[X]
|
Annual Report Pursuant to Section 13 or 15(d)
|
||
of the Securities Exchange Act of 1934
|
|||
(Mark one)
|
for the fiscal year ended December 29, 2012
|
||
Or
|
|||
[ ]
|
Transition Report Pursuant to Section 13 or 15(d)
|
||
of the Securities Exchange Act of 1934
|
|||
for the transition period from to
|
Delaware
|
36-3795742
|
(State or other jurisdiction of
|
(I.R.S. Employer Identification No.)
|
incorporation or organization)
|
|
8755 West Higgins Road, Suite 500,
|
|
Chicago, Illinois
|
60631
|
(Address of principal executive offices)
|
(ZIP Code)
|
Name of Each Exchange
|
|
Title of Each Class | On Which Registered |
Common Stock, $0.01 par value | NASDAQ Global Select Market SM |
Page
|
||
FORWARD-LOOKING STATEMENTS
|
4
|
|
PART I
|
||
Item 1.
|
Business.
|
4
|
Item 1A.
|
Risk Factors.
|
12
|
Item 1B.
|
Unresolved Staff Comments.
|
16
|
Item 2.
|
Properties.
|
16
|
Item 3.
|
Legal Proceedings.
|
18
|
Item 4.
|
Mine Safety Disclosures.
|
18
|
PART II
|
||
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
19
|
Item 6.
|
Selected Financial Data.
|
21
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
21
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
35
|
Item 8.
|
Financial Statements and Supplementary Data.
|
37
|
Item 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
|
76
|
Item 9A.
|
Controls and Procedures.
|
76
|
Item 9B.
|
Other Information.
|
77
|
PART III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance.
|
78
|
Item 11.
|
Executive Compensation.
|
80
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
80
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence.
|
80
|
Item 14.
|
Principal Accounting Fees and Services.
|
80
|
PART IV
|
||
Item 15.
|
Exhibits, Financial Statement Schedules.
|
81
|
Schedule II – Valuation and Qualifying Accounts and Reserves.
|
82
|
|
Signatures.
|
83
|
|
Exhibit Index.
|
84
|
Fiscal Year
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Electronics
|
$ | 329,466 | $ | 354,487 | $ | 373,370 | ||||||
Automotive
|
206,222 | 197,586 | 139,096 | |||||||||
Electrical
|
132,225 | 112,882 | 95,555 | |||||||||
Total
|
$ | 667,913 | $ | 664,955 | $ | 608,021 |
Fiscal Year
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Americas
|
$ | 303,598 | $ | 288,592 | $ | 227,747 | ||||||
Europe
|
107,512 | 114,895 | 115,113 | |||||||||
Asia-Pacific
|
256,803 | 261,468 | 265,161 | |||||||||
Total
|
$ | 667,913 | $ | 664,955 | $ | 608,021 |
·
|
changes in our customers’ buying decisions;
|
·
|
changes in demand for our products;
|
·
|
changes in our distributor inventory stocking;
|
·
|
our product mix;
|
·
|
our effectiveness in managing manufacturing processes;
|
·
|
costs and timing of our component purchases;
|
·
|
the effectiveness of our inventory control;
|
·
|
the degree to which we are able to utilize our available manufacturing capacity;
|
·
|
our ability to meet delivery schedules;
|
·
|
general economic and industry conditions;
|
·
|
local conditions and events that may affect our production volumes, such as labor conditions and political instability; and
|
·
|
seasonality of certain product lines.
|
·
|
general economic conditions;
|
·
|
currency fluctuations and exchange restrictions;
|
·
|
import and export duties and restrictions;
|
·
|
the imposition of tariffs and other import or export barriers;
|
·
|
compliance with regulations governing import and export activities;
|
·
|
current and changing regulatory requirements;
|
·
|
political and economic instability;
|
·
|
potentially adverse income tax consequences;
|
·
|
transportation delays and interruptions;
|
·
|
labor unrest;
|
·
|
natural disasters;
|
·
|
terrorist activities;
|
·
|
public health concerns;
|
·
|
difficulties in staffing and managing multi-national operations; and
|
·
|
limitations on our ability to enforce legal rights and remedies.
|
Location
|
Use
|
Size
(sq. ft.)
|
Lease/Own
|
Lease
Expiration
Date
|
Primary Product
|
|
Chicago, Illinois
|
Administrative, Engineering, Research and Testing
|
54,838
|
Leased
|
2024
|
Auto, Electronics and Electrical
|
|
Elk Grove Village, Illinois
|
Engineering and Research
|
5,000
|
Leased
|
2013
|
Auto and Electronics
|
|
Bensenville, Illinois
|
Research and Development
|
3,140
|
Leased
|
2013
|
Electronics
|
|
Champaign, Illinois
|
Research and Development
|
13,503
|
Leased
|
2025
|
Auto and Electronics
|
|
Campbell, California
|
Engineering
|
1,001
|
Leased
|
2014
|
Electronics
|
|
Troy, Michigan
|
Sales
|
2,224
|
Leased
|
2016
|
Auto
|
|
Boston, Massachusetts
|
Administrative, Engineering, Research and Development
|
26,000
|
Leased
|
2016
|
Auto
|
|
Schertz, Texas
|
Warehouse and Distribution
|
32,000
|
Leased
|
2014
|
Auto
|
|
Melchor Muzquiz, Mexico
|
Manufacturing
|
39,365
|
Leased
|
2016
|
Auto
|
|
Bellingham, Washington
|
Manufacturing
|
8,000
|
Leased
|
2013
|
Auto
|
|
Piedras Negras, Mexico
|
Administrative / Manufacturing
|
99,822
|
Leased
|
2015
|
Auto
|
|
Piedras Negras, Mexico
|
Manufacturing
|
68,088
|
Leased
|
2013
|
Electrical
|
|
Piedras Negras, Mexico
|
Manufacturing
|
22,381
|
Leased
|
2013
|
Electrical
|
|
Piedras Negras, Mexico
|
Manufacturing
|
164,785
|
Owned
|
—
|
Auto
|
|
Eagle Pass, Texas
|
Distribution
|
15,400
|
Leased
|
2016
|
Auto, Electronics and Electrical
|
|
Saskatoon, Canada
|
Manufacturing
|
67,500
|
Owned
|
—
|
Electrical
|
|
Calgary, Canada
|
Sales
|
1,000
|
Leased
|
2017
|
Electrical
|
|
Sao Paulo, Brazil
|
Sales
|
538
|
Leased
|
2013
|
Electronics and Auto
|
|
Manaus, Brazil
|
Warehouse
|
2,002
|
Leased
|
2014
|
Electronics and Auto
|
|
Roskilde, Denmark
|
Administrative, Manufacturing, Research and Development and Sales
|
18,740
|
Leased
|
2017
|
Electrical
|
|
Dubai, UAE
|
Sales
|
1,356
|
Leased
|
2014
|
Electrical
|
|
Swindon, U.K.
|
Administrative
|
304
|
Leased
|
2013
|
Electronics
|
|
Bremen, Germany
|
Administrative
|
13,455
|
Leased
|
2015
|
Auto, Electronics and Electrical
|
|
Essen, Germany
|
Leased to third party
|
37,244
|
Owned
|
—
|
—
|
|
Essen, Germany
|
Administrative
|
3,703
|
Leased
|
2013
|
Auto and Electronic
|
Location |
Use
|
Size
(sq. ft.)
|
Lease/Own
|
Lease
Expiration
Date
|
Primary Product
|
|
Amsterdam, Netherlands
|
Warehouse
|
21,851
|
Leased
|
2013
|
Auto and Electronic
|
|
Trollhättan, Sweden
|
Sales
|
3,281
|
Leased
|
2015
|
Auto
|
|
Stockholm, Sweden
|
Sales
|
150
|
Leased
|
2013
|
Auto
|
|
Kaunas, Lithuania
|
Administrative, Manufacturing, Testing, Research and Engineering
|
15,640
|
Owned
|
—
|
Auto
|
|
Kaunas, Lithuania
|
Manufacturing
|
35,984
|
Leased
|
2014
|
Auto
|
|
Singapore
|
Sales and Distribution
|
1,572
|
Leased
|
2015
|
Electronics
|
|
Taipei, Taiwan
|
Sales
|
7,876
|
Leased
|
2014
|
Electronics
|
|
Seoul, Korea
|
Sales
|
3,643
|
Leased
|
2013
|
Auto and Electronics
|
|
Lipa City, Philippines
|
Manufacturing
|
116,046
|
Owned
|
—
|
Electronics
|
|
Lipa City, Philippines
|
Manufacturing
|
22,733
|
Leased
|
2013
|
Electronics
|
|
Dongguan, China
|
Manufacturing
|
264,792
|
Leased
|
2014
|
Electronics
|
|
Suzhou, China
|
Manufacturing
|
143,458
|
Owned
|
—
|
Auto and Electronics
|
|
Beijing, China
|
Sales
|
452
|
Leased
|
2013
|
Electronics
|
|
Shenzen, China
|
Sales
|
3,100
|
Leased
|
2015
|
Electronics
|
|
Shanghai, China
|
Sales
|
4,774
|
Leased
|
2015
|
Auto and Electronics
|
|
Chu-Pei City, Taiwan
|
Research and Development
|
5,328
|
Leased
|
2013
|
Electronics
|
|
Wuxi, China
|
Manufacturing
|
221,429
|
Owned
|
—
|
Electronics
|
|
Hong Kong, China
|
Sales
|
743
|
Leased
|
2014
|
Auto, Electronics and Electrical
|
|
Yokohama, Japan
|
Sales
|
3,509
|
Leased
|
2015
|
Auto, Electronics and Electrical
|
2012
|
2011
|
|||||||||||||||||||||||||||||||
4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | |||||||||||||||||||||||||
High
|
$ | 61.23 | $ | 58.26 | $ | 64.86 | $ | 62.70 | $ | 52.04 | $ | 61.76 | $ | 64.82 | $ | 58.10 | ||||||||||||||||
Low
|
51.93 | 50.50 | 55.05 | 43.81 | 38.65 | 38.56 | 54.40 | 48.44 | ||||||||||||||||||||||||
Close
|
59.97 | 56.54 | 56.89 | 62.70 | 42.98 | 40.21 | 60.54 | 58.10 | ||||||||||||||||||||||||
Dividends
|
0.20 | 0.20 | 0.18 | 0.18 | 0.18 | 0.15 | 0.15 | 0.15 |
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Net sales
|
$ | 667,913 | $ | 664,955 | $ | 608,021 | $ | 430,147 | $ | 530,869 | ||||||||||
Gross profit
|
258,467 | 256,694 | 233,872 | 125,361 | 143,669 | |||||||||||||||
Operating income
|
106,870 | 113,904 | 107,574 | 13,695 | 8,495 | |||||||||||||||
Net income
|
75,332 | 87,024 | 78,663 | 9,411 | 8,016 | |||||||||||||||
Per share of common stock:
|
||||||||||||||||||||
Income from continuing operations
|
||||||||||||||||||||
- Basic
|
3.45 | 3.96 | 3.58 | 0.43 | 0.37 | |||||||||||||||
- Diluted
|
3.40 | 3.90 | 3.52 | 0.43 | 0.37 | |||||||||||||||
Cash dividends paid
|
0.76 | 0.63 | 0.15 | — | — | |||||||||||||||
Cash and cash equivalents
|
235,404 | 164,016 | 109,720 | 70,354 | 70,937 | |||||||||||||||
Total assets
|
777,728 | 678,424 | 621,129 | 533,127 | 538,928 | |||||||||||||||
Short-term debt | 84,000 | 85,000 | 33,000 | 14,183 | 8,000 | |||||||||||||||
Long-term debt, less current portion
|
— | — | 41,000 | 49,000 | 72,000 |
Fiscal Year
|
||||||||||||
2012
|
2011
(b)
|
2010
|
||||||||||
Business Unit
|
||||||||||||
Electronics
|
$ | 329.5 | $ | 354.5 | $ | 373.4 | ||||||
Automotive
(b) (d)
|
206.2 | 197.6 | 139.1 | |||||||||
Electrical
(c)
|
132.2 | 112.9 | 95.5 | |||||||||
Total
|
$ | 667.9 | $ | 665.0 | $ | 608.0 | ||||||
Geography
(a)
|
||||||||||||
Americas
(c)
|
$ | 303.6 | $ | 288.6 | $ | 227.7 | ||||||
Europe
(d)
|
107.5 | 114.9 | 115.1 | |||||||||
Asia-Pacific
|
256.8 | 261.5 | 265.2 | |||||||||
Total
|
$ | 667.9 | $ | 665.0 | $ | 608.0 |
(a)
|
Sales by geography represent sales to customer or distributor locations.
|
(b)
|
2012 and 2011 include Cole Hersee net sales of $47.2 million and $46.9 million for fiscal years 2012 and 2011, respectively.
|
(c)
|
2012 and 2011 include Selco net sales of $6.0 million and $3.2 million for fiscal years 2012 and 2011, respectively.
|
(d)
|
2012 includes Accel and Terra Power net sales of $11.2 million and $1.7 million, respectively.
|
(In thousands )
|
Total
|
< 1 Year
|
> 1 - < 3 Years
|
> 3 - < 5 Years
|
> 5 Years
|
|||||||||||||||
Revolving credit facility
|
$ | 84,000 | $ | 84,000 | $ | — | $ | — | $ | — | ||||||||||
Supplemental Executive
Retirement Plan
|
2,422 | 31 | 62 | 62 | 2,267 | |||||||||||||||
Operating lease payments
|
37,913 | 8,101 | 8,677 | 4,991 | 16,144 | |||||||||||||||
Purchase obligations
|
27,226 | 27,226 | — | — | — | |||||||||||||||
Total
|
$ | 151,561 | $ | 119,358 | $ | 8,739 | $ | 5,053 | $ | 18,411 |
|
1.
|
The company’s selling price is fixed or determinable at the date of the sale.
|
|
2.
|
The company has policies and procedures to accept only credit worthy customers with the ability to pay the company.
|
|
3.
|
The company’s customers are obligated to pay the company under the contract and the obligation is not contingent on the resale of the product. (All “ship and debit” and “returns to stock” require specific circumstances and authorization.)
|
|
4.
|
The risk ownership transfers to the company’s customers upon shipment and is not changed in the event of theft, physical destruction or damage of the product.
|
|
5.
|
The company bills at the ship date and establishes a reserve to reduce revenue from the in-transit time until the product is delivered for FOB destination sales.
|
|
6.
|
The company’s customers acquiring the product for resale have economic substance apart from that provided by Littelfuse. All distributors are independent of the company.
|
|
7.
|
The company does not have any obligations for future performance to bring about resale of the product by its customers.
|
|
8.
|
The company can reasonably estimate the amount of future returns.
|
Index
|
Page
|
|
Report of Independent Registered Public Accounting Firm – Consolidated Financial Statements
|
38
|
|
Report of Independent Registered Public Accounting Firm – Internal Control Over Financial Reporting
|
39
|
|
Consolidated Financial Statements
|
||
Consolidated Balance Sheets
|
40
|
|
Consolidated Statements of Net Income
|
41
|
|
Consolidated Statements of Comprehensive Income
|
41
|
|
Consolidated Statements of Cash Flows
|
42
|
|
Consolidated Statements of Equity
|
43
|
|
Notes to Consolidated Financial Statements
|
||
1. Summary of Significant Accounting Policies and Other Information
|
44
|
|
2. Acquisition of Businesses
|
50
|
|
3. Inventories
|
53
|
|
4. Goodwill and Other Intangible Assets
|
54
|
|
5. Other Investments
|
55
|
|
6. Investment in Unconsolidated Affiliate
|
55
|
|
7. Debt
|
56
|
|
8. Financial Instruments and Risk Management
|
58
|
|
9. Fair Value of Assets and Liabilities
|
58
|
|
10. Restructuring
|
60
|
|
11. Coal Mine Liability
|
61
|
|
12. Asset Impairments
|
61
|
|
13. Benefit Plans
|
62
|
|
14. Shareholders’ Equity
|
67
|
|
15. Income Taxes
|
70
|
|
16. Business Unit Segment Information
|
72
|
|
17. Lease Commitments
|
74
|
|
18. Earnings Per Share
|
75
|
|
19. Selected Quarterly Financial Data (Unaudited)
|
76
|
(In thousands of USD)
|
December 29, 2012
|
December 31, 2011
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 235,404 | $ | 164,016 | ||||
Short-term investments
|
— | 13,997 | ||||||
Accounts receivable, less allowances
(2012 - $13,508; 2011 - $12,306)
|
100,559 | 92,088 | ||||||
Inventories
|
75,580 | 75,575 | ||||||
Deferred income taxes
|
11,890 | 11,895 | ||||||
Prepaid expenses and other current assets
|
16,532 | 14,219 | ||||||
Assets held for sale
|
5,500 | 6,592 | ||||||
Total current assets
|
445,465 | 378,382 | ||||||
Property, plant, and equipment:
|
||||||||
Land
|
6,243 | 4,888 | ||||||
Buildings
|
54,559 | 52,730 | ||||||
Equipment
|
304,954 | 281,521 | ||||||
Accumulated depreciation
|
(244,845 | ) | (220,255 | ) | ||||
Net property, plant and equipment
|
120,911 | 118,884 | ||||||
Intangible assets, net of amortization:
|
||||||||
Patents, licenses and software
|
11,144 | 10,753 | ||||||
Distribution network
|
18,964 | 19,307 | ||||||
Customer lists, trademarks and tradenames
|
18,704 | 14,523 | ||||||
Goodwill
|
133,592 | 115,697 | ||||||
Investment in unconsolidated affiliate
|
8,666 | 6,000 | ||||||
Other investments
|
10,327 | 8,867 | ||||||
Deferred income taxes
|
8,090 | 4,191 | ||||||
Other assets
|
1,865 | 1,820 | ||||||
Total assets
|
$ | 777,728 | $ | 678,424 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 27,226 | $ | 19,934 | ||||
Accrued payroll
|
20,540 | 23,048 | ||||||
Accrued expenses
|
11,062 | 8,861 | ||||||
Accrued severance
|
1,033 | 1,843 | ||||||
Accrued income taxes
|
11,559 | 10,591 | ||||||
Current portion of long-term debt
|
84,000 | 85,000 | ||||||
Total current liabilities
|
155,420 | 149,277 | ||||||
Accrued post-retirement benefits
|
22,338 | 15,292 | ||||||
Other long-term liabilities
|
12,412 | 12,752 | ||||||
Shareholders’ equity:
|
||||||||
Preferred stock, par value $0.01 per share: 1,000,000 shares authorized; no shares issued and outstanding
|
— | — | ||||||
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued and outstanding, 2012 –22,029,446; 2011 – 21,552,529
|
220 | 216 | ||||||
Treasury stock, at cost
:
1,561,967 and 1,534,550 shares, respectively
|
(60,496 | ) | (58,834 | ) | ||||
Additional paid-in capital
|
195,803 | 174,375 | ||||||
Accumulated other comprehensive income
|
16,548 | 8,631 | ||||||
Retained earnings
|
435,340 | 376,572 | ||||||
Littelfuse, Inc. shareholders’ equity
|
587,415 | 500,960 | ||||||
Non-controlling interest
|
143 | 143 | ||||||
Total equity
|
587,558 | 501,103 | ||||||
Total liabilities and equity
|
$ | 777,728 | $ | 678,424 |
Year Ended
|
||||||||||||
(In thousands of USD, except per share amounts)
|
December 29, 2012
|
December 31, 2011
|
January 1, 2011
|
|||||||||
Net sales
|
$ | 667,913 | $ | 664,955 | $ | 608,021 | ||||||
Cost of sales
|
409,446 | 408,261 | 374,149 | |||||||||
Gross profit
|
258,467 | 256,694 | 233,872 | |||||||||
Selling, general and administrative expenses
|
124,277 | 116,740 | 103,671 | |||||||||
Research and development expenses
|
21,231 | 19,439 | 17,602 | |||||||||
Amortization of intangibles
|
6,089 | 6,611 | 5,025 | |||||||||
Total operating expenses
|
151,597 | 142,790 | 126,298 | |||||||||
Operating income
|
106,870 | 113,904 | 107,574 | |||||||||
Interest expense, net
|
1,701 | 1,691 | 1,437 | |||||||||
Impairment and equity in net loss of unconsolidated affiliate
|
7,334 | — | — | |||||||||
Other expense (income), net
|
(2,217 | ) | (2,888 | ) | (1,542 | ) | ||||||
Income before income taxes
|
100,052 | 115,101 | 107,679 | |||||||||
Income taxes
|
24,720 | 28,077 | 29,016 | |||||||||
Net income
|
$ | 75,332 | $ | 87,024 | $ | 78,663 | ||||||
Income per share:
|
||||||||||||
Basic
|
$ | 3.45 | $ | 3.96 | $ | 3.58 | ||||||
Diluted
|
$ | 3.40 | $ | 3.90 | $ | 3.52 | ||||||
Weighted-average shares and equivalent
shares outstanding:
|
||||||||||||
Basic
|
21,822 | 21,901 | 21,875 | |||||||||
Diluted
|
22,098 | 22,255 | 22,214 |
Year Ended
|
||||||||||||
(In thousands of USD )
|
December 29, 2012
|
December 31, 2011
|
January 1, 2011
|
|||||||||
Net income
|
$ | 75,332 | $ | 87,024 | $ | 78,663 | ||||||
Other comprehensive income (loss):
|
||||||||||||
Pension liability adjustments (net of tax of $4,181, $3,587 and $1,517, respectively)
|
(7,301 | ) | (6,703 | ) | (3,044 | ) | ||||||
Unrealized gain (loss) on investments
|
1,225 | (2,702 | ) | 696 | ||||||||
Unrealized gain on derivatives
|
— | — | 92 | |||||||||
Foreign currency translation adjustments
|
13,993 | (3,205 | ) | 4,770 | ||||||||
Comprehensive income
|
$ | 83,249 | $ | 74,414 | $ | 81,177 |
Year Ended
|
||||||||||||
(In thousands of USD)
|
December 29, 2012
|
December 31, 2011
|
January 1, 2011
|
|||||||||
OPERATING ACTIVITIES
|
||||||||||||
Net income
|
$ | 75,332 | $ | 87,024 | $ | 78,663 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation
|
25,344 | 25,641 | 26,980 | |||||||||
Amortization of intangibles
|
6,089 | 6,611 | 5,025 | |||||||||
Impairment of assets
|
549 | 2,320 | 2,988 | |||||||||
Provision for bad debts
|
242 | 444 | 353 | |||||||||
Non-cash inventory charge
|
567 | 4,145 | — | |||||||||
Pension settlement losses
|
5,348 | — | — | |||||||||
Impairment and equity in net loss of unconsolidated affiliate
|
7,334 | — | — | |||||||||
(Gain) loss on sale of property, plant and equipment
|
(1,443 | ) | 183 | (615 | ) | |||||||
Stock-based compensation
|
7,348 | 5,805 | 5,243 | |||||||||
Excess tax benefit on share-based compensation
|
(2,728 | ) | (4,220 | ) | (1,617 | ) | ||||||
Deferred income taxes
|
(2,661 | ) | (1,363 | ) | 7,784 | |||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable
|
(1,587 | ) | 4,768 | (12,804 | ) | |||||||
Inventories
|
5,439 | 2,612 | (15,147 | ) | ||||||||
Accounts payable
|
5,353 | (5,272 | ) | (1,800 | ) | |||||||
Accrued expenses (including post-retirement)
|
(9,570 | ) | (421 | ) | (13,645 | ) | ||||||
Accrued payroll and severance
|
(4,387 | ) | (3,226 | ) | 2,384 | |||||||
Accrued taxes
|
(357 | ) | (6,057 | ) | 14,878 | |||||||
Prepaid expenses and other
|
(42 | ) | 1,756 | 5,399 | ||||||||
Net cash provided by operating activities
|
116,170 | 120,750 | 104,069 | |||||||||
INVESTING ACTIVITIES
|
||||||||||||
Acquisitions of businesses, net of cash acquired
|
(34,016 | ) | (11,077 | ) | (48,292 | ) | ||||||
Purchases of short-term investments
|
(4,616 | ) | (14,228 | ) | — | |||||||
Proceeds from maturities of short-term investments
|
17,805 | — | — | |||||||||
Investments in unconsolidated affiliate
|
(10,000 | ) | (6,000 | ) | — | |||||||
Loan to unconsolidated affiliate
|
(2,000 | ) | — | — | ||||||||
Purchases of property, plant and equipment
|
(22,529 | ) | (17,555 | ) | (22,433 | ) | ||||||
Proceeds from sale of property, plant and equipment
|
3,664 | 217 | 4,997 | |||||||||
Net cash used in investing activities
|
(51,692 | ) | (48,643 | ) | (65,728 | ) | ||||||
FINANCING ACTIVITIES
|
||||||||||||
Proceeds from debt
|
23,251 | 110,000 | 39,345 | |||||||||
Payments of term debt
|
— | (49,000 | ) | (8,000 | ) | |||||||
Payments of revolving credit facility
|
(25,032 | ) | (50,000 | ) | (20,624 | ) | ||||||
Proceeds from exercise of stock options
|
16,367 | 23,036 | 18,496 | |||||||||
Debt issuance costs
|
— | (716 | ) | — | ||||||||
Cash dividends paid
|
(16,564 | ) | (14,508 | ) | (3,248 | ) | ||||||
Excess tax benefit on share-based compensation
|
2,728 | 4,220 | 1,617 | |||||||||
Purchases of common stock
|
— | (37,092 | ) | (25,377 | ) | |||||||
Net cash provided by (used in) financing activities
|
750 | (14,060 | ) | 2,209 | ||||||||
Effect of exchange rate changes on cash and cash equivalents
|
6,160 | (3,751 | ) | (1,184 | ) | |||||||
Increase in cash and cash equivalents
|
71,388 | 54,296 | 39,366 | |||||||||
Cash and cash equivalents at beginning of year
|
164,016 | 109,720 | 70,354 | |||||||||
Cash and cash equivalents at end of year
|
$ | 235,404 | $ | 164,016 | $ | 109,720 |
Littelfuse, Inc. Shareholders’ Equity
|
||||||||||||||||||||||||||||
(In thousands of USD)
|
Common Stock
|
Addl. Paid in Capital
|
Treasury Stock
|
Accum. Other Comp. Inc. (Loss)
|
Retained Earnings
|
Non-controlling Interest
|
Total
|
|||||||||||||||||||||
Balance at January 2, 2010
|
$ | 218 | $ | 130,870 | $ | — | $ | 18,727 | $ | 228,641 | $ | 143 | $ | 378,599 | ||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income for the year
|
— | — | — | — | 78,663 | — | 78,663 | |||||||||||||||||||||
Change in net unrealized gain on derivatives*
|
— | — | — | 92 | — | — | 92 | |||||||||||||||||||||
Pension liability adjustments *
|
— | — | — | (3,044 | ) | — | — | (3,044 | ) | |||||||||||||||||||
Unrealized gain on investments*
|
— | — | — | 696 | — | — | 696 | |||||||||||||||||||||
Foreign currency translation adjustments
|
— | — | — | 4,770 | — | — | 4,770 | |||||||||||||||||||||
Comprehensive income
|
81,177 | |||||||||||||||||||||||||||
Stock-based compensation
|
— | 5,243 | — | — | — | — | 5,243 | |||||||||||||||||||||
Withheld 11,207 shares on restricted stock grants for withholding taxes
|
— | — | (422 | ) | — | — | — | (422 | ) | |||||||||||||||||||
Purchase of 643,777 shares of common stock
|
(6 | ) | (2,247 | ) | (23,124 | ) | — | — | — | (25,377 | ) | |||||||||||||||||
Stock options exercised, including tax impact of ($1,808)
|
6 | 16,682 | — | — | — | — | 16,688 | |||||||||||||||||||||
Cash dividends paid ($0.15 per share)
|
— | — | — | — | (3,248 | ) | — | (3,248 | ) | |||||||||||||||||||
Balance at January 1, 2011
|
$ | 218 | $ | 150,548 | $ | (23,546 | ) | $ | 21,241 | $ | 304,056 | $ | 143 | $ | 452,660 | |||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income for the year
|
— | — | — | — | 87,024 | — | 87,024 | |||||||||||||||||||||
Pension liability adjustments *
|
— | — | — | (6,703 | ) | — | — | (6,703 | ) | |||||||||||||||||||
Unrealized (loss) on investments*
|
— | — | — | (2,702 | ) | — | — | (2,702 | ) | |||||||||||||||||||
Foreign currency translation adjustments
|
— | — | — | (3,205 | ) | — | — | (3,205 | ) | |||||||||||||||||||
Comprehensive income
|
74,414 | |||||||||||||||||||||||||||
Stock-based compensation
|
— | 5,805 | — | — | — | — | 5,805 | |||||||||||||||||||||
Withheld 20,537 shares on restricted stock grants for withholding taxes
|
— | — | (1,203 | ) | — | — | — | (1,203 | ) | |||||||||||||||||||
Purchase of 859,029 shares of common stock
|
(9 | ) | (2,998 | ) | (34,085 | ) | — | — | — | (37,092 | ) | |||||||||||||||||
Stock options exercised, including tax impact of ($2,009)
|
7 | 21,020 | — | — | — | — | 21,027 | |||||||||||||||||||||
Cash dividends paid ($0.63 per share)
|
— | — | — | — | (14,508 | ) | — | (14,508 | ) | |||||||||||||||||||
Balance at December 31, 2011
|
$ | 216 | $ | 174,375 | $ | (58,834 | ) | $ | 8,631 | $ | 376,572 | $ | 143 | $ | 501,103 | |||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income for the year
|
— | — | — | — | 75,332 | — | 75,332 | |||||||||||||||||||||
Pension liability adjustments *
|
— | — | — | (7,301 | ) | — | — | (7,301 | ) | |||||||||||||||||||
Unrealized gain on investments*
|
— | — | — | 1,225 | — | — | 1,225 | |||||||||||||||||||||
Foreign currency translations adjustments
|
— | — | — | 13,993 | — | — | 13,993 | |||||||||||||||||||||
Comprehensive income
|
83,249 | |||||||||||||||||||||||||||
Stock-based compensation
|
— | 7,348 | — | — | — | — | 7,348 | |||||||||||||||||||||
Withheld 27,417 shares on restricted stock grants for withholding taxes
|
— | — | (1,662 | ) | — | — | — | (1,662 | ) | |||||||||||||||||||
Stock options exercised, including tax impact of ($2,283)
|
4 | 14,080 | — | — | — | — | 14,084 | |||||||||||||||||||||
Cash dividends paid ($0.76 per share)
|
— | — | — | — | (16,564 | ) | — | (16,564 | ) | |||||||||||||||||||
Balance at December 29, 2012
|
$ | 220 | $ | 195,803 | $ | (60,496 | ) | $ | 16,548 | $ | 435,340 | $ | 143 | $ | 587,558 |
|
1.
|
The company’s selling price is fixed or determinable at the date of the sale.
|
|
2.
|
The company has policies and procedures to accept only credit worthy customers with the ability to pay the company.
|
|
3.
|
The company’s customers are obligated to pay the company under the contract and the obligation is not contingent on the resale of the product. (All “ship and debit” and “returns to stock” require specific circumstances and authorization.)
|
|
4.
|
The risk ownership transfers to the company’s customers upon shipment and is not changed in the event of theft, physical destruction or damage of the product.
|
|
5.
|
The company bills at the ship date and establishes a reserve to reduce revenue from the in transit time until the product is delivered for FOB destination sales.
|
|
6.
|
The company’s customers acquiring the product for resale have economic substance apart from that provided by Littelfuse, and all distributors are independent of the company.
|
|
7.
|
The company does not have any obligations for future performance to bring about resale of the product by its customers.
|
|
8.
|
The company can reasonably estimate the amount of future returns.
|
Accel AB preliminary purchase price allocation (in thousands):
|
||||
Cash
|
$ | 344 | ||
Current assets, net
|
8,643 | |||
Property, plant and equipment
|
3,731 | |||
Other assets
|
7 | |||
Goodwill
|
11,536 | |||
Distribution network
|
1,321 | |||
Trademarks
|
1,259 | |||
Patents and licenses
|
2,435 | |||
Current liabilities
|
(5,411 | ) | ||
$ | 23,865 |
2012
|
2011
|
|||||||
Raw materials
|
$ | 21,689 | $ | 26,919 | ||||
Work in process
|
11,868 | 10,704 | ||||||
Finished goods
|
42,023 | 37,952 | ||||||
Total
|
$ | 75,580 | $ | 75,575 |
2012
|
Additions (Reductions)
(a)
|
Adjustments
(c)
|
2011
|
Additions (Reductions)
(b)
|
Adjustments
(c)
|
2010
|
||||||||||||||||||||||
Electronics
|
$ | 35,423 | $ | - | $ | 447 | $ | 34,976 | $ | — | $ | (330 | ) | $ | 35,306 | |||||||||||||
Automotive
|
56,255 | 16,098 | 970 | 39,187 | (1,979 | ) | (204 | ) | 41,370 | |||||||||||||||||||
Electrical
|
41,914 | (143 | ) | 523 | 41,534 | 6,457 | (934 | ) | 36,011 | |||||||||||||||||||
Total
|
$ | 133,592 | $ | 15,955 | $ | 1,940 | $ | 115,697 | $ | 4,478 | $ | (1,468 | ) | $ | 112,687 |
(a)
|
Automotive additions in 2012 of $16.1 million resulted from the acquisition of Accel and Terra Power. Electrical reductions in 2012 resulted from adjustments to the final purchase price allocation for the Selco acquisition.
|
(b)
|
Automotive reductions in 2011 of $2.0 million resulted from the finalization of the Cole Hersee purchase price allocation. Electrical additions in 2011 are from the acquisition of Selco.
|
(c)
|
Adjustments reflect the impact of changes in foreign exchange rates.
|
2012
|
2011
|
|||||||||||||||||||||||
(in thousands)
|
Weighted Average Useful Life
|
Gross Carrying Value
|
Accumulated Amortization
|
Weighted Average Useful Life
|
Gross Carrying Value
|
Accumulated Amortization
|
||||||||||||||||||
Patents, licenses and software
(a)
|
11.8 | $ | 43,939 | $ | 32,795 | 11.9 | $ | 41,909 | $ | 31,156 | ||||||||||||||
Distribution network
(b)
|
13.6 | 47,206 | 28,242 | 13.8 | 44,738 | 25,431 | ||||||||||||||||||
Customer lists, trademarks and tradenames
(c)
|
13.5 | 22,422 | 9,590 | 13.8 | 17,451 | 8,651 | ||||||||||||||||||
Tradenames
(d)
|
— | 5,872 | — | — | 5,723 | — | ||||||||||||||||||
Total
|
12.3 | $ | 119,439 | $ | 70,627 | 12.4 | $ | 109,821 | $ | 65,238 |
(a)
|
Increase to gross carrying value for patents, licenses and software in 2012 is related to the preliminary Accel acquisition purchase price allocation discussed in Note 2. Other changes are primarily due to the impact of foreign currency translation adjustments.
|
(b)
|
Increase to gross carrying value for distribution network in 2012 is related to the preliminary Accel acquisition purchase price discussed in Note 2. Other changes are primarily due to the impact of foreign currency translation adjustments.
|
(c)
|
Increase to gross carrying value for customer lists, trademarks and tradenames in 2012 is related to the preliminary Accel and Terra Power acquisition purchase price allocation discussed in Note 2. Other changes are primarily due to the impact foreign currency translation adjustments.
|
(d)
|
Tradenames with indefinite lives.
|
2013
|
$ | 6,511 | ||
2014
|
5,590 | |||
2015
|
4,449 | |||
2016
|
4,071 | |||
2017
|
3,690 | |||
2018 and thereafter
|
18,629 | |||
$ | 42,940 |
1
st
Quarter
|
2
nd
Quarter
|
3
rd
Quarter
|
4
th
Quarter
|
Total 2012
|
||||||||||||||||
Equity-method losses
|
$ | 525 | $ | 1,033 | $ | 1,965 | $ | 488 | $ | 4,011 | ||||||||||
Impairment charge
|
— | — | — | 3,323 | 3,323 | |||||||||||||||
Total
|
$ | 525 | $ | 1,033 | $ | 1,965 | $ | 3,811 | $ | 7,334 |
2012
|
2011
|
|||||||
Revolving credit facility
|
$ | 84,000 | $ | 85,000 | ||||
84,000 | 85,000 | |||||||
Less: Current maturities
|
84,000 | 85,000 | ||||||
Total
|
$ | — | $ | — |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|||||||||||||
Investment in Polytronics
|
$ | 10,327 | $ | — | $ | — | $ | 10,327 | ||||||||
Investment in unconsolidated affiliate
|
— | — | 8,666 | 8,666 | ||||||||||||
Total
|
$ | 10,327 | $ | — | $ | 8,666 | $ | 18,993 |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|||||||||||||
Investment in Polytronics
|
$ | 8,867 | $ | — | $ | — | $ | 8,867 | ||||||||
Total
|
$ | 8,867 | $ | — | $ | — | $ | 8,867 |
Littelfuse, Inc. restructuring (in thousands)
|
||||
Balance at January 2, 2010
|
$ | 10,917 | ||
Additions
|
1,687 | |||
Payments
|
(8,732 | ) | ||
Exchange rate impact
|
(107 | ) | ||
Balance at January 1, 2011
|
3,765 | |||
Additions
|
594 | |||
Payments
|
(2,941 | ) | ||
Exchange rate impact
|
23 | |||
Balance at December 31, 2011
|
1,441 | |||
Additions
|
125 | |||
Payments
|
(943 | ) | ||
Exchange rate impact
|
22 | |||
Balance at December 29, 2012
|
$ | 645 |
2012
|
2011
|
|||||||||||||||||||||||
(In thousands)
|
U.S.
|
Foreign
|
Total
|
U.S.
|
Foreign
|
Total
|
||||||||||||||||||
Change in benefit obligation:
|
||||||||||||||||||||||||
Benefit obligation at beginning of year
|
$ | 94,383 | $ | 13,193 | $ | 107,576 | $ | 91,264 | $ | 12,627 | $ | 103,891 | ||||||||||||
Service cost
|
600 | 601 | 1,201 | 560 | 429 | 989 | ||||||||||||||||||
Interest cost
|
4,962 | 644 | 5,606 | 5,110 | 632 | 5,742 | ||||||||||||||||||
Curtailment (gain)
|
— | (87 | ) | (87 | ) | — | (19 | ) | (19 | ) | ||||||||||||||
Net actuarial loss
|
20,333 | 2,562 | 22,895 | 2,723 | 614 | 3,337 | ||||||||||||||||||
Benefits paid from the trust
|
(21,566 | ) | (1,201 | ) | (22,767 | ) | (5,274 | ) | (37 | ) | (5,311 | ) | ||||||||||||
Benefits paid directly by company
|
— | (725 | ) | (725 | ) | — | (874 | ) | (874 | ) | ||||||||||||||
Settlement (gain)
|
(3,525 | ) | — | (3,525 | ) | — | — | — | ||||||||||||||||
Effect of exchange rate movements
|
— | 419 | 419 | — | (179 | ) | (179 | ) | ||||||||||||||||
Benefit obligation at end of year
|
$ | 95,187 | $ | 15,406 | $ | 110,593 | $ | 94,383 | $ | 13,193 | $ | 107,576 | ||||||||||||
Change in plan assets at fair value:
|
||||||||||||||||||||||||
Fair value of plan assets at beginning
of year
|
$ | 81,201 | $ | 11,278 | $ | 92,479 | $ | 87,522 | $ | 11,158 | $ | 98,680 | ||||||||||||
Actual return on plan assets
|
8,314 | 604 | 8,918 | (1,047 | ) | 431 | (616 | ) | ||||||||||||||||
Employer contributions
|
10,000 | — | 10,000 | — | — | — | ||||||||||||||||||
Benefits paid
|
(21,566 | ) | (1,201 | ) | (22,767 | ) | (5,274 | ) | (37 | ) | (5,311 | ) | ||||||||||||
Effect of exchange rate movements
|
— | 271 | 271 | — | (274 | ) | (274 | ) | ||||||||||||||||
Fair value of plan assets at end of year
|
77,949 | 10,952 | 88,901 | 81,201 | 11,278 | 92,479 | ||||||||||||||||||
Net amount recognized/unfunded status
|
$ | (17,238 | ) | $ | (4,454 | ) | $ | (21,692 | ) | $ | (13,182 | ) | $ | (1,915 | ) | $ | (15,097 | ) | ||||||
Amounts recognized in the Consolidated Balance Sheet consist of:
|
||||||||||||||||||||||||
Prepaid benefit cost
|
$ | — | $ | 646 | $ | 646 | $ | — | $ | 195 | $ | 195 | ||||||||||||
Accrued benefit liability
|
(17,238 | ) | (5,100 | ) | (22,338 | ) | (13,182 | ) | (2,110 | ) | (15,292 | ) | ||||||||||||
Net liability recognized
|
$ | (17,238 | ) | $ | (4,454 | ) | $ | (21,692 | ) | $ | (13,182 | ) | $ | (1,915 | ) | $ | (15,097 | ) | ||||||
Accumulated other comprehensive loss
|
$ | 29,406 | $ | 3,292 | $ | 32,698 | $ | 19,728 | $ | 1,036 | $ | 20,764 |
2012
|
2011
|
|||||||||||||||||||||||
(In thousands)
|
U.S.
|
Foreign
|
Total
|
U.S.
|
Foreign
|
Total
|
||||||||||||||||||
Net actuarial loss
|
$ | 29,406 | $ | 3,292 | $ | 32,698 | $ | 19,728 | $ | 1,051 | $ | 20,779 | ||||||||||||
Prior service (cost)
|
— | — | — | — | (15 | ) | (15 | ) | ||||||||||||||||
Net amount recognized / occurring, pre-tax
|
$ | 29,406 | $ | 3,292 | $ | 32,698 | $ | 19,728 | $ | 1,036 | $ | 20,764 |
U.S.
|
Foreign
|
|||||||||||||||||||||||
(In thousands)
|
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
||||||||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||||||||||
Service cost
|
$ | 600 | $ | 560 | $ | 500 | $ | 601 | $ | 429 | $ | 266 | ||||||||||||
Interest cost
|
4,962 | 5,110 | 3,927 | 644 | 632 | 591 | ||||||||||||||||||
Expected return on plan assets
|
(6,620 | ) | (6,518 | ) | (5,018 | ) | (480 | ) | (507 | ) | (15 | ) | ||||||||||||
Amortization of prior service (credit)
|
— | — | — | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
Amortization of losses (gains)
|
338 | 748 | — | 63 | 25 | (3 | ) | |||||||||||||||||
Total cost of the plan for the year
|
(720 | ) | (100 | ) | (591 | ) | 827 | 578 | 838 | |||||||||||||||
Expected plan participants’ contributions
|
— | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit (credit) cost
|
(720 | ) | (100 | ) | (591 | ) | 827 | 578 | 838 | |||||||||||||||
Settlement loss
|
5,098 | — | — | 188 | 11 | 27 | ||||||||||||||||||
Total (income) expense for the year
|
$ | 4,378 | $ | (100 | ) | $ | (591 | ) | $ | 1,015 | $ | 589 | $ | 865 |
(1)
|
5.9% used for the Littelfuse, Inc. Plan, and 5.4% used for the Cole Hersee plan.
|
(2)
|
8.5% used for the Littelfuse, Inc. Plan, and 7.5% used for the Cole Hersee plan.
|
U.S.
|
Foreign
|
|||||||||||||||||||||||
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Discount rate
|
3.9 | % | 5.4 | % | 5.9/5.4 | % (1) | 4.2 | % | 5.5 | % | 5.3 | % | ||||||||||||
Compensation increase rate
|
— | — | — | 6.3 | % | 5.6 | % | 5.3 | % | |||||||||||||||
Measurement dates
|
12/31/12
|
12/31/11
|
12/31/10
|
12/31/12
|
12/31/11
|
12/31/10
|
(1)
|
5.9% used for the Littelfuse, Inc. plan and 5.4% used for the Cole Hersee plan.
|
Year
|
U.S.
|
Foreign
|
||||||
2013
|
$ | 5,167 | $ | 1,079 | ||||
2014
|
5,186 | 858 | ||||||
2015
|
5,232 | 860 | ||||||
2016
|
5,284 | 894 | ||||||
2017
|
5,338 | 925 |
U.S. Asset Allocation
|
Foreign Asset Allocation
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Equity securities
|
53 | % | 71 | % | 3 | % | 3 | % | ||||||||
Debt securities
|
46 | % | 28 | % | 95 | % | 95 | % | ||||||||
Cash
|
1 | % | 1 | % | 2 | % | 2 | % | ||||||||
100 | % | 100 | % | 100 | % | 100 | % |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|||||||||||||
Equities:
|
||||||||||||||||
MSCI Emg Mkts Index Fund
|
$ | — | $ | 6,243 | $ | — | $ | 6,243 | ||||||||
MSCI World Index Fund
|
— | 34,666 | — | 34,666 | ||||||||||||
Fixed income:
|
||||||||||||||||
Long U.S. Credit Corp Index Fund
|
— | 22,889 | — | 22,889 | ||||||||||||
Long U.S. Govt Bond Index Fund
|
— | 7,630 | — | 7,630 | ||||||||||||
High yield corporate bond funds
|
— | 5,378 | — | 5,378 | ||||||||||||
Investment grade corporate bond funds
|
— | 10,297 | — | 10,297 | ||||||||||||
Other
|
— | 655 | — | 655 | ||||||||||||
Cash and equivalents
|
1,143 | — | — | 1,143 | ||||||||||||
Total pension plan assets
|
$ | 1,143 | $ | 87,758 | $ | — | $ | 88,901 |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|||||||||||||
Equities:
|
||||||||||||||||
U.S. large-cap core funds
|
$ | — | $ | 32,555 | $ | — | $ | 32,555 | ||||||||
U.S. mid-cap core funds
|
— | 11,347 | — | 11,347 | ||||||||||||
U.S. small-cap core funds
|
— | 4,077 | — | 4,077 | ||||||||||||
International funds
|
— | 9,719 | — | 9,719 | ||||||||||||
Fixed income:
|
||||||||||||||||
Investment grade corporate bond funds
|
— | 24,834 | — | 24,834 | ||||||||||||
High yield corporate bond funds
|
— | 8,401 | — | 8,401 | ||||||||||||
Other
|
— | 871 | — | 871 | ||||||||||||
Cash and equivalents
|
675 | — | — | 675 | ||||||||||||
Total pension plan assets
|
$ | 675 | $ | 91,804 | $ | — | $ | 92,479 |
Shares Under Option
|
Weighted Average Price
|
Weighted Average Remaining Contract Life (Years)
|
Aggregate Intrinsic Value (000’s)
|
|||||||||||||
Outstanding December 31, 2011
|
1,064,251 | $ | 34.42 | |||||||||||||
Granted
|
128,140 | 63.09 | ||||||||||||||
Exercised
|
(377,094 | ) | 30.73 | |||||||||||||
Forfeited
|
(26,847 | ) | 43.45 | |||||||||||||
Outstanding December 29, 2012
|
788,450 | 40.53 | 3.3 | $ | 15,895 | |||||||||||
Exercisable December 29, 2012
|
522,263 | 35.64 | 2.3 | 12,774 |
Shares
|
Weighted Average
Grant-Date Fair Value
|
|||||||
Nonvested December 31, 2011
|
191,167 | $ | 39.66 | |||||
Granted
|
96,516 | 61.57 | ||||||
Vested
|
(97,176 | ) | 35.32 | |||||
Forfeited
|
(7,220 | ) | 47.62 | |||||
Nonvested December 29, 2012
|
183,287 | 53.18 |
2012
|
2011
|
2010
|
||||||||||
Weighted average fair value of options granted
|
$ | 23.38 | $ | 24.25 | $ | 17.40 | ||||||
Assumptions:
|
||||||||||||
Risk-free interest rate
|
0.89 | % | 2.07 | % | 2.25 | % | ||||||
Expected dividend yield
|
1.14 | % | 0.97 | % | 0 | % | ||||||
Expected stock price volatility
|
46.0 | % | 46.0 | % | 47.0 | % | ||||||
Expected life of options (years)
|
5.1 | 5.1 | 4.5 |
2012
|
2011
|
2010
|
||||||||||
Pension liability adjustments
(a)
|
$ | (20,879 | ) | $ | (13,578 | ) | $ | (6,875 | ) | |||
Gain (loss) on investments
(b)
|
7,867 | 6,642 | 9,344 | |||||||||
Foreign currency translation adjustment
|
29,560 | 15,567 | 18,772 | |||||||||
Total
|
$ | 16,548 | $ | 8,631 | $ | 21,241 |
(a)
|
Net of tax of $11,819, $7,186 and $3,718 for 2012, 2011 and 2010, respectively.
|
(b)
|
Net of tax of $0, $0 and $0 for 2012, 2011 and 2010, respectively.
|
2012
|
2011
|
2010
|
||||||||||
Domestic
|
$ | 17,490 | $ | 25,206 | $ | 15,956 | ||||||
Foreign
|
82,562 | 89,895 | 91,723 | |||||||||
Income before income taxes
|
$ | 100,052 | $ | 115,101 | $ | 107,679 | ||||||
Federal, state and foreign income tax (benefit) expense consists of the following (in thousands): | ||||||||||||
Current:
|
||||||||||||
Federal
|
$ | 5,934 | $ | 6,663 | $ | 2,917 | ||||||
State
|
1,217 | 1,647 | 586 | |||||||||
Foreign
|
20,230 | 21,130 | 17,729 | |||||||||
Subtotal
|
27,381 | 29,440 | 21,232 | |||||||||
Deferred:
|
||||||||||||
Federal and State
|
(6,115 | ) | (700 | ) | 6,919 | |||||||
Foreign
|
3,454 | (663 | ) | 865 | ||||||||
Subtotal
|
(2,661 | ) | (1,363 | ) | 7,784 | |||||||
Provision for income taxes
|
$ | 24,720 | $ | 28,077 | $ | 29,016 |
2012
|
2011
|
2010
|
||||||||||
Tax expense at statutory rate of 35%
|
$ | 35,018 | $ | 40,284 | $ | 37,688 | ||||||
State and local taxes, net of federal tax benefit
|
536 | 1,484 | 420 | |||||||||
Foreign income tax rate differential
|
(11,146 | ) | (13,052 | ) | (10,554 | ) | ||||||
Tax on unremitted earnings
|
— | (254 | ) | 1,267 | ||||||||
Other, net
|
312 | (385 | ) | 195 | ||||||||
Provision for income taxes
|
$ | 24,720 | $ | 28,077 | $ | 29,016 |
2012
|
2011
|
|||||||
Deferred tax assets:
|
||||||||
Accrued expenses
|
$ | 21,308 | $ | 15,764 | ||||
Foreign tax credit carryforwards
|
9,638 | 9,627 | ||||||
R&D credit carryforwards
|
147 | 1,013 | ||||||
AMT credit carryforwards
|
1,306 | 1,318 | ||||||
Accrued restructuring
|
310 | 300 | ||||||
Equity investments
|
2,787 | — | ||||||
Domestic and foreign net operating loss carryforwards
|
2,330 | 1,608 | ||||||
Gross deferred tax assets
|
37,826 | 29,630 | ||||||
Less: Valuation allowance
|
(784 | ) | (708 | ) | ||||
Total deferred tax assets
|
37,042 | 28,922 | ||||||
Deferred tax liabilities:
|
||||||||
Tax depreciation and amortization in excess of book
|
16,713 | 10,919 | ||||||
Other
|
349 | 1,917 | ||||||
Total deferred tax liabilities
|
17,062 | 12,836 | ||||||
Net deferred tax assets
|
$ | 19,980 | $ | 16,086 |
Balance at January 2, 2010
|
$ | 496 | ||
Additions for tax positions of prior years
|
233 | |||
Settlements
|
(617 | ) | ||
Balance at January 1, 2011, December 31, 2011 and December 29, 2012
|
$ | 112 |
•
|
Electronics.
Provides circuit protection components and expertise to leading global manufacturers of a wide range of electronic products including mobile phones, computers, LCD TVs, telecommunications equipment, medical devices, lighting products and white goods. The Electronics business segment has the broadest product offering in the industry including fuses and protectors, positive temperature coefficient (“PTC”) resettable fuses, varistors, polymer electrostatic discharge (“ESD”) suppressors, discrete transient voltage suppression (“TVS”) diodes, TVS diode arrays and protection thyristors, gas discharge tubes, power switching components and fuseholders, blocks and related accessories.
|
•
|
Automotive.
Provides circuit protection products to the worldwide automotive original equipment manufacturers (“OEM”) and parts distributors of passenger automobiles, trucks, buses and off-road equipment. The company also sells its fuses in the automotive replacement parts market. Products include blade fuses, high current fuses, battery cable protectors and varistors.
|
•
|
Electrical.
Provides circuit protection products for industrial and commercial customers. Products include power fuses and other circuit protection devices that are used in commercial and industrial buildings and large equipment such as HVAC systems, elevators and machine tools.
|
2012
|
2011
|
2010
|
||||||||||
Net sales
|
||||||||||||
Electronics
|
$ | 329,466 | $ | 354,487 | $ | 373,370 | ||||||
Automotive
|
206,222 | 197,586 | 139,096 | |||||||||
Electrical
|
132,225 | 112,882 | 95,555 | |||||||||
Total net sales
|
$ | 667,913 | $ | 664,955 | $ | 608,021 | ||||||
Depreciation and amortization
|
||||||||||||
Electronics
|
$ | 20,741 | $ | 22,324 | $ | 23,636 | ||||||
Automotive
|
6,822 | 5,992 | 4,918 | |||||||||
Electrical
|
3,870 | 3,936 | 3,451 | |||||||||
Total depreciation and amortization
|
$ | 31,433 | $ | 32,252 | $ | 32,005 | ||||||
Operating income (loss)
|
||||||||||||
Electronics
|
$ | 51,422 | $ | 62,982 | $ | 69,676 | ||||||
Automotive
|
29,817 | 30,002 | 17,038 | |||||||||
Electrical
|
32,794 | 28,902 | 24,697 | |||||||||
Other
(1)
|
(7,163 | ) | (7,982 | ) | (3,837 | ) | ||||||
Total operating income
|
106,870 | 113,904 | 107,574 | |||||||||
Interest expense, net
|
1,701 | 1,691 | 1,437 | |||||||||
Impairment and equity in net loss of unconsolidated affiliate
(2)
|
7,334 | — | — | |||||||||
Other expense (income), net
|
(2,217 | ) | (2,888 | ) | (1,542 | ) | ||||||
Income before income taxes
|
$ | 100,052 | $ | 115,101 | $ | 107,679 |
(1)
|
Included in “Other” Operating income (loss) for 2012 are acquisition related fees ($1.0 million), non-cash charges for the sale of inventory that had been stepped-up to fair value at the acquisition date of Accel and Terra Power ($0.6 million), charges related to a pension liability settlement ($5.1 million) (see Note 13), and asset impairment charges related to the sale of the Dünsen, Germany facility ($0.5 million) (See Note 12).
Included in “Other” Operating income (loss) for 2011 are acquisition related fees ($1.0 million), a non-cash charge for the sale of inventory that had been stepped-up to fair value at the acquisition date of Cole Hersee ($3.7 million), asset impairment charges related to closure of the company’s Des Plaines, Illinois ($0.8 million), Dundalk, Ireland ($0.6 million) and Dünsen, Germany ($0.9 million) manufacturing facilities (see Note 12) and purchase accounting adjustments related to the Selco acquisition ($0.7 million).
Included in “Other” Operating income (loss) for 2010 are asset impairment charges related to closure of the company’s Des Plaines, Illinois ($1.3 million) and Dundalk, Ireland ($1.7 million) manufacturing facilities (see Note 12).
|
(2)
|
During the fourth quarter of 2012, the company recorded approximately $7.3 million related to the impairment and equity in net loss of its investment in Shocking Technologies. (See Note 6).
|
2012
|
2011
|
2010
|
||||||||||
Net sales
|
||||||||||||
United States
|
$ | 222,530 | $ | 223,701 | $ | 192,987 | ||||||
China
|
142,553 | 148,717 | 149,096 | |||||||||
Other countries
|
302,830 | 292,537 | 265,938 | |||||||||
Total net sales
|
$ | 667,913 | $ | 664,955 | $ | 608,021 | ||||||
Long-lived assets
|
||||||||||||
United States
|
$ | 96,938 | $ | 92,482 | $ | 93,851 | ||||||
China
|
43,565 | 45,466 | 48,148 | |||||||||
Canada
|
44,269 | 42,299 | 44,419 | |||||||||
Other countries
|
118,543 | 98,917 | 98,244 | |||||||||
Total long-lived assets
|
$ | 303,315 | $ | 279,164 | $ | 284,662 |
2013
|
$ | 8,101 | ||
2014
|
4,883 | |||
2015
|
3,794 | |||
2016
|
3,017 | |||
2017
|
1,974 | |||
2018 and thereafter
|
16,144 | |||
$ | 37,913 |
(In thousands, except per share amounts)
|
2012
|
2011
|
2010
|
|||||||||
Net income as reported
|
$ | 75,332 | $ | 87,024 | $ | 78,663 | ||||||
Less: Distributed earnings available to participating securities
|
(30 | ) | (16 | ) | (3 | ) | ||||||
Less: Undistributed earnings available to participating securities
|
(98 | ) | (288 | ) | (411 | ) | ||||||
Numerator for basic earnings per share —
|
||||||||||||
Undistributed and distributed earnings available to common shareholders
|
$ | 75,204 | $ | 86,720 | $ | 78,249 | ||||||
Add: Undistributed earnings allocated to participating securities
|
98 | 288 | 411 | |||||||||
Less: Undistributed earnings reallocated to participating securities
|
(97 | ) | (283 | ) | (405 | ) | ||||||
Numerator for diluted earnings per share —
|
||||||||||||
Undistributed and distributed earnings available to common shareholders
|
$ | 75,205 | $ | 86,725 | $ | 78,255 | ||||||
Denominator for basic earnings per share —
|
||||||||||||
Weighted-average shares
|
21,822 | 21,901 | 21,875 | |||||||||
Effect of dilutive securities:
|
||||||||||||
Common stock equivalents
|
276 | 354 | 339 | |||||||||
Denominator for diluted earnings per share —
|
||||||||||||
Adjusted for weighted-average shares & assumed conversions
|
22,098 | 22,255 | 22,214 | |||||||||
Basic earnings per share
|
$ | 3.45 | $ | 3.96 | $ | 3.58 | ||||||
Diluted earnings per share
|
$ | 3.40 | $ | 3.90 | $ | 3.52 |
2012
|
2011
|
|||||||||||||||||||||||||||||||
4Q
a
|
3Q
b
|
2 | Q |
1Q
c
|
4Q
d
|
3Q
e
|
2 | Q |
1Q
f
|
|||||||||||||||||||||||
Net sales
|
$ | 158,794 | $ | 172,688 | $ | 175,853 | $ | 160,578 | $ | 147,193 | $ | 173,987 | $ | 176,615 | $ | 167,160 | ||||||||||||||||
Gross profit
|
59,407 | 68,636 | 69,562 | 60,862 | 53,526 | 68,471 | 69,994 | 64,703 | ||||||||||||||||||||||||
Operating income
|
18,019 | 30,931 | 32,096 | 25,824 | 18,121 | 29,574 | 35,291 | 30,918 | ||||||||||||||||||||||||
Net income (as previously reported)
|
9,841 | 23,998 | 23,604 | 17,889 | 15,238 | 24,939 | 25,269 | 21,578 | ||||||||||||||||||||||||
Equity method loss adjustments
(g)
|
2,188 | (1,220 | ) | (641 | ) | (326 | ) | — | — | — | — | |||||||||||||||||||||
Net income (restated)
|
12,029 | 22,778 | 22,963 | 17,563 | 15,238 | 24,939 | 25,269 | 21,578 | ||||||||||||||||||||||||
Net income per share (as reported):
|
||||||||||||||||||||||||||||||||
Basic
|
$ | 0.45 | $ | 1.09 | $ | 1.08 | $ | 0.83 | $ | 0.71 | $ | 1.13 | $ | 1.13 | $ | 0.98 | ||||||||||||||||
Diluted
|
$ | 0.44 | $ | 1.08 | $ | 1.07 | $ | 0.81 | $ | 0.70 | $ | 1.12 | $ | 1.11 | $ | 0.96 | ||||||||||||||||
Impact of equity method loss adjustments:
|
||||||||||||||||||||||||||||||||
Basic
|
$ | 0.10 | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.02 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Diluted
|
$ | 0.09 | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Net income per share (as restated):
|
||||||||||||||||||||||||||||||||
Basic
|
$ | 0.55 | $ | 1.04 | $ | 1.05 | $ | 0.81 | $ | 0.71 | $ | 1.13 | $ | 1.13 | $ | 0.98 | ||||||||||||||||
Diluted
|
$ | 0.53 | $ | 1.03 | $ | 1.04 | $ | 0.80 | $ | 0.70 | $ | 1.12 | $ | 1.11 | $ | 0.96 |
a–
|
In the fourth quarter of 2012, the company recorded a $7.3 million charge related to the impairment and equity method losses of Shocking Technologies. (See Note 6). The company also recorded a $5.1 million charge related to a pension settlement. (See Note 13).
|
b–
|
In the third quarter of 2012, the company recorded $0.5 million charge related to the impairment of the Dünsen, Germany property. (See Note 12). The company also recorded $0.6 million in acquisition charges related to the Accel and Terra Power acquisitions and $0.4 million of non-cash charges related to the step-up of inventory from the Accel acquisition (See Note 2).
|
c–
|
In the first quarter of 2012, the company recorded a $0.2 million non-cash charge related to the step-up of inventory from the Selco acquisition (See Note 2).
|
d–
|
In the fourth quarter of 2011, the company recorded $0.5 million of non-cash charges related to the step-up of inventory from the Selco A/S acquisition. (See Note 2). The company also recorded a $1.7 million decrease to income tax expense related to a deferred tax asset write-up due to an increase in the statutory rate in China.
|
e–
|
In the third quarter of 2011, the company recorded a $2.3 million charge related to asset impairments in Europe.
|
f–
|
In the first quarter of 2011, the company recorded $3.7 million of non-cash charges related to the step-up of inventory from the Cole Hersee acquisition. (See Note 2).
|
g–
|
Equity method loss adjustments reflects the impact of recording Shocking Technologies results for each of the quarters of 2012 on a retroactive basis. (See Note 6).
|
Name
|
Age
|
Position
|
Gordon Hunter
|
61
|
Chairman of the Board of Directors, President and Chief Executive Officer
|
Philip G. Franklin
|
61
|
Vice President, Operations Support, and Chief Financial Officer
|
Dal Ferbert
|
59
|
Vice President and General Manager of the Electrical Business Unit
|
Dieter Roeder
|
56
|
Vice President and General Manager of the Automotive Business Unit
|
Deepak Nayar
|
54
|
Vice President and General Manager of the Electronics Business Unit
|
David W. Heinzmann
|
49
|
Vice President of Global Operations
|
Ian Highley
|
49
|
Vice President and General Manager of Semiconductor Products
|
Daniel F. Stanek
|
42
|
Vice President and General Manager of Protection Relays and Custom Products
|
Ryan K. Stafford
|
45
|
General Counsel and Vice President, Human Resources
|
Mary S. Muchoney
|
67
|
Corporate Secretary
|
(a)
|
Financial Statements and Schedules
|
(1)
|
The following Financial Statements are filed as a part of this report:
|
(i)
|
Reports of Independent Registered Public Accounting Firm (pages 38-39).
|
(ii)
|
Consolidated Balance Sheets as of December 29, 2012, and December 31, 2011 (page 40).
|
(iii)
|
Consolidated Statements of Net Income for the years ended December 29, 2012, December 31, 2011, and January 1, 2011 (page 41).
|
(iv)
|
Consolidated Statements of Comprehensive Income for the years ended December 29, 2012, December 31, 2011, and January 1, 2011 (page 41).
|
(v)
|
Consolidated Statements of Cash Flows for the years ended December 29, 2012, December 31, 2011, and January 1, 2011, (page 42).
|
(vi)
|
Consolidated Statements of Equity for the years ended December 29, 2012, December 31, 2011, and January 1, 2011, (page 43).
|
(vii)
|
Notes to Consolidated Financial Statements (pages 44-76).
|
(2)
|
The following Financial Statement Schedule is submitted herewith for the periods indicated therein.
|
(i)
|
Schedule II - Valuation and Qualifying Accounts and Reserves (page 82).
|
(3)
|
Exhibits. See Exhibit Index on pages 84-87.
|
Description
|
Balance at
Beginning
Of Year
|
Charged to
Costs and
Expenses (1)
|
Deductions (2)
|
Other (3)
|
Balance at
End of
Year
|
|||||||||||||||
Year ended December 29, 2012
|
||||||||||||||||||||
Allowance for losses on accounts receivable
|
$ | 394 | $ | 242 | $ | 51 | $ | 120 | $ | 705 | ||||||||||
Reserves for sales discounts and allowances
|
$ | 11,912 | $ | 68,004 | $ | 67,055 | $ | (58 | ) | $ | 12,803 | |||||||||
Year ended December 31, 2011
|
||||||||||||||||||||
Allowance for losses on accounts receivable
|
$ | 1,127 | $ | 444 | $ | 953 | $ | (224 | ) | $ | 394 | |||||||||
Reserves for sales discounts and allowances
|
$ | 12,342 | $ | 61,031 | $ | 61,681 | $ | 220 | $ | 11,912 | ||||||||||
Year ended January 1, 2011
|
||||||||||||||||||||
Allowance for losses on accounts receivable
|
$ | 657 | $ | 353 | $ | 99 | $ | 216 | $ | 1,127 | ||||||||||
Reserves for sales discounts and allowances
|
$ | 9,318 | $ | 53,942 | $ | 50,760 | $ | (158 | ) | $ | 12,342 |
|
(1)
|
Includes provision for doubtful accounts, sales returns and sales discounts granted to customers.
|
|
(2)
|
Represents uncollectible accounts written off, net of recoveries and credits issued to customers.
|
|
(3)
|
Represents business acquisitions and foreign currency translation adjustments.
|
Littelfuse, Inc. | |||
By | /s/ Go rdon Hunter | ||
Gordon Hunter,
|
|||
Chairman of the B
oard of Directors,
|
|||
President and Chief Ex
ecutive Officer
|
/s/ Gordon Hunter
|
Chairman of the Board of Directors, President and
|
|
Gordon Hunter
|
Chief Executive Officer (Principal Executive Officer)
|
|
/s/ Tzau-Jin Chung
|
Director
|
|
Tzau-Jin Chung
|
||
/s/ Cary T. Fu
|
Director
|
|
Cary T. Fu
|
||
/s/ Anthony Grillo
|
Director
|
|
Anthony Grillo
|
||
/s/ John E. Major
|
Director
|
|
John E. Major
|
||
/s/ William P. Noglows
|
Director
|
|
William P. Noglows
|
||
/s/ Ronald L. Schubel
|
Director
|
|
Ronald L. Schubel
|
||
/s/ Philip G. Franklin
|
Vice President, Operations Support and Chief Financial Officer
|
|
Philip G. Franklin
|
(Principal Financial and Principal Accounting Officer) |
Exhibit
No.
|
Description
|
|
3.1
|
Certificate of Incorporation, as amended to date (filed as Exhibit 3(I) to the company’s Form 10-K for the fiscal year ended January 3, 1998).
|
|
3.2
|
Certificate of Designations of Series A Preferred Stock (filed as Exhibit 4.2 to the company’s Current Report on Form 8-K dated December 1, 1995).
|
|
3.3
|
Bylaws, as amended to date (filed as Exhibit 3.1 to the company’s Current Report on Form 8-K dated October 26, 2007).
|
|
10.1
|
Amendment to Non-Qualified Stock Option Agreement and Agreement for Deferred Compensation between Littelfuse, Inc., and Gordon Hunter (filed as Exhibit 10.27 to the company’s Form 10-K for the fiscal year ended December 31, 2005).
|
|
10.2
|
Amended and Restated Employment Agreement dated as of December 31, 2007, between Littelfuse, Inc., and Gordon Hunter (filed as Exhibit 10.1 to the company’s Form 10-K for the fiscal year ended December 29, 2007).
|
|
10.3
|
Change of Control Agreement effective as of January 1, 2012, between Littelfuse, Inc., and Gordon Hunter filed as Exhibit 10.3 to the company’s Form 10-K for the fiscal year ended December 31, 2011.
|
|
10.4
|
Change of Control Agreement effective as of January 1, 2012, between Littelfuse, Inc., and Philip G. Franklin filed as Exhibit 10.4 to the company’s Form 10-K for the fiscal year ended December 31, 2011.
|
|
10.5
|
Change of Control Agreement effective as of January 1, 2012, between Littelfuse, Inc., and David W. Heinzmann filed as Exhibit 10.5 to the company’s Form 10-K for the fiscal year ended December 31, 2011.
|
|
10.6
|
Change of Control Agreement effective as of January 1, 2012, between Littelfuse, Inc., and Hugh Dalsen Ferbert filed as Exhibit 10.6 to the company’s Form 10-K for the fiscal year ended December 31, 2011.
|
|
10.7
|
Change of Control Agreement effective as of January 1, 2012, between Littelfuse, Inc., and Ryan K. Stafford filed as Exhibit 10.7 to the company’s Form 10-K for the fiscal year ended December 31, 2011.
|
|
10.8*
|
Change of Control Agreement effective as of May 17, 2012, between Littelfuse, Inc., and Dan Stanek.
|
|
10.9*
|
Change of Control Agreement effective as of May 17, 2012, between Littelfuse, Inc., and Ian Highley.
|
|
10.10
|
Summary of Director Compensation (filed as Exhibit 10.18 to the company’s Form 10-K for the fiscal year ended December 29, 2007).
|
|
10.11
|
Amended and restated Littelfuse, Inc. 401(k) Retirement and Savings Plan (filed as Exhibit 10.1 to the company’s Form 8-K dated October 9, 2009).
|
|
10.12
|
1993 Stock Plan for Employees and Directors of Littelfuse, Inc., as amended (filed as Exhibit 10.1 to the company’s Form 10-Q for the quarterly period ended July 2, 2005).
|
|
10.13
|
Form of Non-Qualified Stock Option Agreement under the 1993 Stock Plan for Employees and Directors of Littelfuse, Inc. for employees of the company (filed as Exhibit 99.1 to the company’s Current Report on Form 8-K dated November 8, 2004).
|
Exhibit
No.
|
Description
|
|
10.14
|
Form of Performance Shares Agreement under the 1993 Stock Plan for Employees and Directors of Littelfuse, Inc. (filed as Exhibit 10.23 to the company’s Form 10-K for the fiscal year ended January 1, 2005).
|
|
10.15
|
Form of Non-Qualified Stock Option Agreement under the 1993 Stock Plan for Employees and Directors of Littelfuse, Inc., for non-employee directors of the company (filed as Exhibit 10.24 to the company’s Form 10-K for the fiscal year ended January 1, 2005).
|
|
10.16
|
Stock Plan for New Directors of Littelfuse, Inc., as amended (filed as Exhibit 10.2 to the company’s Form 10-Q for the quarterly period ended July 2, 2005).
|
|
10.17
|
Stock Plan for Employees and Directors of Littelfuse, Inc., as amended (filed as Exhibit 10.3 to the company’s Form 10-Q for the quarterly period ended July 2, 2005).
|
|
10.18
|
Littelfuse, Inc., Equity Incentive Compensation Plan (filed as Exhibit A to the company’s Proxy Statement for Annual Meeting of Stockholders held on May 5, 2006).
|
|
10.19
|
First Amendment to the Littelfuse, Inc., Equity Incentive Compensation Plan dated as of July 28, 2008 (filed as Exhibit 10.2 to the company’s Form 10-Q for the quarterly period ended March 28, 2009).
|
|
10.20
|
Form of Non-Qualified Stock Option Agreement under the Littelfuse, Inc., Equity Incentive Compensation Plan (filed as Exhibit 99.4 to the company’s Current Report on Form 8-K dated May 5, 2006).
|
|
10.21
|
Form of Performance Shares Agreement under the Littelfuse, Inc., Equity Incentive Compensation Plan (filed as Exhibit 99.1 to the company’s Current Report on Form 8-K dated March 12, 2008).
|
|
10.22
|
Littelfuse, Inc., Outside Directors’ Stock Option Plan (filed as Exhibit B to the company’s Proxy Statement for Annual Meeting of Stockholders held on May 5, 2006).
|
|
10.23
|
Form of Non-Qualified Stock Option Agreement under the Littelfuse, Inc., Outside Directors Stock Option Plan (filed as Exhibit 99.6 to the company’s Current Report on Form 8-K dated May 5, 2006).
|
|
10.24
|
Littelfuse, Inc., Outside Directors’ Equity Plan (filed as Exhibit A to the company’s Proxy Statement for Annual Meeting of Stockholders held on April 27, 2007).
|
|
10.25
|
First Amendment to the Littelfuse, Inc., Outside Directors’ Equity Plan, dated as of July 28, 2008 (filed as Exhibit 10.1 to the company’s Form 10-Q for the quarterly period ended March 28, 2009).
|
|
10.26
|
Form of Stock Option Award Agreement under the Littelfuse, Inc., Outside Directors' Equity Plan (filed as Exhibit 99.3 to the company’s Current Report on Form 8-K dated April 25, 2008).
|
|
10.27
|
Form of Restricted Stock Unit Award Agreement under the Littelfuse, Inc., Outside Directors' Equity Plan (filed as Exhibit 99.4 to the company’s Current Report on Form 8-K dated April 25, 2008).
|
|
10.28
|
Amended and Restated, Littelfuse, Inc., Deferred Compensation Plan for Non-employee Directors (filed as Exhibit 10.4 to the company’s Form 10-K for the fiscal year ended December 29, 2007).
|
|
10.29
|
Amended and Restated Littelfuse, Inc., Retirement Plan (filed as Exhibit 10.13 to the company’s Form 10-K for the fiscal year ended December 29, 2007).
|
|
10.30
|
Amendment to Amended and Restated Littelfuse, Inc., Retirement Plan (filed as Exhibit 10.30 to the company’s Form 10-K for the fiscal year ended January 2, 2010).
|
Exhibit
No.
|
Description
|
|
10.31
|
Amended and Restated, Littelfuse, Inc., Annual Incentive Plan (filed as Exhibit 10.1 to the company’s form 10-Q for the quarterly period ended April 2, 2010).
|
|
10.32
|
Form of Restricted Stock Award Agreement under the Littelfuse, Inc., Equity Incentive Compensation Plan (filed as Exhibit 10.1 to the company’s Current Report on form 8-K dated April 28, 2009).
|
|
10.33
|
Form of Stock Option Award Agreement under the Littelfuse, Inc., Equity Incentive Compensation Plan (filed as Exhibit 10.2 to the company’s Current Report on form 8-K dated April 28, 2009).
|
|
10.34
|
Littelfuse, Inc., Supplemental Retirement and Savings Plan (filed as Exhibit 10.3 to the company’s Current Report on form 8-K dated October 9, 2009).
|
|
10.35
|
Littelfuse, Inc. Long-Term Incentive Plan (filed as Exhibit 10.1 to the company’s Form 8-K dated May 5, 2010).
|
|
10.36*
|
First Amendment to the Littelfuse, Inc. Long-Term Incentive Plan.
|
|
10.37
|
Form of Restricted Stock Unit Award Agreement (Outside Director) under the Littelfuse, Inc. Long-Term Incentive Plan (filed as Exhibit 4.4 to the company’s Form S-8 dated May 19, 2010).
|
|
10.38
|
Form of Restricted Stock Unit Award Agreement (Executive) under the Littelfuse, Inc. Long-Term Incentive Plan (filed as Exhibit 4.5 to the company’s Form S-8 dated May 19, 2010).
|
|
10.39
|
Form of Stock Option Award Agreement under the Littelfuse, Inc. Long-Term Incentive Plan (filed as Exhibit 4.6 to the company’s Form S-8 dated May 19, 2010).
|
|
10.40
|
Bank credit agreement among Littelfuse, Inc., as borrower, the lenders named therein and the Bank of America N.A., as agent, dated as of July 21, 2006 (filed as Exhibit 10.1 to the company’s Form 10-Q for the quarterly period ended September 30, 2006).
|
|
10.41
|
First Amendment, dated as of September 29, 2008, to that certain Credit Agreement, dated as of July 21, 2006, among Littelfuse, Inc., the lenders named therein and Bank of America, N.A., as agent (filed as Exhibit 10.2 to the company’s Form 10-Q for the quarterly period ended September 27, 2008).
|
|
10.42
|
Loan Agreement, dated as of September 29, 2008, among Littelfuse, Inc., the lenders named therein and JPMorgan Chase Bank, N.A., as agent (filed as Exhibit 10.1 to the company’s Form 10-Q for the quarterly period ended September 27, 2008).
|
|
14.1
|
Code of Conduct (filed as Exhibit 14.1 to the company’s Current Report on Form 8-K dated October 24, 2008).
|
|
21.1*
|
Subsidiaries.
|
|
23.1*
|
Consent of Independent Registered Public Accounting Firm.
|
|
31.1*
|
Rule 13a-14(a)/15d-14(a) certification of Gordon Hunter.
|
|
31.2*
|
Rule 13a-14(a)/15d-14(a) certification of Philip G. Franklin.
|
|
32.1+
|
Section 1350 certification.
|
|
101.INS*
|
XBRL Instance Document
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Littelfuse, Inc.
8755 W. Higgins Road
O'Hare Plaza, Suite 500
Chicago, IL 60631
Attention: President
|
Phone: (773) 628-0800
Facsimile: (773) 628-0802
|
If to the Executive, to the last address shown in the records of the Company.
|
EXECUTIVE | |||
Date: May 17, 2012 | /s/ Daniel F. Stanek | ||
DANIEL F. STANEK | |||
LITTELFUSE, INC. | |||
Date: May 17, 2012 | By /s/ Gordon Hunter | ||
Gordon Hunter, Chief Executive Officer |
Littelfuse, Inc.
8755 W. Higgins Road
O'Hare Plaza, Suite 500
Chicago, IL 60631
Attention: President
|
Phone: (773) 628-0800
Facsimile: (773) 628-0802
|
If to the Executive, to the last address shown in the records of the Company.
|
EXECUTIVE | |||
Date: May 17, 2012 | /s/ Ian Highley | ||
IAN HIGHLEY | |||
LITTELFUSE, INC. | |||
Date: May 17, 2012 | By /s/ Gordon Hunter | ||
Gordon Hunter, Chief Executive Officer |
LITTELFUSE, INC . | |||
By: | /s/ Ryan K. Stafford | ||
Ryan K. Stafford | |||
General Counsel & Vice President of Human Resources |
|
1.
|
I have reviewed this Annual Report on Form 10-K of Littelfuse Inc.;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
/s/ GORDON HUNTER | |||
Gordon Hunter
|
|||
Chairman, President and | |||
Chief Executive Officer |
|
1.
|
I have reviewed this Annual Report on Form 10-K of Littelfuse Inc.;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
/s/ PHILIP G. FRANKLIN | |||
Philip G. Franklin
|
|||
Vice President, Operations Support,
|
|||
Chief Financial Officer and Treasurer
|
/s/
GORDON HUNTER
|
/s/
PHILIP G. FRANKLIN
|
|||
Gordon Hunter
|
Philip G. Franklin
|
|||
Chairman, President and
|
Vice President, Operations Support,
|
|||
Chief Executive Officer | Chief Financial Officer and Treasurer | |||
Dated: February 27, 2013 | Dated: February 27, 2013 |