LFUS Littelfuse Inc

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Nature of Operations 

 

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 17,000 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. 

Basis of Presentation 

 

The Company’s accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheets, statements of net income and comprehensive income, statements of cash flows, and statements of stockholders' equity prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results.

 

Revenue Recognition

  

Revenue Disaggregation

 

The following tables disaggregate the Company’s revenue by primary business units for the three and nine months ended September 30, 2023 and October 1, 2022:

						Three Months Ended September 30, 2023																								Nine Months Ended September 30, 2023
(in thousands)						Electronics Segment						Transportation Segment						Industrial Segment						Total						Electronics Segment						Transportation Segment						Industrial Segment						Total
Electronics – Passive Products and Sensors						$	152,410					$	—					$	—					$	152,410					$	453,860					$	—					$	—					$	453,860
Electronics – Semiconductor						191,523						—						—						191,523						598,813						—						—						598,813
Passenger Car Products						—						72,524						—						72,524						—						200,104						—						200,104
Automotive Sensors						—						23,205						—						23,205						—						66,839						—						66,839
Commercial Vehicle Products						—						81,290						—						81,290						—						248,765						—						248,765
Industrial Products						—						—						86,119						86,119						—						—						260,469						260,469
Total						$	343,933					$	177,019					$	86,119					$	607,071					$	1,052,673					$	515,708					$	260,469					$	1,828,850

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						Three Months Ended October 1, 2022																								Nine Months Ended October 1, 2022
(in thousands)						Electronics Segment						Transportation Segment						Industrial Segment						Total						Electronics Segment						Transportation Segment						Industrial Segment						Total
Electronics – Passive Products and Sensors						$	188,916					$	—					$	—					$	188,916					$	521,172					$	—					$	—					$	521,172
Electronics – Semiconductor						208,713						—						—						208,713						600,454						—						—						600,454
Passenger Car Products						—						62,280						—						62,280						—						186,552						—						186,552
Automotive Sensors						—						22,998						—						22,998						—						72,336						—						72,336
Commercial Vehicle Products						—						96,457						—						96,457						—						289,378						—						289,378
Industrial Products						—						—						79,516						79,516																		230,754						230,754
Total						$	397,629					$	181,735					$	79,516					$	658,880					$	1,121,626					$	548,266					$	230,754					$	1,900,646

See Note 15, Segment Information for net sales by segment and countries.

 

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 distribution channels are primarily through direct sales and independent third-party distributors.

 

The Company 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 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 distributor 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

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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 historical 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 Littelfuse management, can return previously purchased goods for full or partial credit. The Company establishes an estimated allowance for these returns based on historical 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.

 

Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash at September 30, 2023 and December 31, 2022 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows.

(in thousands)						September 30, 2023						December 31, 2022
Cash and cash equivalents						$	560,056					$	562,588
Restricted cash included in prepaid expenses and other current assets						—						802
Restricted cash included in other long-term assets						1,535						1,549
Total cash, cash equivalents, and restricted cash						$	561,591					$	564,939

Recently Issued Accounting Standards

In October 2023, the Financial Accounting Standards Board ("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 Condensed Consolidated Financial Statements.

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 on January 1, 2024. The Company does not expect any material effect on the Company's Condensed Consolidated Financial Statements.

 

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

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the acquired business are included in the Company’s Condensed Consolidated Financial Statements from the date of the acquisition.

Dortmund Fab

On June 28, 2023, the Company entered into a definitive purchase agreement to acquire a 200mm wafer fab located in Dortmund, Germany (“Dortmund Fab”) from Elmos Semiconductor SE. The acquisition of the Dortmund Fab is expected to close in early fiscal year 2025. The total purchase price for the fab is approximately 93 million Euro, of which 37.2 million Euro down payment (approximately $40.5 million) recorded in Other long-term assets in the Condensed Consolidated Balance Sheets was paid in the third quarter after regulatory approvals and approximately 56 million Euro will be paid at closing. The transaction is not expected to have a material impact on the Company’s fiscal year 2023 or 2024 financial results and will be reported in the Electronics-Semiconductor business within the Company’s Electronics segment.

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 e-Mobility off-board 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, on a preliminary basis, to assets acquired and liabilities assumed, as of the completion of the acquisition, based on preliminary estimated fair values. The purchase price allocation is preliminary because the evaluations necessary to assess the fair values of the net assets acquired are still in process. The primary area not yet finalized relates to the completion of the valuation of certain acquired income tax assets and liabilities. As a result, these allocations are subject to change during the purchase price allocation period as the valuations are finalized.

The following table summarizes the preliminary 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			3,389
Inventories			3,678
Other current assets			718
Property, plant, and equipment			1,328
Intangible assets			68,000
Goodwill			94,823
Other non-current assets			573
Current liabilities			(5,251)
Other non-current 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.

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Included in the Company’s Condensed Consolidated Statements of Net Income for the three and nine months ended September 30, 2023 are net sales of $2.7 million and $10.2 million respectively, and a loss before income taxes of $1.0 million and $0.8 million, respectively, since the February 3, 2023 acquisition of Western Automation.

During the nine months ended September 30, 2023, the Company incurred approximately $1.2 million of legal and professional fees related to the Western Automation acquisition recognized as Selling, general, and administrative expenses. These costs were reflected as other non-segment costs.

C&K Switches

On July 19, 2022, the Company completed the previously announced acquisition of 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 the 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 final 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
Other non-current assets			14,797
Current liabilities			(47,687)
Long-term debt			(9,626)
Other non-current 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.

During the nine months ended September 30, 2023, the Company recorded measurement period adjustments to increase other non-current liabilities of $4.2 million associated with uncertain tax positions, income taxes payable of $0.2 million, and reduce accrued liabilities of $0.3 million and deferred tax liabilities of $0.2 million. As a result of these adjustments, goodwill was increased by $3.9 million.

 

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 based on the preliminary valuation. 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.

Embed

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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 electrification 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.

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, and Carling business acquired on November 30, 2021 as though the acquisition had occurred as of December 29, 2019. The Company has not included pro forma results of operations for Embed as its operations were not material to the Company. 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 the C&K acquisition occurred as of December 27, 2020 and had Carling acquisition occurred as of December 29, 2019 or of future consolidated operating results.

 

						For the Three Months Ended												For the Nine Months Ended
(in thousands, except per share amounts)						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Net sales						$	607,071					$	669,956					$	1,830,736					$	1,376,586
Income before income taxes						75,071						107,585						271,165						271,474
Net income						57,591						83,713						217,930						222,514
Net income per share — basic						2.31						3.38						8.77						12.38
Net income per share — diluted						2.29						3.35						8.68						12.26

Pro forma results presented above primarily reflect the following adjustments:

 

						For the Three Months Ended												For the Nine Months Ended
(in thousands)						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Amortization (a)						$	—					$	(1,512)					$	(479)					$	(8,951)
Depreciation						—						451						—						1,979
Transaction costs (b)						(224)						3,772						1,203						8,015
Amortization of inventory step-up (c)						—						6,765						—						11,534
Interest expense (d)						—						497						—						815
Income tax benefit (expense) of above items						28						(2,644)						(91)						(3,893)

(a) The amortization adjustment for the nine months ended September 30, 2023 and three and nine months ended October 1, 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 three and nine months ended September 30, 2023 and three and nine months ended October 1, 2022, and recognition of those fees during the three and nine months ended September 30, 2023.

(c) The amortization of inventory step-up adjustment reflects the reversal of the amount recognized related to the Carling acquisition during the three months ended April 2, 2022. The inventory step-up was amortized over four months as the inventory was sold.

(d) The interest expense adjustment reflects incremental interest expense related to the financing of the C&K acquisition.

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The components of inventories at September 30, 2023 and December 31, 2022 are as follows:

 

(in thousands)						September 30, 2023						December 31, 2022
Raw materials						$	214,588					$	231,043
Work in process						134,657						134,792
Finished goods						192,365						226,215
Inventory reserves						(58,535)						(44,360)
Total						$	483,075					$	547,690

 

The components of net property, plant, and equipment at September 30, 2023 and December 31, 2022 are as follows:

 

(in thousands)						September 30, 2023						December 31, 2022
Land and land improvements						$	21,579					$	22,089
Building and building improvements						194,322						191,733
Machinery and equipment						846,065						812,540
Accumulated depreciation						(583,060)						(545,252)
Total						$	478,906					$	481,110

The Company recorded depreciation expense of $17.9 million and $17.0 million for the three months ended September 30, 2023 and October 1, 2022, respectively, and $53.5 million and $48.3 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

 

Changes in the carrying value of goodwill by segment for the nine months ended September 30, 2023 are as follows:

 

(in thousands)						Electronics						Transportation						Industrial						Total
Net book value of goodwill as of December 31, 2022
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)
Total						909,167						201,392						76,363						1,186,922
Changes during 2023:
Additions (a)						3,879						—						94,823						98,702
Currency translation						676						(1,616)						(341)						(1,281)
Net book value of goodwill as of September 30, 2023
Gross goodwill as of September 30, 2023						913,722						232,668						179,401						1,325,791
Accumulated impairment losses as of September 30, 2023						—						(32,892)						$	(8,556)					(41,448)
Total						$	913,722					$	199,776					$	170,845					$	1,284,343

(a) The additions resulted from the acquisitions of Western Automation and measurement period adjustment related to the C&K acquisition.

The components of other intangible assets as of September 30, 2023 and December 31, 2022 are as follows:

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									As of September 30, 2023
(in thousands)									Gross Carrying Value						Accumulated Amortization						Net Book Value
Land use rights									$	17,133					$	2,579					$	14,554
Patents, licenses, and software									269,219						154,983						114,236
Distribution network									42,888						42,888						—
Customer relationships, trademarks, and tradenames									679,246						195,670						483,576
Total									$	1,008,486					$	396,120					$	612,366

 

			December 31, 2022
(in thousands)			Gross Carrying Value						Accumulated Amortization						Net Book Value
Land use rights			$	17,938					$	2,299					$	15,639
Patents, licenses, and software			259,603						140,208						119,395
Distribution network			41,733						40,955						778
Customer relationships, trademarks, and tradenames			623,721						165,563						458,158
Total			$	942,995					$	349,025					$	593,970

During the three months ended September 30, 2023 and October 1, 2022, the Company recorded amortization expense of $16.0 million and $15.6 million, respectively. During the nine months ended September 30, 2023 and October 1, 2022, the Company recorded amortization expense of $49.8 million and $39.9 million, respectively.

During the nine months ended September 30, 2023, the Company recorded additions to intangible assets of $68.0 million, related to the Western Automation acquisition, the components of which were as follows:

(in thousands)			Weighted Average Useful Life						Amount
Patents, licenses, and software			6.7						$	11,500
Customer relationships, trademarks, and tradenames			14.7						56,500
Total									$	68,000

Estimated annual amortization expense related to intangible assets with definite lives as of September 30, 2023 is as follows:

(in thousands)			Amount
2023			$	65,693
2024			62,578
2025			62,258
2026			51,475
2027			49,470
2028 and thereafter			370,665
Total			$	662,139

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The components of accrued liabilities as of September 30, 2023 and December 31, 2022 are as follows:

 

(in thousands)						September 30, 2023						December 31, 2022
Employee-related liabilities						$	68,367					$	99,089
Current lease liability						11,839						12,841
Other non-income taxes						8,639						10,594
Professional services						6,159						7,160
Other customer reserves						4,804						5,064
Interest						3,687						4,449
Deferred revenue						2,126						2,593
Restructuring liability						2,075						2,434
Current benefit liability						1,318						1,318
Other						34,526						41,515
Total						$	143,540					$	187,057

Employee-related liabilities consist primarily of payroll, sales commissions, bonus, employee benefit accruals and workers’ compensation. Bonus accruals include amounts earned pursuant to the Company’s primary employee incentive compensation plans. Other accrued liabilities include miscellaneous operating accruals and other client-related liabilities.

The Company recorded restructuring, impairment, and other charges for the three and nine months ended September 30, 2023 and October 1, 2022 as follows:

			Three months ended September 30, 2023																								Nine months ended September 30, 2023
(in thousands)			Electronics						Transportation						Industrial						Total						Electronics						Transportation						Industrial						Total
Employee terminations			$	1,174					$	1,665					$	293					$	3,132					$	2,833					$	2,598					$	887					$	6,318
Other restructuring charges			64						138						364						566						321						822						1,018						2,161
Total restructuring charges			1,238						1,803						657						3,698						3,154						3,420						1,905						8,479
Impairment			—						—						818						818						—						3,870						872						4,742
Total			$	1,238					$	1,803					$	1,475					$	4,516					$	3,154					$	7,290					$	2,777					$	13,221

			Three months ended October 1, 2022																								Nine months ended October 1, 2022
(in thousands)			Electronics						Transportation						Industrial						Total						Electronics						Transportation						Industrial						Total
Employee terminations			$	1,401					$	1,574					$	—					$	2,975					$	1,807					$	1,997					$	—					$	3,804
Other restructuring charges			73						365						—						438						76						385						—						461
Total			$	1,474					$	1,939					$	—					$	3,413					$	1,883					$	2,382					$	—					$	4,265

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2023

For the three and nine months ended September 30, 2023, the Company recorded total restructuring charges of $3.7 million and $8.5 million, respectively, 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, and the reorganization of certain selling and administrative functions within the Electronics segment due to the C&K acquisition. During the third quarter of 2023, the Company recognized a $0.8 million impairment charge substantially related to certain patents in a business within the Industrial segment. In addition, during the second quarter of 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.

2022

For the three and nine months ended October 1, 2022, the Company recorded total restructuring charges of $3.4 million and $4.3 million, respectively. primarily for employee termination costs. These charges are primarily related to the reorganization of certain manufacturing, selling and administrative functions within the passenger vehicle and automotive sensor businesses in the Transportation segment and the reorganization of selling and administrative functions due to the C&K acquisition within the Electronics segment.

The restructuring liability as of September 30, 2023 and December 31, 2022 is $2.1 million and $2.4 million, respectively. The restructuring liability is included within accrued liabilities in the Condensed Consolidated Balance Sheets. The Company anticipates the remaining payments associated with employee terminations will primarily be completed in the third quarter fiscal year 2024.

 

The carrying amounts of debt at September 30, 2023 and December 31, 2022 are as follows:

 

(in thousands)						September 30, 2023						December 31, 2022
Revolving Credit Facility						$	100,000					$	100,000
Term Loan						290,625						296,250
Euro Senior Notes, Series A due 2023						123,605						124,716
Euro Senior Notes, Series B due 2028						100,363						101,265
U.S. Senior Notes, Series B due 2027						100,000						100,000
U.S. Senior Notes, Series A due 2025						50,000						50,000
U.S. Senior Notes, Series B due 2030						125,000						125,000
U.S. Senior Notes, due 2032						100,000						100,000
Other						7,056						9,113
Unamortized debt issuance costs						(4,024)						(4,847)
Total debt						992,625						1,001,497
Less: Current maturities						(135,619)						(134,874)
Total long-term debt						$	857,006					$	866,623

 

Revolving Credit Facility and Term Loan

On June 30, 2022, the Company amended and restated its Credit Agreement, dated as of April 3, 2020 (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 —% 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

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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 three and nine months ended September 30, 2023, the Company made payments of $1.9 million and $5.6 million on its term loan, respectively. The revolving loan and term loan balance under the Credit Facility was $100.0 million and $290.6 million, respectively, as of September 30, 2023.

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 September 30, 2023, the effective interest rate on revolving loan and term loan outstanding borrowings was 6.67%.

As of September 30, 2023, the Company had $0.2 million outstanding letters of credit under the Credit Facility and had $599.8 million of borrowing capacity available under the revolving Credit Facility. As of September 30, 2023, 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”). Interest on the Euro Senior Notes 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”) were funded. During the first quarter of 2022, the Company paid off $25 million of U.S. Senior Notes, Series A due on February 15, 2022. Interest on the U.S. Senior Notes 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 semiannually 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 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.

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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. At September 30, 2023, 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.

Interest paid on all Company debt was $11.9 million and $8.5 million for the three months ended September 30, 2023 and October 1, 2022, respectively, and $33.2 million and $16.9 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

 

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, and

 

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 period.

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 and recorded in Investments and Other long-term assets.

Derivatives Designated as Hedging Instruments

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 until the underlying transactions are recognized in

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earnings. 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 market observable 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 €117.0 million and expires on December 7, 2023. The foreign currency contract was not designated as a hedge instrument and is marked to market on a monthly basis. As a result, changes in fair value are reported in Foreign exchange loss in the Condensed Consolidated Statements of Operations. The fair value of the foreign currency forward contract was valued using market exchange rates by a third party and classified as a Level 2 input under the fair value hierarchy.

As of September 30, 2023 and December 31, 2022, the fair values of our derivative financial instrument and their classifications on the Condensed Consolidated Balance Sheets were as follows:

(in thousands)			Consolidated Balance Sheet Classification						September 30, 2023						December 31, 2022
Derivatives Designated as Hedging Instruments
Interest rate swap agreement:
Designated as cash flow hedge			Prepaid expenses and other current assets						$	4,963					$	3,939
			Other long-term assets						$	6,533					$	4,740
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contract			Prepaid expenses and other current assets						$	2,862					$	6,186

The pre-tax (gains) losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows:

												Three Months Ended												Nine Months Ended
(in thousands)						Classification of (Gain) Loss Recognized in the Condensed Consolidated Statements of Operations						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement						Interest expense, net						$	(1,252)					$	314					$	(3,246)					$	335
Derivatives Not Designated as Hedging Instruments
Foreign exchange forward contract						Foreign exchange loss						$	4,310					$	3,209					$	3,226					$	3,209

The pre-tax gains recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and October 1, 2022 was as follows:

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						Three Months Ended												Nine Months Ended
(in thousands)						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Derivatives designated as cash flow hedges
Interest rate swap agreement						$	(2,034)					$	(10,012)					$	(2,817)					$	(9,300)

The pre-tax gain of $5.0 million from accumulated other comprehensive loss to earnings is expected to be recognized during the next twelve months.

Mutual Funds

 

The Company has a non-qualified Supplemental Retirement and Savings Plan which provides additional retirement benefits for certain management employees and named executive officers by allowing participants to defer a portion of their annual compensation. The Company maintains accounts for participants through which participants make investment elections. The marketable securities are classified as Level 1 under the fair value hierarchy as they are maintained in mutual funds with readily determinable fair value and recorded in Other long-term assets.

 

There were no changes during the quarter ended September 30, 2023 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of September 30, 2023 and December 31, 2022, the Company did not hold any 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 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						$	427,671					$	—					$	—					$	427,671
Investments in equity securities						9,703						—						—						9,703
Mutual funds						18,192						—						—						18,192
Total						$	455,566					$	—					$	—					$	455,566

The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 31, 2022: 

						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						$	304,101					$	—					$	—					$	304,101
Investments in equity securities						10,653						—						—						10,653
Mutual funds						14,094						—						—						14,094
Total						$	328,848					$	—					$	—					$	328,848

In addition to the methods and assumptions used for the financial instruments recorded at fair value as discussed above, the following methods and assumptions are used to estimate the fair value of other financial instruments that are not marked to market on a recurring basis. The Company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable and its long-term debt. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, short-term investments and accounts receivable approximate their fair values. The Company’s revolving and term

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loan debt facilities' fair values approximate book value at September 30, 2023 and December 31, 2022, 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 A and Series B and USD Senior Notes, Series A and Series B, as of September 30, 2023 and December 31, 2022 were as follows:

 

						September 30, 2023												December 31, 2022
(in thousands)						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Euro Senior Notes, Series A due 2023						$	123,605					$	122,830					$	124,716					$	122,270
Euro Senior Notes, Series B due 2028						100,363						87,722						101,265						87,119
USD Senior Notes, Series B due 2027						100,000						92,866						100,000						93,764
USD Senior Notes, Series A due 2025						50,000						48,338						50,000						48,145
USD Senior Notes, Series B due 2030						125,000						109,188						125,000						112,028
USD Senior Notes, due 2032						100,000						86,977						100,000						90,131

 

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.

 

The Company recognizes interest cost, expected return on plan assets, and amortization of prior service, net within Other (income) expense, net in the Condensed Consolidated Statements of Net Income. The components of net periodic benefit cost for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows: 

 

						For the Three Months Ended												For the Nine Months Ended
(in thousands)						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Components of net periodic benefit cost:
Service cost						$	700					$	725					$	2,087					$	2,243
Interest cost						961						607						2,850						1,879
Expected return on plan assets						(470)						(361)						(1,409)						(1,144)
Amortization of prior service and net actuarial loss						12						92						34						289
Net periodic benefit cost						$	1,203					$	1,063					$	3,562					$	3,267

The Company expects to make approximately $2.0 million of contributions to the plans and pay $1.9 million of benefits directly in 2023.

The Company also sponsors certain post-employment plans in foreign countries and other statutory benefit plans. The Company recorded expense of $0.4 million and $0.5 million for the three months ended September 30, 2023 and October 1, 2022, respectively, and $1.1 million and $1.5 million for the nine months ended September 30, 2023 and October 1, 2022, respectively, in Cost of Sales and Other (income) expense, net within the Condensed Consolidated Statements of Net Income. The pre-tax (gains) losses amount recognized in other comprehensive (loss) income as components of net periodic benefit costs for these plans were nominal and $0.1 million for the three months ended September 30, 2023 and October 1, 2022, respectively, and $(0.1) million and $0.3 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

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Changes in other comprehensive (loss) income by component were as follows:

(in thousands)						Three Months Ended September 30, 2023																		Three Months Ended October 1, 2022
						Pre-tax						Tax						Net of Tax						Pre-tax						Tax						Net of Tax
Defined benefit pension plan and other adjustments						$	(3)					$	—					$	(3)					$	673					$	(74)					$	599
Cash flow hedge						2,034						(488)						1,546						10,012						(2,403)						7,609
Foreign currency translation adjustments (a)						(4,301)						624						(3,677)						(37,289)						893						(36,396)
Total change in other comprehensive (loss) income						$	(2,270)					$	136					$	(2,134)					$	(26,604)					$	(1,584)					$	(28,188)
(in thousands)						Nine Months Ended September 30, 2023																		Nine Months Ended October 1, 2022
						Pre-tax						Tax						Net of Tax						Pre-tax						Tax						Net of Tax
Defined benefit pension plan and other adjustments						$	(125)					$	(31)					$	(156)					$	1,718					$	(170)					$	1,548
Cash flow hedge						2,817						(676)						2,141						9,300						(2,232)						7,068
Foreign currency translation adjustments (a)						(6,098)						351						(5,747)						(72,671)						2,315						(70,356)
Total change in other comprehensive loss						$	(3,406)					$	(356)					$	(3,762)					$	(61,653)					$	(87)					$	(61,740)

(a) 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.

The following tables set forth the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2023 and October 1, 2022:

 

(in thousands)						Defined benefit pension plan and other adjustments						Cash flow hedge						Foreign currency translation adjustment						Accumulated other comprehensive loss
Balance at December 31, 2022						$	(2,193)					$	6,596					$	(100,167)					$	(95,764)
Activity in the period						(156)						2,141						(5,747)						(3,762)
Balance at September 30, 2023						$	(2,349)					$	8,737					$	(105,914)					$	(99,526)

(in thousands)						Defined benefit pension plan and other adjustments						Cash flow hedge						Foreign currency translation adjustment						Accumulated other comprehensive loss
Balance at January 1, 2022						$	(11,928)					$	—					$	(61,535)					$	(73,463)
Activity in the period						1,548						7,068						(70,356)						(61,740)
Balance at October 1, 2022						$	(10,380)					$	7,068					$	(131,891)					$	(135,203)

Amounts reclassified from accumulated other comprehensive loss to earnings for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows:

						Three Months Ended												Nine Months Ended
(in thousands)						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Pension and Postemployment plans:
Amortization of prior service and net actuarial (gain) loss						$	(11)					$	193					$	(33)					$	588

The Company recognizes the amortization of prior service costs in Other (income) expense, net within the Condensed Consolidated Statements of Net Income.

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The effective tax rate for the three and nine months ended September 30, 2023 was 23.3% and 19.7%, respectively, compared to the effective tax rate for the three and nine months ended October 1, 2022 of 21.4% and 17.6%, respectively. The effective tax rate for the third quarter of 2023 is higher than the effective tax rate for the comparable 2022 period, primarily due to less income earned in lower tax jurisdictions in the 2023 period, as compared to the 2022 period. The effective tax rates for both periods are higher than the statutory tax rate due to the impact of foreign exchange losses with no related tax benefit.

The effective tax rate for the first nine months of 2023 is higher than the effective tax rate for the comparable 2022 period, primarily due to the impact of a one-time deduction in the first quarter of 2022 that resulted in a net benefit of $7.2 million from the dissolution of one of the Company’s affiliates. The effective tax rates for both periods were lower than the applicable U.S. statutory tax rate primarily due to income earned in lower tax jurisdictions, while for the 2022 period, the effective tax rate was also lower due to the impact of the one-time deduction previously noted.

 

The following table sets forth the computation of basic and diluted earnings per share: 

						Three Months Ended												Nine Months Ended
(in thousands, except per share amounts)						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Numerator:
Net income as reported						$	57,788					$	75,468					$	216,604					$	280,002
Denominator:
Weighted average shares outstanding
Basic						24,893						24,755						24,838						24,726
Effect of dilutive securities						250						233						262						260
Diluted						25,143						24,988						25,100						24,986
Earnings Per Share:
Basic earnings per share						$	2.32					$	3.05					$	8.72					$	11.32
Diluted earnings per share						$	2.30					$	3.02					$	8.63					$	11.21

 

Potential shares of common stock relating to stock options and restricted share units excluded from the earnings per share calculation because their effect would be anti-dilutive were 80,828 and 92,052 for the three months ended September 30, 2023 and October 1, 2022, respectively, and 106,156 and 84,027 for the nine months ended September 30, 2023 and October 1, 2022, respectively.

Share Repurchase Program

On April 28, 2021, the Company announced that the 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 common stock for the period May 1, 2021 to April 30, 2024 to replace its previous 2020 program.

The Company did not repurchase shares of its common stock for the three and nine months ended September 30, 2023, and October 1, 2022.

 

The Company has equity ownership in various investments that are accounted for under the equity method. The following is a description of the investments and related party transactions.

 

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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 19% 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 Board of Directors serves on the Board of Directors of ATEC.

						Three Months Ended September 30, 2023												Three Months Ended October 1, 2022
(in millions)						Powersem			EB-Tech			ATEC						Powersem			EB Tech			ATEC
Sales to related party						$	0.5		$	—		$	—					$	—		$	—		$	—
Purchase material/service from related party						1.2			0.1			2.0						—			0.1			2.9
						Nine Months Ended September 30, 2023												Nine Months Ended October 1, 2022
(in millions)						Powersem			EB-Tech			ATEC						Powersem			EB Tech			ATEC
Sales to related party						$	1.7		$	—		$	—					$	—		$	—		$	—
Purchase material/service from related party						3.3			0.3			7.6						0.3			0.3			8.8
						September 30, 2023												December 31, 2022
(in millions)						Powersem			EB Tech			ATEC						Powersem			EB Tech			ATEC
Accounts payable balance						$	0.8		$	—		$	1.6					$	—		$	—		$	1.8

 

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 reports its operations by the following 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.

Sales, marketing, and research and development expenses are charged directly into each operating segment. Purchasing, logistics, customer service, finance, information technology, and human resources are shared functions that are allocated back to the three 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. Although the CODM 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.

•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,

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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 vehicle, 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 engine, 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), industrial controls (protection relays, contactors, transformers, residual current devices, ground fault circuit interrupters, residual current monitors, and arc fault 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.

 

Segment information is summarized as follows: 

						Three Months Ended												Nine Months Ended
(in thousands)						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Net sales
Electronics						$	343,933					$	397,629					$	1,052,673					$	1,121,626
Transportation						177,019						181,735						515,708						548,266
Industrial						86,119						79,516						260,469						230,754
Total net sales						$	607,071					$	658,880					$	1,828,850					$	1,900,646
Depreciation and amortization
Electronics						$	19,623					$	19,080					$	59,219					48,984
Transportation						10,193						11,331						32,547						32,703
Industrial						4,093						2,180						11,517						6,522
Total depreciation and amortization						$	33,909					$	32,591					$	103,283					$	88,209
Operating income
Electronics						$	77,022					$	113,140					$	247,028					$	339,675
Transportation						9,694						12,987						26,015						57,604
Industrial						13,201						12,178						45,450						39,968
Other (a)						(6,272)						(16,435)						(22,154)						(30,623)
Total operating income						93,645						121,870						296,339						406,624
Interest expense						10,101						8,399						29,803						17,069
Foreign exchange loss						11,776						18,191						8,697						40,051
Other (income) expense, net						(3,527)						(698)						(11,810)						9,789
Income before income taxes						$	75,295					$	95,978					$	269,649					$	339,715

 

(a) Included in “Other” Operating income for the third quarter of 2023 was $3.7 million ($8.5 million year-to-date) of restructuring charges, primarily related to employee termination costs, and $1.8 million ($9.0 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the third quarter of 2023, the Company recognized a $0.8 million impairment charge substantially related to certain patents in a business within the Industrial segment. In addition, during the second quarter of 2023, the Company recognized a $3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion.

---

Included in “Other” Operating income for the third quarter of 2022 was $6.8 million ($11.6 million year-to-date) of purchase accounting inventory step-up charges, $6.2 million ($14.8 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, and $3.4 million ($4.3 million year-to-date) of restructuring, impairment and other charges, primarily related to employee termination costs. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion.

The Company’s net sales by country were as follows: 

						Three Months Ended												Nine Months Ended
(in thousands)						September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Net sales
United States						$	217,904					$	244,907					$	635,892					$	689,888
China						138,393						165,091						415,430						492,195
Other countries (a)						250,774						248,882						777,528						718,563
Total net sales						$	607,071					$	658,880					$	1,828,850					$	1,900,646

 

 The Company’s long-lived assets by country were as follows:

 

(in thousands)						September 30, 2023						December 31, 2022
Long-lived assets
United States						$	73,902					$	76,325
China						131,438						129,094
Mexico						102,896						107,119
Germany						42,712						39,635
Philippines						74,004						77,240
Other countries						53,954						51,697
Total long-lived assets						$	478,906					$	481,110

 

The Company’s additions to long-lived assets by country were as follows:

						Nine Months Ended
(in thousands)						September 30, 2023						October 1, 2022
Additions to long-lived assets
United States						$	7,407					$	9,761
China						22,558						23,449
Mexico						11,339						21,169
Germany						6,534						3,246
Philippines						5,245						13,118
Other countries						8,138						4,269
Total additions to long-lived assets						$	61,221					$	75,012

(a)Each country included in other countries is less than 10% of net sales.

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v3.23.3

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	0-20388
Entity Registrant Name	LITTELFUSE INC /DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3795742
Entity Address, Address Line One	8755 West Higgins Road
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631
City Area Code	773
Local Phone Number	628-1000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	LFUS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,902,916
Entity Central Index Key	0000889331
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

v3.23.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 560,056	$ 562,588
Short-term investments	229	84
Trade receivables, less allowances of $88,440 and $83,562 at September 30, 2023 and December 31, 2022, respectively	327,500	306,578
Inventories	483,075	547,690
Prepaid income taxes and income taxes receivable	3,776	7,215
Prepaid expenses and other current assets	83,684	87,641
Total current assets	1,458,320	1,511,796
Net property, plant, and equipment	478,906	481,110
Intangible assets, net of amortization	612,366	593,970
Goodwill	1,284,343	1,186,922
Investments	23,371	24,121
Deferred income taxes	13,598	14,367
Right of use lease assets, net	51,755	57,382
Other long-term assets	80,267	34,066
Total assets	4,002,926	3,903,734
Current liabilities:
Accounts payable	166,725	208,571
Accrued liabilities	143,540	187,057
Accrued income taxes	35,762	41,793
Current portion of long-term debt	135,619	134,874
Total current liabilities	481,646	572,295
Long-term debt, less current portion	857,006	866,623
Deferred income taxes	106,656	100,230
Accrued post-retirement benefits	29,445	28,037
Non-current operating lease liabilities	39,818	45,661
Other long-term liabilities	83,496	79,510
Shareholders’ equity:
Common stock, par value $0.01 per share: 34,000,000 shares authorized; shares issued, September 30, 2023–26,613,883; December 31, 2022–26,445,618	262	261
Additional paid-in capital	1,007,033	974,097
Treasury stock, at cost: 1,711,033 and 1,685,357 shares, respectively	(259,191)	(252,866)
Accumulated other comprehensive loss	(99,526)	(95,764)
Retained earnings	1,755,936	1,585,466
Littelfuse, Inc. shareholders’ equity	2,404,514	2,211,194
Non-controlling interest	345	184
Total equity	2,404,859	2,211,378
Total liabilities and equity	$ 4,002,926	$ 3,903,734

v3.23.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for trade receivables	$ 88,440	$ 83,562
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	34,000,000	34,000,000
Common stock, issued (in shares)	26,613,883	26,445,618
Treasury stock (in shares)	1,711,033	1,685,357

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Statement [Abstract]
Net sales	$ 607,071	$ 658,880	$ 1,828,850	$ 1,900,646
Cost of sales	380,200	402,059	1,122,190	1,122,258
Gross profit	226,871	256,821	706,660	778,388
Selling, general, and administrative expenses	87,204	90,219	270,057	258,820
Research and development expenses	25,484	25,752	77,270	68,796
Amortization of intangibles	16,022	15,567	49,773	39,883
Restructuring, impairment, and other charges	4,516	3,413	13,221	4,265
Total operating expenses	133,226	134,951	410,321	371,764
Operating income	93,645	121,870	296,339	406,624
Interest expense	10,101	8,399	29,803	17,069
Foreign exchange loss	11,776	18,191	8,697	40,051
Other (income) expense, net	(3,527)	(698)	(11,810)	9,789
Income before income taxes	75,295	95,978	269,649	339,715
Income taxes	17,507	20,510	53,045	59,713
Net income	$ 57,788	$ 75,468	$ 216,604	$ 280,002
Earnings per share:
Basic (in dollars per share)	$ 2.32	$ 3.05	$ 8.72	$ 11.32
Diluted (in dollars per share)	$ 2.30	$ 3.02	$ 8.63	$ 11.21
Weighted-average shares and equivalent shares outstanding:
Basic (in shares)	24,893	24,755	24,838	24,726
Diluted (in shares)	25,143	24,988	25,100	24,986

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 57,788	$ 75,468	$ 216,604	$ 280,002
Other comprehensive (loss) income:
Pension and postemployment adjustment, net of tax	(3)	599	(156)	1,548
Cash flow hedge, net of tax	1,546	7,609	2,141	7,068
Foreign currency translation adjustments	(3,677)	(36,396)	(5,747)	(70,356)
Comprehensive income	$ 55,654	$ 47,280	$ 212,842	$ 218,262

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
OPERATING ACTIVITIES
Net income	$ 216,604	$ 280,002
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	53,510	48,326
Amortization of intangibles	49,773	39,883
Deferred revenue	1,769	(377)
Non-cash inventory charges	0	11,534
Impairment charges	4,742	90
Stock-based compensation	20,132	19,732
Loss on investments and other assets	922	13,740
Deferred income taxes	(689)	(4,320)
Other	7,829	55,334
Changes in operating assets and liabilities:
Trade receivables	(21,752)	(56,431)
Inventories	66,456	(83,803)
Accounts payable	(38,475)	(3,838)
Accrued liabilities and income taxes	(61,359)	(4,399)
Prepaid expenses and other assets	13,678	(2,034)
Net cash provided by operating activities	313,140	313,439
INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(198,810)	(532,772)
Purchases of property, plant, and equipment	(63,166)	(77,773)
Net proceeds from sale of property, plant and equipment, and other	597	565
Net cash used in investing activities	(261,379)	(609,980)
FINANCING ACTIVITIES
Proceeds of term loan	0	300,000
Proceeds of senior notes	0	100,000
Payments of senior notes payable	0	(25,000)
Repayments of other debts	(2,027)	(5,979)
Payments of term loan	(5,625)	(1,875)
Net proceeds related to stock-based award activities	6,481	(1,568)
Debt issuance costs	0	(2,600)
Cash dividends paid	(45,973)	(41,055)
Net cash (used in) provided by financing activities	(47,144)	321,923
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(7,965)	(31,963)
Decrease in cash, cash equivalents, and restricted cash	(3,348)	(6,581)
Cash, cash equivalents, and restricted cash at beginning of period	564,939	482,836
Cash, cash equivalents, and restricted cash at end of period	561,591	476,255
Supplementary Cash Flow Information
Cash and cash equivalents	560,056	474,003
Restricted cash included in prepaid expenses and other current assets	0	824
Restricted cash included in other long-term assets	1,535	1,428
Cash paid during the period for interest	33,177	16,888
Capital expenditures, not yet paid	$ 9,780	$ 9,111

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Addl. Paid in Capital	Treasury Stock	Accum. Other Comp. Inc. (Loss)	Retained Earnings	Non-controlling Interest
Balance at the beginning at Jan. 01, 2022	$ 1,893,520	$ 260	$ 946,588	$ (248,120)	$ (73,463)	$ 1,268,124	$ 131
Increase (Decrease) in Stockholders' Equity
Net income	117,518					117,518
Other comprehensive income (loss), net of tax	(2,203)				(2,203)
Stock-based compensation	3,886		3,886
Withheld shares on restricted share units for withholding taxes	(4)			(4)
Stock options exercised	1,021		1,021
Cash dividends paid	(13,086)					(13,086)
Balance at the end at Apr. 02, 2022	2,000,652	260	951,495	(248,124)	(75,666)	1,372,556	131
Balance at the beginning at Jan. 01, 2022	1,893,520	260	946,588	(248,120)	(73,463)	1,268,124	131
Increase (Decrease) in Stockholders' Equity
Net income	280,002
Other comprehensive income (loss), net of tax	(61,740)
Balance at the end at Oct. 01, 2022	2,088,891	261	969,459	(252,828)	(135,203)	1,507,035	167
Balance at the beginning at Apr. 02, 2022	2,000,652	260	951,495	(248,124)	(75,666)	1,372,556	131
Increase (Decrease) in Stockholders' Equity
Net income	87,016					87,016
Other comprehensive income (loss), net of tax	(31,349)				(31,349)
Stock-based compensation	11,382		11,382
Withheld shares on restricted share units for withholding taxes	(4,704)			(4,704)
Stock options exercised	2,061	1	2,060
Cash dividends paid	(13,115)					(13,115)
Balance at the end at Jul. 02, 2022	2,051,943	261	964,937	(252,828)	(107,015)	1,446,457	131
Increase (Decrease) in Stockholders' Equity
Net income	75,468					75,468
Other comprehensive income (loss), net of tax	(28,188)				(28,188)
Stock-based compensation	4,464		4,464
Non-controlling interest	0					(36)	36
Stock options exercised	58		58
Cash dividends paid	(14,854)					(14,854)
Balance at the end at Oct. 01, 2022	2,088,891	261	969,459	(252,828)	(135,203)	1,507,035	167
Balance at the beginning at Dec. 31, 2022	2,211,378	261	974,097	(252,866)	(95,764)	1,585,466	184
Increase (Decrease) in Stockholders' Equity
Net income	88,745					88,745
Other comprehensive income (loss), net of tax	13,283				13,283
Stock-based compensation	3,730		3,730
Non-controlling interest	0					(66)	66
Withheld shares on restricted share units for withholding taxes	(18)			(18)
Stock options exercised	5,238		5,238
Cash dividends paid	(14,880)					(14,880)
Balance at the end at Apr. 01, 2023	2,307,476	261	983,065	(252,884)	(82,481)	1,659,265	250
Balance at the beginning at Dec. 31, 2022	2,211,378	261	974,097	(252,866)	(95,764)	1,585,466	184
Increase (Decrease) in Stockholders' Equity
Net income	216,604
Other comprehensive income (loss), net of tax	(3,762)
Balance at the end at Sep. 30, 2023	2,404,859	262	1,007,033	(259,191)	(99,526)	1,755,936	345
Balance at the beginning at Apr. 01, 2023	2,307,476	261	983,065	(252,884)	(82,481)	1,659,265	250
Increase (Decrease) in Stockholders' Equity
Net income	70,071					70,071
Other comprehensive income (loss), net of tax	(14,911)				(14,911)
Stock-based compensation	12,545		12,545
Non-controlling interest	0					(45)	45
Withheld shares on restricted share units for withholding taxes	(5,999)			(5,999)
Stock options exercised	2,979		2,979
Cash dividends paid	(14,910)					(14,910)
Balance at the end at Jul. 01, 2023	2,357,251	261	998,589	(258,883)	(97,392)	1,714,381	295
Increase (Decrease) in Stockholders' Equity
Net income	57,788					57,788
Other comprehensive income (loss), net of tax	(2,134)				(2,134)
Stock-based compensation	3,857		3,857
Non-controlling interest	0					(50)	50
Withheld shares on restricted share units for withholding taxes	(308)			(308)
Stock options exercised	4,588	1	4,587
Cash dividends paid	(16,183)					(16,183)
Balance at the end at Sep. 30, 2023	$ 2,404,859	$ 262	$ 1,007,033	$ (259,191)	$ (99,526)	$ 1,755,936	$ 345

v3.23.3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends paid, per share (in dollars per share)	$ 0.65	$ 0.60	$ 0.60	$ 0.60	$ 0.53	$ 0.53

v3.23.3

Summary of Significant Accounting Policies and Other Information	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Other Information	Summary of Significant Accounting Policies and Other Information   Nature of Operations    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 17,000 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.  Basis of Presentation    The Company’s accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheets, statements of net income and comprehensive income, statements of cash flows, and statements of stockholders' equity prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results.   Revenue Recognition    Revenue Disaggregation   The following tables disaggregate the Company’s revenue by primary business units for the three and nine months ended September 30, 2023 and October 1, 2022:   Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 (in thousands) Electronics Segment Transportation Segment Industrial Segment   Total Electronics Segment Transportation Segment Industrial Segment   Total Electronics – Passive Products and Sensors $ 152,410  $ —  $ —  $ 152,410  $ 453,860  $ —  $ —  $ 453,860  Electronics – Semiconductor 191,523  —  —  191,523  598,813  —  —  598,813  Passenger Car Products —  72,524  —  72,524  —  200,104  —  200,104  Automotive Sensors —  23,205  —  23,205  —  66,839  —  66,839  Commercial Vehicle Products —  81,290  —  81,290  —  248,765  —  248,765  Industrial Products —  —  86,119  86,119  —  —  260,469  260,469  Total $ 343,933  $ 177,019  $ 86,119  $ 607,071  $ 1,052,673  $ 515,708  $ 260,469  $ 1,828,850    Three Months Ended October 1, 2022 Nine Months Ended October 1, 2022 (in thousands) Electronics Segment Transportation Segment Industrial Segment   Total Electronics Segment Transportation Segment Industrial Segment   Total Electronics – Passive Products and Sensors $ 188,916  $ —  $ —  $ 188,916  $ 521,172  $ —  $ —  $ 521,172  Electronics – Semiconductor 208,713  —  —  208,713  600,454  —  —  600,454  Passenger Car Products —  62,280  —  62,280  —  186,552  —  186,552  Automotive Sensors —  22,998  —  22,998  —  72,336  —  72,336  Commercial Vehicle Products —  96,457  —  96,457  —  289,378  —  289,378  Industrial Products —  —  79,516  79,516  230,754  230,754  Total $ 397,629  $ 181,735  $ 79,516  $ 658,880  $ 1,121,626  $ 548,266  $ 230,754  $ 1,900,646  See Note 15, Segment Information for net sales by segment and countries.   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 distribution channels are primarily through direct sales and independent third-party distributors.   The Company 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 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 distributor 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 historical 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 Littelfuse management, can return previously purchased goods for full or partial credit. The Company establishes an estimated allowance for these returns based on historical 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.   Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash at September 30, 2023 and December 31, 2022 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows. (in thousands) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 560,056  $ 562,588  Restricted cash included in prepaid expenses and other current assets —  802  Restricted cash included in other long-term assets 1,535  1,549  Total cash, cash equivalents, and restricted cash $ 561,591  $ 564,939  Recently Issued Accounting Standards In October 2023, the Financial Accounting Standards Board ("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 Condensed Consolidated Financial Statements. 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 on January 1, 2024. The Company does not expect any material effect on the Company's Condensed Consolidated Financial Statements.

v3.23.3

Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	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 business are included in the Company’s Condensed Consolidated Financial Statements from the date of the acquisition. Dortmund Fab On June 28, 2023, the Company entered into a definitive purchase agreement to acquire a 200mm wafer fab located in Dortmund, Germany (“Dortmund Fab”) from Elmos Semiconductor SE. The acquisition of the Dortmund Fab is expected to close in early fiscal year 2025. The total purchase price for the fab is approximately 93 million Euro, of which 37.2 million Euro down payment (approximately $40.5 million) recorded in Other long-term assets in the Condensed Consolidated Balance Sheets was paid in the third quarter after regulatory approvals and approximately 56 million Euro will be paid at closing. The transaction is not expected to have a material impact on the Company’s fiscal year 2023 or 2024 financial results and will be reported in the Electronics-Semiconductor business within the Company’s Electronics segment. 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 e-Mobility off-board 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, on a preliminary basis, to assets acquired and liabilities assumed, as of the completion of the acquisition, based on preliminary estimated fair values. The purchase price allocation is preliminary because the evaluations necessary to assess the fair values of the net assets acquired are still in process. The primary area not yet finalized relates to the completion of the valuation of certain acquired income tax assets and liabilities. As a result, these allocations are subject to change during the purchase price allocation period as the valuations are finalized. The following table summarizes the preliminary 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 3,389  Inventories 3,678  Other current assets 718  Property, plant, and equipment 1,328  Intangible assets 68,000  Goodwill 94,823  Other non-current assets 573  Current liabilities (5,251) Other non-current 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. Included in the Company’s Condensed Consolidated Statements of Net Income for the three and nine months ended September 30, 2023 are net sales of $2.7 million and $10.2 million respectively, and a loss before income taxes of $1.0 million and $0.8 million, respectively, since the February 3, 2023 acquisition of Western Automation. During the nine months ended September 30, 2023, the Company incurred approximately $1.2 million of legal and professional fees related to the Western Automation acquisition recognized as Selling, general, and administrative expenses. These costs were reflected as other non-segment costs. C&K Switches On July 19, 2022, the Company completed the previously announced acquisition of 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 the 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 final 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  Other non-current assets 14,797  Current liabilities (47,687) Long-term debt (9,626) Other non-current 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. During the nine months ended September 30, 2023, the Company recorded measurement period adjustments to increase other non-current liabilities of $4.2 million associated with uncertain tax positions, income taxes payable of $0.2 million, and reduce accrued liabilities of $0.3 million and deferred tax liabilities of $0.2 million. As a result of these adjustments, goodwill was increased by $3.9 million.   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 based on the preliminary valuation. 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. 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 electrification 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. 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, and Carling business acquired on November 30, 2021 as though the acquisition had occurred as of December 29, 2019. The Company has not included pro forma results of operations for Embed as its operations were not material to the Company. 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 the C&K acquisition occurred as of December 27, 2020 and had Carling acquisition occurred as of December 29, 2019 or of future consolidated operating results.     For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales $ 607,071  $ 669,956  $ 1,830,736  $ 1,376,586  Income before income taxes 75,071  107,585  271,165  271,474  Net income 57,591  83,713  217,930  222,514  Net income per share — basic 2.31  3.38  8.77  12.38  Net income per share — diluted 2.29  3.35  8.68  12.26  Pro forma results presented above primarily reflect the following adjustments:     For the Three Months Ended For the Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Amortization (a) $ —  $ (1,512) $ (479) $ (8,951) Depreciation —  451  —  1,979  Transaction costs (b) (224) 3,772  1,203  8,015  Amortization of inventory step-up (c) —  6,765  —  11,534  Interest expense (d) —  497  —  815  Income tax benefit (expense) of above items 28  (2,644) (91) (3,893) (a) The amortization adjustment for the nine months ended September 30, 2023 and three and nine months ended October 1, 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 three and nine months ended September 30, 2023 and three and nine months ended October 1, 2022, and recognition of those fees during the three and nine months ended September 30, 2023. (c) The amortization of inventory step-up adjustment reflects the reversal of the amount recognized related to the Carling acquisition during the three months ended April 2, 2022. The inventory step-up was amortized over four months as the inventory was sold. (d) The interest expense adjustment reflects incremental interest expense related to the financing of the C&K acquisition.

v3.23.3

Inventories	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories   The components of inventories at September 30, 2023 and December 31, 2022 are as follows:   (in thousands) September 30, 2023 December 31, 2022 Raw materials $ 214,588  $ 231,043  Work in process 134,657  134,792  Finished goods 192,365  226,215  Inventory reserves (58,535) (44,360) Total $ 483,075  $ 547,690

v3.23.3

Property, Plant, and Equipment	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, Plant, and Equipment   The components of net property, plant, and equipment at September 30, 2023 and December 31, 2022 are as follows:   (in thousands) September 30, 2023 December 31, 2022 Land and land improvements $ 21,579  $ 22,089  Building and building improvements 194,322  191,733  Machinery and equipment 846,065  812,540  Accumulated depreciation (583,060) (545,252) Total $ 478,906  $ 481,110  The Company recorded depreciation expense of $17.9 million and $17.0 million for the three months ended September 30, 2023 and October 1, 2022, respectively, and $53.5 million and $48.3 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

v3.23.3

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets   Changes in the carrying value of goodwill by segment for the nine months ended September 30, 2023 are as follows:   (in thousands) Electronics Transportation Industrial Total Net book value of goodwill as of December 31, 2022 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) Total 909,167  201,392  76,363  1,186,922  Changes during 2023: Additions (a) 3,879  —  94,823  98,702  Currency translation 676  (1,616) (341) (1,281) Net book value of goodwill as of September 30, 2023 Gross goodwill as of September 30, 2023 913,722  232,668  179,401  1,325,791  Accumulated impairment losses as of September 30, 2023 —  (32,892) $ (8,556) (41,448) Total $ 913,722  $ 199,776  $ 170,845  $ 1,284,343  (a) The additions resulted from the acquisitions of Western Automation and measurement period adjustment related to the C&K acquisition. The components of other intangible assets as of September 30, 2023 and December 31, 2022 are as follows: As of September 30, 2023 (in thousands) Gross Carrying Value   Accumulated Amortization   Net Book Value Land use rights $ 17,133  $ 2,579  $ 14,554  Patents, licenses, and software 269,219  154,983  114,236  Distribution network 42,888  42,888  —  Customer relationships, trademarks, and tradenames 679,246  195,670  483,576  Total $ 1,008,486  $ 396,120  $ 612,366      December 31, 2022 (in thousands) Gross Carrying Value   Accumulated Amortization   Net Book Value Land use rights $ 17,938  $ 2,299  $ 15,639  Patents, licenses, and software 259,603  140,208  119,395  Distribution network 41,733  40,955  778  Customer relationships, trademarks, and tradenames 623,721  165,563  458,158  Total $ 942,995  $ 349,025  $ 593,970  During the three months ended September 30, 2023 and October 1, 2022, the Company recorded amortization expense of $16.0 million and $15.6 million, respectively. During the nine months ended September 30, 2023 and October 1, 2022, the Company recorded amortization expense of $49.8 million and $39.9 million, respectively. During the nine months ended September 30, 2023, the Company recorded additions to intangible assets of $68.0 million, related to the Western Automation acquisition, the components of which were as follows: (in thousands) Weighted Average Useful Life Amount Patents, licenses, and software 6.7 $ 11,500  Customer relationships, trademarks, and tradenames 14.7 56,500  Total $ 68,000  Estimated annual amortization expense related to intangible assets with definite lives as of September 30, 2023 is as follows:   (in thousands) Amount 2023 $ 65,693  2024 62,578  2025 62,258  2026 51,475  2027 49,470  2028 and thereafter 370,665  Total $ 662,139

v3.23.3

Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities   The components of accrued liabilities as of September 30, 2023 and December 31, 2022 are as follows:   (in thousands) September 30, 2023 December 31, 2022 Employee-related liabilities $ 68,367  $ 99,089  Current lease liability 11,839  12,841  Other non-income taxes 8,639  10,594  Professional services 6,159  7,160  Other customer reserves 4,804  5,064  Interest 3,687  4,449  Deferred revenue 2,126  2,593  Restructuring liability 2,075  2,434  Current benefit liability 1,318  1,318  Other 34,526  41,515  Total $ 143,540  $ 187,057  Employee-related liabilities consist primarily of payroll, sales commissions, bonus, employee benefit accruals and workers’ compensation. Bonus accruals include amounts earned pursuant to the Company’s primary employee incentive compensation plans. Other accrued liabilities include miscellaneous operating accruals and other client-related liabilities.

v3.23.3

Restructuring, Impairment, and Other Charges	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring, Impairment, and Other Charges	Restructuring, Impairment, and Other Charges The Company recorded restructuring, impairment, and other charges for the three and nine months ended September 30, 2023 and October 1, 2022 as follows: Three months ended September 30, 2023 Nine months ended September 30, 2023 (in thousands) Electronics Transportation Industrial Total Electronics Transportation Industrial Total Employee terminations $ 1,174  $ 1,665  $ 293  $ 3,132  $ 2,833  $ 2,598  $ 887  $ 6,318  Other restructuring charges 64  138  364  566  321  822  1,018  2,161  Total restructuring charges 1,238  1,803  657  3,698  3,154  3,420  1,905  8,479  Impairment —  —  818  818  —  3,870  872  4,742     Total $ 1,238  $ 1,803  $ 1,475  $ 4,516  $ 3,154  $ 7,290  $ 2,777  $ 13,221   Three months ended October 1, 2022 Nine months ended October 1, 2022 (in thousands) Electronics Transportation Industrial Total Electronics Transportation Industrial Total Employee terminations $ 1,401  $ 1,574  $ —  $ 2,975  $ 1,807  $ 1,997  $ —  $ 3,804  Other restructuring charges 73  365  —  438  76  385  —  461     Total $ 1,474  $ 1,939  $ —  $ 3,413  $ 1,883  $ 2,382  $ —  $ 4,265  2023 For the three and nine months ended September 30, 2023, the Company recorded total restructuring charges of $3.7 million and $8.5 million, respectively, 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, and the reorganization of certain selling and administrative functions within the Electronics segment due to the C&K acquisition. During the third quarter of 2023, the Company recognized a $0.8 million impairment charge substantially related to certain patents in a business within the Industrial segment. In addition, during the second quarter of 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. 2022 For the three and nine months ended October 1, 2022, the Company recorded total restructuring charges of $3.4 million and $4.3 million, respectively. primarily for employee termination costs. These charges are primarily related to the reorganization of certain manufacturing, selling and administrative functions within the passenger vehicle and automotive sensor businesses in the Transportation segment and the reorganization of selling and administrative functions due to the C&K acquisition within the Electronics segment. The restructuring liability as of September 30, 2023 and December 31, 2022 is $2.1 million and $2.4 million, respectively. The restructuring liability is included within accrued liabilities in the Condensed Consolidated Balance Sheets. The Company anticipates the remaining payments associated with employee terminations will primarily be completed in the third quarter fiscal year 2024.

v3.23.3

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt   The carrying amounts of debt at September 30, 2023 and December 31, 2022 are as follows:   (in thousands) September 30, 2023 December 31, 2022 Revolving Credit Facility $ 100,000  $ 100,000  Term Loan 290,625  296,250  Euro Senior Notes, Series A due 2023 123,605  124,716  Euro Senior Notes, Series B due 2028 100,363  101,265  U.S. Senior Notes, Series B due 2027 100,000  100,000  U.S. Senior Notes, Series A due 2025 50,000  50,000  U.S. Senior Notes, Series B due 2030 125,000  125,000  U.S. Senior Notes, due 2032 100,000  100,000  Other 7,056  9,113  Unamortized debt issuance costs (4,024) (4,847) Total debt 992,625  1,001,497  Less: Current maturities (135,619) (134,874) Total long-term debt $ 857,006  $ 866,623    Revolving Credit Facility and Term Loan On June 30, 2022, the Company amended and restated its Credit Agreement, dated as of April 3, 2020 (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 —% 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 three and nine months ended September 30, 2023, the Company made payments of $1.9 million and $5.6 million on its term loan, respectively. The revolving loan and term loan balance under the Credit Facility was $100.0 million and $290.6 million, respectively, as of September 30, 2023. 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 September 30, 2023, the effective interest rate on revolving loan and term loan outstanding borrowings was 6.67%. As of September 30, 2023, the Company had $0.2 million outstanding letters of credit under the Credit Facility and had $599.8 million of borrowing capacity available under the revolving Credit Facility. As of September 30, 2023, 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”). Interest on the Euro Senior Notes 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”) were funded. During the first quarter of 2022, the Company paid off $25 million of U.S. Senior Notes, Series A due on February 15, 2022. Interest on the U.S. Senior Notes 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 semiannually 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 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. At September 30, 2023, 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. Interest paid on all Company debt was $11.9 million and $8.5 million for the three months ended September 30, 2023 and October 1, 2022, respectively, and $33.2 million and $16.9 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

v3.23.3

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	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, and   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 period. 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 and recorded in Investments and Other long-term assets. Derivatives Designated as Hedging Instruments 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 until the underlying transactions are recognized in earnings. 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 market observable 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 €117.0 million and expires on December 7, 2023. The foreign currency contract was not designated as a hedge instrument and is marked to market on a monthly basis. As a result, changes in fair value are reported in Foreign exchange loss in the Condensed Consolidated Statements of Operations. The fair value of the foreign currency forward contract was valued using market exchange rates by a third party and classified as a Level 2 input under the fair value hierarchy. As of September 30, 2023 and December 31, 2022, the fair values of our derivative financial instrument and their classifications on the Condensed Consolidated Balance Sheets were as follows: (in thousands) Consolidated Balance Sheet Classification September 30, 2023 December 31, 2022 Derivatives Designated as Hedging Instruments Interest rate swap agreement: Designated as cash flow hedge Prepaid expenses and other current assets $ 4,963  $ 3,939  Other long-term assets $ 6,533  $ 4,740  Derivatives Not Designated as Hedging Instruments Foreign exchange forward contract Prepaid expenses and other current assets $ 2,862  $ 6,186  The pre-tax (gains) losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows: Three Months Ended Nine Months Ended (in thousands) Classification of (Gain) Loss Recognized in the Condensed Consolidated Statements of Operations September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Derivatives designated as cash flow hedges Interest rate swap agreement Interest expense, net $ (1,252) $ 314  $ (3,246) $ 335  Derivatives Not Designated as Hedging Instruments Foreign exchange forward contract Foreign exchange loss $ 4,310  $ 3,209  $ 3,226  $ 3,209  The pre-tax gains recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and October 1, 2022 was as follows:   Three Months Ended Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Derivatives designated as cash flow hedges Interest rate swap agreement $ (2,034) $ (10,012) $ (2,817) $ (9,300) The pre-tax gain of $5.0 million from accumulated other comprehensive loss to earnings is expected to be recognized during the next twelve months. Mutual Funds   The Company has a non-qualified Supplemental Retirement and Savings Plan which provides additional retirement benefits for certain management employees and named executive officers by allowing participants to defer a portion of their annual compensation. The Company maintains accounts for participants through which participants make investment elections. The marketable securities are classified as Level 1 under the fair value hierarchy as they are maintained in mutual funds with readily determinable fair value and recorded in Other long-term assets.   There were no changes during the quarter ended September 30, 2023 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of September 30, 2023 and December 31, 2022, the Company did not hold any 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 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 $ 427,671  $ —  $ —  $ 427,671  Investments in equity securities 9,703  —  —  9,703  Mutual funds 18,192  —  —  18,192     Total $ 455,566  $ —  $ —  $ 455,566  The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 31, 2022:    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 $ 304,101  $ —  $ —  $ 304,101  Investments in equity securities 10,653  —  —  10,653  Mutual funds 14,094  —  —  14,094     Total $ 328,848  $ —  $ —  $ 328,848  In addition to the methods and assumptions used for the financial instruments recorded at fair value as discussed above, the following methods and assumptions are used to estimate the fair value of other financial instruments that are not marked to market on a recurring basis. The Company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable and its long-term debt. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, short-term investments and accounts receivable approximate their fair values. The Company’s revolving and term loan debt facilities' fair values approximate book value at September 30, 2023 and December 31, 2022, 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 A and Series B and USD Senior Notes, Series A and Series B, as of September 30, 2023 and December 31, 2022 were as follows:     September 30, 2023 December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Euro Senior Notes, Series A due 2023 $ 123,605  $ 122,830  $ 124,716  $ 122,270  Euro Senior Notes, Series B due 2028 100,363  87,722  101,265  87,119  USD Senior Notes, Series B due 2027 100,000  92,866  100,000  93,764  USD Senior Notes, Series A due 2025 50,000  48,338  50,000  48,145  USD Senior Notes, Series B due 2030 125,000  109,188  125,000  112,028  USD Senior Notes, due 2032 100,000  86,977  100,000  90,131

v3.23.3

Benefit Plans	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Benefit Plans	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.   The Company recognizes interest cost, expected return on plan assets, and amortization of prior service, net within Other (income) expense, net in the Condensed Consolidated Statements of Net Income. The components of net periodic benefit cost for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows:      For the Three Months Ended For the Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Components of net periodic benefit cost:         Service cost $ 700  $ 725  $ 2,087  $ 2,243  Interest cost 961  607  2,850  1,879  Expected return on plan assets (470) (361) (1,409) (1,144) Amortization of prior service and net actuarial loss 12  92  34  289  Net periodic benefit cost $ 1,203  $ 1,063  $ 3,562  $ 3,267  The Company expects to make approximately $2.0 million of contributions to the plans and pay $1.9 million of benefits directly in 2023. The Company also sponsors certain post-employment plans in foreign countries and other statutory benefit plans. The Company recorded expense of $0.4 million and $0.5 million for the three months ended September 30, 2023 and October 1, 2022, respectively, and $1.1 million and $1.5 million for the nine months ended September 30, 2023 and October 1, 2022, respectively, in Cost of Sales and Other (income) expense, net within the Condensed Consolidated Statements of Net Income. The pre-tax (gains) losses amount recognized in other comprehensive (loss) income as components of net periodic benefit costs for these plans were nominal and $0.1 million for the three months ended September 30, 2023 and October 1, 2022, respectively, and $(0.1) million and $0.3 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

v3.23.3

Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income Changes in other comprehensive (loss) income by component were as follows: (in thousands) Three Months Ended September 30, 2023 Three Months Ended October 1, 2022 Pre-tax Tax Net of Tax Pre-tax Tax Net of Tax Defined benefit pension plan and other adjustments $ (3) $ —  $ (3) $ 673  $ (74) $ 599  Cash flow hedge 2,034  (488) 1,546  10,012  (2,403) 7,609  Foreign currency translation adjustments (a) (4,301) 624  (3,677) (37,289) 893  (36,396) Total change in other comprehensive (loss) income $ (2,270) $ 136  $ (2,134) $ (26,604) $ (1,584) $ (28,188) (in thousands) Nine Months Ended September 30, 2023 Nine Months Ended October 1, 2022 Pre-tax Tax Net of Tax Pre-tax Tax Net of Tax Defined benefit pension plan and other adjustments $ (125) $ (31) $ (156) $ 1,718  $ (170) $ 1,548  Cash flow hedge 2,817  (676) 2,141  9,300  (2,232) 7,068  Foreign currency translation adjustments (a) (6,098) 351  (5,747) (72,671) 2,315  (70,356) Total change in other comprehensive loss $ (3,406) $ (356) $ (3,762) $ (61,653) $ (87) $ (61,740) (a) 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. The following tables set forth the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2023 and October 1, 2022:   (in thousands) Defined benefit pension plan and other adjustments Cash flow hedge Foreign currency translation adjustment Accumulated other comprehensive loss Balance at December 31, 2022 $ (2,193) $ 6,596  $ (100,167) $ (95,764) Activity in the period (156) 2,141  (5,747) (3,762) Balance at September 30, 2023 $ (2,349) $ 8,737  $ (105,914) $ (99,526) (in thousands) Defined benefit pension plan and other adjustments Cash flow hedge Foreign currency translation adjustment Accumulated other comprehensive loss Balance at January 1, 2022 $ (11,928) $ —  $ (61,535) $ (73,463) Activity in the period 1,548  7,068  (70,356) (61,740) Balance at October 1, 2022 $ (10,380) $ 7,068  $ (131,891) $ (135,203) Amounts reclassified from accumulated other comprehensive loss to earnings for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows:   Three Months Ended Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Pension and Postemployment plans: Amortization of prior service and net actuarial (gain) loss $ (11) $ 193  $ (33) $ 588  The Company recognizes the amortization of prior service costs in Other (income) expense, net within the Condensed Consolidated Statements of Net Income.

v3.23.3

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three and nine months ended September 30, 2023 was 23.3% and 19.7%, respectively, compared to the effective tax rate for the three and nine months ended October 1, 2022 of 21.4% and 17.6%, respectively. The effective tax rate for the third quarter of 2023 is higher than the effective tax rate for the comparable 2022 period, primarily due to less income earned in lower tax jurisdictions in the 2023 period, as compared to the 2022 period. The effective tax rates for both periods are higher than the statutory tax rate due to the impact of foreign exchange losses with no related tax benefit. The effective tax rate for the first nine months of 2023 is higher than the effective tax rate for the comparable 2022 period, primarily due to the impact of a one-time deduction in the first quarter of 2022 that resulted in a net benefit of $7.2 million from the dissolution of one of the Company’s affiliates. The effective tax rates for both periods were lower than the applicable U.S. statutory tax rate primarily due to income earned in lower tax jurisdictions, while for the 2022 period, the effective tax rate was also lower due to the impact of the one-time deduction previously noted.

v3.23.3

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share   The following table sets forth the computation of basic and diluted earnings per share:    Three Months Ended Nine Months Ended (in thousands, except per share amounts) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Numerator: Net income as reported $ 57,788  $ 75,468  $ 216,604  $ 280,002  Denominator: Weighted average shares outstanding Basic 24,893  24,755  24,838  24,726  Effect of dilutive securities 250  233  262  260  Diluted 25,143  24,988  25,100  24,986  Earnings Per Share: Basic earnings per share $ 2.32  $ 3.05  $ 8.72  $ 11.32  Diluted earnings per share $ 2.30  $ 3.02  $ 8.63  $ 11.21    Potential shares of common stock relating to stock options and restricted share units excluded from the earnings per share calculation because their effect would be anti-dilutive were 80,828 and 92,052 for the three months ended September 30, 2023 and October 1, 2022, respectively, and 106,156 and 84,027 for the nine months ended September 30, 2023 and October 1, 2022, respectively. Share Repurchase Program On April 28, 2021, the Company announced that the 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 common stock for the period May 1, 2021 to April 30, 2024 to replace its previous 2020 program. The Company did not repurchase shares of its common stock for the three and nine months ended September 30, 2023, and October 1, 2022.

v3.23.3

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions   The Company has equity ownership 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 19% 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 Board of Directors serves on the Board of Directors of ATEC.   Three Months Ended September 30, 2023 Three Months Ended October 1, 2022 (in millions) Powersem EB-Tech ATEC Powersem EB Tech ATEC Sales to related party $ 0.5  $ —  $ —  $ —  $ —  $ —  Purchase material/service from related party 1.2  0.1  2.0  —  0.1  2.9  Nine Months Ended September 30, 2023 Nine Months Ended October 1, 2022 (in millions) Powersem EB-Tech ATEC Powersem EB Tech ATEC Sales to related party $ 1.7  $ —  $ —  $ —  $ —  $ —  Purchase material/service from related party 3.3  0.3  7.6  0.3  0.3  8.8    September 30, 2023 December 31, 2022 (in millions) Powersem EB Tech ATEC Powersem EB Tech ATEC Accounts payable balance $ 0.8  $ —  $ 1.6  $ —  $ —  $ 1.8

v3.23.3

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	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 reports its operations by the following 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. Sales, marketing, and research and development expenses are charged directly into each operating segment. Purchasing, logistics, customer service, finance, information technology, and human resources are shared functions that are allocated back to the three 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. Although the CODM 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. •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 vehicle, 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 engine, 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), industrial controls (protection relays, contactors, transformers, residual current devices, ground fault circuit interrupters, residual current monitors, and arc fault 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.   Segment information is summarized as follows:    Three Months Ended Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales         Electronics $ 343,933  $ 397,629  $ 1,052,673  $ 1,121,626  Transportation 177,019  181,735  515,708  548,266  Industrial 86,119  79,516  260,469  230,754  Total net sales $ 607,071  $ 658,880  $ 1,828,850  $ 1,900,646  Depreciation and amortization Electronics $ 19,623  $ 19,080  $ 59,219  48,984  Transportation 10,193  11,331  32,547  32,703  Industrial 4,093  2,180  11,517  6,522  Total depreciation and amortization $ 33,909  $ 32,591  $ 103,283  $ 88,209  Operating income Electronics $ 77,022  $ 113,140  $ 247,028  $ 339,675  Transportation 9,694  12,987  26,015  57,604  Industrial 13,201  12,178  45,450  39,968  Other (a) (6,272) (16,435) (22,154) (30,623) Total operating income 93,645  121,870  296,339  406,624  Interest expense 10,101  8,399  29,803  17,069  Foreign exchange loss 11,776  18,191  8,697  40,051  Other (income) expense, net (3,527) (698) (11,810) 9,789  Income before income taxes $ 75,295  $ 95,978  $ 269,649  $ 339,715    (a) Included in “Other” Operating income for the third quarter of 2023 was $3.7 million ($8.5 million year-to-date) of restructuring charges, primarily related to employee termination costs, and $1.8 million ($9.0 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the third quarter of 2023, the Company recognized a $0.8 million impairment charge substantially related to certain patents in a business within the Industrial segment. In addition, during the second quarter of 2023, the Company recognized a $3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. Included in “Other” Operating income for the third quarter of 2022 was $6.8 million ($11.6 million year-to-date) of purchase accounting inventory step-up charges, $6.2 million ($14.8 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, and $3.4 million ($4.3 million year-to-date) of restructuring, impairment and other charges, primarily related to employee termination costs. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. The Company’s net sales by country were as follows:    Three Months Ended Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales United States $ 217,904  $ 244,907  $ 635,892  $ 689,888  China 138,393  165,091  415,430  492,195  Other countries (a) 250,774  248,882  777,528  718,563  Total net sales $ 607,071  $ 658,880  $ 1,828,850  $ 1,900,646     The Company’s long-lived assets by country were as follows:   (in thousands) September 30, 2023 December 31, 2022 Long-lived assets United States $ 73,902  $ 76,325  China 131,438  129,094  Mexico 102,896  107,119  Germany 42,712  39,635  Philippines 74,004  77,240  Other countries 53,954  51,697  Total long-lived assets $ 478,906  $ 481,110    The Company’s additions to long-lived assets by country were as follows:   Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 Additions to long-lived assets United States $ 7,407  $ 9,761  China 22,558  23,449  Mexico 11,339  21,169  Germany 6,534  3,246  Philippines 5,245  13,118  Other countries 8,138  4,269  Total additions to long-lived assets $ 61,221  $ 75,012  (a)Each country included in other countries is less than 10% of net sales.

v3.23.3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Pay vs Performance Disclosure
Net income	$ 57,788	$ 70,071	$ 88,745	$ 75,468	$ 87,016	$ 117,518	$ 216,604	$ 280,002

v3.23.3

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.23.3

Summary of Significant Accounting Policies and Other Information (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation    The Company’s accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheets, statements of net income and comprehensive income, statements of cash flows, and statements of stockholders' equity prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. They have been prepared in accordance with accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which should be read in conjunction with the disclosures therein. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for interim periods are not necessarily indicative of annual operating results.
Revenue Recognition	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 distribution channels are primarily through direct sales and independent third-party distributors.   The Company 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 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 distributor 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 historical 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 Littelfuse management, can return previously purchased goods for full or partial credit. The Company establishes an estimated allowance for these returns based on historical 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.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In October 2023, the Financial Accounting Standards Board ("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 Condensed Consolidated Financial Statements. 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 on January 1, 2024. The Company does not expect any material effect on the Company's Condensed Consolidated Financial Statements.

v3.23.3

Summary of Significant Accounting Policies and Other Information (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Revenue Disaggregation	The following tables disaggregate the Company’s revenue by primary business units for the three and nine months ended September 30, 2023 and October 1, 2022:   Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 (in thousands) Electronics Segment Transportation Segment Industrial Segment   Total Electronics Segment Transportation Segment Industrial Segment   Total Electronics – Passive Products and Sensors $ 152,410  $ —  $ —  $ 152,410  $ 453,860  $ —  $ —  $ 453,860  Electronics – Semiconductor 191,523  —  —  191,523  598,813  —  —  598,813  Passenger Car Products —  72,524  —  72,524  —  200,104  —  200,104  Automotive Sensors —  23,205  —  23,205  —  66,839  —  66,839  Commercial Vehicle Products —  81,290  —  81,290  —  248,765  —  248,765  Industrial Products —  —  86,119  86,119  —  —  260,469  260,469  Total $ 343,933  $ 177,019  $ 86,119  $ 607,071  $ 1,052,673  $ 515,708  $ 260,469  $ 1,828,850    Three Months Ended October 1, 2022 Nine Months Ended October 1, 2022 (in thousands) Electronics Segment Transportation Segment Industrial Segment   Total Electronics Segment Transportation Segment Industrial Segment   Total Electronics – Passive Products and Sensors $ 188,916  $ —  $ —  $ 188,916  $ 521,172  $ —  $ —  $ 521,172  Electronics – Semiconductor 208,713  —  —  208,713  600,454  —  —  600,454  Passenger Car Products —  62,280  —  62,280  —  186,552  —  186,552  Automotive Sensors —  22,998  —  22,998  —  72,336  —  72,336  Commercial Vehicle Products —  96,457  —  96,457  —  289,378  —  289,378  Industrial Products —  —  79,516  79,516  230,754  230,754  Total $ 397,629  $ 181,735  $ 79,516  $ 658,880  $ 1,121,626  $ 548,266  $ 230,754  $ 1,900,646
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash at September 30, 2023 and December 31, 2022 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows. (in thousands) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 560,056  $ 562,588  Restricted cash included in prepaid expenses and other current assets —  802  Restricted cash included in other long-term assets 1,535  1,549  Total cash, cash equivalents, and restricted cash $ 561,591  $ 564,939
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash at September 30, 2023 and December 31, 2022 reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows. (in thousands) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 560,056  $ 562,588  Restricted cash included in prepaid expenses and other current assets —  802  Restricted cash included in other long-term assets 1,535  1,549  Total cash, cash equivalents, and restricted cash $ 561,591  $ 564,939

v3.23.3

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary 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 3,389  Inventories 3,678  Other current assets 718  Property, plant, and equipment 1,328  Intangible assets 68,000  Goodwill 94,823  Other non-current assets 573  Current liabilities (5,251) Other non-current liabilities (8,998)   $ 158,260  The following table summarizes the final 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  Other non-current assets 14,797  Current liabilities (47,687) Long-term debt (9,626) Other non-current liabilities (62,952)   $ 523,014
Schedule of Business Acquisition, Pro Forma Information	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, and Carling business acquired on November 30, 2021 as though the acquisition had occurred as of December 29, 2019. The Company has not included pro forma results of operations for Embed as its operations were not material to the Company. 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 the C&K acquisition occurred as of December 27, 2020 and had Carling acquisition occurred as of December 29, 2019 or of future consolidated operating results.     For the Three Months Ended For the Nine Months Ended (in thousands, except per share amounts) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales $ 607,071  $ 669,956  $ 1,830,736  $ 1,376,586  Income before income taxes 75,071  107,585  271,165  271,474  Net income 57,591  83,713  217,930  222,514  Net income per share — basic 2.31  3.38  8.77  12.38  Net income per share — diluted 2.29  3.35  8.68  12.26
Schedule of Business Acquisition, Pro Forma Information, Non-recurring Adjustments	Pro forma results presented above primarily reflect the following adjustments:     For the Three Months Ended For the Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Amortization (a) $ —  $ (1,512) $ (479) $ (8,951) Depreciation —  451  —  1,979  Transaction costs (b) (224) 3,772  1,203  8,015  Amortization of inventory step-up (c) —  6,765  —  11,534  Interest expense (d) —  497  —  815  Income tax benefit (expense) of above items 28  (2,644) (91) (3,893) (a) The amortization adjustment for the nine months ended September 30, 2023 and three and nine months ended October 1, 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 three and nine months ended September 30, 2023 and three and nine months ended October 1, 2022, and recognition of those fees during the three and nine months ended September 30, 2023. (c) The amortization of inventory step-up adjustment reflects the reversal of the amount recognized related to the Carling acquisition during the three months ended April 2, 2022. The inventory step-up was amortized over four months as the inventory was sold. (d) The interest expense adjustment reflects incremental interest expense related to the financing of the C&K acquisition.

v3.23.3

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	The components of inventories at September 30, 2023 and December 31, 2022 are as follows:   (in thousands) September 30, 2023 December 31, 2022 Raw materials $ 214,588  $ 231,043  Work in process 134,657  134,792  Finished goods 192,365  226,215  Inventory reserves (58,535) (44,360) Total $ 483,075  $ 547,690

v3.23.3

Property, Plant, and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Components of Net Property, Plant, and Equipment	The components of net property, plant, and equipment at September 30, 2023 and December 31, 2022 are as follows:   (in thousands) September 30, 2023 December 31, 2022 Land and land improvements $ 21,579  $ 22,089  Building and building improvements 194,322  191,733  Machinery and equipment 846,065  812,540  Accumulated depreciation (583,060) (545,252) Total $ 478,906  $ 481,110

v3.23.3

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying value of goodwill by segment for the nine months ended September 30, 2023 are as follows:   (in thousands) Electronics Transportation Industrial Total Net book value of goodwill as of December 31, 2022 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) Total 909,167  201,392  76,363  1,186,922  Changes during 2023: Additions (a) 3,879  —  94,823  98,702  Currency translation 676  (1,616) (341) (1,281) Net book value of goodwill as of September 30, 2023 Gross goodwill as of September 30, 2023 913,722  232,668  179,401  1,325,791  Accumulated impairment losses as of September 30, 2023 —  (32,892) $ (8,556) (41,448) Total $ 913,722  $ 199,776  $ 170,845  $ 1,284,343  (a) The additions resulted from the acquisitions of Western Automation and measurement period adjustment related to the C&K acquisition.
Schedule of Finite-Lived Intangible Assets	The components of other intangible assets as of September 30, 2023 and December 31, 2022 are as follows: As of September 30, 2023 (in thousands) Gross Carrying Value   Accumulated Amortization   Net Book Value Land use rights $ 17,133  $ 2,579  $ 14,554  Patents, licenses, and software 269,219  154,983  114,236  Distribution network 42,888  42,888  —  Customer relationships, trademarks, and tradenames 679,246  195,670  483,576  Total $ 1,008,486  $ 396,120  $ 612,366      December 31, 2022 (in thousands) Gross Carrying Value   Accumulated Amortization   Net Book Value Land use rights $ 17,938  $ 2,299  $ 15,639  Patents, licenses, and software 259,603  140,208  119,395  Distribution network 41,733  40,955  778  Customer relationships, trademarks, and tradenames 623,721  165,563  458,158  Total $ 942,995  $ 349,025  $ 593,970
Schedule of Finite-Lived Intangible Assets Acquired	During the nine months ended September 30, 2023, the Company recorded additions to intangible assets of $68.0 million, related to the Western Automation acquisition, the components of which were as follows: (in thousands) Weighted Average Useful Life Amount Patents, licenses, and software 6.7 $ 11,500  Customer relationships, trademarks, and tradenames 14.7 56,500  Total $ 68,000
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated annual amortization expense related to intangible assets with definite lives as of September 30, 2023 is as follows:   (in thousands) Amount 2023 $ 65,693  2024 62,578  2025 62,258  2026 51,475  2027 49,470  2028 and thereafter 370,665  Total $ 662,139

v3.23.3

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Components of Accrued Liabilities	The components of accrued liabilities as of September 30, 2023 and December 31, 2022 are as follows:   (in thousands) September 30, 2023 December 31, 2022 Employee-related liabilities $ 68,367  $ 99,089  Current lease liability 11,839  12,841  Other non-income taxes 8,639  10,594  Professional services 6,159  7,160  Other customer reserves 4,804  5,064  Interest 3,687  4,449  Deferred revenue 2,126  2,593  Restructuring liability 2,075  2,434  Current benefit liability 1,318  1,318  Other 34,526  41,515  Total $ 143,540  $ 187,057

v3.23.3

Restructuring, Impairment, and Other Charges (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring, Impairment and Other Charges	The Company recorded restructuring, impairment, and other charges for the three and nine months ended September 30, 2023 and October 1, 2022 as follows: Three months ended September 30, 2023 Nine months ended September 30, 2023 (in thousands) Electronics Transportation Industrial Total Electronics Transportation Industrial Total Employee terminations $ 1,174  $ 1,665  $ 293  $ 3,132  $ 2,833  $ 2,598  $ 887  $ 6,318  Other restructuring charges 64  138  364  566  321  822  1,018  2,161  Total restructuring charges 1,238  1,803  657  3,698  3,154  3,420  1,905  8,479  Impairment —  —  818  818  —  3,870  872  4,742     Total $ 1,238  $ 1,803  $ 1,475  $ 4,516  $ 3,154  $ 7,290  $ 2,777  $ 13,221   Three months ended October 1, 2022 Nine months ended October 1, 2022 (in thousands) Electronics Transportation Industrial Total Electronics Transportation Industrial Total Employee terminations $ 1,401  $ 1,574  $ —  $ 2,975  $ 1,807  $ 1,997  $ —  $ 3,804  Other restructuring charges 73  365  —  438  76  385  —  461     Total $ 1,474  $ 1,939  $ —  $ 3,413  $ 1,883  $ 2,382  $ —  $ 4,265

v3.23.3

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The carrying amounts of debt at September 30, 2023 and December 31, 2022 are as follows:   (in thousands) September 30, 2023 December 31, 2022 Revolving Credit Facility $ 100,000  $ 100,000  Term Loan 290,625  296,250  Euro Senior Notes, Series A due 2023 123,605  124,716  Euro Senior Notes, Series B due 2028 100,363  101,265  U.S. Senior Notes, Series B due 2027 100,000  100,000  U.S. Senior Notes, Series A due 2025 50,000  50,000  U.S. Senior Notes, Series B due 2030 125,000  125,000  U.S. Senior Notes, due 2032 100,000  100,000  Other 7,056  9,113  Unamortized debt issuance costs (4,024) (4,847) Total debt 992,625  1,001,497  Less: Current maturities (135,619) (134,874) Total long-term debt $ 857,006  $ 866,623

v3.23.3

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	As of September 30, 2023 and December 31, 2022, the fair values of our derivative financial instrument and their classifications on the Condensed Consolidated Balance Sheets were as follows: (in thousands) Consolidated Balance Sheet Classification September 30, 2023 December 31, 2022 Derivatives Designated as Hedging Instruments Interest rate swap agreement: Designated as cash flow hedge Prepaid expenses and other current assets $ 4,963  $ 3,939  Other long-term assets $ 6,533  $ 4,740  Derivatives Not Designated as Hedging Instruments Foreign exchange forward contract Prepaid expenses and other current assets $ 2,862  $ 6,186
Schedule of Derivative Instruments Pre-tax Gains	The pre-tax (gains) losses recognized on derivative financial instruments in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows: Three Months Ended Nine Months Ended (in thousands) Classification of (Gain) Loss Recognized in the Condensed Consolidated Statements of Operations September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Derivatives designated as cash flow hedges Interest rate swap agreement Interest expense, net $ (1,252) $ 314  $ (3,246) $ 335  Derivatives Not Designated as Hedging Instruments Foreign exchange forward contract Foreign exchange loss $ 4,310  $ 3,209  $ 3,226  $ 3,209  The pre-tax gains recognized on derivative financial instruments in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and October 1, 2022 was as follows:   Three Months Ended Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Derivatives designated as cash flow hedges Interest rate swap agreement $ (2,034) $ (10,012) $ (2,817) $ (9,300)
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table presents assets measured at fair value by classification within the fair value hierarchy as of September 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 $ 427,671  $ —  $ —  $ 427,671  Investments in equity securities 9,703  —  —  9,703  Mutual funds 18,192  —  —  18,192     Total $ 455,566  $ —  $ —  $ 455,566  The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 31, 2022:    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 $ 304,101  $ —  $ —  $ 304,101  Investments in equity securities 10,653  —  —  10,653  Mutual funds 14,094  —  —  14,094     Total $ 328,848  $ —  $ —  $ 328,848
Schedule of Fair Value, by Balance Sheet Grouping	The carrying value and estimated fair values of the Company’s Euro Senior Notes, Series A and Series B and USD Senior Notes, Series A and Series B, as of September 30, 2023 and December 31, 2022 were as follows:     September 30, 2023 December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Euro Senior Notes, Series A due 2023 $ 123,605  $ 122,830  $ 124,716  $ 122,270  Euro Senior Notes, Series B due 2028 100,363  87,722  101,265  87,119  USD Senior Notes, Series B due 2027 100,000  92,866  100,000  93,764  USD Senior Notes, Series A due 2025 50,000  48,338  50,000  48,145  USD Senior Notes, Series B due 2030 125,000  109,188  125,000  112,028  USD Senior Notes, due 2032 100,000  86,977  100,000  90,131

v3.23.3

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net periodic benefit cost for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows:      For the Three Months Ended For the Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Components of net periodic benefit cost:         Service cost $ 700  $ 725  $ 2,087  $ 2,243  Interest cost 961  607  2,850  1,879  Expected return on plan assets (470) (361) (1,409) (1,144) Amortization of prior service and net actuarial loss 12  92  34  289  Net periodic benefit cost $ 1,203  $ 1,063  $ 3,562  $ 3,267

v3.23.3

Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Components of Comprehensive (Loss) Income	Changes in other comprehensive (loss) income by component were as follows: (in thousands) Three Months Ended September 30, 2023 Three Months Ended October 1, 2022 Pre-tax Tax Net of Tax Pre-tax Tax Net of Tax Defined benefit pension plan and other adjustments $ (3) $ —  $ (3) $ 673  $ (74) $ 599  Cash flow hedge 2,034  (488) 1,546  10,012  (2,403) 7,609  Foreign currency translation adjustments (a) (4,301) 624  (3,677) (37,289) 893  (36,396) Total change in other comprehensive (loss) income $ (2,270) $ 136  $ (2,134) $ (26,604) $ (1,584) $ (28,188) (in thousands) Nine Months Ended September 30, 2023 Nine Months Ended October 1, 2022 Pre-tax Tax Net of Tax Pre-tax Tax Net of Tax Defined benefit pension plan and other adjustments $ (125) $ (31) $ (156) $ 1,718  $ (170) $ 1,548  Cash flow hedge 2,817  (676) 2,141  9,300  (2,232) 7,068  Foreign currency translation adjustments (a) (6,098) 351  (5,747) (72,671) 2,315  (70,356) Total change in other comprehensive loss $ (3,406) $ (356) $ (3,762) $ (61,653) $ (87) $ (61,740) (a) 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.
Schedule of Accumulated Other Comprehensive (Loss) Income	The following tables set forth the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2023 and October 1, 2022:   (in thousands) Defined benefit pension plan and other adjustments Cash flow hedge Foreign currency translation adjustment Accumulated other comprehensive loss Balance at December 31, 2022 $ (2,193) $ 6,596  $ (100,167) $ (95,764) Activity in the period (156) 2,141  (5,747) (3,762) Balance at September 30, 2023 $ (2,349) $ 8,737  $ (105,914) $ (99,526) (in thousands) Defined benefit pension plan and other adjustments Cash flow hedge Foreign currency translation adjustment Accumulated other comprehensive loss Balance at January 1, 2022 $ (11,928) $ —  $ (61,535) $ (73,463) Activity in the period 1,548  7,068  (70,356) (61,740) Balance at October 1, 2022 $ (10,380) $ 7,068  $ (131,891) $ (135,203) Amounts reclassified from accumulated other comprehensive loss to earnings for the three and nine months ended September 30, 2023 and October 1, 2022 were as follows:   Three Months Ended Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Pension and Postemployment plans: Amortization of prior service and net actuarial (gain) loss $ (11) $ 193  $ (33) $ 588

v3.23.3

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings per share:    Three Months Ended Nine Months Ended (in thousands, except per share amounts) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Numerator: Net income as reported $ 57,788  $ 75,468  $ 216,604  $ 280,002  Denominator: Weighted average shares outstanding Basic 24,893  24,755  24,838  24,726  Effect of dilutive securities 250  233  262  260  Diluted 25,143  24,988  25,100  24,986  Earnings Per Share: Basic earnings per share $ 2.32  $ 3.05  $ 8.72  $ 11.32  Diluted earnings per share $ 2.30  $ 3.02  $ 8.63  $ 11.21

v3.23.3

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Three Months Ended September 30, 2023 Three Months Ended October 1, 2022 (in millions) Powersem EB-Tech ATEC Powersem EB Tech ATEC Sales to related party $ 0.5  $ —  $ —  $ —  $ —  $ —  Purchase material/service from related party 1.2  0.1  2.0  —  0.1  2.9  Nine Months Ended September 30, 2023 Nine Months Ended October 1, 2022 (in millions) Powersem EB-Tech ATEC Powersem EB Tech ATEC Sales to related party $ 1.7  $ —  $ —  $ —  $ —  $ —  Purchase material/service from related party 3.3  0.3  7.6  0.3  0.3  8.8    September 30, 2023 December 31, 2022 (in millions) Powersem EB Tech ATEC Powersem EB Tech ATEC Accounts payable balance $ 0.8  $ —  $ 1.6  $ —  $ —  $ 1.8

v3.23.3

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment information is summarized as follows:    Three Months Ended Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales         Electronics $ 343,933  $ 397,629  $ 1,052,673  $ 1,121,626  Transportation 177,019  181,735  515,708  548,266  Industrial 86,119  79,516  260,469  230,754  Total net sales $ 607,071  $ 658,880  $ 1,828,850  $ 1,900,646  Depreciation and amortization Electronics $ 19,623  $ 19,080  $ 59,219  48,984  Transportation 10,193  11,331  32,547  32,703  Industrial 4,093  2,180  11,517  6,522  Total depreciation and amortization $ 33,909  $ 32,591  $ 103,283  $ 88,209  Operating income Electronics $ 77,022  $ 113,140  $ 247,028  $ 339,675  Transportation 9,694  12,987  26,015  57,604  Industrial 13,201  12,178  45,450  39,968  Other (a) (6,272) (16,435) (22,154) (30,623) Total operating income 93,645  121,870  296,339  406,624  Interest expense 10,101  8,399  29,803  17,069  Foreign exchange loss 11,776  18,191  8,697  40,051  Other (income) expense, net (3,527) (698) (11,810) 9,789  Income before income taxes $ 75,295  $ 95,978  $ 269,649  $ 339,715    (a) Included in “Other” Operating income for the third quarter of 2023 was $3.7 million ($8.5 million year-to-date) of restructuring charges, primarily related to employee termination costs, and $1.8 million ($9.0 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the third quarter of 2023, the Company recognized a $0.8 million impairment charge substantially related to certain patents in a business within the Industrial segment. In addition, during the second quarter of 2023, the Company recognized a $3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion.
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country	The Company’s net sales by country were as follows:    Three Months Ended Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales United States $ 217,904  $ 244,907  $ 635,892  $ 689,888  China 138,393  165,091  415,430  492,195  Other countries (a) 250,774  248,882  777,528  718,563  Total net sales $ 607,071  $ 658,880  $ 1,828,850  $ 1,900,646     The Company’s long-lived assets by country were as follows:   (in thousands) September 30, 2023 December 31, 2022 Long-lived assets United States $ 73,902  $ 76,325  China 131,438  129,094  Mexico 102,896  107,119  Germany 42,712  39,635  Philippines 74,004  77,240  Other countries 53,954  51,697  Total long-lived assets $ 478,906  $ 481,110    The Company’s additions to long-lived assets by country were as follows:   Nine Months Ended (in thousands) September 30, 2023 October 1, 2022 Additions to long-lived assets United States $ 7,407  $ 9,761  China 22,558  23,449  Mexico 11,339  21,169  Germany 6,534  3,246  Philippines 5,245  13,118  Other countries 8,138  4,269  Total additions to long-lived assets $ 61,221  $ 75,012  (a)Each country included in other countries is less than 10% of net sales.

v3.23.3

Summary of Significant Accounting Policies and Other Information- Narrative (Details) customer in Thousands, associate in Thousands	9 Months Ended
	Sep. 30, 2023 country customer associate
Accounting Policies [Abstract]
Countries where product is used (country) | country	20
Global associates (associate) | associate	17
Number of customers (over) | customer	100

v3.23.3

Summary of Significant Accounting Policies and Other Information - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Disaggregation of Revenue
Net sales	$ 607,071	$ 658,880	$ 1,828,850	$ 1,900,646
Electronics Segment
Disaggregation of Revenue
Net sales	343,933	397,629	1,052,673	1,121,626
Transportation Segment
Disaggregation of Revenue
Net sales	177,019	181,735	515,708	548,266
Industrial Segment
Disaggregation of Revenue
Net sales	86,119	79,516	260,469	230,754
Electronics – Passive Products and Sensors
Disaggregation of Revenue
Net sales	152,410	188,916	453,860	521,172
Electronics – Passive Products and Sensors | Electronics Segment
Disaggregation of Revenue
Net sales	152,410	188,916	453,860	521,172
Electronics – Passive Products and Sensors | Transportation Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Electronics – Passive Products and Sensors | Industrial Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Electronics – Semiconductor
Disaggregation of Revenue
Net sales	191,523	208,713	598,813	600,454
Electronics – Semiconductor | Electronics Segment
Disaggregation of Revenue
Net sales	191,523	208,713	598,813	600,454
Electronics – Semiconductor | Transportation Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Electronics – Semiconductor | Industrial Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Passenger Car Products
Disaggregation of Revenue
Net sales	72,524	62,280	200,104	186,552
Passenger Car Products | Electronics Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Passenger Car Products | Transportation Segment
Disaggregation of Revenue
Net sales	72,524	62,280	200,104	186,552
Passenger Car Products | Industrial Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Automotive Sensors
Disaggregation of Revenue
Net sales	23,205	22,998	66,839	72,336
Automotive Sensors | Electronics Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Automotive Sensors | Transportation Segment
Disaggregation of Revenue
Net sales	23,205	22,998	66,839	72,336
Automotive Sensors | Industrial Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Commercial Vehicle Products
Disaggregation of Revenue
Net sales	81,290	96,457	248,765	289,378
Commercial Vehicle Products | Electronics Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Commercial Vehicle Products | Transportation Segment
Disaggregation of Revenue
Net sales	81,290	96,457	248,765	289,378
Commercial Vehicle Products | Industrial Segment
Disaggregation of Revenue
Net sales	0	0	0	0
Industrial Products
Disaggregation of Revenue
Net sales	86,119	79,516	260,469	230,754
Industrial Products | Electronics Segment
Disaggregation of Revenue
Net sales	0	0	0
Industrial Products | Transportation Segment
Disaggregation of Revenue
Net sales	0	0	0
Industrial Products | Industrial Segment
Disaggregation of Revenue
Net sales	$ 86,119	$ 79,516	$ 260,469	$ 230,754

v3.23.3

Summary of Significant Accounting Policies and Other Information - Cash and cash equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 560,056	$ 562,588	$ 474,003
Restricted cash included in prepaid expenses and other current assets	0	802	824
Restricted cash included in other long-term assets	1,535	1,549	1,428
Total cash, cash equivalents, and restricted cash	$ 561,591	$ 564,939	$ 476,255	$ 482,836

v3.23.3

Acquisitions - Narrative (Details) $ in Thousands, € in Millions						3 Months Ended	9 Months Ended		12 Months Ended
	Jun. 28, 2023 USD ($)	Jun. 28, 2023 EUR (€)	Feb. 03, 2023 USD ($)	Jul. 19, 2022 USD ($)	Apr. 12, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Dec. 31, 2025 EUR (€)
Business Acquisition
Cash, net of cash acquired							$ 198,810	$ 532,772
Dortmund Fab
Business Acquisition
Purchase price | €		€ 93.0
Cash	$ 40,500	€ 37.2
Dortmund Fab | Forecast
Business Acquisition
Cash | €									€ 56.0
Western Automation
Business Acquisition
Cash			$ 162,000
Annualized sales			25,000
Cash, net of cash acquired			$ 158,260
Net sales						$ 2,700	10,200
Loss before income taxes						$ 1,000	800
Acquisition related costs							1,200
C&K
Business Acquisition
Cash				$ 540,000
Annualized sales				200,000
Cash, net of cash acquired				523,014
Other non-current liability adjustments							4,200
Income tax payable adjustments							200
Accrued liabilities adjustments							(300)
Accrued liabilities adjustments							(200)
Goodwill increase							$ 3,900
Inventory adjustment				$ 10,800
Embed
Business Acquisition
Cash, net of cash acquired					$ 9,200

v3.23.3

Acquisitions - Preliminary Price Allocation (Details) - USD ($) $ in Thousands			9 Months Ended
	Feb. 03, 2023	Jul. 19, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Total purchase consideration:
Cash, net of cash acquired			$ 198,810	$ 532,772
Allocation of consideration to assets acquired and liabilities assumed:
Goodwill			1,284,343		$ 1,186,922
Western Automation
Total purchase consideration:
Cash, net of cash acquired	$ 158,260
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net	3,389
Inventories	3,678
Other current assets	718
Property, plant, and equipment	1,328
Intangible assets	68,000		$ 68,000
Goodwill	94,823
Other non-current assets	573
Current liabilities	(5,251)
Other non-current liabilities	(8,998)
Assets acquired and liabilities assumed	$ 158,260
C&K
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
Other non-current assets		14,797
Current liabilities		(47,687)
Long-term debt		(9,626)
Other non-current liabilities		(62,952)
Assets acquired and liabilities assumed		$ 523,014

v3.23.3

Acquisitions - Business Acquisition Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Business Combination and Asset Acquisition [Abstract]
Net sales	$ 607,071	$ 669,956	$ 1,830,736	$ 1,376,586
Income before income taxes	75,071	107,585	271,165	271,474
Net income	$ 57,591	$ 83,713	$ 217,930	$ 222,514
Net income per share — basic (in dollars per share)	$ 2.31	$ 3.38	$ 8.77	$ 12.38
Net income per share — diluted (in dollars per share)	$ 2.29	$ 3.35	$ 8.68	$ 12.26

v3.23.3

Acquisitions - Pro Forma Information Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment
Net income	$ 57,591	$ 83,713		$ 217,930	$ 222,514
Inventory amortization period (in months)			4 months
Amortization
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment
Net income	0	(1,512)		(479)	(8,951)
Depreciation
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment
Net income	0	451		0	1,979
Transaction costs
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment
Net income	(224)	3,772		1,203	8,015
Amortization of inventory step-up
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment
Net income	0	6,765		0	11,534
Interest expense
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment
Net income	0	497		0	815
Income tax benefit (expense) of above items
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment
Net income	$ 28	$ (2,644)		$ (91)	$ (3,893)

v3.23.3

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 214,588	$ 231,043
Work in process	134,657	134,792
Finished goods	192,365	226,215
Inventory reserves	(58,535)	(44,360)
Total	$ 483,075	$ 547,690

v3.23.3

Property, Plant, and Equipment- Components of Net Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Accumulated depreciation	$ (583,060)	$ (545,252)
Total	478,906	481,110
Land and land improvements
Property, Plant and Equipment
Property, plant, and equipment, gross	21,579	22,089
Building and building improvements
Property, Plant and Equipment
Property, plant, and equipment, gross	194,322	191,733
Machinery and equipment
Property, Plant and Equipment
Property, plant, and equipment, gross	$ 846,065	$ 812,540

v3.23.3

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 17,900	$ 17,000	$ 53,510	$ 48,326

v3.23.3

Goodwill and Other Intangible Assets - Amounts for Goodwill and Changes in Carrying Value by Operating Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill
Gross goodwill	$ 1,325,791	$ 1,228,849
Accumulated impairment losses	(41,448)	(41,927)
Net goodwill	1,284,343	1,186,922
Additions	98,702
Currency translation	(1,281)
Electronics
Goodwill
Gross goodwill	913,722	909,167
Accumulated impairment losses	0	0
Net goodwill	913,722	909,167
Additions	3,879
Currency translation	676
Transportation
Goodwill
Gross goodwill	232,668	234,793
Accumulated impairment losses	(32,892)	(33,401)
Net goodwill	199,776	201,392
Additions	0
Currency translation	(1,616)
Industrial
Goodwill
Gross goodwill	179,401	84,889
Accumulated impairment losses	(8,556)	(8,526)
Net goodwill	170,845	$ 76,363
Additions	94,823
Currency translation	$ (341)

v3.23.3

Goodwill and Other Intangible Assets - Details of Other Intangible Assets and Related Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Gross Carrying Value	$ 1,008,486	$ 942,995
Accumulated Amortization	396,120	349,025
Net Book Value	612,366	593,970
Land use rights
Finite-Lived Intangible Assets
Gross Carrying Value	17,133	17,938
Accumulated Amortization	2,579	2,299
Net Book Value	14,554	15,639
Patents, licenses, and software
Finite-Lived Intangible Assets
Gross Carrying Value	269,219	259,603
Accumulated Amortization	154,983	140,208
Net Book Value	114,236	119,395
Distribution network
Finite-Lived Intangible Assets
Gross Carrying Value	42,888	41,733
Accumulated Amortization	42,888	40,955
Net Book Value	0	778
Customer relationships, trademarks, and tradenames
Finite-Lived Intangible Assets
Gross Carrying Value	679,246	623,721
Accumulated Amortization	195,670	165,563
Net Book Value	$ 483,576	$ 458,158

v3.23.3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangibles	$ 16,022	$ 15,567	$ 49,773	$ 39,883

v3.23.3

Goodwill and Other Intangible Assets- Schedule of Intangible Assets Related to Acquisition (Details) - Western Automation - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Feb. 03, 2023
Finite-Lived Intangible Assets
Intangible assets	$ 68,000	$ 68,000
Finite-lived intangible assets acquired	$ 68,000
Patents, licenses, and software
Finite-Lived Intangible Assets
Weighted Average Useful Life	6 years 8 months 12 days
Finite-lived intangible assets acquired	$ 11,500
Customer relationships, trademarks, and tradenames
Finite-Lived Intangible Assets
Weighted Average Useful Life	14 years 8 months 12 days
Finite-lived intangible assets acquired	$ 56,500

v3.23.3

Goodwill and Other Intangible Assets - Estimated Amortization Expense Related to Intangible Assets with Definite Lives (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity
2023	$ 65,693
2024	62,578
2025	62,258
2026	51,475
2027	49,470
2028 and thereafter	370,665
Total	$ 662,139

v3.23.3

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee-related liabilities	$ 68,367	$ 99,089
Current lease liability	11,839	12,841
Other non-income taxes	8,639	10,594
Professional services	6,159	7,160
Other customer reserves	4,804	5,064
Interest	3,687	4,449
Deferred revenue	2,126	2,593
Restructuring liability	2,075	2,434
Current benefit liability	1,318	1,318
Other	34,526	41,515
Total	$ 143,540	$ 187,057

v3.23.3

Restructuring, Impairment, and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Restructuring Cost and Reserve
Total restructuring charges	$ 3,698		$ 3,413	$ 8,479	$ 4,265
Impairment	818			4,742	90
Total	4,516			13,221
Restructuring reserves	2,100			2,100		$ 2,400
Electronics
Restructuring Cost and Reserve
Total restructuring charges	1,238		1,474	3,154	1,883
Impairment	0			0
Total	1,238			3,154
Transportation
Restructuring Cost and Reserve
Total restructuring charges	1,803		1,939	3,420	2,382
Impairment	0	$ 3,900		3,870
Total	1,803			7,290
Industrial
Restructuring Cost and Reserve
Total restructuring charges	657		0	1,905	0
Impairment	818			872
Total	1,475			2,777
Employee Terminations
Restructuring Cost and Reserve
Total restructuring charges	3,132		2,975	6,318	3,804
Employee Terminations | Electronics
Restructuring Cost and Reserve
Total restructuring charges	1,174		1,401	2,833	1,807
Employee Terminations | Transportation
Restructuring Cost and Reserve
Total restructuring charges	1,665		1,574	2,598	1,997
Employee Terminations | Industrial
Restructuring Cost and Reserve
Total restructuring charges	293		0	887	0
Other Restructuring Charges
Restructuring Cost and Reserve
Total restructuring charges	566		438	2,161	461
Other Restructuring Charges | Electronics
Restructuring Cost and Reserve
Total restructuring charges	64		73	321	76
Other Restructuring Charges | Transportation
Restructuring Cost and Reserve
Total restructuring charges	138		365	822	385
Other Restructuring Charges | Industrial
Restructuring Cost and Reserve
Total restructuring charges	$ 364		$ 0	$ 1,018	$ 0

v3.23.3

Debt - Carrying Amounts of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument
Unamortized debt issuance costs	$ (4,024)	$ (4,847)
Total debt	992,625	1,001,497
Less: Current maturities	(135,619)	(134,874)
Total long-term debt	857,006	866,623
Revolving Credit Facility
Debt Instrument
Long-term debt, gross	100,000	100,000
Term Loan
Debt Instrument
Long-term debt, gross	290,625	296,250	$ 300,000
Senior Notes | Euro Senior Notes, Series A due 2023
Debt Instrument
Long-term debt, gross	123,605	124,716
Senior Notes | Euro Senior Notes, Series B due 2028
Debt Instrument
Long-term debt, gross	100,363	101,265
Senior Notes | U.S. Senior Notes, Series B due 2027
Debt Instrument
Long-term debt, gross	100,000	100,000
Senior Notes | U.S. Senior Notes, Series A due 2025
Debt Instrument
Long-term debt, gross	50,000	50,000
Senior Notes | U.S. Senior Notes, Series B due 2030
Debt Instrument
Long-term debt, gross	125,000	125,000
Senior Notes | U.S. Senior Notes, due 2032
Debt Instrument
Long-term debt, gross	100,000	100,000
Other
Debt Instrument
Long-term debt, gross	$ 7,056	$ 9,113

v3.23.3

Debt - Narrative (Details)		3 Months Ended			9 Months Ended		21 Months Ended	30 Months Ended
	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Apr. 02, 2022 USD ($)	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2027 USD ($)	Dec. 31, 2022 USD ($)	Jul. 18, 2022 USD ($)	May 12, 2022 USD ($)	Jan. 16, 2018 USD ($)	Nov. 15, 2017 USD ($) series	Feb. 15, 2017 USD ($)	Dec. 08, 2016 USD ($) series	Dec. 08, 2016 EUR (€) series
Debt Instrument
Repayments of term loan					$ 5,625,000	$ 1,875,000
Letter of credit outstanding (less than)		$ 200,000			200,000
Interest paid		11,900,000	$ 8,500,000		33,200,000	$ 16,900,000
Interest rate swap agreement | Designated as cash flow hedge | Designated as Hedging Instrument
Debt Instrument
Notional amount of derivatives											$ 200,000,000
Term Loan
Debt Instrument
Maximum borrowing capacity, credit facility	$ 300,000,000
Loan minimum increments	25,000,000
Long-term debt, gross	$ 300,000,000	290,625,000			290,625,000				$ 296,250,000
Repayments of term loan		$ 1,900,000			$ 5,600,000
Effective interest rate (as a percent)		6.67%			6.67%
Term Loan | Forecast
Debt Instrument
Quarterly repayment of line of credit							$ 1,900,000	$ 3,800,000
Line of Credit
Debt Instrument
Long-term debt, gross		$ 100,000,000			$ 100,000,000				100,000,000
Effective interest rate (as a percent)		6.67%			6.67%
Remaining borrowing capacity		$ 599,800,000			$ 599,800,000
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate adjustment (as a percent)	0.10%
Line of Credit | Minimum
Debt Instrument
Commitment fee (as a percent)	0.10%
Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (as a percent)	1.00%
Line of Credit | Minimum | Base Rate
Debt Instrument
Basis spread on variable rate (as a percent)	0.00%
Line of Credit | Maximum
Debt Instrument
Commitment fee (as a percent)	0.175%
Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (as a percent)	1.75%
Line of Credit | Maximum | Base Rate
Debt Instrument
Basis spread on variable rate (as a percent)	0.75%
Senior Notes | Euro Senior Notes, Series A and B
Debt Instrument
Face amount of debt | €																€ 212,000,000
Number of series | series															2	2
Senior Notes | Euro Senior Notes, Series A due 2023
Debt Instrument
Long-term debt, gross		123,605,000			123,605,000				124,716,000
Face amount of debt | €																€ 117,000,000
Stated interest rate (as a percent)															1.14%	1.14%
Senior Notes | Euro Senior Notes, Series B due 2028
Debt Instrument
Long-term debt, gross		100,363,000			100,363,000				101,265,000
Face amount of debt | €																€ 95,000,000
Stated interest rate (as a percent)															1.83%	1.83%
Senior Notes | U.S. Senior Notes, Series A and B
Debt Instrument
Face amount of debt															$ 125,000,000
Number of series | series															2	2
Senior Notes | U.S. Senior Notes, Series A
Debt Instrument
Face amount of debt														$ 25,000,000
Stated interest rate (as a percent)														3.03%
Repayments of debt				$ 25,000,000
Senior Notes | U.S. Senior Notes, Series B
Debt Instrument
Face amount of debt														$ 100,000,000
Stated interest rate (as a percent)														3.74%
Senior Notes | US Senior Notes A and B Due 2025 and 2030
Debt Instrument
Face amount of debt													$ 175,000,000
Number of series | series													2
Senior Notes | U.S. Senior Notes, Series A due 2025
Debt Instrument
Long-term debt, gross		50,000,000			50,000,000				50,000,000
Face amount of debt												$ 50,000,000
Stated interest rate (as a percent)												3.48%
Senior Notes | U.S. Senior Notes, Series B due 2030
Debt Instrument
Long-term debt, gross		$ 125,000,000			$ 125,000,000				$ 125,000,000
Face amount of debt												$ 125,000,000
Stated interest rate (as a percent)												3.78%
Senior Notes | U.S Senior Notes, due 2032
Debt Instrument
Face amount of debt										$ 100,000,000
Stated interest rate (as a percent)										4.33%

v3.23.3

Fair Value of Assets and Liabilities - Narrative (Details) € in Millions, $ in Millions	Sep. 30, 2023 USD ($)	Jul. 14, 2022 EUR (€)	May 12, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Pre-tax gain from AOCI expected to be recognized in next twelve months	$ 5.0
Interest rate swap agreement | Designated as cash flow hedge | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notional amount of derivatives			$ 200.0
Foreign Exchange Forward Contract | Designated as cash flow hedge | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notional amount of derivatives | €		€ 117.0

v3.23.3

Fair Value of Assets and Liabilities-Fair Values of Derivatives and Classifications on the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Foreign exchange forward contract | Not Designated as Hedging Instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative assets	$ 2,862	$ 6,186
Prepaid expenses and other current assets | Interest rate swap agreement | Designated as cash flow hedge | Designated as Hedging Instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative assets	4,963	3,939
Other long-term assets | Interest rate swap agreement | Designated as cash flow hedge | Designated as Hedging Instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative assets	$ 6,533	$ 4,740

v3.23.3

Fair Value of Assets and Liabilities-Fair Values of Derivatives and Classifications on Statement of Operation and Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Interest rate swap agreement | Designated as cash flow hedge | Designated as Hedging Instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax	$ (2,034)	$ (10,012)	$ (2,817)	$ (9,300)
Interest rate swap agreement | Designated as cash flow hedge | Designated as Hedging Instrument | Interest expense, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Pre-tax gain (loss) on derivatives	(1,252)	314	(3,246)	335
Foreign exchange forward contract | Not Designated as Hedging Instrument | Foreign exchange loss
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Pre-tax gain (loss) on derivatives	$ 4,310	$ 3,209	$ 3,226	$ 3,209

v3.23.3

Fair Value of Assets and Liabilities - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	$ 427,671	$ 304,101
Investments in equity securities	9,703	10,653
Mutual funds	18,192	14,094
Total	455,566	328,848
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	427,671	304,101
Investments in equity securities	9,703	10,653
Mutual funds	18,192	14,094
Total	455,566	328,848
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Investments in equity securities	0	0
Mutual funds	0	0
Total	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Investments in equity securities	0	0
Mutual funds	0	0
Total	$ 0	$ 0

v3.23.3

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Senior Notes (Details) - Senior Notes - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Euro Senior Notes, Series A due 2023 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	$ 123,605	$ 124,716
Euro Senior Notes, Series A due 2023 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	122,830	122,270
Euro Senior Notes, Series B due 2028 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	100,363	101,265
Euro Senior Notes, Series B due 2028 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	87,722	87,119
U.S. Senior Notes, Series B due 2027 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	100,000	100,000
U.S. Senior Notes, Series B due 2027 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	92,866	93,764
U.S. Senior Notes, Series A due 2025 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	50,000	50,000
U.S. Senior Notes, Series A due 2025 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	48,338	48,145
U.S. Senior Notes, Series B due 2030 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	125,000	125,000
U.S. Senior Notes, Series B due 2030 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	109,188	112,028
U.S. Senior Notes, due 2032 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	100,000	100,000
U.S. Senior Notes, due 2032 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt fair value	$ 86,977	$ 90,131

v3.23.3

Benefit Plans - Benefit Plan Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Retirement Benefits [Abstract]
Service cost	$ 700	$ 725	$ 2,087	$ 2,243
Interest cost	961	607	2,850	1,879
Expected return on plan assets	(470)	(361)	(1,409)	(1,144)
Amortization of prior service and net actuarial loss	12	92	34	289
Net periodic benefit cost	$ 1,203	$ 1,063	$ 3,562	$ 3,267

v3.23.3

Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Defined Benefit Plan Disclosure
Contributions expected	$ 2,000		$ 2,000
Expected direct payments	1,900		1,900
Defined benefit plan expense	1,203	$ 1,063	3,562	$ 3,267
Foreign Plan
Defined Benefit Plan Disclosure
Defined benefit plan expense	400	500	1,100	1,500
Other comprehensive (loss) income as component of net period benefit cost, before tax	$ 0	$ 100	$ (100)	$ 300

v3.23.3

Other Comprehensive (Loss) Income - Components of Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Other Comprehensive Income (Loss)
Pre-tax	$ (2,270)			$ (26,604)			$ (3,406)	$ (61,653)
Tax	136			(1,584)			(356)	(87)
Total change in other comprehensive (loss) income	(2,134)	$ (14,911)	$ 13,283	(28,188)	$ (31,349)	$ (2,203)	(3,762)	(61,740)
Defined benefit pension plan and other adjustments
Other Comprehensive Income (Loss)
Pre-tax	(3)			673			(125)	1,718
Tax	0			(74)			(31)	(170)
Total change in other comprehensive (loss) income	(3)			599			(156)	1,548
Cash flow hedge
Other Comprehensive Income (Loss)
Pre-tax	2,034			10,012			2,817	9,300
Tax	(488)			(2,403)			(676)	(2,232)
Total change in other comprehensive (loss) income	1,546			7,609			2,141	7,068
Foreign currency translation adjustment
Other Comprehensive Income (Loss)
Pre-tax	(4,301)			(37,289)			(6,098)	(72,671)
Tax	624			893			351	2,315
Total change in other comprehensive (loss) income	$ (3,677)			$ (36,396)			$ (5,747)	$ (70,356)

v3.23.3

Other Comprehensive (Loss) Income - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at the beginning	$ 2,357,251	$ 2,307,476	$ 2,211,378	$ 2,051,943	$ 2,000,652	$ 1,893,520	$ 2,211,378	$ 1,893,520
Activity in the period	(2,134)	(14,911)	13,283	(28,188)	(31,349)	(2,203)	(3,762)	(61,740)
Balance at the end	2,404,859	2,357,251	2,307,476	2,088,891	2,051,943	2,000,652	2,404,859	2,088,891
Accumulated other comprehensive loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at the beginning	(97,392)	(82,481)	(95,764)	(107,015)	(75,666)	(73,463)	(95,764)	(73,463)
Activity in the period	(2,134)	(14,911)	13,283	(28,188)	(31,349)	(2,203)
Balance at the end	(99,526)	$ (97,392)	(82,481)	(135,203)	$ (107,015)	(75,666)	(99,526)	(135,203)
Defined benefit pension plan and other adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at the beginning			(2,193)			(11,928)	(2,193)	(11,928)
Activity in the period	(3)			599			(156)	1,548
Balance at the end	(2,349)			(10,380)			(2,349)	(10,380)
Cash flow hedge
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at the beginning			6,596			0	6,596	0
Activity in the period	1,546			7,609			2,141	7,068
Balance at the end	8,737			7,068			8,737	7,068
Foreign currency translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at the beginning			$ (100,167)			$ (61,535)	(100,167)	(61,535)
Activity in the period	(3,677)			(36,396)			(5,747)	(70,356)
Balance at the end	$ (105,914)			$ (131,891)			$ (105,914)	$ (131,891)

v3.23.3

Other Comprehensive (Loss) Income - Reclassification out of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service and net actuarial (gain) loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Amortization of prior service and net actuarial (gain) loss	$ (11)	$ 193	$ (33)	$ 588

v3.23.3

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	23.30%	21.40%		19.70%	17.60%
One-time deduction resulted in benefit			$ 7.2

v3.23.3

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Numerator:
Net income as reported	$ 57,788	$ 70,071	$ 88,745	$ 75,468	$ 87,016	$ 117,518	$ 216,604	$ 280,002
Weighted average shares outstanding
Basic (in shares)	24,893			24,755			24,838	24,726
Effect of dilutive securities (in shares)	250			233			262	260
Diluted (in shares)	25,143			24,988			25,100	24,986
Earnings Per Share:
Basic earnings per share (in dollars per share)	$ 2.32			$ 3.05			$ 8.72	$ 11.32
Diluted earnings per share (in dollars per share)	$ 2.30			$ 3.02			$ 8.63	$ 11.21

v3.23.3

Earnings Per Share - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Apr. 28, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded (in shares)	80,828	92,052	106,156	84,027
Shares repurchased (in shares)	0	0	0	0
2020 Share Repurchase Program
Antidilutive Securities Excluded from Computation of Earnings Per Share
Repurchase authorized					$ 300,000,000

v3.23.3

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Related Party Transaction
Sales to related party	$ 607,071	$ 658,880	$ 1,828,850	$ 1,900,646
Accounts payable balance	$ 166,725		$ 166,725		$ 208,571
Powersem | Equity Method Investee
Related Party Transaction
Ownership percentage (as a percent)	45.00%		45.00%
Sales to related party	$ 500	0	$ 1,700	0
Purchase material/service from related party	1,200	0	3,300	300
Accounts payable balance	$ 800		$ 800		0
EB-Tech | Equity Method Investee
Related Party Transaction
Ownership percentage (as a percent)	19.00%		19.00%
Sales to related party	$ 0	0	$ 0	0
Purchase material/service from related party	100	100	300	300
Accounts payable balance	$ 0		$ 0		0
ATEC | Equity Method Investee
Related Party Transaction
Ownership percentage (as a percent)	24.00%		24.00%
Sales to related party	$ 0	0	$ 0	0
Purchase material/service from related party	2,000	$ 2,900	7,600	$ 8,800
Accounts payable balance	$ 1,600		$ 1,600		$ 1,800

v3.23.3

Segment Information - Narratives (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments (in segments)	3

v3.23.3

Segment Information- Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Segment Reporting Information
Net sales	$ 607,071		$ 658,880	$ 1,828,850	$ 1,900,646
Depreciation and amortization	33,909		32,591	103,283	88,209
Operating income	93,645		121,870	296,339	406,624
Interest expense	10,101		8,399	29,803	17,069
Foreign exchange loss	11,776		18,191	8,697	40,051
Other (income) expense, net	(3,527)		(698)	(11,810)	9,789
Income before income taxes	75,295		95,978	269,649	339,715
Restructuring charges	3,698		3,413	8,479	4,265
Impairment	818			4,742	90
Carling Technologies, Inc. | Operating Income (Loss)
Segment Reporting Information
Restructuring charges	3,700			8,500
Acquisition related costs	1,800			9,000
Hartland Controls
Segment Reporting Information
Restructuring charges			3,400		4,300
Hartland Controls | Operating Income (Loss)
Segment Reporting Information
Acquisition related costs			6,200		14,800
Other
Segment Reporting Information
Operating income	(6,272)		(16,435)	(22,154)	(30,623)
Other | Hartland Controls | Operating Income (Loss)
Segment Reporting Information
Inventory adjustment			6,800		11,600
Electronics
Segment Reporting Information
Net sales	343,933		397,629	1,052,673	1,121,626
Depreciation and amortization	19,623		19,080	59,219	48,984
Restructuring charges	1,238		1,474	3,154	1,883
Impairment	0			0
Electronics | Operating Segments
Segment Reporting Information
Operating income	77,022		113,140	247,028	339,675
Transportation
Segment Reporting Information
Net sales	177,019		181,735	515,708	548,266
Depreciation and amortization	10,193		11,331	32,547	32,703
Restructuring charges	1,803		1,939	3,420	2,382
Impairment	0	$ 3,900		3,870
Transportation | Operating Segments
Segment Reporting Information
Operating income	9,694		12,987	26,015	57,604
Industrial
Segment Reporting Information
Net sales	86,119		79,516	260,469	230,754
Depreciation and amortization	4,093		2,180	11,517	6,522
Restructuring charges	657		0	1,905	0
Impairment	818			872
Industrial | Operating Segments
Segment Reporting Information
Operating income	$ 13,201		$ 12,178	$ 45,450	$ 39,968

v3.23.3

Segment Information - Revenues and Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Segment Reporting Information
Net sales	$ 607,071	$ 658,880	$ 1,828,850	$ 1,900,646
Long-lived assets	478,906		478,906		$ 481,110
Additions to long-lived assets			61,221	75,012
United States
Segment Reporting Information
Net sales	217,904	244,907	635,892	689,888
Long-lived assets	73,902		73,902		76,325
Additions to long-lived assets			7,407	9,761
China
Segment Reporting Information
Net sales	138,393	165,091	415,430	492,195
Long-lived assets	131,438		131,438		129,094
Additions to long-lived assets			22,558	23,449
Mexico
Segment Reporting Information
Long-lived assets	102,896		102,896		107,119
Additions to long-lived assets			11,339	21,169
Germany
Segment Reporting Information
Long-lived assets	42,712		42,712		39,635
Additions to long-lived assets			6,534	3,246
Philippines
Segment Reporting Information
Long-lived assets	74,004		74,004		77,240
Additions to long-lived assets			5,245	13,118
Other countries
Segment Reporting Information
Net sales	250,774	$ 248,882	777,528	718,563
Long-lived assets	$ 53,954		53,954		$ 51,697
Additions to long-lived assets			$ 8,138	$ 4,269

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