Littelfuse Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Littelfuse Inc. has submitted its 2023 10-K filing, detailing financial performance and corporate structure.</b>

AI Summary

LITTELFUSE INC /DE (LFUS) filed a Annual Report (10-K) with the SEC on February 16, 2024. Littelfuse Inc. filed its annual report on Form 10-K for the fiscal year ended December 30, 2023. The company is incorporated in Delaware and headquartered in Chicago, Illinois. The filing covers the fiscal year 2023, with data also referencing fiscal years 2022 and 2020. Key financial statement components such as common stock, additional paid-in capital, and retained earnings are detailed. The report includes information on lease liabilities and right-of-use assets.

Why It Matters

For investors and stakeholders tracking LITTELFUSE INC /DE, this filing contains several important signals. This filing provides a comprehensive overview of Littelfuse's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including equity components and lease obligations, allows stakeholders to understand the company's capital structure and long-term commitments.

Risk Assessment

Risk Level: low — LITTELFUSE INC /DE shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Littelfuse's performance and strategic positioning.

Key Numbers

• 20231230 — Fiscal Year End (Conformed Period of Report)
• 20240216 — Filed As Of Date (Filing Date)
• 3613 — Standard Industrial Classification (Industry Code)

Key Players & Entities

• LITTELFUSE INC /DE (company) — Filer
• 0000889331 (company) — Central Index Key
• CHICAGO (company) — Business Address City
• DE (company) — State of Incorporation

FAQ

Industry Context

Littelfuse Inc. operates in the switchgear & switchboard apparatus industry, providing circuit protection, power control, and sensing solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the consolidated financial statements for revenue, net income, and other key performance indicators.
2. Examine the 'Risk Factors' section for any new or evolving business, operational, or financial risks.
3. Review management's discussion and analysis (MD&A) for insights into the company's performance drivers and outlook.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document detailing Littelfuse's financial status for the fiscal year.)

RightOfUseAsset

An asset representing a lessee's right to use an underlying asset for the lease term. (Indicates Littelfuse's utilization of leased assets and associated financial commitments.)

LeaseLiabilityNoncurrent

The portion of a lease liability that is not expected to be settled within one year or the operating cycle, whichever is longer. (Shows Littelfuse's long-term obligations related to leases.)

Year-Over-Year Comparison

This is the initial filing data provided, so a comparison to a previous filing is not possible with the given information.

Key Financial Figures

• $0.01 — ange On Which Registered Common Stock, $0.01 par value LFUS NASDAQ Global Select Mar
• $40.5 million — illion Euro down payment (approximately $40.5 million) recorded in Other long-term assets in
• $162 million — "Western Automation") for approximately $162 million in cash. Headquartered in Galway, Irela
• $25 million — n had annualized sales of approximately $25 million. The business is reported within the Co
• $540 million — mpany acquired C&K Switches ("C&K") for $540 million in cash. Founded in 1928, C&K is a lead
• $200 million — ement, C&K had annualized sales of over $200 million. The business is reported as part of th
• $9.2 m — d. The total purchase consideration was $9.2 million, net of cash. Carling Technolog
• $170 million — g had annualized sales of approximately $170 million. The purchase price for Carling was $31
• $315.5 million — ion. The purchase price for Carling was $315.5 million and the operations of Carling are inclu
• $70 million — d had annualized sales of approximately $70 million. The purchase price for Hartland was $1
• $111.0 million — on. The purchase price for Hartland was $111.0 million and the operations of Hartland are incl
• $108.5 million — strial segment. The net cash payment of $108.5 million was funded by the Company's cash on han
• $102.4 m — 3, 2022, and 2021, the Company expended $102.4 million, $95.6 million, and $65.9 million
• $95.6 m — 1, the Company expended $102.4 million, $95.6 million, and $65.9 million, respectively,
• $65.9 m — nded $102.4 million, $95.6 million, and $65.9 million, respectively, on R&D. Over the

Filing Documents

• lfus-20231230.htm (10-K) — 2954KB
• exhibit1061-outsidedirecto.htm (EX-10.61) — 8KB
• exhibit191-insidertradingp.htm (EX-19.1) — 42KB
• exhibit211-12302310k.htm (EX-21.1) — 60KB
• exhibit231-12302310k.htm (EX-23.1) — 3KB
• exhibit311-12302310k.htm (EX-31.1) — 9KB
• exhibit312-12302310k.htm (EX-31.2) — 9KB
• exhibit321-12302310k.htm (EX-32.1) — 6KB
• exhibit971-compensationrec.htm (EX-97.1) — 19KB
• lfus-20231230_g1.jpg (GRAPHIC) — 44KB
• 0000889331-24-000034.txt (&nbsp;) — 15946KB
• lfus-20231230.xsd (EX-101.SCH) — 81KB
• lfus-20231230_cal.xml (EX-101.CAL) — 151KB
• lfus-20231230_def.xml (EX-101.DEF) — 472KB
• lfus-20231230_lab.xml (EX-101.LAB) — 1247KB
• lfus-20231230_pre.xml (EX-101.PRE) — 868KB
• lfus-20231230_htm.xml (XML) — 2827KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 3 PART I

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 19

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

[Reserved.]

Item 6. [Reserved.] 25

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 43

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90

Controls and Procedures

Item 9A. Controls and Procedures 90

Other Information

Item 9B. Other Information 91 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 92

Executive Compensation

Item 11. Executive Compensation 92

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 94

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 94

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 94 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 95

Form 10-K Summary

Item 16. Form 10-K Summary 95 Schedule II – Valuation and Qualifying Accounts and Reserves 96

Signatures

Signatures 97 Exhibit Index 98 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995 ("PSRLA"). 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; 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; and other risks that may be detailed in Item 1A. "Risk Factors" below and in the Company's other Securities and Exchange Commission filings. AVAILABLE INFORMATION The Company is subject to the reporting and information requirements of the Securities Exchange Act of 1934, as amended and as a result, are obligated to file annual, quarterly, and current reports, proxy statements, and other information with the United States Securities and Exchange Commission ("SEC"). The Company makes these filings available free of charge on its website (http://investor.littelfuse.com) as soon as reasonably practicable after it electr

BUSINESS

ITEM 1. BUSINESS. GENERAL Littelfuse, Inc., was incorporated under the laws of the State of Delaware in 1991. References herein to the "Company," "we," "our" or "Littelfuse" refer to Littelfuse, Inc. and its subsidiaries. References herein to "2023", "fiscal 2023" or "fiscal year 2023" refer to the fiscal year ended December 30, 2023. References herein to "2022", "fiscal 2022" or "fiscal year 2022" refer to the fiscal year ended December 31, 2022. References herein to "2021", "fiscal 2021" or "fiscal year 2021" refer to the fiscal year ended January 1, 2022. The Company operates on a 52-53 week fiscal year (4-4-5 basis) ending on the Saturday closest to December 31. Therefore, the financial results of certain fiscal years and the associated 14 week quarters will not be exactly comparable to the 52 week fiscal years and the associated quarters having only 13 weeks. As a result of using this convention, the fiscal year 2021 contained 53 weeks while each of fiscal 2022 and fiscal 2023 contained 52 weeks. 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 17,000 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. 3 Table of Contents Segments The Company conducts its business through three reportable segments: Electronics, Transportation, and Industrial. Within these segments, the Company designs, manufactures and sells electronic components, modules and subassemblies to empower the long-term secular growth themes of sustainability, connectivity and safety. Over the last decade the Company has positioned itself within the center of these global structural growth themes by helping to enable its customers'

View Full Filing

View this 10-K filing on SEC EDGAR