Acquisitions (Tables)

9 Months Ended

Sep. 29, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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	7,470
Prepaid and other current assets	566
Property, plant, and equipment	1,328
Intangible assets	28,000
Goodwill	35,565
Deferred income taxes	36
Operating lease right-to-use assets	2,204
Other long-lived assets	2,070
Total assets acquired	$	82,547
Accounts payable	$	4,847
Accrued liabilities	4,346
Long-term deferred tax liability	7,342
Long-term operating lease liability	1,923
Other long-term liabilities	7,153
Total liabilities assumed	$	25,611
Net assets	56,936
Noncontrolling interests	5,195
Net assets attributable to Belden	$	51,741

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

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	$	3,400	5.0
Customer relationships	22,800		15.0
Sales backlog	1,300		0.5
Trademarks	500		2.0
Total intangible assets subject to amortization	$	28,000
Intangible assets not subject to amortization:
Goodwill	$	35,565	n/a
Total intangible assets not subject to amortization	$	35,565
Total intangible assets	$	63,565
Weighted average amortization period			12.9

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		Nine Months Ended
	September 30, 2018		September 30, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	659,003	$	1,944,628
Net income attributable to Belden common stockholders	92,769		126,937
Diluted income per share attributable to Belden common stockholders	$	2.13	$	3.08

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					Nine Months Ended
	September 29, 2019			September 30, 2018		September 29, 2019			September 30, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	620,318		$	666,048	$	1,853,639		$	1,957,512
Net income (loss) attributable to Belden common stockholders	(295,312		)	77,417		(242,579		)	87,250
Diluted income (loss) per share attributable to Belden common stockholders	$	(6.64	)	$	1.62	$	(5.90	)	$	2.11