<SEC-DOCUMENT>0001437749-17-011531.txt : 20170724
<SEC-HEADER>0001437749-17-011531.hdr.sgml : 20170724
<ACCEPTANCE-DATETIME>20170620160539
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001437749-17-011531
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170620

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:		CORRESP

	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
</SEC-HEADER>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">8755 West Higgins Road, Suite 500</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Chicago, Illinois 60631</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">June <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">20, 2017</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Mr. <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Martin James</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Securities and Exchange Commission</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Division of Corporation Finance</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Office of Electronics and Machinery</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">100 F Street</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Washington, DC 20549</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>Re:<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;Littelfuse, Inc. </font></i></p>

<p style="margin: 0pt 0pt 0pt 72pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>Form 10-K for the Fiscal Year Ended December 31, 2016 </i></p>

<p style="margin: 0pt 0pt 0pt 72pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>Comments dated June 7, 2017</i></p>

<p style="margin: 0pt 0pt 0pt 72pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>File No. 000-20388 </i></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Dear Mr. James:</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">This letter is in response to the comment letter of the staff of the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) dated June 7, 2017 (the &ldquo;Comment Letter&rdquo;) related to the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the &ldquo;Annual Report&rdquo;) of Littelfuse, Inc. (&ldquo;Littelfuse&rdquo; or the &ldquo;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Company). For your convenience, we have set forth below the text of the comments contained in the Comment Letter, followed by our response.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>Form 10-K for the Fiscal Year Ended December 31, 2016 </u></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>General</u></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">1.</p>
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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>On pages 3-4, you identify customers for each of your segments. We are aware of publicly available information indicating that several of these customers operate in Sudan and/or Syria, countries which are designated by the State Department as state sponsors of terrorism and are subject to U.S. economic sanctions and export controls. Your Form 10-K does not include disclosure about any contacts with Sudan or Syria. Please describe to us the nature and extent of your past, current and anticipated contacts with Sudan and Syria, if any, whether through subsidiaries, customers or other direct or indirect arrangements. You should describe any products, technology or services you have provided to Sudan or Syria, directly or indirectly, and any agreements, arrangements or other contacts you have had with the governments of those countries or entities they control. </i></font></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Response</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>:</b></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company advises the Staff that the <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Annual Report does not provide disclosure about Sudan or Syria because the Company is not aware of any contacts with Sudan or Syria, whether through subsidiaries, customers or other direct or indirect arrangements, for the last three fiscal years, the subsequent interim period, or anticipated in the future. The Company does not have any employees, offices, subsidiaries, or facilities in Sudan or Syria, and to the Company&rsquo;s knowledge, it has not provided any products, technology or services to Sudan or Syria, directly or indirectly, and it does not have any agreements, arrangements or other contacts with the governments of those countries or entities they control.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company believes it conducts its business in compliance with all applicable U.S. export control laws and regulations, including those relating to countries designated by the U.S. State Department as state sponsors of terrorism and countries that are the subject of U.S. economic sanctions and export controls. <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company maintains a </font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">trade compliance program</font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> (&ldquo;Export Compliance Program&rdquo;), which includes processes and controls to comply with U.S. government export requirements.&nbsp;Transactions contrary to this Export Compliance Program are strictly prohibited.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">1</div>

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<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">In connection with <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">the Company&rsquo;s Export Compliance Program, the Company provides export compliance training for relevant employees and has implemented a process to classify the Company&rsquo;s products and technology for export control purposes. It also utilizes features in its Enterprise Resource Planning (&ldquo;ERP&rdquo;) system to manage and screen potential transactions.&nbsp;The Company contracts with a third party that consolidates restricted and denied party information from multiple agencies and governments around the world and provides updates to the ERP system, enabling the Company to screen business partners, sales orders and shipments against the most current listing of denied parties information, so that the Company does not conduct business with persons on the lists.&nbsp; In addition, the ERP system blocks any sales activity related to countries identified in the Department of Commerce&rsquo;s Export Administration Regulations as being in Country Group E, including Iran, Sudan and Syria.&nbsp; </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">In addition, the Company<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s standard terms and conditions for sale to distributors and customers also require such distributors and customers to comply with all applicable U.S. sanction and export controls. The Company also includes similar requirements in its negotiated supply contracts with its customers and in export documentation for shipments.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company sells its products to customers, who in turn sell various products to end-users throughout the world. Although the Company may impose contractual restrictions on a customer<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s use or sale of its products, the Company has no control over its customers&rsquo; uses or sales of these final products to end-users. The Company&rsquo;s products may be used by its customer, resold by its customers or incorporated into larger products manufactured and/or by those customers. Generally, the Company&rsquo;s customers do not inform the Company of their specific end customers or end use destinations for the Company&rsquo;s products, including if the Company&rsquo;s products are integrated into other products of integrated systems that include Company products.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i>2. </i></p>
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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Please discuss the materiality of any contacts with Sudan and Syria you describe in response to the comment above, and whether the contacts constitute a material investment risk for your security holders. You should address materiality in quantitative terms, including the approximate dollar amounts of any revenues, assets and liabilities associated with Sudan and Syria for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of qualitative factors that a reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities upon a company&rsquo;s reputation and share value. Various state and municipal governments, universities and other investors have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. You should address the potential impact of the investor sentiment evidenced by such actions directed toward companies that have operations associated with Sudan and Syria. </font></i></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Response:</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">As discussed <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">in its response to Comment 1 above, the Company is not aware of any direct or indirect contacts with Sudan or Syria for the last three fiscal years, the subsequent interim period, or anticipated in the future. Further, the Company is not aware of any of its relationships with its customers to be a source of negative investor sentiment against the Company or the cause of potential harm to the Company&rsquo;s reputation or share value. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i>3.</i></p>
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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">You state on page 3 that Huawei is a customer of your Electronics segment. We are aware of news articles reporting that Huawei is effectively banned from selling its telecommunications network equipment in the United States and that the Commerce Department is investigating Huawei for its alleged export or re-export of U.S. technology to Iran, Sudan and Syria in violation of U.S. export control laws. Please address for us the possibility that this information will have adverse reputational and other effects upon you because of your business with Huawei. </font></i></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Response:</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">is aware of the investigation of Huawei by the U.S. Commerce Department and continues to monitor the situation.&nbsp;The Company&rsquo;s sales, including its sales to Huawei, are subject to the Company&rsquo;s Export Compliance Program described in its response to Comment 1 above. There are currently no restrictions on the sale of the Company&rsquo;s products to Huawei.&nbsp; In the event restrictions are put in place in the future by U.S. agencies, the Company will comply with such restrictions. The Company has no direct or indirect knowledge of its products being exported or re-exported to Iran, Sudan or Syria by Huawei. We do not believe that the investigation into Huawei referred to in Comment 3 has had an adverse impact on the Company&rsquo;s operations or reputation.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>ITEM 7: Management<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations, page 22 </font></u></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>Results of Operations - 2015 compared with 2014 </u></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">2</div>

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<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i>4. </i></p>
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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">We note your disclosure of the change in your sales revenue excluding currency effects. This disclosure appears to be based on a non-GAAP financial measure. Please revise future filings to provide a reconciliation of sales excluding the effects of currency and describe the process for calculating the currency effects. Refer to question 104.06 of the Compliance and Disclosure Interpretations related to Non-GAAP measures updated May 17, 2016. We also note similar disclosures in your discussion of segment information and geographical sales. </font></i></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Response:</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company confirms that in future filings any non-GAAP financial measures will be reconciled to its equivalent GAAP measures and appropriately disclosed as required by Item 10(e) of Regulation S-K.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i>5. </i></p>
			</td>
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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">As a related matter, we note that you present gross profit and operating expenses excluding the impact of certain charges, which are non-GAAP measures. If you elect to present these or similar non-GAAP measures in future filings, please revise your presentations to identify the measures as non-GAAP, and provide the reconciliations and other disclosures required by Item 10(e) of Regulation S-K. </font></i></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Response:</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company confirms that in future filings any non-GAAP financial measures will be reconciled to its equivalent GAAP measures and appropriately disclosed as required by Item 10(e) of Regulation S-K.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>ITEM 7A: Quantitative and Qualitative Disclosures about Market Risk </u></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><u>Foreign Exchange Rates, page 31 </u></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i>6. </i></p>
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			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Revise future filings to provide the quantitative disclosures about your foreign exchange risk using one of the options outlined in Item 305(a) of Regulation S-K. In addition, describe to us the netting and offsetting intercompany account management techniques you use to reduce your known foreign currency exposures. Please include examples to demonstrate the techniques. </font></i></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Response:</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company confirms that in future filings <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">it will include quantitative disclosures about its foreign exchange risk using one of the options outlined in Item 305(a) of Regulation S-K. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">As discussed in the Company<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s Annual Report, the majority of the Company&rsquo;s operations consist of manufacturing and sales activities in foreign countries, and the Company&rsquo;s foreign exchange exposures result primarily from sale of product in foreign currencies, foreign currency denominated purchases, external borrowings, inter-company loans, employee-related and other costs of running operations in foreign countries and translation of balance sheet accounts denominated in foreign currencies.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">On a quarterly basis, for certain entities in jurisdictions that permit netting of receivable and payable balances,<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> the company uses netting and offsetting intercompany account management techniques to reduce known foreign currency exposures where possible. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i><b>Intercompany netting</b></i></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Th<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">e approach for intercompany netting includes the netting of intercompany receivables and intercompany payables between two subsidiaries that have both intercompany payables and intercompany receivables with each other. The following example demonstrates intercompany netting:</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="MTAB7" style="width: 100%; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 18pt;">&nbsp;</td>
			<td style="width: 18pt; vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#9679;</p>
			</td>
			<td style="vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">Subsidiary A <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">has $100 of intercompany receivables from Subsidiary B </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 18pt;">&nbsp;</td>
			<td style="width: 18pt; vertical-align: top;">&#9679;</td>
			<td style="vertical-align: top;">Subsidiary A has <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">$75 of intercompany payables to Subsidiary B. </font></td>
		</tr>

</table>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">In this example, t<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">he Company would utilize intercompany netting which results in Subsidiary A recording a net intercompany receivable of $25 from Subsidiary B. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div id="PGNUM" style="width: 100%; text-align: center; font-family: Times New Roman; font-size: 10pt;">3</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div id="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i><b>Intercompany offsetting</b></i></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The approach for intercompany offsetting includes the use of a virtual clearing house to offset intercompany payable and intercompany receivables for a larger collection of subsidiaries. <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The following example demonstrates intercompany offsetting:</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="MTAB9" style="width: 100%; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 18pt;">&nbsp;</td>
			<td style="width: 18pt; vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#9679;</p>
			</td>
			<td style="vertical-align: top;">
			<p style="text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">Subsidiary A has $100 of intercompany receivables from Subsidiary B<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> and $75 of intercompany payables to Subsidiary C (a net intercompany receivable balance of $25)</font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 18pt;">&nbsp;</td>
			<td style="width: 18pt; vertical-align: top;">&#9679;</td>
			<td style="vertical-align: top;">Subsidiary B has $75 of intercompany receivables from Subsidiary C<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> and $100 of intercompany payables to Subsidiary A (a net intercompany payable balance of $25)</font></td>
		</tr>
		<tr>
			<td style="width: 18pt;">&nbsp;</td>
			<td style="width: 18pt; vertical-align: top;">&#9679;</td>
			<td style="vertical-align: top;">Subsidiary C has $<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">75 of intercompany receivables from Subsidiary A and $75 of intercompany payables to Subsidiary B (a net intercompany balance of $0). </font></td>
		</tr>

</table>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">In this example, t<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">he Company would offset the balances resulting in Subsidiary A recording a net receivable of $25 from Subsidiary B and Subsidiary B recording the offsetting intercompany payable of $25 to Subsidiary A. Subsidiary C would effectively settle its $75 of intercompany payables to Subsidiary B with its $75 of intercompany receivables from Subsidiary A. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Please contact me if you have any questions regarding these matters at 773-628-0616.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Sincerely,</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL12" style="margin: 0pt auto 0pt 0pt; width: 45%; text-indent: 0px; font-size: 10pt;">

		<tr>
			<td colspan="2" style="width: 100%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">/s/ Meenal A. Sethna</p>
			</td>
		</tr>
		<tr>
			<td style="width: 83.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Meenal A. Sethna</p>

			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Executive Vice President and</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Chief Financial Officer</p>
			</td>
			<td style="width: 16.4%; vertical-align: top;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">4</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
