Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 09, 2022 | Jul. 04, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-12561 | ||
Entity Registrant Name | BELDEN INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3601505 | ||
Entity Address, Address Line One | 1 North Brentwood Boulevard | ||
Entity Address, Address Line Two | 15th Floor | ||
Entity Address, City or Town | St. Louis | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63105 | ||
City Area Code | 314 | ||
Local Phone Number | 854-8000 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | BDC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity File Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging growth company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,002,746,472 | ||
Entity Common Stock, Shares Outstanding | 44,991,811 | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement for its annual meeting of stockholders within 120 days of the end of the fiscal year ended December 31, 2021 (the “Proxy Statement”). Portions of such proxy statement are incorporated by reference into Part III. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000913142 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | St. Louis, MO |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 643,757 | $ 501,994 |
Receivables, net | 412,217 | 296,817 |
Inventories, net | 345,354 | 247,298 |
Other current assets | 65,700 | 52,289 |
Total current assets | 1,467,028 | 1,098,398 |
Property, plant and equipment, less accumulated depreciation | 349,814 | 368,620 |
Operating lease right-of-use assets | 79,464 | 54,787 |
Goodwill | 1,152,472 | 1,251,938 |
Intangible assets, less accumulated amortization | 301,696 | 287,071 |
Deferred income taxes | 32,321 | 29,536 |
Other long-lived assets | 34,882 | 49,384 |
Segment assets | 3,417,677 | 3,139,734 |
Current liabilities: | ||
Accounts payable | 384,223 | 244,120 |
Accrued liabilities | 334,316 | 276,641 |
Total current liabilities | 718,539 | 520,761 |
Long-term debt | 1,459,991 | 1,573,726 |
Postretirement benefits | 120,997 | 160,400 |
Deferred income taxes | 59,990 | 38,400 |
Long-term operating lease liabilities | 67,225 | 46,398 |
Other long-term liabilities | 34,853 | 42,998 |
Stockholders’ equity: | ||
Common stock, par value $0.01 per share— 200,000 shares authorized; 50,335 shares issued; 44,975 and 44,643 shares outstanding at 2021 and 2020, respectively | 503 | 503 |
Additional paid-in capital | 833,627 | 823,605 |
Retained earnings | 505,717 | 450,876 |
Accumulated other comprehensive loss | (70,566) | (191,851) |
Treasury stock, at cost— 5,360 and 5,692 shares at 2021 and 2020, respectively | (313,994) | (332,552) |
Total Belden stockholders’ equity | 955,287 | 750,581 |
Noncontrolling interest | 795 | 6,470 |
Total stockholders’ equity | 956,082 | 757,051 |
Total liabilities and stockholders' equity | $ 3,417,677 | $ 3,139,734 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 50,335 | 50,335 |
Common stock, shares outstanding (in shares) | 44,975 | 44,643 |
Treasury stock, shares (in shares) | 5,360 | 5,692 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues | $ 2,408,100 | $ 1,862,716 | $ 2,131,278 |
Cost of sales | (1,553,738) | (1,199,427) | (1,337,773) |
Gross profit | 854,362 | 663,289 | 793,505 |
Selling, general and administrative expenses | (426,335) | (366,188) | (417,329) |
Research and development expenses | (124,660) | (107,296) | (94,360) |
Amortization of intangibles | (38,346) | (64,395) | (74,609) |
Goodwill and other asset impairment | (140,461) | 0 | 0 |
Operating income | 124,560 | 125,410 | 207,207 |
Interest expense, net | (62,695) | (58,888) | (55,814) |
Non-operating pension benefit (cost) | 4,476 | (395) | 1,017 |
Gain on sale of note receivable | 27,036 | 0 | 0 |
Loss on debt extinguishment | (5,715) | 0 | 0 |
Income from continuing operations before taxes | 87,662 | 66,127 | 152,410 |
Income tax expense | (25,205) | (11,724) | (42,519) |
Income from continuing operations | 62,457 | 54,403 | 109,891 |
Loss from discontinued operations, net of tax | 0 | (99,513) | (486,667) |
Gain (loss) from disposal of discontinued operations, net of tax | 1,860 | (9,948) | 0 |
Net income (loss) | 64,317 | (55,058) | (376,776) |
Less: Net income attributable to noncontrolling interest | 392 | 104 | 239 |
Net income (loss) attributable to Belden | 63,925 | (55,162) | (377,015) |
Less: Preferred stock dividends | 0 | 0 | 18,437 |
Net income (loss) attributable to Belden common stockholders | $ 63,925 | $ (55,162) | $ (395,452) |
Weighted average number of common shares and equivalents: | |||
Basic (in shares) | 44,802 | 44,778 | 42,203 |
Diluted (in shares) | 45,361 | 44,937 | 42,416 |
Basic income (loss) per share attributable to Belden common stockholders: | |||
Continuing operations attributable to Belden common stockholders (in dollars per share) | $ 1.39 | $ 1.21 | $ 2.16 |
Discontinued operations attributable to Belden common stockholders (in dollars per share) | 0 | (2.22) | (11.53) |
Disposal of discontinued operations attributable to Belden common stockholders (in dollars per share) | 0.04 | (0.22) | 0 |
Net income (loss) attributable to Belden common stockholders (in dollars per share) | 1.43 | (1.23) | (9.37) |
Diluted income (loss) per share attributable to Belden common stockholders: | |||
Continuing operations attributable to Belden common stockholders (in dollars per share) | 1.37 | 1.21 | 2.15 |
Discontinued operations attributable to Belden common stockholders (in dollars per share) | 0 | (2.22) | (11.53) |
Disposal of discontinued operations attributable to Belden common stockholders (in dollars per share) | 0.04 | (0.22) | 0 |
Net income (loss) attributable to Belden common stockholders (in dollars per share) | $ 1.41 | $ (1.23) | $ (9.37) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 64,317 | $ (55,058) | $ (376,776) |
Foreign currency translation, net of tax | 88,290 | (112,562) | 24,121 |
Adjustments to pension and postretirement liability, net of tax | 31,572 | (15,477) | (12,168) |
Other comprehensive income (loss), net of tax | 119,862 | (128,039) | 11,953 |
Comprehensive income (loss) | 184,179 | (183,097) | (364,823) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | (1,031) | 498 | 703 |
Comprehensive income (loss) attributable to Belden | $ 185,210 | $ (183,595) | $ (365,526) |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 64,317 | $ (55,058) | $ (376,776) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 87,988 | 108,687 | 139,259 |
Goodwill and other asset impairment | 140,461 | 113,007 | 521,441 |
Share-based compensation | 24,871 | 20,030 | 17,751 |
Loss on debt extinguishment | 5,715 | 0 | 0 |
Deferred income tax expense (benefit) | 3,575 | (19,410) | (23,540) |
Changes in operating assets and liabilities, net of the effects of exchange rate changes, acquired businesses, and disposals: | |||
Receivables | (119,012) | 70,707 | 22,926 |
Inventories | (92,984) | (8,507) | 44,477 |
Accounts payable | 135,666 | (43,567) | (41,527) |
Accrued liabilities | 61,241 | 7,374 | (17,654) |
Income taxes | (6,448) | (22,823) | 5,497 |
Other assets | (12,693) | 2,018 | (16,118) |
Other liabilities | (20,642) | 906 | 1,157 |
Net cash provided by operating activities | 272,055 | 173,364 | 276,893 |
Cash flows from investing activities: | |||
Capital expenditures | (90,982) | (90,215) | (110,002) |
Cash from (used for) business acquisitions, net of cash acquired | (73,340) | 590 | (74,392) |
Purchase of intangible assets | (3,650) | 0 | 0 |
Proceeds from disposal of tangible assets | 30,234 | 3,161 | 25 |
Proceeds from disposal of businesses, net of cash sold | 45,735 | 54,821 | 0 |
Net cash used for investing activities | (92,003) | (31,643) | (184,369) |
Cash flows from financing activities: | |||
Payments under borrowing arrangements | (360,304) | (190,000) | 0 |
Cash dividends paid | (9,056) | (9,029) | (34,439) |
Debt issuance costs paid | (8,173) | 0 | 0 |
Withholding tax payments for share based-payment awards | (5,570) | (1,388) | (2,149) |
Payments under financing lease obligations | (3,151) | (194) | (360) |
Payments to noncontrolling interest holders | (2,682) | 0 | 0 |
Payments under share repurchase program | 0 | (35,000) | (50,000) |
Payment of earnout consideration | 0 | (29,300) | 0 |
Borrowings under credit arrangements | 356,010 | 190,000 | 0 |
Net cash used for financing activities | (32,926) | (74,911) | (86,948) |
Effect of foreign currency exchange rate changes on cash and cash equivalents | (5,363) | 9,299 | (301) |
Increase in cash and cash equivalents | 141,763 | 76,109 | 5,275 |
Cash and cash equivalents, beginning of year | 501,994 | 425,885 | 420,610 |
Cash and cash equivalents, end of year | $ 643,757 | $ 501,994 | $ 425,885 |
Consolidated Stockholders' Equi
Consolidated Stockholders' Equity Statements - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Mandatory Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest |
Beginning balance (in shares) at Dec. 31, 2018 | 52 | 50,335 | 10,939 | |||||||
Beginning balance at Dec. 31, 2018 | $ 1,387,588 | $ 1 | $ 503 | $ 1,139,395 | $ 922,000 | $ (599,845) | $ (74,907) | $ 441 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (376,776) | (377,015) | 239 | |||||||
Other comprehensive income (loss), net of tax | 11,953 | 11,489 | 464 | |||||||
Acquisition of business with noncontrolling interests | 5,195 | 5,195 | ||||||||
Acquisition of noncontrolling interests | (765) | (398) | (367) | |||||||
Exercise of stock options, net of tax withholding forfeitures (in shares) | 4 | |||||||||
Exercise of stock options, net of tax withholding forfeitures | (111) | (291) | $ 180 | |||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares) | 91 | |||||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | $ (2,035) | (3,714) | $ 1,679 | |||||||
Share repurchase program (in shares) | (900) | (890) | ||||||||
Share repurchase program | $ (50,000) | $ (50,000) | ||||||||
Share-based compensation | 17,751 | 17,751 | ||||||||
Preferred stock conversion (in shares) | (52) | (6,857) | ||||||||
Preferred stock conversion | 0 | $ (1) | (340,788) | $ 340,789 | ||||||
Preferred stock dividends | (18,437) | (18,437) | ||||||||
Common stock dividends | (8,544) | (8,544) | ||||||||
Ending balance (in shares) at Dec. 31, 2019 | 0 | 50,335 | 4,877 | |||||||
Ending balance at Dec. 31, 2019 | 965,819 | $ (2,916) | $ 0 | $ 503 | 811,955 | 518,004 | $ (2,916) | $ (307,197) | (63,418) | 5,972 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (55,058) | (55,162) | 104 | |||||||
Other comprehensive income (loss), net of tax | (128,039) | (128,433) | 394 | |||||||
Retirement Savings Plan stock contributions (in shares) | 76 | |||||||||
Retirement Savings Plan stock contributions | 2,654 | (1,622) | $ 4,276 | |||||||
Exercise of stock options, net of tax withholding forfeitures (in shares) | 7 | |||||||||
Exercise of stock options, net of tax withholding forfeitures | (181) | (791) | $ 610 | |||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares) | 78 | |||||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | $ (1,208) | (5,967) | $ 4,759 | |||||||
Share repurchase program (in shares) | (1,000) | (976) | ||||||||
Share repurchase program | $ (35,000) | $ (35,000) | ||||||||
Share-based compensation | 20,030 | 20,030 | ||||||||
Common stock dividends | (9,050) | (9,050) | ||||||||
Ending balance (in shares) at Dec. 31, 2020 | 0 | 50,335 | 5,692 | |||||||
Ending balance at Dec. 31, 2020 | 757,051 | $ 0 | $ 503 | 823,605 | 450,876 | $ (332,552) | (191,851) | 6,470 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 64,317 | 63,925 | 392 | |||||||
Other comprehensive income (loss), net of tax | 119,862 | 121,285 | (1,423) | |||||||
Retirement Savings Plan stock contributions (in shares) | 134 | |||||||||
Retirement Savings Plan stock contributions | 6,888 | (652) | $ 7,540 | |||||||
Acquisition of noncontrolling interests | (2,253) | 2,391 | (4,644) | |||||||
Exercise of stock options, net of tax withholding forfeitures (in shares) | 20 | |||||||||
Exercise of stock options, net of tax withholding forfeitures | (487) | (1,615) | $ 1,128 | |||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares) | 178 | |||||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | $ (5,083) | (14,973) | $ 9,890 | |||||||
Share repurchase program (in shares) | 0 | |||||||||
Share-based compensation | $ 24,871 | 24,871 | ||||||||
Common stock dividends | (9,084) | (9,084) | ||||||||
Ending balance (in shares) at Dec. 31, 2021 | 0 | 50,335 | 5,360 | |||||||
Ending balance at Dec. 31, 2021 | $ 956,082 | $ 0 | $ 503 | $ 833,627 | $ 505,717 | $ (313,994) | $ (70,566) | $ 795 |
Consolidated Stockholders' Eq_2
Consolidated Stockholders' Equity Statements (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends declared per share | $ 0.20 | $ 0.20 | $ 0.20 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Business Description Belden Inc. (the Company, us, we, or our) is a global supplier of specialty networking solutions built around two global businesses – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments. Consolidation The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries, including variable interest entities for which we are the primary beneficiary. We eliminate all significant affiliate accounts and transactions in consolidation. Foreign Currency For international operations with functional currencies other than the United States (U.S.) dollar, we translate assets and liabilities at current exchange rates; we translate income and expenses using average exchange rates. We report the resulting translation adjustments, as well as gains and losses from certain affiliate transactions, in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. We include exchange gains and losses on transactions in operating income. We determine the functional currency of our foreign subsidiaries based upon the currency of the primary economic environment in which each subsidiary operates. Typically, that is determined by the currency in which the subsidiary primarily generates and expends cash. We have concluded that the local currency is the functional currency for all of our material subsidiaries. Reporting Periods Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31. Our fiscal second and third quarters each have 91 days. Use of Estimates in the Preparation of the Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and operating results and the disclosure of contingencies. Actual results could differ from those estimates. We make significant estimates with respect to the collectability and valuation of receivables, the valuation of inventory, the realization of deferred tax assets, the valuation of goodwill and indefinite-lived intangible assets, the valuation of contingent liabilities, the calculation of share-based compensation, the calculation of pension and other postretirement benefits expense, and the valuation of acquired businesses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Fair Value Measurement Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. During 2021, 2020, and 2019 we utilized Level 1 inputs to determine the fair value of cash equivalents and Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 4) and for impairment testing (see Note 13). We did not have any transfers between Level 1 and Level 2 fair value measurements during 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 December 31, 2021 and 2020, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes. Accounts Receivable and Revenue Reserves We classify amounts owed to us and due within twelve months, arising from the sale of goods or services and from other business activities, as current receivables. We classify receivables due after twelve months as other long-lived assets. At the time of sale, we establish an estimated reserve for trade, promotion, and other special price reductions such as contract pricing, discounts to meet competitor pricing, and on-time payment discounts. We also adjust receivable balances for, among other things, correction of billing errors, incorrect shipments, and settlement of customer disputes. Customers are allowed to return inventory if and when certain conditions regarding the physical state of the inventory and our approval of the return are met. Certain distribution customers are allowed to return inventory at original cost, in an amount not to exceed three percent of the prior year’s purchases, in exchange for an order of equal or greater value. Until we can process these reductions, corrections, and returns (together, the Changes) through individual customer records, we estimate the amount of outstanding Changes and recognize them by reducing revenues. We base these estimates on historical and anticipated sales demand, trends in product pricing, and historical and anticipated Changes patterns. We make revisions to these estimates in the period in which the facts that give rise to each revision become known. Future market conditions might require us to take actions to further reduce prices and increase customer return authorizations. Unprocessed Changes recognized against our gross accounts receivable balance at December 31, 2021 and 2020 totale d $23.4 million and $25.5 million, respectively. Unprocessed Changes recognized as accrued liabilities at December 31, 2021 and 2020 totaled $12.5 million an d $13.0 million, respectively. We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. As of December 31, 2021 and 2020, the allowance for doubtf ul accounts totaled $6.3 million and $5.1 million, respectively. We also recognized bad debt expense, net of recoveries, of $1.8 million, $2.4 million, and $0.1 million in 2021 , 2020, and 2019, respectively. Inventories and Related Reserves Inventories are stated at the lower of cost or net realizable value. We determine the cost of all raw materials, work-in-process, and finished goods inventories by the first in, first out method. Cost components of inventories include direct labor, applicable production overhead, and amounts paid to suppliers of materials and products as well as freight costs and, when applicable, duty costs to import the materials and products. We evaluate the realizability of our inventory on a product-by-product basis in light of historical and anticipated sales demand, technological changes, product life cycle, component cost trends, product pricing, and inventory condition. In circumstances where inventory levels are in excess of anticipated market demand, where inventory is deemed technologically obsolete or not saleable due to condition, or where inventory cost exceeds net realizable value, we record a charge to cost of sales and reduce the inventory to its net realizable value. The allowances for excess and obsolete inventories at December 31, 2021 and 2020 totaled $45.7 million and $32.3 million, respe ctively. Property, Plant and Equipment We record property, plant and equipment at cost. We calculate depreciation on a straight-line basis over the estimated useful lives of the related assets ranging from 10 to 40 years for buildings, 5 to 12 years for machinery and equipment, and 5 to 10 years for computer equipment and software. Construction in process reflects amounts incurred for the configuration and build-out of property, plant and equipment and for property, plant and equipment not yet placed into service. We charge maintenance and repairs—both planned major activities and less-costly, ongoing activities—to expense as incurred. We capitalize interest costs associated with the construction of capital assets and amortize the costs over the assets’ useful lives. Depreciation expense is included in costs of sales; selling, general and administrative expenses; and research and development expenses in the Consolidated Statements of Operations based on the specific categorization and use of the underlying assets being depreciated. We review property, plant and equipment to determine whether an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We base our evaluation on the nature of the assets, the future economic benefit of the assets, and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. For purposes of impairment testing of long-lived assets, we have identified asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Generally, our asset groups are based on an individual plant or operating facility level. In some circumstances, however, a combination of plants or operating facilities may be considered the asset group due to interdependence of operational activities and cash flows. Goodwill and Intangible Assets Our intangible assets consist of (a) definite-lived assets subject to amortization such as developed technology, customer relationships, in-service research and development, certain trademarks, backlog, and capitalized software intangible assets, and (b) indefinite-lived assets not subject to amortization such as goodwill, certain trademarks, and in-process research and development intangible assets. We record amortization of the definite-lived intangible assets over the estimated useful lives of the related assets, which generally range from one year or less for backlog to more than 25 years for certain of our customer relationships. We determine the amortization method for our definite-lived intangible assets based on the pattern in which the economic benefits of the intangible asset are consumed. In the event we cannot reliably determine that pattern, we utilize a straight-line amortization method. We test our goodwill and other indefinite-lived intangible asset not subject to amortization for impairment on an annual basis as of our fiscal November month-end or when indicators of impairment exist. We base our estimates on assumptions we believe to be reasonable, but which are not predictable with precision and therefore are inherently uncertain. Actual future results could differ from these estimates. The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting u nit, as described in the paragraph below. In 2021, we did not perform a qualitative assessment over any of our reporting units. For our annual impairment test in 2021, we performed a quantitative assessment for all six of our reporting units. Under a quantitative assessment for goodwill impairment, we determine the fair value using the income approach (using Level 3 inputs) as reconciled to our aggregate market capitalization. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. Based on our annual goodwill impairment test, the excess of the fair values over the carrying values for five of the six reporting units tested under a quantitative income approach ranged from 51% - 436%. The estimated fair value for the Tripwire reporting unit was $131.2 million less than its carrying value, and as such, we recognized a goodwill impairment charge of $131.2 million during the fourth quarter of 2021. For the other five reporting units, using both an income approach and market approach, we determined that there was no impairment during 2021. During 2020 and 2019, we did not recognize any goodwill impairment from continuing operations. See Note 13 for further discussion. We also evaluate indefinite lived intangible assets for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying values of those assets may no longer be recoverable. We compare the fair value of the asset with its carrying amount. If the carrying amount of the asset exceeds its fair value, we recognize an impairment loss in an amount equal to that excess. We did not recognize impairment charges for our indefinite lived intangible assets from continuing operations in 2021, 2020, or 2019. See Note 13 for further discussion. We review intangible assets subject to amortization whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. We did not recognize any impairment charges for amortizable intangible assets from continuing operations in 2021, 2020, or 2019. During the years ended December 31, 2020 and 2019, we performed impairment tests on the Grass Valley disposal group due to its overall financial performance and discontinued operations classification, which resulted in total asset impairments of $113.0 million and $521.4 million, respectively. The 2019 impairment charge consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows. See Notes 5 and 13. Pension and Other Postretirement Benefits Our pension and other postretirement benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, salary growth, long-term return on plan assets, health care cost trend rates, mortality tables, and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, are amortized over the estimated future working life of the plan participants. Accrued Sales Rebates We grant incentive rebates to participating customers as part of our sales programs. The rebates are determined based on certain targeted sales volumes. Rebates are paid quarterly or annually in either cash or receivables credits. Until we can process these rebates through individual customer records, we estimate the amount of outstanding rebates and recognize them as accrued liabilities and reductions in our gross revenues. We base our estimates on both historical and anticipated sales demand and rebate program participation. We charge revisions to these estimates back to accrued liabilities and revenues in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to increase sales rebates offered, possibly resulting in an incremental increase in accrued liabilities and an i ncremental reduction in revenues at the time the rebate is offered. Accrued sales rebates at December 31, 2021 and 2020 totaled $55.5 million and $32.2 million, respecti vely. Contingent Liabilities We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. A significant amount of judgment and use of estimates is required to quantify our ultimate exposure in these matters. We review the valuation of these liabilities on a quarterly basis, and we adjust the balances to account for changes in circumstances for ongoing and emerging issues. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel, the amounts of which are not currently material. We expense environmental compliance costs, which include maintenance and operating costs with respect to ongoing monitoring programs, as incurred. We evaluate the range of potential costs to remediate environmental sites. The ultimate cost of site clean-up is difficult to predict given the uncertainties of our involvement in certain sites, uncertainties regarding the extent of the required clean-up, the availability of alternative clean-up methods, variations in the interpretation of applicable laws and regulations, the possibility of insurance recoveries with respect to certain sites, and other factors. We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Assessments regarding the ultimate cost of lawsuits require judgments concerning matters such as the anticipated outcome of negotiations, the number and cost of pending and future claims, and the impact of evidentiary requirements. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, results of operations or cash flow. Acquisition Accounting We allocate the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the acquisition date. As necessary, we may engage third party specialists to assist in the estimation of fair value for certain liabilities, such as postretirement benefit liabilities. We adjust the preliminary acquisition accounting, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed. Revenue Recognition We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 3. Cost of Sales Cost of sales includes our total cost of inventory sold during the period, including material, labor, production overhead costs, variable manufacturing costs, and fixed manufacturing costs. Production overhead costs include operating supplies, applicable utility expenses, maintenance costs, and scrap. Variable manufacturing costs include inbound, interplant, and outbound freight, inventory shrinkage, and charges for excess and obsolete inventory. Fixed manufacturing costs include the costs associated with our purchasing, receiving, inspection, warehousing, distribution centers, production and inventory control, and manufacturing management. Cost of sales also includes the costs to provide maintenance and support and other professional services. Shipping and Handling Costs We recognize fees earned on the shipment of product to customers as revenues and recognize costs incurred on the shipment of product to customers as a cost of sales. Selling, General and Administrative Expenses Selling, general and administrative expenses include expenses not directly related to the production of inventory. They include all expenses related to selling and marketing our products, as well as the salary and benefit costs of associates performing the selling and marketing functions. Selling, general and administrative expenses also include salary and benefit costs, purchased services, and other costs related to our executive and administrative functions. Research and Development Costs Research and development costs are expensed as incurred. Advertising Costs Advertising costs are expensed as incurred. Advertising costs were $12.8 million, $11.6 million, and $14.7 million for 2021, 2020, and 2019, respectively. Share-Based Compensation We compensate certain employees and non-employee directors with various forms of share-based payment awards and recognize compensation costs for these awards based on their fair values. We estimate the fair values of certain awards, primarily stock appreciation rights (SARs), on the grant date using the Black-Scholes-Merton option-pricing formula, which incorporates certain assumptions regarding the expected term of an award and expected stock price volatility. We develop the expected term assumption based on the vesting period and contractual term of an award, our historical exercise and cancellation experience, our stock price history, plan provisions that require exercise or cancellation of awards after employees terminate, and the extent to which currently available information indicates that the future is reasonably expected to differ from past experience. We develop the expected volatility assumption based on historical price data for our common stock. We estimate the fair value of certain restricted stock units with service vesting conditions and performance vesting conditions based on the grant date stock price. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost expected to be recognized in our operating results over the service period of the award. We develop the forfeiture assumption based on our historical pre-vesting cancellation experience. Income Taxes Income taxes are provided based on earnings reported for financial statement purposes. The provision for income taxes differs from the amounts currently payable to taxing authorities due to the temporary or permanent timing differences with respect to the recognition of revenues, expenses, and tax attributes for income tax purposes compared to financial statement purposes. Income taxes are provided as if operations in all countries, including the U.S., were stand-alone businesses filing separate tax returns. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. Deferred tax assets generally represent future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our Consolidated Financial Statements become deductible for income tax purposes. A deferred tax asset valuation allowance is required when some portion or all of the deferred tax assets may not be realized. At December 31, 2021, the valuation allowance of $68.7 million was primarily related to net operating losses and capital losses that we do not expect to realize. Our effective tax rate is based on expected income, statutory tax rates, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions. We establish accruals for uncertain tax positions when we believe that the full amount of the associated tax benefit may not be realized. To the extent we were to prevail in matters for which accruals have been established or would be required to pay amounts in excess of reserves, there could be a material effect on our income tax provisions in the period in which such determination is made. Current-Year Adoption of Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which removes certain exceptions for investments, intra-period allocations and interim tax calculations, and adds guidance to reduce the complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in ASU 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending upon the amendment. The impact of adopting ASU 2019-12 on our consolidated financial statements was not material. In October 2021, the FASB issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The new standard eliminates the complexity of determining the fair value of contract liabilities and delivers revenue recognition consistency for contract assets and liabilities between the acquirer and acquiree in a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The amendments should be applied prospectively; however, an entity that elects to early adopt in an interim period should apply the amendments to all business combinations that occurred during the fiscal year that includes that interim period. We adopted ASU 2021-08 during the fourth quarter of 2021, which resulted in an increase in consolidated revenues of $1.4 million. See Note 4. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. We do not evaluate a contract for a significant financing component when the time between cash collection and performance is less than one year. The following table presents our revenues disaggregated by major product category (in thousands). Broadband and 5G Cyber-Security Industrial Automation Smart Buildings Total Year Ended December 31, 2021 Enterprise Solutions $ 488,453 $ — $ — $ 585,973 $ 1,074,426 Industrial Solutions — 106,850 1,226,824 — 1,333,674 Total $ 488,453 $ 106,850 $ 1,226,824 $ 585,973 $ 2,408,100 Year Ended December 31, 2020 Enterprise Solutions $ 432,262 $ — $ — $ 440,155 $ 872,417 Industrial Solutions — 110,524 879,775 — 990,299 Total $ 432,262 $ 110,524 $ 879,775 $ 440,155 $ 1,862,716 Year Ended December 31, 2019 Enterprise Solutions $ 401,415 $ — $ — $ 544,626 $ 946,041 Industrial Solutions — 133,039 1,052,198 — 1,185,237 Total $ 401,415 $ 133,039 $ 1,052,198 $ 544,626 $ 2,131,278 The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product (in thousands). Americas EMEA APAC Total Revenues Year Ended December 31, 2021 Enterprise Solutions $ 785,253 $ 150,790 $ 138,383 $ 1,074,426 Industrial Solutions 781,362 344,379 207,933 1,333,674 Total $ 1,566,615 $ 495,169 $ 346,316 $ 2,408,100 Year Ended December 31, 2020 Enterprise Solutions $ 636,492 $ 130,982 $ 104,943 $ 872,417 Industrial Solutions 577,929 256,673 155,697 990,299 Total $ 1,214,421 $ 387,655 $ 260,640 $ 1,862,716 Year Ended December 31, 2019 Enterprise Solutions $ 695,008 $ 135,732 $ 115,301 $ 946,041 Industrial Solutions 742,563 274,030 168,644 1,185,237 Total $ 1,437,571 $ 409,762 $ 283,945 $ 2,131,278 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 standalone selling price using the prices charged to customers on a standalone basis. In arrangements where software licenses with highly variable standalone selling prices are sold with either support or professional services, we generally determine the standalone selling price of the software license using the residual approach. Typically, payments are due after control transfers, which is less than one year from satisfaction of the performance obligation. 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 to the customer, which generally occurs when the product has been shipped or delivered from our facility to our customers, the customer has legal title to the product, and we have a present right to payment for the product. We also consider any customer acceptance clauses in determining when control has transferred to the customer and typically, these clauses are not substantive. The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Adjustments to revenue for performance obligations satisfied in prior periods was not significant during the year ended December 31, 2021. The following table presents estimated and accrued variable consideration: December 31, 2021 December 31, 2020 (in thousands) Accrued rebates included in accrued liabilities $ 55,525 $ 32,192 Accrued returns included in accrued liabilities 12,530 13,016 Price adjustment recognized against gross accounts receivable 23,035 25,244 Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we must satisfy a future performance obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. The typical use of a time-elapsed unit of measure for support and maintenance contracts reflects the benefit and same pattern of transfer the customer receives from our services under this arrangement over the term of the contract. Consideration allocated to professional services is recognized when or as the services are performed depending on the terms of the arrangement. As of December 31, 2021, total deferred revenue was $86.8 million, and of this amount, $60.9 million is expected to be recognized within the next twelve months, and the remaining $25.9 million is long-term and will be recognized over a period greater than twelve months. The following table presents deferred revenue activity (in thousands): Balance at December 31, 2019 $ 70,070 New deferrals 101,066 Revenue recognized (93,488) Balance at December 31, 2020 $ 77,648 New deferrals 97,940 Acquisitions 7,172 Revenue recognized (95,915) Balance at December 31, 2021 $ 86,845 S ervice-type warranties represent $9.6 million of the deferred revenue balance at December 31, 2021, and of this amount $4.1 million is expected to be recognized in the next twelve months, and the remaining $5.5 million is long-term and will be recognized over a period greater than twelve months. At December 31, 2021, we did not have any material contract assets recorded in the 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 in other current and long-lived assets on our balance sheet when the duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. Total capitalized sales commissions were $7.1 million, $5.8 million, and $3.4 million as of December 31, 2021, 2020, and 2019, respectively. For the years ended December 31, 2021, 2020 and 2019, we recogn iz ed $20.9 million |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions OTN Systems N.V. We acquired 100% of the shares of OTN Systems on January 29, 2021 for a purchase price, net of cash acquired, of $73.3 million, which was funded with cash on hand. OTN Systems, based in Olen, Belgium, is a leading provider of easy to use and highly-reliable network solutions tailored for specific applications in harsh, mission-critical environments. The acquisition of OTN Systems supports one of our key strategic priorities related to the growing demand for industrial automation by adding proprietary technology and mission-critical hardware and software products for more complete end-to-end solutions. The results of OTN Systems have been included in our Consolidated Financial Statements from January 29, 2021, and are reported within the Industrial Solutions segment. Belden assumed $1.8 million of OTN Systems' debt as part of the transaction, which was subsequently paid on the acquisition date. A subsidiary of OTN Systems includes a noncontrolling interest. Because OTN Systems has a controlling financial interest in the subsidiary, it is consolidated into our financial statements. The results that are attributable to the noncontrolling interest holder are presented as net income (loss) attributable to noncontrolling interests in the Consolidated Statements of Operations. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed as of January 29, 2021 (in thousands): Receivables $ 6,009 Inventories 10,731 Other current assets 768 Property, plant, and equipment 602 Intangible assets 39,930 Goodwill 41,749 Operating lease right-of-use assets 4,144 Other long-lived assets 416 Total assets acquired $ 104,349 Accounts payable $ 6,884 Accrued liabilities 8,735 Long-term debt 1,841 Postretirement benefits 3,581 Deferred income taxes 2,980 Long-term operating lease liabilities 3,271 Other long-term liabilities 3,692 Total liabilities assumed $ 30,984 Net assets 73,365 Noncontrolling interests 20 Net assets attributable to Belden $ 73,345 The fair value of acquired receivables is $6.0 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 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 estimate of the fair values for the acquired inventory, intangible assets, and postretirement benefits on valuation studies performed by a third party valuation firm. We have estimated a fair value adjustment for inventories based on the estimated selling price of the work-in-process and finished goods acquired at the closing date less the sum of the costs to complete the work-in-process, the costs of disposal, and a reasonable profit allowance for our post acquisition selling efforts. We used various valuation methods including discounted cash flows, lost income, excess earnings, and relief from royalty to estimate the 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 product offerings in complete end-to-end solutions. Our tax basis in the acquired goodwill is zero. The intangible assets related to the acquisition consisted of the following: Fair Value Amortization Period (In thousands) (In years) Intangible assets subject to amortization Developed technologies $ 26,400 6.8 Customer relationships 6,200 15.0 Sales backlog 3,600 5.0 Trademarks 3,070 14.8 Non-compete agreements 660 2.0 Total intangible assets subject to amortization $ 39,930 Intangible assets not subject to amortization: Goodwill $ 41,749 Total intangible assets not subject to amortization $ 41,749 Total intangible assets $ 81,679 Weighed average amortization period 8.5 The amortizable intangible assets reflected in the table above were determined by us to have finite lives. The useful life for the developed technology intangible asset was based on the estimated time that the technology provides us with a competitive advantage and thus approximates the period and pattern of consumption of the intangible asset. The useful life for the customer relationship intangible asset was based on our forecasts of estimated sales from recurring customers. The useful life of the backlog intangible asset was based on our estimate of when the ordered items would ship and control of the items transfers. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks. The useful life of the non-compete agreements was based on the term of the agreements. Our consolidated revenues and income (loss) before taxes for the year ended December 31, 2021 included $37.6 million and $(1.8) million, respectively, from OTN Systems. For the year ended December 31, 2021, loss before taxes included $5.1 million of amortization of intangible assets, $3.0 million of severance and other restructuring costs, and $2.4 million of cost of sales related to the adjustment of acquired inventory to fair value for OTN Systems. The following table illustrates the unaudited pro forma effect on operating results as if the OTN Systems acquisition had been completed January 1, 2020. Years Ended December 31, 2021 2020 (In thousands, except per share data) (Unaudited) Revenues $ 2,409,851 $ 1,900,646 Net income (loss) attributable to Belden common stockholders 65,377 (59,150) Diluted income (loss) per share attributable to Belden common stockholders $ 1.44 $ (1.32) The above unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what our results of operations would have been had we completed the acquisition on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisition. |
Disposals
Disposals | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposals | Disposals We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Brazil Oil & Gas Cable Business During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil that met all of the criteria to classify the assets and liabilities of this business, formerly part of the Industrial Solutions segment, as held for sale. At such time, the carrying value of the disposal group exceeded the fair value less costs to sell, which we determined based upon the expected sale price, by $3.4 million. Therefore, we recognized an impairment charge equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment. We completed the sale of our oil and gas cable business in Brazil during the second quarter of 2021 for $10.9 million, net of cash delivered with the business. Grass Valley During the fourth quarter of 2019, we committed to a plan to sell Grass Valley, and at such time, met all of the criteria to classify the assets and liabilities of this business as held for sale. Furthermore, we determined a divestiture of Grass Valley represents a strategic shift that is expected to have a major impact on our operations and financial results. As a result, the Grass Valley disposal group, which was included in our Enterprise Solutions segment, is reported within discontinued operations. We wrote down the carrying value of Grass Valley and recognized asset impairments totaling $113.0 million and $521.4 million in 2020 and 2019, respectively. We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows. We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 and recognized a loss of $9.9 million, net of $7.5 million income tax expense. The terms of the sale included gross cash consideration of $120.0 million, or approximately $56.2 million net of cash delivered with the business. The sale also included deferred consideration consisting of a $175.0 million seller’s note that is expected to mature in 2025, up to $88 million in PIK (payment-in-kind) interest on the seller’s note, and $178.0 million in potential earnout payments. Based upon a third party valuation specialist using certain assumptions in a Monte Carlo analysis, the estimated fair value of the seller’s note is $34.9 million, which we recorded in Other Long-Lived Assets. We accounted for the earnout under a loss recovery approach and did not record an asset as of the disposal date. Any subsequent recognition of an earnout will be based on the gain contingency guidance. The seller’s note accrues PIK interest at an annual rate of 8.5%. During the year ended December 31, 2021, the seller’s note accrued interest of $13.9 million, which we reserved for based on our expected loss allowance methodology. During 2021, we sold the seller's note to a third party for $62.0 million and recognized a gain on sale of approximately $27.0 million. The following table summarizes the operating results of the disposal group up to the July 2, 2020 disposal date for the years ended December 31, 2020 and 2019, respectively: Years Ended December 31, 2020 2019 (In thousands) Revenues $ 109,195 $ 360,496 Cost of sales (70,199) (208,173) Gross profit 38,996 152,323 Selling, general and administrative expenses (39,947) (93,796) Research and development expenses (15,083) (37,172) Amortization of intangibles — (12,782) Asset impairment of discontinued operations (113,007) (521,441) Interest expense, net (432) (819) Non-operating pension cost (169) (221) Loss before taxes $ (129,642) $ (513,908) |
Operating Segments and Geograph
Operating Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Information | Operating Segments and Geographic Information We are organized around two global businesses: Enterprise Solutions and Industrial Solutions. Each of the global businesses represents a reportable segment. The segments design, manufacture, and market a portfolio of signal transmission solutions for mission critical applications used in a variety of end markets. We sell the products manufactured by our segments through distributors or directly to systems integrators, original equipment manufacturers (OEMs), end-users, and installers. The key measures of segment profit or loss reviewed by our chief operating decision maker are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues. 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. Operating Segment Information Enterprise Solutions Years ended December 31, 2021 2020 2019 (In thousands) Segment revenues $ 1,074,426 $ 872,415 $ 946,041 Segment EBITDA 143,236 99,333 126,925 Depreciation expense 21,594 20,655 19,771 Amortization of intangibles 17,595 21,662 22,324 Amortization of software development intangible assets 94 245 175 Adjustments related to acquisitions and divestitures (6,828) 125 592 Severance, restructuring, and acquisition integration costs 13,800 7,720 10,808 Acquisition of property, plant and equipment 36,726 25,223 42,289 Segment assets 563,141 462,615 487,125 Industrial Solutions Years ended December 31, 2021 2020 2019 (In thousands) Segment revenues $ 1,333,674 $ 990,301 $ 1,185,237 Segment EBITDA 227,946 147,626 226,110 Depreciation expense 24,346 21,815 20,638 Amortization of intangibles 20,751 42,733 52,285 Amortization of software development intangible assets 2,806 1,576 350 Adjustments related to acquisitions and divestitures 1,792 — — Severance, restructuring, and acquisition integration costs 10,092 4,538 15,736 Goodwill and other asset impairment 140,461 — — Acquisition of property, plant and equipment 47,401 44,675 35,189 Segment assets 652,188 522,637 504,482 Total Segments Years ended December 31, 2021 2020 2019 (In thousands) Segment revenues $ 2,408,100 $ 1,862,716 $ 2,131,278 Segment EBITDA 371,182 246,959 353,035 Depreciation expense 45,940 42,470 40,409 Amortization of intangibles 38,346 64,395 74,609 Amortization of software development intangible assets 2,900 1,821 525 Adjustments related to acquisitions and divestitures (5,036) 125 592 Severance, restructuring, and acquisition integration costs 23,892 12,258 26,544 Goodwill and other asset impairment 140,461 — — Acquisition of property, plant and equipment 84,127 69,898 77,478 Segment assets 1,215,329 985,252 991,607 The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively. Years Ended December 31, 2021 2020 2019 (In thousands) Segment Revenues and Consolidated Revenues $ 2,408,100 $ 1,862,716 $ 2,131,278 Total Segment EBITDA $ 371,182 $ 246,959 $ 353,035 Goodwill and other asset impairment (140,461) — — Depreciation expense (45,940) (42,470) (40,409) Amortization of intangibles (38,346) (64,395) (74,609) Severance, restructuring, and acquisition integration costs (1) (23,892) (12,258) (26,544) Amortization of software development intangible assets (2,900) (1,821) (525) Adjustments related to acquisitions and divestitures (2) 5,036 (125) (592) Eliminations (119) (480) (3,149) Consolidated operating income 124,560 125,410 207,207 Interest expense, net (62,695) (58,888) (55,814) Non-operating pension benefit (cost) 4,476 (395) 1,017 Gain on sale of note receivable 27,036 — — Loss on debt extinguishment (5,715) — — Consolidated income from continuing operations before taxes $ 87,662 $ 66,127 $ 152,410 (1) See Note 15, Severance, Restructuring, and Acquisiti on Integration Activities, for details . (2) In 2021, we collected $2.2 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off, reduced the Opterna earn-out liability by $5.8 million, recognized cost of sales of $2.3 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN Systems acquisition, and recognized a $0.6 million loss on the sale of tangible assets. In 2020 and 2019, we collectively recognized $0.1 million and $0.6 million, respectively, of cost of sales related to acquisition accounting adjustments of acquired inventory to fair value for both our SPC and Opterna acquisitions. Below are reconciliations of other segment measures to the consolidated totals. Years Ended December 31, 2021 2020 2019 (In thousands) Total segment assets $ 1,215,329 $ 985,252 $ 991,607 Cash and cash equivalents 643,757 501,994 407,480 Goodwill 1,152,472 1,251,938 1,243,669 Intangible assets, less accumulated amortization 301,696 287,071 339,505 Deferred income taxes 32,321 29,536 25,216 Corporate assets 72,102 83,943 24,147 Assets of discontinued operations — — 375,135 Total assets $ 3,417,677 $ 3,139,734 $ 3,406,759 Total segment acquisition of property, plant and equipment $ 84,127 $ 69,898 $ 77,478 Corporate acquisition of property, plant and equipment 6,855 3,605 3,110 Discontinued operations acquisition of property, plant and equipment — 16,712 29,414 Total acquisition of property, plant and equipment $ 90,982 $ 90,215 $ 110,002 Geographic Information The Company attributes foreign sales based on the location of the customer purchasing the product. The table below summarizes net sales and long-lived assets for the years ended December 31, 2021, 2020, and 2019 for the following countries: the U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company. United Canada China Germany All Other Total (In thousands, except percentages) Year ended December 31, 2021 Revenues $ 1,273,239 $ 191,493 $ 149,036 $ 113,529 $ 680,803 $ 2,408,100 Percent of total revenues 53 % 8 % 6 % 5 % 28 % 100 % Long-lived assets $ 181,002 $ 12,666 $ 46,776 $ 37,208 $ 106,986 $ 384,638 Year ended December 31, 2020 Revenues $ 1,015,340 $ 119,700 $ 111,835 $ 91,187 $ 524,654 $ 1,862,716 Percent of total revenues 55 % 6 % 6 % 5 % 28 % 100 % Long-lived assets $ 163,731 $ 32,063 $ 44,824 $ 63,100 $ 114,286 $ 418,004 Year ended December 31, 2019 Revenues $ 1,167,033 $ 162,975 $ 109,522 $ 92,913 $ 598,835 $ 2,131,278 Percent of total revenues 55 % 8 % 5 % 4 % 28 % 100 % Long-lived assets $ 152,214 $ 16,452 $ 40,247 $ 48,272 $ 101,179 $ 358,364 Major Customer Revenues generated in both the Enterprise Solutions and Industrial Solutions segments from our largest customer were approximately $374.8 million (16% of revenues), $271.6 million (15% of revenues), and $328.2 million (15% of revenues) for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021 and 2020, we had $40.5 million and $17.5 million in accounts receivable outstanding from this customer, which represented approximately 10% and 6% of our total accounts receivable balance as of December 31, 2021 and 2020, respectively. |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest We have a 51% ownership percentage in a joint venture with Shanghai Hi-Tech Control System Co, Ltd (Hite). The purpose of the joint venture is to develop and provide certain Industrial Solutions products and integrated solutions to customers in China. Belden and Hite are committed to fund $1.53 million and $1.47 million, respectively, to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net income (loss) attributable to noncontrolling interest in the Consolidated Statements of Operations. The joint venture is not material to our consolidated financial statements as of or for the years ended December 31, 2021, 2020, or 2019. Certain subsidiaries of Opterna included noncontrolling interests, which generated an immaterial amount of Opterna's annual revenues. Because we had a controlling financial interest in these subsidiaries, they were consolidated into our financial statements, and the results that were attributable to the noncontrolling interest holders were presented as net income (loss) attributable to noncontrolling interests in the Consolidated Statements of Operations. In 2019, we purchased the noncontrolling interest of one subsidiary for a purchase price of $0.8 million; of which $0.4 million was paid at closing and the remaining $0.4 million was paid in 2021. In November 2021, we purchased the remaining noncontrolling interests for a purchase price of $2.3 million. As of December 31, 2021, Opterna does not include any noncontrolling interests. |
Income Per Share
Income Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Income Per Share | Income Per Share The following table presents the basis of the income per share computations: Years Ended December 31, 2021 2020 2019 (In thousands) Numerator: Income from continuing operations $ 62,457 $ 54,403 $ 109,891 Less: Net income attributable to noncontrolling interest 392 104 239 Less: Preferred stock dividends — — 18,437 Income from continuing operations attributable to Belden common stockholders 62,065 54,299 91,215 Add: Loss from discontinued operations, net of tax — (99,513) (486,667) Add: Gain (loss) on disposal of discontinued operations, net of tax 1,860 (9,948) — Net income (loss) attributable to Belden common stockholders $ 63,925 $ (55,162) $ (395,452) Denominator: Weighted average shares outstanding, basic 44,802 44,778 42,203 Effect of dilutive common stock equivalents 559 159 213 Weighted average shares outstanding, diluted 45,361 44,937 42,416 Basic weighted average shares outstanding is used to calculate diluted loss per share when the numerator is a loss because using diluted weighted average shares outstanding would be anti-dilutive. For the years ended December 31, 2021, 2020, and 2019, diluted weighted average shares outstanding exclude outstanding equity awards of 1.1 million, 1.5 million, and 1.2 million, respectively, which are anti-dilutive. In addition, for the years ended December 31, 2021, 2020, and 2019, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million, 0.4 million, and 0.3 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for t he year ended December 31, 2019, diluted weighted average shares outstanding do not include the weighted average impact of preferred shares that were convertible into 3.7 million common shares because deducting the preferred stock dividends from net income was more dilutive. For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock. For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately. Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding. |
Credit Losses
Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Credit Losses | Credit Losses Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. Upon adoption, we recorded a noncash cumulative effect adjustment to retained earnings of $2.9 million. Of this amount, $1.0 million related to our continuing operations and $1.9 million related to our discontinued operations. We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of accounts receivable that may not be collected is based upon the aging of accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. Estimates are used to determine the allowance, which is based upon an assessment of anticipated payments as well as other historical, current, and future information that is reasonably available. The following table presents the activity in the allowance for doubtful accounts for the years ended December 31, 2021 and 2020 (in thousands). Balance at December 31, 2019 $ 2,569 Adoption adjustment 1,011 Current period provision 2,282 Currency impact 39 Write-offs (114) Recoveries collected (637) Balance at December 31, 2020 $ 5,150 Current period provision 1,960 Currency impact (74) Disposals (190) Recoveries collected (227) Write-offs (367) Balance at December 31, 2021 $ 6,252 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major classes of inventories were as follows: December 31, 2021 2020 (In thousands) Raw materials $ 157,306 $ 106,514 Work-in-process 43,642 32,011 Finished goods 190,090 141,042 Gross inventories 391,038 279,567 Excess and obsolete reserves (45,684) (32,269) Net inventories $ 345,354 $ 247,298 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The carrying values of property, plant and equipment were as follows: December 31, 2021 2020 (In thousands) Land and land improvements $ 27,579 $ 29,321 Buildings and leasehold improvements 113,281 136,427 Machinery and equipment 622,002 608,618 Computer equipment and software 150,229 137,512 Construction in process 66,407 63,589 Gross property, plant and equipment 979,498 975,467 Accumulated depreciation (629,684) (606,847) Net property, plant and equipment $ 349,814 $ 368,620 Depreciation Expense We recognized depreciation expense in income from continuing operations of $45.9 million, $42.5 million, and $40.4 million in 2021, 2020, and 2019, respectively. Sale-Leaseback During the fourth quarter of 2021, we sold certain real estate in Germany as part of a sale and leaseback transaction for €24.5 million (approximately $27.8 million) and recognized a $0.6 million loss on the sale. The lease is for a term of 10 years and as of December 31, 2021, had a total right-of-use asset balance of $25.3 million. 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. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment. Asset Impairment During the first quarter of 2021, we committed to a plan to sell our oil and gas business in Brazil and recognized an impairment charge of $3.4 million (includes a goodwill impairment of $1.7 million). During the second quarter of 2021, we completed the sale of this business. See Note 5. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 15 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments. We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet as of December 31, 2021 or 2020, and the rent expense for short-term leases was not material. We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component. As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group (see Note 5). This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley . Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of December 31, 2021, the SAM lease has approximately $20.0 million of lease payments remaining. We have not recorded a liability associated with this guarantee. The components of lease expense were as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Operating lease cost $ 20,340 $ 14,348 $ 14,622 Finance lease cost Amortization of right-of-use asset $ 534 $ 133 $ 142 Interest on lease liabilities 14 17 22 Total finance lease cost $ 548 $ 150 $ 164 Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17,641 $ 15,489 $ 14,594 Operating cash flows from finance leases 15 16 25 Financing cash flows from finance leases 3,151 158 258 Supplemental balance sheet information related to leases was as follows: December 31, 2021 2020 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 79,464 $ 54,787 Accrued liabilities $ 18,176 $ 14,742 Long-term operating lease liabilities 67,225 46,398 Total operating lease liabilities $ 85,401 $ 61,140 Finance leases: Other long-lived assets, at cost $ 3,682 $ 764 Accumulated depreciation (563) (483) Other long-lived assets, net $ 3,119 $ 281 Weighted Average Remaining Lease Term Operating leases 6 years 5 years Finance leases 4 years 3 years Weighted Average Discount Rate Operating leases 5.0% 6.6 % Finance leases 4.3% 4.9 % The following table summarizes maturities of lease liabilities as of December 31, 2021 (in thousands): 2022 $ 22,838 2023 18,738 2024 15,307 2025 14,015 2026 10,987 Thereafter 17,967 Total $ 99,852 The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands): 2021 $ 19,250 2022 16,305 2023 12,552 2024 9,516 2025 8,718 Thereafter 8,901 Total $ 75,242 |
Leases | Leases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 15 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments. We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet as of December 31, 2021 or 2020, and the rent expense for short-term leases was not material. We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component. As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group (see Note 5). This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley . Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of December 31, 2021, the SAM lease has approximately $20.0 million of lease payments remaining. We have not recorded a liability associated with this guarantee. The components of lease expense were as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Operating lease cost $ 20,340 $ 14,348 $ 14,622 Finance lease cost Amortization of right-of-use asset $ 534 $ 133 $ 142 Interest on lease liabilities 14 17 22 Total finance lease cost $ 548 $ 150 $ 164 Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17,641 $ 15,489 $ 14,594 Operating cash flows from finance leases 15 16 25 Financing cash flows from finance leases 3,151 158 258 Supplemental balance sheet information related to leases was as follows: December 31, 2021 2020 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 79,464 $ 54,787 Accrued liabilities $ 18,176 $ 14,742 Long-term operating lease liabilities 67,225 46,398 Total operating lease liabilities $ 85,401 $ 61,140 Finance leases: Other long-lived assets, at cost $ 3,682 $ 764 Accumulated depreciation (563) (483) Other long-lived assets, net $ 3,119 $ 281 Weighted Average Remaining Lease Term Operating leases 6 years 5 years Finance leases 4 years 3 years Weighted Average Discount Rate Operating leases 5.0% 6.6 % Finance leases 4.3% 4.9 % The following table summarizes maturities of lease liabilities as of December 31, 2021 (in thousands): 2022 $ 22,838 2023 18,738 2024 15,307 2025 14,015 2026 10,987 Thereafter 17,967 Total $ 99,852 The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands): 2021 $ 19,250 2022 16,305 2023 12,552 2024 9,516 2025 8,718 Thereafter 8,901 Total $ 75,242 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The carrying values of intangible assets were as follows: December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net (In thousands) (In thousands) Goodwill $ 1,152,472 $ — $ 1,152,472 $ 1,251,938 $ — $ 1,251,938 Definite-lived intangible assets subject to amortization: Developed technology $ 471,931 $ (383,922) $ 88,009 $ 428,187 $ (369,849) $ 58,338 Customer relationships 297,395 (143,197) 154,198 295,382 (128,796) 166,586 Trademarks 70,619 (41,771) 28,848 65,861 (36,539) 29,322 Backlog 14,580 (11,827) 2,753 11,421 (11,421) — In-service research and development 11,550 (10,997) 553 11,536 (9,774) 1,762 Non-compete agreements 618 (283) 335 — — — Total intangible assets subject to amortization $ 866,693 $ (591,997) $ 274,696 $ 812,387 $ (556,379) $ 256,008 Indefinite-lived intangible assets not subject to amortization: Trademarks $ 27,000 $ — $ 27,000 $ 31,063 $ — $ 31,063 Total intangible assets not subject to amortization $ 27,000 $ — $ 27,000 $ 31,063 $ — $ 31,063 Intangible assets $ 893,693 $ (591,997) $ 301,696 $ 843,450 $ (556,379) $ 287,071 Segment Allocation of Goodwill and Trademarks The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows: Enterprise Solutions Industrial Solutions Consolidated (In thousands) Balance at December 31, 2019 $ 470,031 $ 773,638 $ 1,243,669 Acquisitions and purchase accounting adjustments 2,420 — 2,420 Translation impact 2,296 3,553 5,849 Balance at December 31, 2020 $ 474,747 $ 777,191 $ 1,251,938 Acquisitions and purchase accounting adjustments — 41,749 41,749 Impairment — (132,843) (132,843) Translation impact (1,506) (6,866) (8,372) Balance at December 31, 2021 $ 473,241 $ 679,231 $ 1,152,472 The changes in the carrying amount of indefinite-lived trademarks are as follows: Enterprise Solutions Industrial Solutions Consolidated (In thousands) Balance at December 31, 2019 $ 27,000 $ 13,106 $ 40,106 Reclassify to definite-lived — (9,043) (9,043) Balance at December 31, 2020 $ 27,000 $ 4,063 $ 31,063 Reclassify to definite-lived — (4,063) (4,063) Balance at December 31, 2021 $ 27,000 $ — $ 27,000 Annual Impairment Test The annual measurement date for our goodwill and indefinite-lived intangible assets impairment test is our fiscal November month-end. For our 2021 goodwill impairment test, we performed a quantitative assessment for all six of our reporting units and determined the estimated fair values of our reporting units by calculating the present values of their estimated future cash flows using Level 3 inputs. We did not perform a qualitative assessment over our reporting units. We determined that the fair values for five of the six reporting units were in excess of their carrying values; therefore, we did not record any goodwill impairment for these reporting units. The estimated fair value for the Tripwire reporting unit in our Industrial Solutions segment was $131.2 million less than its carrying value, and as such, we recognized a goodwill impairment charge of $131.2 million during the fourth quarter of 2021. For the Tripwire reporting unit, we determined the estimated fair value by calculating the present value of estimated future cash flows, which was based in part on the assumed proceeds from a divestiture of Tripwire. On February 7, 2022, we signed an agreement to sell Tripwire. See Note 26. We did not recognize any goodwill impairment from continuing operations in 2020 or 2019 based upon the results of our annual goodwill impairment testing. For our annual impairment test in 2021, the excess of the fair values over the carrying values for the reporting units other than Tripwire ranged from 51% - 436%. The assumptions used to estimate fair values were based on the past performance of the reporting unit as well as the projections incorporated in our strategic plan. Significant assumptions included sales growth, profitability, and related cash flows, along with cash flows associated with taxes and capital spending. The discount rate used to estimate fair value was risk adjusted in consideration of the economic conditions in effect at the time of the impairment test. We also considered assumptions that market participants may use. In our assessments, the discount rates ranged from 11.3% to 13.7%, the 2022 to 2031 compounded annual revenue growth rates ranged from 3.8% to 9.7%, and the revenue growth rates beyond 2031 ranged from 2.0% to 3.0%. By their nature, these assumptions involve risks and uncertainties. There is inherent risk associated with using an income approach to estimate fair values. If actual results are significantly different from our estimates or assumptions, we may have to recognize additional impairment charges that could be material. We test our indefinite-lived intangible asset, a trademark, for impairment on an annual basis during the fourth quarter. The accounting guidance related to impairment testing for such intangible assets allows for the performance of an optional qualitative assessment, similar to that described above for goodwill. We did not perform any qualitative assessments as part of our indefinite-lived intangible asset impairment testing for 2021. Rather, we performed a quantitative assessment over our indefinite-lived trademark in 2021. Under the quantitative assessments, we determined the fair value of the trademark using a relief from royalty methodology and compared the fair value to the carrying value. Significant assumptions to determine fair value included sales growth, royalty rates, and discount rates. We did not recognize any indefinite-lived intangible asset impairment charges in 2021, 2020, or 2019. Disposal Group Impairment During the fourth quarter of 2019, we committed to a plan to sell Grass Valley, and at such time, met all of the criteria to classify the assets and liabilities of this business as held for sale. Furthermore, we determined a divestiture of Grass Valley represents a strategic shift that is expected to have a major impact on our operations and financial results. As a result, the Grass Valley disposal group, previously included in our Enterprise Solutions segment, was reported within discontinued operations. We also ceased depreciating and amortizing the assets of the disposal group once they met the held for sale criteria in the fourth quarter of 2019. During 2019, we wrote down the carrying value of Grass Valley and recognized asset impairments totaling $521.4 million, which consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). During 2020, we wrote down the carrying value of Grass Valley and recognized asset impairments totaling $113.0 million. We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows, which was based in part on the assumed proceeds from a divestiture of Grass Valley. See Note 5. Amortization Expense We recognized amortization expense in income from continuing operations of $41.2 million, $66.2 million, and $74.6 million in 2021, 2020, and 2019, respectively. We expect to recognize annual amortization expense of $38.1 million in 2022, $36.1 million in 2023, $34.0 million in 2024, $29.5 million in 2025, and $24.9 million in 2026 related to our intangible assets balance as of December 31, 2021. The weighted-average amortization period for our customer relationships, developed technology, trademarks, and in-service research and development is 18.2 years, 9.0 years, 8.8 years, and 5.0 years, respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities The carrying values of accrued liabilities were as follows: December 31, 2021 2020 (In thousands) Wages, severance and related taxes $ 100,324 $ 65,892 Deferred revenue 60,946 53,371 Accrued rebates 55,525 32,192 Accrued interest 20,847 20,610 Employee benefits 25,290 27,707 Lease liabilities 18,324 14,840 Other (individual items less than 5% of total current liabilities) 53,060 62,029 Accrued liabilities $ 334,316 $ 276,641 |
Severance, Restructuring, and A
Severance, Restructuring, and Acquisition Integration Activities | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Severance, Restructuring, and Acquisition Integration Activities | Severance, Restructuring, and Acquisition Integration Activities Cost Reduction Program We have executed a cost reduction program to streamline the organizational structure and invest in technology to drive productivity. We recognized $5.8 million, $4.0 million, and $19.6 million of severance and other restructuring costs for this program during the years ended December 31, 2021, 2020, and 2019, respectively. These costs were incurred by both the Enterprise Solutions and Industrial Solutions segments. The cost reduction program is substantially complete and has delivered a reduction in selling, general, and administrative expenses of approximately $60 million on an annual basis. We expect to recognize costs of approximately $3 million for this program in 2022. Acquisition Integration Program We are integrating our recent acquisitions such as OTN Systems, SPC, and Opterna with our existing businesses. The restructuring and integration activities are focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We recognized $12.6 million, $4.9 million, and $6.1 million of severance and other restructuring costs for this program during the years ended December 31, 2021, 2020, and 2019, respectively. These costs were incurred by both the Enterprise Solutions and Industrial Solutions segments. We do not expect to incur significant incremental costs for this program in 2022. The following table summarizes the costs by segment of the programs described above as well as other immaterial programs and acquisition integration activities: Severance Other Restructuring Total Costs (In thousands) Year Ended December 31, 2021 Enterprise Solutions $ 1,312 $ 12,488 $ 13,800 Industrial Solutions 4,119 5,973 10,092 Total $ 5,431 $ 18,461 $ 23,892 Year Ended December 31, 2020 Enterprise Solutions $ 1,345 $ 6,374 $ 7,719 Industrial Solutions 1,706 2,833 4,539 Total $ 3,051 $ 9,207 $ 12,258 Year Ended December 31, 2019 Enterprise Solutions $ 5,018 $ 5,790 $ 10,808 Industrial Solutions 15,736 — 15,736 Total $ 20,754 $ 5,790 $ 26,544 The other restructuring and integration costs primarily consisted of equipment transfers, costs to consolidate operating and support facilities, retention bonuses, relocation, travel, legal, and other costs. The majority of the other restructuring and integration costs related to these actions were paid as incurred or are payable within the next 60 days. The following table summarizes the costs of the various programs described above as well as other immaterial programs and acquisition integration activities by financial statement line item in the Consolidated Statement of Operations: Years ended December 31, 2021 2020 2019 (In thousands) Cost of sales $ 11,308 $ 704 $ 3,425 Selling, general and administrative expenses 12,584 11,554 23,119 Total $ 23,892 $ 12,258 $ 26,544 Accrued Severance The table below sets forth severance activity included in accrued liabilities that occurred for the Cost Reduction Program as well as the Acquisition Integration Program described above. Years ended December 31, 2021 2020 (In thousands) Balance at beginning of year $ 7,085 $ 19,575 New charges 2,060 2,529 Cash payments (1,798) (4,483) Foreign currency translation 49 (89) Other adjustments — (4,147) Balance at the end of Q1 7,396 $ 13,385 New charges 458 4,660 Cash payments (1,023) (4,795) Foreign currency translation (4) (132) Other adjustments (59) (1,420) Balance at the end of Q2 $ 6,768 $ 11,698 New charges 63 2,060 Cash payments (941) (3,968) Foreign currency translation (2) (156) Other adjustments (197) (1,541) Balance at the end of Q3 $ 5,691 $ 8,093 New charges 1,541 992 Cash payments (587) (1,823) Foreign currency translation 3 (95) Other adjustments (440) (82) Balance at year-end $ 6,208 $ 7,085 |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowing Arrangements | Long-Term Debt and Other Borrowing Arrangements The carrying values of our long-term debt and other borrowing arrangements were as follows: December 31, 2021 2020 (In thousands) Revolving credit agreement due 2026 $ — $ — Senior subordinated notes: 2.875% Senior subordinated notes due 2025 — 367,110 4.125% Senior subordinated notes due 2026 227,240 244,740 3.375% Senior subordinated notes due 2027 511,290 550,665 3.875% Senior subordinated notes due 2028 397,670 428,295 3.375% Senior subordinated notes due 2031 340,860 — Total senior subordinated notes 1,477,060 1,590,810 Less unamortized debt issuance costs (17,069) (17,084) Long-term debt $ 1,459,991 $ 1,573,726 Revolving Credit Agreement due 2026 In June 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 our available borrowing capacity of 0.25%. In the event 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 when we amended the Revolver, which are being amortized over the remaining term of the Revolver. As of December 31, 2021, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $274.2 million. In April 2020, we borrowed $190.0 million on our Revolver out of an abundance of caution due to the initial uncertainties arising from the COVID-19 pandemic. As a result of improved and sufficient liquidity and cash flow, we fully repaid the borrowings during 2020 and as of December 31, 2020, we had no borrowings outstanding on the Revolver. Senior Subordinated Notes We had outstanding €300.0 million aggregate principal amount of 2.875% senior subordinated notes due 2025 (the 2025 Notes). In September 2021, we repurchased the full €300.0 million 2025 Notes outstanding for cash consideration of €300.0 million ($358.5 million), including a prepayment penalty, and recognized a $5.7 million loss on debt extinguishment including the write-off of unamortized debt issuance costs. We have outstanding €200.0 million aggregate principal amount of 4.125% senior subordinated notes due 2026 (the 2026 Notes). The carrying value of the 2026 Notes as of December 31, 2021 is $227.2 million. The 2026 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2031, 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 April 15 and October 15 of each year. We have outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). The carrying value of the 2027 Notes as of December 31, 2021 is $511.3 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, 2028, and 2026 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on 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 December 31, 2021 is $397.7 million. The 2 028 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, 2027, and 2026 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year. In July 2021, we completed an offering for €300.0 million ($356.0 million at issuance) aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). The carrying value of the 2031 Notes as of December 31, 2021 is $340.9 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, 2027, and 2026 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantor s, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year, commencing January 15, 2022. We paid approximately $5.9 million of fees associated with the issuance of the 2031 Notes, which are being amortized over the life of the 2031 Notes using the effective interest method. We used the net proceeds from this offering, along with cash on hand, to fund the full redemption of the 2025 Notes - see further discussion above. The senior subordinated notes due 2026, 2027, 2028, and 2031 are redeemable after October 15, 2021, July 15, 2022, March 15, 2023, and July 15, 2026 respectively, at the following redemption prices as a percentage of the face amount of the notes: Senior Subordinated Notes due 2026 2027 2028 2031 Year Percentage Year Percentage Year Percentage Year Percentage 2021 102.063 % 2022 101.688 % 2023 101.938 % 2026 101.688 % 2022 101.375 % 2023 101.125 % 2024 101.292 % 2027 100.844 % 2023 100.688 % 2024 100.563 % 2025 100.646 % 2028 100.422 % 2024 and thereafter 100.000 % 2025 and thereafter 100.000 % 2026 and thereafter 100.000 % 2029 and thereafter 100.000 % Fair Value of Long-Term Debt The fair value of our senior subordinated notes as of December 31, 2021 was approximately $1,509.2 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,477.1 million as of December 31, 2021. Maturities Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2021 are as follows (in thousands): 2022 $ — 2023 — 2024 — 2025 — 2026 227,240 Thereafter 1,249,820 $ 1,477,060 |
Net Investment Hedge
Net Investment Hedge | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net Investment Hedge | Net Investment HedgeAll of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of December 31, 2021, €767.8 million of our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations. The objective of the hedge is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate. The transaction gain or loss is reported in the translation adjustment section of other comprehensive income. For the years ended December 31, 2021, 2020, and 2019, the transaction gain/(loss) associated with the net investment hedge reported in other comprehensive income was $67.6 million, $(56.2) million, and $26.6 million, respectively. During 2020, we de-designated €532.2 million of our outstanding debt that was previously designated as a net investment hedge. After the de-designation, transaction gains or losses associated with this €532.2 million of debt are reported in income from continuing operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Years ended December 31, 2021 2020 2019 (in thousands) Income (loss) before taxes: United States operations $ 60,806 $ (117,819) $ 42,833 Foreign operations 26,856 183,946 109,577 Income before taxes $ 87,662 $ 66,127 $ 152,410 Income tax expense (benefit): Currently payable United States federal $ 4,375 $ 273 $ 21,893 United States state and local 3,108 91 3,090 Foreign 13,634 11,511 13,859 21,117 11,875 38,842 Deferred United States federal 13,204 (1,754) 7,567 United States state and local 5,205 (2,310) (1,205) Foreign (14,321) 3,913 (2,685) 4,088 (151) 3,677 Income tax expense $ 25,205 $ 11,724 $ 42,519 In addition to the above income tax expense associated with continuing operations, we also recorded an income tax benefit associated with discontinued operations of $1.9 million, $22.6 million, and $27.2 million, in 2021, 2020, and 2019, respectively. Years Ended December 31, 2021 2020 2019 Effective income tax rate reconciliation from continuing operations: United States federal statutory rate 21.0% 21.0% 21.0% State and local income taxes 8.5% (2.6)% 1.2% Impact of change in tax contingencies (1.3)% 2.3% —% Foreign income tax rate differences 1.9% (38.2)% (8.6)% Impact of change in deferred tax asset valuation allowance (49.4)% 2.3% 9.5% Domestic permanent differences and tax credits 45.6% 33.3% 4.7% Impact of share-based compensation 2.5% 1.4% 0.1% Impact of CARES act —% (1.8)% —% 28.8% 17.7% 27.9% In 2021, the most significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of a change in the deferred tax asset valuation allowance, primarily due to the release of a valuation allowance against the foreign tax credits in the U.S. and a pension deferred tax asset in a foreign jurisdiction. An additional significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of domestic permanent differences and tax credits. We recognized a total income tax expense from domestic permanent differences and tax credits of $39.8 million in 2021, primarily associated with a goodwill impairment in the U.S., and our foreign income inclusions. Foreign tax rate differences resulted in an income tax expense (benefit) of $1.7 million, $(25.3) million, and $(13.1) million in 2021, 2020, and 2019, respectively. Additionally, in 2021, 2020, and 2019, our income tax expense was reduced by $3.1 million, $4.0 million, and $3.9 million, respectively, due to a tax holiday for our operations in St. Kitts. The tax holiday in St. Kitts is scheduled to expire in 2023. If we were to repatriate foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. However, it is our intent to permanently reinvest the earnings of our non-U.S. subsidiaries in those operations and for continued non-U.S. growth opportunities. The components of deferred income were as follows: December 31, 2021 2020 (In thousands) Components of deferred income tax balances: Deferred income tax liabilities: Plant, equipment, and intangibles $ (105,986) $ (92,271) Right of use asset (19,139) (17,610) (125,125) (109,881) Deferred income tax assets: Postretirement, pensions, and stock compensation 32,139 35,394 Reserves and accruals 19,617 24,388 Net operating loss, capital loss, and tax credit carryforwards 94,537 107,028 Lease liability 19,881 18,515 Valuation allowances (68,719) (84,308) 97,455 101,017 Net deferred income tax liability $ (27,670) $ (8,864) The net decrease in deferred tax assets related to net operating loss, capital loss, and tax credit carryforwards is primarily due to the utilization of foreign tax credits during the year. The net decrease in deferred tax valuation allowances is primarily due to the release of the valuation allowance against the foreign tax credit as we expect we will have sufficient foreign source income to utilize the foreign tax credits as a result of tax planning strategies. The remaining valuation allowances are primarily related to the capital losses in the U.S. and net operating losses in foreign jurisdictions. As of December 31, 2021, we had $163.9 million of gross net operating loss carryforwards and $17.2 million of tax credit carryforwards. Unless otherwise utilized, net operating loss carryforwards will expire upon the filing of the tax returns for the following respective years: $1.4 million in 2021, $12.9 million between 2022 and 2024, and $99.8 million between 2025 and 2041. Net operating loss with an indefinite carryforward period total $49.8 million. Of the $163.9 million in net operating loss carryforwards, we have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $102.2 million of these net operating loss carryforwards within their respective expiration periods. A valuation allowance has been recorded on the remaining portion of the net operating loss carryforwards. Unless otherwise utilized, tax credit carryforwards of $17.2 million will expire as follows: $0.6 million in 2021, $1.1 million between 2022 and 2024, and $11.1 million between 2025 and 2041. Tax credit carryforwards with an indefinite carryforward period total $4.4 million. We have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $12.0 million of these tax credit carryforwards within their respective expiration periods. A valuation allowance has been recorded on the remaining portion of the tax credit carryforwards. As of December 31, 2021, we had $227.1 million of gross capital loss carryforwards in the U.S. with a full valuation allowance as we do not expect to be able to utilize the capital loss prior to expiration. The following tables summarize our net operating losses carryforwards and tax credit carryforwards as of December 31, 2021 by jurisdiction: Net Operating Loss Carryforwards (In thousands) Australia $ 10,134 Belgium 5,069 Germany 14,718 Netherlands 3,975 Other 16,547 United Kingdom 11,737 United States - Federal and various states 101,670 Total $ 163,850 Tax Credit Carryforwards (In thousands) Belgium $ 1,088 Canada 663 United States 15,416 Total $ 17,167 In 2021, we recognized a net $2.8 million decrease to reserves for uncertain tax positions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2021 2020 (In thousands) Balance at beginning of year $ 8,573 $ 6,779 Additions based on tax positions related to the current year 422 548 Additions for tax positions of prior years 168 1,574 Reductions for tax positions of prior years - Settlement (3,264) (328) Reduction for tax positions of prior years - Statute of limitations (78) — Balance at end of year $ 5,821 $ 8,573 The balance of $5.8 million at December 31, 2021 reflects tax positions that, if recognized, would impact our effective tax rate. Our practice is to recognize interest and penalties related to uncertain tax positions in interest expense and operating expenses, respectively. We have approximately $0.0 million and $0.2 million accrued for the payment of interest and penalties as of December 31, 2021 and 2020, respectively. Our federal tax return for the tax years 2017 and later remain subject to examination by the Internal Revenue Service. Our state and foreign income tax returns for the tax years 2011 and later remain subject to examination by various state and foreign tax authorities. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits We sponsor defined benefit pension plans and defined contribution plans that cover substantially all employees in Canada, the Netherlands, the United Kingdom, the U.S., and certain employees in Germany. Certain defined benefit plans in the United Kingdom are frozen and additional benefits are not being earned by the participants. The U.S. defined benefit pension plan is closed to new entrants. Annual contributions to retirement plans equal or exceed the minimum funding requirements of applicable local regulations. The assets of the funded pension plans we sponsor are maintained in various trusts and are invested primarily in equity and fixed income securities. Benefits provided to employees under defined contribution plans include cash and stock contributions by the Company based on either hours worked by the employee or a percentage of the employee’s compensation. Defined contribution expense for 2021, 2020, and 2019 w as $13.6 million, $10.0 million, and $12.1 million, respectively. We sponsor unfunded postretirement medical and life insurance benefit plans for certain of our employees in Canada and the U.S. The medical benefit portion of the U.S. plan is only for employees who retired prior to 1989 as well as certain other employees who were near retirement and elected to receive certain benefits. The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans. Pension Benefits Other Benefits Years Ended December 31, 2021 2020 2021 2020 (In thousands) Change in benefit obligation: Benefit obligation, beginning of year $ (492,925) $ (461,352) $ (29,498) $ (29,470) Service cost (3,953) (3,930) (33) (33) Interest cost (7,512) (9,729) (727) (809) Participant contributions (143) (73) (4) (5) Actuarial gain (loss) 19,778 (42,284) 1,391 (110) Acquisitions and divestitures (12,886) (910) — — Settlements 5,855 26,970 — — Curtailments — 236 — — Plan amendments — (226) — — Foreign currency exchange rate changes 7,226 (15,345) (227) (427) Benefits paid 12,726 13,718 1,473 1,356 Benefit obligation, end of year $ (471,834) $ (492,925) $ (27,625) $ (29,498) Pension Benefits Other Benefits Years Ended December 31, 2021 2020 2021 2020 (In thousands) Change in plan assets: Fair value of plan assets, beginning of year $ 361,802 $ 355,726 $ — $ — Actual return on plan assets 32,467 32,470 — — Employer contributions 11,618 6,393 1,469 1,351 Plan participant contributions 143 73 4 5 Acquisitions and divestitures 9,339 — — — Settlements (5,790) (26,945) — — Foreign currency exchange rate changes (2,827) 7,803 — — Benefits paid (12,726) (13,718) (1,473) (1,356) Fair value of plan assets, end of year $ 394,026 $ 361,802 $ — $ — Funded status, end of year $ (77,808) $ (131,123) $ (27,625) $ (29,498) Amounts recognized in the balance sheets: Prepaid benefit cost $ 20,177 $ 4,780 $ — $ — Accrued benefit liability, current (3,173) (3,558) (1,440) (1,443) Accrued benefit liability, noncurrent (94,812) (132,345) (26,185) (28,055) Net funded status $ (77,808) $ (131,123) $ (27,625) $ (29,498) The accumulated benefit obligation for all defined benefit pension plans was $494.7 million and $518.4 million at December 31, 2021 and 2020, respectively. The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with a projected benefit obligation in excess of plan assets were $265.5 million, $261.3 million, and $167.5 million, re spectively, as of December 31, 2021 and $463.2 million, $459.2 million, and $297.8 million, respectively, as of December 31, 2020. The accumulated benefit obligation and fair value of plan assets for other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets were $27.6 million and $0.0 million, respectively, as of December 31, 2021 and were $29.5 million and $0.0 million, respectively, as of December 31, 2020. The following table provides the components of net periodic benefit costs for the plans. Pension Benefits Other Benefits Years Ended December 31, 2021 2020 2019 2021 2020 2019 (In thousands) Components of net periodic benefit cost: Service cost $ 3,953 $ 3,930 $ 3,668 $ 33 $ 33 $ 35 Interest cost 7,512 9,729 12,261 727 809 960 Expected return on plan assets (16,337) (16,357) (15,699) — — — Amortization of prior service cost 110 190 169 — — — Settlement loss (gain) (18) 3,153 (7) — — — Other adjustments (191) — — — — — Net loss (gain) recognition 3,764 2,930 1,432 (43) (59) (133) Net periodic benefit cost (income) $ (1,207) $ 3,575 $ 1,824 $ 717 $ 783 $ 862 We recorded settlement losses totaling $3.2 million during 2020. The settlement losses were the result of lump-sum payments to participants that exceeded the sum of the pension plan's respective annual service cost and interest cost amounts. The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts. Pension Benefits Other Benefits Years Ended December 31, Years Ended December 31, 2021 2020 2021 2020 Weighted average assumptions for benefit obligations at year end: Discount rate 2.0 % 1.5 % 2.9 % 2.5 % Salary increase 3.3 % 3.3 % N/A N/A Cash balance interest credit rate 4.7 % 4.6 % N/A N/A Weighted average assumptions for net periodic cost for the year: Discount rate 1.5 % 2.2 % 2.5 % 2.9 % Salary increase 3.2 % 3.5 % N/A N/A Cash balance interest credit rate 4.6 % 4.0 % N/A N/A Expected return on assets 4.6 % 4.9 % N/A N/A Assumed health care cost trend rates: Health care cost trend rate assumed for next year N/A N/A 5.4 % 5.5 % Rate that the cost trend rate gradually declines to N/A N/A 5.0 % 5.0 % Year that the rate reaches the rate it is assumed to remain at N/A N/A 2027 2026 Plan assets are invested using a total return investment approach whereby a mix of equity securities and fixed income securities are used to preserve asset values, diversify risk, and achieve our target investment return benchmark. Investment strategies and asset allocations are based on consideration of the plan liabilities, the plan’s funded status, and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis. Plan assets are managed in a balanced portfolio comprised of two major components: an asset growth portion and an asset protection portion. The expected role of asset growth investments is to maximize the long-term real growth of assets, while the role of asset protection investments is to generate current income, provide for more stable periodic returns, and provide some protection against a permanent loss of capital. Absent regulatory or statutory limitations, the target asset allocation for the investment of the assets for our ongoing pension plans is 30-50% in asset protection investments and 50-70% in asset growth investments and for our pension plans where the majority of the participants are in payment or terminated vested status is 50-90% in asset protection investments and 10-50% in asset growth investments. Asset growth investments include a diversified mix of U.S. and international equity, primarily invested through investment funds. Asset protection investments include government securities and investment grade corporate bonds, primarily invested through investment funds and group insurance contracts. We develop our expected long-term rate of return assumptions based on the historical rates of returns for securities and instruments of the type in which our plans invest. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the invested assets and future assets to be invested to provide for the benefits included in the projected benefit obligation. We use historic plan asset returns co mbined with current market conditions to estimate the rate of return. The expected rate of return on plan assets is a long-term assumption based on an analysis of historical and forward looking returns considering the plan’s actual and target asset mix. The following table presents the fair values of the pension plan assets by asset category. December 31, 2021 December 31, 2020 Fair Market Value at December 31, 2021 Quoted Prices Significant Investments Measured at Net Asset Value Fair Market Value at December 31, 2020 Quoted Prices Significant Investments Measured at Net Asset Value (In thousands) (In thousands) Asset Category: Equity securities(a) U.S. equities fund $ 77,687 $ 2,913 $ — $ 74,774 $ 86,059 $ 3,012 $ — $ 83,047 Non-U.S. equities fund 77,299 6,267 — 71,032 61,630 5,602 — 56,028 Debt securities(b) Government bond fund 64,255 — 731 63,524 98,418 — 772 97,646 Corporate bond fund 108,729 — 11,507 97,222 82,434 — 12,150 70,284 Fixed income fund(c) 16,939 — — 16,939 7,320 — — 7,320 Liability driven investment fund(d) 22,713 — — 22,713 — — — — Other investments(e) 15,103 — — 15,103 17,367 — — 17,367 Cash & equivalents 11,301 5,271 — 6,030 8,574 3,230 — 5,344 Total $ 394,026 $ 14,451 $ 12,238 $ 367,337 $ 361,802 $ 11,844 $ 12,922 $ 337,036 (a) This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges. (b) This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category includes guaranteed insurance contracts and annuity policies. (d) This category includes investments in funds that are designed to provide leveraged exposure to changes in interest rates. The fund purchases shares of funds that invest in government bonds, debt repurchase agreements, total return swaps and interest rate swaps. (e) This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds. The plans do not invest in individual securities. All investments are through well diversified investment funds. As a result, there are no significant concentrations of risk within the plan assets. The following table reflects the benefits as of December 31, 2021 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. Pension Other (In thousands) 2022 $ 19,363 $ 1,460 2023 20,383 1,458 2024 23,199 1,463 2025 20,531 1,468 2026 21,461 1,472 2027-2031 108,900 7,463 Total $ 213,837 $ 14,784 We anticipa te contributing $11.8 million and $1.5 million to our pension and other postretirement plans, respectively, during 2022. The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2021 and the changes in these amounts during the year ended December 31, 2021 are as follows. Pension Other (In thousands) Components of accumulated other comprehensive loss: Net actuarial loss (gain) $ 39,995 $ (1,770) Net prior service cost 2,661 — $ 42,656 $ (1,770) Pension Other (In thousands) Changes in accumulated other comprehensive loss: Net actuarial loss (gain), beginning of year $ 80,671 $ (436) Amortization of actuarial gain (loss) (3,764) 43 Actuarial gain (19,778) (1,391) Asset gain (16,130) — Settlement gain recognized 18 — Other adjustments 191 — Currency impact (1,213) 14 Net actuarial loss (gain), end of year $ 39,995 $ (1,770) Prior service cost, beginning of year $ 2,798 $ — Amortization of prior service cost (110) — Currency impact (27) — Prior service cost, end of year $ 2,661 $ — |
Comprehensive Income and Accumu
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | Comprehensive Income and Accumulated Other Comprehensive Income (Loss) The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: Foreign Currency Pension and Other Accumulated Other Comprehensive Income (Loss) (In thousands) Balance at December 31, 2019 $ (18,225) $ (45,193) $ (63,418) Other comprehensive loss attributable to Belden before reclassifications (123,101) (20,800) (143,901) Amounts reclassified from accumulated other comprehensive income 10,145 5,323 15,468 Net current period other comprehensive loss attributable to Belden (112,956) (15,477) (128,433) Balance at December 31, 2020 $ (131,181) $ (60,670) $ (191,851) Other comprehensive loss attributable to Belden before reclassifications $ 90,690 $ 28,653 $ 119,343 Amounts reclassified from accumulated other comprehensive income (977) 2,919 1,942 Net current period other comprehensive loss attributable to Belden 89,713 31,572 121,285 Balance at December 31, 2021 $ (41,468) $ (29,098) $ (70,566) The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss): Amount Reclassified from Affected Line Item in the (In thousands) Amortization of pension and other postretirement benefit plan items: Actuarial losses $ 3,721 (1) Prior service cost 110 (1) Total before tax 3,831 Tax benefit (912) Total net of tax $ 2,919 (1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 19). (2) In addition, we reclassified $1.0 million of accumulated foreign currency translation gains associated with the sale of our oil and gas cable business in Brazil. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Compensation cost charged against income, primarily selling, general and administrative expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: Years Ended December 31, 2021 2020 2019 (In thousands) Total share-based compensation cost $ 24,871 $ 19,171 $ 16,802 Income tax benefit 5,919 4,563 3,999 We currently have outstanding stock appreciation rights (SARs), restricted stock units with service vesting conditions, restricted stock units with performance vesting conditions, and restricted stock units with market conditions. We grant SARs with an exercise price equal to the closing market price of our common stock on the grant date. Generally, SARs may be converted into shares of our common stock in equal amounts on each of the first three anniversaries of the grant date and expire 10 years from the grant date. Certain awards provide for accelerated vesting in certain circumstances, including following a change in control of the Company. Restricted stock units with service conditions generally vest 3-5 years from the grant date. Restricted stock units issued based on the attainment of the performance conditions generally vest on the second or third anniversary of their grant date. Restricted stock units issued based on the attainment of market conditions generally vest on the third anniversary of their grant date. We recognize compensation cost for all awards based on their fair values. The fair values for SARs are estimated on the grant date using the Black-Scholes-Merton option-pricing formula which incorporates the assumptions noted in the following table. Expected volatility is based on historical volatility, and expected term is based on historical exercise patterns of SAR holders. The fair value of restricted stock units with service vesting conditions or performance vesting conditions is the closing market price of our common stock on the date of grant. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. Compensation costs for awards with service conditions are amortized to expense using the straight-line method. Compensation costs for awards with performance conditions and graded vesting are amortized to expense using the graded attribution method. During the year ended December 31, 2020, certain restricted stock units with performance vesting conditions were modified as a result of approved changes to the performance targets. There were no other changes to the terms of the restricted stock units. The modification was applicable to all employees who were previously granted the affected restricted stock units. Prior to the modification, the performance targets were not expected to be achieved. Therefore, we had not recognized any expense for these restricted stock units on a cumulative basis. As of the modification date, we expected to recognize total incremental compensation expense as a result of the modification of $4.4 million. The expense will be recognized over the applicable service periods, which extend to 2023. Years Ended December 31, 2021 2020 2019 (In thousands, except weighted average fair Weighted-average fair value of SARs granted $ 18.30 $ 18.29 $ 22.31 Total intrinsic value of SARs exercised 1,581 545 354 Tax benefit from SARs exercised 327 26 176 Weighted-average fair value of restricted stock units granted 51.76 41.75 64.61 Total fair value of restricted stock units vested 12,623 6,600 10,325 Expected volatility 45.34 % 37.55 % 35.05 % Expected term (in years) 5.7 5.7 5.7 Risk-free rate 0.70 % 1.44 % 2.56 % Dividend yield 0.44 % 0.39 % 0.32 % SARs Restricted Stock Units Number Weighted- Weighted- Aggregate Number Weighted- (In thousands, except exercise prices, fair values, and contractual terms) Outstanding at January 1, 2021 1,311 $ 64.06 n/a n/a 953 $ 52.50 Granted 205 44.93 n/a n/a 335 51.76 Exercised or converted (155) 42.47 n/a n/a (269) 46.86 Forfeited or expired (117) 68.59 n/a n/a (55) 48.61 Outstanding at December 31, 2021 1,244 $ 63.18 4.7 $ 9,582 964 $ 50.08 Vested or expected to vest at December 31, 2021 313 $ 48.46 8.7 $ 5,399 Exercisable or convertible at December 31, 2021 931 $ 68.12 3.4 $ 4,183 At December 31, 2021, the total unrecognized compensat ion cost related to all nonvested awards was $25.7 million. That cost is expected to be recognized over a weighted-average period of 2.0 years. Historically, we have issued treasury shares, if available, to satisfy award c onversions and exercises. |
Share Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Share Repurchases | Share RepurchasesOur Board of Directors previously 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. During 2019, we repurchased 0.9 million shares of our common stock under the program for an aggregate cost of $50.0 million and an average price per share of $56.19. During 2020, we repurchased 1.0 million shares of our common stock under the share repurchase program for an aggregate cost of $35.0 million at an average price per share of $35.83. During 2021, we did not repurchase shares of our common stock under the share repurchase program. |
Market Concentrations and Risks
Market Concentrations and Risks | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Market Concentrations and Risks | Market Concentrations and Risks Concentrations of Credit We sell our products to many customers in several markets across multiple geographic areas. The ten largest customers, of which seven are distributors, constitute in aggregate approximately 42%, 40%, and 39% of revenues in 2021, 2020, and 2019, respectively. Unconditional Commodity Purchase Obligations At December 31, 2021, we were committed to purchase approximately 4.8 million pounds of copper at an aggregate fixed cost of $20.9 million. At December 31, 2021, this fixed cost was $0.3 million less than the market cost that would be incurred on a spot purchase of the same amount of copper. The aggregate market cost was based on the current market price of copper obtained from the New York Mercantile Exchange. Labor Approximately 27% of our labor force is covered by collective bargaining agreements at various locations around the world. Approximately 18% of our labor force is covered by collective bargaining agreements that we expect to renegotiate during 2022. Fair Value of Financial Instruments |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities General Various claims are asserted against us in the ordinary course of business including those pertaining to income tax examinations, product liability, customer, employment, vendor, and patent matters. Based on facts currently available, management believes that the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, operating results, or cash flow. Letters of Credit, Guarantees and Bonds At December 31, 2021, we were party to unused standby letters of credit, bank guarantees, and surety bonds totaling $17.8 million, $6.9 million, and $3.3 million, respectively. These commitments are generally issued to secure obligations we have for a variety of commercial reasons, such as workers compensation self-insurance programs in several states and the importation and exportation of product. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information is as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Income tax refunds received $ 6,120 $ 4,460 $ 4,695 Income taxes paid (40,139) (25,259) (40,760) Interest paid (54,176) (53,029) (51,160) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Definitive Agreement to Divest Tripwire On February 7, 2022, we signed a definitive agreement to divest Tripwire for $350 million in cash. The transaction is expected to close in the first quarter of 2022. During the fourth quarter of 2021, we recognized a goodwill impairment charge for the Tripwire reporting unit of $131.2 million, representing the reporting unit's excess carrying value over its present value of estimated future cash flows, which was based in part on the assumed proceeds from the divestiture. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment. The following table provides the major classes of assets and liabilities of the Tripwire disposal group: December 31, 2021 December 31, 2020 (In thousands) Assets: Cash and cash equivalents $ 2,194 $ 1,328 Receivables, net 28,773 26,001 Inventories, net 150 126 Other current assets 7,418 9,798 Property, plant and equipment, less accumulated depreciation 6,250 7,588 Operating lease right-of-use assets 3,893 5,151 Goodwill 331,024 462,202 Intangible assets, less accumulated amortization 63,541 67,979 Deferred income taxes 834 800 Other long-lived assets 5,325 2,653 Total assets of Tripwire disposal group $ 449,402 $ 583,626 Liabilities: Accounts payable $ 6,458 $ 4,868 Accrued liabilities 56,208 61,769 Deferred income taxes 10,964 12,599 Long-term operating lease liabilities 5,257 7,019 Other long-term liabilities 20,192 17,214 Total liabilities of Tripwire disposal group $ 99,079 $ 103,469 The Tripwire disposal group also had $3.4 million and $3.5 million of accumulated other comprehensive income as of December 31, 2021 and 2020, respectively. The Tripwire disposal group had revenues of $106.8 million, $110.5 million, and $133.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. The Tripwire disposal group had losses before taxes of $(139.1) million, $(24.8) million and $(16.0) million for the years ended December 31, 2021, 2020, and 2019, respectively. In 2021, loss before taxes includes a goodwill impairment charge of $131.2 million. In addition, the Tripwire disposal group recognized depreciation and amortization expense of $11.9 million, $39.4 million, and $47.9 million during the years ended December 31, 2021, 2020, and 2019, respectively. Acquisition of macmon secure GmbH On January 17, 2022, we acquired macmon secure GmbH (Macmon), a leading provider of products and services that secure network infrastructures in a variety of mission critical industries , for approximately $43.3 million, net of cash acquired. The acquisition was funded with cash on hand. Headquartered in Berlin, Germany, Macmon brings proven products and technologies that protect network infrastructure and extend our offerings in the areas of segmentation, zoning and access control. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts Beginning ASU 2016-13 Adoption Adjustment Charged to Divestitures/ Charge Recoveries Currency Ending (In thousands) Accounts Receivable — Allowance for Doubtful Accounts: 2021 $ 5,150 $ — $ 1,960 $ (190) $ (367) $ (227) $ (74) $ 6,252 2020 2,569 1,011 2,282 — (114) (637) 39 5,150 2019 3,137 — 159 368 (969) (86) (40) 2,569 Inventories — Excess and Obsolete Allowances: 2021 $ 32,269 $ — $ 10,673 $ 3,927 $ — $ (915) $ (270) $ 45,684 2020 21,245 — 15,915 — (4,540) (597) 246 32,269 2019 17,364 — 6,403 452 (2,333) (606) (35) 21,245 Deferred Income Tax Asset — Valuation Allowance: 2021 $ 84,308 $ — $ 865 $ 25,664 $ (406) $ (41,463) $ (249) $ 68,719 2020 48,251 — 3,142 33,003 (303) (114) 329 84,308 2019 37,235 — 12,356 330 — (1,629) (41) 48,251 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Business Description | Business Description Belden Inc. (the Company, us, we, or our) is a global supplier of specialty networking solutions built around two global businesses – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments. |
Consolidation | Consolidation The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries, including variable interest entities for which we are the primary beneficiary. We eliminate all significant affiliate accounts and transactions in consolidation. |
Foreign Currency | Foreign Currency For international operations with functional currencies other than the United States (U.S.) dollar, we translate assets and liabilities at current exchange rates; we translate income and expenses using average exchange rates. We report the resulting translation adjustments, as well as gains and losses from certain affiliate transactions, in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. We include exchange gains and losses on transactions in operating income. We determine the functional currency of our foreign subsidiaries based upon the currency of the primary economic environment in which each subsidiary operates. Typically, that is determined by the currency in which the subsidiary primarily generates and expends cash. We have concluded that the local currency is the functional currency for all of our material subsidiaries. |
Reporting Periods | Reporting Periods Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31. Our fiscal second and third quarters each have 91 days. |
Use of Estimates in the Preparation of the Financial Statements | Use of Estimates in the Preparation of the Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and operating results and the disclosure of contingencies. Actual results could differ from those estimates. We make significant estimates with respect to the collectability and valuation of receivables, the valuation of inventory, the realization of deferred tax assets, the valuation of goodwill and indefinite-lived intangible assets, the valuation of contingent liabilities, the calculation of share-based compensation, the calculation of pension and other postretirement benefits expense, and the valuation of acquired businesses. |
Fair Value Measurement | Fair Value Measurement Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
Cash and Cash Equivalents | Cash and Cash Equivalents We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of December 31, 2021 and 2020, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes. |
Accounts Receivable and Revenue Reserves | Accounts Receivable and Revenue Reserves We classify amounts owed to us and due within twelve months, arising from the sale of goods or services and from other business activities, as current receivables. We classify receivables due after twelve months as other long-lived assets. At the time of sale, we establish an estimated reserve for trade, promotion, and other special price reductions such as contract pricing, discounts to meet competitor pricing, and on-time payment discounts. We also adjust receivable balances for, among other things, correction of billing errors, incorrect shipments, and settlement of customer disputes. Customers are allowed to return inventory if and when certain conditions regarding the physical state of the inventory and our approval of the return are met. Certain distribution customers are allowed to return inventory at original cost, in an amount not to exceed three percent of the prior year’s purchases, in exchange for an order of equal or greater value. Until we can process these reductions, corrections, and returns (together, the Changes) through individual customer records, we estimate the amount of outstanding Changes and recognize them by reducing revenues. We base these estimates on historical and anticipated sales demand, trends in product pricing, and historical and anticipated Changes patterns. We make revisions to these estimates in the period in which the facts that give rise to each revision become known. Future market conditions might require us to take actions to further reduce prices and increase customer return authorizations. Unprocessed Changes recognized against our gross accounts receivable balance at December 31, 2021 and 2020 totale d $23.4 million and $25.5 million, respectively. Unprocessed Changes recognized as accrued liabilities at December 31, 2021 and 2020 totaled $12.5 million an d $13.0 million, respectively. |
Inventories and Related Reserves | Inventories and Related Reserves Inventories are stated at the lower of cost or net realizable value. We determine the cost of all raw materials, work-in-process, and finished goods inventories by the first in, first out method. Cost components of inventories include direct labor, applicable production overhead, and amounts paid to suppliers of materials and products as well as freight costs and, when applicable, duty costs to import the materials and products. |
Property, Plant and Equipment | Property, Plant and Equipment We record property, plant and equipment at cost. We calculate depreciation on a straight-line basis over the estimated useful lives of the related assets ranging from 10 to 40 years for buildings, 5 to 12 years for machinery and equipment, and 5 to 10 years for computer equipment and software. Construction in process reflects amounts incurred for the configuration and build-out of property, plant and equipment and for property, plant and equipment not yet placed into service. We charge maintenance and repairs—both planned major activities and less-costly, ongoing activities—to expense as incurred. We capitalize interest costs associated with the construction of capital assets and amortize the costs over the assets’ useful lives. Depreciation expense is included in costs of sales; selling, general and administrative expenses; and research and development expenses in the Consolidated Statements of Operations based on the specific categorization and use of the underlying assets being depreciated. We review property, plant and equipment to determine whether an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We base our evaluation on the nature of the assets, the future economic benefit of the assets, and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. For purposes of impairment testing of long-lived assets, we have identified asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Generally, our asset groups are based on an individual plant or operating facility level. In some circumstances, however, a combination of plants or operating facilities may be considered the asset group due to interdependence of operational activities and cash flows. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Our intangible assets consist of (a) definite-lived assets subject to amortization such as developed technology, customer relationships, in-service research and development, certain trademarks, backlog, and capitalized software intangible assets, and (b) indefinite-lived assets not subject to amortization such as goodwill, certain trademarks, and in-process research and development intangible assets. We record amortization of the definite-lived intangible assets over the estimated useful lives of the related assets, which generally range from one year or less for backlog to more than 25 years for certain of our customer relationships. We determine the amortization method for our definite-lived intangible assets based on the pattern in which the economic benefits of the intangible asset are consumed. In the event we cannot reliably determine that pattern, we utilize a straight-line amortization method. We test our goodwill and other indefinite-lived intangible asset not subject to amortization for impairment on an annual basis as of our fiscal November month-end or when indicators of impairment exist. We base our estimates on assumptions we believe to be reasonable, but which are not predictable with precision and therefore are inherently uncertain. Actual future results could differ from these estimates. The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting u nit, as described in the paragraph below. In 2021, we did not perform a qualitative assessment over any of our reporting units. For our annual impairment test in 2021, we performed a quantitative assessment for all six of our reporting units. Under a quantitative assessment for goodwill impairment, we determine the fair value using the income approach (using Level 3 inputs) as reconciled to our aggregate market capitalization. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. Based on our annual goodwill impairment test, the excess of the fair values over the carrying values for five of the six reporting units tested under a quantitative income approach ranged from 51% - 436%. The estimated fair value for the Tripwire reporting unit was $131.2 million less than its carrying value, and as such, we recognized a goodwill impairment charge of $131.2 million during the fourth quarter of 2021. For the other five reporting units, using both an income approach and market approach, we determined that there was no impairment during 2021. During 2020 and 2019, we did not recognize any goodwill impairment from continuing operations. See Note 13 for further discussion. We also evaluate indefinite lived intangible assets for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying values of those assets may no longer be recoverable. We compare the fair value of the asset with its carrying amount. If the carrying amount of the asset exceeds its fair value, we recognize an impairment loss in an amount equal to that excess. We did not recognize impairment charges for our indefinite lived intangible assets from continuing operations in 2021, 2020, or 2019. See Note 13 for further discussion. We review intangible assets subject to amortization whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. We did not recognize any impairment charges for amortizable intangible assets from continuing operations in 2021, 2020, or 2019. During the years ended December 31, 2020 and 2019, we performed impairment tests on the Grass Valley disposal group due to its overall financial performance and discontinued operations classification, which resulted in total asset impairments of $113.0 million and $521.4 million, respectively. The 2019 impairment charge consisted of impairments to goodwill, customer relationships, and trademarks of $326.1 million, $14.4 million, and $1.6 million, respectively, as well as an impairment of the disposal group of $179.3 million ($180.4 million translated at year-end exchange rates). We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows. See Notes 5 and 13. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Our pension and other postretirement benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, salary growth, long-term return on plan assets, health care cost trend rates, mortality tables, and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, are amortized over the estimated future working life of the plan participants. |
Accrued Sales Rebates and Revenue Recognition | Accrued Sales RebatesWe grant incentive rebates to participating customers as part of our sales programs. The rebates are determined based on certain targeted sales volumes. Rebates are paid quarterly or annually in either cash or receivables credits. Until we can process these rebates through individual customer records, we estimate the amount of outstanding rebates and recognize them as accrued liabilities and reductions in our gross revenues. We base our estimates on both historical and anticipated sales demand and rebate program participation. We charge revisions to these estimates back to accrued liabilities and revenues in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to increase sales rebates offered, possibly resulting in an incremental increase in accrued liabilities and an incremental reduction in revenues at the time the rebate is offered. Revenue Recognition We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 3. |
Contingent Liabilities | Contingent Liabilities We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. A significant amount of judgment and use of estimates is required to quantify our ultimate exposure in these matters. We review the valuation of these liabilities on a quarterly basis, and we adjust the balances to account for changes in circumstances for ongoing and emerging issues. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel, the amounts of which are not currently material. We expense environmental compliance costs, which include maintenance and operating costs with respect to ongoing monitoring programs, as incurred. We evaluate the range of potential costs to remediate environmental sites. The ultimate cost of site clean-up is difficult to predict given the uncertainties of our involvement in certain sites, uncertainties regarding the extent of the required clean-up, the availability of alternative clean-up methods, variations in the interpretation of applicable laws and regulations, the possibility of insurance recoveries with respect to certain sites, and other factors. |
Acquisition Accounting | Acquisition Accounting We allocate the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the acquisition date. As necessary, we may engage third party specialists to assist in the estimation of fair value for certain liabilities, such as postretirement benefit liabilities. We adjust the preliminary acquisition accounting, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed. |
Cost of Sales | Cost of Sales Cost of sales includes our total cost of inventory sold during the period, including material, labor, production overhead costs, variable manufacturing costs, and fixed manufacturing costs. Production overhead costs include operating supplies, applicable utility expenses, maintenance costs, and scrap. Variable manufacturing costs include inbound, interplant, and outbound freight, inventory shrinkage, and charges for excess and obsolete inventory. Fixed manufacturing costs include the costs associated with our purchasing, receiving, inspection, warehousing, distribution centers, production and inventory control, and manufacturing management. Cost of sales also includes the costs to provide maintenance and support and other professional services. |
Shipping and Handling Costs | Shipping and Handling Costs We recognize fees earned on the shipment of product to customers as revenues and recognize costs incurred on the shipment of product to customers as a cost of sales. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses include expenses not directly related to the production of inventory. They include all expenses related to selling and marketing our products, as well as the salary and benefit costs of associates performing the selling and marketing functions. Selling, general and administrative expenses also include salary and benefit costs, purchased services, and other costs related to our executive and administrative functions. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. |
Advertising Costs | Advertising CostsAdvertising costs are expensed as incurred. |
Share-Based Compensation | Share-Based Compensation We compensate certain employees and non-employee directors with various forms of share-based payment awards and recognize compensation costs for these awards based on their fair values. We estimate the fair values of certain awards, primarily stock appreciation rights (SARs), on the grant date using the Black-Scholes-Merton option-pricing formula, which incorporates certain assumptions regarding the expected term of an award and expected stock price volatility. We develop the expected term assumption based on the vesting period and contractual term of an award, our historical exercise and cancellation experience, our stock price history, plan provisions that require exercise or cancellation of awards after employees terminate, and the extent to which currently available information indicates that the future is reasonably expected to differ from past experience. We develop the expected volatility assumption based on historical price data for our common stock. We estimate the fair value of certain restricted stock units with service vesting conditions and performance vesting conditions based on the grant date stock price. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost expected to be recognized in our operating results over the service period of the award. We develop the forfeiture assumption based on our historical pre-vesting cancellation experience. |
Income Taxes | Income Taxes Income taxes are provided based on earnings reported for financial statement purposes. The provision for income taxes differs from the amounts currently payable to taxing authorities due to the temporary or permanent timing differences with respect to the recognition of revenues, expenses, and tax attributes for income tax purposes compared to financial statement purposes. Income taxes are provided as if operations in all countries, including the U.S., were stand-alone businesses filing separate tax returns. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating loss and tax credit carryforwards. Deferred tax assets generally represent future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our Consolidated Financial Statements become deductible for income tax purposes. A deferred tax asset valuation allowance is required when some portion or all of the deferred tax assets may not be realized. At December 31, 2021, the valuation allowance of $68.7 million was primarily related to net operating losses and capital losses that we do not expect to realize. |
Current-Year Adoption of Accounting Pronouncements | Current-Year Adoption of Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which removes certain exceptions for investments, intra-period allocations and interim tax calculations, and adds guidance to reduce the complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in ASU 2019-12 are applied on a retrospective basis, modified retrospective basis and prospective basis, depending upon the amendment. The impact of adopting ASU 2019-12 on our consolidated financial statements was not material. In October 2021, the FASB issued Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The new standard eliminates the complexity of determining the fair value of contract liabilities and delivers revenue recognition consistency for contract assets and liabilities between the acquirer and acquiree in a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The amendments should be applied prospectively; however, an entity that elects to early adopt in an interim period should apply the amendments to all business combinations that occurred during the fiscal year that includes that interim period. We adopted ASU 2021-08 during the fourth quarter of 2021, which resulted in an increase in consolidated revenues of $1.4 million. See Note 4. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our revenues disaggregated by major product category (in thousands). Broadband and 5G Cyber-Security Industrial Automation Smart Buildings Total Year Ended December 31, 2021 Enterprise Solutions $ 488,453 $ — $ — $ 585,973 $ 1,074,426 Industrial Solutions — 106,850 1,226,824 — 1,333,674 Total $ 488,453 $ 106,850 $ 1,226,824 $ 585,973 $ 2,408,100 Year Ended December 31, 2020 Enterprise Solutions $ 432,262 $ — $ — $ 440,155 $ 872,417 Industrial Solutions — 110,524 879,775 — 990,299 Total $ 432,262 $ 110,524 $ 879,775 $ 440,155 $ 1,862,716 Year Ended December 31, 2019 Enterprise Solutions $ 401,415 $ — $ — $ 544,626 $ 946,041 Industrial Solutions — 133,039 1,052,198 — 1,185,237 Total $ 401,415 $ 133,039 $ 1,052,198 $ 544,626 $ 2,131,278 The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product (in thousands). Americas EMEA APAC Total Revenues Year Ended December 31, 2021 Enterprise Solutions $ 785,253 $ 150,790 $ 138,383 $ 1,074,426 Industrial Solutions 781,362 344,379 207,933 1,333,674 Total $ 1,566,615 $ 495,169 $ 346,316 $ 2,408,100 Year Ended December 31, 2020 Enterprise Solutions $ 636,492 $ 130,982 $ 104,943 $ 872,417 Industrial Solutions 577,929 256,673 155,697 990,299 Total $ 1,214,421 $ 387,655 $ 260,640 $ 1,862,716 Year Ended December 31, 2019 Enterprise Solutions $ 695,008 $ 135,732 $ 115,301 $ 946,041 Industrial Solutions 742,563 274,030 168,644 1,185,237 Total $ 1,437,571 $ 409,762 $ 283,945 $ 2,131,278 |
Contract with Customer, Asset and Liability | The following table presents estimated and accrued variable consideration: December 31, 2021 December 31, 2020 (in thousands) Accrued rebates included in accrued liabilities $ 55,525 $ 32,192 Accrued returns included in accrued liabilities 12,530 13,016 Price adjustment recognized against gross accounts receivable 23,035 25,244 Balance at December 31, 2019 $ 70,070 New deferrals 101,066 Revenue recognized (93,488) Balance at December 31, 2020 $ 77,648 New deferrals 97,940 Acquisitions 7,172 Revenue recognized (95,915) Balance at December 31, 2021 $ 86,845 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed as of January 29, 2021 (in thousands): Receivables $ 6,009 Inventories 10,731 Other current assets 768 Property, plant, and equipment 602 Intangible assets 39,930 Goodwill 41,749 Operating lease right-of-use assets 4,144 Other long-lived assets 416 Total assets acquired $ 104,349 Accounts payable $ 6,884 Accrued liabilities 8,735 Long-term debt 1,841 Postretirement benefits 3,581 Deferred income taxes 2,980 Long-term operating lease liabilities 3,271 Other long-term liabilities 3,692 Total liabilities assumed $ 30,984 Net assets 73,365 Noncontrolling interests 20 Net assets attributable to Belden $ 73,345 |
Schedule of Acquired Intangible Assets | The intangible assets related to the acquisition consisted of the following: Fair Value Amortization Period (In thousands) (In years) Intangible assets subject to amortization Developed technologies $ 26,400 6.8 Customer relationships 6,200 15.0 Sales backlog 3,600 5.0 Trademarks 3,070 14.8 Non-compete agreements 660 2.0 Total intangible assets subject to amortization $ 39,930 Intangible assets not subject to amortization: Goodwill $ 41,749 Total intangible assets not subject to amortization $ 41,749 Total intangible assets $ 81,679 Weighed average amortization period 8.5 |
Schedule of Pro Forma Information | The following table illustrates the unaudited pro forma effect on operating results as if the OTN Systems acquisition had been completed January 1, 2020. Years Ended December 31, 2021 2020 (In thousands, except per share data) (Unaudited) Revenues $ 2,409,851 $ 1,900,646 Net income (loss) attributable to Belden common stockholders 65,377 (59,150) Diluted income (loss) per share attributable to Belden common stockholders $ 1.44 $ (1.32) |
Disposals (Tables)
Disposals (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the operating results of the disposal group up to the July 2, 2020 disposal date for the years ended December 31, 2020 and 2019, respectively: Years Ended December 31, 2020 2019 (In thousands) Revenues $ 109,195 $ 360,496 Cost of sales (70,199) (208,173) Gross profit 38,996 152,323 Selling, general and administrative expenses (39,947) (93,796) Research and development expenses (15,083) (37,172) Amortization of intangibles — (12,782) Asset impairment of discontinued operations (113,007) (521,441) Interest expense, net (432) (819) Non-operating pension cost (169) (221) Loss before taxes $ (129,642) $ (513,908) The following table provides the major classes of assets and liabilities of the Tripwire disposal group: December 31, 2021 December 31, 2020 (In thousands) Assets: Cash and cash equivalents $ 2,194 $ 1,328 Receivables, net 28,773 26,001 Inventories, net 150 126 Other current assets 7,418 9,798 Property, plant and equipment, less accumulated depreciation 6,250 7,588 Operating lease right-of-use assets 3,893 5,151 Goodwill 331,024 462,202 Intangible assets, less accumulated amortization 63,541 67,979 Deferred income taxes 834 800 Other long-lived assets 5,325 2,653 Total assets of Tripwire disposal group $ 449,402 $ 583,626 Liabilities: Accounts payable $ 6,458 $ 4,868 Accrued liabilities 56,208 61,769 Deferred income taxes 10,964 12,599 Long-term operating lease liabilities 5,257 7,019 Other long-term liabilities 20,192 17,214 Total liabilities of Tripwire disposal group $ 99,079 $ 103,469 |
Operating Segments and Geogra_2
Operating Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Operating Segment Information Enterprise Solutions Years ended December 31, 2021 2020 2019 (In thousands) Segment revenues $ 1,074,426 $ 872,415 $ 946,041 Segment EBITDA 143,236 99,333 126,925 Depreciation expense 21,594 20,655 19,771 Amortization of intangibles 17,595 21,662 22,324 Amortization of software development intangible assets 94 245 175 Adjustments related to acquisitions and divestitures (6,828) 125 592 Severance, restructuring, and acquisition integration costs 13,800 7,720 10,808 Acquisition of property, plant and equipment 36,726 25,223 42,289 Segment assets 563,141 462,615 487,125 Industrial Solutions Years ended December 31, 2021 2020 2019 (In thousands) Segment revenues $ 1,333,674 $ 990,301 $ 1,185,237 Segment EBITDA 227,946 147,626 226,110 Depreciation expense 24,346 21,815 20,638 Amortization of intangibles 20,751 42,733 52,285 Amortization of software development intangible assets 2,806 1,576 350 Adjustments related to acquisitions and divestitures 1,792 — — Severance, restructuring, and acquisition integration costs 10,092 4,538 15,736 Goodwill and other asset impairment 140,461 — — Acquisition of property, plant and equipment 47,401 44,675 35,189 Segment assets 652,188 522,637 504,482 Total Segments Years ended December 31, 2021 2020 2019 (In thousands) Segment revenues $ 2,408,100 $ 1,862,716 $ 2,131,278 Segment EBITDA 371,182 246,959 353,035 Depreciation expense 45,940 42,470 40,409 Amortization of intangibles 38,346 64,395 74,609 Amortization of software development intangible assets 2,900 1,821 525 Adjustments related to acquisitions and divestitures (5,036) 125 592 Severance, restructuring, and acquisition integration costs 23,892 12,258 26,544 Goodwill and other asset impairment 140,461 — — Acquisition of property, plant and equipment 84,127 69,898 77,478 Segment assets 1,215,329 985,252 991,607 |
Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes | The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively. Years Ended December 31, 2021 2020 2019 (In thousands) Segment Revenues and Consolidated Revenues $ 2,408,100 $ 1,862,716 $ 2,131,278 Total Segment EBITDA $ 371,182 $ 246,959 $ 353,035 Goodwill and other asset impairment (140,461) — — Depreciation expense (45,940) (42,470) (40,409) Amortization of intangibles (38,346) (64,395) (74,609) Severance, restructuring, and acquisition integration costs (1) (23,892) (12,258) (26,544) Amortization of software development intangible assets (2,900) (1,821) (525) Adjustments related to acquisitions and divestitures (2) 5,036 (125) (592) Eliminations (119) (480) (3,149) Consolidated operating income 124,560 125,410 207,207 Interest expense, net (62,695) (58,888) (55,814) Non-operating pension benefit (cost) 4,476 (395) 1,017 Gain on sale of note receivable 27,036 — — Loss on debt extinguishment (5,715) — — Consolidated income from continuing operations before taxes $ 87,662 $ 66,127 $ 152,410 (1) See Note 15, Severance, Restructuring, and Acquisiti on Integration Activities, for details . (2) In 2021, we collected $2.2 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off, reduced the Opterna earn-out liability by $5.8 million, recognized cost of sales of $2.3 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN Systems acquisition, and recognized a $0.6 million loss on the sale of tangible assets. In 2020 and 2019, we collectively recognized $0.1 million and $0.6 million, respectively, of cost of sales related to acquisition accounting adjustments of acquired inventory to fair value for both our SPC and Opterna acquisitions. |
Reconciliations of Other Segment Measures to Consolidated Totals | Below are reconciliations of other segment measures to the consolidated totals. Years Ended December 31, 2021 2020 2019 (In thousands) Total segment assets $ 1,215,329 $ 985,252 $ 991,607 Cash and cash equivalents 643,757 501,994 407,480 Goodwill 1,152,472 1,251,938 1,243,669 Intangible assets, less accumulated amortization 301,696 287,071 339,505 Deferred income taxes 32,321 29,536 25,216 Corporate assets 72,102 83,943 24,147 Assets of discontinued operations — — 375,135 Total assets $ 3,417,677 $ 3,139,734 $ 3,406,759 Total segment acquisition of property, plant and equipment $ 84,127 $ 69,898 $ 77,478 Corporate acquisition of property, plant and equipment 6,855 3,605 3,110 Discontinued operations acquisition of property, plant and equipment — 16,712 29,414 Total acquisition of property, plant and equipment $ 90,982 $ 90,215 $ 110,002 |
Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location | The table below summarizes net sales and long-lived assets for the years ended December 31, 2021, 2020, and 2019 for the following countries: the U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company. United Canada China Germany All Other Total (In thousands, except percentages) Year ended December 31, 2021 Revenues $ 1,273,239 $ 191,493 $ 149,036 $ 113,529 $ 680,803 $ 2,408,100 Percent of total revenues 53 % 8 % 6 % 5 % 28 % 100 % Long-lived assets $ 181,002 $ 12,666 $ 46,776 $ 37,208 $ 106,986 $ 384,638 Year ended December 31, 2020 Revenues $ 1,015,340 $ 119,700 $ 111,835 $ 91,187 $ 524,654 $ 1,862,716 Percent of total revenues 55 % 6 % 6 % 5 % 28 % 100 % Long-lived assets $ 163,731 $ 32,063 $ 44,824 $ 63,100 $ 114,286 $ 418,004 Year ended December 31, 2019 Revenues $ 1,167,033 $ 162,975 $ 109,522 $ 92,913 $ 598,835 $ 2,131,278 Percent of total revenues 55 % 8 % 5 % 4 % 28 % 100 % Long-lived assets $ 152,214 $ 16,452 $ 40,247 $ 48,272 $ 101,179 $ 358,364 |
Income Per Share (Tables)
Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basis for Income Per Share Computations | The following table presents the basis of the income per share computations: Years Ended December 31, 2021 2020 2019 (In thousands) Numerator: Income from continuing operations $ 62,457 $ 54,403 $ 109,891 Less: Net income attributable to noncontrolling interest 392 104 239 Less: Preferred stock dividends — — 18,437 Income from continuing operations attributable to Belden common stockholders 62,065 54,299 91,215 Add: Loss from discontinued operations, net of tax — (99,513) (486,667) Add: Gain (loss) on disposal of discontinued operations, net of tax 1,860 (9,948) — Net income (loss) attributable to Belden common stockholders $ 63,925 $ (55,162) $ (395,452) Denominator: Weighted average shares outstanding, basic 44,802 44,778 42,203 Effect of dilutive common stock equivalents 559 159 213 Weighted average shares outstanding, diluted 45,361 44,937 42,416 |
Credit Losses (Tables)
Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | The following table presents the activity in the allowance for doubtful accounts for the years ended December 31, 2021 and 2020 (in thousands). Balance at December 31, 2019 $ 2,569 Adoption adjustment 1,011 Current period provision 2,282 Currency impact 39 Write-offs (114) Recoveries collected (637) Balance at December 31, 2020 $ 5,150 Current period provision 1,960 Currency impact (74) Disposals (190) Recoveries collected (227) Write-offs (367) Balance at December 31, 2021 $ 6,252 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Major Classes of Inventories | The major classes of inventories were as follows: December 31, 2021 2020 (In thousands) Raw materials $ 157,306 $ 106,514 Work-in-process 43,642 32,011 Finished goods 190,090 141,042 Gross inventories 391,038 279,567 Excess and obsolete reserves (45,684) (32,269) Net inventories $ 345,354 $ 247,298 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Carrying Values of Property, Plant and Equipment | The carrying values of property, plant and equipment were as follows: December 31, 2021 2020 (In thousands) Land and land improvements $ 27,579 $ 29,321 Buildings and leasehold improvements 113,281 136,427 Machinery and equipment 622,002 608,618 Computer equipment and software 150,229 137,512 Construction in process 66,407 63,589 Gross property, plant and equipment 979,498 975,467 Accumulated depreciation (629,684) (606,847) Net property, plant and equipment $ 349,814 $ 368,620 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Operating lease cost $ 20,340 $ 14,348 $ 14,622 Finance lease cost Amortization of right-of-use asset $ 534 $ 133 $ 142 Interest on lease liabilities 14 17 22 Total finance lease cost $ 548 $ 150 $ 164 |
Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17,641 $ 15,489 $ 14,594 Operating cash flows from finance leases 15 16 25 Financing cash flows from finance leases 3,151 158 258 |
Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases was as follows: December 31, 2021 2020 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 79,464 $ 54,787 Accrued liabilities $ 18,176 $ 14,742 Long-term operating lease liabilities 67,225 46,398 Total operating lease liabilities $ 85,401 $ 61,140 Finance leases: Other long-lived assets, at cost $ 3,682 $ 764 Accumulated depreciation (563) (483) Other long-lived assets, net $ 3,119 $ 281 |
Supplemental Other Information Related To Leases | Weighted Average Remaining Lease Term Operating leases 6 years 5 years Finance leases 4 years 3 years Weighted Average Discount Rate Operating leases 5.0% 6.6 % Finance leases 4.3% 4.9 % |
Operating Lease, Liability, Maturity | The following table summarizes maturities of lease liabilities as of December 31, 2021 (in thousands): 2022 $ 22,838 2023 18,738 2024 15,307 2025 14,015 2026 10,987 Thereafter 17,967 Total $ 99,852 The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands): 2021 $ 19,250 2022 16,305 2023 12,552 2024 9,516 2025 8,718 Thereafter 8,901 Total $ 75,242 |
Finance Lease, Liability, Maturity | The following table summarizes maturities of lease liabilities as of December 31, 2021 (in thousands): 2022 $ 22,838 2023 18,738 2024 15,307 2025 14,015 2026 10,987 Thereafter 17,967 Total $ 99,852 The following table summarizes maturities of lease liabilities as of December 31, 2020 (in thousands): 2021 $ 19,250 2022 16,305 2023 12,552 2024 9,516 2025 8,718 Thereafter 8,901 Total $ 75,242 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Value of Intangible Assets | The carrying values of intangible assets were as follows: December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net (In thousands) (In thousands) Goodwill $ 1,152,472 $ — $ 1,152,472 $ 1,251,938 $ — $ 1,251,938 Definite-lived intangible assets subject to amortization: Developed technology $ 471,931 $ (383,922) $ 88,009 $ 428,187 $ (369,849) $ 58,338 Customer relationships 297,395 (143,197) 154,198 295,382 (128,796) 166,586 Trademarks 70,619 (41,771) 28,848 65,861 (36,539) 29,322 Backlog 14,580 (11,827) 2,753 11,421 (11,421) — In-service research and development 11,550 (10,997) 553 11,536 (9,774) 1,762 Non-compete agreements 618 (283) 335 — — — Total intangible assets subject to amortization $ 866,693 $ (591,997) $ 274,696 $ 812,387 $ (556,379) $ 256,008 Indefinite-lived intangible assets not subject to amortization: Trademarks $ 27,000 $ — $ 27,000 $ 31,063 $ — $ 31,063 Total intangible assets not subject to amortization $ 27,000 $ — $ 27,000 $ 31,063 $ — $ 31,063 Intangible assets $ 893,693 $ (591,997) $ 301,696 $ 843,450 $ (556,379) $ 287,071 |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows: Enterprise Solutions Industrial Solutions Consolidated (In thousands) Balance at December 31, 2019 $ 470,031 $ 773,638 $ 1,243,669 Acquisitions and purchase accounting adjustments 2,420 — 2,420 Translation impact 2,296 3,553 5,849 Balance at December 31, 2020 $ 474,747 $ 777,191 $ 1,251,938 Acquisitions and purchase accounting adjustments — 41,749 41,749 Impairment — (132,843) (132,843) Translation impact (1,506) (6,866) (8,372) Balance at December 31, 2021 $ 473,241 $ 679,231 $ 1,152,472 |
Changes in Carrying Amount of Trademarks | The changes in the carrying amount of indefinite-lived trademarks are as follows: Enterprise Solutions Industrial Solutions Consolidated (In thousands) Balance at December 31, 2019 $ 27,000 $ 13,106 $ 40,106 Reclassify to definite-lived — (9,043) (9,043) Balance at December 31, 2020 $ 27,000 $ 4,063 $ 31,063 Reclassify to definite-lived — (4,063) (4,063) Balance at December 31, 2021 $ 27,000 $ — $ 27,000 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Carrying Value of Accrued Liabilities | The carrying values of accrued liabilities were as follows: December 31, 2021 2020 (In thousands) Wages, severance and related taxes $ 100,324 $ 65,892 Deferred revenue 60,946 53,371 Accrued rebates 55,525 32,192 Accrued interest 20,847 20,610 Employee benefits 25,290 27,707 Lease liabilities 18,324 14,840 Other (individual items less than 5% of total current liabilities) 53,060 62,029 Accrued liabilities $ 334,316 $ 276,641 |
Severance, Restructuring, and_2
Severance, Restructuring, and Acquisition Integration Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Severance, Restructuring and Integration Costs by Segment | The following table summarizes the costs by segment of the programs described above as well as other immaterial programs and acquisition integration activities: Severance Other Restructuring Total Costs (In thousands) Year Ended December 31, 2021 Enterprise Solutions $ 1,312 $ 12,488 $ 13,800 Industrial Solutions 4,119 5,973 10,092 Total $ 5,431 $ 18,461 $ 23,892 Year Ended December 31, 2020 Enterprise Solutions $ 1,345 $ 6,374 $ 7,719 Industrial Solutions 1,706 2,833 4,539 Total $ 3,051 $ 9,207 $ 12,258 Year Ended December 31, 2019 Enterprise Solutions $ 5,018 $ 5,790 $ 10,808 Industrial Solutions 15,736 — 15,736 Total $ 20,754 $ 5,790 $ 26,544 The following table summarizes the costs of the various programs described above as well as other immaterial programs and acquisition integration activities by financial statement line item in the Consolidated Statement of Operations: Years ended December 31, 2021 2020 2019 (In thousands) Cost of sales $ 11,308 $ 704 $ 3,425 Selling, general and administrative expenses 12,584 11,554 23,119 Total $ 23,892 $ 12,258 $ 26,544 The table below sets forth severance activity included in accrued liabilities that occurred for the Cost Reduction Program as well as the Acquisition Integration Program described above. Years ended December 31, 2021 2020 (In thousands) Balance at beginning of year $ 7,085 $ 19,575 New charges 2,060 2,529 Cash payments (1,798) (4,483) Foreign currency translation 49 (89) Other adjustments — (4,147) Balance at the end of Q1 7,396 $ 13,385 New charges 458 4,660 Cash payments (1,023) (4,795) Foreign currency translation (4) (132) Other adjustments (59) (1,420) Balance at the end of Q2 $ 6,768 $ 11,698 New charges 63 2,060 Cash payments (941) (3,968) Foreign currency translation (2) (156) Other adjustments (197) (1,541) Balance at the end of Q3 $ 5,691 $ 8,093 New charges 1,541 992 Cash payments (587) (1,823) Foreign currency translation 3 (95) Other adjustments (440) (82) Balance at year-end $ 6,208 $ 7,085 |
Long-Term Debt and Other Borr_2
Long-Term Debt and Other Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Carrying Values of Long-Term Debt and Other Borrowing Arrangements | The carrying values of our long-term debt and other borrowing arrangements were as follows: December 31, 2021 2020 (In thousands) Revolving credit agreement due 2026 $ — $ — Senior subordinated notes: 2.875% Senior subordinated notes due 2025 — 367,110 4.125% Senior subordinated notes due 2026 227,240 244,740 3.375% Senior subordinated notes due 2027 511,290 550,665 3.875% Senior subordinated notes due 2028 397,670 428,295 3.375% Senior subordinated notes due 2031 340,860 — Total senior subordinated notes 1,477,060 1,590,810 Less unamortized debt issuance costs (17,069) (17,084) Long-term debt $ 1,459,991 $ 1,573,726 |
Schedule of Senior Subordinated Notes | The senior subordinated notes due 2026, 2027, 2028, and 2031 are redeemable after October 15, 2021, July 15, 2022, March 15, 2023, and July 15, 2026 respectively, at the following redemption prices as a percentage of the face amount of the notes: Senior Subordinated Notes due 2026 2027 2028 2031 Year Percentage Year Percentage Year Percentage Year Percentage 2021 102.063 % 2022 101.688 % 2023 101.938 % 2026 101.688 % 2022 101.375 % 2023 101.125 % 2024 101.292 % 2027 100.844 % 2023 100.688 % 2024 100.563 % 2025 100.646 % 2028 100.422 % 2024 and thereafter 100.000 % 2025 and thereafter 100.000 % 2026 and thereafter 100.000 % 2029 and thereafter 100.000 % |
Maturities on Outstanding Long-Term Debt and Other Borrowings | Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2021 are as follows (in thousands): 2022 $ — 2023 — 2024 — 2025 — 2026 227,240 Thereafter 1,249,820 $ 1,477,060 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | Years ended December 31, 2021 2020 2019 (in thousands) Income (loss) before taxes: United States operations $ 60,806 $ (117,819) $ 42,833 Foreign operations 26,856 183,946 109,577 Income before taxes $ 87,662 $ 66,127 $ 152,410 Income tax expense (benefit): Currently payable United States federal $ 4,375 $ 273 $ 21,893 United States state and local 3,108 91 3,090 Foreign 13,634 11,511 13,859 21,117 11,875 38,842 Deferred United States federal 13,204 (1,754) 7,567 United States state and local 5,205 (2,310) (1,205) Foreign (14,321) 3,913 (2,685) 4,088 (151) 3,677 Income tax expense $ 25,205 $ 11,724 $ 42,519 |
Effective Income Tax Rate Reconciliation from Continuing Operations | Years Ended December 31, 2021 2020 2019 Effective income tax rate reconciliation from continuing operations: United States federal statutory rate 21.0% 21.0% 21.0% State and local income taxes 8.5% (2.6)% 1.2% Impact of change in tax contingencies (1.3)% 2.3% —% Foreign income tax rate differences 1.9% (38.2)% (8.6)% Impact of change in deferred tax asset valuation allowance (49.4)% 2.3% 9.5% Domestic permanent differences and tax credits 45.6% 33.3% 4.7% Impact of share-based compensation 2.5% 1.4% 0.1% Impact of CARES act —% (1.8)% —% 28.8% 17.7% 27.9% |
Components of Deferred Income Tax Balances | The components of deferred income were as follows: December 31, 2021 2020 (In thousands) Components of deferred income tax balances: Deferred income tax liabilities: Plant, equipment, and intangibles $ (105,986) $ (92,271) Right of use asset (19,139) (17,610) (125,125) (109,881) Deferred income tax assets: Postretirement, pensions, and stock compensation 32,139 35,394 Reserves and accruals 19,617 24,388 Net operating loss, capital loss, and tax credit carryforwards 94,537 107,028 Lease liability 19,881 18,515 Valuation allowances (68,719) (84,308) 97,455 101,017 Net deferred income tax liability $ (27,670) $ (8,864) |
Summary of Net Operating Loss Carryforwards | The following tables summarize our net operating losses carryforwards and tax credit carryforwards as of December 31, 2021 by jurisdiction: Net Operating Loss Carryforwards (In thousands) Australia $ 10,134 Belgium 5,069 Germany 14,718 Netherlands 3,975 Other 16,547 United Kingdom 11,737 United States - Federal and various states 101,670 Total $ 163,850 |
Summary of Tax Credit Carryforwards | Tax Credit Carryforwards (In thousands) Belgium $ 1,088 Canada 663 United States 15,416 Total $ 17,167 |
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2021 2020 (In thousands) Balance at beginning of year $ 8,573 $ 6,779 Additions based on tax positions related to the current year 422 548 Additions for tax positions of prior years 168 1,574 Reductions for tax positions of prior years - Settlement (3,264) (328) Reduction for tax positions of prior years - Statute of limitations (78) — Balance at end of year $ 5,821 $ 8,573 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Change in Benefit Obligation | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans. Pension Benefits Other Benefits Years Ended December 31, 2021 2020 2021 2020 (In thousands) Change in benefit obligation: Benefit obligation, beginning of year $ (492,925) $ (461,352) $ (29,498) $ (29,470) Service cost (3,953) (3,930) (33) (33) Interest cost (7,512) (9,729) (727) (809) Participant contributions (143) (73) (4) (5) Actuarial gain (loss) 19,778 (42,284) 1,391 (110) Acquisitions and divestitures (12,886) (910) — — Settlements 5,855 26,970 — — Curtailments — 236 — — Plan amendments — (226) — — Foreign currency exchange rate changes 7,226 (15,345) (227) (427) Benefits paid 12,726 13,718 1,473 1,356 Benefit obligation, end of year $ (471,834) $ (492,925) $ (27,625) $ (29,498) |
Change in Plan Assets | Pension Benefits Other Benefits Years Ended December 31, 2021 2020 2021 2020 (In thousands) Change in plan assets: Fair value of plan assets, beginning of year $ 361,802 $ 355,726 $ — $ — Actual return on plan assets 32,467 32,470 — — Employer contributions 11,618 6,393 1,469 1,351 Plan participant contributions 143 73 4 5 Acquisitions and divestitures 9,339 — — — Settlements (5,790) (26,945) — — Foreign currency exchange rate changes (2,827) 7,803 — — Benefits paid (12,726) (13,718) (1,473) (1,356) Fair value of plan assets, end of year $ 394,026 $ 361,802 $ — $ — |
Amounts Recognized in Balance Sheets | Funded status, end of year $ (77,808) $ (131,123) $ (27,625) $ (29,498) Amounts recognized in the balance sheets: Prepaid benefit cost $ 20,177 $ 4,780 $ — $ — Accrued benefit liability, current (3,173) (3,558) (1,440) (1,443) Accrued benefit liability, noncurrent (94,812) (132,345) (26,185) (28,055) Net funded status $ (77,808) $ (131,123) $ (27,625) $ (29,498) |
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs for the plans. Pension Benefits Other Benefits Years Ended December 31, 2021 2020 2019 2021 2020 2019 (In thousands) Components of net periodic benefit cost: Service cost $ 3,953 $ 3,930 $ 3,668 $ 33 $ 33 $ 35 Interest cost 7,512 9,729 12,261 727 809 960 Expected return on plan assets (16,337) (16,357) (15,699) — — — Amortization of prior service cost 110 190 169 — — — Settlement loss (gain) (18) 3,153 (7) — — — Other adjustments (191) — — — — — Net loss (gain) recognition 3,764 2,930 1,432 (43) (59) (133) Net periodic benefit cost (income) $ (1,207) $ 3,575 $ 1,824 $ 717 $ 783 $ 862 |
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts | The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts. Pension Benefits Other Benefits Years Ended December 31, Years Ended December 31, 2021 2020 2021 2020 Weighted average assumptions for benefit obligations at year end: Discount rate 2.0 % 1.5 % 2.9 % 2.5 % Salary increase 3.3 % 3.3 % N/A N/A Cash balance interest credit rate 4.7 % 4.6 % N/A N/A Weighted average assumptions for net periodic cost for the year: Discount rate 1.5 % 2.2 % 2.5 % 2.9 % Salary increase 3.2 % 3.5 % N/A N/A Cash balance interest credit rate 4.6 % 4.0 % N/A N/A Expected return on assets 4.6 % 4.9 % N/A N/A Assumed health care cost trend rates: Health care cost trend rate assumed for next year N/A N/A 5.4 % 5.5 % Rate that the cost trend rate gradually declines to N/A N/A 5.0 % 5.0 % Year that the rate reaches the rate it is assumed to remain at N/A N/A 2027 2026 |
Fair Values of Pension Plan Assets by Asset Category | The following table presents the fair values of the pension plan assets by asset category. December 31, 2021 December 31, 2020 Fair Market Value at December 31, 2021 Quoted Prices Significant Investments Measured at Net Asset Value Fair Market Value at December 31, 2020 Quoted Prices Significant Investments Measured at Net Asset Value (In thousands) (In thousands) Asset Category: Equity securities(a) U.S. equities fund $ 77,687 $ 2,913 $ — $ 74,774 $ 86,059 $ 3,012 $ — $ 83,047 Non-U.S. equities fund 77,299 6,267 — 71,032 61,630 5,602 — 56,028 Debt securities(b) Government bond fund 64,255 — 731 63,524 98,418 — 772 97,646 Corporate bond fund 108,729 — 11,507 97,222 82,434 — 12,150 70,284 Fixed income fund(c) 16,939 — — 16,939 7,320 — — 7,320 Liability driven investment fund(d) 22,713 — — 22,713 — — — — Other investments(e) 15,103 — — 15,103 17,367 — — 17,367 Cash & equivalents 11,301 5,271 — 6,030 8,574 3,230 — 5,344 Total $ 394,026 $ 14,451 $ 12,238 $ 367,337 $ 361,802 $ 11,844 $ 12,922 $ 337,036 (a) This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges. (b) This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category includes guaranteed insurance contracts and annuity policies. (d) This category includes investments in funds that are designed to provide leveraged exposure to changes in interest rates. The fund purchases shares of funds that invest in government bonds, debt repurchase agreements, total return swaps and interest rate swaps. |
Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts | The following table reflects the benefits as of December 31, 2021 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. Pension Other (In thousands) 2022 $ 19,363 $ 1,460 2023 20,383 1,458 2024 23,199 1,463 2025 20,531 1,468 2026 21,461 1,472 2027-2031 108,900 7,463 Total $ 213,837 $ 14,784 |
Summary of Accumulated Other Comprehensive Loss and Changes in these Amounts | The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2021 and the changes in these amounts during the year ended December 31, 2021 are as follows. Pension Other (In thousands) Components of accumulated other comprehensive loss: Net actuarial loss (gain) $ 39,995 $ (1,770) Net prior service cost 2,661 — $ 42,656 $ (1,770) Pension Other (In thousands) Changes in accumulated other comprehensive loss: Net actuarial loss (gain), beginning of year $ 80,671 $ (436) Amortization of actuarial gain (loss) (3,764) 43 Actuarial gain (19,778) (1,391) Asset gain (16,130) — Settlement gain recognized 18 — Other adjustments 191 — Currency impact (1,213) 14 Net actuarial loss (gain), end of year $ 39,995 $ (1,770) Prior service cost, beginning of year $ 2,798 $ — Amortization of prior service cost (110) — Currency impact (27) — Prior service cost, end of year $ 2,661 $ — |
Comprehensive Income and Accu_2
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss), Net of Tax | The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: Foreign Currency Pension and Other Accumulated Other Comprehensive Income (Loss) (In thousands) Balance at December 31, 2019 $ (18,225) $ (45,193) $ (63,418) Other comprehensive loss attributable to Belden before reclassifications (123,101) (20,800) (143,901) Amounts reclassified from accumulated other comprehensive income 10,145 5,323 15,468 Net current period other comprehensive loss attributable to Belden (112,956) (15,477) (128,433) Balance at December 31, 2020 $ (131,181) $ (60,670) $ (191,851) Other comprehensive loss attributable to Belden before reclassifications $ 90,690 $ 28,653 $ 119,343 Amounts reclassified from accumulated other comprehensive income (977) 2,919 1,942 Net current period other comprehensive loss attributable to Belden 89,713 31,572 121,285 Balance at December 31, 2021 $ (41,468) $ (29,098) $ (70,566) |
Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss): Amount Reclassified from Affected Line Item in the (In thousands) Amortization of pension and other postretirement benefit plan items: Actuarial losses $ 3,721 (1) Prior service cost 110 (1) Total before tax 3,831 Tax benefit (912) Total net of tax $ 2,919 (1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 19). (2) In addition, we reclassified $1.0 million of accumulated foreign currency translation gains associated with the sale of our oil and gas cable business in Brazil. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Income Tax Benefit Recognized for our Share-Based Compensation Arrangements | Compensation cost charged against income, primarily selling, general and administrative expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: Years Ended December 31, 2021 2020 2019 (In thousands) Total share-based compensation cost $ 24,871 $ 19,171 $ 16,802 Income tax benefit 5,919 4,563 3,999 |
Fair Values for SARs and Stock Options Estimated on Grant Date Using Black-Scholes-Merton Option-Pricing Formula Which Incorporates Assumptions | Years Ended December 31, 2021 2020 2019 (In thousands, except weighted average fair Weighted-average fair value of SARs granted $ 18.30 $ 18.29 $ 22.31 Total intrinsic value of SARs exercised 1,581 545 354 Tax benefit from SARs exercised 327 26 176 Weighted-average fair value of restricted stock units granted 51.76 41.75 64.61 Total fair value of restricted stock units vested 12,623 6,600 10,325 Expected volatility 45.34 % 37.55 % 35.05 % Expected term (in years) 5.7 5.7 5.7 Risk-free rate 0.70 % 1.44 % 2.56 % Dividend yield 0.44 % 0.39 % 0.32 % |
Summary of Share Based Compensation Activity | SARs Restricted Stock Units Number Weighted- Weighted- Aggregate Number Weighted- (In thousands, except exercise prices, fair values, and contractual terms) Outstanding at January 1, 2021 1,311 $ 64.06 n/a n/a 953 $ 52.50 Granted 205 44.93 n/a n/a 335 51.76 Exercised or converted (155) 42.47 n/a n/a (269) 46.86 Forfeited or expired (117) 68.59 n/a n/a (55) 48.61 Outstanding at December 31, 2021 1,244 $ 63.18 4.7 $ 9,582 964 $ 50.08 Vested or expected to vest at December 31, 2021 313 $ 48.46 8.7 $ 5,399 Exercisable or convertible at December 31, 2021 931 $ 68.12 3.4 $ 4,183 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Income tax refunds received $ 6,120 $ 4,460 $ 4,695 Income taxes paid (40,139) (25,259) (40,760) Interest paid (54,176) (53,029) (51,160) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the operating results of the disposal group up to the July 2, 2020 disposal date for the years ended December 31, 2020 and 2019, respectively: Years Ended December 31, 2020 2019 (In thousands) Revenues $ 109,195 $ 360,496 Cost of sales (70,199) (208,173) Gross profit 38,996 152,323 Selling, general and administrative expenses (39,947) (93,796) Research and development expenses (15,083) (37,172) Amortization of intangibles — (12,782) Asset impairment of discontinued operations (113,007) (521,441) Interest expense, net (432) (819) Non-operating pension cost (169) (221) Loss before taxes $ (129,642) $ (513,908) The following table provides the major classes of assets and liabilities of the Tripwire disposal group: December 31, 2021 December 31, 2020 (In thousands) Assets: Cash and cash equivalents $ 2,194 $ 1,328 Receivables, net 28,773 26,001 Inventories, net 150 126 Other current assets 7,418 9,798 Property, plant and equipment, less accumulated depreciation 6,250 7,588 Operating lease right-of-use assets 3,893 5,151 Goodwill 331,024 462,202 Intangible assets, less accumulated amortization 63,541 67,979 Deferred income taxes 834 800 Other long-lived assets 5,325 2,653 Total assets of Tripwire disposal group $ 449,402 $ 583,626 Liabilities: Accounts payable $ 6,458 $ 4,868 Accrued liabilities 56,208 61,769 Deferred income taxes 10,964 12,599 Long-term operating lease liabilities 5,257 7,019 Other long-term liabilities 20,192 17,214 Total liabilities of Tripwire disposal group $ 99,079 $ 103,469 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - 12 months ended Dec. 31, 2021 | Segment | segment |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of reportable segments | 2 | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2021USD ($)Reporting_Unit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2018USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Amount of inventory as a percentage of prior year purchases that can be returned by certain distributors | 3.00% | ||||
Unprocessed adjustments recognized against gross accounts receivables | $ 23,400,000 | $ 25,500,000 | |||
Unprocessed adjustments recognized against accounts accrued liabilities | 12,500,000 | 13,000,000 | |||
Allowance for doubtful accounts | 6,300,000 | 5,100,000 | |||
Bad debt expense, net of recoveries | 1,800,000 | 2,400,000 | $ 100,000 | ||
Obsolescence and other reserves | $ 45,684,000 | 32,269,000 | |||
Number of reporting units used in quantitative assessment | Reporting_Unit | 6 | ||||
Goodwill impairment loss | $ 132,843,000 | 0 | 0 | ||
Impairment of indefinite lived intangible assets | 0 | 0 | 0 | ||
Impairment of intangible assets | 0 | 0 | 0 | ||
Accrued sales rebates | 55,525,000 | 32,192,000 | |||
Advertising costs | 12,800,000 | 11,600,000 | 14,700,000 | ||
Valuation allowances | 68,719,000 | 84,308,000 | |||
Cumulative effect of change in accounting principle | (956,082,000) | (757,051,000) | (965,819,000) | $ (1,387,588,000) | |
Net Operating Losses, Capital Losses and Foreign Tax Credits | |||||
Significant Accounting Policies [Line Items] | |||||
Valuation allowances | 68,700,000 | ||||
Retained Earnings | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of change in accounting principle | $ (505,717,000) | (450,876,000) | (518,004,000) | $ (922,000,000) | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of change in accounting principle | 2,916,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of change in accounting principle | 2,916,000 | $ 2,900,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Continuing Operations | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of change in accounting principle | 1,000,000 | ||||
Discontinued Operations, Held-for-sale | |||||
Significant Accounting Policies [Line Items] | |||||
Impairment of the disposal group | 179,300,000 | ||||
Translation exchange rates | 180,400,000 | ||||
Discontinued Operations, Held-for-sale | Customer relationships | |||||
Significant Accounting Policies [Line Items] | |||||
Impairment of intangible assets | 14,400,000 | ||||
Discontinued Operations, Held-for-sale | Trademarks | |||||
Significant Accounting Policies [Line Items] | |||||
Impairment of intangible assets | 1,600,000 | ||||
Grass Valley | |||||
Significant Accounting Policies [Line Items] | |||||
Impairment of the disposal group | 113,000,000 | 521,400,000 | |||
Grass Valley | Discontinued Operations, Held-for-sale | |||||
Significant Accounting Policies [Line Items] | |||||
Goodwill impairment loss | 326,100,000 | ||||
Impairment of the disposal group | $ 113,007,000 | 521,441,000 | |||
Impairment of the disposal group | 179,300,000 | ||||
Translation exchange rates | 180,400,000 | ||||
Grass Valley | Discontinued Operations, Held-for-sale | Customer relationships | |||||
Significant Accounting Policies [Line Items] | |||||
Impairment of intangible assets | 14,400,000 | ||||
Grass Valley | Discontinued Operations, Held-for-sale | Trademarks | |||||
Significant Accounting Policies [Line Items] | |||||
Impairment of intangible assets | $ 1,600,000 | ||||
Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of definite-lived intangible assets | 1 year | ||||
Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of definite-lived intangible assets | 25 years | ||||
Buildings | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant, and equipment | 10 years | ||||
Buildings | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant, and equipment | 40 years | ||||
Machinery and equipment | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant, and equipment | 5 years | ||||
Machinery and equipment | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant, and equipment | 12 years | ||||
Computer Equipment and Software | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant, and equipment | 5 years | ||||
Computer Equipment and Software | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful life of property, plant, and equipment | 10 years | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Continuing Operations | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of change in accounting principle | $ 1,400,000 |
Revenues - Major Product Catego
Revenues - Major Product Category (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 2,408,100 | $ 1,862,716 | $ 2,131,278 |
Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,074,426 | 872,417 | 946,041 |
Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,333,674 | 990,299 | 1,185,237 |
Broadband and 5G | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 488,453 | 432,262 | 401,415 |
Broadband and 5G | Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 488,453 | 432,262 | 401,415 |
Broadband and 5G | Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Cyber-Security | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 106,850 | 110,524 | 133,039 |
Cyber-Security | Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Cyber-Security | Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 106,850 | 110,524 | 133,039 |
Industrial Automation | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,226,824 | 879,775 | 1,052,198 |
Industrial Automation | Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Industrial Automation | Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,226,824 | 879,775 | 1,052,198 |
Smart Buildings | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 585,973 | 440,155 | 544,626 |
Smart Buildings | Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 585,973 | 440,155 | 544,626 |
Smart Buildings | Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Revenues - Location of Customer
Revenues - Location of Customer (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 2,408,100 | $ 1,862,716 | $ 2,131,278 |
Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,074,426 | 872,417 | 946,041 |
Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,333,674 | 990,299 | 1,185,237 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,566,615 | 1,214,421 | 1,437,571 |
Americas | Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 785,253 | 636,492 | 695,008 |
Americas | Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 781,362 | 577,929 | 742,563 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 495,169 | 387,655 | 409,762 |
EMEA | Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 150,790 | 130,982 | 135,732 |
EMEA | Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 344,379 | 256,673 | 274,030 |
APAC | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 346,316 | 260,640 | 283,945 |
APAC | Enterprise Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 138,383 | 104,943 | 115,301 |
APAC | Industrial Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 207,933 | $ 155,697 | $ 168,644 |
Revenues - Estimated and Accrue
Revenues - Estimated and Accrued Variable Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Accrued rebates | $ 55,525 | $ 32,192 |
Accrued returns included in accrued liabilities | 12,530 | 13,016 |
Price adjustment recognized against gross accounts receivable | $ 23,035 | $ 25,244 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract with customer, deferred revenues | $ 86,845 | $ 77,648 | $ 70,070 |
Contract with customer, deferred revenues, current | 60,946 | 53,371 | |
Contract with customer, deferred revenues, noncurrent | 25,900 | ||
Deferred sales commission | 7,100 | 5,800 | 3,400 |
Sales commissions | 20,900 | $ 16,300 | $ 19,000 |
Service-Type Warranties | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract with customer, deferred revenues | 9,600 | ||
Contract with customer, deferred revenues, current | 4,100 | ||
Contract with customer, deferred revenues, noncurrent | $ 5,500 |
Revenues - Deferred Revenue (De
Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Contract with Customer, Liability [Roll Forward] | ||
Beginning Balance | $ 77,648 | $ 70,070 |
New deferrals | 97,940 | 101,066 |
Acquisitions | 7,172 | |
Revenue recognized | (95,915) | (93,488) |
Ending Balance | $ 86,845 | $ 77,648 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | Jan. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 15, 2019 |
Business Acquisition [Line Items] | |||||
Cash used to acquire businesses, net of cash acquired | $ 73,340,000 | $ (590,000) | $ 74,392,000 | ||
Amortization of intangibles | 38,346,000 | 64,395,000 | 74,609,000 | ||
Selling, general and administrative expense | 426,335,000 | $ 366,188,000 | 417,329,000 | ||
OTN Systems | |||||
Business Acquisition [Line Items] | |||||
Percentage of outstanding shares acquired | 100.00% | ||||
Cash used to acquire businesses, net of cash acquired | $ 73,300,000 | ||||
Long-term debt acquired | 1,800,000 | $ 1,841,000 | |||
Fair value of acquired receivables | 6,000,000 | $ 6,009,000 | |||
Tax basis in acquired goodwill | $ 0 | ||||
Post acquisition revenue of acquiree | 37,600,000 | ||||
Post acquisition income (loss) before taxes of acquiree | (1,800,000) | ||||
Amortization of intangibles | 5,100,000 | ||||
Acquisition integration costs | 3,000,000 | ||||
Inventory adjustment | 2,400,000 | ||||
Opterna International Corp. | |||||
Business Acquisition [Line Items] | |||||
Estimated earnout consideration | 0 | $ 5,800,000 | |||
Selling, general and administrative expense | $ 5,800,000 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jan. 29, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 15, 2019 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Goodwill | $ 1,152,472 | $ 1,251,938 | $ 1,243,669 | ||
OTN Systems | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Receivables | $ 6,000 | $ 6,009 | |||
Inventories | 10,731 | ||||
Other current assets | 768 | ||||
Property, plant, and equipment | 602 | ||||
Intangible assets | $ 39,930 | 39,930 | |||
Goodwill | 41,749 | 41,749 | |||
Operating lease right-of-use assets | 4,144 | ||||
Other long-lived assets | 416 | ||||
Total assets acquired | 104,349 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Accounts payable | 6,884 | ||||
Accrued liabilities | 8,735 | ||||
Long-term debt | $ 1,800 | 1,841 | |||
Postretirement benefits | 3,581 | ||||
Deferred income taxes | 2,980 | ||||
Long-term operating lease liabilities | 3,271 | ||||
Other long-term liabilities | 3,692 | ||||
Total liabilities assumed | 30,984 | ||||
Net assets | 73,365 | ||||
Noncontrolling interests | 20 | ||||
Net assets attributable to Belden | $ 73,345 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 15, 2019 |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 1,152,472 | $ 1,251,938 | $ 1,243,669 | ||
Developed technologies | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Amortization period (in years) | 9 years | ||||
Customer relationships | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Amortization period (in years) | 18 years 2 months 12 days | ||||
Trademarks | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Amortization period (in years) | 8 years 9 months 18 days | ||||
OTN Systems | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Total intangible assets subject to amortization | $ 39,930 | $ 39,930 | |||
Goodwill | 41,749 | $ 41,749 | |||
Total intangible assets | $ 81,679 | ||||
Amortization period (in years) | 8 years 6 months | ||||
OTN Systems | Goodwill | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 41,749 | ||||
OTN Systems | Developed technologies | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Total intangible assets subject to amortization | $ 26,400 | ||||
Amortization period (in years) | 6 years 9 months 18 days | ||||
OTN Systems | Customer relationships | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Total intangible assets subject to amortization | $ 6,200 | ||||
Amortization period (in years) | 15 years | ||||
OTN Systems | Sales backlog | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Total intangible assets subject to amortization | $ 3,600 | ||||
Amortization period (in years) | 5 years | ||||
OTN Systems | Trademarks | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Total intangible assets subject to amortization | $ 3,070 | ||||
Amortization period (in years) | 14 years 9 months 18 days | ||||
OTN Systems | Non-compete agreements | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Total intangible assets subject to amortization | $ 660 | ||||
Amortization period (in years) | 2 years |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Information (Details) - OTN Systems - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Revenues | $ 2,409,851 | $ 1,900,646 |
Net income (loss) attributable to Belden common stockholders | $ 65,377 | $ (59,150) |
Diluted income (loss) per share attributable to Belden common stockholders (in dollars per share) | $ 1.44 | $ (1.32) |
Disposals - Additional Informat
Disposals - Additional Information (Details) $ in Thousands | Jul. 02, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 04, 2021USD ($) | Apr. 04, 2021USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from disposal of businesses, net of cash sold | $ 45,735 | $ 54,821 | $ 0 | ||||
Depreciation and amortization | 0 | 23,700 | |||||
Capital expenditure | 16,700 | 29,400 | |||||
Share-based compensation expense | (900) | 900 | |||||
Disposal Group, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal group, amount carrying value exceeds fair value | $ 3,400 | ||||||
Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration | $ 10,900 | ||||||
Loss on sale, discontinued operations | $ 9,900 | ||||||
Tax effect of discontinued operation | 7,500 | ||||||
Grass Valley | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of the disposal group | 113,000 | 521,400 | |||||
Accrued interest | $ 13,900 | ||||||
Proceeds from sale of seller's note | 62,000 | ||||||
Gain on sale of seller's note | $ 27,000 | ||||||
Grass Valley | Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from divestiture of businesses | 120,000 | ||||||
Proceeds from disposal of businesses, net of cash sold | 56,200 | ||||||
Deferred consideration - seller's note | 175,000 | ||||||
Paid-in-kind interest | 88,000 | ||||||
Deferred compensation - earnout payments | 178,000 | ||||||
Fair value of debt instrument | $ 34,900 | ||||||
Payment in kind, annual interest rate | 0.085 | ||||||
Grass Valley | Discontinued Operations, Held-for-sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of the disposal group | $ 113,007 | $ 521,441 |
Disposals - Operating Results o
Disposals - Operating Results of the Disposal Group (Details) - Grass Valley - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Asset impairment of discontinued operations | $ (113,000) | $ (521,400) |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 109,195 | 360,496 |
Cost of sales | (70,199) | (208,173) |
Gross profit | 38,996 | 152,323 |
Selling, general and administrative expenses | (39,947) | (93,796) |
Research and development expenses | (15,083) | (37,172) |
Amortization of intangibles | 0 | (12,782) |
Asset impairment of discontinued operations | (113,007) | (521,441) |
Interest expense, net | (432) | (819) |
Non-operating pension cost | (169) | (221) |
Loss before taxes | $ (129,642) | $ (513,908) |
Operating Segments and Geogra_3
Operating Segments and Geographic Information - Additional Information (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)Segment | Dec. 31, 2021USD ($)segment | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | 2 | 2 | ||||
Revenues | $ 2,408,100 | $ 1,862,716 | $ 2,131,278 | |||
Anixter International Inc. | ||||||
Segment Reporting Information [Line Items] | ||||||
Accounts receivable outstanding | $ 40,500 | $ 40,500 | $ 40,500 | $ 40,500 | $ 17,500 | |
Anixter International Inc. | Customer Concentration Risk | Accounts Receivable | ||||||
Segment Reporting Information [Line Items] | ||||||
Percentage of total accounts receivable outstanding | 10.00% | 10.00% | 10.00% | 10.00% | 6.00% | |
Anixter International Inc and WESCO | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 374,800 | $ 271,600 | $ 328,200 | |||
Anixter International Inc and WESCO | Customer Concentration Risk | Revenues | ||||||
Segment Reporting Information [Line Items] | ||||||
Percent of total revenues | 16.00% | 15.00% | 15.00% |
Operating Segments and Geogra_4
Operating Segments and Geographic Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,408,100 | $ 1,862,716 | $ 2,131,278 |
Depreciation expense | 45,900 | 42,500 | 40,400 |
Amortization of intangibles | 38,346 | 64,395 | 74,609 |
Severance, restructuring, and acquisition integration costs | 23,892 | 12,258 | 26,544 |
Goodwill and other asset impairment | 140,461 | 113,007 | 521,441 |
Acquisition of property, plant and equipment | 90,982 | 90,215 | 110,002 |
Segment assets | 3,417,677 | 3,139,734 | 3,406,759 |
Enterprise Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,074,426 | 872,417 | 946,041 |
Severance, restructuring, and acquisition integration costs | 13,800 | 7,719 | 10,808 |
Industrial Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,333,674 | 990,299 | 1,185,237 |
Severance, restructuring, and acquisition integration costs | 10,092 | 4,539 | 15,736 |
Reportable Segment | |||
Segment Reporting Information [Line Items] | |||
Segment EBITDA | 371,182 | 246,959 | 353,035 |
Depreciation expense | 45,940 | 42,470 | 40,409 |
Amortization of intangibles | 38,346 | 64,395 | 74,609 |
Amortization of software development intangible assets | 2,900 | 1,821 | 525 |
Adjustments related to acquisitions and divestitures | (5,036) | 125 | 592 |
Severance, restructuring, and acquisition integration costs | 23,892 | 12,258 | 26,544 |
Goodwill and other asset impairment | 140,461 | 0 | 0 |
Acquisition of property, plant and equipment | 84,127 | 69,898 | 77,478 |
Segment assets | 1,215,329 | 985,252 | 991,607 |
Reportable Segment | Enterprise Solutions | |||
Segment Reporting Information [Line Items] | |||
Segment EBITDA | 143,236 | 99,333 | 126,925 |
Depreciation expense | 21,594 | 20,655 | 19,771 |
Amortization of intangibles | 17,595 | 21,662 | 22,324 |
Adjustments related to acquisitions and divestitures | (6,828) | 125 | 592 |
Severance, restructuring, and acquisition integration costs | 13,800 | 7,720 | 10,808 |
Acquisition of property, plant and equipment | 36,726 | 25,223 | 42,289 |
Segment assets | 563,141 | 462,615 | 487,125 |
Reportable Segment | Industrial Solutions | |||
Segment Reporting Information [Line Items] | |||
Segment EBITDA | 227,946 | 147,626 | 226,110 |
Depreciation expense | 24,346 | 21,815 | 20,638 |
Amortization of intangibles | 20,751 | 42,733 | 52,285 |
Adjustments related to acquisitions and divestitures | 1,792 | 0 | 0 |
Severance, restructuring, and acquisition integration costs | 10,092 | 4,538 | 15,736 |
Goodwill and other asset impairment | 140,461 | 0 | 0 |
Acquisition of property, plant and equipment | 47,401 | 44,675 | 35,189 |
Segment assets | 652,188 | 522,637 | 504,482 |
Software Development | Reportable Segment | |||
Segment Reporting Information [Line Items] | |||
Amortization of software development intangible assets | 2,900 | 1,821 | 525 |
Software Development | Reportable Segment | Enterprise Solutions | |||
Segment Reporting Information [Line Items] | |||
Amortization of software development intangible assets | 94 | 245 | 175 |
Software Development | Reportable Segment | Industrial Solutions | |||
Segment Reporting Information [Line Items] | |||
Amortization of software development intangible assets | 2,806 | 1,576 | 350 |
Segment revenues | Reportable Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,408,100 | 1,862,716 | 2,131,278 |
Segment revenues | Reportable Segment | Enterprise Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,074,426 | 872,415 | 946,041 |
Segment revenues | Reportable Segment | Industrial Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,333,674 | $ 990,301 | $ 1,185,237 |
Operating Segments and Geogra_5
Operating Segments and Geographic Information - Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Revenues and Consolidated Revenues | $ 2,408,100 | $ 1,862,716 | $ 2,131,278 |
Goodwill and other asset impairment | (140,461) | (113,007) | (521,441) |
Depreciation expense | (45,900) | (42,500) | (40,400) |
Amortization of intangibles | (38,346) | (64,395) | (74,609) |
Severance, restructuring, and acquisition integration costs | (23,892) | (12,258) | (26,544) |
Consolidated operating income | 124,560 | 125,410 | 207,207 |
Interest expense, net | (62,695) | (58,888) | (55,814) |
Non-operating pension benefit (cost) | 4,476 | (395) | 1,017 |
Gain on sale of note receivable | 27,036 | 0 | 0 |
Loss on debt extinguishment | (5,715) | 0 | 0 |
Consolidated income from continuing operations before taxes | 87,662 | 66,127 | 152,410 |
Proceeds from disposal of tangible assets | 30,234 | 3,161 | 25 |
OTN Systems | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Amortization of intangibles | (5,100) | ||
Reportable Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Segment EBITDA | 371,182 | 246,959 | 353,035 |
Goodwill and other asset impairment | (140,461) | 0 | 0 |
Depreciation expense | (45,940) | (42,470) | (40,409) |
Amortization of intangibles | (38,346) | (64,395) | (74,609) |
Severance, restructuring, and acquisition integration costs | (23,892) | (12,258) | (26,544) |
Amortization of software development intangible assets | (2,900) | (1,821) | (525) |
Purchase accounting effects related to acquisitions | 5,036 | (125) | (592) |
Consolidated operating income | 124,560 | 125,410 | 207,207 |
Interest expense, net | (62,695) | (58,888) | (55,814) |
Deferred compensation - earnout payments | 5,800 | ||
Proceeds from disposal of tangible assets | 600 | ||
Reportable Segment | OTN Systems | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Purchase accounting effects related to acquisitions | 2,300 | ||
Reportable Segment | Opterna International Corp. | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Purchase accounting effects related to acquisitions | 100 | 600 | |
Reportable Segment | Grass Valley | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Recovery of accounts receivable previously written off | 2,200 | ||
Eliminations | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Consolidated operating income | (119) | (480) | (3,149) |
Segment revenues | Reportable Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Revenues and Consolidated Revenues | $ 2,408,100 | $ 1,862,716 | $ 2,131,278 |
Operating Segments and Geogra_6
Operating Segments and Geographic Information - Reconciliations of Other Segment Measures to Consolidated Totals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment assets | $ 3,417,677 | $ 3,139,734 | $ 3,406,759 |
Cash and cash equivalents | 643,757 | 501,994 | 407,480 |
Goodwill | 1,152,472 | 1,251,938 | 1,243,669 |
Intangible assets, less accumulated amortization | 301,696 | 287,071 | 339,505 |
Deferred income taxes | 32,321 | 29,536 | 25,216 |
Payments to acquire property, plant, and equipment from continuing operations | 90,982 | 90,215 | 110,002 |
Discontinued operations acquisition of property, plant and equipment | 0 | 16,712 | 29,414 |
Reportable Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment assets | 1,215,329 | 985,252 | 991,607 |
Payments to acquire property, plant, and equipment from continuing operations | 84,127 | 69,898 | 77,478 |
Corporate assets | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment assets | 72,102 | 83,943 | 24,147 |
Assets of discontinued operations | 0 | 0 | 375,135 |
Payments to acquire property, plant, and equipment from continuing operations | $ 6,855 | $ 3,605 | $ 3,110 |
Operating Segments and Geogra_7
Operating Segments and Geographic Information - Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Segment Revenues and Consolidated Revenues | $ 2,408,100 | $ 1,862,716 | $ 2,131,278 |
Percent of total revenues | 100.00% | 100.00% | 100.00% |
Long-lived assets | $ 384,638 | $ 418,004 | $ 358,364 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Segment Revenues and Consolidated Revenues | $ 1,273,239 | $ 1,015,340 | $ 1,167,033 |
Percent of total revenues | 53.00% | 55.00% | 55.00% |
Long-lived assets | $ 181,002 | $ 163,731 | $ 152,214 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Segment Revenues and Consolidated Revenues | $ 191,493 | $ 119,700 | $ 162,975 |
Percent of total revenues | 8.00% | 6.00% | 8.00% |
Long-lived assets | $ 12,666 | $ 32,063 | $ 16,452 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Segment Revenues and Consolidated Revenues | $ 149,036 | $ 111,835 | $ 109,522 |
Percent of total revenues | 6.00% | 6.00% | 5.00% |
Long-lived assets | $ 46,776 | $ 44,824 | $ 40,247 |
Germany | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Segment Revenues and Consolidated Revenues | $ 113,529 | $ 91,187 | $ 92,913 |
Percent of total revenues | 5.00% | 5.00% | 4.00% |
Long-lived assets | $ 37,208 | $ 63,100 | $ 48,272 |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Segment Revenues and Consolidated Revenues | $ 680,803 | $ 524,654 | $ 598,835 |
Percent of total revenues | 28.00% | 28.00% | 28.00% |
Long-lived assets | $ 106,986 | $ 114,286 | $ 101,179 |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Details) - USD ($) $ in Thousands | Oct. 25, 2019 | Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2019 |
Opterna International Corp. | ||||
Noncontrolling Interest [Line Items] | ||||
Payments to acquire interest in subsidiaries | $ 400 | $ 400 | $ 800 | |
Noncontrolling interest, purchase price | $ 2,300 | |||
Variable Interest Entity, primary beneficiary Belden | ||||
Noncontrolling Interest [Line Items] | ||||
Additional contribution commitments to joint venture | 1,530 | |||
Hite | ||||
Noncontrolling Interest [Line Items] | ||||
Additional contribution commitments to joint venture | $ 1,470 | |||
Hite | Hite | Variable Interest Entity, primary beneficiary Belden | ||||
Noncontrolling Interest [Line Items] | ||||
Variable interest entity, ownership percentage | 51.00% |
Income Per Share - Basis for In
Income Per Share - Basis for Income Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Income from continuing operations | $ 62,457 | $ 54,403 | $ 109,891 |
Less: Net income attributable to noncontrolling interest | 392 | 104 | 239 |
Less: Preferred stock dividends | 0 | 0 | 18,437 |
Income from continuing operations attributable to Belden common stockholders | 62,065 | 54,299 | 91,215 |
Loss from discontinued operations, net of tax | 0 | (99,513) | (486,667) |
Gain (loss) from disposal of discontinued operations, net of tax | 1,860 | (9,948) | 0 |
Net income (loss) attributable to Belden common stockholders | $ 63,925 | $ (55,162) | $ (395,452) |
Denominator: | |||
Weighted average shares outstanding, basic (in shares) | 44,802 | 44,778 | 42,203 |
Effect of dilutive common stock equivalents (in shares) | 559 | 159 | 213 |
Weighted average shares outstanding, diluted (in shares) | 45,361 | 44,937 | 42,416 |
Income Per Share - Additional I
Income Per Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares) | 1.1 | 1.5 | 1.2 |
Anti-dilutive shares excluded form diluted weighted average shares outstanding due to performance conditions not met (in shares) | 0.2 | 0.4 | 0.3 |
Convertible Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares) | 3.7 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | |
Credit Loss [Line Items] | |||||
Cumulative effect of change in accounting principle | $ (956,082) | $ (757,051) | $ (965,819) | $ (1,387,588) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Incease to allowance for doubtful accounts | 1,960 | 2,282 | |||
Currency impact | (74) | ||||
Currency Movement | (74) | 39 | |||
Disposals | (190) | ||||
Write-offs | (367) | (114) | |||
Recoveries collected | (227) | (637) | |||
Accounts receivable, allowance for credit loss, ending balance | 6,252 | ||||
Accounts Receivable - Allowance for Doubtful Accounts | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning Balance | 5,150 | 2,569 | 3,137 | ||
Currency Movement | (40) | ||||
Ending Balance | 6,252 | 5,150 | 2,569 | ||
Revision of Prior Period, Accounting Standards Update, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Accounts receivable, allowance for credit loss, beginning balance | 1,011 | ||||
Accounts receivable, allowance for credit loss, ending balance | 1,011 | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Credit Loss [Line Items] | |||||
Cumulative effect of change in accounting principle | 2,916 | ||||
Retained Earnings | |||||
Credit Loss [Line Items] | |||||
Cumulative effect of change in accounting principle | $ (505,717) | $ (450,876) | (518,004) | $ (922,000) | |
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | |||||
Credit Loss [Line Items] | |||||
Cumulative effect of change in accounting principle | $ 2,916 | $ 2,900 | |||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Continuing Operations | |||||
Credit Loss [Line Items] | |||||
Cumulative effect of change in accounting principle | 1,000 | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Discontinued Operations | |||||
Credit Loss [Line Items] | |||||
Cumulative effect of change in accounting principle | $ 1,900 |
Inventories - Major Classes of
Inventories - Major Classes of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 157,306 | $ 106,514 |
Work-in-process | 43,642 | 32,011 |
Finished goods | 190,090 | 141,042 |
Gross inventories | 391,038 | 279,567 |
Excess and obsolete reserves | (45,684) | (32,269) |
Net inventories | $ 345,354 | $ 247,298 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Carrying Values of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 979,498 | $ 975,467 |
Accumulated depreciation | (629,684) | (606,847) |
Property, plant and equipment, less accumulated depreciation | 349,814 | 368,620 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 27,579 | 29,321 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 113,281 | 136,427 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 622,002 | 608,618 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 150,229 | 137,512 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 66,407 | $ 63,589 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) € in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Oct. 03, 2021USD ($) | Apr. 04, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Depreciation expense | $ 45,900,000 | $ 42,500,000 | $ 40,400,000 | ||||
Goodwill impairment loss | 132,843,000 | 0 | 0 | ||||
Goodwill and other asset impairment | 140,461,000 | $ 0 | $ 0 | ||||
Industrial Solutions | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Goodwill impairment loss | 132,843,000 | ||||||
Goodwill and other asset impairment | $ 3,600,000 | ||||||
Germany | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Proceeds from sale and leaseback transaction | $ 27,800,000 | € 24.5 | |||||
Loss on sale and leaseback transaction | $ 600,000 | ||||||
Sale and leaseback transaction, term of contract | 10 years | 10 years | |||||
Sales and Leaseback Transaction, Right-of-Use Asset | $ 25,300,000 | $ 25,300,000 | |||||
Impairment of the disposal group | $ 2,300,000 | ||||||
Brazil | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of the disposal group | $ 3,400,000 | ||||||
Goodwill impairment loss | $ 1,700,000 |
Leases Additional Information (
Leases Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 15 years |
Snell Advanced Media (SAM) | |
Lessee, Lease, Description [Line Items] | |
Lease guarantee, remaining lease payments | $ 20 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, term of contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, term of contract | 15 years |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 20,340 | $ 14,348 | $ 14,622 |
Amortization of right-of-use asset | 534 | 133 | 142 |
Interest on lease liabilities | 14 | 17 | 22 |
Total finance lease cost | $ 548 | $ 150 | $ 164 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 17,641 | $ 15,489 | $ 14,594 |
Operating cash flows from finance leases | 15 | 16 | 25 |
Financing cash flows from finance leases | $ 3,151 | $ 158 | $ 258 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 79,464 | $ 54,787 |
Accrued liabilities | 18,176 | 14,742 |
Long-term operating lease liabilities | 67,225 | 46,398 |
Total operating lease liabilities | 85,401 | 61,140 |
Other long-lived assets, at cost | 3,682 | 764 |
Accumulated depreciation | (563) | (483) |
Other long-lived assets, net | $ 3,119 | $ 281 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other long-lived assets | Other long-lived assets |
Leases Supplemental Other Infor
Leases Supplemental Other Information Related To Leases (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted Average Remaining Lease Term | ||
Operating leases | 6 years | 5 years |
Finance leases | 4 years | 3 years |
Weighted Average Discount Rate | ||
Operating leases | 5.00% | 6.60% |
Finance leases | 4.30% | 4.90% |
Leases Maturities of Lease Liab
Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating and Finance Leases | ||
Lease liability payments due year one | $ 22,838 | $ 19,250 |
Lease liability payments due year two | 18,738 | 16,305 |
Lease liability payments due year three | 15,307 | 12,552 |
Lease liability payments due year four | 14,015 | 9,516 |
Lease liability payments due year five | 10,987 | 8,718 |
Lease liability payments due after year five | 17,967 | 8,901 |
Total lease liability payments due | $ 99,852 | $ 75,242 |
Intangible Assets - Carrying Va
Intangible Assets - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets [Line Items] | |||
Goodwill, Gross carrying amount | $ 1,152,472 | $ 1,251,938 | |
Goodwill, Accumulated Amortization | 0 | 0 | |
Goodwill, Net Carrying Amount | 1,152,472 | 1,251,938 | $ 1,243,669 |
Finite-lived intangible assets, Gross Carrying Amount | 866,693 | 812,387 | |
Finite-lived intangible assets, Accumulated Amortization | (591,997) | (556,379) | |
Finite-lived intangible assets, Net Carrying Amount | 274,696 | 256,008 | |
Indefinite-lived intangible assets, Carrying Amount | 27,000 | 31,063 | |
Intangible assets, Gross Carrying Amount | 893,693 | 843,450 | |
Intangible assets | 301,696 | 287,071 | $ 339,505 |
Trademarks | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, Carrying Amount | 27,000 | 31,063 | |
Developed technologies | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 471,931 | 428,187 | |
Finite-lived intangible assets, Accumulated Amortization | (383,922) | (369,849) | |
Finite-lived intangible assets, Net Carrying Amount | 88,009 | 58,338 | |
Customer relationships | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 297,395 | 295,382 | |
Finite-lived intangible assets, Accumulated Amortization | (143,197) | (128,796) | |
Finite-lived intangible assets, Net Carrying Amount | 154,198 | 166,586 | |
Trademarks | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 70,619 | 65,861 | |
Finite-lived intangible assets, Accumulated Amortization | (41,771) | (36,539) | |
Finite-lived intangible assets, Net Carrying Amount | 28,848 | 29,322 | |
Backlog | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 14,580 | 11,421 | |
Finite-lived intangible assets, Accumulated Amortization | (11,827) | (11,421) | |
Finite-lived intangible assets, Net Carrying Amount | 2,753 | 0 | |
In-process research and development | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 11,550 | 11,536 | |
Finite-lived intangible assets, Accumulated Amortization | (10,997) | (9,774) | |
Finite-lived intangible assets, Net Carrying Amount | 553 | 1,762 | |
Non-compete agreements | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 618 | 0 | |
Finite-lived intangible assets, Accumulated Amortization | (283) | 0 | |
Finite-lived intangible assets, Net Carrying Amount | $ 335 | $ 0 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 1,251,938,000 | $ 1,243,669,000 | |
Acquisitions and purchase accounting adjustments | 41,749,000 | 2,420,000 | |
Impairment | (132,843,000) | 0 | $ 0 |
Translation impact | (8,372,000) | 5,849,000 | |
Goodwill, ending balance | 1,152,472,000 | 1,251,938,000 | 1,243,669,000 |
Enterprise Solutions | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 474,747,000 | 470,031,000 | |
Acquisitions and purchase accounting adjustments | 0 | 2,420,000 | |
Impairment | 0 | ||
Translation impact | (1,506,000) | 2,296,000 | |
Goodwill, ending balance | 473,241,000 | 474,747,000 | 470,031,000 |
Industrial Solutions | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 777,191,000 | 773,638,000 | |
Acquisitions and purchase accounting adjustments | 41,749,000 | 0 | |
Impairment | (132,843,000) | ||
Translation impact | (6,866,000) | 3,553,000 | |
Goodwill, ending balance | $ 679,231,000 | $ 777,191,000 | $ 773,638,000 |
Intangible Assets - Changes i_2
Intangible Assets - Changes in Carrying Amount of Trademarks (Details) - Trademarks - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Trademarks, beginning balance | $ 31,063 | $ 40,106 |
Reclassify to definite-lived | (9,043) | |
Reclassify to definite-lived | (4,063) | |
Trademarks, ending balance | 27,000 | 31,063 |
Enterprise Solutions | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Trademarks, beginning balance | 27,000 | 27,000 |
Reclassify to definite-lived | 0 | |
Reclassify to definite-lived | 0 | |
Trademarks, ending balance | 27,000 | 27,000 |
Industrial Solutions | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||
Trademarks, beginning balance | 4,063 | 13,106 |
Reclassify to definite-lived | (9,043) | |
Reclassify to definite-lived | (4,063) | |
Trademarks, ending balance | $ 0 | $ 4,063 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Reporting_Unit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Finite And Indefinite Intangible Assets [Line Items] | |||
Number of reporting units used in quantitative assessment | Reporting_Unit | 6 | ||
Goodwill impairment loss | $ 132,843,000 | $ 0 | $ 0 |
Impairment of indefinite lived intangible assets | 0 | 0 | 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Amortization expense in income from continuing operations | 41,200,000 | 66,200,000 | 74,600,000 |
Amortization of intangibles | 38,346,000 | 64,395,000 | 74,609,000 |
Trademark, net carrying amount | 274,696,000 | 256,008,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Estimated amortization expense in 2020 | 38,100,000 | ||
Estimated amortization expense in 2021 | 36,100,000 | ||
Estimated amortization expense in 2022 | 34,000,000 | ||
Estimated amortization expense in 2023 | 29,500,000 | ||
Estimated amortization expense in 2024 | $ 24,900,000 | ||
Minimum | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Reporting unit, percentage of fair value in excess of carrying amount | 51.00% | ||
Maximum | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Reporting unit, percentage of fair value in excess of carrying amount | 436.00% | ||
Discount Rate | Minimum | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill, measurement input | 0.113 | ||
Discount Rate | Maximum | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill, measurement input | 0.137 | ||
Revenue Growth Rate | Minimum | Revenue Growth Rate, Tranche One | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill, measurement input | 0.038 | ||
Revenue Growth Rate | Minimum | Revenue Growth Rate, Tranche Two | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill, measurement input | 0.020 | ||
Revenue Growth Rate | Maximum | Revenue Growth Rate, Tranche One | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill, measurement input | 0.097 | ||
Revenue Growth Rate | Maximum | Revenue Growth Rate, Tranche Two | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill, measurement input | 0.030 | ||
Customer relationships | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 18 years 2 months 12 days | ||
Trademark, net carrying amount | $ 154,198,000 | 166,586,000 | |
Trademarks | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 8 years 9 months 18 days | ||
Trademark, net carrying amount | $ 28,848,000 | 29,322,000 | |
Trademarks | Intangible Assets, Amortization Period | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Amortization of intangibles | 800,000 | ||
Trademark, net carrying amount | $ 3,300,000 | ||
Developed technologies | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 9 years | ||
Trademark, net carrying amount | $ 88,009,000 | 58,338,000 | |
In-process research and development | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 5 years | ||
Trademark, net carrying amount | $ 553,000 | 1,762,000 | |
Grass Valley | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment of the disposal group | 113,000,000 | 521,400,000 | |
Discontinued Operations, Held-for-sale | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment of the disposal group | 179,300,000 | ||
Translation exchange rates | 180,400,000 | ||
Discontinued Operations, Held-for-sale | Customer relationships | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment of intangible assets | 14,400,000 | ||
Discontinued Operations, Held-for-sale | Trademarks | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment of intangible assets | 1,600,000 | ||
Discontinued Operations, Held-for-sale | Grass Valley | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill impairment loss | 326,100,000 | ||
Impairment of the disposal group | $ 113,007,000 | 521,441,000 | |
Impairment of the disposal group | 179,300,000 | ||
Translation exchange rates | 180,400,000 | ||
Discontinued Operations, Held-for-sale | Grass Valley | Customer relationships | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment of intangible assets | 14,400,000 | ||
Discontinued Operations, Held-for-sale | Grass Valley | Trademarks | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment of intangible assets | $ 1,600,000 |
Accrued Liabilities - Carrying
Accrued Liabilities - Carrying Value of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Wages, severance and related taxes | $ 100,324 | $ 65,892 |
Deferred revenue | 60,946 | 53,371 |
Accrued rebates | 55,525 | 32,192 |
Accrued interest | 20,847 | 20,610 |
Employee benefits | 25,290 | 27,707 |
Lease liabilities | 18,324 | 14,840 |
Other (individual items less than 5% of total current liabilities) | 53,060 | 62,029 |
Accrued liabilities | $ 334,316 | $ 276,641 |
Severance, Restructuring, and_3
Severance, Restructuring, and Acquisition Integration Activities Severance, Restructuring, and Acquisition Integration Activities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | $ 23,892 | $ 12,258 | $ 26,544 | |
Restructuring and integration cost payable period | 60 days | |||
Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | $ 12,584 | 11,554 | 23,119 | |
Cost Reduction Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | 5,800 | 4,000 | 19,600 | |
Cost Reduction Plan | Forecast | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring cost remaining | $ 3,000 | |||
Cost Reduction Plan | Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected cost | 60,000 | |||
OTN Systems | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, restructuring, and acquisition integration costs | $ 12,600 | $ 4,900 | $ 6,100 |
Severance, Restructuring, and_4
Severance, Restructuring, and Acquisition Integration Activities Severance, Restructuring, and Acquisition Integration Activities - Severance, Restructuring and Integration Costs by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance | $ 5,431 | $ 3,051 | $ 20,754 |
Other Restructuring and Integration Costs | 18,461 | 9,207 | 5,790 |
Total Costs | 23,892 | 12,258 | 26,544 |
Enterprise Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 1,312 | 1,345 | 5,018 |
Other Restructuring and Integration Costs | 12,488 | 6,374 | 5,790 |
Total Costs | 13,800 | 7,719 | 10,808 |
Industrial Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance | 4,119 | 1,706 | 15,736 |
Other Restructuring and Integration Costs | 5,973 | 2,833 | 0 |
Total Costs | $ 10,092 | $ 4,539 | $ 15,736 |
Severance, Restructuring, and_5
Severance, Restructuring, and Acquisition Integration Activities - Costs of Various Programs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance, restructuring, and acquisition integration costs | $ 23,892 | $ 12,258 | $ 26,544 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance, restructuring, and acquisition integration costs | 11,308 | 704 | 3,425 |
Selling, general and administrative expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance, restructuring, and acquisition integration costs | $ 12,584 | $ 11,554 | $ 23,119 |
Severance, Restructuring, and_6
Severance, Restructuring, and Acquisition Integration Activities - Accrued Severance (Details) - Cost Reduction Plan - USD ($) $ in Thousands | 3 Months Ended | |||||||
Dec. 31, 2021 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | |
Restructuring Reserve [Roll Forward] | ||||||||
Restructuring reserve, beginning balance | $ 5,691 | $ 6,768 | $ 7,396 | $ 7,085 | $ 8,093 | $ 11,698 | $ 13,385 | $ 19,575 |
New charges | 1,541 | 63 | 458 | 2,060 | 992 | 2,060 | 4,660 | 2,529 |
Cash payments | (587) | (941) | (1,023) | (1,798) | (1,823) | (3,968) | (4,795) | (4,483) |
Foreign currency translation | 3 | (2) | (4) | 49 | (95) | (156) | (132) | (89) |
Other adjustments | (440) | (197) | (59) | 0 | (82) | (1,541) | (1,420) | (4,147) |
Restructuring reserve, ending balance | $ 6,208 | $ 5,691 | $ 6,768 | $ 7,396 | $ 7,085 | $ 8,093 | $ 11,698 | $ 13,385 |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jul. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Total senior subordinated notes | $ 1,477,060 | $ 1,590,810 | |
Less unamortized debt issuance costs | (17,069) | (17,084) | |
Long-term debt | 1,459,991 | 1,573,726 | |
Revolving credit agreement due 2026 | |||
Debt Instrument [Line Items] | |||
Revolving credit agreement due 2026 | 0 | 0 | |
2.875% Senior subordinated notes due 2025 | |||
Debt Instrument [Line Items] | |||
Total senior subordinated notes | 0 | 367,110 | |
4.125% Senior subordinated notes due 2026 | |||
Debt Instrument [Line Items] | |||
Total senior subordinated notes | 227,240 | 244,740 | |
3.375% Senior subordinated notes due 2027 | |||
Debt Instrument [Line Items] | |||
Total senior subordinated notes | 511,290 | 550,665 | |
3.875% Senior subordinated notes due 2028 | |||
Debt Instrument [Line Items] | |||
Total senior subordinated notes | $ 397,670 | 428,295 | |
3.375% Senior subordinated notes due 2031 | |||
Debt Instrument [Line Items] | |||
Total senior subordinated notes | $ 0 | ||
Senior Subordinated Notes | 2.875% Senior subordinated notes due 2025 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes interest rate | 2.875% | ||
Senior Subordinated Notes | 4.125% Senior subordinated notes due 2026 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes interest rate | 4.125% | ||
Senior Subordinated Notes | 3.375% Senior subordinated notes due 2027 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes interest rate | 3.375% | ||
Senior Subordinated Notes | 3.875% Senior subordinated notes due 2028 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes interest rate | 3.875% | ||
Senior Subordinated Notes | 3.375% Senior subordinated notes due 2031 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes interest rate | 3.375% | 3.375% | |
Total senior subordinated notes | $ 340,860 |
Long-Term Debt and Other Borr_4
Long-Term Debt and Other Borrowing Arrangements - Additional Information (Details) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021EUR (€) | Jul. 31, 2021USD ($) | Jul. 31, 2021EUR (€) | |
Debt Instrument [Line Items] | ||||||||||
Loss on debt extinguishment | $ 5,715 | $ 0 | $ 0 | |||||||
Senior subordinated notes | 1,477,060 | 1,590,810 | ||||||||
Debt issuance costs paid | 8,173 | 0 | $ 0 | |||||||
Senior Subordinated Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of debt instrument | 1,509,200 | 1,633,700 | ||||||||
Revolving credit agreement due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000 | |||||||||
Commitment fee percentage | 0.25% | |||||||||
Fixed charge coverage, minimum threshold (as a percent) | 90.00% | |||||||||
Line of credit facility, remaining borrowing capacity (less than) | $ 20,000 | |||||||||
Revolving credit agreement due 2022, execution fees | $ 2,300 | |||||||||
Revolving credit agreement due 2022, borrowings outstanding | 0 | 0 | ||||||||
Revolving credit agreement due 2022, available borrowing capacity | 274,200 | |||||||||
Long term debt borrowings | $ 190,000 | |||||||||
Revolving credit agreement due 2026 | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.25% | |||||||||
Revolving credit agreement due 2026 | Minimum | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.25% | |||||||||
Revolving credit agreement due 2026 | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.75% | |||||||||
Revolving credit agreement due 2026 | Maximum | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.75% | |||||||||
3.875% Senior subordinated notes due 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior subordinated notes | $ 397,670 | 428,295 | ||||||||
3.875% Senior subordinated notes due 2028 | Senior Subordinated Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount outstanding of senior subordinated notes | € | € 350 | |||||||||
Senior subordinated notes interest rate | 3.875% | 3.875% | ||||||||
3.375% Senior subordinated notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior subordinated notes | $ 511,290 | 550,665 | ||||||||
3.375% Senior subordinated notes due 2027 | Senior Subordinated Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount outstanding of senior subordinated notes | € | € 450 | |||||||||
Senior subordinated notes interest rate | 3.375% | 3.375% | ||||||||
4.125% Senior subordinated notes due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior subordinated notes | $ 227,240 | 244,740 | ||||||||
4.125% Senior subordinated notes due 2026 | Senior Subordinated Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount outstanding of senior subordinated notes | € | € 200 | |||||||||
Senior subordinated notes interest rate | 4.125% | 4.125% | ||||||||
2.875% Senior subordinated notes due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior subordinated notes | $ 0 | 367,110 | ||||||||
2.875% Senior subordinated notes due 2025 | Senior Subordinated Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount outstanding of senior subordinated notes | € | € 300 | |||||||||
Senior subordinated notes interest rate | 2.875% | 2.875% | ||||||||
Repurchase amount | € | € 300 | |||||||||
Repayments of debt | $ 358,500 | € 300 | ||||||||
Loss on debt extinguishment | $ (5,700) | |||||||||
3.375% Senior subordinated notes due 2031 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior subordinated notes | $ 0 | |||||||||
3.375% Senior subordinated notes due 2031 | Senior Subordinated Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount outstanding of senior subordinated notes | $ 356,000 | € 300 | ||||||||
Senior subordinated notes interest rate | 3.375% | 3.375% | 3.375% | 3.375% | ||||||
Senior subordinated notes | $ 340,860 | |||||||||
Debt issuance costs paid | $ 5,900 |
Long-Term Debt and Other Borr_5
Long-Term Debt and Other Borrowing Arrangements - Schedule of Senior Subordinated Notes (Details) | 12 Months Ended |
Dec. 31, 2021 | |
2021 | Senior Subordinated Notes Due 2026 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 102.063% |
2022 | Senior Subordinated Notes Due 2026 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.375% |
2022 | Senior Subordinated Notes Due 2027 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.688% |
2023 | Senior Subordinated Notes Due 2026 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.688% |
2023 | Senior Subordinated Notes Due 2027 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.125% |
2023 | Senior Subordinated Notes Due 2028 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.938% |
2024 | Senior Subordinated Notes Due 2027 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.563% |
2024 | Senior Subordinated Notes Due 2028 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.292% |
2025 | Senior Subordinated Notes Due 2028 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.646% |
2026 | Senior Subordinated Notes Due 2031 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.688% |
2027 | Senior Subordinated Notes Due 2031 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.844% |
2028 | Senior Subordinated Notes Due 2031 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.422% |
2024 and thereafter | Senior Subordinated Notes Due 2026 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.00% |
2025 and thereafter | Senior Subordinated Notes Due 2027 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.00% |
2026 and thereafter | Senior Subordinated Notes Due 2028 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.00% |
2029 and thereafter | Senior Subordinated Notes Due 2031 | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.00% |
Long-Term Debt and Other Borr_6
Long-Term Debt and Other Borrowing Arrangements - Maturities on Outstanding Long-Term Debt and Other Borrowings (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 227,240 |
Thereafter | 1,249,820 |
Total gross debt and other borrowing arrangements | $ 1,477,060 |
Net Investment Hedge Net Invest
Net Investment Hedge Net Investment Hedge (Details) $ in Thousands, € in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2021EUR (€) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Cumulative translation adjustment | $ | $ 88,290 | $ (112,562) | $ 24,121 | ||
Senior subordinated debt, dedesignated | € | € 532.2 | ||||
Senior Subordinated Notes | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Senior subordinated debt, hedged | € | € 767.8 | ||||
Cumulative translation adjustment | $ | $ 67,600 | $ (56,200) | $ 26,600 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (loss) before taxes: | |||
United States operations | $ 60,806 | $ (117,819) | $ 42,833 |
Foreign operations | 26,856 | 183,946 | 109,577 |
Income from continuing operations before taxes | 87,662 | 66,127 | 152,410 |
Currently payable | |||
United States federal | 4,375 | 273 | 21,893 |
United States state and local | 3,108 | 91 | 3,090 |
Foreign | 13,634 | 11,511 | 13,859 |
Income tax expense (benefit) | 21,117 | 11,875 | 38,842 |
Deferred | |||
United States federal | 13,204 | (1,754) | 7,567 |
United States state and local | 5,205 | (2,310) | (1,205) |
Foreign | (14,321) | 3,913 | (2,685) |
Deferred Income tax expense (benefit) | 4,088 | (151) | 3,677 |
Income tax expense | $ 25,205 | $ 11,724 | $ 42,519 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Income Tax Expense (Benefit) | $ (25,205) | $ (11,724) | $ (42,519) |
Net tax credit carryforwards | 17,200 | ||
Foreign tax rate differences benefit in income tax | 1,700 | (25,300) | (13,100) |
Income tax expense reduction due to tax holiday | 3,100 | 4,000 | 3,900 |
Net operating loss carryforwards | 163,850 | ||
Operating loss carryforwards that will be used in expiration periods | 102,200 | ||
Net tax credit carryforwards that will expire | 17,167 | ||
Net tax credit carry forwards with indefinite carry forward period | 4,400 | ||
Net tax credit carryforwards that expected to be utilized prior to expiry | 12,000 | ||
Net decrease in reserve for uncertain tax positions | 2,800 | ||
Balance at end of the year of unrecognized tax benefits | 5,821 | 8,573 | 6,779 |
Accrued interest expense (income) and penalties of unrecognized tax benefits | 0 | 200 | |
Domestic Tax Authority | |||
Income Taxes [Line Items] | |||
Net tax credit carryforwards | 39,800 | ||
Capital Loss Carryforward | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 227,100 | ||
Discontinued Operations | |||
Income Taxes [Line Items] | |||
Income Tax Expense (Benefit) | 1,900 | $ 22,600 | $ 27,200 |
Net Operating Loss Carry Forwards Expires In 2021 | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 1,400 | ||
Net tax credit carryforwards that will expire | 600 | ||
Net Operating Loss Carry Forwards Expires Between 2022 And 2024 | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 12,900 | ||
Net tax credit carryforwards that will expire | 1,100 | ||
Net Operating Loss Carry Forwards Expires Between 2025 And 2041 | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 99,800 | ||
Net tax credit carryforwards that will expire | 11,100 | ||
Net Operating Loss Carry Forward Indefinite Period | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 49,800 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation from Continuing Operations (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective income tax rate reconciliation from continuing operations: | |||
United States federal statutory rate | 21.00% | 21.00% | 21.00% |
State and local income taxes | 8.50% | (2.60%) | 1.20% |
Impact of change in tax contingencies | (1.30%) | 2.30% | 0.00% |
Foreign income tax rate differences | 1.90% | (38.20%) | (8.60%) |
Impact of change in deferred tax asset valuation allowance | (49.40%) | 2.30% | 9.50% |
Domestic permanent differences and tax credits | 45.60% | 33.30% | 4.70% |
Impact of share-based compensation | 0.025 | 0.014 | 0.001 |
Impact of CARES act | 0 | (0.018) | 0 |
Effective income tax rate reconciliation from continuing operations | 28.80% | 17.70% | 27.90% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax liabilities: | ||
Plant, equipment, and intangibles | $ (105,986) | $ (92,271) |
Plant, equipment, and intangibles | (19,139) | (17,610) |
Total Deferred Tax Liabilities, Gross | (125,125) | (109,881) |
Deferred income tax assets: | ||
Postretirement, pensions, and stock compensation | 32,139 | 35,394 |
Reserves and accruals | 19,617 | 24,388 |
Net operating loss, capital loss, and tax credit carryforwards | 94,537 | 107,028 |
Lease liability | 19,881 | 18,515 |
Valuation allowances | (68,719) | (84,308) |
Deferred tax assets | 97,455 | 101,017 |
Net deferred income tax liability | $ (27,670) | $ (8,864) |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss Carryforwards (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | $ 163,850 |
Australia | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 10,134 |
Belgium | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 5,069 |
Germany | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 14,718 |
Netherlands | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 3,975 |
Other | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 16,547 |
United Kingdom | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 11,737 |
United States - Federal and various states | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | $ 101,670 |
Income Taxes - Summary of Tax C
Income Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | $ 17,167 |
Belgium | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | 1,088 |
Canada | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | 663 |
United States | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | $ 15,416 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 8,573 | $ 6,779 |
Additions based on tax positions related to the current year | 422 | 548 |
Additions for tax positions of prior years | 168 | 1,574 |
Reductions for tax positions of prior years - Settlement | (3,264) | (328) |
Reduction for tax positions of prior years - Statute of limitations | (78) | 0 |
Balance at end of year | $ 5,821 | $ 8,573 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution expense | $ 13,600 | $ 10,000 | $ 12,100 |
Accumulated benefit obligation | $ 494,700 | 518,400 | |
Target asset allocation for the investment of the assets in fixed income securities minimum | 50.00% | ||
Target asset allocation for the investment of the assets in fixed income securities maximum | 90.00% | ||
Target asset allocation for the investment of the assets in equity securities minimum | 10.00% | ||
Target asset allocation for the investment of the assets in equity securities maximum | 50.00% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation for the investment of the assets in fixed income securities | 30.00% | ||
Target asset allocation for the investment of the assets in equity securities | 50.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation for the investment of the assets in fixed income securities | 50.00% | ||
Target asset allocation for the investment of the assets in equity securities | 70.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plans with projected benefit obligation in excess of plan assets, fair value of plan assets | $ 265,500 | 463,200 | |
Pension plans with projected benefit obligation in excess of plan assets, accumulated benefit obligation | 261,300 | 459,200 | |
Pension plans with projected benefit obligation in excess of plan assets, projected benefit obligation | 167,500 | 297,800 | |
Settlement loss (gain) | 18 | 3,200 | |
Anticipated pension and other postretirement plans contributions, next fiscal year | 11,800 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other postretirement plans with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation | 27,600 | 29,500 | |
Other postretirement plans with accumulated benefit obligation in excess of plan assets, fair value of plan assets | 0 | $ 0 | |
Settlement loss (gain) | 0 | ||
Anticipated pension and other postretirement plans contributions, next fiscal year | $ 1,500 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Change in Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | $ (492,925) | $ (461,352) | |
Service cost | (3,953) | (3,930) | $ (3,668) |
Interest cost | (7,512) | (9,729) | (12,261) |
Participant contributions | (143) | (73) | |
Actuarial gain (loss) | 19,778 | (42,284) | |
Acquisitions and divestitures | (12,886) | (910) | |
Settlements | 5,855 | 26,970 | |
Curtailments | 0 | 236 | |
Plan amendments | 0 | (226) | |
Foreign currency exchange rate changes | 7,226 | (15,345) | |
Benefits paid | 12,726 | 13,718 | |
Benefit obligation, end of year | (471,834) | (492,925) | (461,352) |
Other Benefits | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | (29,498) | (29,470) | |
Service cost | (33) | (33) | (35) |
Interest cost | (727) | (809) | (960) |
Participant contributions | (4) | (5) | |
Actuarial gain (loss) | 1,391 | (110) | |
Acquisitions and divestitures | 0 | 0 | |
Settlements | 0 | 0 | |
Curtailments | 0 | 0 | |
Plan amendments | 0 | 0 | |
Foreign currency exchange rate changes | (227) | (427) | |
Benefits paid | 1,473 | 1,356 | |
Benefit obligation, end of year | $ (27,625) | $ (29,498) | $ (29,470) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Change in Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in plan assets: | ||
Fair value of plan assets, beginning of year | $ 361,802 | |
Fair value of plan assets, end of year | 394,026 | $ 361,802 |
Pension Benefits | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 361,802 | 355,726 |
Actual return on plan assets | 32,467 | 32,470 |
Employer contributions | 11,618 | 6,393 |
Plan participant contributions | 143 | 73 |
Acquisitions and divestitures | 9,339 | 0 |
Settlements | (5,790) | (26,945) |
Foreign currency exchange rate changes | (2,827) | 7,803 |
Benefits paid | (12,726) | (13,718) |
Fair value of plan assets, end of year | 394,026 | 361,802 |
Other Benefits | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 1,469 | 1,351 |
Plan participant contributions | 4 | 5 |
Acquisitions and divestitures | 0 | 0 |
Settlements | 0 | 0 |
Foreign currency exchange rate changes | 0 | 0 |
Benefits paid | (1,473) | (1,356) |
Fair value of plan assets, end of year | $ 0 | $ 0 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Amounts Recognized in Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amounts recognized in the balance sheets: | ||
Accrued benefit liability, noncurrent | $ (120,997) | $ (160,400) |
Pension Benefits | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Funded status, end of year | (77,808) | (131,123) |
Amounts recognized in the balance sheets: | ||
Prepaid benefit cost | 20,177 | 4,780 |
Accrued benefit liability, current | (3,173) | (3,558) |
Accrued benefit liability, noncurrent | (94,812) | (132,345) |
Net funded status | (77,808) | (131,123) |
Other Benefits | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Funded status, end of year | (27,625) | (29,498) |
Amounts recognized in the balance sheets: | ||
Prepaid benefit cost | 0 | 0 |
Accrued benefit liability, current | (1,440) | (1,443) |
Accrued benefit liability, noncurrent | (26,185) | (28,055) |
Net funded status | $ (27,625) | $ (29,498) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | $ 3,953 | $ 3,930 | $ 3,668 |
Interest cost | 7,512 | 9,729 | 12,261 |
Expected return on plan assets | (16,337) | (16,357) | (15,699) |
Amortization of prior service cost | 110 | 190 | 169 |
Settlement loss (gain) | (18) | 3,153 | (7) |
Other adjustments | (191) | 0 | 0 |
Net loss (gain) recognition | 3,764 | 2,930 | 1,432 |
Net periodic benefit cost (income) | (1,207) | 3,575 | 1,824 |
Other Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | 33 | 33 | 35 |
Interest cost | 727 | 809 | 960 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Settlement loss (gain) | 0 | 0 | 0 |
Other adjustments | 0 | 0 | 0 |
Net loss (gain) recognition | (43) | (59) | (133) |
Net periodic benefit cost (income) | $ 717 | $ 783 | $ 862 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits | ||
Weighted average assumptions for benefit obligations at year end: | ||
Discount rate | 2.00% | 1.50% |
Salary increase | 3.30% | 3.30% |
Cash balance interest credit rate | 4.70% | 4.60% |
Weighted average assumptions for net periodic cost for the year: | ||
Discount rate | 1.50% | 2.20% |
Salary increase | 3.20% | 3.50% |
Cash balance interest credit rate | 4.60% | 4.00% |
Expected return on assets | 4.60% | 4.90% |
Other Benefits | ||
Weighted average assumptions for benefit obligations at year end: | ||
Discount rate | 2.90% | 2.50% |
Weighted average assumptions for net periodic cost for the year: | ||
Discount rate | 2.50% | 2.90% |
Assumed health care cost trend rates: | ||
Health care cost trend rate assumed for next year | 5.40% | 5.50% |
Rate that the cost trend rate gradually declines to | 5.00% | 5.00% |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Fair Values of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | $ 394,026 | $ 361,802 |
U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 77,687 | 86,059 |
Non-U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 77,299 | 61,630 |
Government bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 64,255 | 98,418 |
Corporate bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 108,729 | 82,434 |
Fixed income fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 16,939 | 7,320 |
Liability driven investment fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 22,713 | 0 |
Other investments | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 15,103 | 17,367 |
Cash & equivalents | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 11,301 | 8,574 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 14,451 | 11,844 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 2,913 | 3,012 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 6,267 | 5,602 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Liability driven investment fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash & equivalents | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 5,271 | 3,230 |
Significant Observable Inputs (Level 2) | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 12,238 | 12,922 |
Significant Observable Inputs (Level 2) | U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Significant Observable Inputs (Level 2) | Non-U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Significant Observable Inputs (Level 2) | Government bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 731 | 772 |
Significant Observable Inputs (Level 2) | Corporate bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 11,507 | 12,150 |
Significant Observable Inputs (Level 2) | Fixed income fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Significant Observable Inputs (Level 2) | Liability driven investment fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Significant Observable Inputs (Level 2) | Other investments | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Significant Observable Inputs (Level 2) | Cash & equivalents | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 367,337 | 337,036 |
Fair Value Measured at Net Asset Value Per Share | U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 74,774 | 83,047 |
Fair Value Measured at Net Asset Value Per Share | Non-U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 71,032 | 56,028 |
Fair Value Measured at Net Asset Value Per Share | Government bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 63,524 | 97,646 |
Fair Value Measured at Net Asset Value Per Share | Corporate bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 97,222 | 70,284 |
Fair Value Measured at Net Asset Value Per Share | Fixed income fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 16,939 | 7,320 |
Fair Value Measured at Net Asset Value Per Share | Liability driven investment fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 22,713 | 0 |
Fair Value Measured at Net Asset Value Per Share | Other investments | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 15,103 | 17,367 |
Fair Value Measured at Net Asset Value Per Share | Cash & equivalents | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 6,030 | $ 5,344 |
Significant Unobservable Inputs (Level 3) | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 367,337 | |
Significant Unobservable Inputs (Level 3) | U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 74,774 | |
Significant Unobservable Inputs (Level 3) | Non-U.S. equities fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 71,032 | |
Significant Unobservable Inputs (Level 3) | Government bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 63,524 | |
Significant Unobservable Inputs (Level 3) | Corporate bond fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 97,222 | |
Significant Unobservable Inputs (Level 3) | Fixed income fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 16,939 | |
Significant Unobservable Inputs (Level 3) | Liability driven investment fund | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 22,713 | |
Significant Unobservable Inputs (Level 3) | Other investments | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 15,103 | |
Significant Unobservable Inputs (Level 3) | Cash & equivalents | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | $ 6,030 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits - Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Benefits | |
Pension And Other Employee Benefit Plans [Line Items] | |
2022 | $ 19,363 |
2023 | 20,383 |
2024 | 23,199 |
2025 | 20,531 |
2026 | 21,461 |
2027-2031 | 108,900 |
Total | 213,837 |
Other Benefits | |
Pension And Other Employee Benefit Plans [Line Items] | |
2022 | 1,460 |
2023 | 1,458 |
2024 | 1,463 |
2025 | 1,468 |
2026 | 1,472 |
2027-2031 | 7,463 |
Total | $ 14,784 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits - Summary of Accumulated Other Comprehensive Loss That Have Not Been Recognized as Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 39,995 | $ 80,671 |
Net prior service cost | 2,661 | 2,798 |
Total | 42,656 | |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | (1,770) | (436) |
Net prior service cost | 0 | $ 0 |
Total | $ (1,770) |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Changes in accumulated other comprehensive loss: | |||
Net actuarial loss (gain), beginning of year | $ 80,671 | ||
Amortization of actuarial gain (loss) | (3,764) | ||
Actuarial gain | (19,778) | ||
Asset gain | (16,130) | ||
Settlement gain recognized | 18 | $ 3,200 | |
Other adjustments | 191 | ||
Currency impact | (1,213) | ||
Net actuarial loss (gain), end of year | 39,995 | 80,671 | |
Prior service cost, beginning of year | 2,798 | ||
Amortization of prior service cost | (110) | (190) | $ (169) |
Currency impact | (27) | ||
Prior service cost, end of year | 2,661 | 2,798 | |
Other Benefits | |||
Changes in accumulated other comprehensive loss: | |||
Net actuarial loss (gain), beginning of year | (436) | ||
Amortization of actuarial gain (loss) | 43 | ||
Actuarial gain | (1,391) | ||
Asset gain | 0 | ||
Settlement gain recognized | 0 | ||
Other adjustments | 0 | ||
Currency impact | 14 | ||
Net actuarial loss (gain), end of year | (1,770) | (436) | |
Prior service cost, beginning of year | 0 | ||
Amortization of prior service cost | 0 | 0 | $ 0 |
Currency impact | 0 | ||
Prior service cost, end of year | $ 0 | $ 0 |
Comprehensive Income and Accu_3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 757,051 | $ 965,819 |
Other comprehensive gain (loss) attributable to Belden before reclassifications | 119,343 | (143,901) |
Amounts reclassified from accumulated other comprehensive income | 1,942 | 15,468 |
Net current period other comprehensive gain (loss) attributable to Belden | 121,285 | (128,433) |
Ending balance | 956,082 | 757,051 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (191,851) | (63,418) |
Ending balance | (70,566) | (191,851) |
Foreign Currency Translation Component | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (131,181) | (18,225) |
Other comprehensive gain (loss) attributable to Belden before reclassifications | 90,690 | (123,101) |
Amounts reclassified from accumulated other comprehensive income | (977) | 10,145 |
Net current period other comprehensive gain (loss) attributable to Belden | 89,713 | (112,956) |
Ending balance | (41,468) | (131,181) |
Pension and Other Postretirement Benefit Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (60,670) | (45,193) |
Other comprehensive gain (loss) attributable to Belden before reclassifications | 28,653 | (20,800) |
Amounts reclassified from accumulated other comprehensive income | 2,919 | 5,323 |
Net current period other comprehensive gain (loss) attributable to Belden | 31,572 | (15,477) |
Ending balance | $ (29,098) | $ (60,670) |
Comprehensive Income and Accu_4
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of pension and other postretirement benefit plan items: | |||
Total before tax | $ 87,662 | $ 66,127 | $ 152,410 |
Tax benefit | 25,205 | 11,724 | 42,519 |
Total net of tax | 63,925 | $ (55,162) | $ (377,015) |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Actuarial losses | |||
Amortization of pension and other postretirement benefit plan items: | |||
Other nonoperating expense (income) | 3,721 | ||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Prior service cost | |||
Amortization of pension and other postretirement benefit plan items: | |||
Other nonoperating expense (income) | 110 | ||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Pension and Other Postretirement Benefit Plans | |||
Amortization of pension and other postretirement benefit plan items: | |||
Total before tax | 3,831 | ||
Tax benefit | (912) | ||
Total net of tax | 2,919 | ||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Foreign Currency Translation Component | |||
Amortization of pension and other postretirement benefit plan items: | |||
Other nonoperating expense (income) | $ (1,000) |
Share-Based Compensation - Inco
Share-Based Compensation - Income Tax Benefit Recognized for our Share-Based Compensation Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Total share-based compensation cost | $ 24,871 | $ 19,171 | $ 16,802 |
Income tax benefit | $ 5,919 | $ 4,563 | $ 3,999 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to all nonvested awards | $ 25.7 | |
Unrecognized compensation cost is expected to be recognized over a weighted-average period | 2 years | |
SARs and Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
SAR's and stock options expiration period | 10 years | |
Restricted Shares and Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based payment arrangement, plan modification, incremental cost | $ 4.4 | |
Restricted Shares and Units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Restricted Shares and Units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 5 years |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Values for SARs and Stock Options Estimated on Grant Date Using Black-Scholes-Merton Option-Pricing Formula Which Incorporates Assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Weighted-average fair value of SARs granted (in usd per share) | $ 18.30 | $ 18.29 | $ 22.31 |
Total intrinsic value of SARs exercised | $ 1,581 | $ 545 | $ 354 |
Tax benefit from SARs exercised | $ 327 | $ 26 | $ 176 |
Weighted-average fair value of restricted stock units granted (in usd per share) | $ 51.76 | $ 41.75 | $ 64.61 |
Total fair value of restricted stock units vested | $ 12,623 | $ 6,600 | $ 10,325 |
Expected volatility | 45.34% | 37.55% | 35.05% |
Expected term (in years) | 5 years 8 months 12 days | 5 years 8 months 12 days | 5 years 8 months 12 days |
Risk-free rate | 0.70% | 1.44% | 2.56% |
Dividend yield | 0.44% | 0.39% | 0.32% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 51.76 | $ 41.75 | $ 64.61 |
SARs and Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at Beginning, Number (in shares) | 1,311 | ||
Granted, Number (in shares) | 205 | ||
Exercised or converted, Number (in shares) | (155) | ||
Forfeited or expired, Number (in shares) | (117) | ||
Outstanding at Ending, Number (in shares) | 1,244 | 1,311 | |
Vested or expected to vest at End, Number (in shares) | 313 | ||
Exercisable or convertible at End, Number (in shares) | 931 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding at Beginning, Weighted-Average Exercise Price (in dollars per share) | $ 64.06 | ||
Granted, Weighted-Average Exercise Price (in dollars per share) | 44.93 | ||
Exercised or converted, Weighted-Average Exercise Price (in dollars per share) | 42.47 | ||
Forfeited or expired, Weighted-Average Exercise Price (in dollars per share) | 68.59 | ||
Outstanding at End, Weighted-Average Exercise Price (in dollars per share) | 63.18 | $ 64.06 | |
Vested or expected to vest at End, Weighted-Average Exercise Price | 48.46 | ||
Exercisable or convertible at End, Weighted-Average Exercise Price | $ 68.12 | ||
Outstanding at End, Weighted-Average Remaining Contractual Term | 4 years 8 months 12 days | ||
Vested or expected to vest at End, Weighted-Average Remaining Contractual Term | 8 years 8 months 12 days | ||
Exercisable or convertible at End, Weighted-Average Remaining Contractual Term | 3 years 4 months 24 days | ||
Outstanding at End, Aggregate Intrinsic Value | $ 9,582 | ||
Vested or expected to vest at End, Aggregate Intrinsic Value | 5,399 | ||
Exercisable or convertible at End, Aggregate Intrinsic Value | $ 4,183 | ||
Restricted Shares and Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at Beginning, Number (in shares) | 953 | ||
Granted, Number (in shares) | 335 | ||
Exercised or converted, Number (in shares) | (269) | ||
Forfeited or expired, Number (in shares) | (55) | ||
Outstanding at End, Number (in shares) | 964 | 953 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding at Beginning, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 52.50 | ||
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share) | 51.76 | ||
Exercised or converted, Weighted-Average Grant-Date Fair Value (in dollars per share) | 46.86 | ||
Forfeited or expired, Weighted-Average Grant-Date Fair Value (in dollars per share) | 48.61 | ||
Outstanding at End, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 50.08 | $ 52.50 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||
Shares repurchased | 0 | 1 | 0.9 |
Value of shares repurchased | $ 35,000 | $ 50,000 | |
Treasury stock acquired, average cost per share (in usd per share) | $ 35.83 | $ 56.19 | |
11/29/2018 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount (in usd) | $ 300,000 |
Market Concentrations and Ris_2
Market Concentrations and Risks (Details) $ in Thousands, lb in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)lbDistributorCustomer | Dec. 31, 2020USD ($)CustomerDistributor | Dec. 31, 2019CustomerDistributor | |
Concentration Risk [Line Items] | |||
Number of customers | Customer | 10 | 10 | 10 |
Number of distributors | Distributor | 7 | 7 | 7 |
Total senior subordinated notes | $ 1,477,060 | $ 1,590,810 | |
Senior Subordinated Notes | |||
Concentration Risk [Line Items] | |||
Fair value of debt instrument | $ 1,509,200 | $ 1,633,700 | |
Copper | |||
Concentration Risk [Line Items] | |||
Committed amounts to purchase (in pounds) | lb | 4.8 | ||
Committed amounts to purchase (in usd) | $ 20,900 | ||
Gain (loss) on unconditional purchase obligation | $ 300 | ||
Customer Concentration Risk | Consolidated Revenues | Continuing Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 42.00% | 40.00% | 39.00% |
Labor Force Concentration Risk | Workforce Subject to Collective Bargaining Arrangements | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 27.00% | ||
Labor Force Concentration Risk | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 18.00% |
Contingent Liabilities (Details
Contingent Liabilities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Standby Letters of Credit | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | $ 17.8 |
Bank Guaranties | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | 6.9 |
Surety Bonds | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | $ 3.3 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Income tax refunds received | $ 6,120 | $ 4,460 | $ 4,695 |
Income taxes paid | (40,139) | (25,259) | (40,760) |
Interest paid | $ (54,176) | $ (53,029) | $ (51,160) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 17, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 07, 2022 |
Subsequent Events [Line Items] | ||||||
Goodwill impairment loss | $ 132,843,000 | $ 0 | $ 0 | |||
Cash used to acquire businesses, net of cash acquired | 73,340,000 | (590,000) | 74,392,000 | |||
Tripwire | ||||||
Subsequent Events [Line Items] | ||||||
Goodwill impairment loss | $ 131,200,000 | |||||
Tripwire | Discontinued Operations, Held-for-sale | ||||||
Subsequent Events [Line Items] | ||||||
Accumulated other comprehensive income (loss), net of tax | $ 3,400,000 | 3,400,000 | 3,500,000 | |||
Revenues | 106,800,000 | 110,500,000 | 133,000,000 | |||
Loss before taxes | (139,100,000) | (24,800,000) | (16,000,000) | |||
Depreciation and amortization | $ 11,900,000 | $ 39,400,000 | $ 47,900,000 | |||
Subsequent Event | Macmon | ||||||
Subsequent Events [Line Items] | ||||||
Cash used to acquire businesses, net of cash acquired | $ 43,300,000 | |||||
Subsequent Event | Tripwire | ||||||
Subsequent Events [Line Items] | ||||||
Consideration | $ 350,000,000 |
Subsequent Events - Major Class
Subsequent Events - Major Classes of Assets and Liabilities (Details) - Discontinued Operations, Held-for-sale - Tripwire - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents | $ 2,194 | $ 1,328 |
Receivables, net | 28,773 | 26,001 |
Inventories, net | 150 | 126 |
Other current assets | 7,418 | 9,798 |
Property, plant and equipment, less accumulated depreciation | 6,250 | 7,588 |
Operating lease right-of-use assets | 3,893 | 5,151 |
Goodwill | 331,024 | 462,202 |
Intangible assets, less accumulated amortization | 63,541 | 67,979 |
Deferred income taxes | 834 | 800 |
Other long-lived assets | 5,325 | 2,653 |
Total assets of Tripwire disposal group | 449,402 | 583,626 |
Liabilities: | ||
Accounts payable | 6,458 | 4,868 |
Accrued liabilities | 56,208 | 61,769 |
Deferred income taxes | 10,964 | 12,599 |
Long-term operating lease liabilities | 5,257 | 7,019 |
Other long-term liabilities | 20,192 | 17,214 |
Total liabilities of Tripwire disposal group | $ 99,079 | $ 103,469 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
ASU 2016-13 Adoption Adjustment | $ 6,252 | ||
Currency Movement | (74) | $ 39 | |
Revision of Prior Period, Accounting Standards Update, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
ASU 2016-13 Adoption Adjustment | $ 1,011 | ||
Accounts Receivable - Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 5,150 | 2,569 | 3,137 |
Charged to Costs and Expenses | 1,960 | 2,282 | 159 |
Divestitures/ Acquisitions | (190) | 0 | 368 |
Charge Offs | (367) | (114) | (969) |
Recoveries | (227) | (637) | (86) |
Currency Movement | (40) | ||
Ending Balance | 6,252 | 5,150 | 2,569 |
Inventories - Excess and Obsolete Allowances | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 32,269 | 21,245 | 17,364 |
Charged to Costs and Expenses | 10,673 | 15,915 | 6,403 |
Divestitures/ Acquisitions | 3,927 | 0 | 452 |
Charge Offs | 0 | (4,540) | (2,333) |
Recoveries | (915) | (597) | (606) |
Currency Movement | (270) | 246 | (35) |
Ending Balance | 45,684 | 32,269 | 21,245 |
Deferred Income Tax Asset - Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 84,308 | 48,251 | 37,235 |
Charged to Costs and Expenses | 865 | 3,142 | 12,356 |
Divestitures/ Acquisitions | 25,664 | 33,003 | 330 |
Charge Offs | (406) | (303) | 0 |
Recoveries | (41,463) | (114) | (1,629) |
Currency Movement | (249) | 329 | (41) |
Ending Balance | $ 68,719 | $ 84,308 | $ 48,251 |