$LFUS
LITTELFUSE INC /DE

2016 Q2 Form 10-Q Financial Statement

#000143774916031011 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q1
Revenue $219.4M $210.3M
YoY Change -1.18% 1.67%
Cost Of Revenue $132.2M $134.0M
YoY Change -3.29% 5.5%
Gross Profit $87.16M $76.33M
YoY Change 2.2% -2.76%
Gross Profit Margin 39.72% 36.29%
Selling, General & Admin $42.37M $36.35M
YoY Change 9.27% 6.27%
% of Gross Profit 48.61% 47.62%
Research & Development $8.565M $7.384M
YoY Change 16.36% -2.84%
% of Gross Profit 9.83% 9.67%
Depreciation & Amortization $11.03M $10.42M
YoY Change 6.3% 2.14%
% of Gross Profit 12.65% 13.65%
Operating Expenses $54.73M $46.78M
YoY Change 11.44% 4.19%
Operating Profit $32.43M $29.55M
YoY Change -10.35% -12.03%
Interest Expense $2.045M $1.151M
YoY Change 115.72% -215.1%
% of Operating Profit 6.31% 3.9%
Other Income/Expense, Net $517.0K $1.126M
YoY Change -56.99% -6.17%
Pretax Income $27.08M $26.41M
YoY Change -28.21% -21.88%
Income Tax $7.788M $6.411M
% Of Pretax Income 28.76% 24.28%
Net Earnings $19.29M $20.00M
YoY Change -32.75% -21.25%
Net Earnings / Revenue 8.79% 9.51%
Basic Earnings Per Share $0.86 $0.88
Diluted Earnings Per Share $0.85 $0.88
COMMON SHARES
Basic Shares Outstanding 22.44M 22.60M
Diluted Shares Outstanding 22.62M 22.78M

Balance Sheet

Concept 2016 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $277.2M $297.5M
YoY Change -12.25% -8.94%
Cash & Equivalents $272.9M $293.6M
Short-Term Investments $4.400M $3.900M
Other Short-Term Assets $14.00M $37.10M
YoY Change -63.45% 4.21%
Inventory $133.2M $96.20M
Prepaid Expenses
Receivables $181.4M $136.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $605.8M $566.9M
YoY Change 0.44% -5.12%
LONG-TERM ASSETS
Property, Plant & Equipment $230.2M $160.9M
YoY Change 38.38% 1.51%
Goodwill $312.1M
YoY Change 61.74%
Intangibles
YoY Change
Long-Term Investments $14.40M $12.90M
YoY Change -0.69% -5.84%
Other Assets $23.00M $28.20M
YoY Change 18.22% 125.6%
Total Long-Term Assets $797.3M $492.1M
YoY Change 60.7% 210.44%
TOTAL ASSETS
Total Short-Term Assets $605.8M $566.9M
Total Long-Term Assets $797.3M $492.1M
Total Assets $1.403B $1.059B
YoY Change 27.64% -3.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.62M $47.40M
YoY Change 36.54% 27.08%
Accrued Expenses $40.35M $34.00M
YoY Change 105.16% 12.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.250M $87.00M
YoY Change -92.4% -54.92%
Total Short-Term Liabilities $232.7M $190.1M
YoY Change 14.24% -29.12%
LONG-TERM LIABILITIES
Long-Term Debt $371.1M $103.0M
YoY Change 282.62% 11.35%
Other Long-Term Liabilities $12.33M $20.50M
YoY Change -17.26% 21.3%
Total Long-Term Liabilities $383.4M $123.5M
YoY Change 242.69% 12.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $232.7M $190.1M
Total Long-Term Liabilities $383.4M $123.5M
Total Liabilities $616.1M $323.8M
YoY Change 95.24% -16.83%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $773.3M $735.3M
YoY Change
Total Liabilities & Shareholders Equity $1.403B $1.059B
YoY Change 27.64% -3.35%

Cashflow Statement

Concept 2016 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $19.29M $20.00M
YoY Change -32.75% -21.25%
Depreciation, Depletion And Amortization $11.03M $10.42M
YoY Change 6.3% 2.14%
Cash From Operating Activities $9.492M $23.23M
YoY Change -75.54% 102.0%
INVESTING ACTIVITIES
Capital Expenditures $9.139M $12.28M
YoY Change -164.82% -291.86%
Acquisitions $264.1M -$105.0K
YoY Change
Other Investing Activities -$264.1M $0.00
YoY Change -7436.11% -100.0%
Cash From Investing Activities -$273.2M -$12.27M
YoY Change 2502.09% -78.98%
FINANCING ACTIVITIES
Cash Dividend Paid $6.483M $5.635M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 203.7M -8.445M
YoY Change -1919.04% -112.91%
NET CHANGE
Cash From Operating Activities 9.492M 23.23M
Cash From Investing Activities -273.2M -12.27M
Cash From Financing Activities 203.7M -8.445M
Net Change In Cash -59.99M 2.512M
YoY Change -450.84% -86.42%
FREE CASH FLOW
Cash From Operating Activities $9.492M $23.23M
Capital Expenditures $9.139M $12.28M
Free Cash Flow $353.0K $10.95M
YoY Change -99.33% -38.82%

Facts In Submission

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CY2016Q2 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">1. Basis of Presentation</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The accompanying unaudited Condensed Consolidated Financial Statements of Littelfuse, Inc. and its subsidiaries (the &#x201c;company&#x201d;) have been prepared in accordance with U.S. <div style="display: inline; font-style: italic;">Generally Accepted Accounting Principles</div> (GAAP) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheet, statements of net income and comprehensive income and cash flows prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the period ended April 2, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the company&#x2019;s consolidated financial statements and the notes thereto incorporated by reference in the company&#x2019;s Annual Report on Form 10-K for the year ended January 2, 2016. </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The company&#x2019;s unaudited Condensed Consolidated Financial Statements as of April 2, 2016 include the opening balance sheet for the PolySwitch business but do not include any income statement activity of the acquired business as the operating results are not material to the company's financial statements for the three months ended April 2, 2016. The operating results of PolySwitch for the nine day period of March 25, 2016 through April 2, 2016 will be included within the company&#x2019;s statement of income for the quarter ended July 2, 2016.</div></div></div>
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
11755000
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-13974000
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
11755000
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax
-1234000
CY2016Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
10613000
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
92000
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-92000
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-74000
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
25000
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
31000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
73000
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
986000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
0
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
249000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1234000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1956000
CY2016Q2 us-gaap Other Investments
OtherInvestments
14424000
CY2016Q1 us-gaap Other Investments
OtherInvestments
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CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12329000
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12809000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
517000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1126000
CY2016Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1700000
CY2015Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
CY2016Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
6483000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
5635000
CY2016Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-27000
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-105000
CY2016Q2 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
264098000
CY2015Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9139000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12279000
CY2016Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
7481000
CY2016Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
5653000
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14024000
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8238000
CY2016Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
-85000000
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
-1250000
CY2016Q2 us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
18000
CY2015Q1 us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
6000
CY2016Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
125000000
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
CY2016Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3710000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1768000
CY2016Q2 us-gaap Profit Loss
ProfitLoss
19289000
CY2015Q1 us-gaap Profit Loss
ProfitLoss
19995000
CY2016Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
9139000
CY2015Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
12279000
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
535646000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
459048000
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
230233000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
162568000
CY2016Q2 us-gaap Reclassifications
Reclassifications
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2. Reclassifications</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certain amounts presented in the 2015 financial statements have been reclassified to conform to the 2016 presentation. In April 2015, the FASB issued </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ASU No. 2015-03, <div style="display: inline; font-style: italic;">Interest - Imputation of Interest</div> (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The amended guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amended guidance is to be applied on a retrospective basis. The company adopted the new guidance on January 3, 2016 and has made the corresponding reclassification on its balance sheet for the fiscal year ended January 2, 2016. The adoption of the new guidance had no effect on the company&#x2019;s net income, cash flows or shareholder&#x2019;s equity. </div></div></div>
CY2016Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
90500000
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
11000000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8565000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7384000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
219398000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
210313000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22600000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22781000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22438000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
42366000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
36345000
CY2016Q2 us-gaap Severance Costs1
SeveranceCosts1
1400000
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2204000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1802000
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
4354000
CY2016Q1 us-gaap Short Term Investments
ShortTermInvestments
4179000
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
773313000
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
744198000
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
183000
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
181000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22621000

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