Littelfuse Inc. Files 10-Q for Q2 2024

TL;DR

Littelfuse 10-Q filed: Q2 2024 financials are in. Check it out.

AI Summary

Littelfuse Inc. reported its second quarter 2024 results for the period ending June 29, 2024. The company's financial statements and disclosures are contained within this 10-Q filing. Specific financial figures and operational details for the quarter are detailed within the document.

Why It Matters

This filing provides investors with a detailed look at Littelfuse's financial performance and operational status for the second quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health indicators or potential risks.

Key Players & Entities

• LITTELFUSE INC /DE (company) — Filer
• 20240629 (date) — Reporting Period End Date
• 20240731 (date) — Filing Date
• 8755 WEST HIGGINS ROAD (address) — Business Address
• CHICAGO (location) — City
• IL (location) — State
• 60631 (postal_code) — ZIP Code

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value LFUS NASDAQ Global Select Mar

Filing Documents

• lfus-20240629.htm (10-Q) — 1713KB
• ex311q22024.htm (EX-31.1) — 11KB
• ex312q22024.htm (EX-31.2) — 11KB
• ex321q22024.htm (EX-32.1) — 7KB
• 0000889331-24-000161.txt ( ) — 9484KB
• lfus-20240629.xsd (EX-101.SCH) — 50KB
• lfus-20240629_cal.xml (EX-101.CAL) — 92KB
• lfus-20240629_def.xml (EX-101.DEF) — 247KB
• lfus-20240629_lab.xml (EX-101.LAB) — 649KB
• lfus-20240629_pre.xml (EX-101.PRE) — 480KB
• lfus-20240629_htm.xml (XML) — 1823KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of June 29, 2024 (unaudited) and December 30, 2023 3 Condensed Consolidated Statements of Net Income for the three and six months ended June 29, 2024 (unaudited) and July 01, 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 29, 2024 (unaudited) and July 01, 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 29, 2024 (unaudited) and July 01, 2023 (unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the six months ended June 29, 2024 (unaudited) and July 01, 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 40 PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

Signatures

Signatures 43 2 Table of Contents

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LITTELFUSE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) June 29, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents (Note 1) $ 561,742 $ 555,513 Short-term investments 971 235 Trade receivables, less allowanc es o f $ 73,744 and $ 84,696 at June 29, 2024 and December 30, 2023, respectively 317,963 287,018 Inventories (Note 3) 451,186 474,607 Prepaid income taxes and income taxes receivable 6,413 8,701 Prepaid expenses and other current assets 125,703 82,526 Total current assets 1,463,978 1,408,600 Net property, plant, and equipment (Note 4) 472,537 493,153 Intangible assets, net of amortization (Note 5) 566,030 606,136 Goodwill (Note 5) 1,287,762 1,309,998 Investments 22,904 24,821 Deferred income taxes 10,950 10,486 Right of use lease assets 59,563 62,370 Other long-term assets 41,254 79,711 Total assets $ 3,924,978 $ 3,995,275 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 176,095 $ 173,535 Accrued liabilities (Note 6) 135,180 149,214 Accrued income taxes 39,235 38,725 Current portion of long-term debt (Note 8) 67,679 14,020 Total current liabilities 418,189 375,494 Long-term debt, less current portion (Note 8) 795,825 857,915 Deferred income taxes 96,214 110,820 Accrued post-retirement benefits 31,810 34,422 Non-current lease liabilities 49,581 49,472 Other long-term liabilities 67,872 86,671 Total liabilities $ 1,459,491 $ 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, June 29, 2024– 26,713,727 ; December 30, 2023– 26,624,071 262 262 Additional paid-in capital 1,032,974 1,012,325 Treasury stock, at cost: 1,936,187 and 1,711,290 shares, respectively ( 305,136 ) ( 259,263 ) Accumulated other comprehensive loss ( 107,175 ) ( 55,817 ) Retained earnings 1,844,204 1,782,662 Littelfuse, I

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