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Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 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 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 Menber’s acquisition:
 
(in thousands)
Purchase Price Allocation
Total purchase consideration:
 
Cash, net of acquired cash
$
19,162

Preliminary allocation of consideration to assets acquired and liabilities assumed:
 
Current assets, net
$
12,919

Property, plant, and equipment
1,693

Customer relationships
3,050

Patented and unpatented technologies
224

Trademarks and tradenames
1,849

Goodwill
8,091

Current liabilities
(7,220
)
Other non-current liabilities
(1,444
)
 
$
19,162

The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the ON Portfolio acquisition:
 
(in thousands)
Purchase Price Allocation
Total purchase consideration:
 
Cash
$
104,000

Allocation of consideration to assets acquired and liabilities assumed:
 
Current assets, net
$
4,816

Customer relationships
31,800

Patented and unpatented technologies
8,800

Non-compete agreement
2,500

Goodwill
56,084

 
$
104,000

The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the PolySwitch acquisition:
 
(in thousands)
Purchase Price Allocation
Total purchase consideration:
 
Original consideration
$
350,000

Post closing consideration adjustment received
(1,708
)
Acquired cash
(3,810
)
Acquired cash to be returned to seller
3,810

Total purchase consideration
$
348,292

Allocation of consideration to assets acquired and liabilities assumed:
 
Current assets, net
$
60,228

Property, plant, and equipment
51,613

Land lease
4,290

Patented and unpatented technologies
56,425

Customer relationships
39,720

Goodwill
165,088

Other long-term assets
11,228

Current liabilities
(35,280
)
Other non-current liabilities
(5,020
)
 
$
348,292

The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the IXYS acquisition: 
(in thousands)
Purchase Price
Allocation
Total purchase consideration:
 
Cash, net of cash acquired
302,865

Cash settled stock options
3,622

Littelfuse stock
434,192

Converted stock options
38,109

Total purchase consideration
778,788

Allocation of consideration to assets acquired and liabilities assumed:
 
Current assets, net
155,930

Property, plant, and equipment
77,442

Intangible assets
212,720

Goodwill
382,360

Other non-current assets
28,706

Other non-current liabilities
(78,370
)
 
778,788

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 following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company and IXYS as though the acquisition had occurred as of January 1, 2017. The Company has not included pro forma results of operations for U.S. Sensor or Monolith as these results were not material to the Company. 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.
 
 
 
For the Fiscal Year Ended
(in thousands, except per share amounts)
 
December 29,
2018
 
December 30,
2017
Net sales
 
$
1,735,181

 
$
1,564,956

Income before income taxes
 
272,724

 
142,150

Net income
 
215,228

 
75,604

Net income per share — basic
 
8.61

 
3.05

Net income per share — diluted
 
8.53

 
3.00

The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company and the acquired PolySwitch and the ON Portfolio businesses as though the acquisitions had occurred as of December 28, 2014. The Company has not included pro forma results of operations for Menber’s as these results were not material to the Company. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the PolySwitch or ON Portfolio acquisitions occurred as of December 28, 2014 or of future consolidated operating results.
 
 
For the Fiscal Year Ended
(in thousands, except per share amounts)
December 31, 2016
Net sales
$
1,130,645

Income before income taxes
143,110

Net income
124,388

Net income per share — basic
5.51

Net income per share — diluted
5.47
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments
Pro forma results presented above primarily reflect the following adjustments:
 
 
 
For the Fiscal Year Ended
(in thousands)
 
December 29,
2018
 
December 30,
2017
Amortization(a)
 
$
12,009

 
$
(25,203
)
Depreciation
 
—

 
556

Transaction costs(b)
 
9,976

 
(9,976
)
Amortization of inventory step-up(c)
 
36,927

 
(36,927
)
Stock compensation(d)
 
5,845

 
(6,635
)
Interest expense(e)
 
—

 
(10,326
)
Income tax impact of above items
 
(15,446
)
 
29,336


(a)
The amortization adjustment for the twelve months ended December 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 twelve months ended December 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 twelve months ended December 29, 2018 and recognition of those fees during the twelve months ended December 30, 2017.
(c)
The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during the twelve months ended December 29, 2018 and the recognition of the full amortization during the twelve months ended December 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 twelve months ended December 29, 2018. The adjustment for the twelve months ended December 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.