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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 October 01, 2022
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___ to ___
Commission file number 0-20388
LITTELFUSE, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 36-3795742 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
8755 West Higgins Road | | |
Suite 500 | | |
Chicago | Illinois | 60631 |
(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 Symbol | | Name of exchange on which registered |
Common Stock, $0.01 par value | | LFUS | | NASDAQ | Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one): Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes [ ] No [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No [X]
As of October 28, 2022, the registrant had outstanding 24,755,581 shares of Common Stock, net of Treasury Shares.
TABLE OF CONTENTS
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| Page |
| |
PART I | | |
Item 1. | | |
| Condensed Consolidated Balance Sheets as of October 01, 2022 (unaudited) and January 01, 2022 | |
| Condensed Consolidated Statements of Net Income for the three and nine months ended October 01, 2022 (unaudited) and September 25, 2021 (unaudited) | |
| Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 01, 2022 (unaudited) and September 25, 2021 (unaudited) | |
| Condensed Consolidated Statements of Cash Flows for the nine months ended October 01, 2022 (unaudited) and September 25, 2021 (unaudited) | |
| Condensed Consolidated Statements of Stockholders' Equity for the nine months ended October 01, 2022 (unaudited) and September 25, 2021 (unaudited) | |
| | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
PART II | | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
| |
ITEM 1. FINANCIAL STATEMENTS
LITTELFUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | | | | |
| | (Unaudited) | | |
(in thousands) | | October 1, 2022 | | January 1, 2022 |
ASSETS | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 474,003 | | | $ | 478,473 | |
Short-term investments | | 79 | | | 28 | |
Trade receivables, less allowances of $83,872 and $59,232 at October 1, 2022 and January 1, 2022, respectively | | 339,729 | | | 275,192 | |
Inventories | | 536,026 | | | 445,671 | |
Prepaid income taxes and income taxes receivable | | 5,833 | | | 2,035 | |
Prepaid expenses and other current assets | | 75,643 | | | 68,812 | |
Total current assets | | 1,431,313 | | | 1,270,211 | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net property, plant, and equipment | | 458,234 | | | 437,889 | |
Intangible assets, net of amortization | | 605,310 | | | 407,126 | |
Goodwill | | 1,168,458 | | | 929,790 | |
Investments | | 23,770 | | | 39,211 | |
Deferred income taxes | | 10,461 | | | 13,127 | |
Right of use lease assets, net | | 46,175 | | | 29,616 | |
Other long-term assets | | 34,207 | | | 24,734 | |
Total assets | | $ | 3,777,928 | | | $ | 3,151,704 | |
LIABILITIES AND EQUITY | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 219,447 | | | $ | 222,039 | |
| | | | |
| | | | |
| | | | |
Accrued liabilities | | 177,127 | | | 159,689 | |
Accrued income taxes | | 42,016 | | | 27,905 | |
Current portion of long-term debt | | 10,220 | | | 25,000 | |
Total current liabilities | | 448,810 | | | 434,633 | |
Long-term debt, less current portion | | 975,610 | | | 611,897 | |
Deferred income taxes | | 116,595 | | | 81,289 | |
Accrued post-retirement benefits | | 36,842 | | | 37,037 | |
Non-current operating lease liabilities | | 35,778 | | | 22,305 | |
Other long-term liabilities | | 75,402 | | | 71,023 | |
Shareholders’ equity: | | | | |
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, October 1, 2022–26,440,679; January 1, 2022–26,350,763 | | 261 | | | 260 | |
Additional paid-in capital | | 969,459 | | | 946,588 | |
Treasury stock, at cost: 1,685,182 and 1,664,711 shares, respectively | | (252,828) | | | (248,120) | |
Accumulated other comprehensive loss | | (135,203) | | | (73,463) | |
Retained earnings | | 1,507,035 | | | 1,268,124 | |
Littelfuse, Inc. shareholders’ equity | | 2,088,724 | | | 1,893,389 | |
Non-controlling interest | | 167 | | | 131 | |
Total equity | | 2,088,891 | | | 1,893,520 | |
Total liabilities and equity | | $ | 3,777,928 | | | $ | 3,151,704 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
(in thousands, except per share data) | | October 1, 2022 | | September 25, 2021 | | October 1, 2022 | | September 25, 2021 |
Net sales | | $ | 658,880 | | | $ | 539,581 | | | $ | 1,900,646 | | | $ | 1,526,863 | |
Cost of sales | | 402,059 | | | 325,009 | | | 1,122,258 | | | 954,429 | |
Gross profit | | 256,821 | | | 214,572 | | | 778,388 | | | 572,434 | |
| | | | | | | | |
Selling, general, and administrative expenses | | 90,219 | | | 67,468 | | | 258,820 | | | 199,071 | |
| | | | | | | | |
Research and development expenses | | 25,752 | | | 15,779 | | | 68,796 | | | 46,912 | |
Amortization of intangibles | | 15,567 | | | 10,446 | | | 39,883 | | | 31,608 | |
Restructuring, impairment, and other charges | | 3,413 | | | 772 | | | 4,265 | | | 1,998 | |
Total operating expenses | | 134,951 | | | 94,465 | | | 371,764 | | | 279,589 | |
Operating income | | 121,870 | | | 120,107 | | | 406,624 | | | 292,845 | |
| | | | | | | | |
Interest expense | | 8,399 | | | 4,602 | | | 17,069 | | | 13,901 | |
Foreign exchange loss | | 18,191 | | | 3,154 | | | 40,051 | | | 8,315 | |
Other (income) expense, net | | (698) | | | (1,240) | | | 9,789 | | | (10,867) | |
Income before income taxes | | 95,978 | | | 113,591 | | | 339,715 | | | 281,496 | |
Income taxes | | 20,510 | | | 21,537 | | | 59,713 | | | 49,634 | |
Net income | | $ | 75,468 | | | $ | 92,054 | | | $ | 280,002 | | | $ | 231,862 | |
| | | | | | | | |
Earnings per share: | | | | | | | | |
Basic | | $ | 3.05 | | | $ | 3.74 | | | $ | 11.32 | | | $ | 9.43 | |
Diluted | | $ | 3.02 | | | $ | 3.69 | | | $ | 11.21 | | | $ | 9.31 | |
| | | | | | | | |
Weighted-average shares and equivalent shares outstanding: | | | | | | | | |
Basic | | 24,755 | | | 24,622 | | | 24,726 | | | 24,582 | |
Diluted | | 24,988 | | | 24,926 | | | 24,986 | | | 24,904 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
(in thousands) | | October 1, 2022 | | September 25, 2021 | | October 1, 2022 | | September 25, 2021 |
Net income | | $ | 75,468 | | | $ | 92,054 | | | $ | 280,002 | | | $ | 231,862 | |
Other comprehensive (loss) income: | | | | | | | | |
Pension and postemployment adjustment, net of tax | | 599 | | | 487 | | | 1,548 | | | 1,270 | |
| | | | | | | | |
| | | | | | | | |
Cash flow hedge, net of tax | | 7,609 | | | — | | | 7,068 | | | — | |
Foreign currency translation adjustments | | (36,396) | | | (5,441) | | | (70,356) | | | (5,641) | |
Comprehensive income | | $ | 47,280 | | | $ | 87,100 | | | $ | 218,262 | | | $ | 227,491 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| | | | | | | | | | | | | | |
| | Nine Months Ended |
(in thousands) | | October 1, 2022 | | September 25, 2021 |
OPERATING ACTIVITIES | | | | |
Net income | | $ | 280,002 | | | $ | 231,862 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation | | 48,326 | | | 41,441 | |
Amortization of intangibles | | 39,883 | | | 31,608 | |
| | | | |
Deferred revenue | | (377) | | | (2,154) | |
Non-cash inventory charges | | 11,534 | | | 6,807 | |
| | | | |
| | | | |
Stock-based compensation | | 19,732 | | | 16,010 | |
Loss (gain) on investments and other assets | | 13,740 | | | (9,739) | |
| | | | |
Deferred income taxes | | (4,320) | | | 1,116 | |
Other | | 55,424 | | | 11,735 | |
Changes in operating assets and liabilities: | | | | |
Trade receivables | | (56,431) | | | (83,793) | |
Inventories | | (83,803) | | | (71,232) | |
Accounts payable | | (3,838) | | | 53,945 | |
| | | | |
| | | | |
| | | | |
Accrued liabilities and income taxes | | (4,399) | | | 23,294 | |
Prepaid expenses and other assets | | (2,034) | | | (10,236) | |
Net cash provided by operating activities | | 313,439 | | | 240,664 | |
INVESTING ACTIVITIES | | | | |
Acquisitions of businesses, net of cash acquired | | (532,772) | | | (110,646) | |
| | | | |
| | | | |
Purchases of property, plant, and equipment | | (77,773) | | | (57,526) | |
Net proceeds from sale of property, plant and equipment, and other | | 565 | | | 2,561 | |
Net cash used in investing activities | | (609,980) | | | (165,611) | |
FINANCING ACTIVITIES | | | | |
| | | | |
Proceeds of term loan | | 300,000 | | | — | |
Proceeds of senior notes | | 100,000 | | | — | |
Payments of senior notes payable | | (25,000) | | | — | |
Repayments of other debts | | (5,979) | | | — | |
Payments of term loan | | (1,875) | | | — | |
Payments of revolving credit facility | | — | | | (30,000) | |
Net proceeds related to stock-based award activities | | (1,568) | | | 5,771 | |
| | | | |
Debt issuance costs | | (2,600) | | | — | |
Cash dividends paid | | (41,055) | | | (36,648) | |
Net cash provided by (used in) financing activities | | 321,923 | | | (60,877) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | | (31,963) | | | (5,832) | |
(Decrease) increase in cash, cash equivalents, and restricted cash | | (6,581) | | | 8,344 | |
Cash, cash equivalents, and restricted cash at beginning of period | | 482,836 | | | 687,525 | |
Cash, cash equivalents, and restricted cash at end of period | | $ | 476,255 | | | $ | 695,869 | |
Supplementary Cash Flow Information | | | | |
Reconciliation of cash and cash equivalents: | | | | |
Cash and cash equivalents | | $ | 474,003 | | | $ | 690,682 | |
Restricted cash included in prepaid expenses and other current assets | | $ | 824 | | | $ | 3,483 | |
Restricted cash included in other long-term assets | | $ | 1,428 | | | $ | 1,704 | |
Cash paid interest during the period | | $ | 16,888 | | | $ | 14,830 | |
| | | | |
Capital expenditures, not yet paid | | $ | 9,111 | | | $ | 9,234 | |
| | | | |
| | | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Littelfuse, Inc. Shareholders’ Equity | | | | |
(in thousands, except share and per share data) | Common Stock | | Addl. Paid in Capital | | Treasury Stock | | Accum. Other Comp. (Loss) | | Retained Earnings | | Non-controlling Interest | | Total |
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 exercised | 1 | | | 2,060 | | | — | | | — | | | — | | | — | | | 2,061 | |
| | | | | | | | | | | | | |
Cash dividends paid ($0.53 per share) | — | | | — | | | — | | | — | | | (13,115) | | | — | | | (13,115) | |
Balance at July 2, 2022 | $ | 261 | | | $ | 964,937 | | | $ | (252,828) | | | $ | (107,015) | | | $ | 1,446,457 | | | $ | 131 | | | $ | 2,051,943 | |
Net income | — | | | — | | | — | | | — | | | 75,468 | | | — | | | 75,468 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | (28,188) | | | — | | | — | | | (28,188) | |
Stock-based compensation | — | | | 4,464 | | | — | | | — | | | — | | | — | | | 4,464 | |
Non-controlling interest | | | | | | | | | (36) | | | 36 | | | — | |
| | | | | | | | | | | | | |
Stock options exercised | — | | | 58 | | | — | | | — | | | — | | | — | | | 58 | |
| | | | | | | | | | | | | |
Cash dividends paid ($0.60 per share) | — | | | — | | | — | | | — | | | (14,854) | | | — | | | (14,854) | |
Balance at October 1, 2022 | $ | 261 | | | $ | 969,459 | | | $ | (252,828) | | | $ | (135,203) | | | $ | 1,507,035 | | | $ | 167 | | | $ | 2,088,891 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Littelfuse, Inc. Shareholders’ Equity | | | | |
(in thousands, except share and per share data) | Common Stock | | Addl. Paid in Capital | | Treasury Stock | | Accum. Other Comp. (Loss) | | Retained Earnings | | Non-controlling Interest | | Total |
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 exercised | 1 | | | 2,501 | | | — | | | — | | | — | | | — | | | 2,502 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Cash dividends paid ($0.48 per share) | — | | | — | | | — | | | — | | | (11,814) | | | — | | | (11,814) | |
Balance at June 26, 2021 | $ | 260 | | | $ | 930,106 | | | $ | (247,963) | | | $ | (90,574) | | | $ | 1,150,260 | | | $ | 131 | | | $ | 1,742,220 | |
Net income | — | | | — | | | — | | | — | | | 92,054 | | | — | | | 92,054 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | (4,954) | | | — | | | — | | | (4,954) | |
Stock-based compensation | — | | | 3,772 | | | — | | | — | | | — | | | — | | | 3,772 | |
| | | | | | | | | | | | | |
Withheld shares on restricted share units for withholding taxes | — | | | — | | | (115) | | | — | | | — | | | — | | | (115) | |
Stock options exercised | — | | | 1,473 | | | — | | | — | | | — | | | — | | | 1,473 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Cash dividends paid ($0.53 per share) | — | | | — | | | — | | | — | | | (13,052) | | | — | | | (13,052) | |
Balance at September 25, 2021 | $ | 260 | | | $ | 935,351 | | | $ | (248,078) | | | $ | (95,528) | | | $ | 1,229,262 | | | $ | 131 | | | $ | 1,821,398 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Notes to Condensed Consolidated Financial Statements
1. Summary of Significant Accounting Policies and Other Information
Nature of Operations
Founded in 1927, Littelfuse is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 countries, and with approximately 19,000 global associates, the Company partners with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, the Company’s products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day.
Basis of Presentation
The Company’s accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheets, statements of net income and comprehensive income, statements of cash flows, and statement of stockholders' equity prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022 which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results.
Revenue Recognition
Revenue Disaggregation
The following tables disaggregate the Company’s revenue by primary business units for the three and nine months ended October 1, 2022 and September 25, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended October 1, 2022 | | Nine Months Ended October 1, 2022 |
(in thousands) | | Electronics Segment | | Transportation Segment | | Industrial Segment | | Total | | Electronics Segment | | Transportation Segment | | Industrial Segment | | Total |
Electronics – Passive Products and Sensors | | $ | 188,916 | | | $ | — | | | $ | — | | | $ | 188,916 | | | $ | 521,172 | | | $ | — | | | $ | — | | | $ | 521,172 | |
Electronics – Semiconductor | | 208,713 | | | — | | | — | | | 208,713 | | | 600,454 | | | — | | | — | | | 600,454 | |
Passenger Car Products | | — | | | 62,280 | | | — | | | 62,280 | | | — | | | 186,552 | | | — | | | 186,552 | |
Automotive Sensors | | — | | | 22,998 | | | — | | | 22,998 | | | — | | | 72,336 | | | — | | | 72,336 | |
Commercial Vehicle Products | | — | | | 96,457 | | | — | | | 96,457 | | | — | | | 289,378 | | | — | | | 289,378 | |
Industrial Products | | — | | | — | | | 79,516 | | | 79,516 | | | — | | | — | | | 230,754 | | | 230,754 | |
Total | | $ | 397,629 | | | $ | 181,735 | | | $ | 79,516 | | | $ | 658,880 | | | $ | 1,121,626 | | | $ | 548,266 | | | $ | 230,754 | | | $ | 1,900,646 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 25, 2021 | | Nine Months Ended September 25, 2021 |
(in thousands) | | Electronics Segment | | Transportation Segment | | Industrial Segment | | Total | | Electronics Segment | | Transportation Segment | | Industrial Segment | | Total |
Electronics – Passive Products and Sensors | | $ | 171,299 | | | $ | — | | | $ | — | | | $ | 171,299 | | | $ | 459,012 | | | $ | — | | | $ | — | | | $ | 459,012 | |
Electronics – Semiconductor | | 175,941 | | | — | | | — | | | 175,941 | | | 500,110 | | | — | | | — | | | 500,110 | |
Passenger Car Products | | — | | | 64,630 | | | — | | | 64,630 | | | — | | | 200,579 | | | — | | | 200,579 | |
Automotive Sensors | | — | | | 24,112 | | | — | | | 24,112 | | | — | | | 79,081 | | | — | | | 79,081 | |
Commercial Vehicle Products | | — | | | 35,673 | | | — | | | 35,673 | | | — | | | 106,602 | | | — | | | 106,602 | |
Industrial Products | | — | | | |