(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 | ||||||||||||
October 2, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Inventories, net | |||||||||||
Other current assets | |||||||||||
Current assets of discontinued operations | |||||||||||
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 | |||||||||||
Current liabilities of discontinued operations | |||||||||||
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 income (loss) | ( | ||||||||||
Treasury stock | ( | ( | |||||||||
Total Belden stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total stockholders’ equity | |||||||||||
$ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | ( | ( | ( | ( | |||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
Research and development expenses | ( | ( | ( | ( | |||||||||||||||||||
Amortization of intangibles | ( | ( | ( | ( | |||||||||||||||||||
Asset impairments | ( | ( | |||||||||||||||||||||
Gain on sale of asset | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Loss on debt extinguishment | ( | ( | ( | ||||||||||||||||||||
Non-operating pension benefit | |||||||||||||||||||||||
Income from continuing operations before taxes | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
Loss from discontinued operations, net of tax | ( | ( | ( | ||||||||||||||||||||
Loss on disposal of discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | |||||||||||||||||||||||
Net income 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 | ( | ( | ( | ||||||||||||||||||||
Disposal of discontinued operations | ( | ( | |||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Diluted income (loss) per share attributable to Belden stockholders: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | ( | ||||||||||||||||||||
Disposal of discontinued operations | ( | ( | |||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Comprehensive income attributable to Belden | $ | $ | $ | $ | |||||||||||||||||||
Common stock dividends declared per share | $ | $ | $ | $ |
Nine Months Ended | |||||||||||
October 2, 2022 | October 3, 2021 | ||||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation | |||||||||||
Loss on disposal of discontinued operations | |||||||||||
Loss on debt extinguishment | |||||||||||
Asset impairments | |||||||||||
Gain on sale of asset | ( | ||||||||||
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 operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from disposal of businesses, net of cash sold | |||||||||||
Proceeds from disposal of assets | |||||||||||
Purchase of intangible assets | ( | ||||||||||
Capital expenditures | ( | ( | |||||||||
Cash used for acquisitions and investments, net of cash acquired | ( | ( | |||||||||
Net cash provided by (used for) investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Payments under borrowing arrangements | ( | ( | |||||||||
Payments under share repurchase program | ( | ||||||||||
Cash dividends paid | ( | ( | |||||||||
Withholding tax payments for share-based payment awards | ( | ( | |||||||||
Payments under financing lease obligations | ( | ( | |||||||||
Debt issuance costs paid | ( | ||||||||||
Proceeds from issuance of common stock | |||||||||||
Borrowings under credit arrangements | |||||||||||
Net cash 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, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, 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 repurchase program | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at April 3, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
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 repurchase program | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at July 3, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance at | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (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 repurchase program | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at October 2, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
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 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (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 October 3, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ |
Broadband & 5G | Industrial Automation | Smart Buildings | Total Revenues | |||||||||||||||||||||||
Three Months Ended October 2, 2022 | (In thousands) | |||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Automation Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended October 3, 2021 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Automation Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Nine Months Ended October 2, 2022 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Automation Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Nine Months Ended October 3, 2021 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Automation Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Americas | EMEA | APAC | Total Revenues | |||||||||||||||||||||||
Three Months Ended October 2, 2022 | (In thousands) | |||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Automation Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended October 3, 2021 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Automation Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Nine Months Ended October 2, 2022 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Automation Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Nine Months Ended October 3, 2021 | ||||||||||||||||||||||||||
Enterprise Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Industrial Automation Solutions | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
October 2, 2022 | December 31, 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Accrued rebates included in accrued liabilities | $ | $ | ||||||||||||
Accrued returns included in accrued liabilities | ||||||||||||||
Price adjustments recognized against gross accounts receivable |
2022 | 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Beginning balance at January 1 | $ | $ | ||||||||||||
New deferrals | ||||||||||||||
Acquisitions | ||||||||||||||
Revenue recognized | ( | ( | ||||||||||||
Balance at the end of Q1 | ||||||||||||||
New deferrals | ||||||||||||||
Acquisitions | ( | |||||||||||||
Revenue recognized | ( | ( | ||||||||||||
Balance at the end of Q2 | ||||||||||||||
New deferrals | ||||||||||||||
Revenue recognized | ( | ( | ||||||||||||
Balance at the end of Q3 | $ | $ |
Three Months Ended | Nine Months ended | |||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Sales commissions | $ | $ | $ | $ |
Receivables | $ | |||||||
Inventory | ||||||||
Other current assets | ||||||||
Property, plant and equipment | ||||||||
Intangible assets | ||||||||
Goodwill | ||||||||
Operating lease right-of-use assets | ||||||||
Total assets acquired | $ | |||||||
Accounts payable | $ | |||||||
Accrued liabilities | ||||||||
Long-term debt | ||||||||
Deferred income taxes | ||||||||
Long-term operating lease liabilities | ||||||||
Other long-term liabilities | ||||||||
Total liabilities assumed | $ | |||||||
Net assets | $ |
Fair Value | Amortization Period | |||||||||||||
(In thousands) | (In years) | |||||||||||||
Intangible assets subject to amortization: | ||||||||||||||
Developed technologies | $ | |||||||||||||
Customer relationships | ||||||||||||||
Trademarks | ||||||||||||||
Sales backlog | ||||||||||||||
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 | Nine Months Ended | ||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | ( | ( | ( | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ||||||||||||||||||||
Research and development expenses | ( | ( | ( | ||||||||||||||||||||
Amortization of intangible assets | ( | ( | ( | ||||||||||||||||||||
Loss before taxes | $ | $ | ( | $ | ( | $ | ( |
December 31, 2021 | |||||
(In thousands) | |||||
Assets: | |||||
Cash and cash equivalents | $ | ||||
Receivables, net | |||||
Inventories, net | |||||
Other 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 | |||||
Total assets of Tripwire disposal group | $ | ||||
Liabilities: | |||||
Accounts payable | $ | ||||
Accrued liabilities | |||||
Deferred income taxes | |||||
Long-term operating lease liabilities | |||||
Other long-term liabilities | |||||
Total liabilities of Tripwire disposal group | $ |
Enterprise Solutions | Industrial Automation Solutions | Total Segments | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
As of and for the three months ended October 2, 2022 | ||||||||||||||||||||
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 October 3, 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 | ( | |||||||||||||||||||
Asset impairments | ||||||||||||||||||||
Segment assets | ||||||||||||||||||||
As of and for the nine months ended October 2, 2022 | ||||||||||||||||||||
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 nine months ended October 3, 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 | ( | ( | ||||||||||||||||||
Asset impairments | ||||||||||||||||||||
Segment assets |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Segment Revenues | $ | $ | $ | $ | |||||||||||||||||||
Adjustments related to acquisitions | ( | ( | |||||||||||||||||||||
Consolidated revenues | $ | $ | $ | $ | |||||||||||||||||||
Total Segment EBITDA | $ | $ | $ | $ | |||||||||||||||||||
Gain on sale of asset | |||||||||||||||||||||||
Adjustments related to acquisitions and divestitures (1) | ( | ||||||||||||||||||||||
Asset impairments (2) | ( | ( | |||||||||||||||||||||
Depreciation expense | ( | ( | ( | ( | |||||||||||||||||||
Amortization of intangibles | ( | ( | ( | ( | |||||||||||||||||||
Severance, restructuring, and acquisition integration costs (3) | ( | ( | ( | ( | |||||||||||||||||||
Amortization of software development intangible assets | ( | ( | ( | ( | |||||||||||||||||||
Eliminations | ( | ( | ( | ( | |||||||||||||||||||
Consolidated operating income | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Loss on debt extinguishment | ( | ( | ( | ||||||||||||||||||||
Total non-operating pension benefit | |||||||||||||||||||||||
Consolidated income from continuing operations before taxes | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Less: Net income attributable to noncontrolling interest | |||||||||||||||||||||||
Income from continuing operations attributable to Belden stockholders | |||||||||||||||||||||||
Add: Loss from discontinued operations, net of tax | ( | ( | ( | ||||||||||||||||||||
Add: Loss on disposal of discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net income attributable to Belden stockholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding, basic | |||||||||||||||||||||||
Effect of dilutive common stock equivalents | |||||||||||||||||||||||
Weighted average shares outstanding, diluted |
2022 | 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Beginning balance at January 1 | $ | $ | ||||||||||||
Current period provision | ||||||||||||||
Acquisitions | ||||||||||||||
Write-offs | ( | ( | ||||||||||||
Recoveries collected | ( | ( | ||||||||||||
Fx impact | ( | ( | ||||||||||||
Q1 ending balance | $ | $ | ||||||||||||
Current period provision | ||||||||||||||
Acquisitions | ( | |||||||||||||
Write-offs | ( | |||||||||||||
Recoveries collected | ( | ( | ||||||||||||
Fx impact | ( | ( | ||||||||||||
Q2 ending balance | $ | $ | ||||||||||||
Current period provision | ||||||||||||||
Write-offs | ( | ( | ||||||||||||
Recoveries collected | ( | ( | ||||||||||||
Fx impact | ( | ( | ||||||||||||
Q3 ending balance | $ | $ |
October 2, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Gross inventories | |||||||||||
Excess and obsolete reserves | ( | ( | |||||||||
Net inventories | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | |||||||||||||||||||||||
(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 | Nine Months Ended | |||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows from operating leases | $ | $ | $ | $ | ||||||||||||||||||||||
October 2, 2022 | December 31, 2021 | |||||||||||||
(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 | $ | $ |
October 2, 2022 | December 31, 2021 | |||||||||||||
(In thousands, except lease term and discount rate) | ||||||||||||||
Weighted Average Remaining Lease Term | ||||||||||||||
Operating leases | ||||||||||||||
Finance leases | ||||||||||||||
Weighted Average Discount Rate | ||||||||||||||
Operating leases | % | % | ||||||||||||
Finance leases | % | % |
October 2, 2022 | December 31, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
2022 | $ | $ | ||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
Thereafter | ||||||||||||||
Total | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Cost of sales | $ | $ | $ | $ | ||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
October 2, 2022 | December 31, 2021 | ||||||||||
(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 | |||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||||||||
Amortization of prior service cost | ||||||||||||||||||||||||||
Actuarial losses (gains) | ( | ( | ||||||||||||||||||||||||
Settlement loss | ||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | $ | ( | $ | $ | |||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||||||||
Amortization of prior service cost | ||||||||||||||||||||||||||
Actuarial losses (gains) | ( | ( | ||||||||||||||||||||||||
Settlement loss | ||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | ( | $ | ( | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation adjustments, net of tax | |||||||||||||||||||||||
Adjustments to pension and postretirement liability, net of tax | |||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||
Comprehensive income attributable to Belden | $ | $ | $ | $ |
Foreign Currency Translation Component | Pension and Other Postretirement Benefit Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
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 October 2, 2022 | $ | $ | ( | $ |
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: | |||||||||||
Settlement loss | $ | (1) | |||||||||
Actuarial losses | (1) | ||||||||||
Prior service cost | (1) | ||||||||||
Total before tax | |||||||||||
Tax benefit | ( | ||||||||||
Total net of tax | $ |
Three Months Ended | % Change | Nine Months Ended | % Change | ||||||||||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 670,491 | $ | 604,761 | 10.9 | % | $ | 1,947,413 | $ | 1,689,301 | 15.3 | % | |||||||||||||||||||||||
Gross profit | 238,646 | 203,377 | 17.3 | % | 669,811 | 563,914 | 18.8 | % | |||||||||||||||||||||||||||
Selling, general and administrative expenses | (110,478) | (95,337) | 15.9 | % | (318,747) | (269,542) | 18.3 | % | |||||||||||||||||||||||||||
Research and development expenses | (26,306) | (23,235) | 13.2 | % | (75,751) | (68,110) | 11.2 | % | |||||||||||||||||||||||||||
Amortization of intangibles | (10,105) | (7,780) | 29.9 | % | (28,099) | (22,945) | 22.5 | % | |||||||||||||||||||||||||||
Asset impairments | — | (2,288) | (100.0) | % | — | (9,283) | (100.0) | % | |||||||||||||||||||||||||||
Gain on sale of asset | 37,891 | — | n/a | 37,891 | — | n/a | |||||||||||||||||||||||||||||
Operating income | 129,648 | 74,737 | 73.5 | % | 285,105 | 194,034 | 46.9 | % | |||||||||||||||||||||||||||
Interest expense, net | (9,883) | (16,251) | (39.2) | % | (35,570) | (46,632) | (23.7) | % | |||||||||||||||||||||||||||
Loss on debt extinguishment | — | (5,715) | (100.0) | % | (6,392) | (5,715) | 11.8 | % | |||||||||||||||||||||||||||
Non-operating pension benefit | 26 | 992 | (97.4) | % | 2,296 | 3,121 | (26.4) | % | |||||||||||||||||||||||||||
Income from continuing operations before taxes | 119,791 | 53,763 | 122.8 | % | 245,439 | 144,808 | 69.5 | % |
Three Months Ended | % Change | Nine Months Ended | % Change | ||||||||||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Income from continuing operations before taxes | $ | 119,791 | $ | 53,763 | 122.8 | % | $ | 245,439 | $ | 144,808 | 69.5 | % | |||||||||||||||||||||||
Income tax expense | 16,104 | 9,799 | 64.3 | % | 39,014 | 26,433 | 47.6 | % | |||||||||||||||||||||||||||
Effective tax rate | 13.4 | % | 18.2 | % | 15.9 | % | 18.3 | % |
Three Months Ended | % Change | Nine Months Ended | % Change | ||||||||||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Adjusted revenues | $ | 670,491 | $ | 605,263 | 10.8 | % | $ | 1,947,413 | $ | 1,690,652 | 15.2 | % | |||||||||||||||||||||||
Adjusted EBITDA | 118,094 | 101,322 | 16.6 | % | 328,555 | 270,773 | 21.3 | % | |||||||||||||||||||||||||||
as a percent of revenues | 17.6 | % | 16.7 | % | 16.9 | % | 16.0 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||
GAAP revenues | $ | 670,491 | $ | 604,761 | $ | 1,947,413 | $ | 1,689,301 | |||||||||||||||
Adjustments related to acquisitions | — | 502 | — | 1,351 | |||||||||||||||||||
Adjusted revenues | $ | 670,491 | $ | 605,263 | $ | 1,947,413 | $ | 1,690,652 | |||||||||||||||
GAAP income from continuing operations | $ | 103,687 | $ | 43,964 | $ | 206,425 | $ | 118,375 | |||||||||||||||
Income tax expense | 16,104 | 9,799 | 39,014 | 26,433 | |||||||||||||||||||
Depreciation expense | 11,847 | 10,586 | 34,443 | 31,971 | |||||||||||||||||||
Amortization of intangible assets | 10,105 | 7,780 | 28,099 | 22,945 | |||||||||||||||||||
Interest expense, net | 9,883 | 16,251 | 35,570 | 46,632 | |||||||||||||||||||
Severance, restructuring, and acquisition integration costs (1) | 4,560 | 4,328 | 14,140 | 12,539 | |||||||||||||||||||
Non-operating pension settlement loss | 954 | — | 954 | — | |||||||||||||||||||
Amortization of software development intangible assets | 868 | 434 | 2,856 | 1,165 | |||||||||||||||||||
Loss on debt extinguishment | — | 5,715 | 6,392 | 5,715 | |||||||||||||||||||
Asset impairments (2) | — | 2,288 | — | 9,283 | |||||||||||||||||||
Adjustments related to acquisitions and divestitures (3) | (2,023) | 177 | (1,447) | (4,285) | |||||||||||||||||||
Gain on sale of asset | (37,891) | — | (37,891) | — | |||||||||||||||||||
Adjusted EBITDA | $ | 118,094 | $ | 101,322 | $ | 328,555 | $ | 270,773 | |||||||||||||||
GAAP income from continuing operations margin | 15.5 | % | 7.3 | % | 10.6 | % | 7.0 | % | |||||||||||||||
Adjusted EBITDA margin | 17.6 | % | 16.7 | % | 16.9 | % | 16.0 | % |
Three Months Ended | % Change | Nine Months Ended | % Change | ||||||||||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Segment Revenues | $ | 319,201 | $ | 286,231 | 11.5 | % | $ | 895,075 | $ | 780,114 | 14.7 | % | |||||||||||||||||||||||
Segment EBITDA | 46,110 | 40,411 | 14.1 | % | 118,818 | 104,703 | 13.5 | % | |||||||||||||||||||||||||||
as a percent of segment revenues | 14.4 | % | 14.1 | % | 13.3 | % | 13.4 | % |
Three Months Ended | % Change | Nine Months Ended | % Change | ||||||||||||||||||||||||||||||||
October 2, 2022 | October 3, 2021 | October 2, 2022 | October 3, 2021 | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Segment Revenues | $ | 351,290 | $ | 319,032 | 10.1 | % | $ | 1,052,338 | $ | 910,538 | 15.6 | % | |||||||||||||||||||||||
Segment EBITDA | 71,055 | 59,947 | 18.5 | % | 206,643 | 163,022 | 26.8 | % | |||||||||||||||||||||||||||
as a percent of segment revenues | 20.2 | % | 18.8 | % | 19.6 | % | 17.9 | % |
Nine Months Ended | |||||||||||
October 2, 2022 | October 3, 2021 | ||||||||||
(In thousands) | |||||||||||
Net cash provided by (used for): | |||||||||||
Operating activities | $ | 78,800 | $ | 101,919 | |||||||
Investing activities | 223,377 | (118,921) | |||||||||
Financing activities | (376,677) | (24,038) | |||||||||
Effects of currency exchange rate changes on cash and cash equivalents | (21,791) | (3,201) | |||||||||
Decrease in cash and cash equivalents | (96,291) | (44,241) | |||||||||
Cash and cash equivalents, beginning of period | 643,757 | 501,994 | |||||||||
Cash and cash equivalents, end of period | $ | 547,466 | $ | 457,753 |
Principal Amount by Expected Maturity | Fair | ||||||||||||||||||||||
2022 | Thereafter | Total | Value | ||||||||||||||||||||
(In thousands, except interest rates) | |||||||||||||||||||||||
€450.0 million fixed-rate senior subordinated notes due 2027 | $ | — | $ | 433,170 | $ | 433,170 | $ | 381,190 | |||||||||||||||
Average interest rate | 3.375 | % | |||||||||||||||||||||
€350.0 million fixed-rate senior subordinated notes due 2028 | $ | — | $ | 336,910 | $ | 336,910 | $ | 294,375 | |||||||||||||||
Average interest rate | 3.875 | % | |||||||||||||||||||||
€300.0 million fixed-rate senior subordinated notes due 2031 | $ | — | 288,780 | $ | 288,780 | $ | 205,034 | ||||||||||||||||
Average interest rate | 3.375 | % | |||||||||||||||||||||
Total | $ | 1,058,860 | $ | 880,599 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of shares Repurchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||||||||||||||
Balance at July 4, 2022 | $ | 148,441 | ||||||||||||||||||||||||
July 4, 2022 through August 7, 2022 | 600 | $ | 55.74 | 600 | 115,000 | |||||||||||||||||||||
August 8, 2022 through September 4, 2022 | 104 | 67.93 | 104 | 107,911 | ||||||||||||||||||||||
September 5, 2022 through October 2, 2022 | 462 | 63.33 | 462 | 78,664 | ||||||||||||||||||||||
Total | 1,166 | $ | 59.84 | 1,166 | $ | 78,664 |
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: | November 7, 2022 | By: | /s/ Roel Vestjens | ||||||||||||||
Roel Vestjens | |||||||||||||||||
President and Chief Executive Officer | |||||||||||||||||
Date: | November 7, 2022 | By: | /s/ Jeremy Parks | ||||||||||||||
Jeremy Parks | |||||||||||||||||
Senior Vice President, Finance, and Chief Financial Officer | |||||||||||||||||
Date: | November 7, 2022 | 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 | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Oct. 02, 2022 |
Jul. 03, 2022 |
Apr. 03, 2022 |
Oct. 03, 2021 |
Jul. 04, 2021 |
Apr. 04, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||||||
Common stock dividends declared per share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Oct. 02, 2022 | |
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, 2021: •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 2021 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 Automation 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 3, 2022, the 93rd day of our fiscal year 2022. Our fiscal second and third quarters each have 91 days. The nine months ended October 2, 2022 and October 3, 2021 included 275 days and 276 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 nine months ended October 2, 2022 and October 3, 2021, 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 nine months ended October 2, 2022 and October 3, 2021. 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 October 2, 2022, 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. 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. Historically, these lawsuits have primarily involved 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 October 2, 2022, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.2 million, $5.1 million, and $3.8 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. Equity Method Investment During the second quarter of 2022, we invested $20.0 million in Litmus Automation, Inc. (Litmus) for a noncontrolling ownership interest. Litmus provides the critical data connectivity needed to monitor, visualize, analyze, and integrate industrial data. We account for this investment using the equity method of accounting. The carrying value of our investment is included in Other Long-Lived Assets in the Condensed Consolidated Balance Sheets. The results of our investment in Litmus were not material to our consolidated financial statements for the three or nine months ended October 2, 2022. 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 Automation 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 attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations. The joint venture is not material to our consolidated financial statements as of or for the periods ended October 2, 2022 and October 3, 2021. Certain Belden subsidiaries include a noncontrolling interest as of and for the periods ended October 2, 2022 and October 3, 2021. The results attributable to the noncontrolling interest holders are not material to our consolidated financial statements, and are presented as net income attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. During the fourth quarter of 2021, we purchased a noncontrolling interest for $2.3 million.
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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | RevenuesRevenues 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 standalone selling price and recognized when or as each performance obligation is satisfied. Generally, we determine relative standalone selling price using the prices charged separately to customers on a standalone basis. 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. Typically, payments are due after control transfers, which is less than one year from satisfaction of the performance obligation. The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and nine months ended October 2, 2022 and October 3, 2021. 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 October 2, 2022, total deferred revenue was $29.0 million, and of this amount, $21.6 million is expected to be recognized within the next twelve months, and the remaining $7.4 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 nine months ended October 2, 2022 and October 3, 2021, respectively:
Service-type warranties represent $9.1 million of the deferred revenue balance at October 2, 2022, and of this amount $4.0 million is expected to be recognized in the next twelve months, and the remaining $5.1 million is long-term and will be recognized over a period greater than twelve months. As of October 2, 2022 and December 31, 2021, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets. We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions when the original duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. We did not have any capitalized sales commissions on our balance sheet as of October 2, 2022 and December 31, 2021. 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 During the nine months ended October 2, 2022, we completed three acquisitions. On January 17, 2022, we acquired macmon secure GmbH (Macmon) for $41.9 million, net of cash acquired. Macmon, based in Berlin, Germany, is a leading provider of products and services that secure network infrastructure in a variety of mission critical industries. On March 3, 2022, we acquired NetModule AG (NetModule) for $23.5 million, net of cash acquired. NetModule, based in Bern, Switzerland, is a leading provider of reliable, fast and secure wireless network infrastructures through advanced capabilities in 5G and WiFi6 technologies in a variety of mission critical industries with a strong focus on mass transit and intelligent traffic systems within the transportation vertical. On April 15, 2022, we acquired Communication Associates, Inc. (CAI) for $19.0 million, net of cash acquired. CAI is headquartered in Anniston, Alabama and designs, manufactures, and sells a range of plug-in radio frequency filters used in outside plant hybrid fiber-coax nodes. The results of operations of each acquisition have been included in our results of operations from their respective acquisition dates. The three acquisitions were not material to our consolidated results of operations. Macmon and NetModule are included in the Industrial Automation Solutions segment, and CAI is included in the Enterprise Solutions segment. All three acquisitions were funded with cash on hand. The following table summarizes the estimated, preliminary fair values of the assets acquired and liabilities assumed for all three acquisitions in total as of their respective acquisition dates (in thousands):
The above purchase price allocation is preliminary and subject to revision as additional information about the fair value of individual assets and liabilities becomes available. The preliminary measurement of receivables, intangible assets, goodwill, deferred income taxes, and other assets and liabilities are subject to change. A change in the estimated fair value of the net assets acquired will change the amount of the purchase price allocable to goodwill. The preliminary fair value of acquired receivables is $6.5 million, which is equivalent to its gross contractual amount. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments we have used in estimating the preliminary fair values assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations. For purposes of the above allocation, we based our preliminary estimate of the fair values for intangible assets on valuation studies performed by a third party valuation firm. 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 (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 and broadband & 5G product offerings in end-to-end solutions. Our tax basis in the acquired goodwill is zero. The intangible assets related to the three acquisitions 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 for the trademarks was based on the period of time we expect to continue to go to market using the trademarks. 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 nine months ended October 3, 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 | DisposalsWe 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 Automation 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 equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Automation 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 and recognized an immaterial loss on sale.Discontinued Operations On February 22, 2022, we sold Tripwire for gross cash consideration of $350 million. The divestiture of Tripwire represents a strategic shift impacting our operations and financial results. As a result, the Tripwire disposal group, which was included in our Industrial Automation Solutions segment, is reported within discontinued operations. We recognized a loss on disposal of discontinued operations, net of tax of $5.4 million and $9.9 million during the three and nine months ended October 2, 2022, respectively. The $5.4 million loss recognized in the three months ended October 2, 2022 was the result of a sales price adjustment tied to working capital. The following table summarizes the operating results of the Tripwire disposal group up to the February 22, 2022 disposal date:
During the nine months ended October 2, 2022, the Tripwire disposal group did not have any capital expenditures and recognized share-based compensation expense of $0.2 million. During the three and nine months ended October 3, 2021, the Tripwire disposal group had capital expenditures of approximately $1.5 million and $3.8 million, respectively, and recognized share-based compensation expense of $0.6 million and $2.0 million, respectively. The disposal group did not have any significant non-cash charges for investing activities during the three and nine months ended October 2, 2022 and October 3, 2021. The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2021:
The Tripwire disposal group also had $3.4 million of accumulated other comprehensive income as of December 31, 2021.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | DisposalsWe 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 Automation 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 equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Automation 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 and recognized an immaterial loss on sale.Discontinued Operations On February 22, 2022, we sold Tripwire for gross cash consideration of $350 million. The divestiture of Tripwire represents a strategic shift impacting our operations and financial results. As a result, the Tripwire disposal group, which was included in our Industrial Automation Solutions segment, is reported within discontinued operations. We recognized a loss on disposal of discontinued operations, net of tax of $5.4 million and $9.9 million during the three and nine months ended October 2, 2022, respectively. The $5.4 million loss recognized in the three months ended October 2, 2022 was the result of a sales price adjustment tied to working capital. The following table summarizes the operating results of the Tripwire disposal group up to the February 22, 2022 disposal date:
During the nine months ended October 2, 2022, the Tripwire disposal group did not have any capital expenditures and recognized share-based compensation expense of $0.2 million. During the three and nine months ended October 3, 2021, the Tripwire disposal group had capital expenditures of approximately $1.5 million and $3.8 million, respectively, and recognized share-based compensation expense of $0.6 million and $2.0 million, respectively. The disposal group did not have any significant non-cash charges for investing activities during the three and nine months ended October 2, 2022 and October 3, 2021. The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2021:
The Tripwire disposal group also had $3.4 million of accumulated other comprehensive income as of December 31, 2021.
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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 Automation Solutions. Each of the global businesses represents a reportable segment. In conjunction with the Tripwire divestiture during the first quarter of 2022, we changed the name of our former Industrial Solutions segment to Industrial Automation Solutions. The composition of the segment did not change as a result of this name change. The key measures of segment profit or loss are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues. 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 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) During the three and nine months ended October 2, 2022, we recognized cost of sales of $0.5 million and $1.6 million related to purchase accounting adjustments of acquired inventory to fair value and recognized gains of $2.5 million and $3.0 million on collections from previously written off receivables associated with the sale of Grass Valley. During the three months ended October 3, 2021, we recognized cost of sales of $0.4 million related to purchase accounting adjustments of acquired inventory to fair value, recognized $0.5 million for the purchase accounting effect of recording deferred revenue at fair value, and collected $0.7 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off. During the nine months ended October 3, 2021, we reduced the Opterna earn-out liability by $5.8 million, recognized cost of sales of $2.4 million related to purchase accounting adjustments of acquired inventory to fair value, collected $2.1 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off, and recognized $1.3 million for the purchase accounting effect of recording deferred revenue at fair value. (2) During the three months ended October 3, 2021, we recognized a $2.3 million impairment on assets held for sale. During the nine months ended October 3, 2021, we recognized a $3.6 million impairment on assets held and used and a $5.7 million impairment on assets held for sale. See Note 11. (3) Severance, restructuring, and acquisition integration costs for the three and nine months ended October 2, 2022 primarily related to our Manufacturing Footprint and Acquisition Integration programs. Costs for the three and nine months ended October 3, 2021 primarily related to our Acquisition Integration and completed Cost Reduction programs. See Note 12.
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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 the three and nine months ended October 2, 2022, diluted weighted average shares outstanding exclude outstanding equity awards of 0.7 million and 0.9 million as they are anti-dilutive. In addition, for the three and nine months ended October 2, 2022, diluted weighted average shares outstanding do not include outstanding equity awards of 0.0 million and 0.1 million, respectively, because the related performance conditions have not been satisfied. For the three and nine months ended October 3, 2021, diluted weighted average shares outstanding exclude outstanding equity awards of 1.0 million and 1.2 million as they are anti-dilutive. In addition, for the three and nine months ended October 3, 2021, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million and 0.3 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 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 nine months ended October 2, 2022 and October 3, 2021, respectively:
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Inventories |
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Inventories | Inventories The following table presents the major classes of inventories as of October 2, 2022 and December 31, 2021, 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 17 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 nine months ended October 2, 2022 and October 3, 2021, 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 Grass Valley's property leases through its 2035 expiration date. 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 October 2, 2022, the lease had approximately $15.1 million of lease payments remaining. We have not recorded a liability associated with this guarantee. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Operating cash flows from finance leases were not material during the three and nine months ended October 2, 2022 and October 3, 2021. Supplemental balance sheet information related to leases was as follows:
The following table summarizes maturities of lease liabilities as of October 2, 2022 and December 31, 2021, 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 17 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 nine months ended October 2, 2022 and October 3, 2021, 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 Grass Valley's property leases through its 2035 expiration date. 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 October 2, 2022, the lease had approximately $15.1 million of lease payments remaining. We have not recorded a liability associated with this guarantee. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Operating cash flows from finance leases were not material during the three and nine months ended October 2, 2022 and October 3, 2021. Supplemental balance sheet information related to leases was as follows:
The following table summarizes maturities of lease liabilities as of October 2, 2022 and December 31, 2021, respectively:
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Long-Lived Assets |
9 Months Ended |
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Oct. 02, 2022 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Assets | Long-Lived Assets Gain on Sale of Asset During the three and nine months ended October 2, 2022, we sold certain real estate in the United States for $42.2 million, net of transaction costs and recognized a $37.9 million pre-tax gain on sale. This gain on sale was excluded from Segment EBITDA of our Industrial Automation Solutions segment. Depreciation and Amortization Expense We recognized depreciation expense in income from continuing operations of $11.8 million and $34.4 million in the three and nine months ended October 2, 2022, respectively. We recognized depreciation expense in income from continuing operations of $10.6 million and $32.0 million in the three and nine months ended October 3, 2021, respectively. We recognized amortization expense in income from continuing operations of $11.0 million and $31.0 million in the three and nine months ended October 2, 2022, respectively. We recognized amortization expense in income from continuing operations of $8.2 million and $24.1 million in the three and nine months ended October 3, 2021, respectively. Sale-Leaseback During the fourth quarter of 2021, we sold certain real estate in Germany as part of a sale and leaseback transaction. When the assets met the held for sale criteria during the third quarter of 2021, we performed a recoverability test and determined that the carrying values of the assets were not recoverable and as a result, recognized a $2.3 million impairment charge to write them down to fair value. This $2.3 million impairment charge recognized during the three and nine months ended October 3, 2021 was excluded from Segment EBITDA of our Industrial Automation Solutions segment. Asset Impairment During the nine months ended October 3, 2021, we sold our oil and gas cable business in Brazil and recognized an impairment charge of $3.4 million. See Note 4. Also during the nine months ended October 3, 2021, we performed a recoverability test over certain held and used long-lived assets in our Industrial Automation Solutions segment. We determined that the carrying values of the assets were not recoverable and recognized a $3.6 million impairment charge to write them down to fair value. This impairment charge was excluded from Segment EBITDA of our Industrial Automation 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 Manufacturing Footprint Program We are consolidating our manufacturing footprint in the Americas region. We recognized $0.8 million and $6.7 million of severance and other restructuring costs for this program during the three and nine months ended October 2, 2022, respectively. The costs were incurred by both the Enterprise Solutions and Industrial Automation Solutions segments. We expect to incur approximately $2 million of incremental costs for this program in 2022. Acquisition Integration Program We are integrating our recent acquisitions with our existing businesses to achieve desired cost savings, which are primarily focused on consolidating existing and acquired facilities as well as other support functions. The Enterprise Solutions segment incurred $3.7 million and $4.7 million of restructuring and integration costs during the three and nine months ended October 2, 2022, respectively, related to the CAI acquisition, and the Industrial Automation Solutions segment incurred $0.1 million and $3.2 million of restructuring and integration costs during the three and nine months ended October 2, 2022, respectively, related to the Macmon, NetModule and OTN Systems acquisitions. We expect to incur approximately $2 million of incremental costs for this program in 2022. The Enterprise Solutions and Industrial Automation Solutions segments recognized $0.8 million and $3.2 million of severance and other restructuring and integration costs during the three and nine months ended October 3, 2021, respectively, related to the OTN Systems and Opterna acquisitions. The restructuring and integration costs incurred during 2022 and 2021 primarily consisted of equipment transfer, costs to consolidate operating and support facilities, retention bonuses, relocation, travel, legal, and other costs. The majority of the restructuring and integration costs related to these actions were paid as incurred or are payable within the next 60 days. Furthermore, there were no significant severance accrual balances as of October 2, 2022 or December 31, 2021. The following table summarizes the severance and other restructuring and integration costs of the Acquisition Integration Program and Manufacturing Footprint Program described above by financial statement line item in the Condensed Consolidated Statement of Operations:
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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 $2.3 million of fees associated with the amended Revolver, which will be amortized over its term using the effective interest method. As of October 2, 2022, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $292.9 million. Senior Subordinated Notes We had outstanding €200.0 million aggregate principal amount of 4.125% senior subordinated notes due 2026 (the 2026 Notes). During the nine months ended October 2, 2022, we repurchased the full €200.0 million 2026 Notes outstanding for cash consideration of €204.1 million ($227.9 million), including a redemption premium, and recognized a $6.4 million loss on debt extinguishment including the write-off of unamortized debt issuance costs. 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 October 2, 2022 is $433.2 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 2031 and 2028 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 October 2, 2022 is $336.9 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 2031 and 2027 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 €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). The carrying value of the 2031 Notes as of October 2, 2022 is $288.8 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2027 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. Fair Value of Long-Term Debt The fair value of our senior subordinated notes as of October 2, 2022 was approximately $880.6 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 $1,058.9 million as of October 2, 2022.
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Net Investment Hedge |
9 Months Ended |
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Oct. 02, 2022 | |
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 October 2, 2022, €567.8 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 nine months ended October 2, 2022 and October 3, 2021, the transaction gain associated with the net investment hedge reported in other comprehensive income was $102.1 million and $47.9 million, respectively. During the nine months ended October 2, 2022, we de-designated €200.0 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 €200.0 million of debt are reported in income from continuing operations. |
Income Taxes |
9 Months Ended |
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Oct. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three and nine months ended October 2, 2022, we recognized income tax expense of $16.1 million and $39.0 million, respectively, representing an effective tax rate of 13.4% and 15.9%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. On August 16, 2022, the Inflation Reduction Act of 2022 (the Act) was signed into law. We are evaluating the effect that the Act will have on our consolidated financial statements and related disclosures. At this time, none of the tax provisions of the Act are expected to have a material impact to our tax provision. For the three and nine months ended October 3, 2021, we recognized income tax expense of $9.8 million and $26.4 million, respectively, representing an effective tax rate of 18.2% and 18.3%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. |
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:
We recorded a settlement loss of $1.0 million during the three and nine months ended October 2, 2022. The settlement loss was the result of lump-sum payments to participants that exceeded the sum of the pension plan's respective service cost and interest cost amounts.
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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 nine months ended October 2, 2022:
(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) In addition, we reclassified $3.0 million of accumulated foreign currency translation gains associated with the sale of Tripwire.
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Share Repurchase |
9 Months Ended |
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Oct. 02, 2022 | |
Equity [Abstract] | |
Share Repurchase | Share RepurchaseIn 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 three months ended October 2, 2022, we repurchased 1.2 million shares of our common stock for an aggregate cost of $69.8 million at an average price per share of $59.84. During the nine months ended October 2, 2022, we repurchased 2.4 million shares of our common stock for an aggregate cost of $136.4 million at an average price per share of $57.50. Subsequent to October 2, 2022, we repurchased 0.2 million shares of our common stock for an aggregate cost of $13.6 million at an average price per share of $62.85. As of the date of this filing, we had $65.0 million of authorizations remaining under the program. During the three and nine months ended October 3, 2021, we did not repurchase any stock. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Oct. 02, 2022 | |
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, 2021: •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 2021 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 Automation 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 3, 2022, the 93rd day of our fiscal year 2022. Our fiscal second and third quarters each have 91 days. The nine months ended October 2, 2022 and October 3, 2021 included 275 days and 276 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 nine months ended October 2, 2022 and October 3, 2021, 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 nine months ended October 2, 2022 and October 3, 2021.
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Cash and Cash Equivalents | Cash and Cash EquivalentsWe 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 October 2, 2022, 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. |
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. Historically, these lawsuits have primarily involved 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 October 2, 2022, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.2 million, $5.1 million, and $3.8 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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Equity Method Investment & Noncontrolling Interest | Equity Method Investment During the second quarter of 2022, we invested $20.0 million in Litmus Automation, Inc. (Litmus) for a noncontrolling ownership interest. Litmus provides the critical data connectivity needed to monitor, visualize, analyze, and integrate industrial data. We account for this investment using the equity method of accounting. The carrying value of our investment is included in Other Long-Lived Assets in the Condensed Consolidated Balance Sheets. The results of our investment in Litmus were not material to our consolidated financial statements for the three or nine months ended October 2, 2022. 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 Automation 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 attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations. The joint venture is not material to our consolidated financial statements as of or for the periods ended October 2, 2022 and October 3, 2021. Certain Belden subsidiaries include a noncontrolling interest as of and for the periods ended October 2, 2022 and October 3, 2021. The results attributable to the noncontrolling interest holders are not material to our consolidated financial statements, and are presented as net income attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. During the fourth quarter of 2021, we purchased a noncontrolling interest for $2.3 million.
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Revenues (Tables) |
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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:
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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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 liabilities assumed for all three acquisitions in total as of their respective acquisition dates (in thousands):
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Schedule of Acquired Intangible Assets | Our tax basis in the acquired goodwill is zero. The intangible assets related to the three acquisitions consisted of the following:
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Discontinued Operations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The following table summarizes the operating results of the Tripwire disposal group up to the February 22, 2022 disposal date:
The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2021:
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Reportable Segments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) During the three and nine months ended October 2, 2022, we recognized cost of sales of $0.5 million and $1.6 million related to purchase accounting adjustments of acquired inventory to fair value and recognized gains of $2.5 million and $3.0 million on collections from previously written off receivables associated with the sale of Grass Valley. During the three months ended October 3, 2021, we recognized cost of sales of $0.4 million related to purchase accounting adjustments of acquired inventory to fair value, recognized $0.5 million for the purchase accounting effect of recording deferred revenue at fair value, and collected $0.7 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off. During the nine months ended October 3, 2021, we reduced the Opterna earn-out liability by $5.8 million, recognized cost of sales of $2.4 million related to purchase accounting adjustments of acquired inventory to fair value, collected $2.1 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off, and recognized $1.3 million for the purchase accounting effect of recording deferred revenue at fair value. (2) During the three months ended October 3, 2021, we recognized a $2.3 million impairment on assets held for sale. During the nine months ended October 3, 2021, we recognized a $3.6 million impairment on assets held and used and a $5.7 million impairment on assets held for sale. See Note 11. (3) Severance, restructuring, and acquisition integration costs for the three and nine months ended October 2, 2022 primarily related to our Manufacturing Footprint and Acquisition Integration programs. Costs for the three and nine months ended October 3, 2021 primarily related to our Acquisition Integration and completed Cost Reduction programs. See Note 12.
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Income (loss) per Share (Tables) |
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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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended October 2, 2022 and October 3, 2021, respectively:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Classes of Inventories | The following table presents the major classes of inventories as of October 2, 2022 and December 31, 2021, respectively:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 October 2, 2022 and December 31, 2021, respectively:
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Severance, Restructuring, and Acquisition Integration Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance, Restructuring and Integration Costs by Segment | The following table summarizes the severance and other restructuring and integration costs of the Acquisition Integration Program and Manufacturing Footprint Program described above by financial statement line item in the Condensed Consolidated Statement of Operations:
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Long-Term Debt and Other Borrowing Arrangements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended October 2, 2022:
(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) In addition, we reclassified $3.0 million of accumulated foreign currency translation gains associated with the sale of Tripwire.
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Revenues - Estimated and Accrued Variable Consideration (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Oct. 02, 2022 |
Dec. 31, 2021 |
|
Revenue from Contract with Customer [Abstract] | ||
Accrued rebates included in accrued liabilities | $ 46,871 | $ 55,520 |
Accrued returns included in accrued liabilities | 10,575 | 12,500 |
Price adjustments recognized against gross accounts receivable | $ 22,252 | $ 23,035 |
Revenues - Narrative (Details) - USD ($) $ in Thousands |
Oct. 02, 2022 |
Jul. 03, 2022 |
Apr. 03, 2022 |
Dec. 31, 2021 |
Oct. 03, 2021 |
Jul. 04, 2021 |
Apr. 04, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|---|---|
Disaggregation of Revenue [Line Items] | ||||||||
Contract with customer, deferred revenues | $ 29,011 | $ 26,834 | $ 31,449 | $ 19,390 | $ 19,505 | $ 20,910 | $ 19,606 | $ 11,130 |
Contract with customer, deferred revenues, current | 21,600 | |||||||
Contract with customer, deferred revenues, noncurrent | 7,400 | |||||||
Service-Type Warranties | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Contract with customer, deferred revenues | 9,100 | |||||||
Contract with customer, deferred revenues, current | 4,000 | |||||||
Contract with customer, deferred revenues, noncurrent | $ 5,100 |
Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 02, 2022 |
Jul. 03, 2022 |
Apr. 03, 2022 |
Jul. 04, 2021 |
Apr. 04, 2021 |
Oct. 03, 2021 |
|
Change in Contract with Customer, Liability [Roll Forward] | ||||||
Beginning balance | $ 26,834 | $ 31,449 | $ 19,390 | $ 19,606 | $ 11,130 | $ 11,130 |
New deferrals | 7,137 | 4,265 | 8,857 | 4,127 | 3,751 | 1,665 |
Acquisitions | 0 | 6,567 | (2,740) | 5,997 | ||
Revenue recognized | (4,960) | (8,880) | (3,365) | (83) | (1,272) | (3,070) |
Balance at end of period | $ 29,011 | $ 26,834 | $ 31,449 | $ 20,910 | $ 19,606 | $ 19,505 |
Revenues - Sales Commissions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Revenue from Contract with Customer [Abstract] | ||||
Sales commissions | $ 6,372 | $ 5,492 | $ 17,721 | $ 13,928 |
Acquisitions - Additional Information (Details) |
6 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Apr. 15, 2022
USD ($)
|
Mar. 03, 2022
USD ($)
|
Jan. 17, 2022
USD ($)
|
Jul. 03, 2022
business
|
Oct. 02, 2022
USD ($)
business
|
Oct. 03, 2021
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | business | 3 | 3 | |||||
Purchase price, net of cash acquired | $ 104,481,000 | $ 73,749,000 | |||||
Receivables | $ 6,500,000 | ||||||
macmon secure GmbH | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price, net of cash acquired | $ 41,900,000 | ||||||
Tax basis in acquired goodwill | $ 0 | ||||||
NetModule AG | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price, net of cash acquired | $ 23,500,000 | ||||||
Communication Associates, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price, net of cash acquired | $ 19,000,000 | ||||||
Opterna International Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Estimated earnout consideration | 0 | $ 5,800,000 | |||||
Change in amount of contingent consideration, liability | $ 5,800,000 |
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Oct. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||
Receivables | $ 6,500 | |
Goodwill | 848,506 | $ 821,448 |
2022 Acquisitions | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||
Receivables | 6,537 | |
Inventory | 8,278 | |
Other current assets | 369 | |
Property, plant and equipment | 1,375 | |
Intangible assets | 40,709 | |
Goodwill | 51,520 | |
Operating lease right-of-use assets | 6,167 | |
Total assets acquired | 114,955 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Accounts payable | 2,497 | |
Accrued liabilities | 6,716 | |
Long-term debt | 2,440 | |
Deferred income taxes | 10,048 | |
Long-term operating lease liabilities | 2,926 | |
Other long-term liabilities | 5,936 | |
Total liabilities assumed | 30,563 | |
Net assets | $ 84,392 |
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 22, 2022 |
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
Dec. 31, 2021 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on disposal of discontinued operations, net of tax | $ (5,366) | $ 0 | $ (9,933) | $ 0 | ||
Tripwire | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture of businesses | $ 350,000 | |||||
Capital expenditure, discontinued operations | 1,500 | $ 200 | 3,800 | |||
Stock-based compensation, income | $ 600 | $ 2,000 | ||||
Accumulated other comprehensive income (loss), net of tax | $ 3,400 |
Discontinued Operations - Operating Results of the Disposal Group (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Amortization of intangible assets | $ 0 | $ (2,288) | $ 0 | $ (9,283) |
Tripwire | Discontinued Operations, Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 0 | 26,074 | 12,067 | 79,889 |
Cost of sales | 0 | (6,175) | (3,256) | (17,648) |
Gross profit | 0 | 19,899 | 8,811 | 62,241 |
Selling, general and administrative expenses | 0 | (12,338) | (8,185) | (35,141) |
Research and development expenses | 0 | (9,216) | (5,528) | (26,763) |
Amortization of intangible assets | 0 | (1,916) | (638) | (5,800) |
Loss before taxes | $ 0 | $ (3,571) | $ (5,540) | $ (5,463) |
Discontinued Operations - Assets and Liabilities of the Disposal Group (Details) - Tripwire - Discontinued Operations, Held-for-sale $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Assets: | |
Cash and cash equivalents | $ 2,194 |
Receivables, net | 28,773 |
Inventories, net | 150 |
Other current assets | 7,418 |
Property, plant and equipment, less accumulated depreciation | 6,250 |
Operating lease right-of-use assets | 3,893 |
Goodwill | 331,024 |
Intangible assets, less accumulated amortization | 63,541 |
Deferred income taxes | 834 |
Other long-lived assets | 5,325 |
Total assets of Tripwire disposal group | 449,402 |
Liabilities: | |
Accounts payable | 6,458 |
Accrued liabilities | 56,208 |
Deferred income taxes | 10,964 |
Long-term operating lease liabilities | 5,257 |
Other long-term liabilities | 20,192 |
Total liabilities of Tripwire disposal group | $ 99,079 |
Reportable Segments - Additional Information (Details) |
9 Months Ended |
---|---|
Oct. 02, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of global business platforms | 2 |
Income (loss) per Share - Basis for Income Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Numerator: | ||||
Income from continuing operations | $ 103,687 | $ 43,964 | $ 206,425 | $ 118,375 |
Less: Net income attributable to noncontrolling interest | 27 | 53 | 111 | 336 |
Income from continuing operations attributable to Belden stockholders | 103,660 | 43,911 | 206,314 | 118,039 |
Add: Loss from discontinued operations, net of tax | 0 | (2,647) | (3,685) | (4,345) |
Add: Loss on disposal of discontinued operations, net of tax | (5,366) | 0 | (9,933) | 0 |
Net income attributable to Belden stockholders | $ 98,294 | $ 41,264 | $ 192,696 | $ 113,694 |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | 43,466 | 44,851 | 44,181 | 44,762 |
Effect of dilutive common stock equivalents (in shares) | 597 | 574 | 629 | 480 |
Weighted average shares outstanding, diluted (in shares) | 44,063 | 45,425 | 44,810 | 45,242 |
Income (loss) per Share - Additional Information (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares) | 0.7 | 1.0 | 0.9 | 1.2 |
Anti-dilutive shares excluded from diluted weighted average shares outstanding due to performance conditions not being met (in shares) | 0.0 | 0.2 | 0.1 | 0.3 |
Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Oct. 02, 2022 |
Jul. 03, 2022 |
Apr. 03, 2022 |
Oct. 03, 2021 |
Jul. 04, 2021 |
Apr. 04, 2021 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 5,792 | $ 5,293 | $ 4,864 | $ 5,022 | $ 5,050 | $ 5,085 |
Current period provision | 92 | 656 | 846 | 94 | 224 | 52 |
Acquisitions | 0 | 319 | (192) | 0 | ||
Write-offs | (2,717) | (64) | (667) | (246) | 0 | (47) |
Recoveries collected | (23) | (12) | (50) | (107) | (36) | (23) |
Fx impact | (104) | (81) | (19) | (19) | (24) | (17) |
Ending balance | $ 3,040 | $ 5,792 | $ 5,293 | $ 4,744 | $ 5,022 | $ 5,050 |
Inventories - Major Classes of Inventories (Details) - USD ($) $ in Thousands |
Oct. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 154,288 | $ 157,315 |
Work-in-process | 36,666 | 43,644 |
Finished goods | 201,715 | 189,907 |
Gross inventories | 392,669 | 390,866 |
Excess and obsolete reserves | (41,229) | (45,663) |
Net inventories | $ 351,440 | $ 345,203 |
Leases - Additional Information (Details) $ in Millions |
9 Months Ended |
---|---|
Oct. 02, 2022
USD ($)
| |
Lessee, Lease, Description [Line Items] | |
Renewal term | 15 years |
Grass Valley | |
Lessee, Lease, Description [Line Items] | |
Lease guarantee, remaining lease payments | $ 15.1 |
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 | 17 years |
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 5,185 | $ 4,713 | $ 15,978 | $ 13,699 |
Amortization of right-of-use asset | 157 | 197 | 891 | 252 |
Interest on lease liabilities | 65 | 5 | 193 | 10 |
Total finance lease cost | $ 222 | $ 202 | $ 1,084 | $ 262 |
Leases - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 4,488 | $ 4,042 | $ 13,825 | $ 11,444 |
Leases - Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands |
Oct. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Total operating lease right-of-use assets | $ 69,940 | $ 75,571 |
Accrued liabilities | 15,847 | 16,377 |
Long-term operating lease liabilities | 56,333 | 61,967 |
Total operating lease liabilities | 72,180 | 78,344 |
Other long-lived assets, at cost | 6,248 | 3,650 |
Accumulated depreciation | (568) | (557) |
Other long-lived assets, net | $ 5,680 | $ 3,093 |
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) |
Oct. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Weighted Average Remaining Lease Term | ||
Operating leases | 6 years | 6 years |
Finance leases | 10 years | 4 years |
Weighted Average Discount Rate | ||
Operating leases | 5.10% | 4.80% |
Finance leases | 4.20% | 4.40% |
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Oct. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
2022 | $ 5,124 | $ 20,691 |
2023 | 19,154 | 16,853 |
2024 | 15,851 | 13,662 |
2025 | 13,920 | 12,348 |
2026 | 11,947 | 10,466 |
Thereafter | 26,672 | 17,967 |
Total | $ 92,668 | $ 91,987 |
Long-Lived Assets - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 02, 2022 |
Jul. 03, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Proceeds from sale of real estate | $ 42,200 | $ 42,200 | |||
Gain on sale of real estate | 37,900 | 37,900 | |||
Depreciation expense | 11,800 | $ 10,600 | 34,400 | $ 32,000 | |
Amortization of intangible assets including amortization of software development | 11,000 | 8,200 | 31,000 | 24,100 | |
Asset impairments | $ 0 | 2,288 | $ 0 | 9,283 | |
Impairment of assets to write down to fair value | $ 2,300 | 2,300 | |||
Germany | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Asset impairments | $ 2,300 | ||||
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 - Costs of Various Programs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | $ 4,632 | $ 1,012 | $ 14,629 | $ 3,428 |
Cost of sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | 2,809 | 179 | 8,873 | 179 |
Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | $ 1,823 | $ 833 | $ 5,756 | $ 3,249 |
Net Investment Hedge (Details) $ in Thousands, € in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 02, 2022
USD ($)
|
Oct. 03, 2021
USD ($)
|
Oct. 02, 2022
EUR (€)
|
Oct. 02, 2022
USD ($)
|
Oct. 03, 2021
USD ($)
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Cumulative translation adjustment | $ | $ 50,681 | $ 27,221 | $ 106,388 | $ 57,728 | |
Senior subordinated debt, de-designated | € | € 200.0 | ||||
Senior Subordinated Notes | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Senior subordinated debt, hedged | € | € 567.8 | ||||
Cumulative translation adjustment | $ | $ 102,100 | $ 47,900 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 02, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 16,104 | $ 9,799 | $ 39,014 | $ 26,433 |
Effective tax rate | 13.40% | 18.20% | 15.90% | 18.30% |
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Oct. 02, 2022 |
Jul. 03, 2022 |
Apr. 03, 2022 |
Oct. 03, 2021 |
Jul. 04, 2021 |
Apr. 04, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
|
Equity [Abstract] | ||||||||
Net income | $ 98,321 | $ 58,642 | $ 35,844 | $ 41,317 | $ 43,972 | $ 28,741 | $ 192,807 | $ 114,030 |
Foreign currency translation adjustments, net of tax | 50,681 | 27,221 | 106,388 | 57,728 | ||||
Adjustments to pension and postretirement liability, net of tax | 888 | 758 | 1,262 | 2,285 | ||||
Total comprehensive income | 149,890 | 69,296 | 300,457 | 174,043 | ||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (17) | (94) | 69 | (237) | ||||
Comprehensive income attributable to Belden | $ 149,907 | $ 69,390 | $ 300,388 | $ 174,280 |
Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Nov. 07, 2022 |
Oct. 02, 2022 |
Jul. 03, 2022 |
Apr. 03, 2022 |
Oct. 03, 2021 |
Oct. 02, 2022 |
Oct. 03, 2021 |
Dec. 31, 2018 |
|
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 300,000 | |||||||
Shares repurchase program (in shares) | 1,200,000 | 0 | 2,400,000 | 0 | ||||
Value of shares repurchased | $ 69,777 | $ 16,559 | $ 50,000 | $ 136,400 | ||||
Treasury stock acquired, average cost per share (in usd per share) | $ 59.84 | $ 57.50 | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 65,000 | $ 65,000 | ||||||
Subsequent Event | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Shares repurchase program (in shares) | 200,000 | |||||||
Value of shares repurchased | $ 13,600 | |||||||
Treasury stock acquired, average cost per share (in usd per share) | $ 62.85 |
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