0001437749-18-001357.txt : 20180131 0001437749-18-001357.hdr.sgml : 20180131 20180131070032 ACCESSION NUMBER: 0001437749-18-001357 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180131 DATE AS OF CHANGE: 20180131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LITTELFUSE INC /DE CENTRAL INDEX KEY: 0000889331 STANDARD INDUSTRIAL CLASSIFICATION: SWITCHGEAR & SWITCHBOARD APPARATUS [3613] IRS NUMBER: 363795742 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20388 FILM NUMBER: 18560956 BUSINESS ADDRESS: STREET 1: 8755 WEST HIGGINS ROAD CITY: CHICAGO STATE: IL ZIP: 60631 BUSINESS PHONE: 773-628-1000 MAIL ADDRESS: STREET 1: 8755 WEST HIGGINS ROAD CITY: CHICAGO STATE: IL ZIP: 60631 8-K 1 lfus20180130_8k.htm FORM 8-K lfus20180130_8k.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form 8-K

 

Current Report

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) – January 31, 2018

 

LITTELFUSE, INC.

 

 (Exact name of registrant as specified in its charter)

 

Delaware

0-20388

36-3795742

(State of other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

 

8755 W. Higgins Road, Suite 500, Chicago, IL 60631

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (773) 628-1000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[___]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[___]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[___]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[___]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

 

Item 2.02     Results of Operations and Financial Condition

 

The information contained within Item 2.02 of this Form 8-K and the Exhibits attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

On January 31, 2018, Littelfuse, Inc. (the “Company”) issued a press release announcing the results of its operations for the quarter and full year ended December 30, 2017. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated by reference to this Item 2.02 as if fully set forth herein.

 

The press release attached to this Form 8-K includes forward-looking statements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to comments with respect to the objectives and strategies, financial condition, results of operations and business of the Company. These forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not be achieved. The Company cautions you not to place undue reliance on these forward-looking statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.

 

A copy of the press release is also posted on the Company’s website.

 

Item 9.01     Financial Statements and Exhibits

 

d) Exhibits.

 

The following exhibit is furnished with this Form 8-K:

 

 

99.1

Press Release, dated January 31, 2018

 

 

-2-
 

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Littelfuse, Inc.

 

Date: January 31, 2018

By: /s/ Meenal A. Sethna
 

Meenal A. Sethna
Executive Vice President and Chief Financial Officer

 

 

-3-
 

 

Exhibit Index

 

99.1

Press release, dated January 31, 2018

 

 

 

-4-

 EX-99.1 2 ex_103941.htm EXHIBIT 99.1 ex_103941.htm

Exhibit 99.1

 

 

NEWS RELEASE

 

LITTELFUSE REPORTS FOURTH QUARTER and FULL YEAR RESULTS

Company delivers record sales, adjusted earnings per share and cash flow for 2017

 

CHICAGO, January 31, 2018 – Littelfuse, Inc. (NASDAQ:LFUS) today reported financial results for the fourth quarter and full year ended December 30, 2017:

 

Fourth Quarter 2017 Highlights

●

Net sales were $304.8 million, up 7% versus the prior year period. Organic revenue growth was 4%, excluding revenue from acquisitions closed in the past 12 months, divestitures and foreign currency effects.

●

Growth by segment versus the prior year period:
 

o

Electronics sales increased 4% (up 1% organically)

 

o

Automotive sales increased 9% (up 6% organically)
 

o

Industrial sales increased 19% (up 21% organically)

●

GAAP diluted loss per share was ($0.48); This includes $52.5 million of charges primarily due to an estimated one-time tax charge of $49 million for the enactment of the Tax Cuts and Jobs Act for deemed repatriation of unremitted earnings of foreign subsidiaries, and charges related to the acquisition of IXYS Corporation

●

Adjusted diluted EPS of $1.81 increased 15% over last year

●

GAAP effective tax rate was 124.7%, including the impact of the estimated one-time tax charge noted above; Adjusted effective tax rate was 16.2%

●

The electronics segment book-to-bill ratio for the fourth quarter was 1.11

●

During January, the company completed a private placement of $175 million of senior notes

●

On January 17th, the company completed its acquisition of IXYS Corporation

 

Full Year 2017 Highlights

●

Net sales were $1.222 billion, up 16% versus the prior year period, and 7% organically

●

GAAP diluted EPS was $5.21, which includes the estimated one-time $49 million tax charge noted above; Adjusted diluted EPS of $7.74 increased 24% over last year

 

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●

GAAP effective tax rate was 41.4% and adjusted effective tax rate was 18.1%

●

Cash flow from operations was $269 million and free cash flow was $203 million, both records for the company

 

"The fourth quarter capped off a tremendous year for us, as we finished 2017 with record sales, earnings and cash flow,” said Dave Heinzmann, Littelfuse Chief Executive Officer. “While our 2017 organic sales growth of 7% was led by strength across our Electronics segment, all of our businesses had a strong finish for the year. We delivered 160 basis points in full year adjusted operating margin expansion, which included returning our industrial segment back to double digit operating margin profitability. We made significant progress in our strategy with two acquisitions that will add more than $350 million in annualized revenue, while expanding our sensor and power control portfolios.”

 

First Quarter 2018 Outlook

All comparisons are to the prior year period unless otherwise noted. Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, impairment and severance charges, foreign exchange adjustments and unusual gains and losses. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

 

"We enter 2018 with good momentum, a track record of strong operational performance and a diversified portfolio that capitalizes on the key trends of a safe, green and connected world," continued Heinzmann. “We’re well positioned to deliver on our strategy, which we expect will drive double digit revenue and earnings growth”.

 

The outlook includes IXYS results, with the first quarter including approximately two and a half months of IXYS financial results.

 

For the first quarter of 2018:

●

Net sales are expected to be in the range of $384 to $396 million, up 37% on an as reported basis and up 6% organically, at the midpoint versus the prior year quarter

●

Adjusted diluted earnings per share are expected to be in the range of $1.73 to $1.87

●

Adjusted effective tax rate is expected to be in the range of 22.5% to 23.5%

 

For the 2018 full year:

●

Adjusted effective tax rate is expected to be in the range of 18% – 21%

 

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●

Capital expenditures are expected to be in the range of $80 - $85 million, including expenditures for IXYS’ operations.

 

Dividend 

The company will pay a cash dividend on its common stock of $0.37 per share on March 8, 2018 to shareholders of record as of February 22, 2018.

 

Conference Call and Webcast Information 

Littelfuse will host a conference call today, Wednesday, January 31, 2018, at 9:00 a.m. Central / 10:00 a.m. Eastern time to discuss the results. The call will be broadcast live over the Internet and can be accessed through the company’s website: www.littelfuse.com. The call will be available for replay on the company’s website.

 

About Littelfuse

Founded in 1927, Littelfuse is the global leader in circuit protection with advancing platforms in power control and sensor technologies. The company serves customers in the electronics, automotive and industrial markets with products that include fuses, semiconductors, polymers, ceramics, relays and sensors. Littelfuse has more than 11,000 employees in more than 50 locations worldwide. For more information, please visit Littelfuse.com.

 

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

The statements in this press release 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 Littelfuse, Inc.'s ("Littelfuse" or the "Company") accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; uncertainties related to political or regulatory changes; the integration of the recently acquired business of IXYS Corporation ("IXYS") and the risk that expected benefits, synergies and growth prospects of the acquisition of IXYS may not be achieved in a timely manner, or at all; and other risks which may be detailed in the company's 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 release 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 31, 2016. 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 31, 2016.

 

Non-GAAP Financial Measures 

The information included in this press release includes the non-GAAP financial measures of organic revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted

 

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EBITDA margin, adjusted diluted earnings per share, adjusted effective tax rate and free cash flow. Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules.

 

The company believes that organic revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes free cash flow is a useful measure of its ability to generate cash. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

 

 

CONTACT: Meenal Sethna

Executive Vice President and CFO

(773) 628-0616

 

###

 
 

Page 5

 

LITTELFUSE, INC.

Net Sales and Operating Income by Segment

(In thousands of USD, unaudited)

 

   

Fourth Quarter

    

Year-to-Date

  
   

2017

    

2016

    

% Growth /

(Decline)

    

2017

    

2016

    

% Growth /

(Decline)

  
                                                 

Net Sales

                                                

Electronics

  $ 162,875     $ 156,495       4%     $ 661,928     $ 535,191       24%  

Automotive

    115,134       105,556       9%       453,227       415,200       9%  

Industrial

     26,840       22,467       19%       106,379       105,768       1%  
                                                 

Total net sales

  $ 304,849     $ 284,518       7%     $ 1,221,534     $ 1,056,159       16%  

 

   

Fourth Quarter

    

Year-to-Date

  
   

2017

    

2016

    

% Growth /

(Decline)

    

2017

    

2016

    

% Growth /

(Decline)

  
                                                 

Operating Income/(Expense)

                                                

Electronics

   $ 33,362     $ 34,842       (4%)     $ 155,880     $ 117,088       33%  

Automotive

     14,972       10,908       37%       62,571       59,905       4%  

Industrial

     4,565       (143 )     3,292%       10,334       3,615       186%  

Other (1)

    (2,119 )     (4,619 )     54%       (10,274 )     (49,964 )     79%  
                                                 

Total operating income

   $ 50,780     $ 40,988       24%     $ 218,511     $ 130,644       67%  

Operating margin

     16.7 %     14.4 %             17.9 %     12.4 %        
                                                 

Interest expense

     3,512       2,342               13,380       8,628          

Foreign exchange loss

     3,859       7,586               2,376       472          

Other income, net

     (320 )     (690 )             (1,282 )     (1,730 )        
                                                 

Income before taxes

   $ 43,729     $ 31,750       38%     $ 204,037     $ 123,274       66%  

 

(1) "Other" typically includes special items such as acquisition-related costs, restructuring costs, asset impairments, and gains and losses on asset sales. (See Supplemental Financial Information for details.)

 

   

Fourth Quarter

    

Year-to-Date

  
   

2017

    

2016

    

Growth /

(Decline)

    

2017

    

2016

    

Growth /

(Decline)

  
                                                 

Operating Margins

                                               

Electronics

     20.5 %     22.3 %     (1.8 %)     23.5 %     21.9 %     1.6 %

Automotive

     13.0 %     10.3 %     2.7 %     13.8 %     14.4 %     (0.6 %)

Industrial

     17.0 %     (0.6 %)     17.6 %     9.7 %     3.4 %     6.3 %

 

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LITTELFUSE, INC.

Condensed Consolidated Balance Sheets

(In thousands of USD)

 

   

December 30, 2017

    

December 31, 2016

  
   

(Unaudited)

          

ASSETS

                

Current assets:

                

Cash and cash equivalents

   $ 429,676     $ 275,124  

Short-term investments

     35       3,690  

Accounts receivable, less allowances

     182,699       176,032  

Inventories

     140,789       114,063  

Prepaid income taxes and income taxes receivable

     1,689       11,671  

Prepaid expenses and other current assets

     37,452       31,501  

Total current assets

     792,340       612,081  

Property, plant and equipment:

                

Land

     9,547       9,268  

Buildings

     86,599       80,553  

Equipment

     505,838       439,542  
      601,984       529,363  

Accumulated depreciation

     (351,407 )     (312,188 )

Net property, plant and equipment

     250,577       217,175  

Intangible assets, net of amortization:

                

Patents, licenses and software

     81,911       83,607  

Distribution network

     19,505       18,995  

Customer lists, trademarks and tradenames

     102,434       110,425  

Goodwill

     453,414       403,544  
      657,264       616,571  

Investments

     10,993       13,933  

Deferred income taxes

     11,858       20,585  

Other assets

     17,070       10,849  

Total assets

   $ 1,740,102     $ 1,491,194  
                 

LIABILITIES AND EQUITY

                

Current liabilities:

                

Accounts payable

   $ 101,844     $ 90,712  

Accrued payroll

     49,962       42,810  

Accrued expenses

     48,994       36,138  

Accrued severance

     1,459       2,785  

Accrued income taxes

     16,285       8,846  

Current portion of long-term debt

     6,250       6,250  

Total current liabilities

     224,794       187,541  

Long-term debt, less current portion

     489,361       447,892  

Deferred income taxes

     17,069       7,066  

Accrued post-retirement benefits

     18,742       13,398  

Other long-term liabilities

     62,580       20,366  

Total equity

     927,556       814,931  

Total liabilities and equity

   $ 1,740,102     $ 1,491,194  

 

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LITTELFUSE, INC.

Condensed Consolidated Statements of Comprehensive Income

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

 

   

For the Three Months Ended

    

For the Twelve Months Ended

  
   

December 30, 2017

    

December 31, 2016

    

December 30, 2017

    

December 31, 2016

  
                                 

Net sales

   $ 304,849     $ 284,518     $ 1,221,534     $ 1,056,159  
                                 

Cost of sales

     178,225       170,181       715,001       643,042  
                                 

Gross profit

     126,624       114,337       506,533       413,117  
                                 
                                 

Selling, general and administrative expenses

     55,934       56,082       212,833       206,129  

Research and development expenses

     13,617       11,314       50,489       42,198  

Amortization of intangibles

     6,293       5,953       24,700       19,337  

Impairment of goodwill and intangible assets

     -       -       -       14,809  
      75,844       73,349       288,022       282,473  
                                 

Operating income

    50,780       40,988       218,511       130,644  
                                 

Interest expense

     3,512       2,342       13,380       8,628  

Foreign exchange loss

     3,859       7,586       2,376       472  

Other income, net

     (320 )     (690 )     (1,282 )     (1,730 )
                                 

Income before income taxes

     43,729       31,750       204,037       123,274  

Income taxes

     54,548       4,505       84,518       18,786  
                                 

Net income (loss)

   $ (10,819 )   $ 27,245     $ 119,519     $ 104,488  
                                 

Net income (loss) per share:

                                

Basic

   $ (0.48 )   $ 1.20     $ 5.27     $ 4.63  

Diluted

   $ (0.48 )   $ 1.19     $ 5.21     $ 4.60  
                                 

Weighted average shares outstanding:

                                

Basic

     22,714       22,692       22,687       22,559  

Diluted

     22,714       22,863       22,931       22,727  
                                 

Comprehensive income (loss)

   $ (1,143 )   $ 7,818     $ 130,431     $ 75,580  

 

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LITTELFUSE, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands of USD, unaudited)

 

   

For the Twelve Months Ended

  
   

December 30, 2017

    

December 31, 2016

  
                 

OPERATING ACTIVITIES:

                

Net income

  $ 119,519     $ 104,488  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation

     38,311       33,800  

Amortization of intangibles

     24,700       19,337  

Impairment of goodwill and intangible assets

     -       14,809  

Provision for bad debts

     2,414       1,769  

Loss on sale of product line

     -       1,391  

Stock-based compensation

     16,315       11,987  

Non-cash inventory charges

     1,607       7,834  

Excess tax benefit on stock-based compensation

     -       (3,421 )

Loss on sale of assets

     3,634       813  

Deferred income taxes

     17,063       (5,269 )
                 

Changes in operating assets and liabilities

                

Accounts receivable

     (11,087 )     (22,779 )

Inventories

     (20,180 )     8,539  

Accounts payable

    6,494       19,190  

Accrued expenses (including post-retirement)

     7,641       2,287  

Accrued payroll and severance

     3,709       6,131  

Accrued income taxes

     39,276       (18,062 )

Prepaid expenses and other assets

     19,754       (2,711 )

Net cash provided by operating activities

     269,170       180,133  
                 

INVESTING ACTIVITIES:

                

Purchases of property, plant and equipment

     (65,925 )     (46,228 )

Acquisition of business, net of cash acquired

     (38,512 )     (471,118 )

Proceeds from maturities of short-term investments

     3,739       345  

Decrease in entrusted loan receivable

     3,599       5,510  

Proceeds from sale of property, plant and equipment

     962       248  

Net cash used in investing activities

     (96,137 )     (511,243 )
                 

FINANCING ACTIVITIES:

                

Proceeds of revolving credit facility

     15,000       367,000  

Proceeds of term loan

     9,375       125,000  

Payments of revolving credit facility

     (127,500 )     (331,500 )

Payments of term loan

     (7,188 )     (89,688 )

Net proceeds from senior notes payable

     125,000       226,428  

Payments of entrusted loan

     (3,599 )     (5,510 )

Debt issuance costs paid

     (1,626 )     (3,583 )

Cash dividends paid

     (31,670 )     (27,866 )

Net (payments) proceeds related to stock-based award activities

     (2,373 )     20,494  

Excess tax benefit on share-based compensation

     -       3,421  

Net cash (used in) provided by financing activities

     (24,581 )     284,196  
                 

Effect of exchange rate changes on cash and cash equivalents

     6,100       (6,748 )
                 

Increase (decrease) in cash and cash equivalents

     154,552       (53,662 )

Cash and cash equivalents at beginning of period

     275,124       328,786  

Cash and cash equivalents at end of period

   $ 429,676     $ 275,124  

 

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Page 9

LITTELFUSE, INC.

Supplemental Financial Information

(in millions of USD except per share amounts, unaudited)

Non-GAAP EPS reconciliation

                                
   

Q4-17

    

Q4-16

    

YTD-17

    

YTD-16

  

GAAP diluted EPS

   $ (0.48 )   $ 1.19     $ 5.21     $ 4.60  

EPS impact of Non-GAAP adjustments (below)

     2.30       0.38       2.53       1.66  

Adjusted diluted EPS

   $ 1.81     $ 1.57     $ 7.74     $ 6.26  
                                 

Non-GAAP adjustments - (income)/expense

                                
   

Q4-17

    

Q4-16

    

YTD-17

    

YTD-16

  

Reed switch manufacturing transfer costs

   $ -     $ (0.1 )   $ -     $ 1.6  

Restructuring

     0.7       1.2       2.2       2.5  

Acquisition-related and integration costs

     1.4       3.5       8.1       31.1  

Impairment of goodwill and intangible assets

     -       -       -       14.8  

Non-gaap adjustments to operating income

     2.1       4.6       10.3       50.0  

Non-operating foreign exchange loss

     3.9       7.6       2.4       0.5  

Non-gaap adjustments to income before income taxes

     6.0       12.2       12.7       50.5  

Income taxes

     (46.5 )     3.5       (45.3 )     12.6  

Non-gaap adjustments to net income

   $ 52.5     $ 8.7     $ 58.0     $ 37.9  
                                 

Total EPS impact

   $ 2.30     $ 0.38     $ 2.53     $ 1.66  
                                 

Adjusted operating margin /Adjusted EBITDA reconciliation

                                
   

Q4-17

    

Q4-16

    

YTD-17

    

YTD-16

  
                                 

Net sales

   $ 304.8     $ 284.5     $ 1,221.5     $ 1,056.2  
                                 

GAAP operating income

   $ 50.8     $ 41.0     $ 218.5     $ 130.6  

Add back non-gaap adjustments

     2.1       4.6       10.3       49.9  

Adjusted operating income

   $ 52.9     $ 45.6     $ 228.8     $ 180.5  

Adjusted operating margin

     17.4 %     16.0 %     18.7 %     17.1 %
                                 

Add back amortization

     6.3       6.0       24.7       19.4  

Add back depreciation

     10.1       9.0       38.3       33.8  

Adjusted EBITDA

   $ 69.3     $ 60.6     $ 291.8     $ 233.7  

Adjusted EBITDA margin

     22.7 %     21.3 %     23.9 %     22.1 %
                                 

Net sales reconciliation

  

Q4-17 vs. Q4-16

  
   

Electronics

    

Automotive

    

Industrial

    

Total

  

Net sales growth

     4 %     9 %     19 %     7 %

Less:

                                

Acquisitions

     2 %     -       -       1 %

Divestitures

     -       -       (2 %)     -  

FX impact

     1 %     3 %     -       2 %

Organic net sales growth

     1 %     6 %     21 %     4 %
                                 
   

2017 YTD vs. 2016 YTD

  
   

Electronics

    

Automotive

    

Industrial

    

Total

  

Net sales growth

     24 %     9 %     1 %     16 %

Less:

                                

Acquisitions

     14 %     5 %     -       9 %

Divestitures

     -       -       (7 %)     (1 %)

FX impact

     -       -       1 %     1 %

Organic net sales growth

     10 %     4 %     7 %     7 %
                                 

Income tax reconciliation

                                
   

Q4-17

    

Q4-16

    

YTD-17

    

YTD-16

  
                                 

Income taxes

   $ 54.5     $ 4.5     $ 84.5     $ 18.8  

Effective rate

     124.7 %     14.2 %     41.4 %     15.2 %
                                 

Non-GAAP adjustments - income taxes

     (46.5 )     3.5       (45.3 )     12.6  
                                 

Adjusted income taxes

   $ 8.0     $ 8.0     $ 39.2     $ 31.4  

Adjusted effective rate

     16.2 %     18.3 %     18.1 %     18.1 %
                                 

Free cash flow reconcilation

                                
   

Q4-17

    

Q4-16

    

YTD-17

    

YTD-16

  

Net cash provided by operating activities

   $ 87.9     $ 80.1     $ 269.2     $ 180.1  
Less: Purchases of property, plant and equipment     (17.5 )     (11.7 )     (65.9 )     (46.2 )

Free cash flow

   $ 70.4     $ 68.4     $ 203.3     $ 133.9  

 

Note:  Totals will not always foot due to rounding

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