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Acquisitions (Tables) | 9 Months Ended
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Sep. 29, 2018
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the IXYS acquisition:
(in thousands) | Purchase Price Allocation
Total purchase consideration: |
Cash, net of cash acquired | $ | 302,865 |
Cash settled stock options | 3,622 |
Littelfuse stock | 434,192 |
Converted stock options | 38,109 |
Total purchase consideration | $ | 778,788 |
Allocation of consideration to assets acquired and liabilities assumed: |
Current assets, net | $ | 155,930 |
Property, plant, and equipment | 77,442 |
Intangible assets | 212,720 |
Goodwill | 379,619 |
Other non-current assets | 31,570 |
Other non-current liabilities | (78,493 | )
| $ | 778,788 |
The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the Monolith acquisition:
(in thousands) | Purchase Price Allocation
Total purchase consideration: |
Original investment | $ | 3,500 |
Cash, net of cash acquired | 14,172 |
Non-cash, fair value of commitment to purchase non-controlling interest | 9,000 |
Total purchase consideration | $ | 26,672 |
Allocation of consideration to assets acquired and liabilities assumed: |
Current assets, net | $ | 891 |
Property, plant, and equipment | 789 |
Patented and unpatented technologies | 6,720 |
Non-compete agreement | 140 |
Goodwill | 20,641 |
Current liabilities | (639 | )
Other non-current liabilities | (1,870 | )
| $ | 26,672 |
The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the U.S. Sensor acquisition:
(in thousands) | Purchase Price Allocation
Total purchase consideration: |
Cash | $ | 24,340 |
Allocation of consideration to assets acquired and liabilities assumed: |
Current assets, net | $ | 4,635 |
Patented and unpatented technologies | 1,090 |
Trademarks and tradenames | 200 |
Non-compete agreement | 50 |
Customer relationships | 2,830 |
Goodwill | 16,075 |
Current liabilities | (540 | )
| $ | 24,340 |
Business Acquisition, Pro Forma Information | The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the IXYS acquisition occurred as of January 1, 2017 or of future consolidated operating results.
|  | Three Months Ended
(in thousands, except per share amounts) |  | September 29, 2018 |  | September 30, 2017
Net sales |  | $ | 439,191 |  |  | $ | 405,573 |
Income before income taxes |  | 71,737 |  |  | 50,883 |
Net income |  | 56,060 |  |  | 40,004 |
Net income per share — basic |  | 2.23 |  |  | 1.61 |
Net income per share — diluted |  | $ | 2.18 |  |  | $ | 1.59 |
|  | Nine Months Ended
(in thousands, except per share amounts) |  | September 29, 2018 |  | September 30, 2017
Net sales |  | $ | 1,332,900 |  |  | $ | 1,171,283 |
Income before income taxes |  | 228,503 |  |  | 102,429 |
Net income |  | 179,264 |  |  | 95,047 |
Net income — basic |  | 7.17 |  |  | 3.84
Net income — diluted |  | $ | 7.16 |  |  | $ | 3.78 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments | Pro forma results presented above primarily reflect the following adjustments:
|  | Three Months Ended |  | Nine Months Ended
(in thousands) |  | September 29, 2018 |  | September 30, 2017 |  | September 29, 2018 |  | September 30, 2017
Amortization(a) |  | $ | 3,104 |  |  | $ | (6,304 | ) |  | $ | 8,289 |  |  | $ | (18,905 | )
Depreciation |  | — |  |  | 139 |  |  | — |  |  | 417 |
Transaction costs(b) |  | — |  |  | — |  |  | 9,976 |  |  | (9,976 | )
Amortization of inventory step-up(c) |  | — |  |  | — |  |  | 36,927 |  |  | (36,927 | )
Stock compensation(d) |  | 421 |  |  | (426 | ) |  | 5,110 |  |  | (6,206 | )
Interest expense(e) |  | — |  |  | (2,582 | ) |  | — |  |  | (7,746 | )
Income tax impact of above items |  | $ | (1,011 | ) |  | $ | 2,906 |  |  | $ | (14,290 | ) |  | $ | 25,802 |
(a) | The amortization adjustment for the nine months ended September 29, 2018 primarily reflects the reduction of amortization expense in the period related to the Order backlog intangible asset. The Order backlog has a useful life of twelve months and will be fully amortized in the fiscal 2017 pro forma results. The amortization adjustment for the three and nine months ended September 30, 2017 reflects incremental amortization resulting for the measurement of intangibles at their fair values.
(b) | The transaction cost adjustments reflect the reversal of certain bank and attorney fees from the nine months ended September 29, 2018 and recognition of those fees during the nine months ended September 30, 2017.
(c) | The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during the nine months ended September 29, 2018 and the recognition of the full amortization during the nine months ended September 30, 2017. The inventory step-up was amortized over five months as the inventory was sold.
(d) | The stock compensation adjustment reflects the reversal of the portion of stock compensation for IXYS stock options that were converted to Littelfuse stock options and expensed immediately during the nine months ended September 29, 2018. The adjustment for the nine months ended September 30, 2017 reflect the incremental stock compensation for the converted stock options.
(e) | The interest expense adjustment reflects incremental interest expense related to the financing of the transaction.

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- Definition Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(4) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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