(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
July 4, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Inventories, net | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, less accumulated depreciation | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, less accumulated amortization | |||||||||||
Deferred income taxes | |||||||||||
Other long-lived assets | |||||||||||
$ | $ | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Postretirement benefits | |||||||||||
Deferred income taxes | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock | ( | ( | |||||||||
Total Belden stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total stockholders’ equity | |||||||||||
$ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | ( | ( | ( | ( | |||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
Research and development expenses | ( | ( | ( | ( | |||||||||||||||||||
Amortization of intangibles | ( | ( | ( | ( | |||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Non-operating pension benefit | |||||||||||||||||||||||
Income from continuing operations before taxes | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
Loss from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net income (loss) | ( | ( | |||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | ( | ||||||||||||||||||||||
Net income (loss) attributable to Belden stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted average number of common shares and equivalents: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Basic income (loss) per share attributable to Belden stockholders: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted income (loss) per share attributable to Belden stockholders: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Comprehensive income (loss) attributable to Belden | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Common stock dividends declared per share | $ | $ | $ | $ |
Six Months Ended | |||||||||||
July 4, 2021 | June 28, 2020 | ||||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | ( | |||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation | |||||||||||
Asset impairment | |||||||||||
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals: | |||||||||||
Receivables | ( | ||||||||||
Inventories | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued liabilities | ( | ||||||||||
Income taxes | ( | ||||||||||
Other assets | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
Net cash provided by (used for) operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Cash from (used for) business acquisitions, net of cash acquired | ( | ||||||||||
Capital expenditures | ( | ( | |||||||||
Purchase of intangible assets | ( | ||||||||||
Proceeds from disposal of tangible assets | |||||||||||
Proceeds from disposal of business, net of cash sold | |||||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Cash dividends paid | ( | ( | |||||||||
Withholding tax payments for share-based payment awards | ( | ( | |||||||||
Payments under borrowing arrangements | ( | ( | |||||||||
Debt issuance costs paid | ( | ||||||||||
Other | ( | ( | |||||||||
Payments under share repurchase program | ( | ||||||||||
Payment of earnout consideration | ( | ||||||||||
Borrowings on revolver | |||||||||||
Net cash provided by (used for) financing activities | ( | ||||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ |
Belden Inc. Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Accumulated Other | Non-controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-In | Retained | Treasury Stock | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Income (Loss) | Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of business with noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Retirement Savings Plan stock contributions | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of tax withholding forfeitures | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at April 4, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Retirement Savings Plan stock contributions | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of tax withholding forfeitures | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at July 4, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Belden Inc. Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Accumulated Other | Non-controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-In | Retained | Treasury Stock | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Income (Loss) | Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of tax withholding forfeitures | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 29, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 28, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Broadband & 5G | Cyber-security | Industrial Automation | Smart Buildings | Total Revenues | ||||||||||||||||||||||||||||
Three Months Ended July 4, 2021 | (In thousands) | |||||||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Industrial Solutions | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Three Months Ended June 28, 2020 | ||||||||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Industrial Solutions | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Six Months Ended July 4, 2021 | ||||||||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Industrial Solutions | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Six Months Ended June 28, 2020 | ||||||||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Industrial Solutions | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Americas | EMEA | APAC | Total Revenues | |||||||||||||||||||||||
Three Months Ended July 4, 2021 | (In thousands) | |||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended June 28, 2020 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Six Months Ended July 4, 2021 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Six Months Ended June 28, 2020 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
July 4, 2021 | December 31, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Accrued rebates | $ | $ | ||||||||||||
Accrued returns | ||||||||||||||
Price adjustments recognized against gross accounts receivable |
2021 | 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Beginning balance at January 1 | $ | $ | ||||||||||||
New deferrals | ||||||||||||||
Acquisition of OTN | ||||||||||||||
Revenue recognized | ( | ( | ||||||||||||
Balance at the end of Q1 | $ | $ | ||||||||||||
New deferrals | ||||||||||||||
Adjustments related to acquisitions | ( | |||||||||||||
Revenue recognized | ( | ( | ||||||||||||
Balance at the end of Q2 | $ | $ | ||||||||||||
Three Months ended | Six Months ended | |||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Sales commissions | $ | $ | $ | $ |
Receivables | $ | |||||||
Inventories | ||||||||
Other current assets | ||||||||
Property, plant and equipment | ||||||||
Intangible assets | ||||||||
Goodwill | ||||||||
Operating lease right-of-use assets | ||||||||
Other long-lived assets | ||||||||
Total assets acquired | $ | |||||||
Accounts payable | $ | |||||||
Accrued liabilities | ||||||||
Deferred revenues | ||||||||
Long-term debt | ||||||||
Post retirement benefits | ||||||||
Deferred income taxes | ||||||||
Long-term operating lease liabilities | ||||||||
Other long-term liabilities | ||||||||
Total liabilities assumed | $ | |||||||
Net assets | $ | |||||||
Noncontrolling interests | ||||||||
Net assets attributable to Belden | $ |
Fair Value | Amortization Period | |||||||||||||
(In thousands) | (In years) | |||||||||||||
Intangible assets subject to amortization: | ||||||||||||||
Developed technologies | $ | |||||||||||||
Customer relationships | ||||||||||||||
Sales backlog | ||||||||||||||
Trademarks | ||||||||||||||
Non-compete agreements | ||||||||||||||
Total intangible assets subject to amortization | $ | |||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||
Goodwill | $ | n/a | ||||||||||||
Total intangible assets not subject to amortization | $ | |||||||||||||
Total intangible assets | $ | |||||||||||||
Weighted average amortization period |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | |||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Net income from continuing operations attributable to Belden common stockholders | ||||||||||||||||||||||||||
Diluted income from continuing operations per share attributable to Belden common stockholders | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||
June 28, 2020 | June 28, 2020 | |||||||||||||
(In Thousands) | ||||||||||||||
Revenues | $ | $ | ||||||||||||
Cost of sales | ( | ( | ||||||||||||
Gross profit | ||||||||||||||
Selling, general and administrative expenses | ( | ( | ||||||||||||
Research and development expenses | ( | ( | ||||||||||||
Asset impairment of discontinued operations | ( | ( | ||||||||||||
Interest expense, net | ( | ( | ||||||||||||
Non-operating pension cost | ( | ( | ||||||||||||
Loss before taxes | $ | ( | $ | ( |
Enterprise Solutions | Industrial Solutions | Total Segments | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
As of and for the three months ended July 4, 2021 | ||||||||||||||||||||
Segment revenues | $ | $ | $ | |||||||||||||||||
Segment EBITDA | ||||||||||||||||||||
Depreciation expense | ||||||||||||||||||||
Amortization of intangibles | ||||||||||||||||||||
Amortization of software development intangible assets | ||||||||||||||||||||
Severance, restructuring, and acquisition integration costs | ||||||||||||||||||||
Adjustments related to acquisitions and divestitures | ( | |||||||||||||||||||
Segment assets | ||||||||||||||||||||
As of and for the three months ended June 28, 2020 | ||||||||||||||||||||
Segment revenues | $ | $ | $ | |||||||||||||||||
Segment EBITDA | ||||||||||||||||||||
Depreciation expense | ||||||||||||||||||||
Amortization of intangibles | ||||||||||||||||||||
Amortization of software development intangible assets | ||||||||||||||||||||
Severance, restructuring, and acquisition integration costs | ||||||||||||||||||||
Adjustments related to acquisitions and divestitures | ||||||||||||||||||||
Segment assets |
As of and for the six months ended July 4, 2021 | ||||||||||||||||||||
Segment revenues | $ | $ | $ | |||||||||||||||||
Segment EBITDA | ||||||||||||||||||||
Depreciation expense | ||||||||||||||||||||
Amortization of intangibles | ||||||||||||||||||||
Amortization of software development intangible assets | ||||||||||||||||||||
Severance, restructuring, and acquisition integration costs | ||||||||||||||||||||
Adjustments related to acquisitions and divestitures | ( | |||||||||||||||||||
Segment assets | ||||||||||||||||||||
As of and for the six months ended June 28, 2020 | ||||||||||||||||||||
Segment revenues | $ | $ | $ | |||||||||||||||||
Segment EBITDA | ||||||||||||||||||||
Depreciation expense | ||||||||||||||||||||
Amortization of intangibles | ||||||||||||||||||||
Amortization of software development intangible assets | ||||||||||||||||||||
Severance, restructuring, and acquisition integration costs | ||||||||||||||||||||
Adjustments related to acquisitions and divestitures | ||||||||||||||||||||
Segment assets |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Segment Revenues | $ | $ | $ | $ | |||||||||||||||||||
Adjustments related to acquisitions | ( | ( | |||||||||||||||||||||
Consolidated Revenues | $ | $ | $ | $ | |||||||||||||||||||
Total Segment EBITDA | $ | $ | $ | $ | |||||||||||||||||||
Amortization of intangibles | ( | ( | ( | ( | |||||||||||||||||||
Depreciation expense | ( | ( | ( | ( | |||||||||||||||||||
Severance, restructuring, and acquisition integration costs (1) | ( | ( | ( | ( | |||||||||||||||||||
Amortization of software development intangible assets | ( | ( | ( | ( | |||||||||||||||||||
Adjustments related to acquisitions and divestitures (2) | ( | ( | ( | ( | |||||||||||||||||||
Eliminations | ( | ( | ( | ( | |||||||||||||||||||
Consolidated operating income | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Total non-operating pension benefit | |||||||||||||||||||||||
Consolidated income from continuing operations before taxes | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | ( | ||||||||||||||||||||||
Income from continuing operations attributable to Belden stockholders | |||||||||||||||||||||||
Add: Loss from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net income (loss) attributable to Belden stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding, basic | |||||||||||||||||||||||
Effect of dilutive common stock equivalents | |||||||||||||||||||||||
Weighted average shares outstanding, diluted |
2021 | 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Beginning balance at January 1 | $ | $ | ||||||||||||
Adoption adjustment | ||||||||||||||
Current period provision | ( | |||||||||||||
Write-offs | ( | |||||||||||||
Recoveries collected | ( | ( | ||||||||||||
Fx impact | ( | ( | ||||||||||||
Q1 ending balance | ||||||||||||||
Current period provision | ||||||||||||||
Disposals | ( | |||||||||||||
Write-offs | ( | ( | ||||||||||||
Recoveries collected | ( | ( | ||||||||||||
Fx impact | ( | |||||||||||||
Q2 ending balance | $ | |||||||||||||
July 4, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Gross inventories | |||||||||||
Excess and obsolete reserves | ( | ( | |||||||||
Net inventories | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Finance lease cost | ||||||||||||||||||||||||||
Amortization of right-of-use asset | $ | $ | $ | $ | ||||||||||||||||||||||
Interest on lease liabilities | ||||||||||||||||||||||||||
Total finance lease cost | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows from operating leases | $ | $ | $ | $ | ||||||||||||||||||||||
Operating cash flows from finance leases | ||||||||||||||||||||||||||
Financing cash flows from finance leases |
July 4, 2021 | December 31, 2020 | |||||||||||||
(In thousands, except lease term and discount rate) | ||||||||||||||
Operating leases: | ||||||||||||||
Total operating lease right-of-use assets | $ | $ | ||||||||||||
$ | $ | |||||||||||||
Long-term operating lease liabilities | ||||||||||||||
Total operating lease liabilities | $ | $ | ||||||||||||
Finance leases: | ||||||||||||||
$ | $ | |||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Other long-lived assets, net | $ | $ |
Weighted Average Remaining Lease Term | ||||||||||||||
Operating leases | ||||||||||||||
Finance leases | ||||||||||||||
Weighted Average Discount Rate | ||||||||||||||
Operating leases | % | % | ||||||||||||
Finance leases | % | % |
July 4, 2021 | December 31, 2020 | |||||||||||||
(In thousands) | ||||||||||||||
2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Thereafter | ||||||||||||||
Total | $ | $ |
Severance | Other Restructuring and Integration Costs | Total Costs | ||||||||||||||||||
Three Months Ended July 4, 2021 | (In thousands) | |||||||||||||||||||
Enterprise Solutions | $ | $ | $ | |||||||||||||||||
Industrial Solutions | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Three Months Ended June 28, 2020 | ||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | |||||||||||||||||
Industrial Solutions | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Six Months Ended July 4, 2021 | ||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | |||||||||||||||||
Industrial Solutions | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Six Months Ended June 28, 2020 | ||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | |||||||||||||||||
Industrial Solutions | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Cost of sales | $ | $ | $ | $ | ||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
2021 | 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Beginning year balance | $ | $ | ||||||||||||
New charges | ||||||||||||||
Cash payments | ( | ( | ||||||||||||
Foreign currency translation | ( | |||||||||||||
Other adjustments | ( | |||||||||||||
Balance at the end of Q1 | ||||||||||||||
New charges | ||||||||||||||
Cash payments | ( | ( | ||||||||||||
Foreign currency translation | ( | ( | ||||||||||||
Other adjustments | ( | ( | ||||||||||||
Balance at the end of Q2 | $ | $ | ||||||||||||
July 4, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Revolving credit agreement due 2026 | $ | $ | |||||||||
Senior subordinated notes: | |||||||||||
Total senior subordinated notes | |||||||||||
Less unamortized debt issuance costs | ( | ( | |||||||||
Long-term debt | $ | $ |
Pension Obligations | Other Postretirement Obligations | |||||||||||||||||||||||||
Three Months Ended | July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||||||||
Amortization of prior service cost | ||||||||||||||||||||||||||
Actuarial losses (gains) | ( | ( | ||||||||||||||||||||||||
Net periodic benefit cost (benefit) | $ | ( | $ | $ | $ | |||||||||||||||||||||
Pension Obligations | Other Postretirement Obligations | |||||||||||||||||||||||||
Six Months Ended | July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||||||||
Amortization of prior service cost | ||||||||||||||||||||||||||
Actuarial losses (gains) | ( | ( | ||||||||||||||||||||||||
Net periodic benefit cost (benefit) | $ | ( | $ | $ | $ | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Foreign currency translation adjustments, net of tax | ( | ( | ( | ||||||||||||||||||||
Adjustments to pension and postretirement liability, net of tax | |||||||||||||||||||||||
Total comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) attributable to Belden | $ | $ | ( | $ | $ | ( |
Foreign Currency Translation Component | Pension and Other Postretirement Benefit Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income attributable to Belden before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ||||||||||||||||
Net current period other comprehensive income attributable to Belden | |||||||||||||||||
Balance at July 4, 2021 | $ | ( | $ | ( | $ | ( |
Amount Reclassified from Accumulated Other Comprehensive Income (2) | Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income | ||||||||||
(In thousands) | |||||||||||
Amortization of pension and other postretirement benefit plan items: | |||||||||||
Actuarial losses | $ | (1) | |||||||||
Prior service cost | (1) | ||||||||||
Total before tax | |||||||||||
Tax benefit | ( | ||||||||||
Total net of tax | $ |
Three Months Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 601,974 | $ | 424,811 | 41.7 | % | $ | 1,138,355 | $ | 888,337 | 28.1 | % | |||||||||||||||||||||||
Gross profit | 211,535 | 149,940 | 41.1 | % | 402,879 | 320,441 | 25.7 | % | |||||||||||||||||||||||||||
Selling, general and administrative expenses | (105,554) | (91,703) | 15.1 | % | (204,003) | (190,092) | 7.3 | % | |||||||||||||||||||||||||||
Research and development expenses | (30,922) | (25,090) | 23.2 | % | (62,422) | (51,309) | 21.7 | % | |||||||||||||||||||||||||||
Amortization of intangibles | (9,102) | (16,017) | (43.2) | % | (19,049) | (32,202) | (40.8) | % | |||||||||||||||||||||||||||
Operating income | 65,957 | 17,130 | 285.0 | % | 117,405 | 46,838 | 150.7 | % | |||||||||||||||||||||||||||
Interest expense, net | (14,878) | (14,257) | 4.4 | % | (30,389) | (27,581) | 10.2 | % | |||||||||||||||||||||||||||
Non-operating pension benefit | 1,445 | 700 | 106.4 | % | 2,129 | 1,399 | 52.2 | % | |||||||||||||||||||||||||||
Income from continuing operations before taxes | 52,524 | 3,573 | 1,370.0 | % | 89,145 | 20,656 | 331.6 | % |
Three Months Ended | % | Six Months Ended | % | ||||||||||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | Change | July 4, 2021 | June 28, 2020 | Change | ||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Income before taxes | $ | 52,524 | $ | 3,573 | 1,370.0 | % | $ | 89,145 | $ | 20,656 | 331.6 | % | |||||||||||||||||||||||
Income tax expense | 8,552 | 400 | 2,038.0 | % | 16,432 | 2,592 | 534.0 | % | |||||||||||||||||||||||||||
Effective tax rate | 16.3 | % | 11.2 | % | 18.4 | % | 12.5 | % |
Three Months Ended | % | Six Months Ended | % | ||||||||||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | Change | July 4, 2021 | June 28, 2020 | Change | ||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Adjusted Revenues | $ | 602,823 | $ | 424,811 | 41.9 | % | $ | 1,139,204 | $ | 888,337 | 28.2 | % | |||||||||||||||||||||||
Adjusted EBITDA | 93,430 | 49,142 | 90.1 | % | 173,550 | 109,985 | 57.8 | % | |||||||||||||||||||||||||||
as a percent of adjusted revenues | 15.5 | % | 11.6 | % | 15.2 | % | 12.4 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | ||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||
GAAP revenues | $ | 601,974 | $ | 424,811 | $ | 1,138,355 | $ | 888,337 | |||||||||||||||
Adjustments related to acquisitions | 849 | — | 849 | — | |||||||||||||||||||
Adjusted revenues | $ | 602,823 | $ | 424,811 | $ | 1,139,204 | $ | 888,337 | |||||||||||||||
GAAP income from continuing operations | $ | 43,972 | $ | 3,173 | $ | 72,713 | $ | 18,064 | |||||||||||||||
Interest expense, net | 14,878 | 14,257 | 30,389 | 27,581 | |||||||||||||||||||
Depreciation expense | 11,367 | 10,332 | 22,927 | 20,614 | |||||||||||||||||||
Income tax expense | 8,552 | 400 | 16,432 | 2,592 | |||||||||||||||||||
Amortization of intangible assets | 9,102 | 16,017 | 19,049 | 32,202 | |||||||||||||||||||
Severance, restructuring, and acquisition integration costs (1) | 3,040 | 4,472 | 8,211 | 8,091 | |||||||||||||||||||
Adjustments related to acquisitions and divestitures (2) | 1,912 | 105 | 2,533 | 125 | |||||||||||||||||||
Amortization of software development intangible assets | 607 | 386 | 1,296 | 716 | |||||||||||||||||||
Adjusted EBITDA | $ | 93,430 | $ | 49,142 | $ | 173,550 | $ | 109,985 | |||||||||||||||
GAAP income from continuing operations margin | 7.3 | % | 0.7 | % | 6.4 | % | 2.0 | % | |||||||||||||||
Adjusted EBITDA margin | 15.5 | % | 11.6 | % | 15.2 | % | 12.4 | % |
Three Months Ended | % | Six Months Ended | % | ||||||||||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | Change | July 4, 2021 | June 28, 2020 | Change | ||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Segment Revenues | $ | 267,528 | $ | 203,374 | 31.5 | % | $ | 493,883 | $ | 415,587 | 18.8 | % | |||||||||||||||||||||||
Segment EBITDA | 35,269 | 22,231 | 58.6 | % | 63,375 | 46,943 | 35.0 | % | |||||||||||||||||||||||||||
as a percent of segment revenues | 13.2 | % | 10.9 | % | 12.8 | % | 11.3 | % |
Three Months Ended | % | Six Months Ended | % | ||||||||||||||||||||||||||||||||
July 4, 2021 | June 28, 2020 | Change | July 4, 2021 | June 28, 2020 | Change | ||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Segment Revenues | $ | 335,295 | $ | 221,437 | 51.4 | % | $ | 645,321 | $ | 472,750 | 36.5 | % | |||||||||||||||||||||||
Segment EBITDA | 56,731 | 26,449 | 114.5 | % | 108,094 | 61,976 | 74.4 | % | |||||||||||||||||||||||||||
as a percent of segment revenues | 16.9 | % | 11.9 | % | 16.8 | % | 13.1 | % |
Six Months Ended | |||||||||||
July 4, 2021 | June 28, 2020 | ||||||||||
(In thousands) | |||||||||||
Net cash provided by (used for): | |||||||||||
Operating activities | $ | 26,654 | $ | (12,130) | |||||||
Investing activities | (94,218) | (38,054) | |||||||||
Financing activities | (10,146) | 19,959 | |||||||||
Effects of currency exchange rate changes on cash and cash equivalents | (993) | (2,620) | |||||||||
Decrease in cash and cash equivalents | (78,703) | (32,845) | |||||||||
Cash and cash equivalents, beginning of period | 501,994 | 425,885 | |||||||||
Cash and cash equivalents, end of period | $ | 423,291 | $ | 393,040 |
Principal Amount by Expected Maturity | Fair | ||||||||||||||||||||||
2021 | Thereafter | Total | Value | ||||||||||||||||||||
(In thousands, except interest rates) | |||||||||||||||||||||||
€300.0 million fixed-rate senior subordinated notes due 2025 | $ | — | $ | 356,010 | $ | 356,010 | $ | 358,399 | |||||||||||||||
Average interest rate | 2.875 | % | |||||||||||||||||||||
€200.0 million fixed-rate senior subordinated notes due 2026 | $ | — | $ | 237,340 | $ | 237,340 | $ | 243,760 | |||||||||||||||
Average interest rate | 4.125 | % | |||||||||||||||||||||
€450.0 million fixed-rate senior subordinated notes due 2027 | $ | — | $ | 534,015 | $ | 534,015 | $ | 548,903 | |||||||||||||||
Average interest rate | 3.375 | % | |||||||||||||||||||||
€350.0 million fixed-rate senior subordinated notes due 2028 | $ | — | $ | 415,345 | $ | 415,345 | $ | 432,956 | |||||||||||||||
Average interest rate | 3.875 | % | |||||||||||||||||||||
Total | $ | 1,542,710 | $ | 1,584,018 |
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 | ||||||||
Exhibit 101.SCH | Schema Document | |||||||
Exhibit 101.CAL | Calculation Linkbase Document | |||||||
Exhibit 101.DEF | Definition Linkbase Document | |||||||
Exhibit 101.LAB | Labels Linkbase Document | |||||||
Exhibit 101.PRE | Presentation Linkbase Document |
BELDEN INC. | |||||||||||||||||
Date: | August 9, 2021 | By: | /s/ Roel Vestjens | ||||||||||||||
Roel Vestjens | |||||||||||||||||
President and Chief Executive Officer | |||||||||||||||||
Date: | August 9, 2021 | By: | /s/ Jeremy Parks | ||||||||||||||
Jeremy Parks | |||||||||||||||||
Senior Vice President, Finance, and Chief Financial Officer | |||||||||||||||||
Date: | August 9, 2021 | By: | /s/ Douglas R. Zink | ||||||||||||||
Douglas R. Zink | |||||||||||||||||
Vice President and Chief Accounting Officer |
/s/ Roel Vestjens | ||
Roel Vestjens | ||
President and Chief Executive Officer |
/s/ Jeremy Parks | |||||
Jeremy Parks | |||||
Senior Vice President, Finance, and Chief Financial Officer |
Condensed Consolidated Stockholders' Equity Statements (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 04, 2021 |
Apr. 04, 2021 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock dividends declared per share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.10 | $ 0.10 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jul. 04, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2020: •Are prepared from the books and records without audit, and •Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but •Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2020 Annual Report on Form 10-K. Business Description We are a global supplier of specialty networking solutions built around two global businesses - 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. 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, which was April 4, 2021, the 94th day of our fiscal year 2021. Our fiscal second and third quarters each have 91 days. The six months ended July 4, 2021 and June 28, 2020 included 185 days and 180 days, respectively. 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. As of and during the three and six months ended July 4, 2021 and June 28, 2020, we utilized Level 1 inputs to determine the fair value of cash equivalents, and we utilized Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for impairment testing (see Notes 4 and 11). We did not have any transfers between Level 1 and Level 2 fair value measurements during the six months ended July 4, 2021 and June 28, 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 July 4, 2021, 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. During the six months ended June 28, 2020, 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. 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. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. 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. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow. As of July 4, 2021, we were party to bank guaranties, standby letters of credit, and surety bonds totaling $6.9 million, $6.9 million, and $3.3 million, respectively. 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 2. Subsequent Events We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure. 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 Condensed Consolidated Statements of Operations. The joint venture is not material to our Condensed Consolidated financial statements as of or for the periods ended July 4, 2021 and June 28, 2020. Furthermore, certain subsidiaries of our Opterna and OTN Systems N.V. (OTN) businesses, which we acquired in April of 2019 and January 2021, respectively, 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 respective acquisition dates. The results that are attributable to the noncontrolling interest holders are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. The subsidiaries of Opterna and OTN that include noncontrolling interests are not material to our Condensed Consolidated financial statements as of or for the periods ended July 4, 2021 and June 28, 2020.
|
Revenues |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues 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. The following tables present our revenues disaggregated by major product category.
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
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 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 relative selling price using the prices charged to customers on a standalone basis. 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 were not significant during the three and six months ended July 4, 2021 and June 28, 2020. The following table presents estimated and accrued variable consideration:
Depending on the terms of an arrangement, we may defer the recognition of some or all 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. Consideration allocated to professional services is typically recognized when or as the services are performed depending on the terms of the arrangement. As of July 4, 2021, total deferred revenue was $82.1 million, and of this amount, $57.3 million is expected to be recognized within the next twelve months, and the remaining $24.8 million is long-term and is expected to be recognized over a period greater than twelve months. The following table presents deferred revenue activity during the three and six months ended July 4, 2021 and June 28, 2020:
Service-type warranties represent $11.0 million of the deferred revenue balance at July 4, 2021, and of this amount $3.9 million is expected to be recognized in the next twelve months, and the remaining $7.1 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 original 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 was $6.2 million and $4.6 million as of July 4, 2021 and June 28, 2020, respectively. The following table presents sales commissions that are recorded within selling, general and administrative expenses:
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Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions OTN Systems N.V. We acquired 100% of the shares of OTN on January 29, 2021 for a preliminary purchase price, net of cash acquired, of $73.3 million, which was funded with cash on hand. OTN, based in Olen, Belgium, is a leading provider of easy to use and highly-reliable network solutions tailored for specific applications in harsh, mission-critical environments. The acquisition of OTN supports one of our key strategic priorities related to the growing demand for industrial automation by adding proprietary technology and mission-critical hardware and software products for more complete end-to-end solutions. The results of OTN have been included in our Condensed Consolidated Financial Statements from January 29, 2021, and are reported within the Industrial Solutions segment. Belden assumed $1.8 million of OTN's debt as part of the transaction, which was subsequently paid on the acquisition date. A subsidiary of OTN includes a noncontrolling interest. Because OTN has a controlling financial interest in the subsidiary, it is consolidated into our financial statements. The results that are attributable to the noncontrolling interest holder are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of January 29, 2021 (in thousands):
The above purchase price allocation is preliminary, and is subject to revision as additional information about the fair value of individual assets and liabilities becomes available. The preliminary measurement of receivables, inventories, intangible assets, goodwill, deferred income taxes, other assets and liabilities, and noncontrolling interests are subject to change. A change in the estimated fair value of the net assets acquired or noncontrolling interests will change the amount of the purchase price allocable to goodwill. During the second quarter of 2021, we recorded measurement-period adjustments that increased goodwill by $0.2 million. The impact of these adjustments to the Condensed Consolidated Statements of Operations was immaterial. 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 values assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations. The preliminary fair value of acquired receivables is $5.0 million, which is equivalent to its gross contractual amount. For purposes of the above allocation, we based our preliminary estimate of the fair values for the acquired inventory, intangible assets, deferred revenue, and noncontrolling interests on valuation studies performed by a third party valuation firm. We have estimated a preliminary 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 our post acquisition selling efforts. We used various valuation methods including discounted cash flows, lost income, excess earnings, and relief from royalty to estimate the preliminary fair value of the identifiable intangible assets and deferred revenue (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 the expansion of industrial automation product offerings in complete end-to-end solutions. Our tax basis in the acquired goodwill is zero. The intangible assets related to the acquisition consisted of the following:
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 useful life of the non-compete agreements was based on the term of the agreements. Our consolidated revenues and income before taxes for the three months ended July 4, 2021 included $8.8 million and $(0.8) million, respectively, from OTN. For the three months ended July 4, 2021, income before taxes included $0.3 million of severance and other restructuring costs, $0.7 million of amortization of intangible assets, and $1.2 million of cost of sales related to the adjustment of acquired inventory to fair value for OTN. Our consolidated revenues and income before taxes for the six months ended July 4, 2021 included $12.9 million and $(4.2) million, respectively, from OTN. For the six months ended July 4, 2021, income before taxes included $1.7 million of severance and other restructuring costs, $2.3 million of amortization of intangible assets, and $2.0 million of cost of sales related to the adjustment of acquired inventory to fair value for OTN. The following table illustrates the unaudited pro forma effect on operating results as if the OTN acquisition had been completed as of January 1, 2020.
The above unaudited pro forma financial information is presented for informational 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. Opterna International Corp. Our acquisition of Opterna International Corp. (Opterna) in 2019 included potential earn-out consideration. As of the acquisition date, we estimated the fair value of the earn-out to be $5.8 million. The earn-out period ended in 2021, and the financial targets tied to the earn-out were not achieved. We reduced the earn-out liability to zero and recognized a $5.8 million benefit in Selling, General and Administrative Expenses in the six months ended July 4, 2021. This benefit was excluded from Segment EBITDA of our Enterprise Solutions segment.
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Disposals |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | Disposals 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. When we classify a disposal group as held for sale, we test for impairment. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil that met all of the criteria to classify the assets and liabilities of this business, formerly part of the Industrial Solutions segment, as held for sale. At such time, the carrying value of the disposal group exceeded the fair value less costs to sell, which we determined based upon the expected sale price, by $3.4 million. Therefore, we recognized an impairment charge in Selling, General and Administrative Expenses equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment. We completed the sale of our oil and gas cable business in Brazil during the second quarter of 2021 for $10.9 million, net of cash delivered with the business. Discontinued OperationsDuring 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, the divestiture of Grass Valley represented a strategic shift that had 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, was reported within discontinued operations. The Grass Valley disposal group excluded certain Grass Valley pension liabilities that we retained. We also ceased depreciating and amortizing the assets of the disposal group once they met the held for sale criteria during the fourth quarter of 2019. We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 for 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. The seller’s note accrues PIK interest at an annual rate of 8.5%. During the three and six months ended July 4, 2021, the seller's note accrued interest of $4.0 million and $7.7 million, respectively, 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. 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. Grass Valley's operating results for periods after July 2, 2020 are not included in our Consolidated Financial Statements. The following table summarizes the operating results of the disposal group for the three and six months ended June 28, 2020 (in thousands):
We wrote down the carrying value of Grass Valley and recognized asset impairments totaling $89.8 million and $113.0 million in the three and six months ended June 28, 2020, respectively. 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. The disposal group had capital expenditures of approximately $8.5 million and $16.4 million during the three and six months ended June 28, 2020, respectively. The disposal group recognized credits to stock-based compensation of $0.0 million and $0.9 million during the three and six months ended June 28, 2020, respectively. The disposal group did not have any significant non-cash charges for investing activities during the six months ended June 28, 2020.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Disposals 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. When we classify a disposal group as held for sale, we test for impairment. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil that met all of the criteria to classify the assets and liabilities of this business, formerly part of the Industrial Solutions segment, as held for sale. At such time, the carrying value of the disposal group exceeded the fair value less costs to sell, which we determined based upon the expected sale price, by $3.4 million. Therefore, we recognized an impairment charge in Selling, General and Administrative Expenses equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment. We completed the sale of our oil and gas cable business in Brazil during the second quarter of 2021 for $10.9 million, net of cash delivered with the business. Discontinued OperationsDuring 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, the divestiture of Grass Valley represented a strategic shift that had 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, was reported within discontinued operations. The Grass Valley disposal group excluded certain Grass Valley pension liabilities that we retained. We also ceased depreciating and amortizing the assets of the disposal group once they met the held for sale criteria during the fourth quarter of 2019. We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 for 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. The seller’s note accrues PIK interest at an annual rate of 8.5%. During the three and six months ended July 4, 2021, the seller's note accrued interest of $4.0 million and $7.7 million, respectively, 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. 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. Grass Valley's operating results for periods after July 2, 2020 are not included in our Consolidated Financial Statements. The following table summarizes the operating results of the disposal group for the three and six months ended June 28, 2020 (in thousands):
We wrote down the carrying value of Grass Valley and recognized asset impairments totaling $89.8 million and $113.0 million in the three and six months ended June 28, 2020, respectively. 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. The disposal group had capital expenditures of approximately $8.5 million and $16.4 million during the three and six months ended June 28, 2020, respectively. The disposal group recognized credits to stock-based compensation of $0.0 million and $0.9 million during the three and six months ended June 28, 2020, respectively. The disposal group did not have any significant non-cash charges for investing activities during the six months ended June 28, 2020.
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Reportable Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segments | Reportable Segments We are organized around two global businesses: Enterprise Solutions and Industrial Solutions. Each of the global businesses represents a reportable segment. The key measures of segment profit or loss 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 Condensed Consolidated Statements of Operations and Comprehensive Income 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. Inter-company revenues between our segments is not material.
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.
(1) See Note 12, Severance, Restructuring, and Acquisition Integration Activities, for details. (2) During the three months ended July 4, 2021, we collected $0.1 million of receivables associated with the sale of Grass Valley that were previously written off, recognized deferred revenues of $0.8 million for the purchase accounting effect of recording deferred revenue at fair value for the OTN acquisition, and recognized cost of sales of $1.2 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN acquisition. During the six months ended July 4, 2021, we reduced the Opterna earn-out liability by $5.8 million, recognized a $3.6 million impairment on assets held and used, recognized a $3.4 million impairment on assets held for sale, collected $1.5 million of receivables associated with the sale of Grass Valley that were previously written off, recognized cost of sales of $2.0 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN acquisition, and recognized deferred revenues of $0.8 million for the purchase accounting effect of recording deferred revenue at fair value for the OTN acquisition. During the three and six months ended June 28, 2020, we recognized cost of sales related to purchase accounting adjustments of acquired inventory to fair value for the SPC acquisition.
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Income (loss) per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) per Share | Income (loss) per Share The following table presents the basis for the income (loss) per share computations:
For both the three and six months ended July 4, 2021, diluted weighted average shares outstanding exclude outstanding equity awards of 1.3 million as they are anti-dilutive. In addition, for both the three and six months ended July 4, 2021, diluted weighted average shares outstanding do not include outstanding equity awards of 0.4 million because the related performance conditions have not been satisfied. For the three and six months ended June 28, 2020, diluted weighted average shares outstanding exclude outstanding equity awards of 1.7 million and 1.5 million, respectively, which are anti-dilutive. In addition, for both the three and six months ended June 28, 2020, diluted weighted average shares outstanding do not include outstanding equity awards of 0.4 million because the related performance conditions have not been satisfied. 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.
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Credit Losses |
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Credit Losses | 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 estimated 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. Estimates are used to determine the allowance, which is based upon an assessment of anticipated payments as well as other information that is reasonably available. The following table presents the activity in the trade receivables allowance for doubtful accounts for our continuing operations for the three and six months ended July 4, 2021 and June 28, 2020, respectively:
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Inventories |
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Inventories | Inventories The following table presents the major classes of inventories as of July 4, 2021 and December 31, 2020, respectively:
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Leases |
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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 extension and termination options for an additional 15 years or within 1 year, respectively. 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, and for the three and six months ended July 4, 2021 and June 28, 2020, 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. We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group (see Note 5). This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley. Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of July 4, 2021, the SAM lease has approximately $21.2 million of lease payments remaining, but we do not believe that it is probable that we have incurred a liability from the guarantee. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
The following table summarizes maturities of lease liabilities as of July 4, 2021 and December 31, 2020, respectively:
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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 extension and termination options for an additional 15 years or within 1 year, respectively. 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, and for the three and six months ended July 4, 2021 and June 28, 2020, 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. We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group (see Note 5). This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley. Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of July 4, 2021, the SAM lease has approximately $21.2 million of lease payments remaining, but we do not believe that it is probable that we have incurred a liability from the guarantee. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
The following table summarizes maturities of lease liabilities as of July 4, 2021 and December 31, 2020, respectively:
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Long-Lived Assets |
6 Months Ended |
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Jul. 04, 2021 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Assets | Long-Lived Assets Depreciation and Amortization Expense We recognized depreciation expense of $11.4 million and $22.9 million in the three and six months ended July 4, 2021, respectively. We recognized depreciation expense of $10.3 million and $20.6 million in the three and six months ended June 28, 2020, respectively. We recognized amortization expense related to our intangible assets of $9.7 million and $20.3 million in the three and six months ended July 4, 2021, respectively. We recognized amortization expense related to our intangible assets of $16.4 million and $32.9 million in the three and six months ended June 28, 2020, respectively. Interim Impairment Test During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil, and recognized an impairment charge of $3.4 million. During the second quarter of 2021, we completed the sale of this business. See Note 4. Also in the first quarter of 2021, we performed a recoverability test over certain held and used long-lived assets in our Industrial Solutions segment as a result of the likelihood of selling the assets. We determined that the carrying values of the assets were not recoverable and recognized a $3.6 million impairment charge in Selling, General and Administrative Expenses during the six months ended July 4, 2021 to write them down to fair value. This impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment.
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Severance, Restructuring, and Acquisition Integration Activities |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance, Restructuring, and Acquisition Integration Activities | Severance, Restructuring, and Acquisition Integration Activities Cost Reduction Program During the fourth quarter of 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 $1.2 million and $3.5 million of severance and other restructuring costs for this program during the three and six months ended July 4, 2021, respectively, and $3.5 million and $3.0 million during the three and six months ended June 28, 2020, 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. We expect to incur incremental costs of approximately $5 million for this program in 2021. Acquisition Integration Program We are integrating our recent acquisitions such as OTN, SPC, and Opterna with our existing businesses. The restructuring and integration activities are focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We recognized $0.6 million and $2.4 million of severance and other restructuring costs for this program during the three and six months ended July 4, 2021, respectively. We recognized $0.9 million and $3.1 million of severance and other restructuring costs for this program during the three and six months ended June 28, 2020, respectively. These costs were incurred by both the Enterprise Solutions and Industrial Solutions segments. We expect to incur incremental costs of approximately $2.0 million for this program in 2021. The following table summarizes the costs by segment of the programs described above as well as other immaterial programs and acquisition integration activities during the three and six months ended July 4, 2021 and June 28, 2020:
The other restructuring and integration costs primarily consisted of equipment transfer, 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 Condensed Consolidated Statement of Operations:
Accrued Severance The table below summarizes severance activity, included in accrued liabilities, for the Cost Reduction Program and the Acquisition Integration Program discussed above for the three and six months ended July 4, 2021 and June 28, 2020, respectively.
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Long-Term Debt and Other Borrowing Arrangements |
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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 were as follows:
Revolving Credit Agreement due 2026 On June 2, 2021, we entered into an amended and restated Revolving Credit Agreement that provides a $300.0 million multi-currency asset-based revolving credit facility (the Revolver). The maturity date of the Revolver is June 2, 2026. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the United States, Canada, Germany, the United Kingdom and the Netherlands. 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. Outstanding borrowings in the U.S. and Canada may also, at our election, be priced on a base rate plus a spread that ranges from 0.25% — 0.75%, depending on our leverage position. We pay a commitment fee on the total commitments of 0.25%. In the event that we borrow more than 90% of our combined borrowing base or our borrowing base availability is less than $20.0 million, we are subject to a fixed charge coverage ratio covenant. We paid approximately $1.7 million of fees associated with the amended Revolver, which will be amortized over its term using the effective interest method. As of July 4, 2021, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $294.1 million. Senior Subordinated Notes 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 July 4, 2021 is $356.0 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 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 July 4, 2021 is $237.3 million. The 2026 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2026 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 €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 July 4, 2021 is $534.0 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 €350.0 million aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of July 4, 2021 is $415.3 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. On July 28, 2021, we completed an offering for €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). We intend to use the net proceeds from the offering of the 2031 Notes, along with cash on hand, to fund the redemption in full of our 2025 Notes. See Note 19. Fair Value of Long-Term Debt The fair value of our senior subordinated notes as of July 4, 2021 was approximately $1,584.0 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair value of our senior subordinated notes with a carrying value of $1,542.7 million as of July 4, 2021.
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Net Investment Hedge |
6 Months Ended |
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Jul. 04, 2021 | |
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 July 4, 2021, €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 six months ended July 4, 2021 and June 28, 2020, the transaction gain associated with the net investment hedge reported in other comprehensive income was $28.8 million and $18.2 million, respectively. During the six months ended June 28, 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. |
Income Taxes |
6 Months Ended |
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Jul. 04, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three and six months ended July 4, 2021, we recognized income tax expense of $8.6 million and $16.4 million, respectively, representing an effective tax rate of 16.3% and 18.4%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. For the three and six months ended June 28, 2020, we recognized income tax expense of $0.4 million and $2.6 million, respectively, representing an effective tax rate of 11.2% and 12.5%, respectively. The effective tax rates were impacted by income tax benefits for certain foreign tax credits of $0.1 million and $1.2 million in the three and six months ended June 28, 2020, respectively. |
Pension and Other Postretirement Obligations |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Obligations | Pension and Other Postretirement Obligations The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans:
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Comprehensive Income and Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | Comprehensive Income and Accumulated Other Comprehensive Income (Loss) The following table summarizes total comprehensive income (losses):
The tax impacts of the foreign currency translation adjustments and pension liability adjustments in the table above are not material. The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows:
The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the six months ended July 4, 2021:
(1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16). (2) We reclassified $1.0 million of accumulated foreign currency translation gains associated with the sale of our oil and gas cable business in Brazil.
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Share Repurchase |
6 Months Ended |
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Jul. 04, 2021 | |
Equity [Abstract] | |
Share Repurchase | Share RepurchaseOn November 29, 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 six months ended July 4, 2021, we did not repurchase any stock. During the three months ended June 28, 2020, we repurchased 0.4 million shares of our common stock under the share repurchase program for an aggregate cost of $13.8 million at an average price per share of $35.80. During the six months ended June 28, 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. |
Subsequent Events |
6 Months Ended |
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Jul. 04, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn July 28, 2021, we completed an offering for €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). We intend to use the net proceeds from the offering of the 2031 Notes, along with cash on hand, to fund the redemption in full of our 2025 Notes. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jul. 04, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2020: •Are prepared from the books and records without audit, and •Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but •Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2020 Annual Report on Form 10-K
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Business Description | Business DescriptionWe are a global supplier of specialty networking solutions built around two global businesses - 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. |
Reporting Periods | Reporting PeriodsOur 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, which was April 4, 2021, the 94th day of our fiscal year 2021. Our fiscal second and third quarters each have 91 days. The six months ended July 4, 2021 and June 28, 2020 included 185 days and 180 days, respectively. |
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. As of and during the three and six months ended July 4, 2021 and June 28, 2020, we utilized Level 1 inputs to determine the fair value of cash equivalents, and we utilized Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for impairment testing (see Notes 4 and 11). We did not have any transfers between Level 1 and Level 2 fair value measurements during the six months ended July 4, 2021 and June 28, 2020.
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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 July 4, 2021, 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. During the six months ended June 28, 2020, 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.
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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. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. 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. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow. As of July 4, 2021, we were party to bank guaranties, standby letters of credit, and surety bonds totaling $6.9 million, $6.9 million, and $3.3 million, respectively.
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Revenue Recognition | 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 2.
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Subsequent Events | Subsequent Events We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure.
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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 Condensed Consolidated Statements of Operations. The joint venture is not material to our Condensed Consolidated financial statements as of or for the periods ended July 4, 2021 and June 28, 2020. Furthermore, certain subsidiaries of our Opterna and OTN Systems N.V. (OTN) businesses, which we acquired in April of 2019 and January 2021, respectively, 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 respective acquisition dates. The results that are attributable to the noncontrolling interest holders are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. The subsidiaries of Opterna and OTN that include noncontrolling interests are not material to our Condensed Consolidated financial statements as of or for the periods ended July 4, 2021 and June 28, 2020.
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Revenues (Tables) |
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Jul. 04, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present our revenues disaggregated by major product category.
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
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Contract with Customer, Asset and Liability | The following table presents estimated and accrued variable consideration:
The following table presents deferred revenue activity during the three and six months ended July 4, 2021 and June 28, 2020:
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Sales Commissions | The following table presents sales commissions that are recorded within selling, general and administrative expenses:
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Acquisitions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of January 29, 2021 (in thousands):
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Schedule of Acquired Intangible Assets | The intangible assets related to the acquisition consisted of the following:
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Schedule of Pro Forma Information | The following table illustrates the unaudited pro forma effect on operating results as if the OTN acquisition had been completed as of January 1, 2020.
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Discontinued Operations (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The following table summarizes the operating results of the disposal group for the three and six months ended June 28, 2020 (in thousands):
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Reportable Segments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Information | 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. Inter-company revenues between our segments is not material.
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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.
(1) See Note 12, Severance, Restructuring, and Acquisition Integration Activities, for details. (2) During the three months ended July 4, 2021, we collected $0.1 million of receivables associated with the sale of Grass Valley that were previously written off, recognized deferred revenues of $0.8 million for the purchase accounting effect of recording deferred revenue at fair value for the OTN acquisition, and recognized cost of sales of $1.2 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN acquisition. During the six months ended July 4, 2021, we reduced the Opterna earn-out liability by $5.8 million, recognized a $3.6 million impairment on assets held and used, recognized a $3.4 million impairment on assets held for sale, collected $1.5 million of receivables associated with the sale of Grass Valley that were previously written off, recognized cost of sales of $2.0 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN acquisition, and recognized deferred revenues of $0.8 million for the purchase accounting effect of recording deferred revenue at fair value for the OTN acquisition. During the three and six months ended June 28, 2020, we recognized cost of sales related to purchase accounting adjustments of acquired inventory to fair value for the SPC acquisition.
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Income (loss) per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis for Income Per Share Computations | The following table presents the basis for the income (loss) per share computations:
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Credit Losses (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | The following table presents the activity in the trade receivables allowance for doubtful accounts for our continuing operations for the three and six months ended July 4, 2021 and June 28, 2020, respectively:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Classes of Inventories | The following table presents the major classes of inventories as of July 4, 2021 and December 31, 2020, respectively:
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | The components of lease expense were as follows:
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Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases was as follows:
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Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases was as follows:
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Supplemental Other Information Related To Leases |
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Operating Lease, Liability, Maturity | The following table summarizes maturities of lease liabilities as of July 4, 2021 and December 31, 2020, respectively:
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Severance, Restructuring, and Acquisition Integration Activities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 during the three and six months ended July 4, 2021 and June 28, 2020:
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 Condensed Consolidated Statement of Operations:
The table below summarizes severance activity, included in accrued liabilities, for the Cost Reduction Program and the Acquisition Integration Program discussed above for the three and six months ended July 4, 2021 and June 28, 2020, respectively.
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Long-Term Debt and Other Borrowing Arrangements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 04, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Values of Long-Term Debt and Other Borrowing Arrangements | The carrying values of our long-term debt were as follows:
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Pension and Other Postretirement Obligations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans:
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Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income (Loss) | The following table summarizes total comprehensive income (losses):
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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:
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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) for the six months ended July 4, 2021:
(1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16). (2) We reclassified $1.0 million of accumulated foreign currency translation gains associated with the sale of our oil and gas cable business in Brazil.
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Revenues Revenues - Estimated and Accrued Variable Consideration (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jul. 04, 2021 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||
Accrued rebates | $ 35,831 | $ 32,192 |
Accrued returns | 12,003 | 13,016 |
Price adjustments recognized against gross accounts receivable | $ 27,718 | $ 25,244 |
Revenues - Narrative (Details) - USD ($) $ in Thousands |
Jul. 04, 2021 |
Apr. 04, 2021 |
Dec. 31, 2020 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
Disaggregation of Revenue [Line Items] | ||||||
Contract with customer, deferred revenues | $ 82,077 | $ 83,763 | $ 77,648 | $ 68,607 | $ 69,485 | $ 70,070 |
Contract with customer, deferred revenues, current | 57,300 | |||||
Contract with customer, deferred revenues, noncurrent | 24,800 | |||||
Deferred sales commission | 6,200 | $ 4,600 | ||||
Service-Type Warranties | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Contract with customer, deferred revenues | 11,000 | |||||
Contract with customer, deferred revenues, current | 3,900 | |||||
Contract with customer, deferred revenues, noncurrent | $ 7,100 |
Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jul. 04, 2021 |
Apr. 04, 2021 |
Jun. 28, 2020 |
Mar. 29, 2020 |
|
Change in Contract with Customer, Liability [Abstract] | ||||
Beginning balance | $ 83,763 | $ 77,648 | $ 69,485 | $ 70,070 |
New deferrals | 20,596 | 24,505 | 21,322 | 23,830 |
Acquisition of OTN | (2,740) | 5,997 | 0 | 0 |
Revenue recognized | (19,542) | (24,387) | (22,200) | (24,415) |
Balance at end of period | $ 82,077 | $ 83,763 | $ 68,607 | $ 69,485 |
Revenues - Sales Commissions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||||
Sales commissions | $ 4,715 | $ 3,856 | $ 8,592 | $ 8,030 |
Acquisitions - Schedule of Pro Forma Information (Details) - OTN Systems N.V. - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Business Acquisition [Line Items] | ||||
Revenues | $ 603,171 | $ 432,941 | $ 1,140,750 | $ 901,641 |
Net income from continuing operations attributable to Belden common stockholders | $ 38,133 | $ 2,015 | $ 61,503 | $ 13,213 |
Diluted income from continuing operations per share attributable to Belden common stockholders | $ 0.84 | $ 0.05 | $ 1.36 | $ 0.29 |
Reportable Segments - Additional Information (Details) - 6 months ended Jul. 04, 2021 |
segment |
Segment |
---|---|---|
Segment Reporting [Abstract] | ||
Number of global business platforms | 2 | 2 |
Income (loss) per Share - Basis for Income Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Numerator: | ||||
Income from continuing operations | $ 43,972 | $ 3,173 | $ 72,713 | $ 18,064 |
Less: Net income (loss) attributable to noncontrolling interest | 208 | 24 | 283 | (6) |
Income from continuing operations attributable to Belden stockholders | 43,764 | 3,149 | 72,430 | 18,070 |
Add: Loss from discontinued operations, net of tax | 0 | (71,054) | 0 | (97,164) |
Net income (loss) attributable to Belden stockholders | $ 43,764 | $ (67,905) | $ 72,430 | $ (79,094) |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | 44,759 | 44,557 | 44,717 | 44,969 |
Effect of dilutive common stock equivalents (in shares) | 503 | 108 | 445 | 128 |
Weighted average shares outstanding, diluted (in shares) | 45,262 | 44,665 | 45,162 | 45,097 |
Income (loss) per Share - Additional Information (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares) | 1.3 | 1.7 | 1.3 | 1.5 |
Anti-dilutive shares excluded from diluted weighted average shares outstanding due to performance conditions not being met (in shares) | 0.4 | 0.4 | 0.4 | 0.4 |
Inventories - Major Classes of Inventories (Details) - USD ($) $ in Thousands |
Jul. 04, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 139,282 | $ 106,514 |
Work-in-process | 37,477 | 32,011 |
Finished goods | 163,281 | 141,042 |
Gross inventories | 340,040 | 279,567 |
Excess and obsolete reserves | (35,219) | (32,269) |
Net inventories | $ 304,821 | $ 247,298 |
Leases Additional Information (Details) $ in Millions |
6 Months Ended |
---|---|
Jul. 04, 2021
USD ($)
| |
Lessee, Lease, Description [Line Items] | |
Renewal term | 15 years |
Snell Advanced Media (SAM) | |
Lessee, Lease, Description [Line Items] | |
Lease guarantee, remaining lease payments | $ 21.2 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, term of contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, term of contract | 15 years |
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 4,998 | $ 3,344 | $ 8,846 | $ 6,941 |
Amortization of right-of-use asset | 22 | 33 | 55 | 66 |
Interest on lease liabilities | 2 | 4 | 5 | 9 |
Total finance lease cost | $ 24 | $ 37 | $ 60 | $ 75 |
Leases Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 4,238 | $ 3,670 | $ 8,373 | $ 7,461 |
Operating cash flows from finance leases | 2 | 4 | 5 | 9 |
Financing cash flows from finance leases | $ 32 | $ 41 | $ 75 | $ 87 |
Leases Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands |
Jul. 04, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Total operating lease right-of-use assets | $ 59,509 | $ 54,787 |
Accrued liabilities | 16,207 | 14,742 |
Long-term operating lease liabilities | 49,805 | 46,398 |
Total operating lease liabilities | 66,012 | 61,140 |
Other long-lived assets, at cost | 536 | 764 |
Accumulated depreciation | (307) | (483) |
Other long-lived assets, net | $ 229 | $ 281 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other long-lived assets | Other long-lived assets |
Leases Supplemental Other Information Related To Leases (Details) |
Jul. 04, 2021 |
Dec. 31, 2020 |
---|---|---|
Weighted Average Remaining Lease Term | ||
Operating leases | 5 years | 5 years |
Finance leases | 2 years | 3 years |
Weighted Average Discount Rate | ||
Operating leases | 6.00% | 6.60% |
Finance leases | 4.60% | 4.90% |
Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Jul. 04, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Lease liabilities, remainder of fiscal year | $ 10,464 | |
Lease liabilities, year one | 19,172 | $ 19,250 |
Lease liabilities, year two | 15,096 | 16,305 |
Lease liabilities, year three | 11,950 | 12,552 |
Lease liabilities, year four | 10,843 | 9,516 |
Lease liabilities, year five | 8,718 | |
Lease liabilities, Thereafter | 11,918 | 8,901 |
Lease liabilities, Total | $ 79,443 | $ 75,242 |
Long-Lived Assets - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 04, 2021 |
Apr. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Depreciation expense | $ 11,400 | $ 10,300 | $ 22,900 | $ 20,600 | |
Amortization of intangible assets including amortization of software development | $ 9,700 | $ 16,400 | $ 20,300 | $ 32,900 | |
Selling, General and Administrative Expenses | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of assets to write down to fair value | $ 3,600 | ||||
Disposal Group, Not Discontinued Operations | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of assets to write down to fair value | $ 3,400 |
Severance, Restructuring and Acquisition Integration Activities - Severance, Restructuring and Integration Costs by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Severance | $ 399 | $ 3,240 | $ 2,810 | $ 1,653 |
Other Restructuring and Integration Costs | 2,641 | 1,232 | 5,401 | 6,438 |
Total Costs | 3,040 | 4,472 | 8,211 | 8,091 |
Enterprise Solutions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance | 64 | 1,467 | 1,108 | 835 |
Other Restructuring and Integration Costs | 2,396 | 956 | 3,267 | 4,138 |
Total Costs | 2,460 | 2,423 | 4,375 | 4,973 |
Industrial Solutions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance | 335 | 1,773 | 1,702 | 818 |
Other Restructuring and Integration Costs | 245 | 276 | 2,134 | 2,300 |
Total Costs | $ 580 | $ 2,049 | $ 3,836 | $ 3,118 |
Severance, Restructuring, and Acquisition Integration Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | $ 3,040 | $ 4,472 | $ 8,211 | $ 8,091 |
Cost of sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | 1,103 | 92 | 1,363 | 137 |
Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | $ 1,937 | $ 4,380 | $ 6,848 | $ 7,954 |
Restructuring and Related Activities (Details) - Accrued Severance - Cost Reduction Plan - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jul. 04, 2021 |
Apr. 04, 2021 |
Jun. 28, 2020 |
Mar. 29, 2020 |
|
Restructuring Reserve [Roll Forward] | ||||
Beginning year balance | $ 7,396 | $ 7,085 | $ 13,385 | $ 19,575 |
New charges | 458 | 2,060 | 4,660 | 2,529 |
Cash payments | (1,023) | (1,798) | (4,795) | (4,483) |
Foreign currency translation | (4) | 49 | (132) | (89) |
Other adjustments | (59) | 0 | (1,420) | (4,147) |
Balance at the end of period | $ 6,768 | $ 7,396 | $ 11,698 | $ 13,385 |
Net Investment Hedge (Details) $ in Thousands, € in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 04, 2021
USD ($)
|
Jun. 28, 2020
USD ($)
|
Jul. 04, 2021
USD ($)
|
Jun. 28, 2020
EUR (€)
|
Jun. 28, 2020
USD ($)
|
Jul. 04, 2021
EUR (€)
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Cumulative translation adjustment | $ | $ (22,257) | $ (44,671) | $ 30,507 | $ (22,881) | ||
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 | $ | $ 28,800 | $ 18,200 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 8,552 | $ 400 | $ 16,432 | $ 2,592 |
Effective tax rate | 16.30% | 11.20% | 18.40% | 12.50% |
Income tax credits and adjustments | $ 100 | $ 1,200 |
Pension and Other Postretirement Obligations - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 04, 2021 |
Jun. 28, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Pension Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1,155 | $ 892 | $ 2,041 | $ 1,824 |
Interest cost | 1,897 | 2,410 | 3,703 | 4,747 |
Expected return on plan assets | (4,527) | (4,004) | (8,195) | (7,944) |
Amortization of prior service cost | 28 | 45 | 56 | 89 |
Actuarial losses (gains) | 976 | 673 | 1,955 | 1,350 |
Net periodic benefit cost (benefit) | (471) | 16 | (440) | 66 |
Other Postretirement Obligations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 9 | 8 | 18 | 16 |
Interest cost | 186 | 195 | 363 | 397 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Actuarial losses (gains) | (5) | (19) | (11) | (38) |
Net periodic benefit cost (benefit) | $ 190 | $ 184 | $ 370 | $ 375 |
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 04, 2021 |
Apr. 04, 2021 |
Jun. 28, 2020 |
Mar. 29, 2020 |
Jul. 04, 2021 |
Jun. 28, 2020 |
|
Equity [Abstract] | ||||||
Net income (loss) | $ 43,972 | $ 28,741 | $ (67,881) | $ (11,219) | $ 72,713 | $ (79,100) |
Foreign currency translation adjustments, net of tax | (22,257) | (44,671) | 30,507 | (22,881) | ||
Adjustments to pension and postretirement liability, net of tax | 763 | 372 | 1,527 | 755 | ||
Total comprehensive income (loss) | 22,478 | (112,180) | 104,747 | (101,226) | ||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (21) | 171 | (143) | (9) | ||
Comprehensive income (loss) attributable to Belden | $ 22,499 | $ (112,351) | $ 104,890 | $ (101,217) |
Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2020 |
Mar. 29, 2020 |
Jun. 28, 2020 |
Nov. 29, 2018 |
|
Equity [Abstract] | ||||
Stock repurchase program, authorized amount | $ 300,000,000.0 | |||
Shares repurchase program (in shares) | 0.4 | 1.0 | ||
Value of shares repurchased | $ 13,761,000 | $ 21,239,000 | $ 35,000,000.0 | |
Treasury stock acquired, average cost per share (in usd per share) | $ 35.80 | $ 35.83 |
Subsequent Events (Details) - Subsequent Event - 3.375% Senior Subordinated Notes Due 2031 - Senior Subordinated Notes |
Jul. 28, 2021
EUR (€)
|
---|---|
Subsequent Event [Line Items] | |
Debt instrument, face amount | € 300,000,000.0 |
Senior subordinated notes interest rate | 3.375% |
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