10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☑    Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2020

or

☐    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             

Commission File No. 001-12561

BELDEN INC.

(Exact name of registrant as specified in its charter)

Delaware	36-3601505
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

1 North Brentwood Boulevard

15th Floor

St. Louis, Missouri 63105

(Address of Principal Executive Offices and Zip Code)

(314) 854-8000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value per share	BDC	The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes  o   No  þ.

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  o  No  þ.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ  No  o.

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every interactive data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ    No  o.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑               Accelerated filer ☐       

Non-accelerated filer ☐                  Smaller reporting company ☐    

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☑ 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    

Yes  ☐   No   ☑.

At June 28, 2020, the aggregate market value of Common Stock of Belden Inc. held by non-affiliates was $1,314,089,562 based on the closing price ($29.88) of such stock on such date.

As of February 11, 2021, there were 44,657,019 shares of the registrant’s common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The registrant intends to file a definitive proxy statement for its annual meeting of stockholders within 120 days of the end of the fiscal year ended December 31, 2020 (the “Proxy Statement”). Portions of such proxy statement are incorporated by reference into Part III.

Form 10-K Item No.	Name of Item	Page
Part I
Item 1.	Business	2
Item 1A.	Risk Factors	8
Item 1B.	Unresolved Staff Comments	16
Item 2.	Properties	17
Item 3.	Legal Proceedings	17
Item 4.	Mine Safety Disclosures	17
Part II
Item 5.	Market for Registrant’s Common Equity and Related Shareholder Matters	18
Item 6.	Selected Financial Data	19
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	35
Item 8.	Financial Statements and Supplementary Data	38
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	85
Item 9A.	Controls and Procedures	85
Item 9B.	Other Information	88
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	88
Item 11.	Executive Compensation	88
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	88
Item 13.	Certain Relationships and Related Transactions, and Director Independence	88
Item 14.	Principal Accountant Fees and Services	88
Part IV.
Item 15.	Exhibits and Financial Statement Schedules	89
	Signatures	92

Part I

Item 1. Business

General

Belden Inc. (the Company, us, we, or our) connects and protects the world with the industry’s most complete suite of end-to-end specialty networking solutions.  Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments. Our business is organized around two global business platforms, Enterprise Solutions and Industrial Solutions, both of which provide the opportunity to drive future growth due to favorable secular trends. Each business platform represents a reportable segment. Financial information about our segments appears in Note 6 to the Consolidated Financial Statements.

We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers (OEMs). Belden Inc. is a Delaware corporation incorporated in 1988, but the Company’s roots date back to its founding by Joseph Belden in 1902.

As used herein, unless an operating segment is identified or the context otherwise requires, “Belden,” the “Company”, and “we” refer to Belden Inc. and its subsidiaries as a whole.

Strategy and Business Model

In 2020, we executed our strategy around three transformative actions. First, we divested Grass Valley in order to simplify our portfolio and meet our strategic revenue growth goals. Next, we streamlined our cost structure by reducing Selling, General, and Administrative expenses by approximately $40 million in the year ended December 31, 2020, with an annualized impact of approximately $60 million. Finally, we initiated processes to divest up to approximately $200 million of low-margin cable product lines that do not meet our long-term revenue growth and profitability goals. After the completion of these strategic actions, our portfolio of businesses will be well positioned to meet our long-term goals and deliver shareholder value.

Our portfolio and strategic priorities align with attractive end markets with favorable secular trends. Within Industrial Solutions, the growing demand for automated production and the ever-increasing need for network security drive demand for our solutions. Enterprise Solutions benefits from increasing consumer demand for more internet bandwidth and faster speeds, investment in 5G technology, and trends requiring integrated networks in smart buildings. We are well positioned to benefit from these secular trends in the form of improved revenue growth and expanded Adjusted EBITDA margins in the future.

Our business model is designed to generate shareholder value:

•Operational Excellence—The core of our business model is operational excellence and the execution of our Belden Business System. The Belden Business System has three areas of focus. First, we demonstrate a commitment to Lean enterprise initiatives, which improve not only the quality and efficiency of the manufacturing environment, but our business processes on a company-wide basis. Second, we utilize our Market Delivery System (MDS), a go-to-market model that provides the foundation for organic growth. We believe that organic growth, resulting from both market growth and share capture, is essential to our success. Finally, our Talent Management System supports the development of our associates at all levels, which preserves the culture necessary to operate our business consistently and sustainably.

•Cash Generation—Our pursuit of operational excellence results in the generation of cash flow. We generated cash flows from operating activities of $173.4 million, $276.9 million, and $289.2 million in 2020, 2019, and 2018, respectively.

•Portfolio Improvement—We utilize the cash flow generated by our business to fuel our continued transformation and generate shareholder value. We continuously improve our portfolio to ensure we provide the most complete, end-to-end solutions to our customers. Our portfolio is designed with balance across end markets and geographies to ensure we can meet our goals in most economic environments. We have a disciplined acquisition cultivation, execution, and integration system that allows us to invest in outstanding companies that strengthen our capabilities and enhance our ability to serve our customers.

Segments

We operate our business under the two segments – Enterprise Solutions and Industrial Solutions. Effective January 1, 2020, we transferred our West Penn Wire business and multi-conductor product lines from the Enterprise Solutions segment to the Industrial Solutions segment as a result of a shift in responsibilities among the segments. We have recast the prior period segment information to conform to the change in the composition of reportable segments. A synopsis of the segments is included below:

2

Enterprise Solutions

The Enterprise Solutions (Enterprise) segment is a leading provider in network infrastructure solutions, as well as cabling and connectivity solutions for commercial audio/video and security applications. We serve customers in markets such as healthcare, education, financial, government, corporate enterprises and broadband service providers, as well as end-markets, including sport venues and academia. Enterprise product lines include copper cable and connectivity solutions, fiber cable and connectivity solutions, racks and enclosures, and secure, high performance signal extension and matrix switching systems. Our products are used in applications such as local area networks, data centers, access control, Fiber to the Home and building automation. Enterprise provides true end-to-end copper and fiber network systems to include cable, assemblies, interconnect panels, and enclosures. Our high-performance solutions support all networking protocols up to and including 100G+ Ethernet technologies. Enterprise’s innovative products can deliver data in addition to power over Ethernet, which meets the higher performance requirements driven by the increasing number of connections in smart buildings. Enterprise products also include intelligent power, cooling, and airflow management for mission-critical data center operations. The Enterprise product portfolio is designed to support Internet Protocol convergence, the increased use of wireless communications, and cloud-based data centers by our customers. Our systems are installed through a network of highly trained system integrators and are supplied through authorized distributors.

Industrial Solutions

The Industrial Solutions (Industrial) segment is a leading provider of high performance networking and machine connectivity products. Industrial products include physical network and fieldbus infrastructure components and on-machine connectivity systems to meet end user and OEM needs. Products are designed to provide reliability and confidence of performance for a wide range of industrial automation applications. The products are used in markets that include discrete automation, process automation, energy and mass transit. Applications include network and fieldbus infrastructure; sensor and actuator connectivity; and power, control, and data transmission. Industrial products include solutions such as industrial Ethernet switches, network management software, routers, firewalls, gateways, input/output (I/O) connectors/systems, industrial Ethernet cables, optical fiber industrial Ethernet cables, Fieldbus cables, IP and networking cables, I/O modules, distribution boxes, and customer specific wiring solutions.

Our industrial cable products are used in discrete manufacturing and process operations involving the connection of computers, programmable controllers, robots, operator interfaces, motor drives, sensors, printers, and other devices. Many industrial environments, such as petrochemical and other harsh-environment operations, require cables with exterior armor or jacketing that can endure physical abuse and exposure to chemicals, extreme temperatures, and outside elements. Other applications require conductors, insulation, and jacketing materials that can withstand repeated flexing. In addition to cable product configurations for these applications, we supply heat-shrinkable tubing and wire management products to protect and organize wire and cable assemblies. Our industrial connector products are primarily used as sensor and actuator connections in factory automation supporting various fieldbus protocols as well as power connections in building automation. These products are used both as components of manufacturing equipment and in the installation and networking of such equipment.

Industrial Solutions products are sold directly to industrial equipment OEMs and through a network of industrial distributors, value-added resellers, and system integrators.

See Note 6 to the Consolidated Financial Statements for additional information regarding our segments.

Acquisitions

A key part of our business strategy includes acquiring companies to support our growth and enhance our product portfolio. Our acquisition strategy is based upon targeting leading companies that offer innovative products and strong brands. We utilize a disciplined approach to acquisitions based on product and market opportunities. When we identify acquisition candidates, we conduct rigorous financial and cultural analyses to make certain that they meet both our strategic plan targets and our goal for return on invested capital of 13-15%.

We have completed a number of acquisitions in recent years as part of this strategy. Most recently, in January 2021, we acquired OTN Systems N.V. (OTN), a leading provider of automation networking infrastructure solutions - refer to Note 28, Subsequent Events, for further discussion. In December 2019, we acquired substantially all of the assets of Special Product Company (SPC), a leading designer, manufacturer, and seller of outdoor cabinet products for optical fiber cable installations. In April 2019, we acquired the FutureLink business from Suttle Inc. as well as Opterna International Corp. (Opterna), which designs and manufactures complementary fiber connectivity, cabinet, and enclosure products used in optical networks.The results of SPC, FutureLink, and Opterna have been included in our Consolidated Financial Statements as of their acquisition dates, and are reported within the Enterprise Solutions segment. In 2018, we acquired Net-Tech Technology, Inc. (NT2), an integrator of optical passive components and network optimization products used within broadband network applications where

3

optical backhaul is used. The results of NT2 have been included in our Consolidated Financial Statements from the acquisition date, and are reported within the Enterprise Solutions segment. For more information regarding these transactions, see Note 4 to the Consolidated Financial Statements.

Customers

We sell to distributors, OEMs, installers, and end-users. On June 22, 2020, WESCO International, Inc (WESCO) acquired Anixter International, Inc. (Anixter), our largest distributor. References to "WESCO" in the remainder of this report will be inclusive of Anixter. For the year ended December 31, 2020, sales to WESCO represented approximately 15% of our consolidated revenues. No other customer accounted for more than 10% of our revenues in 2020.

We have supply agreements with distributors and OEM customers. In general, our customers are not contractually obligated to buy our products exclusively, in minimum amounts, or for a significant period of time. We believe that our relationships with our customers and distributors are good and that they are loyal to Belden products as a result of our reputation, the breadth of our product portfolio, the quality and performance characteristics of our products, and our customer service and technical support, among other reasons.

International Operations

In addition to manufacturing facilities in the United States (U.S.), we have manufacturing and other operating facilities in Brazil, Canada, China, India, Mexico, and St. Kitts, as well as in various countries in Europe. During 2020, approximately 45% of Belden’s sales were to customers outside the U.S. Our primary channels to international markets include both distributors and direct sales to end users and OEMs.

Financial information for Belden by country is shown in Note 6 to the Consolidated Financial Statements.

Competition

The markets in which we operate can be generally categorized as highly competitive with many players. In order to maximize our competitive advantages, we manage our product portfolio to capitalize on secular trends and high-growth applications in those markets. Based on available data for our served markets, we estimate that our market share across our segments is significant, ranging from approximately 5% – 20%. A substantial acquisition in one of our served markets would be necessary to meaningfully change our estimated market share percentage.

The principal competitive factors in all our product markets are technical features, quality, availability, price, customer support, and distribution coverage. The relative importance of each of these factors varies depending on the customer. Some products are manufactured to meet published industry specifications and are less differentiated on the basis of product characteristics. We believe that Belden stands out in many of our markets on the basis of the breadth of our product portfolio, the quality and performance characteristics of our products, our customer service, and our technical support.

Research and Development

We conduct research and development on an ongoing basis, including new and existing hardware and software product development, testing and analysis, and process and equipment development and testing. See the Consolidated Statements of Operations for amounts incurred for research and development. Many of the markets we serve are characterized by advances in information processing and communications capabilities, including advances driven by the expansion of digital technology, which require increased transmission speeds and greater bandwidth. Our markets are also subject to increasing requirements for mobility, information security, and transmission reliability. Some of our markets are using workflows and resources in public and private cloud and showing preference for software products delivered as services. We believe that our future success will depend in part upon our ability to enhance existing products and to develop, manufacture and deliver new products that meet or anticipate such changes in our served markets.

In our Enterprise Solutions segment, in order to support the demand for additional bandwidth and to improve service integrity, broadband service providers are investing in their networks to enhance delivery capabilities to customers for the foreseeable future. Additional bandwidth requirements resulting from increased traffic expose weak points in the network, which are often connectivity related, causing broadband service operators to improve and upgrade residential networks with higher performing connectivity products.

4

In our Industrial Solutions segment, there is a compelling need among global enterprises, service providers and government agencies to detect, prevent and respond to cyber security threats. This is a long-standing need within corporate networks, but we believe the rapid proliferation of new devices in the “internet of things” will continue to cause this need to broaden and accelerate. Additionally, cyber-attacks are moving beyond traditional targets into critical infrastructure, which will further amplify the importance of our work in network security. Furthermore, there is a growing trend toward adoption of Industrial Ethernet technology, bringing to the critical infrastructure the advantages of digital communication and the ability to network devices made by different manufacturers and integrate them with enterprise systems. While the adoption of this technology is at a more advanced stage in certain regions of the world, we believe that the trend will globalize. This trend will also lead to a rising need for wireless systems for some applications and for cybersecurity to protect this critical infrastructure. Part of our research and development is focused on creating scalable, efficient technologies to provide real-time instrumentation and analytics across entire networks. This includes delivering high-fidelity visibility and deep intelligence about networked systems, their vulnerabilities, and providing actionable information about how to effectively secure them. Additionally, we have highly-skilled and active research teams who analyze current and anticipated threats, and provide offerings to the market to enable customers to quickly detect and resolve cybersecurity threats.

Our research and development efforts are also focused on fiber optic technology, which presents a potential substitute for certain of the copper-based products that comprise a portion of our revenues. Fiber optic cables have certain advantages over copper-based cables in applications where large amounts of information must travel significant distances and where high levels of information security are required. While the cost to interface electronic and optical light signals and to terminate and connect optical fiber remains comparatively high, we expect that in future years the cost difference versus traditional copper networks will diminish. We sell fiber optic infrastructure, and many customers specify these products in combination with copper-based infrastructure. The final stage of most networks remains almost exclusively copper-based, and we expect that it will continue to be copper for the foreseeable future. However, if a significant decrease in the cost of fiber optic systems relative to the cost of copper-based systems were to occur, such systems could become superior on a price/performance basis to copper-based systems. Part of our research and development efforts focus on expanding our fiber-optic based product portfolio.

Patents and Trademarks

We have a policy of seeking patents when appropriate on inventions concerning new products, product improvements, and advances in equipment and processes as part of our ongoing research, development, and manufacturing activities. We own many patents and registered trademarks worldwide that are used by our operating segments, with pending applications for numerous others. We consider our patents and trademarks to be valuable assets. Our most prominent trademarks are: Belden®, Alpha Wire™, GarrettCom®, Hirschmann®, Lumberg Automation™, Mohawk®, Poliron™, PPC®, ProSoft Technology®, Thinklogical®, Tofino®, Tripwire® and West Penn Wire™.

Raw Materials

The principal raw material used in many of our cable products is copper. Other materials we purchase in large quantities include fluorinated ethylene-propylene (FEP), polyvinyl chloride (PVC), polyethylene, aluminum-clad steel and copper-clad steel conductors, aluminum, brass, other metals, optical fiber, printed circuit boards, and electronic components. With respect to all major raw materials used by us, we generally have either alternative sources of supply or access to alternative materials. Supplies of these materials are generally adequate and are expected to remain so for the foreseeable future.

Over the past three years, the prices of metals, particularly copper, have been highly volatile. The chart below illustrates the high and low spot prices per pound of copper over the last three years.

	2020		2019		2018
Copper spot prices per pound
High	$	3.63	$	2.98	$	3.29
Low	$	2.12	$	2.51	$	2.56

Prices for materials such as PVC and other plastics derived from petrochemical feedstocks have also fluctuated. Since Belden utilizes the first in, first out (FIFO) inventory costing methodology, the impact of copper and other raw material cost changes on our cost of goods sold is delayed by approximately two months based on our rate of inventory turnover.

While we generally are able to adjust our pricing for fluctuations in commodity prices, we can experience short-term favorable or unfavorable variances. When the cost of raw materials increases, we are generally able to recover these costs through higher pricing of our finished products. The majority of our products are sold through distribution, and we manage the pricing of these

5

products through published price lists, which we update from time to time, with new prices typically taking effect a few weeks after they are announced. Some OEM customer contracts have provisions for passing through raw material cost changes, generally with a lag of a few weeks to three months.

Backlog

Our business is characterized generally by short-term order and shipment schedules. Our backlog consists of product orders for which we have received a customer purchase order or purchase commitment and which have not yet been shipped. Orders are generally subject to cancellation or rescheduling by the customer. As of December 31, 2020, our backlog of orders believed to be firm was $223.0 million. The majority of the backlog at December 31, 2020 is scheduled to ship in the first quarter of 2021.

Environmental Matters

We are subject to numerous federal, state, provincial, local, and foreign laws and regulations relating to the storage, handling, emission, and discharge of materials into the environment, including the Comprehensive Environmental Response, Compensation, and Liability Act; the Clean Water Act; the Clean Air Act; the Emergency Planning and Community Right-To-Know Act; the Resource Conservation and Recovery Act; and similar laws in the other countries in which we operate. While we believe that our existing environmental control procedures are adequate, we will continue to evaluate and update our procedures as needed to address new or changing aspects of environmental matters.

Human Capital Resources

As of December 31, 2020, we had approximately 6,200 and 200 full-time and contractor employees, respectively, worldwide, of which approximately 65%, 20% and 15% were in North and South America, EMEA, and APAC, respectively. Approximately 1,700 employees are covered by collective bargaining agreements at various locations around the world. We believe our relationship with our employees is generally positive, and we measure and monitor the workforce's sustainable engagement, among other metrics, to ensure this remains the case.

Our culture and principles enable us to attract, retain, motivate and develop our workforce as well as drive employee engagement. We believe an engaged workforce leads to a more innovative, productive and profitable company. Our employees around the world live our Belden Values every day and work to ensure that our products and services connect and protect our customers critical infrastructure. Reflective of our corporate value "We Invest in Talent," our employees are highly engaged, scoring 88% positive in our most recent employee survey. Furthermore, we were recognized by Great Place to Work in Germany, Brazil and India, where we were also recognized as a Great Place to Work for Women.

The ethnic and gender diversity of our senior leadership team has increased with new strategic hires from outside the Company alongside internal promotions. The number of women serving as independent directors on our board of directors has further increased to 33%. During 2020, we also appointed a new Director of Inclusive Culture and continue to partner with organizations as we look to identify further opportunities to improve diversity, inclusion and belonging across our company.

During 2020, we launched our Connect with Community program, which enables Belden employees to take a week’s paid time away from work to volunteer in their local communities. As a result, a broad range of communities around the world have benefited from the efforts of our team members who have worked with food banks, environmental organizations, education establishments and community development charities across the world. During the year ended December 31, 2020, we also introduced our voluntary flex-time program, which enables most of our employees outside of direct production to take time off to deal with personal and family matters, resulting from the COVID-19 pandemic or otherwise, and receive 25% of their pay during such period.

We continually evolve our Early Career Leadership program. This 3-year rotational program enables talented graduates to work around the world in challenging roles within their chosen business function and prepares them to be the leaders of the future. As of December 31, 2020, the Early Career Leadership program had an exceptional retention rate of 100% and comprised over 80 participants, of which 46% were female.

Available Information

We file annual, quarterly, and current reports, proxy statements, and other information with the Securities and Exchange Commission (SEC). These reports, proxy statements, and other information contain additional information about us. These electronic SEC filings are available on the SEC's web site at www.sec.gov.

6

Belden maintains an Internet web site at www.belden.com where our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements, and all amendments to those reports and statements are available without charge, as soon as reasonably practicable following the time they are filed with or furnished to the SEC.

We will provide upon written request and without charge a printed copy of our Annual Report on Form 10-K. To obtain such a copy, please write to the Corporate Secretary, Belden Inc., 1 North Brentwood Boulevard, 15th Floor, St. Louis, MO 63105.

Information about our Executive Officers

The following table sets forth certain information with respect to the persons who were Belden executive officers as of February 15, 2021. All executive officers are elected to terms that expire at the organizational meeting of the Board of Directors following the Annual Meeting of Shareholders.

Name	Age	Position
John Stroup	54	Executive Chairman
Roel Vestjens	46	President and Chief Executive Officer
Brian Anderson	46	Senior Vice President, Legal, General Counsel and Corporate Secretary
Ashish Chand	46	Executive Vice President, Industrial Automation
Henk Derksen	52	Senior Vice President, Finance, and Chief Financial Officer
Dean McKenna	52	Senior Vice President, Human Resources
Anshu Mehrotra	50	Senior Vice President, Sales and Marketing
Doug Zink	45	Vice President and Chief Accounting Officer

John Stroup was appointed Executive Chairman of the Company on May 21, 2020. Prior to that, he served as President, Chief Executive Officer, and a member of the Board since October 2005. He was also elected as Chairman of the Board on November 30, 2016. From 2000 to October 2005, he was employed by Danaher Corporation, a manufacturer of professional instrumentation, industrial technologies, and tools and components. At Danaher, he initially served as Vice President, Business Development. He was promoted to President of a division of Danaher’s Motion Group and later to Group Executive of the Motion Group. Earlier, he was Vice President of Marketing and General Manager with Scientific Technologies Inc. He has a B.S. in Mechanical Engineering from Northwestern University and an M.B.A. from the University of California at Berkeley Haas School of Business.

Roel Vestjens was appointed President and Chief Executive Officer on May 21, 2020. Prior to that, he was the Chief Operating Officer since July 2019; Executive Vice President, Industrial Solutions from February 2018 to July 2019; Executive Vice President, Industrial Solutions and Broadcast IT Solutions from January 2017 to February 2018; and the Executive Vice President, Broadcast Solutions from March 2014 to January 2017. Mr. Vestjens joined Belden in 2006 as Director of Marketing for the EMEA region. In April 2008, Mr. Vestjens was promoted to Director of Sales and Marketing for the Industrial Solutions business, and in January 2009, he was appointed General Manager of Belden’s Wire and Cable Systems business in EMEA. Mr. Vestjens relocated to Asia in November 2010, and became President of the APAC OEM business, followed by President of all APAC Operations in May 2012. Mr. Vestjens joined Belden from Royal Philips Electronics where he held various European sales and marketing positions. Mr. Vestjens holds a bachelor degree in Electrical Engineering and a Master of Science and Management degree from Nyenrode Business University in the Netherlands.

Brian Anderson has been Senior Vice President, Legal, General Counsel and Corporate Secretary since April 2015. Prior to that, he served as Corporate Attorney for the Company from May 2008 through March 2015. Prior to joining Belden, Mr. Anderson was in private practice at the law firm Lewis Rice. Mr. Anderson has a B.S.B. in Accounting and an M.B.A. from Eastern Illinois University and holds a J.D. from Washington University in St. Louis.

Ashish Chand was appointed Executive Vice President, Industrial Automation in July 2019. Prior to that, he served as Managing Director, Industrial Solutions, for the Company’s APAC division from August 2017 to June 2019. Mr. Chand joined the Company in 2002 and has assumed positions of increasing responsibility in sales and marketing, operations, business development and general management since that time. Prior to joining Belden, Mr. Chand had experience in the oil and gas and non-ferrous metals segments. Mr. Chand holds a doctoral degree in Business from the City University of Hong Kong, an M.B.A. from XLRI Jamshedpur, India and a B.A. from Loyola College Chennai, India.

7

Henk Derksen has been Senior Vice President, Finance, and Chief Financial Officer since January 2012. Prior to that, he served as Vice President, Corporate Finance from July 2011 to December 2011 and Treasurer and Vice President, Financial Planning and Analysis of the Company from January 2010 to July 2011. In August of 2003, he became Vice President, Finance for the Company’s EMEA division, after joining the Company at the end of 2000. Prior to joining the Company, he was Vice President and Controller of Plukon Poultry, a food processing company from 1998 to 2000, and has 5 years’ experience in public accounting with Price Waterhouse and Baker Tilly. Mr. Derksen has a M.A. in Accounting from the University of Arnhem in the Netherlands and holds a doctoral degree in Business Economics in addition to an Executive Master of Finance & Control from Tias Business School in the Netherlands.

Dean McKenna has been Senior Vice President, Human Resources since May 2015. Prior to joining Belden, he was Vice President of Human Resources for the international business of SC Johnson. Prior to SC Johnson, he worked in various senior international human resource, organizational development and talent positions at Ingredion, Akzo Nobel and ICI Group PLC. He received his degree in Strategic Human Resource Management at the Nottingham Business School in the United Kingdom.

Anshu Mehrotra was appointed Senior Vice President, Sales and Marketing in January 2021. Prior to joining Belden, he was Group President for Welding at Illinois Tool Works (ITW), leading the global Industrial Welding platform. Prior to ITW, he has had a number of leadership roles in general management and sales at Ingersoll Rand, Allegion and Johnson Controls. He has a B.S. in Electronics Engineering from Delhi University, an M.S. in Industrial Engineering from Northern Illinois University and an M.B.A. from Northwestern University at Kellogg School of Management.

Doug Zink has been Vice President and Chief Accounting Officer since September 2013. Prior to that, he has served as the Company’s Vice President, Internal Audit; Corporate Controller; and Director of Financial Reporting, after joining Belden in May 2007. Prior to joining the Company, he was a Financial Reporting Manager at TLC Vision Corporation, an eye care service company, from 2004 to 2007, and has five years of experience in public accounting with KPMG LLP and Arthur Andersen LLP. He holds Bachelor’s and Master’s Degrees in Accounting from Texas Christian University and is a Certified Public Accountant.

Cautionary Information Regarding Forward-Looking Statements

We make forward-looking statements in this Annual Report on Form 10-K, in other materials we file with the SEC or otherwise release to the public, and on our website. In addition, our senior management might make forward-looking statements orally to investors, analysts, the media, and others. Statements concerning our future operations, prospects, strategies, financial condition, future economic performance (including growth and earnings) and demand for our products and services, and other statements of our plans, beliefs, or expectations, including the statements contained in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are not historical facts, are forward-looking statements. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would,” and similar expressions. The forward-looking statements we make are not guarantees of future performance and are subject to various assumptions, risks, and other factors that could cause actual results to differ materially from those suggested by these forward-looking statements. These factors include, among others, those set forth in the following section and in the other documents that we file with the SEC.

We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Item 1A. Risk Factors

Following is a discussion of some of the more significant risks that could materially impact our business. There may be additional risks that impact our business that we currently do not recognize as, or that are not currently, material to our business.

The effects of the COVID-19 pandemic materially affected how we and our customers operated our businesses in 2020, and the duration and extent to which this or future epidemics or pandemics will impact our future results of operations and overall financial performance remains uncertain.

In December 2019, a novel coronavirus disease (“COVID-19”) was first reported and on March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. The widespread health crisis is adversely affecting the broader economies, financial markets and overall demand environment for many of our products.

8

Our operations and the operations of our suppliers, channel partners and customers were disrupted to varying degrees by a range of external factors related to the COVID-19 pandemic, some of which are not within our control. Many governments imposed, and may yet impose, a wide range of restrictions on the physical movement of people in order to limit the spread of COVID-19. The COVID-19 pandemic has had, and likely will continue to have, an impact on the attendance and productivity of our employees, and those of our channel partners or customers, resulting in negative impacts to our results of operations and overall financial performance. Additionally, COVID-19 has resulted, and likely will continue to result, in delays in non-residential construction, non-crisis-related IT purchases and project completion schedules in general, all of which can negatively impact our results in both current and future periods.

The duration and extent of the impact from the COVID-19 pandemic or any future epidemic or pandemic depends on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of the virus, the extent and effectiveness of containment actions, the effects of measures enacted by policy makers and central banks around the globe, and the impact of these and other factors on our employees, customers, channel partners and suppliers. If we are not able to respond to and manage the impact of such events effectively, our business will be affected.

A challenging global economic environment or a downturn in the markets we serve could adversely affect our operating results and stock price in a material manner.

A challenging global economic environment could cause substantial reductions in our revenue and results of operations as a result of weaker demand by the end users of our products and price erosion. Price erosion may occur through competitors becoming more aggressive in pricing practices. A challenging global economy could also make it difficult for our customers, our vendors, and us to accurately forecast and plan future business activities. Our customers could also face issues gaining timely access to sufficient credit, which could have an adverse effect on our results if such events cause reductions in revenues, delays in collection, or write-offs of receivables. Further, the demand for many of our products is economically sensitive and will vary with general economic activity, trends in nonresidential construction, investment in manufacturing facilities and automation, demand for information technology equipment, and other economic factors.

Global economic uncertainty could result in a significant decline in the value of foreign currencies relative to the U.S. dollar, which could result in a significant adverse effect on our revenues and results of operations; could make it difficult for our customers and us to accurately forecast and plan future business activities; and could cause our customers to slow or reduce spending on our products and services. Economic uncertainty could also arise from fiscal policy changes in the countries in which we operate.

Changes in foreign currency rates and commodity prices can impact the buying power of our customers. For example, a strengthened U.S. dollar can result in relative price increases for our products for customers outside of the U.S., which can have a negative impact on our revenues and results of operations. Furthermore, customers’ ability to invest in capital expenditures, such as our products, can depend upon proceeds from commodities, such as oil and gas markets. A decline in energy prices, therefore, can have a negative impact on our revenues and results of operations.

Potential cyber security incidents could interfere with our business and operations.

Computer hacking, malware, phishing, and spamming attacks against online networking platforms have become more prevalent. Though it is difficult to determine what, if any, harm may directly result from any specific attack or interruption, such events could also be expensive to remedy, harm our reputation or brands, and/or lead users to lose trust and confidence in our business. We, and others on our behalf, also store “personally identifiable information” (“PII”) with respect to employees, vendors, customers, and others. While we have implemented safeguards to protect the privacy of this information, it is possible that hackers or others might obtain this information in the future, as occurred in November 2020. Based upon this occurrence or any future occurrence, in addition to having to take potentially costly remedial action, we may also be subject to fines, penalties, lawsuits, and reputational damage.

Furthermore, we rely on our information systems and those of third parties for storing proprietary company information about our products and intellectual property, as well as for processing customer orders, manufacturing and shipping products, billing our customers, tracking inventory, supporting accounting functions and financial statement preparation, paying our employees, and otherwise running our business. In addition, we may need to enhance our information systems to provide additional capabilities and functionality. The implementation of new information systems and enhancements is frequently disruptive to the underlying business of an enterprise. Any disruptions affecting our ability to accurately report our financial performance on a timely basis could adversely affect our business in a number of respects. If we are unable to successfully implement potential future information systems enhancements, our financial position, results of operations, and cash flows could be negatively impacted.

9

Changes in tax laws may adversely affect our financial position.

We are a U.S.-based multinational company subject to tax in multiple U.S. and foreign tax jurisdictions. Significant judgment is required in determining our global provision for income taxes, deferred tax assets or liabilities and in evaluating our tax positions on a worldwide basis. While we believe our tax positions are consistent with the tax laws in the jurisdictions in which we conduct our business, it is possible that these positions may be contested or overturned by jurisdictional tax authorities, which may have a significant impact on our global provision for income taxes.

Tax laws are dynamic and subject to change as new laws are passed and new interpretations of the law are issued or applied. The U.S. recently enacted significant tax reform, and certain provisions of the new law may adversely affect us. In addition, governmental tax authorities are increasingly scrutinizing the tax positions of companies. Many countries in the European Union, as well as a number of other countries and organizations such as the Organization for Economic Cooperation and Development, are actively considering changes to existing tax laws. If tax laws and related regulations change, our financial results could be materially impacted. Given the unpredictability of these possible changes and their potential interdependency, it is possible such changes could adversely impact our financial results.

We may experience significant variability in our quarterly and annual effective tax rate which would affect our reported net income.

We have a complex tax profile due to the global nature of our operations, which encompass multiple taxing jurisdictions. Variability in the mix and profitability of domestic and international activities, identification and resolution of various tax uncertainties, changes in tax laws and rates, and the extent to which we are able to realize net operating loss and other carryforwards included in deferred tax assets and avoid potential adverse outcomes included in deferred tax liabilities, among other matters, may significantly affect our effective income tax rate in the future.

Our effective income tax rate is the result of the income tax rates in the various countries in which we do business. Our mix of income and losses in these jurisdictions affects our effective tax rate. For example, relatively more income in higher tax rate jurisdictions would increase our effective tax rate and thus lower our net income. Similarly, if we generate losses in tax jurisdictions for which no benefits are available; our effective income tax rate will increase. Our effective income tax rate may also be impacted by the recognition of discrete income tax items, such as required adjustments to our liabilities for uncertain tax positions or our deferred tax asset valuation allowance. A significant increase in our effective income tax rate could have a material adverse impact on our earnings.

Changes in the price and availability of raw materials we use could be detrimental to our profitability.

Copper is a significant component of the cost of most of our cable products. Over the past few years, the prices of metals, particularly copper, have been volatile. Prices of other materials we use, such as polyvinylchloride (PVC) and other plastics derived from petrochemical feedstocks, have also been volatile. Generally, we have recovered much of the higher cost of raw materials through higher pricing of our finished products. The majority of our products are sold through distribution, and we manage the pricing of these products through published price lists which we update from time to time, with new prices typically taking effect a few weeks after they are announced. Some OEM contracts have provisions for passing through raw material cost changes, generally with a lag of a few weeks to three months. Especially during periods of inflation, if we are unable to raise prices timely and sufficiently to recover our material costs, our earnings could decline. If we raise our prices but competitors raise their prices less, we may lose sales, and our earnings could decline. If the price of copper were to decline, we may be compelled to reduce prices to remain competitive, which could have a negative effect on revenues. While we generally believe the supply of raw materials (copper, plastics, and other materials) is adequate, we have experienced instances of limited supply of certain raw materials, resulting in extended lead times and higher prices. If a supply interruption or shortage of materials were to occur (including due to labor or political disputes), this could have a negative effect on revenues and earnings.

10

Future operating results depend upon the Company’s ability to obtain components in sufficient quantities on commercially reasonable terms.

Because the Company currently obtains certain components from single or limited sources, the Company is subject to significant supply and pricing risks. Many components, including those that are available from multiple sources, are at times subject to industry-wide shortages that could materially adversely affect the Company’s financial condition and operating results. While the Company has entered into agreements for the supply of many components, there can be no assurance that the Company will be able to extend or renew these agreements on similar terms, or at all. Component suppliers may suffer from poor financial conditions, which can lead to business failure for the supplier or consolidation within a particular industry, further limiting the Company’s ability to obtain sufficient quantities of components on commercially reasonable terms. A regional health crises, like the Coronavirus, could lead to quarantines or labor shortages, thus impacting the output of key suppliers. If the Company’s supply of components for a new or existing product were delayed or constrained, or if an outsourcing partner delayed shipments of completed products to the Company, the Company’s financial condition and operating results could be materially adversely affected. The Company’s business and financial performance could also be materially adversely affected depending on the time required to obtain sufficient quantities from the original source, or to identify and obtain sufficient quantities from an alternative source.

The global markets in which we operate are highly competitive.

We face competition from other manufacturers for each of our global business platforms and in each of our geographic regions. These companies compete on technical features, quality, availability, price, customer support, and distribution coverage. Some multinational competitors have greater engineering, financial, manufacturing, and marketing resources than we have. Actions that may be taken by competitors, including pricing, business alliances, new product introductions, intellectual property advantages, market penetration, and other actions, could have a negative effect on our revenues and profitability. Moreover, some competitors that are highly leveraged both financially and operationally could become more aggressive in their pricing of products.

Our revenue for any particular period can be difficult to forecast.

Our revenue for any particular period can be difficult to forecast, especially in light of the challenging and inconsistent global macroeconomic environment and related market uncertainty. Our revenue may grow at a slower rate than in past periods or even decline on a year-over-year basis. Changes in market growth rates can have a significant effect on our operating results.

The timing of orders for customer projects can also have a significant effect on our operating results in the period in which the products are shipped and recognized as revenue. The timing of such projects is difficult to predict, and the timing of revenue recognition from such projects may affect period to period changes in revenue. As a result, our operating results could vary materially from quarter to quarter based on the receipt of such orders and their ultimate recognition as revenue. Similarly, we are often informed by our customers well in advance that such customer intends to place an order related to a specific project in a given quarter. Such a customer’s timeline for execution of the project, and the resulting purchase order, may be unexpectedly delayed to a future quarter, or cancelled. The frequency of such delays can be difficult to predict. As a result, it is difficult to precisely forecast revenue and operating results for future quarters.

In addition, our revenue can be difficult to forecast due to unexpected changes in the level of our products held as inventory by our channel partners and customers. Our channel partners and customers purchase and hold our products in their inventory in order to meet the service and on-time delivery requirements of their customers. As our channel partners and customers change the level of Belden products owned and held in their inventory, our revenue is impacted. As we are dependent upon our channel partners and customers to provide us with information regarding the amount of our products that they own and hold in their inventory, unexpected changes can occur and impact our revenue forecast.

11

The presence of substitute products in the marketplace may reduce demand for our products and negatively impact our business.

Fiber optic systems are increasingly substitutable for copper based cable systems. Customers may shift demand to fiber optic systems with greater capabilities than copper based cable systems, leading to a reduction in demand for copper based cable. We may not be able to offset the effects of a reduction in demand for our copper-based cable systems with an increase in demand for our existing fiber optic systems. Further, the supply chain in the fiber market is highly constrained, with a small number of vertically integrated firms controlling critical inputs and the related intellectual property. Similarly, in our non-cable businesses, customers could rapidly shift the methods by which they capture and transmit signals in ways that could lead to decreased demand for our current or future products. These factors, either together or in isolation, may negatively impact revenue and profitability.

The increased prevalence of cloud computing and other disruptive business models may negatively impact certain aspects of our business.

The nature in which many of our products are purchased or used is evolving with the increasing prevalence of cloud computing and other methods of off-premises computing and data storage. This may negatively impact one or more of our businesses in a number of ways, including:

•Consolidation of procurement power leading to the commoditization of IT products;

•Reduction in the demand for infrastructure products previously used to support on-site data centers;

•Lowering barriers to entry for certain markets, leading to new market entrants and enhanced competition; and

•Preferences for software as a service billing and pricing models may reduce demand for non-cloud “packaged” software.

Our future success depends in part on our ability to develop and introduce new products and respond to changes in customer preferences.

Our markets are characterized by the introduction of products with increasing technological capabilities. Our success depends in part on our ability to anticipate and offer products that appeal to the changing needs and preferences of our customers in the various markets we serve. Developing new products and adapting existing products to meet evolving customer expectations requires high levels of innovation, and the development process may be lengthy and costly. If we are not able to timely anticipate, identify, develop and market products that respond to rapidly changing customer preferences, demand for our products could decline.

The relative costs and merits of our solutions could change in the future as various competing technologies address the market opportunities. We believe that our future success will depend in part upon our ability to enhance existing products and to develop and manufacture new products that meet or anticipate technological changes, which will require continued investment in engineering, research and development, capital equipment, marketing, customer service, and technical support. We have long been successful in introducing successive generations of more capable products, but if we were to fail to keep pace with technology or with the products of competitors, we might lose market share and harm our reputation and position as a technology leader in our markets. See the discussion above in Part I, Item 1, under Research and Development.

The increased influence of chief information officers and similar high-level executives may negatively impact demand for our products.

As a result of the increasing interconnectivity of a wide variety of systems, chief information officers and similar executives are more heavily involved in operation areas that have not historically been associated with information technology. As a result, CIOs and IT departments are exercising influence over the procurement and purchasing process at the expense of engineers, plant managers and operation personnel that have historically driven demand for many of our products. When making purchasing decisions, CIO’s often value interoperability, standardization, cloud-readiness and security over domain expertise and niche application knowledge. As a result of the influences of CIOs and IT departments, we may face increased competition from IT-industry companies that have not traditionally had major presences in the markets in which we operate. Further, the variance in considerations that drive purchasing decisions between CIOs and those with niche application expertise may result in increased competition based on price and a reduction in demand for our products.

12

Alterations to our product mix and go-to-market strategies designed to respond to the changes in the marketplace presented by cloud computing may be disruptive to our business and lead to increase expenses, which may result in lower revenues and profitability. Further, if a competitor is able to more quickly or efficiently adapt, or if cloud computing results in significantly lower barriers to entry and new competitors enter our markets, demand for our products may be reduced.

We may be unable to achieve our goals related to growth.

In order to meet the goals in our strategic plan, we must execute our Market Delivery System ("MDS") and grow our business, both organically and through acquisitions. We may be unable to achieve our goals due to a failure to identify growth opportunities, such as trends and technological changes in our end markets. The enterprise and industrial end markets we serve may not experience the growth we expect. Further, those markets may be unable to sustain growth on a long-term basis, particularly in emerging markets. If we are unable to achieve our goals related to growth, it could have a material adverse effect on our results of operations, financial position, and cash flows.

We may be unable to implement our strategic plan successfully.

Our strategic plan is designed to continually enhance shareholder value by improving revenues and profitability, reducing costs, and improving working capital management. To achieve these goals, our strategic priorities are reliant on our Belden Business System, which includes continuing deployment of our MDS to capture market share through end-user engagement, channel management, outbound marketing, and careful vertical market selection; improving our recruitment and development of talented associates; developing strong global business platforms; acquiring businesses that fit our strategic plan; and continuing to be a leading Lean company. We have a disciplined process for deploying this strategic plan through our associates. There is a risk that we may not be successful in developing or executing these measures to achieve the expected results for a variety of reasons, including market developments, economic conditions, shortcomings in establishing appropriate action plans, or challenges with executing multiple initiatives simultaneously. For example, our MDS initiative may not succeed or we may lose market share due to challenges in choosing the right products to market or the right customers for these products, integrating products of acquired companies into our sales and marketing strategy, or strategically bidding against OEM partners. We may fail to identify growth opportunities. We may not be able to acquire businesses that fit our strategic plan on acceptable business terms, and we may not achieve our other strategic priorities.

We may be unable to achieve our strategic priorities in emerging markets.

Emerging markets are a significant focus of our strategic plan. The developing nature of these markets presents a number of risks. We may be unable to attract, develop, and retain appropriate talent to manage our businesses in emerging markets. Deterioration of social, political, labor, or economic conditions in a specific country or region may adversely affect our operations or financial results. Emerging markets may not meet our growth expectations, and we may be unable to maintain such growth or to balance such growth with financial goals and compliance requirements. Among the risks in emerging market countries are bureaucratic intrusions and delays, contract compliance failures, engrained business partners that do not comply with local or U.S. law, such as the Foreign Corrupt Practices Act, fluctuating currencies and interest rates, limitations on the amount and nature of investments, restrictions on permissible forms and structures of investment, unreliable legal and financial infrastructure, regime disruption and political unrest, uncontrolled inflation and commodity prices, fierce local competition by companies with better political connections, and corruption. In addition, the costs of compliance with local laws and regulations in emerging markets may negatively impact our competitive position as compared to locally owned manufacturers.

We must complete acquisitions and divestitures in order to achieve our strategic plan.

In order to meet the goals in our strategic plan, we must complete acquisitions and divestitures. The extent to which appropriate acquisitions are made will affect our overall growth, operating results, financial condition, and cash flows. Our ability to acquire businesses successfully will decline if we are unable to identify appropriate acquisition targets consistent with our strategic plan, the competition among potential buyers increases, the cost of acquiring suitable businesses becomes too expensive, or we lack sufficient sources of capital. As a result, we may be unable to make acquisitions or be forced to pay more or agree to less advantageous acquisition terms for the companies that we would like to acquire.

Additionally, our strategic plan includes the planned divestiture of certain low-margin cable businesses representing up to $200 million in annual revenues. The inability to find a suitable buyer(s) with acceptable terms could have an adverse effect on our operating results.

13

We may have difficulty integrating the operations of acquired businesses, which could negatively affect our results of operations and profitability.

We may have difficulty integrating acquired businesses and future acquisitions might not meet our performance expectations. Some of the integration challenges we might face include differences in corporate culture and management styles, additional or conflicting governmental regulations, compliance with the Sarbanes-Oxley Act of 2002, financial reporting that is not in compliance with U.S. generally accepted accounting principles, disparate company policies and practices, customer relationship issues, and retention of key personnel. In addition, management may be required to devote a considerable amount of time to the integration process, which could decrease the amount of time we have to manage the other businesses. We may not be able to integrate operations successfully or cost-effectively, which could have a negative impact on our results of operations or our profitability. The process of integrating operations could also cause some interruption of, or the loss of momentum in, the activities of acquired businesses.

Our results of operations are subject to foreign and domestic political, social, economic, and other uncertainties and are affected by changes in currency exchange rates.

In addition to manufacturing and other operating facilities in the U.S., we have manufacturing and other operating facilities in Brazil, Canada, China, India, Mexico, St. Kitts, and several European countries. We rely on suppliers in many countries, including China. Our foreign operations are subject to economic, social, and political risks inherent in maintaining operations abroad such as economic and political destabilization, land use risks, international conflicts, pandemics and other health-related crises, restrictive actions by foreign governments, and adverse foreign tax laws. In addition to economic and political risk, a risk associated with our European manufacturing operations is the higher relative expense and length of time required to adjust manufacturing employment capacity. We also face political risks in the U.S., including tax or regulatory risks or potential adverse impacts from legislative impasses over, or significant legislative, regulatory or executive changes in fiscal or monetary policy and other foreign and domestic government policies, including, but not limited to, trade policies and import/export policies.

Approximately 45% of our sales are outside the U.S. Other than the U.S. dollar, the principal currencies to which we are exposed through our manufacturing operations, sales, and related cash holdings are the euro, the Canadian dollar, the Hong Kong dollar, the Chinese yuan, the Mexican peso, the Australian dollar, the British pound, and the Brazilian real. Generally, we have revenues and costs in the same currency, thereby reducing our overall currency risk, although any realignment of our manufacturing capacity among our global facilities could alter this balance. When the U.S. dollar strengthens against other currencies, the results of our non-U.S. operations are translated at a lower exchange rate and thus into lower reported revenues and earnings.

Changes in global tariffs and trade agreements may have a negative impact on global economic conditions, markets and our business.

Like most multinational companies, we have supply chains and sales channels that extend beyond national borders. Purchasing and production decisions in some cases are largely influenced by the trade agreements and the tax and tariff structures in place. Disruption in those structures can create significant market uncertainty. While the impact of Brexit and the U.S. and Chinese tariff actions are not currently material to us, unanticipated complications in the free movement of goods in Europe, an escalation of tariff activity anywhere in the world or changes to existing free trade agreements could materially impact our financial results. In addition to the potential direct impacts of free trade restrictions, longer term macroeconomic consequences could result, including slower growth, inflation, higher interest rates and unfavorable impacts to currency exchange rates. Any of these factors could have a material adverse effect on our business, financial condition and results of operations.

Volatility of credit markets could adversely affect our business.

Uncertainty in U.S. and global financial and equity markets could make it more expensive for us to conduct our operations and more difficult for our customers to buy our products. Additionally, market volatility or uncertainty may cause us to be unable to pursue or complete acquisitions. Our ability to implement our business strategy and grow our business, particularly through acquisitions, may depend on our ability to raise capital by selling equity or debt securities or obtaining additional debt financing. Market conditions may prevent us from obtaining financing when we need it or on terms acceptable to us.

14

Actions of activists could cause us to incur substantial costs, divert management’s attention and resources, and have an adverse effect on our business.

From time to time, we may be subject to proposals by activists urging us to take certain actions. If activist activities ensue, our business could be adversely affected because responding and reacting to actions by activists can be costly and time-consuming, disrupt our operations and divert the attention of management and our employees. For example, we may be required to retain the services of various professionals to advise us on activist matters, including legal, financial and communications advisors, the costs of which may negatively impact our future financial results. In addition, perceived uncertainties as to our future direction, strategy or leadership created as a consequence of activist initiatives may result in the loss of potential business opportunities, harm our ability to attract new investors, customers, employees, and joint venture partners, and cause our stock price to experience periods of volatility.

Perceived failure of our signal transmission solutions to provide expected results may result in negative publicity and harm our business and operating results.

Our customers use our signal transmission solutions in a wide variety of IT systems and application environments in order to help reduce security vulnerabilities and demonstrate compliance. Despite our efforts to make clear in our marketing materials and customer agreements the capabilities and limitations of these products, some customers may incorrectly view the deployment of such products in their IT infrastructure as a guarantee that there will be no security incident or policy non-compliance event. As a result, the occurrence of a high profile security incident, or a failure by one of our customers to pass a regulatory compliance IT audit, could result in public and customer perception that our solutions are not effective and harm our business and operating results, even if the occurrence is unrelated to the use of such products or if the failure is the result of actions or inactions on the part of the customer.

Our use of open source software could negatively impact our ability to sell our products and may subject us to unanticipated obligations.

The products, services, or technologies we acquire, license, provide, or develop may incorporate or use open source software. We monitor and restrict our use of open source software in an effort to avoid unintended consequences, such as reciprocal license grants, patent retaliation clauses, and the requirement to license our products at no cost. Nevertheless, we may be subject to unanticipated obligations regarding our products which incorporate or use open source software.

Our revenue and profits would likely decline, at least temporarily, if we were to lose a key distributor.

We rely on several key distributors in marketing our products. Distributors purchase the products of our competitors along with our products. Our largest distributor, WESCO, accounted for approximately 15% of our revenue in 2020 and our top six distributors, including WESCO, accounted for a total of 26% of our revenue in 2020. If we were to lose one of these key distributors, our revenue and profits would likely decline, at least temporarily. Changes in the inventory levels of our products owned and held by our distributors can result in significant variability in our revenues. Further, certain distributors are allowed to return certain inventory in exchange for an order of equal or greater value. We have recorded reserves for the estimated impact of these inventory policies.

Consolidation of our distributors could adversely impact our revenues and earnings. It could also result in consolidation of distributor inventory, which would temporarily depress our revenues. We have also experienced financial failure of distributors from time to time, resulting in our inability to collect accounts receivable in full. A global economic downturn could cause financial difficulties (including bankruptcy) for our distributors and other customers, which would adversely affect our results of operations.

If we are unable to retain key employees, our business operations could be adversely affected.

The loss of any of key employees could have an adverse effect on us. We may not be able to find qualified replacements for these individuals and the integration of potential replacements may be disruptive to our business. More broadly, a key determinant of our success is our ability to attract, develop, and retain talented associates. While this is one of our strategic priorities, we may not be able to succeed in this regard.

15

We might have difficulty protecting our intellectual property from use by competitors, or competitors might accuse us of violating their intellectual property rights.

Disagreements about patents and other intellectual property rights occur in the markets we serve. Third parties have asserted and may in the future assert claims of infringement of intellectual property rights against us or against our customers or channel partners for which we may be liable. Furthermore, a successful claimant could secure a judgment that requires us to pay substantial damages or prevents us from distributing certain products or performing certain services. We may encounter difficulty enforcing our own intellectual property rights against third parties, which could result in price erosion or loss of market share.

We are subject to laws and regulations worldwide, changes to which could increase our costs and individually or in the aggregate adversely affect our business.

We are subject to laws and regulations affecting our domestic and international operations in a number of areas. These U.S. and foreign laws and regulations affect our activities including, but not limited to, in areas of labor, advertising, real estate, billing, e-commerce, promotions, quality of services, property ownership and infringement, tax, import and export requirements, anti-corruption, foreign exchange controls and cash repatriation restrictions, data privacy requirements, anti-competition, environmental, health and safety.

Compliance with these laws, regulations and similar requirements may be onerous and expensive, and they may be inconsistent from jurisdiction to jurisdiction, further increasing the cost of compliance and doing business. Any such costs, which may rise in the future as a result of changes in these laws and regulations or in their interpretation, could individually or in the aggregate make our products and services less attractive to our customers, delay the introduction of new products in one or more regions, or cause us to change or limit our business practices. We have implemented policies and procedures designed to ensure compliance with applicable laws and regulations, but there can be no assurance that our employees, contractors, or agents will not violate such laws and regulations or our policies and procedures.

Specifically with respect to data privacy, new data protection regulations have been adopted or are being considered for most of the developed world. Most notable are the European Commission’s adoption of the General Data Protection Regulation (GDPR), which became effective in May 2018 and the California Consumer Privacy Act (CCPA), which became law on January 1, 2020. The GDPR and CCPA include operational requirements for companies that receive or process personal data of residents of their respective jurisdictions and include significant penalties for non-compliance. In addition, some countries are considering or have passed legislation implementing data protection requirements or requiring local storage and processing of data or similar requirements that could increase the cost and complexity of delivering our services.

If our goodwill or other intangible assets become impaired, we would be required to recognize charges that would reduce our income.

Under accounting principles generally accepted in the U.S., goodwill and certain other intangible assets are not amortized but must be reviewed for possible impairment annually or more often in certain circumstances if events indicate that the asset values may not be recoverable. We have incurred significant charges for the impairment of goodwill and other intangible assets in the past, and we may be required to do so again in future periods if the underlying value of our business declines. Such a charge would reduce our income without any change to our underlying cash flows.

Some of our employees are members of collective bargaining groups, and we might be subject to labor actions that would interrupt our business.

Some of our employees, primarily outside the U.S., are members of collective bargaining groups. We believe that our relations with employees are generally good. However, if there were a dispute with one of these bargaining groups, the affected operations could be interrupted, resulting in lost revenues, lost profit contribution, and customer dissatisfaction.

Item 1B. Unresolved Staff Comments

None.

16

Item 2. Properties

Belden owns and leases manufacturing, warehousing, sales, and administrative space in locations around the world. We also have a corporate office that we lease in St. Louis, Missouri. The leases are of varying terms, expiring from 2021 through 2035.

The table below summarizes the geographic locations of our manufacturing and other operating facilities utilized by our segments as of December 31, 2020.

	Enterprise Solutions	Industrial Solutions	Both Segments	Total
Brazil	—	1	—	1
Canada	—	1	—	1
China	2	—	1	3
Czech Republic	—	1	—	1
Denmark	1	—	—	1
Germany	1	1	—	2
Hungary	—	—	1	1
India	1	—	1	2
Italy	—	—	1	1
Mexico	—	—	3	3
Netherlands	—	—	1	1
St. Kitts	1	—	—	1
United Kingdom	1	—	—	1
United States	4	3	1	8
Total	11	7	9	27

In addition to the manufacturing and other operating facilities summarized above, our business operations also utilize approximately 6 warehouses worldwide. As of December 31, 2020, we owned or leased a total of approximately 5 million square feet of facility space worldwide. We believe that our production facilities are suitable for their present and intended purposes and adequate for our current level of operations.

Item 3. Legal Proceedings

As disclosed in our Current Report on Form 8-K filed with the SEC on December 3, 2018, we fully cooperated with an SEC investigation related to the material weakness in internal controls over financial reporting as of December 31, 2017 disclosed in our 2017 Form 10-K. The investigation is closed as we reached a settlement with the SEC during the year ended December 31, 2020, which did not have a material effect on our results of operations.

On November 24, 2020, the Company announced a data incident involving unauthorized access and copying of some current and former employee data, as well as limited company information regarding some business partners. In January 2021, Anand Edke filed a putative class action lawsuit against the Company in the Circuit Court of Cook County, Illinois, Case No. 2021 CH 47. In February 2021, Kia Mackey filed a separate putative class action lawsuit against the Company in the U.S District Court for the Eastern District of Missouri, Case No. 4:21-CV-00149. The plaintiffs have each asked for injunctive relief, unspecified damages, and unspecified legal fees. It is premature to estimate the potential exposure to the Company associated with the litigation. The Company intends to vigorously defend the lawsuits.

We are also a party to various legal proceedings and administrative actions that are incidental to our operations. In our opinion, the proceedings and actions in which we are involved should not, individually or in the aggregate, have a material adverse effect on our financial condition, operating results, or cash flows. However, since the trends and outcome of this litigation are inherently uncertain, we cannot give absolute assurance regarding the future resolution of such litigation, or that such litigation may not become material in the future.

Item 4. Mine Safety Disclosures

Not applicable.

17

PART II

Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Our common stock is traded on the New York Stock Exchange under the symbol “BDC.” As of February 11, 2021, there were 235 record holders of common stock of Belden Inc.

On November 29, 2018, our Board of Directors authorized a share repurchase program, which allowed us to purchase up to $300.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program was funded with cash on hand and cash flows from operating activities. During 2020, we repurchased 1.0 million shares of our common stock under the share repurchase program for an aggregate cost of $35.0 million at an average price per share of $35.83. Since the inception of this program, we have repurchased a total of 1.9 million shares of our common stock under the program for an aggregate cost of $85.0 million and an average price per share of $45.54.

Stock Performance Graph

The following graph compares the cumulative total shareholder return on Belden’s common stock over the five-year period ended December 31, 2020, with the cumulative total return during such period of the Standard and Poor’s 500 Stock Index and the Standard and Poor’s 1500 Industrials Index. The comparison assumes $100 was invested on December 31, 2015, in Belden’s common stock and in each of the foregoing indices and assumes reinvestment of dividends. The stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance.

(1)The chart above and the accompanying data are “furnished,” not “filed,” with the SEC.

18

Total Return To Shareholders

(Includes reinvestment of dividends)

			ANNUAL RETURN PERCENTAGE Years Ended December 31,
Company Name / Index			2016			2017			2018			2019			2020
Belden Inc.			57.3		%	3.5		%	(45.7)		%	32.1		%	(23.4)		%
S&P 500 Index			12.0		%	21.8		%	(4.4)		%	31.5		%	18.4		%
S&P 1500 Industrials Index			20.4		%	21.1		%	(13.4)		%	29.8		%	11.7		%
			INDEXED RETURNS
			Years Ended December 31,
Company Name / Index	Base Period 2015		2016			2017			2018			2019			2020
Belden Inc.	$	100.00	$	157.30		$	162.78		$	88.39		$	116.81		$	89.48
S&P 500 Index	100.00		111.96			136.40			130.42			171.49			203.04
S&P 1500 Industrials Index	100.00		120.41			145.77			126.27			163.90			183.06

Item 6. Selected Financial Data

 Not applicable.

19

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a global supplier of specialty networking solutions built around two global business platforms – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound, and video for mission critical applications. Effective January 1, 2020, we transferred our West Penn Wire business and multi-conductor product lines from the Enterprise Solutions segment to the Industrial Solutions segment as a result of a shift in responsibilities among the segments. We have recast the prior period segment information to conform to the change in the composition of reportable segments.

We strive to create shareholder value by:

•Delivering highly engineered signal transmission solutions for mission-critical applications in a diverse set of global markets;

•Maintaining a balanced product portfolio across end markets, applications, and geographies that allows for a disciplined approach to growth;

•Capturing additional market share by using our Market Delivery System to improve channel and end-user relationships and to concentrate sales efforts on customers in higher growth geographies and vertical end-markets;

•Managing our product portfolio to provide innovative and complete end-to-end solutions for our customers in applications for which we have operational expertise and can drive customer loyalty;

•Acquiring leading companies with innovative product portfolios and opportunities for synergies which fit within our strategic framework;

•Continuously improving our processes and systems through scalable, flexible, and sustainable business systems for talent management, Lean enterprise, and acquisition cultivation and integration; and

•Protecting and enhancing the value of the Belden brands.

We believe our business system, balance across markets and geographies, systematic go-to-market approach, extensive portfolio of innovative solutions, commitment to Lean principles, and improving margin profile present a unique value proposition for our shareholders.

We consider adjusted revenue growth on a constant currency basis, adjusted EBITDA margin, free cash flow, and return on invested capital to be our key operating performance indicators. Our current business goals are to:

•Grow adjusted revenues on a constant currency basis by 5-7% per year, from a combination of end market growth, market share capture, and contributions from acquisitions;

•Achieve adjusted EBITDA margins in the range of 20-22%;

•Achieve free cash flow growth in the range of 13-15%; and

•Realize return on invested capital of 13-15%.

Significant Trends and Events in 2020

The following trends and events during 2020 had varying effects on our financial condition, results of operations, and cash flows.

Global Pandemic

On March 11, 2020, the World Health Organization (WHO) declared the outbreak of the novel coronavirus (COVID-19) a pandemic. We expect the outbreak of COVID-19 will continue to result in significant economic disruption and will continue to adversely affect our business in the future. As compared to the year ago period, we expect to continue to experience reductions in customer demand in several of our end-markets. We expect that the social distancing measures, the reduced operational status of some of our suppliers and reductions in production at certain facilities will continue to have an adverse impact on our operations, and general business uncertainty will continue to negatively impact demand in several of our end-markets in the near future.

20

Our foremost focus has been on the health and safety of our employees and customers. In response to the outbreak, we have modified practices at our manufacturing locations and offices to adhere to guidance from the WHO, the U.S. Centers for Disease Control and Prevention and other local health and governmental authorities with respect to social distancing, physical separation, personal protective equipment and sanitization. We are approaching our response to this outbreak with a recognition that we provide essential and important products and services upon which our customers rely upon daily to support critical functions. Therefore, most, but not all, of our U.S. and global facilities have remained substantially operational during the outbreak while implementing enhanced safety protocols designed to protect the well-being of our employees.

The extent of the impact of the COVID-19 outbreak on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, its impact on our customers and suppliers and the range of governmental and community reactions to the pandemic, which are uncertain and cannot be fully predicted at this time. We will continue to proactively respond to the situation and may take further actions that alter our business operations as may be required by governmental authorities, or that we determine are in the best interests of our employees and customers.

Data Security Incident

In November 2020, our information technology network was impacted by a data incident. We took immediate steps to contain the incident as well as notified law enforcement and cybersecurity experts. This matter did not impact production at our manufacturing plants nor shipping and quality control. The personal information of current and former employees, as well as limited company information of some of our business partners was accessed. We timely notified the impacted individuals and companies in addition to the appropriate governmental data privacy authorities. Impacted individuals were offered credit monitoring and/or identity protection services, where available, at no charge. We do not believe that the incident will have a material impact on our business or financial condition. Security, in all forms, remains a critical priority, and we will continue to take all appropriate measures to further safeguard the integrity of our information technology infrastructure.

Foreign currency

Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Mexican peso, Australian dollar, British pound, Indian rupee, and Brazilian real. Generally, as the U.S. dollar strengthens against these foreign currencies, our revenues and earnings are negatively impacted as our foreign denominated revenues and earnings are translated into U.S. dollars at a lower rate. Conversely, as the U.S. dollar weakens against foreign currencies, our revenues and earnings are positively impacted. Because all of our senior subordinated notes are denominated in euros, interest expense on the notes is affected by exchange rate movements between the U.S. dollar and the euro.

In addition to the translation impact described above, currency rate fluctuations have an economic impact on our financial results. As the U.S. dollar strengthens or weakens against foreign currencies, it results in a relative price increase or decrease for certain of our products that are priced in U.S. dollars in a foreign location.

Commodity Prices

Our operating results can be affected by changes in prices of commodities, primarily copper and compounds, which are components in some of the products we sell. Generally, as the costs of inventory purchases increase due to higher commodity prices, we raise selling prices to customers to cover the increase in costs, resulting in higher sales revenue but a lower gross profit percentage. Conversely, a decrease in commodity prices would result in lower sales revenue but a higher gross profit percentage. Selling prices of our products are affected by many factors, including end market demand, capacity utilization, overall economic conditions, and commodity prices. Importantly, however, there is no exact measure of the effect of changing commodity prices, as there are thousands of transactions in any given quarter, each of which has various factors involved in the individual pricing decisions. Therefore, all references to the effect of copper prices or other commodity prices are estimates.

21

Channel Inventory

Our operating results also can be affected by the levels of Belden products purchased and held as inventory by our channel partners and customers. Our channel partners and customers purchase and hold our products in their inventory in order to meet the service and on-time delivery requirements of their customers. Generally, as our channel partners and customers change the level of Belden products owned and held in their inventory, it impacts our revenues. Comparisons of our results between periods can be impacted by changes in the levels of channel inventory. We are dependent upon our channel partners to provide us with information regarding the amount of our products that they own and hold in their inventory. As such, all references to the effect of channel inventory changes are estimates.

Market Growth and Market Share

The markets in which we operate can generally be characterized as highly competitive and highly fragmented, with many players. Based on available data for our served markets, we estimate that our market share across our segments is significant, ranging from approximately 5% - 20%. A substantial acquisition in one of our served markets would be necessary to meaningfully change our estimated market share percentage. We monitor available data regarding market growth, including independent market research reports, publicly available indices, and the financial results of our direct and indirect peer companies, in order to estimate the extent to which our served markets grew or contracted during a particular period. We generally expect that our unit sales volume will increase or decrease consistently with the market growth rate. Our strategic goal is to utilize our Market Delivery System to target faster growing geographies, applications, and trends within our end markets, in order to achieve growth that is higher than the general market growth rate. To the extent that we exceed the market growth rates, we consider it to be the result of capturing market share.

Grass Valley Disposal

During the fourth quarter of 2019, we committed to a plan to sell Grass Valley, and at such time, met all of the criteria to classify the assets and liabilities of this business as held for sale. As a result, the Grass Valley disposal group, which was included in our Enterprise Solutions segment, has been reported within discontinued operations as of such time, and the comparable prior period information has been recast accordingly to exclude the Grass Valley disposal group from continuing operations, with the exception of the Consolidated Cash Flow Statements. The Grass Valley disposal group excludes certain Grass Valley pension plans retained by Belden. Prior to the divestiture, we wrote down the carrying value of Grass Valley and recognized asset impairments totaling $113.0 million during 2020. We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 and recognized a loss of $9.9 million, net of $7.5 million income tax expense. The terms of the sale included gross cash consideration of $120.0 million, approximately $56.2 million net of cash delivered with the business. The sale also included deferred consideration consisting of a $175.0 million seller’s note that is set to mature in 2025, up to $88 million in PIK (payment-in-kind) interest on the seller’s note, and $178.0 million in potential earnout payments. The seller’s note accrues PIK interest at an annual rate of 8.5%. During the year ended December 31, 2020, the seller’s note accrued interest of $7.8 million, which we reserved for based on our expected loss allowance methodology. Based upon a third party valuation specialist using certain assumptions in a Monte Carlo analysis, the estimated fair value of the seller’s note is $34.9 million, which we recorded in Other Long-Lived Assets. As part of the transaction, we also invested $3.0 million for a 9% equity interest in Grass Valley with the right to put the equity back to Black Dragon Capital. We exercised our right during the fourth quarter of 2020 and sold our 9% equity interest in Grass Valley to Black Dragon Capital for $2.7 million. We deconsolidated Grass Valley as of July 2, 2020 and accounted for our equity interest under the cost method for the period that we owned a 9% interest in Grass Valley. We are performing certain services for Grass Valley under a transition services agreement. During 2020, the amount of transition services totaled $2.0 million, which we expect to collect in 2021. As of December 31, 2020, we do not own any interest in Grass Valley. Grass Valley's operating results for periods after July 2, 2020 are not included in our Consolidated Financial Statements. See Note 5.

Earnout Consideration Payment

During the year ended December 31, 2020 and prior to the Grass Valley disposal, we paid the sellers of Snell Advanced Media (SAM) the full earnout consideration of $31.4 million in cash in accordance with the purchase agreement. SAM was acquired on February 8, 2018 and was included in the Grass Valley disposal group. See Notes 1 and 5.

Segment Transfer

Effective January 1, 2020, we transferred our West Penn Wire business and multi-conductor product lines from the Enterprise Solutions segment to the Industrial Solutions segment as a result of a shift in responsibilities among the segments. We have recast the prior period segment information to conform to the change in the composition of reportable segments. See Note 6.

22

Cost Reduction Program

During 2019, we began a cost reduction program to improve performance and enhance margins by streamlining the organizational structure and investing in technology to drive productivity. We recognized $4.0 million of severance and other restructuring costs for this program during 2020. These costs were incurred by both the Enterprise Solutions and Industrial Solutions segments. The cost reduction program is expected to deliver an estimated $60 million reduction in selling, general, and administrative expenses on an annual basis; approximately $40 million of which was realized in 2020, and the full benefit is expected to be materialized in 2021. We also expect to incur incremental costs of approximately $8 million for this program in 2021. See Note 15.

FutureLink, Opterna, and SPC Integration Program

In 2019, we began a restructuring program to integrate FutureLink, Opterna, and SPC with our existing businesses. The restructuring and integration activities were focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We recognized $4.9 million of severance and other restructuring costs for this program during 2020. These costs were incurred by the Enterprise Solutions segment. We expect to incur incremental costs of approximately $1 million for this program in 2021. See Note 15.

Revolving Credit Agreement

Due to the initial uncertainties arising from the COVID-19 pandemic and out of an abundance of caution, in April 2020 we borrowed $190.0 million on our Revolver, which we fully repaid by December 31, 2020 as a result of improved and sufficient liquidity and cash flow. Our Revolving Credit Agreement provides a $400.0 million multi-currency asset-based revolving credit facility and matures on May 16, 2022. Interest on outstanding borrowings is variable, based upon LIBOR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25%-1.75%, depending upon our leverage position. As of December 31, 2020, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $230.2 million. See Note 16.

Share Repurchase Program

In 2018, our Board of Directors authorized a share repurchase program, which allows us to purchase up to $300.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program is funded with cash on hand and cash flows from operating activities. During the year ended December 31, 2020, we repurchased 1.0 million shares of our common stock under the share repurchase program for an aggregate cost of $35.0 million at an average price per share of $35.83. See Note 24.

23

Results of Operations

Consolidated Income from Continuing Operations before Taxes

			Years Ended December 31,				Percentage Change
	2020		2019		2018		2020 vs. 2019		2019 vs. 2018
			(In thousands, except percentages)
Revenues	$	1,862,716	$	2,131,278	$	2,165,702	(12.6)	%	(1.6)	%
Gross profit	663,289		793,505		829,911		(16.4)	%	(4.4)	%
Selling, general and administrative expenses	366,188		417,329		411,352		(12.3)	%	1.5	%
Research and development expenses	107,296		94,360		91,552		13.7	%	3.1	%
Amortization of intangibles	64,395		74,609		75,140		(13.7)	%	(0.7)	%
Gain from patent litigation	—		—		62,141		n/a		(100.0)	%
Operating income	125,410		207,207		314,008		(39.5)	%	(34.0)	%
Interest expense, net	58,888		55,814		60,839		5.5	%	(8.3)	%
Non-operating pension benefit (cost)	(395)		1,017		(99)		(138.8)	%	1,127.3	%
Loss on debt extinguishment	—		—		22,990		n/a		(100.0)	%
Income from continuing operations before taxes	66,127		152,410		230,080		(56.6)	%	(33.8)	%

2020 Compared to 2019

Revenues decreased $268.6 million from 2019 to 2020 due to the following factors:

•Lower sales volume, including the impact of changes in channel inventory, contributed $302.7 million to the decrease in revenues.

•Currency translation had a $1.9 million unfavorable impact on revenues.

•Acquisitions increased revenues by $34.3 million.

•Copper prices had a $1.7 million favorable impact on revenues.

Gross profit decreased $130.2 million from 2019 to 2020 due to the decreases in revenues discussed above as well as unfavorable mix; partially offset by the impact of acquisitions.

Selling, general and administrative expenses decreased $51.1 million from 2019 to 2020. Benefits realized from our Cost Reduction Program coupled with productivity improvement initiatives contributed an estimated $43.1 million decline in selling, general and administrative expenses. A decrease in severance, restructuring and acquisition integration costs; decreases in commission costs; and currency translation contributed an estimated $11.6 million; $3.5 million; and $0.5 million decline in selling, general and administrative expenses, respectively. These decreases were partially offset by a $7.6 million increase from acquisitions.

Research and development expenses increased $12.9 million from 2019 to 2020 primarily due to increased investments in R&D projects as we continue our commitment to growth initiatives.

Amortization of intangibles decreased $10.2 million from 2019 to 2020 primarily due to certain intangible assets becoming fully amortized.

Operating income decreased $81.8 million from 2019 to 2020 primarily as a result of the decline in gross profit discussed above.

Net interest expense increased $3.1 million from 2019 to 2020. The increase is primarily the result of interest accrued on the Revolver borrowings during 2020 coupled with currency translation. During 2020, we borrowed $190.0 million on our Revolver, which we fully repaid by December 31, 2020. See Note 16.

Income from continuing operations before taxes decreased $86.3 million from 2019 to 2020 primarily due to the decline in operating income discussed above.

24

2019 Compared to 2018

Revenues decreased $34.4 million from 2018 to 2019 due to the following factors:

•Currency translation had a $28.0 million unfavorable impact on revenues.

•Lower sales volume, including the impact of changes in channel inventory and weaker industrial markets, resulted in a $21.6 million decrease in revenues.

•Lower copper costs resulted in a $17.2 million decrease in revenues.

•Acquisitions increased revenues by $32.4 million.

Gross profit decreased $36.4 million from 2018 to 2019. The decrease in gross profit is primarily attributable to the decrease in revenues discussed above as well as unfavorable product mix and the impact of lower production volumes. Gross profit for 2019 included $3.4 million of severance, restructuring, and acquisition integration costs; $0.6 million of cost of sales arising from the adjustment of inventory to fair value related to acquisitions; and $0.5 million for the amortization of software development intangible assets. Gross profit for 2018 included $18.0 million of severance, restructuring, and acquisition integration costs and $0.1 million for the amortization of software development intangible assets.

Selling, general and administrative expenses increased $6.0 million from 2018 to 2019 primarily due to an $18.5 million increase in severance, restructuring, and acquisition integration costs and a $5.4 million increase from acquisitions. These increases were partially offset by the impact of productivity improvement initiatives, currency translation, decrease in costs related to patent litigation, and purchase accounting effects of acquisitions, which attributed to a decline in selling, general and administrative expenses of $9.5 million, $4.1 million, $2.6 million, and $1.7 million, respectively.

Research and development expenses increased $2.8 million from 2018 to 2019 primarily due to investments in research and development as well as acquisitions, which contributed $3.9 million and $0.3 million, respectively. These increases were partially offset by currency translation of $1.4 million.

Amortization of intangibles decreased $0.5 million from 2018 to 2019 primarily due to certain intangible assets becoming fully amortized, partially offset by the amortization expense for intangible assets from the acquisitions of SPC and Opterna. See Note 4.

The $62.1 million gain from patent litigation in 2018 is for judgments received in 2018 from the patent infringement case filed in 2011 by our wholly-owned subsidiary, PPC, against Corning alleging they willfully infringed upon two patents. After years of post-trial motions and appeals, the District Court ruled in favor of PPC and required Corning to pay judgments of $62.1 million in 2018 to PPC. See Note 2.

Operating income decreased $106.8 million from 2018 to 2019 primarily due to the gain from the patent litigation in 2018, decrease in gross profit discussed above, and changes in operating expenses discussed above.

Net interest expense decreased $5.0 million from 2018 to 2019 as a result of our debt refinancing during 2018. In March 2018, we issued €350.0 million aggregate principal amount of new senior subordinated notes due 2028 at an interest rate of 3.875%, and used the net proceeds of this offering and cash on hand to repurchase all of our outstanding €200.0 million 5.5% senior subordinated notes due 2023 as well as all of our outstanding $200.0 million 5.25% senior subordinated notes due 2024.

The loss on debt extinguishment recognized in 2018 represents the premium paid to the bond holders to retire the 2023 and 2024 notes as well as the unamortized debt issuance costs that were written-off.

Income from continuing operations before taxes decreased $77.7 million from 2018 to 2019 primarily due to the decrease in operating income, partially offset by the decrease in interest expense and loss on debt extinguishment discussed above.

Income Taxes

										Percentage Change
	2020			2019			2018			2020 vs. 2019		2019 vs. 2018
	(In thousands, except percentages)
Income from continuing operations before taxes	$	66,127		$	152,410		$	230,080		(56.6)	%	(33.8)	%
Income tax expense	(11,724)			(42,519)			(62,936)			(72.4)	%	(32.4)	%
Effective tax rate	17.7		%	27.9		%	27.4		%

25

2020

We recognized income tax expense of $11.7 million in 2020, representing an effective tax rate of 17.7%. The effective tax rate was impacted by foreign tax rate differences, which resulted in an income tax benefit of $25.3 million in 2020. Additionally, in 2020, our income tax expense was reduced by $4.0 million due to a tax holiday for our operations in St. Kitts. The tax holiday in St. Kitts is scheduled to expire in 2022. Partially offsetting these benefits, we recognized income tax expense of $22.4 million in 2020 from domestic permanent differences and tax credits primarily associated with our foreign income inclusions.

In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law in the United States. The Company generated a loss in the U.S. which will be carried back to prior years, as permitted by the CARES Act. The net impact to the tax provision as a result of the net operating loss carry back was a benefit of $1.2 million, primarily associated with the re-rate of the net operating loss carry back period.

If we were to repatriate foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. However, it is our intent to permanently reinvest the earnings of our non-U.S. subsidiaries in those operations and for continued non-U.S. growth opportunities. As a result, as of December 31, 2020, we have not made a provision for U.S. or additional foreign withholding taxes. See Note 18

2019

We recognized income tax expense of $42.5 million in 2019, representing an effective tax rate of 27.9%. The effective tax rate was primarily impacted by a change in valuation allowance on certain deferred tax assets and foreign tax rate differences. During the fourth quarter of 2019, the United States Treasury issued final and proposed regulations with respect to certain aspects related to the Tax Cuts and Jobs Act of 2017 (the “Act”). Additional guidance provided in these regulations resulted in a tax adjustment in the fourth quarter of 2019. Our income tax expense was also impacted by foreign tax rate differences, which reduced our income tax expense by approximately $13.1 million in 2019.

As of December 31, 2019, we maintained a valuation allowance on our deferred tax assets of $50.4 million. Of this amount, approximately $43.0 million relates to deferred tax assets for certain U.S foreign tax credits and U.S. state net operating losses and tax credits. The $33.9 million valuation allowance on the foreign tax credits is a direct result of the regulations issued by the United States Treasury in the fourth quarter of 2019, the Act and the impact of classifying a business as discontinued operations. The remaining $9.1 million valuation allowance primarily relates to state net operating losses and tax credits. While we have positive evidence in the form of projected sources of income, we determined that these state carryforward assets were not realizable as of December 31, 2019 due to a history of net operating losses and tax credits expiring without being utilized in certain states and because the current forecast of income is not sufficient to utilize all of these state net operating losses and tax credits prior to expiration.

2018

We recognized income tax expense of $62.9 million in 2018, representing an effective tax rate of 27.4%. The effective tax rate was impacted by the Act, Staff Accounting Bulletin No. 118 (“SAB 118”), and foreign tax rate differences. On December 22, 2018, the measurement period ended for SAB 118, which was issued to address the application of U.S. GAAP in situations where a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act resulting in additional SAB 118 tax expense of $10.0 million for the year ended December 31, 2018.

The total tax expense for the year ended December 31, 2018 included $8.0 million of tax expense associated with an increase in the valuation allowance against foreign tax credit carryovers that we no longer expected to be able to realize based upon the new tax law, a $2.4 million benefit from foreign tax rate differences, a $1.3 million tax expense adjustment to the transition tax on the deemed repatriation of cumulative foreign earnings, $1.1 million of tax expense resulting from a valuation allowance established on the deferred tax assets associated with stock options of covered employees, and a $0.4 million income tax benefit associated with a remeasurement adjustment of certain deferred tax assets and liabilities.

Our income tax expense and effective tax rate in future periods may be impacted by many factors, including our geographic mix of income and changes in tax laws.

26

Consolidated Adjusted EBITDA

	Years Ended December 31,
	2020			2019			2018
	(In thousands, except percentages)
GAAP and adjusted revenues	$	1,862,716		$	2,131,278		$	2,165,702
GAAP net income (loss)	$	(55,058)		$	(376,776)		$	160,711
Loss from discontinued operations, net of tax	99,513			486,667			6,433
Loss on disposal of discontinued operations, net of tax	9,948			—			—
Amortization of intangible assets	64,395			74,609			75,140
Amortization of software development intangible assets	1,821			525			79
Depreciation expense	42,470			40,409			38,309
Interest expense, net	58,888			55,814			60,839
Severance, restructuring, and acquisition integration costs (1)	12,258			26,544			22,625
Income tax expense	11,724			42,519			62,936
Non-operating pension settlement loss	3,153			—			1,342
Purchase accounting effects related to acquisitions (2)	125			592			1,690
Loss on debt extinguishment	—			—			22,990
Costs related to patent litigation	—			—			2,634
Loss on sale of assets (3)	—			—			94
Gain from patent litigation	—			—			(62,141)
Adjusted EBITDA	$	249,237		$	350,903		$	393,681
GAAP net income (loss) margin	(3.0)		%	(17.7)		%	7.4		%
Adjusted EBITDA margin	13.4		%	16.5		%	18.2		%

(1)See Note 15, Severance, Restructuring, and Acquisition Integration Activities, for details.

(2)In 2020 and 2019, we collectively recognized $0.1 million and $0.6 million, respectively, of cost of sales related to purchase accounting adjustments of acquired inventory to fair value for both our SPC and Opterna acquisitions. In 2018, we made a $1.7 million adjustment to increase the earn-out liability associated with an acquisition.

(3)In 2018, we recognized a $0.1 million loss on sale of assets for the sale of our MCS business and Hirschmann JV. See Note 2.

Use of Non-GAAP Financial Information

Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow are non-GAAP financial measures. In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain revenues and gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value adjustments because they generally are not related to the acquired businesses' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted

27

measures, accompanied by the disclosure of the costs of these programs, provides valuable insight. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

										Percentage Change
	2020			2019			2018			2020 vs. 2019		2019 vs. 2018
	(In thousands, except percentages)
Adjusted Revenues	$	1,862,716		$	2,131,278		$	2,165,702		(12.6)	%	(1.6)	%
Adjusted EBITDA	249,237			350,903			393,681			(29.0)	%	(10.9)	%
as a percent of adjusted revenues	13.4		%	16.5		%	18.2		%

2020 Compared to 2019

Revenues decreased $268.6 million from 2019 to 2020 due to the following factors:

•Lower sales volume, including the impact of changes in channel inventory, contributed $302.7 million to the decrease in revenues.

•Currency translation had a $1.9 million unfavorable impact on revenues.

•Acquisitions increased revenues by $34.3 million.

•Copper prices had a $1.7 million favorable impact on revenues.

Adjusted EBITDA decreased $101.7 million in 2020 from 2019 primarily due to the decrease in revenues discussed above, partially offset by the benefits realized from our SG&A Cost Reduction Program.

2019 Compared to 2018

Revenues decreased $34.4 million from 2018 to 2019 due to the following factors:

•Currency translation had a $28.0 million unfavorable impact on revenues.

•Lower sales volume, including the impact of changes in channel inventory and weaker industrial markets, resulted in a $21.6 million decrease in revenues.

•Lower copper costs resulted in a $17.2 million decrease in revenues.

•Acquisitions increased revenues by $32.4 million.

Adjusted EBITDA decreased $42.8 million in 2019 from 2018 primarily due to the decrease in revenues discussed above as well as unfavorable product mix and the impact of lower production volumes.

Segment Results of Operations

For additional information regarding our segment measures, see Note 6 to the Consolidated Financial Statements.

Enterprise Solutions

										Percentage Change
	2020			2019			2018			2020 vs. 2019		2019 vs. 2018
	(In thousands, except percentages)
Segment Revenues	$	872,415		$	946,041		$	957,501		(7.8)	%	(1.2)	%
Segment EBITDA	99,333			126,925			156,790			(21.7)	%	(19.0)	%
as a percent of segment revenues	11.4		%	13.4		%	16.4		%

2020 Compared to 2019

Enterprise revenues decreased $73.6 million in 2020 as compared to 2019. Decreases in volume, including changes in channel inventory, and unfavorable currency translation contributed $108.1 million and $0.3 million, respectively, to the decline in revenues; partially offset by acquisitions and higher copper prices which grew revenues by $34.3 million and $0.5 million, respectively.

Enterprise EBITDA decreased $27.6 million in 2020 as compared to 2019 primarily due to the decreases in revenues discussed above, partially offset by the benefits realized from our SG&A Cost Reduction Program.

28

2019 Compared to 2018

Enterprise revenues decreased $11.5 million in 2019 as compared to 2018 primarily due to decreases in volume, including changes in channel inventory; lower copper prices; and unfavorable currency translation, which contributed $28.5 million, $8.4 million, and $7.0 million, respectively, to the decrease in revenues over the year ago period; partially offset by the impact of acquisitions which grew revenues $32.4 million.

Enterprise EBITDA decreased $29.9 million in 2019 as compared to 2018 primarily due to the decreases in revenues discussed above as well as the impact of lower production volumes.

Industrial Solutions

										Percentage Change
	2020			2019			2018			2020 vs. 2019		2019 vs. 2018
	(In thousands, except percentages)
Segment Revenues	$	990,301		$	1,185,237		$	1,208,201		(16.4)	%	(1.9)	%
Segment EBITDA	147,626			226,110			237,870			(34.7)	%	(4.9)	%
as a percent of segment revenues	14.9		%	19.1		%	19.7		%

2020 Compared to 2019

Industrial Solutions revenues decreased $194.9 million in 2020 as compared to 2019 primarily due to decreases in volume, including changes in channel inventory, and unfavorable currency translation, which contributed $194.5 million and $1.6 million, respectively, to the decrease in revenues; partially offset by increases in copper prices, which grew revenues $1.2 million.

Industrial EBITDA decreased $78.5 million in 2020 as compared to 2019 primarily as a result of the decline in revenues discussed above and increased investments in R&D projects as we continue our commitment to growth initiatives, partially offset by the benefits realized from our SG&A Cost Reduction Program.

2019 Compared to 2018

Industrial Solutions revenues decreased $22.9 million in 2019 as compared to 2018 primarily due to unfavorable currency translation and lower copper prices, which contributed $21.0 million and $8.8 million, respectively, to the decrease in revenues over the year ago period; partially offset by increases in volume, which grew revenues $6.9 million year-over-year.

Industrial EBITDA decreased $11.8 million in 2019 as compared to 2018 primarily due to the decline in revenues discussed above and the impact of lower production volumes.

Liquidity and Capital Resources

Significant factors affecting our cash liquidity include (1) cash provided by operating activities, (2) disposals of businesses and tangible assets, (3) cash used for acquisitions, restructuring actions, capital expenditures, share repurchases, dividends, and senior subordinated note repurchases, and (4) our available credit facilities and other borrowing arrangements. We expect our operating activities to generate cash in 2021 and believe our sources of liquidity are sufficient to fund current working capital requirements, capital expenditures, contributions to our retirement plans, share repurchases, senior subordinated note repurchases, quarterly dividend payments, and our short-term operating strategies. However, we may require external financing were we to complete a significant acquisition. Our ability to continue to fund our future needs from business operations could be affected by many factors, including, but not limited to: economic conditions worldwide, customer demand, competitive market forces, customer acceptance of our product offerings, and commodities pricing.

29

The following table is derived from our Consolidated Cash Flow Statements and includes the results and cash flow activity of Grass Valley through the disposal date of July 2, 2020 consistent with the Consolidated Cash Flow Statements:

	Years Ended December 31,
	2020		2019
	(In thousands)
Net cash provided by (used for):
Operating activities	$	173,364	$	276,893
Investing activities	(31,643)		(184,369)
Financing activities	(74,911)		(86,948)
Effects of currency exchange rate changes on cash and cash equivalents	9,299		(301)
Increase in cash and cash equivalents	76,109		5,275
Cash and cash equivalents, beginning of year	425,885		420,610
Cash and cash equivalents, end of year	$	501,994	$	425,885

Net cash provided by operating activities totaled $173.4 million for 2020 compared to $276.9 million for 2019. Operating cash flows declined $103.5 million compared to the prior year primarily due to the decreases in revenues and income discussed above. Changes in receivables generated $70.7 million of cash in 2020 compared to $22.9 million in 2019 as days sales outstanding improved from 51.8 days in the fourth quarter of 2019 to 49.6 days in the fourth quarter of 2020. The improvement in receivables was offset by changes in inventory, which was a use of cash of $8.5 million in 2020 compared to a source of cash of $44.5 million in 2019.

Net cash used for investing activities totaled $31.6 million for 2020 compared to $184.4 million for 2019. Investing activities for 2020 included capital expenditures of $90.2 million and proceeds of $54.8 million, $3.2 million, and $0.6 million from the sale of the Grass Valley disposal group, the sale of tangible property, and a working capital adjustment related to the SPC acquisition, respectively. Investing activities for 2019 included capital expenditures of $110.0 million and payments, net of cash acquired, for acquisitions of $74.4 million.

Net cash flows used for financing activities totaled $74.9 million for 2020 compared to $86.9 million for 2019. Financing activities for 2020 included payments under our share repurchase program of $35.0 million, acquisition earnout consideration payments of $29.3 million, cash dividend payments of $9.0 million, and net payments related to share based compensation activities of $1.4 million. Financing activities for 2019 included payments under our share repurchase program of $50.0 million; cash dividend payments of $34.4 million, net payments related to share based compensation activities of $2.1 million; and interest payments on our financing leases of $0.4 million.

Our cash and cash equivalents balance was $502.0 million as of December 31, 2020. Of this amount, $214.1 million was held outside of the U.S. in our foreign operations. Substantially all of the foreign cash and cash equivalents are readily convertible into U.S. dollars or other foreign currencies. Our strategic plan does not require the repatriation of foreign cash in order to fund our operations in the U.S., and it is our current intention to permanently reinvest the foreign cash and cash equivalents outside of the U.S. If we were to repatriate the foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. See Note 18, Income Taxes in the accompanying notes to our consolidated financial statements.

Our outstanding debt obligations as of December 31, 2020 consisted of $1.6 billion of senior subordinated notes. As of December 31, 2020, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $230.2 million. Additional discussion regarding our various borrowing arrangements is included in Note 16 to the Consolidated Financial Statements.

30

Contractual obligations outstanding at December 31, 2020, have the following scheduled maturities:

	Total		Less than 1 Year		1-3 Years		4-5 Years		More than 5 Years
	(In thousands)
Long-term debt payment obligations (1)(2)	$	1,590,810	$	—	$	—	$	367,110	$	1,223,700
Interest payments on long-term debt obligations	349,309		55,831		111,663		109,024		72,791
Operating lease obligations (3)	75,958		19,557		29,204		18,296		8,901
Purchase obligations (4)	16,007		16,007		—		—		—
Other commitments (5)	8,574		1,675		5,594		1,305		—
Pension and other postemployment obligations	79,965		12,902		22,479		17,839		26,745
Total	$	2,120,623	$	105,972	$	168,940	$	513,574	$	1,332,137

(1)As described in Note 16 to the Consolidated Financial Statements.

(2)Amounts do not include accrued and unpaid interest. Accrued and unpaid interest related to long-term debt obligations is reflected on the line entitled, "Interest payments on long-term debt obligations" in the table.

(3)As described in Note 12 to the Consolidated Financial Statements.

(4)Includes agreements to purchase goods or services that are enforceable and legally binding on us and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction.

(5)Does not include accounts payable reflected in the financial statements. Includes obligations for uncertain tax positions (see Notes 18 to the Consolidated Financial Statements).

Our commercial commitments expire or mature as follows:

	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
	(In thousands)
Standby financial letters of credit	$	8,486	$	7,853	$	633	$	—	$	—
Bank guarantees	4,071		2,738		1,333		—		—
Surety bonds	3,311		3,311		—		—		—
Total	$	15,868	$	13,902	$	1,966	$	—	$	—

Standby financial letters of credit, bank guarantees, and surety bonds are generally issued to secure obligations we have for a variety of commercial reasons such as workers compensation self-insurance programs in several states and the importation and exportation of product. We expect to replace most of these when they expire or mature.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, results of operations, or cash flows that are or would be considered material to investors.

Current-Year Adoption of Recent Accounting Pronouncements

Discussion regarding our adoption of accounting pronouncements is included in Note 2 to the Consolidated Financial Statements.

31

Critical Accounting Estimates

Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the U.S. (GAAP). In connection with the preparation of our financial statements, we are required to make assumptions and estimates about future events, and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures. We base our assumptions, estimates, and judgments on historical experience, current trends, and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, we review the accounting policies, assumptions, estimates, and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.

Our significant accounting policies are discussed in Note 2 of our Consolidated Financial Statements. We believe that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require our most difficult, subjective, or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.

Revenue Recognition

We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 3.

At the time of sale, we establish an estimated reserve for trade, promotion, and other special price reductions such as contract pricing, discounts to meet competitor pricing, and on-time payment discounts. We also reserve for, among other things, correction of billing errors, incorrect shipments, and settlement of customer disputes. Customers are allowed to return inventory if and when certain conditions regarding the functionality of the inventory and our approval of the return are met. Certain distribution customers are allowed to return inventory at original cost, in an amount not to exceed three percent of the prior year’s purchases, in exchange for an order of equal or greater value. Until we can process these reductions, corrections, and returns (together, the Changes) through individual customer records, we estimate the amount of outstanding Changes and recognize them by reducing revenues. We determine our estimate based on our historical Changes as a percentage of revenues and the average time period between the original sale and the issuance of the Changes. We adjust other current assets and cost of sales for the estimated level of returns.

We base these estimates on historical and anticipated sales demand, trends in product pricing, and historical and anticipated Changes patterns. We make revisions to these estimates in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to further reduce prices and increase customer return authorizations. We do not believe there is a reasonable likelihood that there will be a material change in the future estimates or assumptions we use to measure the Changes. However, if actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material. A 10% change in our sales reserve for such Changes as of December 31, 2020 would have affected net income by approximately $2 million in 2020.

At times, we enter into arrangements that involve the delivery of multiple promised goods or services. For these arrangements, when the promised goods or services can be separated, the revenue is allocated to each distinct good or service based on that performance obligation’s relative standalone selling price and recognized based upon transfer of control for each performance obligation. Generally, we determine standalone selling price using the adjusted market assessment approach. For software licenses with highly variable standalone selling prices sold with either support or professional services, we generally determine the standalone selling price of the software license using the residual approach.

Revenue allocated to support services under our support contracts is typically recognized ratably over the term of the service. Revenue allocated to distinct professional services is recognized when (or as) the performance obligation is satisfied depending on the terms of the arrangement. When professional services are not distinct from goods, the professional services and goods are combined into one performance obligation, and revenue allocated to that performance obligation is recognized when (or as) the performance obligation is satisfied.

32

Income Taxes

We recognize deferred tax assets resulting from tax credit carryforwards, net operating loss carryforwards, and deductible temporary differences between taxable income on our income tax returns and income before taxes under GAAP. Deferred tax assets generally represent future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our Consolidated Financial Statements become deductible for income tax purposes. A deferred tax asset valuation allowance is required when some portion or all of the deferred tax assets may not be realized. We are required to estimate taxable income in future years or develop tax strategies that would enable tax asset realization in each taxing jurisdiction and use judgment to determine whether to record a deferred tax asset valuation allowance for part or all of a deferred tax asset.

We consider the weight of all available evidence, both positive and negative, in assessing the realizability of the deferred tax assets associated with net operating losses. We consider the reversals of existing taxable temporary differences as well as projections of future taxable income. We consider the future reversals of existing taxable temporary differences to the extent they were of the same character as the temporary differences giving rise to the deferred tax assets. We also consider whether the future reversals of existing taxable temporary differences will occur in the same period and jurisdiction as the temporary differences giving rise to the deferred tax assets. The assumptions utilized to estimate our future taxable income are consistent with those assumptions utilized for purposes of testing goodwill for impairment, as well as with our budgeting and strategic planning processes.

Significant judgment is required in evaluating our uncertain tax positions. We establish accruals for uncertain tax positions when we believe that the full amount of the associated tax benefit may not be realized. In the future, if we prevail in matters for which accruals have been established previously or pay amounts in excess of reserves, there could be a material effect on our income tax provisions in the period in which such determination is made.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which removes certain exceptions for investments, intraperiod allocations and interim tax calculations, and adds guidance to reduce the complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in ASU 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending upon the amendment. The Company did not early adopt this pronouncement and is in the process of evaluating the impact of this amendment on our consolidated financial statements; however, it is not anticipated to be material.

See Note 18, Income Taxes, to the consolidated financial statements for further information regarding income taxes.

Goodwill and Indefinite-Lived Intangible Assets

We test our goodwill and other indefinite-lived intangible assets not subject to amortization for impairment on an annual basis during the fourth quarter or when indicators of impairment exist. We base our estimates on assumptions we believe to be reasonable, but which are not predictable with precision and therefore are inherently uncertain. Actual future results could differ from these estimates.

We test goodwill annually for impairment at the reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. However, components within an operating segment are aggregated as a single reporting unit if they have similar economic characteristics. We determined that each of our reportable segments (Enterprise Solutions and Industrial Solutions) represents an operating segment. Within those operating segments, we have identified reporting units based on whether there is discrete financial information prepared that is regularly reviewed by segment management. As a result of this evaluation, we have identified from our continuing operations, three reporting units within Enterprise Solutions and seven reporting units within Industrial Solutions for purposes of goodwill impairment testing.

The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting unit, as described in the paragraph below. In 2020, we did not perform a qualitative assessment over any of our reporting units.

33

When we evaluate goodwill for impairment using a quantitative assessment, we compare the fair value of each reporting unit to its carrying value. We determine the fair value using an income approach. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows using growth rates and discount rates that are consistent with current market conditions in our industry. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business.

For our annual impairment test in 2020, we performed a quantitative assessment for all ten of our reporting units included in continuing operations, none of which proved to be impaired during 2020. Based on our annual goodwill impairment test, the excess of the fair values over the carrying values of our ten reporting units tested under a quantitative income approach ranged from 4% - 345%. The assumptions used to estimate fair values were based on the past performance of the reporting unit as well as the projections incorporated in our strategic plan. Significant assumptions included sales growth, profitability, and related cash flows, along with cash flows associated with taxes and capital spending. The discount rate used to estimate fair value was risk adjusted in consideration of the economic conditions in effect at the time of the impairment test. We also considered assumptions that market participants may use. In our quantitative assessments, the discount rates ranged from 10.0% to 12.2%, the 2021 to 2030 compounded annual revenue growth rates ranged from 2.5% to 5.8%, and the revenue growth rates beyond 2030 ranged from 2.0% to 3.0%. By their nature, these assumptions involve risks and uncertainties. Furthermore, uncertainties associated with current market conditions increase the inherent risk associated with using an income approach to estimate fair values. While we have adjusted our key assumptions to reflect the current economic conditions, we have also assumed that economic conditions will improve. If current conditions persist and actual results are different from our estimates or assumptions, we may have to recognize an impairment charge that could be material.

We test our indefinite-lived intangible assets, which consist primarily of trademarks, for impairment on an annual basis during the fourth quarter. The accounting guidance related to impairment testing for such intangible assets allows for the performance of an optional qualitative assessment, similar to that described above for goodwill. We did not perform any qualitative assessments as part of our indefinite-lived intangible asset impairment testing for 2020. Rather, we performed a quantitative assessment for each of our indefinite-lived trademarks in 2020. Under the quantitative assessments, we determined the fair value of each trademark using a relief from royalty methodology and compared the fair value to the carrying value. We determined that none of our trademarks were impaired during 2020. Significant assumptions to determine fair value included sales growth, royalty rates, and discount rates.

As noted above, we also test our goodwill and other indefinite-lived intangible assets not subject to amortization for impairment when indicators of impairment exist. Due to its overall financial performance and discontinued operations classification, we performed impairment tests on the Grass Valley disposal group which resulted in total asset impairments of $113.0 million in 2020. We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020. The operating results of Grass Valley are not included in our Consolidated Financial Statements after the July 2, 2020 disposal date. As of December 31, 2020, we do not own any interest in Grass Valley. See Note 5.

Pension and Other Postretirement Benefits

Our pension and other postretirement benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, salary growth, long-term return on plan assets, health care cost trend rates, mortality tables, and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. Long-term return on plan assets is determined based on historical portfolio results and management’s expectation of the future economic environment. Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Our key assumptions are described in further detail in Note 18 to the Consolidated Financial Statements. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, amortized over the estimated future working life of the plan participants.

34

As a sensitivity measure, the effect of a 50 basis point decline in the assumed discount rate would have resulted in an increase in the 2020 net periodic benefit cost and projected benefit obligations as of December 31, 2020 of approximately $0.7 million and $41.4 million, respectively. A 50 basis point decline in the expected return on plan assets would have resulted in an increase in the 2020 net periodic benefit cost of approximately $1.7 million.

Conversely, the effect of a 50 basis point increase in the assumed discount rate would have resulted in an increase in the 2020 net periodic benefit cost of approximately $0.1 million and a decrease in the projected benefit obligation of approximately $36.6 million as of December 31, 2020. A 50 basis point increase in the expected return on plan assets would have resulted in a decrease in the 2020 net periodic benefit cost of approximately $1.7 million.

Business Combination Accounting

We allocate the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, we may engage third party specialists to assist in the estimation of fair value for certain liabilities. We adjust the preliminary acquisition accounting, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed.

Our acquisition accounting methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows and market multiple analyses. Unanticipated events or circumstances may occur which could affect the accuracy of our fair value estimates, including assumptions regarding industry economic factors and business strategies.

If actual results are materially different than the assumptions we used to determine fair value of the assets and liabilities acquired through a business combination, it is possible that adjustments to the carrying values of such assets and liabilities will have an impact on our net earnings.

See Note 4 to the Consolidated Financial Statements for the acquisition-related information associated with significant acquisitions completed in the last three fiscal years.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market risks relating to our operations result primarily from currency exchange rates, certain commodity prices, interest rates, and credit extended to customers. Each of these risks is discussed below.

Currency Exchange Rate Risk

We are exposed to foreign currency risks that arise from normal business operations. These risks include the translation of local currency balances of foreign subsidiaries and transactions denominated in currencies other than a location’s functional currency.

Our investments in certain foreign subsidiaries are recorded in currencies other than the U.S. dollar. As these foreign currency denominated investments are translated at the end of each period during consolidation using period-end exchange rates, fluctuations of exchange rates between the foreign currency and the U.S. dollar increase or decrease the value of those investments. These fluctuations and the results of operations for foreign subsidiaries, where the functional currency is not the U.S. dollar, are translated into U.S. dollars using the average exchange rates during the year, while the assets and liabilities are translated using period end exchange rates. The assets and liabilities-related translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in our Consolidated Balance Sheets. We generally view our investments in international subsidiaries with functional currencies other than the U.S. dollar as long-term. As a result, we do not generally use derivatives to manage these net investments. However, we designated euro debt issued in 2018, 2017 and 2016 by Belden Inc., a USD functional currency entity, as a net investment hedge of certain international subsidiaries. See Note 16 for further discussion.

35

Transactions denominated in currencies other than a location’s functional currency may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid. A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign exchange transaction gain or loss that is included in our operating income in the Consolidated Statements of Operations. In 2020, we recorded approximately $7.9 million of net foreign currency transaction gains. In 2019, we recorded approximately $1.5 million of net foreign currency transaction losses.

Generally, the currency in which we sell our products is the same as the currency in which we incur the costs to manufacture our products, resulting in a natural hedge. Our currency exchange rate management strategy primarily involves the use of natural techniques, where possible, such as the offsetting or netting of like-currency cash flows. However, we re-evaluate our strategy as the foreign currency environment changes, and it is possible that we could utilize derivative financial instruments to manage this risk in the future. We did not have any foreign currency derivatives outstanding as of December 31, 2020.

Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Mexican peso, Australian dollar, British pound, Indian rupee, and Brazilian real.

Commodity Price Risk

Certain raw materials used by us are subject to price volatility caused by supply conditions, political and economic variables, and other unpredictable factors. The primary purpose of our commodity price management activities is to manage the volatility associated with purchases of commodities in the normal course of business. We do not speculate on commodity prices.

We are exposed to price risk related to our purchase of copper used in our products, although we are generally able to raise selling prices to customers to cover the increase in copper costs. Our copper price management strategy involves the use of natural techniques, where possible, such as purchasing copper for future delivery at fixed prices. We do not generally use commodity price derivatives and did not have any outstanding at December 31, 2020 or 2019.

The following table presents unconditional commodity purchase obligations outstanding as of December 31, 2020. The unconditional purchase obligations will settle during 2021.

	Purchase Amount		Fair Value
	(In thousands, except average price)
Unconditional copper purchase obligations:
Commitment volume in pounds	1,910
Weighted average price per pound	$	3.16
Commitment amounts	$	6,036	$	6,711

We are also exposed to price risk related to our purchase of selected commodities derived from petrochemical feedstocks used in our products. We generally purchase these commodities based upon market prices established with the vendors as part of the purchase process. Pricing of these commodities is volatile as they tend to fluctuate with the price of oil. Historically, we have not used commodity financial instruments to hedge prices for commodities derived from petrochemical feedstocks.

Interest Rate Risk

We have occasionally managed our debt portfolio by using interest rate derivative instruments, such as swap agreements, to achieve an overall desired position of fixed and floating rates. We were not a party to any interest rate derivative instruments as of or for the years ended December 31, 2020 or 2019.

36

The following table provides information about our financial instruments that are sensitive to changes in interest rates. The table presents principal amounts by expected maturity dates and fair values as of December 31, 2020.

	Principal Amount by Expected Maturity							Fair Value
	2021		Thereafter			Total
	(In thousands, except interest rates)
€350.0 million fixed-rate senior subordinated notes due 2028	$	—	$	428,295		$	428,295	$	446,720
Average interest rate			3.875		%
€450.0 million fixed-rate senior subordinated notes due 2027	$	—	$	550,665		$	550,665	$	564,426
Average interest rate			3.375		%
€200.0 million fixed-rate senior subordinated notes due 2026	$	—	$	244,740		$	244,740	$	252,672
Average interest rate			4.125		%
€300.0 million fixed-rate senior subordinated notes due 2025	$	—	$	367,110		$	367,110	$	369,926
Average interest rate			2.875		%
Total						$	1,590,810	$	1,633,744

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and cash equivalents and accounts receivable. We are exposed to credit losses in the event of nonperformance by counterparties to these financial instruments. We place cash and cash equivalents with various high-quality financial institutions throughout the world, and exposure is limited at any one financial institution. Although we do not obtain collateral or other security to support these financial instruments, we evaluate the credit standing of the counterparty financial institutions. As of December 31, 2020, we had $17.5 million in accounts receivable outstanding from WESCO. This represented approximately 6% of our total accounts receivable outstanding at December 31, 2020. WESCO generally pays all outstanding receivables within thirty to sixty days of invoice receipt.

37

Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Belden Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Belden Inc. (the Company) as of December 31, 2020 and 2019, and the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2020, and the related notes and the financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework and our report dated February 16, 2021 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

38

	Valuation of Goodwill for Certain Reporting Units
Description of the Matter	At December 31, 2020, the Company had goodwill on its balance sheet aggregating $1.3 billion. As more fully described in Notes 2 and 12 to the Company’s consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level. The Company’s goodwill is initially assigned to reporting units as of the respective acquisition dates. The Company performed a quantitative assessment for all of its reporting units and determined that the fair values of these reporting units were in excess of the carrying values. Therefore, the Company did not record any goodwill impairment for any of its reporting units. Auditing the Company’s annual goodwill impairment test for certain reporting units under the quantitative assessment was complex due to the judgments and estimation required in determining the fair values of the reporting units. In particular, the fair value estimates are sensitive to significant assumptions such as discount rates, revenue growth rates, projected operating margins, and terminal growth rates, which are sensitive to and affected by expectations about future market or economic conditions and company-specific qualitative factors.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s preparation and review of the goodwill impairment tests, significant assumptions discussed above, as used in each of the models, and the completeness and accuracy of the data used in the models. Our audit procedures included, among others, involving our specialists to assist us in assessing methodologies, and testing the significant assumptions discussed above and the underlying data used by the Company in its analyses, and reviewing the methodology and market support used to determine the discount rate. We compared the significant assumptions used by the Company to current industry and future economic trends, changes to the Company’s business model, customer base or product mix and other relevant factors. We assessed the historical accuracy of the Company’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair values of the reporting units that would result from changes in the assumptions. We tested the Company’s reconciliation of the aggregate fair value of the reporting units to the market capitalization of the Company. We also evaluated whether any changes in the composition of the reporting units reflected significant changes in the organizational structure or segments.
	Revenue recognition - allocating consideration to performance obligations and estimating variable consideration
Description of the Matter	As described in Notes 2 and 3 to the consolidated financial statements, the Company has contractual arrangements that include software, support, and service revenues. The Company estimated the selling prices of those contractual arrangements to determine the allocation of consideration to each of the performance obligations. The objective was to determine the price at which the Company would transact a sale if the product, support or service was sold on a standalone basis. Generally, the Company determines standalone selling price using the adjusted market assessment approach. For software licenses with highly variable standalone selling prices sold with either support or professional services, the Company generally determines the standalone selling price of the software license using the residual approach. The Company estimated the standalone selling prices of each of the performance obligations and projected cash flows over the term of each contractual arrangement to determine the amount of total consideration allocated to each of the performance obligations. The Company also enters into sales contracts that provide certain distributors with price concessions, product return rights, refunds, and stock rotations, which all result in variable consideration. At the time of sale, the Company establishes an estimated reserve for the variable consideration and recognizes it by reducing revenues. Estimates are based on a percentage of revenues and the average time period between the original sale and the issuance of the adjustments. As of December 31, 2020, the Company recorded $25.5 million in unprocessed changes that were recognized as a reduction of revenues and accounts receivable and $13.0 million in unprocessed changes recognized as accrued liabilities.

39

Auditing the Company’s allocation of consideration expected to be received under its contractual arrangements was complex and involved a high degree of subjective auditor judgment because of the management judgment required to develop the estimates of standalone selling prices for the highly variable pricing of software licenses. Auditing the Company's measurement of variable consideration under the distributor contracts involved especially challenging judgment because the calculation involves subjective management assumptions, including historical adjustments as a percentage of revenues and the estimated period of time between the original sale and the issuance of the adjustment, all used in the estimates of unprocessed changes and pricing concessions. The estimates developed by the Company are also dependent on anticipated sales demand, trends in product pricing, and historical and anticipated adjustment patterns.

How We Addressed the Matter in Our Audit

We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company's processes to determine the estimated standalone selling price of each of the performance obligations, the allocation of total consideration to be received over the contractual term to all performance obligations based on their relative standalone selling price and to calculate the variable consideration, including the process to determine and evaluate the underlying assumptions about estimates of expected unprocessed changes and pricing concessions. We performed audit procedures related to the estimated standalone selling prices and allocation to the performance obligations over the term of the contractual arrangement, including the following, among others. To test the calculation of the amount of consideration allocated to each performance obligation, we evaluated the accuracy and completeness of the underlying data used in the Company’s calculation of the ranges of each standalone selling price and recalculated the established range for the standalone selling price used. We analyzed transaction level detail, such as invoices and price lists, to test that, if necessary, the transaction price was reallocated to bring the amount allocated to the performance obligation within the established range. We evaluated the appropriateness of the methodology used to determine the standalone selling price by comparing such prices to historical analysis and practices observed in the industry. In addition, we performed detailed testing of the underlying transactions in the calculation by agreeing the amounts recognized to source documents and performed an analysis to recalculate the allocation of revenue between performance obligations as part of our overall testing of revenue transactions. Our audit procedures related to the Company’s estimates of variable consideration included, among others, evaluating the significant assumptions and the accuracy and completeness of the underlying data used in the Company's calculation. This included testing the Company's estimate of historical adjustments as a percentage of revenues and the average time period between the original sale and the issuance of the adjustment memo. In addition, we inspected the results of the Company's retrospective review of adjustments reserved compared to actual adjustments issued, evaluated the estimates made based on historical experience and performed sensitivity analyses to evaluate the changes in variable consideration that would result from changes in the Company's significant assumptions.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 1993.

St. Louis, Missouri

February 16, 2021

40

Belden Inc.

Consolidated Balance Sheets

	December 31,
	2020		2019
	(In thousands, except par value)
ASSETS
Current assets:
Cash and cash equivalents	$	501,994	$	407,480
Receivables, net	296,817		334,634
Inventories, net	247,298		231,333
Other current assets	52,289		29,172
Current assets of discontinued operations	—		375,135
Total current assets	1,098,398		1,377,754
Property, plant and equipment, less accumulated depreciation	368,620		345,918
Operating lease right-of-use assets	54,787		62,251
Goodwill	1,251,938		1,243,669
Intangible assets, less accumulated amortization	287,071		339,505
Deferred income taxes	29,536		25,216
Other long-lived assets	49,384		12,446
	$	3,139,734	$	3,406,759
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	244,120	$	268,466
Accrued liabilities	276,641		283,799
Current liabilities of discontinued operations	—		170,279
Total current liabilities	520,761		722,544
Long-term debt	1,573,726		1,439,484
Postretirement benefits	160,400		136,227
Deferred income taxes	38,400		48,725
Long-term operating lease liabilities	46,398		55,652
Other long-term liabilities	42,998		38,308
Stockholders’ equity:
Common stock, par value $0.01 per share— 200,000 shares authorized; 50,335 shares issued; 44,643 and 45,458 shares outstanding at 2020 and 2019, respectively	503		503
Additional paid-in capital	823,605		811,955
Retained earnings	450,876		518,004
Accumulated other comprehensive loss	(191,851)		(63,418)
Treasury stock, at cost— 5,692 and 4,877 shares at 2020 and 2019, respectively	(332,552)		(307,197)
Total Belden stockholders’ equity	750,581		959,847
Noncontrolling interest	6,470		5,972
Total stockholders’ equity	757,051		965,819
	$	3,139,734	$	3,406,759

The accompanying notes are an integral part of these Consolidated Financial Statements.

41

Belden Inc.

Consolidated Statements of Operations

	Years Ended December 31,
	2020		2019		2018
	(In thousands, except per share amounts)
Revenues	$	1,862,716	$	2,131,278	$	2,165,702
Cost of sales	(1,199,427)		(1,337,773)		(1,335,791)
Gross profit	663,289		793,505		829,911
Selling, general and administrative expenses	(366,188)		(417,329)		(411,352)
Research and development expenses	(107,296)		(94,360)		(91,552)
Amortization of intangibles	(64,395)		(74,609)		(75,140)
Gain from patent litigation	—		—		62,141
Operating income	125,410		207,207		314,008
Interest expense, net	(58,888)		(55,814)		(60,839)
Non-operating pension benefit (cost)	(395)		1,017		(99)
Loss on debt extinguishment	—		—		(22,990)
Income from continuing operations before taxes	66,127		152,410		230,080
Income tax expense	(11,724)		(42,519)		(62,936)
Income from continuing operations	54,403		109,891		167,144
Loss from discontinued operations, net of tax	(99,513)		(486,667)		(6,433)
Loss from disposal of discontinued operations, net of tax	(9,948)		—		—
Net income (loss)	(55,058)		(376,776)		160,711
Less: Net income (loss) attributable to noncontrolling interest	104		239		(183)
Net income (loss) attributable to Belden	(55,162)		(377,015)		160,894
Less: Preferred stock dividends	—		18,437		34,931
Net income (loss) attributable to Belden common stockholders	$	(55,162)	$	(395,452)	$	125,963
Weighted average number of common shares and equivalents:
Basic	44,778		42,203		40,675
Diluted	44,937		42,416		40,956
Basic income (loss) per share attributable to Belden common stockholders:
Continuing operations attributable to Belden common stockholders	$	1.21	$	2.16	$	3.25
Discontinued operations attributable to Belden common stockholders	(2.22)		(11.53)		(0.16)
Disposal of discontinued operations attributable to Belden common stockholders	(0.22)		—		—
Net income (loss) attributable to Belden common stockholders	$	(1.23)	$	(9.37)	$	3.10
Diluted income (loss) per share attributable to Belden common stockholders:
Continuing operations attributable to Belden common stockholders	$	1.21	$	2.15	$	3.23
Discontinued operations attributable to Belden common stockholders	(2.22)		(11.53)		(0.16)
Disposal of discontinued operations attributable to Belden common stockholders	(0.22)		—		—
Net income (loss) attributable to Belden common stockholders	$	(1.23)	$	(9.37)	$	3.08

The accompanying notes are an integral part of these Consolidated Financial Statements.

42

Belden Inc.

Consolidated Statements of Comprehensive Income

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Net income (loss)	$	(55,058)	$	(376,776)	$	160,711
Foreign currency translation, net of tax of $1.0 million, $1.0 million, and $1.7 million, respectively	(112,562)		24,121		27,802
Adjustments to pension and postretirement liability, net of tax of $1.7 million, $1.1 million, and $1.0 million, respectively	(15,477)		(12,168)		(4,690)
Other comprehensive income (loss), net of tax	(128,039)		11,953		23,112
Comprehensive income (loss)	(183,097)		(364,823)		183,823
Less: Comprehensive income (loss) attributable to noncontrolling interest	498		703		(190)
Comprehensive income (loss) attributable to Belden	$	(183,595)	$	(365,526)	$	184,013

The accompanying notes are an integral part of these Consolidated Financial Statements.

43

Belden Inc.

Consolidated Cash Flow Statements

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cash flows from operating activities:
Net income (loss)	$	(55,058)	$	(376,776)	$	160,711
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Asset impairment of discontinued operations	113,007		521,441		—
Depreciation and amortization	108,687		139,259		148,632
Share-based compensation	20,030		17,751		18,497
Loss on disposal of business	946		—		—
Loss on debt extinguishment	—		—		22,990
Deferred income tax expense (benefit)	(19,410)		(23,540)		11,300
Changes in operating assets and liabilities, net of the effects of exchange rate changes, acquired businesses, and disposals:
Receivables	70,707		22,926		(21,748)
Inventories	(8,507)		44,477		(14,779)
Accounts payable	(43,567)		(41,527)		(29,401)
Accrued liabilities	7,374		(17,654)		17,238
Income taxes	(22,823)		5,497		(4,390)
Other assets	2,018		(16,118)		(18,748)
Other liabilities	(40)		1,157		(1,082)
Net cash provided by operating activities	173,364		276,893		289,220
Cash flows from investing activities:
Capital expenditures	(90,215)		(110,002)		(97,847)
Cash from (used for) business acquisitions, net of cash acquired	590		(74,392)		(84,580)
Proceeds from disposal of tangible assets	3,161		25		1,580
Proceeds from disposal of business, net of cash sold	54,821		—		40,171
Net cash used for investing activities	(31,643)		(184,369)		(140,676)
Cash flows from financing activities:
Payments under borrowing arrangements	(190,000)		—		(484,757)
Payments under share repurchase program	(35,000)		(50,000)		(175,000)
Payment of earnout consideration	(29,300)		—		—
Cash dividends paid	(9,029)		(34,439)		(43,169)
Withholding tax payments for share based-payment awards	(1,388)		(2,149)		(2,094)
Other	(194)		(360)		—
Debt issuance costs paid	—		—		(7,609)
Redemption of stockholders' rights agreement	—		—		(411)
Borrowings under credit arrangements	190,000		—		431,270
Net cash used for financing activities	(74,911)		(86,948)		(281,770)
Effect of foreign currency exchange rate changes on cash and cash equivalents	9,299		(301)		(7,272)
Increase (decrease) in cash and cash equivalents	76,109		5,275		(140,498)
Cash and cash equivalents, beginning of year	425,885		420,610		561,108
Cash and cash equivalents, end of year	$	501,994	$	425,885	$	420,610

For all periods presented, the Consolidated Cash Flow Statement includes the results of the Grass Valley disposal group up to the disposal date, July 2, 2020.

The accompanying notes are an integral part of these Consolidated Financial Statements.

44

Belden Inc.

Consolidated Stockholders’ Equity Statements

	Belden Inc. Stockholders
	Mandatory Convertible Preferred Stock				Common Stock			Additional Paid-In Capital		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Income (Loss)		Non-controlling Interest		Total
	Shares		Amount		Shares	Amount						Shares	Amount
	(In thousands)
Balance at December 31, 2017	52		$	1	50,335	$	503	$	1,123,832	$	833,610	(8,316)	$	(425,685)	$	(98,026)	$	631	$	1,434,866
Cumulative effect of change in accounting principles	—		—		—	—		—		(29,041)		—	—		—		—		(29,041)
Net income (loss)	—		—		—	—		—		160,894		—	—		—		(183)		160,711
Other comprehensive income (loss), net of tax	—		—		—	—		—		—		—	—		23,119		(7)		23,112
Exercise of stock options, net of tax withholding forfeitures	—		—		—	—		(883)		—		20	118		—		—		(765)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	—		—		—	—		(2,051)		—		51	722		—		—		(1,329)
Share repurchase program	—		—		—	—		—		—		(2,694)	(175,000)		—		—		(175,000)
Share-based compensation	—		—		—	—		18,497		—		—	—		—		—		18,497
Redemption of stockholders' rights agreement	—		—		—	—		—		(411)		—	—		—		—		(411)
Preferred stock dividends	—		—		—	—		—		(34,931)		—	—		—		—		(34,931)
Common stock dividends ($0.20 per share)	—		—		—	—		—		(8,121)		—	—		—		—		(8,121)
Balance at December 31, 2018	52		$	1	50,335	$	503	$	1,139,395	$	922,000	(10,939)	$	(599,845)	$	(74,907)	$	441	$	1,387,588
Net income (loss)	—		—		—	—		—		(377,015)		—	—		—		239		(376,776)
Other comprehensive income, net of tax	—		—		—	—		—		—		—	—		11,489		464		11,953
Acquisition of business with noncontrolling interests	—		—		—	—		—		—		—	—		—		5,195		5,195
Acquisition of noncontrolling interests	—		—		—	—		(398)		—		—	—		—		(367)		(765)
Exercise of stock options, net of tax withholding forfeitures	—		—		—	—		(291)		—		4	180		—		—		(111)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	—		—		—	—		(3,714)		—		91	1,679		—		—		(2,035)
Share repurchase program	—		—		—	—		—		—		(890)	(50,000)		—		—		(50,000)
Share-based compensation	—		—		—	—		17,751		—		—	—		—		—		17,751
Preferred stock conversion	(52)		(1)		—	—		(340,788)		—		6,857	340,789		—		—		—
Preferred stock dividends	—		—		—	—		—		(18,437)		—	—		—		—		(18,437)
Common stock dividends ($0.20 per share)	—		—		—	—		—		(8,544)		—	—		—		—		(8,544)
Balance at December 31, 2019	—		$	—	50,335	$	503	$	811,955	$	518,004	(4,877)	$	(307,197)	$	(63,418)	$	5,972	$	965,819
Cumulative effect of change in accounting principle	—		—		—	—		—		(2,916)		—	—		—		—		(2,916)
Net income (loss)	—		—		—	—		—		(55,162)		—	—		—		104		(55,058)
Other comprehensive income (loss), net of tax	—		—		—	—		—		—		—	—		(128,433)		394		(128,039)
Retirement Savings Plan stock contributions	—		—		—	—		(1,622)		—		76	4,276		—		—		2,654
Exercise of stock options, net of tax withholding forfeitures	—		—		—	—		(791)		—		7	610		—		—		(181)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	—		—		—	—		(5,967)		—		78	4,759		—		—		(1,208)
Share repurchase program	—		—		—	—		—		—		(976)	(35,000)		—		—		(35,000)
Share-based compensation	—		—		—	—		20,030		—		—	—		—		—		20,030
Common stock dividends ($0.20 per share)	—		—		—	—		—		(9,050)		—	—		—		—		(9,050)
Balance at December 31, 2020	$	—	$	—	50,335	$	503	$	823,605	$	450,876	(5,692)	$	(332,552)	$	(191,851)	$	6,470	$	757,051

The accompanying notes are an integral part of these Consolidated Financial Statements.

45

Notes to Consolidated Financial Statements

Note 1: Basis of Presentation

Business Description

Belden Inc. (the Company, us, we, or our) is a global supplier of specialty networking solutions built around two global business platforms – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments.

Consolidation

The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries, including variable interest entities for which we are the primary beneficiary. We eliminate all significant affiliate accounts and transactions in consolidation.

Foreign Currency

For international operations with functional currencies other than the United States (U.S.) dollar, we translate assets and liabilities at current exchange rates; we translate income and expenses using average exchange rates. We report the resulting translation adjustments, as well as gains and losses from certain affiliate transactions, in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. We include exchange gains and losses on transactions in operating income.

We determine the functional currency of our foreign subsidiaries based upon the currency of the primary economic environment in which each subsidiary operates. Typically, that is determined by the currency in which the subsidiary primarily generates and expends cash. We have concluded that the local currency is the functional currency for all of our material subsidiaries.

Reporting Periods

Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31. Our fiscal second and third quarters each have 91 days.

Use of Estimates in the Preparation of the Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and operating results and the disclosure of contingencies. Actual results could differ from those estimates. We make significant estimates with respect to the collectability and valuation of receivables, the valuation of inventory, the realization of deferred tax assets, the valuation of goodwill and indefinite-lived intangible assets, the valuation of contingent liabilities, the calculation of share-based compensation, the calculation of pension and other postretirement benefits expense, and the valuation of acquired businesses.

Reclassifications

We have made certain reclassifications to the 2019 and 2018 Consolidated Financial Statements, primarily as a result of the West Penn Wire business and multi-conductor product line transfer from the Enterprise Solutions segment to the Industrial Solutions segment in 2020. See Note 6.

46

Note 2: Summary of Significant Accounting Policies

Fair Value Measurement

Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

•Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and

•Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

During 2020, 2019, and 2018 we utilized Level 1 inputs to determine the fair value of cash equivalents and Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 4) and for impairment testing (see Notes 5 and 13). We did not have any transfers between Level 1 and Level 2 fair value measurements during 2020.

Cash and Cash Equivalents

We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of December 31, 2020 and 2019, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.

Accounts Receivable and Revenue Reserves

We classify amounts owed to us and due within twelve months, arising from the sale of goods or services and from other business activities, as current receivables. We classify receivables due after twelve months as other long-lived assets.

At the time of sale, we establish an estimated reserve for trade, promotion, and other special price reductions such as contract pricing, discounts to meet competitor pricing, and on-time payment discounts. We also adjust receivable balances for, among other things, correction of billing errors, incorrect shipments, and settlement of customer disputes. Customers are allowed to return inventory if and when certain conditions regarding the physical state of the inventory and our approval of the return are met. Certain distribution customers are allowed to return inventory at original cost, in an amount not to exceed three percent of the prior year’s purchases, in exchange for an order of equal or greater value. Until we can process these reductions, corrections, and returns (together, the Changes) through individual customer records, we estimate the amount of outstanding Changes and recognize them by reducing revenues. We base these estimates on historical and anticipated sales demand, trends in product pricing, and historical and anticipated Changes patterns. We make revisions to these estimates in the period in which the facts that give rise to each revision become known. Future market conditions might require us to take actions to further reduce prices and increase customer return authorizations. Unprocessed Changes recognized against our gross accounts receivable balance at December 31, 2020 and 2019 totaled $25.5 million and $29.5 million, respectively. Unprocessed Changes recognized as accrued liabilities at December 31, 2020 and 2019 totaled $13.0 million and $11.0 million, respectively.

We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. As of December 31, 2020 and 2019, the allowance for doubtful accounts totaled $5.1 million and $2.6 million, respectively. We also recognized bad debt expense, net of recoveries, of $2.4 million, $0.1 million, and $0.2 million in 2020, 2019, and 2018, respectively.

47

Inventories and Related Reserves

Inventories are stated at the lower of cost or net realizable value. We determine the cost of all raw materials, work-in-process, and finished goods inventories by the first in, first out method. Cost components of inventories include direct labor, applicable production overhead, and amounts paid to suppliers of materials and products as well as freight costs and, when applicable, duty costs to import the materials and products.

We evaluate the realizability of our inventory on a product-by-product basis in light of historical and anticipated sales demand, technological changes, product life cycle, component cost trends, product pricing, and inventory condition. In circumstances where inventory levels are in excess of anticipated market demand, where inventory is deemed technologically obsolete or not saleable due to condition, or where inventory cost exceeds net realizable value, we record a charge to cost of sales and reduce the inventory to its net realizable value. The allowances for excess and obsolete inventories at December 31, 2020 and 2019 totaled $32.3 million and $21.2 million, respectively.

Property, Plant and Equipment

We record property, plant and equipment at cost. We calculate depreciation on a straight-line basis over the estimated useful lives of the related assets ranging from 10 to 40 years for buildings, 5 to 12 years for machinery and equipment, and 5 to 10 years for computer equipment and software. Construction in process reflects amounts incurred for the configuration and build-out of property, plant and equipment and for property, plant and equipment not yet placed into service. We charge maintenance and repairs—both planned major activities and less-costly, ongoing activities—to expense as incurred. We capitalize interest costs associated with the construction of capital assets and amortize the costs over the assets’ useful lives. Depreciation expense is included in costs of sales; selling, general and administrative expenses; and research and development expenses in the Consolidated Statements of Operations based on the specific categorization and use of the underlying assets being depreciated.

We review property, plant and equipment to determine whether an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We base our evaluation on the nature of the assets, the future economic benefit of the assets, and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset.

For purposes of impairment testing of long-lived assets, we have identified asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Generally, our asset groups are based on an individual plant or operating facility level. In some circumstances, however, a combination of plants or operating facilities may be considered the asset group due to interdependence of operational activities and cash flows.

Goodwill and Intangible Assets

Our intangible assets consist of (a) definite-lived assets subject to amortization such as developed technology, customer relationships, certain in-service research and development, certain trademarks, backlog, and capitalized software intangible assets, and (b) indefinite-lived assets not subject to amortization such as goodwill, certain trademarks, and certain in-process research and development intangible assets. We record amortization of the definite-lived intangible assets over the estimated useful lives of the related assets, which generally range from one year or less for backlog to more than 25 years for certain of our customer relationships. We determine the amortization method for our definite-lived intangible assets based on the pattern in which the economic benefits of the intangible asset are consumed. In the event we cannot reliably determine that pattern, we utilize a straight-line amortization method.

We test our goodwill and other indefinite-lived intangible assets not subject to amortization for impairment on an annual basis as of our fiscal November month-end or when indicators of impairment exist. We base our estimates on assumptions we believe to be reasonable, but which are not predictable with precision and therefore are inherently uncertain. Actual future results could differ from these estimates.

The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting unit, as described in the paragraph below. In 2020, we did not perform a qualitative assessment over any of our reporting units.

48

For our annual impairment test in 2020, we performed a quantitative assessment for all ten of our reporting units included in continuing operations. Under a quantitative assessment for goodwill impairment, we determine the fair value using the income approach (using Level 3 inputs) as reconciled to our aggregate market capitalization. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. Based on our annual goodwill impairment test, the excess of the fair values over the carrying values of our ten reporting units tested under a quantitative income approach ranged from 4% - 345%. As a result, the goodwill balances for our continuing operations reporting units were not impaired in 2020. Furthermore, we did not recognize any goodwill impairment from continuing operations in 2019 or 2018. See Note 13 for further discussion.

We also evaluate indefinite lived intangible assets for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying values of those assets may no longer be recoverable. We compare the fair value of the asset with its carrying amount. If the carrying amount of the asset exceeds its fair value, we recognize an impairment loss in an amount equal to that excess. We did not recognize impairment charges for our indefinite lived intangible assets from continuing operations in 2020, 2019, or 2018. See Note 13 for further discussion.

We review intangible assets subject to amortization whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. We did not recognize any impairment charges for amortizable intangible assets from continuing operations in 2020, 2019, or 2018.

Due to its overall financial performance and discontinued operations classification, we performed impairment tests on the Grass Valley disposal group, which resulted in total asset impairments of $113.0 million and $521.4 million in 2020 and 2019, respectively. The 2019 impairment charge consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows.

Disposals

During 2020, we sold a previously closed operating facility for net proceeds of $2.1 million and recognized a $0.4 million gain on the sale as well as completed the sale of Grass Valley to Black Dragon Capital - See Note 5.

During 2018, we sold a previously closed operating facility for net proceeds of $1.5 million and recognized a $0.6 million gain on the sale.

During 2017, we sold our MCS business and a 50% ownership interest in Xuzhou Hirschmann Electronics Co. Ltd (the Hirschmann JV) for a total purchase price of $40.2 million. The $40.2 million of proceeds from the sale was collected during 2018.

Pension and Other Postretirement Benefits

Our pension and other postretirement benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, salary growth, long-term return on plan assets, health care cost trend rates, mortality tables, and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, are amortized over the estimated future working life of the plan participants.

49

Accrued Sales Rebates

We grant incentive rebates to participating customers as part of our sales programs. The rebates are determined based on certain targeted sales volumes. Rebates are paid quarterly or annually in either cash or receivables credits. Until we can process these rebates through individual customer records, we estimate the amount of outstanding rebates and recognize them as accrued liabilities and reductions in our gross revenues. We base our estimates on both historical and anticipated sales demand and rebate program participation. We charge revisions to these estimates back to accrued liabilities and revenues in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to increase sales rebates offered, possibly resulting in an incremental increase in accrued liabilities and an incremental reduction in revenues at the time the rebate is offered. Accrued sales rebates at December 31, 2020 and 2019 totaled $32.2 million and $37.2 million, respectively.

Contingent Liabilities

We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. A significant amount of judgment and use of estimates is required to quantify our ultimate exposure in these matters. We review the valuation of these liabilities on a quarterly basis, and we adjust the balances to account for changes in circumstances for ongoing and emerging issues.

We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel, the amounts of which are not currently material. We expense environmental compliance costs, which include maintenance and operating costs with respect to ongoing monitoring programs, as incurred. We evaluate the range of potential costs to remediate environmental sites. The ultimate cost of site clean-up is difficult to predict given the uncertainties of our involvement in certain sites, uncertainties regarding the extent of the required clean-up, the availability of alternative clean-up methods, variations in the interpretation of applicable laws and regulations, the possibility of insurance recoveries with respect to certain sites, and other factors.

We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Assessments regarding the ultimate cost of lawsuits require judgments concerning matters such as the anticipated outcome of negotiations, the number and cost of pending and future claims, and the impact of evidentiary requirements. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, results of operations or cash flow.

Business Combination Accounting

We allocate the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, we may engage third party specialists to assist in the estimation of fair value for certain liabilities, such as deferred revenue or postretirement benefit liabilities. We adjust the preliminary acquisition accounting, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed.

Revenue Recognition

We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 3.

50

Gain from Patent Litigation

In 2011, the Company’s wholly-owned subsidiary, PPC, filed an action for patent infringement against Corning alleging that Corning infringed two of PPC’s patents. In 2015, a jury found that Corning willfully infringed both patents. Following a series of appeals, we received a pre-tax amount of approximately $62.1 million from Corning in 2018. We recorded the $62.1 million of cash received as a pre-tax gain from patent litigation during 2018.

Cost of Sales

Cost of sales includes our total cost of inventory sold during the period, including material, labor, production overhead costs, variable manufacturing costs, and fixed manufacturing costs. Production overhead costs include operating supplies, applicable utility expenses, maintenance costs, and scrap. Variable manufacturing costs include inbound, interplant, and outbound freight, inventory shrinkage, and charges for excess and obsolete inventory. Fixed manufacturing costs include the costs associated with our purchasing, receiving, inspection, warehousing, distribution centers, production and inventory control, and manufacturing management. Cost of sales also includes the costs to provide maintenance and support and other professional services.

Shipping and Handling Costs

We recognize fees earned on the shipment of product to customers as revenues and recognize costs incurred on the shipment of product to customers as a cost of sales.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include expenses not directly related to the production of inventory. They include all expenses related to selling and marketing our products, as well as the salary and benefit costs of associates performing the selling and marketing functions. Selling, general and administrative expenses also include salary and benefit costs, purchased services, and other costs related to our executive and administrative functions.

Research and Development Costs

Research and development costs are expensed as incurred.

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs were $11.6 million, $14.7 million, and $17.0 million for 2020, 2019, and 2018, respectively.

Share-Based Compensation

We compensate certain employees and non-employee directors with various forms of share-based payment awards and recognize compensation costs for these awards based on their fair values. We estimate the fair values of certain awards, primarily stock appreciation rights (SARs), on the grant date using the Black-Scholes-Merton option-pricing formula, which incorporates certain assumptions regarding the expected term of an award and expected stock price volatility. We develop the expected term assumption based on the vesting period and contractual term of an award, our historical exercise and cancellation experience, our stock price history, plan provisions that require exercise or cancellation of awards after employees terminate, and the extent to which currently available information indicates that the future is reasonably expected to differ from past experience. We develop the expected volatility assumption based on historical price data for our common stock. We estimate the fair value of certain restricted stock units with service vesting conditions and performance vesting conditions based on the grant date stock price. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm.

After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost expected to be recognized in our operating results over the service period of the award. We develop the forfeiture assumption based on our historical pre-vesting cancellation experience.

51

Income Taxes

Income taxes are provided based on earnings reported for financial statement purposes. The provision for income taxes differs from the amounts currently payable to taxing authorities because of the recognition of revenues and expenses in different periods for income tax purposes than for financial statement purposes. Income taxes are provided as if operations in all countries, including the U.S., were stand-alone businesses filing separate tax returns.

We recognize deferred tax assets resulting from tax credit carryforwards, net operating loss carryforwards, and deductible temporary differences between taxable income on our income tax returns and pretax income on our financial statements. Deferred tax assets generally represent future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our Consolidated Financial Statements become deductible for income tax purposes. A deferred tax asset valuation allowance is required when some portion or all of the deferred tax assets may not be realized. At December 31, 2020 the valuation allowance of $84.3 million was primarily related to net operating losses, capital losses and foreign tax credits that we do not expect to realize.

Our effective tax rate is based on expected income, statutory tax rates, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions. We establish accruals for uncertain tax positions when we believe that the full amount of the associated tax benefit may not be realized. To the extent we were to prevail in matters for which accruals have been established or would be required to pay amounts in excess of reserves, there could be a material effect on our income tax provisions in the period in which such determination is made.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which removes certain exceptions for investments, intra-period allocations and interim tax calculations, and adds guidance to reduce the complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in ASU 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending upon the amendment. The Company did not early adopt this pronouncement and is in the process of evaluating the impact of this amendment on our consolidated financial statements; however, it is not anticipated to be material.

See Note 18, Income Taxes, in the accompanying notes to our consolidated financial statements.

Current-Year Adoption of Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses. Under the new standard, we are required to recognize estimated credit losses expected to occur over the estimated life or remaining contractual life of an asset (which includes losses that may be incurred in future periods) using a broader range of information including past events, current conditions, and reasonable and supportable forecasts about future economic conditions. We adopted ASU 2016-13 on January 1, 2020, which resulted in an increase to our allowance for doubtful accounts for continuing operations of $1.0 million, and an increase for discontinued operations of $1.9 million. See further discussion as well as adjustments to the allowance for doubtful accounts under the new credit loss model in Note 9.

Note 3: Revenues

On January 1, 2018, we adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recorded a net increase to retained earnings of $2.6 million as of January 1, 2018 due to the cumulative impact of adopting Topic 606, with the impact primarily related to sales commissions and software revenues within our Industrial Solutions segment.

Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. We do not evaluate a contract for a significant financing component when the time between cash collection and performance is less than one year.

52

The following table presents our revenues disaggregated by major product category (in thousands).

	Broadband and 5G		Cyber-Security		Industrial Automation		Smart Buildings		Total  Revenues
Year Ended December 31, 2020
Enterprise Solutions	$	432,262	$	—	$	—	$	440,155	$	872,417
Industrial Solutions	—		110,524		879,775		—		990,299
Total	$	432,262	$	110,524	$	879,775	$	440,155	$	1,862,716
Year Ended December 31, 2019
Enterprise Solutions	$	401,415	$	—	$	—	$	544,626	$	946,041
Industrial Solutions	—		133,039		1,052,198		—		1,185,237
Total	$	401,415	$	133,039	$	1,052,198	$	544,626	$	2,131,278
Year Ended December 31, 2018
Enterprise Solutions	$	389,246	$	—	$	—	$	568,255	$	957,501
Industrial Solutions	—		136,648		1,071,553		—		1,208,201
Total	$	389,246	$	136,648	$	1,071,553	$	568,255	$	2,165,702

The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product (in thousands).

	Americas		EMEA		APAC		Total Revenues
Year Ended December 31, 2020
Enterprise Solutions	$	636,492	$	130,982	$	104,943	$	872,417
Industrial Solutions	577,929		256,673		155,697		990,299
Total	$	1,214,421	$	387,655	$	260,640	$	1,862,716
Year Ended December 31, 2019
Enterprise Solutions	$	695,008	$	135,732	$	115,301	$	946,041
Industrial Solutions	742,563		274,030		168,644		1,185,237
Total	$	1,437,571	$	409,762	$	283,945	$	2,131,278
Year Ended December 31, 2018
Enterprise Solutions	$	700,499	$	135,217	$	121,785	$	957,501
Industrial Solutions	758,165		290,562		159,474		1,208,201
Total	$	1,458,664	$	425,779	$	281,259	$	2,165,702

We generate revenues primarily by selling products that provide secure and reliable transmission of data, sound, and video for mission critical applications. We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers. At times, we enter into arrangements that involve the delivery of multiple performance obligations. For these arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price and recognized when or as each performance obligation is satisfied. Most of our performance obligations related to the sale of products are satisfied at a point in time when control of the product is transferred based on the shipping terms of the arrangement. Generally, we determine standalone selling price using the prices charged to customers on a standalone basis. Typically, payments are due after control transfers, which is less than one year from satisfaction of the performance obligation.

The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Adjustments to revenue for performance obligations satisfied in prior periods was not significant during the year ended December 31, 2020.

53

The following table presents estimated and accrued variable consideration:

	December 31, 2020		December 31, 2019
	(in thousands)
Accrued rebates	$	32,192	$	37,170
Accrued returns	13,016		10,974
Price adjustment recognized against gross accounts receivable	25,244		28,672

Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. The typical use of a time-elapsed unit of measure for support and maintenance contracts reflects the benefit and same pattern of transfer the customer receives from our services under this arrangement over the term of the contract. Consideration allocated to professional services is recognized when or as the services are performed depending on the terms of the arrangement. As of December 31, 2020, total deferred revenue was $77.6 million, and of this amount, $53.4 million is expected to be recognized within the next twelve months, and the remaining $24.2 million is long-term and will be recognized over a period greater than twelve months.

The following table presents deferred revenue activity (in thousands):

Balance at December 31, 2018	$	72,358
New deferrals	111,812
Revenue recognized	(114,100)
Balance at December 31, 2019	$	70,070
New deferrals	101,066
Revenue recognized	(93,488)
Balance at December 31, 2020	$	77,648

Service-type warranties represent $10.4 million of the deferred revenue balance at December 31, 2020, and of this amount $3.6 million is expected to be recognized in the next twelve months, and the remaining $6.8 million is long-term and will be recognized over a period greater than twelve months.

We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions in other current and long-lived assets on our balance sheet when the duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. Total capitalized sales commissions were $5.8 million, $3.4 million, and $2.9 million as of December 31, 2020, 2019, and 2018, respectively. For the years ended December 31, 2020, 2019 and 2018, we recognized $16.3 million, $19.0 million, and $20.3 million of sales commissions expense in selling, general, and administrative expenses, respectively.

Note 4: Acquisitions

Special Product Company

On December 6, 2019, we purchased and assumed substantially all the assets, and certain specified liabilities of Special Product Company (SPC) for a purchase price of $22.5 million. SPC, based in Kansas City, Kansas, is a leading designer, manufacturer, and seller of outdoor cabinet products for optical fiber cable installations. The results of SPC have been included in our Consolidated Financial Statements from December 6, 2019, and are reported within the Enterprise Solutions segment. The acquisition of SPC was not material to our financial position or results of operations.

Opterna

We acquired 100% of the shares of Opterna International Corp. (Opterna) on April 15, 2019 for a purchase price, net of cash acquired, of $51.7 million. Of the $51.7 million purchase price, $45.9 million was paid in 2019 with cash on hand. The acquisition included a potential earnout, which is based upon future Opterna financial targets through April 15, 2021. The maximum earnout consideration is $25.0 million, but based upon a third party valuation specialist using certain assumptions in a discounted cash flow model, the estimated fair value of the earnout included in the purchase price is $5.8 million. Opterna is an international fiber optics solution business formerly based in Sterling, Virginia which designs and manufactures a range of

54

complementary fiber connectivity, cabinet, and enclosure products used in optical networks. The results of Opterna have been included in our Consolidated Financial Statements from April 15, 2019, and are reported within the Enterprise Solutions segment. Certain subsidiaries of Opterna include noncontrolling interests. Because Opterna has a controlling financial interest in these subsidiaries, they are consolidated into our financial statements. The results that are attributable to the noncontrolling interest holders are presented as net income attributable to noncontrolling interests in the Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. On October 25, 2019, we purchased the noncontrolling interest of one subsidiary for a purchase price of $0.8 million; of which $0.4 million was paid at closing and the remaining $0.4 million is to be paid in 2021. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed as of April 15, 2019 (in thousands):

Receivables	$	5,308
Inventory	7,359
Prepaid and other current assets	566
Property, plant, and equipment	1,328
Intangible assets	28,000
Goodwill	35,057
Deferred income taxes	80
Operating lease right-of-use assets	2,204
Other long-lived assets	2,070
Total assets acquired	$	81,972
Accounts payable	$	4,847
Accrued liabilities	4,301
Long-term deferred tax liability	6,813
Long-term operating lease liability	1,923
Other long-term liabilities	7,152
Total liabilities assumed	$	25,036
Net assets	$	56,936
Noncontrolling interest	5,195
Net assets attributable to Belden	$	51,741

The fair value of acquired receivables is $5.3 million, which is equivalent to its gross contractual amount.

A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments we have used in estimating the preliminary fair value assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations. We did not record any material measurement-period adjustments during 2020.

For the purpose of the above allocation, we based our estimate of fair value for the acquired inventory, intangible assets, and noncontrolling interests on valuation studies performed by a third party valuation firm. We have estimated a fair value adjustment for inventories based on the estimated selling price of the work-in-process and finished goods acquired at the closing date less the sum of the costs to complete the work-in-process, the costs of disposal, and a reasonable profit allowance for post acquisition selling efforts. We used various valuation methods including discounted cash flows, lost income, excess earnings, and relief from royalty to estimate the fair value of the identifiable intangible assets (Level 3 valuation).

Goodwill and other intangible assets reflected above were determined to meet the criteria for recognition apart from tangible assets acquired and liabilities assumed. 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:

55

	Fair Value		Amortization Period
	(In thousands)		(In years)
Intangible assets subject to amortization
Developed technologies	$	3,400	5
Customer relationships	22,800		15
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	$	35,057
Total intangible assets not subject to amortization	$	35,057
Total intangible assets	$	63,057
Weighed average amortization period			12.9

The amortizable intangible assets reflected in the table above were determined by us to have finite lives. The useful life for the developed technology intangible asset was based on the estimated time that the technology provides us with a competitive advantage and thus approximates the period and pattern of consumption of the intangible asset. The useful life for the customer relationship intangible asset was based on our forecasts of estimated sales from recurring customers. The useful life of the backlog intangible asset was based on our estimate of when the ordered items would ship and control of the items transfers. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks.

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

	Years Ended December 31,
	2019		2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	2,139,894	$	2,213,781
Net income (loss) attributable to Belden common stockholders	(389,957)		123,546
Diluted income (loss) per share attributable to Belden common stockholders	$	(9.24)	$	3.02

For purposes of the pro forma disclosures, the year ended December 31, 2018 includes expenses related to the acquisition, including severance, restructuring, and acquisition costs; amortization of intangible assets; and cost of sales arising from the adjustment of inventory to fair value of $5.5 million, $3.8 million, and $0.5 million, respectively.

The above unaudited pro forma information is presented for information purposes only and does not purport to represent what our results of operations would have been had we completed the acquisition on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisition.

FutureLink

We acquired the FutureLink product line and related assets from Suttle, Inc. on April 5, 2019 for a purchase price of $5.0 million, which was funded with cash on hand. The acquisition of FutureLink allows us to offer a more complete set of fiber product offerings. The results from the acquisition of FutureLink have been included in our Condensed Consolidated Financial Statements from April 5, 2019, and are reported within the Enterprise Solutions segment. The acquisition of FutureLink was not material to our financial position or results of operations.

56

Note 5: Discontinued Operations

We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

During the fourth quarter of 2019, we committed to a plan to sell Grass Valley, and at such time, met all of the criteria to classify the assets and liabilities of this business as held for sale. Furthermore, we determined a divestiture of Grass Valley represents a strategic shift that is expected to have a major impact on our operations and financial results. As a result, the Grass Valley disposal group, which was included in our Enterprise Solutions segment, is reported within discontinued operations. The Grass Valley disposal group excludes certain Grass Valley pension liabilities that Belden retained. We also ceased depreciating and amortizing the assets of the disposal group once they met the held for sale criteria in the fourth quarter of 2019.

We wrote down the carrying value of Grass Valley and recognized asset impairments totaling $113.0 million and $521.4 million in 2020 and 2019, respectively. The 2019 impairment charge consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows.

We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 and recognized a loss of $9.9 million, net of $7.5 million income tax expense. The terms of the sale included gross cash consideration of $120.0 million, or approximately $56.2 million net of cash delivered with the business. The sale also included deferred consideration consisting of a $175.0 million seller’s note that is expected to mature in 2025, up to $88 million in PIK (payment-in-kind) interest on the seller’s note, and $178.0 million in potential earnout payments. Based upon a third party valuation specialist using certain assumptions in a Monte Carlo analysis, the estimated fair value of the seller’s note is $34.9 million, which we recorded in Other Long-Lived Assets. We accounted for the earnout under a loss recovery approach and did not record an asset as of the disposal date. Any subsequent recognition of an earnout will be based on the gain contingency guidance.

As part of the transaction, we also invested $3.0 million for a 9% equity interest in Grass Valley with the right to put the equity back to Black Dragon Capital. We exercised our right during the fourth quarter of 2020 and sold our 9% equity interest in Grass Valley to Black Dragon Capital for $2.7 million. We deconsolidated Grass Valley as of July 2, 2020 and accounted for our equity interest under the cost method for the period that we owned a 9% interest in Grass Valley. As of December 31, 2020, we do not own any interest in Grass Valley. Grass Valley's operating results for periods after July 2, 2020 are not included in our Consolidated Financial Statements.

The seller’s note accrues PIK interest at an annual rate of 8.5%. During the year ended December 31, 2020, the seller’s note accrued interest of $7.8 million, which we reserved for based on our expected loss allowance methodology.

We are performing certain services for Grass Valley under a transition services agreement. During 2020, the amount of transition services totaled $2.0 million, which we expect to collect in 2021.

The following table summarizes the operating results of the disposal group up to the July 2, 2020 disposal date for the years ended December 31, 2020, 2019 and 2018, respectively:

57

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Revenues	$	109,195	$	360,496	$	419,666
Cost of sales	(70,199)		(208,173)		(241,164)
Gross profit	38,996		152,323		178,502
Selling, general and administrative expenses	(39,947)		(93,796)		(114,567)
Research and development expenses	(15,083)		(37,172)		(49,033)
Amortization of intangibles	—		(12,782)		(23,689)
Asset impairment of discontinued operations	(113,007)		(521,441)		—
Interest expense, net	(432)		(819)		(720)
Non-operating pension cost	(169)		(221)		(243)
Loss before taxes	$	(129,642)	$	(513,908)	$	(9,750)

The disposal group recognized depreciation and amortization expense of approximately $0.0 million, $23.7 million, and $35.1 million during the years ended December 31, 2020, 2019, and 2018, respectively. The disposal group also had capital expenditures of approximately $16.7 million, $29.4 million, and $22.6 million during the years ended December 31, 2020, 2019, and 2018, respectively. Furthermore, the disposal group incurred stock-based compensation expense/(credits) of $(0.9) million, $0.9 million, and $1.4 million during the years ended December 31, 2020, 2019, and 2018, respectively. The disposal group did not have any significant non-cash charges for investing activities during the years ended December 31, 2020, 2019, and 2018.

The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2019 (in thousands):

Assets:
Cash and cash equivalents	$	18,405
Receivables, net	117,386
Inventories, net	55,002
Other current assets	35,187
Property, plant and equipment, less accumulated depreciation	61,233
Operating lease right-of-use assets	16,902
Goodwill	26,707
Intangible assets, less accumulated amortization	143,459
Deferred income taxes	59,560
Other long-lived assets	21,652
Impairment of disposal group	(180,358)
Total assets of discontinued operations	$	375,135
Liabilities:
Accounts payable	$	52,425
Accrued liabilities	83,349
Postretirement benefits	6,224
Deferred income taxes	2,740
Long-term operating lease liabilities	20,459
Other long-term liabilities	5,082
Total liabilities of discontinued operations	$	170,279

The disposal group also had $42.3 million of accumulated other comprehensive losses as of December 31, 2019.

58

Note 6: Operating Segments and Geographic Information

We are organized around two global business platforms: Enterprise Solutions and Industrial Solutions. Each of the global business platforms represents a reportable segment. Effective January 1, 2020, we transferred our West Penn Wire business and multi-conductor product lines from the Enterprise Solutions segment to the Industrial Solutions segment as a result of a shift in responsibilities among the segments. We have recast the prior period segment information to conform to the change in the composition of reportable segments.

The segments design, manufacture, and market a portfolio of signal transmission solutions for mission critical applications used in a variety of end markets. We sell the products manufactured by our segments through distributors or directly to systems integrators, original equipment manufacturers (OEMs), end-users, and installers.

The key measures of segment profit or loss reviewed by our chief operating decision maker are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues and include revenues that would have otherwise been recorded by acquired businesses as independent entities but were not recognized in our Consolidated Statements of Operations due to the effects of purchase accounting and the associated write-down of acquired deferred revenue to fair value. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value; and other costs. We allocate corporate expenses to the segments for purposes of measuring Segment EBITDA. Corporate expenses are allocated on the basis of each segment’s relative EBITDA prior to the allocation.

Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing.

Operating Segment Information

Enterprise Solutions	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	872,415	$	946,041	$	957,501
Affiliate revenues	1,289		4,162		6,105
Segment EBITDA	99,333		126,925		156,790
Depreciation expense	20,655		19,771		18,490
Amortization of intangibles	21,662		22,324		21,076
Amortization of software development intangible assets	245		175		71
Severance, restructuring, and acquisition integration costs	7,720		10,808		14,863
Purchase accounting effects of acquisitions	125		592		1,690
Acquisition of property, plant and equipment	25,223		42,289		42,624
Segment assets	462,615		487,125		430,128

59

Industrial Solutions	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	990,301	$	1,185,237	$	1,208,201
Affiliate revenues	60		11		80
Segment EBITDA	147,626		226,110		237,870
Depreciation expense	21,815		20,638		19,819
Amortization of intangibles	42,733		52,285		54,064
Amortization of software development intangible assets	1,576		350		8
Severance, restructuring, and acquisition integration costs	4,538		15,736		7,762
Acquisition of property, plant and equipment	44,675		35,189		29,529
Segment assets	522,637		504,482		508,843

Total Segments	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	1,862,716	$	2,131,278	$	2,165,702
Affiliate revenues	1,349		4,173		6,185
Segment EBITDA	246,959		353,035		394,660
Depreciation expense	42,470		40,409		38,309
Amortization of intangibles	64,395		74,609		75,140
Amortization of software development intangible assets	1,821		525		79
Severance, restructuring, and acquisition integration costs	12,258		26,544		22,625
Purchase accounting effects of acquisitions	125		592		1,690
Acquisition of property, plant and equipment	69,898		77,478		72,153
Segment assets	985,252		991,607		938,971

60

The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively.

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total Segment Revenues	$	1,862,716	$	2,131,278	$	2,165,702
Deferred revenue adjustments	—		—		—
Consolidated Revenues	$	1,862,716	$	2,131,278	$	2,165,702
Total Segment EBITDA	$	246,959	$	353,035	$	394,660
Amortization of intangibles	(64,395)		(74,609)		(75,140)
Depreciation expense	(42,470)		(40,409)		(38,309)
Severance, restructuring, and acquisition integration costs (1)	(12,258)		(26,544)		(22,625)
Purchase accounting effects related to acquisitions (2)	(125)		(592)		(1,690)
Amortization of software development intangible assets	(1,821)		(525)		(79)
Loss on sale of assets (3)	—		—		(94)
Costs related to patent litigation	—		—		(2,634)
Gain from patent litigation	—		—		62,141
Eliminations	(480)		(3,149)		(2,222)
Consolidated operating income	125,410		207,207		314,008
Interest expense, net	(58,888)		(55,814)		(60,839)
Non-operating pension benefit (cost)	(395)		1,017		(99)
Loss on debt extinguishment	—		—		(22,990)
Consolidated income from continuing operations before taxes	$	66,127	$	152,410	$	230,080

(1)See Note 15, Severance, Restructuring, and Acquisition Integration Activities, for details.

(2)In 2020 and 2019, we collectively recognized $0.1 million and $0.6 million, respectively, of cost of sales related to purchase accounting adjustments of acquired inventory to fair value for both our SPC and Opterna acquisitions. In 2018, we made a $1.7 million adjustment to increase the earn-out liability associated with an acquisition.

(3)In 2018, we recognized a $0.1 million loss on sale of assets for the sale of our MCS business and Hirschmann JV. See Note 2.

Below are reconciliations of other segment measures to the consolidated totals. 

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total segment assets	$	985,252	$	991,607	$	938,971
Cash and cash equivalents	501,994		407,480		407,454
Goodwill	1,251,938		1,243,669		1,206,877
Intangible assets, less accumulated amortization	287,071		339,505		359,931
Deferred income taxes	29,536		25,216		26,459
Corporate assets	83,943		24,147		16,786
Assets of discontinued operations	—		375,135		822,843
Total assets	$	3,139,734	$	3,406,759	$	3,779,321
Total segment acquisition of property, plant and equipment	$	69,898	$	77,478	$	72,153
Discontinued operations acquisition of property, plant and equipment	16,712		29,414		22,681
Corporate acquisition of property, plant and equipment	3,605		3,110		3,013
Total acquisition of property, plant and equipment	$	90,215	$	110,002	$	97,847

61

Geographic Information

The Company attributes foreign sales based on the location of the customer purchasing the product. The table below summarizes net sales and long-lived assets for the years ended December 31, 2020, 2019 and 2018 for the following countries: the U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company.

	United  States			Canada			China			Germany			All Other			Total
	(In thousands, except percentages)
Year ended December 31, 2020
Revenues	$	1,015,340		$	119,700		$	111,835		$	91,187		$	524,654		$	1,862,716
Percent of total revenues	55		%	6		%	6		%	5		%	28		%	100		%
Long-lived assets	$	163,731		$	32,063		$	44,824		$	63,100		$	114,286		$	418,004
Year ended December 31, 2019
Revenues	$	1,167,033		$	162,975		$	109,522		$	92,913		$	598,835		$	2,131,278
Percent of total revenues	55		%	8		%	5		%	4		%	28		%	100		%
Long-lived assets	$	152,214		$	16,452		$	40,247		$	48,272		$	101,179		$	358,364
Year ended December 31, 2018
Revenues	$	1,206,401		$	166,669		$	107,582		$	100,691		$	584,359		$	2,165,702
Percent of total revenues	56		%	8		%	5		%	4		%	27		%	100		%
Long-lived assets	$	170,368		$	13,352		$	36,989		$	39,724		$	63,776		$	324,209

Major Customer

Revenues generated in both the Enterprise Solutions and Industrial Solutions segments from sales to WESCO were approximately $271.6 million (15% of revenues), $328.2 million (15% of revenues), and $361.7 million (17% of revenues) for 2020, 2019, and 2018, respectively. At December 31, 2020, we had $17.5 million in accounts receivable outstanding from WESCO, which represented approximately 6% of our total accounts receivable outstanding at December 31, 2020.

Note 7: Noncontrolling Interest

We have a 51% ownership percentage in a joint venture with Shanghai Hi-Tech Control System Co, Ltd (Hite). The purpose of the joint venture is to develop and provide certain Industrial Solutions products and integrated solutions to customers in China. Belden and Hite are committed to fund $1.53 million and $1.47 million, respectively, to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net income (loss) attributable to noncontrolling interest in the Consolidated Statements of Operations. The joint venture is not material to our consolidated financial statements as of or for the years ended December 31, 2020, 2019, or 2018.

We acquired Opterna in April 2019. Certain subsidiaries of Opterna include noncontrolling interests. Because we have a controlling financial interest in these subsidiaries, they are consolidated into our financial statements. The results of these subsidiaries were consolidated into our financial statements as of the acquisition date. The results that are attributable to the noncontrolling interest holders are presented as net income (loss) attributable to noncontrolling interests in the Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. On October 25, 2019, we purchased the noncontrolling interest of one subsidiary for a purchase price of $0.8 million; of which $0.4 million was paid at closing and the remaining $0.4 million will be paid in 2021. The subsidiaries of Opterna that include noncontrolling interests are not material to our consolidated financial statements as of or for the years ended December 31, 2020, 2019 or 2018.

62

Note 8: Income Per Share

The following table presents the basis of the income per share computations:

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Numerator:
Income from continuing operations	$	54,403	$	109,891	$	167,144
Less: Net income (loss) attributable to noncontrolling interest	104		239		(183)
Less: Preferred stock dividends	—		18,437		34,931
Income from continuing operations attributable to Belden common stockholders	54,299		91,215		132,396
Add: Loss from discontinued operations, net of tax	(99,513)		(486,667)		(6,433)
Add: Loss on disposal of discontinued operations, net of tax	(9,948)		—		—
Net income (loss) attributable to Belden common stockholders	$	(55,162)	$	(395,452)	$	125,963
Denominator:
Weighted average shares outstanding, basic	44,778		42,203		40,675
Effect of dilutive common stock equivalents	159		213		281
Weighted average shares outstanding, diluted	44,937		42,416		40,956

Basic weighted average shares outstanding is used to calculate diluted loss per share when the numerator is a loss because using diluted weighted average shares outstanding would be anti-dilutive.

For the years ended December 31, 2020, 2019, and 2018, diluted weighted average shares outstanding exclude outstanding equity awards of 1.5 million, 1.2 million, and 0.9 million, respectively, which are anti-dilutive. In addition, for the years ended December 31, 2020, 2019, and 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.4 million, 0.3 million, and 0.3 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for the years ended December 31, 2019, and 2018, diluted weighted average shares outstanding do not include the weighted average impact of preferred shares that were convertible into 3.7 million and 6.9 million common shares, respectively, because deducting the preferred stock dividends from net income was more dilutive.

For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock.

For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately.

Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding.

Note 9: Credit Losses

Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. Upon adoption, we recorded a noncash cumulative effect adjustment to retained earnings of $2.9 million. Of this amount, $1.0 million related to our continuing operations and $1.9 million related to our discontinued operations.

63

We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of accounts receivable that may not be collected is based upon the aging of accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible.

Estimates are used to determine the allowance, which is based upon an assessment of anticipated payments as well as other historical, current and future information that is reasonably available. The following table presents the activity in the allowance for doubtful accounts for our continuing operations for the year ended December 31, 2020 (in thousands).

Balance at December 31, 2019	$	2,569
Adoption adjustment	1,011
Current period provision	2,282
Recoveries collected	(637)
Write-offs	(114)
Currency impact	39
Balance at December 31, 2020	$	5,150

Note 10: Inventories

The major classes of inventories were as follows: 

	December 31,
	2020		2019
	(In thousands)
Raw materials	$	106,514	$	98,530
Work-in-process	32,011		34,717
Finished goods	141,042		119,331
Gross inventories	279,567		252,578
Excess and obsolete reserves	(32,269)		(21,245)
Net inventories	$	247,298	$	231,333

Note 11: Property, Plant and Equipment

The carrying values of property, plant and equipment were as follows: 

	December 31,
	2020		2019
	(In thousands)
Land and land improvements	$	29,321	$	27,502
Buildings and leasehold improvements	136,427		126,580
Machinery and equipment	608,618		558,639
Computer equipment and software	137,512		119,533
Construction in process	63,589		70,993
Gross property, plant and equipment	975,467		903,247
Accumulated depreciation	(606,847)		(557,329)
Net property, plant and equipment	$	368,620	$	345,918

64

Depreciation Expense

We recognized depreciation expense in income from continuing operations of $42.5 million, $40.4 million, and $38.3 million in 2020, 2019, and 2018, respectively.

Note 12: Leases

We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 15 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments.

We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet as of December 31, 2020 or 2019, and the rent expense for short-term leases was not material.

We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component.

As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset.

The components of lease expense were as follows:

	Years Ended December 31,
	2020		2019
	(In thousands)
Operating lease cost	$	14,348	$	14,622
Finance lease cost
Amortization of right-of-use asset	$	133	$	142
Interest on lease liabilities	17		22
Total finance lease cost	$	150	$	164

Supplemental cash flow information related to leases was as follows:

	Years Ended December 31,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15,489	$	14,594
Operating cash flows from finance leases	16		25
Financing cash flows from finance leases	158		258

65

Supplemental balance sheet information related to leases was as follows:

	December 31,
	2020		2019
	(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets	$	54,787	$	62,251
Accrued liabilities	$	14,742	$	13,900
Long-term operating lease liabilities	46,398		55,652
Total operating lease liabilities	$	61,140	$	69,552
Finance leases:
Other long-lived assets, at cost	$	764	$	823
Accumulated depreciation	(483)		(391)
Other long-lived assets, net	$	281	$	432

Weighted Average Remaining Lease Term
Operating leases	5 years	6 years
Finance leases	3 years	3 years
Weighted Average Discount Rate
Operating leases	6.6%	6.9	%
Finance leases	4.9%	6.2	%

The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands):

2021	$	19,250
2022	16,305
2023	12,552
2024	9,516
2025	8,718
Thereafter	8,901
Total	$	75,242

The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands):

2020	$	19,086
2021	16,988
2022	14,128
2023	11,598
2024	9,032
Thereafter	16,655
Total	$	87,487

66

Note 13: Intangible Assets

The carrying values of intangible assets were as follows: 

	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In thousands)						(In thousands)
Goodwill	$	1,251,938	$	—	$	1,251,938	$	1,243,669	$	—	$	1,243,669
Definite-lived intangible assets subject to amortization:
Developed technology	$	428,187	$	(369,849)	$	58,338	$	413,310	$	(331,696)	$	81,614
Customer relationships	295,382		(128,796)		166,586		297,595		(110,732)		186,863
Trademarks	65,861		(36,539)		29,322		56,393		(30,213)		26,180
In-service research and development	11,536		(9,774)		1,762		10,702		(7,160)		3,542
Backlog	11,421		(11,421)		—		11,335		(10,935)		400
Total intangible assets subject to amortization	812,387		(556,379)		256,008		789,335		(490,736)		298,599
Indefinite-lived intangible assets not subject to amortization:
Trademarks	31,063		—		31,063		40,106		—		40,106
In-process research and development	—		—		—		800		—		800
Total intangible assets not subject to amortization	31,063		—		31,063		40,906		—		40,906
Intangible assets	$	843,450	$	(556,379)	$	287,071	$	830,241	$	(490,736)	$	339,505

Segment Allocation of Goodwill and Trademarks

The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows: 

	Enterprise Solutions		Industrial Solutions		Consolidated
	(In thousands)
Balance at December 31, 2018	$	432,082	$	774,795	$	1,206,877
Acquisitions and purchase accounting adjustments	38,209		—		38,209
Translation impact	(260)		(1,157)		(1,417)
Balance at December 31, 2019	$	470,031	$	773,638	$	1,243,669
Acquisitions and purchase accounting adjustments	2,420		—		2,420
Translation impact	2,296		3,553		5,849
Balance at December 31, 2020	$	474,747	$	777,191	$	1,251,938

The changes in the carrying amount of indefinite-lived trademarks are as follows:

	Enterprise Solutions		Industrial Solutions		Consolidated
	(In thousands)
Balance at December 31, 2018	$	27,000	$	13,270	$	40,270
Translation impact	—		(164)		(164)
Balance at December 31, 2019	$	27,000	$	13,106	$	40,106
Reclassify to definite-lived	—		(9,043)		(9,043)
Balance at December 31, 2020	$	27,000	$	4,063	$	31,063

67

Annual Impairment Test

The annual measurement date for our goodwill and indefinite-lived intangible assets impairment test is our fiscal November month-end. For our 2020 goodwill impairment test, we performed a quantitative assessment for all ten of our reporting units and determined the estimated fair values of our reporting units by calculating the present values of their estimated future cash flows using Level 3 inputs. We did not perform a qualitative assessment over our reporting units. We determined that the fair values of the reporting units were in excess of the carrying values; therefore, we did not record any goodwill impairment for the ten reporting units. We also did not recognize any goodwill impairment from continuing operations in 2019 or 2018 based upon the results of our annual goodwill impairment testing.

For our annual impairment test in 2020, the excess of the fair values over the carrying values of our ten reporting units tested under a quantitative income approach ranged from 4% - 345%. The assumptions used to estimate fair values were based on the past performance of the reporting unit as well as the projections incorporated in our strategic plan. Significant assumptions included sales growth, profitability, and related cash flows, along with cash flows associated with taxes and capital spending. The discount rate used to estimate fair value was risk adjusted in consideration of the economic conditions in effect at the time of the impairment test. We also considered assumptions that market participants may use. In our quantitative assessments, the discount rates ranged from 10.0% to 12.2%, the 2021 to 2030 compounded annual revenue growth rates ranged from 2.5% to 5.8%, and the revenue growth rates beyond 2030 ranged from 2.0% to 3.0%. By their nature, these assumptions involve risks and uncertainties. Furthermore, uncertainties associated with current market conditions increase the inherent risk associated with using an income approach to estimate fair values. While we have adjusted our key assumptions to reflect the current economic conditions, we have also assumed that economic conditions will improve. If current conditions persist and actual results are different from our estimates or assumptions, we may have to recognize an impairment charge that could be material.

We test our indefinite-lived intangible assets, which consist primarily of trademarks, for impairment on an annual basis during the fourth quarter. The accounting guidance related to impairment testing for such intangible assets allows for the performance of an optional qualitative assessment, similar to that described above for goodwill. We did not perform any qualitative assessments as part of our indefinite-lived intangible asset impairment testing for 2020. Rather, we performed a quantitative assessment for each of our indefinite-lived trademarks in 2020. Under the quantitative assessments, we determined the fair value of each trademark using a relief from royalty methodology and compared the fair value to the carrying value. Significant assumptions to determine fair value included sales growth, royalty rates, and discount rates. We did not recognize any trademark impairment charges from continuing operations in 2020, 2019, or 2018.

Disposal Group Impairment

During the fourth quarter of 2019, we committed to a plan to sell Grass Valley, and at such time, met all of the criteria to classify the assets and liabilities of this business as held for sale. Furthermore, we determined a divestiture of Grass Valley represents a strategic shift that is expected to have a major impact on our operations and financial results. As a result, the Grass Valley disposal group, previously included in our Enterprise Solutions segment, was reported within discontinued operations. We also ceased depreciating and amortizing the assets of the disposal group once they met the held for sale criteria in the fourth quarter of 2019. During 2019, we wrote down the carrying value of Grass Valley and recognized asset impairments totaling $521.4 million, which consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). During 2020, we wrote down the carrying value of Grass Valley and recognized asset impairments totaling $113.0 million. We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows, which was based in part on the assumed proceeds from a divestiture of Grass Valley.

Amortization Expense

We recognized amortization expense in income from continuing operations of $66.2 million, $74.6 million, and $75.1 million in 2020, 2019, and 2018, respectively. We expect to recognize annual amortization expense of $35.6 million in 2021, $32.9 million in 2022, $31.2 million in 2023, $29.0 million in 2024, and $24.7 million in 2025 related to our intangible assets balance as of December 31, 2020.

The weighted-average amortization period for our customer relationships, trademarks, developed technology, and in-service research and development is 18.2 years, 8.3 years, 6.8 years, and 5.0 years, respectively.

68

At the beginning of 2020, we re-evaluated the useful lives of certain trademarks in our Industrial Solutions segment and concluded that indefinite lives for these trademarks was no longer appropriate. We have estimated a useful life of five years and will re-evaluate this estimate if and when our expected use of the trademarks changes. We began amortizing the trademarks in the first quarter of 2020, which resulted in amortization expense of $1.8 million for the year ended December 31, 2020. As of December 31, 2020, the net book value of these trademarks totaled $7.8 million.

Note 14: Accrued Liabilities

The carrying values of accrued liabilities were as follows:

	December 31,
	2020		2019
	(In thousands)
Wages, severance and related taxes	$	65,892	$	58,953
Current deferred revenue	53,371		54,255
Accrued rebates	32,192		37,170
Accrued interest	20,610		18,781
Employee benefits	27,707		17,791
Lease liabilities	14,840		14,072
Other (individual items less than 5% of total current liabilities)	62,029		82,777
Accrued liabilities	$	276,641	$	283,799

At December 31, 2019, our other accrued liabilities balance included earnout consideration of $31.4 million in accordance with the purchase agreement for SAM, which was acquired on February 8, 2018 and included in the Grass Valley disposal group. During our fiscal first quarter of 2020, prior to the Grass Valley disposal, we paid the sellers of SAM the full earnout consideration. The acquisition-date fair value of the earnout liability was $29.3 million and is reflected as a financing activity in the Consolidated Cash Flow Statement with the remaining $2.1 million reflected as an operating activity.

Note 15: Severance, Restructuring, and Acquisition Integration Activities

Cost Reduction Program

During 2019, we began a cost reduction program to improve performance and enhance margins by streamlining the organizational structure and investing in technology to drive productivity. We recognized $4.0 million and $19.6 million of severance and other restructuring costs for this program during 2020 and 2019, respectively. These costs were incurred by both the Enterprise Solutions and Industrial Solutions segments. The cost reduction program is expected to deliver an estimated $60 million reduction in selling, general, and administrative expenses on an annual basis; approximately $40 million of which was realized in 2020, and the full benefit is expected to be materialized in 2021. We also expect to incur incremental costs of approximately $8 million for this program in 2021.

FutureLink, Opterna, and SPC Integration Program

In 2019, we began a restructuring program to integrate FutureLink, Opterna, and SPC with our existing businesses. The restructuring and integration activities were focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We recognized $4.9 million and $6.1 million of severance and other restructuring costs for this program during 2020 and 2019, respectively. These costs were incurred by the Enterprise Solutions segment. We expect to incur incremental costs of approximately $1 million for this program in 2021.

Industrial Manufacturing Footprint Program

In 2016, we began a program to consolidate our manufacturing footprint, which was later completed in 2018. We recognized severance and other restructuring costs of $17.7 million and $66.1 million for this program during 2018 and cumulatively, respectively. The costs were incurred by the Enterprise Solutions and Industrial Solutions segments, as the manufacturing locations involved in the program serve both platforms.

69

The following table summarizes the costs by segment of the programs described above as well as other immaterial programs and acquisition integration activities: 

	Severance		Other Restructuring and Integration Costs		Total Costs
			(In thousands)
Year Ended December 31, 2020
Enterprise Solutions	$	1,345	$	6,374	$	7,719
Industrial Solutions	1,706		2,833		4,539
Total	$	3,051	$	9,207	$	12,258
Year Ended December 31, 2019
Enterprise Solutions	$	5,018	$	5,790	$	10,808
Industrial Solutions	15,736		—		15,736
Total	$	20,754	$	5,790	$	26,544
Year Ended December 31, 2018
Enterprise Solutions	$	548	$	14,315	$	14,863
Industrial Solutions	240		7,522		7,762
Total	$	788	$	21,837	$	22,625

The other restructuring and integration costs primarily consisted of equipment transfers, costs to consolidate operating and support facilities, retention bonuses, relocation, travel, legal, and other costs. The majority of the other restructuring and integration costs related to these actions were paid as incurred or are payable within the next 60 days.

The following table summarizes the costs of the various programs described above as well as other immaterial programs and acquisition integration activities by financial statement line item in the Consolidated Statement of Operations:

	Years ended December 31,
	2020		2019		2018
	(In thousands)
Cost of sales	$	704	$	3,425	$	17,962
Selling, general and administrative expenses	11,554		23,119		4,546
Research and development expenses	—		—		117
Total	$	12,258	$	26,544	$	22,625

Accrued Severance

The table below sets forth severance activity that occurred for the Cost Reduction Program and SPC, Opterna and FutureLink Integration Program described above. The balances below are included in accrued liabilities (in thousands).

70

Balance at December 31, 2019	$	19,575
New charges	2,529
Cash payments	(4,483)
Foreign currency translation	(89)
Other adjustments	(4,147)
Balance at March 29, 2020	$	13,385
New charges	4,660
Cash payments	(4,795)
Foreign currency translation	(132)
Other adjustments	(1,420)
Balance at June 28, 2020	$	11,698
New charges	2,060
Cash payments	(3,968)
Foreign currency translation	(156)
Other adjustments	(1,541)
Balance at September 27, 2020	$	8,093
New charges	992
Cash payments	(1,823)
Foreign currency translation	(95)
Other adjustments	(82)
Balance at December 31, 2020	$	7,085

The other adjustments were the result of changes in estimates. We experienced higher than expected voluntary turnover during 2020, and as a result, certain previously approved severance actions were not taken.

Note 16: Long-Term Debt and Other Borrowing Arrangements

The carrying values of our long-term debt and other borrowing arrangements were as follows:

	December 31,
	2020		2019
	(In thousands)
Revolving credit agreement due 2022	$	—	$	—
Senior subordinated notes:
3.875% Senior subordinated notes due 2028	428,295		392,910
3.375% Senior subordinated notes due 2027	550,665		505,170
4.125% Senior subordinated notes due 2026	244,740		224,520
2.875% Senior subordinated notes due 2025	367,110		336,780
Total senior subordinated notes	1,590,810		1,459,380
Less unamortized debt issuance costs	(17,084)		(19,896)
Long-term debt	$	1,573,726	$	1,439,484

71

Revolving Credit Agreement due 2022

In 2017, we entered into an Amended and Restated Credit Agreement (the Revolver) to amend and restate our prior Revolving Credit Agreement. The Revolver provides a $400.0 million multi-currency asset-based revolving credit facility. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the U.S., Canada, Germany, and the Netherlands. The maturity date of the Revolver is May 16, 2022. Interest on outstanding borrowings is variable, based upon LIBOR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25%-1.75%, depending upon our leverage position. We pay a commitment fee on our available borrowing capacity of 0.25%. In the event we borrow more than 90% of our borrowing base, we are subject to a fixed charge coverage ratio covenant. We paid approximately $2.3 million of fees when we amended the Revolver, which are being amortized over the remaining term of the Revolver. Due to the initial uncertainties arising from the COVID-19 pandemic and out of an abundance of caution, in April 2020 we borrowed $190.0 million on our Revolver, which we fully repaid by December 31, 2020 as a result of improved and sufficient liquidity and cash flow. As of December 31, 2020, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $230.2 million.

Senior Subordinated Notes

In March 2018, we completed an offering for €350.0 million ($431.3 million at issuance) aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of December 31, 2020 is $428.3 million. The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2028 Notes rank equal in right of payment with our senior subordinated notes due 2027, 2026, and 2025 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year, which commenced on September 15, 2018. We paid approximately $7.5 million of fees associated with the issuance of the 2028 Notes, which are being amortized over the life of the 2028 Notes using the effective interest method. We used the net proceeds from this offering and cash on hand to repurchase the 2023 and 2024 Notes - see further discussion below.

We have outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). The carrying value of the 2027 Notes as of December 31, 2020 is $550.7 million. The 2027 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2027 Notes rank equal in right of payment with our senior subordinated notes due 2028, 2026, and 2025 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.

We have outstanding €200.0 million aggregate principal amount of 4.125% senior subordinated notes due 2026 (the 2026 Notes). The carrying value of the 2026 Notes as of December 31, 2020 is $244.7 million. The 2026 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2028, 2027, and 2025 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on April 15 and October 15 of each year.

We have outstanding €300.0 million aggregate principal amount of 2.875% senior subordinated notes due 2025 (the 2025 Notes). The carrying value of the 2025 Notes as of December 31, 2020 is $367.1 million. The 2025 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2025 Notes rank equal in right of payment with our senior subordinated notes due 2028, 2027, and 2026 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year.

We had outstanding $200 million aggregate principal amount of 5.25% senior subordinated notes due 2024 (the 2024 Notes). In March 2018, we repurchased $188.7 million of the 2024 Notes outstanding for cash consideration of $199.8 million, including a prepayment penalty and recognized a $13.8 million loss on debt extinguishment including the write-off of unamortized debt issuance costs. In April 2018, we repurchased the remaining 2024 Notes outstanding for cash consideration of $11.9 million, including a prepayment penalty, and recognized a $0.8 million loss on debt extinguishment including the write-off of unamortized debt issuance costs.

72

We had outstanding €200.0 million aggregate principal amount of 5.5% senior subordinated notes due 2023 (the 2023 Notes). In March 2018, we repurchased €143.1 million of the €200.0 million 2023 Notes outstanding for cash consideration of €147.8 million ($182.1 million), including a prepayment penalty and recognized a $6.2 million loss on debt extinguishment including the write-off of unamortized debt issuance costs. In April 2018, we repurchased the remaining 2023 Notes outstanding for cash consideration of €58.5 million ($71.6 million), including a prepayment penalty, and recognized a $2.2 million loss on debt extinguishment including the write-off of unamortized debt issuance costs.

The senior subordinated notes due 2025, 2026, 2027 and 2028 are redeemable after September 15, 2020, October 15, 2021, July 15, 2022, and March 15, 2023, respectively, at the following redemption prices as a percentage of the face amount of the notes: 

Senior Subordinated Notes due
2025			2026			2027			2028
Year	Percentage		Year	Percentage		Year	Percentage		Year	Percentage
2020	101.438	%	2021	102.063	%	2022	101.688	%	2023	101.938	%
2021	100.719	%	2022	101.375	%	2023	101.125	%	2024	101.292	%
2022 and thereafter	100.000	%	2023	100.688	%	2024	100.563	%	2025	100.646	%
			2024 and thereafter	100.000	%	2025 and thereafter	100.000	%	2026 and thereafter	100.000	%

Fair Value of Long-Term Debt

The fair value of our senior subordinated notes as of December 31, 2020 was approximately $1,633.7 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,590.8 million as of December 31, 2020.

Maturities

Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2020 are as follows (in thousands):

2021	$	—
2022	—
2023	—
2024	—
2025	367,110
Thereafter	1,223,700
	$	1,590,810

Note 17: Net Investment Hedge

All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of December 31, 2020, €767.8 million of our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations. The objective of the hedge is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate. The transaction gain or loss is reported in the translation adjustment section of other comprehensive income. For the years ended December 31, 2020, 2019 and 2018, the transaction gain/(loss) associated with the net investment hedge reported in other comprehensive income was $(56.2) million, $26.6 million and $87.5 million, respectively. During 2020, we de-designated €532.2 million of our outstanding debt that was previously designated as a net investment hedge. After the de-designation, transaction gains or losses associated with this €532.2 million of debt are reported in income from continuing operations.

73

Note 18: Income Taxes

	Years ended December 31,
	2020		2019		2018
	(in thousands)
Income (loss) before taxes:
United States operations	$	(117,819)	$	42,833	$	115,500
Foreign operations	183,946		109,577		114,580
Income before taxes	$	66,127	$	152,410	$	230,080
Income tax expense (benefit):
Currently payable
United States federal	$	273	$	21,893	$	31,730
United States state and local	91		3,090		3,912
Foreign	11,511		13,859		16,968
	11,875		38,842		52,610
Deferred
United States federal	(1,754)		7,567		7,220
United States state and local	(2,310)		(1,205)		(31)
Foreign	3,913		(2,685)		3,137
	(151)		3,677		10,326
Income tax expense	$	11,724	$	42,519	$	62,936

In addition to the above income tax expense associated with continuing operations, we also recorded an income tax benefit associated with discontinued operations of $22.6 million, $27.2 million, and $3.3 million in 2020, 2019, and 2018, respectively.

	Years Ended December 31,
	2020	2019	2018
Effective income tax rate reconciliation from continuing operations:
United States federal statutory rate	21.0%	21.0%	21.0%
State and local income taxes	(2.6)%	1.2%	1.5%
Impact of change in tax contingencies	2.3%	—%	(0.7)%
Foreign income tax rate differences	(38.2)%	(8.6)%	(1.0)%
Impact of change in deferred tax asset valuation allowance	3.1%	9.2%	0.3%
Domestic permanent differences and tax credits	33.9%	5.1%	1.9%
Impact of tax reform	—%	—%	4.4%
Impact of CARES act	(1.8)%	—%	—%
	17.7%	27.9%	27.4%

In 2020, the most significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of foreign tax rate differences. Foreign tax rate differences resulted in an income tax benefit of $25.3 million, $13.1 million, and $2.4 million in 2020, 2019, and 2018, respectively. Additionally, in 2020, 2019 and 2018, our income tax expense was reduced by $4.0 million, $3.9 million, and $3.0 million, respectively, due to a tax holiday for our operations in St. Kitts. The tax holiday in St. Kitts is scheduled to expire in 2022.

An additional significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of domestic permanent differences and tax credits. We recognized a total income tax expense from domestic permanent differences and tax credits of $22.4 million in 2020, primarily associated with our foreign income inclusions.

In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law in the United States. The Company generated a loss in the U.S. which will be carried back to prior years, as permitted by the CARES Act. The net impact to the tax provision as a result of the net operating loss carry back was a benefit of $1.2 million, primarily associated with the re-rate of the net operating loss carry back period.

74

If we were to repatriate foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. However, it is our intent to permanently reinvest the earnings of our non-U.S. subsidiaries in those operations and for continued non-U.S. growth opportunities. As a result, as of December 31, 2020, we have not made a provision for U.S. or additional foreign withholding taxes.

	December 31,
	2020		2019
	(In thousands)
Components of deferred income tax balances:
Deferred income tax liabilities:
Plant, equipment, and intangibles	$	(92,271)	$	(96,254)
Right of use asset	(17,610)		(16,906)
	(109,881)		(113,160)
Deferred income tax assets:
Postretirement, pensions, and stock compensation	35,394		28,169
Reserves and accruals	24,388		15,395
Net operating loss, capital loss, and tax credit carryforwards	107,028		76,456
Lease liability	18,515		17,882
Valuation allowances	(84,308)		(48,251)
	101,017		89,651
Net deferred income tax liability	$	(8,864)	$	(23,509)

On July 2, 2020, we completed the divestiture of Grass Valley to Black Dragon Capital. The increase in pensions and reserves is primarily due to the divestiture of Grass Valley. We derived $23.8 million of deferred tax assets in relation to a capital loss in the U.S. for the divestiture of Grass Valley. The increase in deferred tax valuation allowances is primarily due to the valuation allowance against the capital loss of $23.8 million that we do not expect to be able to realize prior to expiration and the valuation allowance against the seller’s note allowance.

As of December 31, 2020, we had $205.4 million of gross net operating loss carryforwards and $57.1 million of tax credit carryforwards. Unless otherwise utilized, net operating loss carryforwards will expire upon the filing of the tax returns for the following respective years: $0.9 million in 2020, $19.7 million between 2021 and 2024, and $126.8 million between 2025 and 2040. Net operating loss with an indefinite carryforward period total $58.0 million. Of the $205.4 million in net operating loss carryforwards, we have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $137.1 million of these net operating loss carryforwards within their respective expiration periods. A valuation allowance has been recorded on the remaining portion of the net operating loss carryforwards.

Unless otherwise utilized, tax credit carryforwards of $57.1 million will expire as follows: $2.1 million between 2020 and 2024 and $49.6 million between 2025 and 2040. Tax credit carryforwards with an indefinite carryforward period total $5.4 million. We have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $17.3 million of these tax credit carryforwards within their respective expiration periods. A valuation allowance has been recorded on the remaining portion of the tax credit carryforwards.

As of December 31, 2020, we had $100.5 million of gross capital loss carryforwards in the U.S. with a full valuation allowance as we do not expect to be able to utilize the capital loss prior to expiration.

The following tables summarize our net operating losses carryforwards and tax credit carryforwards as of December 31, 2020 by jurisdiction:

75

	Net Operating Loss Carryforwards
	(In thousands)
Australia	$	10,546
Germany	15,852
Japan	653
Luxembourg	163
Netherlands	6,578
Other	20,723
United Kingdom	10,720
United States - Federal and various states	140,117
Total	$	205,352

	Tax Credit Carryforwards
	(In thousands)
United States	$	56,617
Canada	492
Total	$	57,109

In 2020, we recognized a net $1.8 million increase to reserves for uncertain tax positions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	2020		2019
	(In thousands)
Balance at beginning of year	$	6,779	$	6,591
Additions based on tax positions related to the current year	548		488
Additions for tax positions of prior years	1,574		—
Reductions for tax positions of prior years - Settlement	(328)		(300)
Balance at end of year	$	8,573	$	6,779

The balance of $8.6 million at December 31, 2020, reflects tax positions that, if recognized, would impact our effective tax rate.

As of December 31, 2020, we believe it is reasonably possible that $1.7 million of unrecognized tax benefits will change within the next twelve months primarily attributable to the expected completion of tax audits in foreign jurisdictions.

Our practice is to recognize interest and penalties related to uncertain tax positions in interest expense and operating expenses, respectively. We have approximately $0.2 million and $0.0 million accrued for the payment of interest and penalties as of December 31, 2020 and 2019, respectively.

Our federal tax return for the tax years 2017 and later remain subject to examination by the Internal Revenue Service. Our state and foreign income tax returns for the tax years 2012 and later remain subject to examination by various state and foreign tax authorities.

Note 19: Pension and Other Postretirement Benefits

We sponsor defined benefit pension plans and defined contribution plans that cover substantially all employees in Canada, the Netherlands, the United Kingdom, the U.S., and certain employees in Germany. Certain defined benefit plans in the United Kingdom are frozen and additional benefits are not being earned by the participants. The U.S. defined benefit pension plan is closed to new entrants. Annual contributions to retirement plans equal or exceed the minimum funding requirements of applicable local regulations. The assets of the funded pension plans we sponsor are maintained in various trusts and are invested primarily in equity and fixed income securities.

76

Benefits provided to employees under defined contribution plans include cash contributions by the Company based on either hours worked by the employee or a percentage of the employee’s compensation. Defined contribution expense for 2020, 2019, and 2018 was $10.0 million, $12.1 million, and $11.8 million, respectively.

We sponsor unfunded postretirement medical and life insurance benefit plans for certain of our employees in Canada and the U.S. The medical benefit portion of the U.S. plan is only for employees who retired prior to 1989 as well as certain other employees who were near retirement and elected to receive certain benefits.

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.

	Pension Benefits				Other Benefits
Years Ended December 31,	2020		2019		2020		2019
			(In thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	(461,352)	$	(412,880)	$	(29,470)	$	(26,143)
Service cost	(3,930)		(3,668)		(33)		(35)
Interest cost	(9,729)		(12,261)		(809)		(960)
Participant contributions	(73)		(86)		(5)		(4)
Actuarial loss	(42,284)		(39,329)		(110)		(2,374)
Divestitures and acquisitions	(910)		—		—		—
Settlements	26,970		49		—		—
Curtailments	236				—
Plan amendments	(226)		—		—		—
Foreign currency exchange rate changes	(15,345)		(9,890)		(427)		(1,260)
Benefits paid	13,718		16,713		1,356		1,306
Benefit obligation, end of year	$	(492,925)	$	(461,352)	$	(29,498)	$	(29,470)

	Pension Benefits				Other Benefits
Years Ended December 31,	2020		2019		2020		2019
			(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of year	$	355,726	$	311,509	$	—	$	—
Actual return on plan assets	32,470		45,896		—		—
Employer contributions	6,393		5,673		1,351		1,302
Plan participant contributions	73		86		5		4
Settlements	(26,945)		—		—		—
Foreign currency exchange rate changes	7,803		9,275		—		—
Benefits paid	(13,718)		(16,713)		(1,356)		(1,306)
Fair value of plan assets, end of year	$	361,802	$	355,726	$	—	$	—

Funded status, end of year	$	(131,123)	$	(105,626)	$	(29,498)	$	(29,470)
Amounts recognized in the balance sheets:
Prepaid benefit cost	$	4,780	$	5,542	$	—	$	—
Accrued benefit liability, current	(3,558)		(3,000)		(1,443)		(1,411)
Accrued benefit liability, noncurrent	(132,345)		(108,168)		(28,055)		(28,059)
Net funded status	$	(131,123)	$	(105,626)	$	(29,498)	$	(29,470)

The accumulated benefit obligation for all defined benefit pension plans was $518.4 million and $456.9 million at December 31, 2020 and 2019, respectively.

77

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with a projected benefit obligation in excess of plan assets were $463.2 million, $459.2 million, and $297.8 million, respectively, as of December 31, 2020 and were $404.9 million, $400.4 million, and $293.7 million, respectively, as of December 31, 2019.

The accumulated benefit obligation and fair value of plan assets for other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets were $59.2 million and $64.0 million, respectively, as of December 31, 2020 and were $29.5 million and $0 million, respectively, as of December 31, 2019.

The following table provides the components of net periodic benefit costs for the plans.

	Pension Benefits						Other Benefits
Years Ended December 31,	2020		2019		2018		2020		2019		2018
					(In thousands)
Components of net periodic benefit cost:
Service cost	$	3,930	$	3,668	$	4,579	$	33	$	35	$	47
Interest cost	9,729		12,261		11,480		809		960		945
Expected return on plan assets	(16,357)		(15,699)		(16,389)		—		—		—
Amortization of prior service cost (credit)	190		169		(42)		—		—		—
Settlement loss (gain)	3,153		(7)		1,342		—		—		—
Net loss (gain) recognition	2,930		1,432		2,775		(59)		(133)		(12)
Net periodic benefit cost	$	3,575	$	1,824	$	3,745	$	783	$	862	$	980

We recorded settlement losses totaling $3.2 million during 2020 and $1.3 million during 2018. The settlement losses were the result of lump-sum payments to participants that exceeded the sum of the pension plan's respective annual service cost and interest cost amounts.

The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.

	Pension Benefits				Other Benefits
	Years Ended December 31,				Years Ended December 31,
	2020		2019		2020		2019
Weighted average assumptions for benefit obligations at year end:
Discount rate	1.5	%	2.2	%	2.5	%	2.9	%
Salary increase	3.3	%	3.5	%	N/A		N/A
Cash balance interest credit rate	4.6	%	4.0	%	N/A		N/A
Weighted average assumptions for net periodic cost for the year:
Discount rate	2.2	%	3.1	%	2.9	%	3.7	%
Salary increase	3.5	%	3.6	%	N/A		N/A
Cash balance interest credit rate	4.0	%	4.7	%	N/A		N/A
Expected return on assets	4.9	%	5.0	%	N/A		N/A
Assumed health care cost trend rates:
Health care cost trend rate assumed for next year	N/A		N/A		5.5	%	5.6	%
Rate that the cost trend rate gradually declines to	N/A		N/A		5.0	%	5.0	%
Year that the rate reaches the rate it is assumed to remain at	N/A		N/A		2026		2023

Plan assets are invested using a total return investment approach whereby a mix of equity securities and fixed income securities are used to preserve asset values, diversify risk, and achieve our target investment return benchmark. Investment strategies and asset allocations are based on consideration of the plan liabilities, the plan’s funded status, and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis.

78

Plan assets are managed in a balanced portfolio comprised of two major components: an asset growth portion and an asset protection portion. The expected role of asset growth investments is to maximize the long-term real growth of assets, while the role of asset protection investments is to generate current income, provide for more stable periodic returns, and provide some protection against a permanent loss of capital.

Absent regulatory or statutory limitations, the target asset allocation for the investment of the assets for our ongoing pension plans is 30-50% in asset protection investments and 50-70% in asset growth investments and for our pension plans where the majority of the participants are in payment or terminated vested status is 50-90% in asset protection investments and 10-50% in asset growth investments. Asset growth investments include a diversified mix of U.S. and international equity, primarily invested through investment funds. Asset protection investments include government securities and investment grade corporate bonds, primarily invested through investment funds and group insurance contracts. We develop our expected long-term rate of return assumptions based on the historical rates of returns for securities and instruments of the type in which our plans invest.

The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the invested assets and future assets to be invested to provide for the benefits included in the projected benefit obligation. We use historic plan asset returns combined with current market conditions to estimate the rate of return. The expected rate of return on plan assets is a long-term assumption based on an analysis of historical and forward looking returns considering the plan’s actual and target asset mix.

The following table presents the fair values of the pension plan assets by asset category. 

	December 31, 2020								December 31, 2019
	Fair Market Value at December 31, 2020		Quoted  Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Investments Measured at NAV		Fair Market Value at December 31, 2019		Quoted  Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Investments Measured at NAV
	(In thousands)								(In thousands)
Asset Category:
Equity securities(a)
U.S. equities fund	$	86,059	$	3,012	$	—	$	83,047	$	131,563	$	2,793	$	—	$	128,770
Non-U.S. equities fund	61,630		5,602		—		56,028		54,496		5,949		—		48,547
Debt securities(b)
Government bond fund	98,418		—		772		97,646		74,219		—		745		73,474
Corporate bond fund	82,434		—		12,150		70,284		40,940		—		9,854		31,086
Fixed income fund(c)	7,320		—		—		7,320		35,895		—		33,701		2,194
Other investments(d)	17,367		—		—		17,367		9,462		—		—		9,462
Cash & equivalents	8,574		3,230		—		5,344		9,151		167		—		8,984
Total	$	361,802	$	11,844	$	12,922	$	337,036	$	355,726	$	8,909	$	44,300	$	302,517

(a)This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges. Funds which are valued using the net asset value method are not included in the fair value hierarchy.

(b)This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Funds valued using the net asset value method are not included in the fair value hierarchy.

79

(c)This category includes guaranteed insurance contracts and annuity policies.

(d)This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds. Funds valued using the net asset method are not included in the fair value hierarchy.

The plans do not invest in individual securities. All investments are through well diversified investment funds. As a result, there are no significant concentrations of risk within the plan assets.

The following table reflects the benefits as of December 31, 2020 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. 

	Pension Plans		Other Plans
	(In thousands)
2021	$	19,497	$	1,460
2022	19,044		1,457
2023	20,320		1,458
2024	21,247		1,463
2025	19,417		1,466
2026-2030	99,881		7,413
Total	$	199,406	$	14,717

We anticipate contributing $11.4 million and $1.5 million to our pension and other postretirement plans, respectively, during 2021.

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2020 and the changes in these amounts during the year ended December 31, 2020 are as follows. 

	Pension Benefits		Other Benefits
	(In thousands)
Components of accumulated other comprehensive loss:
Net actuarial loss (gain)	$	80,671	$	(436)
Net prior service cost	2,798		—
	$	83,469	$	(436)

80

	Pension Benefits		Other Benefits
	(In thousands)
Changes in accumulated other comprehensive loss:
Net actuarial loss (gain), beginning of year	$	56,746	$	(600)
Amortization of actuarial gain (loss)	(2,930)		59
Actuarial loss	42,048		110
Asset gain	(16,113)		—
Settlement loss recognized	(3,153)		—
Divestitures and acquisitions	335		—
Currency impact	3,738		(5)
Net actuarial loss (gain), end of year	$	80,671	$	(436)
Prior service cost, beginning of year	$	2,661	$	—
Amortization of prior service cost	(190)		—
Prior service cost occurring during the year	226		—
Currency impact	101		—
Prior service cost, end of year	$	2,798	$	—

Note 20: Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: 

	Foreign Currency Translation Component		Pension and Other Postretirement Benefit Plans		Accumulated Other Comprehensive Income (Loss)
			(In thousands)
Balance at December 31, 2018	$	(41,882)	$	(33,025)	$	(74,907)
Other comprehensive gain (loss) attributable to Belden before reclassifications	23,657		(13,281)		10,376
Amounts reclassified from accumulated other comprehensive income	—		1,113		1,113
Net current period other comprehensive gain (loss) attributable to Belden	23,657		(12,168)		11,489
Balance at December 31, 2019	$	(18,225)	$	(45,193)	$	(63,418)
Other comprehensive loss attributable to Belden before reclassifications	(123,101)		(20,800)		(143,901)
Amounts reclassified from accumulated other comprehensive income	10,145		5,323		15,468
Net current period other comprehensive loss attributable to Belden	(112,956)		(15,477)		(128,433)
Balance at December 31, 2020	$	(131,181)	$	(60,670)	$	(191,851)

81

The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss):

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)		Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (Loss)
	(In thousands)
Amortization of pension and other postretirement benefit plan items:
Settlement loss	$	3,153	(1)
Accumulated losses of Grass Valley disposal group	771		(2)
Actuarial losses	2,871		(1)
Prior service cost	190		(1)
Total before tax	6,985
Tax benefit	(1,662)
Total net of tax	$	5,323

(1)The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 19).

(2)In addition, we reclassified $10.1 million of accumulated foreign currency translation losses associated with the Grass Valley disposal group that are included in the calculation of the loss on disposal of discontinued operations.

Note 21: Share-Based Compensation

Compensation cost charged against income, primarily selling, general and administrative expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: 

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total share-based compensation cost	$	19,171	$	16,802	$	17,143
Income tax benefit	4,563		3,999		4,080

We currently have outstanding stock appreciation rights (SARs), restricted stock units with service vesting conditions, restricted stock units with performance vesting conditions, and restricted stock units with market conditions. We grant SARs with an exercise price equal to the closing market price of our common stock on the grant date. Generally, SARs may be converted into shares of our common stock in equal amounts on each of the first three anniversaries of the grant date and expire 10 years from the grant date. Certain awards provide for accelerated vesting in certain circumstances, including following a change in control of the Company. Restricted stock units with service conditions generally vest 3-5 years from the grant date. Restricted stock units issued based on the attainment of the performance conditions generally vest on the second or third anniversary of their grant date. Restricted stock units issued based on the attainment of market conditions generally vest on the third anniversary of their grant date.

We recognize compensation cost for all awards based on their fair values. The fair values for SARs are estimated on the grant date using the Black-Scholes-Merton option-pricing formula which incorporates the assumptions noted in the following table. Expected volatility is based on historical volatility, and expected term is based on historical exercise patterns of SAR holders. The fair value of restricted stock units with service vesting conditions or performance vesting conditions is the closing market price of our common stock on the date of grant. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. Compensation costs for awards with service conditions are amortized to expense using the straight-line method. Compensation costs for awards with performance conditions and graded vesting are amortized to expense using the graded attribution method. 

During the year ended December 31, 2020, certain restricted stock units with performance vesting conditions were modified as a result of approved changes to the performance targets. There were no other changes to the terms of the restricted stock units. The modification was applicable to all employees who were previously granted the affected restricted stock units. Prior to the modification, the performance targets were not expected to be achieved. Therefore, we had not recognized any expense for these restricted stock units on a cumulative basis. As of the modification date, we expect to recognize total incremental compensation expense as a result of the modification of $4.4 million, of which $1.4 million was recognized in 2020. The remaining expense will be recognized over the applicable service periods, which extend to 2023.

82

	Years Ended December 31,
	2020			2019			2018
	(In thousands, except weighted average fair value and assumptions)
Weighted-average fair value of SARs and options granted	$	18.29		$	22.31		$	25.19
Total intrinsic value of SARs converted and options exercised	545			354			2,263
Tax benefit (expense) related to share-based compensation	(560)			(101)			113
Weighted-average fair value of restricted stock shares and units granted	41.75			64.61			72.54
Total fair value of restricted stock shares and units vested	6,600			10,325			5,740
Expected volatility	37.55		%	35.05		%	33.16		%
Expected term (in years)	5.7			5.7			5.6
Risk-free rate	1.44		%	2.56		%	2.70		%
Dividend yield	0.39		%	0.32		%	0.27		%

	SARs and Stock Options						Restricted Shares and Units
	Number	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value		Number	Weighted- Average Grant-Date Fair Value
	(In thousands, except exercise prices, fair values, and contractual terms)
Outstanding at January 1, 2020	1,367	$	65.04	n/a	n/a		737	$	68.31
Granted	149	51.14		n/a	n/a		565	41.75
Exercised or converted	(38)	38.24		n/a	n/a		(102)	64.56
Forfeited or expired	(167)	66.42		n/a	n/a		(247)	75.07
Outstanding at December 31, 2020	1,311	$	64.06	5.7	$	(29,054)	953	$	52.50
Vested or expected to vest at December 31, 2020	1,266	$	64.09	5.7	$	(28,096)
Exercisable or convertible at December 31, 2020	1,021	$	62.62	5.5	$	(24,060)

At December 31, 2020, the total unrecognized compensation cost related to all nonvested awards was $25.0 million. That cost is expected to be recognized over a weighted-average period of 1.6 years.

Historically, we have issued treasury shares, if available, to satisfy award conversions and exercises.

Note 22: Preferred Stock

In 2016, we issued 5.2 million depositary shares, each of which represented 1/100th interest in a share of 6.75% Series B Mandatory Convertible Preferred Stock (the Preferred Stock), for an offering price of $100 per depositary share. We received approximately $501 million of net proceeds from this offering, which were used for general corporate purposes. On July 15, 2019, all outstanding Preferred Stock was automatically converted into shares of Belden common stock at the conversion rate of 132.50, resulting in the issuance of approximately 6.9 million shares of Belden common stock. Upon conversion, the Preferred Stock was automatically extinguished and discharged, is no longer deemed outstanding for all purposes, and delisted from trading on the New York Stock Exchange. For the years ended December 31, 2020, 2019, and 2018, dividends on the Preferred Stock were $0.0 million, $18.4 million, and $34.9 million, respectively.

Note 23: Stockholder Rights Plan

On March 27, 2018, our Board of Directors authorized the redemption of all outstanding preferred share purchase rights issued pursuant to the then existing Rights Agreement. Under the former Rights Agreement, one right was attached to each outstanding share of common stock. The rights were redeemed at a redemption price of $0.01 per right, resulting in a total payment of $0.4 million to the holders of the rights as of the close of business on March 27, 2018.

83

Note 24: Share Repurchases

On May 25, 2017, our Board of Directors authorized a share repurchase program, which allowed us to purchase up to $200.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program was funded with cash on hand and cash flows from operating activities. During 2018, we repurchased 2.7 million shares of our common stock under the program for an aggregate cost of $175.0 million and an average price per share of $64.94; exhausting the $200.0 million authorized under this share repurchase program.

On November 29, 2018, our Board of Directors authorized another share repurchase program, which allows us to purchase up to $300.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. During 2018, we did not repurchase any shares of our common stock under this program. During 2019, we repurchased 0.9 million shares of our common stock under the program for an aggregate cost of $50.0 million and an average price per share of $56.19. During 2020, we repurchased 1.0 million shares of our common stock under the share repurchase program for an aggregate cost of $35.0 million at an average price per share of $35.83.

Note 25: Market Concentrations and Risks

Concentrations of Credit

We sell our products to many customers in several markets across multiple geographic areas. The ten largest customers, of which six are distributors, constitute in aggregate approximately 40%, 39%, and 40% of revenues in 2020, 2019, and 2018, respectively.

Unconditional Commodity Purchase Obligations

At December 31, 2020, we were committed to purchase approximately 1.9 million pounds of copper at an aggregate fixed cost of $6.0 million. At December 31, 2020, this fixed cost was $0.7 million less than the market cost that would be incurred on a spot purchase of the same amount of copper. The aggregate market cost was based on the current market price of copper obtained from the New York Mercantile Exchange.

Labor

Approximately 28% of our labor force is covered by collective bargaining agreements at various locations around the world. Approximately 25% of our labor force is covered by collective bargaining agreements that we expect to renegotiate during 2021.

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, and debt instruments. The carrying amounts of cash and cash equivalents, trade receivables, and trade payables at December 31, 2020 are considered representative of their respective fair values. The fair value of our senior subordinated notes at December 31, 2020 and 2019 was approximately $1,633.7 million and $1,532.7 million, respectively, based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,590.8 million and $1,459.4 million as of December 31, 2020 and 2019, respectively.

Note 26: Contingent Liabilities

General

Various claims are asserted against us in the ordinary course of business including those pertaining to income tax examinations, product liability, customer, employment, vendor, and patent matters. Based on facts currently available, management believes that the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, operating results, or cash flow.

Letters of Credit, Guarantees and Bonds

At December 31, 2020, we were party to unused standby letters of credit, bank guarantees, and surety bonds totaling $8.5 million, $4.1 million, and $3.3 million, respectively. These commitments are generally issued to secure obligations we have for a variety of commercial reasons, such as workers compensation self-insurance programs in several states and the importation and exportation of product.

84

Note 27: Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

	Years Ended December 31,
	2020		2019		2018
			(In thousands)
Income tax refunds received	$	4,460	$	4,695	$	3,920
Income taxes paid	(25,259)		(40,760)		(52,147)
Interest paid	(53,029)		(51,160)		(48,519)

Note 28: Subsequent Events

On January 29, 2021, we acquired privately held OTN Systems N.V., a leading provider of automation networking infrastructure solutions, for approximately $71 million, net of cash acquired. The acquisition was funded with cash on hand. Headquartered in Olen, Belgium, OTN Systems is a leading provider of easy to use and highly-reliable network solutions tailored for specific applications in harsh, mission-critical environments. OTN Systems’ value-added technology allows customers to easily build, maintain, and monitor complex networks in growing industrial markets, such as Process, Power Transmission, and Mass Transit.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

In accordance with Securities Exchange Act Rules 13a-15(e) and 15d-15(e), our management, under the supervision of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2020.

Management’s Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal controls over financial reporting for the Company. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, the company’s principal executive and principal financial officers and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

•Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

•Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

•Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

85

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting can also be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

The Company’s management assessed the effectiveness of the Company’s internal controls over financial reporting as of December 31, 2020. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (COSO) in Internal Control-Integrated Framework.

Based on that assessment, the Chief Executive Officer and Chief Financial Officer concluded as of December 31, 2020, the Company’s internal control over financial reporting was effective.

Our internal controls over financial reporting as of December 31, 2020 have been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report that follows.

Changes to Internal Control over Financial Reporting

There were no changes to our internal control over financial reporting that occurred during the year ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

86

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Belden Inc.

Opinion on Internal Control over Financial Reporting

We have audited Belden Inc.’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control— Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework (the COSO criteria). In our opinion, Belden Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Belden Inc. as of December 31, 2020 and 2019, and the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2020, and the related notes and the financial statement schedule listed in the Index at Item 15(a) and our report dated February 16, 2021 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

St. Louis, Missouri

February 16, 2021

87

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Information regarding directors is incorporated herein by reference to “Item I-Election of Directors,” as described in the Proxy Statement. Information regarding executive officers is set forth in Part I herein under the heading “Executive Officers.” The additional information required by this Item is incorporated herein by reference to “Corporate Governance” (opening paragraph and table), “Corporate Governance-Audit Committee,” “Ownership Information-Delinquent Section 16(a) Reports,” “Corporate Governance-Corporate Governance Documents” and “Other Matters-Stockholder Proposals for the 2022 Annual Meeting,” as described in the Proxy Statement.

Item 11. Executive Compensation

Incorporated herein by reference to “Executive Compensation,” “Corporate Governance-Director Compensation,” “Corporate Governance-Related Party Transactions and Compensation Committee Interlocks” and “Corporate Governance-Board Leadership Structure and Role in Risk Oversight” as described in the Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Incorporated herein by reference to “Ownership Information-Equity Compensation Plan Information on December 31, 2020” and “Ownership Information-Stock Ownership of Certain Beneficial Owners and Management” as described in the Proxy Statement.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Incorporated herein by reference to “Corporate Governance-Related Party Transactions and Compensation Committee Interlocks” and “Corporate Governance” (paragraph following the table) as described in the Proxy Statement.

Item 14. Principal Accountant Fees and Services

Incorporated herein by reference to “Public Accounting Firm Information-Fees to Independent Registered Public Accountants for 2020 and 2019” and “Public Accounting Firm Information-Audit Committee’s Pre-Approval Policies and Procedures” as described in the Proxy Statement.

88

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a)Documents filed as part of this Report:

1.Financial Statements

    Report of Independent Registered Public Accounting Firm

    Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019

    Consolidated Statements of Operations for Each of the Three Years in the Period Ended December 31, 2020

    Consolidated Statements of Comprehensive Income for Each of the Three Years in the Period Ended December 31, 2020

    Consolidated Cash Flow Statements for Each of the Three Years in the Period Ended December 31, 2020

    Consolidated Stockholders’ Equity Statements for Each of the Three Years in the Period Ended December 31, 2020

    Notes to Consolidated Financial Statements

2.Financial Statement Schedule

    Schedule II – Valuation and Qualifying Accounts

	Beginning Balance		ASU 2016-13 Adoption Adjustment		Charged to Costs and Expenses		Divestitures/ Acquisitions		Charge Offs		Recoveries		Currency Movement		Ending Balance
							(In thousands)
Accounts Receivable —
Allowance for Doubtful Accounts:
2020	$	2,569	$	1,011	$	2,282	$	—	$	(114)	$	(637)	$	39	$	5,150
2019	3,137		—		159		368		(969)		(86)		(40)		2,569
2018	3,709		—		353		—		(567)		(176)		(182)		3,137
Inventories —
Excess and Obsolete Allowances:
2020	$	21,245	$	—	$	15,915	$	—	$	(4,540)	$	(597)	$	246	$	32,269
2019	17,364		—		6,403		452		(2,333)		(606)		(35)		21,245
2018	19,887		—		2,801		—		(2,464)		(2,675)		(185)		17,364
Deferred Income Tax Asset —
Valuation Allowance:
2020	$	48,251	$	—	$	3,142	$	33,003	$	(303)	$	(114)	$	329	$	84,308
2019	37,235		—		12,356		330		—		(1,629)		(41)		48,251
2018	47,636		—		13,459		(2)		(22,577)		(928)		(353)		37,235

All other financial statement schedules not included in this Annual Report on Form 10-K are omitted because they are not applicable.

89

3.    Exhibits

The following exhibits are filed herewith or incorporated herein by reference, as indicated. Documents indicated by an asterisk (*) identify each management contract or compensatory plan.

Exhibit Number	Description of Exhibit	The filings referenced for incorporation by reference are Company (Belden Inc.) filings unless noted to be those of Belden 1993 Inc.
3.1	Certificate of Incorporation, as amended	February 29, 2008 Form 10-K, Exhibit 3.1
3.2	Amended and Restated Bylaws	May 31, 2016 Form 8-K, Exhibit 3.1
4.1	Indenture relating to 4.125% Senior Subordinated Notes due 2026	October 11, 2016 Form 8-K, Exhibit 4.1
4.2	First Supplemental Indenture relating to 4.125% Senior Subordinated Notes due 2026	June 26, 2017 Form 8-K, Exhibit 4.22
4.3	Indenture relating to 3.375% Senior Subordinated Notes due 2027	July 10, 2017 Form 8-K, Exhibit 4.1
4.4	Indenture relating to 2.875% Senior Subordinated Notes due 2025	September 22, 2017 Form 8-K, Exhibit 4.1
4.5	Indenture relating to 3.875% Senior Subordinated Notes due 2028	March 16, 2018 Form 8-K, Exhibit 4.1
4.6	Description of the Registrant's Securities Registered Under Section 12 of the Securities Exchange Act of 1934	August 3, 2020 Form 10-Q, Exhibit 4.1
10.1	Trademark License Agreement	November 15, 1993 Form 10-Q of Belden 1993 Inc., Exhibit 10.2
10.2*	CDT 2001 Long-Term Performance Incentive Plan, as amended	April 6, 2009 Proxy Statement, Appendix I
10.3*	Belden Inc. 2011 Long Term Incentive Plan, as amended	April 6,2016 Proxy Statement, Appendix II
10.4*	Form of Stock Appreciation Rights Award	August 3, 2016 Form 10-Q, Exhibit 10.1
10.5*	Form of Performance Stock Units Award	August 3, 2016 Form 10-Q, Exhibit 10.2
10.6*	Form of Restricted Stock Units Award	May 6, 2014 Form 10-Q, Exhibit 10.3
10.7*	Belden Inc. Annual Cash Incentive Plan, as amended and restated	Filed herewith
10.8*	2004 Belden CDT Inc. Non-Employee Director Deferred Compensation Plan	December 21, 2004 Form 8-K, Exhibit 10.1
10.9*	Belden Supplemental Excess Defined Benefit Plan	Filed herewith
10.10*	Belden Supplemental Excess Defined Contribution Plan	Filed herewith
10.11*	Executive Employment Agreement with John Stroup	May 22, 2020 Form 8-K, Exhibit 10.1
10.12*	Executive Severance Plan	July 31, 2020 Form 8-K, Exhibit 10.1
10.13*	Form of Business Protection Agreement with each of Brian Anderson, Ashish Chand, Henk Derksen, Dean McKenna, Anshuman Mehrotra, Roel Vestjens and Doug Zink	July 31, 2020 Form 8-K, Exhibit 10.3

90

Exhibit Number	Description of Exhibit	The filings referenced for incorporation by reference are Company (Belden Inc.) filings unless noted to be those of Belden 1993 Inc.
10.14*	Form of Indemnification Agreement with each of the Directors and Brian Anderson, Ashish Chand, Henk Derksen, Dean McKenna, Anshuman Mehrotra, John Stroup, Roel Vestjens and Doug Zink	March 1, 2007 Form 10-K, Exhibit 10.39
10.15	Amended and Restated Credit Agreement	May 22, 2017, Form 8-K, Exhibit 10.1
14.1	Code of Ethics	August 25, 2020 Form 8-K, Exhibit 14.1
21.1	List of Subsidiaries of Belden Inc.	Filed herewith
23.1	Consent of Independent Registered Accounting Firm	Filed herewith
24.1	Powers of Attorney from Members of the Board of Directors	Filed herewith
31.1	Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer	Filed herewith
32.1	Section 1350 Certification of the Chief Executive Officer	Filed herewith
32.2	Section 1350 Certification of the Chief Financial Officer	Filed herewith
101	The following financial statements from the Company's Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Cash Flow Statements, (v) Consolidated Statements of Stockholders' Equity and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed
104	The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL

* Management contract or compensatory plan

Copies of the above Exhibits are available to shareholders at a charge of $0.25 per page, minimum order of $10.00. Direct requests to:

Belden Inc., Attention: Corporate Secretary

1 North Brentwood Boulevard, 15th Floor

St. Louis, Missouri 63105

91

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BELDEN INC.
	By	/s/ ROEL VESTJENS
		Roel Vestjens
Date: February 16, 2021		President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

/s/ ROEL VESTJENS	President and Chief Executive Officer	February 16, 2021
Roel Vestjens
/s/ HENK DERKSEN	Senior Vice President, Finance, and Chief Financial Officer	February 16, 2021
Henk Derksen
/s/ DOUGLAS R. ZINK	Vice President and Chief Accounting Officer	February 16, 2021
Douglas R. Zink
/s/ JOHN S. STROUP*	Executive Chairman	February 16, 2021
John S. Stroup
/s/ DAVID ALDRICH*	Lead Independent Director	February 16, 2021
David Aldrich
/s/ LANCE C. BALK*	Director	February 16, 2021
Lance C. Balk
/s/ DIANE D. BRINK*	Director	February 16, 2021
Diane D. Brink
/s/ JUDY L. BROWN*	Director	February 16, 2021
Judy L. Brown
/s/ NANCY CALDERON*	Director	February 16, 2021
Nancy Calderon
/s/ BRYAN C. CRESSEY*	Director	February 16, 2021
Bryan C. Cressey
/s/ JONATHAN KLEIN*	Director	February 16, 2021
Jonathan Klein
/s/ GEORGE MINNICH*	Director	February 16, 2021
George Minnich
/s/ ROEL VESTJENS
*By Roel Vestjens, Attorney-in-fact

92

EX-10.7

Exhibit 10.7

Belden Inc.

Annual Cash Incentive Plan

(Revised February 1, 2021)

Objective and Eligibility

The Belden Inc. Annual Cash Incentive Plan (the “Plan”) is designed to (1) attract, motivate and retain key talent, (2) reward participants for individual and company performance and (3) align management and shareholder interests.

Eligibility

Participation in the Plan is limited to active, full-time exempt employees of the Company and its subsidiaries, who fall within certain salary grades, provided that they are not a covered participant in another annual cash incentive plan and they have been approved for inclusion in the Plan by the Company’s CEO. New hires and associates who have been promoted, transferred or reclassified into a covered position during the Plan year will be eligible to participate on a prorated basis based on the number of months of Plan eligibility. An individual must be hired, promoted, transferred or reclassified on or before the 15th day of the calendar month to receive credit for that month.

Participants who are transferred to disability status will be paid according to Belden’s short- and/or long-term disability plan and will continue to earn performance credit during the period of the leave. Participants who are on leave for less than the calendar year are entitled to receive their full ACIP payment. Participants who are on leave for the entire calendar year are ineligible for incentive earnings during the period.

Award Amounts

Award levels will be calculated as a percent (which may exceed 100%) of salary. For purposes of the incentive calculation, each employee’s base salary as of a certain date will be used. In the case of promotions and associated salary increases, the payment will be prorated. For all participants, payment of the award shall be based solely on the attainment of performance goals as provided below. Discretion may be used to adjust award payments that would otherwise result from the attainment of the performance goals based on individual participant performance, as determined by the Compensation Committee of the Company’s Board of Directors (the “Committee”).

Performance Goals

Performance goals, including their measures and weights, shall be established periodically by the Committee. Performance criteria used by the Committee to establish performance goals shall include one or any combination of the following, which may be measured on either a relative or absolute basis with respect to the Company or one or more of its subsidiaries or business units: (i) return on equity, assets, capital or investment; (ii) measures of profitability, including operating income, net income from continuing operations, net income, or pre-tax or after-tax earnings per share; (iii) the control or reduction in the level of working capital; (iv) economic value added; (v) revenues or sales; (vi) EBITDA; (vii) EBITDA margin; (viii) operating margin; (ix) cash flow or similar measure; (x) total shareholder return; (xi) change in the market price of the Common Stock; or (xii) market share. The performance goals established by the Committee for each award will specify achievement targets with respect to each applicable performance criterion (including a threshold level of performance below which no amount will become payable with respect to such award). The performance goals established by the Committee may be (but need not be) different for each performance period.

The Committee may provide in the original terms of an award that any determination of such financial performance may include or exclude the impact of the occurrence of one or more of the following events during the performance period (“Unusual Events”): asset write-downs; gain or loss on the sale or disposal of businesses or significant assets; the effect of changes in tax laws, accounting principles or policies, or other laws or provisions affecting reported results; reorganization or restructuring programs; extraordinary

nonrecurring items as described in Accounting Principles Board Opinion No. 30 or in the MD&A of the Company’s quarterly reports or annual report to shareholders; the effect of acquisitions, mergers, joint ventures or divestitures; plant start-up costs; costs associated with plant or other facility shutdowns; stock compensation expenses; or costs associated with executive succession (including severance).

The Committee shall in its discretion determine whether the performance goals have been met, including whether to include or exclude any Unusual Events.

All determinations by the Committee shall be final and binding on all participants.

The amount of any award to any participant under the Plan shall in no event exceed the lesser of (i) three times target performance or (ii) $5,000,000 (five million dollars) per Plan year.

Plan Year

January 1 through December 31.

Payment Date

Awards will be paid prior to the end of the first quarter of the year following the Plan year except in the absence of information required to report or calculate payment. Unless otherwise determined by the Committee in its discretion with respect to executive officers, participants must be on the payroll on the payment date to receive the incentive award, provided that any participant who retires or who is terminated by the Company without cause after December 31 of the Plan year but before the payment date shall be entitled to payment. To meet the requirements of the Internal Revenue Code Section 409A, all awards shall be paid no later than two and one-half (2 1/2) months after the end of the year in which the participant becomes vested in the right to receive the award.

Benefits and Tax Treatment

Award payments are subject to normal payroll taxes and withholding. Eligibility for inclusion in pension contributions varies by country and pension plan design provisions. Consult your local human resources department for questions on this matter.

Administration

The Annual Cash Incentive Plan will be overseen by the President and CEO, the Senior Vice President of Human Resources, and the Chief Financial Officer. They, in turn, will report to the Committee.

Subject to the above provisions of this Plan, these individuals are responsible for:

• Plan interpretation;

• Examination of extraordinary circumstances;

• Approval of performance standards (i.e. goals, payouts, etc.); and

• Review and approval of performance achievement levels and awards

Issues concerning plan administration will be first taken up with the Senior Vice President of Human Resources; next level of review will be the CEO.

Claims/Rights

This Plan shall not be construed as an employment contract with Belden Inc. or any affiliate nor is it a guarantee of compensation or benefits. This Plan may be suspended, modified, revoked or terminated in its entirety, or any portion thereof, at any time for any reason and without notice, by the Company.

EX-10.9

Exhibit 10.9

BELDEN SUPPLEMENTAL EXCESS DEFINED BENEFIT PLAN

(Restated Effective January 1, 2014)

Table of Contents

ARTICLE I    3

PREAMBLES        3

Section 1.1 Establishment of Plan    3

Section 1.2 Purpose    3

Section 1.3 Interpretation and Governing Law    3

ARTICLE II    4

DEFINITIONS    4

ARTICLE III    7

ELIGIBILITY TO PARTICIPATE    7

Section 3.1 Participation and Eligibility Requirements    7

Section 3.2 Determination of Eligibility    7

Section 3.3 Termination of Participation    7

ARTICLE IV    8

BENEFITS UPON RETIREMENT, DEATH, DISABILITY    8

OR TERMINATION OF EMPLOYMENT    8

Section 4.1 Retirement Benefits    8

Section 4.2 Death Benefits    8

Section 4.3 Vesting Upon Termination of Employment.    8

Section 4.4 Long Term Disability Benefits    9

ARTICLE V    10

DISTRIBUTION OF BENEFITS    10

Section 5.1 Time and Form of Benefits    10

Section 5.2 One-Time Election to Change the Time and Form of Payments for Benefits Earned

and Vested as of December 31, 2014    11

Section 5.3 Elections    11

ARTICLE VI    12

FUNDING    12

Section 6.1 Funding of the Plan    12

Section 6.2 Right to Assets    12

Section 6.3 No Guarantee of Benefits    12

Section 6.4 Change of Control    12

ARTICLE VII    14

AMENDMENT OR TERMINATION OF THE PLAN    14

1

Section 7.1 Amendment or Termination     14

Section 7.2 Effect of Amendment or Termination    14

Section 7.3 Adoption by Subsidiaries    15

ARTICLE VIII    16

PLAN ADMINISTRATOR    16

Section 8.1 Appointment    16

Section 8.2 Authority    16

Section 8.3 Indemnification    16

ARTICLEIX    17

CLAIMS FOR BENEFITS    17

Section 9.1 Submission of Claims    17

Section 9.2 Denial of Claims    17

Section 9. 3 Review of Denied Claims    17

ARTICLE X    18

MISCELLANEOUS PROVISIONS    18

Section 10.1 Participant's Rights    18

Section 10.2 Information to be Furnished    18

Section 10.3 Alienation    18

Section 10.4 Construction    18

Section 10.5 Severability    18

Section 10.6 Liability    19

2

ARTICLE I

PREAMBLES

Section 1.1 Establishment of Plan

Effective August 1, 1993, Belden Inc. (the "Company" formerly known as Belden Wire & Cable Company) established the Belden Inc. Supplemental Excess Defined Contribution Plan (the "Plan" formerly known as the Belden Wire & Cable Company Supplemental Excess Defined Benefit Plan) as an unfunded program of deferred compensation for highly compensated employees and their Beneficiaries. The Plan was subsequently amended on November 30, 2000; January 1, 2001; immediately before the Effective Time, as defined in the agreement and Plan of Merger by and among Cable Design Technologies Corporation, BC Merger Corp., and Belden Inc., dated as of February 4, 2004, as amended; and January 1, 2005. The Plan is now restated to provide additional distribution options, with an effective date of January 1, 2014.

Section 1.2 Purpose

The Plan was adopted to ensure the overall effectiveness of the Company's compensation program in attracting, retaining and motivating qualified senior management and highly compensated employees. This Plan will provide for payment of benefits that will supplement the benefits otherwise provided by the Belden Pension Plan (the "Pension Plan") as amended from time to time (and any tax-qualified plan adopted as a successor to the Pension Plan).

The Plan shall be binding on the Company and any successor company into which or with which the Company or any constituent part thereto may be merged or consolidated, or to which the Company or any constituent part thereof may sell or distribute, by way of liquidation or otherwise, any or all of its assets.

Section 1.3 Interpretation and Governing Law

This Plan is intended to constitute an unfunded program maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees consistent with the requirements of Sections 201(2), 30l(a)(3),401(a)(l), and 409A of the Employee Retirement Income Security Act of 1974 ("ERISA").

3

ARTICLE II

DEFINITIONS

2.1    "Change of Control" means:

(A)     the purchase or other acquisition by any person, entity or persons acting as a group, as described in Treasury Regulation Section 1.409A-3(i)(5), or any comparable successor provisions, of beneficial ownership of thirty percent (30%) or more of the combined voting power of the Company's then outstanding voting securities entitled to vote generally,

(B)    at any time a majority of the Board of Directors of the Company is comprised of persons other than Continuing Directors (for purposes of this subsection (B), Continuing Directors shall mean a member of the Board of Directors who was either (i) first elected or appointed to the Board prior to the date of this Plan; or (ii) subsequently elected or appointed to the Board by a majority of the then Continuing Directors),

(C)    any reorganization or recapitalization of the Company which would result in a Change of Control as otherwise described in this Section 2.l, or

(D)    a liquidation or dissolution of the Company or the sale of over forty percent (40%) of the fair market value of the Company's assets.

2.2    "Code" means the Internal Revenue Code of 1986, as amended from time to time.

2.3    "Company" means Belden Inc., a Delaware corporation.

2.4    "Deferral Plan" means the Belden Inc. Deferred Compensation Plan, as amended from time to time.

2.5    "Effective Date" means August I, 1993.

2.6    "Employee" means any person employed by the Employer who is covered under the terms of the Pension Plan and who is a member of a select group of management or is a highly compensated employee, as specifically designated by the Company in its sole discretion.

2.7    "Employer" means Belden Inc. and its affiliates that may adopt this Plan pursuant to Section 7.3 of the Plan.

2.8    "Participant" means an Employee who has met the eligibility conditions of Article III and is selected by the Company to participate under this Plan.

4

2.9    "Pension Plan" means the Belden Pension Plan as an1ended from time to time.

2.10    "Plan" means the Belden Supplemental Excess Defined Benefit Plan, as amended from time to time.

2.11    "Plan Administrator" means the person or persons appointed to administer the Plan in accordance with Article VIII of the Plan.

2.12    "Plan Year" means the twelve (12) month period beginning January 1 and ending the following December 31.

2.13    "Separation from Service" means:

(A)    The Employee's death, retirement or other termination of employment, from the Company (and all businesses under a controlled group of corporations or trades or businesses under common control with the Company within the meaning of Code §4l 4(b) or §414(c), an affiliated service group within the meaning of Code§4 l 4(n), or any other entity required to be aggregated with the Company under Code §414(0) determined based on an "at least 80%" measure in all cases, hereafter referred to as "Affiliates"). A Separation from Service shall not be considered to have occurred and the Employee's employment relationship is treated as continuing while the Employee is on military leave, sick leave, or other bona fide leave of absence if such period of leave does not exceed 6 months or, if longer, so long as the Employee's right to reemployment is provided by statute or by contract. If the period of leave exceeds 6 months and such reemployment rights are not provided, then the Employee is deemed to have a termination of employment as of the first date immediately following such 6- month period.

(B)    A termination of employment will occur as of a specified date if the facts and circumstances indicate that (1) the Company and the Employee reasonably anticipated that no further services would be performed after that date or (2) the level of bona fide services the Employee would perfo1111 after that date (whether as an employee or an independent contractor) would permanently decrease to 20% or less of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36- month period (or the full period of such services, if less than 36 months).

5

The Employee is presumed to (1) have incurred a termination of employment from the Company and all Affiliates (as described in (A) above) where the level of bona fide services the Employee performs after such date decreases to a level equal to 20% or less of the average level of services perfom1ed by the Employee over the immediately preceding 36- month period (on the full period of such services, ifless than 36 months); and (2) not to have incurred a termination of employment from the Company and all Affiliates (as described in

(A) above) where the level of bona fide services the Employee perfom1s after such date continues at a level equal to 50% or more of the average level of services performed by the Employee over the immediately preceding 36-month period (or the full period of such services, if less than 36 months). These presumptions can be rebutted by showing that the Company and the Employee reasonably anticipated that there either would or would not have been a Separation from Service in accordance with paragraph (B) above.

2.14    "Trust" means the Trust Agreement Establishing the Trust by and between Belden Inc. (For the Supplemental Excess Defined Benefit Plan) and CG Trust Company, now Prudential Bank & Trust, F.S.B., effective January 1, 2001, as amended from time to time, and any successor agreement thereto. Such Trust constitutes an unfunded arrangement and will not affect the status of the Plan as an unfunded plan for purposes of Title I of ERISA.

Other terms used herein but not defined shall have the same meaning as defined in the Pension Plan. The masculine gender shall include both sexes; the singular shall include the plural and the plural the singular, unless the context otherwise requires.

6

ARTICLE III

ELIGIBILITY TO PARTICIPATE

Section 3.1 Participation and Eligibility Requirements

A Participant in the Plan as of December 31, 2013 shall remain a Participant on January 1, 2014. Thereafter, each Employee of the Employer who is selected by the Plan Administrator with approval from the Chief Executive Officer, who as designated in writing, has met the eligibility requirements of the Pension Plan and whose benefits under the Pension Plan are limited due to Code Section 401(a)(l 7) and/or Code Section 415 shall become a Participant hereunder on the date designated by the Company.

Section 3.2 Determination of Eligibility

The eligibility of each Employee to become a Pa1iicipant under the Plan shall be determined by the Plan Administrator with approval from the Chief Executive Officer, the decision of which shall be final and binding upon all persons with an interest under the Plan.

Except as specifically herein provided to the contrary, the rights of any former Participant who terminated employment with the Employer prior to the Effective Date shall be determined without regard to the provisions of this Plan. The benefit payable to a Participant who retired or terminated employment prior to January 1, 2014 shall be an amo1mt determined and payable in accordance with the provisions of the Plan as in effect at the time of such retirement or Separation from Service.

Section 3.3 Termination of Participation

A Participant shall cease to be a Paiticipant under the Plan if he is no longer determined to be a highly compensated Employee, a member of a select group of management, or is no longer determined to be a Participant by the Plan Administrator with approval from the Chief Executive Officer. Any Participant who tem1inated employment and who is rehired by the Employer may, upon his return to service, become a Participai1t again if and when such former Participant meets the eligibility requirements of Section 3.1 of the Plan. If a Participant ceases to be a Participant in the Pension Plan, he shall cease to be a Participant under this Plan on the date he ceases to be a Participant in the Pension Plan.

Upon a termination of participation, a Paiiicipant shall be eligible to receive any benefit payable under the Plan upon his Separation from Service at the time specified pursuai1t to Article V. Section 5.1.

7

ARTICLE IV

BENEFITS UPON RETIREMENT, DEATH, DISABILITY OR TERMINATION OF EMPLOYMENT

Section 4.1 Retirement Benefits

The benefit payable to a Participant under the Plan shall be an amount equal to the benefit which would be payable to or on behalf of the Participant lmder the Pension Plan if:

(A)the provisions of the Pension Plan providing for the limitation of compensation and benefits in accordance with Code Section 40l(a)(17) and/or Code Section

415 were inapplicable, less the benefit actually payable to or on behalf of the Participant under the Pension Plan; or

(B)the Participant had not deferred any compensation under the Deferral Plan (and prior to the Effective Date, under the Cooper Industries, Inc. Management Incentive Compensation Deferral Plan) which would have been considered as compensation for benefit accrual purposes under such plan and was not so considered due to such deferral.

The benefit payable under this plan will be determined as soon as administratively possible after the Participant's Separation from Service and will not change as a result of any difference between estimated and actual future limits under Section 415 of the Internal Revenue Code on benefits payable in the qualified Pension Plan.

Section 4.2 Death Benefits

In the event a Participant dies before his interest under the Plan has been distributed to him in full, any remaining interest, or portion thereof: shall be determined pursuant to Section

4.1 and distributed to his beneficiary who shall be the person designated, or deemed designated, as his beneficiary under the Pension Plan. Such benefit shall be payable in a lump sum equal to the death benefit payable lmder the Pension Plan, detennined as if the provisions of the Pension Plan providing for the limitation of compensation and benefits in accordance with Code Section 40l(a)(17) and/or Code Section 415 were inapplicable, less the lump sum death benefit actually payable under the Pension Plan.

Section 4.3 Vesting Upon Termination of Employment

A Participant, who te1minates employment, shall be eligible to receive a benefit in accordance with Section 4.1 of the Plan subject to the vesting schedule and provisions as determined in accordance with the procedures and provisions under the Pension Plan.

8

Section 4.4 Long Term Disability Benefits

Long Tenn Disability Benefits are not payable hereunder. However, a Participant who qualifies for Long Term Disability under the Pension Plan shall receive Pay and Interest Credits, as defined in the Section 7.08(g) of the Pension Plan, for the duration of the Long Term Disability Benefits. Such Pay and Interest Credits shall be based on pay not taken into account under Section 7.06 of the Pension Plan due to statutory limitations and shall also include an amount equal to the annual average of such Participant's last three annual bonuses received immediately prior to qualification for Long Term Disability Benefits under the Pension Plan.

9

ARTICLEV

DISTRIBUTION OF BENEFITS

Section 5.1 Time and Form of Benefits

(A)Effective January 1, 2008, the normal form and timing of benefits payable to or on behalf of a Participant as determined under Section 4.1 shall be paid in the form of a single lump sum equal to the Participant's benefits determined herem1der, regardless of any written election provided by the Participant on or before December 31, 2007 to receive his benefit in any other form. Such benefit shall commence on the later of the February 1st of the year following the year of the Participant's Separation from Service, or six months after the date of the Participant's Separation from Service (or if earlier, the Participant's date of death).

(B)Effective January 1, 2014, an active Participant can elect in writing, on or before June 30th of each year, to receive the benefit accrued dming the next following calendar year in the form of:

(i)    a single lump sum, payable on the later of February 1'1 of the year following the calendar year of the Participant's Separation from Service and six months following his Separation from Service;

(ii)    in 5 annual installments payable beginning on the later of February 1st of the year following the calendar year of the Participant's Separation from Service and 6 months following his Separation from Service; or

(iii)    in 10 annual installments payable beginning on February 1st following the second anniversary of the Participant's Separation from Service.

Installment payments elected under this Section 5.l(B)(ii) or (iii) will equal the Accoilllt Balance remaining on each payment date divided by "n," where "n" equals the number of installment payments remaining.

(C)The failure of an active Participant to make a written election to change the time or form of payment as provided in Section 5.l(B) shall cause such benefit to be paid in the fonn of a single lmnp sum equal to the Participant's benefit determined hereunder, in accordance with Section 5.1(A). Notwithstanding the foregoing, an election under Section 5.1(B) shall be effective for any benefits accrued on and after the effective date of the election until such time that the Participant provides a different election in accordance with Section 5.1(B).

(D)Benefits payable hereW1der will be adjusted with Interest Credits as described in Section 5.4 of the Pension Plan from the date of the Participant's Separation from Service llltil the entire benefit payable has been distributed.

10

Section 5.2 One-Time Election to Change the Time and Form of Payments for Benefits Earned and Vested as of December 31, 2014

Effective January l, 2014, active Participants may elect to change the time and form of payment for benefits earned and vested as of December 31, 2014. Any change in the time or form of payment to a Participant's current election must be provided in writing no later than April 1, 2014 and will include an election to commence payment of the Participant's benefits earned and vested as of December 31, 2014 in the form of:

(A)a single lump sum, payable on February 1st of the year following the Participant's sixth year anniversary of his Separation from Service;

(B)annual installments over 5 years, payable beginning on February 1st of the year following the Participant's sixth anniversary of his Separation from Service; or

(C)annual installments over 10 years, payable beginning on February 1st of the year following the Participant's sixth anniversary of his Separation from Service.

Installment payments elected under this Section 5.2(B) or (C) will equal the Account Balance remaining on each payment date divided by "n," where "n" equals the number of installment payments remaining.

An election made under this Section 5.2 shall not be valid until April 1, 2015. Should a Participant Separate from Service prior to April 1, 2015, the Participant's benefit shall be distributed on the later of February 1st of the year following the calendar year of the Participant's Separation from Service and 6 months following the Pmiicipm1t's Separation from Service, in the form of a single lump sum.

Benefit payments hereunder will be adjusted with Interest Credits as described in Section

5.4 of the Pension Plan from the date of the Participant's Separation from Service until the entire benefit payable has been distributed.

Section 5.3 Elections

A Participm1t may only change his election as to the time and form of payment in accordance with Sections 5.1 and 5.2, unless otherwise provided by the Plm1 Administrator.

11

ARTICLE VI

FUNDING

Section 6.1 Funding of the Plan

The Plan, at all times, shall be entirely unfunded and shall constitute merely the lmsecured promise of the Company to make the payments as provided for in the Plan. No Participant nor any other person shall have, by reason of this Plan, any rights, title or interest of any kind in or to any property of the Company, nor any beneficial interest in any trust which may be established by the Company in connection with this Plan nor any guarantee that assets of the Company will be sufficient to pay benefits under this Plan. If the Company transfers any property to the Trust in connection with this Plan, such Trust shall not be held for the exclusive benefit of the Participants and any assets held in such Ttust shall be subject to the claims of the Company's general creditors in the event of the Company's insolvency.

Section 6.2 Right to Assets

The rights of the Participant or any beneficiary of a Participant shall be those of an unsecured creditor. Any insurance policy or other asset acquired by the Employer shall be deemed to not be held in trust for the benefit of the Participant or to be collateral security for the performance of the obligations of the Company, but shall remain a general, tmpledged, and unrestricted asset of the Company.

Section 6.3 No Guarantee of Benefits

Nothing contained in this Plan shall constitute a guarantee by the Company or any other entity or person, that the assets of the Company will be sufficient to pay the benefits hereunder.

Section 6.4 Change of Control

The occurrence of a Change in Control shall be determined finally and conclusively by the Plan Administrator and shall be evidenced by a letter signed by the duly appointed representative of the Plan Administrator, delivered to the Chief Executive Officer and the trustee, if any. If the Plan Administrator fails to act, the Chief Executive Officer or the trustee, if any, shall make and give notice of the determination of a Change in Control.

If a Change in Control occurs, failure of the Plan Administrator, the Chief Executive Officer or the trustee, if any, to take the action required in the preceding paragraph shall not affect in any manner the obligation of the Company or the full right, title, and interest of each Participant under this Plan to receive from the Company the full amount of the benefit payable hereunder and the entitlement of each Participant to receive such benefit from the Company shall be valid and enforceable by each Participant in any state or

12

federal court of competent jurisdiction.

In the event of a Change of Control, the Company shall make, within thirty (30) days of such change, an irrevocable contribution to the Plan in an amount that is sufficient to pay all Plan Participants and their Beneficiaries the aggregate benefits to which they would be entitled pursuant to the tenns of the Plan as of the date of the Change of Control (whether or not they are then entitled to receive such benefits), and shall thereafter make further irrevocable contributions to the trust on a current basis as, and in the amotmt that, such benefits accrue.

A Participant shall become 100% vested in the benefit payable tmder this Plan upon a Change of Control.

In no event will the Company make an irrevocable contribution to the Plan at any time within the 12-month period that begins 6 months before the date the Company terminates an nnderfunded pension plan sponsored by the Company or at any time during any period that the Company maintains a qualified pension plan that is in at-risk status (as defined in Section 430(i)) or while the Company is in bankruptcy proceedings.

13

ARTICLE VII

AMENDMENT OR TERMINATION OF THE PLAN

Section 7.1 Amendment or Termination

The Company acting through its Board of Directors reserves and shall have the right at any time to modify, amend, or terminate in whole, or in part, any or all provisions of the Plan at any time.

The Company also reserves the right to cause an acceleration of the time and form of payment of benefits to Participants upon te1mination of the Plan where the acceleration of such payment is made in accordance with one of the following provisions:

(A)Change of Control: At the discretion of the Company, provided that termination of the Plan occurs within the period beginning 30 days before and ending twelve(l2) months after the Change of Control; and (b) all other arrangements sponsored by the Company that would be aggregated with this arrangement nnder Treas. Reg. §1 .409A-l (c) are also terminated (such aggregation being determined by assuming all Participants affected by the Change of Control have a benefit under any such other arrangement).

(B)Discretionary Tennination: At the discretion the Company, provided that (a) tennination of the Plan that does not occur proximate to a downturn in the financial health of the Company; (b) all other arrangements sponsored by the Company that would be aggregated with this arrangement under Treas. Reg. §1.409A-l (c) are also terminated (such aggregation being determined by assuming that all Participants have a benefit under any such other arrangement); no payments in liquidation of the Plan, other than payments that would have been made under this Plan had the termination not occurred, are made from the Plan within twelve (12) months of the date the Company has taken all necessary action to irrevocably terminate and liquidate this Plan (the "Termination Date");all benefits are fully distributed within twenty-four (24) months of the Termination Date; and (e) the Company does not adopt a new arrangement that would be aggregated under Treas. Reg. §1.409A-I (c) with this Plan (such aggregation being determined by assuming that all Participants will have a benefit under any new arrangement) within five (5) years following the Termination Date.

Section 7.2 Effect of Amendment or Termination

No amendment or termination of tl1e Plan shall directly or indirectly deprive any current or former Participant or beneficiary of all or any portion of any benefit payment that commenced prior to the effective date of such amendment or termination.

14

Section 7.3 Adoption by Subsidiaries

Any subsidiary of the Company which at the time is not an Employer may, with the consent of the Company, adopt the Plan and become an Employer herem1der by causing an appropriate written instrmnent evidencing such adoption to be executed pmsuant to the authority of its Board of Directors and filed with the Company.

15

ARTICLE VIII

PLAN ADMINISTRATOR

Section 8.1 Appointment

The Board of Directors shall appoint a Plan Administrator. Any person including, but not limited to, the Employer or Employees of the Employer, shall be eligible to serve as Plan Administrator.

Section 8.2 Authority

The primary responsibility of the Plan Administrator is to administer the Plan, subject to the specific terms of the Plan. The Plan Administrator shall have the discretionary authority to determine all questions related to eligibility for benefits and to construe the terms and conditions of the Plan. Any determination by the Plan Administrator shall be conclusive and binding upon all persons. The Plan Administrator may establish procedures, correct any defect, supply any infonnation, or reconcile any inconsistency in such a manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the Plan. Any rules, regulations or procedures that may be necessary for the proper administration or functioning of this Plan that are not covered in this Plan shall be promulgated and adopted by the Plan Administrator.

The Plan Administrator may delegate any of its powers, authorities, or responsibilities for the operation and administration of the Plan to any person or committee so designated in writing by it and may employ such attorneys, agents, and accountants as it may deem necessary or advisable to assist it in carrying out its duties hereunder.

Section 8.3 Indemnification

The Company agrees to indemnify and hold the Plan Administrator hannless against any and all claims, losses, damages, expenses and liabilities which he may incur in the exercise and performance of his powers and duties hereunder, unless same is determined to be due to gross negligence or willful misconduct.

16

ARTICLE IX

CLAIMS FOR BENEFITS

Section 9.1 Submission of Claims

Participants shall make claims for benefits under the Plan in writing following such procedures, including deadlines and documentation requirements, and using such forms, as are prescribed by the Plan Administrator. Claims which are approved by the Plan Administrator shall be paid as soon as administratively feasible.

Section 9.2 Denial of Claims

If a Participant's claim for benefits under this Plan is denied, the Plan Administrator shall provide notice to the Participant in writing of the denial. The notice shall be written in a manner calculated to be understood by the Participant and shall include:

(A)the specific reason or reasons for denial;

(B)specific references to the pe1iinent Plan provisions on which the denial is based;

(C)a description of any additional material or information necessary for the applicant to perfect the claim and an explanation of why such material or information is necessary; and

(D)an explanation of the Plan's claims review procedures.

Section 9. 3 Review of Denied Claims

If a claim for benefits is denied, the Participant, at his sole expense, may appeal the denial to the Plan Administrator within sixty (60) days of the receipt of written notice of the denial. If, upon receipt of this appeal, the Plan Administrator determines that the Participant is not entitled to the benefits claimed, he shall afford the Participant or his representative a reasonable opporttmity to appear personally before him, to submit issues and comments in writing, and to review pe1iinent documents. The Plan Administrator shall render its final decision with the specific reasons therefor in writing and shall transmit it to the Participant by ce1iified mail within sixty (60) days of any such appearance.

17

ARTICLE X

MISCELLANEOUS PROVISIONS

Section 10.1 Participant's Rights

This Plan shall not be deemed to constitute a contract between the Employer and any Pmticipant or to be a consideration or an inducement for the employment of any Pmticipant or Employee. Nothing contained in this Plan shall be deemed to give any Pmticipant or Employee the right to be retained in the service of the Employer or to interfere with any right of the Employer to discharge any Participant or Employee at any time regardless of the effect which such discharge shall have upon him as a Pmticipant of this Plan.

Neither the establishment of this Plan nor any an1endment, nor the payment of any benefit, will be construed as giving to any Patticipant or other person any legal or equitable right against the Employer or Plan Administrator.

Section 10.2 Information to be Furnished

Pmticipants shall provide the Employer or Plan Administrator with such information and evidence and shall sign such documents as may reasonably be requested from time to time for the purpose of administration of the Plan.

Section 10.3 Alienation

No benefit which shall be payable to any Pmticipant shall be subject in any manner to anticipation, alienation, sale, trm1sfer, assignment, pledge, encumbrance, or charge and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be void; and no such benefit shall in any manner be liable for or subject to, the debt, contracts, liabilities, engagements or torts of any such person, nor shall it be subject to attachment or legal process for or against such person, and the smne shall not be recognized by the Plan Administrator, except to such extent as may be required by law.

Section 10.4 Construction

This Plan shall be construed and enforced according to the laws of the State ofindiana.

Section 10.5 Severability

If any provision of this Plan shall be held by any comt of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective, tmless the removal of the invalid or unenforceable provision would substantially defeat the basic intent, purpose and spirit of this Plan.

18

Section 10.6 Liability

Nothing contained in this Plan shall impose on any officer, director or Employee of the Employer any personal liability for any benefit due a Participant pursuant to this Plan.

IN WITNESS WHEREOF, this Plan is hereby restated effective January 1, 2014.

BELDEN INC.

19

EX-10.10

Exhibit 10.10

BELDEN SUPPLEMENTAL EXCESS DEFINED CONTRIBUTION PLAN

(Restated Effective January I, 2014)

Table of Contents

ARTICLE I 3

PREAMBLES 3

Section 1.1 Establishment of Plan    3

Section 1.2 Purpose    3

Section 1.3 Interpretation and Governing law    3

ARTICLE II    4

DEFINITION 4

ARTICLE III    7 ELIGIBILITY TO PARTICIPATE    7

Section 3.1 Participation and Eligibility Requirements    7

Section 3.2 Determination of Eligibility    7

Section 3.3 Termination of Participation    7

ARTICLE IV    8

SUPPLEMENTAL CONTRIBUTIONS 8

Section 4. 1 Supplemental Matching Contributions    8

Section 4.2 Supplemental Elective Deferral Contributions    8

ARTICLE V    10

SEPARATE ACCOUNTS 10

Section 5.1 Types of Separate Accounts    10

Section 5.2 Interest    10

ARTICLE Vl    11

BENEFITS 11

Section 6.1 Benefits    11

Section 6.2 Death Benefits    11

ARTICLE Vll    12

DISTRIBUTION OF BENEFITS 12

Section 7.1 Time and Form of Benefits    12

Section 7.2 One-Time Election to Change the Time and Form of Payments for Benefits Earned and Vested as of December 31, 2014 12

Section 7.3 Elections 13

ARTICLE Vlll    14

FUNDING 14

Section 8.1 Funding of the Plan 14

1

Section 8.2 Right to Assets    14

Section 8.3 No Guarantee of Benefits    14

Section 8.4 Change in Control    14

ARTICLE IX    16

AMENDMENT OR TERMINATION OF THE PLAN 16

Section 9.1 Amendment or Termination    16

Section 9.2 Effect of Amendment or Termination    16

Section 9.3 Adoption by Subsidiaries    17

ARTICLE X    18

PLAN ADMINISTRATOR 18

Section 10.1Appointment    18

Section 10.2 Authority    18

Section 10.3 Indemnification    18

ARTICLE Xl    19

CLAIMS FOR BENEFITS 19

Section 11.1Submission of Claims    19

Section 11.2 Denial of Claims    19

Section 11.3 Review of Denied Claims    19

ARTICLE XII    20

MISCELLANEOUS PROVISIONS 20

Section 12.1Participant's Rights 20

Section 12.2 Information to be Furnished    20

Section 12.3 Alienation    20

Section 12.4 Construction 21

Section 12.5 Severability 21

Section 12.6 Liability 21

2

ARTICLE I

PREAMBLES

Section 1.1 Establishment of Plan

Effective August 1, 1993, Belden, Inc. (the "Company" and formerly known as Belden Wire & Cable Company) established the Belden, Inc. Supplemental Excess Defined Contribution Plan (the "Plan" and fmmerly known as the Belden Wire & Cable Company Supplemental Excess Defined Contribution Plan) as an unfunded program of deferred compensation for highly compensated employees and their Beneficiaries. The Plan was subsequently amended on November 30, 2000; January 1, 2001; immediately before the Effective Time, as defined in the agreement and Plan of Merger by and among Cable Design Technologies Corporation, BC Merger Corp. and Belden, Inc. dated as of February 4, 2004, as an1ended; and January I, 2005. The Plan is now amended and restated in its entirety to provide additional distribution options, with an effective date of January 1, 2014.

Section 1.2 Purpose

The Plan was adopted to ensure the overall effectiveness of the Company's compensation program in attracting, retaining and motivating qualified senior management and highly compensated employees. By providing for payment of benefits that will supplement the benefits otherwise provided by the Belden Retirement Savings Plan ("Savings Plan") as amended from time to time (and any tax- qualified plan adopted as a successor to the Savings Plan).

This Plan shall be binding on the Company and any successor company into which or with which the Company or any constituent part thereto may be merged or consolidated, or to which the Company or any constituent part thereof may sell or distribute by way of liquidation or otherwise any or all of its assets.

Section 1.3 Interpretation and Governing Law

This Plan is intended to constitute an unfunded progran1 maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees consistent with the requirements of Sections 201(2), 301(a)(3) and 40l(a)(l) and 409A of the Employee Retirement Income Security Act of 1974 ("ERISA").

3

ARTICLE II

DEFINITIONS

2.1    "Change of Control" means

(A)    the purchase or other acquisition by any person, entity or persons acting as a group, as described in Treasury Regulation Section l.409A-3(i)(5), or any comparable successor provisions, of beneficial ownership of thirty percent (30 %) or more of either the outstanding shares of common stock or the combined voting power of the Company's then outstanding voting securities entitled to vote generally,

(B)    at any time a majority of the Board of Directors of the Company is comprised of persons other than Continuing Directors (for purposes of this subsection (B), Continuing Directors shall mean a member of the Board of Directors who was either (i) first elected or appointed to the Board prior to the date of this Plan; or (ii) subsequently elected or appointed to tl1e Board by a majority of the then Continuing Directors),

(C)    any reorganization or recapitalization of the Company which would result in a Change of Control as otherwise described in this Section 2.2, or

(D)    a liquidation or dissolution of the Company or the sale of over forty percent (40%) of the fair market value of the Company's assets.

2.2    "Code" means the Internal Revenue Code of 1986, as amended from time to time.

2.3    "Company" means Belden Inc., a Delaware corporation.

2.4    "Compensation" means gross earnings. Compensation shall also include compensation not otherwise includible in the Employee's gross income by reason of any reductions for contributions in the fo1m of voluntary salary reductions due to a qualified or nonqualified cash or deferred arrangement of the Employer or due to a cafeteria plan of the Employer maintained pursuant to Code Section 125 (including any amounts not available to the Participant in cash in lieu of group health coverage because the Participant is unable to certify that he has other healtl1 coverage even if those amounts technically are not Code Section 125 deferrals) or due to pre-tax transportation accounts maintained pursuant to Code Section 132(f)(4). Compensation shall exclude those items listed in Appendix A of the Savings Plan and any Compensation paid to a terminated Participant after the Participant's last regular paycheck and any other fo1ms of extraordinary Compensation.

2.6    "Deferral Plan" means the Belden Inc. Deferred Compensation Plan, as amended from time to time.

2.7    "Employee" means any person employed by the Employer who is covered m1der

4

the terms of the Savings Plan and who is a member of a select group of management or is a highly compensated employee as specifically designated by the Company, in its sole discretion.

2.8    "Employer" means Belden Inc. and such other entity that may adopt this Plan pursuant to Section 9.3 of the Plan.

2.9    "Participant" means an Employee who has met the eligibility conditions of Article III and is selected by the Company to participate under this Plan.

2.10    "Plan" means the Belden Supplemental Excess Defined Contribution Plan as amended from time to time.

2.11    "Plan Administrator" means the person or persons appointed to administer the Plan in accordance with Article X of the Plan.

2.12    "Plan Year" means the twelve (12) month period beginning January I and ending the following December 31.

2.13    "Savings Plan" means the Belden Retirement Savings Plan, as amended from time to time.

2.14    "Separate Account" means the accounts maintained in the name of a Participant pursuant to Section 5 .1 of the Plan.

2.15    "Separation from Service" means:

(A)    The Employee's death, retirement or other termination of employment, from the Company (and all businesses under a controlled group of corporations or trades or businesses under common control with the Company within the meaning of Code Sections 414(b) or 414(c), an affiliated service group within the meaning of Code Section 4l 4(n), or any other entity required to be aggregated with the company under Code Section 414(0) determined based on an "at least 80%" measure in all cases, hereafter referred to as "Affiliates"). A Separation from Service shall not be considered to have occurred and the Employee's employment relationship is treated as continuing while the Employee is on military leave, sick leave or other bona fide leave of absence if such period of leave does not exceed 6 months or, if longer, so long as the Employee's right to reemployment is provided by statute or by contract. If the period of leave exceeds 6 months and such reemployment rights are not provided, then the Employee is deemed to have a Separation from Service as of the first date immediately following such 6-month period.

(B)    A Separation from Service will occur as of a specified date if the facts and circumstances indicate that (1) the Company and the Employee reasonably anticipated that no further services would be performed after that date or (2) the

5

level of bona fide services the Employee would perfo1m after that date (whether as an employee or an independent contractor) would permanently decrease to 20% or less of the average level of bona fide services perfom1ed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of such services, if less than 36 months).

(C)    The Employee is presumed to (1) have incurred a Separation from Service from the Company and all Affiliates (as described in subsection 2.15 (A) above) where the level of bona fide services the Employee performs after such date decreases to a level equal to 20% or less of the average level of services performed by the Employee over the immediately preceding 36- month period (on the full period of such services, if less than 36 months); and (2) not to have incurred a Separation from Service from the Company and all Affiliates (as described in subsection 2.15 (A) above) where the level of bona fide services the Employee performs after such date continues at a level equal to 50% or more of the average level of services performed by the Employee over the immediately preceding 36-month period (or the full period of such services, if less than 36 months). These presumptions can be rebutted by showing that the Company and the Employee reasonably anticipated that there either would or would not have been a Separation from Service in accordance with paragraph (B).

2.16    "Supplemental Elective Deferral Contributions" means the contributions credited to a Participant under the Plan pursuant to Section 4.2.

2.17    "Supplemental Matching Contributions" means the Employer contributions credited to a Participant under the Plan pursuant to Section 4.1.

2.18    "Trust" means the Trust Agreement Establishing the Trust by and between Belden Wire & Cable Compa11y (For the Supplemental Excess Defined Contribution Plan) and CG Trust Company, now Prudential Bank & Trust, F.S.B., effective January 1, 2001, as amended from time to time, and a11y successor agreement thereto. Such Trust constitutes an unfunded arrangement and will not affect the status of the Plan as an unfunded plan for purposes of Title I of ERISA.

Other terms used herein but not defined shall have the same meaning as defined in the Savings Plan. The masculine gender shall include both sexes; the singular shall include the plural and the plural the singular, unless the context otherwise requires.

6

ARTICLE III

ELIGIBILITY TO PARTICIPATE

Section 3.1 Participation and Eligibility Requirements

A Participant in the Plan as of December 31, 2013 shall remain a Participant in the Plan as of January I, 2014. Thereafter, each Employee of the Employer who is selected by the Plan Administrator with approval from the Chief Executive Officer, who as designated in writing, has met the eligibility requirements of the Savings Plan and whose benefits under the Savings Plan are limited due to Code Section 401(a)(l 7), Code Section 415 and/or Code Section 402(g) shall become a Participant hereunder on the date designated by the Company.

Section 3.2 Determination of Eligibility

The eligibility of each Employee to become a Participant under the Plan shall be determined by the Plan Administrator with approval from the Chief Executive Officer, the decision of which shall be final and binding upon all persons with an interest under the Plan.

Except as specifically herein provided to the contrary, the rights of any former Participant who terminated employment with the Employer prior to August 1, 1993 shall be determined without regard to the provisions of this Plan. The benefit payable to a Participant who retired or terminated employment prior to January 1, 2014 shall be an amount determined in accordance with the provisions of the Plan as in effect at the time of such retirement or Separation from Service.

Section 3.3 Termination of Participation

A Participant shall cease to be a Participant under the Plan if he is no longer determined to be a highly compensated Employee, a member of a select group of management, or is no longer determined to be a Participant by the Plan Administrator with approval from the Chief Executive Officer. Any Participant who terminated employment and who is rehired by the Employer may, upon his return to service, become a Participant again if and when such former Participant meets the eligibility requirements of Section 3.1 of the Plan. If a Participant ceases to be a Participant in the Savings Plan, he shall cease to be a Participant under this Plan on the date he ceases to be a Participant in the Savings Plan.

Upon a termination of participation, a Participant shall be eligible to receive any benefit payable under the Plan upon his Separation from Service at the time specified pursuant to Article VII,

7

ARTICLE IV

SUPPLEMENTAL CONTRIBUTIONS

Section 4.1 Supplemental Matching Contributions

As of the last day of each month, the Separate Account of each Participant shall be credited with Supplemental Matching Contributions equal to the smn of:

(A)    the amount with respect to which Matching Contributions m1der the Savings Plan are limited for such month due to the provisions of Sections 40l(a)(l7), 401(k)(3) and 415 of the Code;

(B)    the amount with respect to which Matching Contributions under the Savings Plan are limited for such month due to the limits under Sections 40l(a)(l 7), 40l(k)(3), and 415 of the Code and 402(g) on Elective Deferrals as long as Supplemental Elective Deferrals are deferred from Compensation in accordance with a duly executed and filed compensation reduction authorization form; and

(C)    the amount that would have been contributed by an Employer under the Savings Plan for such month if the Participant had not participated in the Deferral Plan and had made contributions under the Savings Plan with respect to the compensation deferred m1der the Deferral Plan in accordance with his election in effect for such month under the Savings Plan and the provisions of the Savings Plan in effect for such month without regard to any limitations imposed by Section 415 of the Code.

Section 4.2 Supplemental Elective Deferral Contributions

As of the last day of each month, the Separate Account of each Participant shall be credited with Supplemental Elective Deferral Contributions equal to the Elective Deferral Contributions, as defined in the Savings Plan, that would have been credited to the Savings Plan on his behalf for such month except for the provisions of Sections 401(a)(l7), 402(g), 401(k)(3), and Section415 of the Code and that were deferred from his Compensation in accordance with a duly executed and filed compensation reduction authorization form.

Effective January 1, 2005, the compensation reduction authorization form for Deferrals after December 31, 2004 must be completed for:

(A)Participants who were eligible on December 31, 2004, in the taxable year preceding January 1, 2005;

(B)New Participants after January 1, 2005, within 30 days of eligibility and the election will apply to service performed after the election; and

8

(C)     Subsequent elections, in the taxable year preceding the year in which the services will be performed and the completed form must be received by the Plan Administrator at least 30 days (six months, effective June 30, 2008) prior to the January 1 in which the election is effective.

9

ARTICLE V

SEPARATE ACCOUNTS

Section 5.1 Types of Separate Accounts

Each Participant shall have established in his nan1e a Separate Account which shall reflect the contributions as well as interest thereon credited to him pursuant to Article IV and Section 5.2.

Section 5.2 Interest

Each month, the Separate Account of a Participant shall be deemed to earn, and, as of the last day of such month, shall be credited with, a rate of interest equal to the average rate earned in the Stable Value Fund of the Savings Plan during such month. However, if the Plan is funded in accordance with the provisions of Article VIII, the Separate Account of the Participant shall be allocated a pro-rata share of the investment gains/(losses) of the Trust fund.

10

ARTICLE VI

BENEFITS

Section 6.1 Benefits

The benefit payable to a Participant under the Plan shall be the amount at the time of distribution in the Separate Account established in the Participant's name pursuant to Article V.

Section 6.2 Death Benefits

In the event a Participant dies before his interest under the Plan has been distributed to him in full, any remaining interest, or portion thereof, shall be determined pursuant to Section 6.1 and distributed to his beneficiary who shall be the person designated as his beneficiary under the Savings Plan. Such benefit shall be payable in a lump sum equal to the death benefit payable under the Savings Plan, determined as if the provisions of the Savings Plan providing for the limitation of compensation and benefits in accordance with Code Section 401(a)(l 7), and/or Code Section 415 were inapplicable, less the lump sum of the death benefit actually payable under the Savings Plan.

11

ARTICLE VII

DISTRIBUTION OF BENEFITS

Section 7.1 Time and Form of Benefits

(A)Effective January 1, 2008, the benefits payable to or on behalf of a Participant as determined under Section 4.1 of Article IV shall be paid in the form of a single lump sum equal to the Participant's benefits determined hereunder, regardless of any prior election.

(B)Effective January 1, 2014, an active Participant can elect in writing, on or before June 30th of each year, to receive the benefit accrued during the next following calendar year in the form of:

(i)    a single lump sum, payable on the later of February 1st of the year following the calendar year of the Participant's Separation from Service and sixth months after the Participant Separates from Service;

(ii)    in 5 annual installments payable beginning the later of February 1st of the year following the calendar year· of the Participant's Separation from Service and six months after the Participant's Separation from Service; or

(iii)    in 10 annual installments payable beginning on February 1st following the second anniversary of the Participant's Separation from Service.

Installment payments elected under this Section 7.l(B)(ii) or (iii) will equal the Separate Account on each payment date divided by "n," where "n" equals the number of installment payments remaining.

(C)The failure of an active Participant to make a written election to change the time or form of payment as provided in Section 7.l(B) shall cause such benefit to be paid in the form of a single lump sum equal to the Participant's benefit determined hereunder, in accordance with Section 7.l(A). Notwithstanding the foregoing, an election under Section 7.1(B) shall be effective for any benefits accrued on and after the effective date of the election until such time that the Participm1t provides a different election in accordance with Section 7.l(B).

Section 7.2 One-Time Election to Change the Time and Form of Payments for Benefits Earned and Vested as of December 31, 2014

Effective January 1, 2014, active Participants may elect to change the time m1d form of payment for benefits earned and vested as of December 31, 2014. Any change to a Participant's current election (to receive a single lump sum on the later of February !st of the year following the year of the Participant's Separation from Service or six months

12

after the date of the Participant's Separation from Service, or if earlier, the Participant's death) must be provided in writing no later than April I, 2014 and will include an election to commence payment of the Participant's benefits earned and vested as of December 31, 2014 in the form of:

(A)a single lump sum, payable on February !st of the year following the Participant's sixth year anniversary of his Separation from Service;

(B)annual installments over 5 years, payable beginning on February !st of the year following the Participant's sixth anniversary of his Separation from Service; or

(C)annual installments over 10 years, payable beginning on February !st of the year following the Participant's sixth anniversary of his Separation from Service.

Installment payments elected under this Section 7.2(B) or (C) will equal the Separate Account on each payment date divided by "n," where "n" equals the number of installment payments remaining.

An election made under this Section 7.2 shall not be valid until April I, 2015. Should a Participant Separate from Service prior to April I, 2015 the Participant's benefit shall be distributed on the later of February Ist of the year following the calendar year of the Participant's Separation from Service and 6 months following the Participant's Separation from Service, in the form of a single lump smn.

Section 7.3 Elections

A Participant may only change his election as to the time and form of payment in accordance with Sections 5.I and 5.2, unless otherwise provided by the Plan Administrator.

13

ARTICLE VIII

FUNDING

Section 8.1 Funding of the Plan

The Plan, at all times, shall be entirely 1m:funded and shall constitute merely the unsecured promise of the Company to make the payments as provided for in the Plan. No Participant nor any other person shall have, by reason of this Plan, any rights, title or interest of any kind in or to any property of the Company, nor any beneficial interest in any trust which may be established by the Company in connection with this Plan nor any guarantee that assets of the Company will be sufficient to pay benefits under this Plan. If the Company transfers any property to the Trust in connection with this Plan, such Trust shall not be held for the exclusive benefit of the Participants and any assets held in such Trust shall be subject to the claims of the Company's general creditors in the event of the Company's insolvency.

Section 8.2 Right to Assets

The rights of the Participant or any beneficiary of a Participant shall be those of an unsecured creditor. Any insurance policy or other asset acquired by the Employer shall be deemed to not be held in trust for the benefit of the Participant or to be collateral security for the performance of the obligations of the Company, but shall remain a general, unpledged, and unrestricted asset of the Company.

Section 8.3 No Guarantee of Benefits

Nothing contained in this Plan shall constitute a guarantee by the Company or any other entity or person, that the assets of the Company will be sufficient to pay the benefits hereunder.

Section 8.4 Change in Control

The occurrence of a Change in Control shall be determined finally and conclusively by the Plan Administrator and shall be evidenced by a letter signed by the duly appointed representative of the Plan Administrator, delivered to the Chief Executive Officer and the trustee, if any. If the Plan Administrator fails to act, the Chief Executive Officer or the trustee, if any, shall make and give notice of the determination of a Change in Control.

If a Change in Control occurs, failure of the Plan Administrator, the Chief Executive Officer or the trustee, if any, to take the action required in the preceding paragraph shall not affect in any manner the obligation of the company or the full right, title, and interest of each Participant wider this Plan to receive from the Company the full amount of the

14

benefit payable hereunder and the entitlement of each Participant to receive such benefit from the Company shall be valid and enforceable by each Participant in any state or federal court of competent jurisdiction.

In the event of a Change of Control, the Company shall make, within thirty (30) days of such change, an irrevocable contribution to the Plan in an an1ount that is sufficient to pay all Plan Participants and their Beneficiaries the aggregate benefits to which they would be entitled pursuant to the terms of the Plan as of the date of the Change of Control (whether or not they are then entitled to receive such benefits), and shall thereafter make further irrevocable contributions to the Trust on a current basis as, and in the amount that, such benefits accrue.

A Participant shall become 100% vested in the benefit payable under this Plan upon a Change of Control.

In no event will the Company make an irrevocable contribution to the Plan at any time within the 12-month period that begins 6 months before the date the Company terminates an underfunded pension plan sponsored by the Company or at any time during any period that the Company maintains a qualified pension plan that is in at-risk status (as defined in section 430(i)) or while the Company is in bankruptcy proceedings.

15

ARTICLE IX

AMENDMENT OR TERMINATION OF THE PLAN

Section 9.1 Amendment or Termination

The Company acting through its Board of Directors reserves and shall have the right at any time to modify, amend, or terminate in whole, or in part, any or all provisions of the Plan at any time.

The Company also reserves the right to cause an acceleration of the time and fom1 of payment of benefits to Participants upon termination of the Plan where the acceleration of such payment is made in accordance with one of the following provisions:

(A)    Change of Control: At the discretion of the Company, provided that termination of the Plan occurs within the period beginning 30 days before and ending twelve (12) months after the Change of Control; and (b) al 1 other arrangements sponsored by the Company that would be aggregated with this arrangement under Treas. Reg. §l.409A-I (c) are also terminated (such aggregation being determined by assuming all Participants affected by the Change of Control have a benefit under any such other arrangement).

(B)    Discretionary Termination: At the discretion the Company, provided that (a) termination of the Plan that does not occur proximate to a downturn in the financial health of the Company; (b) all other arrangements sponsored by the Company that would be .aggregated with this arrangement under Treas. Reg.§l.409A-I (c) are also terminated (such aggregation being determined by assuming that all Participants have a benefit under any such other arrangement);(c) no payments in liquidation of the Plan, other than payments that would have been made under this Plan had the termination not occurred, are made from the Plan within twelve (12) months of the date the Company has taken all necessary action to irrevocably terminate and liquidate this Plan (the "Termination Date");(d) all benefits are fully distributed within twenty-four (24) months of the Termination Date; and (e) the Company does not adopt a new arrangement that would be aggregated under Treas. Reg. §1.409A-l(c) with this Plan (such aggregation being determined by assuming that all Participants will have a benefit under any new arrangement) within five (5) years following the Termination Date.

Section 9.2 Effect of Amendment or Termination

No amendment or termination of the Plan shall directly or indirectly deprive m1y current or fonner Participant or beneficiary of all or any portion of any benefit payment

16

that commenced prior to 'the effective date of such amendment or termination.

Section 9.3 Adoption by Subsidiaries

Any subsidiary of the Company which at the time is not an Employer may, with the consent of the Company, adopt the Plan and become an Employer hereunder by causing an appropriate written instrument evidencing such adoption to be executed pursuant to the authority of its Board of Directors and filed with the Company.

17

ARTICLE X

PLAN ADMINISTRATOR

Section 10.1 Appointment

The Board of Directors shall appoint a Plan Administrator. Any person including, but not limited to, the Employer or Employees of the Employer, shall be eligible to serve as Plan Administrator.

Section 10.2 Authority

The primary responsibility of the Plan Administrator is to administer the Plan, subject to the specific terms of the Plan. The Plan Administrator shall have the discretionary authority to detem1ine all questions related to eligibility for benefits and to construe the terms and conditions of the Plan. Any detennination by the Plan Administrator shall be conclusive and binding upon all persons. The Plan Administrator may establish procedures, correct any defect, supply any information, or reconcile any inconsistency in such a manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the Plan. Any rules, regulations or procedures that may be necessary for the proper administration or functioning of this Plan that are not covered inthis Plan shall be promulgated and adopted by the Plan Administrator.

The Plan Administrator may delegate any of its powers, authorities, or responsibilities for the operation and administration of the Plan to any person or committee so designated in writing by it and may employ such attorneys, agents, and accountants as it may deem necessary or advisable to assist it in carrying out its duties hereunder.

Section 10.3 Indemnification

The Company agrees to indemnify and hold the Plan Administrator harmless against any and all claims, losses, damages, expenses and liabilities which he may incur in the exercise and performance of his powers and duties hereunder, unless same is determined to be due to gross negligence or willful misconduct.

18

ARTICLE XI

CLAIMS FOR BENEFITS

Section 11.1 Submission of Claims

Participants shall make claims for benefits under the Plau in writing following such procedures, including deadlines aud documentation requirements, aud using such forms, as are prescribed by the Plau Administrator. Claims which are approved by the Plau Administrator shall be paid as soon as administratively feasible.

Section 11.2 Denial of Claims

If a Pmticipant's claim for benefits under this Plan is denied, the Plan Administrator shall provide notice to the Participaut in writing of the denial. The notice shall be written in a manner calculated to be understood by the Participaut aud shall include:

(A)the specific reason or reasons for denial;

(B)specificreferences tothepertinent Plan provisions onwhichthedenialisbased;

(C)a description of any additional material or information necessary for the applicaut to perfect the claim aud an explanation of why such material or information is necessary; aud

(D)anexplanationofthePlau'sclaimsreviewprocedures.

Section 11.3 Review of Denied Claims

If a claim for benefits is denied, the Participant, at his sole expense, may appeal the denial to the Plan Administrator within sixty (60) days of the receipt of written notice of the denial. If, upon receipt of this appeal, the Plan Administrator determines that the Pmticipant is not entitled to the benefits claimed, he shall afford the Participa11t or his representative a reasonable opportunity to appear personally before him, to submit issues and comments in writing, and to review pertinent documents. The Plau Administrator shall render its final decision with the specific reasons therefor in writing aud shall trausmit it to the Participaut by certified mail within sixty (60) days of any such appearauce.

19

ARTICLE XII

MISCELLANEOUS PROVISIONS

Section 12.1 Participant's Rights

This Plan shall not be deemed to constitute a contract between the Employer and any Participant or to be a consideration or an inducement for the employment of any Participant or Employee. Nothing contained in this Plan shall be deemed to give any Participant or Employee the right to be retained in the service of the Employer or to interfere with any right of the Employer to discharge any Participant or Employee at any time regardless of the effect which such discharge shall have upon him as a Participant of this Plan.

Neither the establishment of this Plan nor any amendment, nor the payment of any benefit, will be construed as giving to any Participant or other person any legal or equitable right against the Employer or Plan Administrator.

Section 12.2 Information to be Fnrnished

Pmticipants shall provide the Employer or Plan Administrator with such information and evidence and shall sign such documents as may reasonably be requested from time to time for thepurposeofadministrationofthePlan.

Section 12.3 Alienation

No benefit which shall be payable to any Participant shall be subject in any mmmer to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be void; and no such benefit shall in any manner be liable for or subject to, the debt, contracts, liabilities, engagements or torts of any such person, nor shall it be subject to attachment or legal process for or against such person, and the same shall not be recognized by the Plan Administrator, except to such extent as may be required by law.

20

Section 12.4 Construction

This Plan shall be construed and enforced according to the laws of the State of Indiana.

Section 12.5 Severability

If any provision of this Plan shall be held by any court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be. fully effective, unless the removal of the invalid or unenforceable provision would substantially defeat the basic intent, purpose and spirit of this Plan.

Section 12.6 Liability

Nothing contained in this Plan shall impose on any officer, director or Employee of the Employer any personal liability for any benefit due a Participant pursuant to this Plan.

IN WITNESS WHEREOF, this Plan is hereby restated effective January l, 2014.

BELDEN INC.

21

EX-21.1

EXHIBIT 21.1

LIST OF SUBSIDIARIES OF BELDEN INC.

Entity	Country/State of Incorporation	Percentage Owned Directly or Indirectly by Belden Inc.
BDX Mexico Holdings S. de R.L de C.V.	(Organized in Mexico)	100%
Belden 1993 LLC	(Organized in Delaware)	100%
Belden AB	(Incorporated in Sweden)	100%
Belden Asia (Hong Kong) Limited	(Incorporated in Hong Kong)	100%
Belden Asia (Thailand) Company Limited	(Incorporated in Thailand)	100%
Belden Australia Pty Ltd.	(Incorporated in Australia)	100%
Belden Canada Finance 1 ULC	(Organized in Canada)	100%
Belden Canada Finance 2 ULC	(Organized in Canada)	100%
Belden Canada Finance 2013 LP	(Canadian Limited Partnership)	100%
Belden Canada Holding B.V.	(Incorporated in the Netherlands)	100%
Belden Canada ULC	(Organized in Canada)	100%
Belden CDT European Shared Services B.V.	(Incorporated in the Netherlands)	100%
Belden CDT International Inc.	(Incorporated in Delaware)	100%
Belden Cekan A/S	(Incorporated in Denmark)	100%
Belden Cyprus Limited	(Organized in Cyprus)	100%
Belden Commercial Services B.V.	(Incorporated in the Netherlands)	100%
Belden de Sonora S.A. de C.V.	(Incorporated in Mexico)	100%
Belden Deutschland GmbH	(Incorporated in Germany)	100%
Belden Deutschland Holding GmbH	(Incorporated in Germany)	100%
Belden-Duna Kabel Kft	(Incorporated in Hungary)	100%
Belden Electronics Argentina S.A.	(Incorporated in Argentina)	100%
Belden Electronics GmbH	(Incorporated in Germany)	100%
Belden Electronics, S.A. de C.V.	(Incorporated in Mexico)	100%
Belden Europe B.V.	(Incorporated in the Netherlands)	100%
Belden Finance 2013 LP	(Delaware Limited Partnership)	100%
Belden Finance 2016 LLC	(Organized in Delaware)	100%
Belden France SAS	(Incorporated in France)	100%
Belden Global LP	(Delaware Limited Partnership)	100%
Belden Global Holdings, B.V.	(Incorporated in the Netherlands)	100%
Belden Hirschmann Industries (Suzhou) Limited	(Incorporated in China)	100%
Belden Hirschmann Networking System Trading (Shanghai) Co. Ltd.	(Incorporated in China)	100%
Belden Holdings, Inc.	(Organized in Delaware)	100%
Belden Iberia SL	(Incorporated in Spain)	100%
Belden India Private Limited	(Incorporated in India)	100%
Belden International Holdings B.V.	(Incorporated in the Netherlands)	100%
Belden Ireland Finance DAC	(Organized in Ireland)	100%
Belden Italia SRL	(Incorporated in Italy)	100%
Belden LRC Mexico S. de R.L. de C.V.	(Incorporated in Mexico)	100%
Belden Lux Holdings S.a.r.l.	(Organized in Luxembourg)	100%

Entity	Country/State of Incorporation	Percentage Owned Directly or Indirectly by Belden Inc.
Belden Luxembourg S.a.r.l.	(Organized in Luxembourg)	100%
Belden Mexico Enterprises Limited	(Organized in United Kingdom)	100%
Belden Netherlands B.V.	(Incorporated in the Netherlands)	100%
Belden Poliron Industria E Comercio De Cabos Especiais Ltda.	(Incorporated in the Brazil)	100%
Belden Signal Solutions B.V.	(Incorporated in the Netherlands)	100%
Belden Singapore Private Limited	(Incorporated in Singapore)	100%
Belden Solutions Asia Limited	(Incorporated in Hong Kong)	100%
Belden Solutions B.V.	(Incorporated in the Netherlands)	100%
Belden Technologies Co., Limited	(Incorporated in Japan)	100%
Belden Technologies, LLC	(Organized in Delaware)	100%
Belden Technologies Ireland DAC	(Organized in Ireland)	100%
Belden Technologies Peru S.r.l.	(Incorporated in Peru)	100%
Belden UK Holdings Limited	(Incorporated in the United Kingdom)	100%
Belden UK Limited	(Incorporated in the United Kingdom)	100%
Belden Wire & Cable B.V.	(Incorporated in the Netherlands)	100%
Belden Wire & Cable Company LLC	(Organized in Delaware)	100%
BiBiXi Communications System (Suzhou) Co., Ltd.	(Incorporated in China)	100%
CDT International Holdings LLC	(Organized in Delaware)	100%
Coast Wire & Plastic Tech, LLC	(Organized in Delaware)	100%
GarrettCom Europe Ltd.	(Incorporated in the United Kingdom)	100%
GarrettCom, Inc.	(Incorporated in California)	100%
GarrettCom India Private Ltd.	(Incorporated in India)	49%
GlobalBlue Networks Inc.	(Incorporated in Canada)	100%
Hirschmann Automation & Control GmbH	(Incorporated in Germany)	100%
Hirschmann Automation & Control Kabushiki Kaisha	(Incorporated in Japan)	100%
Hirschmann Electronics GmbH	(Incorporated in Germany)	100%
ITC Industria Tecnica CAVI S.r.l.	(Incorporated in Italy)	100%
Kajola-Kristada Limited	(Incorporated in St. Kitts and Nevis)	100%
Lukram SRO	(Incorporated in Czech Republic)	100%
Miniflex, Inc.	(Incorporated in Delaware)	100%
nCircle Canada Corp	(Incorporated in Canada)	100%
Opterna Am, Inc.	(Incorporated in Delaware)	100%
Opterna Europe Limited	(Incorporated in the United Kingdom)	100%
Opterna International Corp.	(Incorporated in Delaware)	100%
Opterna Middle East FZCO	(Organized in the U.A.E.)	100%
Opterna Technologies Private Limited	(Organized in India)	100%
Opterna Telecommunications Trading L.L.C.	(Organized in the U.A.E.)	49%
Opterna Trading	(Organized in China)	100%
Noslo Limited	(Incorporated in the United Kingdom)	100%
PPC Broadband Fiber Ltd.	(Incorporated in the United Kingdom)	100%
PPC Broadband, Inc.	(Incorporated in Delaware)	100%

Entity	Country/State of Incorporation	Percentage Owned Directly or Indirectly by Belden Inc.
PPC Broadband India Private Limited	(Incorporated in India)	100%
PPC Broadband Ltd.	(Incorporated in the United Kingdom)	100%
PPC Germany GmbH	(Incorporated in Germany)	100%
PPC Technologies India Private Limited	(Incorporated in India)	100%
ProLinx Comunicacao Industria LTDA	(Incorporated in Brazil)	100%
ProSoft Technology (Asia Pacific) Sendirian Berhad	(Incorporated in Malaysia)	100%
ProSoft Technology SAS	(Incorporated in France)	100%
ProSoft Technology, Inc.	(Incorporated in California)	100%
Shanghai Hite-Belden Network Technology Co., Ltd.	(Incorporated in China)	51%
Societe Opterna Africa	(Incorporated in Tunisia)	74%
St. Kitts Technology Limited	(Incorporated in St. Kitts and Nevis)	100%
Thinklogical, LLC	(Organized in Delaware)	100%
Thinklogical Holdings, LLC	(Organized in Delaware)	100%
Thinklogical International, LLC	(Incorporated in Delaware)	100%
Thinklogical Real Estate, LLC	(Organized in Delaware)	100%
Tripwire, Inc.	(Incorporated in Delaware)	100%
Tripwire International, Inc.	(Incorporated in Delaware)	100%
Tripwire Japan KK	(Incorporated in Japan)	100%
VIA Holdings I, Inc.	(Incorporated in Delaware)	100%
VIA Holdings II, Inc.	(Incorporated in Delaware)	100%

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1)Registration Statements (Forms S-8 No. 333-73790, No. 333-138177, and No. 333-160292) pertaining to the Cable Design Technologies Corporation 2001 Long-Term Performance Incentive Plan of Belden Inc. (formerly Cable Design Technologies Corporation),

(2)Registration Statements (Forms S-8 No. 333-175859 and No. 333-216752) of Belden Inc. pertaining to the 2011 Long-Term Performance Incentive Plan,

(3)Registration Statement (Form S-8 No. 333-239153) of Belden Inc. pertaining to the satisfaction of 401(k) plan matches with Belden Inc. stock,and

(4)Automatic Shelf Registration Statement (Form S-3ASR No. 333-230612) of Belden Inc.;

of our reports dated February 16, 2021, with respect to the consolidated financial statements and schedule of Belden Inc., and the effectiveness of internal control over financial reporting of Belden Inc., included in this Annual Report (Form 10-K) of Belden Inc. for the year ended December 31, 2020.

/s/ Ernst & Young LLP

St. Louis, Missouri

February 16, 2021

EX-24.1

Exhibit 24.1

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as his own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ David J. Aldrich

David J. Aldrich

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as his own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ Lance C. Balk

Lance C. Balk

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as his own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ Steven W. Berglund

Steven W. Berglund

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as her own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ Diane D. Brink

Diane D. Brink

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as her own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ Judy L. Brown

Judy L. Brown

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as her own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ Nancy Calderon

Nancy Calderon

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as his own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ Bryan C. Cressey

Bryan C. Cressey

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as his own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ Jonathan Klein

Jonathan Klein

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as his own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ George Minnich

George Minnich

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a director of BELDEN INC. (the “Company”), does constitute and appoint ROEL VESTJENS, with full power and substitution, his true and lawful attorney and agent, to do any and all acts and things and to execute any and all instruments which such attorney and agent may deem necessary or advisable to enable the Company to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, in connection with the execution and filing of the Annual Report (Form 10-K) of Belden Inc. for the fiscal year ended December 31, 2020 (the “Annual Report”), including specifically the power and authority to sign for and on behalf of the undersigned the name of the undersigned as director of the Company to the Annual Report or to any amendments thereto filed with the Securities and Exchange Commission and to any instrument or document filed as part of, as an exhibit to, or in connection with such Annual Report or amendments, and the undersigned does hereby ratify and confirm as his own act and deed all that such attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents, this 16th day of February, 2021.

/s/ John S. Stroup

John S. Stroup

EX-31.1

Exhibit 31.1

CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Roel Vestjens, certify that:

1.I have reviewed this annual report on Form 10-K of Belden Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which the statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 16, 2021

/s/ Roel Vestjens

Roel Vestjens

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Henk Derksen, certify that:

1.I have reviewed this annual report on Form 10-K of Belden Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which the statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 16, 2021

/s/ Henk Derksen

Henk Derksen

Senior Vice President, Finance, and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Belden Inc. (the “Company”) on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Roel Vestjens, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Roel Vestjens

Roel Vestjens

President and Chief Executive Officer

February 16, 2021

EX-32.2

Exhibit 32.2

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Belden Inc. (the “Company”) on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Henk Derksen, Senior Vice President, Finance, and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Henk Derksen

Henk Derksen

Senior Vice President, Finance, and Chief Financial Officer

February 16, 2021

XML

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 10, 2021	Jun. 28, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-12561
Entity Registrant Name	BELDEN INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3601505
Entity Address, Address Line One	1 North Brentwood Boulevard
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	854-8000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	BDC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging growth company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,314,089,562
Entity Common Stock, Shares Outstanding		44,657,019
Documents Incorporated by Reference	The registrant intends to file a definitive proxy statement for its annual meeting of stockholders within 120 days of the end of the fiscal year ended December 31, 2020 (the “Proxy Statement”). Portions of such proxy statement are incorporated by reference into Part III.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000913142

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 501,994	$ 407,480
Receivables, net	296,817	334,634
Inventories, net	247,298	231,333
Other current assets	52,289	29,172
Current assets of discontinued operations	0	375,135
Total current assets	1,098,398	1,377,754
Property, plant and equipment, less accumulated depreciation	368,620	345,918
Operating lease right-of-use assets	54,787	62,251
Goodwill	1,251,938	1,243,669
Intangible assets, less accumulated amortization	287,071	339,505
Deferred income taxes	29,536	25,216
Other long-lived assets	49,384	12,446
Total assets	3,139,734	3,406,759
Current liabilities:
Accounts payable	244,120	268,466
Accrued liabilities	276,641	283,799
Current liabilities of discontinued operations	0	170,279
Total current liabilities	520,761	722,544
Long-term debt	1,573,726	1,439,484
Postretirement benefits	160,400	136,227
Deferred income taxes	38,400	48,725
Long-term operating lease liabilities	46,398	55,652
Other long-term liabilities	42,998	38,308
Stockholders’ equity:
Common stock, par value $0.01 per share— 200,000 shares authorized; 50,335 shares issued; 44,643 and 45,458 shares outstanding at 2020 and 2019, respectively	503	503
Additional paid-in capital	823,605	811,955
Retained earnings	450,876	518,004
Accumulated other comprehensive loss	(191,851)	(63,418)
Treasury stock, at cost— 5,692 and 4,877 shares at 2020 and 2019, respectively	(332,552)	(307,197)
Total Belden stockholders’ equity	750,581	959,847
Noncontrolling interest	6,470	5,972
Total stockholders’ equity	757,051	965,819
Total liabilities and stockholders' equity	$ 3,139,734	$ 3,406,759

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	50,335,000	50,335,000
Common stock, shares outstanding (in shares)	44,643,000	45,458,000
Treasury stock, shares (in shares)	5,692,000	4,877,000

XML

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues	$ 1,862,716	$ 2,131,278	$ 2,165,702
Cost of sales	(1,199,427)	(1,337,773)	(1,335,791)
Gross profit	663,289	793,505	829,911
Selling, general and administrative expenses	(366,188)	(417,329)	(411,352)
Research and development expenses	(107,296)	(94,360)	(91,552)
Amortization of intangibles	(64,395)	(74,609)	(75,140)
Gain from patent litigation	0	0	62,141
Operating income	125,410	207,207	314,008
Interest expense, net	(58,888)	(55,814)	(60,839)
Non-operating pension benefit (cost)	(395)	1,017	(99)
Loss on debt extinguishment	0	0	(22,990)
Income from continuing operations before taxes	66,127	152,410	230,080
Income tax expense	(11,724)	(42,519)	(62,936)
Income from continuing operations	54,403	109,891	167,144
Loss from discontinued operations, net of tax	(99,513)	(486,667)	(6,433)
Gain on disposal	(9,948)	0	0
Net income (loss)	(55,058)	(376,776)	160,711
Less: Net income (loss) attributable to noncontrolling interest	104	239	(183)
Net income (loss) attributable to Belden	(55,162)	(377,015)	160,894
Less: Preferred stock dividends	0	18,437	34,931
Net income (loss) attributable to Belden common stockholders	$ (55,162)	$ (395,452)	$ 125,963
Weighted average number of common shares and equivalents:
Basic (in shares)	44,778	42,203	40,675
Diluted (in shares)	44,937	42,416	40,956
Basic income (loss) per share attributable to Belden common stockholders:
Continuing operations attributable to Belden common stockholders (in dollars per share)	$ 1.21	$ 2.16	$ 3.25
Discontinued operations attributable to Belden common stockholders (in dollars per share)	(2.22)	(11.53)	(0.16)
Disposal of discontinued operations attributable to Belden common stockholders (in dollars per share)	(0.22)	0	0
Net income (loss) attributable to Belden common stockholders (in dollars per share)	(1.23)	(9.37)	3.10
Diluted income (loss) per share attributable to Belden common stockholders:
Continuing operations attributable to Belden common stockholders (in dollars per share)	1.21	2.15	3.23
Discontinued operations attributable to Belden common stockholders (in dollars per share)	(2.22)	(11.53)	(0.16)
Disposal of discontinued operations attributable to Belden common stockholders (in dollars per share)	(0.22)	0	0
Diluted income (loss) per share attributable to Belden stockholders:	$ (1.23)	$ (9.37)	$ 3.08

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (55,058)	$ (376,776)	$ 160,711
Foreign currency translation, net of tax of $1.0 million, $1.0 million, and $1.7 million, respectively	(112,562)	24,121	27,802
Adjustments to pension and postretirement liability, net of tax of $1.7 million, $1.1 million, and $1.0 million, respectively	(15,477)	(12,168)	(4,690)
Other comprehensive income (loss), net of tax	(128,039)	11,953	23,112
Comprehensive income (loss)	(183,097)	(364,823)	183,823
Less: Comprehensive income (loss) attributable to noncontrolling interest	498	703	(190)
Comprehensive income (loss) attributable to Belden	$ (183,595)	$ (365,526)	$ 184,013

XML

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax expense (benefit)	$ 1.0	$ 1.0	$ 1.7
Adjustments to pension and postretirement liability, tax	$ 1.7	$ 1.1	$ 1.0

XML

Consolidated Cash Flow Statements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (55,058)	$ (376,776)	$ 160,711
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Asset impairment of discontinued operations	113,007	521,441	0
Depreciation and amortization	108,687	139,259	148,632
Share-based compensation	20,030	17,751	18,497
Loss on disposal of business	946	0	0
Loss on debt extinguishment	0	0	22,990
Deferred income tax expense (benefit)	(19,410)	(23,540)	11,300
Changes in operating assets and liabilities, net of the effects of exchange rate changes, acquired businesses, and disposals:
Receivables	70,707	22,926	(21,748)
Inventories	(8,507)	44,477	(14,779)
Accounts payable	(43,567)	(41,527)	(29,401)
Accrued liabilities	7,374	(17,654)	17,238
Income taxes	(22,823)	5,497	(4,390)
Other assets	2,018	(16,118)	(18,748)
Other liabilities	(40)	1,157	(1,082)
Net cash provided by operating activities	173,364	276,893	289,220
Cash flows from investing activities:
Capital expenditures	(90,215)	(110,002)	(97,847)
Cash from (used for) business acquisitions, net of cash acquired	590	(74,392)	(84,580)
Proceeds from disposal of tangible assets	3,161	25	1,580
Proceeds from disposal of business, net of cash sold	54,821	0	40,171
Net cash used for investing activities	(31,643)	(184,369)	(140,676)
Cash flows from financing activities:
Payments under borrowing arrangements	(190,000)	0	(484,757)
Payments under share repurchase program	(35,000)	(50,000)	(175,000)
Payment of earnout consideration	(29,300)	0	0
Cash dividends paid	(9,029)	(34,439)	(43,169)
Withholding tax payments for share based-payment awards	(1,388)	(2,149)	(2,094)
Other	(194)	(360)	0
Debt issuance costs paid	0	0	(7,609)
Redemption of stockholders' rights agreement	0	0	(411)
Borrowings under credit arrangements	190,000	0	431,270
Net cash used for financing activities	(74,911)	(86,948)	(281,770)
Effect of foreign currency exchange rate changes on cash and cash equivalents	9,299	(301)	(7,272)
Increase (decrease) in cash and cash equivalents	76,109	5,275	(140,498)
Cash and cash equivalents, beginning of year	425,885	420,610	561,108
Cash and cash equivalents, end of year	$ 501,994	$ 425,885	$ 420,610

XML

Consolidated Stockholders' Equity Statements - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Mandatory Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2017			52	50,335				8,316
Beginning balance at Dec. 31, 2017	$ 1,434,866		$ 1	$ 503	$ 1,123,832	$ 833,610		$ (425,685)	$ (98,026)	$ 631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	160,711					160,894				(183)
Other comprehensive income (loss), net of tax	23,112								23,119	(7)
Exercise of stock options, net of tax withholding forfeitures	(765)				(883)			$ 118
Exercise of stock options, net of tax withholding forfeitures (in shares)								20
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	(1,329)				(2,051)			$ 722
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)								51
Share repurchase program	(175,000)							$ (175,000)
Share repurchase program (in shares)								(2,694)
Share-based compensation	18,497				18,497
Redemption of stockholders' rights agreement	(411)					(411)
Preferred stock dividends	(34,931)					(34,931)
Preferred stock dividends	(8,121)					(8,121)
Ending balance (in shares) at Dec. 31, 2018			52	50,335				10,939
Ending balance at Dec. 31, 2018	1,387,588	$ (29,041)	$ 1	$ 503	1,139,395	922,000	$ (29,041)	$ (599,845)	(74,907)	441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(376,776)					(377,015)				239
Other comprehensive income (loss), net of tax	11,953								11,489	464
Acquisition of business with noncontrolling interests	5,195									5,195
Acquisition of noncontrolling interests	(765)				(398)					(367)
Exercise of stock options, net of tax withholding forfeitures	(111)				(291)			$ 180
Exercise of stock options, net of tax withholding forfeitures (in shares)								4
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	(2,035)				(3,714)			$ 1,679
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)								91
Share repurchase program	$ (50,000)							$ (50,000)
Share repurchase program (in shares)	(900)							(890)
Share-based compensation	$ 17,751				17,751
Redemption of stockholders' rights agreement	0
Preferred stock conversion (in shares)			(52)					6,857
Preferred stock conversion	0		$ (1)		(340,788)			$ 340,789
Preferred stock dividends	(18,437)					(18,437)
Preferred stock dividends	(8,544)					(8,544)
Ending balance (in shares) at Dec. 31, 2019			0	50,335				4,877
Ending balance at Dec. 31, 2019	965,819	$ (2,916)	$ 0	$ 503	811,955	518,004	$ (2,916)	$ (307,197)	(63,418)	5,972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(55,058)					(55,162)				104
Other comprehensive income (loss), net of tax	(128,039)								(128,433)	394
Retirement Savings Plan stock contributions	2,654				(1,622)			$ 4,276
Retirement Savings Plan stock contributions (in shares)								76
Exercise of stock options, net of tax withholding forfeitures	(181)				(791)			$ 610
Exercise of stock options, net of tax withholding forfeitures (in shares)								7
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	(1,208)				(5,967)			$ 4,759
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)								78
Share repurchase program	$ (35,000)							$ (35,000)
Share repurchase program (in shares)	(1,000)							(976)
Share-based compensation	$ 20,030				20,030
Redemption of stockholders' rights agreement	0
Preferred stock dividends	(9,050)					(9,050)
Ending balance (in shares) at Dec. 31, 2020				50,335				5,692
Ending balance at Dec. 31, 2020	$ 757,051			$ 503	$ 823,605	$ 450,876		$ (332,552)	$ (191,851)	$ 6,470

XML

Consolidated Stockholders' Equity Statements (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.20	$ 0.20	$ 0.20

XML

Basis of Presentation

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

Business Description

Belden Inc. (the Company, us, we, or our) is a global supplier of specialty networking solutions built around two global business platforms – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments.

Consolidation

The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries, including variable interest entities for which we are the primary beneficiary. We eliminate all significant affiliate accounts and transactions in consolidation.

Foreign Currency

For international operations with functional currencies other than the United States (U.S.) dollar, we translate assets and liabilities at current exchange rates; we translate income and expenses using average exchange rates. We report the resulting translation adjustments, as well as gains and losses from certain affiliate transactions, in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. We include exchange gains and losses on transactions in operating income.

We determine the functional currency of our foreign subsidiaries based upon the currency of the primary economic environment in which each subsidiary operates. Typically, that is determined by the currency in which the subsidiary primarily generates and expends cash. We have concluded that the local currency is the functional currency for all of our material subsidiaries.

Reporting Periods

Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31. Our fiscal second and third quarters each have 91 days.

Use of Estimates in the Preparation of the Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and operating results and the disclosure of contingencies. Actual results could differ from those estimates. We make significant estimates with respect to the collectability and valuation of receivables, the valuation of inventory, the realization of deferred tax assets, the valuation of goodwill and indefinite-lived intangible assets, the valuation of contingent liabilities, the calculation of share-based compensation, the calculation of pension and other postretirement benefits expense, and the valuation of acquired businesses.

Reclassifications

We have made certain reclassifications to the 2019 and 2018 Consolidated Financial Statements, primarily as a result of the West Penn Wire business and multi-conductor product line transfer from the Enterprise Solutions segment to the Industrial Solutions segment in 2020. See Note 6.

XML

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Fair Value Measurement

Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

•Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and

•Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

During 2020, 2019, and 2018 we utilized Level 1 inputs to determine the fair value of cash equivalents and Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 4) and for impairment testing (see Notes 5 and 13). We did not have any transfers between Level 1 and Level 2 fair value measurements during 2020.

Cash and Cash Equivalents

We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of December 31, 2020 and 2019, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.

Accounts Receivable and Revenue Reserves

We classify amounts owed to us and due within twelve months, arising from the sale of goods or services and from other business activities, as current receivables. We classify receivables due after twelve months as other long-lived assets.

At the time of sale, we establish an estimated reserve for trade, promotion, and other special price reductions such as contract pricing, discounts to meet competitor pricing, and on-time payment discounts. We also adjust receivable balances for, among other things, correction of billing errors, incorrect shipments, and settlement of customer disputes. Customers are allowed to return inventory if and when certain conditions regarding the physical state of the inventory and our approval of the return are met. Certain distribution customers are allowed to return inventory at original cost, in an amount not to exceed three percent of the prior year’s purchases, in exchange for an order of equal or greater value. Until we can process these reductions, corrections, and returns (together, the Changes) through individual customer records, we estimate the amount of outstanding Changes and recognize them by reducing revenues. We base these estimates on historical and anticipated sales demand, trends in product pricing, and historical and anticipated Changes patterns. We make revisions to these estimates in the period in which the facts that give rise to each revision become known. Future market conditions might require us to take actions to further reduce prices and increase customer return authorizations. Unprocessed Changes recognized against our gross accounts receivable balance at December 31, 2020 and 2019 totaled $25.5 million and $29.5 million, respectively. Unprocessed Changes recognized as accrued liabilities at December 31, 2020 and 2019 totaled $13.0 million and $11.0 million, respectively.

We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. As of December 31, 2020 and 2019, the allowance for doubtful accounts totaled $5.1 million and $2.6 million, respectively. We also recognized bad debt expense, net of recoveries, of $2.4 million, $0.1 million, and $0.2 million in 2020, 2019, and 2018, respectively.

Inventories and Related Reserves

Inventories are stated at the lower of cost or net realizable value. We determine the cost of all raw materials, work-in-process, and finished goods inventories by the first in, first out method. Cost components of inventories include direct labor, applicable production overhead, and amounts paid to suppliers of materials and products as well as freight costs and, when applicable, duty costs to import the materials and products.

We evaluate the realizability of our inventory on a product-by-product basis in light of historical and anticipated sales demand, technological changes, product life cycle, component cost trends, product pricing, and inventory condition. In circumstances where inventory levels are in excess of anticipated market demand, where inventory is deemed technologically obsolete or not saleable due to condition, or where inventory cost exceeds net realizable value, we record a charge to cost of sales and reduce the inventory to its net realizable value. The allowances for excess and obsolete inventories at December 31, 2020 and 2019 totaled $32.3 million and $21.2 million, respectively.

Property, Plant and Equipment

We record property, plant and equipment at cost. We calculate depreciation on a straight-line basis over the estimated useful lives of the related assets ranging from 10 to 40 years for buildings, 5 to 12 years for machinery and equipment, and 5 to 10 years for computer equipment and software. Construction in process reflects amounts incurred for the configuration and build-out of property, plant and equipment and for property, plant and equipment not yet placed into service. We charge maintenance and repairs—both planned major activities and less-costly, ongoing activities—to expense as incurred. We capitalize interest costs associated with the construction of capital assets and amortize the costs over the assets’ useful lives. Depreciation expense is included in costs of sales; selling, general and administrative expenses; and research and development expenses in the Consolidated Statements of Operations based on the specific categorization and use of the underlying assets being depreciated.

We review property, plant and equipment to determine whether an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We base our evaluation on the nature of the assets, the future economic benefit of the assets, and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset.

For purposes of impairment testing of long-lived assets, we have identified asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Generally, our asset groups are based on an individual plant or operating facility level. In some circumstances, however, a combination of plants or operating facilities may be considered the asset group due to interdependence of operational activities and cash flows.

Goodwill and Intangible Assets

Our intangible assets consist of (a) definite-lived assets subject to amortization such as developed technology, customer relationships, certain in-service research and development, certain trademarks, backlog, and capitalized software intangible assets, and (b) indefinite-lived assets not subject to amortization such as goodwill, certain trademarks, and certain in-process research and development intangible assets. We record amortization of the definite-lived intangible assets over the estimated useful lives of the related assets, which generally range from one year or less for backlog to more than 25 years for certain of our customer relationships. We determine the amortization method for our definite-lived intangible assets based on the pattern in which the economic benefits of the intangible asset are consumed. In the event we cannot reliably determine that pattern, we utilize a straight-line amortization method.

We test our goodwill and other indefinite-lived intangible assets not subject to amortization for impairment on an annual basis as of our fiscal November month-end or when indicators of impairment exist. We base our estimates on assumptions we believe to be reasonable, but which are not predictable with precision and therefore are inherently uncertain. Actual future results could differ from these estimates.

The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting unit, as described in the paragraph below. In 2020, we did not perform a qualitative assessment over any of our reporting units.

For our annual impairment test in 2020, we performed a quantitative assessment for all ten of our reporting units included in continuing operations. Under a quantitative assessment for goodwill impairment, we determine the fair value using the income approach (using Level 3 inputs) as reconciled to our aggregate market capitalization. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. Based on our annual goodwill impairment test, the excess of the fair values over the carrying values of our ten reporting units tested under a quantitative income approach ranged from 4% - 345%. As a result, the goodwill balances for our continuing operations reporting units were not impaired in 2020. Furthermore, we did not recognize any goodwill impairment from continuing operations in 2019 or 2018. See Note 13 for further discussion.

We also evaluate indefinite lived intangible assets for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying values of those assets may no longer be recoverable. We compare the fair value of the asset with its carrying amount. If the carrying amount of the asset exceeds its fair value, we recognize an impairment loss in an amount equal to that excess. We did not recognize impairment charges for our indefinite lived intangible assets from continuing operations in 2020, 2019, or 2018. See Note 13 for further discussion.

We review intangible assets subject to amortization whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. We did not recognize any impairment charges for amortizable intangible assets from continuing operations in 2020, 2019, or 2018.

Due to its overall financial performance and discontinued operations classification, we performed impairment tests on the Grass Valley disposal group, which resulted in total asset impairments of $113.0 million and $521.4 million in 2020 and 2019, respectively. The 2019 impairment charge consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows.

Disposals

During 2020, we sold a previously closed operating facility for net proceeds of $2.1 million and recognized a $0.4 million gain on the sale as well as completed the sale of Grass Valley to Black Dragon Capital - See Note 5.

During 2018, we sold a previously closed operating facility for net proceeds of $1.5 million and recognized a $0.6 million gain on the sale.

During 2017, we sold our MCS business and a 50% ownership interest in Xuzhou Hirschmann Electronics Co. Ltd (the Hirschmann JV) for a total purchase price of $40.2 million. The $40.2 million of proceeds from the sale was collected during 2018.

Pension and Other Postretirement Benefits

Our pension and other postretirement benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, salary growth, long-term return on plan assets, health care cost trend rates, mortality tables, and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, are amortized over the estimated future working life of the plan participants.

Accrued Sales Rebates

We grant incentive rebates to participating customers as part of our sales programs. The rebates are determined based on certain targeted sales volumes. Rebates are paid quarterly or annually in either cash or receivables credits. Until we can process these rebates through individual customer records, we estimate the amount of outstanding rebates and recognize them as accrued liabilities and reductions in our gross revenues. We base our estimates on both historical and anticipated sales demand and rebate program participation. We charge revisions to these estimates back to accrued liabilities and revenues in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to increase sales rebates offered, possibly resulting in an incremental increase in accrued liabilities and an incremental reduction in revenues at the time the rebate is offered. Accrued sales rebates at December 31, 2020 and 2019 totaled $32.2 million and $37.2 million, respectively.

Contingent Liabilities

We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. A significant amount of judgment and use of estimates is required to quantify our ultimate exposure in these matters. We review the valuation of these liabilities on a quarterly basis, and we adjust the balances to account for changes in circumstances for ongoing and emerging issues.

We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel, the amounts of which are not currently material. We expense environmental compliance costs, which include maintenance and operating costs with respect to ongoing monitoring programs, as incurred. We evaluate the range of potential costs to remediate environmental sites. The ultimate cost of site clean-up is difficult to predict given the uncertainties of our involvement in certain sites, uncertainties regarding the extent of the required clean-up, the availability of alternative clean-up methods, variations in the interpretation of applicable laws and regulations, the possibility of insurance recoveries with respect to certain sites, and other factors.

We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Assessments regarding the ultimate cost of lawsuits require judgments concerning matters such as the anticipated outcome of negotiations, the number and cost of pending and future claims, and the impact of evidentiary requirements. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, results of operations or cash flow.

Business Combination Accounting

We allocate the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, we may engage third party specialists to assist in the estimation of fair value for certain liabilities, such as deferred revenue or postretirement benefit liabilities. We adjust the preliminary acquisition accounting, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed.

Revenue Recognition

We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 3.

Gain from Patent Litigation

In 2011, the Company’s wholly-owned subsidiary, PPC, filed an action for patent infringement against Corning alleging that Corning infringed two of PPC’s patents. In 2015, a jury found that Corning willfully infringed both patents. Following a series of appeals, we received a pre-tax amount of approximately $62.1 million from Corning in 2018. We recorded the $62.1 million of cash received as a pre-tax gain from patent litigation during 2018.

Cost of Sales

Cost of sales includes our total cost of inventory sold during the period, including material, labor, production overhead costs, variable manufacturing costs, and fixed manufacturing costs. Production overhead costs include operating supplies, applicable utility expenses, maintenance costs, and scrap. Variable manufacturing costs include inbound, interplant, and outbound freight, inventory shrinkage, and charges for excess and obsolete inventory. Fixed manufacturing costs include the costs associated with our purchasing, receiving, inspection, warehousing, distribution centers, production and inventory control, and manufacturing management. Cost of sales also includes the costs to provide maintenance and support and other professional services.

Shipping and Handling Costs

We recognize fees earned on the shipment of product to customers as revenues and recognize costs incurred on the shipment of product to customers as a cost of sales.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include expenses not directly related to the production of inventory. They include all expenses related to selling and marketing our products, as well as the salary and benefit costs of associates performing the selling and marketing functions. Selling, general and administrative expenses also include salary and benefit costs, purchased services, and other costs related to our executive and administrative functions.

Research and Development Costs

Research and development costs are expensed as incurred.

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs were $11.6 million, $14.7 million, and $17.0 million for 2020, 2019, and 2018, respectively.

Share-Based Compensation

We compensate certain employees and non-employee directors with various forms of share-based payment awards and recognize compensation costs for these awards based on their fair values. We estimate the fair values of certain awards, primarily stock appreciation rights (SARs), on the grant date using the Black-Scholes-Merton option-pricing formula, which incorporates certain assumptions regarding the expected term of an award and expected stock price volatility. We develop the expected term assumption based on the vesting period and contractual term of an award, our historical exercise and cancellation experience, our stock price history, plan provisions that require exercise or cancellation of awards after employees terminate, and the extent to which currently available information indicates that the future is reasonably expected to differ from past experience. We develop the expected volatility assumption based on historical price data for our common stock. We estimate the fair value of certain restricted stock units with service vesting conditions and performance vesting conditions based on the grant date stock price. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm.

After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost expected to be recognized in our operating results over the service period of the award. We develop the forfeiture assumption based on our historical pre-vesting cancellation experience.

Income Taxes

Income taxes are provided based on earnings reported for financial statement purposes. The provision for income taxes differs from the amounts currently payable to taxing authorities because of the recognition of revenues and expenses in different periods for income tax purposes than for financial statement purposes. Income taxes are provided as if operations in all countries, including the U.S., were stand-alone businesses filing separate tax returns.

We recognize deferred tax assets resulting from tax credit carryforwards, net operating loss carryforwards, and deductible temporary differences between taxable income on our income tax returns and pretax income on our financial statements. Deferred tax assets generally represent future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our Consolidated Financial Statements become deductible for income tax purposes. A deferred tax asset valuation allowance is required when some portion or all of the deferred tax assets may not be realized. At December 31, 2020 the valuation allowance of $84.3 million was primarily related to net operating losses, capital losses and foreign tax credits that we do not expect to realize.

Our effective tax rate is based on expected income, statutory tax rates, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions. We establish accruals for uncertain tax positions when we believe that the full amount of the associated tax benefit may not be realized. To the extent we were to prevail in matters for which accruals have been established or would be required to pay amounts in excess of reserves, there could be a material effect on our income tax provisions in the period in which such determination is made.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which removes certain exceptions for investments, intra-period allocations and interim tax calculations, and adds guidance to reduce the complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in ASU 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending upon the amendment. The Company did not early adopt this pronouncement and is in the process of evaluating the impact of this amendment on our consolidated financial statements; however, it is not anticipated to be material.

See Note 18, Income Taxes, in the accompanying notes to our consolidated financial statements.

Current-Year Adoption of Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses. Under the new standard, we are required to recognize estimated credit losses expected to occur over the estimated life or remaining contractual life of an asset (which includes losses that may be incurred in future periods) using a broader range of information including past events, current conditions, and reasonable and supportable forecasts about future economic conditions. We adopted ASU 2016-13 on January 1, 2020, which resulted in an increase to our allowance for doubtful accounts for continuing operations of $1.0 million, and an increase for discontinued operations of $1.9 million. See further discussion as well as adjustments to the allowance for doubtful accounts under the new credit loss model in Note 9.

XML

Revenues

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

On January 1, 2018, we adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recorded a net increase to retained earnings of $2.6 million as of January 1, 2018 due to the cumulative impact of adopting Topic 606, with the impact primarily related to sales commissions and software revenues within our Industrial Solutions segment.

Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. We do not evaluate a contract for a significant financing component when the time between cash collection and performance is less than one year.

The following table presents our revenues disaggregated by major product category (in thousands).

	Broadband and 5G		Cyber-Security		Industrial Automation		Smart Buildings		Total  Revenues
Year Ended December 31, 2020
Enterprise Solutions	$	432,262	$	—	$	—	$	440,155	$	872,417
Industrial Solutions	—		110,524		879,775		—		990,299
Total	$	432,262	$	110,524	$	879,775	$	440,155	$	1,862,716
Year Ended December 31, 2019
Enterprise Solutions	$	401,415	$	—	$	—	$	544,626	$	946,041
Industrial Solutions	—		133,039		1,052,198		—		1,185,237
Total	$	401,415	$	133,039	$	1,052,198	$	544,626	$	2,131,278
Year Ended December 31, 2018
Enterprise Solutions	$	389,246	$	—	$	—	$	568,255	$	957,501
Industrial Solutions	—		136,648		1,071,553		—		1,208,201
Total	$	389,246	$	136,648	$	1,071,553	$	568,255	$	2,165,702

The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product (in thousands).

	Americas		EMEA		APAC		Total Revenues
Year Ended December 31, 2020
Enterprise Solutions	$	636,492	$	130,982	$	104,943	$	872,417
Industrial Solutions	577,929		256,673		155,697		990,299
Total	$	1,214,421	$	387,655	$	260,640	$	1,862,716
Year Ended December 31, 2019
Enterprise Solutions	$	695,008	$	135,732	$	115,301	$	946,041
Industrial Solutions	742,563		274,030		168,644		1,185,237
Total	$	1,437,571	$	409,762	$	283,945	$	2,131,278
Year Ended December 31, 2018
Enterprise Solutions	$	700,499	$	135,217	$	121,785	$	957,501
Industrial Solutions	758,165		290,562		159,474		1,208,201
Total	$	1,458,664	$	425,779	$	281,259	$	2,165,702

We generate revenues primarily by selling products that provide secure and reliable transmission of data, sound, and video for mission critical applications. We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers. At times, we enter into arrangements that involve the delivery of multiple performance obligations. For these arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price and recognized when or as each performance obligation is satisfied. Most of our performance obligations related to the sale of products are satisfied at a point in time when control of the product is transferred based on the shipping terms of the arrangement. Generally, we determine standalone selling price using the prices charged to customers on a standalone basis. Typically, payments are due after control transfers, which is less than one year from satisfaction of the performance obligation.

The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Adjustments to revenue for performance obligations satisfied in prior periods was not significant during the year ended December 31, 2020.

The following table presents estimated and accrued variable consideration:

	December 31, 2020		December 31, 2019
	(in thousands)
Accrued rebates	$	32,192	$	37,170
Accrued returns	13,016		10,974
Price adjustment recognized against gross accounts receivable	25,244		28,672

Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. The typical use of a time-elapsed unit of measure for support and maintenance contracts reflects the benefit and same pattern of transfer the customer receives from our services under this arrangement over the term of the contract. Consideration allocated to professional services is recognized when or as the services are performed depending on the terms of the arrangement. As of December 31, 2020, total deferred revenue was $77.6 million, and of this amount, $53.4 million is expected to be recognized within the next twelve months, and the remaining $24.2 million is long-term and will be recognized over a period greater than twelve months.

The following table presents deferred revenue activity (in thousands):

Balance at December 31, 2018	$	72,358
New deferrals	111,812
Revenue recognized	(114,100)
Balance at December 31, 2019	$	70,070
New deferrals	101,066
Revenue recognized	(93,488)
Balance at December 31, 2020	$	77,648

Service-type warranties represent $10.4 million of the deferred revenue balance at December 31, 2020, and of this amount $3.6 million is expected to be recognized in the next twelve months, and the remaining $6.8 million is long-term and will be recognized over a period greater than twelve months.

We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions in other current and long-lived assets on our balance sheet when the duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. Total capitalized sales commissions were $5.8 million, $3.4 million, and $2.9 million as of December 31, 2020, 2019, and 2018, respectively. For the years ended December 31, 2020, 2019 and 2018, we recognized $16.3 million, $19.0 million, and $20.3 million of sales commissions expense in selling, general, and administrative expenses, respectively.

XML

Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Acquisitions

Acquisitions

Special Product Company

On December 6, 2019, we purchased and assumed substantially all the assets, and certain specified liabilities of Special Product Company (SPC) for a purchase price of $22.5 million. SPC, based in Kansas City, Kansas, is a leading designer, manufacturer, and seller of outdoor cabinet products for optical fiber cable installations. The results of SPC have been included in our Consolidated Financial Statements from December 6, 2019, and are reported within the Enterprise Solutions segment. The acquisition of SPC was not material to our financial position or results of operations.

Opterna

We acquired 100% of the shares of Opterna International Corp. (Opterna) on April 15, 2019 for a purchase price, net of cash acquired, of $51.7 million. Of the $51.7 million purchase price, $45.9 million was paid in 2019 with cash on hand. The acquisition included a potential earnout, which is based upon future Opterna financial targets through April 15, 2021. The maximum earnout consideration is $25.0 million, but based upon a third party valuation specialist using certain assumptions in a discounted cash flow model, the estimated fair value of the earnout included in the purchase price is $5.8 million. Opterna is an international fiber optics solution business formerly based in Sterling, Virginia which designs and manufactures a range of

complementary fiber connectivity, cabinet, and enclosure products used in optical networks. The results of Opterna have been included in our Consolidated Financial Statements from April 15, 2019, and are reported within the Enterprise Solutions segment. Certain subsidiaries of Opterna include noncontrolling interests. Because Opterna has a controlling financial interest in these subsidiaries, they are consolidated into our financial statements. The results that are attributable to the noncontrolling interest holders are presented as net income attributable to noncontrolling interests in the Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. On October 25, 2019, we purchased the noncontrolling interest of one subsidiary for a purchase price of $0.8 million; of which $0.4 million was paid at closing and the remaining $0.4 million is to be paid in 2021. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed as of April 15, 2019 (in thousands):

Receivables	$	5,308
Inventory	7,359
Prepaid and other current assets	566
Property, plant, and equipment	1,328
Intangible assets	28,000
Goodwill	35,057
Deferred income taxes	80
Operating lease right-of-use assets	2,204
Other long-lived assets	2,070
Total assets acquired	$	81,972
Accounts payable	$	4,847
Accrued liabilities	4,301
Long-term deferred tax liability	6,813
Long-term operating lease liability	1,923
Other long-term liabilities	7,152
Total liabilities assumed	$	25,036
Net assets	$	56,936
Noncontrolling interest	5,195
Net assets attributable to Belden	$	51,741

The fair value of acquired receivables is $5.3 million, which is equivalent to its gross contractual amount.

A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments we have used in estimating the preliminary fair value assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations. We did not record any material measurement-period adjustments during 2020.

For the purpose of the above allocation, we based our estimate of fair value for the acquired inventory, intangible assets, and noncontrolling interests on valuation studies performed by a third party valuation firm. We have estimated a fair value adjustment for inventories based on the estimated selling price of the work-in-process and finished goods acquired at the closing date less the sum of the costs to complete the work-in-process, the costs of disposal, and a reasonable profit allowance for post acquisition selling efforts. We used various valuation methods including discounted cash flows, lost income, excess earnings, and relief from royalty to estimate the fair value of the identifiable intangible assets (Level 3 valuation).

Goodwill and other intangible assets reflected above were determined to meet the criteria for recognition apart from tangible assets acquired and liabilities assumed. 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
Customer relationships	22,800		15
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	$	35,057
Total intangible assets not subject to amortization	$	35,057
Total intangible assets	$	63,057
Weighed average amortization period			12.9

The amortizable intangible assets reflected in the table above were determined by us to have finite lives. The useful life for the developed technology intangible asset was based on the estimated time that the technology provides us with a competitive advantage and thus approximates the period and pattern of consumption of the intangible asset. The useful life for the customer relationship intangible asset was based on our forecasts of estimated sales from recurring customers. The useful life of the backlog intangible asset was based on our estimate of when the ordered items would ship and control of the items transfers. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks.

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

	Years Ended December 31,
	2019		2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	2,139,894	$	2,213,781
Net income (loss) attributable to Belden common stockholders	(389,957)		123,546
Diluted income (loss) per share attributable to Belden common stockholders	$	(9.24)	$	3.02

For purposes of the pro forma disclosures, the year ended December 31, 2018 includes expenses related to the acquisition, including severance, restructuring, and acquisition costs; amortization of intangible assets; and cost of sales arising from the adjustment of inventory to fair value of $5.5 million, $3.8 million, and $0.5 million, respectively.

The above unaudited pro forma information is presented for information purposes only and does not purport to represent what our results of operations would have been had we completed the acquisition on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisition.

FutureLink

We acquired the FutureLink product line and related assets from Suttle, Inc. on April 5, 2019 for a purchase price of $5.0 million, which was funded with cash on hand. The acquisition of FutureLink allows us to offer a more complete set of fiber product offerings. The results from the acquisition of FutureLink have been included in our Condensed Consolidated Financial Statements from April 5, 2019, and are reported within the Enterprise Solutions segment. The acquisition of FutureLink was not material to our financial position or results of operations.

XML

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

During the fourth quarter of 2019, we committed to a plan to sell Grass Valley, and at such time, met all of the criteria to classify the assets and liabilities of this business as held for sale. Furthermore, we determined a divestiture of Grass Valley represents a strategic shift that is expected to have a major impact on our operations and financial results. As a result, the Grass Valley disposal group, which was included in our Enterprise Solutions segment, is reported within discontinued operations. The Grass Valley disposal group excludes certain Grass Valley pension liabilities that Belden retained. We also ceased depreciating and amortizing the assets of the disposal group once they met the held for sale criteria in the fourth quarter of 2019.

We wrote down the carrying value of Grass Valley and recognized asset impairments totaling $113.0 million and $521.4 million in 2020 and 2019, respectively. The 2019 impairment charge consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows.

We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 and recognized a loss of $9.9 million, net of $7.5 million income tax expense. The terms of the sale included gross cash consideration of $120.0 million, or approximately $56.2 million net of cash delivered with the business. The sale also included deferred consideration consisting of a $175.0 million seller’s note that is expected to mature in 2025, up to $88 million in PIK (payment-in-kind) interest on the seller’s note, and $178.0 million in potential earnout payments. Based upon a third party valuation specialist using certain assumptions in a Monte Carlo analysis, the estimated fair value of the seller’s note is $34.9 million, which we recorded in Other Long-Lived Assets. We accounted for the earnout under a loss recovery approach and did not record an asset as of the disposal date. Any subsequent recognition of an earnout will be based on the gain contingency guidance.

As part of the transaction, we also invested $3.0 million for a 9% equity interest in Grass Valley with the right to put the equity back to Black Dragon Capital. We exercised our right during the fourth quarter of 2020 and sold our 9% equity interest in Grass Valley to Black Dragon Capital for $2.7 million. We deconsolidated Grass Valley as of July 2, 2020 and accounted for our equity interest under the cost method for the period that we owned a 9% interest in Grass Valley. As of December 31, 2020, we do not own any interest in Grass Valley. Grass Valley's operating results for periods after July 2, 2020 are not included in our Consolidated Financial Statements.

The seller’s note accrues PIK interest at an annual rate of 8.5%. During the year ended December 31, 2020, the seller’s note accrued interest of $7.8 million, which we reserved for based on our expected loss allowance methodology.

We are performing certain services for Grass Valley under a transition services agreement. During 2020, the amount of transition services totaled $2.0 million, which we expect to collect in 2021.

The following table summarizes the operating results of the disposal group up to the July 2, 2020 disposal date for the years ended December 31, 2020, 2019 and 2018, respectively:

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Revenues	$	109,195	$	360,496	$	419,666
Cost of sales	(70,199)		(208,173)		(241,164)
Gross profit	38,996		152,323		178,502
Selling, general and administrative expenses	(39,947)		(93,796)		(114,567)
Research and development expenses	(15,083)		(37,172)		(49,033)
Amortization of intangibles	—		(12,782)		(23,689)
Asset impairment of discontinued operations	(113,007)		(521,441)		—
Interest expense, net	(432)		(819)		(720)
Non-operating pension cost	(169)		(221)		(243)
Loss before taxes	$	(129,642)	$	(513,908)	$	(9,750)

The disposal group recognized depreciation and amortization expense of approximately $0.0 million, $23.7 million, and $35.1 million during the years ended December 31, 2020, 2019, and 2018, respectively. The disposal group also had capital expenditures of approximately $16.7 million, $29.4 million, and $22.6 million during the years ended December 31, 2020, 2019, and 2018, respectively. Furthermore, the disposal group incurred stock-based compensation expense/(credits) of $(0.9) million, $0.9 million, and $1.4 million during the years ended December 31, 2020, 2019, and 2018, respectively. The disposal group did not have any significant non-cash charges for investing activities during the years ended December 31, 2020, 2019, and 2018.

The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2019 (in thousands):

Assets:
Cash and cash equivalents	$	18,405
Receivables, net	117,386
Inventories, net	55,002
Other current assets	35,187
Property, plant and equipment, less accumulated depreciation	61,233
Operating lease right-of-use assets	16,902
Goodwill	26,707
Intangible assets, less accumulated amortization	143,459
Deferred income taxes	59,560
Other long-lived assets	21,652
Impairment of disposal group	(180,358)
Total assets of discontinued operations	$	375,135
Liabilities:
Accounts payable	$	52,425
Accrued liabilities	83,349
Postretirement benefits	6,224
Deferred income taxes	2,740
Long-term operating lease liabilities	20,459
Other long-term liabilities	5,082
Total liabilities of discontinued operations	$	170,279

The disposal group also had $42.3 million of accumulated other comprehensive losses as of December 31, 2019.

XML

Operating Segments and Geographic Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Operating Segments and Geographic Information

Operating Segments and Geographic Information

We are organized around two global business platforms: Enterprise Solutions and Industrial Solutions. Each of the global business platforms represents a reportable segment. Effective January 1, 2020, we transferred our West Penn Wire business and multi-conductor product lines from the Enterprise Solutions segment to the Industrial Solutions segment as a result of a shift in responsibilities among the segments. We have recast the prior period segment information to conform to the change in the composition of reportable segments.

The segments design, manufacture, and market a portfolio of signal transmission solutions for mission critical applications used in a variety of end markets. We sell the products manufactured by our segments through distributors or directly to systems integrators, original equipment manufacturers (OEMs), end-users, and installers.

The key measures of segment profit or loss reviewed by our chief operating decision maker are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues and include revenues that would have otherwise been recorded by acquired businesses as independent entities but were not recognized in our Consolidated Statements of Operations due to the effects of purchase accounting and the associated write-down of acquired deferred revenue to fair value. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value; and other costs. We allocate corporate expenses to the segments for purposes of measuring Segment EBITDA. Corporate expenses are allocated on the basis of each segment’s relative EBITDA prior to the allocation.

Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing.

Operating Segment Information

Enterprise Solutions	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	872,415	$	946,041	$	957,501
Affiliate revenues	1,289		4,162		6,105
Segment EBITDA	99,333		126,925		156,790
Depreciation expense	20,655		19,771		18,490
Amortization of intangibles	21,662		22,324		21,076
Amortization of software development intangible assets	245		175		71
Severance, restructuring, and acquisition integration costs	7,720		10,808		14,863
Purchase accounting effects of acquisitions	125		592		1,690
Acquisition of property, plant and equipment	25,223		42,289		42,624
Segment assets	462,615		487,125		430,128

Industrial Solutions	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	990,301	$	1,185,237	$	1,208,201
Affiliate revenues	60		11		80
Segment EBITDA	147,626		226,110		237,870
Depreciation expense	21,815		20,638		19,819
Amortization of intangibles	42,733		52,285		54,064
Amortization of software development intangible assets	1,576		350		8
Severance, restructuring, and acquisition integration costs	4,538		15,736		7,762
Acquisition of property, plant and equipment	44,675		35,189		29,529
Segment assets	522,637		504,482		508,843

Total Segments	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	1,862,716	$	2,131,278	$	2,165,702
Affiliate revenues	1,349		4,173		6,185
Segment EBITDA	246,959		353,035		394,660
Depreciation expense	42,470		40,409		38,309
Amortization of intangibles	64,395		74,609		75,140
Amortization of software development intangible assets	1,821		525		79
Severance, restructuring, and acquisition integration costs	12,258		26,544		22,625
Purchase accounting effects of acquisitions	125		592		1,690
Acquisition of property, plant and equipment	69,898		77,478		72,153
Segment assets	985,252		991,607		938,971

The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively.

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total Segment Revenues	$	1,862,716	$	2,131,278	$	2,165,702
Deferred revenue adjustments	—		—		—
Consolidated Revenues	$	1,862,716	$	2,131,278	$	2,165,702
Total Segment EBITDA	$	246,959	$	353,035	$	394,660
Amortization of intangibles	(64,395)		(74,609)		(75,140)
Depreciation expense	(42,470)		(40,409)		(38,309)
Severance, restructuring, and acquisition integration costs (1)	(12,258)		(26,544)		(22,625)
Purchase accounting effects related to acquisitions (2)	(125)		(592)		(1,690)
Amortization of software development intangible assets	(1,821)		(525)		(79)
Loss on sale of assets (3)	—		—		(94)
Costs related to patent litigation	—		—		(2,634)
Gain from patent litigation	—		—		62,141
Eliminations	(480)		(3,149)		(2,222)
Consolidated operating income	125,410		207,207		314,008
Interest expense, net	(58,888)		(55,814)		(60,839)
Non-operating pension benefit (cost)	(395)		1,017		(99)
Loss on debt extinguishment	—		—		(22,990)
Consolidated income from continuing operations before taxes	$	66,127	$	152,410	$	230,080

(1)See Note 15, Severance, Restructuring, and Acquisition Integration Activities, for details.

(2)In 2020 and 2019, we collectively recognized $0.1 million and $0.6 million, respectively, of cost of sales related to purchase accounting adjustments of acquired inventory to fair value for both our SPC and Opterna acquisitions. In 2018, we made a $1.7 million adjustment to increase the earn-out liability associated with an acquisition.

(3)In 2018, we recognized a $0.1 million loss on sale of assets for the sale of our MCS business and Hirschmann JV. See Note 2.

Below are reconciliations of other segment measures to the consolidated totals. 

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total segment assets	$	985,252	$	991,607	$	938,971
Cash and cash equivalents	501,994		407,480		407,454
Goodwill	1,251,938		1,243,669		1,206,877
Intangible assets, less accumulated amortization	287,071		339,505		359,931
Deferred income taxes	29,536		25,216		26,459
Corporate assets	83,943		24,147		16,786
Assets of discontinued operations	—		375,135		822,843
Total assets	$	3,139,734	$	3,406,759	$	3,779,321
Total segment acquisition of property, plant and equipment	$	69,898	$	77,478	$	72,153
Discontinued operations acquisition of property, plant and equipment	16,712		29,414		22,681
Corporate acquisition of property, plant and equipment	3,605		3,110		3,013
Total acquisition of property, plant and equipment	$	90,215	$	110,002	$	97,847

Geographic Information

The Company attributes foreign sales based on the location of the customer purchasing the product. The table below summarizes net sales and long-lived assets for the years ended December 31, 2020, 2019 and 2018 for the following countries: the U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company.

	United  States			Canada			China			Germany			All Other			Total
	(In thousands, except percentages)
Year ended December 31, 2020
Revenues	$	1,015,340		$	119,700		$	111,835		$	91,187		$	524,654		$	1,862,716
Percent of total revenues	55		%	6		%	6		%	5		%	28		%	100		%
Long-lived assets	$	163,731		$	32,063		$	44,824		$	63,100		$	114,286		$	418,004
Year ended December 31, 2019
Revenues	$	1,167,033		$	162,975		$	109,522		$	92,913		$	598,835		$	2,131,278
Percent of total revenues	55		%	8		%	5		%	4		%	28		%	100		%
Long-lived assets	$	152,214		$	16,452		$	40,247		$	48,272		$	101,179		$	358,364
Year ended December 31, 2018
Revenues	$	1,206,401		$	166,669		$	107,582		$	100,691		$	584,359		$	2,165,702
Percent of total revenues	56		%	8		%	5		%	4		%	27		%	100		%
Long-lived assets	$	170,368		$	13,352		$	36,989		$	39,724		$	63,776		$	324,209

Major Customer

Revenues generated in both the Enterprise Solutions and Industrial Solutions segments from sales to WESCO were approximately $271.6 million (15% of revenues), $328.2 million (15% of revenues), and $361.7 million (17% of revenues) for 2020, 2019, and 2018, respectively. At December 31, 2020, we had $17.5 million in accounts receivable outstanding from WESCO, which represented approximately 6% of our total accounts receivable outstanding at December 31, 2020.

XML

Noncontrolling Interest

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interest

We have a 51% ownership percentage in a joint venture with Shanghai Hi-Tech Control System Co, Ltd (Hite). The purpose of the joint venture is to develop and provide certain Industrial Solutions products and integrated solutions to customers in China. Belden and Hite are committed to fund $1.53 million and $1.47 million, respectively, to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net income (loss) attributable to noncontrolling interest in the Consolidated Statements of Operations. The joint venture is not material to our consolidated financial statements as of or for the years ended December 31, 2020, 2019, or 2018.

We acquired Opterna in April 2019. Certain subsidiaries of Opterna include noncontrolling interests. Because we have a controlling financial interest in these subsidiaries, they are consolidated into our financial statements. The results of these subsidiaries were consolidated into our financial statements as of the acquisition date. The results that are attributable to the noncontrolling interest holders are presented as net income (loss) attributable to noncontrolling interests in the Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. On October 25, 2019, we purchased the noncontrolling interest of one subsidiary for a purchase price of $0.8 million; of which $0.4 million was paid at closing and the remaining $0.4 million will be paid in 2021. The subsidiaries of Opterna that include noncontrolling interests are not material to our consolidated financial statements as of or for the years ended December 31, 2020, 2019 or 2018.

XML

Income Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Income Per Share

Income Per Share

The following table presents the basis of the income per share computations:

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Numerator:
Income from continuing operations	$	54,403	$	109,891	$	167,144
Less: Net income (loss) attributable to noncontrolling interest	104		239		(183)
Less: Preferred stock dividends	—		18,437		34,931
Income from continuing operations attributable to Belden common stockholders	54,299		91,215		132,396
Add: Loss from discontinued operations, net of tax	(99,513)		(486,667)		(6,433)
Add: Loss on disposal of discontinued operations, net of tax	(9,948)		—		—
Net income (loss) attributable to Belden common stockholders	$	(55,162)	$	(395,452)	$	125,963
Denominator:
Weighted average shares outstanding, basic	44,778		42,203		40,675
Effect of dilutive common stock equivalents	159		213		281
Weighted average shares outstanding, diluted	44,937		42,416		40,956

Basic weighted average shares outstanding is used to calculate diluted loss per share when the numerator is a loss because using diluted weighted average shares outstanding would be anti-dilutive.

For the years ended December 31, 2020, 2019, and 2018, diluted weighted average shares outstanding exclude outstanding equity awards of 1.5 million, 1.2 million, and 0.9 million, respectively, which are anti-dilutive. In addition, for the years ended December 31, 2020, 2019, and 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.4 million, 0.3 million, and 0.3 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for the years ended December 31, 2019, and 2018, diluted weighted average shares outstanding do not include the weighted average impact of preferred shares that were convertible into 3.7 million and 6.9 million common shares, respectively, because deducting the preferred stock dividends from net income was more dilutive.

For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock.

For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately.

Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding.

XML

Credit Losses

12 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

Credit Loss

Credit Losses Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. Upon adoption, we recorded a noncash cumulative effect adjustment to retained earnings of $2.9 million. Of this amount, $1.0 million related to our continuing operations and $1.9 million related to our discontinued operations.

We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of accounts receivable that may not be collected is based upon the aging of accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible.

Estimates are used to determine the allowance, which is based upon an assessment of anticipated payments as well as other historical, current and future information that is reasonably available. The following table presents the activity in the allowance for doubtful accounts for our continuing operations for the year ended December 31, 2020 (in thousands).

Balance at December 31, 2019	$	2,569
Adoption adjustment	1,011
Current period provision	2,282
Recoveries collected	(637)
Write-offs	(114)
Currency impact	39
Balance at December 31, 2020	$	5,150

XML

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

The major classes of inventories were as follows: 

	December 31,
	2020		2019
	(In thousands)
Raw materials	$	106,514	$	98,530
Work-in-process	32,011		34,717
Finished goods	141,042		119,331
Gross inventories	279,567		252,578
Excess and obsolete reserves	(32,269)		(21,245)
Net inventories	$	247,298	$	231,333

XML

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The carrying values of property, plant and equipment were as follows: 

	December 31,
	2020		2019
	(In thousands)
Land and land improvements	$	29,321	$	27,502
Buildings and leasehold improvements	136,427		126,580
Machinery and equipment	608,618		558,639
Computer equipment and software	137,512		119,533
Construction in process	63,589		70,993
Gross property, plant and equipment	975,467		903,247
Accumulated depreciation	(606,847)		(557,329)
Net property, plant and equipment	$	368,620	$	345,918

Depreciation Expense

We recognized depreciation expense in income from continuing operations of $42.5 million, $40.4 million, and $38.3 million in 2020, 2019, and 2018, respectively.

XML

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Leases

We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 15 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments.

We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet as of December 31, 2020 or 2019, and the rent expense for short-term leases was not material.

We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component.

As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset.

The components of lease expense were as follows:

	Years Ended December 31,
	2020		2019
	(In thousands)
Operating lease cost	$	14,348	$	14,622
Finance lease cost
Amortization of right-of-use asset	$	133	$	142
Interest on lease liabilities	17		22
Total finance lease cost	$	150	$	164

Supplemental cash flow information related to leases was as follows:

	Years Ended December 31,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15,489	$	14,594
Operating cash flows from finance leases	16		25
Financing cash flows from finance leases	158		258

Supplemental balance sheet information related to leases was as follows:

	December 31,
	2020		2019
	(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets	$	54,787	$	62,251
Accrued liabilities	$	14,742	$	13,900
Long-term operating lease liabilities	46,398		55,652
Total operating lease liabilities	$	61,140	$	69,552
Finance leases:
Other long-lived assets, at cost	$	764	$	823
Accumulated depreciation	(483)		(391)
Other long-lived assets, net	$	281	$	432

Weighted Average Remaining Lease Term
Operating leases	5 years	6 years
Finance leases	3 years	3 years
Weighted Average Discount Rate
Operating leases	6.6%	6.9	%
Finance leases	4.9%	6.2	%

The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands):

2021	$	19,250
2022	16,305
2023	12,552
2024	9,516
2025	8,718
Thereafter	8,901
Total	$	75,242

The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands):

2020	$	19,086
2021	16,988
2022	14,128
2023	11,598
2024	9,032
Thereafter	16,655
Total	$	87,487

Leases

Leases

We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 15 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments.

We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet as of December 31, 2020 or 2019, and the rent expense for short-term leases was not material.

We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component.

As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset.

The components of lease expense were as follows:

	Years Ended December 31,
	2020		2019
	(In thousands)
Operating lease cost	$	14,348	$	14,622
Finance lease cost
Amortization of right-of-use asset	$	133	$	142
Interest on lease liabilities	17		22
Total finance lease cost	$	150	$	164

Supplemental cash flow information related to leases was as follows:

	Years Ended December 31,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15,489	$	14,594
Operating cash flows from finance leases	16		25
Financing cash flows from finance leases	158		258

Supplemental balance sheet information related to leases was as follows:

	December 31,
	2020		2019
	(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets	$	54,787	$	62,251
Accrued liabilities	$	14,742	$	13,900
Long-term operating lease liabilities	46,398		55,652
Total operating lease liabilities	$	61,140	$	69,552
Finance leases:
Other long-lived assets, at cost	$	764	$	823
Accumulated depreciation	(483)		(391)
Other long-lived assets, net	$	281	$	432

Weighted Average Remaining Lease Term
Operating leases	5 years	6 years
Finance leases	3 years	3 years
Weighted Average Discount Rate
Operating leases	6.6%	6.9	%
Finance leases	4.9%	6.2	%

The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands):

2021	$	19,250
2022	16,305
2023	12,552
2024	9,516
2025	8,718
Thereafter	8,901
Total	$	75,242

The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands):

2020	$	19,086
2021	16,988
2022	14,128
2023	11,598
2024	9,032
Thereafter	16,655
Total	$	87,487

XML

Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

The carrying values of intangible assets were as follows: 

	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In thousands)						(In thousands)
Goodwill	$	1,251,938	$	—	$	1,251,938	$	1,243,669	$	—	$	1,243,669
Definite-lived intangible assets subject to amortization:
Developed technology	$	428,187	$	(369,849)	$	58,338	$	413,310	$	(331,696)	$	81,614
Customer relationships	295,382		(128,796)		166,586		297,595		(110,732)		186,863
Trademarks	65,861		(36,539)		29,322		56,393		(30,213)		26,180
In-service research and development	11,536		(9,774)		1,762		10,702		(7,160)		3,542
Backlog	11,421		(11,421)		—		11,335		(10,935)		400
Total intangible assets subject to amortization	812,387		(556,379)		256,008		789,335		(490,736)		298,599
Indefinite-lived intangible assets not subject to amortization:
Trademarks	31,063		—		31,063		40,106		—		40,106
In-process research and development	—		—		—		800		—		800
Total intangible assets not subject to amortization	31,063		—		31,063		40,906		—		40,906
Intangible assets	$	843,450	$	(556,379)	$	287,071	$	830,241	$	(490,736)	$	339,505

Segment Allocation of Goodwill and Trademarks

The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows: 

	Enterprise Solutions		Industrial Solutions		Consolidated
	(In thousands)
Balance at December 31, 2018	$	432,082	$	774,795	$	1,206,877
Acquisitions and purchase accounting adjustments	38,209		—		38,209
Translation impact	(260)		(1,157)		(1,417)
Balance at December 31, 2019	$	470,031	$	773,638	$	1,243,669
Acquisitions and purchase accounting adjustments	2,420		—		2,420
Translation impact	2,296		3,553		5,849
Balance at December 31, 2020	$	474,747	$	777,191	$	1,251,938

The changes in the carrying amount of indefinite-lived trademarks are as follows:

	Enterprise Solutions		Industrial Solutions		Consolidated
	(In thousands)
Balance at December 31, 2018	$	27,000	$	13,270	$	40,270
Translation impact	—		(164)		(164)
Balance at December 31, 2019	$	27,000	$	13,106	$	40,106
Reclassify to definite-lived	—		(9,043)		(9,043)
Balance at December 31, 2020	$	27,000	$	4,063	$	31,063

Annual Impairment Test

The annual measurement date for our goodwill and indefinite-lived intangible assets impairment test is our fiscal November month-end. For our 2020 goodwill impairment test, we performed a quantitative assessment for all ten of our reporting units and determined the estimated fair values of our reporting units by calculating the present values of their estimated future cash flows using Level 3 inputs. We did not perform a qualitative assessment over our reporting units. We determined that the fair values of the reporting units were in excess of the carrying values; therefore, we did not record any goodwill impairment for the ten reporting units. We also did not recognize any goodwill impairment from continuing operations in 2019 or 2018 based upon the results of our annual goodwill impairment testing.

For our annual impairment test in 2020, the excess of the fair values over the carrying values of our ten reporting units tested under a quantitative income approach ranged from 4% - 345%. The assumptions used to estimate fair values were based on the past performance of the reporting unit as well as the projections incorporated in our strategic plan. Significant assumptions included sales growth, profitability, and related cash flows, along with cash flows associated with taxes and capital spending. The discount rate used to estimate fair value was risk adjusted in consideration of the economic conditions in effect at the time of the impairment test. We also considered assumptions that market participants may use. In our quantitative assessments, the discount rates ranged from 10.0% to 12.2%, the 2021 to 2030 compounded annual revenue growth rates ranged from 2.5% to 5.8%, and the revenue growth rates beyond 2030 ranged from 2.0% to 3.0%. By their nature, these assumptions involve risks and uncertainties. Furthermore, uncertainties associated with current market conditions increase the inherent risk associated with using an income approach to estimate fair values. While we have adjusted our key assumptions to reflect the current economic conditions, we have also assumed that economic conditions will improve. If current conditions persist and actual results are different from our estimates or assumptions, we may have to recognize an impairment charge that could be material.

We test our indefinite-lived intangible assets, which consist primarily of trademarks, for impairment on an annual basis during the fourth quarter. The accounting guidance related to impairment testing for such intangible assets allows for the performance of an optional qualitative assessment, similar to that described above for goodwill. We did not perform any qualitative assessments as part of our indefinite-lived intangible asset impairment testing for 2020. Rather, we performed a quantitative assessment for each of our indefinite-lived trademarks in 2020. Under the quantitative assessments, we determined the fair value of each trademark using a relief from royalty methodology and compared the fair value to the carrying value. Significant assumptions to determine fair value included sales growth, royalty rates, and discount rates. We did not recognize any trademark impairment charges from continuing operations in 2020, 2019, or 2018.

Disposal Group Impairment

During the fourth quarter of 2019, we committed to a plan to sell Grass Valley, and at such time, met all of the criteria to classify the assets and liabilities of this business as held for sale. Furthermore, we determined a divestiture of Grass Valley represents a strategic shift that is expected to have a major impact on our operations and financial results. As a result, the Grass Valley disposal group, previously included in our Enterprise Solutions segment, was reported within discontinued operations. We also ceased depreciating and amortizing the assets of the disposal group once they met the held for sale criteria in the fourth quarter of 2019. During 2019, we wrote down the carrying value of Grass Valley and recognized asset impairments totaling $521.4 million, which consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). During 2020, we wrote down the carrying value of Grass Valley and recognized asset impairments totaling $113.0 million. We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows, which was based in part on the assumed proceeds from a divestiture of Grass Valley.

Amortization Expense

We recognized amortization expense in income from continuing operations of $66.2 million, $74.6 million, and $75.1 million in 2020, 2019, and 2018, respectively. We expect to recognize annual amortization expense of $35.6 million in 2021, $32.9 million in 2022, $31.2 million in 2023, $29.0 million in 2024, and $24.7 million in 2025 related to our intangible assets balance as of December 31, 2020.

The weighted-average amortization period for our customer relationships, trademarks, developed technology, and in-service research and development is 18.2 years, 8.3 years, 6.8 years, and 5.0 years, respectively.

At the beginning of 2020, we re-evaluated the useful lives of certain trademarks in our Industrial Solutions segment and concluded that indefinite lives for these trademarks was no longer appropriate. We have estimated a useful life of five years and will re-evaluate this estimate if and when our expected use of the trademarks changes. We began amortizing the trademarks in the first quarter of 2020, which resulted in amortization expense of $1.8 million for the year ended December 31, 2020. As of December 31, 2020, the net book value of these trademarks totaled $7.8 million.

XML

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued Liabilities

The carrying values of accrued liabilities were as follows:

	December 31,
	2020		2019
	(In thousands)
Wages, severance and related taxes	$	65,892	$	58,953
Current deferred revenue	53,371		54,255
Accrued rebates	32,192		37,170
Accrued interest	20,610		18,781
Employee benefits	27,707		17,791
Lease liabilities	14,840		14,072
Other (individual items less than 5% of total current liabilities)	62,029		82,777
Accrued liabilities	$	276,641	$	283,799

At December 31, 2019, our other accrued liabilities balance included earnout consideration of $31.4 million in accordance with the purchase agreement for SAM, which was acquired on February 8, 2018 and included in the Grass Valley disposal group. During our fiscal first quarter of 2020, prior to the Grass Valley disposal, we paid the sellers of SAM the full earnout consideration. The acquisition-date fair value of the earnout liability was $29.3 million and is reflected as a financing activity in the Consolidated Cash Flow Statement with the remaining $2.1 million reflected as an operating activity.

XML

Severance, Restructuring, and Acquisition Integration Activities

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Severance, Restructuring, and Acquisition Integration Activities

Severance, Restructuring, and Acquisition Integration Activities

Cost Reduction Program

During 2019, we began a cost reduction program to improve performance and enhance margins by streamlining the organizational structure and investing in technology to drive productivity. We recognized $4.0 million and $19.6 million of severance and other restructuring costs for this program during 2020 and 2019, respectively. These costs were incurred by both the Enterprise Solutions and Industrial Solutions segments. The cost reduction program is expected to deliver an estimated $60 million reduction in selling, general, and administrative expenses on an annual basis; approximately $40 million of which was realized in 2020, and the full benefit is expected to be materialized in 2021. We also expect to incur incremental costs of approximately $8 million for this program in 2021.

FutureLink, Opterna, and SPC Integration Program

In 2019, we began a restructuring program to integrate FutureLink, Opterna, and SPC with our existing businesses. The restructuring and integration activities were focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We recognized $4.9 million and $6.1 million of severance and other restructuring costs for this program during 2020 and 2019, respectively. These costs were incurred by the Enterprise Solutions segment. We expect to incur incremental costs of approximately $1 million for this program in 2021.

Industrial Manufacturing Footprint Program

In 2016, we began a program to consolidate our manufacturing footprint, which was later completed in 2018. We recognized severance and other restructuring costs of $17.7 million and $66.1 million for this program during 2018 and cumulatively, respectively. The costs were incurred by the Enterprise Solutions and Industrial Solutions segments, as the manufacturing locations involved in the program serve both platforms.

The following table summarizes the costs by segment of the programs described above as well as other immaterial programs and acquisition integration activities: 

	Severance		Other Restructuring and Integration Costs		Total Costs
			(In thousands)
Year Ended December 31, 2020
Enterprise Solutions	$	1,345	$	6,374	$	7,719
Industrial Solutions	1,706		2,833		4,539
Total	$	3,051	$	9,207	$	12,258
Year Ended December 31, 2019
Enterprise Solutions	$	5,018	$	5,790	$	10,808
Industrial Solutions	15,736		—		15,736
Total	$	20,754	$	5,790	$	26,544
Year Ended December 31, 2018
Enterprise Solutions	$	548	$	14,315	$	14,863
Industrial Solutions	240		7,522		7,762
Total	$	788	$	21,837	$	22,625

The other restructuring and integration costs primarily consisted of equipment transfers, costs to consolidate operating and support facilities, retention bonuses, relocation, travel, legal, and other costs. The majority of the other restructuring and integration costs related to these actions were paid as incurred or are payable within the next 60 days.

The following table summarizes the costs of the various programs described above as well as other immaterial programs and acquisition integration activities by financial statement line item in the Consolidated Statement of Operations:

	Years ended December 31,
	2020		2019		2018
	(In thousands)
Cost of sales	$	704	$	3,425	$	17,962
Selling, general and administrative expenses	11,554		23,119		4,546
Research and development expenses	—		—		117
Total	$	12,258	$	26,544	$	22,625

Accrued Severance

The table below sets forth severance activity that occurred for the Cost Reduction Program and SPC, Opterna and FutureLink Integration Program described above. The balances below are included in accrued liabilities (in thousands).

Balance at December 31, 2019	$	19,575
New charges	2,529
Cash payments	(4,483)
Foreign currency translation	(89)
Other adjustments	(4,147)
Balance at March 29, 2020	$	13,385
New charges	4,660
Cash payments	(4,795)
Foreign currency translation	(132)
Other adjustments	(1,420)
Balance at June 28, 2020	$	11,698
New charges	2,060
Cash payments	(3,968)
Foreign currency translation	(156)
Other adjustments	(1,541)
Balance at September 27, 2020	$	8,093
New charges	992
Cash payments	(1,823)
Foreign currency translation	(95)
Other adjustments	(82)
Balance at December 31, 2020	$	7,085

The other adjustments were the result of changes in estimates. We experienced higher than expected voluntary turnover during 2020, and as a result, certain previously approved severance actions were not taken.

XML

Long-Term Debt and Other Borrowing Arrangements

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt and Other Borrowing Arrangements

Long-Term Debt and Other Borrowing Arrangements

The carrying values of our long-term debt and other borrowing arrangements were as follows:

	December 31,
	2020		2019
	(In thousands)
Revolving credit agreement due 2022	$	—	$	—
Senior subordinated notes:
3.875% Senior subordinated notes due 2028	428,295		392,910
3.375% Senior subordinated notes due 2027	550,665		505,170
4.125% Senior subordinated notes due 2026	244,740		224,520
2.875% Senior subordinated notes due 2025	367,110		336,780
Total senior subordinated notes	1,590,810		1,459,380
Less unamortized debt issuance costs	(17,084)		(19,896)
Long-term debt	$	1,573,726	$	1,439,484

Revolving Credit Agreement due 2022

In 2017, we entered into an Amended and Restated Credit Agreement (the Revolver) to amend and restate our prior Revolving Credit Agreement. The Revolver provides a $400.0 million multi-currency asset-based revolving credit facility. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the U.S., Canada, Germany, and the Netherlands. The maturity date of the Revolver is May 16, 2022. Interest on outstanding borrowings is variable, based upon LIBOR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25%-1.75%, depending upon our leverage position. We pay a commitment fee on our available borrowing capacity of 0.25%. In the event we borrow more than 90% of our borrowing base, we are subject to a fixed charge coverage ratio covenant. We paid approximately $2.3 million of fees when we amended the Revolver, which are being amortized over the remaining term of the Revolver. Due to the initial uncertainties arising from the COVID-19 pandemic and out of an abundance of caution, in April 2020 we borrowed $190.0 million on our Revolver, which we fully repaid by December 31, 2020 as a result of improved and sufficient liquidity and cash flow. As of December 31, 2020, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $230.2 million.

Senior Subordinated Notes

In March 2018, we completed an offering for €350.0 million ($431.3 million at issuance) aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of December 31, 2020 is $428.3 million. The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2028 Notes rank equal in right of payment with our senior subordinated notes due 2027, 2026, and 2025 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year, which commenced on September 15, 2018. We paid approximately $7.5 million of fees associated with the issuance of the 2028 Notes, which are being amortized over the life of the 2028 Notes using the effective interest method. We used the net proceeds from this offering and cash on hand to repurchase the 2023 and 2024 Notes - see further discussion below.

We have outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). The carrying value of the 2027 Notes as of December 31, 2020 is $550.7 million. The 2027 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2027 Notes rank equal in right of payment with our senior subordinated notes due 2028, 2026, and 2025 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.

We have outstanding €200.0 million aggregate principal amount of 4.125% senior subordinated notes due 2026 (the 2026 Notes). The carrying value of the 2026 Notes as of December 31, 2020 is $244.7 million. The 2026 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2028, 2027, and 2025 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on April 15 and October 15 of each year.

We have outstanding €300.0 million aggregate principal amount of 2.875% senior subordinated notes due 2025 (the 2025 Notes). The carrying value of the 2025 Notes as of December 31, 2020 is $367.1 million. The 2025 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2025 Notes rank equal in right of payment with our senior subordinated notes due 2028, 2027, and 2026 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year.

We had outstanding $200 million aggregate principal amount of 5.25% senior subordinated notes due 2024 (the 2024 Notes). In March 2018, we repurchased $188.7 million of the 2024 Notes outstanding for cash consideration of $199.8 million, including a prepayment penalty and recognized a $13.8 million loss on debt extinguishment including the write-off of unamortized debt issuance costs. In April 2018, we repurchased the remaining 2024 Notes outstanding for cash consideration of $11.9 million, including a prepayment penalty, and recognized a $0.8 million loss on debt extinguishment including the write-off of unamortized debt issuance costs.

We had outstanding €200.0 million aggregate principal amount of 5.5% senior subordinated notes due 2023 (the 2023 Notes). In March 2018, we repurchased €143.1 million of the €200.0 million 2023 Notes outstanding for cash consideration of €147.8 million ($182.1 million), including a prepayment penalty and recognized a $6.2 million loss on debt extinguishment including the write-off of unamortized debt issuance costs. In April 2018, we repurchased the remaining 2023 Notes outstanding for cash consideration of €58.5 million ($71.6 million), including a prepayment penalty, and recognized a $2.2 million loss on debt extinguishment including the write-off of unamortized debt issuance costs.

The senior subordinated notes due 2025, 2026, 2027 and 2028 are redeemable after September 15, 2020, October 15, 2021, July 15, 2022, and March 15, 2023, respectively, at the following redemption prices as a percentage of the face amount of the notes: 

Senior Subordinated Notes due
2025			2026			2027			2028
Year	Percentage		Year	Percentage		Year	Percentage		Year	Percentage
2020	101.438	%	2021	102.063	%	2022	101.688	%	2023	101.938	%
2021	100.719	%	2022	101.375	%	2023	101.125	%	2024	101.292	%
2022 and thereafter	100.000	%	2023	100.688	%	2024	100.563	%	2025	100.646	%
			2024 and thereafter	100.000	%	2025 and thereafter	100.000	%	2026 and thereafter	100.000	%

Fair Value of Long-Term Debt

The fair value of our senior subordinated notes as of December 31, 2020 was approximately $1,633.7 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,590.8 million as of December 31, 2020.

Maturities

Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2020 are as follows (in thousands):

2021	$	—
2022	—
2023	—
2024	—
2025	367,110
Thereafter	1,223,700
	$	1,590,810

XML

Net Investment Hedge	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net Investment Hedge	Net Investment HedgeAll of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of December 31, 2020, €767.8 million of our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations. The objective of the hedge is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate. The transaction gain or loss is reported in the translation adjustment section of other comprehensive income. For the years ended December 31, 2020, 2019 and 2018, the transaction gain/(loss) associated with the net investment hedge reported in other comprehensive income was $(56.2) million, $26.6 million and $87.5 million, respectively. During 2020, we de-designated €532.2 million of our outstanding debt that was previously designated as a net investment hedge. After the de-designation, transaction gains or losses associated with this €532.2 million of debt are reported in income from continuing operations.

XML

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

	Years ended December 31,
	2020		2019		2018
	(in thousands)
Income (loss) before taxes:
United States operations	$	(117,819)	$	42,833	$	115,500
Foreign operations	183,946		109,577		114,580
Income before taxes	$	66,127	$	152,410	$	230,080
Income tax expense (benefit):
Currently payable
United States federal	$	273	$	21,893	$	31,730
United States state and local	91		3,090		3,912
Foreign	11,511		13,859		16,968
	11,875		38,842		52,610
Deferred
United States federal	(1,754)		7,567		7,220
United States state and local	(2,310)		(1,205)		(31)
Foreign	3,913		(2,685)		3,137
	(151)		3,677		10,326
Income tax expense	$	11,724	$	42,519	$	62,936

In addition to the above income tax expense associated with continuing operations, we also recorded an income tax benefit associated with discontinued operations of $22.6 million, $27.2 million, and $3.3 million in 2020, 2019, and 2018, respectively.

	Years Ended December 31,
	2020	2019	2018
Effective income tax rate reconciliation from continuing operations:
United States federal statutory rate	21.0%	21.0%	21.0%
State and local income taxes	(2.6)%	1.2%	1.5%
Impact of change in tax contingencies	2.3%	—%	(0.7)%
Foreign income tax rate differences	(38.2)%	(8.6)%	(1.0)%
Impact of change in deferred tax asset valuation allowance	3.1%	9.2%	0.3%
Domestic permanent differences and tax credits	33.9%	5.1%	1.9%
Impact of tax reform	—%	—%	4.4%
Impact of CARES act	(1.8)%	—%	—%
	17.7%	27.9%	27.4%

In 2020, the most significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of foreign tax rate differences. Foreign tax rate differences resulted in an income tax benefit of $25.3 million, $13.1 million, and $2.4 million in 2020, 2019, and 2018, respectively. Additionally, in 2020, 2019 and 2018, our income tax expense was reduced by $4.0 million, $3.9 million, and $3.0 million, respectively, due to a tax holiday for our operations in St. Kitts. The tax holiday in St. Kitts is scheduled to expire in 2022.

An additional significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of domestic permanent differences and tax credits. We recognized a total income tax expense from domestic permanent differences and tax credits of $22.4 million in 2020, primarily associated with our foreign income inclusions.

In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law in the United States. The Company generated a loss in the U.S. which will be carried back to prior years, as permitted by the CARES Act. The net impact to the tax provision as a result of the net operating loss carry back was a benefit of $1.2 million, primarily associated with the re-rate of the net operating loss carry back period.

If we were to repatriate foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. However, it is our intent to permanently reinvest the earnings of our non-U.S. subsidiaries in those operations and for continued non-U.S. growth opportunities. As a result, as of December 31, 2020, we have not made a provision for U.S. or additional foreign withholding taxes.

	December 31,
	2020		2019
	(In thousands)
Components of deferred income tax balances:
Deferred income tax liabilities:
Plant, equipment, and intangibles	$	(92,271)	$	(96,254)
Right of use asset	(17,610)		(16,906)
	(109,881)		(113,160)
Deferred income tax assets:
Postretirement, pensions, and stock compensation	35,394		28,169
Reserves and accruals	24,388		15,395
Net operating loss, capital loss, and tax credit carryforwards	107,028		76,456
Lease liability	18,515		17,882
Valuation allowances	(84,308)		(48,251)
	101,017		89,651
Net deferred income tax liability	$	(8,864)	$	(23,509)

On July 2, 2020, we completed the divestiture of Grass Valley to Black Dragon Capital. The increase in pensions and reserves is primarily due to the divestiture of Grass Valley. We derived $23.8 million of deferred tax assets in relation to a capital loss in the U.S. for the divestiture of Grass Valley. The increase in deferred tax valuation allowances is primarily due to the valuation allowance against the capital loss of $23.8 million that we do not expect to be able to realize prior to expiration and the valuation allowance against the seller’s note allowance.

As of December 31, 2020, we had $205.4 million of gross net operating loss carryforwards and $57.1 million of tax credit carryforwards. Unless otherwise utilized, net operating loss carryforwards will expire upon the filing of the tax returns for the following respective years: $0.9 million in 2020, $19.7 million between 2021 and 2024, and $126.8 million between 2025 and 2040. Net operating loss with an indefinite carryforward period total $58.0 million. Of the $205.4 million in net operating loss carryforwards, we have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $137.1 million of these net operating loss carryforwards within their respective expiration periods. A valuation allowance has been recorded on the remaining portion of the net operating loss carryforwards.

Unless otherwise utilized, tax credit carryforwards of $57.1 million will expire as follows: $2.1 million between 2020 and 2024 and $49.6 million between 2025 and 2040. Tax credit carryforwards with an indefinite carryforward period total $5.4 million. We have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $17.3 million of these tax credit carryforwards within their respective expiration periods. A valuation allowance has been recorded on the remaining portion of the tax credit carryforwards.

As of December 31, 2020, we had $100.5 million of gross capital loss carryforwards in the U.S. with a full valuation allowance as we do not expect to be able to utilize the capital loss prior to expiration.

The following tables summarize our net operating losses carryforwards and tax credit carryforwards as of December 31, 2020 by jurisdiction:

	Net Operating Loss Carryforwards
	(In thousands)
Australia	$	10,546
Germany	15,852
Japan	653
Luxembourg	163
Netherlands	6,578
Other	20,723
United Kingdom	10,720
United States - Federal and various states	140,117
Total	$	205,352

	Tax Credit Carryforwards
	(In thousands)
United States	$	56,617
Canada	492
Total	$	57,109

In 2020, we recognized a net $1.8 million increase to reserves for uncertain tax positions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	2020		2019
	(In thousands)
Balance at beginning of year	$	6,779	$	6,591
Additions based on tax positions related to the current year	548		488
Additions for tax positions of prior years	1,574		—
Reductions for tax positions of prior years - Settlement	(328)		(300)
Balance at end of year	$	8,573	$	6,779

The balance of $8.6 million at December 31, 2020, reflects tax positions that, if recognized, would impact our effective tax rate.

As of December 31, 2020, we believe it is reasonably possible that $1.7 million of unrecognized tax benefits will change within the next twelve months primarily attributable to the expected completion of tax audits in foreign jurisdictions.

Our practice is to recognize interest and penalties related to uncertain tax positions in interest expense and operating expenses, respectively. We have approximately $0.2 million and $0.0 million accrued for the payment of interest and penalties as of December 31, 2020 and 2019, respectively.

Our federal tax return for the tax years 2017 and later remain subject to examination by the Internal Revenue Service. Our state and foreign income tax returns for the tax years 2012 and later remain subject to examination by various state and foreign tax authorities.

XML

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement BenefitsWe sponsor defined benefit pension plans and defined contribution plans that cover substantially all employees in Canada, the Netherlands, the United Kingdom, the U.S., and certain employees in Germany. Certain defined benefit plans in the United Kingdom are frozen and additional benefits are not being earned by the participants. The U.S. defined benefit pension plan is closed to new entrants. Annual contributions to retirement plans equal or exceed the minimum funding requirements of applicable local regulations. The assets of the funded pension plans we sponsor are maintained in various trusts and are invested primarily in equity and fixed income securities.

Benefits provided to employees under defined contribution plans include cash contributions by the Company based on either hours worked by the employee or a percentage of the employee’s compensation. Defined contribution expense for 2020, 2019, and 2018 was $10.0 million, $12.1 million, and $11.8 million, respectively.

We sponsor unfunded postretirement medical and life insurance benefit plans for certain of our employees in Canada and the U.S. The medical benefit portion of the U.S. plan is only for employees who retired prior to 1989 as well as certain other employees who were near retirement and elected to receive certain benefits.

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.

	Pension Benefits				Other Benefits
Years Ended December 31,	2020		2019		2020		2019
			(In thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	(461,352)	$	(412,880)	$	(29,470)	$	(26,143)
Service cost	(3,930)		(3,668)		(33)		(35)
Interest cost	(9,729)		(12,261)		(809)		(960)
Participant contributions	(73)		(86)		(5)		(4)
Actuarial loss	(42,284)		(39,329)		(110)		(2,374)
Divestitures and acquisitions	(910)		—		—		—
Settlements	26,970		49		—		—
Curtailments	236				—
Plan amendments	(226)		—		—		—
Foreign currency exchange rate changes	(15,345)		(9,890)		(427)		(1,260)
Benefits paid	13,718		16,713		1,356		1,306
Benefit obligation, end of year	$	(492,925)	$	(461,352)	$	(29,498)	$	(29,470)

	Pension Benefits				Other Benefits
Years Ended December 31,	2020		2019		2020		2019
			(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of year	$	355,726	$	311,509	$	—	$	—
Actual return on plan assets	32,470		45,896		—		—
Employer contributions	6,393		5,673		1,351		1,302
Plan participant contributions	73		86		5		4
Settlements	(26,945)		—		—		—
Foreign currency exchange rate changes	7,803		9,275		—		—
Benefits paid	(13,718)		(16,713)		(1,356)		(1,306)
Fair value of plan assets, end of year	$	361,802	$	355,726	$	—	$	—

Funded status, end of year	$	(131,123)	$	(105,626)	$	(29,498)	$	(29,470)
Amounts recognized in the balance sheets:
Prepaid benefit cost	$	4,780	$	5,542	$	—	$	—
Accrued benefit liability, current	(3,558)		(3,000)		(1,443)		(1,411)
Accrued benefit liability, noncurrent	(132,345)		(108,168)		(28,055)		(28,059)
Net funded status	$	(131,123)	$	(105,626)	$	(29,498)	$	(29,470)

The accumulated benefit obligation for all defined benefit pension plans was $518.4 million and $456.9 million at December 31, 2020 and 2019, respectively.

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with a projected benefit obligation in excess of plan assets were $463.2 million, $459.2 million, and $297.8 million, respectively, as of December 31, 2020 and were $404.9 million, $400.4 million, and $293.7 million, respectively, as of December 31, 2019.

The accumulated benefit obligation and fair value of plan assets for other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets were $59.2 million and $64.0 million, respectively, as of December 31, 2020 and were $29.5 million and $0 million, respectively, as of December 31, 2019.

The following table provides the components of net periodic benefit costs for the plans.

	Pension Benefits						Other Benefits
Years Ended December 31,	2020		2019		2018		2020		2019		2018
					(In thousands)
Components of net periodic benefit cost:
Service cost	$	3,930	$	3,668	$	4,579	$	33	$	35	$	47
Interest cost	9,729		12,261		11,480		809		960		945
Expected return on plan assets	(16,357)		(15,699)		(16,389)		—		—		—
Amortization of prior service cost (credit)	190		169		(42)		—		—		—
Settlement loss (gain)	3,153		(7)		1,342		—		—		—
Net loss (gain) recognition	2,930		1,432		2,775		(59)		(133)		(12)
Net periodic benefit cost	$	3,575	$	1,824	$	3,745	$	783	$	862	$	980

We recorded settlement losses totaling $3.2 million during 2020 and $1.3 million during 2018. The settlement losses were the result of lump-sum payments to participants that exceeded the sum of the pension plan's respective annual service cost and interest cost amounts.

The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.

	Pension Benefits				Other Benefits
	Years Ended December 31,				Years Ended December 31,
	2020		2019		2020		2019
Weighted average assumptions for benefit obligations at year end:
Discount rate	1.5	%	2.2	%	2.5	%	2.9	%
Salary increase	3.3	%	3.5	%	N/A		N/A
Cash balance interest credit rate	4.6	%	4.0	%	N/A		N/A
Weighted average assumptions for net periodic cost for the year:
Discount rate	2.2	%	3.1	%	2.9	%	3.7	%
Salary increase	3.5	%	3.6	%	N/A		N/A
Cash balance interest credit rate	4.0	%	4.7	%	N/A		N/A
Expected return on assets	4.9	%	5.0	%	N/A		N/A
Assumed health care cost trend rates:
Health care cost trend rate assumed for next year	N/A		N/A		5.5	%	5.6	%
Rate that the cost trend rate gradually declines to	N/A		N/A		5.0	%	5.0	%
Year that the rate reaches the rate it is assumed to remain at	N/A		N/A		2026		2023

Plan assets are invested using a total return investment approach whereby a mix of equity securities and fixed income securities are used to preserve asset values, diversify risk, and achieve our target investment return benchmark. Investment strategies and asset allocations are based on consideration of the plan liabilities, the plan’s funded status, and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis.

Plan assets are managed in a balanced portfolio comprised of two major components: an asset growth portion and an asset protection portion. The expected role of asset growth investments is to maximize the long-term real growth of assets, while the role of asset protection investments is to generate current income, provide for more stable periodic returns, and provide some protection against a permanent loss of capital.

Absent regulatory or statutory limitations, the target asset allocation for the investment of the assets for our ongoing pension plans is 30-50% in asset protection investments and 50-70% in asset growth investments and for our pension plans where the majority of the participants are in payment or terminated vested status is 50-90% in asset protection investments and 10-50% in asset growth investments. Asset growth investments include a diversified mix of U.S. and international equity, primarily invested through investment funds. Asset protection investments include government securities and investment grade corporate bonds, primarily invested through investment funds and group insurance contracts. We develop our expected long-term rate of return assumptions based on the historical rates of returns for securities and instruments of the type in which our plans invest.

The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the invested assets and future assets to be invested to provide for the benefits included in the projected benefit obligation. We use historic plan asset returns combined with current market conditions to estimate the rate of return. The expected rate of return on plan assets is a long-term assumption based on an analysis of historical and forward looking returns considering the plan’s actual and target asset mix.

The following table presents the fair values of the pension plan assets by asset category. 

	December 31, 2020								December 31, 2019
	Fair Market Value at December 31, 2020		Quoted  Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Investments Measured at NAV		Fair Market Value at December 31, 2019		Quoted  Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Investments Measured at NAV
	(In thousands)								(In thousands)
Asset Category:
Equity securities(a)
U.S. equities fund	$	86,059	$	3,012	$	—	$	83,047	$	131,563	$	2,793	$	—	$	128,770
Non-U.S. equities fund	61,630		5,602		—		56,028		54,496		5,949		—		48,547
Debt securities(b)
Government bond fund	98,418		—		772		97,646		74,219		—		745		73,474
Corporate bond fund	82,434		—		12,150		70,284		40,940		—		9,854		31,086
Fixed income fund(c)	7,320		—		—		7,320		35,895		—		33,701		2,194
Other investments(d)	17,367		—		—		17,367		9,462		—		—		9,462
Cash & equivalents	8,574		3,230		—		5,344		9,151		167		—		8,984
Total	$	361,802	$	11,844	$	12,922	$	337,036	$	355,726	$	8,909	$	44,300	$	302,517

(a)This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges. Funds which are valued using the net asset value method are not included in the fair value hierarchy.

(b)This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Funds valued using the net asset value method are not included in the fair value hierarchy.

(c)This category includes guaranteed insurance contracts and annuity policies.

(d)This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds. Funds valued using the net asset method are not included in the fair value hierarchy.

The plans do not invest in individual securities. All investments are through well diversified investment funds. As a result, there are no significant concentrations of risk within the plan assets.

The following table reflects the benefits as of December 31, 2020 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. 

	Pension Plans		Other Plans
	(In thousands)
2021	$	19,497	$	1,460
2022	19,044		1,457
2023	20,320		1,458
2024	21,247		1,463
2025	19,417		1,466
2026-2030	99,881		7,413
Total	$	199,406	$	14,717

We anticipate contributing $11.4 million and $1.5 million to our pension and other postretirement plans, respectively, during 2021.

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2020 and the changes in these amounts during the year ended December 31, 2020 are as follows. 

	Pension Benefits		Other Benefits
	(In thousands)
Components of accumulated other comprehensive loss:
Net actuarial loss (gain)	$	80,671	$	(436)
Net prior service cost	2,798		—
	$	83,469	$	(436)

	Pension Benefits		Other Benefits
	(In thousands)
Changes in accumulated other comprehensive loss:
Net actuarial loss (gain), beginning of year	$	56,746	$	(600)
Amortization of actuarial gain (loss)	(2,930)		59
Actuarial loss	42,048		110
Asset gain	(16,113)		—
Settlement loss recognized	(3,153)		—
Divestitures and acquisitions	335		—
Currency impact	3,738		(5)
Net actuarial loss (gain), end of year	$	80,671	$	(436)
Prior service cost, beginning of year	$	2,661	$	—
Amortization of prior service cost	(190)		—
Prior service cost occurring during the year	226		—
Currency impact	101		—
Prior service cost, end of year	$	2,798	$	—

XML

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: 

	Foreign Currency Translation Component		Pension and Other Postretirement Benefit Plans		Accumulated Other Comprehensive Income (Loss)
			(In thousands)
Balance at December 31, 2018	$	(41,882)	$	(33,025)	$	(74,907)
Other comprehensive gain (loss) attributable to Belden before reclassifications	23,657		(13,281)		10,376
Amounts reclassified from accumulated other comprehensive income	—		1,113		1,113
Net current period other comprehensive gain (loss) attributable to Belden	23,657		(12,168)		11,489
Balance at December 31, 2019	$	(18,225)	$	(45,193)	$	(63,418)
Other comprehensive loss attributable to Belden before reclassifications	(123,101)		(20,800)		(143,901)
Amounts reclassified from accumulated other comprehensive income	10,145		5,323		15,468
Net current period other comprehensive loss attributable to Belden	(112,956)		(15,477)		(128,433)
Balance at December 31, 2020	$	(131,181)	$	(60,670)	$	(191,851)

The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss):

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)		Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (Loss)
	(In thousands)
Amortization of pension and other postretirement benefit plan items:
Settlement loss	$	3,153	(1)
Accumulated losses of Grass Valley disposal group	771		(2)
Actuarial losses	2,871		(1)
Prior service cost	190		(1)
Total before tax	6,985
Tax benefit	(1,662)
Total net of tax	$	5,323

(1)The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 19).

(2)In addition, we reclassified $10.1 million of accumulated foreign currency translation losses associated with the Grass Valley disposal group that are included in the calculation of the loss on disposal of discontinued operations.

XML

Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

Compensation cost charged against income, primarily selling, general and administrative expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: 

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total share-based compensation cost	$	19,171	$	16,802	$	17,143
Income tax benefit	4,563		3,999		4,080

We currently have outstanding stock appreciation rights (SARs), restricted stock units with service vesting conditions, restricted stock units with performance vesting conditions, and restricted stock units with market conditions. We grant SARs with an exercise price equal to the closing market price of our common stock on the grant date. Generally, SARs may be converted into shares of our common stock in equal amounts on each of the first three anniversaries of the grant date and expire 10 years from the grant date. Certain awards provide for accelerated vesting in certain circumstances, including following a change in control of the Company. Restricted stock units with service conditions generally vest 3-5 years from the grant date. Restricted stock units issued based on the attainment of the performance conditions generally vest on the second or third anniversary of their grant date. Restricted stock units issued based on the attainment of market conditions generally vest on the third anniversary of their grant date.

We recognize compensation cost for all awards based on their fair values. The fair values for SARs are estimated on the grant date using the Black-Scholes-Merton option-pricing formula which incorporates the assumptions noted in the following table. Expected volatility is based on historical volatility, and expected term is based on historical exercise patterns of SAR holders. The fair value of restricted stock units with service vesting conditions or performance vesting conditions is the closing market price of our common stock on the date of grant. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. Compensation costs for awards with service conditions are amortized to expense using the straight-line method. Compensation costs for awards with performance conditions and graded vesting are amortized to expense using the graded attribution method. 

During the year ended December 31, 2020, certain restricted stock units with performance vesting conditions were modified as a result of approved changes to the performance targets. There were no other changes to the terms of the restricted stock units. The modification was applicable to all employees who were previously granted the affected restricted stock units. Prior to the modification, the performance targets were not expected to be achieved. Therefore, we had not recognized any expense for these restricted stock units on a cumulative basis. As of the modification date, we expect to recognize total incremental compensation expense as a result of the modification of $4.4 million, of which $1.4 million was recognized in 2020. The remaining expense will be recognized over the applicable service periods, which extend to 2023.

	Years Ended December 31,
	2020			2019			2018
	(In thousands, except weighted average fair value and assumptions)
Weighted-average fair value of SARs and options granted	$	18.29		$	22.31		$	25.19
Total intrinsic value of SARs converted and options exercised	545			354			2,263
Tax benefit (expense) related to share-based compensation	(560)			(101)			113
Weighted-average fair value of restricted stock shares and units granted	41.75			64.61			72.54
Total fair value of restricted stock shares and units vested	6,600			10,325			5,740
Expected volatility	37.55		%	35.05		%	33.16		%
Expected term (in years)	5.7			5.7			5.6
Risk-free rate	1.44		%	2.56		%	2.70		%
Dividend yield	0.39		%	0.32		%	0.27		%

	SARs and Stock Options						Restricted Shares and Units
	Number	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value		Number	Weighted- Average Grant-Date Fair Value
	(In thousands, except exercise prices, fair values, and contractual terms)
Outstanding at January 1, 2020	1,367	$	65.04	n/a	n/a		737	$	68.31
Granted	149	51.14		n/a	n/a		565	41.75
Exercised or converted	(38)	38.24		n/a	n/a		(102)	64.56
Forfeited or expired	(167)	66.42		n/a	n/a		(247)	75.07
Outstanding at December 31, 2020	1,311	$	64.06	5.7	$	(29,054)	953	$	52.50
Vested or expected to vest at December 31, 2020	1,266	$	64.09	5.7	$	(28,096)
Exercisable or convertible at December 31, 2020	1,021	$	62.62	5.5	$	(24,060)

At December 31, 2020, the total unrecognized compensation cost related to all nonvested awards was $25.0 million. That cost is expected to be recognized over a weighted-average period of 1.6 years.

Historically, we have issued treasury shares, if available, to satisfy award conversions and exercises.

XML

Preferred Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Preferred Stock	Preferred StockIn 2016, we issued 5.2 million depositary shares, each of which represented 1/100th interest in a share of 6.75% Series B Mandatory Convertible Preferred Stock (the Preferred Stock), for an offering price of $100 per depositary share. We received approximately $501 million of net proceeds from this offering, which were used for general corporate purposes. On July 15, 2019, all outstanding Preferred Stock was automatically converted into shares of Belden common stock at the conversion rate of 132.50, resulting in the issuance of approximately 6.9 million shares of Belden common stock. Upon conversion, the Preferred Stock was automatically extinguished and discharged, is no longer deemed outstanding for all purposes, and delisted from trading on the New York Stock Exchange. For the years ended December 31, 2020, 2019, and 2018, dividends on the Preferred Stock were $0.0 million, $18.4 million, and $34.9 million, respectively.

XML

Stockholder Rights Plan	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholder Rights Plan	Stockholder Rights PlanOn March 27, 2018, our Board of Directors authorized the redemption of all outstanding preferred share purchase rights issued pursuant to the then existing Rights Agreement. Under the former Rights Agreement, one right was attached to each outstanding share of common stock. The rights were redeemed at a redemption price of $0.01 per right, resulting in a total payment of $0.4 million to the holders of the rights as of the close of business on March 27, 2018.

XML

Share Repurchases

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Share Repurchases

Share Repurchases

On May 25, 2017, our Board of Directors authorized a share repurchase program, which allowed us to purchase up to $200.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program was funded with cash on hand and cash flows from operating activities. During 2018, we repurchased 2.7 million shares of our common stock under the program for an aggregate cost of $175.0 million and an average price per share of $64.94; exhausting the $200.0 million authorized under this share repurchase program.

On November 29, 2018, our Board of Directors authorized another share repurchase program, which allows us to purchase up to $300.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. During 2018, we did not repurchase any shares of our common stock under this program. During 2019, we repurchased 0.9 million shares of our common stock under the program for an aggregate cost of $50.0 million and an average price per share of $56.19. During 2020, we repurchased 1.0 million shares of our common stock under the share repurchase program for an aggregate cost of $35.0 million at an average price per share of $35.83.

XML

Market Concentrations and Risks

12 Months Ended

Dec. 31, 2020

Risks and Uncertainties [Abstract]

Market Concentrations and Risks

Market Concentrations and Risks

Concentrations of Credit

We sell our products to many customers in several markets across multiple geographic areas. The ten largest customers, of which six are distributors, constitute in aggregate approximately 40%, 39%, and 40% of revenues in 2020, 2019, and 2018, respectively.

Unconditional Commodity Purchase Obligations

At December 31, 2020, we were committed to purchase approximately 1.9 million pounds of copper at an aggregate fixed cost of $6.0 million. At December 31, 2020, this fixed cost was $0.7 million less than the market cost that would be incurred on a spot purchase of the same amount of copper. The aggregate market cost was based on the current market price of copper obtained from the New York Mercantile Exchange.

Labor

Approximately 28% of our labor force is covered by collective bargaining agreements at various locations around the world. Approximately 25% of our labor force is covered by collective bargaining agreements that we expect to renegotiate during 2021.

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, and debt instruments. The carrying amounts of cash and cash equivalents, trade receivables, and trade payables at December 31, 2020 are considered representative of their respective fair values. The fair value of our senior subordinated notes at December 31, 2020 and 2019 was approximately $1,633.7 million and $1,532.7 million, respectively, based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,590.8 million and $1,459.4 million as of December 31, 2020 and 2019, respectively.

XML

Contingent Liabilities

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities

Contingent Liabilities

General

Various claims are asserted against us in the ordinary course of business including those pertaining to income tax examinations, product liability, customer, employment, vendor, and patent matters. Based on facts currently available, management believes that the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, operating results, or cash flow.

Letters of Credit, Guarantees and Bonds

At December 31, 2020, we were party to unused standby letters of credit, bank guarantees, and surety bonds totaling $8.5 million, $4.1 million, and $3.3 million, respectively. These commitments are generally issued to secure obligations we have for a variety of commercial reasons, such as workers compensation self-insurance programs in several states and the importation and exportation of product.

XML

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

	Years Ended December 31,
	2020		2019		2018
			(In thousands)
Income tax refunds received	$	4,460	$	4,695	$	3,920
Income taxes paid	(25,259)		(40,760)		(52,147)
Interest paid	(53,029)		(51,160)		(48,519)

XML

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn January 29, 2021, we acquired privately held OTN Systems N.V., a leading provider of automation networking infrastructure solutions, for approximately $71 million, net of cash acquired. The acquisition was funded with cash on hand. Headquartered in Olen, Belgium, OTN Systems is a leading provider of easy to use and highly-reliable network solutions tailored for specific applications in harsh, mission-critical environments. OTN Systems’ value-added technology allows customers to easily build, maintain, and monitor complex networks in growing industrial markets, such as Process, Power Transmission, and Mass Transit.

XML

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II – Valuation and Qualifying Accounts

	Beginning Balance		ASU 2016-13 Adoption Adjustment		Charged to Costs and Expenses		Divestitures/ Acquisitions		Charge Offs		Recoveries		Currency Movement		Ending Balance
							(In thousands)
Accounts Receivable —
Allowance for Doubtful Accounts:
2020	$	2,569	$	1,011	$	2,282	$	—	$	(114)	$	(637)	$	39	$	5,150
2019	3,137		—		159		368		(969)		(86)		(40)		2,569
2018	3,709		—		353		—		(567)		(176)		(182)		3,137
Inventories —
Excess and Obsolete Allowances:
2020	$	21,245	$	—	$	15,915	$	—	$	(4,540)	$	(597)	$	246	$	32,269
2019	17,364		—		6,403		452		(2,333)		(606)		(35)		21,245
2018	19,887		—		2,801		—		(2,464)		(2,675)		(185)		17,364
Deferred Income Tax Asset —
Valuation Allowance:
2020	$	48,251	$	—	$	3,142	$	33,003	$	(303)	$	(114)	$	329	$	84,308
2019	37,235		—		12,356		330		—		(1,629)		(41)		48,251
2018	47,636		—		13,459		(2)		(22,577)		(928)		(353)		37,235

XML

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Business Description

Business Description

Belden Inc. (the Company, us, we, or our) is a global supplier of specialty networking solutions built around two global business platforms – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments.

Consolidation

Consolidation

The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries, including variable interest entities for which we are the primary beneficiary. We eliminate all significant affiliate accounts and transactions in consolidation.

Foreign Currency

Foreign Currency

For international operations with functional currencies other than the United States (U.S.) dollar, we translate assets and liabilities at current exchange rates; we translate income and expenses using average exchange rates. We report the resulting translation adjustments, as well as gains and losses from certain affiliate transactions, in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. We include exchange gains and losses on transactions in operating income.

We determine the functional currency of our foreign subsidiaries based upon the currency of the primary economic environment in which each subsidiary operates. Typically, that is determined by the currency in which the subsidiary primarily generates and expends cash. We have concluded that the local currency is the functional currency for all of our material subsidiaries.

Reporting Periods

Reporting Periods

Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31. Our fiscal second and third quarters each have 91 days.

Use of Estimates in the Preparation of the Financial Statements

Use of Estimates in the Preparation of the Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and operating results and the disclosure of contingencies. Actual results could differ from those estimates. We make significant estimates with respect to the collectability and valuation of receivables, the valuation of inventory, the realization of deferred tax assets, the valuation of goodwill and indefinite-lived intangible assets, the valuation of contingent liabilities, the calculation of share-based compensation, the calculation of pension and other postretirement benefits expense, and the valuation of acquired businesses.

Reclassifications

Reclassifications

We have made certain reclassifications to the 2019 and 2018 Consolidated Financial Statements, primarily as a result of the West Penn Wire business and multi-conductor product line transfer from the Enterprise Solutions segment to the Industrial Solutions segment in 2020. See Note 6.

Fair Value Measurement

Fair Value Measurement

Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

•Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and

•Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Cash and Cash Equivalents

Cash and Cash Equivalents

We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of December 31, 2020 and 2019, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.

Accounts Receivable and Revenue Reserves

Accounts Receivable and Revenue Reserves

We classify amounts owed to us and due within twelve months, arising from the sale of goods or services and from other business activities, as current receivables. We classify receivables due after twelve months as other long-lived assets.

At the time of sale, we establish an estimated reserve for trade, promotion, and other special price reductions such as contract pricing, discounts to meet competitor pricing, and on-time payment discounts. We also adjust receivable balances for, among other things, correction of billing errors, incorrect shipments, and settlement of customer disputes. Customers are allowed to return inventory if and when certain conditions regarding the physical state of the inventory and our approval of the return are met. Certain distribution customers are allowed to return inventory at original cost, in an amount not to exceed three percent of the prior year’s purchases, in exchange for an order of equal or greater value. Until we can process these reductions, corrections, and returns (together, the Changes) through individual customer records, we estimate the amount of outstanding Changes and recognize them by reducing revenues. We base these estimates on historical and anticipated sales demand, trends in product pricing, and historical and anticipated Changes patterns. We make revisions to these estimates in the period in which the facts that give rise to each revision become known. Future market conditions might require us to take actions to further reduce prices and increase customer return authorizations. Unprocessed Changes recognized against our gross accounts receivable balance at December 31, 2020 and 2019 totaled $25.5 million and $29.5 million, respectively. Unprocessed Changes recognized as accrued liabilities at December 31, 2020 and 2019 totaled $13.0 million and $11.0 million, respectively.

We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. As of December 31, 2020 and 2019, the allowance for doubtful accounts totaled $5.1 million and $2.6 million, respectively.

Inventories and Related Reserves

Inventories and Related Reserves

Inventories are stated at the lower of cost or net realizable value. We determine the cost of all raw materials, work-in-process, and finished goods inventories by the first in, first out method. Cost components of inventories include direct labor, applicable production overhead, and amounts paid to suppliers of materials and products as well as freight costs and, when applicable, duty costs to import the materials and products.

We evaluate the realizability of our inventory on a product-by-product basis in light of historical and anticipated sales demand, technological changes, product life cycle, component cost trends, product pricing, and inventory condition. In circumstances where inventory levels are in excess of anticipated market demand, where inventory is deemed technologically obsolete or not saleable due to condition, or where inventory cost exceeds net realizable value, we record a charge to cost of sales and reduce the inventory to its net realizable value.

Property, Plant and Equipment

Property, Plant and Equipment

We record property, plant and equipment at cost. We calculate depreciation on a straight-line basis over the estimated useful lives of the related assets ranging from 10 to 40 years for buildings, 5 to 12 years for machinery and equipment, and 5 to 10 years for computer equipment and software. Construction in process reflects amounts incurred for the configuration and build-out of property, plant and equipment and for property, plant and equipment not yet placed into service. We charge maintenance and repairs—both planned major activities and less-costly, ongoing activities—to expense as incurred. We capitalize interest costs associated with the construction of capital assets and amortize the costs over the assets’ useful lives. Depreciation expense is included in costs of sales; selling, general and administrative expenses; and research and development expenses in the Consolidated Statements of Operations based on the specific categorization and use of the underlying assets being depreciated.

We review property, plant and equipment to determine whether an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We base our evaluation on the nature of the assets, the future economic benefit of the assets, and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset.

For purposes of impairment testing of long-lived assets, we have identified asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Generally, our asset groups are based on an individual plant or operating facility level. In some circumstances, however, a combination of plants or operating facilities may be considered the asset group due to interdependence of operational activities and cash flows.

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Our intangible assets consist of (a) definite-lived assets subject to amortization such as developed technology, customer relationships, certain in-service research and development, certain trademarks, backlog, and capitalized software intangible assets, and (b) indefinite-lived assets not subject to amortization such as goodwill, certain trademarks, and certain in-process research and development intangible assets. We record amortization of the definite-lived intangible assets over the estimated useful lives of the related assets, which generally range from one year or less for backlog to more than 25 years for certain of our customer relationships. We determine the amortization method for our definite-lived intangible assets based on the pattern in which the economic benefits of the intangible asset are consumed. In the event we cannot reliably determine that pattern, we utilize a straight-line amortization method.

We test our goodwill and other indefinite-lived intangible assets not subject to amortization for impairment on an annual basis as of our fiscal November month-end or when indicators of impairment exist. We base our estimates on assumptions we believe to be reasonable, but which are not predictable with precision and therefore are inherently uncertain. Actual future results could differ from these estimates.

The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting unit, as described in the paragraph below. In 2020, we did not perform a qualitative assessment over any of our reporting units.

For our annual impairment test in 2020, we performed a quantitative assessment for all ten of our reporting units included in continuing operations. Under a quantitative assessment for goodwill impairment, we determine the fair value using the income approach (using Level 3 inputs) as reconciled to our aggregate market capitalization. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. Based on our annual goodwill impairment test, the excess of the fair values over the carrying values of our ten reporting units tested under a quantitative income approach ranged from 4% - 345%. As a result, the goodwill balances for our continuing operations reporting units were not impaired in 2020. Furthermore, we did not recognize any goodwill impairment from continuing operations in 2019 or 2018. See Note 13 for further discussion.

We also evaluate indefinite lived intangible assets for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying values of those assets may no longer be recoverable. We compare the fair value of the asset with its carrying amount. If the carrying amount of the asset exceeds its fair value, we recognize an impairment loss in an amount equal to that excess. We did not recognize impairment charges for our indefinite lived intangible assets from continuing operations in 2020, 2019, or 2018. See Note 13 for further discussion.

We review intangible assets subject to amortization whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. We did not recognize any impairment charges for amortizable intangible assets from continuing operations in 2020, 2019, or 2018.

Due to its overall financial performance and discontinued operations classification, we performed impairment tests on the Grass Valley disposal group, which resulted in total asset impairments of $113.0 million and $521.4 million in 2020 and 2019, respectively. The 2019 impairment charge consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows.

Disposals

Disposals

During 2020, we sold a previously closed operating facility for net proceeds of $2.1 million and recognized a $0.4 million gain on the sale as well as completed the sale of Grass Valley to Black Dragon Capital - See Note 5.

During 2018, we sold a previously closed operating facility for net proceeds of $1.5 million and recognized a $0.6 million gain on the sale.

During 2017, we sold our MCS business and a 50% ownership interest in Xuzhou Hirschmann Electronics Co. Ltd (the Hirschmann JV) for a total purchase price of $40.2 million. The $40.2 million of proceeds from the sale was collected during 2018.

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Our pension and other postretirement benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, salary growth, long-term return on plan assets, health care cost trend rates, mortality tables, and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, are amortized over the estimated future working life of the plan participants.

Revenue Recognition

Accrued Sales RebatesWe grant incentive rebates to participating customers as part of our sales programs. The rebates are determined based on certain targeted sales volumes. Rebates are paid quarterly or annually in either cash or receivables credits. Until we can process these rebates through individual customer records, we estimate the amount of outstanding rebates and recognize them as accrued liabilities and reductions in our gross revenues. We base our estimates on both historical and anticipated sales demand and rebate program participation. We charge revisions to these estimates back to accrued liabilities and revenues in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to increase sales rebates offered, possibly resulting in an incremental increase in accrued liabilities and an incremental reduction in revenues at the time the rebate is offered.

Revenue Recognition

We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 3.

Contingent Liabilities

Contingent Liabilities

We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. A significant amount of judgment and use of estimates is required to quantify our ultimate exposure in these matters. We review the valuation of these liabilities on a quarterly basis, and we adjust the balances to account for changes in circumstances for ongoing and emerging issues.

We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel, the amounts of which are not currently material. We expense environmental compliance costs, which include maintenance and operating costs with respect to ongoing monitoring programs, as incurred. We evaluate the range of potential costs to remediate environmental sites. The ultimate cost of site clean-up is difficult to predict given the uncertainties of our involvement in certain sites, uncertainties regarding the extent of the required clean-up, the availability of alternative clean-up methods, variations in the interpretation of applicable laws and regulations, the possibility of insurance recoveries with respect to certain sites, and other factors.

We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Assessments regarding the ultimate cost of lawsuits require judgments concerning matters such as the anticipated outcome of negotiations, the number and cost of pending and future claims, and the impact of evidentiary requirements. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, results of operations or cash flow.

Business Combination Accounting

Business Combination Accounting

We allocate the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, we may engage third party specialists to assist in the estimation of fair value for certain liabilities, such as deferred revenue or postretirement benefit liabilities. We adjust the preliminary acquisition accounting, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed.

Cost of Sales

Cost of Sales

Cost of sales includes our total cost of inventory sold during the period, including material, labor, production overhead costs, variable manufacturing costs, and fixed manufacturing costs. Production overhead costs include operating supplies, applicable utility expenses, maintenance costs, and scrap. Variable manufacturing costs include inbound, interplant, and outbound freight, inventory shrinkage, and charges for excess and obsolete inventory. Fixed manufacturing costs include the costs associated with our purchasing, receiving, inspection, warehousing, distribution centers, production and inventory control, and manufacturing management. Cost of sales also includes the costs to provide maintenance and support and other professional services.

Shipping and Handling Costs

Shipping and Handling Costs

We recognize fees earned on the shipment of product to customers as revenues and recognize costs incurred on the shipment of product to customers as a cost of sales.

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses

Selling, general and administrative expenses include expenses not directly related to the production of inventory. They include all expenses related to selling and marketing our products, as well as the salary and benefit costs of associates performing the selling and marketing functions. Selling, general and administrative expenses also include salary and benefit costs, purchased services, and other costs related to our executive and administrative functions.

Research and Development Costs

Research and Development Costs

Research and development costs are expensed as incurred.

Advertising Costs

Advertising CostsAdvertising costs are expensed as incurred

Share-Based Compensation

Share-Based Compensation

We compensate certain employees and non-employee directors with various forms of share-based payment awards and recognize compensation costs for these awards based on their fair values. We estimate the fair values of certain awards, primarily stock appreciation rights (SARs), on the grant date using the Black-Scholes-Merton option-pricing formula, which incorporates certain assumptions regarding the expected term of an award and expected stock price volatility. We develop the expected term assumption based on the vesting period and contractual term of an award, our historical exercise and cancellation experience, our stock price history, plan provisions that require exercise or cancellation of awards after employees terminate, and the extent to which currently available information indicates that the future is reasonably expected to differ from past experience. We develop the expected volatility assumption based on historical price data for our common stock. We estimate the fair value of certain restricted stock units with service vesting conditions and performance vesting conditions based on the grant date stock price. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm.

After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost expected to be recognized in our operating results over the service period of the award. We develop the forfeiture assumption based on our historical pre-vesting cancellation experience.

Income Taxes

Income Taxes

Income taxes are provided based on earnings reported for financial statement purposes. The provision for income taxes differs from the amounts currently payable to taxing authorities because of the recognition of revenues and expenses in different periods for income tax purposes than for financial statement purposes. Income taxes are provided as if operations in all countries, including the U.S., were stand-alone businesses filing separate tax returns.

We recognize deferred tax assets resulting from tax credit carryforwards, net operating loss carryforwards, and deductible temporary differences between taxable income on our income tax returns and pretax income on our financial statements. Deferred tax assets generally represent future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our Consolidated Financial Statements become deductible for income tax purposes. A deferred tax asset valuation allowance is required when some portion or all of the deferred tax assets may not be realized. At December 31, 2020 the valuation allowance of $84.3 million was primarily related to net operating losses, capital losses and foreign tax credits that we do not expect to realize.

Our effective tax rate is based on expected income, statutory tax rates, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions. We establish accruals for uncertain tax positions when we believe that the full amount of the associated tax benefit may not be realized. To the extent we were to prevail in matters for which accruals have been established or would be required to pay amounts in excess of reserves, there could be a material effect on our income tax provisions in the period in which such determination is made.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which removes certain exceptions for investments, intra-period allocations and interim tax calculations, and adds guidance to reduce the complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in ASU 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending upon the amendment. The Company did not early adopt this pronouncement and is in the process of evaluating the impact of this amendment on our consolidated financial statements; however, it is not anticipated to be material.

See Note 18, Income Taxes, in the accompanying notes to our consolidated financial statements.

Recent Accounting Pronouncements

Current-Year Adoption of Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses. Under the new standard, we are required to recognize estimated credit losses expected to occur over the estimated life or remaining contractual life of an asset (which includes losses that may be incurred in future periods) using a broader range of information including past events, current conditions, and reasonable and supportable forecasts about future economic conditions. We adopted ASU 2016-13 on January 1, 2020, which resulted in an increase to our allowance for doubtful accounts for continuing operations of $1.0 million, and an increase for discontinued operations of $1.9 million. See further discussion as well as adjustments to the allowance for doubtful accounts under the new credit loss model in Note 9.

XML

Revenues (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenues disaggregated by major product category (in thousands).

	Broadband and 5G		Cyber-Security		Industrial Automation		Smart Buildings		Total  Revenues
Year Ended December 31, 2020
Enterprise Solutions	$	432,262	$	—	$	—	$	440,155	$	872,417
Industrial Solutions	—		110,524		879,775		—		990,299
Total	$	432,262	$	110,524	$	879,775	$	440,155	$	1,862,716
Year Ended December 31, 2019
Enterprise Solutions	$	401,415	$	—	$	—	$	544,626	$	946,041
Industrial Solutions	—		133,039		1,052,198		—		1,185,237
Total	$	401,415	$	133,039	$	1,052,198	$	544,626	$	2,131,278
Year Ended December 31, 2018
Enterprise Solutions	$	389,246	$	—	$	—	$	568,255	$	957,501
Industrial Solutions	—		136,648		1,071,553		—		1,208,201
Total	$	389,246	$	136,648	$	1,071,553	$	568,255	$	2,165,702

The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product (in thousands).

	Americas		EMEA		APAC		Total Revenues
Year Ended December 31, 2020
Enterprise Solutions	$	636,492	$	130,982	$	104,943	$	872,417
Industrial Solutions	577,929		256,673		155,697		990,299
Total	$	1,214,421	$	387,655	$	260,640	$	1,862,716
Year Ended December 31, 2019
Enterprise Solutions	$	695,008	$	135,732	$	115,301	$	946,041
Industrial Solutions	742,563		274,030		168,644		1,185,237
Total	$	1,437,571	$	409,762	$	283,945	$	2,131,278
Year Ended December 31, 2018
Enterprise Solutions	$	700,499	$	135,217	$	121,785	$	957,501
Industrial Solutions	758,165		290,562		159,474		1,208,201
Total	$	1,458,664	$	425,779	$	281,259	$	2,165,702

Contract with Customer, Asset and Liability

The following table presents estimated and accrued variable consideration:

	December 31, 2020		December 31, 2019
	(in thousands)
Accrued rebates	$	32,192	$	37,170
Accrued returns	13,016		10,974
Price adjustment recognized against gross accounts receivable	25,244		28,672

The following table presents deferred revenue activity (in thousands):

Balance at December 31, 2018	$	72,358
New deferrals	111,812
Revenue recognized	(114,100)
Balance at December 31, 2019	$	70,070
New deferrals	101,066
Revenue recognized	(93,488)
Balance at December 31, 2020	$	77,648

XML

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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

Receivables	$	5,308
Inventory	7,359
Prepaid and other current assets	566
Property, plant, and equipment	1,328
Intangible assets	28,000
Goodwill	35,057
Deferred income taxes	80
Operating lease right-of-use assets	2,204
Other long-lived assets	2,070
Total assets acquired	$	81,972
Accounts payable	$	4,847
Accrued liabilities	4,301
Long-term deferred tax liability	6,813
Long-term operating lease liability	1,923
Other long-term liabilities	7,152
Total liabilities assumed	$	25,036
Net assets	$	56,936
Noncontrolling interest	5,195
Net assets attributable to Belden	$	51,741

Schedule of Acquired Intangible Assets

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
Customer relationships	22,800		15
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	$	35,057
Total intangible assets not subject to amortization	$	35,057
Total intangible assets	$	63,057
Weighed average amortization period			12.9

Schedule of Pro Forma Information

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

	Years Ended December 31,
	2019		2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	2,139,894	$	2,213,781
Net income (loss) attributable to Belden common stockholders	(389,957)		123,546
Diluted income (loss) per share attributable to Belden common stockholders	$	(9.24)	$	3.02

XML

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes the operating results of the disposal group up to the July 2, 2020 disposal date for the years ended December 31, 2020, 2019 and 2018, respectively:

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Revenues	$	109,195	$	360,496	$	419,666
Cost of sales	(70,199)		(208,173)		(241,164)
Gross profit	38,996		152,323		178,502
Selling, general and administrative expenses	(39,947)		(93,796)		(114,567)
Research and development expenses	(15,083)		(37,172)		(49,033)
Amortization of intangibles	—		(12,782)		(23,689)
Asset impairment of discontinued operations	(113,007)		(521,441)		—
Interest expense, net	(432)		(819)		(720)
Non-operating pension cost	(169)		(221)		(243)
Loss before taxes	$	(129,642)	$	(513,908)	$	(9,750)

The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2019 (in thousands):

Assets:
Cash and cash equivalents	$	18,405
Receivables, net	117,386
Inventories, net	55,002
Other current assets	35,187
Property, plant and equipment, less accumulated depreciation	61,233
Operating lease right-of-use assets	16,902
Goodwill	26,707
Intangible assets, less accumulated amortization	143,459
Deferred income taxes	59,560
Other long-lived assets	21,652
Impairment of disposal group	(180,358)
Total assets of discontinued operations	$	375,135
Liabilities:
Accounts payable	$	52,425
Accrued liabilities	83,349
Postretirement benefits	6,224
Deferred income taxes	2,740
Long-term operating lease liabilities	20,459
Other long-term liabilities	5,082
Total liabilities of discontinued operations	$	170,279

XML

Operating Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Operating Segment Information

Operating Segment Information

Enterprise Solutions	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	872,415	$	946,041	$	957,501
Affiliate revenues	1,289		4,162		6,105
Segment EBITDA	99,333		126,925		156,790
Depreciation expense	20,655		19,771		18,490
Amortization of intangibles	21,662		22,324		21,076
Amortization of software development intangible assets	245		175		71
Severance, restructuring, and acquisition integration costs	7,720		10,808		14,863
Purchase accounting effects of acquisitions	125		592		1,690
Acquisition of property, plant and equipment	25,223		42,289		42,624
Segment assets	462,615		487,125		430,128

Industrial Solutions	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	990,301	$	1,185,237	$	1,208,201
Affiliate revenues	60		11		80
Segment EBITDA	147,626		226,110		237,870
Depreciation expense	21,815		20,638		19,819
Amortization of intangibles	42,733		52,285		54,064
Amortization of software development intangible assets	1,576		350		8
Severance, restructuring, and acquisition integration costs	4,538		15,736		7,762
Acquisition of property, plant and equipment	44,675		35,189		29,529
Segment assets	522,637		504,482		508,843

Total Segments	Years ended December 31,
	2020		2019		2018
	(In thousands)
Segment revenues	$	1,862,716	$	2,131,278	$	2,165,702
Affiliate revenues	1,349		4,173		6,185
Segment EBITDA	246,959		353,035		394,660
Depreciation expense	42,470		40,409		38,309
Amortization of intangibles	64,395		74,609		75,140
Amortization of software development intangible assets	1,821		525		79
Severance, restructuring, and acquisition integration costs	12,258		26,544		22,625
Purchase accounting effects of acquisitions	125		592		1,690
Acquisition of property, plant and equipment	69,898		77,478		72,153
Segment assets	985,252		991,607		938,971

Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes

The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively.

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total Segment Revenues	$	1,862,716	$	2,131,278	$	2,165,702
Deferred revenue adjustments	—		—		—
Consolidated Revenues	$	1,862,716	$	2,131,278	$	2,165,702
Total Segment EBITDA	$	246,959	$	353,035	$	394,660
Amortization of intangibles	(64,395)		(74,609)		(75,140)
Depreciation expense	(42,470)		(40,409)		(38,309)
Severance, restructuring, and acquisition integration costs (1)	(12,258)		(26,544)		(22,625)
Purchase accounting effects related to acquisitions (2)	(125)		(592)		(1,690)
Amortization of software development intangible assets	(1,821)		(525)		(79)
Loss on sale of assets (3)	—		—		(94)
Costs related to patent litigation	—		—		(2,634)
Gain from patent litigation	—		—		62,141
Eliminations	(480)		(3,149)		(2,222)
Consolidated operating income	125,410		207,207		314,008
Interest expense, net	(58,888)		(55,814)		(60,839)
Non-operating pension benefit (cost)	(395)		1,017		(99)
Loss on debt extinguishment	—		—		(22,990)
Consolidated income from continuing operations before taxes	$	66,127	$	152,410	$	230,080

(1)See Note 15, Severance, Restructuring, and Acquisition Integration Activities, for details.

(2)In 2020 and 2019, we collectively recognized $0.1 million and $0.6 million, respectively, of cost of sales related to purchase accounting adjustments of acquired inventory to fair value for both our SPC and Opterna acquisitions. In 2018, we made a $1.7 million adjustment to increase the earn-out liability associated with an acquisition.

(3)In 2018, we recognized a $0.1 million loss on sale of assets for the sale of our MCS business and Hirschmann JV. See Note 2.

Reconciliations of Other Segment Measures to Consolidated Totals

Below are reconciliations of other segment measures to the consolidated totals. 

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total segment assets	$	985,252	$	991,607	$	938,971
Cash and cash equivalents	501,994		407,480		407,454
Goodwill	1,251,938		1,243,669		1,206,877
Intangible assets, less accumulated amortization	287,071		339,505		359,931
Deferred income taxes	29,536		25,216		26,459
Corporate assets	83,943		24,147		16,786
Assets of discontinued operations	—		375,135		822,843
Total assets	$	3,139,734	$	3,406,759	$	3,779,321
Total segment acquisition of property, plant and equipment	$	69,898	$	77,478	$	72,153
Discontinued operations acquisition of property, plant and equipment	16,712		29,414		22,681
Corporate acquisition of property, plant and equipment	3,605		3,110		3,013
Total acquisition of property, plant and equipment	$	90,215	$	110,002	$	97,847

Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location

The table below summarizes net sales and long-lived assets for the years ended December 31, 2020, 2019 and 2018 for the following countries: the U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company.

	United  States			Canada			China			Germany			All Other			Total
	(In thousands, except percentages)
Year ended December 31, 2020
Revenues	$	1,015,340		$	119,700		$	111,835		$	91,187		$	524,654		$	1,862,716
Percent of total revenues	55		%	6		%	6		%	5		%	28		%	100		%
Long-lived assets	$	163,731		$	32,063		$	44,824		$	63,100		$	114,286		$	418,004
Year ended December 31, 2019
Revenues	$	1,167,033		$	162,975		$	109,522		$	92,913		$	598,835		$	2,131,278
Percent of total revenues	55		%	8		%	5		%	4		%	28		%	100		%
Long-lived assets	$	152,214		$	16,452		$	40,247		$	48,272		$	101,179		$	358,364
Year ended December 31, 2018
Revenues	$	1,206,401		$	166,669		$	107,582		$	100,691		$	584,359		$	2,165,702
Percent of total revenues	56		%	8		%	5		%	4		%	27		%	100		%
Long-lived assets	$	170,368		$	13,352		$	36,989		$	39,724		$	63,776		$	324,209

XML

Income Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Basis for Income Per Share Computations

The following table presents the basis of the income per share computations:

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Numerator:
Income from continuing operations	$	54,403	$	109,891	$	167,144
Less: Net income (loss) attributable to noncontrolling interest	104		239		(183)
Less: Preferred stock dividends	—		18,437		34,931
Income from continuing operations attributable to Belden common stockholders	54,299		91,215		132,396
Add: Loss from discontinued operations, net of tax	(99,513)		(486,667)		(6,433)
Add: Loss on disposal of discontinued operations, net of tax	(9,948)		—		—
Net income (loss) attributable to Belden common stockholders	$	(55,162)	$	(395,452)	$	125,963
Denominator:
Weighted average shares outstanding, basic	44,778		42,203		40,675
Effect of dilutive common stock equivalents	159		213		281
Weighted average shares outstanding, diluted	44,937		42,416		40,956

XML

Credit Losses (Tables)

12 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table presents the activity in the allowance for doubtful accounts for our continuing operations for the year ended December 31, 2020 (in thousands).

Balance at December 31, 2019	$	2,569
Adoption adjustment	1,011
Current period provision	2,282
Recoveries collected	(637)
Write-offs	(114)
Currency impact	39
Balance at December 31, 2020	$	5,150

XML

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Major Classes of Inventories

The major classes of inventories were as follows: 

	December 31,
	2020		2019
	(In thousands)
Raw materials	$	106,514	$	98,530
Work-in-process	32,011		34,717
Finished goods	141,042		119,331
Gross inventories	279,567		252,578
Excess and obsolete reserves	(32,269)		(21,245)
Net inventories	$	247,298	$	231,333

XML

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Carrying Values of Property, Plant and Equipment

The carrying values of property, plant and equipment were as follows: 

	December 31,
	2020		2019
	(In thousands)
Land and land improvements	$	29,321	$	27,502
Buildings and leasehold improvements	136,427		126,580
Machinery and equipment	608,618		558,639
Computer equipment and software	137,512		119,533
Construction in process	63,589		70,993
Gross property, plant and equipment	975,467		903,247
Accumulated depreciation	(606,847)		(557,329)
Net property, plant and equipment	$	368,620	$	345,918

XML

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

	Years Ended December 31,
	2020		2019
	(In thousands)
Operating lease cost	$	14,348	$	14,622
Finance lease cost
Amortization of right-of-use asset	$	133	$	142
Interest on lease liabilities	17		22
Total finance lease cost	$	150	$	164

Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases was as follows:

	Years Ended December 31,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15,489	$	14,594
Operating cash flows from finance leases	16		25
Financing cash flows from finance leases	158		258

Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to leases was as follows:

	December 31,
	2020		2019
	(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets	$	54,787	$	62,251
Accrued liabilities	$	14,742	$	13,900
Long-term operating lease liabilities	46,398		55,652
Total operating lease liabilities	$	61,140	$	69,552
Finance leases:
Other long-lived assets, at cost	$	764	$	823
Accumulated depreciation	(483)		(391)
Other long-lived assets, net	$	281	$	432

Supplemental Other Information Related To Leases

Weighted Average Remaining Lease Term
Operating leases	5 years	6 years
Finance leases	3 years	3 years
Weighted Average Discount Rate
Operating leases	6.6%	6.9	%
Finance leases	4.9%	6.2	%

Operating Lease, Liability, Maturity

The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands):

2021	$	19,250
2022	16,305
2023	12,552
2024	9,516
2025	8,718
Thereafter	8,901
Total	$	75,242

The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands):

2020	$	19,086
2021	16,988
2022	14,128
2023	11,598
2024	9,032
Thereafter	16,655
Total	$	87,487

Finance Lease, Liability, Maturity

The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands):

2021	$	19,250
2022	16,305
2023	12,552
2024	9,516
2025	8,718
Thereafter	8,901
Total	$	75,242

The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands):

2020	$	19,086
2021	16,988
2022	14,128
2023	11,598
2024	9,032
Thereafter	16,655
Total	$	87,487

XML

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Value of Intangible Assets

The carrying values of intangible assets were as follows: 

	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In thousands)						(In thousands)
Goodwill	$	1,251,938	$	—	$	1,251,938	$	1,243,669	$	—	$	1,243,669
Definite-lived intangible assets subject to amortization:
Developed technology	$	428,187	$	(369,849)	$	58,338	$	413,310	$	(331,696)	$	81,614
Customer relationships	295,382		(128,796)		166,586		297,595		(110,732)		186,863
Trademarks	65,861		(36,539)		29,322		56,393		(30,213)		26,180
In-service research and development	11,536		(9,774)		1,762		10,702		(7,160)		3,542
Backlog	11,421		(11,421)		—		11,335		(10,935)		400
Total intangible assets subject to amortization	812,387		(556,379)		256,008		789,335		(490,736)		298,599
Indefinite-lived intangible assets not subject to amortization:
Trademarks	31,063		—		31,063		40,106		—		40,106
In-process research and development	—		—		—		800		—		800
Total intangible assets not subject to amortization	31,063		—		31,063		40,906		—		40,906
Intangible assets	$	843,450	$	(556,379)	$	287,071	$	830,241	$	(490,736)	$	339,505

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows: 

	Enterprise Solutions		Industrial Solutions		Consolidated
	(In thousands)
Balance at December 31, 2018	$	432,082	$	774,795	$	1,206,877
Acquisitions and purchase accounting adjustments	38,209		—		38,209
Translation impact	(260)		(1,157)		(1,417)
Balance at December 31, 2019	$	470,031	$	773,638	$	1,243,669
Acquisitions and purchase accounting adjustments	2,420		—		2,420
Translation impact	2,296		3,553		5,849
Balance at December 31, 2020	$	474,747	$	777,191	$	1,251,938

Changes in Carrying Amount of Trademarks

The changes in the carrying amount of indefinite-lived trademarks are as follows:

	Enterprise Solutions		Industrial Solutions		Consolidated
	(In thousands)
Balance at December 31, 2018	$	27,000	$	13,270	$	40,270
Translation impact	—		(164)		(164)
Balance at December 31, 2019	$	27,000	$	13,106	$	40,106
Reclassify to definite-lived	—		(9,043)		(9,043)
Balance at December 31, 2020	$	27,000	$	4,063	$	31,063

XML

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Accrued Liabilities [Abstract]

Carrying Value of Accrued Liabilities

The carrying values of accrued liabilities were as follows:

	December 31,
	2020		2019
	(In thousands)
Wages, severance and related taxes	$	65,892	$	58,953
Current deferred revenue	53,371		54,255
Accrued rebates	32,192		37,170
Accrued interest	20,610		18,781
Employee benefits	27,707		17,791
Lease liabilities	14,840		14,072
Other (individual items less than 5% of total current liabilities)	62,029		82,777
Accrued liabilities	$	276,641	$	283,799

XML

Severance, Restructuring, and Acquisition Integration Activities (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Severance, Restructuring and Integration Costs by Segment

The following table summarizes the costs by segment of the programs described above as well as other immaterial programs and acquisition integration activities: 

	Severance		Other Restructuring and Integration Costs		Total Costs
			(In thousands)
Year Ended December 31, 2020
Enterprise Solutions	$	1,345	$	6,374	$	7,719
Industrial Solutions	1,706		2,833		4,539
Total	$	3,051	$	9,207	$	12,258
Year Ended December 31, 2019
Enterprise Solutions	$	5,018	$	5,790	$	10,808
Industrial Solutions	15,736		—		15,736
Total	$	20,754	$	5,790	$	26,544
Year Ended December 31, 2018
Enterprise Solutions	$	548	$	14,315	$	14,863
Industrial Solutions	240		7,522		7,762
Total	$	788	$	21,837	$	22,625

The following table summarizes the costs of the various programs described above as well as other immaterial programs and acquisition integration activities by financial statement line item in the Consolidated Statement of Operations:

	Years ended December 31,
	2020		2019		2018
	(In thousands)
Cost of sales	$	704	$	3,425	$	17,962
Selling, general and administrative expenses	11,554		23,119		4,546
Research and development expenses	—		—		117
Total	$	12,258	$	26,544	$	22,625

The balances below are included in accrued liabilities (in thousands).

Balance at December 31, 2019	$	19,575
New charges	2,529
Cash payments	(4,483)
Foreign currency translation	(89)
Other adjustments	(4,147)
Balance at March 29, 2020	$	13,385
New charges	4,660
Cash payments	(4,795)
Foreign currency translation	(132)
Other adjustments	(1,420)
Balance at June 28, 2020	$	11,698
New charges	2,060
Cash payments	(3,968)
Foreign currency translation	(156)
Other adjustments	(1,541)
Balance at September 27, 2020	$	8,093
New charges	992
Cash payments	(1,823)
Foreign currency translation	(95)
Other adjustments	(82)
Balance at December 31, 2020	$	7,085

XML

Long-Term Debt and Other Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Carrying Values of Long-Term Debt and Other Borrowing Arrangements

The carrying values of our long-term debt and other borrowing arrangements were as follows:

	December 31,
	2020		2019
	(In thousands)
Revolving credit agreement due 2022	$	—	$	—
Senior subordinated notes:
3.875% Senior subordinated notes due 2028	428,295		392,910
3.375% Senior subordinated notes due 2027	550,665		505,170
4.125% Senior subordinated notes due 2026	244,740		224,520
2.875% Senior subordinated notes due 2025	367,110		336,780
Total senior subordinated notes	1,590,810		1,459,380
Less unamortized debt issuance costs	(17,084)		(19,896)
Long-term debt	$	1,573,726	$	1,439,484

Schedule of Senior Subordinated Notes

The senior subordinated notes due 2025, 2026, 2027 and 2028 are redeemable after September 15, 2020, October 15, 2021, July 15, 2022, and March 15, 2023, respectively, at the following redemption prices as a percentage of the face amount of the notes: 

Senior Subordinated Notes due
2025			2026			2027			2028
Year	Percentage		Year	Percentage		Year	Percentage		Year	Percentage
2020	101.438	%	2021	102.063	%	2022	101.688	%	2023	101.938	%
2021	100.719	%	2022	101.375	%	2023	101.125	%	2024	101.292	%
2022 and thereafter	100.000	%	2023	100.688	%	2024	100.563	%	2025	100.646	%
			2024 and thereafter	100.000	%	2025 and thereafter	100.000	%	2026 and thereafter	100.000	%

Maturities on Outstanding Long-Term Debt and Other Borrowings

Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2020 are as follows (in thousands):

2021	$	—
2022	—
2023	—
2024	—
2025	367,110
Thereafter	1,223,700
	$	1,590,810

XML

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

	Years ended December 31,
	2020		2019		2018
	(in thousands)
Income (loss) before taxes:
United States operations	$	(117,819)	$	42,833	$	115,500
Foreign operations	183,946		109,577		114,580
Income before taxes	$	66,127	$	152,410	$	230,080
Income tax expense (benefit):
Currently payable
United States federal	$	273	$	21,893	$	31,730
United States state and local	91		3,090		3,912
Foreign	11,511		13,859		16,968
	11,875		38,842		52,610
Deferred
United States federal	(1,754)		7,567		7,220
United States state and local	(2,310)		(1,205)		(31)
Foreign	3,913		(2,685)		3,137
	(151)		3,677		10,326
Income tax expense	$	11,724	$	42,519	$	62,936

Effective Income Tax Rate Reconciliation from Continuing Operations

	Years Ended December 31,
	2020	2019	2018
Effective income tax rate reconciliation from continuing operations:
United States federal statutory rate	21.0%	21.0%	21.0%
State and local income taxes	(2.6)%	1.2%	1.5%
Impact of change in tax contingencies	2.3%	—%	(0.7)%
Foreign income tax rate differences	(38.2)%	(8.6)%	(1.0)%
Impact of change in deferred tax asset valuation allowance	3.1%	9.2%	0.3%
Domestic permanent differences and tax credits	33.9%	5.1%	1.9%
Impact of tax reform	—%	—%	4.4%
Impact of CARES act	(1.8)%	—%	—%
	17.7%	27.9%	27.4%

Components of Deferred Income Tax Balances

	December 31,
	2020		2019
	(In thousands)
Components of deferred income tax balances:
Deferred income tax liabilities:
Plant, equipment, and intangibles	$	(92,271)	$	(96,254)
Right of use asset	(17,610)		(16,906)
	(109,881)		(113,160)
Deferred income tax assets:
Postretirement, pensions, and stock compensation	35,394		28,169
Reserves and accruals	24,388		15,395
Net operating loss, capital loss, and tax credit carryforwards	107,028		76,456
Lease liability	18,515		17,882
Valuation allowances	(84,308)		(48,251)
	101,017		89,651
Net deferred income tax liability	$	(8,864)	$	(23,509)

Summary of Net Operating Loss Carryforwards

The following tables summarize our net operating losses carryforwards and tax credit carryforwards as of December 31, 2020 by jurisdiction:

	Net Operating Loss Carryforwards
	(In thousands)
Australia	$	10,546
Germany	15,852
Japan	653
Luxembourg	163
Netherlands	6,578
Other	20,723
United Kingdom	10,720
United States - Federal and various states	140,117
Total	$	205,352

Summary of Tax Credit Carryforwards

	Tax Credit Carryforwards
	(In thousands)
United States	$	56,617
Canada	492
Total	$	57,109

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	2020		2019
	(In thousands)
Balance at beginning of year	$	6,779	$	6,591
Additions based on tax positions related to the current year	548		488
Additions for tax positions of prior years	1,574		—
Reductions for tax positions of prior years - Settlement	(328)		(300)
Balance at end of year	$	8,573	$	6,779

XML

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Change in Benefit Obligation

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.

	Pension Benefits				Other Benefits
Years Ended December 31,	2020		2019		2020		2019
			(In thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	(461,352)	$	(412,880)	$	(29,470)	$	(26,143)
Service cost	(3,930)		(3,668)		(33)		(35)
Interest cost	(9,729)		(12,261)		(809)		(960)
Participant contributions	(73)		(86)		(5)		(4)
Actuarial loss	(42,284)		(39,329)		(110)		(2,374)
Divestitures and acquisitions	(910)		—		—		—
Settlements	26,970		49		—		—
Curtailments	236				—
Plan amendments	(226)		—		—		—
Foreign currency exchange rate changes	(15,345)		(9,890)		(427)		(1,260)
Benefits paid	13,718		16,713		1,356		1,306
Benefit obligation, end of year	$	(492,925)	$	(461,352)	$	(29,498)	$	(29,470)

Change in Plan Assets

	Pension Benefits				Other Benefits
Years Ended December 31,	2020		2019		2020		2019
			(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of year	$	355,726	$	311,509	$	—	$	—
Actual return on plan assets	32,470		45,896		—		—
Employer contributions	6,393		5,673		1,351		1,302
Plan participant contributions	73		86		5		4
Settlements	(26,945)		—		—		—
Foreign currency exchange rate changes	7,803		9,275		—		—
Benefits paid	(13,718)		(16,713)		(1,356)		(1,306)
Fair value of plan assets, end of year	$	361,802	$	355,726	$	—	$	—

Amounts Recognized in Balance Sheets

Funded status, end of year	$	(131,123)	$	(105,626)	$	(29,498)	$	(29,470)
Amounts recognized in the balance sheets:
Prepaid benefit cost	$	4,780	$	5,542	$	—	$	—
Accrued benefit liability, current	(3,558)		(3,000)		(1,443)		(1,411)
Accrued benefit liability, noncurrent	(132,345)		(108,168)		(28,055)		(28,059)
Net funded status	$	(131,123)	$	(105,626)	$	(29,498)	$	(29,470)

Components of Net Periodic Benefit Costs

The following table provides the components of net periodic benefit costs for the plans.

	Pension Benefits						Other Benefits
Years Ended December 31,	2020		2019		2018		2020		2019		2018
					(In thousands)
Components of net periodic benefit cost:
Service cost	$	3,930	$	3,668	$	4,579	$	33	$	35	$	47
Interest cost	9,729		12,261		11,480		809		960		945
Expected return on plan assets	(16,357)		(15,699)		(16,389)		—		—		—
Amortization of prior service cost (credit)	190		169		(42)		—		—		—
Settlement loss (gain)	3,153		(7)		1,342		—		—		—
Net loss (gain) recognition	2,930		1,432		2,775		(59)		(133)		(12)
Net periodic benefit cost	$	3,575	$	1,824	$	3,745	$	783	$	862	$	980

Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts

The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.

	Pension Benefits				Other Benefits
	Years Ended December 31,				Years Ended December 31,
	2020		2019		2020		2019
Weighted average assumptions for benefit obligations at year end:
Discount rate	1.5	%	2.2	%	2.5	%	2.9	%
Salary increase	3.3	%	3.5	%	N/A		N/A
Cash balance interest credit rate	4.6	%	4.0	%	N/A		N/A
Weighted average assumptions for net periodic cost for the year:
Discount rate	2.2	%	3.1	%	2.9	%	3.7	%
Salary increase	3.5	%	3.6	%	N/A		N/A
Cash balance interest credit rate	4.0	%	4.7	%	N/A		N/A
Expected return on assets	4.9	%	5.0	%	N/A		N/A
Assumed health care cost trend rates:
Health care cost trend rate assumed for next year	N/A		N/A		5.5	%	5.6	%
Rate that the cost trend rate gradually declines to	N/A		N/A		5.0	%	5.0	%
Year that the rate reaches the rate it is assumed to remain at	N/A		N/A		2026		2023

Fair Values of Pension Plan Assets by Asset Category

The following table presents the fair values of the pension plan assets by asset category. 

	December 31, 2020								December 31, 2019
	Fair Market Value at December 31, 2020		Quoted  Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Investments Measured at NAV		Fair Market Value at December 31, 2019		Quoted  Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Investments Measured at NAV
	(In thousands)								(In thousands)
Asset Category:
Equity securities(a)
U.S. equities fund	$	86,059	$	3,012	$	—	$	83,047	$	131,563	$	2,793	$	—	$	128,770
Non-U.S. equities fund	61,630		5,602		—		56,028		54,496		5,949		—		48,547
Debt securities(b)
Government bond fund	98,418		—		772		97,646		74,219		—		745		73,474
Corporate bond fund	82,434		—		12,150		70,284		40,940		—		9,854		31,086
Fixed income fund(c)	7,320		—		—		7,320		35,895		—		33,701		2,194
Other investments(d)	17,367		—		—		17,367		9,462		—		—		9,462
Cash & equivalents	8,574		3,230		—		5,344		9,151		167		—		8,984
Total	$	361,802	$	11,844	$	12,922	$	337,036	$	355,726	$	8,909	$	44,300	$	302,517

(a)This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges. Funds which are valued using the net asset value method are not included in the fair value hierarchy.

(b)This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Funds valued using the net asset value method are not included in the fair value hierarchy.

(c)This category includes guaranteed insurance contracts and annuity policies.

(d)This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds. Funds valued using the net asset method are not included in the fair value hierarchy.

Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts

The following table reflects the benefits as of December 31, 2020 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. 

	Pension Plans		Other Plans
	(In thousands)
2021	$	19,497	$	1,460
2022	19,044		1,457
2023	20,320		1,458
2024	21,247		1,463
2025	19,417		1,466
2026-2030	99,881		7,413
Total	$	199,406	$	14,717

Summary of Accumulated Other Comprehensive Loss and Changes in these Amounts

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2020 and the changes in these amounts during the year ended December 31, 2020 are as follows. 

	Pension Benefits		Other Benefits
	(In thousands)
Components of accumulated other comprehensive loss:
Net actuarial loss (gain)	$	80,671	$	(436)
Net prior service cost	2,798		—
	$	83,469	$	(436)

	Pension Benefits		Other Benefits
	(In thousands)
Changes in accumulated other comprehensive loss:
Net actuarial loss (gain), beginning of year	$	56,746	$	(600)
Amortization of actuarial gain (loss)	(2,930)		59
Actuarial loss	42,048		110
Asset gain	(16,113)		—
Settlement loss recognized	(3,153)		—
Divestitures and acquisitions	335		—
Currency impact	3,738		(5)
Net actuarial loss (gain), end of year	$	80,671	$	(436)
Prior service cost, beginning of year	$	2,661	$	—
Amortization of prior service cost	(190)		—
Prior service cost occurring during the year	226		—
Currency impact	101		—
Prior service cost, end of year	$	2,798	$	—

XML

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Components of Other Comprehensive Income (Loss), Net of Tax

The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: 

	Foreign Currency Translation Component		Pension and Other Postretirement Benefit Plans		Accumulated Other Comprehensive Income (Loss)
			(In thousands)
Balance at December 31, 2018	$	(41,882)	$	(33,025)	$	(74,907)
Other comprehensive gain (loss) attributable to Belden before reclassifications	23,657		(13,281)		10,376
Amounts reclassified from accumulated other comprehensive income	—		1,113		1,113
Net current period other comprehensive gain (loss) attributable to Belden	23,657		(12,168)		11,489
Balance at December 31, 2019	$	(18,225)	$	(45,193)	$	(63,418)
Other comprehensive loss attributable to Belden before reclassifications	(123,101)		(20,800)		(143,901)
Amounts reclassified from accumulated other comprehensive income	10,145		5,323		15,468
Net current period other comprehensive loss attributable to Belden	(112,956)		(15,477)		(128,433)
Balance at December 31, 2020	$	(131,181)	$	(60,670)	$	(191,851)

Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss)

The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss):

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)		Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (Loss)
	(In thousands)
Amortization of pension and other postretirement benefit plan items:
Settlement loss	$	3,153	(1)
Accumulated losses of Grass Valley disposal group	771		(2)
Actuarial losses	2,871		(1)
Prior service cost	190		(1)
Total before tax	6,985
Tax benefit	(1,662)
Total net of tax	$	5,323

(1)The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 19).

(2)In addition, we reclassified $10.1 million of accumulated foreign currency translation losses associated with the Grass Valley disposal group that are included in the calculation of the loss on disposal of discontinued operations.

XML

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Income Tax Benefit Recognized for our Share-Based Compensation Arrangements

Compensation cost charged against income, primarily selling, general and administrative expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: 

	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Total share-based compensation cost	$	19,171	$	16,802	$	17,143
Income tax benefit	4,563		3,999		4,080

Fair Values for SARs and Stock Options Estimated on Grant Date Using Black-Scholes-Merton Option-Pricing Formula Which Incorporates Assumptions

	Years Ended December 31,
	2020			2019			2018
	(In thousands, except weighted average fair value and assumptions)
Weighted-average fair value of SARs and options granted	$	18.29		$	22.31		$	25.19
Total intrinsic value of SARs converted and options exercised	545			354			2,263
Tax benefit (expense) related to share-based compensation	(560)			(101)			113
Weighted-average fair value of restricted stock shares and units granted	41.75			64.61			72.54
Total fair value of restricted stock shares and units vested	6,600			10,325			5,740
Expected volatility	37.55		%	35.05		%	33.16		%
Expected term (in years)	5.7			5.7			5.6
Risk-free rate	1.44		%	2.56		%	2.70		%
Dividend yield	0.39		%	0.32		%	0.27		%

Summary of Share Based Compensation Activity

	SARs and Stock Options						Restricted Shares and Units
	Number	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value		Number	Weighted- Average Grant-Date Fair Value
	(In thousands, except exercise prices, fair values, and contractual terms)
Outstanding at January 1, 2020	1,367	$	65.04	n/a	n/a		737	$	68.31
Granted	149	51.14		n/a	n/a		565	41.75
Exercised or converted	(38)	38.24		n/a	n/a		(102)	64.56
Forfeited or expired	(167)	66.42		n/a	n/a		(247)	75.07
Outstanding at December 31, 2020	1,311	$	64.06	5.7	$	(29,054)	953	$	52.50
Vested or expected to vest at December 31, 2020	1,266	$	64.09	5.7	$	(28,096)
Exercisable or convertible at December 31, 2020	1,021	$	62.62	5.5	$	(24,060)

XML

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

	Years Ended December 31,
	2020		2019		2018
			(In thousands)
Income tax refunds received	$	4,460	$	4,695	$	3,920
Income taxes paid	(25,259)		(40,760)		(52,147)
Interest paid	(53,029)		(51,160)		(48,519)

XML

Basis of Presentation - Additional Information (Details) - 12 months ended Dec. 31, 2020	Segment	segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2	2

XML

Summary of Significant Accounting Policies - Additional Information (Details)				1 Months Ended	12 Months Ended
	Jul. 02, 2020 USD ($)	Jul. 19, 2018 USD ($)	Jul. 05, 2011 patent	Jul. 31, 2015 patent	Dec. 31, 2020 USD ($) Reporting_Unit	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2017 USD ($)
Significant Accounting Policies [Line Items]
Amount of inventory as a percentage of prior year purchases that can be returned by certain distributors					3.00%
Unprocessed adjustments recognized against gross accounts receivables					$ 25,500,000	$ 29,500,000
Unprocessed adjustments recognized against accounts accrued liabilities					13,000,000.0	11,000,000.0
Bad debt expense, net of recoveries					2,400,000	100,000	$ 200,000
Allowance for doubtful accounts					5,100,000	2,600,000
Obsolescence and other reserves					$ 32,269,000	21,245,000
Number of reporting units used in quantitative assessment | Reporting_Unit					10
Goodwill impairment loss					$ 0	0	0
Gain on disposal					(9,948,000)	0	0
Accumulated other comprehensive losses recognized as result of sale of equity method investment					191,851,000	63,418,000
Proceeds from disposal of business, net of cash sold					54,821,000	0	40,171,000
Accrued sales rebates					32,192,000	37,170,000
Gain from patent litigation					0	0	62,141,000
Advertising costs					11,600,000	14,700,000	17,000,000.0
Valuation allowances					84,308,000	48,251,000
Cumulative effect of change in accounting principle					(757,051,000)	(965,819,000)	(1,387,588,000)		$ (1,434,866,000)
Net Operating Losses, Capital Losses and Foreign Tax Credits
Significant Accounting Policies [Line Items]
Valuation allowances					84,300,000
Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle					(450,876,000)	(518,004,000)	(922,000,000)		(833,610,000)
Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle						2,916,000	29,041,000
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle						2,916,000	29,041,000	$ 2,900,000
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Continuing Operations
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle								1,000,000.0
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Discontinued Operations
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle								1,900,000
Subsidiaries | Corning
Significant Accounting Policies [Line Items]
Number of patents allegedly infringed upon | patent			2
Proceeds from settlement		$ 62,100,000
Number of patents found infringed upon | patent				2
Grass Valley
Significant Accounting Policies [Line Items]
Impairment of the disposal group					113,000,000.0	521,400,000
Grass Valley | Discontinued Operations, Disposed of by Sale
Significant Accounting Policies [Line Items]
Proceeds from disposal of business, net of cash sold	$ 56,200,000
Grass Valley | Discontinued Operations, Held-for-sale
Significant Accounting Policies [Line Items]
Goodwill impairment loss						326,100,000
Impairment of the disposal group					113,007,000	$ 521,441,000	0
Previously Closed Operating Facility | Discontinued Operations, Disposed of by Sale
Significant Accounting Policies [Line Items]
Disposition, sales price					2,100,000		1,500,000
Gain on disposal					$ 400,000		600,000
Hirschmann Jv | Discontinued Operations, Held-for-sale
Significant Accounting Policies [Line Items]
Disposition, sales price									$ 40,200,000
Proceeds from disposal of business, net of cash sold							$ 40,200,000
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of definite-lived intangible assets					1 year
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of definite-lived intangible assets					25 years
Buildings | Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of property, plant, and equipment					10
Buildings | Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of property, plant, and equipment					40 years
Machinery and equipment | Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of property, plant, and equipment					5
Machinery and equipment | Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of property, plant, and equipment					12 years
Computer Equipment and Software | Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of property, plant, and equipment					5
Computer Equipment and Software | Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of property, plant, and equipment					10 years
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Continuing Operations
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle								1,000,000.0
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Discontinued Operations
Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle								$ 1,900,000
Hirschmann Jv
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage									50.00%

XML

Revenues - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Increase (decrease) in retained earnings	$ 450,876	$ 518,004
Contract with customer, deferred revenues	77,648	70,070	$ 72,358
Contract with customer, deferred revenues, current	53,371	54,255
Contract with customer, deferred revenues, noncurrent	24,200
Deferred sales commission	5,800	3,400	2,900
Sales commissions	16,300	$ 19,000	$ 20,300
Service-Type Warranties [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract with customer, deferred revenues	10,400
Contract with customer, deferred revenues, current	3,600
Contract with customer, deferred revenues, noncurrent	$ 6,800
Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Increase (decrease) in retained earnings				$ 2,600

XML

Revenues - Major Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 1,862,716	$ 2,131,278	$ 2,165,702
Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	872,417	946,041	957,501
Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	990,299	1,185,237	1,208,201
Broadband and 5G
Disaggregation of Revenue [Line Items]
Revenues	432,262	401,415	389,246
Broadband and 5G | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	432,262	401,415	389,246
Broadband and 5G | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Cyber-Security
Disaggregation of Revenue [Line Items]
Revenues	110,524	133,039	136,648
Cyber-Security | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Cyber-Security | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	110,524	133,039	136,648
Industrial Automation
Disaggregation of Revenue [Line Items]
Revenues	879,775	1,052,198	1,071,553
Industrial Automation | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Industrial Automation | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	879,775	1,052,198	1,071,553
Smart Buildings
Disaggregation of Revenue [Line Items]
Revenues	440,155	544,626	568,255
Smart Buildings | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	440,155	544,626	568,255
Smart Buildings | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0

XML

Revenues - Location of Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 1,862,716	$ 2,131,278	$ 2,165,702
Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	872,417	946,041	957,501
Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	990,299	1,185,237	1,208,201
Americas
Disaggregation of Revenue [Line Items]
Revenues	1,214,421	1,437,571	1,458,664
Americas | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	636,492	695,008	700,499
Americas | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	577,929	742,563	758,165
EMEA
Disaggregation of Revenue [Line Items]
Revenues	387,655	409,762	425,779
EMEA | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	130,982	135,732	135,217
EMEA | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	256,673	274,030	290,562
APAC
Disaggregation of Revenue [Line Items]
Revenues	260,640	283,945	281,259
APAC | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	104,943	115,301	121,785
APAC | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 155,697	$ 168,644	$ 159,474

XML

Revenues - Estimated and Accrued Variable Concideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accrued rebates	$ 32,192	$ 37,170
Accrued returns	13,016	10,974
Price adjustment recognized against gross accounts receivable	$ 25,244	$ 28,672

XML

Revenues Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change in Contract with Customer, Liability [Roll Forward]
Beginning Balance	$ 70,070	$ 72,358
New deferrals	101,066	111,812
Revenue recognized	(93,488)	(114,100)
Ending Balance	$ 77,648	$ 70,070

XML

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands					12 Months Ended
	Dec. 06, 2019	Oct. 25, 2019	Apr. 15, 2019	Apr. 05, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Cash used to acquire businesses, net of cash acquired						$ (590)	$ 74,392	$ 84,580
Severance, restructuring, and acquisition integration costs						12,258	26,544	22,625
Amortization of intangibles						64,395	74,609	75,140
Net income (loss)						(55,058)	$ (376,776)	160,711
Opterna International Corp.
Business Acquisition [Line Items]
Cash used to acquire businesses, net of cash acquired			$ 51,700
Percentage of outstanding shares acquired			100.00%
Acquisition price paid						45,900
Maximum earnout consideration			$ 25,000
Estimated earnout consideration			5,800
Payments to acquire interest in subsidiaries		$ 400
Noncontrolling interest, purchase price		$ 800
Fair value of acquired receivables			$ 5,308			$ 5,300
Severance, restructuring, and acquisition integration costs								5,500
Amortization of intangibles								3,800
Inventory adjustment								$ 500
Suttle, Inc. Asset Acquisition
Business Acquisition [Line Items]
Asset acquisition, consideration transferred				$ 5,000
Special Product Company (SPC)
Business Acquisition [Line Items]
Cash used to acquire businesses, net of cash acquired	$ 22,500
Scenario, Forecast | Opterna International Corp.
Business Acquisition [Line Items]
Payments to acquire interest in subsidiaries					$ 400

XML

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Apr. 15, 2019	Dec. 31, 2018
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 1,251,938	$ 1,243,669		$ 1,206,877
Opterna International Corp.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Receivables	$ 5,300		$ 5,308
Inventory			7,359
Prepaid and other current assets			566
Property, plant, and equipment			1,328
Intangible assets			28,000
Goodwill			35,057
Deferred income taxes			80
Operating lease right-of-use assets			2,204
Other long-lived assets			2,070
Total assets acquired			81,972
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable			4,847
Accrued liabilities			4,301
Long-term deferred tax liability			6,813
Long-term operating lease liability			1,923
Other long-term liabilities			7,152
Total liabilities assumed			25,036
Net assets			56,936
Noncontrolling interest			5,195
Net assets attributable to Belden			$ 51,741

XML

Acquisitions - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 15, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill		$ 1,251,938	$ 1,243,669	$ 1,206,877
Developed technologies
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Amortization Period		6 years 9 months 18 days
Customer relationships
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Amortization Period		18 years 2 months 12 days
Trademarks
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Amortization Period		8 years 3 months 18 days
Opterna International Corp.
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization	$ 28,000
Goodwill	35,057
Total intangible assets	$ 63,057
Amortization Period	12 years 10 months 24 days
Opterna International Corp. | Goodwill
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 35,057
Opterna International Corp. | Developed technologies
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization	$ 3,400
Amortization Period	5 years
Opterna International Corp. | Customer relationships
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization	$ 22,800
Amortization Period	15 years
Opterna International Corp. | Sales backlog
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization	$ 1,300
Amortization Period	6 months
Opterna International Corp. | Trademarks
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization	$ 500
Amortization Period	2 years

XML

Acquisitions - Schedule of Pro Forma Information (Details) - Opterna International Corp. - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Revenues	$ 2,139,894	$ 2,213,781
Net income (loss) attributable to Belden common stockholders	$ (389,957)	$ 123,546
Diluted income (loss) per share attributable to Belden common stockholders (in dollars per share)	$ (9.24)	$ 3.02

XML

Discontinued Operations - Additional Information (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jul. 02, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill impairment loss			$ 0	$ 0	$ 0
Proceeds from disposal of business, net of cash sold			54,821,000	0	40,171,000
Depreciation and amortization			0.0	23,700,000	35,100,000
Capital expenditure			16,700,000	29,400,000	22,600,000
Share-based compensation expense			(900,000)	900,000	1,400,000
Accumulated other comprehensive income (loss), net of tax				42,300,000
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of the disposal group				179,300,000
Translation exchange rates				180,400,000
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale, discontinued operations	$ 9,900,000
Tax effect of discontinued operation	7,500,000
Grass Valley
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of the disposal group			113,000,000.0	521,400,000
Equity interest in divested business	$ 3,000,000.0
Equity interest in divested business, percentage	9.00%
Proceeds from sale of equity interest under cost method		$ 2,700,000
Accrued interest		7,800,000
Revenues		$ 2,000,000.0
Grass Valley | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of the disposal group			113,007,000	521,441,000	0
Goodwill impairment loss				326,100,000
Impairment of the disposal group			179,300,000
Translation exchange rates			180,400,000
Revenues			109,195,000	360,496,000	$ 419,666,000
Grass Valley | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 120,000,000.0
Proceeds from disposal of business, net of cash sold	56,200,000
Deferred consideration - seller's note	175,000,000.0
Paid-in-kind interest	88,000,000
Deferred compensation - earnout payments	178,000,000.0
Fair value of debt instrument	$ 34,900,000
Payment in kind, annual interest rate	0.085
Customer relationships | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets				14,400,000
Customer relationships | Grass Valley | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets			14,400,000
Trademarks | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets				$ 1,600,000
Trademarks | Grass Valley | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets			$ 1,600,000

XML

Discontinued Operations - Operating Results of the Disposal Group (Details) - Grass Valley - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 2,000
Asset impairment of discontinued operations		$ (113,000)	$ (521,400)
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		109,195	360,496	$ 419,666
Cost of sales		(70,199)	(208,173)	(241,164)
Gross profit		38,996	152,323	178,502
Selling, general and administrative expenses		(39,947)	(93,796)	(114,567)
Research and development expenses		(15,083)	(37,172)	(49,033)
Amortization of intangibles		0	(12,782)	(23,689)
Asset impairment of discontinued operations		(113,007)	(521,441)	0
Interest expense, net		(432)	(819)	(720)
Non-operating pension cost		(169)	(221)	(243)
Loss before taxes		$ (129,642)	$ (513,908)	$ (9,750)

XML

Discontinued Operations - Assets and Liabilities of the Disposal Group (Details) - Grass Valley - Discontinued Operations, Held-for-sale $ in Thousands	Dec. 31, 2019 USD ($)
Assets:
Cash and cash equivalents	$ 18,405
Receivables, net	117,386
Inventories, net	55,002
Other current assets	35,187
Property, plant and equipment, less accumulated depreciation	61,233
Operating lease right-of-use assets	16,902
Goodwill	26,707
Intangible assets, less accumulated amortization	143,459
Deferred income taxes	59,560
Other long-lived assets	21,652
Impairment of disposal group	(180,358)
Total assets of discontinued operations	375,135
Liabilities:
Accounts payable	52,425
Accrued liabilities	83,349
Postretirement benefits	6,224
Deferred income taxes	2,740
Long-term operating lease liabilities	20,459
Other long-term liabilities	5,082
Total liabilities of discontinued operations	$ 170,279

XML

Operating Segments and Geographic Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments	2		2
Revenues		$ 1,862,716			$ 2,131,278	$ 2,165,702
Anixter International Inc.
Segment Reporting Information [Line Items]
Accounts receivable outstanding	$ 17,500	$ 17,500	$ 17,500	$ 17,500
Anixter International Inc. | Customer Concentration Risk
Segment Reporting Information [Line Items]
Percentage of total accounts receivable outstanding	6.00%	6.00%	6.00%	6.00%
Anixter International Inc and WESCO
Segment Reporting Information [Line Items]
Revenues		$ 271,600			$ 328,200	$ 361,700
Anixter International Inc and WESCO | Customer Concentration Risk | Revenues
Segment Reporting Information [Line Items]
Percent of total revenues				15.00%	15.00%	17.00%

XML

Operating Segments and Geographic Information - Operating Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 1,862,716	$ 2,131,278	$ 2,165,702
Depreciation expense	42,500	40,400	38,300
Amortization of intangibles	64,395	74,609	75,140
Severance, restructuring, and acquisition integration costs	12,258	26,544	22,625
Acquisition of property, plant and equipment	90,215	110,002	97,847
Segment assets	3,139,734	3,406,759	3,779,321
Enterprise Solutions
Segment Reporting Information [Line Items]
Revenues	872,417	946,041	957,501
Severance, restructuring, and acquisition integration costs	7,719	10,808	14,863
Industrial Solutions
Segment Reporting Information [Line Items]
Revenues	990,299	1,185,237	1,208,201
Severance, restructuring, and acquisition integration costs	4,539	15,736	7,762
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	1,862,716	2,131,278	2,165,702
Segment EBITDA	246,959	353,035	394,660
Depreciation expense	42,470	40,409	38,309
Amortization of intangibles	64,395	74,609	75,140
Amortization of software development intangible assets	1,821	525	79
Severance, restructuring, and acquisition integration costs	12,258	26,544	22,625
Purchase accounting effects of acquisitions	125	592	1,690
Acquisition of property, plant and equipment	69,898	77,478	72,153
Segment assets	985,252	991,607	938,971
Reportable Segment | Enterprise Solutions
Segment Reporting Information [Line Items]
Segment EBITDA	99,333	126,925	156,790
Depreciation expense	20,655	19,771	18,490
Amortization of intangibles	21,662	22,324	21,076
Severance, restructuring, and acquisition integration costs	7,720	10,808	14,863
Purchase accounting effects of acquisitions	125	592	1,690
Acquisition of property, plant and equipment	25,223	42,289	42,624
Segment assets	462,615	487,125	430,128
Reportable Segment | Industrial Solutions
Segment Reporting Information [Line Items]
Segment EBITDA	147,626	226,110	237,870
Depreciation expense	21,815	20,638	19,819
Amortization of intangibles	42,733	52,285	54,064
Severance, restructuring, and acquisition integration costs	4,538	15,736	7,762
Acquisition of property, plant and equipment	44,675	35,189	29,529
Segment assets	522,637	504,482	508,843
Software Development | Reportable Segment
Segment Reporting Information [Line Items]
Amortization of intangibles	1,821	525	79
Software Development | Reportable Segment | Enterprise Solutions
Segment Reporting Information [Line Items]
Amortization of software development intangible assets	245	175	71
Software Development | Reportable Segment | Industrial Solutions
Segment Reporting Information [Line Items]
Amortization of software development intangible assets	1,576	350	8
Segment revenues | Reportable Segment
Segment Reporting Information [Line Items]
Revenues	1,862,716	2,131,278	2,165,702
Segment revenues | Reportable Segment | Enterprise Solutions
Segment Reporting Information [Line Items]
Revenues	872,415	946,041	957,501
Segment revenues | Reportable Segment | Industrial Solutions
Segment Reporting Information [Line Items]
Revenues	990,301	1,185,237	1,208,201
Affiliate revenues | Reportable Segment
Segment Reporting Information [Line Items]
Revenues	1,349	4,173	6,185
Affiliate revenues | Reportable Segment | Enterprise Solutions
Segment Reporting Information [Line Items]
Revenues	1,289	4,162	6,105
Affiliate revenues | Reportable Segment | Industrial Solutions
Segment Reporting Information [Line Items]
Revenues	$ 60	$ 11	$ 80

XML

Operating Segments and Geographic Information - Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Revenues	$ 1,862,716	$ 2,131,278	$ 2,165,702
Amortization of intangibles	(64,395)	(74,609)	(75,140)
Depreciation expense	(42,500)	(40,400)	(38,300)
Severance, restructuring, and acquisition integration costs	(12,258)	(26,544)	(22,625)
Gain from patent litigation	0	0	62,141
Operating income	125,410	207,207	314,008
Interest expense, net	(58,888)	(55,814)	(60,839)
Non-operating pension benefit (cost)	(395)	1,017	(99)
Loss on debt extinguishment	0	0	(22,990)
Consolidated income from continuing operations before taxes	66,127	152,410	230,080
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Revenues	1,862,716	2,131,278	2,165,702
Deferred revenue adjustments	0	0	0
Total Segment EBITDA	246,959	353,035	394,660
Amortization of intangibles	(64,395)	(74,609)	(75,140)
Depreciation expense	(42,470)	(40,409)	(38,309)
Severance, restructuring, and acquisition integration costs	(12,258)	(26,544)	(22,625)
Purchase accounting effects related to acquisitions	(125)	(592)	(1,690)
Amortization of software development intangible assets	(1,821)	(525)	(79)
Loss on sale of assets	0	0	(94)
Costs related to patent litigation	0	0	(2,634)
Gain from patent litigation	0	0	62,141
Operating income	125,410	207,207	314,008
Interest expense, net	(58,888)	(55,814)	(60,839)
Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	(480)	(3,149)	(2,222)
Segment revenues | Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Segment Revenues	$ 1,862,716	$ 2,131,278	$ 2,165,702

XML

Operating Segments and Geographic Information - Reconciliations of Other Segment Measures to Consolidated Totals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment assets	$ 3,139,734	$ 3,406,759	$ 3,779,321
Cash and cash equivalents	501,994	407,480	407,454
Goodwill	1,251,938	1,243,669	1,206,877
Intangible assets, less accumulated amortization	287,071	339,505	359,931
Deferred income taxes	29,536	25,216	26,459
Payments to acquire property, plant, and equipment from continuing operations	90,215	110,002	97,847
Discontinued operations acquisition of property, plant and equipment	16,712	29,414	22,681
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment assets	985,252	991,607	938,971
Payments to acquire property, plant, and equipment from continuing operations	69,898	77,478	72,153
Corporate assets
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment assets	83,943	24,147	16,786
Assets of discontinued operations	0	375,135	822,843
Payments to acquire property, plant, and equipment from continuing operations	$ 3,605	$ 3,110	$ 3,013

XML

Operating Segments and Geographic Information - Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Segment Revenues	$ 1,862,716	$ 2,131,278	$ 2,165,702
Percent of total revenues	100.00%	100.00%	100.00%
Long-lived assets	$ 418,004	$ 358,364	$ 324,209
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Segment Revenues	$ 1,015,340	$ 1,167,033	$ 1,206,401
Percent of total revenues	55.00%	55.00%	56.00%
Long-lived assets	$ 163,731	$ 152,214	$ 170,368
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Segment Revenues	$ 119,700	$ 162,975	$ 166,669
Percent of total revenues	6.00%	8.00%	8.00%
Long-lived assets	$ 32,063	$ 16,452	$ 13,352
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Segment Revenues	$ 111,835	$ 109,522	$ 107,582
Percent of total revenues	6.00%	5.00%	5.00%
Long-lived assets	$ 44,824	$ 40,247	$ 36,989
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Segment Revenues	$ 91,187	$ 92,913	$ 100,691
Percent of total revenues	5.00%	4.00%	4.00%
Long-lived assets	$ 63,100	$ 48,272	$ 39,724
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Segment Revenues	$ 524,654	$ 598,835	$ 584,359
Percent of total revenues	28.00%	28.00%	27.00%
Long-lived assets	$ 114,286	$ 101,179	$ 63,776

XML

Noncontrolling Interest - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
Opterna International Corp.
Noncontrolling Interest [Line Items]
Noncontrolling interest, purchase price	$ 800
Payments to acquire interest in subsidiaries	$ 400
Variable Interest Entity, primary beneficiary Belden
Noncontrolling Interest [Line Items]
Additional contribution commitments to joint venture			$ 1,530
Hite
Noncontrolling Interest [Line Items]
Additional contribution commitments to joint venture			$ 1,470
Scenario, Forecast | Opterna International Corp.
Noncontrolling Interest [Line Items]
Payments to acquire interest in subsidiaries		$ 400
Hite | Hite | Variable Interest Entity, primary beneficiary Belden
Noncontrolling Interest [Line Items]
Variable interest entity, ownership percentage			51.00%

XML

Income Per Share - Basis for Income Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Income from continuing operations	$ 54,403	$ 109,891	$ 167,144
Less: Net income (loss) attributable to noncontrolling interest	104	239	(183)
Less: Preferred stock dividends	0	18,437	34,931
Income from continuing operations attributable to Belden common stockholders	54,299	91,215	132,396
Loss from discontinued operations, net of tax	(99,513)	(486,667)	(6,433)
Gain on disposal	(9,948)	0	0
Net income (loss) attributable to Belden common stockholders	$ (55,162)	$ (395,452)	$ 125,963
Denominator:
Weighted average shares outstanding, basic (in shares)	44,778	42,203	40,675
Effect of dilutive common stock equivalents (in shares)	159	213	281
Weighted average shares outstanding, diluted (in shares)	44,937	42,416	40,956

XML

Income Per Share - Additional Information (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares)	1.5	1.2	0.9
Anti-dilutive shares excluded form diluted weighted average shares outstanding due to performance conditions not met (in shares)	0.4	0.3	0.3
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares)	3.7	6.9

XML

Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Credit Loss [Line Items]
Cumulative effect of change in accounting principle	$ (757,051)		$ (965,819)	$ (1,387,588)	$ (1,434,866)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable, allowance for credit loss, beginning balance	2,569
Incease to allowance for doubtful accounts	2,282
Recoveries collected	(637)
Write-offs	(114)
Currency impact	39
Accounts receivable, allowance for credit loss, ending balance	5,150
Revision of Prior Period, Accounting Standards Update, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable, allowance for credit loss, beginning balance	1,011
Cumulative Effect, Period of Adoption, Adjustment
Credit Loss [Line Items]
Cumulative effect of change in accounting principle			2,916	29,041
Retained Earnings
Credit Loss [Line Items]
Cumulative effect of change in accounting principle	$ (450,876)		(518,004)	(922,000)	$ (833,610)
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Credit Loss [Line Items]
Cumulative effect of change in accounting principle		$ 2,900	$ 2,916	$ 29,041
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Continuing Operations
Credit Loss [Line Items]
Cumulative effect of change in accounting principle		1,000
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Discontinued Operations
Credit Loss [Line Items]
Cumulative effect of change in accounting principle		$ 1,900

XML

Inventories - Major Classes of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 106,514	$ 98,530
Work-in-process	32,011	34,717
Finished goods	141,042	119,331
Gross inventories	279,567	252,578
Excess and obsolete reserves	(32,269)	(21,245)
Net inventories	$ 247,298	$ 231,333

XML

Property, Plant and Equipment - Summary of Carrying Values of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 975,467	$ 903,247
Accumulated depreciation	(606,847)	(557,329)
Net property, plant and equipment	368,620	345,918
Land and land improvements
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	29,321	27,502
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	136,427	126,580
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	608,618	558,639
Computer equipment and software
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	137,512	119,533
Construction in process
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 63,589	$ 70,993

XML

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 42.5	$ 40.4	$ 38.3

XML

Leases Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Renewal term	15 years
Minimum
Lessee, Lease, Description [Line Items]
Operating and finance lease, term of contract	1 year

XML

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 14,348	$ 14,622
Amortization of right-of-use asset	133	142
Interest on lease liabilities	17	22
Total finance lease cost	$ (150)	$ (164)

XML

Leases Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 15,489	$ 14,594
Operating cash flows from finance leases	16	25
Financing cash flows from finance leases	$ 158	$ 258

XML

Leases Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 54,787	$ 62,251
Accrued liabilities	14,742	13,900
Long-term operating lease liabilities	46,398	55,652
Total operating lease liabilities	61,140	69,552
Other long-lived assets, at cost	764	823
Accumulated depreciation	(483)	(391)
Other long-lived assets, net	$ 281	$ 432
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LiabilitiesCurrentAbstract	us-gaap:LiabilitiesCurrentAbstract
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets

XML

Leases Supplemental Other Information Related To Leases (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Remaining Lease Term
Operating leases	5 years	6 years
Finance leases	3 years	3 years
Weighted Average Discount Rate
Operating leases	6.60%	6.90%
Finance leases	4.90%	6.20%

XML

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating and Finance Leases
Lease liability, year one	$ 19,250	$ 19,086
Lease liability, year two	16,305	16,988
Lease liability, year three	12,552	14,128
Lease liability, year four	9,516	11,598
Lease liability, year five	8,718	9,032
Thereafter	8,901	16,655
Total	$ 75,242	$ 87,487

XML

Intangible Assets - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets [Line Items]
Goodwill, Gross carrying amount	$ 1,251,938	$ 1,243,669
Goodwill, Accumulated Amortization	0	0
Goodwill, Net Carrying Amount	1,251,938	1,243,669	$ 1,206,877
Finite-lived intangible assets, Gross Carrying Amount	812,387	789,335
Finite-lived intangible assets, Accumulated Amortization	(556,379)	(490,736)
Finite-lived intangible assets, Net Carrying Amount	256,008	298,599
Indefinite-lived intangible assets, Carrying Amount	31,063	40,906
Intangible assets, Gross Carrying Amount	843,450	830,241
Intangible assets, Net Carrying Amount	287,071	339,505	$ 359,931
Trademarks
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Carrying Amount	31,063	40,106
In-process research and development
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Carrying Amount	0	800
Developed technologies
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	428,187	413,310
Finite-lived intangible assets, Accumulated Amortization	(369,849)	(331,696)
Finite-lived intangible assets, Net Carrying Amount	58,338	81,614
Customer relationships
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	295,382	297,595
Finite-lived intangible assets, Accumulated Amortization	(128,796)	(110,732)
Finite-lived intangible assets, Net Carrying Amount	166,586	186,863
Trademarks
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	65,861	56,393
Finite-lived intangible assets, Accumulated Amortization	(36,539)	(30,213)
Finite-lived intangible assets, Net Carrying Amount	29,322	26,180
In-process research and development
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	11,536	10,702
Finite-lived intangible assets, Accumulated Amortization	(9,774)	(7,160)
Finite-lived intangible assets, Net Carrying Amount	1,762	3,542
Backlog
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	11,421	11,335
Finite-lived intangible assets, Accumulated Amortization	(11,421)	(10,935)
Finite-lived intangible assets, Net Carrying Amount	$ 0	$ 400

XML

Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,243,669	$ 1,206,877
Acquisitions and purchase accounting adjustments	2,420	38,209
Translation impact	5,849	(1,417)
Goodwill, Ending Balance	1,251,938	1,243,669
Enterprise Solutions
Goodwill [Roll Forward]
Goodwill, Beginning Balance	470,031	432,082
Acquisitions and purchase accounting adjustments	2,420	38,209
Translation impact	2,296	(260)
Goodwill, Ending Balance	474,747	470,031
Industrial Solutions
Goodwill [Roll Forward]
Goodwill, Beginning Balance	773,638	774,795
Acquisitions and purchase accounting adjustments	0	0
Translation impact	3,553	(1,157)
Goodwill, Ending Balance	$ 777,191	$ 773,638

XML

Intangible Assets - Changes in Carrying Amount of Trademarks (Details) - Trademarks - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, Beginning Balance	$ 40,106	$ 40,270
Translation impact		(164)
Reclassify to definite-lived	(9,043)
Trademarks, Ending Balance	31,063	40,106
Enterprise Solutions
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, Beginning Balance	27,000	27,000
Translation impact		0
Reclassify to definite-lived	0
Trademarks, Ending Balance	27,000	27,000
Industrial Solutions
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, Beginning Balance	13,106	13,270
Translation impact		(164)
Reclassify to definite-lived	(9,043)
Trademarks, Ending Balance	$ 4,063	$ 13,106

XML

Intangible Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) Reporting_Unit	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Finite And Indefinite Intangible Assets [Line Items]
Number of reporting units used in quantitative assessment | Reporting_Unit	10
Goodwill impairment loss	$ 0	$ 0	$ 0
Impairment of indefinite lived intangible assets	0	0	0
Amortization expense in income from continuing operations	66,200,000	74,600,000	75,100,000
Amortization of intangibles	64,395,000	74,609,000	75,140,000
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated amortization expense in 2020	35,600,000
Estimated amortization expense in 2021	32,900,000
Estimated amortization expense in 2022	31,200,000
Estimated amortization expense in 2023	29,000,000.0
Estimated amortization expense in 2024	24,700,000
Finite-Lived Intangible Assets, Accumulated Amortization	(556,379,000)	(490,736,000)
Trademark, net carrying amount	$ 256,008,000	298,599,000
Customer relationships
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Weighted-average amortization period	18 years 2 months 12 days
Finite-Lived Intangible Assets, Accumulated Amortization	$ (128,796,000)	(110,732,000)
Trademark, net carrying amount	166,586,000	186,863,000
Trademarks
Finite And Indefinite Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets	$ 0	0	0
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Weighted-average amortization period	8 years 3 months 18 days
Finite-Lived Intangible Assets, Accumulated Amortization	$ (36,539,000)	(30,213,000)
Trademark, net carrying amount	29,322,000	26,180,000
Trademarks | Intangible Assets, Amortization Period
Finite And Indefinite Intangible Assets [Line Items]
Amortization of intangibles	1,800,000
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Trademark, net carrying amount	$ 7,800,000
Developed technologies
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Weighted-average amortization period	6 years 9 months 18 days
Finite-Lived Intangible Assets, Accumulated Amortization	$ (369,849,000)	(331,696,000)
Trademark, net carrying amount	$ 58,338,000	81,614,000
In-process research and development
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Weighted-average amortization period	5 years
Finite-Lived Intangible Assets, Accumulated Amortization	$ (9,774,000)	(7,160,000)
Trademark, net carrying amount	1,762,000	3,542,000
Grass Valley
Finite And Indefinite Intangible Assets [Line Items]
Impairment of the disposal group	113,000,000.0	521,400,000
Discontinued Operations, Held-for-sale
Finite And Indefinite Intangible Assets [Line Items]
Impairment of the disposal group		179,300,000
Translation exchange rates		180,400,000
Discontinued Operations, Held-for-sale | Customer relationships
Finite And Indefinite Intangible Assets [Line Items]
Impairment of intangible assets		14,400,000
Discontinued Operations, Held-for-sale | Trademarks
Finite And Indefinite Intangible Assets [Line Items]
Impairment of intangible assets		1,600,000
Discontinued Operations, Held-for-sale | Grass Valley
Finite And Indefinite Intangible Assets [Line Items]
Impairment of the disposal group	113,007,000	521,441,000	$ 0
Goodwill impairment loss		$ 326,100,000
Impairment of the disposal group	179,300,000
Translation exchange rates	180,400,000
Discontinued Operations, Held-for-sale | Grass Valley | Customer relationships
Finite And Indefinite Intangible Assets [Line Items]
Impairment of intangible assets	14,400,000
Discontinued Operations, Held-for-sale | Grass Valley | Trademarks
Finite And Indefinite Intangible Assets [Line Items]
Impairment of intangible assets	$ 1,600,000

XML

Accrued Liabilities - Carrying Value of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Wages, severance and related taxes	$ 65,892	$ 58,953
Current deferred revenue	53,371	54,255
Accrued rebates	32,192	37,170
Accrued interest	20,610	18,781
Employee benefits	27,707	17,791
Lease liabilities	14,840	14,072
Other (individual items less than 5% of total current liabilities)	62,029	82,777
Accrued liabilities	$ 276,641	$ 283,799

XML

Accrued Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 29, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Payment for contingent consideration liability		$ 31.4
Business combination, earnout liability	$ 29.3
Payment for contingent consideration liability, operating activities	$ 2.1

XML

Severance, Restructuring, and Acquisition Integration Activities Severance, Restructuring, and Acquisition Integration Activities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2021	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	$ 12,258	$ 26,544	$ 22,625
Restructuring and integration cost payable period	60 days
Other restructuring costs	$ 9,207	5,790	21,837
Severance	3,051	20,754	788
Cost of sales
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	704	3,425	17,962
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	11,554	23,119	4,546
Research and development expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	0	0	117
Industrial Manufacturing Footprint Program
Restructuring Cost and Reserve [Line Items]
Other restructuring costs			66,100
Severance			$ 17,700
FutureLink, Opterna, and SPC Integration Program
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	4,900	6,100
Cost Reduction Plan
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	4,000	19,600
Restructuring Reserve	7,085	$ 19,575			$ 8,093	$ 11,698	$ 13,385
Restructuring and related cost, expected to be realized	40,000
Cost Reduction Plan | Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 60,000
Scenario, Forecast | FutureLink, Opterna, and SPC Integration Program
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining				$ 1,000
Scenario, Forecast | Cost Reduction Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining				$ 8,000

XML

Severance, Restructuring, and Acquisition Integration Activities Severance, Restructuring, and Acquisition Integration Activities - Severance, Restructuring and Integration Costs by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Severance	$ 3,051	$ 20,754	$ 788
Other Restructuring and Integration Costs	9,207	5,790	21,837
Total Costs	12,258	26,544	22,625
FutureLink, Opterna, and SPC Integration Program
Restructuring Cost and Reserve [Line Items]
Total Costs	4,900	6,100
Enterprise Solutions
Restructuring Cost and Reserve [Line Items]
Severance	1,345	5,018	548
Other Restructuring and Integration Costs	6,374	5,790	14,315
Total Costs	7,719	10,808	14,863
Industrial Solutions
Restructuring Cost and Reserve [Line Items]
Severance	1,706	15,736	240
Other Restructuring and Integration Costs	2,833	0	7,522
Total Costs	$ 4,539	$ 15,736	$ 7,762

XML

Severance, Restructuring, and Acquisition Integration Activities - Costs of Various Programs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	$ 12,258	$ 26,544	$ 22,625
Cost of sales
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	704	3,425	17,962
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	11,554	23,119	4,546
Research and development expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	$ 0	$ 0	$ 117

XML

Severance, Restructuring, and Acquisition Integration Activities - Accrued Severance (Details) - Cost Reduction Plan - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	$ 8,093	$ 11,698	$ 13,385	$ 19,575
New charges	992	2,060	4,660	2,529
Cash payments	(1,823)	(3,968)	(4,795)	(4,483)
Foreign currency translation	(95)	(156)	(132)	(89)
Other adjustments	(82)	(1,541)	(1,420)	(4,147)
Restructuring Reserve, Ending Balance	$ 7,085	$ 8,093	$ 11,698	$ 13,385

XML

Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2018	Sep. 30, 2017	Jul. 31, 2017	Oct. 31, 2016
Debt Instrument [Line Items]
Total senior subordinated notes	$ 1,590,810	$ 1,459,380
Less unamortized debt issuance costs	(17,084)	(19,896)
Long-term debt	1,573,726	1,439,484
Revolving credit agreement due 2022
Debt Instrument [Line Items]
Revolving credit agreement due 2022	0	0
3.875% Senior Subordinated Notes Due 2028
Debt Instrument [Line Items]
Total senior subordinated notes	428,295	392,910
3.375% Senior Subordinated Notes Due 2027
Debt Instrument [Line Items]
Total senior subordinated notes	550,665	505,170
4.125% Senior Subordinated Notes Due 2026
Debt Instrument [Line Items]
Total senior subordinated notes	244,740	224,520
2.875% Senior Subordinated Notes Due 2025
Debt Instrument [Line Items]
Total senior subordinated notes	$ 367,110	$ 336,780
Senior Subordinated Notes | 3.875% Senior Subordinated Notes Due 2028
Debt Instrument [Line Items]
Senior subordinated notes interest rate			3.875%
Senior Subordinated Notes | 3.375% Senior Subordinated Notes Due 2027
Debt Instrument [Line Items]
Senior subordinated notes interest rate					3.375%
Senior Subordinated Notes | 4.125% Senior Subordinated Notes Due 2026
Debt Instrument [Line Items]
Senior subordinated notes interest rate						4.125%
Senior Subordinated Notes | 2.875% Senior Subordinated Notes Due 2025
Debt Instrument [Line Items]
Senior subordinated notes interest rate				2.875%

XML

Long-Term Debt and Other Borrowing Arrangements - Additional Information (Details)	1 Months Ended					12 Months Ended
	Apr. 30, 2020 USD ($)	Apr. 30, 2018 USD ($)	Apr. 30, 2018 EUR (€)	Mar. 31, 2018 USD ($)	Mar. 31, 2018 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Mar. 31, 2018 EUR (€)	Sep. 30, 2017 EUR (€)	Jul. 31, 2017 EUR (€)	Oct. 31, 2016 EUR (€)
Debt Instrument [Line Items]
Long term debt borrowings	$ 190,000,000.0
Loss on debt extinguishment						$ 0	$ 0	$ 22,990,000
Debt issuance costs paid						0	0	7,609,000
Senior subordinated notes						1,590,810,000	1,459,380,000
Senior Subordinated Notes
Debt Instrument [Line Items]
Fair value of debt instrument						1,633,700,000	1,532,700,000
Revolving credit agreement due 2022
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 400,000,000.0
Commitment fee percentage								0.25%
Fixed charge coverage, minimum threshold (as a percent)								90.00%
Revolving credit agreement due 2022, execution fees								$ 2,300,000
Revolving credit agreement due 2022, borrowings outstanding						0	0
Revolving credit agreement due 2022, available borrowing capacity						230,200,000
Revolving credit agreement due 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								1.25%
Revolving credit agreement due 2022 | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								1.75%
3.875% Senior Subordinated Notes Due 2028
Debt Instrument [Line Items]
Senior subordinated notes						428,295,000	392,910,000
3.875% Senior Subordinated Notes Due 2028 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes				$ 431,300,000					€ 350,000,000.0
Senior subordinated notes interest rate				3.875%					3.875%
Debt issuance costs paid						7,500,000
3.375% Senior Subordinated Notes Due 2027
Debt Instrument [Line Items]
Senior subordinated notes						550,665,000	505,170,000
3.375% Senior Subordinated Notes Due 2027 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | €											€ 450,000,000.0
Senior subordinated notes interest rate											3.375%
4.125% Senior Subordinated Notes Due 2026
Debt Instrument [Line Items]
Senior subordinated notes						244,740,000	224,520,000
4.125% Senior Subordinated Notes Due 2026 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | €												€ 200,000,000.0
Senior subordinated notes interest rate												4.125%
2.875% Senior Subordinated Notes Due 2025
Debt Instrument [Line Items]
Senior subordinated notes						$ 367,110,000	$ 336,780,000
2.875% Senior Subordinated Notes Due 2025 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | €										€ 300,000,000.0
Senior subordinated notes interest rate										2.875%
5.25% Senior Subordinated Notes Due 2024 | Senior Subordinated Notes
Debt Instrument [Line Items]
Loss on debt extinguishment		$ 800,000		$ 13,800,000
Aggregate principal amount outstanding of senior subordinated notes				$ 200,000,000
Senior subordinated notes interest rate				5.25%					5.25%
Repurchase amount				$ 188,700,000
Repayments of debt		11,900,000		199,800,000
5.5% Senior Subordinated Notes Due 2023 | Senior Subordinated Notes
Debt Instrument [Line Items]
Loss on debt extinguishment		2,200,000		$ 6,200,000
Aggregate principal amount outstanding of senior subordinated notes | €									€ 200,000,000.0
Senior subordinated notes interest rate				5.50%					5.50%
Repurchase amount | €									€ 143,100,000
Repayments of debt		$ 71,600,000	€ 58,500,000	$ 182,100,000	€ 147,800,000

XML

Long-Term Debt and Other Borrowing Arrangements - Schedule of Senior Subordinated Notes (Details)	12 Months Ended
	Dec. 31, 2020
2021 | Senior Subordinated Notes Due 2025
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	100.719%
2021 | Senior Subordinated Notes Due 2026
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	102.063%
2022 | Senior Subordinated Notes Due 2026
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	101.375%
2022 | Senior Subordinated Notes Due 2027
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	101.688%
2023 | Senior Subordinated Notes Due 2026
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	100.688%
2023 | Senior Subordinated Notes Due 2027
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	101.125%
2023 | Senior Subordinated Notes Due 2028
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	101.938%
2024 | Senior Subordinated Notes Due 2027
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	100.563%
2024 | Senior Subordinated Notes Due 2028
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	101.292%
2025 | Senior Subordinated Notes Due 2028
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	100.646%
2022 And Thereafter | Senior Subordinated Notes Due 2025
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	100.00%
2024 and Thereafter | Senior Subordinated Notes Due 2026
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	100.00%
2025 and Thereafter | Senior Subordinated Notes Due 2027
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	100.00%
2026 and Thereafter | Senior Subordinated Notes Due 2028
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	100.00%
Two Thousand And Twenty Twenty | Senior Subordinated Notes Due 2025
Debt Instrument [Line Items]
Redemption price as a percentage of the face amount of the notes	101.438%

XML

Long-Term Debt and Other Borrowing Arrangements - Maturities on Outstanding Long-Term Debt and Other Borrowings (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Disclosure [Abstract]
2020	$ 0
2021	0
2022	0
2023	0
2024	367,110
Thereafter	1,223,700
Total gross debt and other borrowing arrangements	$ 1,590,810

XML

Net Investment Hedge Net Investment Hedge (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative translation adjustment | $	$ (112,562)		$ 24,121	$ 27,802
Senior subordinated debt, dedesignated | €		€ 532.2
Senior Subordinated Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Senior subordinated debt, hedged | €		€ 767.8
Cumulative translation adjustment | $	$ (56,200)		$ 26,600	$ 87,500

XML

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income (loss) before taxes:
United States operations	$ (117,819)	$ 42,833	$ 115,500
Foreign operations	183,946	109,577	114,580
Income from continuing operations before taxes	66,127	152,410	230,080
Currently payable
United States federal	273	21,893	31,730
United States state and local	91	3,090	3,912
Foreign	11,511	13,859	16,968
Income tax expense (benefit)	11,875	38,842	52,610
Deferred
United States federal	(1,754)	7,567	7,220
United States state and local	(2,310)	(1,205)	(31)
Foreign	3,913	(2,685)	3,137
Deferred Income tax expense (benefit)	(151)	3,677	10,326
Income tax expense	$ 11,724	$ 42,519	$ 62,936

XML

Income Taxes - Effective Income Tax Rate Reconciliation from Continuing Operations (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective income tax rate reconciliation from continuing operations:
United States federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes	(2.60%)	1.20%	1.50%
Impact of change in tax contingencies	2.30%	0.00%	(0.70%)
Foreign income tax rate differences	(38.20%)	(8.60%)	(1.00%)
Impact of change in deferred tax asset valuation allowance	3.10%	9.20%	0.30%
Domestic permanent differences and tax credits	33.90%	5.10%	1.90%
Impact of tax reform	0	0	0.044
Impact of CARES act	(0.018)	0	0
Effective income tax rate reconciliation from continuing operations	17.70%	27.90%	27.40%

XML

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 02, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2040	Dec. 31, 2024	Mar. 29, 2020
Income Taxes [Line Items]
Income Tax Expense (Benefit)		$ (11,724)	$ (42,519)	$ (62,936)
Foreign tax rate differences benefit in income tax		25,300	13,100	2,400
Income tax expense reduction due to tax holiday		4,000	3,900	3,000
Net tax credit carryforwards		57,100
Net operating loss carryforwards		205,352					$ 1,200
Operating loss carryforwards that will be used in expiration periods		137,100
Net tax credit carryforwards that will expire		57,109
Net tax credit carry forwards with indefinite carry forward period		5,400
Net tax credit carryforwards that expected to be utilized prior to expiry		17,300
Net decrease in reserve for uncertain tax positions		1,800
Balance at end of the year of unrecognized tax benefits		8,573	6,779	6,591
Estimate the range of reasonably possible changes to unrecognized tax positions		1,700
Accrued interest expense (income) and penalties of unrecognized tax benefits		200	0
Domestic Tax Authority [Member]
Income Taxes [Line Items]
Net tax credit carryforwards		22,400
Capital Loss Carryforward
Income Taxes [Line Items]
Net operating loss carryforwards		100,500
Capital Loss Carryforward | Grass Valley
Income Taxes [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount	$ 23,800
Discontinued Operations
Income Taxes [Line Items]
Income Tax Expense (Benefit)		(22,600)	$ (27,200)	$ 3,300
Scenario, Forecast
Income Taxes [Line Items]
Net tax credit carryforwards that will expire					$ 49,600	$ 2,100
Net Operating Loss Carry Forward Indefinite Period
Income Taxes [Line Items]
Net operating loss carryforwards		58,000
Net Operating Loss Carry Forwards Expires In 2020
Income Taxes [Line Items]
Net operating loss carryforwards		900
Net Operating Loss Carry Forwards Expires Between 2021 And 2024
Income Taxes [Line Items]
Net operating loss carryforwards		19,700
Net Operating Loss Carry Forwards Expires Between 2025 And 2040
Income Taxes [Line Items]
Net operating loss carryforwards		$ 126,800

XML

Income Taxes - Components of Deferred Income Tax Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax liabilities:
Plant, equipment, and intangibles	$ (92,271)	$ (96,254)
Plant, equipment, and intangibles	(17,610)	(16,906)
Total Deferred Tax Liabilities, Gross	(109,881)	(113,160)
Deferred income tax assets:
Postretirement, pensions, and stock compensation	35,394	28,169
Reserves and accruals	24,388	15,395
Net operating loss, capital loss, and tax credit carryforwards	107,028	76,456
Lease liability	18,515	17,882
Valuation allowances	(84,308)	(48,251)
Deferred tax assets	101,017	89,651
Net deferred income tax asset	$ (8,864)	$ (23,509)

XML

Income Taxes - Summary of Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 29, 2020
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	$ 205,352	$ 1,200
Australia
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	10,546
Germany
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	15,852
Japan
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	653
Luxembourg
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	163
Netherlands
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	6,578
Other
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	20,723
United Kingdom
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	10,720
United States - Federal and various states
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	$ 140,117

XML

Income Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	$ 57,109
United States
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	56,617
Canada
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	$ 492

XML

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 6,779	$ 6,591
Additions based on tax positions related to the current year	548	488
Additions for tax positions of prior years	1,574	0
Reductions for tax positions of prior years - Settlement	(328)	(300)
Balance at end of year	$ 8,573	$ 6,779

XML

Pension and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined contribution expense	$ 10,000	$ 12,100	$ 11,800
Accumulated benefit obligation	$ 518,400	456,900
Target asset allocation for the investment of the assets in fixed income securities minimum	50.00%
Target asset allocation for the investment of the assets in fixed income securities maximum	90.00%
Target asset allocation for the investment of the assets in equity securities minimum	10.00%
Target asset allocation for the investment of the assets in equity securities maximum	50.00%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation for the investment of the assets in fixed income securities	30.00%
Target asset allocation for the investment of the assets in equity securities	50.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation for the investment of the assets in fixed income securities	50.00%
Target asset allocation for the investment of the assets in equity securities	70.00%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension plans with projected benefit obligation in excess of plan assets, projected benefit obligation	$ 297,800	293,700
Pension plans with projected benefit obligation in excess of plan assets, accumulated benefit obligation	459,200	400,400
Pension plans with projected benefit obligation in excess of plan assets, fair value of plan assets	463,200	404,900
Settlement loss (gain)	3,153		$ 1,300
Anticipated pension and other postretirement plans contributions, next fiscal year	11,400
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Other postretirement plans with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation	59,200	29,500
Other postretirement plans with accumulated benefit obligation in excess of plan assets, fair value of plan assets	64,000	$ 0
Settlement loss (gain)	0
Anticipated pension and other postretirement plans contributions, next fiscal year	$ 1,500

XML

Pension and Other Postretirement Benefits - Change in Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	$ (461,352)	$ (412,880)
Service cost	(3,930)	(3,668)	$ (4,579)
Interest cost	(9,729)	(12,261)	(11,480)
Participant contributions	(73)	(86)
Actuarial loss	(42,284)	(39,329)
Divestitures and acquisitions	(910)	0
Settlements	26,970	49
Curtailments	236
Plan amendments	(226)	0
Foreign currency exchange rate changes	(15,345)	(9,890)
Benefits paid	13,718	16,713
Benefit obligation, end of year	(492,925)	(461,352)	(412,880)
Other Benefits
Change in benefit obligation:
Benefit obligation, beginning of year	(29,470)	(26,143)
Service cost	(33)	(35)	(47)
Interest cost	(809)	(960)	(945)
Participant contributions	(5)	(4)
Actuarial loss	(110)	(2,374)
Divestitures and acquisitions	0	0
Settlements	0	0
Curtailments	0
Plan amendments	0	0
Foreign currency exchange rate changes	(427)	(1,260)
Benefits paid	1,356	1,306
Benefit obligation, end of year	$ (29,498)	$ (29,470)	$ (26,143)

XML

Pension and Other Postretirement Benefits - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change in plan assets:
Fair value of plan assets, beginning of year	$ 355,726
Fair value of plan assets, end of year	361,802	$ 355,726
Pension Benefits
Change in plan assets:
Fair value of plan assets, beginning of year	355,726	311,509
Actual return on plan assets	32,470	45,896
Employer contributions	6,393	5,673
Plan participant contributions	73	86
Settlements	(26,945)	0
Foreign currency exchange rate changes	7,803	9,275
Benefits paid	(13,718)	(16,713)
Fair value of plan assets, end of year	361,802	355,726
Other Benefits
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	1,351	1,302
Plan participant contributions	5	4
Settlements	0	0
Foreign currency exchange rate changes	0	0
Benefits paid	(1,356)	(1,306)
Fair value of plan assets, end of year	$ 0	$ 0

XML

Pension and Other Postretirement Benefits - Amounts Recognized in Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amounts recognized in the balance sheets:
Accrued benefit liability, noncurrent	$ (160,400)	$ (136,227)
Pension Benefits
Pension And Other Employee Benefit Plans [Line Items]
Funded status, end of year	(131,123)	(105,626)
Amounts recognized in the balance sheets:
Prepaid benefit cost	4,780	5,542
Accrued benefit liability, current	(3,558)	(3,000)
Accrued benefit liability, noncurrent	(132,345)	(108,168)
Net funded status	(131,123)	(105,626)
Other Benefits
Pension And Other Employee Benefit Plans [Line Items]
Funded status, end of year	(29,498)	(29,470)
Amounts recognized in the balance sheets:
Prepaid benefit cost	0	0
Accrued benefit liability, current	(1,443)	(1,411)
Accrued benefit liability, noncurrent	(28,055)	(28,059)
Net funded status	$ (29,498)	$ (29,470)

XML

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Components of net periodic benefit cost:
Service cost	$ 3,930	$ 3,668	$ 4,579
Interest cost	9,729	12,261	11,480
Expected return on plan assets	(16,357)	(15,699)	(16,389)
Amortization of prior service cost (credit)	190	169	(42)
Settlement loss (gain)	3,153	(7)	1,342
Net loss (gain) recognition	2,930	1,432	2,775
Net periodic benefit cost	3,575	1,824	3,745
Other Benefits
Components of net periodic benefit cost:
Service cost	33	35	47
Interest cost	809	960	945
Expected return on plan assets	0	0	0
Amortization of prior service cost (credit)	0	0	0
Settlement loss (gain)	0	0	0
Net loss (gain) recognition	(59)	(133)	(12)
Net periodic benefit cost	$ 783	$ 862	$ 980

XML

Pension and Other Postretirement Benefits - Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Weighted average assumptions for benefit obligations at year end:
Discount rate	1.50%	2.20%
Salary increase	3.30%	3.50%
Cash balance interest credit rate	4.60%	4.00%
Weighted average assumptions for net periodic cost for the year:
Discount rate	2.20%	3.10%
Salary increase	3.50%	3.60%
Cash balance interest credit rate	4.00%	4.70%
Expected return on assets	4.90%	5.00%
Other Benefits
Weighted average assumptions for benefit obligations at year end:
Discount rate	2.50%	2.90%
Weighted average assumptions for net periodic cost for the year:
Discount rate	2.90%	3.70%
Assumed health care cost trend rates:
Health care cost trend rate assumed for next year	5.50%	5.60%
Rate that the cost trend rate gradually declines to	5.00%	5.00%

XML

Pension and Other Postretirement Benefits - Fair Values of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	$ 361,802	$ 355,726
U.S. equities fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	86,059	131,563
Non-U.S. equities fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	61,630	54,496
Government bond fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	98,418	74,219
Corporate bond fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	82,434	40,940
Fixed income fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	7,320	35,895
Other investments
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	17,367	9,462
Cash & equivalents
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	8,574	9,151
Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	11,844	8,909
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. equities fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	3,012	2,793
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-U.S. equities fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	5,602	5,949
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government bond fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bond fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash & equivalents
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	3,230	167
Significant Observable Inputs (Level 2)
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	12,922	44,300
Significant Observable Inputs (Level 2) | U.S. equities fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	0
Significant Observable Inputs (Level 2) | Non-U.S. equities fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	0
Significant Observable Inputs (Level 2) | Government bond fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	772	745
Significant Observable Inputs (Level 2) | Corporate bond fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	12,150	9,854
Significant Observable Inputs (Level 2) | Fixed income fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	33,701
Significant Observable Inputs (Level 2) | Other investments
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	0
Significant Observable Inputs (Level 2) | Cash & equivalents
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	0	0
Fair Value Measured at Net Asset Value Per Share
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	337,036	302,517
Fair Value Measured at Net Asset Value Per Share | U.S. equities fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	83,047	128,770
Fair Value Measured at Net Asset Value Per Share | Non-U.S. equities fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	56,028	48,547
Fair Value Measured at Net Asset Value Per Share | Government bond fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	97,646	73,474
Fair Value Measured at Net Asset Value Per Share | Corporate bond fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	70,284	31,086
Fair Value Measured at Net Asset Value Per Share | Fixed income fund
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	7,320	2,194
Fair Value Measured at Net Asset Value Per Share | Other investments
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	17,367	9,462
Fair Value Measured at Net Asset Value Per Share | Cash & equivalents
Pension And Other Employee Benefit Plans [Line Items]
Fair values of pension plan assets by asset category	$ 5,344	$ 8,984

XML

Pension and Other Postretirement Benefits - Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Pension Benefits
Pension And Other Employee Benefit Plans [Line Items]
2021	$ 19,497
2022	19,044
2023	20,320
2024	21,247
2025	19,417
2026-2030	99,881
Total	199,406
Other Benefits
Pension And Other Employee Benefit Plans [Line Items]
2021	1,460
2022	1,457
2023	1,458
2024	1,463
2025	1,466
2026-2030	7,413
Total	$ 14,717

XML

Pension and Other Postretirement Benefits - Summary of Accumulated Other Comprehensive Loss That Have Not Been Recognized as Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	$ 80,671	$ 56,746
Net prior service cost	2,798	2,661
Total	83,469
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	(436)	(600)
Net prior service cost	0	$ 0
Total	$ (436)

XML

Pension and Other Postretirement Benefits - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]
Net actuarial loss (gain), beginning of year	$ 56,746
Amortization of actuarial gain (loss)	(2,930)
Actuarial loss	42,048
Asset gain	(16,113)
Settlement loss recognized	(3,153)		$ (1,300)
Divestitures and acquisitions	335
Currency impact	3,738
Net actuarial loss (gain), end of year	80,671	$ 56,746
Prior service cost, beginning of year	2,661
Amortization of prior service cost	(190)	(169)	42
Prior service cost occurring during the year	226
Currency impact	101
Prior service cost, end of year	2,798	2,661
Other Benefits
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]
Net actuarial loss (gain), beginning of year	(600)
Amortization of actuarial gain (loss)	59
Actuarial loss	110
Asset gain	0
Settlement loss recognized	0
Divestitures and acquisitions	0
Currency impact	(5)
Net actuarial loss (gain), end of year	(436)	(600)
Prior service cost, beginning of year	0
Amortization of prior service cost	0	0	$ 0
Prior service cost occurring during the year	0
Currency impact	0
Prior service cost, end of year	$ 0	$ 0

XML

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 965,819	$ 1,387,588
Other comprehensive gain (loss) attributable to Belden before reclassifications	(143,901)	10,376
Amounts reclassified from accumulated other comprehensive income	15,468	1,113
Net current period other comprehensive gain (loss) attributable to Belden		11,489
Ending balance	757,051	965,819
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(63,418)	(74,907)
Ending balance	(191,851)	(63,418)
Foreign Currency Translation Component
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(18,225)	(41,882)
Other comprehensive gain (loss) attributable to Belden before reclassifications	(123,101)	23,657
Amounts reclassified from accumulated other comprehensive income	10,145	0
Net current period other comprehensive gain (loss) attributable to Belden	(112,956)	23,657
Ending balance	(131,181)	(18,225)
Pension and Other Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(45,193)	(33,025)
Other comprehensive gain (loss) attributable to Belden before reclassifications	(20,800)	(13,281)
Amounts reclassified from accumulated other comprehensive income	5,323	1,113
Net current period other comprehensive gain (loss) attributable to Belden	(15,477)	(12,168)
Ending balance	$ (60,670)	$ (45,193)

XML

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amortization of pension and other postretirement benefit plan items:
Total before tax	$ 66,127	$ 152,410	$ 230,080
Tax benefit	11,724	42,519	62,936
Total net of tax	(55,162)	$ (377,015)	$ 160,894
Settlement loss
Amortization of pension and other postretirement benefit plan items:
Other nonoperating expense (income)	3,153
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Actuarial losses
Amortization of pension and other postretirement benefit plan items:
Other nonoperating expense (income)	2,871
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Actuarial losses | Grass Valley
Amortization of pension and other postretirement benefit plan items:
Other nonoperating expense (income)	771
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Prior service cost
Amortization of pension and other postretirement benefit plan items:
Other nonoperating expense (income)	190
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Pension and Other Postretirement Benefit Plans
Amortization of pension and other postretirement benefit plan items:
Total before tax	6,985
Tax benefit	(1,662)
Total net of tax	5,323
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Foreign Currency Translation Component | Grass Valley
Amortization of pension and other postretirement benefit plan items:
Other nonoperating expense (income)	$ (10,100)

XML

Share-Based Compensation - Income Tax Benefit Recognized for our Share-Based Compensation Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Total share-based compensation cost	$ 19,171	$ 16,802	$ 17,143
Income tax benefit	$ 4,563	$ 3,999	$ 4,080

XML

Share-Based Compensation - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to all nonvested awards	$ 25.0
Unrecognized compensation cost is expected to be recognized over a weighted-average period	1 year 7 months 6 days
Share-based compensation, modification of terms, incremental compensation cost	$ 1.4
Share-based compensation, modification of terms, expected incremental compensation cost	$ 4.4
SARs and Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SAR's and stock options expiration period	10 years
Restricted Shares and Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Shares and Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

XML

Share-Based Compensation - Fair Values for SARs and Stock Options Estimated on Grant Date Using Black-Scholes-Merton Option-Pricing Formula Which Incorporates Assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Weighted-average fair value of SARs and options granted (in usd per share)	$ 18.29	$ 22.31	$ 25.19
Total intrinsic value of SARs converted and options exercised	$ 545	$ 354	$ 2,263
Tax benefit (expense) related to share-based compensation	$ (560)	$ (101)	$ 113
Weighted-average fair value of restricted stock shares and units granted (in usd per share)	$ 41.75	$ 64.61	$ 72.54
Total fair value of restricted stock shares and units vested	$ 6,600	$ 10,325	$ 5,740
Expected volatility	37.55%	35.05%	33.16%
Expected term (in years)	5 years 8 months 12 days	5 years 8 months 12 days	5 years 7 months 6 days
Risk-free rate	1.44%	2.56%	2.70%
Dividend yield	0.39%	0.32%	0.27%

XML

Share-Based Compensation - Summary of Share Based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 41.75	$ 64.61	$ 72.54
SARs and Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at Beginning, Number (in shares)	1,367
Granted, Number (in shares)	149
Exercised or converted, Number (in shares)	(38)
Forfeited or expired, Number (in shares)	(167)
Outstanding at Ending, Number (in shares)	1,311	1,367
Vested or expected to vest at End, Number (in shares)	1,266
Exercisable or convertible at End, Number (in shares)	1,021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at Beginning, Weighted-Average Exercise Price (in dollars per share)	$ 65.04
Granted, Weighted-Average Exercise Price (in dollars per share)	51.14
Exercised or converted, Weighted-Average Exercise Price (in dollars per share)	38.24
Forfeited or expired, Weighted-Average Exercise Price (in dollars per share)	66.42
Outstanding at End, Weighted-Average Exercise Price (in dollars per share)	64.06	$ 65.04
Vested or expected to vest at End, Weighted-Average Exercise Price	64.09
Exercisable or convertible at End, Weighted-Average Exercise Price	$ 62.62
Outstanding at End, Weighted-Average Remaining Contractual Term	5 years 8 months 12 days
Vested or expected to vest at End, Weighted-Average Remaining Contractual Term	5 years 8 months 12 days
Exercisable or convertible at End, Weighted-Average Remaining Contractual Term	5 years 6 months
Outstanding at End, Aggregate Intrinsic Value	$ (29,054)
Vested or expected to vest at End, Aggregate Intrinsic Value	(28,096)
Exercisable or convertible at End, Aggregate Intrinsic Value	$ (24,060)
Restricted Shares and Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at Beginning, Number (in shares)	737
Granted, Number (in shares)	565
Exercised or converted, Number (in shares)	(102)
Forfeited or expired, Number (in shares)	(247)
Outstanding at End, Number (in shares)	953	737
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at Beginning, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 68.31
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	41.75
Exercised or converted, Weighted-Average Grant-Date Fair Value (in dollars per share)	64.56
Forfeited or expired, Weighted-Average Grant-Date Fair Value (in dollars per share)	75.07
Outstanding at End, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 52.50	$ 68.31

XML

Preferred Stock (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 15, 2019 shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2016 USD ($) $ / shares shares	Jul. 26, 2016
Class of Stock [Line Items]
Preferred stock dividends | $		$ 0	$ 18,437	$ 34,931
Depository Shares
Class of Stock [Line Items]
Depository shares issued					5,200,000
Preferred stock ownership interest						0.010
6.75% Series B Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Percentage of issued shares					6.75%
Offering price (in usd per share) | $ / shares					$ 100
Proceeds from offering, net | $					$ 501,000
Preferred stock converted in to common stock (in shares)	132.50
Number of common stock issued upon conversion (in shares)	6,900,000

XML

Stockholder Rights Plan (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 27, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Redemption price per share (in dollars per share)	$ 0.01
Preferred stock conversion	$ 400	$ 0	$ 0	$ (411)

XML

Share Repurchases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 29, 2018	May 25, 2017
Equity, Class of Treasury Stock [Line Items]
Shares repurchased	1,000,000.0	900,000
Value of shares repurchased	$ 35,000,000	$ 50,000,000	$ 175,000,000
Treasury stock acquired, average cost per share (in usd per share)	$ 35.83	$ 56.19
5/25/2017 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount (in usd)					$ 200,000,000.0
Shares repurchased		2,700,000
Value of shares repurchased		$ 175,000,000.0
Treasury stock acquired, average cost per share (in usd per share)		$ 64.94
11/29/2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount (in usd)				$ 300,000,000.0
Shares repurchased			0

XML

Market Concentrations and Risks (Details) $ in Thousands, lb in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) lb Distributor Customer	Dec. 31, 2019 USD ($) Customer Distributor	Dec. 31, 2018 Customer Distributor
Concentration Risk [Line Items]
Number of customers | Customer	10	10	10
Number of distributors | Distributor	6	6	6
Total senior subordinated notes	$ 1,590,810	$ 1,459,380
Senior Subordinated Notes
Concentration Risk [Line Items]
Fair value of debt instrument	$ 1,633,700	$ 1,532,700
Copper
Concentration Risk [Line Items]
Committed amounts to purchase (in pounds) | lb	1.9
Committed amounts to purchase (in usd)	$ 6,000
Gain (loss) on unconditional purchase obligation	$ 700
Customer Concentration Risk | Consolidated Revenues
Concentration Risk [Line Items]
Concentration risk, percentage	40.00%	39.00%	40.00%
Labor Force Concentration Risk | Workforce Subject to Collective Bargaining Arrangements
Concentration Risk [Line Items]
Concentration risk, percentage	28.00%
Labor Force Concentration Risk | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentration Risk [Line Items]
Concentration risk, percentage	25.00%

XML

Contingent Liabilities (Details) $ in Millions	Dec. 31, 2020 USD ($)
Standby Letters of Credit
Line of Credit Facility [Line Items]
Loss contingency, range of possible loss, portion not accrued	$ 8.5
Bank Guaranties
Line of Credit Facility [Line Items]
Loss contingency, range of possible loss, portion not accrued	4.1
Surety Bonds
Line of Credit Facility [Line Items]
Loss contingency, range of possible loss, portion not accrued	$ 3.3

XML

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Income tax refunds received	$ 4,460	$ 4,695	$ 3,920
Income taxes paid	(25,259)	(40,760)	(52,147)
Interest paid	$ (53,029)	$ (51,160)	$ (48,519)

XML

Subsequent Events (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 29, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Events [Line Items]
Cash used to acquire businesses, net of cash acquired		$ (590)	$ 74,392	$ 84,580
OTN Systems, N.V. [Member] | Subsequent Event
Subsequent Events [Line Items]
Cash used to acquire businesses, net of cash acquired	$ 71,000

XML

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Currency Movement	$ 39
Accounts Receivable - Allowance for Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	2,569	$ 3,137	$ 3,709
Charged to Costs and Expenses	2,282	159	353
Divestitures/ Acquisitions	0	368	0
Charge Offs		(969)	(567)
Recoveries	(637)	(86)	(176)
Currency Movement		(40)	(182)
Ending Balance	5,150	2,569	3,137
Inventories - Excess and Obsolete Allowances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	21,245	17,364	19,887
Charged to Costs and Expenses	15,915	6,403	2,801
Divestitures/ Acquisitions	0	452	0
Charge Offs	(4,540)	(2,333)	(2,464)
Recoveries	(597)	(606)	(2,675)
Currency Movement	246	(35)	(185)
Ending Balance	32,269	21,245	17,364
Deferred Income Tax Asset - Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	48,251	37,235	47,636
Charged to Costs and Expenses	3,142	12,356	13,459
Divestitures/ Acquisitions	33,003	330	(2)
Charge Offs	(303)	0	(22,577)
Recoveries	(114)	(1,629)	(928)
Currency Movement	329	(41)	(353)
Ending Balance	$ 84,308	$ 48,251	$ 37,235