businesses.

Operating income was $54.9 million, representing an increase of $28.9 million, or 111.1%, for the first nine months of 2024 compared to $26.0 million for the first nine months of 2023. The increase in operating income was primarily due to favorable price and cost reduction initiatives from the commercial vehicle business. Operating margins increased from 5.0% in the first nine months of 2023 to 10.8% in the first nine months of 2024 primarily driven by favorable price and products mix and cost reduction initiatives from the commercial vehicle business.

Industrial Segment
 
Net Sales

Net sales increased by $5.7 million, or 6.6%, in the third quarter of 2024 compared to the third quarter of 2023, which included unfavorable changes in foreign exchange rates of $0.3 million. The sales increase was due to higher volume from industrial circuit protection and industrial control and sensor products driven by higher end market demand.

Net sales decreased by $10.8 million, or 4.2%, in the first nine months of 2024 compared to the first nine months of 2023, which included unfavorable changes in foreign exchange rates of $0.9 million. The sales decrease was due to lower volume across industrial control products driven by softer end market demand in the first half of 2024.

Operating Income

Operating income was $17.7 million, representing an increase of $4.5 million, or 34.2%, for the third quarter of 2024 compared to $13.2 million for the third quarter of 2023. The increase in operating income was driven by higher volume from industrial circuit protection and industrial control and sensor products driven by increased end market demand. Operating margins increased from 15.3% in the third quarter of 2023 to 19.3% in the third quarter of 2024 due to higher volume, product mix and price.

Operating income was $32.1 million, representing a decrease of $13.4 million, or 29.5%, for the first nine months of 2024 compared to $45.5 million for the first nine months of 2023. The decrease in operating income was driven by lower volume due to reduced industrial end market demand across industrial control products and industrial circuit protection along with cost inflation. Operating margins decreased from 17.4% in the first nine months of 2023 to 12.8% in the first nine months of 2024 due to lower demand and cost inflation, partially offset by favorable price.

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Geographic Net Sales Information
 
Net sales by geography represent net sales to customer or distributor locations. The following table is a summary of the Company’s net sales by geography:
 Third QuarterFirst Nine Months
(in thousands)20242023Change%
Change		20242023Change%
Change
Americas$237,951 $236,706 $1,245 0.5 %$681,064 $698,456 $(17,392)(2.5)%
Asia-Pacific213,942 235,908 (21,966)(9.3)%621,731 693,611 (71,880)(10.4)%
Europe115,497 134,457 (18,960)(14.1)%358,468 436,783 (78,315)(17.9)%
Total$567,390 $607,071 $(39,681)(6.5)%$1,661,263 $1,828,850 $(167,587)(9.2)%

Americas
 
Net sales increased $1.2 million, or 0.5%, in the third quarter of 2024 compared to the third quarter of 2023 and included unfavorable changes in foreign exchange rates of $0.3 million. The net sales increase was due to higher volume from the Industrial segment, partially offset by lower volume from the Electronics segment compared to the third quarter of 2023.

Net sales decreased $17.4 million, or 2.5%, in the first nine months of 2024 compared to the first nine months of 2023 and included unfavorable changes in foreign exchange rates of $0.5 million. The decrease in net sales was primarily due to lower volume from the Electronics segment, partially offset by higher volume from the Industrial segment and the commercial vehicle and passenger car products businesses within the Transportation segment compared to the first nine months of 2023.

Asia-Pacific 

Net sales decreased $22.0 million, or 9.3%, in the third quarter of 2024 compared to the third quarter of 2023 and included unfavorable changes in foreign exchange rates of $0.5 million. The decrease in net sales was primarily due to lower net sales from the Electronics and Industrial segments, partially offset by higher net sales from the commercial vehicle and passenger car products businesses within the Transportation segment compared to the third quarter of 2023.

Net sales decreased $71.9 million, or 10.4%, in the first nine months of 2024 compared to the first nine months of 2023 and included unfavorable changes in foreign exchange rates of $8.1 million. The decrease in net sales was primarily due to lower net sales from the Electronics and Industrial segments, partially offset by higher net sales from the passenger car products business within the Transportation segment compared to the first nine months of 2023.

Europe 
 
Net sales decreased $19.0 million, or 14.1%, in the third quarter of 2024 compared to the third quarter of 2023 and included favorable changes in foreign exchange rates of $1.5 million. The decrease in net sales was primarily due to lower net sales from the Electronics and Transportation segments compared to the third quarter of 2023.

Net sales decreased $78.3 million, or 17.9%, in the first nine months of 2024 compared to the first nine months of 2023 and included favorable changes in foreign exchange rates of $2.4 million. The decrease in net sales was primarily due to lower net sales from the Electronics segment and lower net sales from the commercial vehicle and automotive sensors businesses within the Transportation segment compared to the first nine months of 2023.

Liquidity and Capital Resources 
 
The Company has historically supported its liquidity needs through cash flows from operations. Management expects that the Company’s (i) current level of cash, cash equivalents, and marketable securities, (ii) current and forecasted cash flows from operations, (iii) availability under existing funding arrangements, and (iv) access to capital in the capital markets will provide sufficient funds to support the Company’s operations, capital expenditures, investments, and debt obligations on both a short-term and long-term basis.

Cash and cash equivalents were $629.7 million as of September 28, 2024, an increase of $74.2 million, as compared to December 30, 2023. As of September 28, 2024, $135.5 million of the Company's $629.7 million cash and cash equivalents was held by U.S. subsidiaries.
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Revolving Credit Facility and Term Loan

On June 30, 2022, the Company amended and restated its Credit Agreement, dated as of April 3, 2020 (the “Credit Agreement”) to effect certain changes, including, among other changes: (i) adding a $300 million unsecured term loan credit facility; (ii) making certain financial and non-financial covenants less restrictive on the Company and its subsidiaries; (iii) replacing LIBOR-based interest rate benchmarks and modifying performance-based interest rate margins; and (iv) extending the maturity date to June 30, 2027 (the “Maturity Date”). Pursuant to the Credit Agreement, the Company may, from time to time, increase the size of the revolving credit facility or enter into one or more tranches of term loans in minimum increments of $25 million if there is no event of default and the Company is in compliance with certain financial covenants.

Loans made under the available credit facility pursuant to the Credit Agreement ("the Credit Facility") bear interest at the Company’s option, at either Secured Overnight Financing Rate ("SOFR"), fixed for interest periods of one, two, three or six-month periods, plus 1.00% to 1.75%, plus a SOFR adjustment of 0.10% or at the bank’s Base Rate, as defined in the Credit Agreement, plus 0.00% to 0.75%, based upon the Company’s Consolidated Leverage Ratio, as defined in the Credit Agreement. The Company is also required to pay commitment fees on unused portions of the Credit Facility ranging from 0.10% to 0.175%, based on the Consolidated Leverage Ratio, as defined in the Credit Agreement. The Credit Agreement includes representations, covenants and events of default that are customary for financing transactions of this nature.

Under the Credit Agreement, revolving loans may be borrowed, repaid and reborrowed until the Maturity Date, at which time all amounts borrowed must be repaid. The Company borrowed $300.0 million under a term loan on June 30, 2022. The principal balance of the term loans must be repaid in quarterly installments on the last day of each calendar quarter in the amount of $1.9 million commencing September 30, 2022, through June 30, 2024, and in the amount of $3.8 million commencing September 30, 2024, through March 31, 2027, with the remaining outstanding principal balance payable in full on the Maturity Date. Accrued interest on the loans is payable in arrears on each interest payment date applicable thereto and at such other times as may be specified in the Credit Agreement. Subject to certain conditions, (i) the Company may terminate or reduce the Aggregate Revolving Commitments, as defined in the Credit Agreement, in whole or in part, and (ii) the Company may prepay the revolving loans or the term loans at any time, without premium or penalty. During the nine months ended September 28, 2024, the Company made payments of $3.8 million on its term loan. The revolving loan and term loan balance under the Credit Facility was $100.0 million and $285.0 million, respectively, as of September 28, 2024.

On May 12, 2022, the Company entered into an interest rate swap agreement to manage interest rate risk exposure, effectively converting the interest rate on the Company's SOFR based floating-rate loans to a fixed-rate. The interest rate swap, with a notional value of $200 million, was designated as a cash flow hedge against the variability of cash flows associated with the Company's SOFR based loans scheduled to mature on June 30, 2027.

As of September 28, 2024, the effective interest rate on unhedged portion of the outstanding borrowings under the credit facility was 6.60%, and 4.13% on the hedged portion.

As of September 28, 2024, the Company had $0.1 million outstanding letters of credit under the Credit Facility and had $599.9 million of borrowing capacity available under the revolving credit facility. As of September 28, 2024, the Company was in compliance with all covenants under the Credit Agreement.
 
Senior Notes
 
On December 8, 2016, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued and sold €212 million aggregate principal amount of senior notes in two series. The funding date for the Euro denominated senior notes occurred on December 8, 2016 for €117 million in aggregate amount of 1.14% Senior Notes, Series A, due December 8, 2023 (“Euro Senior Notes, Series A due 2023”), and €95 million in aggregate amount of 1.83% Senior Notes, Series B due December 8, 2028 (“Euro Senior Notes, Series B due 2028”) (together, the “Euro Senior Notes”). During the fourth quarter of 2023, the Company paid off €117 million of Euro Senior Notes, Series A due on December 8, 2023. Interest on the Euro Senior Notes due 2028 is payable semiannually on June 8 and December 8, commencing June 8, 2017.
 
On December 8, 2016, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued and sold $125 million aggregate principal amount of senior notes in two series. On February 15, 2017, $25 million in aggregate principal amount of 3.03% Senior Notes, Series A, due February 15, 2022 (“U.S. Senior Notes, Series A due 2022”), and $100 million in aggregate principal amount of 3.74% Senior Notes, Series B, due February 15, 2027 (“U.S. Senior Notes, Series B due 2027”) were funded. During the first quarter of 2022, the Company paid off $25 million of U.S. Senior Notes, Series A due on February 15, 2022. Interest on the U.S. Senior Notes due 2027 is payable semiannually on February 15 and August 15, commencing August 15, 2017.
 
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On November 15, 2017, the Company entered into a Note Purchase Agreement pursuant to which the Company issued and sold $175 million in aggregate principal amount of senior notes in two series. On January 16, 2018, $50 million aggregate principal amount of 3.48% Senior Notes, Series A, due February 15, 2025 (“U.S. Senior Notes, Series A due 2025”) and $125 million in aggregate principal amount of 3.78% Senior Notes, Series B, due February 15, 2030 (“U.S. Senior Notes, Series B due 2030”) (together, the “U.S. Senior Notes due 2025 and 2030”) were funded. Interest on the U.S. Senior Notes due 2025 and 2030 is payable semiannually on February 15 and August 15, commencing on August 15, 2018.
 
On May 18, 2022, the above note purchase agreements were amended to, among other things, update certain terms, including financial covenants to be consistent with the terms of the restated Credit Agreement and the 2022 Purchase Agreement, as defined below.

On May 18, 2022, the Company entered into a Note Purchase Agreement (“2022 Purchase Agreement”) pursuant to which the Company issued and funded on July 18, 2022 $100 million in aggregate principal amount of 4.33% Senior Notes, due June 30, 2032 (“U.S. Senior Notes, due 2032”) (together with the U.S. Senior Notes due 2025 and 2030, the Euro Senior Notes and the U.S. Senior Notes due 2022 and 2027, the “Senior Notes”). Interest on the U.S. Senior Notes due 2032 is payable semiannually on June 30 and December 30, commencing on December 30, 2022.

Debt Covenants
The Company was in compliance with all covenants under the Credit Agreement and Senior Notes as of September 28, 2024 and currently expects to remain in compliance based on management’s estimates of operating and financial results for 2023. As of September 28, 2024, the Company met all the conditions required to borrow under the Credit Agreement and management expects the Company to continue to meet the applicable borrowing conditions.

Acquisitions
On June 28, 2023, the Company entered into a definitive purchase agreement to acquire a 200mm wafer fab located in Dortmund, Germany (“Dortmund Fab”) from Elmos Semiconductor SE. The acquisition of the Dortmund Fab is expected to close in early fiscal year 2025. The total purchase price for the fab is approximately 93 million Euro, of which a 37.2 million Euro down payment (approximately $40.5 million), recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The down payment was paid in the third quarter of 2023 after regulatory approvals, and approximately 56 million Euro will be paid at closing. The transaction is not expected to have a material impact on the Company’s fiscal year 2024 financial results and will be reported in the Electronics-Semiconductor business within the Company’s Electronics segment.

Dividends

During the third quarter of 2024 the Company paid quarterly dividends of $17.4 million to the shareholders. On October 29, 2024, the Company announced the declaration of a quarterly cash dividend of $0.70 per share payable on December 5, 2024 to stockholders of record as of November 21, 2024.

Cash Flow Overview
 
 First Nine Months
(in thousands)20242023
Net cash provided by operating activities$206,999 $313,140 
Net cash used in investing activities(41,134)(261,379)
Net cash used in financing activities(91,299)(47,144)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(396)(7,965)
Increase (decrease) in cash, cash equivalents, and restricted cash74,170 (3,348)
Cash, cash equivalents, and restricted cash at beginning of period557,123 564,939 
Cash, cash equivalents, and restricted cash at end of period$631,293 $561,591 
 
Cash Flow from Operating Activities
 
Operating cash inflows are largely attributable to sales of the Company’s products. Operating cash outflows are largely attributable to recurring expenditures for raw materials, labor, rent, interest, taxes and other operating activities.
 
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Net cash provided by operating activities was $207.0 million for the nine months ended September 28, 2024 compared to $313.1 million for the nine months ended September 30, 2023. The decrease in net cash provided by operating activities was primarily due to lower cash earnings.

Cash Flow from Investing Activities
 
Net cash used in investing activities was $41.1 million for the nine months ended September 28, 2024 compared to $261.4 million during the nine months ended September 30, 2023. Capital expenditures were $50.1 million, representing a decrease of $13.1 million compared to the nine months ended September 30, 2023. During the nine months ended September 28, 2024, the Company received net proceeds of $9.7 million mainly from the sale of a land use right within the Electronics segment and two buildings from the Transportation segment. Net cash paid for the Western Automation acquisition was $198.8 million during the nine months ended September 30, 2023.
 
Cash Flow from Financing Activities
 
Net cash used in financing activities was $91.3 million for the nine months ended September 28, 2024 compared to $47.1 million during the nine months ended September 30, 2023. During the nine months ended September 28, 2024 and September 30, 2023, the Company made payments of $3.8 million and $5.6 million on the term loan, respectively. The Company paid dividends of $49.7 million and $46.0 million in the nine months ended September 28, 2024 and September 30, 2023, respectively. Additionally, during the nine months ended September 28, 2024, the Company repurchased 179,311 shares of its common stock totaling $40.9 million.

Share Repurchase Program
 
The Company’s Board of Directors authorized the repurchase of up to $300.0 million in the aggregate of shares of the Company’s common stock under a program for the period May 1, 2021 to April 30, 2024 ("2021 program"). On April 25, 2024, the Company's Board of Directors authorized a new three year program to repurchase up to $300.0 million in the aggregate of shares of the Company's stock for the period May 1, 2024 to April 30, 2027 ("2024 program") to replace the expired 2021 program. The Company did not repurchase shares of its common stock for the three months ended September 28, 2024. During the nine months ended September 28, 2024, the Company repurchased 179,311 shares of its common stock totaling $40.9 million, of which $38.9 million was pursuant to the 2021 program and $2.0 million was pursuant to the 2024 program. The Company did not repurchase shares of its common stock for the three and nine months ended September 30, 2023.

Off-Balance Sheet Arrangements
 
As of September 28, 2024, the Company did not have any off-balance sheet arrangements, as defined under SEC rules. Specifically, the Company was not liable for guarantees of indebtedness owed by third parties, the Company was not directly liable for the debt of any unconsolidated entity and the Company did not have any retained or contingent interest in assets. The Company does not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities.

Critical Accounting Policies and Estimates
 
The Company’s Condensed Consolidated Financial Statements are prepared in accordance with U.S. GAAP. In connection with the preparation of the Condensed Consolidated Financial Statements, the Company uses estimates and makes judgments and assumptions about future events that affect the reported amounts of assets, liabilities, revenue, expenses, and the related disclosures. The assumptions, estimates, and judgments are based on historical experience, current trends, and other factors the Company believes are relevant at the time it prepares the Condensed Consolidated Financial Statements.
 
The significant accounting policies and critical accounting estimates are consistent with those discussed in Note 1, Summary of Significant Accounting Policies and Other Information, to the consolidated financial statements and the MD&A section of the Company’s Annual Report on Form 10-K for the year ended December 30, 2023. During the nine months ended September 28, 2024, there were no significant changes in the application of critical accounting policies and estimates.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
See Item 7A, Quantitative and Qualitative Disclosures about Market Risk, of the Company's Annual Report on Form 10-K for the year ended December 30, 2023. During the nine months ended September 28, 2024, there have been no material changes in the Company's exposure to market risk.

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ITEM 4. CONTROLS AND PROCEDURES 
 
(a) Evaluation of Disclosure Controls and Procedures
 
Disclosure controls and procedures (as defined in Rules 13a-15(b) and 15d-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to management, including the Company's Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
 
In connection with the preparation of this report, management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures as of September 28, 2024. Based on that evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of the quarter ended September 28, 2024, the Company's disclosure controls and procedures were effective.
 
(b) Changes in Internal Control over Financial Reporting
 
There were no changes in the Company's internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(f) and 15d-15(f) under the Exchange Act that occurred during the quarter ended September 28, 2024 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

 
PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS 
 
None.
 
ITEM 1A. RISK FACTORS 

The Company may incur material losses and costs as a result of defects in its products, including as a result of warranty claims, product recalls, and product liability.

The Company has been notified by one of its customers of a product recall potentially due to certain fuses provided by the Company and incorporated in the customer’s products. The Company is working with its customer to investigate the cause and level of responsibility for this recall. Given the highly complex products that the Company manufactures, it is possible that those products, including third-party components contained in those products, may contain defects or fail to work properly or as intended when integrated with customer products. This could subject the Company to product liability or warranty claims, which could lead to significant expenses, including recall, repair, and/or replacement costs and, potentially breach of contract or other damage claims, all of which could materially adversely affect the Company’s financial results. This is particularly true if the Company does not discover these issues until after the products have been sold and deployed. In addition to expenses directly attributable to product defects, the Company’s reputation and ability to attract and retain customers may be harmed. Further, significant warranty and product liability claims may, among other things, result in the need for significant reserves, divert management’s and other personnel’s attention, cause production delays, impact on-time delivery of products to other customers, reduce margins, and delay recognition of revenues. It is also possible that end users of customers’ products may make claims against the Company, resulting in additional defense costs and potential damages. Although, the Company generally attempts to limit its liability through standard contract terms and conditions and maintains insurance in connection with product defects and warranty claims, it is possible that the Company may not be able to enforce contractual limitations on damages and/or that a successful claim against the Company may exceed the Company’s applicable insurance policy limits or be excluded from coverage.

Other than the item listed above, there have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for our year ended December 30, 2023.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 
 
Recent Sales of Unregistered Securities
 
None.
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Repurchases of Common Stock

The Company’s Board of Directors authorized the repurchase of up to $300.0 million in the aggregate of shares of the Company’s common stock under a program for the period May 1, 2021 to April 30, 2024 ("2021 program"). On April 25, 2024, the Company's Board of Directors authorized a new three year program to repurchase up to $300.0 million in the aggregate of shares of the Company's stock for the period May 1, 2024 to April 30, 2027 ("2024 program") to replace the expired 2021 program. The Company did not repurchase shares of its common stock for the three months ended September 28, 2024. During the nine months ended September 28, 2024, the Company repurchased 179,311 shares of its common stock totaling $40.9 million, of which $38.9 million was pursuant to the 2021 program and $2.0 million was pursuant to the 2024 program. There is $298.0 million of an authorized amount yet purchased under the 2024 program as of September 28, 2024.
 
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 
 
None.

ITEM 4. MINE SAFETY DISCLOSURES 
 
None.
 
ITEM 5. OTHER INFORMATION 
 
Rule 10b5-1 Trading Plans

The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended September 28, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:
NameTitleActionDate AdoptedExpiration DateAggregate # of securities to be Sold
Matthew J. Cole (1)Senior Vice President, eMobility and Corporate StrategyAdoption9/12/20243/31/20251,500

(1) On September 12, 2024, Matthew J. Cole, Senior Vice President, eMobility and Corporate Strategy, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1. Mr. Cole’s plan provided for the potential exercise of vested stock options and the associated sale of up to 1,500 shares of the Company’s common stock. The stock options covered by the plan will otherwise expire on April 27, 2025 if they have not been exercised. The plan expires on March 31, 2025, or upon the earlier completion of all authorized transactions under the plan.

Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.
 
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ITEM 6. EXHIBITS

ExhibitDescription
31.1*
  
31.2*
  
32.1**
  
101
The following financial information from LITTELFUSE, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 28, 2024 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Net Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Stockholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements.
104
The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 28, 2024, formatted in Inline XBRL.
*Filed herewith.
**Furnished herewith.
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SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q for the quarter ended September 28, 2024, to be signed on its behalf by the undersigned thereunto duly authorized.
 
 Littelfuse, Inc. 
    
By:/s/ Meenal A. Sethna 
  Meenal A. Sethna 
 Executive Vice President and Chief Financial Officer
   
Date: October 30, 2024
By:/s/ Jeffrey G. Gorski 
  Jeffrey G. Gorski 
 Senior Vice President and Chief Accounting Officer

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