10-Q 1 lfus-20240928.htm 10-Q lfus-20240928
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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 September 28, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___

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

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

As of October 25, 2024, the registrant had outstanding 24,814,687 shares of Common Stock, net of Treasury Shares.


TABLE OF CONTENTS
 
 Page
  
PART I 
Item 1. 
 Condensed Consolidated Balance Sheets as of September 28, 2024 (unaudited) and December 30, 2023
 Condensed Consolidated Statements of Net Income for the three and nine months ended September 28, 2024 (unaudited) and September 30, 2023 (unaudited)
 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 28, 2024 (unaudited) and September 30, 2023 (unaudited)
 Condensed Consolidated Statements of Cash Flows for the nine months ended September 28, 2024 (unaudited) and September 30, 2023 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity for the nine months ended September 28, 2024 (unaudited) and September 30, 2023 (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, except share and per share data)September 28,
2024
December 30,
2023
ASSETS  
Current assets:  
Cash and cash equivalents (Note 1)$629,670 $555,513 
Short-term investments1,011 235 
Trade receivables, less allowances of $76,151 and $84,696 at September 28, 2024 and December 30, 2023, respectively
338,758 287,018 
Inventories (Note 3)453,781 474,607 
Prepaid income taxes and income taxes receivable6,793 8,701 
Prepaid expenses and other current assets132,510 82,526 
Total current assets1,562,523 1,408,600 
Net property, plant, and equipment (Note 4)481,592 493,153 
Intangible assets, net of amortization (Note 5)560,994 606,136 
Goodwill (Note 5)1,317,748 1,309,998 
Investments26,607 24,821 
Deferred income taxes11,955 10,486 
Right of use lease assets60,277 62,370 
Other long-term assets40,548 79,711 
Total assets$4,062,244 $3,995,275 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$179,486 $173,535 
Accrued liabilities (Note 6)152,772 149,214 
Accrued income taxes39,809 38,725 
Current portion of long-term debt (Note 8)67,799 14,020 
Total current liabilities439,866 375,494 
Long-term debt, less current portion (Note 8)799,949 857,915 
Deferred income taxes 95,554 110,820 
Accrued post-retirement benefits 31,373 34,422 
Non-current lease liabilities52,074 49,472 
Other long-term liabilities70,328 86,671 
Total liabilities$1,489,144 $1,514,794 
Commitments and contingencies (Note 15)
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, September 28, 2024–26,749,671; December 30, 2023–26,624,071
262 262 
Additional paid-in capital1,043,736 1,012,325 
Treasury stock, at cost: 1,936,668 and 1,711,290 shares, respectively
(305,259)(259,263)
Accumulated other comprehensive loss(50,782)(55,817)
Retained earnings1,884,823 1,782,662 
Littelfuse, Inc. shareholders’ equity2,572,780 2,480,169 
Non-controlling interest320 312 
Total equity2,573,100 2,480,481 
Total liabilities and equity$4,062,244 $3,995,275 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
3


LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
 Three Months EndedNine Months Ended
(in thousands, except per share data)September 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
Net sales$567,390 $607,071 $1,661,263 $1,828,850 
Cost of sales351,498 380,200 1,050,559 1,122,190 
Gross profit215,892 226,871 610,704 706,660 
Selling, general, and administrative expenses83,897 87,204 263,395 270,057 
Research and development expenses26,470 25,484 81,283 77,270 
Amortization of intangibles15,864 16,022 47,418 49,773 
Restructuring, impairment, and other charges1,840 4,516 10,329 13,221 
Total operating expenses128,071 133,226 402,425 410,321 
Operating income87,821 93,645 208,279 296,339 
Interest expense9,772 10,101 29,358 29,803 
Foreign exchange loss9,630 11,776 4,273 8,697 
Other income, net(9,297)(3,527)(19,916)(11,810)
Income before income taxes77,716 75,295 194,564 269,649 
Income taxes19,658 17,507 42,588 53,045 
Net income$58,058 $57,788 $151,976 $216,604 
Earnings per share:    
Basic$2.34 $2.32 $6.12 $8.72 
Diluted$2.32 $2.30 $6.07 $8.63 
Weighted-average shares and equivalent shares outstanding:
Basic24,796 24,893 24,822 24,838 
Diluted25,025 25,143 25,040 25,100 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

4

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three Months EndedNine Months Ended
(in thousands)September 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
Net income$58,058 $57,788 $151,976 $216,604 
Other comprehensive income (loss):
Defined benefit pension plan and other adjustments, net of tax191 (3)861 (156)
Cash flow hedges, net of tax(8,297)1,546 (6,389)2,141 
Foreign currency translation adjustments64,499 (3,677)10,563 (5,747)
Comprehensive income$114,451 $55,654 $157,011 $212,842 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

5

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 Nine Months Ended
(in thousands)September 28, 2024September 30, 2023
OPERATING ACTIVITIES  
Net income$151,976 $216,604 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation51,025 53,510 
Amortization of intangibles47,418 49,773 
Deferred revenue(1,764)1,769 
Impairment charges 933 4,742 
Stock-based compensation21,428 20,132 
(Gain) loss on investments and other assets(1,947)922 
Deferred income taxes(16,346)(689)
Other690 7,829 
Changes in operating assets and liabilities:
Trade receivables(50,672)(21,752)
Inventories19,865 66,456 
Accounts payable5,460 (38,475)
Accrued liabilities and income taxes(19,434)(61,359)
Prepaid expenses and other assets(1,633)13,678 
Net cash provided by operating activities206,999 313,140 
INVESTING ACTIVITIES  
Acquisitions of businesses, net of cash acquired (198,810)
Purchases of property, plant, and equipment(50,065)(63,166)
Net proceeds from sale of property, plant and equipment, and other8,931 597 
Net cash used in investing activities(41,134)(261,379)
FINANCING ACTIVITIES  
Repayments of other debts(2,037)(2,027)
Payments of term loan(3,750)(5,625)
Net proceeds related to stock-based award activities5,037 6,481 
Repurchases of common stock(40,862) 
Cash dividends paid(49,687)(45,973)
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 
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents$629,670 $560,056 
Restricted cash included in other long-term assets$1,623 $1,535 
Cash paid during the period for interest$30,094 $33,177 
Capital expenditures, not yet paid$9,217 $9,780 
See accompanying Notes to Condensed Consolidated Financial Statements.
6

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. LossRetained EarningsNon-controlling InterestTotal
Balance at December 30, 2023$262 $1,012,325 $(259,263)$(55,817)$1,782,662 $312 $2,480,481 
Net income— — — — 48,452 — 48,452 
Other comprehensive loss, net of tax— — — (30,291)— — (30,291)
Stock-based compensation— 3,617 — — — — 3,617 
Non-controlling interest— — — — 2 (2) 
Withheld shares on restricted share units for withholding taxes— — (4)— — — (4)
Stock options exercised— 1,369 — — — — 1,369 
Repurchases of common stock— — (16,131)— — — (16,131)
Cash dividends paid ($0.65 per share)
— — — — (16,200)— (16,200)
Balance at March 30, 2024$262 $1,017,311 $(275,398)$(86,108)$1,814,916 $310 $2,471,293 
Net income— — — — 45,466 — 45,466 
Other comprehensive loss, net of tax— — — (21,067)— — (21,067)
Stock-based compensation— 13,271 — — — — 13,271 
Non-controlling interest— — — — (48)48  
Withheld shares on restricted share units for withholding taxes— — (4,754)— — — (4,754)
Stock options exercised— 2,392 — — — — 2,392 
Repurchase of common stock, with excise tax(24,984)(24,984)
Cash dividends paid ($0.65 per share)
— — — — (16,130)— (16,130)
Balance at June 29, 2024$262 $1,032,974 $(305,136)$(107,175)$1,844,204 $358 $2,465,487 
Net income— — — — 58,058 — 58,058 
Other comprehensive gain, net of tax— — — 56,393 — — 56,393 
Stock-based compensation— 4,540 — — — — 4,540 
Non-controlling interest(82)(38)(120)
Withheld shares on restricted share units for withholding taxes— — (188)— — — (188)
Stock options exercised— 6,222 6,222 
Excise tax adjustment on stock options exercised— — 65 — — — 65 
Cash dividends paid ($0.70 per share)
— — — — (17,357)— (17,357)
Balance at September 28, 2024$262 $1,043,736 $(305,259)$(50,782)$1,884,823 $320 $2,573,100 


7

 Littelfuse, Inc. Shareholders’ Equity
(in thousands, except share and per share data)Common StockAddl. Paid in CapitalTreasury StockAccum. Other Comp. Income (Loss)Retained EarningsNon-controlling InterestTotal
Balance at December 31, 2022$261 $974,097 $(252,866)$(95,764)$1,585,466 $184 $2,211,378 
Net income— — — — 88,745 — 88,745 
Other comprehensive income, net of tax— — — 13,283 — — 13,283 
Stock-based compensation— 3,730 — — — — 3,730 
Non-controlling interest— — — — (66)66  
Withheld shares on restricted share units for withholding taxes— — (18)— — — (18)
Stock options exercised— 5,238 — — — — 5,238 
Cash dividends paid ($0.60 per share)
— — — — (14,880)— (14,880)
Balance at April 1, 2023$261 $983,065 $(252,884)$(82,481)$1,659,265 $250 $2,307,476 
Net income— — — — 70,071 — 70,071 
Other comprehensive loss, net of tax— — — (14,911)— — (14,911)
Stock-based compensation— 12,545 — — — — 12,545 
Non-controlling interest— — — — (45)45  
Withheld shares on restricted share units for withholding taxes— — (5,999)— — — (5,999)
Stock options exercised— 2,979 — — — — 2,979 
Cash dividends paid ($0.60 per share)
— — — — (14,910)— (14,910)
Balance at July 1, 2023$261 $998,589 $(258,883)$(97,392)$1,714,381 $295 $2,357,251 
Net income— — — — 57,788 — 57,788 
Other comprehensive loss, net of tax— — — (2,134)— — (2,134)
Stock-based compensation— 3,857 — — — — 3,857 
Non-controlling interest— — — — (50)50  
Withheld shares on restricted share units for withholding taxes— — (308)— — — (308)
Stock options exercised1 4,587 — — — — 4,588 
Cash dividends paid ($0.65 per share)
— — — — (16,183)— (16,183)
Balance at September 30, 2023$262 $1,007,033 $(259,191)$(99,526)$1,755,936 $345 $2,404,859 

See accompanying Notes to Condensed Consolidated Financial Statements.
8

Notes to Condensed Consolidated Financial Statements 
 
1. Summary of Significant Accounting Policies and Other Information
 
Nature of Operations 
 
Founded in 1927, Littelfuse, Inc. ("Littelfuse" or the "Company") 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, 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 statements of stockholders' equity prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results.
 
Revenue Recognition
  
Revenue Disaggregation
 
The following tables disaggregate the Company’s revenue by primary business units for the three and nine months ended September 28, 2024 and September 30, 2023:
 Three Months Ended September 28, 2024Nine Months Ended September 28, 2024
(in thousands)Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics – Semiconductor$151,954 $ $ $151,954 $469,389 $ $ $469,389 
Electronics – Passive Products and Sensors152,234   152,234 431,543   431,543 
Commercial Vehicle Products 82,077  82,077  242,350  242,350 
Passenger Car Products 71,299  71,299  210,597  210,597 
Automotive Sensors 18,005  18,005  57,764  57,764 
Industrial Products  91,821 91,821   249,620 249,620 
Total$304,188 $171,381 $91,821 $567,390 $900,932 $510,711 $249,620 $1,661,263 

9

 Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(in thousands)Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics
Segment
Transportation
Segment
Industrial
Segment
 
Total
Electronics – Semiconductor$191,523 $ $ $191,523 $598,813 $ $ $598,813 
Electronics – Passive Products and Sensors152,410   152,410 453,860   453,860 
Commercial Vehicle Products 81,290  81,290  248,765  248,765 
Passenger Car Products 72,524  72,524  200,104  200,104 
Automotive Sensors 23,205  23,205  66,839  66,839 
Industrial Products  86,119 86,119 260,469 260,469 
Total$343,933 $177,019 $86,119 $607,071 $1,052,673 $515,708 $260,469 $1,828,850 

See Note 14, Segment Information, for net sales by segment and country.
 
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 allowances, rebates and price adjustments. The Company’s distribution channels are primarily through direct sales and independent third-party distributors.
 
The Company has 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 distributors 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 historical activity, distributor inventory levels and actual authorizations for the debit and recognizes these debits as a reduction of revenue.
10

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

The following table provides a reconciliation of cash, cash equivalents, and restricted cash at September 28, 2024 and December 30, 2023 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows.

(in thousands)September 28, 2024December 30, 2023
Cash and cash equivalents$629,670 $555,513 
Restricted cash included in other long-term assets1,623 1,610 
Total cash, cash equivalents, and restricted cash$631,293 $557,123 

Recently Adopted Accounting Standards

In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASU") ASU No. 2023-01, "Leases (Topic 842): Common Control Arrangements." The standard requires that leasehold improvements associated with common control leases be: 1) Amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease. However, if the lessor obtained the right to control the use of the underlying asset through a lease with another entity not within the same common control group, the amortization period may not exceed the amortization period of the common control group. 2) Accounted for as a transfer between entities under common control through an adjustment to equity (or net assets for not-for-profit entities) if, and when, the lessee no longer controls the use of the underlying asset. Additionally, those leasehold improvements are subject to the impairment guidance in Topic 360, Property, Plant, and Equipment. This standard is effective for fiscal years beginning after December 15, 2023 including interim periods within those fiscal years. The adoption of ASU 2023-01 did not have a material impact on the Company's Condensed Consolidated Financial Statements.

Recently Issued Accounting Standards

In March 2024, the Securities and Exchange Commission ("SEC") issued a final rule that requires registrants to provide climate disclosures in annual reports and registration statements. The climate-related final rule requires disclosures in the footnotes to the financial statements, including: 1) specified financial statement effects of severe weather events and other natural conditions, 2) certain carbon offsets and renewable energy credits or certificates if used as a material component of a registrant's plans to achieve its disclosed climate-related targets or goals, 3) material impacts on financial estimates and assumptions in the financial statements if they would materially impacted by risks and uncertainties associated with severe weather events and other natural conditions, previously disclosed climate-related targets, and transition plans. The financial statement disclosure requirements are effective beginning with annual reports for the fiscal year beginning in calendar year 2025 for the Company as a large accelerated filer. These disclosures will be subject to existing audit requirement for financial statements. On April 4, 2024, the SEC chose to stay its climate disclosure rules pending judicial review. The adoption of this rule will increase the Company's disclosures in its Consolidated Financial Statements. The Company is currently evaluating and is in the process of performing its initial assessment of the potential impact on its Condensed Consolidated Financial Statements.

11

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The amendments in this update provide more transparency about income tax information through improvements to the income tax disclosure primarily related to the income tax rate reconciliation and income taxes paid information. These requirements include: (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The other amendments in this update improve the effectiveness and comparability of disclosures by (3) adding disclosures of pretax income (or loss) and income tax expense (or benefit), and (4) removing disclosures that are no longer considered cost beneficial or relevant. The guidance is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The adoption of this guidance will modify the Company's disclosures in its Condensed Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this update require additional detailed and enhanced information about reportable segments' expense, including significant segment expenses and other segment items that bridge segment revenue, significant expenses to segment profit or loss. The ASU also requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) on an annual basis as well as an explanation of how the CODM uses the reported measures and other disclosures. The amendments in this update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this guidance will modify the Company's disclosures in its Condensed Consolidated Financial Statements.

In October 2023, the FASB issued ASU No. 2023-06, "Disclosure Improvements." The amendments in this update represent changes to clarify or improve the disclosure or presentation requirements of a variety of Topics in the ASC. The Company may be affected by one or more of those amendments. The amendments in this ASU should be applied prospectively and will not be effective until June 30, 2027. The Company is currently evaluating the potential effects of these amendments on its 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 Condensed Consolidated Financial Statements from the date of the acquisition.

Dortmund Fab

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 Dortmund 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.

Western Automation

On February 3, 2023, the Company completed the acquisition of Western Automation Research and Development Limited (“Western Automation”) for approximately $162 million in cash. Headquartered in Galway, Ireland, Western Automation is a designer and manufacturer of electrical shock protection devices used across a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables. At the time the Company and Western Automation entered into the definitive agreement, Western Automation had annualized sales of approximately $25 million. The business is reported within the Company’s Industrial segment.

The acquisition was funded with cash on hand. The total purchase consideration of $158.3 million, net of cash acquired, has been allocated to assets acquired and liabilities assumed, as of the completion of the acquisition, based on estimated fair values.

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

12

(in thousands)Purchase Price
Allocation
Total purchase consideration: 
Cash, net of cash acquired$158,260 
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables3,359 
Inventories3,678 
Other current assets718 
Property, plant, and equipment1,328 
Intangible assets68,000 
Goodwill93,937 
Other long-term assets573 
Current liabilities(4,335)
Other long-term liabilities(8,998)
 $158,260 

All Western Automation assets and liabilities were recorded in the Industrial segment and are primarily reflected in the Europe geographic area. The goodwill resulting from this acquisition consists largely of the Company’s expected future product sales and synergies from combining Western Automation’s products and technology with the Company’s existing Industrial products portfolio. Goodwill resulting from the Western Automation acquisition is not expected to be deductible for tax purposes.

During the nine months ended September 30, 2023, the Company incurred approximately $1.2 million of legal and professional fees related to the Western Automation acquisition recognized as Selling, general, and administrative expenses in the Condensed Consolidated Statement of Net Income. These costs were reflected as other non-segment costs.

Pro Forma Results

The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company and Western Automation as though the acquisition had occurred as of January 2, 2022. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the Western Automation acquisition occurred as of January 2, 2022, or of future consolidated operating results.
(in thousands, except per share amounts)Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Net sales$607,071 $1,830,736 
Income before income taxes75,071 271,165 
Net income57,591 217,930 
Net income per share — basic2.31 8.77 
Net income per share — diluted2.29 8.68 

Pro forma results presented above primarily reflect the following adjustments:
(in thousands)Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Amortization (a)$ $(479)
Transaction costs (b)(224)1,203 
Income tax benefit (expense) of above items28 (91)

(a) The amortization adjustment for the nine months ended September 30, 2023 primarily reflects incremental amortization resulting from the measurement of intangibles at their fair values.
(b) The transaction cost adjustments reflect the reversal of certain legal and professional fees from the three and nine months ended September 30, 2023.

13

3. Inventories
 
The components of inventories at September 28, 2024 and December 30, 2023 are as follows:
 
(in thousands)September 28, 2024December 30, 2023
Raw materials$202,119 $201,984 
Work in process137,713 137,688 
Finished goods178,570 195,886 
Inventory reserves(64,621)(60,951)
Total$453,781 $474,607 
 
4. Property, Plant, and Equipment
 
The components of net property, plant, and equipment at September 28, 2024 and December 30, 2023 are as follows:
(in thousands)September 28, 2024December 30, 2023
Land and land improvements$18,442 $22,212 
Building and building improvements200,856 202,764 
Machinery and equipment896,045 859,060 
Accumulated depreciation(633,751)(590,883)
Total$481,592 $493,153 

The Company recorded depreciation expense of $17.3 million and $17.9 million for the three months ended September 28, 2024 and September 30, 2023, respectively, and $51.0 million and $53.5 million for the nine months ended September 28, 2024 and September 30, 2023, respectively.

5. Goodwill and Other Intangible Assets
 
Changes in the carrying value of goodwill by segment for the nine months ended September 28, 2024 are as follows:
(in thousands)ElectronicsTransportationIndustrialTotal
Net goodwill as of December 30, 2023
Gross goodwill as of December 30, 2023
$936,505 $237,115 $179,117 $1,352,737 
Accumulated impairment losses as of December 30, 2023
 (34,004)(8,735)(42,739)
Total936,505 203,111 170,382 1,309,998 
Changes during 2024:
Foreign currency translation adjustments3,581 1,881 2,288 7,750 
Net goodwill as of September 28, 2024
Gross goodwill as of September 28, 2024
940,086 239,777 181,237 1,361,100 
Accumulated impairment losses as of September 28, 2024
 (34,785)(8,567)(43,352)
Total$940,086 $204,992 $172,670 $1,317,748 

14

The components of other intangible assets as of September 28, 2024 and December 30, 2023 are as follows:

As of September 28, 2024
(in thousands)Gross
Carrying
Value
 
Accumulated Amortization
 
Net Book
Value
Land use rights$16,731 $2,989 $13,742 
Patents, licenses, and software277,011 181,471 95,540 
Distribution network42,106 42,106  
Customer relationships, trademarks, and tradenames691,519 239,807 451,712 
Total$1,027,367 $466,373 $560,994 
 
 
December 30, 2023
(in thousands)Gross
Carrying
Value
 
Accumulated
Amortization
 
Net Book
Value
Land use rights$17,621 $2,786 $14,835 
Patents, licenses, and software275,337 163,799 111,538 
Distribution network43,210 43,210  
Customer relationships, trademarks, and tradenames689,244 209,481 479,763 
Total$1,025,412 $419,276 $606,136 

During the three months ended September 28, 2024 and September 30, 2023, the Company recorded amortization expense of $15.9 million and $16.0 million, respectively. During the nine months ended September 28, 2024 and September 30, 2023, the Company recorded amortization expense of $47.4 million and $49.8 million, respectively.

Estimated annual amortization expense related to intangible assets with definite lives as of September 28, 2024 is as follows:
 
(in thousands)
Amount
Remainder of 2024$16,000 
202563,795 
202652,706 
202750,597 
202849,970 
2029 and thereafter327,926 
Total$560,994 
 
 
15

6. Accrued Liabilities
 
The components of accrued liabilities as of September 28, 2024 and December 30, 2023 are as follows:
 
(in thousands)September 28, 2024December 30, 2023
Employee-related liabilities$71,614 $72,635 
Current lease liability10,162 12,110 
Other non-income taxes7,597 7,855 
Interest5,311 6,387 
Professional services4,938 5,282 
Other customer reserves4,815 5,998 
Restructuring liability4,461 2,141 
Current hedge liability4,307  
Deferred revenue1,614 2,198 
Current benefit liability1,482 1,482 
Other36,471 33,126 
Total$152,772 $149,214 

Employee-related liabilities consist primarily of payroll, sales commissions, bonus, employee benefit accruals and workers’ compensation. Bonus accruals include amounts earned pursuant to the Company’s primary employee incentive compensation plans. Other accrued liabilities include miscellaneous operating accruals and other customer-related liabilities.

7. Restructuring, Impairment, and Other Charges

The Company recorded restructuring, impairment, and other charges for the three and nine months ended September 28, 2024 and September 30, 2023 as follows:
Three Months Ended September 28, 2024Nine Months Ended September 28, 2024
(in thousands)ElectronicsTransportationIndustrialTotalElectronicsTransportationIndustrialTotal
Employee terminations$1,140 $404 $1 $1,545 $6,245 $1,995 $417 $8,657 
Other restructuring charges