Acquisitions (Tables)

9 Months Ended

Sep. 28, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the IXYS acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash, net of cash acquired	$	302,865
Cash settled stock options	3,622
Littelfuse stock	434,192
Converted stock options	38,109
Total purchase consideration	$	778,788
Allocation of consideration to assets acquired and liabilities assumed:
Current assets, net	$	155,930
Property, plant, and equipment	77,442
Intangible assets	212,720
Goodwill	382,360
Other non-current assets	28,706
Other non-current liabilities	(78,370		)
	$	778,788

Business Acquisition, Pro Forma Information

The following table summarizes, on a pro forma basis, the combined results of operations of the Company and IXYS as though the acquisition had occurred as of January 1, 2017. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the IXYS acquisition occurred as of January 1, 2017 or of future consolidated operating results.

	Three Months Ended		Nine Months Ended
(in thousands, except per share amounts)	September 29, 2018		September 29, 2018
Net sales	$	439,191	$	1,332,900
Income before income taxes	71,737		228,503
Net income	56,060		179,264
Net income per share — basic	2.23		7.17
Net income per share — diluted	2.18		7.16

Business Acquisition, Pro Forma Information, Nonrecurring Adjustments

Pro forma results presented above primarily reflect the following adjustments:

	Three Months Ended			Nine Months Ended
(in thousands)	September 29, 2018			September 29, 2018
Amortization(a)	$	3,104		$	8,289
Transaction costs(b)	—			9,976
Amortization of inventory step-up(c)	—			36,927
Stock compensation(d)	421			5,110
Income tax impact of above items	(1,011		)	(14,290		)

(a) The amortization adjustment for the three and nine months ended September 29, 2018 primarily reflects the reduction of amortization expense in the period related to the Order backlog intangible asset. The Order backlog has a useful life of twelve months and was fully amortized in the fiscal 2017 pro forma results.

(b) The transaction cost adjustments reflect the reversal of certain bank and attorney fees from the nine months ended September 29, 2018 and recognition of those fees during the nine months ended September 30, 2017.

(c) The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during the three and nine months ended September 29, 2018 and recognition of those costs during the three and nine months ended September 30, 2017. The inventory step-up was amortized over five months as the inventory was sold.

(d) The stock compensation adjustment reflects the reversal of the portion of stock compensation for IXYS stock options that were converted to Littelfuse stock options and expensed immediately during the nine months ended September 29, 2018.