10-Q 1 lfus-20220702.htm 10-Q lfus-20220702
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United States
Securities and Exchange Commission
Washington, D.C. 20549
 
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 02, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___

Commission file number 0-20388
LITTELFUSE, INC. 
(Exact name of registrant as specified in its charter)
Delaware36-3795742
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
8755 West Higgins Road 
 Suite 500
ChicagoIllinois60631
(Address of principal executive offices)(ZIP Code)
 
Registrant’s telephone number, including area code: 773-628-1000
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
Trading SymbolName of exchange on which registered
Common Stock, $0.01 par valueLFUSNASDAQGlobal Select Market
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No ☐
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one): Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes [ ] No [ ]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No [X]

As of July 29, 2022, the registrant had outstanding 24,754,910 shares of Common Stock, net of Treasury Shares.


TABLE OF CONTENTS
 
 Page
  
PART I 
Item 1. 
 Condensed Consolidated Balance Sheets as of July 02, 2022 (unaudited) and January 01, 2022
 Condensed Consolidated Statements of Net Income for the three and six months ended July 02, 2022 (unaudited) and June 26, 2021 (unaudited)
 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 02, 2022 (unaudited) and June 26, 2021 (unaudited)
 Condensed Consolidated Statements of Cash Flows for the six months ended July 02, 2022 (unaudited) and June 26, 2021 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity for the six months ended July 02, 2022 (unaudited) and June 26, 2021 (unaudited)
 
Item 2.
Item 3.
Item 4.
PART II 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2


ITEM 1. FINANCIAL STATEMENTS
LITTELFUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)July 2,
2022
January 1,
2022
ASSETS  
Current assets:  
Cash and cash equivalents$809,122 $478,473 
Short-term investments20 28 
Trade receivables, less allowances of $68,933 and $59,232 at July 2, 2022 and January 1, 2022, respectively
343,321 275,192 
Inventories496,207 445,671 
Prepaid income taxes and income taxes receivable4,861 2,035 
Prepaid expenses and other current assets65,294 68,812 
Total current assets1,718,825 1,270,211 
Net property, plant, and equipment435,683 437,889 
Intangible assets, net of amortization374,593 407,126 
Goodwill914,358 929,790 
Investments25,626 39,211 
Deferred income taxes12,476 13,127 
Right of use lease assets, net39,724 29,616 
Other long-term assets23,184 24,734 
Total assets$3,544,469 $3,151,704 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$219,764 $222,039 
Accrued liabilities137,377 159,689 
Accrued income taxes34,128 27,905 
Current portion of long-term debt7,500 25,000 
Total current liabilities398,769 434,633 
Long-term debt, less current portion884,569 611,897 
Deferred income taxes74,286 81,289 
Accrued post-retirement benefits35,090 37,037 
Non-current operating lease liabilities32,334 22,305 
Other long-term liabilities67,478 71,023 
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, July 2, 2022–26,440,042; January 1, 2022–26,350,763
261 260 
Additional paid-in capital964,937 946,588 
Treasury stock, at cost: 1,685,172 and 1,664,711 shares, respectively
(252,828)(248,120)
Accumulated other comprehensive loss(107,015)(73,463)
Retained earnings1,446,457 1,268,124 
Littelfuse, Inc. shareholders’ equity2,051,812 1,893,389 
Non-controlling interest131 131 
Total equity2,051,943 1,893,520 
Total liabilities and equity$3,544,469 $3,151,704 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
3


LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
 Three Months EndedSix Months Ended
(in thousands, except per share data)July 2,
2022
June 26,
2021
July 2,
2022
June 26,
2021
Net sales$618,436 $523,488 $1,241,766 $987,282 
Cost of sales355,465 326,092 720,199 629,420 
Gross profit262,971 197,396 521,567 357,862 
Selling, general, and administrative expenses93,093 73,315 168,601 131,603 
Research and development expenses23,488 16,394 43,044 31,133 
Amortization of intangibles11,592 10,641 24,316 21,162 
Restructuring, impairment, and other charges634 789 852 1,226 
Total operating expenses128,807 101,139 236,813 185,124 
Operating income134,164 96,257 284,754 172,738 
Interest expense4,368 4,626 8,670 9,299 
Foreign exchange loss (gain)14,124 (1,676)21,860 5,161 
Other expense (income), net6,060 (1,890)10,487 (9,627)
Income before income taxes109,612 95,197 243,737 167,905 
Income taxes22,596 13,102 39,203 28,097 
Net income$87,016 $82,095 $204,534 $139,808 
Earnings per share:    
Basic$3.52 $3.34 $8.28 $5.69 
Diluted$3.48 $3.30 $8.19 $5.62 
Weighted-average shares and equivalent shares outstanding:
Basic24,734 24,592 24,712 24,562 
Diluted24,985 24,900 24,986 24,894 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

4

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three Months EndedSix Months Ended
(in thousands)July 2,
2022
June 26,
2021
July 2,
2022
June 26,
2021
Net income$87,016 $82,095 $204,534 $139,808 
Other comprehensive (loss) income:
Pension and postemployment adjustment, net of tax639 329 949 783 
Cash flow hedge, net of tax(541) (541) 
Foreign currency translation adjustments(31,447)5,125 (33,960)(200)
Comprehensive income$55,667 $87,549 $170,982 $140,391 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

5

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 Six Months Ended
(in thousands)July 2, 2022June 26, 2021
OPERATING ACTIVITIES  
Net income$204,534 $139,808 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation31,302 27,251 
Amortization of intangibles24,316 21,162 
Deferred revenue315 (316)
Non-cash inventory charges4,769 6,807 
Stock-based compensation15,268 12,238 
Loss (gain) on investments and other assets12,506 (8,865)
Deferred income taxes(2,422)(2,172)
Other28,605 7,842 
Changes in operating assets and liabilities:
Trade receivables(76,807)(69,881)
Inventories(70,285)(38,205)
Accounts payable9,153 38,955 
Accrued liabilities and income taxes(23,107)4,488 
Prepaid expenses and other assets7,175 (12,766)
Net cash provided by operating activities165,322 126,346 
INVESTING ACTIVITIES  
Acquisitions of businesses, net of cash acquired(9,758)(109,852)
Purchases of property, plant, and equipment(56,151)(32,657)
Net proceeds from sale of property, plant and equipment, and other542 2,569 
Net cash used in investing activities(65,367)(139,940)
FINANCING ACTIVITIES  
Payments of revolving credit facility (30,000)
Proceeds of term loan300,000  
Payments of senior notes payable(25,000) 
Net proceeds related to stock-based award activities(1,626)4,413 
Debt issuance costs(2,156) 
Cash dividends paid(26,201)(23,596)
Net cash provided by (used in) financing activities245,017 (49,183)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(15,511)(2,894)
Increase (decrease) in cash, cash equivalents, and restricted cash329,461 (65,671)
Cash, cash equivalents, and restricted cash at beginning of period482,836 687,525 
Cash, cash equivalents, and restricted cash at end of period$812,297 $621,854 
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents$809,122 $616,330 
Restricted cash included in prepaid expenses and other current assets$1,653 3,790 
Restricted cash included in other long-term assets$1,522 $1,734 
Cash paid interest during the period$8,365 $8,719 
Capital expenditures, not yet paid$7,243 $6,826 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
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LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
 Littelfuse, Inc. Shareholders’ Equity  
(in thousands, except share and per share data)Common StockAddl. Paid in CapitalTreasury StockAccum. Other Comp. (Loss)Retained EarningsNon-controlling InterestTotal
Balance at January 1, 2022$260 $946,588 $(248,120)$(73,463)$1,268,124 $131 $1,893,520 
Net income— — — — 117,518 — 117,518 
Other comprehensive loss, net of tax— — — (2,203)— — (2,203)
Stock-based compensation— 3,886 — — — — 3,886 
Withheld shares on restricted share units for withholding taxes— — (4)— — — (4)
Stock options exercised— 1,021 — — — — 1,021 
Cash dividends paid ($0.53 per share)
— — — — (13,086)— (13,086)
Balance at April 2, 2022$260 $951,495 $(248,124)$(75,666)$1,372,556 $131 $2,000,652 
Net income— — — — 87,016 — 87,016 
Other comprehensive loss, net of tax— — — (31,349)— — (31,349)
Stock-based compensation— 11,382 — — — — 11,382 
Withheld shares on restricted share units for withholding taxes— — (4,704)— — — (4,704)
Stock options exercised2,060 — — — — 2,061 
Cash dividends paid ($0.53 per share)
— — — — (13,115)— (13,115)
Balance at July 2, 2022$261 $964,937 $(252,828)$(107,015)$1,446,457 $131 $2,051,943 

See accompanying Notes to Condensed Consolidated Financial Statements.
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 Littelfuse, Inc. Shareholders’ Equity  
(in thousands, except share and per share data)Common StockAddl. Paid in CapitalTreasury StockAccum. Other Comp. (Loss)Retained EarningsNon-controlling InterestTotal
Balance at December 26, 2020$259 $907,858 $(242,366)$(91,157)$1,034,048 $131 $1,608,773 
Net income— — — — 57,713 — 57,713 
Other comprehensive income (loss), net of tax— — — (4,871)— — (4,871)
Stock-based compensation— 3,395 — — — — 3,395 
Stock options exercised— 7,509 — — — — 7,509 
Cash dividends paid ($0.48 per share)
— — — — (11,782)— (11,782)
Balance at March 27, 2021$259 $918,762 $(242,366)$(96,028)$1,079,979 $131 $1,660,737 
Net income— — — — 82,095 — 82,095 
Other comprehensive income, net of tax— — — 5,454 — — 5,454 
Stock-based compensation— 8,843 — — — — 8,843 
Withheld shares on restricted share units for withholding taxes— — (5,597)— — — (5,597)
Stock options exercised1 2,501 — — — — 2,502 
Cash dividends paid ($0.48 per share)
— — — — (11,814)— (11,814)
Balance at June 26, 2021$260 $930,106 $(247,963)$(90,574)$1,150,260 $131 $1,742,220 

See accompanying Notes to Condensed Consolidated Financial Statements.
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Notes to Condensed Consolidated Financial Statements 
 
1. Summary of Significant Accounting Policies and Other Information
 
Nature of Operations 
 
Founded in 1927, Littelfuse is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 countries, and with 17,000 global associates, the Company partners with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, the Company’s products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. 

Basis of Presentation 
 
The Company’s accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheets, statements of net income and comprehensive income, statements of cash flows, and statement of stockholders' equity prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022 which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results.
 
Revenue Recognition
  
Revenue Disaggregation
 
The following tables disaggregate the Company’s revenue by primary business units for the three and six months ended July 2, 2022 and June 26, 2021:
 
 Three Months Ended July 2, 2022Six Months Ended July 2, 2022
(in thousands)Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics – Passive Products and Sensors$162,313 $ $ $162,313 $332,256 $ $ $332,256 
Electronics – Semiconductor195,863   195,863 391,741   391,741 
Passenger Car Products 59,778  59,778  124,272  124,272 
Automotive Sensors 23,201  23,201  49,338  49,338 
Commercial Vehicle Products 99,048  99,048  192,921  192,921 
Industrial Products  78,233 78,233   151,238 151,238 
Total$358,176 $182,027 $78,233 $618,436 $723,997 $366,531 $151,238 $1,241,766 





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 Three Months Ended June 26, 2021Six Months Ended June 26, 2021
(in thousands)Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics – Passive Products and Sensors$155,276 $ $ $155,276 $287,713 $ $ $287,713 
Electronics – Semiconductor170,071   170,071 324,169   324,169 
Passenger Car Products 68,048  68,048  135,949  135,949 
Automotive Sensors 26,685  26,685  54,969  54,969 
Commercial Vehicle Products 38,585  38,585  70,929  70,929 
Industrial Products64,823 64,823 113,553 113,553 
Total$325,347 $133,318 $64,823 $523,488 $611,882 $261,847 $113,553 $987,282 

 
See Note 15, Segment Information for net sales by segment and countries.
 
Revenue Recognition
 
The Company recognizes revenue on product sales in the period in which the Company satisfies its performance obligation and control of the product is transferred to the customer. The Company’s sales arrangements with customers are predominately short term in nature and generally provide for transfer of control at the time of shipment as this is the point at which title and risk of loss of the product transfers to the customer. At the end of each period, for those shipments where title to the products and the risk of loss and rewards of ownership do not transfer until the product has been received by the customer, the Company adjusts revenues and cost of sales for the delay between the time that the products are shipped and when they are received by the customer. The amount of revenue recorded reflects the consideration to which the Company expects to be entitled in exchange for goods and may include adjustments for customer allowance, rebates and price adjustments. The Company’s distribution channels are primarily through direct sales and independent third-party distributors.
 
The Company elected the practical expedient under Accounting Standards Codification ("ASC") 340-40-25-4 to expense commissions when incurred as the amortization period of the commission asset the Company would have otherwise recognized is less than one year.
 
Revenue and Billing
 
The Company generally accepts orders from customers through receipt of purchase orders or electronic data interchange based on written sales agreements and purchasing contracts. Contract pricing and selling agreement terms are based on market factors, costs, and competition. Pricing is often negotiated as an adjustment (premium or discount) from the Company’s published price lists. The customer is invoiced when the Company’s products are shipped to them in accordance with the terms of the sales agreement. As the Company’s standard payment terms are less than one year, the Company elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. The Company also elected the practical expedient provided in ASC 606-10-25-18B to treat all product shipping and handling activities as fulfillment activities, and therefore recognize the gross revenue associated with the contract, inclusive of any shipping and handling revenue.
 
Ship and Debit Program
 
Some of the terms of the Company’s sales agreements and normal business conditions provide customers (distributors) the ability to receive price adjustments on products previously shipped and invoiced. This practice is common in the industry and is referred to as a “ship and debit” program. This program allows the distributor to debit the Company for the difference between the distributors’ contracted price and a lower price for specific transactions. Under certain circumstances (usually in a competitive situation or large volume opportunity), a distributor will request authorization for pricing allowances to reduce its price. When the Company approves such a reduction, the distributor is authorized to “debit” its account for the difference between the contracted price and the lower approved price. The Company establishes reserves for this program based on
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historic activity, electronic distributor inventory levels and actual authorizations for the debit and recognizes these debits as a reduction of revenue.

Return to Stock 
 
The Company has a return to stock policy whereby certain customers, with prior authorization from Littelfuse management, can return previously purchased goods for full or partial credit. The Company establishes an estimated allowance for these returns based on historic activity. Sales revenue and cost of sales are reduced to anticipate estimated returns.
 
Volume Rebates
 
The Company offers volume based sales incentives to certain customers to encourage greater product sales. If customers achieve their specific quarterly or annual sales targets, they are entitled to rebates. The Company estimates the projected amount of rebates that will be achieved by the customer and recognizes this estimated cost as a reduction to revenue as products are sold.
 
Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash at July 2, 2022 and January 1, 2022 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows.

(in thousands)July 2, 2022January 1, 2022
Cash and cash equivalents$809,122 $478,473 
Restricted cash included in prepaid expenses and other current assets1,653 2,718 
Restricted cash included in other long-term assets1,522 $1,645 
Total cash, cash equivalents and restricted cash$812,297 $482,836 

Recently Adopted Accounting Standards

In November 2021, the Financial Accounting Standards Board ("FASB") issued ASU No. 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance". The standard, requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: 1) Information about the nature of the transactions and the related accounting policy used to account for the transactions; 2) The line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item; 3) Significant terms and conditions of the transactions, including commitments and contingencies. The guidance is effective for fiscal years beginning after December 15, 2021 with early adoption permitted. The adoption of ASU 2021-10 did not have a material impact on the Company's Condensed Consolidated Financial Statements.

In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". The standard requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. The adoption of ASU 2021-08 did not have a material impact on the Company's Condensed Consolidated Financial Statements.


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

Embed

On April 12, 2022, the Company acquired Embed Ltd. (“Embed”). Founded in 2005, Embed is a proven provider of embedded software and firmware developed for a broad range of applications serving transportation end markets. The business is included
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in the commercial vehicle business within the Company's Transportation segment. The acquisition was funded with the Company’s cash on hand. The total purchase consideration was $9.2 million, net of cash.

Carling Technologies

On November 30, 2021, the Company completed the previously announced acquisition of Carling Technologies, Inc. (“Carling”), pursuant to the Stock Purchase Agreement, dated as of October 19, 2021. Founded in 1920, Carling has a leading position in switching and circuit protection technologies with a strong global presence in commercial vehicle, marine and datacom/telecom infrastructure markets. At the time of acquisition, Carling had annualized sales of approximately $170 million. The operations of Carling are included in the commercial vehicle business within the Company's Transportation segment. The purchase price for Carling Technologies was approximately $315.5 million subject to a working capital adjustment.

The acquisition was funded with cash on hand. The total purchase consideration of $314.1 million, net of cash, has been allocated, on a preliminary basis, to assets acquired and liabilities assumed, as of the completion of the acquisition, based on preliminary estimated fair values. The purchase price allocation is preliminary because the evaluations necessary to assess the fair values of the net assets acquired are still in process. The primary area not yet finalized relates to the completion of the valuation of certain acquired income tax assets and liabilities. As a result, these allocations are subject to change during the purchase price allocation period as the valuations are finalized.

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

(in thousands)Purchase Price
Allocation
Total purchase consideration: 
Cash, net of cash acquired$314,094 
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net26,129 
Inventories56,657 
Other current assets3,454 
Property, plant, and equipment57,329 
Intangible assets126,390 
Goodwill97,917 
Other non-current assets4,007 
Current liabilities(21,495)
Other non-current liabilities(36,294)
 $314,094 

All Carling goodwill, other assets and liabilities were recorded in the Transportation segment and are reflected in the Americas, Europe and Asia-Pacific geographic areas. The goodwill resulting from this acquisition consists largely of the Company’s expected future product sales and synergies from combining Carling’s products and technology with the Company’s existing commercial vehicle products portfolio. Goodwill resulting from the Carling acquisition is not expected to be deductible for tax purposes.

During the six months ended July 2, 2022, the Company paid $0.5 million related to final working capital adjustment and made measurement period adjustments to reduce the fair value of property, plant and equipment of $7.0 million, inventories of $0.8 million, net accounts receivable of $0.6 million and an increase in intangible assets attributable to customer relationships intangible assets of $0.5 million. As a result of these adjustments along with a corresponding reduction of deferred tax liabilities of $1.7 million, goodwill was increased by $5.6 million.

As required by purchase accounting rules, the Company recorded a $6.4 million step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. The step-up was amortized as a non-cash charge to cost of sales during the fourth quarter of 2021 and first quarter of 2022, as the acquired inventory was sold, and reflected as other non-segment costs. The Company recognized a non-cash charge of $4.8 million to cost of sales during the six months ended July 2, 2022.

Hartland Controls

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On January 28, 2021, the Company acquired Hartland Controls ("Hartland"), a manufacturer and leading supplier of electrical components used primarily in heating, ventilation, air conditioning (HVAC) and other industrial and control systems applications with annualized sales of approximately $70 million. The purchase price for Hartland was $111.0 million and the operations of Hartland are included in the Industrial segment.

The total purchase consideration of $108.5 million, net of cash, cash equivalents, and restricted cash has been allocated to assets acquired and liabilities assumed, as of the completion of the acquisition, based on estimated fair values. As of July 2, 2022, the Company had restricted cash of $1.7 million in an escrow account for general indemnification purposes.

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

(in thousands)Purchase Price
Allocation
Total purchase consideration: 
Cash, net of cash acquired, and restricted cash $108,516 
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net12,915 
Inventories35,808 
Other current assets2,224 
Property, plant, and equipment6,296 
Intangible assets39,660 
Goodwill38,502 
Other non-current assets3,782 
Current liabilities(24,861)
Other non-current liabilities(5,810)
 $