Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 26, 2015 | Oct. 23, 2015 | |
Entity Registrant Name | LITTELFUSE INC /DE | |
Entity Central Index Key | 889,331 | |
Trading Symbol | lfus | |
Current Fiscal Year End Date | --12-26 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 22,299,062 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 26, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 336,640 | $ 297,571 |
Short-term investments | 3,958 | 4,302 |
Accounts receivable, less allowances | 145,655 | 135,356 |
Inventories | 99,203 | 97,391 |
Deferred income taxes | 14,139 | 17,481 |
Prepaid expenses and other current assets | $ 14,179 | 13,904 |
Assets held for sale | 5,500 | |
Total current assets | $ 613,774 | 571,505 |
Property, plant and equipment: | ||
Land | 5,292 | 5,697 |
Buildings | 69,420 | 64,609 |
Equipment | 378,716 | 370,179 |
453,428 | 440,485 | |
Accumulated depreciation | (290,663) | (281,845) |
Net property, plant and equipment | 162,765 | 158,640 |
Intangible assets, net of amortization: | ||
Patents, licenses and software | 20,180 | 23,640 |
Distribution network | 17,175 | 19,428 |
Customer lists, trademarks and tradenames | 55,366 | 60,605 |
Goodwill | 190,016 | 196,256 |
Other investments | 11,196 | 12,056 |
Deferred income taxes | 5,189 | 5,393 |
Other assets | 16,216 | 23,303 |
Total assets | 1,091,877 | 1,070,826 |
Liabilities and Equity | ||
Accounts payable | 53,308 | 50,793 |
Accrued payroll | 31,281 | 30,511 |
Accrued expenses | 20,641 | 13,059 |
Accrued severance | 2,619 | 790 |
Accrued income taxes | $ 6,738 | 9,045 |
Current portion of accrued post-retirement benefits | 11,768 | |
Current portion of long-term debt | $ 117,500 | 88,500 |
Total current liabilities | 232,087 | 204,466 |
Long-term debt, less current portion | 91,517 | 106,658 |
Deferred income taxes | 18,565 | 11,076 |
Accrued post-retirement benefits | 5,025 | 5,147 |
Other long-term liabilities | 10,943 | 15,814 |
Total equity | 733,740 | 727,665 |
Total liabilities and equity | $ 1,091,877 | $ 1,070,826 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares | Sep. 26, 2015 | Dec. 27, 2014 |
Common shares issued (in shares) | 22,379,901 | 22,585,529 |
Common shares oustanding (in shares) | 22,379,901 | 22,585,529 |
Consolidated Statements of Net
Consolidated Statements of Net Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | ||
Net sales | [1] | $ 215,510 | $ 217,608 | $ 647,844 | $ 645,375 |
Cost of sales | 129,328 | 130,228 | 400,051 | 396,506 | |
Gross profit | 86,182 | 87,380 | 247,793 | 248,869 | |
Selling, general and administrative expenses | 37,002 | 36,647 | 112,119 | 109,146 | |
Research and development expenses | 7,479 | $ 7,449 | 22,224 | $ 22,833 | |
Pension settlement expense | 30,194 | 30,194 | |||
Amortization of intangibles | 2,923 | $ 3,154 | 8,952 | $ 9,451 | |
77,598 | 47,250 | 173,490 | 141,430 | ||
Operating income | 8,584 | 40,130 | 74,303 | 107,439 | |
Interest expense | 922 | 1,292 | 3,021 | 3,736 | |
Foreign exchange (gain) loss | (3,549) | (101) | (1,724) | 2,022 | |
Other (income) expense, net | (1,430) | (2,261) | (3,758) | (4,893) | |
Income before income taxes | 12,641 | 41,200 | 76,764 | 106,574 | |
Income taxes | 1,317 | 11,260 | 16,761 | 26,667 | |
Net income | $ 11,324 | $ 29,940 | $ 60,003 | $ 79,907 | |
Net income per share (see Note 7): | |||||
Basic (in dollars per share) | $ 0.50 | $ 1.33 | $ 2.65 | $ 3.55 | |
Diluted (in dollars per share) | $ 0.50 | $ 1.32 | $ 2.64 | $ 3.52 | |
Weighted average shares and equivalent shares outstanding: | |||||
Basic (in shares) | 22,581 | 22,536 | 22,623 | 22,536 | |
Diluted (in shares) | 22,693 | 22,689 | 22,771 | 22,722 | |
Cash dividends paid per common share (in dollars per share) | $ 0.29 | $ 0.25 | $ 0.79 | $ 0.69 | |
[1] | Sales by country represent sale to customer or distributor locations. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | ||
Net income | $ 11,324 | $ 29,940 | $ 60,003 | $ 79,907 | |
Other comprehensive income (loss): | |||||
Pension liability adjustments (net of tax of $7 and $39, for the three months ended 2015 and 2014, and $49 and $178 for the nine months ended 2015 and 2014, respectively) | (16) | (63) | (140) | [1] | (243) |
Reclassification adjustments to expense, (net of tax of $1,244 and $0, for the three months ended 2015 and 2014, and $746 and $0 for the nine months ended 2015 and 2014, respectively) | (514) | $ 67 | 1,457 | [1] | $ 242 |
Reclassification of pension settlement costs to expense (net of tax of $11,742 for the three and nine months ended 2015) | 21,124 | 21,124 | [1] | ||
Unrealized (loss) gain on investments | (3,354) | $ (1,773) | (18) | $ 1,811 | |
Foreign currency translation adjustments | (26,377) | (14,962) | (36,530) | (15,273) | |
Comprehensive income | $ 2,187 | $ 13,209 | $ 45,896 | $ 66,444 | |
[1] | Balances are net of tax of $3,115 and $12,587 for 2015 and 2014, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Pension liability adjustments, tax | $ 7,000 | $ 49,000 | $ 39,000 | $ 178,000 |
Reclassification adjustment, tax | 1,244 | $ 0 | 746 | $ 0 |
Pension settlement adjustment, tax | $ 11,742 | $ 11,742 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Operating activities: | ||
Net income | $ 60,003 | $ 79,907 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 22,154 | 21,736 |
Amortization of intangibles | 8,952 | 9,451 |
Stock-based compensation | $ 7,997 | 7,168 |
Non-cash inventory charge | 2,769 | |
Excess tax benefit on share-based compensation | $ (1,500) | $ (2,477) |
Net loss on pension settlement, net of tax | 19,472 | |
Loss on sale of assets | 308 | $ 673 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (18,274) | (9,728) |
Inventories | (4,203) | (4,118) |
Accounts payable | 4,216 | 3,024 |
Accrued expenses (including post-retirement) | 6,577 | (7,080) |
Accrued payroll and severance | 3,598 | (1,198) |
Accrued taxes | 4,006 | 5,756 |
Prepaid expenses and other | 277 | (2,052) |
Net cash provided by operating activities | $ 113,583 | 103,831 |
Investing activities: | ||
Acquisition of business, net of cash acquired | (52,768) | |
Purchases of property, plant, and equipment | $ (35,016) | $ (19,422) |
Decrease in entrusted loan receivable | $ 5,930 | |
Proceeds from maturities of short-term investments | $ 6,770 | |
Proceeds from sale of assets | $ 38 | 72 |
Net cash used in investing activities | (29,048) | (65,348) |
Financing activities: | ||
Proceeds from revolving credit facility | 49,000 | 97,500 |
Payments of revolving credit facility | (25,000) | (37,000) |
Payments of term loan | (3,750) | $ (3,750) |
Payments of entrusted loan | (5,930) | |
Debt issuance costs | (42) | $ (108) |
Cash dividends paid | (17,864) | (15,543) |
Purchases of common stock | (31,252) | (14,283) |
Proceeds from exercise of stock options | 6,186 | 12,170 |
Excess tax benefit on share-based compensation | 1,500 | 2,477 |
Net cash (used in) provided by financing activities | (27,152) | 41,463 |
Effect of exchange rate changes on cash and cash equivalents | (18,314) | (6,862) |
Increase in cash and cash equivalents | 39,069 | 73,084 |
Cash and cash equivalents at beginning of period | 297,571 | 305,192 |
Cash and cash equivalents at end of period | $ 336,640 | $ 378,276 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Littelfuse, Inc. and its subsidiaries (the “company”) have been prepared in accordance with U.S. Generally Accepted Accounting Principles |
Note 2 - Acquisition of Busines
Note 2 - Acquisition of Business | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2 . Acquisition of Business SymCom, Inc. On January 3, 2014, the company acquired 100% of SymCom, Inc. (“SymCom”) for $52.8 million net of cash acquired. Located in Rapid City, South Dakota, SymCom provides overload relays and pump controllers primarily to the industrial market. The acquisition allows the company to strengthen its position in the relay products market by adding new products and new customers within its Electrical business unit segment. The company funded the acquisition with available cash and proceeds from credit facilities . The following table sets forth the final purchase price allocation for SymCom acquisition-date net assets, in accordance with the purchase method of accounting with adjustments to record the acquired net assets at their estimated fair values. SymCom final purchase price allocation (in thousands): Cash $ 325 Current assets, net 9,154 Property, plant and equipment 11,193 Goodwill 15,018 Trademarks 17,020 Patents 1,500 Other non-current assets 20 Current liabilities (1,137 ) $ 53,093 All SymCom goodwill and other assets and liabilities were recorded in the Electrical business unit segment and reflected in the Americas geographical area. The trademarks are being amortized over 15 to 20 years. The patents are being amortized over 16 to 17 years. The goodwill resulting from this acquisition consists largely of the company’s expected future product sales and synergies from combining SymCom’s products with the company’s existing electrical product offerings. Goodwill for the above acquisition is expected to be deductible for tax purposes. As required by purchase accounting rules, the company recorded a $2.8 million step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. During the first six months of 2014, as a portion of this inventory was sold, cost of goods sold included a $2.8 million non-cash charge for this step-up. Pro forma financial information is not presented for the SymCom acquisition due to amounts not being materially different than actual results. |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories The components of inventories at September 26, 2015 and December 27, 2014 are as follows (in thousands): September 26, 2015 December 27, 2014 Raw material $ 34,235 $ 29,756 Work in process 16,443 15,164 Finished goods 48,525 52,471 Total inventories $ 99,203 $ 97,391 |
Note 4 - Other Investments
Note 4 - Other Investments | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Cost and Equity Method Investments Disclosure [Text Block] | 4 . Other Investments The company’s other investments represent shares of Polytronics Technology Corporation Ltd. (“Polytronics”), a Taiwanese company. The Polytronics investment was acquired as part of the Heinrich Companies acquisition in 2004. The fair value of the Polytronics investment was €10.0 million (approximately $11.2 million) at September 26, 2015 and €9.9 million (approximately $12.1 million) at December 27, 2014. Included in 2015 other comprehensive income is an unrealized loss of less than $ 0.1 million, due to the decrease in fair market value of the Polytronics investment. The remaining movement was due to the impact of changes in exchange rates. |
Note 5 - Debt
Note 5 - Debt | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Debt The carrying amounts of debt at September 26, 2015 and December 27, 2014 are as follows (in thousands): September 26, 2015 December 27, 2014 Term loan $ 90,000 $ 93,750 Revolving credit facility 107,500 83,500 Entrusted loan 11,517 17,908 Total debt 209,017 195,158 Less: Current maturities 117,500 88,500 Total long-term debt $ 91,517 $ 106,658 The company currently has a credit agreement with J.P Morgan Securities LLC for up to $375.0 million which consists of an unsecured revolving credit facility of $275.0 million and an unsecured term loan of $100.0 million. The credit agreement, effective May 31, 2013, is for a five year period. The company incurred debt issuance costs of $0.1 million which will be amortized over the life of the existing credit agreement. As of September 26, 2015, the company had available $167.4 million of borrowing capacity under the revolving credit agreement at an interest rate of LIBOR plus 1.0% (1.19% as of September 26, 2015). At September 26, 2015, the company was in compliance with all covenants under the revolving credit facility. Entrusted Loan During the fourth quarter of 2014, the company entered into an entrusted loan arrangement (“Entrusted Loan”) of RMB 110.0 million (approximately $17.9 million) between two of its China legal entities, Littelfuse Semiconductor (Wuxi) Company (the “ Lender Borrower |
Note 6 - Fair Value of Assets a
Note 6 - Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6 . Fair Value of Assets and Liabilities In determining fair value, the company uses various valuation approaches within the fair value measurement framework. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. Applicable accounting literature establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Applicable accounting literature defines levels within the hierarchy based on the reliability of inputs as follows: Level 1—Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets; Level 2—Valuations based on quoted prices for similar assets or liabilities or identical assets or liabilities in less active markets, such as dealer or broker markets; and Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable, such as pricing models, discounted cash flow models and similar techniques not based on market, exchange, dealer or broker-traded transactions. Following is a description of the valuation methodologies used for instruments measured at fair value and their classification in the valuation hierarchy. Investment in Polytronics The company holds an investment in the equity securities of Polytronics as described in Note 4. Equity securities listed on a national market or exchange are valued at the last sales price. Such securities are classified within Level 1 of the valuation hierarchy. There were no changes during the nine months ended September 26, 2015 to the company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of September 26, 2015 and December 27, 2014 the company held no non-financial assets or liabilities that are required to be measured at fair value on a recurring basis. The following table presents assets measured at fair value by classification within the fair value hierarchy as of September 26, 2015 (in thousands): Fair Value Measurements Using Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Total Investment in Polytronics $ 11,196 $ — $ — $ 11,196 Total $ 11,196 $ — $ — $ 11,196 7 N otes to CONDENSED Consolidated Financial Statements (Unaudited) 6 . Fair Value of Assets and Liabilities , continued The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 27, 2014 (in thousands): Fair Value Measurements Using Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Total Investment in Polytronics $ 12,056 $ — $ — $ 12,056 Total $ 12,056 $ — $ — $ 12,056 The company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying amounts of cash and cash equivalents , short-term investments, accounts receivable and accounts payable approximate their fair values. The company’s debt fair value approximates book value at September 26, 2015 and December 27, 2014, respectively, as the variable interest rates fluctuate along with market interest rates. |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7 . Earnings per Share The following table sets forth the computation of basic and diluted earnings per share for the periods ended September 26, 2015 and September 27, 2014 (in thousands except per share amounts). For the Three Months Ended For the Nine Months Ended September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Net income $ 11,324 $ 29,940 $ 60,003 $ 79,907 Average shares outstanding - Basic 22,581 22,536 22,623 22,536 Net effect of dilutive stock options and restricted share units 112 153 148 186 Average shares - Diluted 22,693 22,689 22,771 22,722 Net income per share: Basic $ .50 $ 1.33 $ 2.65 $ 3.55 Diluted $ .50 $ 1.32 $ 2.64 $ 3.52 Potential shares of common stock relating to stock options excluded from the earnings per share calculation because their effect would be anti-dilutive were 144,031 and 64,520 for the three months ended September 26, 2015 and September 27, 2014, respectively, and 108,193 and 36,698 for the nine months ended September 26 , 2015 and September 27 , 2014 , respectively. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . Income Taxes The effective tax rate for the third quarter of 2015 was 10.4% compared to an effective tax rate of 27.3% in the third quarter of 2014 . The effective tax rate for the nine months ended September 26, 2015 was 21.8% as compared to an effective tax rate of 25.0% for the nine months ended September 27, 2014. The effective tax rates for both the third 8 Notes to CONDENSED Consolidated Financial Statements (Unaudited) 8. Income taxes, continued quarter and nine month periods of 2015 and 2014 are lower than the U.S. statutory tax rate primarily due to the result of income earned in lower tax jurisdictions and, with respect to the 2015 periods, the impact of the pension settlement partially offset by the impact from the restructuring of the legal ownership of the company’s Mexican manufacturing operations as of June 28, 2015. The following tables set forth the components of pre-tax income/(expense) and the effective tax rates for the three and nine months ended September 26, 2015 (in thousands). For the Three Months ended September 26, 2015 Pre-tax income/(expense) category Pre-tax income/(expense) amount Income tax (expense)/benefit Effective tax rate Pension settlement $ (30,194 ) $ 10,722 35.5 % Legal restructuring tax impact — (1,949 ) — All other income/(expense) 42,835 (10,090 ) 23.6 % Total consolidated $ 12,641 $ (1,317 ) 10.4 % For the Nine Months ended September 26, 2015 Pre-tax income/(expense) category Pre-tax income/(expense) amount Income tax (expense)/benefit Effective tax rate Pension settlement $ (30,194 ) $ 10,722 35.5 % Legal restructuring tax impact — (1,949 ) — All other income/(expense) 106,958 (25,534 ) 23.9 % Total consolidated $ 76,764 $ (16,761 ) 21.8 % |
Note 9 - Pensions
Note 9 - Pensions | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. Pensions The components of net periodic benefit cost for the three and nine months ended September 26, 2015, compared with the three and nine months ended September 27, 2014, were (in thousands): U.S. Pension Benefits Foreign Plans Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Service cost $ 250 $ 150 $ 750 $ 450 $ 314 $ 311 $ 944 $ 933 Interest cost 1,032 971 3,094 2,913 512 591 1,538 1,774 Expected return on plan assets (917 ) (1,412 ) (2,749 ) (4,234 ) (599 ) (572 ) (1,800 ) (1,718 ) Amortization of net loss 290 137 870 411 62 47 185 142 Total cost (credit) of the plan 655 (154 ) 1,965 (460 ) 289 377 867 1,131 Expected plan participants’ contribution - - - - - - - - Net periodic benefit cost (credit) 655 (154 ) 1,965 (460 ) 289 377 867 1,131 Settlement charge 30,194 - 30,194 - - - - - Total pension cost (credit) $ 30,849 $ (154 ) $ 32,159 $ (460 ) $ 289 $ 377 $ 867 $ 1,131 The expected rate of return assumption on domestic pension assets is 3.90% and 6.75% in 2015 and 2014, respectively. The expected return on foreign pension assets is 5.39% and 5.14% in 2015 and 2014, respectively. 9 Notes to CONDENSED Consolidated Financial Statements (Unaudited) 9. Pensions, continued U.S. Defined Benefit Pension Plan Termination The company received approval from the IRS on April 14, 2015 on its Application for Determination for Terminating Plan to terminate the U.S. defined benefit pension plan, the Littelfuse Inc. Retirement Plan, effective July 30, 2014. All plan liabilities were settled (either via lump sum payout or purchase of a group annuity contract) in the third quarter of 2015. A cash contribution of $9.1 million was made by the company to the U.S. defined benefit pension plan’s trust in the third quarter of 2015 to fully fund the plan on a buyout basis. The settlement of the plan’s liabilities resulted in a pre-tax settlement charge of $30.2 million in the third quarter of 2015. |
Note 10 - Business Unit Segment
Note 10 - Business Unit Segment Information | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10 . Business Unit Segment Information The company and its subsidiaries design, manufacture and sell circuit protection devices throughout the world. The company reports its operations by the following business unit segments: Electronics, Automotive, and Electrical. Each operating segment is directly responsible for sales, marketing and research and development. Manufacturing, purchasing, logistics, customer service, finance, information technology and human resources are shared functions that are allocated back to the three operating segments. The CEO 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. Sales, marketing and research and development expenses are charged directly into each operating segment. All other functions are shared by the operating segments and expenses for these shared functions are allocated to the operating segments and included in the operating results reported below. The company does not report inter-segment revenue because the operating segments do not record it. The company does not allocate interest and other income, interest expense, or taxes to operating segments. Although the CEO uses operating income (loss) to evaluate the segments, operating costs included in one segment may benefit other segments. Except as discussed above, the accounting policies for segment reporting are the same as for the company as a whole. 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”). 10 Notes to CONDENSED Consolidated Financial Statements (Unaudited) 10 . Business Unit Segment Information , continued Business unit segment information for the three and nine months ended September 26, 2014 and September 27, 2014 are summarized as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 26 2015 September 27, 2014 September 26, 2015 September 27, 2014 Net sales Electronics $ 102,616 $ 107,754 $ 307,549 $ 313,726 Automotive 81,475 80,639 251,464 245,083 Electrical 31,419 29,215 88,831 86,566 Total net sales $ 215,510 $ 217,608 $ 647,844 $ 645,375 Depreciation and amortization Electronics $ 5,811 $ 5,582 $ 17,384 $ 16,482 Automotive 3,244 3,435 9,883 10,609 Electrical 1,260 1,414 3,839 4,096 Total depreciation and amortization $ 10,315 $ 10,431 $ 31,106 $ 31,187 Operating income (loss) Electronics $ 20,923 $ 25,800 $ 61,755 $ 70,805 Automotive 15,253 12,227 39,123 35,158 Electrical 5,781 3,224 13,220 7,541 Other (1) (33,373 ) (1,121 ) (39,795 ) (6,065 ) Total operating income 8,584 40,130 74,303 107,439 Interest expense 922 1,292 3,021 3,736 Foreign exchange (gain) loss (3,549 ) (101 ) (1,724 ) 2,022 Other (income) expense, net (1,430 ) (2,261 ) (3,758 ) (4,893 ) Income before income taxes $ 12,641 $ 41,200 $ 76,764 $ 106,574 (1) For the three months ended September 26, 2015, “Other” consists of restructuring costs ($2.1 million), acquisition expenses ($0.3 million), pension settlement and wind-up costs ($30.9 million), and other ($0.1 million). For the nine months ended September 26, 2015, “Other” consist of restructuring costs ($6.8 million), acquisition expenses ($0.7 million), pension settlement and wind-up costs ($32.2 million) and other ($0.1 million). The company’s significant net sales by country for the three and nine months ended September 26, 2015 and September 27, 2014 are summarized as follows (in thousands): For the Three Months Ended (a) For the Nine Months Ended (a) September 26, 2015 September 27, 2014 September 26 2015 September 27, 2014 United States $ 85,049 $ 85,326 $ 258,030 $ 243,979 China 49,345 45,905 143,694 134,166 Other countries 81,116 86,377 246,120 267,230 Total $ 215,510 $ 217,608 $ 647,844 $ 645,375 (a) Sales by country represent sales to customer or distributor locations. 11 Notes to CONDENSED Consolidated Financial Statements (Unaudited) 10 . Business Unit Segment Information, continued The company’s significant long-lived assets and additions to long-lived assets by country as of September 26, 2015 and December 27, 2014 are summarized as follows (in thousands): Long-lived assets (b) September 26, 2015 December 27, 2014 United States $ 27,250 $ 34,179 Mexico 13,613 47,936 China 37,900 40,981 Other countries 84,002 35,544 Total $ 162,765 $ 158,640 (b) Long-lived assets consists of net property, plant and equipment . The company’s additions to long-lived assets for the nine months ended September 26, 2015 and September 27, 2014 are summarized as follows (in thousands): Additions to long-lived assets September 26, 2015 September 27, 2014 United States $ 8,367 $ 5,215 Mexico 6,518 5,784 China 5,159 3,461 Other countries 15,082 4,962 Total $ 35,126 $ 19,422 |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) (AOCI) | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated Other Comprehensive Income (Loss) (AOCI) The following table sets forth the changes in the components of AOCI by component (in thousands): AOCI component Balance at December 27, 2014 Other comprehensive income (loss) activity Reclassification adjustment for expense included in net income Reclassification adjustment for pension settlement expense included in net income Balance at September 27, 2015 Pension liability adjustment (a) $ (29,615 ) $ (140 ) $ 1,457 $ 21,124 $ (7,174 ) Unrealized gain (loss) on investments (b) 10,791 (18 ) — — 10,773 Foreign currency translation adjustment (2,302 ) (36,530 ) — — (38,832 ) AOCI (loss) income $ (21,126 ) $ (36,688 ) $ 1,457 $ 21,124 $ (35,233 ) (a) Balances are net of tax of $3,115 and $12,587 for 2015 and 2014, respectively. (b) Balances are net of tax of $0 and $0 for 2015 and 2014, respectively. |
Note 12 - Subsequent Event
Note 12 - Subsequent Event | 9 Months Ended |
Sep. 26, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent Event On October 1, 2015, the company acquired Sigmar S.r.1. (“Sigmar”), an Italian company that produces sensors used in gas and diesel engine fuel systems, as well as urea level and quality sensors used in diesel emission reduction systems. Sigmar has annual revenues of approximately $6 million and will be reported in the Automotive business segment. |
Note 2 - Acquisition of Busin20
Note 2 - Acquisition of Business (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 325 Current assets, net 9,154 Property, plant and equipment 11,193 Goodwill 15,018 Trademarks 17,020 Patents 1,500 Other non-current assets 20 Current liabilities (1,137 ) $ 53,093 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 26, 2015 December 27, 2014 Raw material $ 34,235 $ 29,756 Work in process 16,443 15,164 Finished goods 48,525 52,471 Total inventories $ 99,203 $ 97,391 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 26, 2015 December 27, 2014 Term loan $ 90,000 $ 93,750 Revolving credit facility 107,500 83,500 Entrusted loan 11,517 17,908 Total debt 209,017 195,158 Less: Current maturities 117,500 88,500 Total long-term debt $ 91,517 $ 106,658 |
Note 6 - Fair Value of Assets23
Note 6 - Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Total Investment in Polytronics $ 11,196 $ — $ — $ 11,196 Total $ 11,196 $ — $ — $ 11,196 Fair Value Measurements Using Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Total Investment in Polytronics $ 12,056 $ — $ — $ 12,056 Total $ 12,056 $ — $ — $ 12,056 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Net income $ 11,324 $ 29,940 $ 60,003 $ 79,907 Average shares outstanding - Basic 22,581 22,536 22,623 22,536 Net effect of dilutive stock options and restricted share units 112 153 148 186 Average shares - Diluted 22,693 22,689 22,771 22,722 Net income per share: Basic $ .50 $ 1.33 $ 2.65 $ 3.55 Diluted $ .50 $ 1.32 $ 2.64 $ 3.52 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Three Months ended September 26, 2015 Pre-tax income/(expense) category Pre-tax income/(expense) amount Income tax (expense)/benefit Effective tax rate Pension settlement $ (30,194 ) $ 10,722 35.5 % Legal restructuring tax impact — (1,949 ) — All other income/(expense) 42,835 (10,090 ) 23.6 % Total consolidated $ 12,641 $ (1,317 ) 10.4 % For the Nine Months ended September 26, 2015 Pre-tax income/(expense) category Pre-tax income/(expense) amount Income tax (expense)/benefit Effective tax rate Pension settlement $ (30,194 ) $ 10,722 35.5 % Legal restructuring tax impact — (1,949 ) — All other income/(expense) 106,958 (25,534 ) 23.9 % Total consolidated $ 76,764 $ (16,761 ) 21.8 % |
Note 9 - Pensions (Tables)
Note 9 - Pensions (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | U.S. Pension Benefits Foreign Plans Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Service cost $ 250 $ 150 $ 750 $ 450 $ 314 $ 311 $ 944 $ 933 Interest cost 1,032 971 3,094 2,913 512 591 1,538 1,774 Expected return on plan assets (917 ) (1,412 ) (2,749 ) (4,234 ) (599 ) (572 ) (1,800 ) (1,718 ) Amortization of net loss 290 137 870 411 62 47 185 142 Total cost (credit) of the plan 655 (154 ) 1,965 (460 ) 289 377 867 1,131 Expected plan participants’ contribution - - - - - - - - Net periodic benefit cost (credit) 655 (154 ) 1,965 (460 ) 289 377 867 1,131 Settlement charge 30,194 - 30,194 - - - - - Total pension cost (credit) $ 30,849 $ (154 ) $ 32,159 $ (460 ) $ 289 $ 377 $ 867 $ 1,131 |
Note 10 - Business Unit Segme27
Note 10 - Business Unit Segment Information (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 26 2015 September 27, 2014 September 26, 2015 September 27, 2014 Net sales Electronics $ 102,616 $ 107,754 $ 307,549 $ 313,726 Automotive 81,475 80,639 251,464 245,083 Electrical 31,419 29,215 88,831 86,566 Total net sales $ 215,510 $ 217,608 $ 647,844 $ 645,375 Depreciation and amortization Electronics $ 5,811 $ 5,582 $ 17,384 $ 16,482 Automotive 3,244 3,435 9,883 10,609 Electrical 1,260 1,414 3,839 4,096 Total depreciation and amortization $ 10,315 $ 10,431 $ 31,106 $ 31,187 Operating income (loss) Electronics $ 20,923 $ 25,800 $ 61,755 $ 70,805 Automotive 15,253 12,227 39,123 35,158 Electrical 5,781 3,224 13,220 7,541 Other (1) (33,373 ) (1,121 ) (39,795 ) (6,065 ) Total operating income 8,584 40,130 74,303 107,439 Interest expense 922 1,292 3,021 3,736 Foreign exchange (gain) loss (3,549 ) (101 ) (1,724 ) 2,022 Other (income) expense, net (1,430 ) (2,261 ) (3,758 ) (4,893 ) Income before income taxes $ 12,641 $ 41,200 $ 76,764 $ 106,574 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For the Three Months Ended (a) For the Nine Months Ended (a) September 26, 2015 September 27, 2014 September 26 2015 September 27, 2014 United States $ 85,049 $ 85,326 $ 258,030 $ 243,979 China 49,345 45,905 143,694 134,166 Other countries 81,116 86,377 246,120 267,230 Total $ 215,510 $ 217,608 $ 647,844 $ 645,375 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Long-lived assets (b) September 26, 2015 December 27, 2014 United States $ 27,250 $ 34,179 Mexico 13,613 47,936 China 37,900 40,981 Other countries 84,002 35,544 Total $ 162,765 $ 158,640 Additions to long-lived assets September 26, 2015 September 27, 2014 United States $ 8,367 $ 5,215 Mexico 6,518 5,784 China 5,159 3,461 Other countries 15,082 4,962 Total $ 35,126 $ 19,422 |
Note 11 - Accumulated Other C28
Note 11 - Accumulated Other Comprehensive Income (Loss) (AOCI) (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | AOCI component Balance at December 27, 2014 Other comprehensive income (loss) activity Reclassification adjustment for expense included in net income Reclassification adjustment for pension settlement expense included in net income Balance at September 27, 2015 Pension liability adjustment (a) $ (29,615 ) $ (140 ) $ 1,457 $ 21,124 $ (7,174 ) Unrealized gain (loss) on investments (b) 10,791 (18 ) — — 10,773 Foreign currency translation adjustment (2,302 ) (36,530 ) — — (38,832 ) AOCI (loss) income $ (21,126 ) $ (36,688 ) $ 1,457 $ 21,124 $ (35,233 ) |
Note 2 - Acquisition of Busin29
Note 2 - Acquisition of Business (Details Textual) - USD ($) $ in Thousands | Jan. 03, 2014 | Jun. 28, 2014 | Sep. 26, 2015 | Sep. 27, 2014 |
Sym Com Inc [Member] | Trademarks [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Sym Com Inc [Member] | Trademarks [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Sym Com Inc [Member] | Patents [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 16 years | |||
Sym Com Inc [Member] | Patents [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 17 years | |||
Sym Com Inc [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 52,800 | |||
Business Acquisition Inventory Stepup | $ 2,800 | |||
Noncash Charges Related To Inventory Stepup | $ 2,800 | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 52,768 |
Note 2 - Acquisition of Busin30
Note 2 - Acquisition of Business - Final Purchase Price Allocation (Details) $ in Thousands | Jan. 03, 2014USD ($) |
Sym Com Inc [Member] | Trademarks [Member] | |
Intangible assets other than goodwill | $ 17,020 |
Sym Com Inc [Member] | Patents [Member] | |
Intangible assets other than goodwill | 1,500 |
Sym Com Inc [Member] | |
Cash | 325 |
Current assets, net | 9,154 |
Property, plant and equipment | 11,193 |
Goodwill | 15,018 |
Other non-current assets | 20 |
Current liabilities | (1,137) |
$ 53,093 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Raw material | $ 34,235 | $ 29,756 |
Work in process | 16,443 | 15,164 |
Finished goods | 48,525 | 52,471 |
Total inventories | $ 99,203 | $ 97,391 |
Note 4 - Other Investments (Det
Note 4 - Other Investments (Details Textual) € in Millions, $ in Millions | 9 Months Ended | ||||
Sep. 26, 2015USD ($) | Sep. 26, 2015EUR (€) | Sep. 26, 2015USD ($) | Dec. 27, 2014EUR (€) | Dec. 27, 2014USD ($) | |
Marketable Securities, Equity Securities | € 10 | $ 11.2 | € 9.9 | $ 12.1 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $ 0.1 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) $ in Thousands, ¥ in Millions | 9 Months Ended | ||
Sep. 26, 2015USD ($) | Dec. 27, 2014USD ($) | Dec. 27, 2014CNY (¥) | |
JP Morgan Securities LLC [Member] | Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
JP Morgan Securities LLC [Member] | Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000 | ||
Line of Credit Facility, Interest Rate at Period End | 1.19% | ||
JP Morgan Securities LLC [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 375,000 | ||
Loans Payable to Bank | $ 100,000 | ||
Line of Credit Facility, Expiration Period | 5 years | ||
Debt Issuance Cost | $ 100 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 167,400 | ||
Entrustment Loan Member | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | |
Loans Payable to Bank | 90,000 | $ 93,750 | |
Entrusted Loan | $ 11,517 | $ 17,908 | ¥ 110 |
Note 5 - Debt - Carrying Amount
Note 5 - Debt - Carrying Amounts of Long-term Debt (Details) $ in Thousands, ¥ in Millions | Sep. 26, 2015USD ($) | Dec. 27, 2014USD ($) |
Term loan | $ 90,000 | $ 93,750 |
Revolving credit facility | 107,500 | 83,500 |
Entrusted loan | 11,517 | 17,908 |
Total debt | 209,017 | 195,158 |
Less: Current maturities | 117,500 | 88,500 |
Total long-term debt | $ 91,517 | $ 106,658 |
Note 6 - Fair Value of Assets35
Note 6 - Fair Value of Assets and Liabilities - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Fair Value, Inputs, Level 1 [Member] | ||
Investment in Polytronics | $ 11,196 | $ 12,056 |
Total | 11,196 | 12,056 |
Investment in Polytronics | 11,196 | 12,056 |
Total | $ 11,196 | $ 12,056 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 144,031 | 64,520 | 108,193 | 36,698 |
Note 7 - Earnings Per Share - C
Note 7 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Net income | $ 11,324 | $ 29,940 | $ 60,003 | $ 79,907 |
Basic (in shares) | 22,581 | 22,536 | 22,623 | 22,536 |
Net effect of dilutive stock options and restricted share units (in shares) | 112 | 153 | 148 | 186 |
Average shares - Diluted (in shares) | 22,693 | 22,689 | 22,771 | 22,722 |
Net income per share (see Note 7): | ||||
Basic (in dollars per share) | $ 0.50 | $ 1.33 | $ 2.65 | $ 3.55 |
Diluted (in dollars per share) | $ 0.50 | $ 1.32 | $ 2.64 | $ 3.52 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Effective Income Tax Rate Reconciliation, Percent | 10.40% | 27.30% | 21.80% | 25.00% |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Income/(Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 26, 2015 | Sep. 26, 2015 | |
Pension Settlement [Member] | ||
Income tax (expense)/benefit | $ 10,722 | $ 10,722 |
Effective Income Tax Rate Reconciliation, Percent | 35.50% | 35.50% |
Legal Restructuring Tax Impact [Member] | ||
Income tax (expense)/benefit | $ (1,949) | $ (1,949) |
Effective Income Tax Rate Reconciliation, Percent | ||
All Other Income/(Expense) [Member] | ||
Income tax (expense)/benefit | $ (10,090) | $ (25,534) |
Effective Income Tax Rate Reconciliation, Percent | 23.60% | 23.90% |
Pension settlement | $ (30,194) | $ (30,194) |
Income tax (expense)/benefit | $ (1,317) | $ (16,761) |
Effective Income Tax Rate Reconciliation, Percent | 10.40% | 21.80% |
All other income/(expense) | $ 42,835 | $ 106,958 |
Total consolidated | $ 12,641 | $ 76,764 |
Note 9 - Pensions (Details Text
Note 9 - Pensions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 3.90% | 6.75% | ||
Pension Contributions | $ 9,100 | |||
Define Benefit Plan, Pre-tax Settlement Charge | $ 30,194 | $ 30,194 | ||
Foreign Pension Plan [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.39% | 5.14% | ||
Define Benefit Plan, Pre-tax Settlement Charge | ||||
Define Benefit Plan, Pre-tax Settlement Charge | $ 30,194 | $ 30,194 |
Note 9 - Pensions - Components
Note 9 - Pensions - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
United States Pension Plan of US Entity [Member] | ||||
Service cost | $ 250 | $ 150 | $ 750 | $ 450 |
Interest cost | 1,032 | 971 | 3,094 | 2,913 |
Expected return on plan assets | (917) | (1,412) | (2,749) | (4,234) |
Amortization of net loss | 290 | 137 | 870 | 411 |
Total cost (credit) of the plan | 655 | (154) | 1,965 | (460) |
Net periodic benefit cost (credit) | 655 | $ (154) | 1,965 | $ (460) |
Settlement charge | 30,194 | 30,194 | ||
Total pension cost (credit) | 30,849 | $ (154) | 32,159 | $ (460) |
Foreign Pension Plan [Member] | ||||
Service cost | 314 | 311 | 944 | 933 |
Interest cost | 512 | 591 | 1,538 | 1,774 |
Expected return on plan assets | (599) | (572) | (1,800) | (1,718) |
Amortization of net loss | 62 | 47 | 185 | 142 |
Total cost (credit) of the plan | 289 | 377 | 867 | 1,131 |
Net periodic benefit cost (credit) | $ 289 | $ 377 | $ 867 | $ 1,131 |
Settlement charge | ||||
Total pension cost (credit) | $ 289 | $ 377 | $ 867 | $ 1,131 |
Settlement charge | $ 30,194 | $ 30,194 |
Note 10 - Business Unit Segme42
Note 10 - Business Unit Segment Information (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 27, 2015USD ($) | Sep. 27, 2015USD ($) | |
Number of Operating Segments | 3 | |
Severance Costs | $ 2.1 | $ 6.8 |
Business Combination, Acquisition Related Costs | 0.3 | 0.7 |
Pension Expense | 30.9 | 32.2 |
Other Cost and Expense, Operating | $ 0.1 | $ 0.1 |
Note 10 - Business Unit Segme43
Note 10 - Business Unit Segment Information - Business Unit Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | ||
Electronics [Member] | |||||
Net Sales | $ 102,616 | $ 107,754 | $ 307,549 | $ 313,726 | |
Depreciation and amortization | 5,811 | 5,582 | 17,384 | 16,482 | |
Operating income | 20,923 | 25,800 | 61,755 | 70,805 | |
Automotive [Member] | |||||
Net Sales | 81,475 | 80,639 | 251,464 | 245,083 | |
Depreciation and amortization | 3,244 | 3,435 | 9,883 | 10,609 | |
Operating income | 15,253 | 12,227 | 39,123 | 35,158 | |
Electrical [Member] | |||||
Net Sales | 31,419 | 29,215 | 88,831 | 86,566 | |
Depreciation and amortization | 1,260 | 1,414 | 3,839 | 4,096 | |
Operating income | 5,781 | 3,224 | 13,220 | 7,541 | |
Other Segments [Member] | |||||
Operating income | [1] | (33,373) | (1,121) | (39,795) | (6,065) |
Net Sales | [2] | 215,510 | 217,608 | 647,844 | 645,375 |
Depreciation and amortization | 10,315 | 10,431 | 31,106 | 31,187 | |
Operating income | 8,584 | 40,130 | 74,303 | 107,439 | |
Interest expense | 922 | 1,292 | 3,021 | 3,736 | |
Foreign exchange (gain) loss | (3,549) | (101) | (1,724) | 2,022 | |
Other (income) expense, net | (1,430) | (2,261) | (3,758) | (4,893) | |
Income before income taxes | $ 12,641 | $ 41,200 | $ 76,764 | $ 106,574 | |
[1] | For the three months ended September 26, 2015, "Other" consists of restructuring costs ($2.1 million), acquisition expenses ($0.3 million), pension settlement and wind-up costs ($30.9 million), and other ($0.1 million). For the nine months ended September 26, 2015, "Other" consist of restructuring costs ($6.8 million), acquisition expenses ($0.7 million), pension settlement and wind-up costs ($32.2 million) and other ($0.1 million). | ||||
[2] | Sales by country represent sale to customer or distributor locations. |
Note 10 - Business Unit Segme44
Note 10 - Business Unit Segment Information - Net Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | ||
UNITED STATES | |||||
Net sales | [1] | $ 85,049 | $ 85,326 | $ 258,030 | $ 243,979 |
CHINA | |||||
Net sales | [1] | 49,345 | 45,905 | 143,694 | 134,166 |
Other Countries [Member] | |||||
Net sales | [1] | 81,116 | 86,377 | 246,120 | 267,230 |
Net sales | [1] | $ 215,510 | $ 217,608 | $ 647,844 | $ 645,375 |
[1] | Sales by country represent sale to customer or distributor locations. |
Note 10 - Business Unit Segme45
Note 10 - Business Unit Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | ||
UNITED STATES | ||||
Long-lived assets | [1] | $ 27,250 | $ 34,179 | |
Additions to long-lived assets | 8,367 | $ 5,215 | ||
MEXICO | ||||
Long-lived assets | [1] | 13,613 | 47,936 | |
Additions to long-lived assets | 6,518 | 5,784 | ||
CHINA | ||||
Long-lived assets | [1] | 37,900 | 40,981 | |
Additions to long-lived assets | 5,159 | 3,461 | ||
Other Countries [Member] | ||||
Long-lived assets | [1] | 84,002 | 35,544 | |
Additions to long-lived assets | 15,082 | 4,962 | ||
Long-lived assets | [1] | 162,765 | $ 158,640 | |
Additions to long-lived assets | $ 35,126 | $ 19,422 | ||
[1] | Long-lived assets consists of net property, plant and equipment. |
Note 11 - Accumulated Other C46
Note 11 - Accumulated Other Comprehensive Income (Loss) (AOCI) (Details Textual) - USD ($) | Sep. 26, 2015 | Dec. 27, 2014 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $ 3,115,000 | $ 12,587,000 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Tax | $ 0 | $ 0 |
Note 11 - Accumulated Other C47
Note 11 - Accumulated Other Comprehensive Income (Loss) (AOCI) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 26, 2015 | |||
Pension liability adjustment(a) | [1] | $ (29,615) | ||
Pension liability adjustment(a) | $ (16) | (140) | [1] | |
Pension liability adjustment(a) | (514) | 1,457 | [1] | |
Pension liability adjustment(a) | 21,124 | 21,124 | [1] | |
Pension liability adjustment(a) | [1] | (7,174) | (7,174) | |
Unrealized gain (loss) on investments(b) | [2] | 10,791 | ||
Unrealized gain (loss) on investments(b) | [2] | (18) | ||
Unrealized gain (loss) on investments(b) | [2] | 10,773 | 10,773 | |
Foreign currency translation adjustment | (2,302) | |||
Foreign currency translation adjustment | (36,530) | |||
Foreign currency translation adjustment | (38,832) | (38,832) | ||
AOCI (loss) income | (21,126) | |||
AOCI (loss) income | (36,688) | |||
AOCI (loss) income | 1,457 | |||
AOCI (loss) income | 21,124 | |||
AOCI (loss) income | $ (35,233) | $ (35,233) | ||
[1] | Balances are net of tax of $3,115 and $12,587 for 2015 and 2014, respectively. | |||
[2] | Balances are net of tax of $0 and $0 for 2015 and 2014, respectively. |
Note 12 - Subsequent Event (Det
Note 12 - Subsequent Event (Details Textual) $ in Millions | Oct. 01, 2015USD ($) |
Subsequent Event [Member] | Sigmar [Member] | |
Business Acquisitions, Annual Revenue | $ 6 |