FULLTEXT DEL 3 AV 3
10-K – 2026-02-19 – lfus-20251227.htm
During the fourth quarter of 2024, the Company recorded non-cash impairment charges of $ 47.8 million for the impairment of intangible assets, including $ 47.6 million related to the impairment of certain acquired customer relationships, developed technology, and tradename intangible assets in the Industrial Controls and Sensors reporting unit within the Industrial segment. This impairment resulted from lower expectations of future revenue and cash flows and was determined using Level 3 inputs and estimated based on cash flow analyses, which included management’s assumptions related to future revenues and profitability. The remaining impairment charges included $ 0.2 million for patents and customer relationships related to the exit of a small business in China within Industrial segment. In addition, during the first quarter of 2024, the Company recognized a $ 0.9 million impairment related to certain machinery and equipment in the commercial vehicle business within the Transportation segment.
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Estimated annual amortization expense related to intangible assets with definite lives at December 27, 2025 is as follows:
(in thousands)
Amount
2026 $ 61,306
2027 59,123
2028 58,720
2029 58,309
2030 54,908
2031 and thereafter 302,541
Total $ 594,907
6. Accrued Liabilities
The components of accrued liabilities at December 27, 2025 and December 28, 2024 were as follows:
(in thousands) 2025 2024
Employee-related liabilities $ 114,662 $ 67,639
Current lease liability 11,435 13,900
Deferred revenue 11,215 1,557
Other non-income taxes 7,960 7,022
Interest 7,069 8,131
Professional services 6,629 6,613
Restructuring liability 6,014 4,624
Other customer reserves 2,874 3,450
Current benefit liability 1,680 1,514
Current hedge liability — 4,067
Other 29,733 29,759
Total $ 199,271 $ 148,276
Employee-related liabilities consist primarily of payroll, sales commission, bonus, employee benefit accruals and workers’ compensation. Bonus accruals include amounts earned pursuant to the Company’s primary employee incentive compensation plans. Other accrued liabilities include miscellaneous operating accruals and other customer-related liabilities.
7. Lease Commitments
Under ASC 842, a contract contains a lease if there is an identified asset and the Company has the right to control the asset. The Company determines whether a contract contains a lease at contract inception. The Company leases office and production space under various non-cancellable operating leases that expire no later than 2036. Certain real estate leases include one or more options to renew. The exercise of lease renewal options is at the Company's sole discretion. Options to extend the lease are included in the lease term when it is reasonably certain the Company will exercise the option. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option that is reasonably certain of exercise. Certain leases include rental payments adjusted periodically for inflation. The lease agreements do not contain any material residual value guarantee or material restrictive covenants. The Company has elected to use the available practical expedient to account for the lease and non-lease components of its leases as a single component. As the Company elected not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.
The Company does not have a published credit rating because it has no publicly traded debt; therefore, the Company is generating its incremental borrowing rate ("IBR"), using a synthetic credit rating model that compares its credit quality to other rated companies based on certain financial metrics and ratios. The reference rate will be based on the yield curve of companies with similar credit quality based on the metrics and adjusted for currency in regions where we have significant operations.
All leases with an initial term of 12 months or less that do not include an option to extend or purchase the underlying asset that the Company is reasonably certain to exercise (“short-term leases”) are not recorded on the Consolidated Balance Sheets. Short-term lease expenses are recognized on a straight-line basis over the lease term.
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The following table presents the classification of right of use assets and lease liabilities as of December 27, 2025 and December 28, 2024:
Fiscal Year Ended
(in thousands) Consolidated Balance Sheet Classification December 27, 2025 December 28, 2024
Operating Leases
Right of use assets - operating lease Right of use lease assets $ 85,318 $ 71,513
Current operating lease liabilities Accrued liabilities 11,347 13,626
Non-current operating lease liabilities Non-current lease liabilities 71,664 60,558
Total operating lease liabilities $ 83,011 $ 74,184
Finance Leases
Right of use assets - finance lease Right of use lease assets $ 945 $ 698
Current finance lease liabilities Accrued liabilities 88 274
Non-current finance lease liabilities Non-current lease liabilities 101 1
Total finance lease liabilities $ 189 $ 275
The following table represents the lease costs for 2025, 2024, and 2023:
Fiscal Year Ended
(in thousands) Consolidated Statements of Net (Loss) Income Classification December 27, 2025 December 28, 2024 December 30, 2023
Operating lease expenses Cost of sales, Selling, general, and administrative expenses $ 18,906 $ 17,310 $ 15,817
Finance lease:
Finance lease expenses Cost of sales 107 96 219
Interest on lease liabilities Other (income) expense, net 9 8 19
Short-term lease expenses Cost of sales, Selling, general, and administrative expenses 758 1,170 1,229
Variable lease expenses Cost of sales, Selling, general, and administrative expenses 1,407 1,151 1,034
Total lease costs Cost of sales, Selling, general, and administrative expenses $ 21,187 $ 19,735 $ 18,318
The Company leases certain office and warehouse space as well as certain machinery and equipment under non-cancellable operating leases. Rent expense under these leases was $ 21.2 million , $ 19.7 million , and $ 18.3 million in 2025, 2024, and 2023, respectively.
Maturity of lease liabilities as of December 27, 2025
(in thousands)
Operating Leases Finance Leases
2026 $ 15,282 $ 94
2027 14,481 97
2028 13,681 4
2029 13,031 4
2030 10,583 —
2031 and thereafter 35,091 —
Total lease payments $ 102,149 $ 199
Less: Imputed interest ( 19,138 ) ( 10 )
Present value of lease liabilities $ 83,011 $ 189
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Fiscal Year Ended
December 27, 2025 December 28, 2024
Weighted-average remaining lease term (years)
Operating leases 7.63 8.67
Finance leases 1.56 1.00
Weighted-average discount rate
Operating leases 5.07 % 5.39 %
Finance leases 5.30 % 2.00 %
Fiscal Year Ended
(in thousands) December 27, 2025 December 28, 2024 December 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flow - payments on operating leases $ ( 19,848 ) $ ( 13,258 ) $ ( 14,518 )
Operating cash flow - interest payments on finance leases ( 9 ) ( 8 ) ( 19 )
Financing cash flow - payments on finance lease obligations ( 377 ) ( 280 ) ( 1,164 )
Leased assets obtained in exchange of new lease obligations, including leases acquired:
Operating leases $ 21,895 $ 26,785 $ 16,689
Finance leases 269 — —
There were no sale leaseback transactions for the fiscal years ended December 27, 2025 and December 30, 2023. The net gain recorded from a sale leaseback transaction was $ 0.3 million for the fiscal year ended December 28, 2024.
8. Restructuring, Impairment, and Other Charges
The Company recorded restructuring, impairment, and other charges for fiscal years 2025, 2024, and 2023 as follows:
Fiscal Year Ended December 27, 2025
(in thousands) Electronics Transportation Industrial Total
Employee terminations $ 8,708 $ 7,542 $ 992 $ 17,242
Other restructuring charges 639 116 1 756
Total restructuring charges 9,347 7,658 993 17,998
Impairment 301,521 531 — 302,052
Total $ 310,868 $ 8,189 $ 993 $ 320,050
Fiscal Year Ended December 28, 2024
(in thousands) Electronics Transportation Industrial Total
Employee terminations $ 8,748 $ 4,620 $ 583 $ 13,951
Other restructuring charges 310 543 122 975
Total restructuring charges 9,058 5,163 705 14,926
Impairment — 9,549 83,966 93,515
Total $ 9,058 $ 14,712 $ 84,671 $ 108,441
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Fiscal Year Ended December 30, 2023
(in thousands) Electronics Transportation Industrial Total
Employee terminations $ 4,162 $ 3,649 $ 894 $ 8,705
Other restructuring charges 342 976 1,625 2,943
Total restructuring charges 4,504 4,625 2,519 11,648
Impairment 111 3,870 872 4,853
Total $ 4,615 $ 8,495 $ 3,391 $ 16,501
2025
For the year ended December 27, 2025, the Company recorded $ 302.1 million of non-cash impairment charges, which included a $ 301.2 million non-cash goodwill impairment charge associated with the Electronics-Semiconductor reporting unit within the Electronics segment. The remaining impairment charges included $ 0.5 million and $ 0.4 million of impairment charges related to certain machinery and equipment in the commercial vehicle business within the Transportation segment and the electronics products business within the Electronics segment, respectively. The Company also recorded total restructuring charges of $ 18.0 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions in the power semiconductor business within the Electronics segment and the reorganization of certain manufacturing, selling and administrative functions in the commercial vehicle business and automotive sensors business within the Transportation segment. See Note 5, Goodwill and Other Intangible Assets for further discussion regarding the goodwill and intangible impairment charges.
2024
For the year ended December 28, 2024, the Company recorded $ 93.5 million of non-cash impairment charges, which included $ 47.8 million for the impairment of intangible assets primarily related to certain acquired customer relationships, developed technology, and tradename in the Industrial Controls and Sensors reporting unit within the Industrial segment, and $ 36.1 million and $ 8.6 million of non-cash goodwill impairment charges associated with the Industrial Controls and Sensors reporting unit within the Industrial segment and the Automotive sensors reporting unit within the Transportation segment, respectively. The remaining impairment charges included $ 0.2 million for patents and customer relationships related to the exit of a small business in China within the Industrial segment. In addition, during the first quarter of 2024, the Company recognized a $ 0.9 million impairment related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. The Company also recorded total restructuring charges of $ 14.9 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions in the semiconductor business within the Electronics segment and the reorganization of certain selling and administrative functions in the commercial vehicle business within the Transportation segment. See Note 5, Goodwill and Other Intangible Assets for further discussion regarding the goodwill and intangible impairment charges.
2023
For the year ended December 30, 2023, the Company recorded total restructuring charges of $ 11.6 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions within the Transportation segment's commercial vehicle business, the reorganization of certain selling and administrative functions within the Electronics segment due to the C&K Switches acquisition, and reorganization of certain manufacturing, selling and administrative functions within the Industrial segment. During 2023, the Company recorded a $ 3.9 million impairment charge related to the land and building of a property in the commercial vehicle business within the Transportation segment that the Company made the decision to donate, a $ 0.9 million impairment charge substantially related to certain patents in a business within the Industrial segment, and a $ 0.1 million impairment related to certain machinery and equipment in the semiconductor business within the Electronics segment.
The restructuring reserves as of December 27, 2025 and December 28, 2024 were $ 6.0 million and $ 4.6 million, respectively included within Accrued liabilities. Additionally, $ 0.3 million was included within Other long-term liabilities in the Consolidated Balance Sheets as of December 27, 2025. Payments associated with employee terminations reflected in the above table were substantially completed by December 27, 2025. The Company anticipates that the remaining payments associated with employee terminations will be substantially completed in fiscal 2026.
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9. Debt
The carrying amounts of debt at December 27, 2025 and December 28, 2024 were as follows:
(in thousands)
2025 2024
Revolving credit facility $ 100,000 $ 100,000
Term loan 266,250 281,250
Euro Senior Notes, Series B due 2028 111,977 98,928
U.S. Senior Notes, Series A due 2025 — 50,000
U.S. Senior Notes, Series B due 2027 100,000 100,000
U.S. Senior Notes, Series B due 2030 125,000 125,000
U.S. Senior Notes, due 2032 100,000 100,000
Other 1,233 3,702
Unamortized debt issuance costs ( 1,833 ) ( 2,766 )
Total debt 802,627 856,114
Less: Current maturities ( 96,233 ) ( 67,612 )
Total long-term debt $ 706,394 $ 788,502
Interest paid on all Company debt was $ 34.4 million, $ 36.2 million, and $ 37.2 million in fiscal year 2025, 2024, and 2023, respectively, which included cash settlements received from the interest rate swap entered on May 12, 2022.
Revolving Credit Facility and Term Loan
On June 30, 2022, the Company amended and restated its Credit Agreement, dated as of April 3, 2020 (as so amended and restated, the “Credit Agreement”) to effect certain changes, including, among other changes: (i) adding a $ 300 million unsecured term loan credit facility; (ii) making certain financial and non-financial covenants less restrictive on the Company and its subsidiaries; (iii) replacing LIBOR-based interest rate benchmarks and modifying performance-based interest rate margins; and (iv) extending the maturity date to June 30, 2027 (the “Maturity Date”). Pursuant to the Credit Agreement, the Company may, from time to time, increase the size of the revolving credit facility or enter into one or more tranches of term loans in minimum increments of $ 25 million if there is no event of default and the Company is in compliance with certain financial covenants.
Loans made under the available credit facility pursuant to the Credit Agreement (the "Credit Facility") bear interest at the Company’s option, at either SOFR, fixed for interest periods of one, two, three or six-month periods, plus 1.00 % to 1.75 %, plus a SOFR adjustment of 0.10 % or at the bank’s Base Rate, as defined in the Credit Agreement, plus 0.00 % to 0.75 %, based upon the Company’s Consolidated Leverage Ratio, as defined in the Credit Agreement. The Company is also required to pay commitment fees on unused portions of the Credit Facility ranging from 0.10 % to 0.175 %, based on the Consolidated Leverage Ratio, as defined in the Credit Agreement. The Credit Agreement includes representations, covenants and events of default that are customary for financing transactions of this nature.
Under the Credit Agreement, revolving loans may be borrowed, repaid and reborrowed until the Maturity Date, at which time all amounts borrowed must be repaid. The Company borrowed $ 300.0 million under a term loan on June 30, 2022. The principal balance of the term loans must be repaid in quarterly installments on the last day of each calendar quarter in the amount of $ 1.9 million commencing September 30, 2022, through June 30, 2024, and in the amount of $ 3.8 million commencing September 30, 2024, through March 31, 2027, with the remaining outstanding principal balance payable in full on the Maturity Date. Accrued interest on the loans is payable in arrears on each interest payment date applicable thereto and at such other times as may be specified in the Credit Agreement. Subject to certain conditions, (i) the Company may terminate or reduce the Aggregate Revolving Commitments, as defined in the Credit Agreement, in whole or in part, and (ii) the Company may prepay the revolving loans or the term loans at any time, without premium or penalty. During the fiscal year ended December 27, 2025, the Company made term loan payments of $ 15.0 million. The revolving loan and term loan balance under the Credit Facility was $ 100.0 million and $ 266.3 million, respectively, as of December 27, 2025.
On May 12, 2022, the Company entered into an interest rate swap agreement to manage interest rate risk exposure, effectively converting the interest rate on the Company's SOFR based floating-rate loans to a fixed-rate. The interest rate swap, with a notional value of $ 200 million, was designated as a cash flow hedge against the variability of cash flows associated with the Company's SOFR based loans scheduled to mature on June 30, 2027.
As of December 27, 2025, the effective interest rate on unhedged portion of the outstanding borrowings under the Credit Facility was 4.82 %, and 3.88 % on the hedged portion.
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As of December 27, 2025, the Company had $ 1.1 million outstanding in letters of credit and had available $ 598.9 million of borrowing capacity under the revolving credit facility. As of December 27, 2025, the Company was in compliance with all covenants under the credit agreement.
Senior Notes
On December 8, 2016, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued and sold € 212 million aggregate principal amount of senior notes in two series. The funding date for the Euro denominated senior notes occurred on December 8, 2016 for € 117 million in aggregate amount of 1.14 % Senior Notes, Series A, due December 8, 2023 (“Euro Senior Notes, Series A due 2023”), and € 95 million in aggregate amount of 1.83 % Senior Notes, Series B due December 8, 2028 (“Euro Senior Notes, Series B due 2028”) (together, the “Euro Senior Notes”). During the fiscal year ended December 30, 2023, the Company paid off € 117 million of Euro Senior Notes, Series A due 2023. Interest on the Euro Senior Notes, Series B due 2028 is payable semiannually on June 8 and December 8, commencing June 8, 2017.
On December 8, 2016, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued and sold $ 125 million aggregate principal amount of senior notes in two series. On February 15, 2017, $ 25 million in aggregate principal amount of 3.03 % Senior Notes, Series A, due February 15, 2022 (“U.S. Senior Notes, Series A due 2022”), and $ 100 million in aggregate principal amount of 3.74 % Senior Notes, Series B, due February 15, 2027 (“U.S. Senior Notes, Series B due 2027”) (together, the “U.S. Senior Notes due 2022 and 2027”) were funded. During the fiscal year ended December 31, 2022, the Company paid off $ 25 million of U.S. Senior Notes, Series A due 2022. Interest on the U.S. Senior Notes, Series B due 2027 is payable semiannually on February 15 and August 15, commencing August 15, 2017.
On November 15, 2017, the Company entered into a Note Purchase Agreement pursuant to which the Company issued and sold $ 175 million in aggregate principal amount of senior notes in two series. On January 16, 2018, $ 50 million aggregate principal amount of 3.48 % Senior Notes, Series A, due February 15, 2025 (“U.S. Senior Notes, Series A due 2025”) and $ 125 million in aggregate principal amount of 3.78 % Senior Notes, Series B, due February 15, 2030 (“U.S. Senior Notes, Series B due 2030”) (together, the “U.S. Senior Notes due 2025 and 2030”) were funded. During the first fiscal quarter of 2025, the Company paid
off $ 50 million of U.S. Senior Notes, Series A due 2025. Interest on the U.S. Senior Notes Series B due 2030 is payable on February 15 and August 15, commencing on August 15, 2018.
On May 18, 2022, the above note purchase agreements were amended to, among other things, update certain terms, including financial covenants to be consistent with the terms of the restated Credit Agreement and the 2022 Purchase Agreement, as defined below.
On May 18, 2022, the Company entered into a Note Purchase Agreement (“2022 Purchase Agreement”) pursuant to which the Company issued and funded on July 18, 2022 $ 100 million in aggregate principal amount of 4.33 % Senior Notes, due June 30, 2032 (“U.S. Senior Notes, due 2032”) (together with the U.S. Senior Notes due 2025 and 2030, the Euro Senior Notes and the U.S. Senior Notes due 2022 and 2027, the “Senior Notes”). Interest on the U.S. Senior Notes due 2032 is payable semiannually on June 30 and December 30, commencing on December 30, 2022.
The Senior Notes have not been registered under the Securities Act, or applicable state securities laws. The Senior Notes are general unsecured senior obligations and rank equal in right of payment with all existing and future unsecured unsubordinated indebtedness of the Company.
The Senior Notes are subject to certain customary covenants, including limitations on the Company’s ability, with certain exceptions, to engage in mergers, consolidations, asset sales and transactions with affiliates, to engage in any business that would substantially change the general business of the Company, and to incur liens. In addition, the Company is required to satisfy certain financial covenants and tests relating to, among other matters, interest coverage and leverage. As of December 27, 2025, 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 is required to offer to repurchase the Senior Notes at par following certain events, including a change of control.
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Debt Issuance Costs
During fiscal year 2022, the Company paid debt issuance costs of $ 2.7 million in connection with the amended and restated Credit Agreement, dated June 30, 2022 which, along with the remaining balance of debt issuance costs of the previous credit facility, are being amortized over the life of the amended and restated Credit Agreement.
Debt Maturities
Scheduled maturities of the Company’s long-term debt for each of the five years succeeding December 27, 2025 and thereafter are summarized as follows:
(in thousands)
Scheduled
Maturities
2026 $ 96,233
2027 371,250
2028 111,977
2029 —
2030 125,000
2031 and thereafter 100,000
$ 804,460
10. Fair Value of Assets and Liabilities
For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, the Company classifies each fair value measurement as follows:
Level 1 —Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets;
Level 2 —Valuations based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations, all of whose significant inputs are observable or can be corroborated by observable market data;
Level 3 —Valuations based upon one or more significant unobservable inputs;
There were no transfers in or out of Level 1, Level 2 and Level 3 during the year ended December 27, 2025 .
Following is a description of the valuation methodologies used for instruments measured at fair value and their classification in the valuation hierarchy.
Cash Equivalents
Cash equivalents primarily consist of money market funds, certificates of deposit, and short-term time deposits, which are held with institutions with sound credit ratings and are highly liquid. The Company classified cash equivalents as Level 1 and are valued at cost, which approximates fair value.
Investments in Equity Securities
Investments in equity securities listed on a national market or exchange are valued at the last sales price and classified within Level 1 of the valuation hierarchy. Such securities are further detailed in Note 1, Summary of Significant Accounting Policies and Other Information .
Derivatives Designated as Hedging Instruments
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For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective, and the strategy for undertaking the hedge transaction. In addition, the Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. For highly effective cash flow hedges, ASC 815 requires the entire change in fair value of the hedging instrument included in the assessment of hedge effectiveness to be recorded in other comprehensive income. No components of the Company's hedging instruments were excluded from the assessment of hedge effectiveness.
Zero Cost Collar Agreement
In July 2024, the Company implemented a hedging program to manage foreign currency risk exposure related to fluctuations between the U.S. dollar and Mexican peso. These foreign currency zero cost collars are designated as cash flow hedges for a portion of our Mexican peso-denominated manufacturing expenses, predominantly salary expenses, vendor payments, and utility expenses. If the spot rate is between the weighted-average ceiling and floor rates on the date of maturity, then the Company would not owe or receive any payments under these collars. The Company plans to continue executing zero cost collars with 14-month rolling maturities as an ongoing strategy to hedge peso-denominated manufacturing expenses. The trade
entry date, maturity date, weighted-average floor, and weighted-average ceiling for each collar trade was as follows:
Trade Entry Date Trade Maturity Date Weighted-Average Floor Weighted-Average Ceiling
July 3, 2024 August 29, 2025 18.0000 19.4350
August 5, 2024 September 29, 2025 19.6550 21.0000
September 3, 2024 November 3, 2025 20.0820 21.7571
September 30, 2024 November 26, 2025 19.8700 21.3650
November 4, 2024 January 2, 2026 20.1200 21.6900
December 3, 2024 February 2, 2026 20.4250 22.0377
January 2, 2025 March 2, 2026 20.8000 21.9082
February 6, 2025 March 30, 2026 20.5300 22.0000
April 9, 2025 June 1, 2026 20.9700 22.2355
May 1, 2025 June 29, 2026 19.6940 20.9700
June 4, 2025 August 3, 2026 19.3100 20.3437
July 2, 2025 August 31, 2026 18.8500 19.8025
August 5, 2025 September 29, 2026 18.8500 19.8000
September 2, 2025 November 2, 2026 18.8100 19.8347
September 30, 2025 November 30, 2026 18.4200 19.3700
November 4, 2025 January 4, 2027 18.7200 19.7000
November 26, 2025 February 2, 2027 18.4300 19.4852
The fair value of the collars was determined using an independent third-party valuation model. Pursuant to this model, changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive loss until the underlying transactions are recognized in earnings. For the fiscal year ended December 27, 2025, the Company recorded a pre-tax unrealized gain on the collars of $ 10.8 million. The Company estimates that approximately $ 7.2 million of pre-tax gains currently recorded in accumulated other comprehensive loss will be recognized in earnings over the next 12 months. The amounts included in accumulated other comprehensive loss will be reclassified to earnings should the hedge no longer be considered effective. No amount of ineffectiveness was included in net income for the fiscal year ended December 27, 2025. The Company will continue to assess the effectiveness of the hedge on an ongoing basis. The primary inputs into the valuation of the collars are interest yield curves, interest rate volatilities, foreign exchange rates, foreign exchange volatilities, credit risk, credit spreads and other market information. The collars are classified within Level 2 of the fair value hierarchy since all significant inputs are corroborated by market observable data.
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Interest Rate Swap
On May 12, 2022, the Company entered into an interest rate swap agreement to manage interest rate risk exposure, effectively converting the interest rate on the Company's SOFR based floating-rate loans to a fixed-rate. The interest rate swap, with a notional value of $ 200 million, was designated as a cash flow hedge against the variability of cash flows associated with the Company's SOFR based loans scheduled to mature on June 30, 2027. The fair value of the interest rate swap was valued using an independent third-party valuation model. Pursuant to this model, c hanges in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive loss until the underlying transactions are recognized in earnings. For the fiscal year ended December 27, 2025, the Company recorded a pre-tax unrealized loss on the interest rate swap of $ 4.7 million. The Company estimates that approximately $ 1.2 million of pre-tax gains currently recorded in accumulated other comprehensive loss will be recognized in earnings over the next 12 months. The primary inputs into the valuation of the interest rate swap are interest yield curves, interest rate volatility, credit risk, credit spreads and other market information. The interest rate swap is classified within Level 2 of the fair value hierarchy since all significant inputs are corroborated by observable market data.
The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company seeks to minimize this risk by limiting our counterparties to major financial institutions with acceptable credit ratings and monitoring the total value of positions with individual counterparties. In the event of a default by one of our counterparties, the Company may not receive payments provided for under the terms of our derivatives.
Derivatives Not Designated as Hedging Instruments
On July 14, 2022, the Company entered into a foreign currency exchange forward contract to mitigate the currency fluctuation risk between the Euro and U.S. dollar on its Euro denominated Senior Notes, Series A due 2023. The notional value of the forward contract at July 14, 2022 was € 117 million and expired on December 7, 2023 with the final settlement value of $ 6.3 million which the Company used to convert USD to Euro to pay down the € 117 million of Euro Senior Notes, Series A due 2023. The foreign currency contract was not designated as a hedge instrument and was marked to market on a monthly basis. As a result, changes in fair value during 2023 were reported in Foreign exchange (loss) gain in the Consolidated Statements of Net (Loss) Income. The fair value of the foreign currency forward contract was valued by a third party using market exchange rates and classified as a Level 2 input under the fair value hierarchy.
As of December 27, 2025 and December 28, 2024, the fair values of our derivative financial instrument and their classifications on the Consolidated Balance Sheets were as follows:
Fiscal Year Ended
(in thousands) Consolidated Balance Sheets Classification December 27, 2025 December 28, 2024
Derivatives designated as hedging instruments
Interest rate swap agreement:
Designated as cash flow hedge Prepaid expenses and other current assets $ 1,162 $ 2,482
Other long-term assets 382 3,716
Zero cost collar agreement
Designated as cash flow hedge Prepaid expenses and other current assets $ 6,816 $ 22
Accrued liabilities — 4,067
Other long-term assets 3 2
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The pre-tax (gains) losses recognized on derivative financial instruments in the Consolidated Statements of Net (Loss) Income for the fiscal year ended December 27, 2025, December 28, 2024, and December 30, 2023 were as follows:
Fiscal Year Ended
(in thousands) Classification of (Gains) Losses Recognized in the Consolidated Statements of Net (Loss) Income December 27, 2025 December 28, 2024 December 30, 2023
Derivatives designated as cash flow hedges
Interest rate swap agreement Interest expense, net $ ( 2,987 ) $ ( 4,826 ) $ ( 4,551 )
Zero cost collar agreement Cost of sales ( 2,791 ) 1,766 —
Zero cost collar agreement Selling, general, and administrative expenses ( 219 ) 97 —
Derivatives not designated as hedging instruments
Foreign exchange forward contract Foreign exchange gain $ — $ — $ ( 52 )
The pre-tax losses (gains) recognized on derivative financial instruments in the Consolidated Statements of Comprehensive Income for the fiscal year ended December 27, 2025, December 28, 2024, and December 30, 2023 were as follows:
Fiscal Year Ended
(in thousands) December 27, 2025 December 28, 2024 December 30, 2023
Derivatives designated as cash flow hedges
Interest rate swap agreement $ 4,654 $ ( 346 ) $ 2,827
Zero cost collar agreement ( 10,787 ) 3,534 —
Mutual Funds
The Compa ny has a non-qualified Supplemental Retirement and Savings Plan that provides additional retirement benefits for certain management employees and named executive officers by allowing participants to defer a portion of their annual compensation. The Company maintains investment accounts for participants through which participants make investment elections. The marketable securities are classified as Level 1 under the fair value hierarchy as they are maintained in mutual funds with readily determinable fair value and recorded in Other long-term assets on the Consolidated Balance sheets.
There we re no changes during the fiscal year ended December 27, 2025 to the Company’s valuation techniques used to measure asset and liability fair values o n a recurring basis. As of December 27, 2025 and December 28, 2024, the Company did not hold any non-financial assets or liabilities that are required to be measured at fair value on a recurring basis.
Defined Benefit Plan Assets / Non-qualified Supplemental Retirement and Savings Plan Investments
See Note 11, Benefit Plans, for a description of valuation methodologies and investment balances for defined benefit plan assets and investments related to the Company’s Non-Qualified Supplemental Retirement and Savings Plan.
The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 27, 2025:
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 $ 465,915 $ — $ — $ 465,915
Investments in equity securities 7,676 — — 7,676
Mutual funds 25,730 — — 25,730
Total $ 499,321 $ — $ — $ 499,321
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The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 28, 2024:
Fair Value Measurements Using
(in thousands)
Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs
(Level 3) Total
Cash equivalents $ 658,491 $ — $ — $ 658,491
Investments in equity securities 10,182 — — 10,182
Mutual funds 23,268 — — 23,268
Total: $ 691,941 $ — $ — $ 691,941
In addition to the methods and assumptions used for the financial instruments recorded at fair value as discussed above, the following methods and assumptions are used to estimate the fair value of other financial instruments that are not marked to market on a recurring basis. The Company’s other financial instruments include cash and cash equivalents, short-term investments, trade receivables and its long-term debt. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, short-term investments and trade receivables approximate their fair values. The Company’s revolving and term loan debt facilities’ fair values approximate book value at December 27, 2025 and December 28, 2024, as the rates on these borrowings are variable in nature.
The carrying value and estimated fair values of the Company’s Euro Senior Notes, Series B and USD Senior Notes, Series A and Series B, as of December 27, 2025 and December 28, 2024 were as follows:
December 27, 2025 December 28, 2024
(in thousands)
Carrying
Value Estimated
Fair Value Carrying
Value Estimated
Fair Value
Euro Senior Notes, Series B due 2028 $ 111,977 $ 106,908 $ 98,928 $ 91,741
USD Senior Notes, Series A due 2025 — — 50,000 49,919
USD Senior Notes, Series B due 2027 100,000 99,152 100,000 96,623
USD Senior Notes, Series B due 2030 125,000 120,076 125,000 114,786
USD Senior Notes, due 2032 100,000 95,587 100,000 91,175
Impairments
The results of the annual goodwill impairment test as of September 28, 2025 indicated that the estimated fair value for Electronics-Semiconductor reporting unit were below its respective carrying value. Accordingly, the Company recorded a non-cash impairment charge of $ 301.2 million to reflect the impairment of goodwill for the Electronics-Semiconductor reporting unit within the Electronics segment. See Note 5, Goodwill and Other Intangible Assets, for further discussion. In addition, the Company recorded $ 0.5 million and $ 0.4 million of impairment charges related to certain machinery and equipment in the commercial vehicle business within the Transportation segment and the electronics products business within the Electronics segment, respectively.
2025 goodwill impairment charges were the result of measuring a reporting unit at fair value on a nonrecurring basis as shown below:
(in thousands) For Fiscal Year Ended December 27, 2025 December 27, 2025
Impairment
Charge Estimated Fair Value Measurement (Level 3) Net Carrying Value
Electronics-Semiconductor reporting unit
Goodwill $ 301,185 $ 238,057 $ 238,486
During the fourth quarter of 2024 the Company recorded non-cash charges of $ 36.1 million and $ 8.6 million, respectively, to reflect the impairment of goodwill for the Industrial Controls and Sensors reporting unit within the Industrial segment and the Automotive Sensors reporting unit within the Transportation segment. Additionally, during the fourth quarter of 2024, the
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Company recorded non-cash impairment charges of $ 47.8 million for the impairment of intangible assets primarily related to the impairment of certain acquired customer relationships, developed technology, and tradename intangible assets in the Industrial Controls and Sensors reporting unit within the Industrial segment. See Note 5, Goodwill and Other Intangible Assets, for further discussion. In addition, during the first quarter of 2024, the Company recognized a $ 0.9 million impairment related to certain machinery and equipment in the commercial vehicle business within the Transportation segment.
2024 goodwill and intangible assets impairment charges were the result of measuring a reporting unit at fair value on a nonrecurring basis as shown below:
(in thousands) For Fiscal Year Ended December 28, 2024 December 28, 2024
Impairment
Charge Estimated Fair Value Measurement (Level 3) Net Carrying Value
Industrial Controls and Sensors reporting unit
Customer relationships, trademarks, and tradenames $ 40,641 $ 6,620 $ 7,142
Patents, licenses and software 6,938 950 1,065
Intangible assets, net of amortization $ 47,579 $ 7,570 $ 8,207
Goodwill $ 36,147 $ 119,361 $ 115,159
Automotive Sensors reporting unit
Goodwill $ 8,616 $ — $ —
During the fiscal year 2023, the Company recognized a $ 3.9 million impairment charge related to the land and building of a property in the commercial vehicle business within the Transportation segment that the Company made the decision to donate, a $ 0.9 million impairment charge substantially related to certain patents in a business within the Industrial segment, and a $ 0.1 million impairment related to certain machinery and equipment in the semiconductor business within the Electronics segment. See Note 8, Restructuring, Impairment, and Other Charges, for further discussion.
11. Benefit Plans
The Company has Company-sponsored and mandatory defined benefit pension plans covering employees in the United Kingdom ("U.K."), Germany, the Philippines, China, Japan, Mexico, Italy, and France. The amount of the retirement benefits provided under the plans is generally based on years of service and final average pay.
On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under which an insurance company will be required to pay pension payments to the Company’s United Kingdom pension plan to match required pension payments until a later buyout, at which point the insurance company will directly pay and administer the benefits to the plan's participants, or to their designated beneficiaries. The purchase of this group annuity contract will reduce the Company’s outstanding pension benefit obligation by approximately $ 25 million, representing approximately 31 % of the total obligations of the Company’s qualified pension plans, and will be funded with pension plan assets and additional cash on hand. In connection with this transaction, the Company currently expects to record a one-time non-cash settlement charge in the second half of 2026 estimated between $ 6 million and $ 8 million, reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. The actual settlement charge could differ from this estimate due to final data and plan wind-up expenses.
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Benefit plan related information is as follows for the years 2025 and 2024:
(in thousands)
2025 2024
Change in benefit obligation:
Benefit obligation at beginning of year $ 70,682 $ 73,521
Service cost 3,020 3,060
Interest cost 4,013 3,873
Net actuarial loss 1,471 501
Benefits paid from the plan assets ( 1,984 ) ( 2,037 )
Benefits paid directly by the Company ( 2,349 ) ( 2,042 )
Settlements ( 868 ) ( 1,248 )
Acquisitions 1,725 —
Effect of exchange rate movements 6,075 ( 4,946 )
Benefit obligation at end of year $ 81,785 $ 70,682
Change in plan assets at fair value:
Fair value of plan assets at beginning of year $ 39,338 $ 37,696
Actual gain (loss) on plan assets 983 ( 529 )
Employer contributions 1,415 5,376
Benefits paid from the plan assets ( 1,984 ) ( 2,037 )
Settlements ( 509 ) —
Effect of exchange rate movements 2,370 ( 1,168 )
Fair value of plan assets at end of year 41,613 39,338
Net amount unfunded status $ ( 40,172 ) $ ( 31,344 )
Amounts recognized in the Consolidated Balance Sheets as of December 27, 2025 and December 28, 2024 consisted of the following:
(in thousands)
2025 2024
Amounts recognized in the Consolidated Balance Sheets consist of:
Non-current assets $ 241 $ 6
Current benefit liability ( 1,680 ) ( 1,514 )
Non-current benefit liability ( 38,733 ) ( 29,836 )
Net liability recognized $ ( 40,172 ) $ ( 31,344 )
The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects that have not yet been recognized as components of net periodic benefit costs as of December 27, 2025 and December 28, 2024 were as follows:
(in thousands)
2025 2024
Net actuarial loss $ 9,328 $ 6,679
Prior service cost 1,249 1,304
Total $ 10,577 $ 7,983
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The pre-tax amounts recognized in other comprehensive (loss) income in 2025 and 2024 were as follows:
2025 2024
(in thousands)
Amortization of:
Prior service cost $ 93 $ 93
Net actuarial loss 309 81
Amount arising during the period:
Net actuarial loss ( 2,028 ) ( 3,099 )
Net curtailment and settlement loss 12 299
Foreign currency adjustments ( 980 ) 265
Total $ ( 2,594 ) $ ( 2,361 )
Due to the signing of the group annuity contract for the U.K. pension plan, the liabilities of the plan were remeasured as of October 4, 2024 resulting in an increase of $ 3.8 million to unamortized actuarial loss within other comprehensive (loss) income. In addition, the net actuarial loss during 2025 as compared to 2024 were impacted by higher discount rates in 2025 as compared to 2024.
The components of net periodic benefit costs for the fiscal years 2025, 2024, and 2023 were as follows:
(in thousands)
2025 2024 2023
Components of net periodic benefit cost:
Service cost $ 3,020 $ 3,060 $ 2,774
Interest cost 4,013 3,873 3,795
Expected return on plan assets ( 1,899 ) ( 2,069 ) ( 1,879 )
Amortization of prior service and net actuarial loss 402 174 45
Net periodic benefit cost 5,536 5,038 4,735
Net settlement loss (gain) 12 299 ( 266 )
Total expense for the year $ 5,548 $ 5,337 $ 4,469
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2025, 2024, and 2023 were as follows:
2025 2024 2023
Discount rate 5.6 % 5.6 % 5.8 %
Expected return on plan assets 4.7 % 5.5 % 5.2 %
Compensation increase rate 4.8 % 4.8 % 4.7 %
The accumulated benefit obligation for the plans was $ 65.2 million and $ 58.7 million as of December 27, 2025 and December 28, 2024, respectively.
The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 27, 2025 and December 28, 2024:
(in thousands)
2025 2024
Projected benefit obligation $ 52,927 $ 47,016
Fair value of plan assets 12,491 15,666
The following table provides a summary of under-funded or unfunded pension benefit plans with accumulated benefit obligations in excess of plan assets as of December 27, 2025 and December 28, 2024:
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(in thousands)
2025 2024
Accumulated benefit obligation $ 29,239 $ 28,028
Fair value of plan assets 2,440 5,419
Weighted average assumptions used to determine benefit obligations as of December 27, 2025, December 28, 2024 and December 30, 2023 were as follows:
2025 2024 2023
Discount rate 6.1 % 5.6 % 5.6 %
Compensation increase rate 4.6 % 4.8 % 4.8 %
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands) Expected Benefit Payments
2026 $ 4,626
2027 4,283
2028 5,035
2029 5,562
2030 6,729
2031-2035 and thereafter 43,340
The Company expects to make approximately $ 1.5 million of contributions to the plans and pay $ 2.3 million of benefits directly in 2026.
The Company also sponsors certain post-employment plans in foreign countries and other statutory benefit plans. For the fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023, the Company recorded $ 3.5 million, $ 5.0 million and $ 1.5 million expense, respectively, in Cost of sales, Restructuring, impairment, and other charges, and Other income, net within the Consolidated Statements of Net (Loss) Income. As of December 27, 2025 and December 28, 2024, the Company reported benefit liabilities of $ 5.9 million and $ 4.4 million for these plans, of which $ 1.9 million and $ 1.5 million was recorded in Accrued liabilities and $ 4.0 million and $ 2.9 million was recorded in Other long-term liabilities on the Consolidated Balance Sheets, respectively. For the fiscal years ended December 27, 2025 and December 28, 2024, the pre-tax amounts recognized in other comprehensive (loss) income for these plans were $ 0.1 million and $( 0.2 ) million, respectively. For the fiscal year ended December 27, 2025, the expense reclassified from accumulated other comprehensive loss to earnings as components of net periodic benefit costs was $ 1.9 million. For the fiscal year ended December 28, 2024, the expense reclassified from accumulated other comprehensive loss to earnings as components of net periodic benefit costs was $ 3.3 million.
Defined Benefit Plan Assets
Based upon analysis of the target asset allocation and historical returns by type of investment, the Company has assumed that the expected long-term rate of return will be 4.7 % on plan assets. Assets are invested to maximize long-term return taking into consideration timing of settlement of the retirement liabilities and liquidity needs for benefits payments. Pension plan assets were invested as follows, and were not materially different from the target asset allocation:
Asset Allocation
2025 2024
Cash and cash equivalents, and other 2 % 1 %
Equity securities 6 % 7 %
Fixed income securities 32 % 32 %
Bulk annuity contract 60 % 60 %
100 % 100 %
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The Company segregated its plan assets by the following major categories and level for determining their fair value as of December 27, 2025 and December 28, 2024. All plan assets that are valued using the net asset value per share (“NAV”) practical expedient have not been included within the fair value hierarchy, but are separately disclosed.
Cash and cash equivalents – Carrying value approximates fair value. As such, these assets were classified as Level 1. The Company also invests in certain short-term investments which are valued using the amortized cost method. Lastly, the Company has certain pooled pension funds that have short-term investments with third party mutual funds that are valued at unit value per share at measurement date. As such, these assets were classified as Level 2.
Equity – The values of individual equity securities were based on quoted prices in active markets. As such, these assets are classified as Level 1. The Company has certain pooled pension funds which have mutual funds with underlying investments in certain equity securities that are not quoted on active markets; therefore, they were classified as Level 2.
Fixed income – Fixed income securities are typically priced based on a last trade basis and are exchange-traded. Accordingly, the Company classified fixed income securities as Level 1. The Company has certain pooled pension funds which have mutual funds with underlying investments in fixed income securities and funds priced based on a valuation model rather than a last trade basis and are not exchange-traded. As such, they were classified as Level 2. The Company also invests in certain fixed income funds which are valued at the NAV.
Insurance contracts and other – This category includes pooled pension funds which have mutual funds with underlying investments in other assets and liabilities including alternatives priced based on a valuation model and are not exchange-traded. These were classified as Level 2. This category also includes insurance contracts that are valued by the re-insurer with the valuation inputs being not highly observable or traded on an open market. Accordingly, insurance contracts were categorized as Level 3. Lastly, this category includes other assets and liabilities including futures or swaps.
Bulk Annuity Contract – Bulk annuity contract includes a U.K insurance policy issued by an authorized U.K. life insurer. This bulk annuity contract is valued by the re-insurer with the valuation inputs being not highly observable or traded on an open market. Accordingly, this contract was categorized as Level 3.
For any Level 2 and Level 3 plan assets, management reviews significant investments on a periodic basis including investigation of unusual fluctuations in price or returns and obtaining an understanding of the pricing methodology to assess the reliability of third-party pricing estimates.
The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While the Company believes the valuation methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. The Company invests in assets in which valuation is determined by the NAV. The Company believes that the NAV is representative of fair value at the reporting date, as there are no significant restrictions on redemption of these investments or other reasons to indicate that the investment would be redeemed at an amount different than the NAV.
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 27, 2025:
Fair Value Measurements Using
(in thousands)
Level 1 Level 2 Level 3 NAV Total
Insurance contracts and other $ — $ — $ 154 $ — $ 154
Cash and cash equivalents 808 — — — 808
Equities 2,635 — — — 2,635
Fixed income 7,242 — — 5,787 13,029
Bulk annuity contract — — 24,987 — 24,987
Total pension plan assets $ 10,685 $ — $ 25,141 $ 5,787 $ 41,613
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The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 28, 2024:
Fair Value Measurements Using
(in thousands)
Level 1 Level 2 Level 3 NAV Total
Insurance contracts and other $ — $ — $ 131 $ — $ 131
Cash and cash equivalents 422 — — — 422
Equities 2,921 — — — 2,921
Fixed income 7,224 — — 5,198 12,422
Bulk annuity contract — — 23,442 — 23,442
Total pension plan assets $ 10,567 $ — $ 23,573 $ 5,198 $ 39,338
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2025 and 2024 due to the following:
(in thousands)
Level 3
Balance at December 30, 2023 $ 133
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Bulk annuity contract added during the year 23,442
Employer contribution 2
Actual return on assets 4
Foreign currency adjustments ( 8 )
Balance at December 28, 2024 $ 23,573
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Employer contribution 125
Actual return on assets 1,059
Benefits paid from the plan assets ( 1,392 )
Foreign currency adjustments 1,776
Balance at December 27, 2025 $ 25,141
Defined Contribution Plan
The Company also maintains a 401(k) savings plan covering substantially all U.S. employees. The Company matches 100 % of the employee’s annual contributions for the first 4 % of the employee’s eligible compensation. The Company may provide an additional discretionary match to participants and made discretionary matches of 2 % of the employee’s eligible compensation for each of the fiscal years ended December 27, 2025, December 28, 2024 and December 30, 2023. Employees are immediately vested in their contributi ons plus actual earnings thereon, as well as the Company contributions. Company matching contributions amounted to $ 6.6 million, $ 6.5 million, and $ 7.7 million in 2025, 2024, and 2023, respectively.
Non-qualified Supplemental Retirement and Savings Plan
The Company has a non-qualified Supplemental Retirement and Savings Plan which provides additional retirement benefits for certain management employees and named executive officers by allowing participants to defer a portion of their annual compensation. The Company maintains accounts for participants through which participants make investment elections. The investments are subject to the claims of the Company’s creditors and the Company is responsible for the payment of all benefits under the plan from its general assets. As of December 27, 2025, there was $ 25.7 million of marketable securities related to the plan included in Other long-term assets and $ 25.7 million of accrued compensation benefits included in Other long-term liabilities . The marketable securities are classified as Level 1 under the fair value hierarchy as they are maintained in mutual funds with readily determinable fair value. The Company made matching contributions to the plan of $ 0.3 million, $ 0.5 million, and $ 0.6 million in 2025, 2024, and 2023, respectively.
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12. Stock-Based Compensation
Equity Plans : The Company has equity-based compensation plans authorizing the granting of stock options, restricted shares, restricted share units, performance shares units, and other stock rights to employees and directors. As of December 27, 2025, there were 0.8 million shares available for issuance of future awards under the Company’s equity-based compensation plans.
Stock options generally vest over a three-year period and are exercisable over either a seven or ten-year period commencing from the date of the grant. Restricted shares and share units granted by the Company generally vest over three years . Performance share units have three-year performance periods with vesting at the end of the performance period and earned based on the Company’s relative Total Shareholder Return ("TSR") relative to a group of peer companies. Stock options, restricted share and performance share units may have accelerated vesting upon meeting certain qualified conditions.
The following table provides a reconciliation of outstanding stock options for the fiscal year ended December 27, 2025.
Shares Under
Option Weighted
Average
Price Weighted
Average
Remaining
Contract Life
(Years) Aggregate
Intrinsic
Value
(000’s)
Outstanding December 28, 2024 629,812 $ 200.07
Granted — N/A
Exercised ( 164,064 ) 173.67
Forfeited ( 7,712 ) 236.20
Outstanding December 27, 2025 458,036 208.92 3.1 $ 24,677
Exercisable December 27, 2025 416,903 206.38 2.9 23,550
The following table provides a reconciliation of non-vested restricted share and share unit awards ("RSU") for the fiscal year ended December 27, 2025.
Shares Weighted Average
Grant-Date Fair Value
Nonvested December 28, 2024 186,013 $ 229.56
Granted 175,235 186.04
Vested ( 98,705 ) 229.94
Forfeited ( 35,652 ) 212.78
Nonvested December 27, 2025 226,891 198.43
The following table provides a reconciliation of non-vested performance share unit awards ("PSU") for the fiscal year ended December 27, 2025.
Shares Weighted Average
Grant-Date Fair Value
Nonvested December 28, 2024 — N/A
Granted 75,067 319.63
Vested — N/A
Forfeited ( 2,400 ) 252.93
Nonvested December 27, 2025 72,667 321.83
The total intrinsic value of options exercised during 2025, 2024, and 2023 was $ 13.0 million, $ 6.3 million, and $ 12.2 million, respectively. The total fair value of the vested RSU shares was $ 17.7 million, $ 16.2 million, and $ 19.8 million for 2025, 2024, and 2023, respectively. No PSU shares vested in 2025. The total amount of share-based liabilities paid was $ 1.2 million, $ 1.3 million, and $ 2.2 million for 2025, 2024, and 2023, respectively.
The Company recognizes compensation cost of all share-based awards as an expense on a straight-line basis over the vesting period of the awards. At December 27, 2025, the unrecognized compensation cost for options, restricted shares and performance shares was $ 43.6 million before tax, and will be recognized over a weighted average period of 2.0 years. Compensation cost included as a component of cost of sales, research and development and selling, general, and administrative expenses for all equity compensation plans discussed above was $ 28.6 million, $ 27.4 million, and $ 25.7 million for 2025, 2024,
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and 2023, respectively. The total related income tax benefit recognized in the Consolidated Statements of Net (Loss) Income was $ 4.0 million, $ 4.0 million, and $ 3.8 million for 2025, 2024, and 2023, respectively.
The Company uses the Monte Carlo valuation model to determine the fair value of PSU shares granted. The weighted average fair value of and related assumptions for PSU shares granted are as follows:
2025 2024 2023
Weighted average fair value of options granted $ 319.63 N/A N/A
Assumptions:
Risk-free interest rate 4.01 % N/A N/A
Expected dividend yield — % N/A N/A
Expected stock price volatility 33.16 % N/A N/A
Expected correlation 24.29 % N/A N/A
Expected volatilities and correlation factors are based on the historical volatility of the Company’s and each peer company’s stock price. The risk-free rates are based on yields available at the time of grant on U.S. Treasury bonds with maturities consistent with the remaining performance period.
The fair value of RSU shares without rights to dividend equivalents is determined based on the Company's stock price on the grant date reduced by the present value of expected dividends through the vesting period. The fair value of RSU with rights to dividend equivalents is based on the Company’s stock price on the grant date.
The Company uses the Black-Scholes option valuation model to determine the fair value of stock option awards granted. The weighted average fair value of and related assumptions for options granted are as follows:
2025 2024 2023
Weighted average fair value of options granted N/A $ 75.25 $ 77.40
Assumptions:
Risk-free interest rate N/A 4.71 % 3.67 %
Expected dividend yield N/A 1.13 % 1.00 %
Expected stock price volatility N/A 34.9 % 36.0 %
Expected life of options (years) N/A 4.4 4.4
Preferred Stock : The Board of Directors may authorize the issuance of preferred stock from time to time in one or more series with such designations, preferences, qualifications, limitations, restrictions, and optional or other special rights as the Board may fix by resolution.
Share Repurchase Program
The Company's Board of Directors authorized the repurchase of up to $ 300 million in the aggregate of shares of the Company’s common stock for the period May 1, 2021 to April 30, 2024 ("2021 program"). On April 25, 2024, the Company's Board of Directors authorized a new three-year program to repurchase up to $ 300.0 million in the aggregate of shares of the Company's stock for the period May 1, 2024 to April 30, 2027 ("2024 program") to replace the expired 2021 program.
During the fiscal year of 2025, the Company repurchased 120,689 shares of its common stock totaling $ 27.4 million pursuant to the 2024 program. There are $ 270.6 million of an authorized amount not yet purchased under the 2024 program as of December 27, 2025. During the fiscal year of 2024, the Company repurchased 179,311 shares of its common stock totaling $ 40.9 million, of which, $ 38.9 million was pursuant to the 2021 program and $ 2.0 million was pursuant to the 2024 program. During the fiscal year of 2023, the Company did not repurchase any shares of its common stock.
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13. Other Comprehensive (Loss) Income
Changes in other comprehensive (loss) income by component for fiscal years 2025, 2024, and 2023 were as follows:
Fiscal Year Ended
December 27, 2025 December 28, 2024 December 30, 2023
(in thousands) Pre-tax Tax Net of tax Pre-tax Tax Net of tax Pre-tax Tax Net of tax
Defined benefit pension plan and other adjustments $ ( 2,154 ) $ ( 24 ) $ ( 2,178 ) $ ( 2,947 ) $ 51 $ ( 2,896 ) $ ( 5,911 ) $ 491 $ ( 5,420 )
Cash flow hedges 6,134 697 6,831 ( 3,188 ) 41 ( 3,147 ) ( 2,827 ) 679 ( 2,148 )
Foreign currency translation adjustments (1) 139,430 ( 3,105 ) 136,325 ( 86,273 ) 1,772 ( 84,501 ) 48,227 ( 712 ) 47,515
Total change in other comprehensive income (loss) $ 143,410 $ ( 2,432 ) $ 140,978 $ ( 92,408 ) $ 1,864 $ ( 90,544 ) $ 39,489 $ 458 $ 39,947
(1) The tax shown above within the foreign currency translation adjustments is the U.S. tax associated with the foreign currency translation adjustments of earnings of non-U.S. subsidiaries which have been previously taxed in the U.S. and are not permanently reinvested.
Accumulated Other Comprehensive Loss (“AOCI”) : The following table sets forth the changes in the components of AOCI by component for fiscal years 2025, 2024, and 2023:
(in thousands)
Pension and postretirement liability and reclassification adjustments Cash flow hedges Foreign currency translation adjustments Accumulated other comprehensive (loss) income
Balance at December 31, 2022 $ ( 2,193 ) $ 6,596 $ ( 100,167 ) $ ( 95,764 )
2023 activity ( 5,420 ) ( 2,148 ) 47,515 39,947
Balance at December 30, 2023 $ ( 7,613 ) $ 4,448 $ ( 52,652 ) $ ( 55,817 )
2024 activity ( 2,896 ) ( 3,147 ) ( 84,501 ) ( 90,544 )
Balance at December 28, 2024 $ ( 10,509 ) $ 1,301 $ ( 137,153 ) $ ( 146,361 )
2025 activity ( 2,178 ) 6,831 136,325 140,978
Balance at December 27, 2025 $ ( 12,687 ) $ 8,132 $ ( 828 ) $ ( 5,383 )
On October 4, 2024, the Company entered into a definitive agreement to purchase a group annuity contract, under which an insurance company will be required to pay pension payments to the Company’s United Kingdom pension plan to match required pension payments until a later buyout, at which point the insurance company will directly pay and administer the benefits to the plan's participants, or to their designated beneficiaries. The purchase of this group annuity contract will reduce the Company’s outstanding pension benefit obligation by approximately $ 25 million, representing approximately 31 % of the total obligations of the Company’s qualified pension plans, and will be funded with pension plan assets and additional cash on hand. In connection with this transaction, the Company currently expects to record a one-time non-cash settlement charge in 2026 estimated between $ 6 million and $ 8 million, reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. The actual settlement charge could differ from this estimate due to final data and plan wind-up expenses.
Due to the signing of the group annuity contract for the U.K. pension plan, the liabilities of the plan were remeasured as of October 4, 2024 resulting in an increase of $ 3.8 million to unamortized actuarial loss within other comprehensive (loss) income. See Note 11, Benefits Plans for further discussion.
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Amounts reclassified from accumulated other comprehensive loss to earnings for fiscal years 2025, 2024, and 2023 were as follows:
Fiscal Year Ended
(in thousands) December 27, 2025 December 28, 2024 December 30, 2023
Pension and postemployment and other plans:
Amortization of prior service, net actuarial loss (gain), and other $ 1,941 $ 3,441 $ ( 43 )
Net settlement loss and accelerated prior service costs 365 299 247
Total $ 2,306 $ 3,740 $ 204
The Company recognizes the amortization of prior service costs and net settlement loss in Other income, net, and Restructuring, impairment, and other charges within the Consolidated Statements of Net (Loss) Income.
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14. Income Taxes
During the fiscal year ended December 27, 2025, the Company elected to prospectively adopt the guidance in ASU 2023-09. The footnote below reflects this adopted guidance for the fiscal year ended December 27, 2025. For the fiscal years ended December 28, 2024, and December 30, 2023, the footnote reflects the guidance in effect prior to the adoption of ASU 2023-09.
The 2017 Tax Cuts and Jobs Act (the "Tax Act"), among other things, imposed a one-time tax (the “Toll Charge”) on accumulated earnings of certain non-U.S. subsidiaries and included base broadening provisions commonly referred to as the global intangible low-taxed income provisions ("GILTI").
T he Company elected to pay its 2017 Toll Charge over the eight-year period prescribed by the Tax Act. The eighth and final installment of the Toll Charge of $ 8.2 million was paid in 2025, and accordingly, there was no remaining liability on the Consolidated Balance Sheet as of December 27, 2025.
In accordance with guidance issued by the FASB staff, the Company has adopted an accounting policy to treat any GILTI inclusions as a period cost if and when incurred. Thus, for the fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023, deferred taxes were computed without consideration of the possible future impact of the GILTI provisions, and any current year impact was recorded as a part of the current portion of income tax expense.
On July 4, 2025, the United States enacted into law the legislation formally titled “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” and commonly referred to as the One Big Beautiful Bill Act (“OBBB”). The OBBB contains multiple business tax provisions, including the permanent extension of several expiring provisions of the Tax Act and multiple modifications to the international tax framework. The legislation has multiple effective dates with certain provisions effective in 2025 and others to be implemented in future years, and the Company determined the impact for the year ended December 27, 2025 is not significant. The Company will continue to monitor future administrative guidance and regulations that clarify the legislative text of the OBBB and the bill’s potential effect on the Company’s income taxes.
Domestic and foreign income (loss) before income taxes is as follows:
(in thousands)
2025 2024 2023
Domestic $ ( 94,209 ) $ 3,151 $ 40,571
Foreign 97,816 148,712 288,027
Income before income taxes $ 3,607 $ 151,863 $ 328,598
Federal, state, and foreign income tax expense (benefit) consists of the following:
(in thousands)
2025 2024 2023
Current:
Federal $ 3,875 $ ( 5,881 ) $ 8,188
State 3,449 1,826 2,880
Foreign 64,644 58,551 57,999
Subtotal $ 71,968 $ 54,496 $ 69,067
Deferred:
Federal (including State for 2024 and 2023) $ 1,304 $ 4,091 $ 1,751
State $ ( 2,070 ) $ — $ —
Foreign 4,105 ( 6,914 ) ( 1,705 )
Subtotal $ 3,339 $ ( 2,823 ) $ 46
Provision for income taxes $ 75,307 $ 51,673 $ 69,113
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As described above, the Company elected to prospectively adopt the guidance in ASU 2023-09. In accordance with the guidance in ASU 2023-09, for the ear ended December 27, 2025, a reconciliation between income taxes computed on income before income taxes at the federal statutory rate and the provision for income taxes is provided below:
(in thousands)
2025 ETR%
Tax expense at statutory rate of 21% $ 757 21.0 %
Effect of Cross-Border Tax Laws: US Tax on Non-US income (GILTI) 4,738 131.4 %
US Tax on Non-US income (Subpart F) 6,760 187.4 %
Other ( 2,503 ) ( 69.4 ) %
Tax Credits: Foreign Tax Credits ( 4,301 ) ( 119.2 ) %
Other ( 1,106 ) ( 30.7 ) %
Nontaxable or Non-deductible items: Non-deductible goodwill impairment 23,028 638.4 %
Non-deductible expenses 3,378 93.7 %
Other 397 11.0 %
Valuation Allowance 409 11.3 %
Other 138 3.8 %
State Taxes, Net of Federal Tax Effect (a) 1,089 30.2 %
Foreign Tax Effects:
China Withholding Taxes 6,129 169.9 %
Other ( 2,895 ) ( 80.2 ) %
Germany Non-U.S. income tax rate differential 10,079 279.4 %
Non-deductible goodwill impairment 17,031 472.2 %
Valuation allowance 26,839 744.1 %
German Trade Tax ( 13,740 ) ( 380.9 ) %
Other ( 674 ) ( 18.7 ) %
Korea Withholding Taxes 4,752 131.7 %
Other 611 17.0 %
Mexico Non-U.S. income tax rate differential (b) ( 4,604 ) ( 127.6 ) %
Netherlands Valuation allowance 6,990 193.8 %
Other ( 462 ) ( 12.8 ) %
Philippines Non-U.S. income tax rate differential (c) ( 4,659 ) ( 129.2 ) %
Withholding Taxes 4,712 130.6 %
Other 288 8.1 %
Singapore Non-U.S. income tax rate differential ( 3,906 ) ( 108.3 ) %
Nontaxable Income ( 5,100 ) ( 141.4 ) %
Other ( 346 ) ( 9.6 ) %
United Kingdom Non-deductible goodwill impairment 7,018 194.6 %
Other 57 1.5 %
Other Foreign Jurisdictions 230 6.2 %
Worldwide Changes in Unrecognized Tax Benefits ( 5,827 ) ( 161.5 ) %
Provision for income taxes 75,307 2,087.8 %
(a) In 2025, state and local income taxes in Illinois and Minnesota comprise the majority of the state and local income taxes, net of federal effect category.
(b) The Company operates certain manufacturing activities in Mexico under a Maquiladora structure. The non-U.S. income tax rate differential represents the tax benefits associated with the Maquiladora safe harbor as defined under Mexican tax law.
(c) The Company conducts certain operations in the Philippines under the Philippine Economic Zone Authority ("PEZA") regime. The non-U.S. income tax rate differential represents the preferential tax rate benefits associated with the PEZA regime as defined under Philippines tax law.
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For the years 2024 and 2023, in accordance with the guidance in effect prior to ASU 2023-09, a reconciliation between income taxes computed on income before income taxes at the federal statutory rate and the provision for income taxes is provided below:
(in thousands)
2024 2023
Tax expense at statutory rate of 21% $ 31,891 $ 69,006
Non-U.S. income tax rate differential ( 1,130 ) ( 25,623 )
Non-U.S. losses and expenses with no tax benefit 9,401 11,261
Tax on unremitted earnings 6,616 6,394
Non-deductible goodwill impairment 5,810 —
Net impact associated with U.S. tax on non-U.S. income, including GILTI 5,809 4,739
State and local taxes, net of federal tax benefit 2,533 1,503
Certain changes in unrecognized tax benefits and related accrued interest ( 8,692 ) ( 172 )
Other, net ( 565 ) 2,005
Provision for income taxes $ 51,673 $ 69,113
Deferred income taxes are provided for the tax effects of temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities. Significant components of the Company’s deferred tax assets and liabilities at December 27, 2025 and December 28, 2024, were as follows:
(in thousands) 2025 2024
Deferred tax assets:
Net operating loss carryforwards $ 66,851 $ 46,263
Interest expense carryforwards 47,581 34,800
Accrued expenses and reserves 42,154 32,336
Lease liabilities 16,559 13,016
Excess of tax basis over the book basis for intangible assets and goodwill 16,016 —
Capitalized expenses 11,032 18,939
U.S. foreign tax credit carryforwards 3,772 3,490
U.S. research and other general business tax credit carryforwards 1,222 1,252
Other — 196
Deferred tax assets 205,187 150,292
Less: Valuation allowance ( 97,557 ) ( 55,468 )
Total deferred tax assets 107,630 94,824
Deferred tax liabilities:
Excess of book basis over the tax basis for intangible assets and goodwill 134,666 133,701
Excess of book basis over the tax basis for property, plant, and equipment 34,448 24,238
Right of use lease assets 17,289 12,906
Tax on unremitted earnings 16,311 14,612
Other 1,996 —
Total deferred tax liabilities 204,710 185,457
Net deferred tax liabilities $ 97,080 $ 90,633
The deferred tax asset valuation allowance is mainly related to certain U.S. and non-U.S. net operating loss, non-U.S. interest expense carryforwards, and U.S. foreign tax credit carryforwards which are not more likely that not to be realized. The remaining U.S. and non-U.S. net operating loss, interest expense, and foreign tax credit carryforwards either have no expiration date or are expected to be utilized prior to expiration (which begin expiring in 2028). No deferred tax asset nor valuation allowance has been recorded for certain U.S. and non-U.S. net operating loss carryforwards for which the possibility of usage has been determined to be remote.
As described above, the Company has elected to prospectively adopt the guidance in ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, or ASU 2023-09. In accordance with the guidance in ASU 2023-09, for the year ended December 27, 2025, a summary of income taxes paid net of refunds by jurisdiction is provided below:
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Jurisdiction 2025
Federal $ 10,154
State 1,792
Foreign
China 25,016
Singapore 12,581
Philippines 8,141
Mexico 5,961
Korea 5,853
Other $ 12,103
Total income taxes paid net of refunds received $ 81,601
State income taxes paid in Texas and Minnesota make up the majority (greater than 50%) of the total 2025 state income taxes paid. The Company paid income taxes of $ 88.1 million, and $ 81.1 million in 2024, and 2023, respectively, and received income tax refunds of $ 4.3 million, and $ 7.2 million in 2024, and 2023, respectively.
Deferred income taxes are not provided on the excess of the investment value for financial reporting over the tax basis of investments in those subsidiaries for which such excess is considered to be permanently reinvested in those operations. The Company recognized deferred tax liabilities of $ 16.3 million as of December 27, 2025 and $ 14.6 million as of December 28, 2024 , related to taxes on certain non-U.S. earnings which are not considered to be permanently reinvested.
The Company has two subsidiaries in China which benefit from lower tax rates due to “tax holidays” which apply for three-year periods. The tax holiday for one of the subsidiaries expired at the end of 2023, but was later extended for an additional three years, retroactive to include all of 2024, as well as 2025 and 2026, and for the other subsidiary the tax holiday expired at the end of 2025. The Company intends to seek an extension for the expired tax holiday. Together, the tax holidays contributed $ 6.6 million in current tax benefits, or $ 0.27 per diluted share, during 2025. Future year tax benefits will depend upon the Company’s ability to obtain extensions, after the three-year periods expire. There can be no assurance that future extensions will be granted.
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 27, 2025, December 28, 2024, and December 30, 2023 is as follows:
(in thousands)
Unrecognized Tax Benefits
Balance at December 30, 2023 $ 31,449
Additions for tax positions taken in the current year 1,251
Additions for tax positions taken in the prior year 375
Decreases for lapses in statute of limitations ( 7,650 )
Other 574
Balance at December 28, 2024 $ 25,999
Additions for tax positions taken in the current year 1,695
Additions for tax positions taken in the prior year 170
Decreases for lapses in statute of limitations ( 5,850 )
Decreases for settlements ( 563 )
Other 4,356
Balance at December 27, 2025 $ 25,807
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As of December 27, 2025, the net amount of tax benefits that, if recognized, would favorably affect the effective tax rate in future periods is approximately $ 23.2 million. None of the positions included in unrecognized tax benefits are related to tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility.
The Company recognizes accrued interest and penalties associated with uncertain tax positions as part of income tax expense . The Company recognized such interest benefit of $ 2.3 million (including a $ 3.5 million decrease due to a lapse in the statute of limitations), $ 2.7 million expense (net of a $ 4.1 million decrease due to a lapse in the statute of limitations) and $ 0.5 million expense (net of a $ 1.7 million decrease due to a lapse in the statute of limitations) in 2025, 2024, and 2023, respectively. Accrued interest for such matters included in Other long-term liabilities within the Consolidated Balance Sheets was $ 8.7 million and $ 11.1 million as of December 27, 2025 and December 28, 2024, respectively.
The U.S. federal statute of limitations remains open for the Company for the 2022 tax year and later years. Non-U.S. and U.S. state statutes of limitations generally range from three to seven years, although certain jurisdictions do not have a statute expiration. Tax examinations occur from time to time, including examinations currently in process in China, Germany, the Netherlands, Singapore, other non-U.S. jurisdictions and certain U.S. states. The Company does not expect to recognize a significant amount of additional tax expense as a result of concluding these examinations.
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15. (Loss) Earnings Per Share
The following table sets forth the computation of basic and diluted (loss) earnings per share:
(in thousands, except per share amounts)
2025 2024 2023
Numerator:
Net (loss) income as reported $ ( 71,700 ) $ 100,190 $ 259,485
Denominator:
Weighted average shares outstanding
Basic 24,817 24,821 24,854
Effect of dilutive securities — 218 248
Diluted 24,817 25,039 25,102
(Loss) Earnings Per Share:
Basic (loss) earnings per share $ ( 2.89 ) $ 4.04 $ 10.44
Diluted (loss) earnings per share $ ( 2.89 ) $ 4.00 $ 10.34
Potential shares of common stock attributable to stock options and restricted shares excluded from the earnings per share calculation because their effect would be anti-dilutive based on their strike price or the vesting condition was not met, were 204,189 , 139,839 , and 110,002 shares in 2025, 2024, and 2023, respectively.
In addition, potential common shares of 205,571 for fiscal year 2025 were excluded from the computation of diluted loss per share, because the effect would have been antidilutive as a result of the Company incurring a net loss in 2025.
During the fiscal year of 2025, the Company repurchased 120,689 shares of its common stock totaling $ 27.4 million pursuant to the 2024 program. There are $ 270.6 million of an authorized amount not yet purchased under the 2024 program as of December 27, 2025. During the fiscal year of 2024, the Company repurchased 179,311 shares of its common stock totaling $ 40.9 million, of which, $ 38.9 million was pursuant to the 2021 program and $ 2.0 million was pursuant to the 2024 program. During the fiscal year of 2023, the Company did not repurchase any shares of its common stock.
16. Segment Information
The Company and its subsidiaries design, manufacture and sell component, modules and subassemblies to empower the long-term structural themes of sustainability, connectivity and safety. The Company aggregated its operating segments into the reportable segments: Electronics, Transportation, and Industrial. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”). The CODM allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss) before interest and taxes, but does not evaluate the operating segments using discrete balance sheet information and as such, segment asset information is not disclosed. The CODM’s key decisions involve the allocation of resources, such as acquisitions, divestitures, investments, capital expenditures, significant customer contracts, and other key management resources, and assessment of performance, such as executive officer hiring, promotion, and compensation. The CODM uses operating income as the key metric when establishing targets in the annual budget and in evaluating the allocation of resources to each segment. The CODM regularly reviews each segment's operating income against the forecast, budget and previous quarterly results to assess performance and make decisions about the allocation of operating and capital resources to each segment.
Sales, marketing, and research and development expenses are charged directly into each operating segment. Finance, information technology, and human resources are shared functions that are allocated back to the operating segments. The Company does not report inter-segment revenue because the operating segments do not record it. Certain expenses, determined by the CODM to be strategic in nature and not directly related to segments current results, are not allocated but identified as “Other.” Additionally, the Company does not allocate interest and other income, interest expense, or taxes to operating segments. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Except as discussed above, the accounting policies for segment reporting are the same as for the Company as a whole.
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• 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 data center – computing and communication, data center and communications infrastructure, industrial controls, building controls, aerospace and defense, appliances, consumer electronics solutions, healthcare solutions, industrial equipment, energy storage, diversified industrials, grid and utility infrastructure, renewable energy, passenger vehicles, and commercial vehicles.
• Transportation Segment: Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (“OEMs”), Tier-one suppliers and parts and aftermarket distributors in passenger vehicles, heavy-duty truck and bus, off-road and recreational vehicles, material handling, agricultural equipment, construction equipment and other commercial vehicle end markets. Passenger vehicle products are used in internal combustion engines, hybrid and electric vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, high-voltage fuses, and sensor products designed to monitor the occupant’s safety and environment as well as the vehicle’s powertrain. Commercial vehicle products include fuses, switches, circuit breakers, relays, and power distribution modules and units used in applications serving a number of end markets, including heavy-duty truck and bus, off-road and recreational vehicles, material handling, agriculture equipment, construction equipment, and ship, marine and train.
• Industrial Segment: Consists of industrial circuit protection (industrial fuses), protective and monitoring relays (protection relays, residual current devices and monitors, ground fault circuit interrupters, solid state switches, and arc fault detection devices), and industrial controls and sensors (contactors, transformers, and temperature sensors) for use in various applications such as data center – computing and communication, data center and communications infrastructure, industrial controls, building controls, grid and utility infrastructure, construction, renewable energy, HVAC, processing and extracting, and energy storage.
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The Company has provided this segment information for all comparable prior periods. Segment information is summarized as follows:
(in thousands)
2025 2024 2023
Net sales
Electronics $ 1,345,522 $ 1,186,773 $ 1,350,426
Transportation 676,377 672,434 678,278
Industrial 364,395 331,561 333,953
Total net sales $ 2,386,294 $ 2,190,768 $ 2,362,657
Other segment expenses
Electronics $ 1,125,456 $ 1,016,880 $ 1,049,845
Transportation 591,597 613,856 644,644
Industrial 305,372 289,230 279,153
Total other segment expenses $ 2,022,425 $ 1,919,966 $ 1,973,642
Segment operating income
Electronics $ 220,066 $ 169,893 $ 300,581
Transportation 84,780 58,578 33,634
Industrial 59,023 42,331 54,800
Total segment operating income 363,869 270,802 389,015
Other (a)
( 326,341 ) ( 112,022 ) ( 28,153 )
Total operating income 37,528 158,780 360,862
Interest expense 34,303 38,717 39,866
Foreign exchange loss (gain) 16,612 ( 9,230 ) 12,299
Other income, net ( 16,994 ) ( 22,570 ) ( 19,901 )
Income before income taxes $ 3,607 $ 151,863 $ 328,598
(a) Included in “Other” Operating income for 2025 was $ 302.1 million of non-cash impairment charges, which included a $ 301.2 million non-cash goodwill impairment charge associated with the Electronics-Semiconductor reporting unit within the Electronics segment. In addition, the Company recognized impairment charges of $ 0.5 million and $ 0.4 million related to certain machinery and equipment in the commercial vehicle business within the Transportation segment and the electronics products business within the Electronics segment, respectively. The Company also recognized total restructuring charges of $ 18.0 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions in the power semiconductor business within the Electronics segment and the reorganization of certain manufacturing, selling and administrative functions in the commercial vehicle business and automotive sensors business within the Transportation segment. See Note 8, Restructuring, Impairment and Other Charges, for further discussion. Also included in "Other" Operating income was $ 5.4 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, $ 0.6 million of purchase accounting inventory adjustments related to the Basler and Dortmund Fab acquisitions, and a $ 0.3 million loss related to the sale of the Marine business within the Transportation segment.
Included in “Other” Operating income for 2024 was $ 93.5 million of non-cash impairment charges, which included $ 47.8 million for the impairment of intangible assets primarily related to certain acquired customer relationships, developed technology, and tradename in the Industrial Controls and Sensors reporting unit within the Industrial segment, and $ 36.1 million and $ 8.6 million of non-cash goodwill impairment charges associated with the Industrial Controls and Sensors reporting unit within the Industrial segment and the Automotive Sensors reporting unit within the Transportation segment, respectively. The remaining impairment charges included $ 0.2 million for patents and customer relationships related to the exit of a small business in China within the Industrial segment. In addition, during the first quarter of 2024, the Company recognized a $ 0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. The Company also recognized total restructuring charges of $ 14.9 million, primarily for employee termination costs related to the reorganization of certain manufacturing, selling and administrative functions in the semiconductor business within the Electronics segment and the reorganization of certain selling and administrative functions in the commercial vehicle business within the Transportation segment. See Note 8, Restructuring, Impairment and Other Charges,
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for further discussion. Also included in "Other" Operating income was $ 5.1 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, a gain of $ 1.0 million for the sale of two buildings within the Transportation segment, and a gain of $ 0.5 million recorded for the sale of a land use right within the Electronics segment.
Included in “Other” Operating income for 2023 was $ 11.7 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions and $ 11.6 million of restructuring, impairment and other charges, primarily related to employee termination costs. During 2023, the Company recorded a $ 3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment, $ 0.9 million impairment charge substantially related to certain patents in a business within the Industrial segment, and a $ 0.1 million impairment related to certain machinery and equipment in the semiconductor business within the Electronics segment. See Note 8, Restructuring, Impairment and Other Charges, for further discussion.
Other segment operating expenses include cost of sales, selling, general, and administration expenses, and research and development expenses. Other segment expenses are reconciled to the operating income of each segment. The CODM regularly assesses the performance of each operating segment focusing on each operating segment’s revenue and operating income.
The Company’s depreciation and amortization expenses by segment for the fiscal years 2025, 2024, and 2023 were as follows:
(in thousands)
2025 2024 2023
Depreciation
Electronics $ 47,599 $ 40,456 $ 39,461
Transportation 21,143 22,117 26,732
Industrial 6,129 5,752 5,441
Total depreciation $ 74,871 $ 68,325 $ 71,634
Amortization
Electronics $ 40,350 $ 39,362 $ 39,883
Transportation 13,540 13,518 15,782
Industrial 5,903 9,247 10,129
Total amortization $ 59,793 $ 62,127 $ 65,794
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The Company’s net sales classified according to the country where the customer is located, net property, plant, and equipment and additions to net property, plant, and equipment by country for the fiscal years 2025, 2024, and 2023 were as follows:
(in thousands)
2025 2024 2023
Net sales
U.S. $ 830,293 $ 800,331 $ 820,735
China 571,587 506,643 546,786
Other countries (a)
984,414 883,794 995,136
Total net sales $ 2,386,294 $ 2,190,768 $ 2,362,657
Long-lived assets
U.S. $ 95,619 $ 74,698 $ 73,126
China 130,047 132,504 139,736
Mexico 83,478 89,558 102,218
Germany 110,246 58,758 47,217
Philippines 61,591 66,174 73,217
Other countries 59,659 55,376 57,639
Total long-lived assets $ 540,640 $ 477,068 $ 493,153
Additions to long-lived assets
U.S. $ 10,694 $ 19,081 $ 9,502
China 13,371 16,045 32,805
Mexico 6,381 10,181 13,920
Germany 20,626 19,972 10,279
Philippines 5,716 4,383 6,156
Other countries 8,462 8,751 10,992
Total additions to long-lived assets $ 65,250 $ 78,413 $ 83,654
(a) Each country included in other countries are less than 10% of net sales.
For the year ended December 27, 2025, approximately 65 % of the Company’s net sales were to customers outside the U.S. (exports and foreign operations), including approximately 24 % to China. For the year ended December 28, 2024, approximately 63 % of the Company's net sales were to customers outside the U.S. (exports and foreign operations), including approximately 23 % to China. For the year ended December 30, 2023, approximately 65 % of the Company's net sales were to customers outside the U.S. (exports and foreign operations), including approximately 23 % to China. Sales to Arrow Electronics, Inc., which were included in the Electronics, Transportation, and Industrial segments, were 9.5 %, 9.4 %, and 11.2 % of consolidated net sales in 2025, 2024, and 2023 respectively. No other single customer accounted for more than 10% of net sales during the last three years.
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17. Commitments and Contingencies
Off-Balance Sheet Arrangements
As of December 27, 2025, the Company did not have any off-balance sheet arrangements, as defined under SEC rules. Specifically, the Company was not liable for guarantees of indebtedness owed by third parties, the Company was not directly liable for the debt of any unconsolidated entity and the Company did not have any retained or contingent interest in assets. The Company does not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities.
Product Warranty Liabilities
The Company's policy is to accrue for warranty claims when a loss is both probable and estimable. Liabilities for warranty claims have historically not been material and in limited instances, customers may make claims for costs they incurred or other damages related to a claim.
The Company carries insurance for potential product liability claims at coverage levels based on the Company's prior claims experience. This coverage is subject to deductibles, and various terms and conditions. The Company cannot assure that the level of coverage will be sufficient to cover every possible claim that can arise in its businesses, now or in the future, or that such coverage always will be available should the Company, now or in the future, wish to extend, increase or otherwise adjust its insurance.
The Company has been notified by one of its customers of a product recall potentially due to certain fuses provided by Littelfuse and incorporated in such products. The Company is currently working with its customer to investigate the cause and level of responsibility for this recall. The Company has determined pursuant to ASC 450, "Contingencies ", that a loss is reasonably possible. However, the Company continues to evaluate this matter and the ultimate costs of the recall and range of the potential loss cannot be determined at this time. Accordingly, no accrual has been made yet for this matter. Factors that will impact the amount of such losses include the per vehicle cost of fuse replacement, the determination of the relative liability among the customer, the Company, and any relevant third parties, as well as actual insurance recoveries .
Environmental Remediation Liabilities
Refer to Note 1: Summary of Significant Accounting Policies and Other Information related to environmental liabilities. Our operations and facilities are subject to U.S. and non-U.S. laws and regulations governing the protection of the environment and our employees, including those governing air emissions, chemical usage, water discharges, the management and disposal of hazardous substances and wastes, and the cleanup of contaminated sites. We could incur significant costs, including cleanup costs, fines, civil or criminal sanctions, or third-party property damage or personal injury claims, in the event of violations or liabilities under these laws and regulations, or non-compliance with the environmental permits required at our facilities. Potentially significant expenditures could be required in order to comply with environmental laws that may be adopted or imposed in the future. We are, however, not aware of any threatened or pending material environmental investigations, lawsuits, or claims involving the Company or its operations.
Legal Proceedings
In the ordinary course of business, the Company may be involved in a number of claims and litigation matters. While it is not feasible to predict the outcome of these matters, based upon our experience and current information known to us, we do not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on our results of operations, financial position, and/or cash flows.
The Company accounts for litigation and claims losses in accordance with FASB ASC Topic 450, Contingencies where loss contingency provisions are recognized for probable and estimable losses at our best estimate of a loss or, when a best estimate cannot be made, at our estimate of the minimum loss. These estimates require the application of considerable judgment and are refined each accounting period as additional information becomes known. We are often initially unable to develop a best estimate of loss and therefore the minimum amount, which could be an immaterial amount, is recognized. As information becomes known, either the minimum loss amount is increased, or a best estimate can be made, resulting in additional loss provisions. A best estimate may be changed to a lower amount when events result in an expectation of a more favorable outcome than previously expected.
Pending Litigation and Claims
There are no material pending litigation or claims outstanding as of December 27, 2025.
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18. Related Party Transactions
As a result of the Company’s acquisition of IXYS, the Company has equity ownerships in various investments that are accounted for under the equity method. The following is a description of the investments and related party transactions.
Powersem GmbH: The Company owns 45 % of the outstanding equity of Powersem GmbH (“Powersem”), a module manufacturer based in Germany.
EB-Tech Co., Ltd.: The Company owns approximately 15 % of the outstanding equity of EB-Tech Co., Ltd. (“EB Tech”), a company with expertise in radiation technology based in South Korea.
Automated Technology (Phil), Inc. : The Company owns approximately 24 % of the outstanding common shares of Automated Technology (Phil), Inc. (“ATEC”), a supplier located in the Philippines that provides assembly and test services.
Fiscal Year Ended
December 27, 2025 December 28, 2024
(in millions) Powersem EB Tech ATEC Powersem EB Tech ATEC
Sales to related party $ 1.2 $ — $ — $ 1.5 $ — $ —
Purchase of material/services from related party 2.2 0.9 9.0 3.8 0.7 5.7
Accounts payable balance $ 0.1 $ 0.1 $ 2.1 $ 0.7 $ 0.1 $ 0.7
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
ITEM 9A. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, the Company recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and the Company is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
As required by SEC Rule 15d-15(b), the Company carried out an evaluation, under the supervision and with the participation of its management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to SEC Rule 13a-15 and based upon the updated framework in Internal Control — Integrated Framework (2013), as of the end of the period covered by this Annual Report on Form 10-K. The Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of December 27, 2025.
Management’s Report on Internal Control over Financial Reporting
Section 404 of the Sarbanes-Oxley Act of 2002 requires management to include in this Annual Report on Form 10-K a report on management’s assessment of the effectiveness of the Company’s internal control over financial reporting, as well as an attestation report from the Company’s independent registered public accounting firm on the effectiveness of the Company’s internal control over financial reporting. Management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f), based on the criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
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Commission (“the COSO Framework). The Company’s internal control system was designed to provide reasonable assurance to its management and the Board of Directors regarding the preparation and fair presentation of published financial statements.
The Company’s management, including its Principal Executive Officer and Principal Financial Officer, assessed the effectiveness of the Company’s internal control over financial reporting as of December 27, 2025, based upon the updated framework in Internal Control — Integrated Framework (2013). Based on this assessment, the Company’s management concluded that, as of December 27, 2025, the Company’s internal control over financial reporting was effective.
On December 11, 2025, the Company completed the acquisition of Basler, as discussed in Note 2 – Acquisitions. Management has excluded Basler's internal controls over financial reporting from its assessment of the effectiveness of internal controls over financial reporting as of December 27, 2025. Basler’s net sales and total assets represent approximately 0.2% and 9%, respectively, of the consolidated financial statement amounts as of and for the fiscal year ended, December 27, 2025.
The Company’s independent registered public accounting firm, Deloitte & Touche LLP, has audited the consolidated financial statements included in this Annual Report on Form 10-K issued and have issued an attestation report on our internal control over financial reporting as of December 27, 2025.
Changes in Internal Control over Financial Reporting
During the fiscal year of 2025, the Company completed a number of initiatives and actions to address the previously reported material weaknesses, which included the following:
Control Environment
• The Company replaced key finance and operational roles at certain non-U.S. manufacturing locations, and recruited personnel with appropriate internal controls experience and accounting knowledge commensurate with our accounting and reporting requirements;
• The Company completed the redesign of the regional operations and finance organizational structures; and
• New corporate policies and procedures have been adopted and disseminated along with appropriate training provided to strengthen the control environment and inventory management oversight.
Control Activities
• Key monitoring controls have been designed and implemented for full physical counts, inventory storage locations, and over the completeness and accuracy of excessive and obsolete inventory calculations; and
• Full physical inventory observations, facilitated by independent counters, have been performed in certain non-U.S. locations in the second, third and fourth quarters of the fiscal year 2025.
After implementing the above initiatives and actions, the Company completed the necessary testing and concluded that the material weaknesses outlined above have been remediated as of December 27, 2025.
Other than the changes described above to address and remediate the previously disclosed material weaknesses, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls and Procedures
There are inherent limitations to the effectiveness of any system of internal control over financial reporting. Accordingly, even an effective system of internal control over financial reporting can only provide reasonable assurance with respect to financial statement preparation and presentation in accordance with accounting principles generally accepted in the United States of America. Our internal controls over financial reporting are subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the soundness of our systems, and the possibility of human error, and the risk of fraud. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may be inadequate because of changes in conditions and the risk that the degree of compliance with policies or procedures may deteriorate over time.
ITEM 9B. OTHER INFORMATION.
None .
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
None.
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PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.
Except as set forth below, the information required by this item will be contained in the Company’s Proxy Statement related to our 2026 Annual Meeting of Stockholders (the "proxy statement") and is incorporated herein by reference.
Information concerning directors and nominees for director is set forth in the section titled “Proposal No. 1 - Election of Directors” in the Company’s proxy statement and is incorporated herein by reference.
Information concerning the Company’s Audit Committee and Audit Committee financial expert is set forth in the sections titled "Board Committees" and “Director Independence; Financial Experts” in the Company's proxy statement and is incorporated herein by reference.
Information concerning the procedures by which security holders may recommend nominees to the Company’s Board of Directors is set forth in the section titled “Director Nominations” in the Company’s proxy statement and is incorporated herein by reference.
Information concerning compliance with Section 16 of the Securities Exchange Act of 1934 is set forth in the section titled “Delinquent Section 16(a) Reports” in the Company’s proxy statement and is incorporated herein by reference.
Information regarding the Executive Officers of the Company can be found in Part I of this Annual Report on Form 10-K under the caption "Information about our Executive Officers."
Code of Ethics
The company has adopted a Code of Conduct (Code of Ethics) that applies to all of the Company’s employees including the Company’s Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and persons performing similar functions. It has posted the text of the Code of Conduct on its website at https://investor.littelfuse.com/corporate-governance/governance-overview and intends to disclose on such website any amendments to, or waivers from the Code of Conduct. The company’s website is not incorporated by reference into this Annual Report.
ITEM 11. EXECUTIVE COMPENSATION.
Information concerning compensation of the Company’s executive officers and directors for the fiscal year ended December 27, 2025, is set forth in the sections titled “Director Compensation,” “Compensation Discussion and Analysis” (including under subsections titled “Compensation Risk” and “Clawback Policy”), "Compensation Committee Report," “Compensation Tables,” "Potential Payments Upon Termination or Change in Control," "CEO Pay Ratio," and "Pay versus Performance," in the Company’s proxy statement and is incorporated herein by reference, except the section titled “Compensation Committee Report” is hereby “furnished” and not “filed” with this Annual Report on Form 10-K.
Information concerning compensation committee interlocks is set forth in the section titled “Compensation Committee Interlocks and Insider Participation” in the Company’s proxy statement and is incorporated herein by reference.
COMPENSATION PLAN INFORMATION
We have two equity compensation plans that have been approved by our stockholders: the Littelfuse, Inc. Long-Term Incentive Plan that was approved by our stockholders at the April 2017 annual stockholder meeting, as amended by an amendment approved by our stockholders at the April 2023 annual stockholders meeting, and the Deferred Compensation Plan for Non-Employee Directors that was approved by our stockholders at the May 2005 annual stockholder meeting.
Pursuant to our acquisition of IXYS on January 17, 2018, we assumed four equity compensation plans that have not been approved by our stockholders and pursuant to which we may continue to grant equity awards: IXYS Corporation 2009 Equity Incentive Plan, IXYS Corporation 2011 Equity Incentive Plan, IXYS Corporation 2013 Equity Incentive Plan, IXYS Corporation 2016 Equity Incentive Plan (together, the "IXYS Plans"). We also assumed two expired equity compensation plans that have not been approved by our stockholders and pursuant to which we no longer have outstanding equity awards: the Zilog, Inc. 2002 Omnibus Stock Incentive Plan and Zilog, Inc. 2004 Omnibus Stock Incentive Plan (together, the "Zilog Plans"). The IXYS Corporation 2009 Equity Incentive Plan expired in June 2019; the IXYS Corporation 2011 Equity Incentive Plan expired
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in June 2021; the IXYS Corporation 2013 Equity Incentive Plan expired in June 2023; and equity awards remain outstanding under those plans.
Information about our equity compensation plans that were either approved or not approved by our stockholders as of December 27, 2025, was as follows:
Plan Category Number of securities to
be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants, and rights
(1) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column)
Equity compensation plans approved by security holders 614,508 (2) $136.87 771,172 (4)
Equity compensation plans not approved by security holders 92,437 (3) $24.81 91,214 (5)
Total 706,945 $122.22 862,386
(1) The weighted average exercise price does not take into account the shares issuable upon the vesting of outstanding restricted stock units, performance share units, and any related dividend equivalents, as these awards do not have an exercise price.
(2) Includes 160,147 shares reserved for issuance upon vesting of outstanding restricted stock units and related dividend equivalents, 73,380 shares issuable upon vesting of outstanding performance share units and related dividend equivalents, and 380,981 outstanding stock options granted under the Littelfuse, Inc. Long-Term Incentive Plan.
(3) Includes 77,620 shares reserved for issuance upon vesting of outstanding restricted stock units and related dividend equivalents under the IXYS Plans and 14,817 outstanding stock options granted under the IXYS Plans and Zilog Plan. Below is a brief description of the material features of the compensation plans acquired pursuant to the acquisition of IXYS Corporation.
(4) Includes 727,438 shares that remain available for future issuance under the Littelfuse, Inc. Long-Term Incentive Plan and 43,734 shares that remain available for future issuance under the Deferred Compensation Plan for Non-Employee Directors.
(5) Includes 91,214 shares that remain available for future issuance under the IXYS Corporation 2016 Equity Incentive Plan.
IXYS Plans
In connection with the acquisition of IXYS, we assumed the IXYS Corporation 2009 Equity Incentive Plan, IXYS Corporation 2011 Equity Incentive Plan, IXYS Corporation 2013 Equity Incentive Plan, IXYS Corporation 2016 Equity Incentive Plan and outstanding unvested stock options originally granted by IXYS Corporation under the IXYS Plans that were held by continuing employees. At the time of the acquisition of IXYS Corporation, these awards were converted to Littelfuse stock options, with adjustments made to the exercise price of the stock options and the number of shares subject to stock options as agreed upon in the Acquisition Agreement. These unvested options vest in accordance with their original terms, generally vesting in equal annual installments over a four-year period from the original grant date. The options, once granted, generally expire ten years from the date of grant. Under the IXYS Plans, we may grant to former employees of IXYS Corporation or its subsidiaries restricted stock awards, RSUs, stock options and stock appreciation rights with an exercise price that is no less than the fair market value on the date of grant. Equity awards granted under the IXYS Plans following the acquisition have been on similar terms and consistent with grants made pursuant to the Littelfuse, Inc Long-Term Incentive Plan. The IXYS Corporation 2009, 2011, 2013 Equity Incentive Plans expired in June 2019, June 2021 and June 2023, respectively, with no additional grants made after the expiration date. As of December 27, 2025, 91,214 shares remained available for issuance under the IXYS Plans.
Zilog Plans
In connection with the acquisition of IXYS Corporation, we assumed the Zilog, Inc. 2004 Omnibus Stock Incentive Plan and outstanding stock options originally granted by IXYS Corporation under the Zilog Plan that were held by continuing employees of Zilog. At the time of the acquisition of IXYS Corporation, these awards were converted to Littelfuse stock options, with adjustments made to the exercise price of the stock options and the number of shares subject to stock options as agreed upon in the Acquisition Agreement. These options vested in accordance with their original terms, generally in equal annual installments over a four-year period from the original grant date. The options generally expire ten years from the date of grant. The Zilog 2004 Omnibus Stock Incentive Plan expired in February 2014 and no additional grants have been made thereunder. Therefore, as of December 27, 2025, no shares remain available for issuance of new awards under the Zilog Plan and no stock options remain outstanding.
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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
Information concerning the security ownership of certain beneficial owners, the Company’s directors and executive officers as of March 12, 2026, is set forth in the section titled “Ownership of Littelfuse, Inc. Common Stock” in the Company’s proxy statement and is incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
Information concerning the independence of the Company’s directors, certain relationships and related transactions during 2025 and the Company’s policies with respect to such transactions is set forth in the sections titled "Director Independence; Financial Experts", “Related Person Transactions Policy”, “Related Party Transactions” in the Company’s proxy statement and is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
Information concerning principal accountant fees and services is set forth in the section titled “Audit Related Matters” in the Company’s proxy statement and is incorporated herein by reference.
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PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a) Financial Statements and Schedules
Page
1. The following Financial Statements are filed as a part of this report:
i. Reports of Independent Registered Public Accounting Firms 46 - 49
ii. Consolidated Balance Sheets as of December 27, 2025 and December 28, 2024
50
iii. Consolidated Statements of Net (Loss) Income for the fiscal years ended December 27, 2025, December 28, 2024 and December 30, 2023
51
vi. Consolidated Statements of Comprehensive Income for the fiscal years ended December 27, 2025, December 28, 2024 and December 30, 2023
52
v. Consolidated Statements of Cash Flows for the fiscal years ended December 27, 2025, December 28, 2024 and December 30, 2023
53
vi. Consolidated Statements of Equity for the fiscal years ended December 27, 2025, December 28, 2024 and December 30, 2023
54
vii. Notes to Consolidated Financial Statements 55 - 103
2. The following Financial Statement Schedule is submitted herewith for the periods indicated therein.
i. Schedule II - Valuation and Qualifying Accounts and Reserves 109
All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and, therefore, have been omitted.
3. Exhibits. See Exhibit Index 111
ITEM 16. FORM 10-K SUMMARY
None.
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SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
Description
Balance at
Beginning
of Year Charged to
Costs and
Expenses (a)
Deductions (b)
Other (c)
Balance at
End
of Year
(in thousands)
Fiscal year ended December 27, 2025
Allowance for credit losses on accounts receivable $ 1,589 $ 815 $ ( 266 ) $ 382 $ 2,520
Reserves for sales discounts and allowances $ 68,401 $ 168,821 $ ( 164,156 ) $ 1,487 $ 74,553
Fiscal year ended December 28, 2024
Allowance for credit losses on accounts receivable $ 2,187 $ ( 182 ) $ ( 345 ) $ ( 71 ) $ 1,589
Reserves for sales discounts and allowances $ 82,509 $ 138,735 $ ( 151,946 ) $ ( 897 ) $ 68,401
Fiscal year ended December 30, 2023
Allowance for credit losses on accounts receivable $ 1,575 $ 519 $ ( 181 ) $ 274 $ 2,187
Reserves for sales discounts and allowances $ 81,987 $ 186,021 $ ( 186,043 ) $ 544 $ 82,509
(a) Includes provision for credit losses, sales returns and sales discounts granted to customers.
(b) Represents uncollectible accounts written off, net of recoveries and credits issued to customers.
(c) Represents business acquisitions and foreign currency translation adjustments.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Littelfuse, Inc.
By: /s/ Gregory N. Henderson
Gregory N. Henderson
President and Chief Executive Officer
Date: February 19, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant on February 19, 2026 and in the capacities indicated.
/s/ Gordon Hunter Chairman of the Board of Directors
Gordon Hunter
/s/ Gregory N. Henderson Director, President and Chief Executive Officer
Gregory N. Henderson (Principal Executive Officer)
/s/ Kristina A. Cerniglia Director
Kristina A. Cerniglia
/s/ Tzau-Jin Chung Director
Tzau-Jin Chung
/s/ Gayla J. Delly Director
Gayla J. Delly
/s/ Maria C. Green Director
Maria C. Green
/s/ Anthony Grillo Director
Anthony Grillo
/s/ William P. Noglows Director
William P. Noglows
/s/ Abhishek Khandelwal Executive Vice President and Chief Financial Officer
Abhishek Khandelwal (Principal Financial Officer)
/s/ Jeffrey G. Gorski Senior Vice President and Chief Accounting Officer
Jeffrey G. Gorski (Principal Accounting Officer)
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EXHIBIT INDEX
The following documents listed below that have been previously filed with the SEC (1934 Act File No. 0-20388) are incorporated herein by reference:
Incorporated by Reference Herein
Exhibit No.
Description Form Exhibit Filing Date File No.
2.1 Stock Purchase Agreement, dated October 19, 2021, by and between Littelfuse, Inc., the Shareholders of Carling Technologies, Inc., and Christopher T. Sorenson, as Sellers’ Representative
8-K 2.1 10/20/2021 0-20388
2.2 First Amendment to Stock Purchase Agreement, dated November 29, 2021, by and between Littelfuse, Inc., the Shareholders of Carling Technologies, Inc., and Christopher T. Sorenson
10-K 2.3 2/27/2022 0-20388
2.3 Sale and Purchase Agreement, dated April 7, 2022, by and between Cayman NIH VI BEIT Holdings, L.P. and Littelfuse, Inc.
8-K 2.1 4/8/2022 0-20388
2.4 Warranty Deed, dated April 7, 2022, by and between the warrantors party thereto and Littelfuse, Inc.
8-K 2.2 4/8/2022 0-20388
2.5 Deed of Amendment No. 1 Sale and Purchase Agreement, dated July 18, 2022, by and between Cayman NIH VI BEIT Holdings, L.P. and Littelfuse, Inc.
10-Q 2.1 8/3/2022 0-20388
2.6 Membership Interest Purchase Agreement, dated October 24, 2025, by and between Littelfuse, Inc. and Basler Holdings, LLC.
8-K 2.1 10/28/2025 0-20388
2.7* Letter Agreement Amending Membership Interest Purchase Agreement, dated December 11, 2025, by and between Littelfuse Inc. and Basler Holdings, LLC.
3.1 Certificate of Incorporation dated November 25, 1991, as amended April 25, 1997.
10-K 3.1 2/27/2017 0-20388
3.2 Certificate of Designations of Series A Preferred Stock. 8-K 4.2 12/1/1995 0-20388
3.3 Bylaws, as amended and restated January 27, 2023.
8-K 3.1 2/3/2023 0-20388
4.1 Description of Securities of Littelfuse, Inc.
10-K 4.1 2/21/2020 0-20388
10.1 Littelfuse, Inc. Outside Directors' Equity Plan.++
DEF14A A 3/22/2007 0-20388
10.2 Form of Restricted Stock Unit Award Agreement under the Littelfuse, Inc. Outside Directors' Equity Plan.++
8-K 99.4 5/1/2008 0-20388
10.3 Form of Restricted Stock Unit Award Agreement (Outside Director) under the Littelfuse, Inc. Long-Term Incentive Plan.++
S-8 4.4 5/19/2010 0-20388
10.4 Form of Stock Option Award Agreement under the Littelfuse, Inc. Long-Term Incentive Plan.++
S-8 4.6 5/19/2010 0-20388
10.5 Littelfuse, Inc. Annual Incentive Plan, effective January 1, 2014. ++
DEF14A A 3/17/2014 0-20388
10.6 Form of Stock Option Award Agreement (Executive) under the Littelfuse, Inc. Long-Term Incentive Plan. ++
10-Q 10.3 5/6/2016 0-20388
10.7 Form of Stock Option Award Agreement (Outside Director – 2016 Grant) under the Littelfuse, Inc. Long-Term Incentive Plan. ++
10-Q 10.4 5/6/2016 0-20388
10.8 Form of Restricted Stock Unit Award Agreement (Outside Director – 2016 Grant) under the Littelfuse, Inc. Long-Term Incentive Plan. ++
10-Q 10.7 5/6/2016 0-20388
10.9 Letter Agreement entered into between Littelfuse, Inc. and David W. Heinzmann. Effective January 1, 2017. ++
8-K 10.2 11/16/2016 0-20388
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Incorporated by Reference Herein
Exhibit No.
Description Form Exhibit Filing Date File No.
10.10 Littelfuse, Inc. 3.03% Senior Note, Series A, due February 15, 2022, and 3.74% Senior Note, Series B, due February 15, 2027 Note Purchase Agreement.
8-K 10.1 12/9/2016 0-20388
10.11 Littelfuse, Netherland C.V. 1.14% Senior Note, Series A, due December 8, 2023, and 1.83% Senior Note, Series B, due December 8, 2028 Note Purchase Agreement.
8-K 10.2 12/9/2016 0-20388
10.12 Subsidiary Guaranty Agreement, dated December 8, 2016.
8-K 10.4 12/9/2016 0-20388
10.13 Subsidiary Guaranty Agreement, dated as of February 15, 2017.
8-K 10.2 2/15/2017 0-20388
10.14 Restated Littelfuse, Inc. Supplemental Retirement and Savings Plan, effective January 1, 2017. ++
10-K 10.50 2/27/2017 0-20388
10.15 Amended and Restated Littelfuse, Inc. Long-Term Incentive Plan. ++
8-K 10.1 5/1/2017 0-20388
10.16 Form of 2017 Stock Option Award Agreement. ++
8-K 10.3 5/1/2017 0-20388
10.17 Employment offer letter between Littelfuse, Inc. and Jeffrey Gorski, dated June 28, 2017. ++
8-K 10.1 8/14/2017 0-20388
10.18 Note Purchase Agreement, dated November 15, 2017, among Littelfuse, Inc. and note purchasers listed on the signature pages thereto.
8-K 10.1 11/15/2017 0-20388
10.19 Form of 3.78% Senior Note, Series B, due February 15, 2030.
8-K 4.2 11/15/2017 0-20388
10.20 Subsidiary Guaranty Agreement, dated as of January 16, 2018, made by LFUS LLC, Littelfuse Commercial Vehicle, LLC, Iron Merger Co., Inc., IXYS Merger Co., LLC and SymCom, Inc. in favor of the note purchasers and the other holders.
8-K 10.2 1/18/2018 0-20388
10.21 Littelfuse, Inc. Executive Severance Policy. ++
8-K 10.4 1/18/2018 0-20388
10.22 IXYS Corporation 2009 Equity Incentive Plan++
S-8 4.4 1/19/2018 333-221147
10.23 IXYS Corporation 2011 Equity Incentive Plan++
S-8 4.5 1/19/2018 333-221147
10.24 IXYS Corporation 2013 Equity Incentive Plan++
S-8 4.6 1/19/2018 333-221147
10.25 IXYS Corporation 2016 Equity Incentive Plan++
S-8 4.7 1/19/2018 333-221147
10.26 Notice of Stock Option Grant and Agreement for the IXYS Corporation 2009 Equity Incentive Plan++
10-Q 10.4 8/10/2009 000-26124
10.27 Notice of Stock Option Grant and Agreement for IXYS Corporation 2011 Equity Incentive Plan++
10-Q 10.2 8/5/2011 000-26124
10.28 Notice of Stock Option Grant and Agreement for IXYS Corporation 2013 Equity Incentive Plan++
10-Q 10.6 8/9/2013 000-26124
10.29 Notice of Stock Option Grant and Agreement for IXYS Corporation 2016 Equity Incentive Plan++
10-Q 10.1 11/3/2016 000-26124
10.30 Cross Border Assumption Agreement, dated as of October 3, 2018, made by each of New Dutch B.V. and IXYS Dutch B.V. in favor of the note purchasers and the other holders.
10-K 10.106 02/22/2019 0-20388
10.31 Amended and Restated Employment Agreement entered into between Littelfuse Europe GmbH and Alexander Conrad, effective April 1, 2019. ++
10-K 10.77 02/21/2020 0-20388
10.32 Form of Restricted Stock Unit Award Agreement (Tier I) under the Littelfuse, Inc. Long-Term Incentive Plan. ++
8-K 10.1 4/24/2020 0-20388
10.33 Form of Option Award Agreement (Tier I) under the Littelfuse, Inc. Long-Term Incentive Plan. ++
8-K 10.2 4/24/2020 0-20388
10.34 Form of Restricted Stock Unit Award Agreement (Non-Employee Director) under the Littelfuse, Inc. Long-Term Incentive Plan. ++
8-K 10.3 4/24/2020 0-20388
10.35 Form of Option Award Agreement (Non-Employee Director) under the Littelfuse, Inc. Long-Term Incentive Plan. + +
8-K 10.4 4/24/2020 0-20388
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Incorporated by Reference Herein
Exhibit No.
Description Form Exhibit Filing Date File No.
10.36 Form of Restricted Stock Unit Award Agreement (Tier II) under the Littelfuse, Inc. Long-Term Incentive Plan. ++
10-Q 10.6 4/29/2020 0-20388
10.37 Form of Restricted Stock Unit Award Agreement (IXYS Tier II) under the IXYS Corporation Equity Incentive Plan . ++
10-Q 10.7 4/29/2020 0-20388
10.38 Form of Retention Stock Option Award Agreement under the Littelfuse, Inc. Long-Term Incentive Plan . ++
10-Q 10.8 7/29/2020 0-20388
10.39 Form of Retention Stock Option Award Agreement under the IXYS Corporation Equity Incentive Plan . ++
10-Q 10.9 7/29/2020 0-20388
10.40 Form of Retention Restricted Stock Unit Award Agreement under the Littelfuse, Inc. Long-Term Incentive Plan . ++
10-Q 10.10 7/29/2020 0-20388
10.41 Form of Retention Restricted Stock Unit Award Agreement under the IXYS Corporation Equity Incentive Plan . ++
10-Q 10.11 7/29/2020 0-20388
10.42 Amended and Restated Littelfuse Deferred Compensation Plan for Non-Employee Directors . ++
10-Q 10.1 10/28/2020 0-20388
10.43 First Amendment to the Littelfuse, Inc. Supplemental Retirement and Savings Plan, effective January 1, 2019 .++
10-K 10.68 2/18/2021 0-20388
10.44 Second Amendment to the Littelfuse, Inc. Supplemental Retirement and Savings Plan, effective January 1, 2020 .++
10-K 10.69 2/18/2021 0-20388
10.45 Third Amendment to the Littelfuse, Inc. Supplemental Retirement and Savings Plan, effective January 1, 2020. ++
10-K 10.70 2/18/2021 0-20388
10.46 Employment offer letter between Littelfuse, Inc. and Maggie Chu, dated April 28, 2021 ++
10-Q 10.1 7/28/2021 0-20388
10.47 Form of 4.33% Senior Note due June 30, 2032.
8-K 4.1 5/19/2022 0-20388
10.48 Note Purchase Agreement, dated May 18, 2022, among Littelfuse, Inc. and note purchasers listed on the signature pages thereto .
8-K 10.1 5/19/2022 0-20388
10.49 Subsidiary Guaranty Agreement, dated July 18, 2022, among Carling Technologies, Inc., Hartland Controls Holding Corp., Hartland Controls, L.L.C., IXYS Buckeye, LLC, IXYS Integrated Circuits Division, LLC, IXYS Long Beach, Inc., IXYS USA, LLC, IXYS, LLC, LFUS LLC, Littelfuse Commercial Vehicle, LLC, Littelfuse Holding, LLC, Littelfuse International Holding, LLC, Littelfuse Mexico Holding LLC, Monolith Semiconductor Inc., Pele Technology, Inc., Reaction Tech RE, LLC, Reaction Technology Epi, LLC, Reaction Technology Incorporated, SymCom, Inc. and Zilog, Inc.
8-K 10.2 5/19/2022 0-20388
10.50 First Amendment to 2016 Note Purchase Agreement, dated May 18, 2022, among Littelfuse, Inc., certain subsidiary guarantors, and the institutions party thereto .
8-K 10.3 5/19/2022 0-20388
10.51 First Amendment to 2016 Cross Border Note Purchase Agreement, dated May 18, 2022, among Littelfuse Netherland C.V., Littelfuse, Inc., certain subsidiary guarantors, and the institutions party thereto .
8-K 10.4 5/19/2022 0-20388
10.52 First Amendment to 2017 Note Purchase Agreement, dated May 18, 2022, among Littelfuse, Inc., certain subsidiary guarantors, and the institutions party thereto .
8-K 10.5 5/19/2022 0-20388
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Incorporated by Reference Herein
Exhibit No.
Description Form Exhibit Filing Date File No.
10.53 Amended and Restated Credit Agreement, dated as of June 30, 2022, by and among Littelfuse, Inc., certain subsidiaries of the company, as designated borrowers, certain subsidiaries of the company, as guarantors, the lenders party thereto and Bank of America, N.A., as agent, JPMorgan Chase Bank, N.A., as syndication agent, PNC Bank, National Association and BMO Harris Bank, N.A., as co-senior documentation agents, Wells Fargo Bank, National Association, as documentation agent, BofA Securities, Inc. as sole bookrunner and joint lead arranger, and JPMorgan Chase Bank, N.A., as joint lead arranger.
8-K 10.1 6/30/2022 0-20388
10.54 First Amendment to the Amended and Restated Littelfuse, Inc. Long-Term Incentive Plan .++
8-K 10.1 4/28/2023 0-20388
10.55 Form of Change of Control Agreement.++
8-K 10.1 1/05/2024 0-20388
10.56 Amended and Restated Annual Incentive Plan. ++
8-K 10.1 2/01/2024 0-20388
10.57 Retirement Letter, dated January 10, 2025, by and between Littelfuse, Inc. and David W. Heinzmann. ++
8-K 10.1 1/13/2025 0-20388
10.58 Offer Letter, dated January 10, 2025, by and between Littelfuse, Inc and Gregory N. Henderson. ++
8-K 10.2 1/13/2025 0-20388
10.59 Performance Share Award Agreement, dated February 10, 2025, by and between Littelfuse, Inc. and Gregory N. Henderson.++
10-K 10.60 3/13/2025 0-20388
10.60 Form of Off-Cycle Restricted Stock Unit Award Agreement.++
10-K 10.61 3/13/2025 0-20388
10.61 Form of Off-Cycle Littelfuse-IXYS Restricted Stock Unit Award Agreement.++
10-K 10.62 3/13/2025 0-20388
10.62 Letter Agreement between Littelfuse, Inc. and Meenal Sethna, dated April 8, 2025. ++
8-K 10.1 4/09/2025 0-20388
10.63 Form of Performance Share Award Agreement (Tier I) under the Amended and Restated Littelfuse, Inc. Long-Term Incentive Plan. ++
8-K 10.2 4/28/2025 0-20388
10.64 Form of Restricted Stock Unit Award Agreement (Tier I) under the Amended and Restated Littelfuse, Inc. Long-Term Incentive Plan. ++
8-K 10.1 4/28/2025 0-20388
10.65 Form of Restricted Stock Unit Award Agreement (Tier II) under the Amended and Restated Littelfuse, Inc. Long-Term Incentive Plan. ++
10-Q 10.4 4/30/2025 0-20388
10.66 Form of Restricted Stock Unit Award Agreement (Non-Employee Director) under the Amended and Restated Littelfuse, Inc. Long-Term Incentive Plan. ++
10-Q 10.5 4/30/2025 0-20388
10.67 Form of Restricted Stock Unit Award Agreement (Tier I) under the Littelfuse/IXYS Corporation Long-Term Incentive Plan. ++
8-K 10.3 4/28/2025 0-20388
10.68 Form Restricted Stock Unit Award Agreement (Tier II) under the Littelfuse/IXYS Corporation Long-Term Incentive Plan. ++
10-Q 10.7 4/30/2025 0-20388
10.69 Littelfuse, Inc. Long-Term Incentive Plan Subplan for Restricted Stock Units Granted to French Participants. ++
10-Q 10.8 4/30/2025 0-20388
10.70 Offer Letter between Littelfuse, Inc. and Abhishek Khandelwal, dated May 13, 2025. ++
8-K 10.1 5/27/2025 0-20388
10.71 Letter Agreement between Littelfuse, Inc. and Chad Marak, dated August 26, 2025.++
10-Q 10.1 10/29/2025 0-20388
10.72 Form of Non-Compete, Non-Solicitation, Indemnification, Resignation and Release Agreement. ++
8-K 10.1 10/28/2025 0-20388
10.73 Letter Agreement between Littelfuse, Inc. and Ryan K. Stafford, dated January 7, 2026. ++
8-K 10.1 1/08/2026 0-20388
114
Table of Contents
Incorporated by Reference Herein
Exhibit No.
Description Form Exhibit Filing Date File No.
10.74* Summary of Non-Employee Director Compensation.++
19.1 Insider Trading Policy .
10-K 19.1 2/16/2024 0-20388
21.1* Subsidiaries .
23.1* Consent of Independent Registered Public Accounting Firm.
23.2* Consent of Independent Registered Public Accounting Firm .
31.1* Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2* Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+++ Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97.1 Compensation Recovery Policy
10-K 97.1 2/16/2024 0-20388
101.INS* XBRL Instance Document.
101.SCH* XBRL Taxonomy Extension Schema Document.
101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB* XBRL Taxonomy Extension Label Linkbase Document.
101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF* XBRL Taxonomy Extension Definition Linkbase Document.
104 The cover page on this Annual Report on Form 10-K for the fiscal year ended December 27, 2025, formatted in Inline XBRL and contained in Exhibit 101.
* Filed with this Report.
+ Exhibits and schedules omitted pursuant to Item 601(b)(2) of Regulation S-K. Littelfuse agrees to furnish a supplemental copy of an omitted exhibit or schedule to the SEC upon request.
++ Management contract or compensatory plan or arrangement.
+++ Furnished with this Report.
115