What changed in this filing

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Item 1. Business

2024-02-16 compared with 2023-02-16 · 95 added, 88 removed, 198 unchanged (48% of the section changed)

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References herein to “2023”, “fiscal 2023” or “fiscal year 2023” refer to the fiscal year ended December 30, 2023.

References herein to “2021”, “fiscal 2021” or “fiscal year 2021” refer to the fiscal year ended January 1, 2022.

References herein to “2022”, “fiscal 2022” or “fiscal year 2022” refer to the fiscal year ended December 31, 2022.

References herein to “2021”, “fiscal 2021” or “fiscal year 2021” refer to the fiscal year ended January 1, 2022.

The Company operates on a 52-53 week fiscal year (4-4-5 basis) ending on the Saturday closest to December 31.

Therefore, the financial results of certain fiscal years and the associated 14 week quarters will not be exactly comparable to the prior 52 week fiscal years and the associated quarters having only 13 weeks.

Therefore, the financial results of certain fiscal years and the associated 14 week quarters will not be exactly comparable to the 52 week fiscal years and the associated quarters having only 13 weeks.

As a result of using this convention, the fiscal year 2021 contained 53 weeks while each of fiscal 2022 and fiscal 2023 contained 52 weeks.

Founded in 1927, Littelfuse is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world.

Across more than 20 countries, and with approximately 18,000 global associates, the Company partners with customers to design and deliver innovative, reliable solutions.

Serving over 100,000 end customers, the Company’s products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day.

Across more than 20 countries, and with approximately 17,000 global associates, we partner with customers to design and deliver innovative, reliable solutions.

Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day.

The Company conducts its business through three reportable segments:

Electronics, Transportation, and Industrial.

Within these segments, the Company designs, manufactures and sells electronic components, modules and subassemblies to empower the long-term mega growth themes of sustainability, connectivity and safety.

Within these segments, the Company designs, manufactures and sells electronic components, modules and subassemblies to empower the long-term secular growth themes of sustainability, connectivity and safety.

Over the last decade the Company has positioned itself within the center of these global structural growth themes by helping to enable its customers’ applications focused on a more sustainable, connected, and safer world.

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The Company's exposure with each of these end markets is relatively balanced.

With a deep list of target applications within each primary end market, the Company believes its balanced approach is healthy for the long-term sustainability of its business, increases diversification and creates additional growth opportunities.

Across electronics end markets, product demand is largely driven by electrification, energy and power efficiency, automation, connectivity, and safety.

With a deep list of target applications within each primary end market, the Company believes its balanced approach positions its business for the long-term sustainability, increases diversification and creates additional growth opportunities.

Across electronics end markets, product demand is largely driven by electrification, energy and power efficiency, automation, connectivity, artificial intelligence, and safety.

In transportation end markets, including passenger and commercial vehicles, the ongoing electronification and electrification of applications is driving increased product demand.

Across industrial end markets, product demand is driven by a more sustainable ecosystem.

Across industrial end markets, product demand is driven by an ecosystem that continues to advance sustainability, safety and automation capabilities.

For example, renewables, including solar and wind energy, and energy storage systems that enable lower carbon emissions, the ongoing proliferation of electric vehicles and charging stations, more efficient climate control units, increasing requirements for electrical safety, the rising demand for factory and process automation, and motor drives and power supplies.

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• Transportation Segment:

Formerly known as Automotive segment.

The term “Transportation” represents a more comprehensive description of the Company’s broad range of products, and the applications and end markets it serves .

Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (“OEMs”), Tier-one suppliers and parts and aftermarket distributors in passenger vehicle, heavy-duty truck, off-road vehicle, material handling, agricultural, construction and other commercial vehicle end markets.

Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (“OEMs”), Tier-one suppliers and parts and aftermarket distributors in passenger vehicle, heavy-duty truck and bus, off-road and recreational vehicles, material handling equipment, agricultural machinery, construction equipment and other commercial vehicle end markets.

Passenger vehicle products are used in internal combustion engine, hybrid and electric vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, high-voltage fuses, and sensor products designed to monitor the occupant’s safety and environment as well as the vehicle’s powertrain.

Commercial vehicle products include fuses, switches, circuit breakers, relays, and power distribution modules and units used in applications serving a number of end markets, including heavy-duty truck, construction, agriculture, material handling and marine.

Commercial vehicle products include fuses, switches, circuit breakers, relays, and power distribution modules and units used in applications serving a number of end markets, including heavy-duty truck and bus, construction, agriculture, material handling and marine.

• Industrial Segment:

Consists of industrial circuit protection (industrial fuses), industrial controls (protection relays, contactors, and transformers) and temperature sensors for use in various applications such as renewable energy and energy storage systems, electric vehicle infrastructure, HVAC systems, industrial safety, non-residential construction, MRO, mining and industrial automation.

Consists of industrial circuit protection (industrial fuses), industrial controls (protection relays, contactors, transformers, residual current devices, ground fault circuit interrupters, residual current monitors, and arc fault detection devices) and temperature sensors for use in various applications such as renewable energy and energy storage systems, industrial safety, factory automation, electr ic vehicle infrastructure, HVAC systems, non-residential construction, MRO, and mining.

In February 2021, the Company announced its five-year strategic plan which builds upon its strengths from its previous strategy.

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The Company is targeting average annual organic sales growth of 5-7 percent and average annual sales growth from strategic acquisitions of 5-7 percent.

The Company expects to achieve this through content and share gains, expanded presence in high-growth markets and geographies, and targeting high-growth and niche applications.

The Company continues to drive commercial excellence through investments in its people, customer-driven innovation, strategic acquisitions and integration of these businesses, eMobility, and its digital infrastructure to improve the

customer experience, and its operating systems.

The Company expects to achieve this through content and share gains, expanded presence in high-growth markets and geographies, and targeting adjacent high-growth and niche applications.

The Company continues to drive commercial excellence through investments in its people,

customer-driven innovation, strategic acquisitions and integration of these businesses, eMobility, and its digital infrastructure to improve the customer experience, and its operating systems.

These investments enable the Company to capitalize on growth opportunities where technologies and applications are converging across its product segments.

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Recent Acquisitions

• Dortmund Fab:

On June 28, 2023, the Company entered into a definitive purchase agreement to acquire a 200mm wafer fab located in Dortmund, Germany (“Dortmund Fab”) from Elmos Semiconductor SE.

The acquisition of the Dortmund Fab is expected to close in early fiscal year 2025.

The total purchase price for the fab is approximately 93 million Euro, of which 37.2 million Euro down payment (approximately $40.5 million) recorded in Other long-term assets in the Consolidated Balance Sheets was paid in the third quarter after regulatory approvals and approximately 56 million Euro will be paid at closing.

The transaction did not have a material impact on the Company’s fiscal year 2023 financial results and is not expected to have a material impact on the Company's 2024 financial results and will be reported in the semiconductor business within the Company’s Electronics segment.

The Company paid 37.2 million Euro down payment (approximately $40.5 million) with cash on hand.

• Western Automation:

On February 3, 2023, the Company completed the acquisition of Western Automation Research and Development Limited (“Western Automation”) for approximately $162 million in cash.

Headquartered in Galway, Ireland, Western Automation is a designer and manufacturer of electrical shock protection devices used across a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables.

At the time the Company and Western Automation entered into the definitive agreement, Western Automation had annualized sales of approximately $25 million.

The business is reported within the Company’s Industrial segment.

The Company financed the transaction with cash on hand.

• C&K Switches:

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At the time of acquisition, Carling had annualized sales of approximately $170 million.

The purchase price for Carling was $315 million subject to change for working capital adjustments and the operations of Carling are included in the commercial vehicle business within the Company’s Transportation segment.

The purchase price for Carling was $315.5 million and the operations of Carling are included in the commercial vehicle business within the Company’s Transportation segment.

The acquisition was funded with the Company's cash on hand.

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The net cash payment of $108.5 million was funded by the Company’s cash on hand.

• IXYS Corporation:

On January 17, 2018, the Company acquired IXYS Corporation ("IXYS"), a global pioneer in the power semiconductor and integrated circuit markets with a focus on medium to high voltage power semiconductors across the industrial, eMobility, communications, consumer and medical end markets.

IXYS had a broad customer base, serving more than 3,500 customers through its direct sales force and global distribution partners.

The purchase price for IXYS was $856.5 million, which included consideration of cash, Littelfuse common stock, and the value of converted, or cash settled IXYS equity awards.

The operations of IXYS are included in the Electronics segment.

Sales and Operations

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The Company operates in three geographic regions:

Asia-Pacific, the Americas, and Europe.

the Americas, Asia-Pacific, and Europe.

The Company designs, manufactures products and sells to customers in all three regions.

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(in millions) 2023 2022 2021

Asia-Pacific $ 1,019.9 $ 955.7 $ 670.5

Americas $ 901.5 $ 992.3 $ 694.3

Asia-Pacific 898.9 1,019.9 955.7

Europe 562.3 501.7 429.9

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The Company designs, manufactures and sells electronic components and modules empowering its customers’ applications focused on a more sustainable, connected, and safer world.

The ever-increasing complexity of applications surrounding these themes continues to drive greater demand for the Company’s innovative, reliable products and a higher level of product content within a broad range of applications.

The ever-increasing advancements of applications surrounding these themes continues to drive greater demand for the Company’s innovative, reliable products and a higher level of product content within a broad range of applications.

Technologies within the Electronics segment provide protection, power control and sensing capabilities.

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The Company also offers a wide range of power control products used to convert and regulate energy and safely and efficiently control power across a broad spectrum of industrial applications like renewable energy and energy storage systems, motor drives and power conversion.

Products include a comprehensive portfolio of semiconductor components and modules including thyristors, MOSFETs, rectifiers and fast recovery diodes, IGBTs and wide band gap devices.

The 2018 acquisition of IXYS expanded the Company's power semiconductor portfolio in medium and high-power industrial applications and technology expertise and OEM customer base.

Products include a comprehensive portfolio of semiconductor components and modules including thyristors, MOSFETs, rectifiers and fast recovery diodes, IGBTs and wide band gap devices, and medium and high-power industrial applications.

The acquisition of C&K Switches in 2022 significantly expanded the Company's electromechanical switches and interconnect solutions portfolios, which primarily serves industrial, transportation and datacom applications.

Through the growth of its product portfolio within the segment, the Company has expanded its presence across the industrial, transportation and electronics end markets it serves.

The Company expects to continue to expanding its martket presence by leveraging its broad, global access and reach with its strong go-to-market strategy via its strategic distribution partnerships and deep OEM relationships, and by continuing to expand its product portfolio through organic and inorganic investments.

The Company expects to continue to expand its market presence by leveraging its broad, global access and reach with its strong go-to-market strategy via its strategic distribution partnerships and deep OEM relationships, and by continuing to expand its product portfolio through organic and inorganic investments in high growth, niche applications.

Transportation Segment

The Company is a primary supplier of circuit protection technologies, as well as certain sensing technologies to global automotive OEMs, mainly through sales made to Tier One automotive suppliers, main-fuse box, and wire harness manufacturers that incorporate these technologies into their products, as well as automotive component parts manufacturers, and automotive parts distributors.

The Company also sells some of its circuit protection products in the replacement parts market, with its products being sold through merchandisers, discount stores, and service stations, as well as under private label by national firms.

Passenger vehicle products include both protection and sensing technologies used in internal combustion engine, hybrid and electric vehicles.

The Company also sells some of its circuit protection products in the transportation aftermarket, with its products being sold through merchandisers, discount stores, and service stations, as well as under private label by national firms.

Passenger vehicle products include both protection and sensing technologies used in internal combustion engine based, hybrid and electric vehicles.

Protection technologies include blade fuses, battery cable protectors, resettable fuses, high-current and high voltage fuses.

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The product portfolio, including switching, circuit protection and power distribution products portfolios, are primarily used in commercial vehicle applications, as well as certain telecom and datacom applications.

The Company expects to continue to expand its presence across its end markets, leveraging its strong OEM, Tier One and distributor customer base and go-to-market strength, and by continuing to expand its product portfolio through organic and inorganic investments.

The Company expects to continue to expand its presence across its transportation end markets, leveraging its strong OEM, Tier One and distributor customer base and go-to-market strength, and by continuing to expand its product portfolio through organic and inorganic investments.

Industrial Segment

The Company designs and sells a broad range of power fuses and holders, protection relays and controls, temperature sensors and other circuit protection products, contactors and transformers, for use in various industrial applications such as renewable energy and energy storage systems, electric vehicle infrastructure, HVAC systems, industrial safety, non-residential construction, MRO, mining and industrial automation.

The Company designs and sells a broad range of industrial fuses, industrial controls (protection relays, contactors, transformers, residual current devices, ground fault circuit interrupters, residual current monitors, and arc fault detection devices) and temperature sensors for use in various applications such as renewable energy and energy storage systems, industrial safety, factory automation, electr ic vehicle infrastructure, HVAC systems, non-residential construction, MRO, and mining.

These products are used to protect personnel and equipment from excessive currents, over voltages, and electrical shock hazards.

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The 2021 acquisition of Hartland expanded the Company’s contactors and transformers product portfolios, which primarily services HVAC and e-Mobility off-board charging applications.

The Company expects to continue to expand its presence across its end markets, leveraging its growing customer base, and go-to-market strength, and by continuing to expand its product portfolio through organic and inorganic investments.

The 2023 acquisition of Western Automation significantly expanded the Company's electrical shock protection devices portfolios, which primarily serves a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables.

PRODUCT DESIGN AND DEVELOPMENT

The Company employs scientific, engineering, and other personnel to continually improve its existing product lines and to develop new products at its research, product design, and development (“R&D”) and engineering facilities with primary locations in China, France, Germany, Italy, Japan, Lithuania, Mexico, Philippines, Taiwan (China), United Kingdom ("U.K."), and the U.S.

The Company employs scientific, engineering, and other personnel to continually improve its existing product lines and to develop new products at its research, product design, and development (“R&D”) and engineering facilities with primary locations in Canada, China, France, Germany, India, Ireland, Italy, Japan, Lithuania, Mexico, Philippines, Spain, Taiwan (China), United Kingdom ("U.K."), and the U.S.

The Company maintains a staff of engineers, chemists, material scientists and technicians whose primary responsibility is to design and develop new products.

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Over the years, the Company has expanded its industry-leading technical expertise to support its customers, and ultimately diversify its solutions offering.

With the intensifying complexity of applications, its superior engineering and design-in capabilities, and product portfolio, continue to deliver increasing value to customers.

With the intensifying complexity of applications, its superior engineering, design-in capabilities and product portfolio, continue to deliver increasing value to customers.

The Company’s strong global presence allows it to utilize its deep and broad application knowledge to help enable its customers’ applications across the industrial, transportation and electronics markets.

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MANUFACTURING

The Company’s manufacturing facilities are in China, France, Germany, India, Italy, Japan, Lithuania, Mexico, Philippines, the U.K., the U.S., and Vietnam.

The Company’s manufacturing facilities are in China, France, Germany, India, Ireland, Italy, Japan, Lithuania, Mexico, Philippines, the U.K., the U.S., and Vietnam.

The Company performs the majority of its own fabrication and maintains in-house capabilities for metal stamping, surface mount assembly, plating (silver, nickel, zinc, and oxides) thermoplastic molding, and high-precision manufacturing, miniaturization and haptics.

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Our Electronics segment products are used across a variety of applications.

While certain of our products require less design support for our customers, many of our products are incorporated into applications with complex design technical support requirements.

Many of our products are incorporated into applications with complex design technical support requirements, while certain of our products require less design support for our customers.

Most Electronics segment products are sold through our direct salesforce or through our channel distribution partners.

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Transportation Segment

The Company primarily uses a direct sales force to service all of the major automotive and commercial vehicle OEMs, system suppliers, and Tier One automotive and aftermarket customers globally.

The Company primarily uses a direct sales force to service major automotive and commercial vehicle OEMs, system suppliers, and Tier One automotive and aftermarket customers globally.

In selected areas, the Company also uses distributors to service smaller customers and to provide supply chain fulfillment for certain customers.

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CYBERSECURITY

The Company relies on its information technology systems and networks in connection with many of its business activities.

Some of these networks and systems are managed directly by the Company, while others are managed by third-party service providers and are not under the Company's day-to-day control.

We oversee the services provided by the third-party service providers.

We continually evaluate ourselves for appropriate business continuity and disaster recovery planning, with test scenarios that include simulations and penetration tests.

Our networks are monitored by intrusion detection services, and our systems and applications are routinely tested for vulnerabilities and are operated with an appropriate patch management program.

We employ a skilled IT workforce to implement our cybersecurity programs and to handle specific security responsibilities.

Our IT workforce is trained to address security and compliance-related issues as they arise.

The cybersecurity and data protection program at Littelfuse is based on foundational principles outlined in applicable industry and internationally accepted-cybersecurity frameworks.

The Company has experienced and will continue to experience cyber-attacks, attempts to breach its systems, and other similar incidents, however we do not believe that the prior cyber incidents have materially affected or currently are reasonably likely to materially affect the Company.

Littelfuse faces risks from cybersecurity threats that could have a material adverse effect on its business, financial condition, results of operations, cash flows, or reputation.

Like all cybersecurity programs, there is no guarantee that every attack method and technique has been fully addressed, as these change constantly, but Littelfuse is diligent in its attempts to protect data of the Company and its stakeholders.

Littelfuse strives to assess and update its cybersecurity program on a regular basis using an Information Security Management System (ISMS) comprised of three main elements – 1) independent internationally recognized vendors and technologies for assessments and monitoring, 2) strong internal controls based on industry standards, and 3) Board and Senior Leadership governance and support.

The Company’s products compete with similar products of other manufacturers, some of which may have substantially greater financial resources than the Company.

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In the Industrial segment, the Company’s major competitors include Eaton Corporation, GE Multilin, and Mersen.

The Company believes that it globally competes on the basis of innovative products, the breadth of its product line, the quality, design and performance of its products based on their reliability, consistency and safety, its technical capabilities and application expertise, and the responsiveness of its customer service.

The backlog of unfilled orders at December 31, 2022 was approximately $1,646.1 million, compared to $1,657.1 million at January 1, 2022 with the decrease primarily driven by a reduction across the Electronics and Transportation segments.

The Company believes that it globally competes on the basis of innovative products, the breadth of its product line, the quality, design and performance of its products based on their reliability, consistency and safety, its technical capabilities, its global footprint and application expertise, and the responsiveness of its customer service.

The backlog of unfilled orders at December 30, 2023 was approximately $1,046.9 million, compared to $1,646.1 million at December 31, 2022 with the decrease primarily driven by a reduction in the Electronics segment.

Substantially all the orders currently in backlog are scheduled for delivery in 2024.

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The Chief Human Resources Officer ("CHRO") is responsible for developing and executing the Company’s human capital strategy.

This includes establishing and implementing global policies and programs for leadership and employee development,

compensation, benefits, workforce planning, human resources systems, and ensuring effective and efficient internal company operations.

This includes establishing and implementing global policies and programs for leadership and employee development, compensation, benefits, workforce planning, human resources systems, and ensuring effective and efficient internal company operations.

The CHRO is responsible for developing and integrating the Company’s diversity, inclusion, and belonging strategy in its business operations.

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Littelfuse core values have been instrumental in driving success for our business.

Values of Customer Focus, Teamwork, Results-Driven, Integrity and Innovation have guided conversations and decision-making that provided direction for our company.

As we continue to grow and scale, we recognize that it is critical to evolve our culture.

In 2022, we engaged in a project to evaluate and mature our values.

Throughout 2023 we will roll-out new values and provide regular engagement points for our associates as we drive culture advancement.

In 2023, we rolled out new values of Respect, Customer Focus, Agility, and Collaboration.

We embed these values and behaviors in our talent processes and practices to help us evolve our already strong culture.

The power of a team environment where everyone can contribute and thrive allows us to enact our strategy and deliver results today and into the future.

Diversity, Inclusion & Belonging

As part of driving sustainable success, The Company values and celebrates diversity in every aspect of work with customers, stakeholders, suppliers and each other.

As part of driving sustainable success, The Company values and celebrates diversity in every aspect of work with customers, suppliers, partners, and each other.

The Company's commitment to diversity, inclusion and belonging creates a collaborative environment that draws out associates’ unique capabilities that contribute to innovation, deliver bold solutions and drive growth.

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Existing ERGs have grown to have a presence in more countries and provide impactful development and mentoring opportunities.

Leadership is accountable for creating a diverse and inclusive work environment.

To support leadership team in diversity, inclusion and belonging effort, we provided Inclusion training to senior leaders across the businesses.

Our senior leaders have also established goals around diversity, inclusion & belonging which are part of the annual goal setting and performance process.

As an industrial technology manufacturing company, we are committed to challenging the status quo by strengthening existing and building new female talent pipelines to improve gender equity.To demonstrate such commitment, the Company established an aspirational goal of achieving at least 25% female leadership representation globally by 2026.

In 2022, female leadership increased by 1% to 21%, while overall, 52% of the Company’s associates identify as female.

Leadership is accountable for creating a diverse team and inclusive work environment.

We incorporate such accountability in our annual performance process for our senior leaders.

Our Diversity, Inclusion, and Belonging Council, consisting of diverse global leaders from across the organization, helps to evolve and advance programs to further improve diversity, inclusion, and belonging in each region.

As an industrial technology manufacturing company, we are committed to challenging the status quo by strengthening existing and building new female talent pipelines to improve gender equity.

To demonstrate such commitment, the Company established an aspirational goal of achieving at least 25% female leadership representation globally by 2026.

In 2023, female leadership increased by 1.5% to 22.5% as compared to previous year, while overall, 51% of the Company’s associates identify as female.

We also believe that our workforce should be fully representative of the communities where it operates.

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to at least 5% by 2026.

As a result of the continued effort on recruiting, developing and retaining talent, Black African American representation has increased from 3% in 2021 to 3.5% in 2022.

As a result of the continued effort on recruiting, developing and retaining talent, Black African American representation has remained relatively steady at 3.4% in 2023 as compared to the previous year.

Talent Management, Development & Succession Planning

Building and maintaining a strong talent pipeline is essential to sustained performance and achievement of the Company's growth strategy.

The leadership team incorporates talent strategy into the annual business strategy review process to ensure the Company has the capabilities and capacity to meet current and future requirements.

The Company conducts enterprise-wide, global talent review processes with the CEO, business unit and function leaders focusing on the Company's high-performing and high-potential talent, diverse talent, and succession plans for the Company's most critical roles.

Also, the Company's board of directors reviews and assesses management development plans for senior executives and the succession plans relating to those positions.

The leadership team incorporates talent strategy into the annual business strategy review process to ensure the Company has the capabilities and capacity to meet current and future goals and objectives.

Also, the Company's Board of Directors reviews and assesses management development plans for senior executives and the succession plans relating to those critical positions.

In 2023, the Company introduced a leadership competency model that highlights the competencies and behaviors for success that strengthen the Company’s values and culture.

The leadership competency model provides a foundation for growth and development as leaders advance in their careers.

The Company is also actively investing in identifying and developing the pipeline of future global leaders and technical experts.

One area of focus has been early career talent pipelines and programs, resulting in an expanded focus on internships and other college/university recruitment pipelines.

Efforts to enhance capabilities in this area include the creation of functional career paths and skills, early career talent pipelines and programs, including internships and other college/university recruitment programs.

More specifically, accelerated development programs (e.g.

such as the Company's global RISE engineering program) have been implemented to strengthen the pipeline of talent required to sustain business growth.

As the Company continues to focus on developing the talent pipeline, we are also investing in strengthening our leadership capability through leadership mentoring and training.

As the Company continues to focus on developing the talent pipeline, we are also investing in strengthening our leadership capability through leadership mentoring, coaching and training.

The leadership training includes a mix of internal and external programs and partnerships addressing fundamental leadership skills to engage, motivate and develop our talent.

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Global programs include a combination of statutory and additional supplemental benefits in the areas of health, welfare and retirement.

We support our employees' mental and physical well-being through various programs that promote a healthy lifestyle.

We support our employees' mental and physical and financial well-being through various programs that promote a healthy lifestyle.

Our health & wellness programs vary across countries and are tailored to the needs of our employees from location to location.

Globally, we offer comprehensive medical benefits and an employee assistance program that provides confidential counseling at no charge for all our employees and their families to receive support with personal, health, life, financial, or work issues.

Globally, we offer comprehensive medical benefits and an employee assistance program that provides confidential counseling and other wellbeing tools at no charge for all our employees and their families to receive support with personal, health, life, financial, or work issues.

Health and Safety

Littelfuse considers the continuous improvement of our health and safety (H&S) programs as essential to the success of our growing company.

We are committed to meeting or exceeding H&S compliance requirements.

Our EHS(environmental health and safety) personnel are involved in evaluating compliance through audits (internal, external regulatory, and independent third-party) and providing training to employees to increase their H&S knowledge.

We strive for zero workplace injuries, incidents, and occupational illnesses.

Our total case incident rate remains below the industry average, and there were no work-related fatalities in 2022.

In 2022 and 2021, we added additional EHS professionals to focus on targeted safety programs.

At Littelfuse, we take the health and safety of our team members very seriously and our unwavering commitment to global health and safety (H&S) programs for all team members is integral to our continued success and competitive advantage.

Our goal is to achieve a zero-injury workplace.

As we continue to grow, we recognize the need to continuously evaluate our environment, health, and safety (EHS) organization.

In 2023, we invested in adding resources to our H&S program to meet our obligations to provide a safe and secure working environment for our employees.

We are committed to meeting or exceeding EHS compliance requirements through internal and independent third-party audits.

We strive for EHS excellence by implementing and maintaining an effective EHS Management System that establishes objectives, targets and programs to achieve continual improvement.

training and tools are provided to all appropriate individuals in order to maintain a safe and healthy work environment.

Community Involvement

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SUSTAINABILITY

The Company is committed to the long-term value of a robust sustainability strategy, and has positioned our business within the global sustainability megatrend to enhance our product offering to help empower a sustainable, connected, and safer world.

The Company is committed to empowering change on its sustainability journey.

Every Littelfuse employee, customer, and partner has the potential to drive positive change – environmentally, socially, and ethically.

Together, we’re shaping a future defined by sustainable choices and conscientious actions.

Sustainability is more than just a concept;

it’s integrated into the Company’s business strategy, processes, and daily actions.

Innovation and collaboration are at the heart of its sustainability journey.

Accordingly, the Company is positioned within the global sustainability megatrend to enhance our product offering to help empower a sustainable, connected, and safer world.

Many of the Company's key end markets are linked to sustainable applications such as electric vehicles and charging infrastructure, renewable energy, and power management.

The Company publishes its Sustainability Report annually to communicate its commitment and progress towards key internal sustainability initiatives.

The focus areas of the Company's sustainability program include:

• business ethics

• climate change and greenhouse gas emissions

• training, education, and career development

• water and wastewater management

• sustainable supply chain

• health and safety in the workplace

• diversity and equal opportunity

• community involvement

• economic performance

• energy management

• waste and hazardous material management

Additional information on how the Company manages each of these key areas and its sustainability program is available in the Company's Sustainability Reports, located on the Company's website at https://www.littelfuse.com/about-us/sustainability.aspx.

The Company publishes an annual Sustainability Report to communicate our commitment, approach, and impact on each of our focus areas.

The 2022 Sustainability Report was prepared in alignment with the GRI Standards – 2021, the Sustainability Accounting Standards Board (“SASB”), and outlines our governance, strategy, risk management, and metrics identified in the Task Force on Climate-Related Financial Disclosures (“TCFD”) recommendations.

The following goals have further been established, and progress is reported on an annual basis in the Sustainability Report:

• Reduce Scope 1 and 2 Greenhouse Gas Emissions 38% by 2035, based on a 2019 baseline - in line with keeping global temperatures well below 2° above pre-industrial temperatures

• Achieve zero waste in operations

• Aspire to increase diversity to have 25% female leaders by 2026, and 5% US African American employees by 2026

• Achieve zero accident workplace

• Achieve 100% Code of Conduct training

• Elevate product stewardship as a competitive advantage

Additional information on how the Company’s progress towards these goals and areas of focus within its sustainability program is available in the Company's Sustainability Reports, located on the Company's website at https://www.littelfuse.com/about-us/sustainability.aspx.

The contents of the Company's Sustainability Reports and website are not incorporated by reference in this Annual Report on Form 10-K.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business