10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

(Mark One)
[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 30, 2013

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM             TO

Commission file number 0-20388

LITTELFUSE, INC.

(Exact name of registrant as specified in its charter)

 

Delaware	36-3795742
(State or other jurisdiction	(I.R.S. Employer Identification No.)
of incorporation or organization)
8755 W. Higgins Road, Suite 500
Chicago, Illinois	60631
(Address of principal executive offices)	(Zip Code)

(773) 628-1000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [X]     Accelerated filer [ ]     Non-accelerated filer [ ]     Smaller reporting company [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of April 26, 2013, 22,106,477 shares of common stock, $.01 par value, of the registrant were outstanding.

EXPLANATORY NOTE

Littelfuse, Inc. (“we” or the “company”) is filing this report on Form 10-Q/A because the Audit Committee of the Board of Directors (the “Committee”) approved, on February 4, 2014, management’s recommendation that the company’s previously issued financial statements included in the company’s quarterly report on form 10-Q for the fiscal quarter ended March 30, 2013, and filed on May 3, 2013 (“Original Form 10-Q”), should no longer be relied upon because of an error resulting from the treatment of tax deductions related to the company’s write-off of its investment in Shocking Technologies, Inc. The tax deductions were determined to be a capital loss for tax purposes, instead of an ordinary loss as the company had previously determined in consultation with a third party expert. The impact of correcting this error is to record a charge to income tax expense of $3.3 million relating to the company’s first fiscal quarter ended March 30, 2013. As a result, the income tax expense recorded by the company in the first quarter of fiscal 2013 was understated by $3.3 million, producing an overstatement of net income of $3.3 million. The error was discovered in connection with the annual audit of the company for its fiscal year ended December 28, 2013.

On February 4, 2014, the Committee approved management’s recommendation that the company restate its financial statements for the three months ended March 30, 2013, by filing on this Form 10-Q/A an amendment to the Original Form 10-Q. Prior to the February 4, 2014, determination, management and the Audit Committee discussed these matters with Ernst & Young LLP, the company’s independent registered public accounting firm. The company filed an Item 4.02 current report on Form 8-K on February 5, 2014, relating to this matter.

The company believes the restatement constitutes a material weakness and that its disclosure controls and procedures were not effective as of the end of the period covered by the Original Form 10-Q. Management has commenced steps to remediate the material weakness associated with the income tax valuation allowance misstatement. For more information on the material weakness and our remediation efforts, please see “Item 4 – Controls and Procedures” of this Form 10-Q/A.

This report on Form 10-Q/A restates in its entirety the Original Form 10-Q. The following sections of the Original Form 10-Q have been restated:

 

(1)	Item 1 of Part I, Financial Statements,
(2)	Item 2 of Part I, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and
(3)	Item 4 of Part I, Controls and Procedures.

Specifically the following sections have been restated or added:

 

(1)	Condensed Consolidated Balance Sheets,
(2)	Consolidated Statements of Net Income,
(3)	Consolidated Statements of Comprehensive Income
(4)	Consolidated Statements of Cash Flows,
(5)	Note 1. Basis of Presentation
(6)	Note 9. Earnings Per Share
(7)	Note 11. Income Taxes
(8)	Note 15. Subsequent Event, and
(9)	Note 16. Restatement.

The company has also restated the signature page, the certifications of our Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, and 32.1, and the financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. No other sections were affected.

For more information about the restatement and the related disclosure controls and procedures matters, please see Littelfuse’s Current Report on Form 8-K (Item 4.02) filed on February 5, 2014.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements.	Page
	Condensed Consolidated Balance Sheets as of March 30, 2013 (unaudited, restated) and December 29, 2012	1
	Consolidated Statements of Net Income for the three months ended March 30, 2013 (unaudited, restated) and March 31, 2012 (unaudited)	2
	Consolidated Statements of Comprehensive Income for the three months ended March 30, 2013 (unaudited, restated) and March 31, 2012(unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended March 30, 2013 (unaudited, restated) and March 31, 2012 (unaudited)	4
	Notes to Condensed Consolidated Financial Statements (unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	18
Item 4.	Controls and Procedures.	19
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3.	Defaults Upon Senior Securities	20
Item 4.	Mine Safety Disclosures	20
Item 5.	Other Information	20
Item 6.	Exhibits	21
Signatures		22

PART I – FINANCIAL INFORMATION

Item 1.      Financial Statements

LITTELFUSE, INC.

Condensed Consolidated Balance Sheets

(In thousands of USD, except share amounts)

	March 30, 2013			December 29, 2012
	(Unaudited, restated)
Assets
Current assets:
Cash and cash equivalents	$	246,895		$	235,404
Short-term investments		8,344			—
Accounts receivable, less allowances		107,044			100,559
Inventories		71,372			75,580
Deferred income taxes		10,874			11,890
Prepaid expenses and other current assets		15,857			16,532
Assets held for sale		5,500			5,500
Total current assets		465,886			445,465
Property, plant and equipment:
Land		6,328			6,243
Buildings		55,159			54,559
Equipment		309,975			304,954
		371,462			365,756
Accumulated depreciation		(251,162	)		(244,845	)
Net property, plant and equipment		120,300			120,911
Intangible assets, net of amortization:
Patents, licenses and software		10,521			11,144
Distribution network		18,243			18,964
Customer lists, trademarks and tradenames		17,738			18,704
Goodwill		131,850			133,592
Investment in unconsolidated affiliate		—			8,666
Other investments		11,572			10,327
Deferred income taxes		9,826			8,090
Other assets		1,878			1,865
Total assets	$	787,814		$	777,728
Liabilities and Equity
Current liabilities:
Accounts payable	$	29,582		$	27,226
Accrued payroll		13,374			20,540
Accrued expenses		9,703			11,062
Accrued severance		776			1,033
Accrued income taxes		11,502			11,559
Current portion of long-term debt		94,000			84,000
Total current liabilities		158,937			155,420
Accrued post-retirement benefits		17,692			22,338
Other long-term liabilities		13,820			12,412
Total equity		597,365			587,558
Total liabilities and equity	$	787,814		$	777,728
Common shares issued and outstanding of 22,145,423 and 22,029,446, at March 30, 2013, and December 29, 2012, respectively.

See accompanying notes.

1

LITTELFUSE, INC.

Consolidated Statements of Net Income

(In thousands of USD, except per share amounts, unaudited)

	For the Three Months Ended
	March 30, 2013			March 31, 2012
	(Restated)
Net sales	$	170,918		$	160,578
Cost of sales		106,312			99,716
Gross profit		64,606			60,862
Selling, general and administrative expenses		29,202			28,409
Research and development expenses		5,715			5,161
Amortization of intangibles		1,572			1,468
		36,489			35,038
Operating income		28,117			25,824
Interest expense		376			423
Impairment and equity in net loss of unconsolidated affiliate		10,678			525
Other (income) expense, net		(909	)		101
Income before income taxes		17,972			24,775
Income taxes		6,484			7,212
Net income	$	11,488		$	17,563
Net income per share (see note 9):
Basic	$	0.52		$	0.81
Diluted	$	0.51		$	0.80
Weighted average shares and equivalent shares outstanding:
Basic		22,095			21,608
Diluted		22,366			21,929
Cash dividends paid per common share	$	0.20		$	0.18

See accompanying notes.

2

LITTELFUSE, INC.

Consolidated Statements of Comprehensive Income

(In thousands of USD, unaudited)

	For the Three Months Ended
	March 30, 2013			March 31, 2012
	(Restated)
Net income	$	11,488		$	17,563
Other comprehensive income (loss):
Pension liability adjustments (net of tax of $103 and $45, respectively)		(194	)		(66	)
Unrealized gain on investments		1,618			1,812
Foreign currency translation adjustments		(5,250	)		7,396
Comprehensive income	$	7,662		$	26,705

See accompanying notes.

3

LITTELFUSE, INC.

Consolidated Statements of Cash Flows

(In thousands of USD, unaudited)

	For the Three Months Ended
	March 30, 2013			March 31, 2012
	(Restated)
Operating activities:
Net income	$	11,488		$	17,563
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		6,232			6,481
Amortization of intangibles		1,572			1,468
Stock-based compensation		1,779			1,365
Non-cash inventory charge		—			205
Excess tax benefit on share-based compensation		(467	)		(475	)
(Gain) loss on sale of assets		(24	)		7
Impairment and equity in net loss of unconsolidated affiliate		10,678			525
Changes in operating assets and liabilities:
Accounts receivable		(9,745	)		(14,017	)
Inventories		3,632			(1,713	)
Accounts payable		2,452			8,552
Accrued expenses (including post-retirement)		(4,619	)		(5,543	)
Accrued payroll and severance		(7,319	)		(7,728	)
Accrued taxes		(640	)		1,275
Prepaid expenses and other		1,026			(101	)
Net cash provided by operating activities		16,045			7,864
Investing activities:
Purchases of property, plant, and equipment		(5,453	)		(3,244	)
Purchase of short-term investments		(8,478	)		(4,616	)
Proceeds from sale of assets		9			21
Net cash used in investing activities		(13,922	)		(7,839	)
FINANCING activities:
Proceeds from revolving credit facility		15,000			17,000
Payments of revolving credit facility		(5,000	)		(5,500	)
Cash dividends paid		(4,410	)		(3,888	)
Proceeds from exercise of stock options		5,283			4,217
Excess tax benefit on share-based compensation		467			475
Net cash provided by financing activities		11,340			12,304
Effect of exchange rate changes on cash and cash equivalents		(1,972	)		2,347
Increase in cash and cash equivalents		11,491			14,676
Cash and cash equivalents at beginning of period		235,404			164,016
Cash and cash equivalents at end of period	$	246,895		$	178,692

See accompanying notes.

4

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

1. Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Littelfuse, Inc. and its subsidiaries (the “company”) have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheet, statements of net income and comprehensive income and cash flows prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the period ended March 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 28, 2013. For further information, refer to the company’s consolidated financial statements and the notes thereto incorporated by reference in the company’s Annual Report on Form 10-K for the year ended December 29, 2012. The company evaluated subsequent events through the date of its financial statements when filed with the Securities and Exchange Commission (“SEC”).

Restatement of Financial Statements

We account for the correction of an error in our previously issued financial statements in accordance with the provisions of ASC Topic 250, Accounting Changes and Error Corrections. In accordance with the disclosure provisions of ASC Topic 250, when financial statements are restated to correct an error, an entity is required to disclose that its previously issued financial statements have been restated along with a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings or other appropriate component of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented. See Note 16.

2. Reclassifications and Adjustments

As disclosed in the Annual Report on Form 10-K for the year ended December 29, 2012, the company determined that in late-November 2012 it began to exercise significant influence over Shocking Technologies (“Shocking”). Accordingly, the company began accounting for the investment in Shocking using the equity method and in accordance with ASC 323, retroactively recorded its proportional share of Shocking's operating losses, which amounted to approximately $4.0 million in 2012. See Note 6 for additional information related to Shocking.

As a result of this retroactive application of the equity method, certain items in the company’s interim results reported on their 2012 Forms 10-Q have been retrospectively restated, as shown in the following tables:

	March 31, 2012
Consolidated Statements of Net Income and Comprehensive Income	As Previously Reported		Adjustment			As Adjusted
Impairment and equity in net loss of unconsolidated affiliate	$	—	$	525		$	525
Income before income taxes		25,300		(525	)		24,775
Income taxes		7,411		(199	)		7,212
Net income		17,889		(326	)		17,563
Basic Earnings per share	$	0.83	$	(0.02	)	$	0.81
Diluted Earnings per share	$	0.81	$	(0.01	)	$	0.80
Comprehensive income	$	27,031	$	(326	)	$	26,705

	March 31, 2012
Consolidated Statements of Cash Flows	As Previously Reported		Adjustment			As Adjusted
Net income	$	17,889	$	(326	)	$	17,563
Impairment and equity in net loss of unconsolidated affiliate		—		525			525
Accrued taxes		1,474		(199	)		1,275

5

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

3. Acquisition of Businesses

Accel AB

On May 31, 2012, the company acquired 100% of ACCEL AB (“Accel”), a manufacturer of advanced electromechanical products, including sensors and switches primarily for the automotive industry, for approximately $23.9 million. The acquisition allows the company to expand its automotive product offering and establish a presence in the growing automotive sensor market within its Automotive business unit segment. Accel is based in Vänersborg, Sweden with a manufacturing facility located in Kaunas, Lithuania. The company funded the acquisition with available cash.

The following table sets forth the purchase price allocation, as of March 30, 2013, for Accel acquisition-date net assets, in accordance with the purchase method of accounting with adjustments to record the acquired net assets at their estimated fair values.

Accel AB purchase price allocation (in thousands):
Cash	$	344
Current assets, net		8,643
Property, plant and equipment		3,731
Other assets		7
Goodwill		11,536
Distribution network		1,321
Trademarks		1,259
Patents and licenses		2,435
Current liabilities		(5,411	)
	$	23,865

All Accel goodwill and other assets and liabilities were recorded in the Automotive business unit segment and reflected in the Europe geographical area. The distribution network is being amortized over three to 10 years. Trademarks are being amortized over five years. Patents and licenses are being amortized over 10 years. The goodwill resulting from this acquisition consists largely of the company’s expected future product sales and synergies from combining Accel’s products with the company’s existing product offerings. Goodwill for the above acquisition is not expected to be deductible for tax purposes.

As required by purchase accounting rules, the company recorded a $0.4 million step-up of inventory to its fair value as of the acquisition date. During the third quarter of 2012, as the inventory was sold, cost of goods sold included $0.4 million of non-cash charges for this step-up.

Terra Power Systems, LLC

On September 26, 2012, the company acquired 100% of Terra Power Systems, LLC (“Terra Power”), a U.S. manufacturer of electromechanical components including power distribution modules and fuse holders for commercial vehicle products for $10.6 million. The acquisition allows the company to strengthen its position in the commercial vehicle products market by adding new products and new customers within its Automotive business unit segment. Terra Power is based in Bellingham, Washington. The company funded the acquisition with available cash.

All Terra Power goodwill and other assets and liabilities were recorded in the Automotive business unit segment and reflected in the Americas geographical area. The goodwill resulting from this acquisition consists largely of the company’s expected future product sales and synergies from combining Terra Power’s products with the company’s existing commercial vehicle product offerings. Goodwill for the above acquisition is expected to be deductible for tax purposes.

6

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

3. Acquisition of Businesses, continued

The following table sets forth the preliminary purchase price allocation for Terra Power acquisition-date net assets, in accordance with the purchase method of accounting with adjustments to record the acquired net assets at their estimated fair values. The preliminary purchase price allocation reflected below is based on internal estimates and is expected to be finalized in the second quarter of 2013 although further adjustments are not anticipated to be significant.

Terra Power preliminary purchase price allocation (in thousands):
Cash	$	105
Current assets, net		1,625
Property, plant and equipment		457
Goodwill		4,562
Other intangibles		4,064
Current liabilities		(213	)
	$	10,600

Pro forma financial information is not presented for the company’s business acquisitions described above due to amounts not being materially different than actual results.

4. Inventories

The components of inventories at March 30, 2013 and December 29, 2012 are as follows (in thousands):

	March 30, 2013		December 29, 2012
Raw material	$	21,819	$	21,689
Work in process		12,062		11,868
Finished goods		37,491		42,023
Total inventories	$	71,372	$	75,580

5. Other Investments

The company’s other investments represent shares of Polytronics Technology Corporation Ltd. (“Polytronics”), a Taiwanese company. The Polytronics investment was acquired as part of the Heinrich Companies acquisition in 2004. The fair value of the Polytronics investment was €9.1million (approximately $11.6 million) at March 30, 2013 and €7.8 million (approximately $10.3 million) at December 29, 2012. Included in 2013 other comprehensive income is an unrealized gain of $1.6 million, due to the increase in fair market value of the Polytronics investment. The remaining movement was due to the impact of changes in exchange rates.

6. Impairment of Investment in Unconsolidated Affiliate

During the first quarter of 2013, the company fully impaired its investment in and loan receivable from Shocking owing to their filing for Chapter 7 bankruptcy on March 12, 2013. The impairment charge of approximately $10.7 million consisted of the remaining equity method investment of $8.7 million and a $2.0 million loan receivable, and reduces the carrying value of both the investment and loan receivable to zero at March 30, 2013.

The loss was recorded as a component of impairment and equity loss of unconsolidated affiliate in the Consolidated Statements of Net Income for the three months ended March 30, 2013.

7

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

7. Debt

The carrying amounts of debt at March 30, 2013 and December 29, 2012 are as follows (in thousands):

	March 30, 2013		December 29, 2012
Revolving credit facility	$	94,000	$	84,000

On June 13, 2011, the company entered into a new credit agreement with certain commercial banks that provides an unsecured revolving credit facility in an amount of up to $150.0 million, with a potential to increase up to $225.0 million. At March 30, 2013, the company had available $55.4 million of borrowing capacity under the revolving credit agreement at an interest rate of LIBOR plus 1.250% (1.45% as of March 30, 2013).

The credit agreement replaces the company’s previous credit agreement dated July 21, 2006 and loan agreement dated September 29, 2008, and, unless terminated earlier, will terminate on June 13, 2016.

8. Fair Value of Assets and Liabilities

In determining fair value, the company uses various valuation approaches within the fair value measurement framework. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability.

Applicable accounting literature establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Applicable accounting literature defines levels within the hierarchy based on the reliability of inputs as follows:

Level 1—Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets;

Level 2—Valuations based on quoted prices for similar assets or liabilities or identical assets or liabilities in less active markets, such as dealer or broker markets; and

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable, such as pricing models, discounted cash flow models and similar techniques not based on market, exchange, dealer or broker-traded transactions.

Following is a description of the valuation methodologies used for instruments measured at fair value and their classification in the valuation hierarchy.

Investment in Polytronics

The company holds an investment in the equity securities of Polytronics as described in Note 5. Equity securities listed on a national market or exchange are valued at the last sales price. Such securities are classified within Level 1 of the valuation hierarchy.

Investment in Shocking Technologies, Inc.

The company holds an investment in an unconsolidated affiliate, Shocking Technologies, Inc. (“Shocking”), as described in Note 6, for which the valuation model that was used to determine the fair value of Shocking at December 29, 2012, was a discounted cash flow model to value Shocking’s equity and then an option pricing method to allocate the equity value to the various classes of stock in Shocking’s capital structure, including Series C and common shares held by the company. Significant unobservable inputs used included an expected two years until liquidity event, a volatility of 35% and a risk free rate of 0.44%. The investment was categorized as Level 3.

8

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

8. Fair Value of Financial Assets and Liabilities, continued

There were no changes during the quarter ended March 30, 2013 to the company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of March 30, 2013 and December 29, 2012 the company held no non-financial assets or liabilities that are required to be measured at fair value on a recurring basis.

The following table presents assets measured at fair value by classification within the fair value hierarchy as of March 30, 2013 (in thousands):

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	11,572	$	-	$	-	$	11,572
Total	$	11,572	$	-	$	-	$	11,572

The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 29, 2012 (in thousands):

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	10,327	$	—	$	—	$	10,327
Investment in unconsolidated affiliate		—		—		8,666		8,666
Total	$	10,327	$	—	$	8,666	$	18,993

The company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying amounts of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt approximate their fair values. The company’s debt fair value approximates book value at March 30, 2013 and December 29, 2012, respectively, as the variable interest rates fluctuate along with market interest rates.

9. Earnings Per Share

The company computes earnings per share using the two-class method. The two-class method includes an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and undistributed earnings for the period. The company’s reported net earnings is reduced by the amount allocated to participating securities to arrive at the earnings allocated to common stock shareholders for purposes of calculating earnings per share.

The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock or the two-class method. The company has determined the two-class method to be the more dilutive. As such, the earnings allocated to common stock shareholders in the basic earnings per share calculation is adjusted for the reallocation of

9

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

9. Earnings Per Share, continued

undistributed earnings to participating securities to arrive at the earnings allocated to common stock shareholders for calculating the diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method.

	For the Three Months Ended
(in thousands except per share amounts)	March 30, 2013			March 31, 2012
	(Restated)
Net income as reported	$	11,488		$	17,563
Less: Distributed earnings available to participating securities		(9	)		(6	)
Less: Undistributed earnings available to participating securities		(7	)		(43	)
Numerator for basic earnings per share —
Undistributed and distributed earnings available to common shareholders	$	11,472		$	17,514
Add: Undistributed earnings allocated to participating securities		7			44
Less: Undistributed earnings reallocated to participating securities		(6	)		(44	)
Numerator for diluted earnings per share —
Undistributed and distributed earnings available to common shareholders	$	11,473		$	17,514
Denominator for basic earnings per share —
Weighted-average shares		22,095			21,608
Effect of dilutive securities:
Common stock equivalents		271			321
Denominator for diluted earnings per share —
Adjusted for weighted-average shares & assumed conversions		22,366			21,929
Basic earnings per share	$	0.52		$	0.81
Diluted earnings per share	$	0.51		$	0.80

10. Restructuring

During the period 2006 through 2009, the company announced closures of its facilities in Dundalk, Ireland, Irving, Texas, Des Plaines, Illinois, Elk Grove, Illinois, Matamoros, Mexico, Swindon, U.K., Dünsen, Germany, Utrecht, Netherlands, and Yangmei, Taiwan. These manufacturing and distribution center closures were part of a multi-year plan to improve the company’s cost structure and margins by rationalizing the company’s footprint, reducing labor costs and moving closer to customers. As of March 30, 2013, all of these facility closures have been completed. Together, these initiatives have impacted approximately 946 employees and resulted in aggregate restructuring charges of $53.9 million through March 30, 2013. The company does not expect to incur any additional costs associated with these facility closures and related restructuring activities.

A summary of activity of this liability at December 29, 2012, and for the three months ended March 30, 2013 is as follows:

Littelfuse restructuring (in thousands)
Balance at December 29, 2012	$	645
Additions		13
Payments		(129	)
Exchange rate impact		(6	)
Balance at March 30, 2013	$	523

Additional costs recorded that are not related to the initial restructuring plans discussed above were $0.1 million and $0.5 million for the quarter ended March 30, 2013 and year ended December 29, 2012, respectively

10

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

11. Income Taxes (Restated)

The effective tax rate for the first quarter of 2013 was 36.1% compared to an effective tax rate of 29.3% in the first quarter of 2012. The effective tax rates for both the first quarter of 2013 (which includes incremental income tax expense of $3.3 million relating to the Shocking Technologies impairment loss as discussed further in Note 16 - Restatement) and 2012 are lower than the U.S. statutory tax rate primarily due to the result of more income earned in low tax jurisdictions.

12. Pensions

The components of net periodic benefit cost for the three months ended March 30, 2013, compared with the three months ended March 31, 2012, were (in thousands):

	U.S. Plans						Foreign Plans
	Three Months Ended						Three Months Ended
	March 30, 2013			March 31, 2012			March 30, 2013			March 31, 2012
Service cost	$	150		$	150		$	255		$	192
Interest cost		891			1,240			183			195
Expected return on plan assets		(1,340	)		(1,655	)		(74	)		(121	)
Amortization of net loss		236			85			39			17
Total cost of the plan		(63	)		(180	)		403			283
Expected plan participants’ contribution		—			—			—			—
Net periodic benefit cost	$	(63	)	$	(180	)	$	403		$	283

The expected rate of return assumption on domestic pension assets is 6.75% and 7.75% in 2013 and 2012, respectively. The expected return on foreign pension assets is 3.00% and 4.53% in 2013 and 2012, respectively.

13. Business Unit Segment Information

The company and its subsidiaries design, manufacture and sell circuit protection devices throughout the world. The company reports its operations by the following business unit segments: Electronics, Automotive, and Electrical. Each operating segment is directly responsible for sales, marketing and research and development. Manufacturing, purchasing, logistics, customer service, finance, information technology and human resources are shared functions that are allocated back to the three operating segments. The CEO allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss) before interest and taxes, but does not evaluate the operating segments using discrete balance sheet information.

Sales, marketing and research and development expenses are charged directly into each operating segment. All other functions are shared by the operating segments and expenses for these shared functions are allocated to the operating segments and included in the operating results reported below. The company does not report inter-segment revenue because the operating segments do not record it. The company does not allocate interest and other income, interest expense, or taxes to operating segments. Although the CEO uses operating income (loss) to evaluate the segments, operating costs included in one segment may benefit other segments. Except as discussed above, the accounting policies for segment reporting are the same as for the company as a whole.

An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the company’s President and Chief Executive Officer (“CEO”).

11

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

13. Business Unit Segment Information, continued

Business unit segment information for the three months ended March 30, 2013 and March 31, 2012 are summarized as follows (in thousands):

	March 30, 2013			March 31, 2012
Net sales
Electronics	$	79,415		$	77,055
Automotive		59,385			52,626
Electrical		32,118			30,897
Total net sales	$	170,918		$	160,578
Depreciation and amortization
Electronics	$	4,861		$	5,486
Automotive		1,984			1,449
Electrical		959			1,014
Total depreciation and amortization	$	7,804		$	7,949
Operating income
Electronics	$	12,143		$	10,112
Automotive		9,483			9,505
Electrical		6,491			6,207
Total operating income		28,117			25,824
Interest expense		376			423
Impairment, loan loss and equity in net loss of unconsolidated affiliate (1)		10,678			525
Other (income) expense, net		(909	)		101
Income before income taxes	$	17,972		$	24,775

(1) During the first quarter of 2013, the company recorded approximately $10.7 million related to the impairment of its investment in Shocking Technologies. (See note 6). 2012 Income before income taxes has been restated to reflect the company’s retroactive equity losses from Shocking Technologies. (See note 2).

The company’s significant net sales by country for the three months ended March 30, 2013 and March 31, 2012 are summarized as follows (in thousands):

	Net sales(a)
	March 30, 2013		March 31, 2012
United States	$	57,914	$	55,253
China		33,614		30,444
Other countries		79,390		74,881
Total	$	170,918	$	160,578

(a) Sales by country represent sales to customer or distributor locations.

The company’s significant long-lived assets by country as of March 30, 2013 and December 29, 2012 are summarized as follows (in thousands):

	Long-lived assets(b)
	March 30, 2013		December 29, 2012
United States	$	13,963	$	14,433
China		40,157		41,504
Canada		13,907		13,839
Other countries		52,273		51,135
Total	$	120,300	$	120,911

(b) Long-lived assets consists of net property, plant and equipment.

12

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

14. Accumulated Other Comprehensive Income (Loss) (AOCI)

In February, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2013-02 which requires companies to report, in one place, information about reclassifications out of accumulated other comprehensive income (AOCI). The new guidance allows companies to present this information on the face of the financial statements, if certain requirements are met. Otherwise, the information must be presented in the notes. If a company is unable to identify the line item of net income affected by any significant amount reclassified out of AOCI during a reporting period (including when all reclassifications for the period are not to net income in their entirety), the information must be reported in the notes. In addition, ASU 2013-02 requires detailed reporting about changes in AOCI balances. It requires companies to present details of current-period changes in AOCI for each component of other comprehensive income on the face of the financial statements or in the notes. The company adopted the new guidance on December 30, 2012 and will be applied prospectively. There was no impact on its consolidated financial statements upon adoption.

The following table sets forth the changes in the components of AOCI by component (in thousands):

AOCI component	Balance at December 29, 2012			Other comprehensive income (loss) activity			Balance at March 30, 2013
Pension liability adjustment(a)	$	(20,879	)	$	(194	)	$	(21,073	)
Unrealized gain on investments(b)		7,867			1,618			9,485
Foreign currency translation adjustment		29,560			(5,250	)		24,310
Total	$	16,548					$	12,722

(a) Balances are net of tax of $11,929 and $11,819 for 2013 and 2012, respectively.

(b) Balances are net of tax of $0 and $0 for 2013 and 2012, respectively.

15. Subsequent Event

On April 15, 2013, the company announced it had signed a definitive agreement to acquire Hamlin, Inc. from Key Safety Systems for $145.0 million in a cash transaction. Hamlin is dedicated to providing sensor technology to the automotive industry as well as the electronics and industrial markets. The company completed the transaction on May 31, 2013.

16. Restatement

The restatement is to correct an error in the previously-filed interim financial statements and has the effect of both increasing the company’s reported income tax expense and reducing the company’s reported net income, for the three months ended March 30, 2013, by $3.3 million. The restatement relates to a tax deduction previously recorded in error related to the company’s investment in Shocking Technologies, Inc. 

13

Notes to CONDENSED Consolidated Financial Statements (Unaudited)

16. Restatement, continued

The following table presents previously reported and restated balances of affected line items in the Condensed Consolidated Balance Sheets as of March 30, 2013, Consolidated Statements of Income for the three months ended March 30, 2013, Consolidated Statements of Comprehensive Income for the three months ended March 30, 2013 and Consolidated Statements of Cash Flows for the three months ended March 30, 2013.

(In thousands)	For the Three months Ended March 30, 2013
	As Reported			Adjustment			As Restated
Consolidated Balance Sheets:
Accrued income taxes	$	8,196		$	3,306		$	11,502
Total current liabilities		155,631			3,306			158,937
Total equity		600,671			(3,306	)		597,365
Consolidated Statements of Income:
Income taxes	$	3,178		$	3,306		$	6,484
Net income		14,794			(3,306	)		11,488
Net income per share:
Basic	$	0.67		$	(0.15	)	$	0.52
Diluted	$	0.66		$	(0.15	)	$	0.51
Consolidated Statements of Comprehensive Income:
Net income	$	14,794		$	(3,306	)	$	11,488
Comprehensive income		10,968			(3,306	)		7,662
Consolidated Statements of Cash Flows:
Net income	$	14,794		$	(3,306	)	$	11,488
Accrued taxes		(3,946	)		3,306			(640	)

14

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Littelfuse, Inc. and its subsidiaries (the “company”) design, manufacture, and sell circuit protection devices for use in the electronics, automotive and electrical markets throughout the world. The following table is a summary of the company’s net sales by business unit and geography:

Net Sales by Business Unit and Geography (in millions, unaudited)

	First Quarter
	2013		2012		% Change
Business Unit
Electronics	$	79.4	$	77.1		3	%
Automotive		59.4		52.6		13	%
Electrical		32.1		30.9		4	%
Total	$	170.9	$	160.6		6	%

	First Quarter
	2013		2012		% Change
Geography(a)
Americas	$	77.8	$	74.0		5	%
Europe		30.5		27.8		10	%
Asia-Pacific		62.6		58.8		6	%
Total	$	170.9	$	160.6		6	%

(a) Sales by geography represent sales to customer or distributor locations.

Results of Operations – First Quarter, 2013 compared to 2012

Net sales increased $10.3 million or 6% to $170.9 million in the first quarter of 2013 compared to $160.6 million in the first quarter of 2012 due primarily to an incremental $7.5 million from business acquisitions and broad-based growth in all businesses and geographies. The company also experienced $0.2 million in unfavorable foreign currency effects in the first quarter of 2013 as compared to the first quarter of 2012. The unfavorable foreign currency impact primarily resulted from sales denominated in the Japanese yen and Canadian dollar, offset by the favorable impact of the euro. Excluding incremental sales from acquisitions and currency effects, net sales increased $3.0 million or 2% year-over-year.

Electronics sales increased $2.3 million or 3% to $79.4 million in the first quarter of 2013 compared to $77.1 million in the first quarter of 2012 due to low channel inventories and improving market sentiment. The electronics segment experienced $0.2 million in unfavorable currency effects in the first quarter of 2013 primarily from sales denominated in Japanese yen.

Automotive sales increased $6.8 million or 13% to $59.4 million in the first quarter of 2013 compared to $52.6 million in the first quarter of 2012 due to an incremental $7.5 million from business acquisitions and growth in the passenger vehicle business. This was partially offset by a decline in the commercial vehicle business which, while showing signs of recovery, still declined 10% as compared to the first quarter of 2012. The automotive segment experienced $0.2 million in favorable currency effects in the first quarter of 2013 primarily due to sales denominated in euros. Excluding incremental sales from acquisitions and currency effects, net sales decreased $0.9 million or 2% year-over-year.

Electrical sales increased $1.2 million or 4% to $32.1 million in the first quarter of 2013 compared to $30.9 million in the first quarter of 2012 due to growth in power fuses primarily reflecting increased sales into the solar market. The electrical segment experienced $0.2 million in unfavorable currency effects in the first quarter of 2013 primarily from sales denominated in Canadian dollars.

15

On a geographic basis, sales in the Americas increased $3.8 million or 5% to $77.8 million in the first quarter of 2013 compared to $74.0 million in the first quarter of 2012 due to increased sales of power fuses offset by weaker commercial vehicle product sales and $0.2 million in unfavorable currency effects from sales denominated in Canadian dollars.

Europe sales increased $2.7 million or 10% to $30.5 million in the first quarter of 2013 compared to $27.8 million in the first quarter of 2012 mainly due to incremental sales of $5.7 million from Accel and $0.2 million in favorable currency effects offset by lower demand for electronics and automotive products. Excluding incremental sales and currency effects, Europe sales declined 11% year-over-year primarily due to a decrease in demand for automotive and electrical products partially offset by an increase in sales of electronics products.

Asia-Pacific sales increased $3.8 million or 6% to $62.6 million in the first quarter of 2013 compared to $58.8 million in the first quarter of 2012 primarily due to higher demand for electrical and automotive products offset by $0.2 million in unfavorable currency effects primarily from sales denominated in Japanese yen.

Gross profit was $64.6 million or 38% of net sales for the first quarter of 2013 compared to $60.9 million or 38% of net sales in the same quarter last year.

Total operating expense was $36.5 million or 21% of net sales for the first quarter of 2013 compared to $35.0 million or 22% of net sales for the same quarter in 2012. The increase in operating expenses primarily reflects incremental operating expenses of $1.5 million from the business acquisitions.

Operating income for the first quarter of 2013 was approximately $28.1 million compared to operating income of $25.8 million for the same quarter in 2012 primarily due to higher sales and gross margin partially offset by slightly higher operating expenses as described above.

Interest expense was $0.4 million in both the first quarter of 2013 and the first quarter of 2012.

Impairment, loan loss and equity losses from the investment in and loan to Shocking Technologies was $10.7 million in the first quarter of 2013 compared to $0.5 million in the first quarter of 2012. The company fully impaired its investment and loan receivable in Shocking during the first quarter of 2013 as described in Note 6.

Other (income) expense, net, consisting of interest income, royalties, non-operating income and foreign currency items was approximately $0.9 million of income for the first quarter of 2013 compared to $0.1 million of expense in the first quarter of 2012. The results for 2013 and 2012 were primarily due to the impact from foreign exchange revaluation.

Income before income taxes was $18.0 million for the first quarter of 2013 compared to income before income taxes of $24.8 million for the first quarter of 2012. Income tax expense was $6.5 million with an effective tax rate of 36.1% for the first quarter of 2013 compared to income tax expense of $7.2 million with an effective tax rate of 29.1% in the first quarter of 2012. The effective tax rates for both the first quarter of 2013 (which includes incremental income tax expense of $3.3 million relating to the Shocking Technologies impairment loss as discussed further in Item 1, Note 16 - Restatement) and 2012 are lower than the U.S. statutory tax rate primarily due to the result of more income earned in low tax jurisdictions.

Net income for the first quarter of 2013 was $11.5 million or $0.51 per diluted share compared to net income of $17.6 million or $0.80 per diluted share for the same quarter of 2012.

Liquidity and Capital Resources

As of March 30, 2013, $231.8 million of the $246.9 million of the company’s cash and cash equivalents was held by foreign subsidiaries. Of the $231.8 million held by foreign subsidiaries, approximately $20.5 million could be repatriated with minimal tax consequences. The company expects to maintain its foreign cash balances (other than the aforementioned $20.5 million) for local operating requirements, to provide funds for future capital expenditures and for potential acquisitions. The company does not expect to repatriate these funds to the U.S.

16

The company historically has financed capital expenditures through cash flows from operations. Management expects that cash flows from operations and available lines of credit will be sufficient to support both the company’s operations and its debt obligations for the foreseeable future.

Revolving Credit Facilities

On June 13, 2011 the company entered into a domestic unsecured financing agreement, which expires on June 13, 2016, consisting of a credit agreement with certain commercial banks that provides a $150.0 million revolving credit facility, with a potential to increase up to $225.0 million upon request of the company and agreement with the lenders. At March 30, 2013, the company had available $55.4 million of borrowing capacity under the revolving credit facility at an interest rate of LIBOR plus 1.250% (1.45% as of March 30, 2013). The credit agreement replaced the company’s previous credit agreement dated July 21, 2006 and term loan agreement dated September 29, 2008, and, unless terminated earlier, will terminate on June 13, 2016. This arrangement contains covenants that, among other matters, impose limitations on the incurrence of additional indebtedness, future mergers, sales of assets, payment of dividends, and changes in control, as defined in the agreement. In addition, the company is required to satisfy certain financial covenants and tests relating to, among other matters, interest coverage and leverage. At March 30, 2013, the company was in compliance with all covenants under the revolving credit facility.

The company also had $0.8 million outstanding in letters of credit at March 30, 2013. No amounts were drawn under these letters of credit at March 30, 2013.

Cash Flow 

The company started 2013 with $235.4 million of cash and cash equivalents. Net cash provided by operating activities was approximately $16.0 million for the first three months of 2013 reflecting $11.5 million in net income and $19.8 million in non-cash adjustments (primarily $10.7 million in impairment charges and $7.8 million in depreciation and amortization) offset by $15.2 million in net changes to various operating assets and liabilities.

Changes in operating assets and liabilities for the first three months of 2013 (including short-term and long-term items) that impacted cash flows negatively consisted of increases in accounts receivables ($9.7 million) and decreases in accrued payroll and severance ($7.3 million), accrued expenses (including post-retirement) ($4.6 million) and accrued taxes ($0.6 million). The increase in accounts receivables was due to increased sales in the first quarter. The decrease in accrued payroll and severance was due primarily to payouts for the 2012 management incentive plan which occurred in the first quarter. The decrease in accrued expenses was due primarily to a $5.0 million pension contribution made during the first quarter. Changes that had a positive impact on cash flows were decreases in inventories ($3.6 million) and prepaid expenses and other ($1.0 million) and increases in accounts payable ($2.4 million).

Net cash used in investing activities was approximately $13.9 million and included $5.4 million in capital spending, and $8.5 million in expenditures for short-term investments.

Net cash provided by financing activities was approximately $11.3 million and included $10.0 million in net proceeds from borrowing and $5.8 million from the exercise of stock options, including tax benefits, partially offset by cash dividends paid of $4.4 million. The effects of exchange rate changes decreased cash and cash equivalents by approximately $2.0 million. The net cash provided by operating activities combined with the effects of exchange rate changes less net cash used in investing and financing activities resulted in an $11.5 million increase in cash, which left the company with a cash and cash equivalents balance of $246.9 million at March 30, 2013.

The ratio of current assets to current liabilities was 3.0 at the end of the first quarter of 2013 compared to 2.9 at year-end 2012 and 2.5 at the end of the first quarter of 2012. Days sales outstanding in accounts receivable was approximately 57 days at the end of the first quarter of 2013 compared to 61 days at the end of the first quarter of 2012 and 58 days at year-end 2012. Days inventory outstanding was approximately 61 days at the end of the first quarter of 2013 compared to 69 days at the year-end 2012 and 71 days at end of the first quarter of 2012.

17

Outlook

The company’s sales and order rates have rebounded during the first quarter. The electronics business is showing signs of improvement while the electrical and automotive passenger vehicle markets continue to grow modestly. The commercial vehicle business appears to be recovering but still faces headwinds in key end markets. Protection relays and custom products have been negatively impacted by the slowdown in mining and are expected to show further weakness in the second half of 2013 as several large projects near completion. Sales for the second quarter of 2013 are expected to increase between 4% and 9% compared to the first quarter of 2013.

Cautionary Statement Regarding Forward-Looking Statements Under the Private Securities Litigation Reform Act of 1995 (“PSLRA”).

The statements in this section and the other sections of this report that are not historical facts are intended to constitute “forward-looking statements” entitled to the safe-harbor provisions of the PSLRA. These statements may involve risks and uncertainties, including, but not limited to, risks relating to product demand and market acceptance, economic conditions, the impact of competitive products and pricing, product quality problems or product recalls, capacity and supply difficulties or constraints, coal mining exposures reserves, failure of an indemnification for environmental liability, exchange rate fluctuations, commodity price fluctuations, the effect of the company’s accounting policies, labor disputes, restructuring costs in excess of expectations, pension plan asset returns less than assumed, integration of acquisitions and other risks which may be detailed in the company’s other Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This report should be read in conjunction with information provided in the financial statements appearing in the company’s Annual Report on Form 10-K for the year ended December 29, 2012. For a further discussion of the risk factors of the company, please see Item 1A. “Risk Factors” to the company’s Annual Report on Form 10-K for the year ended December 29, 2012.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The company is exposed to market risk from changes in interest rates, foreign exchange rates and commodity prices.

Interest Rates

The company had $94.0 million in debt outstanding under revolving credit facilities at March 30, 2013, at variable rates. While 100% of this debt has variable interest rates, the company’s interest expense is not materially sensitive to changes in interest rate levels since debt levels and potential interest expense increases are small relative to earnings.

Foreign Exchange Rates

The majority of the company’s operations consist of manufacturing and sales activities in foreign countries. The company has manufacturing facilities in the U.S., Mexico, Canada, Denmark, China, Lithuania and the Philippines. During the first three months of 2013, sales to customers outside the U.S. were 66.1% of total net sales. Substantially all sales in Europe are denominated in euros and substantially all sales in the Asia-Pacific region are denominated in U.S. dollars, Japanese yen, Korean won, Chinese yuan or Taiwanese dollars.

The company’s foreign exchange exposures result primarily from sale of products in foreign currencies, foreign currency denominated purchases, employee-related and other costs of running operations in foreign countries and translation of balance sheet accounts denominated in foreign currencies. The company’s most significant long exposure is to the euro, with lesser long exposures to the Canadian dollar, Japanese yen and Korean won. The company’s most significant short exposures are to the Chinese yuan, Mexican peso and Philippine peso. Changes in foreign exchange rates could affect the company’s sales, costs, balance sheet values and earnings. The company uses netting and offsetting intercompany account management techniques to reduce known foreign currency exposures where possible. From time to time, the company has utilized derivative instruments to hedge certain foreign currency exposures deemed to be material.

18

Commodity Prices

The company uses various metals in the manufacturing of its products, including copper, zinc, tin, gold and silver. Prices of these commodities can and do fluctuate significantly, which can impact the company’s earnings. The most significant of these exposures is to copper, zinc, gold, and silver where at current prices and volumes, a 10% price change would affect annual pre-tax profit by approximately $2.2 million for copper, $0.7 million for zinc, $0.4 million for gold, and $0.8 million for silver. From time to time, the company has utilized derivative instruments to hedge certain commodity exposures deemed to be material.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

With the participation of our management, including the company’s principal executive officer and principal financial officer, the company has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(c) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report on Form 10-Q/A. Based upon (1) that evaluation, (2) the fact that the company’s previously issued financial statements included in the company’s quarterly report on Form 10-Q for the first fiscal quarter of 2013 should no longer be relied upon because of errors in those financial statements and (3) the fact that the company would restate those financial statements to make the necessary accounting adjustments, the company’s principal executive officer and principal financial officer concluded that the company’s disclosure controls and procedures were not effective as of the end of the period ended March 30, 2013.

The errors resulted from the treatment of tax deductions related to the company's write-off of its investment in Shocking Technologies, Inc. The tax deductions were determined to be a capital loss for tax purposes, instead of an ordinary loss as the company had previously determined in consultation with a third party expert.

Material Weakness and Related Remediation Initiatives

On February 4, 2014, the company concluded there was a material weakness in internal control over financial reporting as defined in Rule 13a-15(f) as it relates to deferred tax valuation allowance accounting at March 30, 2013. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial statement will not be prevented or detected on a timely basis.

The material weakness in internal control over financial reporting relates to the company’s evaluation of the income tax considerations, including deferred tax valuation allowances relating to the write-off of its investment in Shocking Technologies, Inc. during the first quarter of 2013. Management has commenced steps to remediate the material weakness associated with this misstatement and has begun the process of implementing an enhanced process to review and approve the income tax accounting treatment for any material items that are of an unusual or complex nature. In accordance with the company’s internal control over financial reporting compliance program, however, the material weakness designation cannot be remediated fully until the remediation processes have been operational for a period of time and successfully tested. Such remediation is not anticipated to be complete until later in 2014.

Changes in Internal Control Over Financial Reporting

Except as has been described above, 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) that occurred during the three months ended March 30, 2013, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Reference is made to Exhibits 31.1 and 31.2 for the Certification statements issued by the company’s Chief Executive Officer and Chief Financial Officer, regarding the company’s disclosure controls and procedures, and internal control over financial reporting, as of March 30, 2013.

19

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors.

A detailed description of risks that could have a negative impact on our business, revenues and performance results can be found under the caption “Risk Factors” in our most recent Form 10-K, filed with the SEC on February 27, 2013. There have been no material changes from risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 29, 2012 in response to Item 1A to Part 1 of Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The company’s Board of Directors authorized the repurchase of up to 1,000,000 shares of the company’s common stock under a program for the period May 1, 2013 to April 30, 2014. The company did not repurchase any shares of its common stock during the first quarter of fiscal 2013 and 1,000,000 shares may yet be purchased under the previous authorization as of March 30, 2013.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

20

Item 6. Exhibits.

Exhibit	Description
31.1	Certification of Gordon Hunter, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Philip G. Franklin, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

21

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q/A for the quarter ended March 30, 2013, to be signed on its behalf by the undersigned thereunto duly authorized.

	Littelfuse, Inc.
Date: February 18, 2014	By	/s/ Philip G. Franklin
		Philip G. Franklin Senior Vice President and Chief Financial Officer  (As duly authorized officer and as the principal financial and accounting officer)

22

EX-31

EXHIBIT 31.1

SECTION 302 CERTIFICATION

I, Gordon Hunter, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Littelfuse Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 18, 2014

/s/ GORDON HUNTER

Gordon Hunter

Chairman, President and

Chief Executive Officer

EX-31

EXHIBIT 31.2

SECTION 302 CERTIFICATION

I, Philip G. Franklin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Littelfuse Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 18, 2014

/s/ PHILIP G. FRANKLIN

Philip G. Franklin

Senior Vice President and

Chief Financial Officer

EX-32

EXHIBIT 32.1

LITTELFUSE, INC.

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of title 18, United States Code), each of the undersigned officers of Littelfuse, Inc. (“the Company”) does hereby certify that to his knowledge:

The Quarterly Report of the Company on Form 10-Q for the fiscal quarter ended March 30, 2013 (“the Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ GORDON HUNTER	/s/ PHILIP G. FRANKLIN
Gordon Hunter	Philip G. Franklin
Chairman, President and	Senior Vice President and
Chief Executive Officer	Chief Financial Officer
Dated: February 18, 2014	Dated: February 18, 2014

 

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Note 3 - Acquisition of Businesses (Details) - Terra Power Preliminary Purchase Price Allocation (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013	Dec. 29, 2012	Sep. 26, 2012 Terra Power [Member]
Note 3 - Acquisition of Businesses (Details) - Terra Power Preliminary Purchase Price Allocation [Line Items]
Cash			$ 105
Current assets, net			1,625
Property, plant and equipment			457
Goodwill	131,850	133,592	4,562
Other intangibles			4,064
Current liabilities			(213)
	$ 23,865		$ 10,600

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Note 13 - Business Unit Segment Information (Details) - Business Unit Segment Information (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013		Mar. 31, 2012
Segment Reporting Information [Line Items]
Net sales	$ 170,918		$ 160,578
Depreciation and amortization	7,804		7,949
Operating income	28,117		25,824
Interest expense	376		423
Impairment, loan loss and equity in net loss of unconsolidated affiliate (1)	10,678	[1]	525	[1]
Other (income) expense, net	(909)		101
Income before income taxes	17,972		24,775
Electronics [Member]
Segment Reporting Information [Line Items]
Net sales	79,415		77,055
Depreciation and amortization	4,861		5,486
Operating income	12,143		10,112
Automotive [Member]
Segment Reporting Information [Line Items]
Net sales	59,385		52,626
Depreciation and amortization	1,984		1,449
Operating income	9,483		9,505
Electrical [Member]
Segment Reporting Information [Line Items]
Net sales	32,118		30,897
Depreciation and amortization	959		1,014
Operating income	$ 6,491		$ 6,207

[1] During the first quarter of 2013, the company recorded approximately $10.7 million related to the impairment of its investment in Shocking Technologies. (See note 6). 2012 Income before income taxes has been restated to reflect the company's retroactive equity losses from Shocking Technologies. (See note 2).

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Note 10 - Restructuring (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 30, 2013	Mar. 30, 2013	Dec. 29, 2012
Restructuring and Related Activities [Abstract]
Restructuring and Related Cost, Number of Positions Eliminated		946
Restructuring Charges		$ 13,000
Other Restructuring Costs	$ 100,000		$ 500,000

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Note 13 - Business Unit Segment Information (Details) - Net Sales by Geographical Area (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013		Mar. 31, 2012
Note 13 - Business Unit Segment Information (Details) - Net Sales by Geographical Area [Line Items]
Net sales	$ 170,918	[1]	$ 160,578	[1]
United States [Member]
Note 13 - Business Unit Segment Information (Details) - Net Sales by Geographical Area [Line Items]
Net sales	57,914	[1]	55,253	[1]
China [Member]
Note 13 - Business Unit Segment Information (Details) - Net Sales by Geographical Area [Line Items]
Net sales	33,614	[1]	30,444	[1]
Other Countries [Member]
Note 13 - Business Unit Segment Information (Details) - Net Sales by Geographical Area [Line Items]
Net sales	$ 79,390	[1]	$ 74,881	[1]

[1] Sales by country represent sales to customer or distributor locations.

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Note 8 - Fair Value of Assets and Liabilities (Details) - Assets Measured at Fair Value (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013	Dec. 29, 2012
Note 8 - Fair Value of Assets and Liabilities (Details) - Assets Measured at Fair Value [Line Items]
Total	$ 11,572	$ 18,993
Polytronics [Member] | Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Assets and Liabilities (Details) - Assets Measured at Fair Value [Line Items]
Investments	11,572	10,327
Polytronics [Member]
Note 8 - Fair Value of Assets and Liabilities (Details) - Assets Measured at Fair Value [Line Items]
Investments	11,572	10,327
Affiliated Entity [Member] | Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Assets and Liabilities (Details) - Assets Measured at Fair Value [Line Items]
Investments		8,666
Affiliated Entity [Member]
Note 8 - Fair Value of Assets and Liabilities (Details) - Assets Measured at Fair Value [Line Items]
Investments		8,666
Fair Value, Inputs, Level 1 [Member]
Note 8 - Fair Value of Assets and Liabilities (Details) - Assets Measured at Fair Value [Line Items]
Total	11,572	10,327
Fair Value, Inputs, Level 3 [Member]
Note 8 - Fair Value of Assets and Liabilities (Details) - Assets Measured at Fair Value [Line Items]
Total		$ 8,666

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Note 14 - Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (AOCI) (Tables)

3 Months Ended

Mar. 30, 2013

Disclosure Text Block [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

AOCI component	Balance at December 29, 2012			Other comprehensive income (loss) activity			Balance at March 30, 2013
Pension liability adjustment(a)	$	(20,879	)	$	(194	)	$	(21,073	)
Unrealized gain on investments(b)		7,867			1,618			9,485
Foreign currency translation adjustment		29,560			(5,250	)		24,310
Total	$	16,548					$	12,722

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Note 14 - Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (AOCI) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013	Mar. 31, 2012
Disclosure Text Block [Abstract]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Accumulated Tax	$ 11,929	$ 11,819
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Accumulated Tax	$ 0	$ 0

XML

Note 3 - Acquisition of Businesses (Tables)

3 Months Ended

Mar. 30, 2013

Accel AB [Member]

Note 3 - Acquisition of Businesses (Tables) [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Accel AB purchase price allocation (in thousands):
Cash	$	344
Current assets, net		8,643
Property, plant and equipment		3,731
Other assets		7
Goodwill		11,536
Distribution network		1,321
Trademarks		1,259
Patents and licenses		2,435
Current liabilities		(5,411	)
	$	23,865

Terra Power [Member]

Note 3 - Acquisition of Businesses (Tables) [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Terra Power preliminary purchase price allocation (in thousands):
Cash	$	105
Current assets, net		1,625
Property, plant and equipment		457
Goodwill		4,562
Other intangibles		4,064
Current liabilities		(213	)
	$	10,600

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Note 11 - Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012
Note 11 - Income Taxes (Details) [Line Items]
Effective Income Tax Rate Reconciliation, Percent	36.10%	29.30%
Income Tax Expense (Benefit) (in Dollars)	$ 6,484	$ 7,212
Restatement Adjustment [Member]
Note 11 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit) (in Dollars)	$ 3,300

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Note 6 - Impairments of Investment in Unconsolidated Affiliate (Details) (Shocking [Member], USD $)	3 Months Ended
	Mar. 30, 2013
Shocking [Member]
Note 6 - Impairments of Investment in Unconsolidated Affiliate (Details) [Line Items]
Asset Impairment Charges	$ 10,700,000
Equity Method Investments	8,700,000
Loans and Leases Receivable, Gross, Other	2,000,000
Equity Method Investment and Loan Receivable Carrying Value	$ 0

XML

Note 3 - Acquisition of Businesses (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	1 Months Ended	3 Months Ended		1 Months Ended	3 Months Ended
	Mar. 30, 2013 Accel AB [Member] Licensing Agreements [Member]	May 31, 2012 Accel AB [Member]	Sep. 29, 2012 Accel AB [Member]	Mar. 30, 2013 Cole Hersee Company [Member] Trademarks [Member]	Sep. 26, 2012 Terra Power [Member]	Mar. 30, 2013 Minimum [Member] Selco A/S [Member] Distribution Rights [Member]	Mar. 30, 2013 Maximum [Member] Selco A/S [Member] Distribution Rights [Member]
Note 3 - Acquisition of Businesses (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%			100.00%
Payments to Acquire Businesses, Gross (in Dollars)		$ 23.9			$ 10.6
Finite-Lived Intangible Asset, Useful Life	10 years			5 years		3 years	10 years
Business Acquisition, Inventory Step-up (in Dollars)		0.4
Non-cash Charges Related to Inventory Step-up (in Dollars)			$ 0.4

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Note 12 - Pensions (Details) - Components of Net Periodic Benefit Cost (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012
United States Pension Plan of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 150	$ 150
Interest cost	891	1,240
Expected return on plan assets	(1,340)	(1,655)
Amortization of net loss	236	85
Total cost of the plan	(63)	(180)
Net periodic benefit cost	(63)	(180)
Foreign Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	255	192
Interest cost	183	195
Expected return on plan assets	(74)	(121)
Amortization of net loss	39	17
Total cost of the plan	403	283
Net periodic benefit cost	$ 403	$ 283

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Note 16 - Restatement (Details) - Restated Balances of Affected Line Items (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012	Dec. 29, 2012
Note 16 - Restatement (Details) - Restated Balances of Affected Line Items [Line Items]
Accrued income taxes	$ 11,502		$ 11,559
Total current liabilities	158,937		155,420
Total equity	597,365		587,558
Consolidated Statements of Income:
Income taxes	6,484	7,212
Net income	11,488	17,563
Accrued taxes	(640)	1,275
Net income per share:
Basic (in Dollars per share)	$ 0.52	$ 0.81
Diluted (in Dollars per share)	$ 0.51	$ 0.80
Consolidated Statements of Comprehensive Income:
Comprehensive income	7,662	26,705
Scenario, Previously Reported [Member]
Note 16 - Restatement (Details) - Restated Balances of Affected Line Items [Line Items]
Accrued income taxes	8,196
Total current liabilities	155,631
Total equity	600,671
Consolidated Statements of Income:
Income taxes	3,178
Net income	14,794
Accrued taxes	(3,946)
Net income per share:
Basic (in Dollars per share)	$ 0.67
Diluted (in Dollars per share)	$ 0.66
Consolidated Statements of Comprehensive Income:
Comprehensive income	10,968
Scenario, Adjustment [Member]
Note 16 - Restatement (Details) - Restated Balances of Affected Line Items [Line Items]
Accrued income taxes	3,306
Total current liabilities	3,306
Total equity	(3,306)
Consolidated Statements of Income:
Income taxes	3,306
Net income	(3,306)
Accrued taxes	3,306
Net income per share:
Basic (in Dollars per share)	$ (0.15)
Diluted (in Dollars per share)	$ (0.15)
Consolidated Statements of Comprehensive Income:
Comprehensive income	$ (3,306)

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Note 9 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share under the Two-class Method (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012
Computation of Basic and Diluted Earnings Per Share under the Two-class Method [Abstract]
Net income as reported	$ 11,488	$ 17,563
Less: Distributed earnings available to participating securities	(9)	(6)
Less: Undistributed earnings available to participating securities	(7)	(43)
Numerator for basic earnings per share —
Undistributed and distributed earnings available to common shareholders	11,472	17,514
Add: Undistributed earnings allocated to participating securities	7	44
Less: Undistributed earnings reallocated to participating securities	(6)	(44)
Numerator for diluted earnings per share —
Undistributed and distributed earnings available to common shareholders	$ 11,473	$ 17,514
Denominator for basic earnings per share —
Weighted-average shares (in Shares)	22,095	21,608
Effect of dilutive securities:
Common stock equivalents (in Shares)	271	321
Denominator for diluted earnings per share —
Adjusted for weighted-average shares & assumed conversions (in Shares)	22,366	21,929
Basic earnings per share (in Dollars per share)	$ 0.52	$ 0.81
Diluted earnings per share (in Dollars per share)	$ 0.51	$ 0.80

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Note 2 - Reclassifications and Restatement

3 Months Ended

Mar. 30, 2013

Disclosure Text Block [Abstract]

Reclassifications [Text Block]

2. Reclassifications and Adjustments

As disclosed in the Annual Report on Form 10-K for the year ended December 29, 2012, the company determined that in late-November 2012 it began to exercise significant influence over Shocking Technologies (“Shocking”). Accordingly, the company began accounting for the investment in Shocking using the equity method and in accordance with ASC 323, retroactively recorded its proportional share of Shocking's operating losses, which amounted to approximately $4.0 million in 2012. See Note 6 for additional information related to Shocking.

As a result of this retroactive application of the equity method, certain items in the company’s interim results reported on their 2012 Forms 10-Q have been retrospectively restated, as shown in the following tables:

	March 31, 2012
Consolidated Statements of Net Income and Comprehensive Income	As Previously Reported		Adjustment			As Adjusted
Impairment and equity in net loss of unconsolidated affiliate	$	—	$	525		$	525
Income before income taxes		25,300		(525	)		24,775
Income taxes		7,411		(199	)		7,212
Net income		17,889		(326	)		17,563
Basic Earnings per share	$	0.83	$	(0.02	)	$	0.81
Diluted Earnings per share	$	0.81	$	(0.01	)	$	0.80
Comprehensive income	$	27,031	$	(326	)	$	26,705

	March 31, 2012
Consolidated Statements of Cash Flows	As Previously Reported		Adjustment			As Adjusted
Net income	$	17,889	$	(326	)	$	17,563
Impairment and equity in net loss of unconsolidated affiliate		—		525			525
Accrued taxes		1,474		(199	)		1,275

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Note 7 - Debt (Details) (USD $) In Millions, unless otherwise specified		3 Months Ended
	Jun. 13, 2011	Mar. 30, 2013 Unsecured Revolving Credit Facility [Member]
Note 7 - Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150
Line of Credit Facility, Potential Maximum Borrowing Capacity	225
Line of Credit Facility, Remaining Borrowing Capacity		$ 55.4
Debt Instrument, Basis Spread on Variable Rate		1.25%
Line of Credit Facility, Interest Rate at Period End		1.45%

XML

Note 9 - Earnings Per Share (Tables)

3 Months Ended

Mar. 30, 2013

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the Three Months Ended
(in thousands except per share amounts)	March 30, 2013			March 31, 2012
	(Restated)
Net income as reported	$	11,488		$	17,563
Less: Distributed earnings available to participating securities		(9	)		(6	)
Less: Undistributed earnings available to participating securities		(7	)		(43	)
Numerator for basic earnings per share —
Undistributed and distributed earnings available to common shareholders	$	11,472		$	17,514
Add: Undistributed earnings allocated to participating securities		7			44
Less: Undistributed earnings reallocated to participating securities		(6	)		(44	)
Numerator for diluted earnings per share —
Undistributed and distributed earnings available to common shareholders	$	11,473		$	17,514
Denominator for basic earnings per share —
Weighted-average shares		22,095			21,608
Effect of dilutive securities:
Common stock equivalents		271			321
Denominator for diluted earnings per share —
Adjusted for weighted-average shares & assumed conversions		22,366			21,929
Basic earnings per share	$	0.52		$	0.81
Diluted earnings per share	$	0.51		$	0.80

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Note 8 - Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	11,572	$	-	$	-	$	11,572
Total	$	11,572	$	-	$	-	$	11,572

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	10,327	$	—	$	—	$	10,327
Investment in unconsolidated affiliate		—		—		8,666		8,666
Total	$	10,327	$	—	$	8,666	$	18,993

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Note 13 - Business Unit Segment Information (Details) - Long-lived Assets by Geographical Area (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013		Dec. 29, 2012
Note 13 - Business Unit Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items]
Long-lived assets	$ 120,300	[1]	$ 120,911	[1]
United States [Member]
Note 13 - Business Unit Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items]
Long-lived assets	13,963	[1]	14,433	[1]
China [Member]
Note 13 - Business Unit Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items]
Long-lived assets	40,157	[1]	41,504	[1]
Canada [Member]
Note 13 - Business Unit Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items]
Long-lived assets	13,907	[1]	13,839	[1]
Other Countries [Member]
Note 13 - Business Unit Segment Information (Details) - Long-lived Assets by Geographical Area [Line Items]
Long-lived assets	$ 52,273	[1]	$ 51,135	[1]

[1] Long-lived assets consists of net property, plant and equipment.

XML

Note 7 - Debt (Details) - Carrying Amounts of Long-term Debt (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013	Dec. 29, 2012
Carrying Amounts of Long-term Debt [Abstract]
Revolving credit facility	$ 94,000	$ 84,000

XML

Note 10 - Restructuring (Tables)

3 Months Ended

Mar. 30, 2013

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs [Table Text Block]

Littelfuse restructuring (in thousands)
Balance at December 29, 2012	$	645
Additions		13
Payments		(129	)
Exchange rate impact		(6	)
Balance at March 30, 2013	$	523

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Note 12 - Pensions (Tables)

3 Months Ended

Mar. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

	U.S. Plans						Foreign Plans
	Three Months Ended						Three Months Ended
	March 30, 2013			March 31, 2012			March 30, 2013			March 31, 2012
Service cost	$	150		$	150		$	255		$	192
Interest cost		891			1,240			183			195
Expected return on plan assets		(1,340	)		(1,655	)		(74	)		(121	)
Amortization of net loss		236			85			39			17
Total cost of the plan		(63	)		(180	)		403			283
Expected plan participants’ contribution		—			—			—			—
Net periodic benefit cost	$	(63	)	$	(180	)	$	403		$	283

XML

Note 1 - Basis of Presentation

3 Months Ended

Mar. 30, 2013

Disclosure Text Block [Abstract]

Basis of Accounting [Text Block]

1. Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Littelfuse, Inc. and its subsidiaries (the “company”) have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulations S-X. Accordingly, certain information and disclosures normally included in the consolidated balance sheet, statements of net income and comprehensive income and cash flows prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the period ended March 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 28, 2013. For further information, refer to the company’s consolidated financial statements and the notes thereto incorporated by reference in the company’s Annual Report on Form 10-K for the year ended December 29, 2012. The company evaluated subsequent events through the date of its financial statements when filed with the Securities and Exchange Commission (“SEC”).

Restatement of Financial Statements

We account for the correction of an error in our previously issued financial statements in accordance with the provisions of ASC Topic 250, Accounting Changes and Error Corrections. In accordance with the disclosure provisions of ASC Topic 250, when financial statements are restated to correct an error, an entity is required to disclose that its previously issued financial statements have been restated along with a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings or other appropriate component of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented. See Note 16.

XML

Note 13 - Business Unit Segment Information (Tables)

3 Months Ended

Mar. 30, 2013

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	March 30, 2013			March 31, 2012
Net sales
Electronics	$	79,415		$	77,055
Automotive		59,385			52,626
Electrical		32,118			30,897
Total net sales	$	170,918		$	160,578
Depreciation and amortization
Electronics	$	4,861		$	5,486
Automotive		1,984			1,449
Electrical		959			1,014
Total depreciation and amortization	$	7,804		$	7,949
Operating income
Electronics	$	12,143		$	10,112
Automotive		9,483			9,505
Electrical		6,491			6,207
Total operating income		28,117			25,824
Interest expense		376			423
Impairment, loan loss and equity in net loss of unconsolidated affiliate (1)		10,678			525
Other (income) expense, net		(909	)		101
Income before income taxes	$	17,972		$	24,775

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	Net sales(a)
	March 30, 2013		March 31, 2012
United States	$	57,914	$	55,253
China		33,614		30,444
Other countries		79,390		74,881
Total	$	170,918	$	160,578

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]

	Long-lived assets(b)
	March 30, 2013		December 29, 2012
United States	$	13,963	$	14,433
China		40,157		41,504
Canada		13,907		13,839
Other countries		52,273		51,135
Total	$	120,300	$	120,911

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Note 4 - Inventories (Details) - Components of Inventories (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013	Dec. 29, 2012
Components of Inventories [Abstract]
Raw material	$ 21,819	$ 21,689
Work in process	12,062	11,868
Finished goods	37,491	42,023
Total inventories	$ 71,372	$ 75,580

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Note 13 - Business Unit Segment Information (Details) (Shocking [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 30, 2013
Shocking [Member]
Note 13 - Business Unit Segment Information (Details) [Line Items]
Asset Impairment Charges	$ 10.7

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Condensed Consolidated Balance Sheets (Current Period Unaudited, Restated) (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013	Dec. 29, 2012
Current assets:
Cash and cash equivalents	$ 246,895	$ 235,404
Short-term investments	8,344
Accounts receivable, less allowances	107,044	100,559
Inventories	71,372	75,580
Deferred income taxes	10,874	11,890
Prepaid expenses and other current assets	15,857	16,532
Assets held for sale	5,500	5,500
Total current assets	465,886	445,465
Property, plant and equipment:
Land	6,328	6,243
Buildings	55,159	54,559
Equipment	309,975	304,954
	371,462	365,756
Accumulated depreciation	(251,162)	(244,845)
Net property, plant and equipment	120,300	120,911
Intangible assets, net of amortization:
Patents, licenses and software	10,521	11,144
Distribution network	18,243	18,964
Customer lists, trademarks and tradenames	17,738	18,704
Goodwill	131,850	133,592
Investment in unconsolidated affiliate		8,666
Other investments	11,572	10,327
Deferred income taxes	9,826	8,090
Other assets	1,878	1,865
Total assets	787,814	777,728
Current liabilities:
Accounts payable	29,582	27,226
Accrued payroll	13,374	20,540
Accrued expenses	9,703	11,062
Accrued severance	776	1,033
Accrued income taxes	11,502	11,559
Current portion of long-term debt	94,000	84,000
Total current liabilities	158,937	155,420
Accrued post-retirement benefits	17,692	22,338
Other long-term liabilities	13,820	12,412
Total equity	597,365	587,558
Total liabilities and equity	$ 787,814	$ 777,728

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Note 8 - Fair Value of Assets and Liabilities (Details)	3 Months Ended
	Mar. 30, 2013
Fair Value Disclosures [Abstract]
Fair Value Assumptions, Expected Term	2 years
Fair Value Assumptions, Expected Volatility Rate	35.00%
Fair Value Assumptions, Risk Free Interest Rate	0.44%

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Consolidated Statements of Comprehensive Income (Unaudited, Current Period Restated) (Parentheticals) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012
Pension liability adjustments, tax	$ 103	$ 45

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Note 15 - Subsequent Event (Details) (Subsequent Event [Member], USD $) In Millions, unless otherwise specified	0 Months Ended
	Apr. 15, 2013
Subsequent Event [Member]
Note 15 - Subsequent Event (Details) [Line Items]
Business Combination, Consideration Transferred	$ 145.0

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Note 2 - Reclassifications and Restatement (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 30, 2013	Mar. 31, 2012	Dec. 29, 2012
Disclosure Text Block [Abstract]
Income (Loss) from Equity Method Investments	$ (10,678)	$ (525)	$ (4,000)

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Note 15 - Subsequent Event

3 Months Ended

Mar. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

15. Subsequent Event

On April 15, 2013, the company announced it had signed a definitive agreement to acquire Hamlin, Inc. from Key Safety Systems for $145.0 million in a cash transaction. Hamlin is dedicated to providing sensor technology to the automotive industry as well as the electronics and industrial markets. The company completed the transaction on May 31, 2013.

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Note 2 - Reclassifications and Restatement (Details) - Reclassifications and Restatement Summary (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 30, 2013	Mar. 31, 2012	Dec. 29, 2012
Impairment and equity in net loss of unconsolidated affiliate	$ (10,678)	$ (525)	$ (4,000)
Income taxes	6,484	7,212
Net income	11,488	17,563
Basic Earnings per share (in Dollars per share)	$ 0.52	$ 0.81
Diluted Earnings per share (in Dollars per share)	$ 0.51	$ 0.80
As Previously Reported [Member]
Accrued taxes		1,474
Income before income taxes		25,300
Income taxes		7,411
Net income		17,889
Basic Earnings per share (in Dollars per share)		$ 0.83
Diluted Earnings per share (in Dollars per share)		$ 0.81
Comprehensive income		27,031
Adjustment [Member]
Impairment and equity in net loss of unconsolidated affiliate		525
Accrued taxes		(199)
Income before income taxes		(525)
Income taxes		(199)
Net income		(326)
Basic Earnings per share (in Dollars per share)		$ (0.02)
Diluted Earnings per share (in Dollars per share)		$ (0.01)
Comprehensive income		(326)
As Restated [Member]
Impairment and equity in net loss of unconsolidated affiliate		525
Accrued taxes		1,275
Income before income taxes		24,775
Income taxes		7,212
Net income		17,563
Basic Earnings per share (in Dollars per share)		$ 0.81
Diluted Earnings per share (in Dollars per share)		$ 0.80
Comprehensive income		$ 26,705

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Note 2 - Reclassifications and Restatement (Tables)

3 Months Ended

Mar. 30, 2013

Disclosure Text Block [Abstract]

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	March 31, 2012
Consolidated Statements of Net Income and Comprehensive Income	As Previously Reported		Adjustment			As Adjusted
Impairment and equity in net loss of unconsolidated affiliate	$	—	$	525		$	525
Income before income taxes		25,300		(525	)		24,775
Income taxes		7,411		(199	)		7,212
Net income		17,889		(326	)		17,563
Basic Earnings per share	$	0.83	$	(0.02	)	$	0.81
Diluted Earnings per share	$	0.81	$	(0.01	)	$	0.80
Comprehensive income	$	27,031	$	(326	)	$	26,705

	March 31, 2012
Consolidated Statements of Cash Flows	As Previously Reported		Adjustment			As Adjusted
Net income	$	17,889	$	(326	)	$	17,563
Impairment and equity in net loss of unconsolidated affiliate		—		525			525
Accrued taxes		1,474		(199	)		1,275

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Consolidated Statements of Cash Flows (Unaudited, Current Period Restated) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012
Operating activities:
Net income	$ 11,488	$ 17,563
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,232	6,481
Amortization of intangibles	1,572	1,468
Stock-based compensation	1,779	1,365
Non-cash inventory charge		205
Excess tax benefit on share-based compensation	(467)	(475)
(Gain) loss on sale of assets	(24)	7
Impairment and equity in net loss of unconsolidated affiliate	10,678	525
Changes in operating assets and liabilities:
Accounts receivable	(9,745)	(14,017)
Inventories	3,632	(1,713)
Accounts payable	2,452	8,552
Accrued expenses (including post-retirement)	(4,619)	(5,543)
Accrued payroll and severance	(7,319)	(7,728)
Accrued taxes	(640)	1,275
Prepaid expenses and other	1,026	(101)
Net cash provided by operating activities	16,045	7,864
Investing activities:
Purchases of property, plant, and equipment	(5,453)	(3,244)
Purchase of short-term investments	(8,478)	(4,616)
Proceeds from sale of assets	9	21
Net cash used in investing activities	(13,922)	(7,839)
FINANCING activities:
Proceeds from revolving credit facility	15,000	17,000
Payments of revolving credit facility	(5,000)	(5,500)
Cash dividends paid	(4,410)	(3,888)
Proceeds from exercise of stock options	5,283	4,217
Excess tax benefit on share-based compensation	467	475
Net cash provided by financing activities	11,340	12,304
Effect of exchange rate changes on cash and cash equivalents	(1,972)	2,347
Increase in cash and cash equivalents	11,491	14,676
Cash and cash equivalents at beginning of period	235,404	164,016
Cash and cash equivalents at end of period	$ 246,895	$ 178,692

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Condensed Consolidated Balance Sheets (Current Period Unaudited, Restated) (Parentheticals) In Thousands, unless otherwise specified	Mar. 30, 2013	Dec. 29, 2012
Common shares issued	22,145,423	22,029,446
Common shares outstanding	22,145,423	22,029,446

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Note 10 - Restructuring

3 Months Ended

Mar. 30, 2013

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

10. Restructuring

During the period 2006 through 2009, the company announced closures of its facilities in Dundalk, Ireland, Irving, Texas, Des Plaines, Illinois, Elk Grove, Illinois, Matamoros, Mexico, Swindon, U.K., Dünsen, Germany, Utrecht, Netherlands, and Yangmei, Taiwan. These manufacturing and distribution center closures were part of a multi-year plan to improve the company’s cost structure and margins by rationalizing the company’s footprint, reducing labor costs and moving closer to customers. As of March 30, 2013, all of these facility closures have been completed. Together, these initiatives have impacted approximately 946 employees and resulted in aggregate restructuring charges of $53.9 million through March 30, 2013. The company does not expect to incur any additional costs associated with these facility closures and related restructuring activities.

A summary of activity of this liability at December 29, 2012, and for the three months ended March 30, 2013 is as follows:

Littelfuse restructuring (in thousands)
Balance at December 29, 2012	$	645
Additions		13
Payments		(129	)
Exchange rate impact		(6	)
Balance at March 30, 2013	$	523

Additional costs recorded that are not related to the initial restructuring plans discussed above were $0.1 million and $0.5 million for the quarter ended March 30, 2013 and year ended December 29, 2012, respectively

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Document And Entity Information	3 Months Ended
	Mar. 30, 2013	Apr. 26, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	LITTELFUSE INC /DE
Document Type	10-Q
Current Fiscal Year End Date	--12-29
Entity Common Stock, Shares Outstanding		22,106,477
Amendment Flag	true
Amendment Description	Littelfuse, Inc. (?we? or the ?company?) is filing this report on Form 10-Q/A because the Audit Committee of the Board of Directors (the ?Committee?) approved, on February 4, 2014, management?s recommendation that the company?s previously issued financial statements included in the company?s quarterly report on form 10-Q for the fiscal quarter ended March 30, 2013, and filed on May 3, 2013 (?Original Form 10-Q?), should no longer be relied upon because of an error resulting from the treatment of tax deductions related to the company?s write-off of its investment in Shocking Technologies, Inc. The tax deductions were determined to be a capital loss for tax purposes, instead of an ordinary loss as the company had previously determined in consultation with a third party expert. The impact of correcting this error is to record a charge to income tax expense of $3.3 million relating to the company?s first fiscal quarter ended March 30, 2013. As a result, the income tax expense recorded by the company in the first quarter of fiscal 2013 was understated by $3.3 million, producing an overstatement of net income of $3.3 million. The error was discovered in connection with the annual audit of the company for its fiscal year ended December 28, 2013. On February 4, 2014, the Committee approved management?s recommendation that the company restate its financial statements for the three months ended March 30, 2013, by filing on this Form 10-Q/A an amendment to the Original Form 10-Q. Prior to the February 4, 2014, determination, management and the Audit Committee discussed these matters with Ernst and Young LLP, the company?s independent registered public accounting firm. The company filed an Item 4.02 current report on Form 8-K on February 5, 2014, relating to this matter. The company believes the restatement constitutes a material weakness and that its disclosure controls and procedures were not effective as of the end of the period covered by the Original Form 10-Q. Management has commenced steps to remediate the material weakness associated with the income tax valuation allowance misstatement. For more information on the material weakness and our remediation efforts, please see ?Item 4 ? Controls and Procedures? of this Form 10-Q/A. This report on Form 10-Q/A restates in its entirety the Original Form 10-Q. The following sections of the Original Form 10-Q have been restated: (1) Item 1 of Part I, Financial Statements, (2) Item 2 of Part I, Management?s Discussion and Analysis of Financial Condition and Results of Operations, and (3) Item 4 of Part I, Controls and Procedures. Specifically the following sections have been restated or added: (1) Condensed Consolidated Balance Sheets, (2) Consolidated Statements of Net Income, (3) Consolidated Statements of Comprehensive Income (4) Consolidated Statements of Cash Flows, (5) Note 1. Basis of Presentation (6) Note 9. Earnings Per Share (7) Note 11. Income Taxes (8) Note 15. Subsequent Event, and (9) Note 16. Restatement. The company has also restated the signature page, the certifications of our Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, and 32.1, and the financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. No other sections were affected. For more information about the restatement and the related disclosure controls and procedures matters, please see Littelfuse?s Current Report on Form 8-K (Item 4.02) filed on February 5, 2014.
Entity Central Index Key	0000889331
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Mar. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

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Note 11 - Income Taxes

3 Months Ended

Mar. 30, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

11. Income Taxes (Restated)

The effective tax rate for the first quarter of 2013 was 36.1% compared to an effective tax rate of 29.3% in the first quarter of 2012. The effective tax rates for both the first quarter of 2013 (which includes incremental income tax expense of $3.3 million relating to the Shocking Technologies impairment loss as discussed further in Note 16 - Restatement) and 2012 are lower than the U.S. statutory tax rate primarily due to the result of more income earned in low tax jurisdictions.

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Consolidated Statements of Net Income (Current Period Restated) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012
Net sales	$ 170,918	$ 160,578
Cost of sales	106,312	99,716
Gross profit	64,606	60,862
Selling, general and administrative expenses	29,202	28,409
Research and development expenses	5,715	5,161
Amortization of intangibles	1,572	1,468
	36,489	35,038
Operating income	28,117	25,824
Interest expense	376	423
Impairment and equity in net loss of unconsolidated affiliate	10,678	525
Other (income) expense, net	(909)	101
Income before income taxes	17,972	24,775
Income taxes	6,484	7,212
Net income	$ 11,488	$ 17,563
Net income per share (see note 9):
Basic (in Dollars per share)	$ 0.52	$ 0.81
Diluted (in Dollars per share)	$ 0.51	$ 0.80
Weighted average shares and equivalent shares outstanding:
Basic (in Shares)	22,095	21,608
Diluted (in Shares)	22,366	21,929
Cash dividends paid per common share (in Dollars per share)	$ 0.20	$ 0.18

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Note 5 - Other Investments

3 Months Ended

Mar. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

5. Other Investments

The company’s other investments represent shares of Polytronics Technology Corporation Ltd. (“Polytronics”), a Taiwanese company. The Polytronics investment was acquired as part of the Heinrich Companies acquisition in 2004. The fair value of the Polytronics investment was €9.1million (approximately $11.6 million) at March 30, 2013 and €7.8 million (approximately $10.3 million) at December 29, 2012. Included in 2013 other comprehensive income is an unrealized gain of $1.6 million, due to the increase in fair market value of the Polytronics investment. The remaining movement was due to the impact of changes in exchange rates.

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Note 4 - Inventories

3 Months Ended

Mar. 30, 2013

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

4. Inventories

The components of inventories at March 30, 2013 and December 29, 2012 are as follows (in thousands):

	March 30, 2013		December 29, 2012
Raw material	$	21,819	$	21,689
Work in process		12,062		11,868
Finished goods		37,491		42,023
Total inventories	$	71,372	$	75,580

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Note 16 - Restatement

3 Months Ended

Mar. 30, 2013

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

16. Restatement

The restatement is to correct an error in the previously-filed interim financial statements and has the effect of both increasing the company’s reported income tax expense and reducing the company’s reported net income, for the three months ended March 30, 2013, by $3.3 million. The restatement relates to a tax deduction previously recorded in error related to the company’s investment in Shocking Technologies, Inc. 

The following table presents previously reported and restated balances of affected line items in the Condensed Consolidated Balance Sheets as of March 30, 2013, Consolidated Statements of Income for the three months ended March 30, 2013, Consolidated Statements of Comprehensive Income for the three months ended March 30, 2013 and Consolidated Statements of Cash Flows for the three months ended March 30, 2013.

(In thousands)	For the Three months Ended March 30, 2013
	As Reported			Adjustment			As Restated
Consolidated Balance Sheets:
Accrued income taxes	$	8,196		$	3,306		$	11,502
Total current liabilities		155,631			3,306			158,937
Total equity		600,671			(3,306	)		597,365
Consolidated Statements of Income:
Income taxes	$	3,178		$	3,306		$	6,484
Net income		14,794			(3,306	)		11,488
Net income per share:
Basic	$	0.67		$	(0.15	)	$	0.52
Diluted	$	0.66		$	(0.15	)	$	0.51
Consolidated Statements of Comprehensive Income:
Net income	$	14,794		$	(3,306	)	$	11,488
Comprehensive income		10,968			(3,306	)		7,662
Consolidated Statements of Cash Flows:
Net income	$	14,794		$	(3,306	)	$	11,488
Accrued taxes		(3,946	)		3,306			(640	)

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Note 12 - Pensions

3 Months Ended

Mar. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

12. Pensions

The components of net periodic benefit cost for the three months ended March 30, 2013, compared with the three months ended March 31, 2012, were (in thousands):

	U.S. Plans						Foreign Plans
	Three Months Ended						Three Months Ended
	March 30, 2013			March 31, 2012			March 30, 2013			March 31, 2012
Service cost	$	150		$	150		$	255		$	192
Interest cost		891			1,240			183			195
Expected return on plan assets		(1,340	)		(1,655	)		(74	)		(121	)
Amortization of net loss		236			85			39			17
Total cost of the plan		(63	)		(180	)		403			283
Expected plan participants’ contribution		—			—			—			—
Net periodic benefit cost	$	(63	)	$	(180	)	$	403		$	283

The expected rate of return assumption on domestic pension assets is 6.75% and 7.75% in 2013 and 2012, respectively. The expected return on foreign pension assets is 3.00% and 4.53% in 2013 and 2012, respectively.

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Note 8 - Fair Value of Assets and Liabilities

3 Months Ended

Mar. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

8. Fair Value of Assets and Liabilities

In determining fair value, the company uses various valuation approaches within the fair value measurement framework. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability.

Applicable accounting literature establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Applicable accounting literature defines levels within the hierarchy based on the reliability of inputs as follows:

Level 1—Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets;

Level 2—Valuations based on quoted prices for similar assets or liabilities or identical assets or liabilities in less active markets, such as dealer or broker markets; and

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable, such as pricing models, discounted cash flow models and similar techniques not based on market, exchange, dealer or broker-traded transactions.

Following is a description of the valuation methodologies used for instruments measured at fair value and their classification in the valuation hierarchy.

Investment in Polytronics

The company holds an investment in the equity securities of Polytronics as described in Note 5. Equity securities listed on a national market or exchange are valued at the last sales price. Such securities are classified within Level 1 of the valuation hierarchy.

Investment in Shocking Technologies, Inc.

The company holds an investment in an unconsolidated affiliate, Shocking Technologies, Inc. (“Shocking”), as described in Note 6, for which the valuation model that was used to determine the fair value of Shocking at December 29, 2012, was a discounted cash flow model to value Shocking’s equity and then an option pricing method to allocate the equity value to the various classes of stock in Shocking’s capital structure, including Series C and common shares held by the company. Significant unobservable inputs used included an expected two years until liquidity event, a volatility of 35% and a risk free rate of 0.44%. The investment was categorized as Level 3.

There were no changes during the quarter ended March 30, 2013 to the company’s valuation techniques used to measure asset and liability fair values on a recurring basis. As of March 30, 2013 and December 29, 2012 the company held no non-financial assets or liabilities that are required to be measured at fair value on a recurring basis.

The following table presents assets measured at fair value by classification within the fair value hierarchy as of March 30, 2013 (in thousands):

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	11,572	$	-	$	-	$	11,572
Total	$	11,572	$	-	$	-	$	11,572

The following table presents assets measured at fair value by classification within the fair value hierarchy as of December 29, 2012 (in thousands):

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment in Polytronics	$	10,327	$	—	$	—	$	10,327
Investment in unconsolidated affiliate		—		—		8,666		8,666
Total	$	10,327	$	—	$	8,666	$	18,993

The company’s other financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying amounts of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt approximate their fair values. The company’s debt fair value approximates book value at March 30, 2013 and December 29, 2012, respectively, as the variable interest rates fluctuate along with market interest rates.

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Note 16 - Restatement (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012
Note 16 - Restatement (Details) [Line Items]
Income Tax Expense (Benefit)	$ 6,484	$ 7,212
Restatement Adjustment [Member]
Note 16 - Restatement (Details) [Line Items]
Income Tax Expense (Benefit)	$ 3,300

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Note 6 - Impairments of Investment in Unconsolidated Affiliate

3 Months Ended

Mar. 30, 2013

Disclosure Text Block Supplement [Abstract]

Asset Impairment Charges [Text Block]

6. Impairment of Investment in Unconsolidated Affiliate

During the first quarter of 2013, the company fully impaired its investment in and loan receivable from Shocking owing to their filing for Chapter 7 bankruptcy on March 12, 2013. The impairment charge of approximately $10.7 million consisted of the remaining equity method investment of $8.7 million and a $2.0 million loan receivable, and reduces the carrying value of both the investment and loan receivable to zero at March 30, 2013.

The loss was recorded as a component of impairment and equity loss of unconsolidated affiliate in the Consolidated Statements of Net Income for the three months ended March 30, 2013.

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Note 7 - Debt

3 Months Ended

Mar. 30, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

7. Debt

The carrying amounts of debt at March 30, 2013 and December 29, 2012 are as follows (in thousands):

	March 30, 2013		December 29, 2012
Revolving credit facility	$	94,000	$	84,000

On June 13, 2011, the company entered into a new credit agreement with certain commercial banks that provides an unsecured revolving credit facility in an amount of up to $150.0 million, with a potential to increase up to $225.0 million. At March 30, 2013, the company had available $55.4 million of borrowing capacity under the revolving credit agreement at an interest rate of LIBOR plus 1.250% (1.45% as of March 30, 2013).

The credit agreement replaces the company’s previous credit agreement dated July 21, 2006 and loan agreement dated September 29, 2008, and, unless terminated earlier, will terminate on June 13, 2016.

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Note 9 - Earnings Per Share

3 Months Ended

Mar. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

9. Earnings Per Share

The company computes earnings per share using the two-class method. The two-class method includes an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and undistributed earnings for the period. The company’s reported net earnings is reduced by the amount allocated to participating securities to arrive at the earnings allocated to common stock shareholders for purposes of calculating earnings per share.

The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock or the two-class method. The company has determined the two-class method to be the more dilutive. As such, the earnings allocated to common stock shareholders in the basic earnings per share calculation is adjusted for the reallocation of

undistributed earnings to participating securities to arrive at the earnings allocated to common stock shareholders for calculating the diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method.

	For the Three Months Ended
(in thousands except per share amounts)	March 30, 2013			March 31, 2012
	(Restated)
Net income as reported	$	11,488		$	17,563
Less: Distributed earnings available to participating securities		(9	)		(6	)
Less: Undistributed earnings available to participating securities		(7	)		(43	)
Numerator for basic earnings per share —
Undistributed and distributed earnings available to common shareholders	$	11,472		$	17,514
Add: Undistributed earnings allocated to participating securities		7			44
Less: Undistributed earnings reallocated to participating securities		(6	)		(44	)
Numerator for diluted earnings per share —
Undistributed and distributed earnings available to common shareholders	$	11,473		$	17,514
Denominator for basic earnings per share —
Weighted-average shares		22,095			21,608
Effect of dilutive securities:
Common stock equivalents		271			321
Denominator for diluted earnings per share —
Adjusted for weighted-average shares & assumed conversions		22,366			21,929
Basic earnings per share	$	0.52		$	0.81
Diluted earnings per share	$	0.51		$	0.80

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Note 16 - Restatement (Tables)

3 Months Ended

Mar. 30, 2013

Accounting Changes and Error Corrections [Abstract]

Restatement to Prior Year Income [Table Text Block]

(In thousands)	For the Three months Ended March 30, 2013
	As Reported			Adjustment			As Restated
Consolidated Balance Sheets:
Accrued income taxes	$	8,196		$	3,306		$	11,502
Total current liabilities		155,631			3,306			158,937
Total equity		600,671			(3,306	)		597,365
Consolidated Statements of Income:
Income taxes	$	3,178		$	3,306		$	6,484
Net income		14,794			(3,306	)		11,488
Net income per share:
Basic	$	0.67		$	(0.15	)	$	0.52
Diluted	$	0.66		$	(0.15	)	$	0.51
Consolidated Statements of Comprehensive Income:
Net income	$	14,794		$	(3,306	)	$	11,488
Comprehensive income		10,968			(3,306	)		7,662
Consolidated Statements of Cash Flows:
Net income	$	14,794		$	(3,306	)	$	11,488
Accrued taxes		(3,946	)		3,306			(640	)

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Note 12 - Pensions (Details)	3 Months Ended	12 Months Ended
	Mar. 30, 2013	Dec. 29, 2012
United States Pension Plan of US Entity, Defined Benefit [Member]
Note 12 - Pensions (Details) [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	6.75%	7.75%
Foreign Pension Plan, Defined Benefit [Member]
Note 12 - Pensions (Details) [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	3.00%	4.53%

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Note 14 - Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (AOCI)

3 Months Ended

Mar. 30, 2013

Disclosure Text Block [Abstract]

Comprehensive Income (Loss) Note [Text Block]

14. Accumulated Other Comprehensive Income (Loss) (AOCI)

In February, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2013-02 which requires companies to report, in one place, information about reclassifications out of accumulated other comprehensive income (AOCI). The new guidance allows companies to present this information on the face of the financial statements, if certain requirements are met. Otherwise, the information must be presented in the notes. If a company is unable to identify the line item of net income affected by any significant amount reclassified out of AOCI during a reporting period (including when all reclassifications for the period are not to net income in their entirety), the information must be reported in the notes. In addition, ASU 2013-02 requires detailed reporting about changes in AOCI balances. It requires companies to present details of current-period changes in AOCI for each component of other comprehensive income on the face of the financial statements or in the notes. The company adopted the new guidance on December 30, 2012 and will be applied prospectively. There was no impact on its consolidated financial statements upon adoption.

The following table sets forth the changes in the components of AOCI by component (in thousands):

AOCI component	Balance at December 29, 2012			Other comprehensive income (loss) activity			Balance at March 30, 2013
Pension liability adjustment(a)	$	(20,879	)	$	(194	)	$	(21,073	)
Unrealized gain on investments(b)		7,867			1,618			9,485
Foreign currency translation adjustment		29,560			(5,250	)		24,310
Total	$	16,548					$	12,722

(a) Balances are net of tax of $11,929 and $11,819 for 2013 and 2012, respectively.

(b) Balances are net of tax of $0 and $0 for 2013 and 2012, respectively.

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Note 4 - Inventories (Tables)

3 Months Ended

Mar. 30, 2013

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

	March 30, 2013		December 29, 2012
Raw material	$	21,819	$	21,689
Work in process		12,062		11,868
Finished goods		37,491		42,023
Total inventories	$	71,372	$	75,580

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Note 10 - Restructuring (Details) - Summary of Activity of Restructuring Liability (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013
Summary of Activity of Restructuring Liability [Abstract]
Balance at December 29, 2012	$ 645
Balance at March 30, 2013	523
Additions	13
Payments	(129)
Exchange rate impact	$ (6)

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Note 5 - Other Investments (Details) In Millions, unless otherwise specified	3 Months Ended
	Mar. 30, 2013 USD ($)	Mar. 30, 2103 EUR (€)	Dec. 29, 2012 USD ($)	Dec. 29, 2012 EUR (€)
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment, Quoted Market Value (in Euro)	$ 11.6	€ 9.1	$ 10.3	€ 7.8
Equity Method Investment, Quoted Market Value	11.6	9.1	10.3	7.8
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax	$ 1.6

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Consolidated Statements of Comprehensive Income (Unaudited, Current Period Restated) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 30, 2013	Mar. 31, 2012
Net income	$ 11,488	$ 17,563
Other comprehensive income (loss):
Pension liability adjustments (net of tax of $103 and $45, respectively)	(194)	(66)
Unrealized gain on investments	1,618	1,812
Foreign currency translation adjustments	(5,250)	7,396
Comprehensive income	$ 7,662	$ 26,705

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Note 3 - Acquisition of Businesses

3 Months Ended

Mar. 30, 2013

Disclosure Text Block Supplement [Abstract]

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

3. Acquisition of Businesses

Accel AB

On May 31, 2012, the company acquired 100% of ACCEL AB (“Accel”), a manufacturer of advanced electromechanical products, including sensors and switches primarily for the automotive industry, for approximately $23.9 million. The acquisition allows the company to expand its automotive product offering and establish a presence in the growing automotive sensor market within its Automotive business unit segment. Accel is based in Vänersborg, Sweden with a manufacturing facility located in Kaunas, Lithuania. The company funded the acquisition with available cash.

The following table sets forth the purchase price allocation, as of March 30, 2013, for Accel acquisition-date net assets, in accordance with the purchase method of accounting with adjustments to record the acquired net assets at their estimated fair values.

Accel AB purchase price allocation (in thousands):
Cash	$	344
Current assets, net		8,643
Property, plant and equipment		3,731
Other assets		7
Goodwill		11,536
Distribution network		1,321
Trademarks		1,259
Patents and licenses		2,435
Current liabilities		(5,411	)
	$	23,865

All Accel goodwill and other assets and liabilities were recorded in the Automotive business unit segment and reflected in the Europe geographical area. The distribution network is being amortized over three to 10 years. Trademarks are being amortized over five years. Patents and licenses are being amortized over 10 years. The goodwill resulting from this acquisition consists largely of the company’s expected future product sales and synergies from combining Accel’s products with the company’s existing product offerings. Goodwill for the above acquisition is not expected to be deductible for tax purposes.

As required by purchase accounting rules, the company recorded a $0.4 million step-up of inventory to its fair value as of the acquisition date. During the third quarter of 2012, as the inventory was sold, cost of goods sold included $0.4 million of non-cash charges for this step-up.

Terra Power Systems, LLC

On September 26, 2012, the company acquired 100% of Terra Power Systems, LLC (“Terra Power”), a U.S. manufacturer of electromechanical components including power distribution modules and fuse holders for commercial vehicle products for $10.6 million. The acquisition allows the company to strengthen its position in the commercial vehicle products market by adding new products and new customers within its Automotive business unit segment. Terra Power is based in Bellingham, Washington. The company funded the acquisition with available cash.

All Terra Power goodwill and other assets and liabilities were recorded in the Automotive business unit segment and reflected in the Americas geographical area. The goodwill resulting from this acquisition consists largely of the company’s expected future product sales and synergies from combining Terra Power’s products with the company’s existing commercial vehicle product offerings. Goodwill for the above acquisition is expected to be deductible for tax purposes.

The following table sets forth the preliminary purchase price allocation for Terra Power acquisition-date net assets, in accordance with the purchase method of accounting with adjustments to record the acquired net assets at their estimated fair values. The preliminary purchase price allocation reflected below is based on internal estimates and is expected to be finalized in the second quarter of 2013 although further adjustments are not anticipated to be significant.

Terra Power preliminary purchase price allocation (in thousands):
Cash	$	105
Current assets, net		1,625
Property, plant and equipment		457
Goodwill		4,562
Other intangibles		4,064
Current liabilities		(213	)
	$	10,600

Pro forma financial information is not presented for the company’s business acquisitions described above due to amounts not being materially different than actual results.

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Note 14 - Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (AOCI) (Details) - Components of Accumulated Other Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013		Dec. 29, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension liability adjustment(a)	$ (21,073)	[1]	$ (20,879)	[1]
Unrealized gain on investments(b)	9,485	[2]	7,867	[2]
Foreign currency translation adjustment	24,310		29,560
Total	12,722		16,548
Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension liability adjustment(a)	(194)	[1]
Unrealized gain on investments(b)	1,618	[2]
Foreign currency translation adjustment	$ (5,250)

[1] Balances are net of tax of $11,929 and $11,819 for 2013 and 2012, respectively.

[2] Balances are net of tax of $0 and $0 for 2013 and 2012, respectively.

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Note 7 - Debt (Tables)

3 Months Ended

Mar. 30, 2013

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

	March 30, 2013		December 29, 2012
Revolving credit facility	$	94,000	$	84,000

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Note 3 - Acquisition of Businesses (Details) - Accel AB Preliminary Purchase Price Allocation (USD $) In Thousands, unless otherwise specified	Mar. 30, 2013	Dec. 29, 2012
Note 3 - Acquisition of Businesses (Details) - Accel AB Preliminary Purchase Price Allocation [Line Items]
Goodwill	$ 131,850	$ 133,592
	23,865
Accel AB [Member] | Distribution Rights [Member]
Note 3 - Acquisition of Businesses (Details) - Accel AB Preliminary Purchase Price Allocation [Line Items]
Amortizable intangible assets	1,321
Accel AB [Member] | Trademarks [Member]
Note 3 - Acquisition of Businesses (Details) - Accel AB Preliminary Purchase Price Allocation [Line Items]
Amortizable intangible assets	1,259
Accel AB [Member] | Patents and Licenses [Member]
Note 3 - Acquisition of Businesses (Details) - Accel AB Preliminary Purchase Price Allocation [Line Items]
Amortizable intangible assets	2,435
Accel AB [Member]
Note 3 - Acquisition of Businesses (Details) - Accel AB Preliminary Purchase Price Allocation [Line Items]
Cash	344
Current assets, net	8,643
Property, plant and equipment	3,731
Other assets	7
Goodwill	11,536
Current liabilities	$ (5,411)

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Note 13 - Business Unit Segment Information

3 Months Ended

Mar. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13. Business Unit Segment Information

The company and its subsidiaries design, manufacture and sell circuit protection devices throughout the world. The company reports its operations by the following business unit segments: Electronics, Automotive, and Electrical. Each operating segment is directly responsible for sales, marketing and research and development. Manufacturing, purchasing, logistics, customer service, finance, information technology and human resources are shared functions that are allocated back to the three operating segments. The CEO allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss) before interest and taxes, but does not evaluate the operating segments using discrete balance sheet information.

Sales, marketing and research and development expenses are charged directly into each operating segment. All other functions are shared by the operating segments and expenses for these shared functions are allocated to the operating segments and included in the operating results reported below. The company does not report inter-segment revenue because the operating segments do not record it. The company does not allocate interest and other income, interest expense, or taxes to operating segments. Although the CEO uses operating income (loss) to evaluate the segments, operating costs included in one segment may benefit other segments. Except as discussed above, the accounting policies for segment reporting are the same as for the company as a whole.

An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the company’s President and Chief Executive Officer (“CEO”).

Business unit segment information for the three months ended March 30, 2013 and March 31, 2012 are summarized as follows (in thousands):

	March 30, 2013			March 31, 2012
Net sales
Electronics	$	79,415		$	77,055
Automotive		59,385			52,626
Electrical		32,118			30,897
Total net sales	$	170,918		$	160,578
Depreciation and amortization
Electronics	$	4,861		$	5,486
Automotive		1,984			1,449
Electrical		959			1,014
Total depreciation and amortization	$	7,804		$	7,949
Operating income
Electronics	$	12,143		$	10,112
Automotive		9,483			9,505
Electrical		6,491			6,207
Total operating income		28,117			25,824
Interest expense		376			423
Impairment, loan loss and equity in net loss of unconsolidated affiliate (1)		10,678			525
Other (income) expense, net		(909	)		101
Income before income taxes	$	17,972		$	24,775

(1) During the first quarter of 2013, the company recorded approximately $10.7 million related to the impairment of its investment in Shocking Technologies. (See note 6). 2012 Income before income taxes has been restated to reflect the company’s retroactive equity losses from Shocking Technologies. (See note 2).

The company’s significant net sales by country for the three months ended March 30, 2013 and March 31, 2012 are summarized as follows (in thousands):

	Net sales(a)
	March 30, 2013		March 31, 2012
United States	$	57,914	$	55,253
China		33,614		30,444
Other countries		79,390		74,881
Total	$	170,918	$	160,578

(a) Sales by country represent sales to customer or distributor locations.

The company’s significant long-lived assets by country as of March 30, 2013 and December 29, 2012 are summarized as follows (in thousands):

	Long-lived assets(b)
	March 30, 2013		December 29, 2012
United States	$	13,963	$	14,433
China		40,157		41,504
Canada		13,907		13,839
Other countries		52,273		51,135
Total	$	120,300	$	120,911

(b) Long-lived assets consists of net property, plant and equipment.