Annual Statements Open main menu
  1. Annual Statements
  2. » Companies
  3. » LITTELFUSE INC /DE
  4. » Quarter Report: 2025 June (Form 10-Q)

LITTELFUSE INC /DE - Quarter Report: 2025 June (Form 10-Q)

Net property, plant, and equipment (Note 4)  Intangible assets, net of amortization (Note 5)  Goodwill (Note 5)  Investments  Deferred income taxes  Right of use lease assets  Other long-term assets  Total assets$ $ LIABILITIES AND EQUITY  Current liabilities:  Accounts payable$ $ Accrued liabilities (Note 6)  Accrued income taxes  Current portion of long-term debt (Note 8)  Total current liabilities  Long-term debt, less current portion (Note 8)  Deferred income taxes   Accrued post-retirement benefits   Non-current lease liabilities  Other long-term liabilities  Total liabilities$ $ Commitments and contingencies (Note 15)Shareholders’ equity:
Common stock, par value $ per share: shares authorized; shares issued, June 28, 2025– December 28, 2024–
  Additional paid-in capital  
Treasury stock, at cost: and shares, respectively
()()Accumulated other comprehensive loss()()Retained earnings  Littelfuse, Inc. shareholders’ equity  Non-controlling interest  Total equity  Total liabilities and equity$ $ 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
3
Table of Contents

LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
 Three Months EndedSix Months Ended
(in thousands, except per share data)June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Net sales$ $ $ $ 
Cost of sales    
Gross profit    
Selling, general, and administrative expenses    
Research and development expenses    
Amortization of intangibles    
Restructuring, impairment, and other charges    
Total operating expenses    
Operating income    
Interest expense    
Foreign exchange loss (gain) () ()
Other income, net()()()()
Income before income taxes    
Income taxes    
Net income$ $ $ $ 
Earnings per share:    
Basic$ $ $ $ 
Diluted$ $ $ $ 
Weighted-average shares and equivalent shares outstanding:
Basic    
Diluted    
 
See accompanying Notes to Condensed Consolidated Financial Statements.

4
Table of Contents
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three Months EndedSix Months Ended
(in thousands)June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Net income$ $ $ $ 
Other comprehensive income (loss):
Pension and postemployment adjustments, net of tax    
Cash flow hedges, net of tax ()  
Foreign currency translation adjustments, net of tax () ()
Comprehensive income$ $ $ $ 
 
See accompanying Notes to Condensed Consolidated Financial Statements.

5
Table of Contents
LITTELFUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
(in thousands)June 28, 2025June 29, 2024
OPERATING ACTIVITIES  
Net income$ $ 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation  
Amortization of intangibles  
Deferred revenue ()
Impairment charges   
Stock-based compensation  
Loss on investments and other assets  
Deferred income taxes()()
Other  
Changes in operating assets and liabilities:
Trade receivables()()
Inventories  
Accounts payable() 
Accrued liabilities and income taxes()()
Prepaid expenses and other assets  
Net cash provided by operating activities  
INVESTING ACTIVITIES  
Acquisitions of businesses, net of cash acquired() 
Purchases of property, plant, and equipment()()
Net proceeds from sale of property, plant and equipment, and other  
Net cash used in investing activities()()
FINANCING ACTIVITIES  
Payments of senior notes payable() 
Repayments of other debts()()
Payments of term loan()()
Net proceeds (payments) related to stock-based award activities ()
Repurchases of common stock, with excise tax()()
Cash dividends paid()()
Net cash used in financing activities()()
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ()
(Decrease) increase in cash, cash equivalents, and restricted cash() 
Cash, cash equivalents, and restricted cash at beginning of period  
Cash, cash equivalents, and restricted cash at end of period$ $ 
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents$ $ 
Restricted cash included in other long-term assets  
Cash paid during the period for interest  
Capital expenditures, not yet paid  
See accompanying Notes to Condensed Consolidated Financial Statements.
6
Table of Contents
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. Income (Loss)Retained EarningsNon-controlling InterestTotal
Balance at December 28, 2024$ $ $()$()$ $ $ 
Net income— — — —  —  
Other comprehensive income, net of tax— — —  — —  
Stock-based compensation—  — — — —  
Non-controlling interest— — — — ()  
Withheld shares on restricted share units for withholding taxes— — ()— — — ()
Stock options exercised—  — — — —  
Repurchases of common stock, with excise tax— — ()— — — ()
Cash dividends paid ($ per share)
— — — — ()— ()
Balance at March 29, 2025$ $ $()$()$ $ $ 
Net income— — — —  —  
Other comprehensive loss, net of tax— — —  — —  
Stock-based compensation—  — — — —  
Non-controlling interest— ()— — () ()
Withheld shares on restricted share units for withholding taxes— — ()— — — ()
Stock options exercised  — — — —  
Repurchase of common stock, with excise tax— —  — — —  
Cash dividends paid ($ per share)
— — — — ()— ()
Balance at June 28, 2025$ $ $()$()$ $ $ 


7
Table of Contents
 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$ $ $()$()$ $ $ 
Net income— — — —  —  
Other comprehensive loss, net of tax— — — ()— — ()
Stock-based compensation—  — — — —  
Non-controlling interest— — — —  () 
Withheld shares on restricted share units for withholding taxes— — ()— — — ()
Stock options exercised—  — — — —  
Repurchases of common stock, with excise tax— — ()— — — ()
Cash dividends paid ($ per share)
— — — — ()— ()
Balance at March 30, 2024$ $ $()$()$ $ $ 
Net income— — — —  —  
Other comprehensive loss, net of tax— — — ()— — ()
Stock-based compensation—  — — — —  
Non-controlling interest— — — — ()  
Withheld shares on restricted share units for withholding taxes— — ()— — — ()
Stock options exercised—  — — — —  
Repurchases of common stock, with excise tax— — ()— — — ()
Cash dividends paid ($ per share)
— — — — ()— ()
Balance at June 29, 2024$ $ $()$()$ $ $ 

See accompanying Notes to Condensed Consolidated Financial Statements.
8
Table of Contents
Notes to Condensed Consolidated Financial Statements 
 
1.
countries, and with approximately global associates, the Company partners with customers to design and deliver innovative, reliable solutions. Serving over end customers, the Company’s products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. 

 
Revenue Recognition
  
Revenue Disaggregation
 
 $ $ $ $ $ $ $ Electronics – Passive Products and Sensors        Commercial Vehicle Products        Passenger Car Products        Automotive Sensors        Industrial Products        Total$ $ $ $ $ $ $ $ 

9
Table of Contents
 $ $ $ $ $ $ $ Electronics – Passive Products and Sensors        Commercial Vehicle Products        Passenger Car Products        Automotive Sensors        Industrial Products      Total$ $ $ $ $ $ $ $ 

See Note 14, Segment Information, for net sales by segment and country.
 
10
Table of Contents
 
Cash, Cash Equivalents, and Restricted Cash

 $ 

All Dortmund Fab assets and liabilities were recorded in the Electronics 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 Dortmund Fab’s products and technology with the Company’s existing semiconductor products portfolio. Goodwill resulting from the Dortmund Fab acquisition is expected to be deductible for tax purposes.

During the three months ended June 28, 2025, the Company recorded measurement period adjustments to decrease other current assets of $ million and deferred tax liability of $ million. As a result of these adjustments, goodwill was increased by $ million accordingly. In addition, the Company made a reclassification adjustment of $ million between current liabilities and other long-term liabilities. The total impact of the adjustment to Cost of sales was $ million in the three months ended June 28, 2025.

12
Table of Contents
 million and $ million, respectively, and loss before income taxes was $ million and $ million, respectively, since the December 31, 2024 acquisition of Dortmund Fab.

As required by purchase accounting guidance, the Company recorded a $ million step-down of inventory to its fair value as of the acquisition date based on the preliminary valuation. The step-down was fully amortized as a non-cash credit to cost of sales during the first fiscal quarter of 2025 as the acquired inventory was sold and reflected as other non-segment costs.

During the six months ended June 29, 2024, the Company incurred approximately $ million of legal and professional fees related to the Dortmund Fab acquisition recognized as Selling, general, and administrative expenses in the Condensed Consolidated Statements of Net Income. A total of $ million of legal and professional fees related to the Dortmund Fab acquisition was recognized since 2023. These costs were reflected as other non-segment costs.

Pro Forma Results

 $ $ $ Income before income taxes    Net income    Net income per share — basic    Net income per share — diluted    

 $— $ Amortization of inventory step-down (b)— — () Depreciation— ()— ()Amortization (c)— ()— ()Transaction costs (d)—  ()()Income tax (expense) benefit of above items— () ()

(a) The amortization of the unfavorable production contract during the three and six months ended June 29, 2024 results from the fair value assigned to the unfavorable production contract liability that is amortized over four years.
(b) The amortization of the inventory step-down adjustment reflects the reversal of the amount recognized during the six months ended June 28, 2025, and the recognition of the amortization during the six months ended June 29, 2024. The inventory step-down was fully amortized over two months as the inventory was sold.
(c) The amortization adjustment for the three and six months ended June 29, 2024 primarily reflects amortization resulting from the measurement of intangibles at their fair values.
(d) The transaction costs adjustment reflects certain legal and professional fees for the six months ended June 28, 2025 and three and six months ended June 29, 2024, respectively.


13
Table of Contents
3.
 $ Work in process  Finished goods  Inventory reserves()()Total$ $ 
 
4.
 $ Building and building improvements  Machinery and equipment  Accumulated depreciation and amortization()()Total$ $ 

The Company recorded depreciation expense of $ million and $ million for the three months ended June 28, 2025 and June 29, 2024, respectively, and $ million and $ million for the six months ended June 28, 2025 and June 29, 2024, respectively, in Cost of sales, Selling, general, and administrative expenses, and Research and development expenses in the Condensed Consolidated Statements of Net Income.

5.
 $ $ $ 
Accumulated impairment losses as of December 28, 2024
 ()()()Total    
Changes during 2025:
Additions (a)          $ $ 
 
 
As of December 28, 2024
(in thousands)Gross
Carrying
Value
 
Accumulated
Amortization
 
Net Book
Value
Land use rights$ $ $ 
Patents, licenses, and software   
Distribution network   
Customer relationships, trademarks, and tradenames   
Total$ $ $ 

During the three months ended June 28, 2025 and June 29, 2024, the Company recorded amortization expense of $ million and $ million, respectively. During the six months ended June 28, 2025 and June 29, 2024, the Company recorded amortization expense of $ million and $ million, respectively.

million related to the Dortmund Fab acquisition, the components of which were as follows:
 
(in thousands)
Weighted Average Useful LifeAmount
Customer relationships, trademarks, and tradenames$ 
Total$ 

 2026 2027 2028 2029 2030 and thereafter Total$ 
 
 
15
Table of Contents
6.
 $ Current lease liability  Other non-income taxes  Interest  Professional services  Restructuring liability  Other customer reserves  Deferred revenue  Current benefit liability  Current hedge liability  Other  Total$ $ 

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.

 $ $ $ $ $ $ $ Other restructuring charges        Total restructuring charges        Impairment            Total$ $ $ $ $ $ $ $ 

 Three Months Ended June 29, 2024Six Months Ended June 29, 2024
(in thousands)ElectronicsTransportationIndustrialTotalElectronicsTransportationIndustrialTotal
Employee terminations$ $ $ $ $ $ $ $ 
Other restructuring charges        
Total restructuring charges        
Impairment         
   Total$ $ $ $ $ $ $ $ 

16
Table of Contents
million and $ million, respectively, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and corporate support functions across all businesses within the Transportation segment and for the semiconductor business within the Electronics segment. In addition, during the first fiscal quarter of 2025, the Company recognized a $ million impairment charge related to certain machinery and equipment within the Electronics segment.

2024
For the three and six months ended June 29, 2024, the Company recorded total restructuring charges of $ million and $ million, respectively, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions within the semiconductor business in the Electronics segment and the reorganization of certain selling and administrative functions within the commercial vehicle business in the Transportation segment. In addition, during the first fiscal quarter of 2024, the Company recognized a $ million impairment charge related to certain machinery and equipment in the commercial vehicle business within the Transportation segment.

The restructuring reserves as of June 28, 2025 and December 28, 2024 were $ million and $ million, respectively. The restructuring liability as of June 28, 2025 was $ million included within Accrued liabilities and $ million within Other long-term liabilities in the Condensed Consolidated Balance Sheets. The Company anticipates the remaining payments associated with employee terminations will primarily be completed during fiscal year 2025.

8.
 $ Term loan  Euro Senior Notes, Series B due 2028  

)$()$()$()Zero cost collar agreementCost of sales()   Zero cost collar agreementSelling, general, and administrative expenses  121 — 

The pre-tax losses (gains) recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 28, 2025 and June 29, 2024 were as follows:

 Three Months EndedSix Months Ended
(in thousands)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Derivatives designated as cash flow hedges
Interest rate swap agreement$ $ $ $()
Zero cost collar agreement() () 

Mutual Funds
 
The Company has a non-qualified Supplemental Retirement and Savings Plan which provides additional retirement benefits for certain management employees and named executive officers by allowing participants to defer a portion of their annual compensation. The Company maintains accounts for participants through which participants make investment elections. The marketable securities are classified as Level 1 under the fair value hierarchy as they are maintained in mutual funds with readily determinable fair value and recorded in Other long-term assets in the Condensed Consolidated Balance Sheets.
 
There were no changes during the quarter ended June 28, 2025 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of June 28, 2025 and December 28, 2024, the Company did not hold any non-financial assets or liabilities that are required to be measured at fair value on a recurring basis.

21
Table of Contents
 $ $ $ Investments in equity securities    Mutual funds       Total $ $ $ $ 

The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 28, 2024: 
 Fair Value Measurements Using 
(in thousands)Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Cash equivalents$ $ $ $ 
Investments in equity securities    
Mutual funds    
   Total$ $ $ $ 

In addition to the methods and assumptions used for the financial instruments recorded at fair value as discussed above, the following methods and assumptions are used to estimate the fair value of other financial instruments that are not marked to market on a recurring basis. The Company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable and its long-term debt. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, short-term investments and accounts receivable approximate their fair values. The Company’s revolving and term loan debt facilities' fair values approximate book value at June 28, 2025 and December 28, 2024, as the rates on these borrowings are variable in nature. The purchase price of business acquisitions is primarily allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the excess recorded as goodwill. The Company utilizes Level 3 inputs in the determination of the initial fair value for certain assets acquired and liabilities assumed in business acquisitions.

 $ $ $ USD Senior Notes, Series A due 2025    USD Senior Notes, Series B due 2027    USD Senior Notes, Series B due 2030    USD Senior Notes, due 2032    

22
Table of Contents
10.
 $ $ $ Interest cost    Expected return on plan assets()()()()Amortization of prior service and net actuarial loss    Net periodic benefit cost$ $ $ $ 

The Company expects to make approximately $ million of contributions to the plans and pay $ million of benefits directly in 2025.

On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under which an insurance company is required to pay pension payments to the Company’s United Kingdom pension plan to match required pension payments until a later buyout, at which point the insurance company will directly pay and administer the benefits to the plan's participants, or to their designated beneficiaries. The purchase of this group annuity contract will reduce the Company’s outstanding pension benefit obligation by approximately $ million, representing approximately % of the total obligations of the Company’s qualified pension plans, and will be funded with pension plan assets and additional cash on hand. In connection with this transaction, the Company currently expects to record a one-time non-cash settlement charge in 2026 estimated between $ million and $ million, reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. The actual settlement charge could differ from this estimate due to final data and plan wind-up expenses.

The Company also sponsors certain post-employment plans in foreign countries and other statutory benefit plans. The Company recorded expense of $ million for each of the three months ended June 28, 2025 and June 29, 2024, respectively, and $ million for each of the six months ended June 28, 2025 and June 29, 2024, respectively, in Cost of sales and Other income, net within the Condensed Consolidated Statements of Net Income. The pre-tax losses amount recognized in other comprehensive income (loss) for these plans were $ million and $ million for the three months ended June 28, 2025 and June 29, 2024, respectively, and $ million and $ million for the six months ended June 28, 2025 and June 29, 2024, respectively.

23
Table of Contents
11.

 $ $ $ $()$ Cash flow hedges () () ()Foreign currency translation adjustments (a) () () ()Total change in other comprehensive income (loss)$ $()$ $()$ $()(in thousands)Six Months Ended
June 28, 2025Six Months Ended
June 29, 2024Pre-taxTaxNet of TaxPre-taxTaxNet of TaxDefined benefit pension plan and other adjustments$ $ $ $ $()$ Cash flow hedges    () Foreign currency translation adjustments (a) () () ()Total change in other comprehensive income (loss)$ $()$ $()$ $()
(a) The tax shown above within foreign currency translation adjustments is the U.S. tax associated with the foreign currency translation adjustments of earnings of non-U.S. subsidiaries which have been previously taxed in the U.S. and are not permanently reinvested.

)$ $()$()Activity in the period    Balance at June 28, 2025$()$ $()$()
(in thousands)Pension and postretirement liability and reclassification adjustmentsCash flow hedgesForeign currency translation adjustmentsAccumulated other comprehensive loss
Balance at December 30, 2023$()$ $()$()
Activity in the period  ()()
Balance at June 29, 2024$()$ $()$()

Amounts reclassified from accumulated other comprehensive income (loss) to earnings for the three and six months ended June 28, 2025 and June 29, 2024 were as follows:
 Three Months EndedSix Months Ended
(in thousands)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Pension and postemployment plans:
Amortization of prior service and net actuarial loss, and other$ $ $ $ 
44
Table of Contents
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q for the quarter ended June 28, 2025, to be signed on its behalf by the undersigned thereunto duly authorized.
 
 Littelfuse, Inc. 
    
By:/s/ Abhishek Khandelwal 
  Abhishek Khandelwal 
 Executive Vice President and Chief Financial Officer
   
Date: July 30, 2025
By:/s/ Jeffrey G. Gorski 
  Jeffrey G. Gorski 
 Senior Vice President and Chief Accounting Officer

45

Similar companies

See also ABB LTD
See also POWELL INDUSTRIES INC - Annual report 2022 (10-K 2022-09-30) Annual report 2023 (10-Q 2023-06-30)