Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of February 8, 2018 (in thousands):

Receivables	$	16,551
Inventory	15,084
Prepaid and other current assets	3,799
Property, plant, and equipment	7,716
Intangible assets	51,000
Goodwill	103,466
Deferred income taxes	1,388
Other long-lived assets	3,046
Total assets acquired	$	202,050
Accounts payable	$	11,825
Accrued liabilities	25,135
Deferred revenue	8,860
Long-term debt	19,315
Postretirement benefits	31,774
Other long-term liabilities	591
Total liabilities assumed	$	97,500
Net assets	$	104,550

The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of April 15, 2019 (in thousands):

Receivables	$	5,308
Inventory	8,491
Prepaid and other current assets	566
Property, plant, and equipment	1,328
Intangible assets	26,900
Goodwill	44,973
Deferred income taxes	36
Operating lease right-to-use assets	2,204
Other long-lived assets	2,070
Total assets acquired	$	91,876
Accounts payable	$	4,847
Accrued liabilities	4,346
Long-term deferred tax liability	7,316
Long-term operating lease liability	1,923
Other long-term liabilities	7,153
Total liabilities assumed	$	25,585
Net assets	$	66,291
Noncontrolling interests	4,775
Net assets attributable to Belden	$	61,516

Schedule of Acquired Intangible Assets

The goodwill is primarily attributable to expansion of product offerings in the optical fiber market. Our tax basis in the acquired goodwill is zero. The intangible assets related to the acquisition consisted of the following:

	Fair Value		Amortization Period
	(In thousands)		(In years)
Intangible assets subject to amortization:
Developed technologies	$	3,500	5.0
Customer relationships	22,000		15.0
Sales backlog	900		0.5
Trademarks	500		2.0
Total intangible assets subject to amortization	$	26,900
Intangible assets not subject to amortization:
Goodwill	$	44,973	n/a
Total intangible assets not subject to amortization	$	44,973
Total intangible assets	$	71,873
Weighted average amortization period			13.0 years

The intangible assets related to the acquisition consisted of the following:

	Fair Value		Amortization Period
	(In thousands)		(In years)
Intangible assets subject to amortization:
Developed technologies	$	36,500	5.0
Customer relationships	11,000		12.0
Sales backlog	1,900		0.3
Trademarks	1,600		0.9
Total intangible assets subject to amortization	$	51,000
Intangible assets not subject to amortization:
Goodwill	$	103,466	n/a
Total intangible assets not subject to amortization	$	103,466
Total intangible assets	$	154,466
Weighted average amortization period			6.2 years

Schedule of Pro Forma Information

The following table illustrates the unaudited pro forma effect on operating results as if the SAM acquisition had been completed as of January 1, 2017.

	Three Months Ended		Six Months Ended
	July 1, 2018		July 1, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	671,441	$	1,285,625
Net income attributable to Belden common stockholders	35,241		34,169
Diluted loss per share attributable to Belden common stockholders	$	0.86	$	0.82

The following table illustrates the unaudited pro forma effect on operating results as if the Opterna acquisition had been completed as of January 1, 2018.

	Three Months Ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	637,530	$	675,343	$	1,233,321	$	1,287,431
Net income attributable to Belden common stockholders	36,045		19,977		52,531		11,664
Diluted income per share attributable to Belden common stockholders	$	0.91	$	0.49	$	1.33	$	0.28