Littelfuse

2024 Annual Report
Dear Fellow Shareholders,
As I begin my journey as President and CEO of Littelfuse, I am honored to formally address our shareholders
for the first time. Littelfuse has a 98-year history of customer driven technology innovations, and, from my
time as a member of the Board of Directors into my first few weeks as CEO, I have come to appreciate the
power of the Littelfuse brand as well as the company’s leading market and product positioning. Littelfuse has
an extensive history of driving secular growth trends, reflected in our strong compounded long-term revenue
growth performance. I see further opportunity to drive meaningful growth ahead, and I look forward to
building on our historical track record and unique positioning as a leading global supplier to evolving
Electronics, Transportation and Industrial end markets.
Since joining Littelfuse as President and CEO in February, I have met with colleagues, customers, suppliers
and partners across our global businesses. While these conversations are ongoing and I look forward to
continuing them in the weeks and months ahead, three key insights are abundantly clear from my initial
interactions. First, our global teams and partners are deeply passionate about and invested in our long-term
business. Second, we are technology and market leaders with a passion to win and a strong culture of
execution. Third, our diverse market position, high quality and innovative products, and strong customer
relationships provide a powerful competitive advantage and a sustainable differentiation in our core markets.
Importantly, these capabilities have enabled a historically strong model and a resiliency through difficult
down cycles, such as the one that has impacted our results for the last two years. Through it all, our 16,000
global employees have remained highly focused on partnering with our customers to deliver technology
advancements, which should position us for meaningful long-term growth.As I think about the learnings from
my first few weeks at Littelfuse, I am even more excited about the meaningful opportunities that will shape the
next phase of our journey.
Looking forward to 2025, we are well positioned for growth as we drive the next generation of application
advancements across our broad Electronics, Transportation and Industrial end market exposures. We
expect to deliver meaningful content expansion as our strong technology offerings and design wins are
opening significant growth opportunities ranging from data center and automotive electrification to industrial
safety and automation.
In closing, I am excited about the long-term opportunities at Littelfuse. Our diverse end market exposures are
aligned with transformative secular growth trends, and we are deeply focused on product innovations that
enable industry evolutions. Our talented teams, product and technology leadership, and global capabilities
position us to win every day with our customers. We have a strong balance sheet, significant financial
capacity, and a resilient cash generative business to fuel growth investments and drive compelling
shareholder returns. Taking a step back, I am confident we are positioned to deliver meaningful long-term
growth and top-tier shareholder value. Thank you for your ongoing support of Littelfuse.
Greg Henderson
President and Chief Executive Officer

2024 Annual Report
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995 (‘‘PSLRA’’) - The statements contained in the letter to
shareholders and the other sections of this report and in the Company’sAnnual Report on Form 10-K that are
not historical facts are intended to constitute ‘‘forward-looking statements’’ entitled to the safe-harbor
provisions of the PSLRA. The Company cautions that forward-looking statements, which speak only as of the
date they are made, are subject to risks, uncertainties and other factors, and actual results and outcomes
may differ materially from those indicated or implied by the forward-looking statements. These risks,
uncertainties and other factors include, but are not limited to, risks and uncertainties relating to general
economic conditions; product demand and market acceptance; the impact of competitive products and
pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal
mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability;
exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of the Company's
accounting policies; labor disputes and shortages; restructuring costs in excess of expectations; pension
plan asset returns less than assumed; uncertainties related to political or regulatory changes; integration of
acquisitions may not be achieved in a timely manner, or at all; limited realization of the expected benefits from
investment and strategic plans; and other risks that may be detailed in Item 1A. "Risk Factors" in the
Form 10-K and in the Company’s other Securities and Exchange Commission filings.

United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-K
☒
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
(Mark one) for the fiscal year ended December 28, 2024
Or
□
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to
Commission file number 0-20388
LITTELFUSE, INC.
(Exact name of registrant as specified in its charter)
Delaware
36-3795742
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
6133 North River Road Suite 500
Rosemont, Illinois 60018
(Address of principal executive offices)
773-628-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange On Which Registered
Common Stock, $0.01 par value
LFUS
NASDAQ Global Select MarketSM
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒No □
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes □No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes ☒No □
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). Yes ☒No □
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘small reporting company,’’ and
‘‘emerging growth company’’ in Rule 12b-2 of the Exchange Act:
Large accelerated filer
☒
Accelerated filer
□
Non-accelerated filer
□
Smaller reporting company
□
Emerging growth company
□
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. □
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). □
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □No ☒
The aggregate market value of 24,819,616 shares of voting stock held by non-affiliates of the registrant was approximately $6,343,645,653
based on the last reported sale price of the registrant’s Common Stock as reported on the NASDAQ Global Select MarketSM on June 29,
2024.
As of March 7, 2025, the registrant had outstanding 24,713,072 shares of Common Stock, net of Treasury Shares.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Littelfuse, Inc. Proxy Statement for the 2024 Annual Meeting of Stockholders (the ‘‘Proxy Statement’’) are incorporated by
reference into Part III of this Form 10-K.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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TABLE OF CONTENTS
Page
FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
PART I
Item 1.
Business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Item 1A.
Risk Factors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Item 1B.
Unresolved Staff Comments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Item 1C.
Cybersecurity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Item 2.
Properties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Item 3.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Item 4.
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases
of Equity Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Item 6.
[Reserved.]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations . . .
28
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
Item 8.
Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . .
105
Item 9A.
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105
Item 9B.
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106
PART III
Item 10.
Directors, Executive Officers, and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
Item 11.
Executive Compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
Item 13.
Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . .
109
Item 14.
Principal Accounting Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
PART IV
Item 15.
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110
Item 16.
Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110
Schedule II – Valuation and Qualifying Accounts and Reserves . . . . . . . . . . . . . . . . . . . . . . .
111
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
Exhibit Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113

FORWARD-LOOKING STATEMENTS
Certain statements contained in this Annual Report on Form 10-K that are not historical facts are intended to
constitute ‘‘forward-looking statements’’ entitled to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995 (‘‘PSRLA’’). The Company cautions that forward-looking statements, which speak only as of
the date they are made, are subject to risks, uncertainties and other factors, and actual results and outcomes may differ
materially from those indicated or implied by the forward-looking statements. These risks, uncertainties and other
factors include, but are not limited to, risks and uncertainties relating to general economic conditions; product
demand and market acceptance; economic conditions; the impact of competitive products and pricing; product quality
problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves;
cybersecurity matters; failure of an indemnification for environmental liability; exchange rate fluctuations;
commodity price fluctuations; the effect of the Company’s accounting policies; labor disputes; restructuring costs in
excess of expectations; pension plan asset returns less than assumed; uncertainties related to political or regulatory
changes; integration of acquisitions may not be achieved in a timely manner, or at all; and other risks that may be
detailed in Item 1A, Risk Factors below and in the Company’s other Securities and Exchange Commission filings.
AVAILABLE INFORMATION
The Company is subject to the reporting and information requirements of the Securities Exchange Act of 1934, as
amended and as a result, are obligated to file annual, quarterly, and current reports, proxy statements, and other
information with the United States Securities and Exchange Commission (‘‘SEC’’). The Company makes these
filings available free of charge on its website (http://investor.littelfuse.com) as soon as reasonably practicable after
it electronically files them with, or furnish them to, the SEC. Information on the Company’s website does not
constitute part of this Annual Report on Form 10-K. In addition, the SEC maintains a website (http://www.sec.gov)
that contains the Company’s annual, quarterly, and current reports, proxy and information statements, and other
information the Company electronically files with, or furnishes to, the SEC. The Company’s website and the
information contained therein or connected thereto are not incorporated into this Annual Report on Form 10-K.
4

PART I
ITEM 1.
BUSINESS.
GENERAL
Littelfuse, Inc., was incorporated under the laws of the State of Delaware in 1991. References herein to the
‘‘Company,’’ ‘‘we,’’ ‘‘our’’ or ‘‘Littelfuse’’ refer to Littelfuse, Inc. and its subsidiaries. References herein to ‘‘2024’’,
‘‘fiscal 2024’’ or ‘‘fiscal year 2024’’ refer to the fiscal year ended December 28, 2024. References herein to ‘‘2023’’,
‘‘fiscal 2023’’ or ‘‘fiscal year 2023’’ refer to the fiscal year ended December 30, 2023. References herein to ‘‘2022’’,
‘‘fiscal 2022’’ or ‘‘fiscal year 2022’’ refer to the fiscal year ended December 31, 2022. The Company operates on a
52-53 week fiscal year (4-4-5 basis) ending on the Saturday closest to December 31.
OVERVIEW
Founded in 1927, Littelfuse is a diversified, industrial technology manufacturing company empowering a sustainable,
connected, and safer world. Across more than 20 countries, and with approximately 16,000 global associates, we
partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our
products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day.
Segments
The Company conducts its business through three reportable segments: Electronics, Transportation, and Industrial.
Within these segments, the Company designs, manufactures and sells electronic components, modules and
subassemblies to empower the long-term secular growth themes of sustainability, connectivity and safety. The
Company has positioned itself within the center of these global structural growth themes by helping to enable its
customers’ applications focused on a more sustainable, connected, and safer world. The ever-increasing complexity
of applications surrounding these themes continues to drive greater demand for the Company’s innovative, reliable
products and a higher level of product content within a broad range of applications. With its expanding, diversified,
product portfolio, the Company has evolved its presence across the industrial, transportation and electronics end
markets it serves. The Company’s exposure with each of these end markets is relatively balanced. With a deep list
of target applications within each primary end market, the Company believes its balanced approach positions its
business for long-term sustainability, increases diversification and creates additional growth opportunities. Across
electronics end markets, product demand is largely driven by electrification, energy and power efficiency,
automation, connectivity, artificial intelligence, and safety. In transportation end markets, including passenger and
commercial vehicles, the ongoing electronification and electrification of applications is driving increased product
demand. Across industrial end markets, product demand is driven by an ecosystem that continues to advance
sustainability, safety and automation capabilities. For example, renewables, including solar and wind energy, and
energy storage systems that enable lower carbon emissions, the ongoing proliferation of electric vehicle charging
infrastructure, more efficient climate control units, increasing requirements for electrical safety, the rising demand for
factory and process automation, and motor drives and power supplies. For segment and geographical information and
consolidated net sales and operating income see Item 7, Management’s Discussion and Analysis of Financial
Condition and Results of Operations and Note 16, Segment Information, of the Notes to Consolidated Financial
Statements included in this Annual Report.
•
Electronics Segment: Consists of one of the broadest product offerings in the industry, including fuses and
fuse accessories, positive temperature coefficient (‘‘PTC’’) resettable fuses, electromechanical switches and
interconnect solutions, polymer electrostatic discharge (‘‘ESD’’) suppressors, varistors, reed switch based
magnetic sensing, gas discharge tubes; semiconductor products such as discrete transient voltage
suppressor (‘‘TVS’’) diodes, TVS diode arrays, protection and switching thyristors, silicon and silicon
carbide metal-oxide-semiconductor field effect transistors (‘‘MOSFETs’’) and diodes, and insulated gate
bipolar transistors (‘‘IGBT’’) technologies. The segment covers a broad range of end markets, including
industrial motor drives and power conversion, automotive electronics, electric vehicle and related charging
infrastructure, aerospace, power supplies, data centers and telecommunications, medical devices,
alternative energy and energy storage, building and home automation, appliances, and mobile electronics.
•
Transportation Segment: Consists of a wide range of circuit protection, power control and sensing
technologies for global original equipment manufacturers (‘‘OEMs’’), Tier-one suppliers and parts and
aftermarket distributors in passenger vehicles, heavy-duty truck and bus, off-road and recreational vehicles,
5

material handling equipment, agricultural machinery, construction equipment and other commercial vehicle
end markets. Passenger vehicle products are used in internal combustion engines, hybrid and electric
vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, high-voltage
fuses, and sensor products designed to monitor the occupant’s safety and environment as well as the
vehicle’s powertrain. Commercial vehicle products include fuses, switches, circuit breakers, relays, and
power distribution modules and units used in applications serving a number of end markets, including
heavy-duty truck and bus, construction, agriculture, material handling and marine.
•
Industrial Segment: Consists of industrial circuit protection (industrial fuses), protective and monitoring
relays (protection relays, residual current devices and monitors, ground fault circuit interrupters, solid state
switches, and arc fault detection devices), and industrial controls and sensors (contactors, transformers, and
temperature sensors) for use in various applications such as renewable energy and energy storage systems,
industrial safety, factory automation, electric vehicle infrastructure, HVAC systems, non-residential
construction, MRO, and mining.
Strategy
In February 2021, the Company announced its five-year strategic plan which builds upon its strengths from its
previous strategy. The Company is well-positioned within the center of the global structural growth themes of
sustainability, connectivity, and safety, which will continue to drive increased demand for the Company’s products
across the transportation, industrial and electronics end markets that it serves. The Company is targeting average
annual organic sales growth of 5-7 percent and average annual sales growth from strategic acquisitions of 5-7 percent.
The Company expects to achieve this through content and share gains, expanded presence in high-growth markets
and geographies, and targeting adjacent high-growth and niche applications. The Company continues to drive
commercial excellence through investments in its people, customer-driven innovation, strategic acquisitions and
integration of these businesses, and its digital infrastructure to improve the customer experience, and its operating
systems. These investments enable the Company to capitalize on growth opportunities where technologies and
applications are converging across its product segments.
Recent Acquisitions
•
Dortmund Fab: On December 31, 2024, the Company completed the acquisition of a 200mm wafer fab located
in Dortmund, Germany (‘‘Dortmund Fab’’) from Elmos Semiconductor SE. The Dortmund Fab will increase
power semiconductor capacity to support opportunities across a broad base of industrial end markets including
energy storage, automation, motor drives, renewables, power supplies, and charging infrastructure. The total
purchase price for the Dortmund Fab is approximately 94 million Euro, of which a 37.2 million Euro down
payment (approximately $40.5 million) was recorded in Prepaid expenses and other current assets in the
Consolidated Balance Sheets. The down payment was paid in the third quarter of 2023 after regulatory
approvals, and 56.7 million Euro was paid at closing. The transaction did not have any impact on the Company’s
2024 financial results and reported in the Electronics-Semiconductor business within the Company’s Electronics
segment. The acquisition was funded with the Company’s cash on hand.
•
Western Automation: On February 3, 2023, the Company completed the acquisition of Western Automation
Research and Development Limited (‘‘Western Automation’’) for approximately $162 million in cash.
Headquartered in Galway, Ireland, Western Automation is a designer and manufacturer of electrical shock
protection devices used across a broad range of high-growth end markets, including electric vehicle
charging infrastructure, industrial safety, and renewables. At the time the Company and Western
Automation entered into the definitive agreement, Western Automation had annualized sales of
approximately $25 million. The business is reported within the Company’s Industrial segment. The
Company financed the transaction with cash on hand.
•
C&K Switches: On July 19, 2022, the Company acquired C&K Switches (‘‘C&K’’) for $540 million in
cash.
Founded
in
1928,
C&K
is
a
leading
designer
and
manufacturer
of
high-performance
electromechanical switches and interconnect solutions with a strong global presence across a broad range
of end markets, including industrial, transportation, datacom, and aerospace. At the time the Company and
C&K entered into a definitive agreement, C&K had annualized sales of over $200 million. The business
is reported as part of the electronics-passive products and sensors business within the Company’s
Electronics segment. The Company financed the transaction through a combination of cash on hand and
debt.
6

•
Embed: On April 12, 2022, the Company acquired Embed Ltd. (‘‘Embed’’). Founded in 2005, Embed is
a proven provider of embedded software and firmware developed for a broad range of applications serving
transportation end markets, primarily including commercial vehicle electronification and eMobility. The
business is included in the commercial vehicle business within the Company’s Transportation segment. The
acquisition was funded with the Company’s cash on hand. The total purchase consideration was
$9.2 million, net of cash.
•
Carling Technologies: On November 30, 2021, the Company acquired Carling Technologies (‘‘Carling’’),
a leader in switching, circuit protection and power distribution technologies with a strong global presence
in commercial vehicle electronification, communications infrastructure and marine markets. At the time of
acquisition, Carling had annualized sales of approximately $170 million. The purchase price for Carling
was $315.5 million, and the operations of Carling are included in the commercial vehicle business within
the Company’s Transportation segment. The acquisition was funded with the Company’s cash on hand.
•
Hartland Controls: On January 28, 2021, the Company acquired Hartland Controls (‘‘Hartland’’), a
manufacturer and leading supplier of electrical components used primarily in heating, ventilation, air
conditioning (‘‘HVAC’’) and other industrial and control systems applications, and eMobility. At the time
of acquisition, Hartland had annualized sales of approximately $70 million. The purchase price for Hartland
was $111.0 million and the operations of Hartland are included in the Industrial segment. The net cash
payment of $108.5 million was funded by the Company’s cash on hand.
Sales and Operations
The Company conducts its business through three reportable segments: Electronics, Transportation, and Industrial.
Net sales by segment for the periods indicated are as follows:
Fiscal Year
(in millions)
2024
2023
2022
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,186.8
$1,350.4
$1,492.8
Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
672.4
678.3
716.2
Industrial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
331.6
334.0
304.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,190.8
$2,362.7
$2,513.9
The Company operates in three geographic regions: the Americas, Asia-Pacific, and Europe. The Company designs,
manufactures products, and sells to customers in all three regions.
Net sales in the Company’s three geographic regions, based upon the shipped-to destination, are as follows:
Fiscal Year
(in millions)
2024
2023
2022
Americas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 900.4
$ 901.5
$ 992.3
Asia-Pacific. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
824.7
898.9
1,019.9
Europe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
465.7
562.3
501.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,190.8
$2,362.7
$2,513.9
The Company’s products are sold worldwide through distributors, direct sales force, and manufacturers’
representatives in certain regions. For the fiscal year 2024, approximately 63% of the Company’s net sales were to
customers outside the United States (‘‘U.S.’’), including approximately 23% to China.
The Company manufactures many of its products on fully integrated manufacturing and assembly equipment. The
Company maintains product quality through a Global Quality Management System with most manufacturing sites
certified under ISO 9001:2000. In addition, several of the Littelfuse manufacturing sites are also certified under
IATF 16949 and ISO 14001.
Additional information regarding the Company’s sales by geographic area and long-lived assets in different
geographic areas is in Note 16, Segment Information, of the Notes to Consolidated Financial Statements included in
this Annual Report.
7

BUSINESS ENVIRONMENT
Electronics Segment
The Company designs, manufactures and sells electronic components and modules empowering its customers’
applications focused on a more sustainable, connected, and safer world. The ever-increasing advancements of
applications surrounding these themes continues to drive greater demand for the Company’s innovative, reliable
products and a higher level of product content within a broad range of applications.
Technologies within the Electronics segment provide protection, power control and sensing capabilities. Circuit
protection technologies in the Electronics segment are designed to protect against harmful occurrences like voltage
spikes, short circuits, power surges and electrostatic discharge. Products include fuses and fuse accessories,
PTC resettable fuses, ESD suppressors, varistors, gas discharge tubes, and semiconductor products such as discrete
TVS diodes, TVS diode arrays, and protection thyristors.
The Company also offers a wide range of power control products used to convert and regulate energy and safely and
efficiently control power across a broad spectrum of industrial applications like renewable energy and energy storage
systems, motor drives and power conversion. Products include a comprehensive portfolio of semiconductor
components and modules including thyristors, MOSFETs, rectifiers and fast recovery diodes, IGBTs and wide band
gap devices, and medium and high-power industrial applications.
The acquisition of C&K Switches in 2022 significantly expanded the Company’s electromechanical switches and
interconnect solutions portfolios, which primarily serves industrial, transportation and datacom applications. The
acquisition of the Dortmund Fab in fiscal year 2025 expanded the Company’s power semiconductor capacity to
support industrial application opportunities including energy storage, automation, motor drives, renewables, power
supplies, and charging infrastructure. Through the growth of its product portfolio within the segment, the Company
has expanded its presence across the industrial, transportation and electronics end markets it serves. The Company
expects to continue to expand its market presence by leveraging its broad, global access and reach with its strong
go-to-market strategy via its strategic distribution partnerships and deep OEM relationships, and by continuing to
expand its product portfolio through organic and inorganic investments in high growth, niche applications.
Transportation Segment
The Company is a primary supplier of circuit protection technologies, as well as certain sensing technologies to
global automotive OEMs, mainly through sales made to Tier One automotive suppliers, main-fuse box, and wire
harness manufacturers that incorporate these technologies into their products, as well as automotive component parts
manufacturers, and automotive parts distributors. The Company also sells some of its circuit protection products in
the transportation aftermarket, with its products being sold through merchandisers, discount stores, and service
stations, as well as under private label by national firms.
Passenger vehicle products include both protection and sensing technologies used in internal combustion engine
based, hybrid and electric vehicles. Protection technologies include blade fuses, battery cable protectors, resettable
fuses, high-current and high voltage fuses. Sensing technologies are used in a variety of applications including
occupant safety, speed, solar, fluid, position, harness, and battery management systems.
The Company’s commercial vehicle business includes a variety of products including power distribution modules and
units, low and high current switches, circuit breakers, relays, battery management products, ignition key switches,
and trailer connectors. These products are used in applications largely serving commercial vehicle end markets
including heavy-duty truck, construction, agriculture, material handling and marine. Products are sold directly to a
mix of OEMs, Tier One suppliers, aftermarket channels, as well as through general distribution.
The acquisition of Carling Technologies in 2021 significantly expanded the Company’s presence in commercial
vehicle end markets. The product portfolio, including switching, circuit protection and power distribution products
portfolios, are primarily used in commercial vehicle applications, as well as certain telecom and datacom
applications. The Company expects to continue to expand its presence across its transportation end markets,
leveraging its strong OEM and Tier One customers, distribution partnership and go-to-market strength, and by
continuing to expand its product portfolio through organic and inorganic investments.
Industrial Segment
The Company designs and sells a broad range of industrial fuses, industrial controls (protection relays, contactors,
transformers, residual current devices, ground fault circuit interrupters, residual current monitors, and arc fault
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detection devices) and temperature sensors for use in various applications such as renewable energy and energy
storage systems, industrial safety, factory automation, electric vehicle infrastructure, HVAC systems, non-residential
construction, MRO, and mining. These products are used to protect personnel and equipment from excessive currents,
over voltages, and electrical shock hazards.
Products are sold direct to OEMs, and through both electrical and electronics distribution channels. The 2021
acquisition of Hartland expanded the Company’s contactors and transformers product portfolios, which primarily
services HVAC and electric vehicle charging applications. The 2023 acquisition of Western Automation expanded the
Company’s electrical shock protection devices portfolios, which primarily serves a broad range of high-growth end
markets, and includes electric vehicle charging infrastructure, industrial safety and renewables. The Company expects
to continue to expand its presence across its end markets, leveraging its growing customer base, and go-to-market
strength, and by continuing to expand its product portfolio through organic and inorganic investments in high growth,
niche applications.
PRODUCT DESIGN AND DEVELOPMENT
The Company employs scientific, engineering, and other personnel to continually improve its existing product lines
and to develop new products at its research, product design, and development (‘‘R&D’’) and engineering facilities
with primary locations in Canada, China, France, Germany, India, Ireland, Italy, Japan, Lithuania, Mexico,
Philippines, Spain, Taiwan (China), United Kingdom (‘‘U.K.’’), and the U.S. The Company maintains a staff of
engineers, chemists, material scientists and technicians whose primary responsibility is to design and develop new
products.
Proposals for the development of new products are initiated primarily by sales, marketing, and product management
personnel with input from customers. The entire product development process usually ranges from a few months to
a few years based on the complexity of development, with continuous efforts to reduce the development cycle.
During fiscal years 2024, 2023, and 2022, the Company expended $107.8 million, $102.4 million, and $95.6 million,
respectively, on R&D.
Over the years, the Company has expanded its industry-leading technical expertise to support its customers, and
ultimately diversify its solutions offering. With the intensifying complexity of applications, its superior engineering,
design-in capabilities and product portfolio, continue to deliver increasing value to customers. The Company’s strong
global presence allows it to utilize its deep and broad application knowledge to help enable its customers’applications
across the industrial, transportation and electronics markets.
PATENTS, TRADEMARKS, AND OTHER INTELLECTUAL PROPERTY
The Company generally relies on patents, trademarks, licenses, and nondisclosure agreements to protect its
intellectual property and proprietary products. In cases where it is deemed necessary by management, key employees
are required to sign an agreement that they will maintain the confidentiality of the Company’s proprietary information
and trade secrets.
The Company owns a large portfolio of patents worldwide and new products are continually being developed to
replace older products. The Company regularly applies for patent protection on such new products. While, in the
aggregate, the Company’s patents are important in the operation of its businesses, the Company believes that the loss
by expiration or otherwise of any one patent or group of patents would not materially affect its business.
MANUFACTURING
The Company’s manufacturing facilities are in China, France, Germany, India, Ireland, Italy, Japan, Lithuania,
Mexico, Philippines, the U.K., the U.S., and Vietnam. The Company performs the majority of its own fabrication and
maintains in-house capabilities for metal stamping, surface mount assembly, plating (silver, nickel, zinc, and oxides)
thermoplastic molding, and high-precision manufacturing, miniaturization and haptics. In addition, the Company
fabricates semiconductor wafers for certain applications and maintains in-house capability for epitaxy fabrication, die
attach, and wafer probe testing. After sub-components are readied for assembly, final assembly is accomplished on
fully automatic and semi-automatic assembly machines. Quality assurance and operations personnel, using
techniques such as statistical process control, perform tests, checks and measurements during the production process
to maintain the highest levels of product quality, including safety and reliability, and customer satisfaction.
Additionally, the Company utilizes external wafer foundries and subcontracted test and assembly facilities for a
portion of its semiconductor business.
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The principal raw materials for the Company’s products include copper and copper alloys, resin and heat-resistant
plastics, zinc, melamine, glass, silver, gold, raw silicon, solder, rubber, and various gases. The Company’s strategy
is to prequalify suppliers for quality assurance and supply continuity, as much as possible, to localize supply sources
close to its manufacturing sites. This helps to minimize the transportation of materials, and ultimately reduces the
Company’s environmental footprint by decreasing emissions, consistent with its sustainability strategy. For critical
materials, the Company looks to diversify its supplier base by prequalifying second sources.
SALES AND MARKETING
The Company goes to market through selling organizations consisting of worldwide direct sales personnel,
distribution partners and manufacturers’ representatives. The direct sales force closely works with global OEM, Tier
One automotive, consulting engineers, and major end customers to design-in and sell all of the Company’s products.
The Company has sales offices and direct sales channels in a number of countries around the world. The Company’s
channel partners provide fulfillment services for its end customers, including those partnered with electronic
manufacturing services (‘‘EMS’’), as well as some demand creation activities.
Electronics Segment
Our Electronics segment products are used across a variety of applications. Many of our products are incorporated
into applications with complex design technical support requirements, while certain of our products require less
design support for our customers. Most Electronics segment products are sold through our direct salesforce or
through our channel distribution partners. The fulfillment of these products is primarily through our broad line
distribution partners, including global distributors such as Arrow Electronics, Inc., Future Electronics and TTI, Inc.,
regional and high service distributors, including Digi-Key and Mouser, as well as directly to OEM’s.
Transportation Segment
The Company primarily uses a direct sales force to service major automotive and commercial vehicle OEMs, system
suppliers, and Tier One automotive and aftermarket customers globally. In selected areas, the Company also uses
distributors to service smaller customers and to provide supply chain fulfillment for certain customers.
The Company also leverages its transportation customer relationships to sell products from the Electronics and
Industrial segments into transportation end markets, primarily to Tier One and OEM automotive customers.
Respective revenues are reported in the Electronics and Industrial segments.
Industrial Segment
The Company markets and sells its Industrial segment products direct to OEMs, and through both electrical and
electronics distribution channels to various end customers including electrical contractors, factories, municipalities,
and utilities.
CUSTOMERS
The Company directly sells to over 4,000 customers and distributors worldwide. Sales to Arrow Electronics, Inc.,
which were reported in our Electronics, Transportation, and Industrial segments, were 9.4%, 11.2%, and 11.5% of
consolidated net sales in 2024, 2023, and 2022, respectively. No other single customer accounted for more than 10%
of net sales during any of the last three years. During fiscal 2024, 2023, and 2022, net sales to customers outside the
U.S. accounted for approximately 63%, 65%, and 64%, respectively, of the Company’s total net sales.
CYBERSECURITY
The cybersecurity and data protection program at Littelfuse is based on foundational principles outlined in applicable
industry and internationally accepted-cybersecurity frameworks. The Company has experienced and will continue to
experience cyber-attacks, attempts to breach its systems, and other similar incidents, however we do not believe that
the prior cyber incidents have materially affected or are reasonably likely to materially affect the Company. Littelfuse
faces risks from cybersecurity threats that could have a material adverse effect on its business, financial condition,
results of operations, cash flows, or reputation. Like all cybersecurity programs, there is no guarantee that every
attack method and technique has been fully addressed, as these change constantly, but Littelfuse is diligent in its
attempts to protect data of the Company and its stakeholders.
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Littelfuse strives to assess and update its cybersecurity program on a regular basis using an Information Security
Management System (‘‘ISMS’’) comprised of three main elements – 1) independent internationally recognized
vendors and technologies for assessments and monitoring, 2) strong internal controls based on industry standards, and
3) Board and Senior Leadership governance and support.
COMPETITION
The Company’s products compete with similar products of other manufacturers, some of which may have
substantially greater financial resources than the Company. In the Electronics segment, the Company’s competitors
include Eaton Corporation, Bourns Inc., TDK, ON Semiconductor Corporation, Infineon Technologies,
STMicroelectronics NV, Semtech Corporation, and Vishay Intertechnology Inc. In the Transportation segment, the
Company’s competitors include Eaton Corporation, Pacific Engineering, MTA (Meccanotecnica Codognese),
Amphenol Corporation, Sensata Technologies Holding NV, and TE Connectivity Ltd. In the Industrial segment, the
Company’s major competitors include Eaton Corporation, GE Multilin, and Mersen. The Company believes that it
globally competes on the basis of innovative products, the breadth of its product line, the quality, design and
performance of its products based on their reliability, consistency and safety, its technical capabilities, its global
footprint and application expertise, and the responsiveness of its customer service.
BACKLOG
The backlog of unfilled orders at December 28, 2024 was approximately $664.9 million, compared to
$1,046.9 million at December 30, 2023 with the decrease primarily driven by a reduction in the semiconductor
business within the Electronics segment. Substantially all the orders currently in backlog are scheduled for delivery
in 2025.
HUMAN CAPITAL MANAGEMENT
A passion for engineering excellence and an innovative spirit have been a part of what it means to work at Littelfuse
since its founding in 1927. The Company hires bright minds who want to make a big impact and are committed to
improve the safety, reliability and performance of our customers’ products that use electrical energy. As the
Company’s human capital is critical to its success, the Company strives to make Littelfuse a safe, diverse, and
inclusive workplace, provide competitive compensation, benefits, and health and wellness programs, offer
appropriate training and promote community involvement.
Employee Data
On December 28, 2024, the Company had approximately 16,000 full-time, part-time, and temporary employees; of
which 47%, 40% and 13% are located in the Americas, Asia-Pacific region, and Europe, respectively.
Governance & Oversight
The Chief Human Resources Officer (‘‘CHRO’’) is responsible for developing and executing the Company’s human
capital strategy. This includes establishing and implementing global policies and programs for leadership and
employee development, compensation, benefits, workforce planning, human resources systems, and ensuring
effective and efficient internal company operations. The CHRO is responsible for developing and integrating the
Company’s diversity, inclusion, and belonging strategy in its business operations. The Chief Executive Officer
(‘‘CEO’’) and CHRO regularly update the Company’s Board of Directors on human capital matters.
Our Values & Culture
Littelfuse core values have been instrumental in driving success for our business. Our values of Respect, Customer
Focus, Agility, and Collaboration and their associated behaviors are embedded in our talent processes and practices
to help us evolve our already strong culture. The power of a team environment where everyone can contribute and
thrive allows us to enact our strategy and deliver results today and into the future.
As part of driving sustainable success, the Company values and celebrates diversity in every aspect of work with
customers, suppliers, partners, and each other. The Company’s commitment to diversity, inclusion and belonging
creates a collaborative environment that draws out associates’ unique capabilities that contribute to innovation,
deliver bold solutions and drive growth.
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Long-standing efforts supporting a diverse and inclusive workplace remain in place and continue to expand. The
Company’s employee resource groups (‘‘ERGs’’) continue to expand to support broader demographics. Existing
ERGs have grown to have a presence in more countries and provide impactful development and mentoring
opportunities. Our Diversity, Inclusion, and Belonging Council, consisting of diverse global leaders from across the
organization, helps to evolve and advance programs to further improve diversity, inclusion, and belonging in each
region.
Talent Management, Development & Succession Planning
Building and maintaining a strong talent pipeline is essential to sustained performance and achievement of the
Company’s growth strategy. The leadership team incorporates talent strategy into the annual business strategy review
process to ensure the Company has the capabilities and capacity to meet current and future goals and objectives. The
Company conducts enterprise-wide, global talent review processes with the CEO, business unit and function leaders
focusing future leadership talent with high potential, and succession plans for the Company’s most critical roles. Also,
the Company’s Board of Directors reviews and assesses management development plans for senior executives and
the succession plans relating to those critical positions.
The Company utilizes a leadership competency model to highlight the competencies and behaviors for success that
strengthen the Company’s values and culture. The leadership competency model provides a foundation for growth
and development as leaders advance in their careers with the Company.
The Company is also actively investing in identifying and developing the pipeline of future global leaders and
technical experts. Efforts to enhance capabilities in this area include the creation of functional career paths and skills,
early career talent pipelines and programs, including internships and other college/university recruitment programs.
More specifically, accelerated development programs (e.g. such as the Company’s global RISE engineering program)
have been implemented to strengthen the pipeline of talent required to sustain business growth.
As the Company continues to focus on developing the talent pipeline, we are also investing in strengthening our
leadership capability through leadership development programs, leadership mentoring, coaching and training. The
leadership development programs include a mix of internal and external programs and partnerships addressing
fundamental leadership skills to engage, motivate and develop our talent at all stages of their leadership journey.
As an industrial technology manufacturing company, we are committed to building a high performing team with the
skill sets, qualifications and diverse background. In 2024, globally 51% of our employees are female and 49% are
male; 24.2% of our leaders are female. In US, 38.5% of our associates are racial or ethnic diverse, and 4.5% of our
associates are Black and African American.
Compensation, Benefits and Employee Wellness
The Company provides compensation and benefits programs designed to be competitive and equitable to attract,
retain and motivate highly qualified associates. The components of the Company’s compensation program vary by
region and job-type, and include items such as base salary, performance-based bonus plans, equity awards, paid time
off, and tuition reimbursement. Global programs include a combination of statutory and additional supplemental
benefits in the areas of health, welfare and retirement.
We support our employees’ mental and physical and financial well-being through various programs that promote a
healthy lifestyle. Our health & wellness programs vary across countries and are tailored to the needs of our employees
from location to location. Globally, we offer comprehensive medical benefits and an employee assistance program
that provides confidential counseling and other wellbeing tools at no charge for all our employees and their families
to receive support with personal, health, life, financial, or work issues.
Health and Safety
At Littelfuse, we take the health and safety of our team members very seriously and our unwavering commitment to
global health and safety (‘‘H&S’’) programs for all team members is integral to our continued success and
competitive advantage. Our goal is to achieve a zero-injury workplace. As we continue to grow, we recognize the
need to continuously evaluate our environment, health, and safety (‘‘EHS’’) organization. In 2024, we continued to
enhance our H&S program to meet our obligations to provide a safe and secure working environment for our
employees. We are committed to meeting or exceeding EHS compliance requirements through internal and
independent third-party audits.
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We strive for EHS excellence by implementing and maintaining an effective EHS Management System that
establishes objectives, targets and programs to achieve continual improvement. Training and tools are provided to all
appropriate individuals in order to maintain a safe and healthy work environment.
Community Involvement
The Company works to affect positive change in the communities in which we work and live. Our giving and
volunteerism philosophy is aligned with three pillars: Green – environment and conservation, STEM – technology
innovation, and Equity – humanitarian, community, and family. These overarching pillars guide our actions while
providing us with the flexibility to serve the diverse needs of our local communities. Through corporate donations,
employee donation matching, and volunteerism, we empower our teams to drive meaningful change locally and
globally.
SUSTAINABILITY
The Company is committed to empowering change on its sustainability journey. Every Littelfuse employee,
customer, and partner has the potential to drive positive change – environmentally, socially, and ethically. Together,
we’re shaping a future defined by sustainable choices and conscientious actions.
Innovation and collaboration are at the heart of the Company’s sustainability journey. Accordingly, the Company is
positioned within the global sustainability megatrend to enhance our product offering to help empower a sustainable,
connected, and safer world. Many of the Company’s key end markets are linked to sustainable applications such as
electric vehicle charging infrastructure, renewable energy, and power management.
To support our commitment to sustainability, our Chief Legal Officer is the executive sponsor of our program, and
we provide regular updates to our Nominating and Governance Committee of the Board of Directors that has
oversight responsibility of the sustainability program.
The Company publishes an annual Sustainability Report to communicate our commitment, approach, and impact on
each of our focus areas. The 2023 Sustainability Report was prepared in alignment with the GRI Standards – 2021,
the Sustainability Accounting Standards Board (‘‘SASB’’), and outlines our governance, strategy, risk management,
and metrics identified in the Task Force on Climate-Related Financial Disclosures (‘‘TCFD’’) recommendations.
Further, we conducted our first Double Materiality Assessment in 2024 for future regulatory disclosures.
Information on the Company’s areas of focus within its sustainability program is available in the Company’s
Sustainability Reports, located on the Company’s website at https://www.littelfuse.com/about-us/sustainability.aspx.
The contents of the Company’s Sustainability Reports and website are not incorporated by reference in this Annual
Report on Form 10-K.
ENVIRONMENTAL REGULATION
The Company is subject to numerous foreign, federal, state, and local regulations relating to air and water quality,
the disposal of hazardous waste materials, safety and health. Compliance with applicable environmental regulations
has not significantly changed the Company’s competitive position, capital spending or earnings in the past and the
Company does not presently anticipate that compliance with such regulations will change its competitive position,
capital spending or earnings for the foreseeable future.
The Company believes that it is currently in compliance in all material respects with applicable environmental laws
and regulations.
Littelfuse GmbH, which was acquired by the Company in May 2004, is responsible for maintaining closed coal mines
in Germany from legacy operations. The Company is compliant with German regulations pertaining to the
maintenance of the mines and has an accrual related to certain of these coal mine shafts based on an engineering study
estimating the cost of remediating the dangers (such as a shaft collapse) of certain of these closed coal mine shafts
in Germany. The accrual is reviewed annually and calculated based upon the estimated costs of remediating the
shafts. Further information regarding the coal mine liability accrual is provided in Note 1, Summary of Significant
Accounting Policies and Other Information, of the Notes to Consolidated Financial Statements included in this
Annual Report.
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ITEM 1A. RISK FACTORS.
The Company’s business, financial condition, and results of operations are subject to various risks and uncertainties,
including the risk factors it has identified below. Any of the following risk factors could materially and adversely
affect the Company’s business, financial condition, or results of operations. These factors are not necessarily listed
in order of importance.
1) Operational Risks:
The Company’s industry is subject to intense competitive pressures.
The Company operates in markets that are highly competitive. The Company competes on the basis of price, product
performance and quality, service, and or brand name across the industries and markets it serves. Competitive
pressures could affect the prices the Company is able to charge its customers or demand for its products.
The Company may not always be able to compete on price, particularly when compared to manufacturers with lower
cost structures. Some of the Company’s competitors have substantially greater sales, financial and manufacturing
resources and may have greater access to capital than the Company. As other companies enter its markets or develop
new products, competition may further intensify. The Company’s failure to compete effectively could materially
adversely affect its business, financial condition, and results of operations.
The Company engages in strategic acquisitions and may not realize the anticipated benefits of the acquisitions and /
or may encounter difficulties in integrating these businesses.
The Company seeks to grow through strategic acquisitions. In the past, the Company has acquired a number of
businesses or companies and additional product lines and assets. The Company intends to continue to expand and
diversify its operations with additional future acquisitions.
An acquired business, technology, service or product could under-perform relative to the Company’s expectations and
the price paid for it, or not perform in accordance with the Company’s anticipated timetable. This could cause the
Company’s financial results to differ from expectations in any given fiscal period, or over the long term. The success
of these transactions also depends on the Company’s ability to integrate the assets, operations, and personnel
associated with these acquisitions. The Company may encounter difficulties in integrating acquisitions with the
Company’s operations and may not realize the degree or timing of the benefits that are anticipated from an
acquisition.
The Company may also discover liabilities or deficiencies associated with the companies or assets it acquires that
were not identified in advance, which may result in significant unanticipated costs. The effectiveness of the
Company’s due diligence review and its ability to evaluate the results of such due diligence are dependent upon the
accuracy and completeness of statements and disclosures made or actions taken by the companies acquired or their
representatives, as well as the limited amount of time in which acquisitions are executed. In addition, the Company
may fail to accurately forecast the financial impact of an acquisition transaction, including tax and accounting
charges. Acquisitions may also result in recording of significant additional expenses to the results of operations and
recording of substantial intangible assets on the balance sheet upon closing. Any of these factors may adversely affect
the Company’s financial condition and results of operations.
Disruptions in the Company’s manufacturing, supply or distribution chain could result in an adverse impact on
results of operations.
The Company sources materials and sells products through various global networks. A disruption could occur within
the Company’s manufacturing, distribution or supply chain network. This could include damage or destruction due
to various causes including natural disasters or political instability which would cause one or more of these networks
to become non-operational. This could adversely affect the Company’s ability to manufacture or deliver its products
in a timely manner, impair its ability to meet customer demand for products and result in lost sales or damage to its
reputation. Such a disruption could have a material adverse effect on the Company’s business, financial condition and
results of operations.
The Company may be unable to manufacture and deliver products in a manner that is responsive to its customers’
needs.
The end markets for the Company’s products are characterized by technological change, frequent new product
introductions and enhancements, changes in customer requirements and emerging industry standards. The
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introduction of products embodying new technologies and the emergence of new industry standards could render its
existing products obsolete and unmarketable before it can recover any or all of its research, development, and
commercialization expenses on capital investments. Furthermore, the life cycles of its products may change and are
difficult to estimate.
The Company’s future success will depend upon its ability to manufacture and deliver products in a manner that is
responsive to its customers’ needs. The Company will need to develop and introduce new products and product
enhancements on a timely basis that keep pace with technological developments and emerging industry standards and
address increasingly sophisticated requirements of its customers. The Company invests heavily in research and
development without knowing if it will recover these costs. The Company’s competitors may develop products or
technologies that will render its products non-competitive or obsolete. If it cannot develop and market new products
or product enhancements in a timely and cost-effective manner, its business, financial condition and results of
operations could be materially adversely affected.
The Company’s business may be interrupted by labor disputes or other interruptions of supplies.
A work stoppage could occur at certain Company facilities, most likely as a result of disputes under collective
bargaining agreements or in connection with negotiations of new collective bargaining agreements. Further, our
reliance on international supply chain systems exposes us to potential interruptions and delays cause by transportation
labor shortages, including dock worker stoppages and freight carrier disruptions. In addition, the Company may
experience a shortage of supplies for various reasons, such as financial distress, work stoppages, natural disasters, or
production difficulties that may affect one of its suppliers. A significant work stoppage, or an interruption or shortage
of supplies for any reason, if protracted, could substantially adversely affect the Company’s business, financial
condition and results of operations.
Failure to attract and retain qualified personnel could affect the Company’s business results.
The Company’s success in its existing and acquired businesses depends on the Company’s ability to attract, retain,
and motivate a highly-skilled and diverse management team and workforce. Failure to ensure that the Company has
the depth and breadth of personnel with the necessary skill set and experience could impede its ability to deliver
growth objectives and execute the Company’s strategy. Competition for qualified employees among companies that
rely heavily upon engineering and technology is at times intense, and the loss of qualified employees could hinder
the Company’s ability to conduct research activities successfully and develop marketable products.
The Company may not be successful in protecting its intellectual property.
The Company considers its intellectual property, including patents, trade names, and trademarks, to be of significant
value to its business as a whole. The Company’s products are manufactured, marketed, and sold under a portfolio of
patents, trademarks, licenses, and other forms of intellectual property, some of which expire or are allowed to lapse
at various dates in the future. The Company develops and acquires new intellectual property on an ongoing basis and
considers all of its intellectual property to be valuable. The Company’s policy is to file applications and obtain patents
for the great majority of its novel and innovative new products including product modifications and improvements.
Based on the broad scope of its product lines, the Company believes that the loss or expiration of any single
intellectual property right would not have a material adverse effect upon its consolidated results of operations,
financial position and cash flows; however, multiple losses or expirations could have a material adverse effect upon
the Company’s consolidated results of operations, financial position and cash flows.
The Company may incur material losses and costs as a result of defects in its products, including as a result of
warranty claims, product recalls, and product liability.
The Company has been notified by one of its customers of a product recall potentially due to certain fuses provided
by the Company and incorporated in the customer’s products. The Company is working with its customer to
investigate the cause and level of responsibility for this recall. Given the highly complex products that the Company
manufactures, it is possible that those products, including third-party components contained in those products, may
contain defects or fail to work properly or as intended when integrated with customer products. This could subject
the Company to product liability or warranty claims, which could lead to significant expenses, including recall, repair,
and/or replacement costs and, potentially breach of contract or other damage claims, all of which could materially
adversely affect the Company’s financial results. This is particularly true if the Company does not discover these
15

issues until after the products have been sold and deployed. In addition to expenses directly attributable to product
defects, the Company’s reputation and ability to attract and retain customers may be harmed. Further, significant
warranty and product liability claims may, among other things, result in the need for significant reserves, divert
management’s and other personnel’s attention, cause production delays, impact on-time delivery of products to other
customers, reduce margins, and delay recognition of revenues. It is also possible that end users of customers’ products
may make claims against the Company, resulting in additional defense costs and potential damages. Although, the
Company generally attempts to limit its liability through standard contract terms and conditions and maintains
insurance in connection with product defects and warranty claims, it is possible that the Company may not be able
to enforce contractual limitations on damages and/or that a successful claim against the Company may exceed the
Company’s applicable insurance policy limits or be excluded from coverage.
2) Regulatory Risks:
Climate change, and the regulatory and legislative developments related to climate change, may have a material
adverse impact on our business and results of operations.
The potential physical impacts of climate change on our business operations are highly uncertain and differ in each
geographic region where we operate. These impacts may include changes in weather patterns and increased weather
intensity, water shortages, changing sea levels and changing temperatures. The impacts of climate change may
materially and adversely impact the cost of production, insurance availability, and financial performance of our
operations. Further, any impacts to our business and financial condition as a result of climate change are likely to
occur over a sustained period of time and are therefore difficult to quantify with any degree of specificity. For
example, extreme weather events may result in adverse physical effects on portions of our or others infrastructure,
which could disrupt our supply chain and our customers and ultimately our business operations. In addition,
disruption of transportation and distribution systems could result in reduced operational efficiency and customer
service interruption. Climate-related events have the potential to disrupt our business, including the business of our
suppliers and customers, and may cause us to experience higher attrition, and additional costs to resume operations.
Increased government or governmental bodies contemplating legislative and regulatory changes in response to the
potential impact of climate change could impose significant costs on us and our suppliers and customers, including
increased cost of materials and natural resources, sources and supply of energy, capital equipment, environmental
monitoring and reporting, or other costs to comply with such regulations. Potential regulations or standards could
mandate more restrictive manufacturing requirements, such as stricter limits on greenhouse gas emissions and
material used in production. Some jurisdictions have already passed such laws. For example, California enacted
legislation in 2023 requiring disclosure of certain companies’ greenhouse gas (‘‘GHG’’) emissions, climate-related
financial risks, voluntary carbon offsets (‘‘VCOs’’), and certain climate-related emission claims. Any future climate
change regulations could also adversely impact our ability to compete with companies not subject to such regulations.
In addition, the European Union (‘‘EU’’) enacted the Corporate Sustainability Reporting Directive (‘‘CSRD’’) and
Corporate Sustainability Due Diligence (‘‘CS3D’’) in 2023 and 2024, respectively. We are further assessing our
compliance and reporting strategies under CSRD and CS3D, but our obligations under these and other EU climate
directives may incur substantial effort in the future.
Changes in U.S. and other countries trade policy, including the imposition of tariffs and the resulting
consequences, may have a material adverse impact on our business and results of operations.
In the past several years, the U.S. government adopted a new approach to trade policy and in some cases to
renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements. It also imposed tariffs
on certain foreign goods and products. These measures may materially increase costs for goods imported into the
U.S. Further, the global trade policies and tensions could create additional complexities. Our international presence
subjects us to risks associated with international trade conflicts between the United States and its trade partners,
including, without limitation, China, Mexico and Canada, particularly with regard to tariffs and import/export
controls. These factors in turn could require us to materially increase prices to our customers which may reduce
demand, or, if we do not or are unable to increase prices, could result in lower margins on products sold. Changes
in U.S. trade policy have resulted in, and could result in more, U.S. trading partners adopting responsive trade policies
making it more difficult or costly for us to export our products to those countries. Additionally, continued geopolitical
issues may result in customers outside the U.S. seeking to source products from local suppliers, which could result
in lower sales or lost customers.
16

The Company is exposed to political, economic, and other risks that arise from operating a multinational business.
The Company’s customers, suppliers, employees and operations are located in numerous countries around the world,
and contribute significantly to its revenues and earnings. Sales to customers outside the U.S. constituted
approximately 63% of the Company’s net sales in fiscal 2024, including approximately 23% to China.
Economic conditions in China have been, and may continue to be, volatile and uncertain. In addition, the legal and
regulatory system in China continues to evolve and is subject to change. There also continues to be significant
uncertainty about the relationship between the U.S. and other countries, including China, with respect to geopolitics,
trade policies, treaties, government regulations, and tariffs. The result of the recent U.S. elections may compound this
uncertainty. Further deterioration of economic conditions or outlook, such as lower economic growth, recession or
fears of recession in other countries may adversely affect the demand for or profitability of our products and services.
Many of the Company’s key customers are located outside of the U.S. and maintain global operations. Serving a
global customer base and remaining competitive in the global marketplace requires the Company to diversify its
operations outside the U.S. to capitalize on customer and market opportunities, build a global workforce and maintain
a cost efficient structure. In addition, the Company sources a significant amount of raw materials, components and
finished goods from third-party suppliers and contract manufacturers. The Company’s operating activities are subject
to a number of risks generally associated with multi-national operations including risks relating to the following:
•
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;
•
war and acts of war;
•
public health concerns, including the outbreak of the coronavirus or other pandemics;
•
difficulties in staffing and managing multi-national operations; and
•
limitations on the Company’s ability to enforce legal rights and remedies.
Any of these factors could have a material adverse effect on the Company’s consolidated results of operations,
financial position and cash flows. In addition, the effects on the global economy of the Russia-Ukraine and
Israel-Hamas wars, particularly if they escalate, are uncertain.
Environmental liabilities could adversely impact the Company’s financial position.
Foreign, federal, state and local laws and regulations impose various restrictions and controls on the discharge of
materials, chemicals and gases used in the Company’s manufacturing processes or in its finished goods. These
environmental regulations have required the Company to expend a portion of its resources and capital on relevant
compliance programs. Under these laws and regulations, the Company could be held financially responsible for
remedial measures if its current or former properties are contaminated or if it sends waste to a landfill or recycling
facility that becomes contaminated, even if the Company did not cause the contamination. The Company may be
subject to additional common law claims if it releases substances that damage or harm third parties.
17

Future environmental laws, regulations, standards and other obligations as well as changes in the interpretation of
existing environmental laws, regulations, standards and other obligations could impair our ability to operate our
business, such as through increased compliance costs and procedures, additional investments in capital equipment
and distraction of management from other operational and strategic matters. For example, in June 2024 in Loper
Bright Enterprises v. Raimondo (‘‘Loper’’), the Supreme Court’s holding that courts need not defer to a governmental
agency’s interpretation of an ambiguous statute that it administers may result in increased challenges, changes to
existing agency regulations, and uncertainty as to how courts may interpret agency regulations in the future. Any
failure to comply with new or existing environmental laws or regulations could subject the Company to significant
liabilities and could have a material adverse effect on its consolidated results of operations, financial position and
cash flows. Further, the Trump administration and newly elected Congress and appointed agency chairs may seek
sweeping changes in environmental regulation.
In the conduct of manufacturing operations, the Company has handled and does handle materials that are considered
hazardous, toxic or volatile under federal, state, and local laws. The risk of accidental release of such materials cannot
be completely eliminated. In addition, the Company operates or owns facilities located on or near real property that
was formerly owned and operated by others. Certain of these properties were used in ways that involved hazardous
materials. Contaminants may migrate from, within or through these properties. These releases or migrations may give
rise to claims. Where third parties are responsible for contamination, the third parties may not have funds, or not make
funds available when needed, to pay remediation costs imposed upon the Company under environmental laws and
regulations.
The Company is responsible for the maintenance of discontinued coal mining operations in Germany. The risk of
environmental remediation exists, and the Company is in the process of remediating the mines considered to be the
most at risk.
3) Financial Risks:
The Company’s effective tax rate could materially increase as a consequence of various factors, including
U.S. and/or international tax legislation, mix of the Company’s earnings by jurisdiction, and U.S. and
non-U.S. jurisdictional tax audits.
The Company is subject to taxes in the U.S. and numerous non-U.S. jurisdictions. Therefore, it is subject to changes
in tax laws in each of these jurisdictions, including changes discussed in the paragraphs below. Further, the results
of the recent U.S. elections could create additional complexities in the U.S.’s and other countries’ tax policies. The
outcome of these and other legislative developments, including changes to interpretations of recently enacted
legislation, could have a material adverse effect on the Company’s future effective tax rate and cash flows.
The Organization for Economic Cooperation and Development (‘‘OECD’’) has been working with a group of more
than 100 countries to significantly change the tax treatment of multinational businesses, subjecting them to tax in
additional jurisdictions, modifying the methods by which they allocate profits among jurisdictions, and subjecting
them to a minimum level of tax of 15%, on a country-by-country-basis. As part of this effort, in December of 2021,
the OECD published model rules to assist with implementation of the minimum tax regime.
In December of 2022, the European Union reached an agreement pursuant to which all European Union countries
agreed to enact laws based upon the OECD-led minimum tax proposals. During 2024, these rules became effective
for most European jurisdictions. Similar legislation was adopted, or is expected to be adopted, in other countries with
widespread implementation of the global minimum tax anticipated by the end of 2025. The Company’s income tax
rate in certain non-U.S. jurisdictions is lower than 15%. Once these minimum tax rules are effective, they could have
a significant adverse effect on the Company’s future effective tax rate and cash flows.
The Company has two subsidiaries in China which benefit from lower tax rates due to ‘‘tax holidays’’ which apply
for three-year periods. The tax holiday for one of the subsidiaries expired at the end of 2023 but was later extended
for an additional three years, retroactively to include all of 2024, as well as 2025 and 2026; and for the other
subsidiary, the tax holiday will expire at the end of 2025. Future year tax benefits will depend upon the Company’s
ability to obtain extensions, after the three-year periods expire. There can be no assurance that future extensions will
be granted.
The tax rates applicable in the jurisdictions within which the Company operates vary widely. Therefore, the
Company’s effective tax rate may be adversely affected by changes in the mix of its earnings by jurisdiction.
18

The Company’s tax returns are subject to examination by various U.S. and non-U.S. tax authorities, including the
U.S. Internal Revenue Service. The Company regularly assesses the likelihood of an adverse outcome resulting from
these examinations to determine the adequacy of its provision for income taxes. However, there can be no assurance
as to the outcome of these examinations.
The Company’s ability to manage currency or commodity price fluctuations or supply shortages is limited.
As a resource-intensive manufacturing operation, the Company is exposed to a variety of market and asset risks,
including the effects of changes in commodity prices, foreign currency exchange rates, and interest rates. The
Company has multiple sources of supply for the majority of its commodity requirements. The Company monitors and
manages exposures in changes in commodity prices, foreign currency exchange rates, and interest rates as an integral
part of its overall risk management program, which recognizes the unpredictability of markets and seeks to reduce
the potentially adverse effects on its results. Nevertheless, changes in currency exchange rates, commodity prices and
interest rates cannot always be predicted. In addition, because of intense price competition and the Company’s high
level of fixed costs, it may not be able to address such changes even if they are foreseeable. Substantial changes in
these rates and prices could have a material adverse effect on the Company’s results of operations and financial
condition. In addition, significant portions of its revenues and earnings are exposed to changes in foreign currency
rates. As it operates in multiple foreign currencies, changes in those currencies relative to the U.S. dollar will impact
its revenues and expenses. The impact of possible currency devaluation in countries experiencing high inflation rates
or significant exchange fluctuations can impact the Company’s results and financial guidance. For additional
discussion of interest rate, currency or commodity price risk, see Item 7A, Quantitative and Qualitative Disclosures
about Market Risk.
A significant fluctuation between the U.S. dollar and other currencies could adversely impact the Company’s
revenue and earnings.
Although the Company’s financial results are reported in U.S. dollars, the majority of the Company’s operations
consist of manufacturing and sales activities in foreign countries. The Company’s most significant net long exposure
is to the euro. The Company’s most significant net short exposures are to the Chinese renminbi, Mexican peso, and
Philippine peso. Changes in foreign exchange rates could have an adverse effect on the Company’s results of
operations, financial position and cash flows.
The Company’s revenues may vary significantly from period to period.
The Company’s revenues may vary significantly from one period to another due to a variety of factors including:
•
changes in customers’ buying decisions;
•
changes in demand for its products;
•
changes in its distributor inventory stocking;
•
the Company’s product mix;
•
the Company’s effectiveness in managing manufacturing processes;
•
costs and timing of its component purchases;
•
the effectiveness of its inventory control;
•
the degree to which it is able to utilize its available manufacturing capacity;
•
the Company’s ability to meet delivery schedules;
•
general economic and industry conditions;
•
local conditions and events that may affect its production volumes, such as labor conditions and political
instability; and
•
seasonality of certain product lines.
Reorganization activities may lead to additional costs and material adverse effects.
In the past, the Company has taken actions to restructure and optimize its production and manufacturing capabilities
and efficiencies through relocations, consolidations, plant closings or asset sales. In the future, the Company may take
additional restructuring actions including the consolidating, closing or selling of additional facilities. These actions
19

could result in impairment charges and various charges for such items as idle capacity, disposition costs and
severance costs, in addition to normal or attendant risks and uncertainties. The Company may be unsuccessful in any
of its current or future efforts to restructure or consolidate its business. Plans to minimize or eliminate any loss of
revenues during restructuring or consolidation may not be achieved. These activities may have a material adverse
effect upon the Company’s business, financial condition and results of operations.
A decline in expected profitability of the Company or individual reporting units of the Company could result in
the impairment of assets, including goodwill and other long-lived assets.
The Company continues to hold material amounts of goodwill and other long-lived assets on its balance sheet. A
decline in expected profitability, particularly if there is a decline in the global economy, could call into question the
recoverability of the Company’s related goodwill and other long-lived tangible and intangible assets and require the
write-down or write-off of these assets. Such an occurrence could have a material adverse effect on the Company’s
consolidated results of operations, financial position and cash flows.
As a result of the 2024 annual goodwill impairment test, the Company recorded non-cash charges of $36.1 million
and $8.6 million to reflect the impairment of goodwill for the Industrial controls and sensors reporting unit within
the Industrial segment and the Automotive sensors reporting unit within the Transportation segment, respectively.
There were no impairment charges recorded during the fiscal years of 2023 and 2022.
In addition, during the fourth quarter of 2024, the Company recorded non-cash impairment charges of $47.8 million
for the impairment of intangible assets, including $47.6 million related to the impairment of certain acquired
customer relationships, developed technology, and tradename intangible assets in the Industrial controls and sensors
reporting unit within the Industrial segment.
We have identified a material weaknesses in our internal control over financial reporting, and ineffective internal
controls could impact the accuracy and timely reporting of our business and financial results.
Our disclosure controls or our internal control over financial reporting may not prevent or detect all errors, including
simple errors or mistakes, and all incidents of non-compliance, which may result in misstatements. A control system,
no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met with respect to the preparation and accurate presentation of financial statements. If we
fail to maintain the adequacy of our internal controls, including any failure to timely and appropriately implement
new, required or improved controls, such failure may result in the loss of investor confidence in our financial reports,
and we may incur significant expenses to remediate any resulting internal control deficiencies. Such failure may,
ultimately, have an adverse effect on the trading price of our common stock. Further, controls may become inadequate
over time because of changes in conditions or the degree of compliance with the policies may deteriorate. The design
of a control system must reflect the fact there are resource constraints, and the benefits of controls must be considered
relative to their costs.
The Company’s management has identified the material weaknesses described below. In making this assessment,
management has concluded that we did not design and maintain an effective control environment commensurate with
our financial reporting requirements. Specifically, at certain of our non-U.S. manufacturing locations, we lacked
sufficiently skilled operational and accounting personnel to ensure that internal control responsibilities were
performed and aligned with internal control objectives.
The material weakness in the control environment contributed to an additional material weakness related to the design
and operating effectiveness of control activities over the existence of inventory at these locations. The Company did
not maintain effective controls related to inventory cycle counts to validate existence of inventory, and consequently,
the completeness and accuracy of the data used in evaluating the appropriateness of the valuation of inventory and
related reserves. These material weaknesses resulted in corrections through cumulative out-of-period adjustments as
described in notes to the consolidated financial statements as of and for the year ended December 28, 2024. The
Company evaluated the impact of the error and out-of-period adjustment and concluded it was not material to any
previously issued financial statements and the adjustment was not material to the year ended December 28, 2024.
Further, we have incurred additional costs and risks, including costs for accounting and legal fees in connection with
the ongoing process of remediating the material weaknesses. We could also be subject to regulatory, stockholder or
other actions in connection with the material weaknesses, and such actions would divert management’s time and
attention. For a description of the material weaknesses identified by management and the remediation efforts being
20

implemented to address the material weaknesses, see ‘‘Part II, Item 9A - Controls and Procedures.’’ If the enhanced
controls implemented to address the material weaknesses and to strengthen our overall internal control do not operate
effectively, if we are unsuccessful in implementing or following these enhanced processes, or if we are otherwise
unable to remediate this material weaknesses, such failures may result in delayed or inaccurate reporting of our
financial results.
The bankruptcy or insolvency of a major customer could adversely affect the Company.
The bankruptcy or insolvency of a major customer could result in lower sales revenue and cause a material adverse
effect on the Company’s consolidated results of operations, financial position and cash flows. In addition, the
bankruptcy or insolvency of a major auto manufacturer or significant supplier likely could lead to substantial
disruptions in the automotive supply base, resulting in lower demand for the Company’s products, which would likely
cause a decrease in sales revenue and have a substantial adverse impact on the Company’s consolidated results of
operations, financial position and cash flows.
The inability to maintain access to capital markets may adversely affect the Company’s business and financial
results.
The Company’s ability to invest in its businesses, make strategic acquisitions, and refinance maturing debt
obligations may require access to the capital markets and sufficient bank credit lines to support short-term
borrowings. If the Company is unable to access the capital markets or bank credit facilities, it could experience a
material adverse effect on its consolidated results of operations, financial position and cash flows.
Fixed costs may reduce operating results if sales fall below expectations.
The Company’s expense levels are based, in part, on its expectations for future sales. Many of the Company’s
expenses, particularly those relating to capital equipment and manufacturing overhead, are relatively fixed. The
Company might not be able to reduce spending quickly enough to compensate for reductions in sales. Accordingly,
shortfalls in sales could materially and adversely affect the Company’s consolidated results of operations, financial
position and cash flows.
The volatility of the Company’s stock price could affect the value of an investment in the Company’s stock and
future financial position.
The market price of the Company’s stock can fluctuate widely. Between December 30, 2023 and December 28, 2024,
the closing sale price of the Company’s common stock ranged between a low of $222.9 and a high of $275.6. The
volatility of the stock price may be related to any number of factors, such as volatility in the financial markets, general
macroeconomic conditions, industry conditions, market expectations concerning the Company’s results of operations,
or the volatility of its revenues as discussed above under ‘‘The Company’s revenues may vary significantly from
period to period.’’ The historic market price of the Company’s common stock may not be indicative of future market
prices. The Company may not be able to sustain or increase the value of its common stock. Declines in the market
price of the Company’s stock could adversely affect the Company’s ability to retain personnel with stock incentives,
to acquire businesses or assets in exchange for stock and/or to conduct future financing activities with or involving
the Company’s common stock.
The Company is exposed to, and may be adversely affected by, potential security breaches or other disruptions to
its information technology systems and data security.
The Company relies on its information technology systems and networks in connection with many of its business
activities. Some of these networks and systems are managed directly by the Company, while others are managed by
third-party service providers and are not under the Company’s direct control. The Company’s operations routinely
involve receiving, storing, processing and transmitting sensitive information pertaining to its business, customers,
dealers, suppliers, employees, and other sensitive matters. As with most companies, the Company has experienced
cyber-attacks, attempts to breach its systems, and other similar incidents, none of which have been material. Any
future cyber incidents could, however, materially disrupt operational systems; result in loss of trade secrets or other
proprietary or competitively sensitive information; compromise personally identifiable information regarding
employees or customers or other third parties; and jeopardize the security of the Company’s facilities. A cyber
incident could be caused by malicious outsiders using sophisticated methods to circumvent firewalls, encryption, and
other security defenses. Because techniques used to obtain unauthorized access or to sabotage systems change
21

frequently and generally are not recognized until they are launched against a target, the Company may be unable to
anticipate these techniques or to implement adequate preventative measures. Information technology security threats,
including security breaches, computer malware, and other cyber-attacks are increasing in both frequency and
sophistication and could create financial liability, subject the Company to legal or regulatory sanctions or damage the
Company’s reputation with customers, dealers, suppliers, and other stakeholders. In addition, the widespread
adoption and rapid evolution of artificial intelligence technologies may increase our cybersecurity risk, including the
use of generative artificial intelligence to augment existing or to create new malware. The Company continuously
seeks to maintain a robust program of information security and controls, but the impact of a material information
technology event could have a material adverse effect on the Company’s competitive position, reputation, results of
operations, financial position and cash flows.
Customer demands and regulations related to conflict-free minerals may force the Company to incur additional
expenses.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires disclosure of the use of ‘‘conflict’’
minerals mined from the Democratic Republic of Congo and adjoining countries and efforts to prevent the use of such
minerals. In the semiconductor industry, these minerals are most commonly found in metals. As there may be only
a limited number of suppliers offering ‘‘conflict free’’ metals, the Company cannot be certain that it will be able to
obtain necessary metals in sufficient quantities or at competitive prices. Also, the Company may face challenges with
its customers and suppliers if it is unable to sufficiently verify that the metals used in its products are ‘‘conflict free.’’
ITEM 1B. UNRESOLVED STAFF COMMENTS.
None.
ITEM 1C. CYBERSECURITY.
The cybersecurity and data protection program at Littelfuse is based on foundational principles outlined in applicable
industry and internationally accepted-cybersecurity frameworks. The Company has experienced and will continue to
experience cyber-attacks, attempts to breach its systems, and other similar incidents, however we do not believe that
the prior cyber incidents have materially affected or are reasonably likely to materially affect the Company. Littelfuse
faces risks from cybersecurity threats that could have a material adverse effect on its business, financial condition,
results of operations, cash flows, or reputation. Like all cybersecurity programs, there is no guarantee that every
attack method and technique has been fully addressed, as these change constantly, but Littelfuse is diligent in its
attempts to protect data of the Company and its stakeholders.
Littelfuse strives to assess and update its cybersecurity program on a regular basis using an Information Security
Management System (‘‘ISMS’’) comprised of three main elements – 1) independent internationally recognized
vendors and technologies for assessments and monitoring, 2) strong internal controls based on industry standards, and
3) Board and Senior Leadership governance and support.
From an external assessment and monitoring perspective, Littelfuse engages third parties to monitor and report on
known exploitable vulnerabilities, within and external to Littelfuse’s information technology (‘‘IT’’) ecosystems.
These third parties provide assessment and vulnerability scanning tools to detect exploitable unauthorized access into
the Littelfuse environments.
The Audit Committee of the Board of Directors is tasked with reviewing the Company’s policies and procedures
related to cybersecurity risks and incidents. The Company’s Chief Information Officer (‘‘CIO’’) oversees its
cybersecurity program, and regularly provides updates to Littelfuse Senior Leadership and the Audit Committee, as
well as the full Board, which include information regarding our cybersecurity program initiatives, insurance
coverage, acquisition integration processes, program performance as well as the maturity of the Littelfuse
cybersecurity program. These cybersecurity maturity updates are based on cybersecurity maturity reporting and
analysis by the Littelfuse internal IT team, as well as reporting provided by independent third parties. The updates
help Senior Leadership, the Audit Committee, and the Board to understand the risks the organization faces based on
changing cybersecurity threats and on changes to the Littelfuse environment due to factors such as acquisitions and
new technology upgrades and improvements. Representatives from Littelfuse’s technology team and other business
functions receive regular cybersecurity risk reports and use this information for its decision making in operational
improvements as well as budget and resource allocations. The CIO has managed and evolved the cyber security
function at Littelfuse for the past five years and is supported by a cyber security leader with over 20 years of
Littelfuse experience in IT infrastructure, IT operations, and cybersecurity.
22

The ISMS within Littelfuse consists of internationally recognized program elements that reduce the risk of an
operational or cybersecurity incident from significantly impacting Littelfuse and its customers, vendors, and
employees. These ISMS elements include but are not limited to:
Security Awareness and Training – Littelfuse has an IT security awareness program consisting of training on
the fundamentals of information security protection. These training courses are provided annually.
Network Protection – Network protection, detection, and monitoring technologies have been deployed on all
external and internal network connections to segment different sections of the business from each other to
strengthen key protection capabilities.
Identity and Access Management (‘‘IAM’’) – Littelfuse has implemented user authentication controls on its
systems, devices, data, and applications. In addition, multi-factor authentication is implemented for all personnel
who remotely access or have privileged account access to Littelfuse systems and networks.
Data Classification and Protection – Littelfuse has implemented data loss prevention and classification labels
and encryption on its internal unstructured data to prevent unauthorized data loss and data sharing. Structured
data in ERP systems and core business systems are encrypted and protected by industry cybersecurity standards
and procedures.
Endpoint Protection – Littelfuse has implemented anti-virus, malware, and endpoint protection management
detection and monitoring solutions on end-user devices and servers. Logs and alerts from these monitoring
solutions are routed to independent third-party monitoring vendors that provide 24/7 monitoring, around the
world.
Threat and Vulnerability Management – Littelfuse uses an internationally recognized managed security
services provider (‘‘MSSP’’) and technologies to collect security alert and audit logs on a 24/7 basis, monitor
and assess latest threat intelligence, provide analysis on new identified potential vulnerabilities, and provide
response and support services to rapidly reduce any identified vulnerabilities.
Security Incident Management – Security incident response plans and procedures have been developed in
collaboration with our MSSP. They allow us to assess potential threats, first and second level notification and
response protocols, and supporting notification protocols – both internally and externally. These plans,
procedures, and protocols are tested and updated on a regular basis.
Resiliency and Contingency Planning – Risk assessments are performed on a regular basis to assess the
IT risk of single points of failure, security maturity, and security vulnerabilities. The results of these assessments
are used to define various resiliency and contingency mitigation strategies, corrective action plans, on-site and
remote data back-up strategies and technologies and allocation of IT resources.
ITEM 2.
PROPERTIES.
The Company’s engineering and research and development, manufacturing, sales, warehouses, and distribution
centers are located in approximately 76 owned or leased facilities worldwide with primary operations in China,
France, Germany, India, Ireland, Italy, Japan, Lithuania, Mexico, Netherlands, Philippines, South Korea, Spain, U.K,
the U.S., and Vietnam totaling approximately 5.3 million square feet. The Company’s owned facilities include
approximately 3.0 million square feet and the Company’s leased facilities include approximately 2.3 million square
feet. The Company’s corporate headquarters is located in the U.S. in Rosemont, Illinois.
The Company believes its facilities are adequate to meet its requirements for the foreseeable future.
ITEM 3.
LEGAL PROCEEDINGS.
The Company is not a party to any material legal proceedings, other than routine litigation incidental to its business.
ITEM 4.
MINE SAFETY DISCLOSURES.
Not applicable.
23

Information about our Executive Officers.
The executive officers of the Company are as follows:
Name
Age
Position
David W. Heinzmann
61
President and Chief Executive Officer (retired as of February 10, 2025)
Gregory N. Henderson
56
President and Chief Executive Officer (effective as of February 10, 2025)
Meenal A. Sethna
55
Executive Vice President and Chief Financial Officer
Ryan K. Stafford
57
Executive Vice President, Mergers and Acquisitions, Chief Legal Officer and
Corporate Secretary
Maggie Chu
56
Senior Vice President and Chief Human Resources Officer
Alexander Conrad
58
Senior Vice President and General Manager, Passenger Vehicle Business
Peter Kim
52
Senior Vice President and General Manager, Industrial Business
Chad Marak
45
Senior Vice President and General Manager, Semiconductor Products
Deepak Nayar
65
Senior Vice President and General Manager, Electronics Business
David Ruppel
54
Senior Vice President and General Manager, Commercial Vehicle Products
David W. Heinzmann, served as President and Chief Executive Officer until his retirement as of February 10, 2025.
Mr. Heinzmann will remain on the Littelfuse Board through April 2025 and serve as an advisor to the Company
through August 10, 2025. Mr. Heinzmann began his career at Littelfuse in 1985 as a manufacturing engineer and has
held positions of increasing responsibility since that time, including Vice President, Global Operations, from 2007
to 2014, and Chief Operating Officer from 2014 until assuming the position of President and Chief Executive Officer
in 2017 until his retirement in February 2025.
Gregory N. Henderson, President and Chief Executive Officer and a member of the Board of Directors.
Dr. Henderson was appointed President and Chief Executive officer effective February 10, 2025. From 2017 to 2024,
Dr. Henderson served as the Senior Vice President of the Automotive & Energy, Communications, and Aerospace
Group for Analog Devices, Inc. (NASDAQ: ADI), a semiconductor company specializing in data conversion, signal
processing and power management technology. Previously, he served as Vice President of the RF and Microwave
Business for Analog Devices from 2014 to 2017, and as Vice President of the RF and Microwave Business for Hittite
Microwave Corporation until its acquisition by Analog Devices in 2014. Before joining Hittite, Dr. Henderson held
various positions of increasing technical and leadership responsibility at Harris Corporation, Tyco Electronics,
TriQuint Semiconductor, and IBM (NYSE: IBM).
Meenal A. Sethna, Executive Vice President and Chief Financial Officer. Ms. Sethna joined Littelfuse in 2015 as
Senior Vice President of Finance until assuming her current position in 2016. Prior to joining Littelfuse,
Ms. Sethna served from 2011 to 2015 as Vice President and Corporate Controller of Illinois Tool Works Inc., a
diversified manufacturer of specialized industrial equipment, consumables, and related service businesses.
Ms. Sethna is a Certified Public Accountant in Illinois.
Ryan K. Stafford, Executive Vice President, Mergers and Acquisitions, Chief Legal Officer and Corporate Secretary.
Mr. Stafford joined Littelfuse as its first General Counsel and Chief Human Resources Officer in 2007, became
Corporate Secretary in 2017, and assumed his current position in 2021. Prior to joining Littelfuse, Mr. Stafford served
in a number of roles at Tyco International Ltd., including Vice President of China Operations and
Vice President & General Counsel for its Engineered Products & Services Business Segment.
Maggie Chu, Senior Vice President and Chief Human Resources Officer. Ms. Chu joined Littelfuse in 2021 as Senior
Vice President and Chief Human Resources Officer. Prior to joining Littelfuse, Ms. Chu served from 2018 to 2021
at Caterpillar, Inc., a leading manufacturer of construction and mining equipment, diesel and natural gas engines,
industrial gas turbines and diesel-electric locomotives, as Segment Human Resources Director for the
Energy & Transportation segment and Corporate Services group. Prior to Caterpillar, Ms. Chu spent 15 years with
General Electric Company, a high-tech industrial company, in a number of global human resources leadership roles
across several of General Electric’s industrial businesses.
24

Alexander Conrad, Senior Vice President and General Manager, Passenger Vehicle Business. Mr. Conrad joined
Littelfuse in 2005 as Sales Manager, Germany & Eastern Europe. He then held various positions of increasing
responsibility at Littelfuse including Sales Director EMEA; Global Director of Sales; Managing Director, Passenger
Car Products from 2013 to 2014; and Vice President, Passenger Car Products, from 2015 until assuming his current
position in 2018.
Peter Kim, Senior Vice President and General Manager, Industrial Business. Mr. Kim joined Littelfuse in 2003 as
Manager, Global Procurement. He then held various positions of increasing responsibility at Littelfuse including
Director, Global Procurement; Director, Electronics Product Management; Vice President, Asia Sales; Vice President,
Global Sales from 2017 to 2019; and Vice President and General Manager, Industrial Business from 2019 until
assuming his current position in 2022.
Chad Marak, Senior Vice President and General Manager, Semiconductor Products. Mr. Marak joined Littelfuse in
2007 as Senior Design Engineer. Mr. Marak held various positions of increasing responsibility at Littelfuse including
Technical Marketing Manager; Director of Technical Marketing; Director of Semiconductor Business Development;
Vice President, Product Management from 2019 to 2020; and Vice President and General Manager, Semiconductor
Products from 2020 until assuming his current position in 2022.
Deepak Nayar, Senior Vice President and General Manager, Electronics Business. Mr. Nayar joined Littelfuse in
2005 as Business Line Director of the Electronics Business Unit. He then held various positions of increasing
responsibility at Littelfuse including Vice President, Global Sales, Electronics Business Unit; Senior Vice President,
Electronics Business Unit from 2011 until 2019; and Senior Vice President and General Manager, Electronics and
Industrial Business from 2019 until assuming his current position in 2022.
David Ruppel, Senior Vice President and General Manager, Commercial Vehicle Business. Mr. Ruppel joined
Littelfuse in his current position in 2024. Prior to joining Littelfuse, Mr. Ruppel served as President at IDEX Optical
Technologies from 2021 to 2024, and previously served in leadership roles at Montevideo Technology, Inc.,
Herman Miller, Eaton and Cooper Industries.
25

PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.
Shares of the Company’s common stock are traded under the symbol ‘‘LFUS’’ on the NASDAQ Global Select
MarketSM.
Number of Holders
As of March 7, 2025, there were 51 holders of record of the Company’s common stock.
Dividend Policy
The future dividend policy will be determined by the Board of Directors based upon its evaluation of earnings, cash
availability, and general business prospects. Currently, there are restrictions on the payment of dividends contained
in the Company’s credit agreements that relate to the maintenance of certain financial ratios. However, the Company
expects to continue paying cash dividends on a quarterly basis for the foreseeable future.
Recent Sales of Unregistered Securities
There were no sales of unregistered securities by us or affiliates during the fiscal year ended December 28, 2024.
Purchases of Equity Securities
The Company’s Board of Directors authorized the repurchase of up to $300 million in the aggregate of shares of the
Company’s common stock for the period May 1, 2021 to April 30, 2024 (‘‘2021 program’’). On April 25, 2024, the
Company’s Board of Directors authorized a new three-year program to repurchase up to $300.0 million in the
aggregate of shares of the Company’s stock for the period May 1, 2024 to April 30, 2027 (‘‘2024 program’’) to
replace the expired 2021 program.
During the fiscal year 2024, the Company repurchased 179,311 shares of its common stock totaling $40.9 million,
of which, $38.9 million was pursuant to the 2021 program and $2.0 million was pursuant to the 2024 program. There
are $298.0 million of an authorized amount not yet purchased under the 2024 program as of December 28, 2024.
During the fiscal years of 2023 and 2022, the Company did not repurchase any shares of its common stock.
The table below presents shares of the Company’s common stock which were acquired by the Company during the
fiscal year ended December 28, 2024:
Period
Total number of
shares
purchased
Average price
paid per share
Total number of shares
purchased as part of
publicly announced
plans or programs
Maximum dollar value of
shares that may yet be
purchased under the plans
2021 Program:
February 25 through March 30 . . . . . .
70,280
$229.53
70,280
$283,867,325
March 31 through April 30 . . . . . . . . .
100,131
$226.95
100,131
$261,142,586
2024 Program:
May 1 through May 25 . . . . . . . . . . . .
8,900
$225.35
8,900
$297,994,349
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
179,311
$227.88
8,900
$297,994,349
Stock Performance Graph
The following stock performance graph and related information shall not be deemed ‘‘soliciting material’’or ‘‘filed’’
with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any
future filings under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the
extent that the Company specifically incorporates it by reference into such filing.
The following stock performance graph compares the five-year cumulative total return on Littelfuse common stock
to the five-year cumulative total returns on the Russell 1000 Index and the Dow Jones Electrical Components and
Equipment Industry Group Index. The Company believes that the Russell 1000 Index and the Dow Jones Electrical
26

Components and Equipment Industry Group Index represent a broad market index and peer industry group for total
return performance comparison. The stock performance shown on the graph below represents historical stock
performance and is not necessarily indicative of future stock price performance.
12/2019
12/2020
12/2021
12/2022
12/2023
12/2024
Littelfuse, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$100
$135
$167
$118
$145
$129
Russell 1000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100
121
153
124
157
195
Dow Jones US Electrical Components & Equipment . . . . . . . . . .
100
121
151
125
160
213
The Dow Jones Electrical Components and Equipment Industry Group Index includes the common stock of
AMETEK, Inc.; Arrow Electronics, Inc.; Avnet, Inc.; Eaton Corp plc; Emerson Electric Co.; Hubbell Inc.;
Jabil Circuit, Inc.; Regal Rexnord Corp.; Sensata Technologies Holding plc.; and TE Connectivity Ltd.
For Littelfuse, Inc. and all indexes noted above, a $100 investment made on December 28, 2019 and reinvestment
of all dividends is assumed. Returns for the Company’s fiscal years presented above are as of the last day of the
respective fiscal year which was December 26, 2020, January 1, 2022, December 31, 2022, December 30, 2023 and
December 28, 2024 for the fiscal years 2020, 2021, 2022, 2023 and 2024, respectively.
27

ITEM 6.
[RESERVED.]
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
The following discussion of the Company’s financial condition and results of operations should be read together with
the Consolidated Financial Statements and notes to those statements included in Item 8 of Part II of this
Annual Report on Form 10-K.
BUSINESS
For a description of the Company’s business, segments and product offerings, see Item 1, Business.
2024 EXECUTIVE OVERVIEW
Net sales were $2,190.8 million, which decreased by $171.9 million, or 7.3%, in 2024 compared to 2023 including
$7.9 million of unfavorable changes in foreign exchange rates. The decrease in net sales was primarily due to lower
volume of $163.7 million in the Electronics segment primarily driven by reduced demand and inventory rebalancing
in the semiconductor business. The Company recognized net income of $100.2 million, or $4.00 per diluted share,
in 2024 compared to net income of $259.5 million, or $10.34 per diluted share in 2023. The decrease in net income
was primarily due to lower operating income of $130.7 million in the Electronics segment due to lower sales in the
semiconductor business and $92.6 million of non-cash impairment charges. The non-cash impairment charges
included $47.8 million for the impairment of intangible assets primarily related to certain acquired customer
relationships, developed technology, and tradename in the Industrial controls and sensors reporting unit within the
Industrial segment, and $36.1 million and $8.6 million of non-cash goodwill impairment charges associated with the
Industrial controls and sensors reporting unit within the Industrial segment and the Automotive sensors reporting unit
within the Transportation segment, respectively.
Net cash provided by operating activities was $367.6 million for the fiscal year 2024, a decrease of $89.8 million,
compared to $457.4 million during the fiscal year 2023. The decrease in net cash provided by operating activities was
primarily due to lower cash earnings.
Based on the Company’s assessment, management, including our Chief Executive Officer and Chief Financial
Officer, has concluded that, as of December 28, 2024, the Company’s internal control over financial reporting was
not effective due to the identification of the material weaknesses described below. In making this assessment,
management has concluded that we did not design and maintain an effective control environment commensurate with
our financial reporting requirements. Specifically, at certain of our non-U.S. manufacturing locations we lacked
sufficiently skilled operational and accounting personnel to ensure that internal control responsibilities were
performed and aligned with internal control objectives.
The material weakness in the control environment contributed to an additional material weakness related to the design
and operating effectiveness of control activities over the existence of inventory at these locations. The Company did
not maintain effective controls related to inventory cycle counts to validate existence of inventory, and consequently,
the completeness and accuracy of the data used in evaluating the appropriateness of the valuation of inventory and
related reserves. These material weaknesses resulted in corrections through cumulative out-of-period adjustments as
described in notes to the consolidated financial statements as of and for the year ended December 28, 2024. The
material weaknesses resulted in immaterial corrections to previously released financial results. For a description of
the material weaknesses identified by management and the remediation efforts being implemented for the material
weaknesses, see ‘‘Part II, Item 9A - Controls and Procedures.’’ for further discussion.
On December 31, 2024, the Company completed the acquisition of a 200mm wafer fab located in Dortmund,
Germany (‘‘Dortmund Fab’’) from Elmos Semiconductor SE. The total purchase price for the Dortmund Fab was
approximately 94 million Euro, of which a 37.2 million Euro down payment (approximately $40.5 million) was made
in the third quarter of 2023 and recorded in Prepaid expenses and other current assets in the Consolidated Balance
Sheets after regulatory approvals. The payment of 56.7 million Euro was paid at closing in the beginning of the
fiscal year 2025. The transaction did not have any impact on the Company’s 2024 financial results and reported in
the Electronics-Semiconductor business within the Company’s Electronics segment.
On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under
which an insurance company will be required to pay pension payments to the Company’s United Kingdom pension
28

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 $23 million,
representing approximately 33% of the total obligations of the Company’s qualified pension plans, and was 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 $6 million and $8 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.
Other Risk
The Company has been notified by one of its customers of a product recall potentially due to certain fuses provided
by Littelfuse and incorporated in such products. The Company is currently working with its customer to investigate
the cause and level of responsibility for this recall. The Company has determined pursuant to ASC 450,
‘‘Contingencies’’ that a loss is reasonably possible. However, the Company continues to evaluate this matter and the
ultimate costs of the recall and range of the potential loss cannot be determined at this time. Accordingly, no accrual
has been made yet for this matter. Factors that will impact the amount of such losses include the per vehicle cost of
fuse replacement, the determination of the relative liability among the customer, the Company, and any relevant
third parties, as well as actual insurance recoveries.
Further, the global trade policies and tensions could create additional complexities. Our international presence
subjects us to risks associated with international trade conflicts between the United States and its trade partners,
including, without limitation, China, Mexico and Canada, particularly with regard to tariffs and import/export
controls. These factors in turn could require us to materially increase prices to our customers which may reduce
demand, or, if we do not or are unable to increase prices, could result in lower margins on products sold. Changes
in U.S. trade policy have resulted in, and could result in more, U.S. trading partners adopting responsive trade policies
making it more difficult or costly for us to export our products to those countries. Additionally, continued
geo-political issues may result in customers outside the U.S. seeking to source products from local suppliers, which
could result in lower sales or lost customers.
OUTLOOK
Vision and Strategy
The Company closely collaborates with strategic customers to design and manufacture innovative and reliable
solutions to help empower a sustainable, connected, and safer world in virtually every market that uses electrical
energy.
Within transportation end markets, the Company’s products are found in passenger vehicles and commercial vehicles,
like material handling equipment, heavy-duty truck and bus, off-road and recreational vehicles, construction
equipment, agricultural machinery, rail, marine and aerospace. The Company is a key enabler of electrification across
these transportation applications. The Company is also a key enabler of electronification advancements across these
transportation applications. The Company continues to advance its existing customer relationships with OEM, Tier
One and channel partners while driving product content growth for advanced, high-growth applications.
Within industrial end markets, the Company’s products are found in renewable energy and energy storage
applications, HVAC, factory automation and industrial safety, industrial motor drives and power conversion, electric
vehicle charging infrastructure, and heavy and general industrial type applications. The Company utilizes its deep
technical engineering capabilities and design support to drive product content growth across high-growth applications
like renewables, energy storage, HVAC, and industrial automation and safety.
Within electronics end markets, the Company’s products are found in data center, cloud storage and telecom
infrastructure applications, building technologies and automation, appliances, medical devices, gaming and
entertainment applications and mobile electronics. The Company leverages its strategic distribution partnerships and
deep OEM relationships, coupled with its comprehensive product offerings, to drive product content growth across
a broad range of applications.
The Company expects the ever-increasing advancements of application architectures, driven by ongoing
electronification and electrification across these end markets, to drive increasing product content opportunities. Built
upon that framework, the Company has positioned itself around the structural growth themes of sustainability,
29

connectivity, and safety, which will continue to drive increased demand for the Company’s innovative, reliable
solutions across the transportation, industrial and electronics end markets that it serves.
The Company’s five-year strategic plan, built around these structural growth themes, is focused on delivering top-tier
shareholder returns by driving double-digit sales growth, best-in-class profitability, earnings per share growth, strong
cash flow generation, and deploying capital to drive value creation. The Company pursues the following major
strategic objectives, which are summarized below, along with more specific areas of focus. The Company uses the
financial measures below to gauge progress toward achieving these strategic objectives. These measures include
organic sales growth, operating margins, cash flow from operations, and returns on invested capital.
Strategic Objectives
Priorities
Double-digit sales growth
•
Increase product content with existing and new
customers, and expand market share
5-7% average annual organic sales growth
•
Expand presence (i.e. with portfolio and infrastructure)
into new and underpenetrated, high-growth geographies
and end markets
5-7% average annual growth from strategic
acquisitions
•
Increase innovation capabilities and investments
•
Leverage breadth of go-to-market strategies
•
Target mergers and acquisitions that enhance and sustain
organic growth
EPS growth
•
Focus on higher profitability growth opportunities
Earnings per share growth greater than
revenue growth
•
Improve operating margins through operational and
commercial excellence
•
Disciplined approach to balancing costs with long-term
strategic investments
Capital allocation and returns
•
Disciplined management of working capital
Cash flow from operations less capital
expenditures (free cash flow) is targeted to
approximate or exceed net income
•
Deployment of capital consistent with capital allocation
priorities
Target 40% of free cash flow returned to
shareholders
•
Mergers and acquisitions that align with strategy and
financial metrics
Remainder focused on strategic acquisitions
•
Grow dividend in line with earnings
Return on invested capital percentage in the
high-teens
•
Opportunistic share repurchases
The Company’s strategy is focused on accelerating organic growth by increasing its product content in applications
and share gains, enhancing technology efforts to drive innovation, expanding its digital presence, capitalizing on
cross segment opportunities, and gaining traction in niche, high-growth end markets. The Company also leverages
strategic acquisitions to enhance its organic growth. The Company will continue to make targeted strategic
acquisitions that align to its strategy and financial metrics to drive growth across its businesses, products, markets,
and technologies while leveraging existing customers and targeting new customers.
Management believes profitable growth through a combination of organic growth and strategic acquisitions is critical
to the Company’s competitiveness, while enhancing the value it delivers to all of its stakeholders. In addition, the
Company continues to implement initiatives across all businesses to enhance productivity, and its commercial and
operational capabilities, while managing its cost structure to align with business conditions, and the markets it serves.
Primary areas of focus include optimizing its global operations, successfully integrating strategic acquisitions, and
streamlining administrative and support activities to drive improved operating margins.
The Company seeks to deploy its capital consistent with its capital allocation priorities. These priorities include
investments to drive increased organic growth, targeted acquisitions that align to the Company’s strategic and
financial metrics, and enhance and sustain its organic growth, and returning capital to shareholders through dividends
and opportunistic share repurchases.
Critical Estimates and Significant Accounting Policies
The preparation of financial statements in conformity with Generally Accepted Accounting Principles (‘‘GAAP’’)
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
30

revenues and expenses during the reporting period. The Company’s most critical accounting policies are those that
are most important to the portrayal of its financial condition and results of operations, and which require the
Company to make its most difficult and subjective judgments, often as a result of the need to make estimates of
matters that are inherently uncertain. The Company has identified the following as its most critical accounting
policies and judgments. Although management believes that its estimates and assumptions are reasonable, they are
based upon information available when they are made, and therefore, actual results may differ from these estimates
under different assumptions or conditions. The Company has reviewed these critical accounting policies and related
disclosures with the Audit Committee of its Board of Directors. Significant accounting policies are more fully
described in the Notes to Consolidated Financial Statements included elsewhere in this Annual Report.
Critical Accounting Estimates
Goodwill
The Company’s methodology for allocating the purchase price of acquisitions is based on established valuation
techniques that reflect the consideration of a number of factors, including valuations performed by third-party
appraisers when appropriate. Goodwill is measured as the excess of the cost of an acquired entity over the fair value
assigned to identifiable assets acquired and liabilities assumed. Based on its current organization structure, the
Company has seven reporting units for which cash flows are determinable and to which goodwill has been allocated.
The Company annually tests goodwill for impairment on the first day of its fiscal fourth quarter, or more frequently
if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit
below its carrying value. The Company also performs an interim review for indicators of impairment each quarter
to assess whether an interim impairment review is required for any reporting unit. As part of its interim reviews,
management analyzes potential changes in the value of individual reporting units based on each reporting unit’s
operating results for the period compared to expected results as of the prior year’s annual impairment test. In addition,
management considers how other key assumptions, including discount rates and expected long-term growth rates,
used in the last annual impairment test, could be impacted by changes in market conditions and economic events.
As a result of the 2024 annual goodwill impairment test, the Company recorded non-cash charges of $36.1 million
and $8.6 million to reflect the impairment of goodwill for the Industrial controls and sensors reporting unit within
the Industrial segment and the Automotive sensors reporting unit within the Transportation segment, respectively.
There were no impairment charges recorded during the fiscal years of 2023 and 2022.
The goodwill impairment charge for the Industrial controls and sensors reporting unit was due to a reduction in the
estimated fair value of the reporting unit based on lower expectations for future revenue, profitability and cash flows
as compared to the expectations of the 2023 annual goodwill impairment test. These lower expectations were driven
by lower-than-expected demand in the electric vehicle end market as well as reduced government funding to support
charging infrastructures for electric vehicles, primarily in Europe.
The goodwill impairment charge for the Automotive sensors reporting unit was due to reductions in the estimated fair
value for the Automotive sensors reporting unit based on lower expectations for future revenue, profitability and cash
flows as compared to the expectations of the 2023 annual goodwill impairment test. These lower future expectations
were driven by projected declines in end market demand and reduced revenue and profitability with existing
customers.
Quantitative Assessment for Impairment
For the seven reporting units with goodwill, the Company compares the estimated fair value of each reporting unit
to its carrying value. If the carrying value of a reporting unit exceeds the estimated fair value, the difference between
the estimated fair value and carrying value is recorded as the amount of the goodwill impairment charge. The results
of the goodwill impairment test as of September 29, 2024 indicated that the estimated fair values for the Industrial
controls and sensors and Automotive sensors reporting units were below their respective carrying values.
Accordingly, the Company recorded non-cash charges of $36.1 million and $8.6 million, respectively, to reflect the
impairment of goodwill for the Industrial controls and sensors reporting unit within the Industrial segment and the
Automotive sensors reporting unit within the Transportation segment. As a result of the impairment charge, the
Industrial controls and sensors reporting unit had $115.2 million of goodwill as of December 28, 2024. There was
no goodwill remaining within the Automotive sensors reporting unit as of December 28, 2024. For the remainder of
the Company’s reporting units: Electronics-Passive Products and Sensors, Electronics-Semiconductor, Passenger Car
31

Products, Commercial Vehicle Products, and Industrial Circuit Protection, the results of the goodwill impairment test
as of September 29, 2024 indicated that their estimated fair values exceeded their respective carrying values.
As part of its impairment test for these reporting units, the Company engaged a third-party appraisal firm to assist
in the Company’s determination of the estimated fair values. This determination included estimating the fair value
of each reporting unit using both the income and market approaches. The income approach requires management to
estimate a number of factors for each reporting unit, including projected operating results, economic projections,
anticipated future cash flows, discount rates and the allocation of shared or corporate items. The market approach
estimates fair values using comparable marketplace fair value data from within a comparable industry grouping. The
Company weighted both the income and market approach equally to estimate the concluded fair value of each
reporting unit. The determination of fair value requires the Company to make significant estimates and assumptions,
which primarily include, but are not limited to: the selection of appropriate peer group companies; control premiums
appropriate for acquisitions in which the Company competes; the discount rate; terminal growth rates; and forecasts
of revenue, operating income, depreciation and amortization and capital expenditures.
Goodwill Impairment Assumptions
Although the Company believes its estimates of fair value are reasonable, actual financial results could differ from
those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions
concerning future financial results or other underlying assumptions could have a significant impact on the fair value
of the reporting units. Future declines in the overall market value of the Company’s equity may also result in a
conclusion that the fair value of one or more reporting units has declined below its carrying value.
One measure of the sensitivity of the amount of goodwill impairment charges to key assumptions is the amount by
which each reporting unit ‘‘passed’’ (fair value exceeds the carrying value) the goodwill impairment test. With the
exception of the Industrial controls and sensors and the Automotive sensors reporting units, the other five reporting
units passed the goodwill impairment test, with estimated fair values that exceeded the carrying values between 44%
and 409%. As of the most recent annual test conducted on September 29, 2024, the Company noted that the excess
of fair value over the carrying value was 108%, 82%, 96%, 44%, and 409% for its reporting units: Electronics-
Passive Products and Sensors, Electronics-Semiconductor, Passenger Car Products, Commercial Vehicle Products,
and Industrial Circuit Protection, respectively. Relatively small changes in the Company’s key assumptions would not
have resulted in any reporting units failing the goodwill impairment test.
Generally, changes in estimates of expected future cash flows would have a similar effect on the estimated fair value
of the reporting unit. That is, a 1.0% decrease in estimated annual future cash flows would decrease the estimated
fair value of the reporting unit by approximately 1.0%. The estimated long-term net sales growth rate can have a
significant impact on the estimated future cash flows, and therefore, the fair value of each reporting unit. A 1.0%
decrease in the long-term net sales growth rate would have resulted in no reporting units failing the goodwill
impairment test. Of the other key assumptions that impact the estimated fair values, most reporting units have the
greatest sensitivity to changes in the estimated discount rate. The estimated discount rate was 10.6% for the
Electronics-Passive Products and Sensors, Electronics-Semiconductor, and Industrial Circuit Protection reporting
units, 11.5% for the Passenger Car Products and Commercial Vehicle Products reporting units, 12.3% for the
Automotive Sensors reporting unit, and 14.9% for the Industrial Controls and Sensors reporting unit. A 1.0% increase
in the estimated discount rates would have resulted in no reporting units failing the annual goodwill impairment test.
The Company believes that its estimates of future cash flows and discount rates are reasonable, but future changes
in the underlying assumptions could differ due to the inherent uncertainty in making such estimates. Additionally,
price deterioration or lower volume could have a significant impact on the fair values of the reporting units.
Long-Lived Assets
The Company evaluates the recoverability of other long-lived assets, including property, plant and equipment and
certain identifiable intangible assets, whenever events or changes in circumstances indicate that the carrying value
of an asset or asset group may not be recoverable. Factors which could trigger an impairment review include
significant underperformance relative to historical or projected operating results, significant changes in the manner
of use of the assets or the strategy for the overall business, and a significant decrease in the market value of the assets
or significant negative industry or economic trends. When the Company determines that the carrying value of
long-lived assets may not be recoverable based upon the existence of one or more of the indicators, the assets are
assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the
32

asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash
flows, an impairment loss is recorded for the excess of the asset’s carrying value over its fair value. For the fiscal year
ended December 28, 2024, the Company recorded non-cash impairment charges of $47.8 million for the impairment
of intangible assets, including $47.6 million related to the impairment of certain acquired customer relationships,
developed technology, and tradename intangible assets in the Industrial controls and sensors reporting unit within the
Industrial segment. The impairment of the intangible assets resulted from lower expectations of future revenue and
cash flows driven by lower-than-expected demand in the electrical vehicle end market as well as reduced government
funding to support charging infrastructures for electric vehicles, primarily in Europe. The remaining impairment
charges included $0.2 million for patents and customer relationships related to the exit of a small business in China
within the Industrial segment. In addition, during the first quarter of 2024, the Company recognized a $0.9 million
impairment related to certain machinery and equipment in the commercial vehicle business within the Transportation
segment. For the fiscal year ended December 30, 2023, the Company recognized a $3.9 million impairment charge
related to the land and building of a property in the commercial vehicle business within the Transportation segment
that the Company made the decision to donate, a $0.9 million impairment charge substantially related to certain
patents in a business within the Industrial segment, and a $0.1 million impairment on certain machinery and
equipment in the semiconductor business within the Electronics segment.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred taxes are recognized for the
future effects of temporary differences between financial and income tax reporting using tax rates in effect for the
years in which the differences are expected to reverse. The Company recognizes deferred taxes for temporary
differences, operating loss carryforwards and tax credit and other tax attribute carryforwards (excluding
carryforwards where usage has been determined to be remote). Deferred tax assets are reduced by a valuation
allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.
U.S. state and non-U.S. income taxes are provided on the portion of non-U.S. income that is expected to be remitted
to the U.S. and be taxable (and non-U.S. income taxes are provided on the portion of non-U.S. income that is
expected to be remitted to an upper-tier non-U.S. entity). Deferred tax assets and liabilities are adjusted for the effects
of changes in tax laws and rates on the date of enactment.
Deferred income taxes are not provided on the excess of the investment value for financial reporting over the tax basis
of investments in those non-U.S. subsidiaries for which such excess is considered to be permanently reinvested in
those operations. Management regularly evaluates whether non-U.S. earnings are expected to be permanently
reinvested. This evaluation requires judgment about the future operating and liquidity needs of the Company and its
non-U.S. subsidiaries. Changes in economic and business conditions, non-U.S. or U.S. tax laws, or the Company’s
financial situation could result in changes to these judgments and the need to record additional tax liabilities.
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax
position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The
tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that
has a greater than 50% likelihood of being realized upon ultimate settlement.
The 2017 Tax Cuts and Jobs Act (the ‘‘Tax Act’’), among other things, imposed a one-time tax (the ‘‘Toll Charge’’)
on accumulated earnings of certain non-U.S. subsidiaries and included base broadening provisions commonly
referred to as the global intangible low-taxed income provisions (‘‘GILTI’’).
In accordance with guidance issued by the Financial Accounting Standards Board (‘‘FASB’’) staff, the Company has
adopted an accounting policy to treat any GILTI inclusions as a period cost if and when incurred. Thus, for the
fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022, deferred taxes were computed
without consideration of the possible future impact of the GILTI provisions, and any current year impact was
recorded as a part of the current portion of income tax expense.
Further information regarding income taxes, including a detailed reconciliation of current year activity, is provided
in Note 14, Income Taxes, of the Notes to Consolidated Financial Statements included in this Annual Report.
33

Critical Accounting Policies
Revenue Recognition
Revenue Disaggregation
The following table disaggregates the Company’s revenue by primary business units for the fiscal years ended
December 28, 2024 and December 30, 2023:
Fiscal Year Ended December 28, 2024
(in thousands)
Electronics
Segment
Transportation
Segment
Industrial
Segment
Total
Electronics – Semiconductor. . . . . . . . . . . . . . . . . . . . . . . . .
$ 615,372
$
—
$
—
$ 615,372
Electronics – Passive Products and Sensors. . . . . . . . . . . . .
571,401
—
—
571,401
Commercial Vehicle Products . . . . . . . . . . . . . . . . . . . . . . . .
—
320,549
—
320,549
Passenger Car Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
278,332
—
278,332
Automotive Sensors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
73,553
—
73,553
Industrial Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
331,561
331,561
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,186,773
$672,434
$331,561
$2,190,768
Fiscal Year Ended December 30, 2023
(in thousands)
Electronics
Segment
Transportation
Segment
Industrial
Segment
Total
Electronics – Semiconductor. . . . . . . . . . . . . . . . . . . . . . . . .
$ 767,393
$
—
$
—
$ 767,393
Electronics – Passive Products and Sensors. . . . . . . . . . . . .
583,033
—
—
583,033
Commercial Vehicle Products . . . . . . . . . . . . . . . . . . . . . . . .
—
323,758
—
323,758
Passenger Car Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
266,004
—
266,004
Automotive Sensors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
88,516
—
88,516
Industrial Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
333,953
333,953
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,350,426
$678,278
$333,953
$2,362,657
Fiscal Year Ended December 31, 2022
(in thousands)
Electronics
Segment
Transportation
Segment
Industrial
Segment
Total
Electronics – Semiconductor. . . . . . . . . . . . . . . . . . . . . . . . .
$ 802,281
$
—
$
—
$ 802,281
Electronics – Passive Products and Sensors. . . . . . . . . . . . .
690,538
—
—
690,538
Commercial Vehicle Products . . . . . . . . . . . . . . . . . . . . . . . .
—
374,707
—
374,707
Passenger Car Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
249,470
—
249,470
Automotive Sensors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
91,963
—
91,963
Industrial Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
304,938
304,938
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,492,819
$716,140
$304,938
$2,513,897
See Note 16, Segment Information, for net sales by segment and country.
Revenue Recognition
The Company recognizes revenue on product sales in the period in which the Company satisfies its performance
obligation and control of the product is transferred to the customer. The Company’s sales arrangements with
customers are predominately short term in nature and generally provide for transfer of control at the time of shipment
as this is the point at which title and risk of loss of the product transfers to the customer. At the end of each period,
for those shipments where title to the products and the risk of loss and rewards of ownership do not transfer until the
product has been received by the customer, the Company adjusts revenues and cost of sales for the delay between
the time that the products are shipped and when they are received by the customer. The amount of revenue recorded
reflects the consideration to which the Company expects to be entitled in exchange for goods and may include
adjustments for customer allowance, rebates and price adjustments. The Company’s sales channels are primarily
through direct sales and independent third-party distributors.
34

The Company has elected the practical expedient under Accounting Standards Codification (‘‘ASC’’) 340-40-25-4 to
expense commissions when incurred as the amortization period of the commission asset the Company would have
otherwise recognized is less than one year.
Revenue and Billing
The Company generally accepts orders from customers through receipt of purchase orders or electronic data
interchange based on written sales agreements and purchasing contracts. Contract pricing and selling agreement
terms are based on market factors, costs, and competition. Pricing is often negotiated as an adjustment (premium or
discount) from the Company’s published price lists. The customer is invoiced when the Company’s products are
shipped to them in accordance with the terms of the sales agreement. As the Company’s standard payment terms are
less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether
a contract has a significant financing component. The Company also elected the practical expedient provided in
ASC 606-10-25-18B to treat all product shipping and handling activities as fulfillment activities, and therefore
recognize the gross revenue associated with the contract, inclusive of any shipping and handling revenue.
Ship and Debit Program
Some of the terms of the Company’s sales agreements and normal business conditions provide customers
(distributors) the ability to receive price adjustments on products previously shipped and invoiced. This practice is
common in the industry and is referred to as a ‘‘ship and debit’’ program. This program allows the distributors to debit
the Company for the difference between the distributors’ contracted price and a lower price for specific transactions.
Under certain circumstances (usually in a competitive situation or large volume opportunity), a distributor will
request authorization for pricing allowances to reduce its price. When the Company approves such a reduction, the
distributor is authorized to ‘‘debit’’ its account for the difference between the contracted price and the lower approved
price. The Company establishes reserves for this program based on historic activity, distributor inventory levels and
actual authorizations for the debit and recognizes these debits as a reduction of revenue.
Return to Stock
The Company has a return to stock policy whereby certain customers, with prior authorization from the Company’s
management, can return previously purchased goods for full or partial credit. The Company establishes an estimated
allowance for these returns based on historic activity. Sales revenue and cost of sales are reduced to anticipate
estimated returns.
Volume Rebates
The Company offers volume-based sales incentives to certain customers to encourage greater product sales. If
customers achieve their specific quarterly or annual sales targets, they are entitled to rebates. The Company estimates
the projected amount of rebates that will be achieved by the customer and recognizes this estimated cost as a
reduction to revenue as products are sold.
Allowance for Credit Losses
The Company currently measures the expected credit losses based on our historical credit loss experience. The
Company has not experienced significant recent or historical credit losses and is not forecasting any significant credit
losses which would require adjustments to our methodology. If current conditions and supportable forecasts indicate
that our historical loss experience is not reasonable and no longer supportable, the Company may adjust its historical
credit loss experience to reflect these conditions and forecasts. The Company regularly analyzes its significant
customer accounts and, when the Company becomes aware of a customer’s inability to meet its financial obligations,
records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably
believes is collectible. The Company also analyzes all other customers based on a variety of factors including the
length of time the receivables are past due, the financial health of the customer, macroeconomic considerations and
historical collection and loss experience. Historically, the allowance for credit losses has been adequate to cover bad
debts. If circumstances related to specific customers change, the estimates of the recoverability of receivables could
be further adjusted.
Inventory
The Company performs regular detailed assessments of inventory, which include a review of, among other factors,
demand requirements, product life cycle and development plans, component cost trends, product pricing, shelf life,
35

and quality issues. Based on the analysis, the Company records adjustments to inventory for excess quantities,
obsolescence or impairment when appropriate to reflect inventory at net realizable value. Historically, inventory
reserves have been adequate to reflect inventory at net realizable value.
Environmental Liabilities
Environmental liabilities are accrued based on estimates of the probability of potential future environmental
exposure. Costs related to on-going maintenance of environmental sites are expensed as incurred. If actual or
estimated probable future losses exceed the Company’s recorded liability for such claims, it would record additional
charges as other expense during the period in which the actual loss or change in estimate occurred. The Company
evaluates its reserve for coal mine remediation annually utilizing a third-party expert.
Pension Plans
The Company records annual income and expense amounts relating to its pension and postretirement benefits plans
based on calculations which include various actuarial assumptions including discount rates, expected long-term rates
of return, and compensation increases. The Company reviews its actuarial assumptions on an annual basis as of the
fiscal year-end balance sheet date (or more frequently if a significant event requiring remeasurement occurs) and
modifies the assumption based on current rates and trends when it is appropriate to do so. The effects of modifications
are recognized immediately on the Consolidated Balance Sheets but are generally amortized into operating earnings
over future periods, with the deferred amount recorded in accumulated other comprehensive loss. The Company
believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its
experience, market conditions and input from its actuaries and investment advisors. The Company maintains several
pension plans in international locations. The expected returns on plan assets and discount rates are determined based
on each plan’s investment approach, local interest rates and plan participant profiles. The weighted-average discount
rates for the Company’s defined benefit plans primarily in Europe and the Asia-Pacific regions at December 28, 2024
and December 30, 2023 were both 5.6%.
On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under
which an insurance company will be 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 $23 million,
representing approximately 33% 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 $6 million and $8 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.
Equity-Based Compensation
Equity-based compensation expense is recorded for stock-option awards and restricted share units based upon the fair
values of the awards. The fair value of stock-option awards is estimated at the grant date using the Black-Scholes
option pricing model, which includes assumptions for volatility, expected term, risk-free interest rate, and dividend
yield. Expected volatility is based on implied volatilities from traded options on Littelfuse stock, historical volatility
of Littelfuse stock, and other factors. Historical data is used to estimate employee termination experience and the
expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time
of grant. The Company initiated a quarterly cash dividend in 2010 and expects to continue making cash dividend
payments for the foreseeable future. The fair value of restricted share units is determined based on the Company’s
stock price on the grant date reduced by the present value of expected dividends through the vesting period.
Total equity-based compensation expense for all equity compensation plans was $27.4 million, $25.7 million, and
$24.6 million in 2024, 2023, and 2022, respectively. Further information regarding this expense is provided in
Note 12, Stock-Based Compensation, of the Notes to Consolidated Financial Statements included in this
Annual Report.
In the financial review that follows, the Company discusses its consolidated results of operations, financial position,
cash flows and certain other information. This discussion should be read in conjunction with the Company’s
Consolidated Financial Statements and related notes.
36

RESULTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 28, 2024 AS COMPARED TO THE
YEAR ENDED DECEMBER 30, 2023
Fiscal year 2024 included $93.5 million of non-cash impairment charges, which included $47.8 million for the
impairment of intangible assets primarily related to certain acquired customer relationships, developed technology,
and tradename in the Industrial controls and sensors reporting unit within the Industrial segment, and $36.1 million
and $8.6 million of non-cash goodwill impairment charges associated with the Industrial controls and sensors
reporting unit within the Industrial segment and the Automotive sensors reporting unit within the Transportation
segment, respectively. The remaining impairment charges included $0.2 million for patents and customer
relationships related to the exit of a small business in China within the Industrial segment. In addition, during the
first quarter of 2024, the Company recognized a $0.9 million impairment charge related to certain machinery and
equipment in the commercial vehicle business within the Transportation segment. The Company also recognized total
restructuring charges of $14.9 million, primarily for employee termination costs related to the reorganization of
certain manufacturing, selling and administrative functions in the semiconductor business within the Electronics
segment and the reorganization of certain selling and administrative functions in the commercial vehicle business
within the Transportation segment. See Note 8, Restructuring, Impairment and Other Charges, for further discussion.
Also included in ‘‘Other’’ Operating income was $5.1 million of legal and professional fees and other integration
expenses related to completed and contemplated acquisitions, a gain of $1.0 million for the sale of two buildings
within the Transportation segment, and a gain of $0.5 million recorded for the sale of a land use right within the
Electronics segment.
Fiscal year 2023 included $28.2 million of non-segment charges, of which $11.7 million related to legal and
professional fees and other integration expenses related to completed and contemplated acquisitions and
$16.5 million of restructuring, impairment and other charges, primarily associated with employee termination costs
and a $3.9 million impairment charge for the land and building in the commercial vehicle business within the
Transportation segment. See Note 8, Restructuring, Impairment, and Other Charges, for further discussion.
Fiscal year 2024 also included approximately $9.2 million in foreign currency exchange gains primarily attributable
to changes in the value of the Euro, Korean won, and Chinese renminbi against the U.S. dollar, while fiscal year 2023
included approximately $12.3 million in foreign currency exchange losses primarily attributable to changes in the
value of the Euro, Sterling, and Chinese renminbi against the U.S. dollar.
Fiscal Year
(in thousands, except % change)
2024
2023
Change
% Change
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,190,768
$2,362,657
$(171,889)
(7.3)%
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,403,226
1,462,416
(59,190)
(4.0)%
Gross profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
787,542
900,241
(112,699)
(12.5)%
Operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
628,762
539,379
89,383
16.6%
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158,780
360,862
(202,082)
(56.0)%
Other income, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(22,570)
(19,901)
2,669
13.4%
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .
151,863
328,598
(176,735)
(53.8)%
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51,673
69,113
(17,440)
(25.2)%
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100,190
259,485
(159,295)
(61.4)%
Net Sales
Net sales were $2,190.8 million, which decreased by $171.9 million, or 7.3% compared to 2023, including
$7.9 million of unfavorable changes in foreign exchange rates for 2024 compared to 2023. The net sales decrease was
primarily due to lower volume of $163.7 million in the Electronics segment, primarily driven by reduced demand and
inventory rebalancing in the semiconductor business.
Cost of Sales
Cost of sales was $1,403.2 million, or 64.1% of net sales, in 2024 compared to $1,462.4 million, or 61.9% of net
sales, in 2023. As a percent of net sales, cost of sales increased 2.2% driven by lower volume in the Electronics
segment, partially offset by improved margin from all businesses within the Transportation segment driven by
favorable price, product mix and cost reduction initiatives. In addition, during the year ended December 28, 2024,
the Company identified certain errors in its previously issued financial statements that have now been corrected
37

through cumulative out-of-period adjustments in the financial statements as of and for the year ended December 28,
2024. The error that was identified by management related to the valuation and existence of inventory that originated
in prior periods at certain of our non-U.S. manufacturing locations within the Transportation and Industrial segments.
As a result, the Company recorded an out-of-period adjustment of $13.5 million in the year ended December 28,
2024, of which $12.3 million was the cumulative out-of-period adjustment related to fiscal years prior to 2024. The
out-of-period adjustment negatively impacted cost of sales as percentage of net sales by 0.6%.
Gross Profit
Gross profit was $787.5 million, or 35.9% of net sales, in 2024, compared to $900.2 million, or 38.1% of net sales,
in 2023. The $112.7 million decrease in gross profit was primarily due to lower volume in the Electronics and
Industrial segments, partially offset by improved margin from all businesses within the Transportation segment driven
by favorable price, product mix and cost reduction initiatives. As mentioned above, the out-of-period adjustments of
$13.5 million negatively impacted gross margin by 0.6%.
Operating Expenses
Total operating expenses were $628.8 million, or 28.7% of net sales, for 2024 compared to $539.4 million, or 22.8%
of net sales, for 2023. The increase in operating expenses of $89.4 million was primarily due to an increase in
restructuring, impairment, and other charges of $91.9 million, which included a non-cash impairment charge of
$47.8 million for the impairment of intangible assets primarily related to certain acquired customer relationships,
developed technology, and tradename in the Industrial controls and sensors reporting unit within the Industrial
segment, and $36.1 million and $8.6 million of non-cash goodwill impairment charges associated with the Industrial
controls and sensors reporting unit within the Industrial segment and the Automotive sensors reporting unit within
the Transportation segment, respectively. Additionally, the Company incurred higher research and development
expenses of $5.3 million. These increases in operating expenses were partially offset by lower selling, general, and
administrative expenses of $4.2 million as a result of lower legal and professional fees and other integration expenses
related to completed and contemplated acquisitions and lower amortization expense of $3.7 million.
Operating Income
Operating income for 2024 was $158.8 million, a decrease of $202.1 million or 56.0% compared to $360.9 million
for 2023. The decrease in operating income was due to lower operating income of $130.7 million from the Electronics
segment and higher operating expenses due to the non-cash charge of $92.6 million from the impairment of intangible
assets and goodwill as noted above, partially offset by higher operating income of $24.9 million from the
Transportation segment. Operating margins decreased from 15.3% in 2023 to 7.2% in 2024 primarily driven by lower
volume in the Electronics segment and the higher operating expenses mentioned above. The total non-cash charges
of $92.6 million from the impairment of intangible assets and goodwill negatively impacted the 2024
operating margin by 4.2%.
Income Before Income Taxes
Income before income taxes for 2024 was $151.9 million, or 6.9% of net sales compared to $328.6 million, or 13.9%
of net sales for 2023. In addition to the factors impacting comparative results for operating income discussed above,
income before income taxes was primarily benefited by foreign exchange gains of $9.2 million in the fiscal year 2024
compared to foreign exchange losses of $12.3 million in the fiscal year 2023, and higher interest income of
$9.0 million from short-term investments in cash equivalents, partially offset by higher coal mine charges of
$1.8 million and non-operating pension expense.
Income Taxes
Income tax expense for 2024 was $51.7 million, or an effective tax rate of 34.0%, compared to income tax expense
of $69.1 million, or an effective tax rate of 21.0% for 2023. The effective tax rate for 2024 is higher than the effective
tax rate for 2023, primarily due to the impact of goodwill impairments and non-US losses with no related tax benefit.
The effective tax rate for 2024 is higher than the statutory tax rate primarily due to the impact of goodwill
impairments and non-US losses with no related tax benefit as previously noted. Further information regarding these
items is provided in Note 14, Income Taxes, of the Notes to Consolidated Financial Statements included in this
Annual Report.
38

Segment Information
The Company reports its operations by the following segments: Electronics, Transportation and Industrial. Segment
information is described more fully in Note 16, Segment Information, of the Notes to Consolidated
Financial Statements included in this Annual Report.
The following table is a summary of the Company’s net sales and operating income by segment:
Net Sales
Fiscal Year
(in millions)
2024
2023
Change
% Change
Electronics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,186.8
$1,350.4
$(163.7)
(12.1)%
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
672.4
678.3
(5.9)
(0.9)%
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
331.6
334.0
(2.4)
(0.7)%
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,190.8
$2,362.7
$(171.9)
(7.3)%
Segment Operating Income
Fiscal Year
(in millions)
2024
2023
Change
% Change
Electronics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 169.9
$300.6
$(130.7)
(43.5)%
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58.6
33.7
24.9
73.9%
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42.3
54.8
(12.5)
(22.8)%
Total segment operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
270.8
389.1
(118.3)
Other(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(112.0)
(28.2)
(83.8)
Total Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 158.8
$360.9
$(202.1)
(56.0)%
(a)
Included in ‘‘Other’’ Operating income for the 2024 was $93.5 million of non-cash impairment charges, which included $47.8 million for
the impairment of intangible assets primarily related to certain acquired customer relationships, developed technology, and tradename in the
Industrial controls and sensors reporting unit within the Industrial segment, and $36.1 million and $8.6 million of non-cash goodwill
impairment charges associated with the Industrial controls and sensors reporting unit within the Industrial segment and the Automotive
sensors reporting unit within the Transportation segment, respectively. The remaining impairment charges included $0.2 million for patents
and customer relationships related to the exit of a small business in China within the Industrial segment. In addition, during the first quarter
of 2024, the Company recognized a $0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle
business within the Transportation segment. The Company also recognized total restructuring charges of $14.9 million, primarily for
employee termination costs related to the reorganization of certain manufacturing, selling and administrative functions in the semiconductor
business within the Electronics segment and the reorganization of certain selling and administrative functions in the commercial vehicle
business within the Transportation segment. See Note 8, Restructuring, Impairment and Other Charges, for further discussion. Also included
in ‘‘Other’’ Operating income was $5.1 million of legal and professional fees and other integration expenses related to completed and
contemplated acquisitions, a gain of $1.0 million for the sale of two buildings within the Transportation segment, and a gain of $0.5 million
recorded for the sale of a land use right within the Electronics segment.
Included in ‘‘Other’’ Operating income for the 2023 was $28.2 million of non-segment charges, of which $11.7 million was for legal and
professional fees and other integration expenses related to completed and contemplated acquisitions, $16.5 million of restructuring,
impairment and other charges, primarily related to employee termination costs and a $3.9 million impairment charge related to the land and
building in the commercial vehicle business within the Transportation segment. See Note 8, Restructuring, Impairment and Other Charges,
for further discussion.
Electronics Segment
Net Sales
Net sales for the Electronics segment decreased $163.7 million, or 12.1%, in 2024 compared to 2023 and included
unfavorable changes in foreign exchange rates of $4.3 million or 0.3%. The net sales decrease was mainly due to
lower volume from the semiconductor business of $152.0 million and to a lesser extent the electronics products
business driven by inventory rebalancing at certain distributors and reduced demand across certain electronics
markets, including consumer facing and personal electronics, as well as industrial markets.
Operating Income
Operating income was $169.9 million, representing a decrease of $130.7 million, or 43.5%, in 2024 compared to
$300.6 million in 2023. The decrease in operating income was primarily due to lower volume leverage and
unfavorable product mix that were partially offset by cost control initiatives. Operating margins decreased from
22.3% in 2023 to 14.3% in 2024 primarily due to the lower volume from the semiconductor business.
39

Transportation Segment
Net Sales
Net sales in the Transportation segment decreased $5.9 million, or 0.9%, in 2024 compared to 2023 and included
unfavorable changes in foreign exchange rates of $2.4 million or 0.4%. The sales decrease was mainly driven by
lower volume of $15.0 million and $3.2 million from the automotive sensors and the commercial vehicles businesses,
respectively, due to the strategic exit of certain lower margin products and reduced demand largely due to inventory
rebalancing at certain distributors and customers, partially offset by a sales increase of $12.3 million from the
passenger car business driven by the ongoing electronification and electrification of vehicles and vehicle content
growth.
Operating Income
Operating income was $58.6 million, representing an increase of $24.9 million, or 73.9%, in 2024 compared to
$33.7 million in 2023. The increase in operating income was primarily due to favorable price and cost reduction
initiatives from the commercial vehicle business. Operating margins increased from 5.0% to 8.7% primarily driven
by favorable price and product mix and cost reduction initiatives from the commercial vehicle business. In addition,
as mentioned above, during the year ended December 28, 2024, the Company identified certain errors in its
previously issued financial statements that have now been corrected through cumulative out-of-period adjustments
in the financial statements as of and for the year ended December 28, 2024. The out-of-period adjustment related to
the Transportation segment was $11.1 million, which negatively impacted operating margin by 1.7%.
Industrial Segment
Net Sales
The Industrial segment net sales decreased by $2.4 million, or 0.7%, in 2024 compared to 2023 and included
unfavorable changes in foreign exchange rates of $1.2 million or 0.4%. The sales decrease was due to lower volume
across industrial control products driven by softer end market demand in the first half of 2024.
Operating Income
Operating income was $42.3 million, representing a decrease of $12.5 million, or 22.8%, in 2024 compared to
$54.8 million in 2023. The decrease in operating income was driven by lower volume due to reduced industrial end
market demand across industrial control products and industrial circuit protection along with cost inflation. Operating
margins were 12.8% in 2024 compared to 16.4% in 2023. The decrease in operating margin was due to cost inflation,
partially offset by favorable price. In addition, as mentioned above, during the year ended December 28, 2024, the
Company identified certain errors in its previously issued financial statements that have now been corrected through
cumulative out-of-period adjustments in the financial statements as of and for the year ended December 28, 2024.
The out-of-period adjustment related to the Industrial segment was $4.1 million, which negatively impacted operating
margin by 1.2%.
Geographic Net Sales Information
Net sales by geography represent net sales to customer or distributor locations. The following table is a summary of
the Company’s net sales by geography:
Fiscal Year
(in millions)
2024
2023
Change
% Change
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 900.4
$ 901.5
$
(1.1)
(0.1)%
Asia-Pacific. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
824.7
898.9
(74.2)
(8.3)%
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
465.7
562.3
(96.6)
(17.2)%
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,190.8
$2,362.7
$(171.9)
(7.3)%
Americas
Net sales in the Americas decreased $1.1 million, or 0.1%, in 2024 compared to 2023 and included unfavorable
changes in foreign exchange rates of $0.7 million. The decrease in net sales was primarily due to lower volume from
the semiconductor business within the Electronics segment, partially offset by higher volume from the Industrial
segment and the commercial vehicle and passenger car products businesses within the Transportation segment
compared to 2023.
40

Asia-Pacific
Asia-Pacific net sales decreased $74.2 million, or 8.3%, in 2024 compared to 2023 and included unfavorable changes
in foreign exchange rates of $9.2 million. The decrease in net sales was primarily due to lower net sales from the
semiconductor business within the Electronics segment and the industrial circuit protection business within the
Industrial segment, partially offset by higher net sales from the passenger car products business within the
Transportation segment compared to 2023.
Europe
Europe net sales decreased $96.6 million, or 17.2%, in 2024 compared to 2023 and included favorable changes in
foreign exchange rates of $2.0 million. The decrease in net sales was primarily due to lower net sales from the
Electronics segment and lower net sales from the commercial vehicle and automotive sensors businesses within the
Transportation segment compared to 2023.
RESULTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 30, 2023 AS COMPARED TO THE
YEAR ENDED DECEMBER 31, 2022
Fiscal year 2023 included $28.2 million of non-segment charges, of which $11.7 million related to legal and
professional fees and other integration expenses related to completed and contemplated acquisitions and
$16.5 million of restructuring, impairment and other charges, primarily associated with employee termination costs
and a $3.9 million impairment charge for the land and building in the commercial vehicle business within the
Transportation segment. See Note 8, Restructuring, Impairment and Other Charges, for further discussion.
Fiscal year 2022 included $43.2 million of non-segment charges, of which $17.6 million related to legal and
professional fees and other integration expenses primarily associated with the C&K Switches and Carling
acquisitions and other contemplated acquisitions, $15.6 million of purchase accounting inventory step-up charges,
and $10.0 million of restructuring, impairment and other charges, primarily related to employee termination costs and
a $2.9 million intangible asset impairment charge within the Electronics segment in the fourth quarter of 2022.
See Note 8, Restructuring, Impairment and Other Charges, for further discussion.
Fiscal year 2023 also included approximately $12.3 million in foreign currency exchange losses primarily attributable
to changes in the value of the Euro, Sterling, and Chinese renminbi against the U.S. dollar, while fiscal year 2022
included approximately $24.4 million in foreign currency exchange losses primarily attributable to changes in the
value of the Euro, Philippine peso, Sterling, and Chinese renminbi against the U.S. dollar.
Fiscal Year
(in thousands, except % change)
2023
2022
Change
% Change
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,362,657
$2,513,897
$(151,240)
(6.0)%
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,462,416
1,506,984
(44,568)
(3.0)%
Gross profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
900,241
1,006,913
(106,672)
(10.6)%
Operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
539,379
506,087
33,292
6.6%
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
360,862
500,826
(139,964)
(27.9)%
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . .
(19,901)
7,207
(27,108)
(376.1)%
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .
328,598
443,044
(114,446)
(25.8)%
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69,113
69,738
(625)
(0.9)%
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
259,485
373,306
(113,821)
(30.5)%
Net Sales
Net sales were $2,362.7 million, which decreased by $151.2 million, or 6.0% compared to 2022, including
$0.7 million of favorable changes in foreign exchange rates for 2023 compared to 2022. The sales decrease was
primarily due to lower volume in the Electronics segment and the commercial vehicle business within the
Transportation segment that more than offset $105.1 million or 4.2% of incremental net sales from the C&K Switches
and Western Automation acquisitions and higher volume from the Industrial segment.
Cost of Sales
Cost of sales was $1,462.4 million, or 61.9% of net sales, in 2023, compared to $1,507.0 million, or 59.9% of net
sales, in 2022. As a percent of net sales, cost of sales increased 2.0% driven by lower volume in the Electronics
41

segment and the commercial vehicle business within the Transportation segment, partially offset by volume leverage
and favorable product mix from the Industrial segment compared to 2022, and $15.6 million or 0.6% of purchase
accounting inventory charges recorded during 2022.
Gross Profit
Gross profit was $900.2 million, or 38.1% of net sales, in 2023, compared to $1,006.9 million, or 40.1% of net sales,
in 2022. The $106.7 million decrease in gross profit was primarily due to lower volume in the Electronics segment
and the commercial vehicle business within the Transportation segment, partially offset by the acquisition of
C&K Switches within the Electronics segment, and volume leverage and favorable product mix from the Industrial
segment and $15.6 million or 0.6% of purchase accounting inventory charges recorded during the first nine months
of 2022.
Operating Expenses
Total operating expenses were $539.4 million, or 22.8% of net sales, for 2023 compared to $506.1 million, or 20.1%
of net sales, for 2022. The increase in operating expenses of $33.3 million was primarily due to higher selling,
general, and administrative expenses of $9.8 million, higher amortization expense of $10.1 million and research and
development expenses of $6.8 million mainly due to the C&K Switches and Western Automation acquisitions.
Additionally, the Company incurred an increase in restructuring, impairment, and other charges of $6.5 million
primarily related to the reorganization of certain manufacturing, selling and administrative functions within the
Transportation and Industrial segments and a $3.9 million impairment charge related to the land and building of a
property in the commercial vehicle business within the Transportation segment. This increase in operating expenses
was partially offset by lower variable incentive compensation expense.
Operating Income
Operating income for 2023 was $360.9 million, a decrease of $140.0 million or 27.9% compared to $500.8 million
for 2022. The decrease in operating income was due to lower gross profit from the Electronics and Transportation
segments and higher operating expenses as noted above. Operating margins decreased from 19.9% in 2022 to 15.3%
in 2023 primarily driven by lower volume in the Electronics and Transportation segments and the higher operating
expenses mentioned above.
Income Before Income Taxes
Income before income taxes for 2023 was $328.6 million, or 13.9% of net sales compared to $443.0 million, or 17.6%
of net sales, for 2022. In addition to the factors impacting comparative results for operating income discussed above,
income before income taxes was primarily benefited by lower foreign exchange losses of $12.1 million and lower
unrealized losses of $13.7 million related to one of the Company’s equity investments for 2023 compared to 2022.
Income Taxes
Income tax expense for 2023 was $69.1 million, or an effective tax rate of 21.0%, compared to income tax expense
of $69.7 million, or an effective tax rate of 15.7% for 2022. The effective tax rate for 2023 is higher than the effective
tax rate for 2022,
primarily due to less income earned in lower tax jurisdictions in 2023, as well as one-time tax benefits in 2022
resulting from losses on investments in the stock of two of the Company’s affiliates. The effective tax rate for 2022
was lower than the applicable U.S. statutory tax rate primarily due to income earned in lower tax jurisdictions as well
as the impact of the one-time deductions previously noted. Further information regarding these items is provided in
Note 14, Income Taxes, of the Notes to Consolidated Financial Statements included in this Annual Report.
Segment Information
The Company reports its operations by the following segments: Electronics, Transportation and Industrial. Segment
information is described more fully in Note 16, Segment Information, of the Notes to Consolidated Financial
Statements included in this Annual Report.
42

The following table is a summary of the Company’s net sales and operating income by segment:
Net Sales
Fiscal Year
(in millions)
2023
2022
Change
% Change
Electronics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,350.4
$1,492.8
$(142.4)
(9.5)%
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
678.3
716.2
(37.9)
(5.3)%
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
334.0
304.9
29.1
9.5%
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,362.7
$2,513.9
$(151.2)
(6.0)%
Segment Operating Income
Fiscal Year
(in millions)
2023
2022
Change
% Change
Electronics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$300.6
$431.6
$(131.0)
(30.4)%
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33.7
63.5
(29.8)
(47.0)%
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54.8
48.9
5.9
12.1%
Total segment operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
389.1
544.0
(154.9)
Other(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(28.2)
(43.2)
15.0
Total Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$360.9
$500.8
$(139.9)
(30.9)%
(a)
Included in ‘‘Other’’ Operating income for the 2023 was $28.2 million of non-segment charges, of which $11.7 million was for legal and
professional fees and other integration expenses related to completed and contemplated acquisitions, $16.5 million of restructuring,
impairment and other charges, primarily related to employee termination costs and a $3.9 million impairment charge related to the land and
building in the commercial vehicle business within the Transportation segment. See Note 8, Restructuring, Impairment and Other Charges,
for further discussion.
Included in ‘‘Other’’ Operating income for 2022 was $43.2 million of non-segment charges, of which $17.6 million of legal and professional
fees and other integration expenses related to completed and contemplated acquisitions, $15.6 million of purchase accounting inventory
step-up charges, and $10.0 million of restructuring, impairment and other charges, primarily related to employee termination costs and a
$2.9 million non-cash impairment charge for certain acquired technology and patent intangible assets due to a change in use and projected
cash flows within the Electronics segment in the fourth quarter of 2022. See Note 8, Restructuring, Impairment and Other Charges, for
further discussion.
Electronics Segment
Net Sales
Net sales for the Electronics segment decreased $142.4 million, or 9.5%, in 2023 compared to 2022 and included
favorable changes in foreign exchange rates of $2.1 million or 0.1%. The sales decrease was mainly due to lower
volume from the Electronics products business driven by inventory rebalancing at certain distributors and reduced
demand across certain electronics markets, including consumer facing and personal electronics, and telecom, which
more than offset the incremental net sales of $91.9 million from the C&K Switches acquisition.
Operating Income
Operating income was $300.6 million, representing a decrease of $131.0 million, or 30.4%, in 2023 compared to
$431.6 million in 2022. The decrease in operating income was primarily due to lower volume mainly driven from
the Electronics products business, which more than offset the incremental volume from the C&K Switches
acquisition. Operating margins decreased from 28.9% in 2022 to 22.3% in 2023 primarily due to the lower volume.
Transportation Segment
Net Sales
Net sales in the Transportation segment decreased $37.9 million, or 5.3%, in 2023 compared to 2022 and included
unfavorable changes in foreign exchange rates of $0.7 million or 0.1%. The commercial vehicle business net sales
declined $50.9 million, largely driven by reduced demand largely due to inventory rebalancing at certain distributors
and customers, and some demand reduction in commercial vehicle end markets. The automotive sensors business had
net sales declines of $3.4 million primarily due to lower demand in the United States and China. These declines were
partially offset by an increase of $16.5 million from the passenger car products business driven by the ongoing
electronification and electrification of vehicles and global passenger vehicle production growth.
43

Operating Income
Operating income was $33.7 million, representing a decrease of $29.8 million, or 47.0%, in 2023 compared to
$63.5 million in 2022. Operating margins declined from 8.9% to 5.0% primarily due to lower volume from the
commercial vehicle business, partially offset by higher volume and price realization in the passenger car business.
Industrial Segment
Net Sales
The Industrial segment net sales increased by $29.1 million, or 9.5%, in 2023 compared to 2022 and included
unfavorable changes in foreign exchange rates of $0.7 million or 0.2%. The increase in net sales was primarily due
to higher volume across multiple end markets, and the acquisition of Western Automation.
Operating Income
Operating income was $54.8 million, representing an increase of $5.9 million, or 12.1%, in 2023 compared to
$48.9 million in 2022. The increase in operating income was due to price realization and higher volume, partially
offset by higher amortization expenses from the acquisition of Western Automation. Operating margins were 16.4%
in 2023 compared to 16.0% in 2022.
Geographic Net Sales Information
Net sales by geography represent net sales to customer or distributor locations. The following table is a summary of
the Company’s net sales by geography:
Fiscal Year
(in millions)
2023
2022
Change
% Change
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 901.5
$ 992.3
$ (90.8)
(9.2)%
Asia-Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
898.9
1,019.9
(121.0)
(11.9)%
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
562.3
501.7
60.6
12.1%
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,362.7
$2,513.9
$(151.2)
(6.0)%
Americas
Net sales in the Americas decreased $90.8 million, or 9.2%, in 2023 compared to 2022 and included unfavorable
changes in foreign exchange rates of $0.1 million. The decrease in net sales was primarily due to lower volume from
the electronics products business within the Electronics segment and lower sales from the commercial vehicle
business within the Transportation segment, partially offset by incremental sales from C&K Switches acquisition
within the Electronics segment and higher sales within the Industrial segment compared to 2022.
Asia-Pacific
Asia-Pacific net sales decreased $121.0 million, or 11.9%, in 2023 compared to 2022 and included unfavorable
changes in foreign exchange rates of $12.3 million. The decrease in net sales was primarily due to lower net sales
from electronics products business within the Electronics segment and lower net sales from the commercial vehicle
business within the Transportation segment, partially offset by incremental sales from C&K Switches acquisition
within the Electronics segment and Western Automation acquisition within in the Industrial segment compared to
2022.
Europe
Europe net sales increased $60.6 million, or 12.1%, in 2023 compared to 2022 and included favorable changes in
foreign exchange rates of $13.1 million. The increase in net sales was primarily due to incremental sales from the
acquisition of C&K Switches, increased volume from the semiconductor business within the Electronics segment and
the passenger car products business within the Transportation segment, and the incremental sales from the Western
Automation acquisition included within the Industrial segment, partially offset by lower net sales from the electronics
products business within the Electronics segment.
44

Liquidity and Capital Resources
Cash and cash equivalents were $724.9 million as of December 28, 2024, an increase of $169.4 million as compared
to December 30, 2023.
As of December 28, 2024, $422.8 million of the Company’s $724.9 million cash and cash equivalents was held by
non-U.S. subsidiaries. Of the $422.8 million, at least $228.7 million can be repatriated with minimal tax
consequences, although in certain cases a non-U.S. withholding tax would be payable but subsequently refunded.
With respect to the remaining $194.1 million, the Company has recognized deferred tax liabilities on approximately
$49.7 million as of December 28, 2024 because the amounts are not considered to be permanently reinvested, and
the Company may access additional amounts through loans and other means. Repatriation of some non-U.S. cash
balances is restricted by local laws. Management regularly evaluates whether foreign earnings are expected to be
permanently reinvested. This evaluation requires judgment about the future operating and liquidity needs of the
Company and its foreign subsidiaries. Changes in economic and business conditions and tax laws could result in
changes to these judgments and the need to record additional tax liabilities.
The Company has historically supported its liquidity needs through cash flows from operations. Management expects
that the Company’s (i) current level of cash, cash equivalents, and marketable securities, (ii) current and forecasted
cash flows from operations, (iii) availability under existing funding arrangements, and (iv) access to capital in the
capital markets will provide sufficient funds to support the Company’s operations, capital expenditures, investments,
and debt obligations on both a short-term and long-term basis.
Revolving Credit Facility and Term Loan
On June 30, 2022, the Company amended and restated its Credit Agreement, dated as of April 3, 2020 (as so amended
and restated, the ‘‘Credit Agreement’’) to effect certain changes, including, among other changes: (i) adding a
$300 million unsecured term loan credit facility; (ii) making certain financial and non-financial covenants less
restrictive on the Company and its subsidiaries; (iii) replacing LIBOR-based interest rate benchmarks and modifying
performance-based interest rate margins; and (iv) extending the maturity date to June 30, 2027 (the ‘‘Maturity Date’’).
Pursuant to the Credit Agreement, the Company may, from time to time, increase the size of the revolving credit
facility or enter into one or more tranches of term loans in minimum increments of $25 million if there is no event
of default and the Company is in compliance with certain financial covenants.
Loans made under the available credit facility pursuant to the Credit Agreement (‘‘the Credit Facility’’) bear interest
at the Company’s option, at either Secured Overnight Financing Rate (‘‘SOFR’’), fixed for interest periods of one,
two, three or six-month periods, plus 1.00% to 1.75%, plus a SOFR adjustment of 0.10% or at the bank’s Base Rate,
as defined in the Credit Agreement, plus 0.00% to 0.75%, based upon the Company’s Consolidated Leverage Ratio,
as defined in the Credit Agreement. The Company is also required to pay commitment fees on unused portions of
the Credit Facility ranging from 0.10% to 0.175%, based on the Consolidated Leverage Ratio, as defined in the Credit
Agreement. The Credit Agreement includes representations, covenants and events of default that are customary for
financing transactions of this nature.
Under the Credit Agreement, revolving loans may be borrowed, repaid and reborrowed until the Maturity Date, at
which time all amounts borrowed must be repaid. The Company borrowed $300.0 million under a term loan on
June 30, 2022. The principal balance of the term loans must be repaid in quarterly installments on the last day of each
calendar quarter in the amount of $1.9 million commencing September 30, 2022, through June 30, 2024, and in the
amount of $3.8 million commencing September 30, 2024, through March 31, 2027, with the remaining outstanding
principal balance payable in full on the Maturity Date. Accrued interest on the loans is payable in arrears on each
interest payment date applicable thereto and at such other times as may be specified in the Credit Agreement. Subject
to certain conditions, (i) the Company may terminate or reduce the Aggregate Revolving Commitments, as defined
in the Credit Agreement, in whole or in part, and (ii) the Company may prepay the revolving loans or the term loans
at any time, without premium or penalty. During the fiscal year ended December 28, 2024, the Company made term
loan payments of $7.5 million. The revolving loan and term loan balance under the Credit Facility was $100.0 million
and $281.3 million, respectively, as of December 28, 2024.
On May 12, 2022, the Company entered into an interest rate swap agreement to manage interest rate risk exposure,
effectively converting the interest rate on the Company’s SOFR based floating-rate loans to a fixed-rate. The interest
rate swap, with a notional value of $200 million, was designated as a cash flow hedge against the variability of cash
flows associated with the Company’s SOFR based loans scheduled to mature on June 30, 2027.
45

As of December 28, 2024, the effective interest rate on unhedged portion of the outstanding borrowings under the
credit facility was 5.71%, and 4.13% on the hedged portion.
As of December 28, 2024, the Company had $0.1 million outstanding letters of credit and had available
$599.9 million of borrowing capacity under the revolving credit facility. As of December 28, 2024, the Company was
in compliance with all covenants under the credit agreement.
Senior Notes
On December 8, 2016, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued
and sold €212 million aggregate principal amount of senior notes in two series. The funding date for the Euro
denominated senior notes occurred on December 8, 2016 for €117 million in aggregate amount of 1.14% Senior
Notes, Series A, due December 8, 2023 (‘‘Euro Senior Notes, Series A due 2023’’), and €95 million in aggregate
amount of 1.83% Senior Notes, Series B due December 8, 2028 (‘‘Euro Senior Notes, Series B due 2028’’) (together,
the ‘‘Euro Senior Notes’’). During the fiscal year ended December 30, 2023, the Company paid off €117 million of
Euro Senior Notes, Series A due 2023. Interest on the Euro Senior Notes, Series B due 2028 is payable semiannually
on June 8 and December 8, commencing June 8, 2017.
On December 8, 2016, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued
and sold $125 million aggregate principal amount of senior notes in two series. On February 15, 2017, $25 million
in aggregate principal amount of 3.03% Senior Notes, Series A, due February 15, 2022 (‘‘U.S. Senior Notes, Series A
due 2022’’), and $100 million in aggregate principal amount of 3.74% Senior Notes, Series B, due February 15, 2027
(‘‘U.S. Senior Notes, Series B due 2027’’) (together, the ‘‘U.S. Senior Notes due 2022 and 2027’’) were funded.
During the fiscal year ended December 31, 2022, the Company paid off $25 million of U.S. Senior Notes, Series A
due 2022. Interest on the U.S. Senior Notes, Series B due 2027 is payable semiannually on February 15 and
August 15, commencing August 15, 2017.
On November 15, 2017, the Company entered into a Note Purchase Agreement pursuant to which the Company
issued and sold $175 million in aggregate principal amount of senior notes in two series. On January 16, 2018,
$50 million aggregate principal amount of 3.48% Senior Notes, Series A, due February 15, 2025 (‘‘U.S. Senior Notes,
Series A due 2025’’) and $125 million in aggregate principal amount of 3.78% Senior Notes, Series B, due
February 15, 2030 (‘‘U.S. Senior Notes, Series B due 2030’’) (together, the ‘‘U.S. Senior Notes due 2025 and 2030’’)
were funded. Interest on the U.S. Senior Notes due 2025 and 2030 is payable on February 15 and August 15,
commencing on August 15, 2018.
On May 18, 2022, the above note purchase agreements were amended to, among other things, update certain terms,
including financial covenants to be consistent with the terms of the amended and restated Credit Agreement and the
2022 Purchase Agreement, as defined below.
On May 18, 2022, the Company entered into a Note Purchase Agreement (‘‘2022 Purchase Agreement’’) pursuant
to which the Company issued and funded on July 18, 2022 $100 million in aggregate principal amount of 4.33%
Senior Notes, due June 30, 2032 (‘‘U.S. Senior Notes, due 2032’’) (together with the U.S. Senior Notes due 2025 and
2030, the Euro Senior Notes and the U.S. Senior Notes due 2022 and 2027, the ‘‘Senior Notes’’). Interest on the
U.S. Senior Notes due 2032 is payable semiannually on June 30 and December 30, commencing on December 30,
2022.
The Senior Notes have not been registered under the Securities Act, or applicable state securities laws. The Senior
Notes are general unsecured senior obligations and rank equal in right of payment with all existing and future
unsecured unsubordinated indebtedness of the Company.
The Senior Notes are subject to certain customary covenants, including limitations on the Company’s ability, with
certain exceptions, to engage in mergers, consolidations, asset sales and transactions with affiliates, to engage in any
business that would substantially change the general business of the Company, and to incur liens. In addition, the
Company is required to satisfy certain financial covenants and tests relating to, among other matters, interest
coverage and leverage. As of December 28, 2024, the Company was in compliance with all covenants under the
Senior Notes.
The Company may redeem the Senior Notes upon the satisfaction of certain conditions and the payment of a
make-whole amount to note holders and are required to offer to repurchase the Senior Notes at par following certain
events, including a change of control.
46

Debt Covenants
The Company was in compliance with its debt covenants as of December 28, 2024. As of December 28, 2024, the
Company met all the conditions required to borrow under the Credit Agreement and management expects the
Company to continue to meet the applicable borrowing conditions.
Acquisitions
Dortmund Fab: On December 31, 2024, the Company completed the acquisition of a 200mm wafer fab located in
Dortmund, Germany (‘‘Dortmund Fab’’) from Elmos Semiconductor SE. The total purchase price for the
Dortmund Fab is approximately 94 million Euro, of which 37.2 million Euro down payment (approximately
$40.5 million) was recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheets. The
down payment was paid in the third quarter of 2023 after regulatory approvals, and 56.7 million Euro was paid at
closing. The transaction did not have any impact on the Company’s 2024 financial results and reported in the
Electronics-Semiconductor business within the Company’s Electronics segment. The acquisition was funded with the
Company’s cash on hand.
On February 3, 2023, the Company completed the acquisition of Western Automation for approximately $162 million
in cash. Headquartered in Galway, Ireland, Western Automation is a designer and manufacturer of electrical shock
protection devices used across a broad range of high-growth end markets, including electric vehicle charging
infrastructure, industrial safety and renewables. At the time the Company and Western Automation entered into the
definitive agreement, Western Automation had annualized sales of approximately $25 million. The business is
reported within the Company’s Industrial segment. The Company financed the transaction with cash on hand.
On July 19, 2022, the Company acquired C&K Switches for $540 million in cash. Founded in 1928, C&K is a leading
designer and manufacturer of high-performance electromechanical switches and interconnect solutions with a strong
global presence across a broad range of end markets, including industrial, transportation, datacom, and aerospace. At
the time the Company and C&K entered into a definitive agreement, C&K had annualized sales of over $200 million.
The business is reported as part of the electronics-passive products and sensors business within the Company’s
Electronics segment. The net cash payment of $523.0 million was funded through a combination of cash on hand and
debt.
Cash Flow Overview
Operating cash inflows are largely attributable to sales of the Company’s products. Operating cash outflows are
largely attributable to recurring expenditures for raw materials, labor, rent, interest, taxes, and other operating
activities.
The following describes the Company’s cash flows for the fiscal year ended December 28, 2024 and December 30,
2023:
Fiscal Year
(in millions)
2024
2023
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 367.6
$ 457.4
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(65.8)
(284.3)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(112.4)
(185.7)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash . . . . . . . . . . . . .
(20.1)
4.8
Increase (decrease) in cash, cash equivalents, and restricted cash . . . . . . . . . . . . . . . . . . . . . . . .
169.3
(7.8)
Cash, cash equivalents, and restricted cash at beginning of period . . . . . . . . . . . . . . . . . . . . . . .
557.1
564.9
Cash, cash equivalents, and restricted cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 726.4
$ 557.1
Cash Flow from Operating Activities
Net cash provided by operating activities was $367.6 million for the fiscal year 2024, a decrease of $89.8 million,
compared to $457.4 million during the fiscal year 2023. The decrease in net cash provided by operating activities was
primarily due to lower cash earnings.
Cash Flow from Investing Activities
Net cash used in investing activities was $65.8 million for the fiscal year 2024, compared to $284.3 million during
the fiscal year 2023. Net cash paid for acquisitions was $198.8 million for the Western Automation and Dortmund Fab
47

acquisitions during the fiscal year 2023. Capital expenditures were $75.9 million, representing a decrease of
$10.3 million compared to the fiscal year 2023. The Company also received proceeds of $10.8 million mainly from
the sale of a land use right within the Electronics segment and two buildings from the Transportation segment during
the fiscal year 2024 as compared to proceeds of $0.8 million from the sale of a property within the Electronics
segment during the fiscal year 2023.
Cash Flow from Financing Activities
Net cash used in financing activities was $112.4 million for the fiscal year 2024 compared to $185.7 million during
the fiscal year 2023. During the fiscal year 2024, the Company paid $7.5 million on the term loan. During the
fiscal year 2023, the Company paid $121.3 million (€117 million) of Euro Senior Notes, Series A due 2023 and
$7.5 million on the term loan. The Company paid dividends of $67.1 million and $62.2 million for the fiscal year
2024 and 2023, respectively, representing an increase of $4.9 million from the fiscal year 2023. Additionally, the
Company repurchased 179,311 shares of its common stock totaling $40.9 million during the fiscal year 2024.
The following describes the Company’s cash flows for the fiscal year ended December 30, 2023 and December 31,
2022:
Fiscal Year
(in millions)
2023
2022
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 457.4
$ 419.7
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(284.3)
(636.4)
Net cash (used in) provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(185.7)
310.2
Effect of exchange rate changes on cash, cash equivalents, and restricted cash . . . . . . . . . . . . .
4.8
(11.4)
(Decrease) increase in cash, cash equivalents, and restricted cash. . . . . . . . . . . . . . . . . . . . . . . .
(7.8)
82.1
Cash, cash equivalents, and restricted cash at beginning of period . . . . . . . . . . . . . . . . . . . . . . .
564.9
482.8
Cash, cash equivalents, and restricted cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 557.1
$ 564.9
Cash Flow from Operating Activities
Net cash provided by operating activities was $457.4 million for the fiscal year 2023, an increase of $37.7 million,
compared to $419.7 million during the fiscal year 2022. The increase in net cash provided by operating activities was
primarily due to reductions in working capital partially offset by lower cash earnings.
Cash Flow from Investing Activities
Net cash used in investing activities was $284.3 million for the fiscal year 2023, compared to $636.4 million during
the fiscal year 2022. Net cash paid for acquisitions was $198.8 million for the Dortmund Fab and Western Automation
acquisitions during the fiscal year 2023 versus $532.7 million primarily for the C&K Switches and Embed
acquisitions during the fiscal year 2022. Capital expenditures were $86.2 million, representing a decrease of
$18.2 million compared to the fiscal year 2022. The Company also received proceeds of $0.8 million primarily from
the sale of a property within the Electronics segment during the fiscal year 2023 as compared to proceeds of
$0.7 million from the sale of a property within the Transportation segment during the fiscal year 2022.
Cash Flow from Financing Activities
Net cash used in financing activities was $185.7 million for the fiscal year 2023 compared to $310.2 million net cash
provided by financing activities for the fiscal year 2022. On July 18, 2022, the Company issued and funded
$100 million in aggregate principal amount of 4.33% U.S. Senior Notes, due 2032. On June 30, 2022, the Company
amended and restated its Credit Agreement and borrowed $300.0 million through a term loan. During the fiscal year
2023, the Company paid $121.3 million (€117 million) of Euro Senior Notes, Series A due 2023 and $7.5 million on
the term loan. During the fiscal year 2022, the Company paid $25.0 million of U.S. Senior Notes, Series A due on
February 15, 2022 and $3.8 million on the term loan. Additionally, the Company paid dividends of $62.2 million and
$55.9 million for the fiscal year 2023 and 2022, respectively, representing an increase of $6.3 million from the
fiscal year 2022.
48

Contractual Obligations and Commitments
The following table summarizes outstanding contractual obligations and commitments as of December 28, 2024:
Payments Due by Period
(in thousands)
Total
Less than
1 Year
1 to 3
Years
3 to 5
Years
Greater
than
5 Years
Long-term debt(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 858,880 $ 67,612 $467,341 $ 98,927 $225,000
Interest payments(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128,020
37,002
57,910
19,920
13,188
Operating and finance lease payments(c) . . . . . . . . . . . . . . .
93,748
17,547
21,577
18,287
36,337
Income tax obligation(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,192
8,192
—
—
—
Purchase obligations(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27,749
26,268
1,034
447
—
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,116,589 $156,621 $547,862 $137,581 $274,525
(a)
Excludes offsetting issuance costs of $2.8 million. Euro denominated debt amounts are converted based on the Euro to U.S. Dollar spot rate
at year end. For more information see Note 9, Debt, of the Notes to Consolidated Financial Statements.
(b)
Amounts represent estimated contractual interest payments on outstanding debt. Rates in effect as of December 28, 2024 are used for
variable rate debt. For more information see Note 9, Debt, of the Notes to Consolidated Financial Statements.
(c)
For more information see Note 7, Lease Commitments, of the Notes to Consolidated Financial Statements.
(d)
The income tax obligation represents the remaining amounts payable regarding the 2017 Littelfuse Toll Charge. The Company has elected
to pay the 2017 Littelfuse Toll Charge over the eight-year period prescribed by the Tax Act. The anticipated 2025 annual installment payment
of $8.2 million, which represents the eighth and final required installment, is included in Accrued income taxes, on the Consolidated Balance
Sheet as of December 28, 2024. For more information see Note 14, Income Taxes, of the Notes to Consolidated Financial Statements.
(e)
Purchase obligations include purchase commitments and commitments for capital expenditures not recognized in the Company’s
Consolidated Balance Sheets.
In addition to the above contractual obligations and commitments, the Company had the following obligations at December 28, 2024:
The Company has Company-sponsored defined benefit pension plans covering employees at various non-U.S. subsidiaries including the
U.K., Germany, the Philippines, China, Japan, Mexico, Italy, and France. At December 28, 2024, the Company had a net unfunded status of
$31.3 million. The Company expects to make approximately $1.2 million of contributions to the plans and pay $2.1 million of benefits directly
in 2025. For additional information, see Note 11, Benefit Plans, of the Notes to Consolidated Financial Statements.
Dividends
Cash dividends paid totaled $67.1 million, $62.2 million and $55.9 million for 2024, 2023 and 2022, respectively.
On January 28, 2025, the Board of Directors of the Company declared a quarterly cash dividend of $0.70 per share,
payable on March 6, 2025 to stockholders of record as of February 20, 2025.
Capital Resources
The Company expends capital to support its operating and strategic plans. Such expenditures include strategic
acquisitions, investments to maintain capital assets, develop new products or improve existing products, and to
enhance capacity or productivity. Many of the associated projects have long lead-times and require commitments in
advance of actual spending.
Share Repurchase Program
The Company’s Board of Directors authorized the repurchase of up to $300 million in the aggregate of shares of the
Company’s common stock for the period May 1, 2021 to April 30, 2024 (‘‘2021 program’’). On April 25, 2024, the
Company’s Board of Directors authorized a new three-year program to repurchase up to $300.0 million in the
aggregate of shares of the Company’s stock for the period May 1, 2024 to April 30, 2027 (‘‘2024 program’’) to
replace the expired 2021 program.
During the fiscal year of 2024, the Company repurchased 179,311 shares of its common stock totaling $40.9 million,
of which, $38.9 million was pursuant to the 2021 program and $2.0 million was pursuant to the 2024 program. There
is $298.0 million of an authorized amount not yet purchased under the 2024 program as of December 28, 2024.
During the fiscal years of 2023 and 2022, the Company did not repurchase any shares of its common stock.
Off-Balance Sheet Arrangements
As of December 28, 2024, the Company did not have any off-balance sheet arrangements, as defined under
SEC rules. Specifically, the Company was not liable for guarantees of indebtedness owed by third parties, the
49

Company was not directly liable for the debt of any unconsolidated entity and the Company did not have any retained
or contingent interest in assets. The Company does not participate in transactions that generate relationships with
unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special
purpose entities.
Recent Accounting Pronouncements
Recently issued accounting standards and their estimated effect on the Company’s Consolidated Financial Statements
are described in Note 1, Summary of Significant Accounting Policies and Other Information, of the Notes to
Consolidated Financial Statements.
50

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Company is exposed to market risk from changes in interest rates, foreign exchange rates and commodity prices.
Interest Rate Risk
On June 30, 2022, the Company amended and restated its Credit Agreement, dated as of April 3, 2020 to effect certain
changes, including, among other changes: (i) adding a $300 million unsecured term loan credit facility; (ii) making
certain financial and non-financial covenants less restrictive on the Company and its subsidiaries; (iii) replacing
LIBOR-based interest rate benchmarks and modifying performance-based interest rate margins; and (iv) extending
the maturity date to June 30, 2027 (the ‘‘Maturity Date’’). Pursuant to the Credit Agreement, the Company may, from
time to time, increase the size of the revolving credit facility or enter into one or more tranches of term loans in
minimum increments of $25 million if there is no event of default and the Company is in compliance with certain
financial covenants.
The revolving loan and term loan balance under the Credit Facility was $100.0 million and $281.3 million,
respectively, as of December 28, 2024. On May 12, 2022, the Company entered into an interest rate swap agreement
to manage interest rate risk exposure, effectively converting the interest rate on the Company’s SOFR based
floating-rate loans to a fixed-rate. The interest rate swap, with a notional value of $200 million, was designated as
a cash flow hedge against the variability of cash flows associated with the Company’s SOFR based loans scheduled
to mature on June 30, 2027. The cash flow hedge reduces the Company exposure to future interest rate fluctuation.
After consideration of the hedge above, the remaining borrowings of $181.3 million, which represents approximately
21% of the Company’s total debt, is subject to future interest rate fluctuations which could potentially have a negative
impact on the Company’s cash flows. A prospective increase of 100 basis points in the interest rate applicable to the
Company’s outstanding borrowings under its credit facility would result in an increase of approximately $1.8 million
in annual interest expense. This exposure would be partially if not fully offset by higher interest income from the
Company’s investments.
Foreign Exchange Rate Risk
The majority of the Company’s operations consist of manufacturing and sales activities in foreign countries. The
Company has operations in China, France, Germany, India, Ireland, Mexico, Philippines, U.K., Japan, Lithuania,
Netherlands, Portugal, Singapore, South Korea, Spain, U.S., and Vietnam. During 2024, sales to customers outside
the U.S. were approximately 63% of total net sales. During 2023, sales to customers outside the U.S. were
approximately 65% of total net sales. Substantially all sales in Europe are denominated in euros and substantially all
sales in the Asia-Pacific region are denominated in U.S. dollars, Chinese renminbi, Japanese yen, or Korean won.
The Company’s foreign exchange exposures result primarily from intercompany loans, external borrowings, sale of
products in foreign currencies, foreign currency denominated purchases, employee-related, and other costs of running
operations in foreign countries. The Company’s most significant foreign currency exposures are to the euro,
Chinese renminbi, Mexican peso, and Philippine peso. Changes in foreign exchange rates could affect the Company’s
sales, costs, balance sheet values, and earnings. In July 2024, the Company implemented a hedging program to
manage foreign currency risk exposure related to fluctuations between the U.S. dollar and Mexican peso. These
foreign currency zero cost collars are designated as cash flow hedges for a portion of our Mexican peso-denominated
manufacturing expenses, predominantly salary expenses, vendor payments, and utility expenses.
At December 28, 2024, the net value of the Company’s assets with exposure to foreign currency risk was
approximately $26.3 million, with the largest exposure being a Japanese Yen denominated intercompany loan with
a U.S. Dollars functional currency subsidiary. The reduction in earnings from a hypothetical instantaneous 10%
adverse change in quoted foreign currency spot rates applied to foreign currency sensitive asset instruments would
be $2.6 million at December 28, 2024. At December 28, 2024, the net value of the Company’s liabilities with
exposure to foreign currency risk was $5.5 million, with the largest exposure being U.S. Dollar denominated
intercompany loans with a Mexican Peso functional currency subsidiary. The reduction in earnings from a
hypothetical instantaneous 10% adverse change in quoted foreign currency spot rates applied to foreign currency
sensitive liability instruments would be $0.5 million at December 28, 2024. As a result of the mix in currencies
impacting the hypothetical 10% changes, the movements in some instruments would offset movements in other
instruments reducing the hypothetical exposure to the Company.
51

Commodity Price Risk
The Company uses various metals in the manufacturing of its products, including copper, zinc, tin, gold, and silver.
Prices of these and other commodities can rise and result in materially higher costs of producing our products. The
Company believes it has adequate primary and secondary sources of supply for each of our key materials. While the
Company is exposed to significant changes in certain metal prices and expects higher material costs, the Company
actively monitors these exposures, has taken and may take various actions in the future, including price increases and
productivity improvements to mitigate any negative impacts of these exposures.
52

ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Index
Page
Report of Independent Registered Public Accounting Firm – Consolidated Financial Statements
(PCAOB ID Number 34 and PCAOB ID Number 248). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54
Report of Independent Registered Public Accounting Firm – Internal Control Over Financial Reporting . .
57
Consolidated Financial Statements
Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60
Consolidated Statements of Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
Consolidated Statements of Comprehensive Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
Consolidated Statements of Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
Notes to Consolidated Financial Statements
1. Summary of Significant Accounting Policies and Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . .
65
2. Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73
3. Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76
4. Property, Plant, and Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76
5. Goodwill and Other Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76
6. Accrued Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
7. Lease Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
8. Restructuring, Impairment and Other Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80
9. Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
10. Fair Value of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
84
11. Benefit Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89
12. Stock-Based Compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94
13. Other Comprehensive Income (Loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96
14. Income Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97
15. Earnings Per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100
16. Segment Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100
17. Commitments and Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
18. Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104
53

Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Littelfuse, Inc.
Opinion on the financial statements
We have audited the accompanying consolidated balance sheet of Littelfuse, Inc. and subsidiaries (the ‘‘Company’’)
as of December 28, 2024, the related consolidated statements of net income, comprehensive income, equity, and cash
flows, for the period ended December 28, 2024, and the related notes and financial statement schedule included under
Item 15(a) (collectively referred to as the ‘‘financial statements’’). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 28, 2024, and the results of its
operations and its cash flows for the period ended December 28, 2024, in conformity with accounting principles
generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the Company’s internal control over financial reporting as of December 28, 2024, based
on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated March 13, 2025, expressed an adverse opinion on
the Company’s internal control over financial reporting because of material weaknesses.
Basis for opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with
the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our audit also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our
audit provides a reasonable basis for our opinion.
Critical audit matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial
statements that was communicated or required to be communicated to the audit committee and that (1) relates to
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion
on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below,
providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Goodwill and Other Intangible Assets– Refer to Notes 1 and 5 to the financial statements
Critical Audit Matter Description
The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting
unit to its carrying value. The Company engages a third-party appraisal firm to assist in the Company’s determination
of the estimated fair values for each reporting unit. This determination includes estimating the fair value of each
reporting unit using both the income and market approaches. The income approach requires management to estimate
a number of factors for each reporting unit, including projected operating results, economic projections, anticipated
future cash flows, discount rates and the allocation of shared or corporate items. The market approach estimates fair
values using comparable marketplace fair value data from within a comparable industry grouping.
54

The Company evaluates the recoverability of other long-lived assets, including certain identifiable intangible assets,
whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be
recoverable. When the Company determines that the carrying value of long-lived assets may not be recoverable, the
assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the
use of the asset and its eventual disposition.
We identified the valuation of goodwill and the acquired customer relationships intangible asset within the Industrial
controls and sensors reporting unit (‘‘reporting unit’’) as a critical audit matter because of the reporting unit’s
historical performance as compared to projections and because of the significant judgments made by management to
estimate the respective fair values. This required a high degree of auditor judgment and an increased extent of effort,
including the need to involve our fair value specialists, when auditing management’s judgments related to
(1) forecasts of revenue and earnings before interest, taxes, and amortization (‘‘EBITA’’), the selection of the peer
group companies and associated market multiples, and the selection of the discount rate in estimating the fair value
of the reporting unit, and related to (2) the forecast of revenue and the selection of the discount rate in estimating the
fair value of the customer relationships intangible asset.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to (1) the Company’s forecasts of revenue and EBITA, the selection of the peer group
companies and associated market multiples, and the selection of the discount rate used by management to estimate
the fair value of the reporting unit and (2) the forecast of revenue and the selection of the discount rate in estimating
the fair value of the customer relationship intangible asset, included the following, among others:
•
We tested the design and operating effectiveness of controls over the annual goodwill impairment
assessment and the customer relationships intangible asset impairment assessment, including those over
(1) the preparation of the revenue and EBITA forecasts, the selection of peer group companies and
associated market multiples, and the selection of the discount rate to estimate the fair value of the reporting
unit and (2) the preparation of the revenue forecast and the selection of the discount rate to estimate the
fair value of the customer relationship intangible asset.
•
We evaluated management’s ability to accurately forecast revenue and EBITA (‘‘forecasts’’) by comparing
actual results to management’s historical forecasts.
•
We evaluated the reasonableness of management’s forecasts by comparing the forecasts to:
○
Internal communications to management and the Board of Directors.
○
Historical results, third-party economic research, industry performance, and peer company
performance.
○
Actual results from the September 29, 2024, annual measurement date to December 28, 2024.
•
We performed sensitivity analyses to evaluate changes to both impairment tests if key assumptions are
changed.
•
With the assistance of our fair value specialists, for the customer relationships intangible asset impairment
assessment, we assessed the reasonableness of the valuation methodology and the discount rate, by:
○
Evaluating whether the fair value model being used is appropriate considering the Company’s
circumstances and valuation premise identified.
○
Developing a range of independent estimates and comparing those to the discount rate selected by
management.
○
Testing the underlying source information and mathematical accuracy of the calculations.
•
With the assistance of our fair value specialists, for the goodwill impairment assessment we evaluated the
reasonableness of the (1) valuation methodology, (2) peer group companies and resulting market multiples,
and (3) the discount rate, by:
○
Evaluating whether the fair value model being used is appropriate considering the Company’s
circumstances and valuation premise identified.
55

○
Evaluating the market multiples by considering the reasonableness of the selected peer group
companies and comparing the multiples selected by management to management’s identified peer
group companies.
○
Developing a range of independent estimates and comparing those to the discount rate selected by
management.
○
Testing the underlying source information and mathematical accuracy of the calculations.
/s/ Deloitte & Touche LLP
Chicago, Illinois
March 13, 2025
We have served as the Company’s auditor since 2024.
56

Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Littelfuse, Inc.
Opinion on the financial statements
We have audited the accompanying consolidated balance sheet of Littelfuse, Inc. (a Delaware corporation) and
subsidiaries (the ‘‘Company’’) as of December 30, 2023, the related consolidated statements of net income,
comprehensive income, equity, and cash flows for each of the two years in the period ended December 30, 2023, and
the related notes and financial statement schedule included under Item 15(a) (collectively referred to as the
‘‘consolidated financial statements’’). In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of the Company as of December 30, 2023, and the results of its operations
and its cash flows for each of the two years in the period ended December 30, 2023, in conformity with accounting
principles generally accepted in the United States of America.
Basis for opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is
to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public
accounting firm registered with the PCAOB and are required to be independent with respect to the Company in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our
audits provide a reasonable basis for our opinion.
/s/ GRANT THORNTON LLP
We served as the Company’s auditor from 2014 to 2023.
Southfield, Michigan
February 16, 2024 (except for Note 16, as to which the date is March 13, 2025)
57

Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Littelfuse, Inc.
Opinion on internal control over financial reporting
We have audited the internal control over financial reporting of Littelfuse, Inc. and subsidiaries (the ‘‘Company’’) as
of December 28, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, because of the
effect of the material weaknesses identified below on the achievement of the objectives of the control criteria, the
Company has not maintained effective internal control over financial reporting as of December 28, 2024, based on
criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the consolidated financial statements as of and for the year ended December 28, 2024, of
the Company and our report dated March 13, 2025, expressed an unqualified opinion on those consolidated financial
statements.
Basis for opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for
its assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on
the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered
with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and limitations of internal control over financial reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have
a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Material weaknesses
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial
statements will not be prevented or detected on a timely basis.
Management identified a material weakness as the Company did not design and maintain an effective control
environment commensurate with its financial reporting requirements. Specifically, at certain of its non-U.S.
manufacturing locations, the Company lacked sufficiently skilled operational and accounting personnel to ensure that
internal control responsibilities were performed and aligned with internal control objectives.
58

The material weakness in the control environment contributed to an additional material weakness related to the design
and operating effectiveness of control activities over the existence of inventory at these locations. The Company did
not maintain effective controls related to inventory cycle counts to validate existence of inventory, and consequently,
the completeness and accuracy of the data used in evaluating the appropriateness of the valuation of inventory and
related reserves.
These material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our
audit of the consolidated financial statements as of and for the year ended December 28, 2024, of the Company, and
this report does not affect our report on such financial statements.
/s/ Deloitte & Touche LLP
Chicago, Illinois
March 13, 2025
59

LITTELFUSE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
December 28,
2024
December 30,
2023
ASSETS
Current assets:
Cash and cash equivalents (Note 1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 724,924
$ 555,513
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
976
235
Trade receivables, less allowances of $69,990 and $84,696, respectively. . . .
294,371
287,018
Inventories (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
416,273
474,607
Prepaid income taxes and income taxes receivable. . . . . . . . . . . . . . . . . . . . . .
11,749
8,701
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103,716
82,526
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,552,009
1,408,600
Net property, plant, and equipment (Note 4). . . . . . . . . . . . . . . . . . . . . . . . . . . . .
477,068
493,153
Intangible assets, net of amortization (Note 5) . . . . . . . . . . . . . . . . . . . . . . . . . . .
482,118
606,136
Goodwill (Note 5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,228,502
1,309,998
Investments (Note 1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,245
24,821
Deferred income taxes (Note 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,899
10,486
Right of use lease assets (Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72,211
62,370
Other long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51,727
79,711
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,891,779
$3,995,275
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 188,359
$ 173,535
Accrued liabilities (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
148,276
149,214
Accrued income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29,658
38,725
Current portion of long-term debt (Note 9). . . . . . . . . . . . . . . . . . . . . . . . . . . .
67,612
14,020
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
433,905
375,494
Long-term debt, less current portion (Note 9). . . . . . . . . . . . . . . . . . . . . . . . . . . .
788,502
857,915
Deferred income taxes (Note 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95,532
110,820
Accrued post-retirement benefits (Note 11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29,836
34,422
Non-current lease liabilities (Note 7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60,559
49,472
Other long-term liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69,833
86,671
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,478,167
1,514,794
Commitments and contingencies (Note 17)
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized;
shares issued, 26,758,730 and 26,624,071, respectively . . . . . . . . . . . . . . . .
262
262
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,049,079
1,012,325
Treasury stock, at cost: 1,937,380 and 1,711,290 shares, respectively. . . . . . .
(305,351)
(259,263)
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(146,361)
(55,817)
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,815,628
1,782,662
Littelfuse, Inc. shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,413,257
2,480,169
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
355
312
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,413,612
2,480,481
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,891,779
$3,995,275
60
See accompanying Notes to Consolidated Financial Statements.

LITTELFUSE, INC.
CONSOLIDATED STATEMENTS OF NET INCOME
Fiscal Year Ended
(in thousands, except per share data)
December 28,
2024
December 30,
2023
December 31,
2022
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,190,768
$2,362,657
$2,513,897
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,403,226
1,462,416
1,506,984
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
787,542
900,241
1,006,913
Selling, general, and administrative expenses . . . . . . . . . . .
350,421
354,655
344,813
Research and development expenses . . . . . . . . . . . . . . . . . .
107,773
102,429
95,602
Amortization of intangibles. . . . . . . . . . . . . . . . . . . . . . . . . .
62,127
65,794
55,695
Restructuring, impairment, and other charges . . . . . . . . . . .
108,441
16,501
9,977
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .
628,762
539,379
506,087
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158,780
360,862
500,826
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38,717
39,866
26,216
Foreign exchange (gain) loss . . . . . . . . . . . . . . . . . . . . . . . .
(9,230)
12,299
24,359
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . .
(22,570)
(19,901)
7,207
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . .
151,863
328,598
443,044
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51,673
69,113
69,738
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 100,190
$ 259,485
$ 373,306
Income per share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4.04
$
10.44
$
15.09
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4.00
$
10.34
$
14.94
Weighted average shares and equivalent shares
outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24,821
24,854
24,734
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25,039
25,102
24,986
61
See accompanying Notes to Consolidated Financial Statements.

LITTELFUSE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year Ended
(in thousands)
December 28,
2024
December 30,
2023
December 31,
2022
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$100,190
$259,485
$373,306
Other comprehensive income (loss):
Pension and postemployment adjustments, net of tax . . .
(2,896)
(5,420)
9,735
Cash flow hedges, net of tax . . . . . . . . . . . . . . . . . . . . . .
(3,147)
(2,148)
6,596
Foreign currency translation adjustments, net of tax. . . .
(84,501)
47,515
(38,632)
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
9,646
$299,432
$351,005
62
See accompanying Notes to Consolidated Financial Statements.

LITTELFUSE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
(in thousands)
December 28,
2024
December 30,
2023
December 31,
2022
OPERATING ACTIVITIES
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 100,190
$ 259,485
$ 373,306
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68,325
71,634
65,011
Amortization of intangibles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62,127
65,794
55,695
Impairment charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93,515
4,853
4,546
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,028)
1,787
115
Non-cash inventory charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
15,593
Stock-based compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26,012
23,898
23,626
(Gain) loss on investments and other assets. . . . . . . . . . . . . . . . . . .
(112)
291
14,024
Deferred income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,823)
46
(22,419)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,873)
5,473
32,680
Changes in operating assets and liabilities:
Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(15,347)
24,517
(19,334)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47,143
82,471
(89,235)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,260
(36,277)
(22,403)
Accrued liabilities and income taxes . . . . . . . . . . . . . . . . . . . . . . . .
(34,560)
(61,022)
(9,495)
Prepaid expenses and other assets. . . . . . . . . . . . . . . . . . . . . . . . . . .
16,792
14,437
(1,992)
Net cash provided by operating activities. . . . . . . . . . . . . . . . . . . . . . .
367,621
457,387
419,718
INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired . . . . . . . . . . . . . . . . .
—
(198,810)
(532,670)
Purchases of property, plant, and equipment . . . . . . . . . . . . . . . . . . . .
(75,877)
(86,188)
(104,341)
Net proceeds from sale of property, plant, and equipment . . . . . . . . .
10,836
832
676
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(741)
(151)
(62)
Net cash used in investing activities. . . . . . . . . . . . . . . . . . . . . . . . . . .
(65,782)
(284,317)
(636,397)
FINANCING ACTIVITIES
Proceeds of term loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
300,000
Proceeds from senior notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
100,000
Payments of senior notes payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(121,302)
(25,000)
Repayments of other debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,707)
(2,697)
(1,552)
Payments of term loan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,500)
(7,500)
(3,750)
Net proceeds (payments) related to stock-based award activities . . . .
5,694
7,934
(862)
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(2,723)
Cash dividends paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(67,061)
(62,161)
(55,911)
Purchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(40,862)
—
—
Net cash (used in) provided by financing activities. . . . . . . . . . . . . . .
(112,436)
(185,726)
310,202
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(20,089)
4,840
(11,420)
Increase (decrease) in cash, cash equivalents, and restricted cash . . .
169,314
(7,816)
82,103
Cash, cash equivalents, and restricted cash at beginning of period . .
557,123
564,939
$ 482,836
Cash, cash equivalents, and restricted cash at end of period. . . . . . . .
$ 726,437
$ 557,123
$ 564,939
Supplementary Cash Flow Information
Reconciliation of cash and cash equivalents:
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 724,924
$ 555,513
$ 562,588
Restricted cash included in prepaid expenses and other current
assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
802
Restricted cash included in other long-term assets . . . . . . . . . . .
1,513
1,610
1,549
Cash paid during the period for interest. . . . . . . . . . . . . . . . . . . . . .
36,207
37,167
25,439
Cash paid during the period for income taxes, net of refunds . . . .
83,765
73,932
93,622
Capital expenditures, not yet paid. . . . . . . . . . . . . . . . . . . . . . . . . . .
11,727
9,191
11,725
63
See accompanying Notes to Consolidated Financial Statements.

LITTELFUSE, INC.
CONSOLIDATED STATEMENTS OF EQUITY
Littelfuse, Inc. Shareholders’ Equity
(in thousands, except share and per
share data)
Common
Stock
Addl. Paid in
Capital
Treasury
Stock
Accum. Other
Comp. Inc.
(Loss)
Retained
Earnings
Non-
controlling
Interest
Total
Balance at January 1, 2022. . . . . . .
$260
$ 946,588 $(248,120) $ (73,463) $1,268,124
$131
$1,893,520
Net income . . . . . . . . . . . . . . . . . . .
—
—
—
—
373,306
—
373,306
Other comprehensive loss, net of
tax . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(22,301)
—
—
(22,301)
Stock-based compensation . . . . . . .
—
23,626
—
—
—
—
23,626
Non-controlling interest . . . . . . . . .
—
—
—
—
(53)
53
—
Withheld 20,646 shares on
restricted share units for
withholding taxes . . . . . . . . . . . .
—
—
(4,746)
—
—
—
(4,746)
Stock options exercised . . . . . . . . .
1
3,883
—
—
—
—
3,884
Cash dividends paid ($2.26 per
share) . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
(55,911)
—
(55,911)
Balance at December 31, 2022. . . .
$261
$ 974,097 $(252,866) $ (95,764) $1,585,466
$184
$2,211,378
Net income . . . . . . . . . . . . . . . . . . .
—
—
—
—
259,485
—
259,485
Other comprehensive income, net
of tax . . . . . . . . . . . . . . . . . . . . . .
—
—
—
39,947
—
—
39,947
Stock-based compensation . . . . . . .
—
23,898
—
—
—
—
23,898
Non-controlling interest . . . . . . . . .
—
—
—
—
(128)
128
—
Withheld 25,933 shares on
restricted share units for
withholding taxes . . . . . . . . . . . .
—
—
(6,397)
—
—
—
(6,397)
Stock options exercised . . . . . . . . .
1
14,330
—
—
—
—
14,331
Cash dividends paid ($2.50 per
share) . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
(62,161)
—
(62,161)
Balance at December 30, 2023. . . .
$262
$1,012,325 $(259,263) $ (55,817) $1,782,662
$312
$2,480,481
Net income . . . . . . . . . . . . . . . . . . .
—
—
—
—
100,190
—
100,190
Other comprehensive loss, net of
tax . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
(90,544)
—
—
(90,544)
Stock-based compensation . . . . . . .
—
26,012
—
—
—
—
26,012
Non-controlling interest . . . . . . . . .
—
—
—
—
(163)
43
(120)
Withheld 21,732 shares on
restricted share units for
withholding taxes . . . . . . . . . . . .
—
—
(5,048)
—
—
—
(5,048)
Stock options exercised . . . . . . . . .
—
10,742
—
—
—
—
10,742
Repurchases of common stock,
with excise tax . . . . . . . . . . . . . .
—
—
(41,040)
—
—
—
(41,040)
Cash dividends paid ($2.70 per
share) . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
(67,061)
—
(67,061)
Balance at December 28, 2024. . . .
$262
$1,049,079 $(305,351) $(146,361) $1,815,628
$355
$2,413,612
64
See accompanying Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies and Other Information
Nature of Operations
Littelfuse, Inc. and subsidiaries (the ‘‘Company’’) is a diversified, industrial technology manufacturing company
empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately
16,000 global associates, the Company partners with customers to design and deliver innovative, reliable solutions.
Serving over 100,000 end customers, the Company’s products are found in a variety of industrial, transportation and
electronics end markets – everywhere, every day.
Fiscal Year
References herein to ‘‘2024’’, ‘‘fiscal 2024’’ or ‘‘fiscal year 2024’’ refer to the fiscal year ended December 28, 2024.
References herein to ‘‘2023’’, ‘‘fiscal 2023’’ or ‘‘fiscal year 2023’’ refer to the fiscal year ended December 30, 2023.
References herein to ‘‘2022’’, ‘‘fiscal 2022’’ or ‘‘fiscal year 2022’’ refer to the fiscal year ended December 31, 2022.
The Company operates on a 52-53 week fiscal year (4-4-5 basis) ending on the Saturday closest to December 31.
Basis of Presentation
The Consolidated Financial Statements include the accounts of Littelfuse, Inc. and its subsidiaries. All significant
intercompany accounts and transactions have been eliminated. The Company’s Consolidated Financial Statements
were prepared in accordance with generally accepted accounting principles in the United States of America (‘‘U.S.’’)
and include the assets, liabilities, sales and expenses of all wholly owned subsidiaries and majority-owned
subsidiaries over which the Company exercises control.
Out-of-Period Adjustments
During the year ended December 28, 2024, the Company identified certain errors in its previously issued
financial statements that have now been corrected through cumulative out-of-period adjustments in the financial
statements as of and for the year ended December 28, 2024. The error was identified by management and related to
the valuation and existence of inventory that originated in prior periods at certain of our non-U.S. manufacturing
locations within the Transportation and Industrial segments. As a result, the Company recorded an out-of-period
adjustment to the prior years of $12.3 million in the year ended December 28, 2024. The adjustment increased cost
of sales, offset by a reduction in inventory. The out-of-period adjustment resulted in a decrease to net income of
$12.3 million. The Company evaluated the impact of the error and out-of-period adjustment and concluded it was not
material to any previously issued financial statements and the adjustment was not material to the year ended
December 28, 2024.
Use of Estimates
The process of preparing financial statements in conformity with generally accepted accounting principles in the
U.S. requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the
date of the Consolidated Financial Statements, and the reported amounts of revenues and expenses and the
accompanying notes. The Company evaluates and updates its assumptions and estimates on an ongoing basis and may
employ outside experts to assist in its evaluation, as considered necessary. Actual results could differ from those
estimates.
Cash, Cash Equivalents and Restricted Cash
All highly liquid investments, with an original maturity of three months or less when purchased, are considered to
be cash equivalents. The Company maintains several pools including multicurrency notional pools and physical pools
internationally and a zero-balance account (‘‘ZBA’’) structure in the U.S. In the notional pools, actual cash balances
are not physically converted and are not commingled between participating legal entities. The Company will classify
any overdraft balances within accrued expenses and other current liabilities on the Consolidated Balance Sheets.
65

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table provides a reconciliation of cash, cash equivalents and restricted cash at December 28, 2024 and
December 30, 2023 reported within the Consolidated Balance Sheets that sum to the total of the same such amounts
shown in the Consolidated Statement of Cash Flows.
Fiscal Year Ended
(in millions)
2024
2023
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$724,924
$555,513
Restricted cash included in other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,513
1,610
Total cash, cash equivalents and restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$726,437
$557,123
Short-Term and Long-Term Investments
As of December 28, 2024, the Company has an investment in Polytronics Technology Corporation Ltd.
(‘‘Polytronics’’). The Company’s Polytronics shares held at the end of fiscal 2024 and 2023 represent approximately
6.7% of total Polytronics shares outstanding for both years. The Polytronics investment is carried at fair value. The
fair value of the Polytronics investment was €9.8 million (approximately $10.2 million) at December 28, 2024 and
€9.7 million (approximately $10.8 million) at December 30, 2023.
As a result of the Company’s acquisition of IXYS Corporation (‘‘IXYS’’), the Company has equity ownerships in
various investments that are accounted for under the equity method. The Company owns 45% of the outstanding
equity of Powersem GmbH, a module manufacturer based in Germany, approximately 15% of the outstanding equity
of EB-Tech Co., Ltd., a company with expertise in radiation technology based in South Korea, and approximately
24% of the outstanding common shares of Automated Technology (Phil), Inc., a supplier located in the Philippines
that provides assembly and test services. The Company recognized a loss of $0.6 million and a gain $0.5 million from
its equity method investments for both the fiscal years ended December 28, 2024 and December 30, 2023,
respectively, recorded in Other (income) expense, net, in the Consolidated Statements of Net Income. The balance
of these equity method investments was $13.1 million and $14.0 million as of the fiscal years ended December 28,
2024 and December 30, 2023, respectively. See Note 18, Related Party Transactions, for further discussion.
The Company has investments related to its non-qualified Supplemental Retirement and Savings Plan. The Company
maintains accounts for participants through which participants make investment elections. The investment securities
are subject to the claims of the Company’s creditors. The investment securities are all mutual funds. The investment
securities are measured at net asset value. As of December 28, 2024 and December 30, 2023, the investment securities
balance was $23.3 million and $20.1 million, respectively, related to the plan and are included in Other long-term
assets on the Consolidated Balance Sheets.
Trade Receivables
The Company performs credit evaluations of customers’ financial condition and generally does not require collateral.
A receivable is considered past due if payments have not been received within agreed upon invoice terms. Write-offs
are recorded at the time a customer receivable is deemed uncollectible.
The Company also maintains allowances against trade receivables for the settlement of rebates and sales discounts
to customers. These allowances are based upon specific customer sales and sales discounts as well as actual historical
experience.
Inventories
Inventories are stated at the lower of cost or net realizable value, which approximates current replacement cost. Cost
is principally determined using the first-in, first-out method. The Company maintains excess and obsolete reserves
against inventory to reduce the carrying value to the expected net realizable value. These reserves are based upon a
combination of factors including historical sales volume, market conditions, and lower of cost or net realizable value
of the inventory.
Property, Plant, and Equipment
Land, buildings, and equipment are carried at cost. Depreciation is calculated using the straight-line method with
useful lives of up to 35 years for buildings, three to 20 years for equipment, seven years for furniture and fixtures,
66

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
five years for tooling, and three years for computer equipment. Leasehold improvements are depreciated over the
lesser of their useful life or the lease term. Maintenance and repair costs are charged to expense as incurred. Major
overhauls that extend the useful lives of existing assets are capitalized.
Goodwill
The Company annually tests goodwill for impairment on the first day of its fiscal fourth quarter, or more frequently
if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit
below its carrying value.
The results of the goodwill impairment test as of September 29, 2024 indicated that the estimated fair values for the
Industrial controls and sensors and Automotive sensors reporting units were below their respective carrying values.
Accordingly, the Company recorded non-cash impairment charges of $36.1 million and $8.6 million, respectively, to
reflect the impairment of goodwill for the Industrial controls and sensors reporting unit within the Industrial segment
and the Automotive sensors reporting unit within the Transportation segment. As a result of these impairment charges,
the Industrial controls and sensors reporting unit had $115.2 million of goodwill as of December 28, 2024. There was
no goodwill remaining within the Automotive sensors reporting unit as of December 28, 2024. For the remainder of
the Company’s reporting units: Electronics-Passive Products and Sensors, Electronics-Semiconductor, Passenger Car
Products, Commercial Vehicle Products, and Industrial Circuit Protection, the results of the goodwill impairment test
as of September 29, 2024 indicated that their estimated fair values exceeded their respective carrying values.
The Company compares each reporting unit’s fair value, estimated based on comparable company market valuations and
expected future discounted cash flows to be generated by the reporting unit, to its carrying value. With the exception of
the Industrial controls and sensors and theAutomotive sensors reporting units, the other five reporting units passed the most
recent annual test conducted on September 29, 2024 with estimated fair values that exceeded the carrying values by 108%,
82%, 96%, 44%, and 409% for its reporting units: Electronics-Passive Products and Sensors, Electronics-Semiconductor,
Passenger Car Products, Commercial Vehicle Products, and Industrial Circuit Protection, respectively. Relatively small
changes in the Company’s key assumptions would not have resulted in any reporting units failing the goodwill impairment
test. See Note 5, Goodwill and Other Intangible Assets, for additional information.
There were no impairment charges recorded during the fiscal years of 2023 and 2022.
The Company also performs an interim review for indicators of impairment each quarter to assess whether an interim
impairment review is required for any reporting unit. As part of its interim reviews, management analyzes potential
changes in the value of individual reporting units based on each reporting unit’s operating results for the period
compared to expected results as of the prior year’s annual impairment test. In addition, management considers how
other key assumptions, including discount rates and expected long-term growth rates, used in the last annual
impairment test, could be impacted by changes in market conditions and economic events. Based on the interim
assessments as of December 28, 2024, management concluded that no events or changes in circumstances indicated
that it was more likely than not that the fair value for any reporting unit had declined below its carrying value.
Long-Lived Assets
During the fourth quarter of 2024, the Company recorded non-cash impairment charges of $47.8 million for the
impairment of intangible assets, including $47.6 million related to the impairment of certain acquired customer
relationships, developed technology, and tradename in the Industrial controls and sensors reporting unit within the
Industrial segment. The impairment of the intangible assets resulted from lower expectations of future revenue and
cash flows driven by lower-than-expected demand in the electrical vehicle end market as well as reduced government
funding to support charging infrastructures for electric vehicles, primarily in Europe. The fair value was determined
using Level 3 inputs and estimated based on cash flow analyses, which included management’s assumptions related
to future revenues and profitability. The remaining impairment charges included $0.2 million for patents and
customer relationships related to exit of a small business in China within the Industrial segment. See Note 5,
Goodwill and Other Intangible Assets for additional information. Additionally, during the first quarter of 2024, the
Company recognized a $0.9 million impairment related to certain machinery and equipment in the commercial
vehicle business within the Transportation segment.
Customer relationships, trademarks and tradenames are amortized using the straight-line method over estimated useful
lives that have a range of 3 to 20 years. Patents, licenses, and software are amortized using the straight-line method or an
67

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
accelerated method over estimated useful lives that have a range of 4 to 17 years. The distribution networks are amortized
on either a straight-line or accelerated basis over estimated useful lives that have a range of 4 to 10 years. Land use rights
are amortized using the straight-line method up to 50 years which is the term of the land use rights.
The Company assesses potential impairments to its long-lived assets if events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. An impaired asset is written down to its estimated fair
value based upon the most recent information available. Estimated fair market value is generally measured by
discounting estimated future cash flows. Long-lived assets, other than goodwill and other intangible assets, which are
held for sale are recorded at the lower of carrying value or the fair market value less the estimated cost to sell.
Environmental Liabilities
Environmental liabilities are accrued based on engineering studies estimating the cost of remediating sites. Expenses
related to on-going maintenance of environmental sites are expensed as incurred. If actual or estimated probable
future losses exceed the Company’s recorded liability for such claims, the Company would record additional charges
during the period in which the actual loss or change in estimate occurred.
Pension and Other Post-retirement Benefits
The Company records annual income and expense amounts relating to its pension and post-retirement benefits plans
based on calculations which include various actuarial assumptions including discount rates, expected long-term rates
of return and compensation increases. The Company reviews its actuarial assumptions on an annual basis as of the
fiscal year-end balance sheet date (or more frequently if a significant event requiring remeasurement occurs) and
modifies the assumption based on current rates and trends when it is appropriate to do so. The effects of modifications
are recognized immediately on the Consolidated Balance Sheets, but are generally amortized into operating earnings
over future periods, with the deferred amount recorded in accumulated other comprehensive loss. The Company
believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its
experience, market conditions and input from its actuaries and investment advisors.
Revenue Recognition
Revenue Disaggregation
The following table disaggregates the Company’s revenue by primary business units for the fiscal years ended
December 28, 2024, December 30, 2023, and December 31, 2022:
Fiscal Year Ended December 28, 2024
(in thousands)
Electronics
Segment
Transportation
Segment
Industrial
Segment
Total
Electronics – Semiconductor. . . . . . . . . . . . . . . . . . . . . . . . .
$ 615,372
$
—
$
—
$ 615,372
Electronics – Passive Products and Sensors. . . . . . . . . . . . .
571,401
—
—
571,401
Commercial Vehicle Products . . . . . . . . . . . . . . . . . . . . . . . .
—
320,549
—
320,549
Passenger Car Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
278,332
—
278,332
Automotive Sensors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
73,553
—
73,553
Industrial Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
331,561
331,561
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,186,773
$672,434
$331,561
$2,190,768
Fiscal Year Ended December 30, 2023
(in thousands)
Electronics
Segment
Transportation
Segment
Industrial
Segment
Total
Electronics – Semiconductor. . . . . . . . . . . . . . . . . . . . . . . . .
$ 767,393
$
—
$
—
$ 767,393
Electronics – Passive Products and Sensors. . . . . . . . . . . . .
583,033
—
—
583,033
Commercial Vehicle Products . . . . . . . . . . . . . . . . . . . . . . . .
—
323,758
—
323,758
Passenger Car Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
266,004
—
266,004
Automotive Sensors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
88,516
—
88,516
Industrial Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
333,953
333,953
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,350,426
$678,278
$333,953
$2,362,657
68

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Fiscal Year Ended December 31, 2022
(in thousands)
Electronics
Segment
Transportation
Segment
Industrial
Segment
Total
Electronics – Semiconductor. . . . . . . . . . . . . . . . . . . . . . . . .
$ 802,281
$
—
$
—
$ 802,281
Electronics – Passive Products and Sensors. . . . . . . . . . . . .
690,538
—
—
690,538
Commercial Vehicle Products . . . . . . . . . . . . . . . . . . . . . . . .
—
374,707
—
374,707
Passenger Car Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
249,470
—
249,470
Automotive Sensors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
91,963
—
91,963
Industrial Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
304,938
304,938
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,492,819
$716,140
$304,938
$2,513,897
See Note 16, Segment Information, for net sales by segment and country.
The Company recognizes revenue on product sales in the period in which the Company satisfies its performance
obligation and control of the product is transferred to the customer. The Company’s sales arrangements with
customers are predominately short term in nature and generally provide for transfer of control at the time of shipment
as this is the point at which title and risk of loss of the product transfers to the customer. At the end of each period,
for those shipments where title to the products and the risk of loss and rewards of ownership do not transfer until the
product has been received by the customer, the Company adjusts revenues and cost of sales for the delay between
the time that the products are shipped and when they are received by the customer. The amount of revenue recorded
reflects the consideration to which the Company expects to be entitled in exchange for goods and may include
adjustments for customer allowance, rebates, and price adjustments. The Company’s distribution channels are
primarily through direct sales and independent third-party distributors.
The Company has elected the practical expedient under ASC 340-40-25-4 to expense commissions when incurred as
the amortization period of the commission asset the Company would have otherwise recognized is less than one year.
Revenue and Billing
The Company generally accepts orders from customers through receipt of purchase orders or electronic data
interchange based on written sales agreements and purchasing contracts. Contract pricing and selling agreement
terms are based on market factors, costs, and competition. Pricing is often negotiated as an adjustment (premium or
discount) from the Company’s published price lists. The customer is invoiced when the Company’s products are
shipped to them in accordance with the terms of the sales agreement. As the Company’s standard payment terms are
less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether
a contract has a significant financing component. The Company also elected the practical expedient provided in
ASC 606-10-25-18B to treat all product shipping and handling activities as fulfillment activities, and therefore
recognize the gross revenue associated with the contract, inclusive of any shipping and handling revenue.
Ship and Debit Program
Some of the terms of the Company’s sales agreements and normal business conditions provide customers
(distributors) the ability to receive price adjustments on products previously shipped and invoiced. This practice is
common in the industry and is referred to as a ‘‘ship and debit’’ program. This program allows the distributors to debit
the Company for the difference between the distributors’ contracted price and a lower price for specific transactions.
Under certain circumstances (usually in a competitive situation or large volume opportunity), a distributor will
request authorization for pricing allowances to reduce its price. When the Company approves such a reduction, the
distributor is authorized to ‘‘debit’’ its account for the difference between the contracted price and the lower approved
price. The Company establishes reserves for this program based on historic activity, distributor inventory levels and
actual authorizations for the debit and recognizes these debits as a reduction of revenue.
Return to Stock
The Company has a return to stock policy whereby certain customers, with prior authorization from the Company’s
management, can return previously purchased goods for full or partial credit. The Company establishes an estimated
allowance for these returns based on historic activity. Sales revenue and cost of sales are reduced to anticipate
estimated returns.
69

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Volume Rebates
The Company offers volume-based sales incentives to certain customers to encourage greater product sales. If
customers achieve their specific quarterly or annual sales targets, they are entitled to rebates. The Company estimates
the projected amount of rebates that will be achieved by the customer and recognizes this estimated cost as a
reduction to revenue as products are sold.
Allowance for Credit Losses
The Company currently measures the expected credit losses based on our historical credit loss experience. The
Company has not experienced significant recent or historical credit losses and is not forecasting any significant credit
losses which would require adjustments to our methodology. If current conditions and supportable forecasts indicate
that our historical loss experience is not reasonable and no longer supportable, the Company may adjust its historical
credit loss experience and to reflect these conditions and forecasts. The Company regularly analyzes its significant
customer accounts and, when the Company becomes aware of a customer’s inability to meet its financial obligations,
the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company
reasonably believes is collectible. The Company also analyzes all other customers based on a variety of factors
including the length of time the receivables are past due, the financial health of the customer, macroeconomic
considerations and historical collection and loss experience. Historically, the allowance for credit losses has been
adequate to cover bad debts. If circumstances related to specific customers change, the estimates of the recoverability
of receivables could be further adjusted.
As of December 28, 2024 and December 30, 2023, the Company’s allowance for credit losses was $1.6 million and
$2.2 million, respectively. Additionally, the Company had $3.8 million and $5.4 million of trade receivables greater
than 90 days past due as of December 28, 2024 and December 30, 2023, respectively.
Advertising Costs
The Company expenses advertising costs as incurred, which amounted to $5.0 million, $4.0 million, and $3.8 million
in fiscal years 2024, 2023 and 2022, respectively, and are included as a component of selling, general, and
administrative expenses.
Shipping and Handling Fees and Costs
Amounts billed to customers related to shipping and handling are classified as revenue. Costs incurred for shipping
and handling of $15.3 million, $15.4 million, and $13.9 million in fiscal years 2024, 2023, and 2022, respectively,
are classified in selling, general, and administrative expenses.
Foreign Currency Translation / Remeasurement
The Company’s foreign subsidiaries use the local currency or the U.S. dollar as their functional currency, as
appropriate. Assets and liabilities are translated using exchange rates at the balance sheet date, and revenues and
expenses are translated at weighted average rates. Adjustments from the translation process are recognized in
Shareholders’ equity as a component of Accumulated other comprehensive income (loss). The amount of foreign
currency (gain) or loss recognized in the Consolidated Statements of Net Income were (gain) loss of $(9.2) million,
$12.3 million, and $24.4 million in fiscal years 2024, 2023 and 2022, respectively.
Stock-Based Compensation
The Company recognizes compensation expense for the cost of awards of equity compensation using a fair value
method. Benefits of tax deductions in excess of recognized compensation expense are reported as operating cash
flows. See Note 12, Stock-Based Compensation, for additional information on stock-based compensation.
Coal Mining Liability
Included in accrued liabilities is an accrual related to former coal mining operations at Littelfuse GmbH (formerly
known as Heinrich Industries, AG) for the amounts of €2.2 million ($2.3 million) and €2.5 million ($2.7 million) at
December 28, 2024 and December 30, 2023, respectively. Management, in conjunction with an independent
third-party, performs an annual evaluation of the former coal mining operations in order to develop an estimate of
70

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
the probable future obligations in regard to remediating the dangers (such as a shaft collapse) of abandoned coal mine
shafts in the former coal mining operations. Management accrues for costs associated with such remediation efforts
based on management’s best estimate when such costs are probable and reasonably able to be estimated. The ultimate
determination can only be done after respective investigations because the concrete conditions are mostly unknown
at this time.
Other (Income) Expense, Net
Other (income) expense, net generally consists of interest income, royalties, change in fair value of available-for-sale
securities, pension non-service costs and settlements and other non-operating (income) expense. The amount of
interest income included in Other (income) expense, net, was $28.0 million, $18.9 million, and $5.0 million in fiscal
years 2024, 2023 and 2022, respectively.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred taxes are recognized for the
future effects of temporary differences between financial and income tax reporting using enacted tax rates in effect
for the years in which the differences are expected to reverse. The Company recognizes deferred taxes for temporary
differences, operating loss carryforwards, and tax credit and other tax attribute carryforwards (excluding
carryforwards where usage has been determined to be remote). Deferred tax assets are reduced by a valuation
allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.
U.S. state and non-U.S. income taxes are provided on the portion of non-U.S. income that is expected to be remitted
to the U.S. and be taxable (and non-U.S. income taxes are provided on the portion of non-U.S. income that is
expected to be remitted to an upper-tier non-U.S. entity). Deferred tax assets and liabilities are adjusted for the effects
of changes in tax laws and rates on the date of enactment.
Deferred U.S. income taxes and non-U.S. taxes are not provided on the excess of the investment value for financial
reporting over the tax basis of investments in those non-U.S. subsidiaries for which such excess is considered to be
permanently reinvested in those operations. Management regularly evaluates whether non-U.S. earnings are expected
to be permanently reinvested. This evaluation requires judgment about the future operating and liquidity needs of the
Company and its non-U.S. subsidiaries. Changes in economic and business conditions, tax laws, or the Company’s
financial situation could result in changes to these judgments and the need to record additional tax liabilities.
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax
position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The
tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that
has a greater than 50% likelihood of being realized upon ultimate settlement.
The 2017 Tax Cuts and Jobs Act (the ‘‘Tax Act’’), among other things, imposed a one-time tax (the ‘‘Toll Charge’’)
on accumulated earnings of certain non-U.S. subsidiaries and included base broadening provisions commonly
referred to as the global intangible low-taxed income provisions (‘‘GILTI’’).
The Company elected to pay the 2017 Littelfuse Toll Charge over the eight-year period prescribed by the Tax Act.
The anticipated 2025 annual installment payment of this Toll Charge of $8.2 million, which represents the eighth and
final required installment, is included in Accrued income taxes, on the Consolidated Balance Sheets as of
December 28, 2024.
In accordance with guidance issued by the FASB staff, the Company has adopted an accounting policy to treat any
GILTI inclusions as a period cost if and when incurred. Thus, for the fiscal years ended December 28, 2024,
December 30, 2023, and December 31, 2022, deferred taxes were computed without consideration of the possible
future impact of the GILTI provisions, and any current year impact was recorded as a part of the current portion of
income tax expense.
Fair Value Measurements
Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Fair value is determined
based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction between market participants.
71

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company records the fair value of its available-for-sale securities and pension plan assets on a recurring basis.
Assets measured at fair value on a nonrecurring basis include long-lived assets held and used, long-lived assets held
for sale, goodwill, and other intangible assets. The fair value of cash and cash equivalents, short-term investments,
accounts receivable, accounts payable, and accrued liabilities approximate their carrying values. The three-tier value
hierarchy, which prioritizes valuation methodologies based on the reliability of the inputs, is:
Level 1 – Valuations based on unadjusted quoted prices for identical assets and liabilities in active markets.
Level 2 – Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted
prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and
liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable
market data.
Level 3 – Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with
reasonably available assumptions made by other market participants.
Recently Adopted Accounting Standards
In November 2023, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Updates
(‘‘ASU’’) No. 2023-07, ‘‘Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.’’ The
amendments in this update require additional detailed and enhanced information about reportable segments’ expense,
including significant segment expenses and other segment items that bridge segment revenue, significant expenses
to segment profit or loss. The ASU also requires disclosure of the title and position of the Chief Operating Decision
Maker (‘‘CODM’’) on an annual basis as well as an explanation of how the CODM uses the reported measures and
other disclosures. The amendments in this update do not change how a public entity identifies its operating segments,
aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The
guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years
beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 modified the
Company’s disclosures in its Consolidated Financial Statements. See Note 16, Segment Information, for more details.
In March 2023, the FASB issued ASU No. 2023-01, ‘‘Leases (Topic 842): Common Control Arrangements.’’ The
standard requires that leasehold improvements associated with common control leases be: 1) Amortized by the lessee
over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long
as the lessee controls the use of the underlying asset (the leased asset) through a lease. However, if the lessor obtained
the right to control the use of the underlying asset through a lease with another entity not within the same common
control group, the amortization period may not exceed the amortization period of the common control group.
2) Accounted for as a transfer between entities under common control through an adjustment to equity (or net assets
for not-for-profit entities) if, and when, the lessee no longer controls the use of the underlying asset. Additionally,
those leasehold improvements are subject to the impairment guidance in Topic 360, Property, Plant, and Equipment.
This standard is effective for fiscal years beginning after December 15, 2023 including interim periods within those
fiscal years. The adoption of ASU 2023-01 did not have a material impact on the Company’s Consolidated Financial
Statements.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU No. 2024-03, ‘‘Income Statement - Reporting Comprehensive Income
- Expense Disaggregation Disclosures (Subtopic 220-40).’’ The amendments in this update require disclosure, in the
notes to financial statements, of specified information about certain costs and expenses. The amendments require that
at each interim and annual reporting period an entity (a) disclose the amounts of (i) purchases of inventory,
(ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization, and (v) depreciation, depletion, and
amortization recognized as part of oil and gas producing activities (‘‘DD&A’’) included in each relevant expense
caption. A relevant expense caption is an expense caption presented on the face of the income statement within
continuing operations that contains any of the expense categories listed in (i)–(v); (b) include certain amounts that
are already required to be disclosed under current Generally Accepted Accounting Principles (‘‘GAAP’’) in the same
disclosure as the other disaggregation requirements; (c) disclose a qualitative description of the amounts remaining
in relevant expense captions that are not separately disaggregated quantitatively; (d) disclose the total amount of
selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The guidance is effective
72

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027,
with early adoption permitted. The adoption of this guidance will increase the Company’s disclosures in its
Consolidated Financial Statements. The Company is currently evaluating the potential impact on the disclosures in
the Company’s Consolidated Financial Statements.
In December 2023, the FASB issued ASU No. 2023-09, ‘‘Income Taxes (Topic 740): Improvements to Income Tax
Disclosures.’’ The amendments in this update provide more transparency about income tax information through
improvements to the income tax disclosure primarily related to the income tax rate reconciliation and income taxes
paid information. These requirements include: (1) consistent categories and greater disaggregation of information in
the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The other amendments in this update
improve the effectiveness and comparability of disclosures by (3) adding disclosures of pretax income (or loss) and
income tax expense (or benefit), and (4) removing disclosures that are no longer considered cost beneficial or
relevant. The guidance is effective for fiscal years beginning after December 15, 2024 with early adoption permitted.
The adoption of this guidance will modify our disclosures in the Company’s Consolidated Financial Statements.
In October 2023, the FASB issued ASU No. 2023-06, ‘‘Disclosure Improvements.’’ The amendments in this update
represent changes to clarify or improve the disclosure or presentation requirements of a variety of Topics in the ASC.
The Company may be affected by one or more of those amendments. The amendments in this ASU should be applied
prospectively and will not be effective until June 30, 2027. The Company is currently evaluating the potential effects
of these amendments on its Consolidated Financial Statements.
2. Acquisitions
The Company accounts for acquisitions using the acquisition method in accordance with ASC 805, ‘‘Business
Combinations,’’ in which assets acquired and liabilities assumed are recorded at fair value as of the date of
acquisition. The operating results of the acquired businesses are included in the Company’s Consolidated Financial
Statements from the date of the acquisition.
Dortmund Fab
On December 31, 2024, the Company completed the acquisition of a 200mm wafer fab located in Dortmund,
Germany (‘‘Dortmund Fab’’) from Elmos Semiconductor SE. The total purchase price for the Dortmund Fab is
approximately 94 million Euro, of which a 37.2 million Euro down payment (approximately $40.5 million) was
recorded in Prepaid expenses and other current assets in the Consolidated Balance Sheets. The down payment was
paid in the third quarter of 2023 after regulatory approvals, and 56.7 million Euro was paid at closing. The transaction
did not have any impact on the Company’s 2024 financial results and reported in the Electronics-Semiconductor
business within the Company’s Electronics segment. The acquisition was funded with the Company’s cash on hand.
The acquisition will be accounted for under the acquisition method of accounting. The required disclosures have not
been provided as the initial accounting for the business combination was not complete prior to the issuance of these
financial statements
Western Automation
On February 3, 2023, the Company completed the acquisition of Western Automation Research and Development
Limited (‘‘Western Automation’’) for approximately $162 million in cash. Headquartered in Galway, Ireland, Western
Automation is a designer and manufacturer of electrical shock protection devices used across a broad range of
high-growth end markets, including electric vehicle charging infrastructure, industrial safety and renewables. At the
time the Company and Western Automation entered into the definitive agreement, Western Automation had
annualized sales of approximately $25 million. The business is reported within the Company’s Industrial segment.
The acquisition was funded with cash on hand. The total purchase consideration of $158.3 million, net of cash, has
been allocated to assets acquired and liabilities assumed, as of the completion of the acquisition, based on estimated
fair values.
73

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes the final purchase price allocation of the fair value of assets acquired and liabilities
assumed in the Western Automation acquisition:
(in thousands)
Purchase Price
Allocation
Total purchase consideration:
Cash, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$158,260
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,359
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,678
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
718
Property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,328
Intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68,000
Goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93,937
Other long-term assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
573
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,335)
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8,998)
$158,260
All Western Automation assets and liabilities were recorded in the Industrial 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 Western Automation’s products and technology with the
Company’s existing Industrial products portfolio. Goodwill resulting from the Western Automation acquisition is not
expected to be deductible for tax purposes.
For the fiscal year ended December 30, 2023, the Company incurred $1.2 million of legal and professional fees
related to the Western Automation acquisition recognized as Selling, general, and administrative expenses and
reflected as other non-segment costs.
C&K Switches
On July 19, 2022, the Company acquired C&K Switches (‘‘C&K’’) for $540 million in cash. Founded in 1928, C&K
is a leading designer and manufacturer of high-performance electromechanical switches and interconnect solutions
with a strong global presence across a broad range of end markets, including industrial, transportation, datacom, and
aerospace. At the time the Company and C&K entered into a definitive agreement, C&K had annualized sales of over
$200 million. The business is reported as part of the electronics-passive products and sensors business within the
Company’s Electronics segment.
The acquisition was funded through a combination of cash on hand and debt. The total purchase consideration of
$523.0 million, net of cash acquired, has been allocated to assets acquired and liabilities assumed, as of the
completion of the acquisition, based on estimated fair values.
The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities
assumed in the C&K acquisition:
(in thousands)
Purchase Price
Allocation
Total purchase consideration:
Cash, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$523,014
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,967
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42,968
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,932
Property, plant, and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32,791
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
254,700
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
274,124
74

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands)
Purchase Price
Allocation
Other long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14,797
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(47,687)
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9,626)
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(62,952)
$523,014
All C&K goodwill, other assets and liabilities were recorded in the Electronics segment and are reflected in the
Americas, Europe and Asia-Pacific geographic areas. The goodwill resulting from this acquisition consists largely of
the Company’s expected future product sales and synergies from combining C&K’s products and technology with the
Company’s existing Electronics products portfolio. Goodwill resulting from the C&K acquisition is not expected to
be deductible for tax purposes.
As required by purchase accounting rules, the Company recorded a $10.8 million step-up of inventory to its fair value
as of the acquisition date. The step-up was amortized as a non-cash charge to cost of sales during the third and fourth
quarter of 2022 as the acquired inventory was sold and reflected as other non-segment costs.
For the fiscal year ended December 31, 2022, the Company incurred $9.1 million of legal and professional fees
related to the C&K acquisition recognized as Selling, general, and administrative expenses and reflected as other
non-segment costs.
Pro Forma Results
The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company
and Western Automation as though the acquisition had occurred as of January 2, 2022, and C&K as though the
acquisition had occurred as of December 27, 2020. The pro forma amounts presented are not necessarily indicative
of either the actual consolidated results had the Western Automation acquisition occurred as of January 2, 2022, and
had C&K acquisition occurred as of December 27, 2020 or of future consolidated operating results.
For the Fiscal Year Ended
(in thousands, except per share amounts)
December 30, 2023
December 31, 2022
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,364,543
$2,665,028
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
330,114
486,285
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
260,812
402,470
Net income per share — basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.49
16.27
Net income per share — diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.39
16.11
Pro forma results presented above primarily reflect the following adjustments:
For the Fiscal Year Ended
(in thousands)
December 30, 2023
December 31, 2022
Amortization(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (479)
$(10,388)
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
1,979
Transaction costs(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,203
7,905
Amortization of inventory step-up(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
15,593
Interest expense(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
815
Income tax (expense) benefit of above items . . . . . . . . . . . . . . . . . . . . . . . . . .
(91)
(4,701)
(a)
The amortization adjustment for the twelve months ended December 30, 2023 and December 31, 2022, primarily reflects incremental
amortization resulting from the measurement of intangibles at their fair values.
(b)
The transaction cost adjustments reflect the reversal of certain legal and professional fees from the twelve months ended December 30, 2023
and December 31, 2022, respectively, and recognition of those fees during the twelve months ended December 31, 2022.
(c)
The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during the twelve months ended
December 31, 2022. The inventory step-up is amortized over four months for all acquisitions, as the inventory was sold.
(d)
The interest expense adjustment reflects lower interest expense associated with the financing of the C&K acquisition that replaced
higher pre-acquisition debt.
75

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. Inventories
The components of inventories at December 28, 2024 and December 30, 2023 are as follows:
(in thousands)
2024
2023
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$193,788
$201,984
Work in process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115,497
137,688
Finished goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
173,513
195,886
Inventory reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(66,525)
(60,951)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$416,273
$474,607
4. Property, Plant, and Equipment, net
The components of net property, plant, and equipment at December 28, 2024 and December 30, 2023 are as follows:
(in thousands)
2024
2023
Land and land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
17,593
$
22,212
Building and building improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
192,441
202,764
Machinery and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
892,940
859,060
Accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(625,906)
(590,883)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 477,068
$ 493,153
The Company recorded depreciation expense of $68.3 million, $71.6 million, and $65.0 million for the fiscal years
ended December 28, 2024, December 30, 2023, and December 31, 2022, respectively, in Cost of sales, Selling,
general, and administrative expenses, and Research and development expenses in the Consolidated Statements of Net
Income.
5. Goodwill and Other Intangible Assets
The amounts for goodwill and changes in the carrying value by segment are as follows:
(in thousands)
Electronics
Transportation
Industrial
Total
Gross goodwill as of December 31, 2022 . . . . . . . . . . . . . . . . . . .
$909,167
$234,793
$ 84,889 $1,228,849
Accumulated impairment losses as of December 31, 2022 . . . . .
—
(33,401)
(8,526)
(41,927)
Net goodwill as of December 31, 2022. . . . . . . . . . . . . . . . . . .
$909,167
$201,392
$ 76,363 $1,186,922
Changes during 2023:
Additions(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,879
93,937
97,816
Foreign currency translation adjustments. . . . . . . . . . . . . . . . . .
23,459
2,322
291
26,072
Gross goodwill as of December 30, 2023 . . . . . . . . . . . . . . . . . . .
936,505
237,115
179,117
1,352,737
Accumulated impairment losses as of December 30, 2023 . . . . .
—
(34,004)
(8,735)
(42,739)
Net goodwill as of December 30, 2023. . . . . . . . . . . . . . . . . . .
$936,505
$203,111
$170,382 $1,309,998
Changes during 2024:
Impairments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(8,616)
(36,147)
(44,763)
Foreign currency translation adjustments. . . . . . . . . . . . . . . . . .
(29,634)
(2,854)
(4,245)
(36,733)
Gross goodwill as of December 28, 2024 . . . . . . . . . . . . . . . . . . .
906,871
233,286
173,882
1,314,039
Accumulated impairment losses as of December 28, 2024 . . . . .
—
(41,645)
(43,892)
(85,537)
Net goodwill as of December 28, 2024. . . . . . . . . . . . . . . . . . .
$906,871
$191,641
$129,990 $1,228,502
(a)
The additions resulted from the acquisitions of Western Automation and C&K Switches.
The Company tests its goodwill annually for impairment on the first day of its fiscal fourth quarter, or more
frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a
76

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
reporting unit below its carrying value. The results of the goodwill impairment test as of September 29, 2024
indicated that the estimated fair values for the Industrial controls and sensors and Automotive sensors reporting units
were below their respective carrying values. Accordingly, the Company recorded non-cash charges of $36.1 million
and $8.6 million, respectively, to reflect the impairment of goodwill for the Industrial controls and sensors reporting
unit within the Industrial segment and the Automotive sensors reporting unit within the Transportation segment.
There were no impairment charges recorded during the fiscal years of 2023 and 2022.
The goodwill impairment charge for the Industrial controls and sensors reporting unit was due to reduction in the
estimated fair value of the reporting unit based on lower expectations for future revenue, profitability and cash flows
as compared to the expectations of the 2023 annual goodwill impairment test driven by lower-than-expected demand
in the electric vehicle end market as well as reduced government funding to support charging infrastructures for
electric vehicles, primarily in Europe.
The goodwill impairment charge for the Automotive sensors reporting unit was due to reductions in the estimated fair
value for the automotive sensors reporting unit based on lower expectations for future revenue, profitability and cash
flows as compared to the expectations of the 2023 annual goodwill impairment test. These lower future expectations
were driven by projected declines in end market demand and reduced revenue and profitability with existing
customers.
The goodwill impairment charge was determined using Level 3 inputs, including discounted cash flow analysis and
comparable marketplace fair value data. As of December 28, 2024, the Industrial controls and sensors reporting unit
had $115.2 million of remaining goodwill, and the Automotive sensors reporting unit had no remaining goodwill.
The components of intangible assets at December 28, 2024 and December 30, 2023 are as follows:
As of December 28, 2024
(in thousands)
Gross
Carrying
Value
Accumulated
Amortization
Net Book
Value
Land use rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 16,079
$
2,994
$ 13,085
Patents, licenses, and software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
260,096
180,674
79,422
Distribution network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41,667
41,667
—
Customer relationships, trademarks, and tradenames . . . . . . . . . . . . . . . . .
632,572
242,961
389,611
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$950,414
$468,296
$482,118
As of December 30, 2023
(in thousands)
Gross
Carrying
Value
Accumulated
Amortization
Net Book
Value
Land use rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
17,621
$
2,786
$ 14,835
Patents, licenses, and software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
275,337
163,799
111,538
Distribution network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43,210
43,210
—
Customer relationships, trademarks, and tradenames . . . . . . . . . . . . . . . . .
689,244
209,481
479,763
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,025,412
$419,276
$606,136
For intangible assets with definite lives, the Company recorded amortization expense of $62.1 million, $65.8 million,
and $55.7 million in 2024, 2023, and 2022, respectively.
During the fourth quarter of 2024, the Company recorded non-cash impairment charges of $47.8 million for the
impairment of intangible assets, including $47.6 million related to the impairment of certain acquired customer
relationships, developed technology, and tradename intangible assets in the Industrial controls and sensors reporting
unit within the Industrial segment. This impairment resulted from lower expectations of future revenue and cash
flows and was determined using Level 3 inputs and estimated based on cash flow analyses, which included
management’s assumptions related to future revenues and profitability. The remaining impairment charges included
77

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
$0.2 million for patents and customer relationships related to the exit of a small business in China within Industrial
segment. During the first quarter of 2024, the Company recognized a $0.9 million impairment related to certain
machinery and equipment in the commercial vehicle business within the Transportation segment.
Estimated annual amortization expense related to intangible assets with definite lives at December 28, 2024 is as
follows:
(in thousands)
Amount
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 57,135
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46,492
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44,467
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44,081
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43,616
2030 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
246,327
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$482,118
6. Accrued Liabilities
The components of accrued liabilities at December 28, 2024 and December 30, 2023 are as follows:
(in thousands)
2024
2023
Employee-related liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 67,639
$ 72,635
Current lease liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,900
12,110
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,131
6,387
Other non-income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,022
7,855
Professional services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,613
5,282
Restructuring liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,624
2,141
Current hedge liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,067
—
Other customer reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,450
5,998
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,557
2,198
Current benefit liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,514
1,482
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29,759
33,126
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$148,276
$149,214
Employee-related liabilities consist primarily of payroll, sales commission, 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. Lease Commitments
Under ASC 842, a contract contains a lease if there is an identified asset and the Company has the right to control
the asset. The Company determines whether a contract contains a lease at contract inception. The Company leases
office and production space under various non-cancellable operating leases that expire no later than 2036. Certain real
estate leases include one or more options to renew. The exercise of lease renewal options is at the Company’s sole
discretion. Options to extend the lease are included in the lease term when it is reasonably certain the Company will
exercise the option. The Company also has production equipment, office equipment and vehicles under operating
leases and finance leases that were acquired through the C&K acquisition. The depreciable life of assets and leasehold
improvements are limited by the expected lease term, unless there is a transfer of title or purchase option that is
reasonably certain of exercise. Certain leases include rental payments adjusted periodically for inflation. The lease
agreements do not contain any material residual value guarantee or material restrictive covenants. The Company has
elected to use the available practical expedient to account for the lease and non-lease components of its leases as a
single component. As the Company elected not to separate lease and non-lease components and instead to account
for them as a single lease component, the variable lease cost primarily represents variable payments such as common
area maintenance and utilities.
78

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company does not have a published credit rating because it has no publicly traded debt; therefore, the Company
is generating its incremental borrowing rate (‘‘IBR’’), using a synthetic credit rating model that compares its credit
quality to other rated companies based on certain financial metrics and ratios. The reference rate will be based on the
yield curve of companies with similar credit quality based on the metrics and adjusted for currency in regions where
we have significant operations.
All leases with an initial term of 12 months or less that do not include an option to extend or purchase the underlying
asset that the Company is reasonably certain to exercise (‘‘short-term leases’’) are not recorded on the Consolidated
Balance Sheets. Short-term lease expenses are recognized on a straight-line basis over the lease term.
The following table presents the classification of right of use assets and lease liabilities as of December 28, 2024 and
December 30, 2023:
Fiscal Year Ended
(in thousands)
Consolidated Balance Sheet
Classification
December 28,
2024
December 30,
2023
Operating Leases
Right of use assets - operating lease
Right of use lease assets . . . . . . . . . . . . . . . .
$71,513
$60,991
Current operating lease liabilities
Accrued liabilities . . . . . . . . . . . . . . . . . . . . .
13,626
11,676
Non-current operating lease liabilities
Non-current lease liabilities . . . . . . . . . . . . .
60,558
49,180
Total operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$74,184
$60,856
Finance Leases
Right of use assets - finance lease
Right of use lease assets . . . . . . . . . . . . . . . .
$
698
$ 1,379
Current finance lease liabilities
Accrued liabilities . . . . . . . . . . . . . . . . . . . . .
274
434
Non-current finance lease liabilities
Non-current lease liabilities . . . . . . . . . . . . .
1
292
Total finance lease liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
275
$
726
The following table represents the lease costs for 2024, 2023, and 2022:
Fiscal Year Ended
(in thousands)
Consolidated Statements of
Net Income Classification
December 28,
2024
December 30,
2023
December 31,
2022
Operating lease expenses
Cost of sales, Selling, general, and
administrative expenses. . . . . . . . . . . . . . .
$17,310
$15,817
$14,071
Finance lease:
Finance lease expenses
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . .
96
219
112
Interest on lease liabilities
Other (income) expense, net . . . . . . . . . . . . .
8
19
13
Short-term lease expenses
Cost of sales, Selling, general, and
administrative expenses. . . . . . . . . . . . . . .
1,170
1,229
1,130
Variable lease expenses
Cost of sales, Selling, general, and
administrative expenses. . . . . . . . . . . . . . .
1,151
1,034
1,091
Total lease costs
Cost of sales, Selling, general, and
administrative expenses. . . . . . . . . . . . . . .
$19,735
$18,318
$16,417
The Company leases certain office and warehouse space as well as certain machinery and equipment under
non-cancellable operating leases. Rent expense under these leases was $19.7 million, $18.3 million, and $16.4 million
in 2024, 2023, and 2022, respectively.
79

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Maturity of lease liabilities as of December 28, 2024
(in thousands)
Operating Leases
Finance Leases
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 17,270
$277
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,053
1
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,523
—
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,909
—
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,378
—
2030 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36,337
—
Total lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 93,470
$278
Less: Imputed interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(19,286)
(3)
Present value of lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 74,184
$275
Fiscal Year Ended
December 28,
2024
December 30,
2023
Weighted-average remaining lease term (years)
Operating leases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.67
8.38
Finance leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.00
1.69
Weighted-average discount rate
Operating leases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.39%
5.39%
Finance leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.00%
1.90%
Fiscal Year Ended
(in thousands)
December 28,
2024
December 30,
2023
December 31,
2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flow - payments on operating leases . . . . . . . . . . . . . . . . . . . .
$(13,258)
$(14,518)
$(12,298)
Operating cash flow - interest payments on finance leases . . . . . . . . . . . . . . .
(8)
(19)
(13)
Financing cash flow - payments on finance lease obligations. . . . . . . . . . . . .
(280)
(1,164)
(719)
Leased assets obtained in exchange of new lease obligations, including
leases acquired:
Operating leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 26,785
$ 16,689
$ 37,760
Finance leases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
2,502
The net gain recorded from a sale leaseback transaction was $0.3 million for the fiscal year ended December 28, 2024.
There were no sale leaseback transactions for the fiscal years ended December 30, 2023 and December 31, 2022.
8. Restructuring, Impairment, and Other Charges
The Company recorded restructuring, impairment, and other charges for fiscal years 2024, 2023, and 2022 as follows:
Fiscal Year Ended December 28, 2024
(in thousands)
Electronics
Transportation
Industrial
Total
Employee terminations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,748
$ 4,620
$
583
$ 13,951
Other restructuring charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
310
543
122
975
Total restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,058
5,163
705
14,926
Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
9,549
83,966
93,515
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$9,058
$14,712
$84,671
$108,441
80

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Fiscal Year Ended December 30, 2023
(in thousands)
Electronics
Transportation
Industrial
Total
Employee terminations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4,162
$3,649
$ 894
$ 8,705
Other restructuring charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
342
976
1,625
2,943
Total restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,504
4,625
2,519
11,648
Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
3,870
872
4,853
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4,615
$8,495
$3,391
$16,501
Fiscal Year Ended December 31, 2022
(in thousands)
Electronics
Transportation
Industrial
Total
Employee terminations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,792
$2,694
$283
$5,769
Other restructuring charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
276
1,076
—
1,352
Total restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,068
3,770
283
7,121
Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,856
—
—
2,856
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$5,924
$3,770
$283
$9,977
2024
For the year ended December 28, 2024, the Company recorded $93.5 million of non-cash impairment charges, which
included $47.8 million for the impairment of intangible assets primarily related to certain acquired customer
relationships, developed technology, and tradename in the Industrial controls and sensors reporting unit within the
Industrial segment, and $36.1 million and $8.6 million of non-cash goodwill impairment charges associated with the
Industrial controls and sensors reporting unit within the Industrial segment and the Automotive sensors reporting unit
within the Transportation segment, respectively. The remaining impairment charges included $0.2 million for patents
and customer relationships related to the exit of a small business in China within the Industrial segment. In addition,
during the first quarter of 2024, the Company recognized a $0.9 million impairment related to certain machinery and
equipment in the commercial vehicle business within the Transportation segment. The Company also recorded total
restructuring charges of $14.9 million, primarily for employee termination costs. These charges primarily related to
the reorganization of certain manufacturing, selling and administrative functions in the semiconductor business
within the Electronics segment and the reorganization of certain selling and administrative functions in the
commercial vehicle business within the Transportation segment. See Note 5, Goodwill and Other Intangible Assets
for further discussion regarding the goodwill and intangible impairment charges.
2023
For the year ended December 30, 2023, the Company recorded total restructuring charges of $11.6 million, primarily
for employee termination costs. These charges primarily related to the reorganization of certain manufacturing,
selling and administrative functions within the Transportation segment’s commercial vehicle business, the
reorganization of certain selling and administrative functions within the Electronics segment due to the
C&K Switches acquisition, and reorganization of certain manufacturing, selling and administrative functions within
the Industrial segment. During 2023, the Company recorded a $3.9 million impairment charge related to the land and
building of a property in the commercial vehicle business within the Transportation segment that the Company made
the decision to donate, a $0.9 million impairment charge substantially related to certain patents in a business within
the Industrial segment, and a $0.1 million impairment related to certain machinery and equipment in the
semiconductor business within the Electronics segment.
2022
For the year ended December 31, 2022, the Company recorded total restructuring charges of $7.1 million, primarily
for employee termination costs. These charges primarily related to the reorganization of certain manufacturing,
selling and administrative functions within the Transportation segment’s passenger car and automotive sensor
businesses and the reorganization of selling and administrative functions within the Electronics segment due to the
C&K acquisition. During the fourth quarter of 2022, the Company recorded a $2.9 million non-cash impairment
81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
charge for certain acquired technology and patent intangible assets due to a change in use and projected cash flows
within the Electronics segment. See Note 5, Goodwill and Other Intangible Assets for further discussion regarding
the intangible asset impairment charge.
The restructuring reserves as of December 28, 2024 and December 30, 2023 are $4.6 million and $2.1 million,
respectively. The restructuring reserves are included within accrued liabilities. Payments associated with employee
terminations reflected in the above table were substantially completed by December 28, 2024. The Company
anticipates that the remaining payments associated with employee terminations will be substantially completed in
fiscal 2025.
9. Debt
The carrying amounts of debt at December 28, 2024 and December 30, 2023 are as follows:
(in thousands)
2024
2023
Revolving credit facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$100,000
$100,000
Term loan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
281,250
288,750
Euro Senior Notes, Series B due 2028. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98,928
105,246
U.S. Senior Notes, Series A due 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50,000
50,000
U.S. Senior Notes, Series B due 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100,000
100,000
U.S. Senior Notes, Series B due 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
125,000
125,000
U.S. Senior Notes, due 2032. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100,000
100,000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,702
6,709
Unamortized debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,766)
(3,770)
Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
856,114
871,935
Less: Current maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(67,612)
(14,020)
Total long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$788,502
$857,915
Interest paid on all Company debt was $36.2 million, $37.2 million, and $25.4 million in fiscal year 2024, 2023, and
2022, respectively, which included cash settlements received from the interest rate swap entered on May 12, 2022.
Revolving Credit Facility and Term Loan
On June 30, 2022, the Company amended and restated its Credit Agreement, dated as of April 3, 2020 (as so amended
and restated, the ‘‘Credit Agreement’’) to effect certain changes, including, among other changes: (i) adding a
$300 million unsecured term loan credit facility; (ii) making certain financial and non-financial covenants less
restrictive on the Company and its subsidiaries; (iii) replacing LIBOR-based interest rate benchmarks and modifying
performance-based interest rate margins; and (iv) extending the maturity date to June 30, 2027 (the ‘‘Maturity Date’’).
Pursuant to the Credit Agreement, the Company may, from time to time, increase the size of the revolving credit
facility or enter into one or more tranches of term loans in minimum increments of $25 million if there is no event
of default and the Company is in compliance with certain financial covenants.
Loans made under the available credit facility pursuant to the Credit Agreement (‘‘the Credit Facility’’) bear interest
at the Company’s option, at either SOFR, fixed for interest periods of one, two, three or six-month periods, plus
1.00% to 1.75%, plus a SOFR adjustment of 0.10% or at the bank’s Base Rate, as defined in the Credit Agreement,
plus 0.00% to 0.75%, based upon the Company’s Consolidated Leverage Ratio, as defined in the Credit Agreement.
The Company is also required to pay commitment fees on unused portions of the Credit Facility ranging from 0.10%
to 0.175%, based on the Consolidated Leverage Ratio, as defined in the Credit Agreement. The Credit Agreement
includes representations, covenants and events of default that are customary for financing transactions of this nature.
Under the Credit Agreement, revolving loans may be borrowed, repaid and reborrowed until the Maturity Date, at
which time all amounts borrowed must be repaid. The Company borrowed $300.0 million under a term loan on
June 30, 2022. The principal balance of the term loans must be repaid in quarterly installments on the last day of each
calendar quarter in the amount of $1.9 million commencing September 30, 2022, through June 30, 2024, and in the
amount of $3.8 million commencing September 30, 2024, through March 31, 2027, with the remaining outstanding
principal balance payable in full on the Maturity Date. Accrued interest on the loans is payable in arrears on each
82

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
interest payment date applicable thereto and at such other times as may be specified in the Credit Agreement. Subject
to certain conditions, (i) the Company may terminate or reduce the Aggregate Revolving Commitments, as defined
in the Credit Agreement, in whole or in part, and (ii) the Company may prepay the revolving loans or the term loans
at any time, without premium or penalty. During the fiscal year ended December 28, 2024, the Company made term
loan payments of $7.5 million. The revolving loan and term loan balance under the Credit Facility was $100.0 million
and $281.3 million, respectively, as of December 28, 2024.
On May 12, 2022, the Company entered into an interest rate swap agreement to manage interest rate risk exposure,
effectively converting the interest rate on the Company’s SOFR based floating-rate loans to a fixed-rate. The interest
rate swap, with a notional value of $200 million, was designated as a cash flow hedge against the variability of cash
flows associated with the Company’s SOFR based loans scheduled to mature on June 30, 2027.
As of December 28, 2024, the effective interest rate on unhedged portion of the outstanding borrowings under the
credit facility was 5.71%, and 4.13% on the hedged portion.
As of December 28, 2024, the Company had $0.1 million outstanding in letters of credit and had available
$599.9 million of borrowing capacity under the revolving credit facility. As of December 28, 2024, the Company was
in compliance with all covenants under the credit agreement.
Senior Notes
On December 8, 2016, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued
and sold €212 million aggregate principal amount of senior notes in two series. The funding date for the Euro
denominated senior notes occurred on December 8, 2016 for €117 million in aggregate amount of 1.14% Senior
Notes, Series A, due December 8, 2023 (‘‘Euro Senior Notes, Series A due 2023’’), and €95 million in aggregate
amount of 1.83% Senior Notes, Series B due December 8, 2028 (‘‘Euro Senior Notes, Series B due 2028’’) (together,
the ‘‘Euro Senior Notes’’). During the fiscal year ended December 30, 2023, the Company paid off €117 million of
Euro Senior Notes, Series A due 2023. Interest on the Euro Senior Notes, Series B due 2028 is payable semiannually
on June 8 and December 8, commencing June 8, 2017.
On December 8, 2016, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued
and sold $125 million aggregate principal amount of senior notes in two series. On February 15, 2017, $25 million
in aggregate principal amount of 3.03% Senior Notes, Series A, due February 15, 2022 (‘‘U.S. Senior Notes, Series A
due 2022’’), and $100 million in aggregate principal amount of 3.74% Senior Notes, Series B, due February 15, 2027
(‘‘U.S. Senior Notes, Series B due 2027’’) (together, the ‘‘U.S. Senior Notes due 2022 and 2027’’) were funded.
During the fiscal year ended December 31, 2022, the Company paid off $25 million of U.S. Senior Notes, Series A
due 2022. Interest on the U.S. Senior Notes, Series B due 2027 is payable semiannually on February 15 and
August 15, commencing August 15, 2017.
On November 15, 2017, the Company entered into a Note Purchase Agreement pursuant to which the Company
issued and sold $175 million in aggregate principal amount of senior notes in two series. On January 16, 2018,
$50 million aggregate principal amount of 3.48% Senior Notes, Series A, due February 15, 2025 (‘‘U.S. Senior Notes,
Series A due 2025’’) and $125 million in aggregate principal amount of 3.78% Senior Notes, Series B, due
February 15, 2030 (‘‘U.S. Senior Notes, Series B due 2030’’) (together, the ‘‘U.S. Senior Notes due 2025 and 2030’’)
were funded. Interest on the U.S. Senior Notes due 2025 and 2030 is payable on February 15 and August 15,
commencing on August 15, 2018.
On May 18, 2022, the above note purchase agreements were amended to, among other things, update certain terms,
including financial covenants to be consistent with the terms of the restated Credit Agreement and the 2022 Purchase
Agreement, as defined below.
On May 18, 2022, the Company entered into a Note PurchaseAgreement (‘‘2022 PurchaseAgreement’’) pursuant to which
the Company issued and funded on July 18, 2022 $100 million in aggregate principal amount of 4.33% Senior Notes, due
June 30, 2032 (‘‘U.S. Senior Notes, due 2032’’) (together with the U.S. Senior Notes due 2025 and 2030, the Euro Senior
Notes and the U.S. Senior Notes due 2022 and 2027, the ‘‘Senior Notes’’). Interest on the U.S. Senior Notes due 2032 is
payable semiannually on June 30 and December 30, commencing on December 30, 2022.
83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Senior Notes have not been registered under the Securities Act, or applicable state securities laws. The Senior
Notes are general unsecured senior obligations and rank equal in right of payment with all existing and future
unsecured unsubordinated indebtedness of the Company.
The Senior Notes are subject to certain customary covenants, including limitations on the Company’s ability, with
certain exceptions, to engage in mergers, consolidations, asset sales and transactions with affiliates, to engage in any
business that would substantially change the general business of the Company, and to incur liens. In addition, the
Company is required to satisfy certain financial covenants and tests relating to, among other matters, interest
coverage and leverage. As of December 28, 2024, the Company was in compliance with all covenants under the
Senior Notes.
The Company may redeem the Senior Notes upon the satisfaction of certain conditions and the payment of a
make-whole amount to noteholders, and are required to offer to repurchase the Senior Notes at par following certain
events, including a change of control.
Debt Issuance Costs
During fiscal year 2022, the Company paid debt issuance costs of $2.7 million in connection with the amended and
restated Credit Agreement, dated June 30, 2022 which, along with the remaining balance of debt issuance costs of
the previous credit facility, are being amortized over the life of the amended and restated Credit Agreement.
Debt Maturities
Scheduled maturities of the Company’s long-term debt for each of the five years succeeding December 28, 2024 and
thereafter are summarized as follows:
(in thousands)
Scheduled
Maturities
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 67,612
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,091
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
451,250
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98,927
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
2030 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
225,000
$858,880
10. Fair Value of Assets and Liabilities
For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of
measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are
developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s
assumptions about valuation based on the best information available in the circumstances. Depending on the inputs,
the Company classifies each fair value measurement as follows:
Level 1—Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets;
Level 2—Valuations based upon quoted prices for similar instruments, prices for identical or similar instruments
in markets that are not active, or model-derived valuations, all of whose significant inputs are observable or can
be corroborated by observable market data;
Level 3—Valuations based upon one or more significant unobservable inputs;
There were no transfers in or out of Level 1, Level 2 and Level 3 during the year ended December 28, 2024.
84

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Following is a description of the valuation methodologies used for instruments measured at fair value and their
classification in the valuation hierarchy.
Cash Equivalents
Cash equivalents primarily consist of money market funds, certificates of deposit, and short-term time deposits,
which are held with institutions with sound credit ratings and are highly liquid. The Company classified cash
equivalents as Level 1 and are valued at cost, which approximates fair value.
Investments in Equity Securities
Investments in equity securities listed on a national market or exchange are valued at the last sales price and classified
within Level 1 of the valuation hierarchy. Such securities are further detailed in Note 1, Summary of Significant
Accounting Policies and Other Information.
Derivatives Designated as Hedging Instruments
For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents,
at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective,
and the strategy for undertaking the hedge transaction. In addition, the Company formally assesses, both at the
inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective
at offsetting changes in either the fair values or cash flows of the related underlying exposures. For highly effective
cash flow hedges, ASC 815 requires the entire change in fair value of the hedging instrument included in the
assessment of hedge effectiveness to be recorded in other comprehensive income. No components of the Company’s
hedging instruments were excluded from the assessment of hedge effectiveness.
Zero Cost Collar Agreement
In July 2024, the Company implemented a hedging program to manage foreign currency risk exposure related to
fluctuations between the U.S. dollar and Mexican peso. These foreign currency zero cost collars are designated as
cash flow hedges for a portion of our Mexican peso-denominated manufacturing expenses, predominantly salary
expenses, vendor payments, and utility expenses. The collars that were entered on July 3, 2024, mature on August 29,
2025 at a weighted-average ceiling of 19.435 and a weighted-average floor of 18.000. The collars that were entered
on August 5, 2024, mature on September 29, 2025 at a weighted-average ceiling of 21.000 and a weighted-average
floor of 19.655. The collars that were entered on September 3, 2024, mature on November 3, 2025 at a
weighted-average ceiling of 21.757 and a weighted-average floor of 20.082. The collars that were entered on
September 30, 2024, mature on November 26, 2025 at a weighted-average ceiling of 21.365 and a weighted-average
floor of 19.870. The collars that were entered on November 4, 2024, mature on January 2, 2026 at a weighted-average
ceiling of 21.690 and a weighted-average floor of 20.120. The collars that were entered on December 2, 2024, mature
on February 2, 2026 at a weighted-average ceiling of 22.0377 and a weighted-average floor of 20.425. If the spot rate
is between the weighted-average ceiling and floor rates on the date of maturity, then the Company would not owe
or receive any payments under these collars. The Company plans to continue executing zero cost collars with
14-month rolling maturities as an ongoing strategy to hedge peso-denominated manufacturing expenses.
The fair value of the collars was determined using an independent third-party valuation model. Pursuant to this
model, changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other
comprehensive loss until the underlying transactions are recognized in earnings. For the fiscal year ended
December 28, 2024, the Company recorded a pre-tax unrealized loss on the collars of $3.5 million. The Company
estimates that approximately $3.6 million of pre-tax losses currently recorded in accumulated other comprehensive
loss will be recognized in earnings over the next 12 months. The amounts included in accumulated other
comprehensive loss will be reclassified to earnings should the hedge no longer be considered effective. No amount
of ineffectiveness was included in net income for the fiscal year ended December 28, 2024. The Company will
continue to assess the effectiveness of the hedge on an ongoing basis. The primary inputs into the valuation of the
collars are interest yield curves, interest rate volatilities, foreign exchange rates, foreign exchange volatilities, credit
risk, credit spreads and other market information. The collars are classified within Level 2 of the fair value hierarchy
since all significant inputs are corroborated by market observable data.
85

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Interest Rate Swap
On May 12, 2022, the Company entered into an interest rate swap agreement to manage interest rate risk exposure,
effectively converting the interest rate on the Company’s SOFR based floating-rate loans to a fixed-rate. The interest rate
swap, with a notional value of $200 million, was designated as a cash flow hedge against the variability of cash flows
associated with the Company’s SOFR based loans scheduled to mature on June 30, 2027. The fair value of the interest rate
swap was valued using an independent third-party valuation model. Pursuant to this model, changes in fair value of
derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive (loss) income until
the underlying transactions are recognized in earnings. For the fiscal year ended December 28, 2024, the Company
recorded a pre-tax unrealized gain on the interest rate swap of $0.3 million. The Company estimates that approximately
$2.7 million of pre-tax gain currently recorded in accumulated other comprehensive loss will be recognized in earnings
over the next 12 months. The primary inputs into the valuation of the interest rate swap are interest yield curves, interest
rate volatility, credit risk, credit spreads and other market information. The interest rate swap is classified within Level 2
of the fair value hierarchy since all significant inputs are corroborated by observable market data.
The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event
that the counterparties to these instruments fail to perform their obligations under the contracts. The Company seeks
to minimize this risk by limiting our counterparties to major financial institutions with acceptable credit ratings and
monitoring the total value of positions with individual counterparties. In the event of a default by one of our
counterparties, the Company may not receive payments provided for under the terms of our derivatives.
Derivatives Not Designated as Hedging Instruments
On July 14, 2022, the Company entered into a foreign currency exchange forward contract to mitigate the currency
fluctuation risk between the Euro and U.S. dollar on its Euro denominated Senior Notes, Series A due 2023. The notional
value of the forward contract at July 14, 2022 was €117 million and expired on December 7, 2023 with the final settlement
value of $6.3 million which the Company used to convert USD to Euro to pay down the €117 million of Euro Senior Notes,
Series A due 2023. The foreign currency contract was not designated as a hedge instrument and was marked to market on
a monthly basis. As a result, changes in fair value during 2023 were reported in Foreign exchange loss in the Consolidated
Statements of Net Income. The fair value of the foreign currency forward contract was valued by a third party using market
exchange rates and classified as a Level 2 input under the fair value hierarchy.
As of December 28, 2024 and December 30, 2023, the fair values of our derivative financial instrument and their
classifications on the Consolidated Balance Sheets were as follows:
Fiscal Year Ended
(in thousands)
Consolidated Balance Sheets
Classification
December 28,
2024
December 30,
2023
Derivatives designated as hedging
instruments
Interest rate swap agreement:
Designated as cash flow hedge
Prepaid expenses and other current assets . . . .
$2,482
$3,712
Other long-term assets . . . . . . . . . . . . . . . . . . . .
3,716
2,140
Zero cost collar agreement:
Designated as cash flow hedge
Prepaid expenses and other current assets . . . .
$
22
$
—
Accrued liabilities. . . . . . . . . . . . . . . . . . . . . . . .
4,067
—
Other long-term assets . . . . . . . . . . . . . . . . . . . .
2
—
86

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The pre-tax (gains) losses recognized on derivative financial instruments in the Consolidated Statements of
Operations for the fiscal year ended December 28, 2024 and December 30, 2023 were as follows:
Fiscal Year Ended
(in thousands)
Classification of (Gains) Losses Recognized in the
Consolidated Statements of Net Income
December 28,
2024
December 30,
2023
Derivatives designated as cash flow
hedges
Interest rate swap agreement
Interest expense, net. . . . . . . . . . . . . . . . . . . . . .
$(4,826)
$(4,551)
Zero cost collar agreement
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,766
—
Zero cost collar agreement
Selling, general, and administrative expenses. .
97
—
Derivatives not designated as
hedging instruments
Foreign exchange forward contract
Foreign exchange gain . . . . . . . . . . . . . . . . . . . .
$
—
$
(52)
The pre-tax (gain) losses recognized on derivative financial instruments in the Consolidated Statements of
Comprehensive Income for the fiscal year ended December 28, 2024 and December 30, 2023 was as follows:
Fiscal Year Ended
(in thousands)
December 28, 2024
December 30, 2023
Derivatives designated as cash flow hedges
Interest rate swap agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (346)
$2,827
Zero cost collar agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,534
$
—
Mutual Funds
The Company has a non-qualified Supplemental Retirement and Savings Plan that 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 investment 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 on the Consolidated Balance sheet.
There were no changes during the fiscal year ended December 28, 2024 to the Company’s valuation techniques used
to measure asset and liability fair values on a recurring basis. As of December 28, 2024 and December 30, 2023, the
Company did not hold any non-financial assets or liabilities that are required to be measured at fair value on a
recurring basis.
Defined Benefit Plan Assets / Non-qualified Supplemental Retirement and Savings Plan Investments
See Note 11, Benefit Plans, for a description of valuation methodologies and investment balances for defined benefit
plan assets and investments related to the Company’s Non-Qualified Supplemental Retirement and Savings Plan.
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$658,491
$—
$—
$658,491
Investments in equity securities . . . . . . . . . . . . . . . . . . . . . .
10,182
—
—
10,182
Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,268
—
—
23,268
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$691,941
$—
$—
$691,941
87

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents assets measured at fair value by classification within the fair value hierarchy as of
December 30, 2023:
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$415,788
$—
$—
$415,788
Investments in equity securities . . . . . . . . . . . . . . . . . . . . . .
10,832
—
—
10,832
Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,148
—
—
20,148
Total: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$446,768
$—
$—
$446,768
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, trade receivables and its long-term debt. Due to their short-term maturity, the
carrying amounts of cash and cash equivalents, short-term investments and trade receivables approximate their fair
values. The Company’s revolving and term loan debt facilities’ fair values approximate book value at December 28,
2024 and December 30, 2023, as the rates on these borrowings are variable in nature.
The carrying value and estimated fair values of the Company’s Euro Senior Notes, Series B and USD Senior Notes,
Series A and Series B, as of December 28, 2024 and December 30, 2023 were as follows:
December 28, 2024
December 30, 2023
(in thousands)
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Euro Senior Notes, Series B due 2028 . . . . . . . . . . . . . . . . . . . . .
$ 98,928
$ 91,741
$105,246
$ 96,532
USD Senior Notes, Series A due 2025 . . . . . . . . . . . . . . . . . . . . .
50,000
49,919
50,000
49,070
USD Senior Notes, Series B due 2027 . . . . . . . . . . . . . . . . . . . . .
100,000
96,623
100,000
96,127
USD Senior Notes, Series B due 2030 . . . . . . . . . . . . . . . . . . . . .
125,000
114,786
125,000
115,687
USD Senior Notes, due 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100,000
91,175
100,000
93,228
Impairments
The results of the annual goodwill impairment test as of September 29, 2024 indicated that the estimated fair values for
Industrial controls and sensors and Automotive Sensors reporting units were below their respective carrying values.
Accordingly, the Company recorded non-cash impairment charges of $36.1 million and $8.6 million, respectively, to reflect
the impairment of goodwill for the Industrial controls and sensors reporting unit within the Industrial segment and the
Automotive sensors reporting unit within the Transportation segment. Additionally, during the fourth quarter of 2024, the
Company also recorded a non-cash impairment charge of $47.8 million primarily related to certain acquired customer
relationships, developed technology, and tradename intangible assets in the Industrial controls and sensors reporting unit
within the Industrial segment. See Note 5, Goodwill and Other Intangible Assets, for further discussion. In addition, during
the first quarter of 2024, the Company recognized a $0.9 million impairment related to certain machinery and equipment
in the commercial vehicle business within the Transportation segment.
88

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2024 goodwill and intangible assets impairment charges were the result of measuring a reporting unit at fair value
on a nonrecurring basis as shown below:
(in thousands)
For Fiscal Year Ended December 28, 2024
December 28, 2024
Impairment
Charge
Estimated Fair Value
Measurement (Level 3)
Net Carrying Value
Industrial controls and sensors reporting unit
Customer relationships, trademarks, and tradenames . . .
$40,641
$
6,620
$
7,142
Patents, licenses and software. . . . . . . . . . . . . . . . . . . . . .
6,938
950
1,065
Intangible assets, net of amortization . . . . . . . . . . . . . . . . . .
$47,579
$
7,570
$
8,207
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$36,147
$119,361
$115,159
Automotive sensors reporting unit
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 8,616
$
—
$
—
During 2023, the Company recognized a $3.9 million impairment charge related to the land and building of a property
in the commercial vehicle business within the Transportation segment that the Company made the decision to donate,
a $0.9 million impairment charge substantially related to certain patents in a business within the Industrial segment,
and a $0.1 million impairment related to certain machinery and equipment in the semiconductor business within the
Electronics segment. See Note 8, Restructuring, Impairment, and Other Charges, for further discussion.
During the fourth quarter of 2022, the Company recorded a $2.9 million intangible asset impairment charge in
Restructuring, impairment, and other charges in the Consolidated Statements of Net Income, for certain acquired
technology and patent intangible assets due to a change in use and projected cash flows within the Electronics segment.
See Note 5, Goodwill and Other Intangible Assets, for further discussion. Additionally, the Company recorded a non-cash
impairment charge of $1.7 million for certain machinery and equipment within Electronics segment due to a decision to
cease further production of a product line during the fourth quarter of 2022. The fair value of the patent, technology, and
machinery and equipment were measured on a nonrecurring basis using Level 3 inputs under the fair value hierarchy. The
Company’s accounting and finance management determines the valuation policies and procedures for Level 3 fair value
measurements and is responsible for the development and determination of unobservable inputs.
11. Benefit Plans
The Company has Company-sponsored and mandatory defined benefit pension plans covering employees in the
United Kingdom (‘‘U.K.’’), Germany, the Philippines, China, Japan, Mexico, Italy, and France. The amount of the
retirement benefits provided under the plans is generally based on years of service and final average pay.
On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under
which an insurance company will be 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 $23 million,
representing approximately 33% 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 $6 million and $8 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.
Benefit plan related information is as follows for the years 2024 and 2023:
(in thousands)
2024
2023
Change in benefit obligation:
Benefit obligation at beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$73,521
$64,526
Service cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,060
2,774
Interest cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,873
3,795
Net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
501
4,312
Benefits paid from the plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,037)
(1,933)
89

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands)
2024
2023
Benefits paid directly by the Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,042)
(2,035)
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,248)
(1,687)
Effect of exchange rate movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,946)
3,769
Benefit obligation at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 70,682
$ 73,521
Change in plan assets at fair value:
Fair value of plan assets at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 37,696
$ 35,433
Actual (loss) gain on plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(529)
1,358
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,376
1,821
Benefits paid from the plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,037)
(1,933)
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(463)
Effect of exchange rate movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,168)
1,480
Fair value of plan assets at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39,338
37,696
Net amount unfunded status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(31,344)
$(35,825)
Amounts recognized in the Consolidated Balance Sheets as of December 28, 2024 and December 30, 2023 consist
of the following:
(in thousands)
2024
2023
Amounts recognized in the Consolidated Balance Sheets consist of:
Non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
6
$
79
Current benefit liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,514)
(1,482)
Non-current benefit liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(29,836)
(34,422)
Net liability recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(31,344)
$(35,825)
The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax
effects that have not yet been recognized as components of net periodic benefit costs as of December 28, 2024 and
December 30, 2023 were as follows:
(in thousands)
2024
2023
Net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$6,679
$4,182
Prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,304
1,440
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$7,983
$5,622
The pre-tax amounts recognized in other comprehensive (loss) income in 2024 and 2023 were as follows:
(in thousands)
2024
2023
Amortization of:
Prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
93
$
94
Net actuarial loss (gain). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81
(49)
Amount arising during the period:
Net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,099)
(4,202)
Net curtailment and settlement loss (gain) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
299
(266)
Foreign currency adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
265
(334)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(2,361)
$(4,757)
Due to the signing of the group annuity contract for the U.K. pension plan, the liabilities of the plan were remeasured
as of October 4, 2024 resulting in an increase of $3.8 million to unamortized actuarial loss within other
comprehensive income (loss). In addition, the net actuarial loss during 2024 as compared to 2023 were impacted by
lower discount rates in 2024 as compared to 2023.
90

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The components of net periodic benefit costs for the fiscal years 2024, 2023, and 2022 are as follows:
(in thousands)
2024
2023
2022
Components of net periodic benefit cost:
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 3,060
$ 2,774
$ 3,072
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,873
3,795
2,529
Expected return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,069)
(1,879)
(1,507)
Amortization of prior service and net actuarial loss . . . . . . . . . . . . . . . . . . . . . . .
174
45
378
Net periodic benefit cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,038
4,735
4,472
Net settlement loss (gain) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
299
(266)
(820)
Total expense for the year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,337
$ 4,469
$ 3,652
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2024, 2023, and 2022
are as follows:
2024
2023
2022
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.6% 5.8% 3.1%
Expected return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.5% 5.2% 3.3%
Compensation increase rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.8% 4.7% 4.8%
The accumulated benefit obligation for the plans was $58.7 million and $60.6 million as of December 28, 2024 and
December 30, 2023, respectively.
The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit
obligations in excess of plan assets as of December 28, 2024 and December 30, 2023:
(in thousands)
2024
2023
Projected benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$47,016
$73,029
Fair value of plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,666
37,124
The following table provides a summary of under-funded or unfunded pension benefit plans with accumulated benefit
obligations in excess of plan assets as of December 28, 2024 and December 30, 2023:
(in thousands)
2024
2023
Accumulated benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$28,028
$53,400
Fair value of plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,419
28,032
Weighted average assumptions used to determine benefit obligations as of December 28, 2024, December 30, 2023
and December 31, 2022 are as follows:
2024
2023
2022
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.6% 5.6% 5.8%
Compensation increase rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.8% 4.8% 4.7%
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands)
Expected Benefit
Payments
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 4,149
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,054
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,037
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,791
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,368
2030-2034 and thereafter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34,181
The Company expects to make approximately $1.2 million of contributions to the plans and pay $2.1 million of
benefits directly in 2025.
91

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company also sponsors certain post-employment plans in foreign countries and other statutory benefit plans. For
the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022, the Company recorded
$5.0 million, $1.5 million and $1.9 million expense, respectively, in Cost of sales, Restructuring, impairment, and
other charges, and Other (income) expense, net within the Consolidated Statements of Net Income. As of
December 28, 2024 and December 30, 2023, the Company reported benefit liabilities of $4.4 million and $4.8 million
for these plans, of which $1.5 million and $1.7 million was recorded in Accrued liabilities and $2.9 million and
$3.1 million was recorded in Other long-term liabilities on the Consolidated Balance Sheets, respectively. For the
fiscal years ended December 28, 2024 and December 30, 2023, the pre-tax amounts recognized in other
comprehensive income (loss) for these plans were $0.2 million and $1.3 million, respectively. For the fiscal year
ended December 28, 2024, the expense reclassified from accumulated other comprehensive loss to earnings as
components of net periodic benefit costs was $3.3 million. For the fiscal year ended December 30, 2023, the expense
reclassified from accumulated other comprehensive loss to earnings as components of net periodic benefit costs was
$0.4 million, including $0.5 million net settlement loss.
Defined Benefit Plan Assets
Based upon analysis of the target asset allocation and historical returns by type of investment, the Company has
assumed that the expected long-term rate of return will be 5.5% on plan assets. Assets are invested to maximize
long-term return taking into consideration timing of settlement of the retirement liabilities and liquidity needs for
benefits payments. Pension plan assets were invested as follows, and were not materially different from the target
asset allocation:
Asset Allocation
2024
2023
Cash and cash equivalents, and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1%
3%
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7%
7%
Fixed income securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32%
90%
Bulk annuity contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60%
—%
100%
100%
The Company segregated its plan assets by the following major categories and level for determining their fair value
as of December 28, 2024 and December 30, 2023. All plan assets that are valued using the net asset value per share
(‘‘NAV’’) practical expedient have not been included within the fair value hierarchy, but are separately disclosed.
Cash and cash equivalents – Carrying value approximates fair value. As such, these assets were classified as Level 1.
The Company also invests in certain short-term investments which are valued using the amortized cost method.
Lastly, the Company has certain pooled pension funds that have short-term investments with third party mutual funds
that are valued at unit value per share at measurement date. As such, these assets were classified as Level 2.
Equity – The values of individual equity securities were based on quoted prices in active markets. As such, these
assets are classified as Level 1. The Company has certain pooled pension funds which have mutual funds with
underlying investments in certain equity securities that are not quoted on active markets; therefore, they were
classified as Level 2.
Fixed income – Fixed income securities are typically priced based on a last trade basis and are exchange-traded.
Accordingly, the Company classified fixed income securities as Level 1. The Company has certain pooled pension
funds which have mutual funds with underlying investments in fixed income securities and funds priced based on a
valuation model rather than a last trade basis and are not exchange-traded. As such, they were classified as Level 2.
The Company also invests in certain fixed income funds which are valued at the NAV.
Insurance contracts and other – This category includes pooled pension funds which have mutual funds with
underlying investments in other assets and liabilities including alternatives priced based on a valuation model and are
not exchange-traded. These were classified as Level 2. This category also includes insurance contracts that are valued
by the re-insurer with the valuation inputs being not highly observable or traded on an open market. Accordingly,
insurance contracts were categorized as Level 3. Lastly, this category includes other assets and liabilities including
futures or swaps.
92

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Bulk Annuity Contract – Bulk annuity contract includes a U.K insurance policy issued by an authorized U.K. life
insurer. This bulk annuity contract is valued by the re-insurer with the valuation inputs being not highly observable
or traded on an open market. Accordingly, this contract was categorized as Level 3.
For any Level 2 and Level 3 plan assets, management reviews significant investments on a periodic basis including
investigation of unusual fluctuations in price or returns and obtaining an understanding of the pricing methodology
to assess the reliability of third-party pricing estimates.
The valuation methodologies described above may generate a fair value calculation that may not be indicative of net
realizable value or future fair values. While the Company believes the valuation methodologies used are appropriate,
the use of different methodologies or assumptions in calculating fair value could result in different amounts. The
Company invests in assets in which valuation is determined by the NAV. The Company believes that the NAV is
representative of fair value at the reporting date, as there are no significant restrictions on redemption of these
investments or other reasons to indicate that the investment would be redeemed at an amount different than the NAV.
The following table presents the Company’s pension plan assets measured at fair value by classification within the
fair value hierarchy as of December 28, 2024:
Fair Value Measurements Using
(in thousands)
Level 1
Level 2
Level 3
NAV
Total
Insurance contracts and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$—
$
131
$
—
$
131
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
422
—
—
—
422
Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,921
—
—
—
2,921
Fixed income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,224
—
—
5,198
12,422
Bulk annuity contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
23,442
—
23,442
Total pension plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10,567
$—
$23,573
$5,198
$39,338
The following table presents the Company’s pension plan assets measured at fair value by classification within the
fair value hierarchy as of December 30, 2023:
Fair Value Measurements Using
(in thousands)
Level 1
Level 2
Level 3
NAV
Total
Insurance contracts and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$
—
$133
$
—
$
133
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
310
933
—
—
1,243
Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,609
—
—
—
2,609
Fixed income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,425
21,909
—
5,377
33,711
Total pension plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$9,344
$22,842
$133
$5,377
$37,696
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2024 and
2023 due to the following:
(in thousands)
Level 3
Balance at December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
328
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Employer contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Actual return on assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Benefits paid from the plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(221)
Foreign currency adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Balance at December 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
133
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Bulk annuity contract added during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,442
Employer contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Actual return on assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Foreign currency adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8)
Balance at December 28, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$23,573
93

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Defined Contribution Plan
The Company also maintains a 401(k) savings plan covering substantially all U.S. employees. The Company matches
100% of the employee’s annual contributions for the first 4% of the employee’s eligible compensation. The Company
may provide an additional discretionary match to participants and made discretionary matches of 2% of the
employee’s eligible compensation for each of the fiscal years ended December 28, 2024, December 30, 2023 and
December 31, 2022. Employees are immediately vested in their contributions plus actual earnings thereon, as well
as the Company contributions. Company matching contributions amounted to $6.5 million, $7.7 million, and
$5.5 million in 2024, 2023, and 2022, respectively.
Non-qualified Supplemental Retirement and Savings Plan
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 investments are subject to the claims of the Company’s creditors and the Company is responsible for the
payment of all benefits under the plan from its general assets. As of December 28, 2024, there was $23.3 million of
marketable securities related to the plan included in Other long-term assets and $23.3 million of accrued compensation
benefits included in Other long-term liabilities. 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. The Company made matching
contributions to the plan of $0.5 million, $0.6 million, and $0.2 million in 2024, 2023, and 2022, respectively.
12. Stock-Based Compensation
Equity Plans: The Company has equity-based compensation plans authorizing the granting of stock options, restricted
shares, restricted share units, and other stock rights to employees and directors. As of December 28, 2024, there were
1.0 million shares available for issuance of future awards under the Company’s equity-based compensation plans.
Stock options generally vest over a three-year period and are exercisable over either a seven or ten-year period
commencing from the date of the grant. Restricted shares and share units granted by the Company generally vest over three
years. Stock options and restricted share units may have accelerated vesting upon meeting certain qualified conditions.
The following table provides a reconciliation of outstanding stock options for the fiscal year ended December 28, 2024.
Shares Under
Option
Weighted
Average
Price
Weighted
Average
Remaining
Contract Life
(Years)
Aggregate
Intrinsic
Value
(000’s)
Outstanding December 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . .
598,357
$191.33
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96,592
231.13
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(64,437)
165.01
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(700)
242.47
Outstanding December 28, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .
629,812
200.07
3.6
$25,427
Exercisable December 28, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . .
449,884
186.40
2.8
24,658
The following table provides a reconciliation of non-vested restricted share and share unit awards (‘‘RSU’’) for the
fiscal year ended December 28, 2024.
Shares
Weighted
Average
Grant-Date
Fair Value
Nonvested December 30, 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
160,498
$237.09
Granted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104,905
225.92
Vested. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(75,258)
240.37
Forfeited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,132)
232.69
Nonvested December 28, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
186,013
229.56
94

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The total intrinsic value of options exercised during 2024, 2023, and 2022 was $6.3 million, $12.2 million, and
$3.7 million, respectively. The total fair value of the vested RSU shares was $16.2 million, $19.8 million, and
$15.4 million for 2024, 2023, and 2022, respectively. The total amount of share-based liabilities paid was
$1.3 million, $2.2 million, and $1.1 million for 2024, 2023, and 2022, respectively.
The Company recognizes compensation cost of all share-based awards as an expense on a straight-line basis over the
vesting period of the awards. At December 28, 2024, the unrecognized compensation cost for options and restricted
shares was $24.3 million before tax, and will be recognized over a weighted average period of 1.8 years.
Compensation cost included as a component of cost of sales, research and development and selling, general, and
administrative expenses for all equity compensation plans discussed above was $27.4 million, $25.7 million, and
$24.6 million for 2024, 2023, and 2022, respectively. The total related income tax benefit recognized in the
Consolidated Statements of Net Income was $4.0 million, $3.8 million, and $3.5 million for 2024, 2023, and 2022,
respectively.
The Company uses the Black-Scholes option valuation model to determine the fair value of stock option awards
granted. The weighted average fair value of and related assumptions for options granted are as follows:
2024
2023
2022
Weighted average fair value of options granted. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$75.25
$77.40
$70.39
Assumptions:
Risk-free interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.71%
3.67%
2.83%
Expected dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.13%
1.00%
0.92%
Expected stock price volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34.9%
36.0%
35.0%
Expected life of options (years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.4
4.4
4.4
Expected volatilities are based on the historical volatility of the Company’s stock price. The expected life of options
is based on historical data for options granted by the Company. The risk-free rates are based on yields available at
the time of grant on U.S. Treasury bonds with maturities consistent with the expected life assumption. Historical
nonvested forfeiture information is the basis for the forfeiture rate assumptions.
The fair value of RSU is determined based on the Company’s stock price on the grant date reduced by the present
value of expected dividends through the vesting period.
Preferred Stock: The Board of Directors may authorize the issuance of preferred stock from time to time in one or
more series with such designations, preferences, qualifications, limitations, restrictions, and optional or other special
rights as the Board may fix by resolution.
Share Repurchase Program
The Company’s Board of Directors authorized the repurchase of up to $300 million in the aggregate of shares of the
Company’s common stock for the period May 1, 2021 to April 30, 2024 (‘‘2021 program’’). On April 25, 2024, the
Company’s Board of Directors authorized a new three-year program to repurchase up to $300.0 million in the
aggregate of shares of the Company’s stock for the period May 1, 2024 to April 30, 2027 (‘‘2024 program’’) to
replace the expired 2021 program.
During the fiscal year of 2024, the Company repurchased 179,311 shares of its common stock totaling $40.9 million,
of which, $38.9 million was pursuant to the 2021 program and $2.0 million was pursuant to the 2024 program. There
are $298.0 million of an authorized amount yet purchased under the 2024 program as of December 28, 2024. During
the fiscal years of 2023 and 2022, the Company did not repurchase any shares of its common stock.
95

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
13. Other Comprehensive Income (Loss)
Changes in other comprehensive income (loss) by component for fiscal years 2024, 2023, and 2022 were as follows:
Fiscal Year Ended
December 28, 2024
December 30, 2023
December 31, 2022
(in thousands)
Pre-tax
Tax
Net of tax
Pre-tax
Tax
Net of tax
Pre-tax
Tax
Net of tax
Defined benefit pension plan
and other adjustments . . . . $ (2,947) $
51 $ (2,896) $ (5,911) $ 491 $ (5,420) $ 11,560 $(1,825) $
9,735
Cash flow hedges . . . . . . . . .
(3,188)
41
(3,147)
(2,827)
679
(2,148)
8,679
(2,083)
6,596
Foreign currency translation
adjustments(1). . . . . . . . . . .
(86,273) 1,772
(84,501) 48,227
(712)
47,515
(39,619)
987
(38,632)
Total change in other
comprehensive income
(loss). . . . . . . . . . . . . . . . . . $(92,408) $1,864 $(90,544) $39,489 $ 458 $39,947 $(19,380) $(2,921) $(22,301)
(1)
The tax shown above within the 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.
Accumulated Other Comprehensive Loss (‘‘AOCI’’): The following table sets forth the changes in the components of
AOCI by component for fiscal years 2024, 2023, and 2022:
(in thousands)
Pension and
postretirement liability
and reclassification
adjustments
Cash flow
hedges
Foreign
currency
translation
adjustments
Accumulated other
comprehensive
income (loss)
Balance at January 1, 2022 . . . . . . . . . . . . . . . . . . . . .
$(11,928)
$
—
$ (61,535)
$ (73,463)
2022 activity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,735
6,596
(38,632)
(22,301)
Balance at December 31, 2022 . . . . . . . . . . . . . . . . . .
$ (2,193)
$ 6,596
$(100,167)
$ (95,764)
2023 activity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,420)
(2,148)
47,515
39,947
Balance at December 30, 2023 . . . . . . . . . . . . . . . . . .
$ (7,613)
$ 4,448
$ (52,652)
$ (55,817)
2024 activity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,896)
(3,147)
(84,501)
(90,544)
Balance at December 28, 2024 . . . . . . . . . . . . . . . . . .
$(10,509)
$ 1,301
$(137,153)
$(146,361)
On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under
which an insurance company will be 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 $23 million,
representing approximately 33% 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 $6 million and $8 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.
Due to the signing of the group annuity contract for the U.K. pension plan, the liabilities of the plan were remeasured
as of October 4, 2024 resulting in an increase of $3.8 million to unamortized actuarial loss within other
comprehensive income (loss). See Note 11, Benefits Plans for further discussion.
96

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Amounts reclassified from accumulated other comprehensive loss to earnings for fiscal years 2024, 2023, and 2022
were as follows:
Fiscal Year Ended
(in thousands)
December 28, 2024 December 30, 2023 December 31, 2022
Pension and postemployment and other plans:
Amortization of prior service, net actuarial loss (gain), and
other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,441
$ (43)
$ 785
Net settlement loss and accelerated prior service costs . . . .
299
247
477
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,740
$204
$1,262
The Company recognizes the amortization of prior service costs and net settlement loss in Restructuring, impairment,
and other charges and Other (income) expense, net within the Consolidated Statements of Net Income.
14. Income Taxes
The 2017 Tax Cuts and Jobs Act (the ‘‘Tax Act’’), among other things, imposed a one-time tax (the ‘‘Toll Charge’’)
on accumulated earnings of certain non-U.S. subsidiaries and included base broadening provisions commonly
referred to as the global intangible low-taxed income provisions (‘‘GILTI’’).
The Company elected to pay the 2017 Littelfuse Toll Charge over the eight-year period prescribed by the Tax Act.
The anticipated 2025 annual installment payment of this Toll Charge of $8.2 million, which represents the eighth and
final required installment, is included in Accrued income taxes, on the Consolidated Balance Sheet as of
December 28, 2024.
In accordance with guidance issued by the FASB staff, the Company has adopted an accounting policy to treat any
GILTI inclusions as a period cost if and when incurred. Thus, for the fiscal years ended December 28, 2024,
December 30, 2023, and December 31, 2022, deferred taxes were computed without consideration of the possible
future impact of the GILTI provisions, and any current year impact was recorded as a part of the current portion of
income tax expense.
Domestic and foreign income (loss) before income taxes is as follows:
(in thousands)
2024
2023
2022
Domestic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
3,151 $ 40,571 $ 32,462
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
148,712
288,027
410,582
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $151,863 $328,598 $443,044
Federal, state, and foreign income tax expense (benefit) consists of the following:
(in thousands)
2024
2023
2022
Current:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (5,881) $ 8,188
$ 12,423
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,826
2,880
2,183
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58,551
57,999
77,551
Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$54,496
$69,067
$ 92,157
Deferred:
Federal and State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 4,091
$ 1,751
$ (9,182)
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,914)
(1,705)
(13,237)
Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (2,823) $
46
$(22,419)
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$51,673
$69,113
$ 69,738
97

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A reconciliation between income taxes computed on income before income taxes at the federal statutory rate and the
provision for income taxes is provided below:
(in thousands)
2024
2023
2022
Tax expense at statutory rate of 21% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$31,891
$ 69,006
$ 93,039
Non-U.S. income tax rate differential. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,130)
(25,623)
(41,731)
Non-U.S. losses and expenses with no tax benefit . . . . . . . . . . . . . . . . . . . . . . . .
9,401
11,261
10,660
Tax on unremitted earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,616
6,394
10,870
Tax impact of non-deductible goodwill impairment charge. . . . . . . . . . . . . . . . . .
5,810
—
—
Net impact associated with U.S. tax on non-U.S. income, including GILTI . . . .
5,809
4,739
2,546
State and local taxes, net of federal tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,533
1,503
215
Certain changes in unrecognized tax benefits and related accrued interest . . . . .
(8,692)
(172)
1,839
One-time tax deductions for stock of subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(11,495)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(565)
2,005
3,795
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$51,673
$ 69,113
$ 69,738
Deferred income taxes are provided for the tax effects of temporary differences between the financial reporting bases
and the tax bases of the Company’s assets and liabilities. Significant components of the Company’s deferred tax
assets and liabilities at December 28, 2024 and December 30, 2023, are as follows:
(in thousands)
2024
2023
Deferred tax assets:
Net operating loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 46,263
$ 36,941
Interest expense carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34,800
34,205
Accrued expenses and reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32,336
39,299
Capitalized expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,939
16,872
Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,016
—
U.S. foreign tax credit carryforwards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,490
3,561
U.S. research and other general business tax credit carryforwards. . . . . . . . . . . . . . . . .
1,252
1,468
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
196
—
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
150,292
132,346
Less: Valuation allowance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(55,468)
(41,542)
Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94,824
90,804
Deferred tax liabilities:
Excess of book basis over the tax basis for intangible assets and goodwill . . . . . . . . .
133,701
148,659
Excess of book basis over the tax basis for property, plant, and equipment . . . . . . . . .
24,238
22,570
Tax on unremitted earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14,612
18,621
Right of use lease assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,906
—
Unrealized foreign currency exchange gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
1,288
Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
185,457
191,138
Net deferred tax liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 90,633
$100,334
The deferred tax asset valuation allowance is mainly related to certain U.S. and non-U.S. net operating loss and
non-U.S. interest expense carryforwards which are not more likely that not to be realized. The remaining U.S. and
non-U.S. net operating loss and interest expense carryforwards either have no expiration date or are expected to be
utilized prior to expiration (which begin expiring in 2025). No deferred tax asset nor valuation allowance has been
recorded for certain U.S. and non-U.S. net operating loss carryforwards for which the possibility of usage has been
determined to be remote.
The Company paid income taxes of $88.1 million, $81.1 million, and $96.8 million in 2024, 2023, and 2022,
respectively, and received income tax refunds of $4.3 million, $7.2 million, and $3.2 million in 2024, 2023, and 2022,
respectively.
98

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Deferred income taxes are not provided on the excess of the investment value for financial reporting over the tax basis
of investments in those subsidiaries for which such excess is considered to be permanently reinvested in those
operations. The Company believes the determination of the amount of such deferred income taxes is impractical as
it would depend upon income tax laws and circumstances at the time of the hypothetical distributions or dispositions.
As of December 28, 2024, unremitted earnings of the Company’s non-U.S. subsidiaries were approximately
$1.5 billion. A distribution of such earnings will generally not be subject to U.S. federal income tax. The Company
recognized deferred tax liabilities of $14.6 million as of December 28, 2024 and $18.6 million as of December 30,
2023, related to taxes on certain non-U.S. earnings which are not considered to be permanently reinvested.
The Company has two subsidiaries in China which benefit from lower tax rates due to ‘‘tax holidays’’ which apply
for three-year periods. The tax holiday for one of the subsidiaries expired at the end of 2023, but was later extended
for an additional three years, retroactive to include all of 2024, as well as 2025 and 2026, and for the other subsidiary
the tax holiday will expire at the end of 2025. Together, the tax holidays contributed $5.0 million in tax benefits, or
$0.20 per diluted share, during 2024. Future year tax benefits will depend upon the Company’s ability to obtain
extensions, after the three-year periods expire. There can be no assurance that future extensions will be granted.
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 28, 2024,
December 30, 2023, and December 31, 2022 is as follows:
(in thousands)
Unrecognized
Tax Benefits
Balance at December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$30,374
Additions for tax positions related to pre-acquisition periods of acquired subsidiaries . . . . . . . . . .
1,975
Additions for tax positions taken in the current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,200
Decreases for tax positions taken in the prior year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(792)
Decreases for lapses in statute of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,051)
Decreases for settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(215)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(42)
Balance at December 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$31,449
Additions for tax positions taken in the current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,251
Additions for tax positions taken in the prior year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
375
Decreases for lapses in statute of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,650)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
574
Balance at December 28, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$25,999
The December 28, 2024 total in the table above represents the net amount of tax benefits that, if recognized, would
favorably affect the effective tax rate in future periods. Of this amount, approximately $6.3 million may be
recognized in 2025 based upon the possible lapse in the statute of limitations. None of the positions included in
unrecognized tax benefits are related to tax positions for which the ultimate deductibility is highly certain, but for
which there is uncertainty about the timing of such deductibility.
The Company recognizes accrued interest and penalties associated with uncertain tax positions as part of income tax
expense. The Company recognized such interest benefit of $2.7 million (including a $4.1 million decrease due to a
lapse in the statute of limitations), $0.5 million expense (net of a $1.7 million decrease due to a lapse in the statute
of limitations) and $1.4 million expense (net of a $0.2 million decrease due to a lapse in the statute of limitations)
in 2024, 2023, and 2022, respectively. Accrued interest for such matters included in Other long-term liabilities within
the Consolidated Balance Sheets was $11.1 million and $14.4 million as of December 28, 2024 and December 30,
2023, respectively.
The U.S. federal statute of limitations remains open for the Company for the 2018 tax year and later years. Non-U.S.
and U.S. state statutes of limitations generally range from three to seven years, although certain jurisdictions do not
have a statute expiration. Tax examinations occur from time to time, including examinations currently in process in
Italy, Germany, the Netherlands, Singapore, other non-U.S. jurisdictions and certain U.S. states. The Company does
not expect to recognize a significant amount of additional tax expense as a result of concluding these examinations.
99

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
15. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
(in thousands, except per share amounts)
2024
2023
2022
Numerator:
Net income as reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$100,190
$259,485
$373,306
Denominator:
Weighted average shares outstanding
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24,821
24,854
24,734
Effect of dilutive securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
218
248
252
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25,039
25,102
24,986
Earnings Per Share:
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4.04
$
10.44
$
15.09
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4.00
$
10.34
$
14.94
Potential shares of common stock attributable to stock options and restricted shares excluded from the earnings per
share calculation because their effect would be anti-dilutive were 139,839, 110,002, and 87,425 shares in 2024, 2023,
and 2022, respectively.
During the fiscal year of 2024, the Company repurchased 179,311 shares of its common stock totaling $40.9 million,
of which, $38.9 million was pursuant to the 2021 program and $2.0 million was pursuant to the 2024 program. There
are $298.0 million of an authorized amount not yet purchased under the 2024 program as of December 28, 2024.
During the fiscal years of 2023 and 2022, the Company did not repurchase any shares of its common stock.
16. Segment Information
The Company and its subsidiaries design, manufacture and sell component, modules and subassemblies to empower the
long-term structural themes of sustainability, connectivity and safety. The Company aggregated its operating segments into
the reportable segments: Electronics, Transportation, and Industrial. An operating segment is defined as a component of
an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which
separate financial information is regularly evaluated by the Chief Operating Decision Maker (‘‘CODM’’) in deciding how
to allocate resources. The CODM is the Company’s President and Chief Executive Officer (‘‘CEO’’). The CODM allocates
resources to and assesses the performance of each operating segment using information about its revenue and operating
income (loss) before interest and taxes, but does not evaluate the operating segments using discrete balance sheet
information and as such, segment asset information is not disclosed. The CODM’s key decisions involve the allocation of
resources, such as acquisitions, divestitures, investments, capital expenditures, significant customer contracts, and other key
management resources, and assessment of performance, such as executive officer hiring, promotion, and compensation.
The CODM uses operating income as the key metric when establishing targets in the annual budget and in evaluating the
allocation of resources to each segment. The CODM regularly reviews each segment’s operating income against the
forecast, budget and previous quarterly results to assess performance and make decisions about the allocation of operating
and capital resources to each segment.
Sales, marketing, and research and development expenses are charged directly into each operating segment. Finance,
information technology, and human resources are shared functions that are allocated back to the operating segments.
The Company does not report inter-segment revenue because the operating segments do not record it. Certain
expenses, determined by the CODM to be strategic in nature and not directly related to segments current results, are
not allocated but identified as ‘‘Other.’’ Additionally, the Company does not allocate interest and other income,
interest expense, or taxes to operating segments. These costs are not allocated to the segments, as management
excludes such costs when assessing the performance of the segments. Except as discussed above, the accounting
policies for segment reporting are the same as for the Company as a whole.
•
Electronics Segment: Consists of one of the broadest product offerings in the industry, including fuses and
fuse accessories, positive temperature coefficient (‘‘PTC’’) resettable fuses, electromechanical switches and
interconnect solutions, polymer electrostatic discharge (‘‘ESD’’) suppressors, varistors, reed switch based
magnetic sensing, gas discharge tubes; semiconductor products such as discrete transient voltage
suppressor (‘‘TVS’’) diodes, TVS diode arrays, protection and switching thyristors, silicon and silicon
100

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
carbide metal-oxide-semiconductor field effect transistors (‘‘MOSFETs’’) and diodes, and insulated gate
bipolar transistors (‘‘IGBT’’) technologies. The segment covers a broad range of end markets, including
industrial motor drives and power conversion, automotive electronics, electric vehicle and related charging
infrastructure, aerospace, power supplies, data centers and telecommunications, medical devices,
alternative energy and energy storage, building and home automation, appliances, and mobile electronics.
•
Transportation Segment: Consists of a wide range of circuit protection, power control and sensing
technologies for global original equipment manufacturers (‘‘OEMs’’), Tier-one suppliers and parts and
aftermarket distributors in passenger vehicles, heavy-duty truck and bus, off-road and recreational vehicles,
material handling equipment, agricultural machinery, construction equipment and other commercial vehicle
end markets. Passenger vehicle products are used in internal combustion engines, hybrid and electric
vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, high-voltage
fuses, and sensor products designed to monitor the occupant’s safety and environment as well as the
vehicle’s powertrain. Commercial vehicle products include fuses, switches, circuit breakers, relays, and
power distribution modules and units used in applications serving a number of end markets, including
heavy-duty truck and bus, construction, agriculture, material handling and marine.
•
Industrial Segment: Consists of industrial circuit protection (industrial fuses), protective and monitoring
relays (protection relays, residual current devices and monitors, ground fault circuit interrupters, solid state
switches, and arc fault detection devices), and industrial controls and sensors (contactors, transformers, and
temperature sensors) for use in various applications such as renewable energy and energy storage systems,
industrial safety, factory automation, electric vehicle charging infrastructure, HVAC systems, non-
residential construction, MRO, and mining.
The Company has provided this segment information for all comparable prior periods. Segment information is
summarized as follows:
(in thousands)
2024
2023
2022
Net sales
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,186,773
$1,350,426
$1,492,819
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
672,434
678,278
716,140
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
331,561
333,953
304,938
Total net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,190,768
$2,362,657
$2,513,897
Other segment expenses
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,016,880
$1,049,845
$1,061,203
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
613,856
644,644
652,601
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
289,230
279,153
256,085
Total other segment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,919,966
$1,973,642
$1,969,889
Segment operating income
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 169,893
$ 300,581
$ 431,616
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58,578
33,634
63,539
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42,331
54,800
48,853
Total segment operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
270,802
389,015
544,008
Other(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(112,022)
(28,153)
(43,182)
Total operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158,780
360,862
500,826
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38,717
39,866
26,216
Foreign exchange (gain) loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9,230)
12,299
24,359
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(22,570)
(19,901)
7,207
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 151,863
$ 328,598
$ 443,044
(a)
Included in ‘‘Other’’ Operating income for 2024 was $93.5 million of non-cash impairment charges, which included $47.8 million for the
impairment of intangible assets primarily related to certain acquired customer relationships, developed technology, and tradename in the
Industrial controls and sensors reporting unit within the Industrial segment, and $36.1 million and $8.6 million of non-cash goodwill
impairment charges associated with the Industrial controls and sensors reporting unit within the Industrial segment and the Automotive
101

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
sensors reporting unit within the Transportation segment, respectively. The remaining impairment charges included $0.2 million for patents
and customer relationships related to the exit of a small business in China within the Industrial segment. In addition, during the first quarter
of 2024, the Company recognized a $0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle
business within the Transportation segment. The Company also recognized total restructuring charges of $14.9 million, primarily for
employee termination costs related to the reorganization of certain manufacturing, selling and administrative functions in the semiconductor
business within the Electronics segment and the reorganization of certain selling and administrative functions in the commercial vehicle
business within the Transportation segment. See Note 8, Restructuring, Impairment and Other Charges, for further discussion. Also included
in ‘‘Other’’ Operating income was $5.1 million of legal and professional fees and other integration expenses related to completed and
contemplated acquisitions, a gain of $1.0 million for the sale of two buildings within the Transportation segment, and a gain of $0.5 million
recorded for the sale of a land use right within the Electronics segment.
Included in ‘‘Other’’ Operating income for 2023 was 11.7 million of legal and professional fees and other integration
expenses related to completed and contemplated acquisitions and $11.6 million of restructuring, impairment and
other charges, primarily related to employee termination costs. During 2023, the Company recorded a $3.9 million
impairment charge related to the land and building in the commercial vehicle business within the Transportation
segment, $0.9 million impairment charge substantially related to certain patents in a business within the Industrial
segment, and a $0.1 million impairment related to certain machinery and equipment in the semiconductor business
within the Electronics segment. See Note 8, Restructuring, Impairment and Other Charges, for further discussion.
Included in ‘‘Other’’Operating income for 2022 was $17.6 million of legal and professional fees and other integration
expenses related to completed and contemplated acquisitions, $15.6 million of purchase accounting inventory step-up
charges, and $10.0 million of restructuring, impairment and other charges, primarily related to employee termination
costs and a $2.9 million non-cash impairment charge for certain acquired technology and patent intangible assets due
to a change in use and projected cash flows within the Electronics segment in the fourth quarter of 2022. See Note 8,
Restructuring, Impairment and Other Charges, for further discussion. In addition, there was a gain of $5.0 million
recorded for the sale of buildings within the Electronics segment. See Note 8, Restructuring, Impairment and Other
Charges, for further discussion.
Other segment operating expenses include cost of sales, selling, general, and administration expenses, and research
and development expenses. Other segment expenses are reconciled to the operating income of each segment. The
CODM regularly assesses the performance of each operating segment focusing on each operating segment’s revenue
and operating income.
The Company’s depreciation and amortization expenses by segment for the fiscal years ended 2024, 2023, and 2022
are as follows:
(in thousands)
2024
2023
2022
Depreciation
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$40,456
$39,461
$35,496
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22,117
26,732
25,647
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,752
5,441
3,868
Total depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$68,325
$71,634
$65,011
Amortization
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$39,362
$39,883
$32,698
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,518
15,782
18,109
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,247
10,129
4,888
Total amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$62,127
$65,794
$55,695
The Company’s net sales classified according to the country where the customer is located, net property, plant, and
equipment and additions to net property, plant, and equipment by country for the fiscal years ended 2024, 2023, and
2022 are as follows:
(in thousands)
2024
2023
2022
Net sales
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 800,331
$ 820,735
$ 912,498
China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
506,643
546,786
638,978
Other countries(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
883,794
995,136
962,421
Total net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,190,768
$2,362,657
$2,513,897
102

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands)
2024
2023
2022
Long-lived assets
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 74,698
$ 73,126
$ 76,325
China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
132,504
139,736
129,094
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89,558
102,218
107,119
Germany. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58,758
47,217
39,635
Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66,174
73,217
77,240
Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55,376
57,639
51,697
Total long-lived assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$477,068
$493,153
$481,110
Additions to long-lived assets
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 19,081
$
9,502
$ 14,603
China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,045
32,805
35,297
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,181
13,920
26,514
Germany. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,972
10,279
5,255
Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,383
6,156
14,847
Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,751
10,992
7,678
Total additions to long-lived assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 78,413
$ 83,654
$104,194
(a)
Each country included in other countries are less than 10% of net sales.
For the year ended December 28, 2024, approximately 63% of the Company’s net sales were to customers outside
the U.S. (exports and foreign operations), including approximately 23% to China. For the year ended December 30,
2023, approximately 65% of the Company’s net sales were to customers outside the U.S. (exports and foreign
operations), including approximately 23% to China. For the year ended December 31, 2022, approximately 64% of
the Company’s net sales were to customers outside the U.S. (exports and foreign operations), including
approximately 25% to China. Sales to Arrow Electronics, Inc., which were included in the Electronics,
Transportation, and Industrial segments, were 9.4%, 11.2%, and 11.5% of consolidated net sales in 2024, 2023, and
2022 respectively. No other single customer accounted for more than 10% of net sales during the last three years.
17. Commitments and Contingencies
Off-Balance Sheet Arrangements
As of December 28, 2024, the Company did not have any off-balance sheet arrangements, as defined under SEC rules.
Specifically, the Company was not liable for guarantees of indebtedness owed by third parties, the Company was not
directly liable for the debt of any unconsolidated entity and the Company did not have any retained or contingent interest
in assets. The Company does not participate in transactions that generate relationships with unconsolidated entities or
financial partnerships, such as entities often referred to as structured finance or special purpose entities.
Product Warranty Liabilities
The Company’s policy is to accrue for warranty claims when a loss is both probable and estimable. Liabilities for
warranty claims have historically not been material and in limited instances, customers may make claims for costs
they incurred or other damages related to a claim.
The Company carries insurance for potential product liability claims at coverage levels based on the Company’s prior
claims experience. This coverage is subject to deductibles, and various terms and conditions. The Company cannot
assure that the level of coverage will be sufficient to cover every possible claim that can arise in its businesses, now
or in the future, or that such coverage always will be available should the Company, now or in the future, wish to
extend, increase or otherwise adjust its insurance.
The Company has been notified by one of its customers of a product recall potentially due to certain fuses provided
by Littelfuse and incorporated in such products. The Company is currently working with its customer to investigate
the cause and level of responsibility for this recall. The Company has determined pursuant to ASC 450,
‘‘Contingencies’’, that a loss is reasonably possible. However, the Company continues to evaluate this matter and the
103

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
ultimate costs of the recall and range of the potential loss cannot be determined at this time. Accordingly, no accrual
has been made yet for this matter. Factors that will impact the amount of such losses include the per vehicle cost of
fuse replacement, the determination of the relative liability among the customer, the Company, and any relevant
third parties, as well as actual insurance recoveries.
Environmental Remediation Liabilities
Refer to Note 1: Summary of Significant Accounting Policies and Other Information related to environmental liabilities.
Our operations and facilities are subject to U.S. and non-U.S. laws and regulations governing the protection of the
environment and our employees, including those governing air emissions, chemical usage, water discharges, the
management and disposal of hazardous substances and wastes, and the cleanup of contaminated sites. We could incur
significant costs, including cleanup costs, fines, civil or criminal sanctions, or third-party property damage or personal
injury claims, in the event of violations or liabilities under these laws and regulations, or non-compliance with the
environmental permits required at our facilities. Potentially significant expenditures could be required in order to comply
with environmental laws that may be adopted or imposed in the future. We are, however, not aware of any threatened or
pending material environmental investigations, lawsuits, or claims involving the Company or its operations.
Legal Proceedings
In the ordinary course of business, the Company may be involved in a number of claims and litigation matters. While
it is not feasible to predict the outcome of these matters, based upon our experience and current information known
to us, we do not expect the outcome of these matters, either individually or in the aggregate, to have a material
adverse effect on our results of operations, financial position, and/or cash flows.
The Company accounts for litigation and claims losses in accordance with FASB ASC Topic 450, Contingencies
where loss contingency provisions are recognized for probable and estimable losses at our best estimate of a loss or,
when a best estimate cannot be made, at our estimate of the minimum loss. These estimates require the application
of considerable judgment and are refined each accounting period as additional information becomes known. We are
often initially unable to develop a best estimate of loss and therefore the minimum amount, which could be an
immaterial amount, is recognized. As information becomes known, either the minimum loss amount is increased, or
a best estimate can be made, resulting in additional loss provisions. A best estimate may be changed to a lower
amount when events result in an expectation of a more favorable outcome than previously expected.
Pending Litigation and Claims
There are no material pending litigation or claims outstanding as of December 28, 2024.
18. Related Party Transactions
As a result of the Company’s acquisition of IXYS, the Company has equity ownerships in various investments that are
accounted for under the equity method. The following is a description of the investments and related party transactions.
Powersem GmbH: The Company owns 45% of the outstanding equity of Powersem GmbH (‘‘Powersem’’), a
module manufacturer based in Germany.
EB-Tech Co., Ltd.: The Company owns approximately 15% of the outstanding equity of EB-Tech Co., Ltd.
(‘‘EB Tech’’), a company with expertise in radiation technology based in South Korea.
Automated Technology (Phil), Inc.: The Company owns approximately 24% of the outstanding common shares of
Automated Technology (Phil), Inc. (‘‘ATEC’’), a supplier located in the Philippines that provides assembly and test
services. One member of the Company’s executive officers serves on the Board of Directors of ATEC.
Fiscal Year Ended
December 28, 2024
December 30, 2023
(in millions)
Powersem
EB Tech
ATEC
Powersem
EB Tech
ATEC
Sales to related party . . . . . . . . . . . . . . . . . . . . . . . . . .
$1.5
$ —
$ —
$2.1
$ —
$ —
Purchase of material/services from related party . . . .
3.8
0.7
5.7
4.3
0.4
9.0
Accounts payable balance . . . . . . . . . . . . . . . . . . . . . .
$0.7
$0.1
$0.7
$0.5
$ —
$1.0
104

ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
None.
ITEM 9A. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to
be disclosed in its reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms and that such information
is accumulated and communicated to management, including the Company’s Chief Executive Officer and
Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and
evaluating the disclosure controls and procedures, the Company recognizes that any controls and procedures, no
matter how well designed and operated, can provide only reasonable assurance of achieving the desired control
objectives, and the Company is required to apply its judgment in evaluating the cost-benefit relationship of possible
controls and procedures.
As required by SEC Rule 15d-15(b), the Company carried out an evaluation, under the supervision and with the
participation of its management, including the Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of its disclosure controls and procedures pursuant to SEC Rule 13a-15 and
based upon the updated framework in Internal Control — Integrated Framework (2013), as of the end of the period
covered by this Annual Report on Form 10-K. The Company’s Chief Executive Officer and Chief Financial Officer
concluded that the Company’s disclosure controls and procedures were not effective as of December 28, 2024 due
to a material weakness in our internal control over financial reporting as described below.
Notwithstanding the conclusion by our Chief Executive Officer and Chief Financial Officer that our disclosure
controls and procedures as of December 28, 2024 were not effective, and notwithstanding the material weaknesses
in our internal control over financial reporting described below, management has concluded that our consolidated
financial statements for all periods involved fairly present, in all material respects, our financial condition, results of
operations and cash flows at and for the periods presented.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting as
defined in Exchange Act Rule 13a-15(f) and 15d-15(f) based on the criteria established in Internal Control-Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(‘‘the COSO Framework). The Company’s internal control system is designed to provide reasonable assurance to its
management and the Board of Directors regarding the preparation and fair presentation of published financial
statements.
The Company’s independent registered public accounting firm, Deloitte & Touche LLP, has issued an attestation
report on the Company’s internal control over financial reporting as of December 28, 2024. This report is included
with this Form 10-K.
Inherent Limitations on Effectiveness of Controls and Procedures
There are inherent limitations to the effectiveness of any system of internal control over financial reporting.
Accordingly, even an effective system of internal control over financial reporting can only provide reasonable
assurance with respect to financial statement preparation and presentation in accordance with accounting principles
generally accepted in the United States of America. Our internal controls over financial reporting are subject to
various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the
likelihood of future events, the soundness of our systems, and the possibility of human error, and the risk of fraud.
Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may
be inadequate because of changes in conditions and the risk that the degree of compliance with policies or procedures
may deteriorate over time.
Material Weakness
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such
that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial
statement will not be prevented or detected on a timely basis.
105

Based on the Company’s assessment, management, including our Chief Executive Officer and Chief Financial
Officer, has concluded that, as of December 28, 2024, the Company’s internal control over financial reporting was
not effective due to the identification of the material weaknesses described below. In making this assessment,
management has concluded that we did not design and maintain an effective control environment commensurate with
our financial reporting requirements. Specifically, at certain of our non-U.S. manufacturing locations we lacked
sufficiently skilled operational and accounting personnel to ensure that internal control responsibilities were
performed and aligned with internal control objectives.
The material weakness in the control environment contributed to an additional material weakness related to the design
and operating effectiveness of control activities over the existence of inventory at these locations. The Company did
not maintain effective controls related to inventory cycle counts to validate existence of inventory, and consequently,
the completeness and accuracy of the data used in evaluating the appropriateness of the valuation of inventory and
related reserves. These material weaknesses resulted in corrections through cumulative out-of-period adjustments as
described in notes to the consolidated financial statements as of and for the year ended December 28, 2024.
Changes in Internal Control over Financial Reporting
Except as otherwise described above, there was no change in our internal control over financial reporting (as defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) identified in connection with the evaluation of our internal
control performed during the fiscal quarter ended December 28, 2024, that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
Remediation Plan for Material Weaknesses
Our management team is committed to maintaining a strong internal control environment. The Company, with
oversight from our Audit Committee of the Board of Directors, is taking comprehensive actions to remediate the
material weaknesses. The Company has developed and is in the process of implementing its remediation plan, which
will include the following steps:
Control environment
•
recruiting of personnel with appropriate internal controls, and accounting knowledge and experience
commensurate with our accounting and reporting requirements;
•
enhanced supervision of personnel at certain locations to ensure compliance with established Company
policies; and
•
evaluating and updating (as appropriate) the sufficiency of policies and training provided to personnel to
ensure the appropriate segregation of duties and adherence to the Code of Conduct.
Control activities
•
augmentation of training and clear instruction as to the process for recording of adjustments to inventories;
•
full physical inventory observations, facilitated by independent counters, until the cycle count and related
inventory existence controls at certain of our non-U.S. manufacturing locations are operating effectively;
•
implementation of a management review control over inventory movements;
•
examination and enhancement of the procedures to evaluate the completeness and accuracy of data and
assumptions utilized in computing inventory reserves.
We intend to remediate the material weaknesses as soon as possible; however, the material weaknesses will not be
considered remediated until the applicable controls operate for a sufficient period of time and management has
concluded, through testing, that the appropriate controls are operating effectively.
ITEM 9B. OTHER INFORMATION.
None.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
None.
106

PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.
Except as set forth below, the information required by this item will be contained in the Company’s Proxy Statement
related to our 2025 Annual Meeting of Stockholders (the ‘‘proxy statement’’) and is incorporated herein by reference.
Information concerning directors and nominees for director is set forth in the section titled ‘‘Proposal No. 1 - Election
of Directors’’ in the Company’s proxy statement and is incorporated herein by reference.
Information concerning the Company’s Audit Committee and Audit Committee financial expert is set forth in the
sections titled ‘‘Board Committees’’ and ‘‘Director Independence; Financial Experts’’ in the Company’s proxy
statement and is incorporated herein by reference.
Information concerning the procedures by which security holders may recommend nominees to the Company’s Board
of Directors is set forth in the section titled ‘‘Director Nominations’’ in the Company’s proxy statement and is
incorporated herein by reference.
Information concerning compliance with Section 16 of the Securities Exchange Act of 1934 is set forth in the
section titled ‘‘Delinquent Section 16(a) Reports’’ in the Company’s proxy statement and is incorporated herein by
reference.
Information regarding the Executive Officers of the Company can be found in Part I of this Annual Report on
Form 10-K under the caption ‘‘Information about our Executive Officers.’’
Code of Ethics
The company has adopted a Code of Conduct (Code of Ethics) that applies to all of the Company’s employees
including the Company’s Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and
persons performing similar functions. It has posted the text of the Code of Conduct on its website at
https://investor.littelfuse.com/corporate-governance/governance-overview and intends to disclose on such website
any amendments to, or waivers from the Code of Conduct. The company’s website is not incorporated by reference
into this Annual Report.
ITEM 11.
EXECUTIVE COMPENSATION.
Information concerning compensation of the Company’s executive officers and directors for the fiscal year ended
December 28, 2024, is set forth in the sections titled ‘‘Director Compensation,’’ ‘‘Compensation Discussion and
Analysis’’ (including under subsections titled ‘‘Compensation Risk’’ and ‘‘Clawback Policy’’), ‘‘Compensation
Committee Report,’’ ‘‘Compensation Tables,’’ ‘‘Potential Payments Upon Termination or Change in Control,’’ ‘‘CEO
Pay Ratio,’’ and ‘‘Pay versus Performance,’’ in the Company’s proxy statement and is incorporated herein by
reference, except the section titled ‘‘Compensation Committee Report’’ is hereby ‘‘furnished’’ and not ‘‘filed’’ with
this Annual Report on Form 10-K.
Information concerning compensation committee interlocks is set forth in the section titled ‘‘Compensation
Committee Interlocks and Insider Participation’’ in the Company’s proxy statement and is incorporated herein by
reference.
COMPENSATION PLAN INFORMATION
We have two equity compensation plans that have been approved by our stockholders: the Littelfuse, Inc. Long-Term
Incentive Plan that was approved by our stockholders at the April 2017 annual stockholder meeting, as amended by
an amendment approved by our stockholders at the April 2023 annual stockholders meeting, and the Deferred
Compensation Plan for Non-Employee Directors that was approved by our stockholders at the May 2005 annual
stockholder meeting.
Pursuant to our acquisition of IXYS on January 17, 2018, we assumed four equity compensation plans that have not
been approved by our stockholders and pursuant to which we may continue to grant equity awards: IXYS Corporation
2009 Equity Incentive Plan, IXYS Corporation 2011 Equity Incentive Plan, IXYS Corporation 2013 Equity Incentive
Plan, IXYS Corporation 2016 Equity Incentive Plan (together, the ‘‘IXYS Plans’’). We also assumed two expired
equity compensation plans that have not been approved by our stockholders and pursuant to which we no longer have
107

outstanding equity awards: the Zilog, Inc. 2002 Omnibus Stock Incentive Plan and Zilog, Inc. 2004 Omnibus Stock
Incentive Plan (together, the ‘‘Zilog Plans’’). The IXYS Corporation 2009 Equity Incentive Plan expired in
June 2019; the IXYS Corporation 2011 Equity Incentive Plan expired in June 2021; the IXYS Corporation 2013
Equity Incentive Plan expired in June 2023; and equity awards remain outstanding under those plans.
Information about our equity compensation plans that were either approved or not approved by our stockholders as
of December 28, 2024, is as follows:
Plan Category
Number of securities
to
be issued upon
exercise of
outstanding options,
warrants and rights
Weighted-average
exercise price of
outstanding options,
warrants, and rights(1)
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in the first column)
Equity compensation plans approved by
security holders . . . . . . . . . . . . . . . . . . . . . .
743,652(2)
$164.51
884,247(4)
Equity compensation plans not approved by
security holders . . . . . . . . . . . . . . . . . . . . . .
84,414(3)
$ 43.47
114,134(5)
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
828,066
$152.17
998,381
(1)
The weighted average exercise price does not take into account the shares issuable upon the vesting of outstanding restricted stock units,
which have no exercise price.
(2)
Includes 142,749 shares reserved for issuance upon vesting of outstanding restricted stock units and 600,903 outstanding stock options
granted under the Littelfuse, Inc. Long-Term Incentive Plan.
(3)
Includes 55,505 shares reserved for issuance upon vesting of outstanding restricted stock units under the IXYS Plans and 28,909 outstanding
stock options granted under the IXYS Plans and Zilog Plan. Below is a brief description of the material features of the compensation plans
acquired pursuant to the acquisition of IXYS.
(4)
Includes 840,046 shares that remain available for future issuance under the Littelfuse, Inc. Long-Term Incentive Plan and 44,201 shares that
remain available for future issuance under the Deferred Compensation Plan for Non-Employee Directors.
(5)
Includes 114,134 shares that remain available for future issuance under the IXYS Corporation 2016 Equity Incentive Plan.
IXYS Plans
In connection with the acquisition of IXYS, we assumed the IXYS Corporation 2009 Equity Incentive Plan,
IXYS Corporation 2011 Equity Incentive Plan, IXYS Corporation 2013 Equity Incentive Plan, IXYS Corporation
2016 Equity Incentive Plan and outstanding unvested stock options originally granted by IXYS Corporation under
the IXYS Plans that were held by continuing employees. At the time of the acquisition of IXYS Corporation, these
awards were converted to Littelfuse stock options, with adjustments made to the exercise price of the stock options
and the number of shares subject to stock options as agreed upon in the Acquisition Agreement. These unvested
options vest in accordance with their original terms, generally vesting in equal annual installments over a four-year
period from the original grant date. The options, once granted, generally expire ten years from the date of grant.
Under the IXYS Plans, we may grant to former employees of IXYS Corporation or its subsidiaries restricted stock
awards, RSUs, stock options and stock appreciation rights with an exercise price that is no less than the fair market
value on the date of grant. Equity awards granted under the IXYS Plans following the acquisition have been on
similar terms and consistent with grants made pursuant to the Littelfuse, Inc Long-Term Incentive Plan. The
IXYS Corporation 2009, 2011, 2013 Equity Incentive Plans expired in June 2019, June 2021 and June 2023,
respectively, with no additional grants made after the expiration date. As of December 28, 2024, 114,134 shares
remained available for issuance under the IXYS Plans.
Zilog Plans
In connection with the acquisition of IXYS Corporation, we assumed the Zilog, Inc. 2004 Omnibus Stock Incentive
Plan and outstanding stock options originally granted by IXYS Corporation under the Zilog Plan that were held by
continuing employees of Zilog. At the time of the acquisition of IXYS Corporation, these awards were converted to
Littelfuse stock options, with adjustments made to the exercise price of the stock options and the number of shares
subject to stock options as agreed upon in the Acquisition Agreement. These options vested in accordance with their
original terms, generally in equal annual installments over a four-year period from the original grant date. The options
generally expire ten years from the date of grant. The Zilog 2004 Omnibus Stock Incentive Plan expired in
February 2014 and no additional grants have been made thereunder. Therefore, as of December 28, 2024, no shares
remain available for issuance of new awards under the Zilog Plan and no stock options remain outstanding.
108

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS.
Information concerning the security ownership of certain beneficial owners, the Company’s directors and executive
officers as of February 26, 2025, is set forth in the section titled ‘‘Ownership of Littelfuse, Inc. Common Stock’’ in
the Company’s proxy statement and is incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE.
Information concerning the independence of the Company’s directors, certain relationships and related transactions
during 2024 and the Company’s policies with respect to such transactions is set forth in the sections titled ‘‘Director
Independence; Financial Experts’’, ‘‘Related Person Transactions Policy’’, ‘‘Related Party Transactions’’ in the
Company’s proxy statement and is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
Information concerning principal accountant fees and services is set forth in the section titled ‘‘Audit Related
Matters’’ in the Company’s proxy statement and is incorporated herein by reference.
109

PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a)
Financial Statements and Schedules
Page
1.
The following Financial Statements are filed as a part of this report:
i.
Reports of Independent Registered Public Accounting Firms. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54 - 59
ii.
Consolidated Balance Sheets as of December 28, 2024 and December 30, 2023 . . . . . . . . . . . . .
60
iii. Consolidated Statements of Net Income for the fiscal years ended December 28, 2024,
December 30, 2023 and December 31, 2022. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
iv.
Consolidated Statements of Comprehensive Income for the fiscal years ended December 28,
2024, December 30, 2023 and December 31, 2022. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
v.
Consolidated Statements of Cash Flows for the fiscal years ended December 28, 2024,
December 30, 2023 and December 31, 2022. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
vi. Consolidated Statements of Equity for the fiscal years ended December 28, 2024,
December 30, 2023 and December 31, 2022. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
vii. Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 - 106
2.
The following Financial Statement Schedule is submitted herewith for the periods indicated
therein.
i.
Schedule II - Valuation and Qualifying Accounts and Reserves. . . . . . . . . . . . . . . . . . . . . . . . . . .
111
All other schedules for which provision is made in the applicable accounting regulations of the Securities and
Exchange Commission are not required under the related instructions or are inapplicable and, therefore, have
been omitted.
3.
Exhibits. See Exhibit Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
ITEM 16. FORM 10-K SUMMARY
None.
110

SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
Description
Balance at
Beginning
of Year
Charged to
Costs and
Expenses(a)
Deductions(b)
Other(c)
Balance at
End
of Year
(in thousands)
Fiscal year ended December 28, 2024
Allowance for credit losses on accounts receivable . . . .
$ 2,187
$
(182) $
(345) $
(71) $ 1,589
Reserves for sales discounts and allowances . . . . . . . . . .
$82,509
$138,735
$(151,946) $ (897) $68,401
Fiscal year ended December 30, 2023
Allowance for credit losses on accounts receivable . . . .
$ 1,575
$
519
$
(181) $
274
$ 2,187
Reserves for sales discounts and allowances . . . . . . . . . .
$81,987
$186,021
$(186,043) $
544
$82,509
Fiscal year ended December 31, 2022
Allowance for credit losses on accounts receivable . . . .
$ 1,910
$
166
$
(222) $ (279) $ 1,575
Reserves for sales discounts and allowances . . . . . . . . . .
$57,322
$184,201
$(158,499) $(1,037) $81,987
(a)
Includes provision for credit losses, sales returns and sales discounts granted to customers.
(b)
Represents uncollectible accounts written off, net of recoveries and credits issued to customers.
(c)
Represents business acquisitions and foreign currency translation adjustments.
111

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Littelfuse, Inc.
By:
/s/ Gregory N. Henderson
Gregory N. Henderson
President and Chief Executive Officer
Date: March 13, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the registrant on March 13, 2025 and in the capacities indicated.
/s/ Gordon Hunter
Chairman of the Board of Directors
Gordon Hunter
/s/ Gregory N. Henderson
Director, President and Chief Executive Officer
(Principal Executive Officer)
Gregory N. Henderson
/s/ Kristina A. Cerniglia
Director
Kristina A. Cerniglia
/s/ Tzau-Jin Chung
Director
Tzau-Jin Chung
/s/ Gayla J. Delly
Director
Gayla J. Delly
/s/ Maria C. Green
Director
Maria C. Green
/s/ Anthony Grillo
Director
Anthony Grillo
/s/ David W. Heinzmann
Director
David W. Heinzmann
/s/ William P. Noglows
Director
William P. Noglows
/s/ Meenal A. Sethna
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Meenal A. Sethna
/s/ Jeffrey G. Gorski
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
Jeffrey G. Gorski
112

EXHIBIT INDEX
The following documents listed below that have been previously filed with the SEC (1934 Act File No. 0-20388) are
incorporated herein by reference:
Incorporated by Reference Herein
Exhibit No.
Description
Form
Exhibit
Filing Date
File No.
2.1
Stock Purchase Agreement, dated October 19, 2021, by
and between Littelfuse, Inc., the Shareholders of Carling
Technologies, Inc., and Christopher T. Sorenson, as
Sellers’ Representative
8-K
2.1
10/20/2021
0-20388
2.2
First Amendment to Stock Purchase Agreement, dated
November 29, 2021, by and between Littelfuse, Inc., the
Shareholders of Carling Technologies, Inc., and
Christopher T. Sorenson
10-K
2.3
2/27/2022
0-20388
2.3
Sale and Purchase Agreement, dated April 7, 2022, by
and between Cayman NIH VI BEIT Holdings, L.P. and
Littelfuse, Inc.
8-K
2.1
4/8/2022
0-20388
2.4
Warranty Deed, dated April 7, 2022, by and between the
warrantors party thereto and Littelfuse, Inc.
8-K
2.2
4/8/2022
0-20388
2.5
Deed of Amendment No. 1 Sale and Purchase
Agreement, dated July 18, 2022, by and between
Cayman NIH VI BEIT Holdings, L.P. and
Littelfuse, Inc.
10-Q
2.1
8/3/2022
0-20388
3.1
Certificate of Incorporation dated November 25, 1991,
as amended April 25, 1997.
10-K
3.1
2/27/2017
0-20388
3.2
Certificate of Designations of Series A Preferred Stock.
8-K
4.2
12/1/1995
0-20388
3.3
Bylaws, as amended and restated January 27, 2023.
8-K
3.1
2/3/2023
0-20388
4.1
Description of Securities of Littelfuse, Inc.
10-K
4.1
2/21/2020
0-20388
10.1
Littelfuse, Inc. Outside Directors’ Equity Plan.++
DEF14A
A
3/22/2007
0-20388
10.2
Form of Restricted Stock Unit Award Agreement under
the Littelfuse, Inc. Outside Directors’ Equity Plan.++
8-K
99.4
5/1/2008
0-20388
10.3
Form of Restricted Stock Unit Award Agreement
(Outside Director) under the Littelfuse, Inc. Long-Term
Incentive Plan.++
S-8
4.4
5/19/2010
0-20388
10.4
Form of Stock Option Award Agreement under the
Littelfuse, Inc. Long-Term Incentive Plan.++
S-8
4.6
5/19/2010
0-20388
10.5
Littelfuse, Inc. Annual Incentive Plan, effective
January 1, 2014.++
DEF14A
A
3/17/2014
0-20388
10.6
Form of Stock Option Award Agreement (Executive)
under the Littelfuse, Inc. Long-Term Incentive Plan.++
10-Q
10.3
5/6/2016
0-20388
10.7
Form of Stock Option Award Agreement (Outside
Director – 2016 Grant) under the Littelfuse, Inc. Long-
Term Incentive Plan.++
10-Q
10.4
5/6/2016
0-20388
10.8
Form of Restricted Stock Unit Award Agreement
(Outside Director – 2016 Grant) under the Littelfuse,
Inc. Long-Term Incentive Plan.++
10-Q
10.7
5/6/2016
0-20388
10.9
Letter Agreement entered into between Littelfuse, Inc.
and David W. Heinzmann. Effective January 1, 2017.++
8-K
10.2
11/16/2016
0-20388
10.10
Littelfuse, Inc. 3.03% Senior Note, Series A, due
February 15, 2022, and 3.74% Senior Note, Series B,
due February 15, 2027 Note Purchase Agreement.
8-K
10.1
12/9/2016
0-20388
10.11
Littelfuse, Netherland C.V. 1.14% Senior Note, Series A,
due December 8, 2023, and 1.83% Senior Note,
Series B, due December 8, 2028 Note Purchase
Agreement.
8-K
10.2
12/9/2016
0-20388
10.12
Subsidiary Guaranty Agreement, dated December 8,
2016.
8-K
10.4
12/9/2016
0-20388
10.13
Subsidiary Guaranty Agreement, dated as of
February 15, 2017.
8-K
10.2
2/15/2017
0-20388
113

Incorporated by Reference Herein
Exhibit No.
Description
Form
Exhibit
Filing Date
File No.
10.14
Restated Littelfuse, Inc. Supplemental Retirement and
Savings Plan, effective January 1, 2017.++
10-K
10.50
2/27/2017
0-20388
10.15
Amended and Restated Littelfuse, Inc. Long-Term
Incentive Plan.++
8-K
10.1
5/1/2017
0-20388
10.16
Form of 2017 Stock Option Award Agreement.++
8-K
10.3
5/1/2017
0-20388
10.17
Employment offer letter between Littelfuse, Inc. and
Jeffrey Gorski, dated June 28, 2017.++
8-K
10.1
8/14/2017
0-20388
10.18
Note Purchase Agreement, dated November 15, 2017,
among Littelfuse, Inc. and note purchasers listed on the
signature pages thereto.
8-K
10.1
11/15/2017
0-20388
10.19
Form of 3.78% Senior Note, Series B, due February 15,
2030.
8-K
4.2
11/15/2017
0-20388
10.20
Form of 3.48% Senior Note, Series A, due February 15,
2025,
8-K
4.1
11/15/2017
0-20388
10.21
Subsidiary Guaranty Agreement, dated as of January 16,
2018, made by LFUS LLC, Littelfuse Commercial
Vehicle, LLC, Iron Merger Co., Inc., IXYS Merger Co.,
LLC and SymCom, Inc. in favor of the note purchasers
and the other holders.
8-K
10.2
1/18/2018
0-20388
10.22
Littelfuse, Inc. Executive Severance Policy.++
8-K
10.4
1/18/2018
0-20388
10.23
IXYS Corporation 2009 Equity Incentive Plan++
S-8
4.4
1/19/2018
333-221147
10.24
IXYS Corporation 2011 Equity Incentive Plan++
S-8
4.5
1/19/2018
333-221147
10.25
IXYS Corporation 2013 Equity Incentive Plan++
S-8
4.6
1/19/2018
333-221147
10.26
IXYS Corporation 2016 Equity Incentive Plan++
S-8
4.7
1/19/2018
333-221147
10.27
Notice of Stock Option Grant and Agreement for the
IXYS Corporation 2009 Equity Incentive Plan++
10-Q
10.4
8/10/2009
000-26124
10.28
Notice of Stock Option Grant and Agreement for IXYS
Corporation 2011 Equity Incentive Plan++
10-Q
10.2
8/5/2011
000-26124
10.29
Notice of Stock Option Grant and Agreement for IXYS
Corporation 2013 Equity Incentive Plan++
10-Q
10.6
8/9/2013
000-26124
10.30
Notice of Stock Option Grant and Agreement for IXYS
Corporation 2016 Equity Incentive Plan++
10-Q
10.1
11/3/2016
000-26124
10.31
Cross Border Assumption Agreement, dated as of
October 3, 2018, made by each of New Dutch B.V. and
IXYS Dutch B.V. in favor of the note purchasers and the
other holders.
10-K
10.106 02/22/2019
0-20388
10.32
Amended and Restated Employment Agreement entered
into between Littelfuse Europe GmbH and Alexander
Conrad, effective April 1, 2019.++
10-K
10.77
02/21/2020
0-20388
10.33
Form of Restricted Stock Unit Award Agreement (Tier I)
under the Littelfuse, Inc. Long-Term Incentive Plan.++
8-K
10.1
4/24/2020
0-20388
10.34
Form of Option Award Agreement (Tier I) under the
Littelfuse, Inc. Long-Term Incentive Plan.++
8-K
10.2
4/24/2020
0-20388
10.35
Form of Restricted Stock Unit Award Agreement (Non-
Employee Director) under the Littelfuse, Inc. Long-Term
Incentive Plan.++
8-K
10.3
4/24/2020
0-20388
10.36
Form of Option Award Agreement (Non-Employee
Director) under the Littelfuse, Inc. Long-Term Incentive
Plan.++
8-K
10.4
4/24/2020
0-20388
10.37
Form of Restricted Stock Unit Award Agreement
(Tier II) under the Littelfuse, Inc. Long-Term Incentive
Plan.++
10-Q
10.6
4/29/2020
0-20388
10.38
Form of Restricted Stock Unit Award Agreement (IXYS
Tier II) under the IXYS Corporation Equity Incentive
Plan.++
10-Q
10.7
4/29/2020
0-20388
10.39
Form of Retention Stock Option Award Agreement
under the Littelfuse, Inc. Long-Term Incentive Plan.++
10-Q
10.8
7/29/2020
0-20388
114

Incorporated by Reference Herein
Exhibit No.
Description
Form
Exhibit
Filing Date
File No.
10.40
Form of Retention Stock Option Award Agreement
under the IXYS Corporation Equity Incentive Plan.++
10-Q
10.9
7/29/2020
0-20388
10.41
Form of Retention Restricted Stock Unit Award
Agreement under the Littelfuse, Inc. Long-Term
Incentive Plan.++
10-Q
10.10
7/29/2020
0-20388
10.42
Form of Retention Restricted Stock Unit Award
Agreement under the IXYS Corporation Equity
Incentive Plan.++
10-Q
10.11
7/29/2020
0-20388
10.43
Amended and Restated Littelfuse Deferred
Compensation Plan for Non-Employee Directors.++
10-Q
10.1
10/28/2020
0-20388
10.44
First Amendment to the Littelfuse, Inc. Supplemental
Retirement and Savings Plan, effective January 1,
2019.++
10-K
10.68
2/18/2021
0-20388
10.45
Second Amendment to the Littelfuse, Inc. Supplemental
Retirement and Savings Plan, effective January 1,
2020.++
10-K
10.69
2/18/2021
0-20388
10.46
Third Amendment to the Littelfuse, Inc. Supplemental
Retirement and Savings Plan, effective January 1,
2020.++
10-K
10.70
2/18/2021
0-20388
10.47
Employment offer letter between Littelfuse, Inc. and
Maggie Chu, dated April 28, 2021++
10-Q
10.1
7/28/2021
0-20388
10.48
Form of 4.33% Senior Note due June 30, 2032.
8-K
4.1
5/19/2022
0-20388
10.49
Note Purchase Agreement, dated May 18, 2022, among
Littelfuse, Inc. and note purchasers listed on the
signature pages thereto.
8-K
10.1
5/19/2022
0-20388
10.50
Subsidiary Guaranty Agreement, dated July 18, 2022,
among Carling Technologies, Inc., Hartland Controls
Holding Corp., Hartland Controls, L.L.C., IXYS
Buckeye, LLC, IXYS Integrated Circuits Division, LLC,
IXYS Long Beach, Inc., IXYS USA, LLC, IXYS, LLC,
LFUS LLC, Littelfuse Commercial Vehicle, LLC,
Littelfuse Holding, LLC, Littelfuse International
Holding, LLC, Littelfuse Mexico Holding LLC,
Monolith Semiconductor Inc., Pele Technology, Inc.,
Reaction Tech RE, LLC, Reaction Technology Epi,
LLC, Reaction Technology Incorporated, SymCom, Inc.
and Zilog, Inc.
8-K
10.2
5/19/2022
0-20388
10.51
First Amendment to 2016 Note Purchase Agreement,
dated May 18, 2022, among Littelfuse, Inc., certain
subsidiary guarantors, and the institutions party thereto.
8-K
10.3
5/19/2022
0-20388
10.52
First Amendment to 2016 Cross Border Note Purchase
Agreement, dated May 18, 2022, among Littelfuse
Netherland C.V., Littelfuse, Inc., certain subsidiary
guarantors, and the institutions party thereto.
8-K
10.4
5/19/2022
0-20388
10.53
First Amendment to 2017 Note Purchase Agreement,
dated May 18, 2022, among Littelfuse, Inc., certain
subsidiary guarantors, and the institutions party thereto.
8-K
10.5
5/19/2022
0-20388
10.54
Amended and Restated Credit Agreement, dated as of
June 30, 2022, by and among Littelfuse, Inc., certain
subsidiaries of the company, as designated borrowers,
certain subsidiaries of the company, as guarantors, the
lenders party thereto and Bank of America, N.A., as
agent, JPMorgan Chase Bank, N.A., as syndication
agent, PNC Bank, National Association and BMO Harris
Bank, N.A., as co-senior documentation agents, Wells
Fargo Bank, National Association, as documentation
agent, BofA Securities, Inc. as sole bookrunner and joint
lead arranger, and JPMorgan Chase Bank, N.A., as joint
lead arranger.
8-K
10.1
6/30/2022
0-20388
115

Incorporated by Reference Herein
Exhibit No.
Description
Form
Exhibit
Filing Date
File No.
10.55
First Amendment to the Amended and Restated
Littelfuse, Inc. Long-Term Incentive Plan.++
8-K
10.1
4/28/2023
0-20388
10.56
Form of Change of Control Agreement.++
8-K
10.1
1/05/2024
0-20388
10.57
Amended and Restated Annual Incentive Plan.++
8-K
10.1
2/01/2024
0-20388
10.58
Retirement Letter, dated January 10, 2025, by and
between Littelfuse, Inc. and David W. Heinzmann.++
8-K
10.1
1/13/2025
0-20388
10.59
Offer Letter, dated January 10, 2025, by and between
Littelfuse, Inc and Gregory N. Henderson.++
8-K
10.2
1/13/2025
0-20388
10.60*
Performance Share Award Agreement, dated
February 10, 2025, by and between Littelfuse, Inc. and
Gregory N. Henderson.++
10.61*
Form of Off-Cycle Restricted Stock Unit Award
Agreement.++
10.62*
Form of Off-Cycle Littelfuse-IXYS Restricted Stock
Unit Award Agreement.++
10.63*
Summary of Non-Employee Director Compensation.++
19.1
Insider Trading Policy.
10-K
19.1
2/16/2024
0-20388
21.1*
Subsidiaries.
23.1*
Consent of Independent Registered Public Accounting
Firm.
23.2*
Consent of Independent Registered Public Accounting
Firm.
31.1*
Certification of Chief Executive Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*
Certification of Chief Financial Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+++
Certification of the Chief Executive Officer and Chief
Financial Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
97.1
Compensation Recovery Policy
10-K
97.1
2/16/2024
0-20388
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.
104
The cover page on this Annual Report on Form 10-K for
the fiscal year ended December 28, 2024, formatted in
Inline XBRL and contained in Exhibit 101.
*
Filed with this Report.
+
Exhibits and schedules omitted pursuant to Item 601(b)(2) of Regulation S-K. Littelfuse agrees to furnish a supplemental copy of an omitted
exhibit or schedule to the SEC upon request.
++
Management contract or compensatory plan or arrangement.
+++
Furnished with this Report.
116

EXECUTIVE OFFICERS
DR. GREG HENDERSON
President and
Chief Executive Officer
MEENAL A. SETHNA
Executive Vice President and
Chief Financial Officer
RYAN K. STAFFORD
Executive Vice President,
Mergers and Acquisitions,
Chief Legal Officer and Corporate Secretary
MAGGIE CHU
Senior Vice President and
Chief Human Resources Officer
ALEXANDER CONRAD
Senior Vice President and
General Manager, Passenger Vehicle Business
PETER KIM
Senior Vice President and
General Manager, Industrial Business
CHAD MARAK
Senior Vice President and
General Manager, Semiconductor Products
DEEPAK NAYAR
Senior Vice President and
General Manager, Electronics Business
DAVID RUPPEL
Senior Vice President and
General Manager, Commercial Vehicle Products
BOARD OF DIRECTORS
KRISTINA A. CERNIGLIA
Chief Executive Officer
Briggs & Stratton
TZAU-JIN CHUNG
Founding Senior Partner
Core Industrial Partners, LLC
GAYLA J. DELLY
Retired Chief Executive Officer
Benchmark Electronics, Inc.
MARIA C. GREEN
Retired Senior Vice President and
General Counsel
Ingersoll-Rand plc
ANTHONY GRILLO
Co-Founder
American Securities opportunities funds
DAVID W. HEINZMANN
Retired President and Chief Executive Officer
Littelfuse, Inc.
DR. GREG HENDERSON
President and Chief Executive Officer
Littelfuse, Inc.
GORDON HUNTER
Chairman of the Board
Retired President and Chief Executive Officer
Littelfuse, Inc.
WILLIAM P. NOGLOWS
Retired Chairman
CMC Materials, Inc.

CORPORATE INFORMATION
ANNUAL MEETING
The Annual Meeting of Littelfuse, Inc. will be held at 9:00 a.m. Central Daylight Time on April 24, 2025.
This year's Annual Meeting will be a virtual meeting held via live webcast on the internet. Stockholders
will be able to attend the Annual Meeting and submit questions during the live webcast by visiting
www.virtualshareholdermeeting.com/LFUS2025 and entering the 16-digit control number included in
the Notice of Internet Availability of Proxy Materials, on the proxy card or in the instructions that
accompanied the proxy materials. Proxy materials and a copy of this report will be mailed or made
available via the internet in advance of the meeting to all stockholders of record as of February 26, 2025.
COMMON STOCK
Littelfuse, Inc. common stock is traded on the NASDAQ Global Select Market® under the symbol LFUS.
STOCKHOLDER INFORMATION
In addition to annual reports to stockholders, copies of the Company’s filings with the Securities and
Exchange Commission are available on the Investor Relations section of the Company’s website at:
investor.littelfuse.com.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM for FY2024
Deloitte & Touche LLP
111 S. Wacker Dr.
Suite 2100
Chicago, IL 60606
TRANSFER AGENT
Equiniti Trust Company
1110 Centre Pointe Curve
Suite 101
Mendota Heights, MN 55120
1.800.468.9716
LITTELFUSE WORLD HEADQUARTERS
Littelfuse, Inc.
6133 North River Road
Suite 500
Rosemont, IL 60018
+1.773.628.1000
Littelfuse.com
© 2025 Littelfuse, Inc.
%5.