Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 03, 2022 | May 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Apr. 3, 2022 | |
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 | |
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 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | BDC | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 44,256,175 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000913142 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 559,582 | $ 641,563 |
Receivables, net | 375,626 | 383,444 |
Inventories, net | 396,497 | 345,203 |
Other current assets | 61,980 | 58,283 |
Current assets of discontinued operations | 0 | 449,402 |
Total current assets | 1,393,685 | 1,877,895 |
Property, plant and equipment, less accumulated depreciation | 340,081 | 343,564 |
Operating lease right-of-use assets | 80,219 | 75,571 |
Goodwill | 859,276 | 821,448 |
Intangible assets, less accumulated amortization | 267,429 | 238,155 |
Deferred income taxes | 32,747 | 31,486 |
Other long-lived assets | 29,834 | 29,558 |
Total assets | 3,003,271 | 3,417,677 |
Current liabilities: | ||
Accounts payable | 359,811 | 377,765 |
Accrued liabilities | 223,737 | 278,108 |
Current liabilities of discontinued operations | 0 | 99,079 |
Total current liabilities | 583,548 | 754,952 |
Long-term debt | 1,213,639 | 1,459,991 |
Postretirement benefits | 116,597 | 120,997 |
Deferred income taxes | 60,014 | 49,027 |
Long-term operating lease liabilities | 65,943 | 61,967 |
Other long-term liabilities | 15,935 | 14,661 |
Stockholders’ equity: | ||
Common stock | 503 | 503 |
Additional paid-in capital | 826,682 | 833,627 |
Retained earnings | 539,294 | 505,717 |
Accumulated other comprehensive loss | (66,638) | (70,566) |
Treasury stock | (353,071) | (313,994) |
Total Belden stockholders’ equity | 946,770 | 955,287 |
Noncontrolling interests | 825 | 795 |
Total stockholders’ equity | 947,595 | 956,082 |
Total liabilities and stockholders' equity | $ 3,003,271 | $ 3,417,677 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 610,371 | $ 508,683 |
Cost of sales | (401,511) | (339,500) |
Gross profit | 208,860 | 169,183 |
Selling, general and administrative expenses | (103,066) | (80,635) |
Research and development expenses | (23,456) | (22,612) |
Amortization of intangibles | (8,817) | (7,993) |
Asset impairments | 0 | (6,995) |
Operating income | 73,521 | 50,948 |
Interest expense, net | (14,411) | (15,511) |
Loss on debt extinguishment | (6,392) | 0 |
Non-operating pension benefit | 1,200 | 684 |
Income from continuing operations before taxes | 53,918 | 36,121 |
Income tax expense | (9,822) | (7,056) |
Income from continuing operations | 44,096 | 29,065 |
Loss from discontinued operations, net of tax | (3,685) | (324) |
Loss on disposal of discontinued operations, net of tax | (4,567) | 0 |
Net income | 35,844 | 28,741 |
Less: Net income attributable to noncontrolling interest | 3 | 75 |
Net income attributable to Belden stockholders | $ 35,841 | $ 28,666 |
Weighted average number of common shares and equivalents: | ||
Basic (in shares) | 44,811 | 44,679 |
Diluted (in shares) | 45,567 | 45,045 |
Basic income (loss) per share attributable to Belden stockholders: | ||
Continuing operations (in dollars per share) | $ 0.98 | $ 0.65 |
Discontinued operations (in dollars per share) | (0.08) | (0.01) |
Disposal of discontinued operations (in dollars per share) | (0.10) | 0 |
Net income (in dollars per share) | 0.80 | 0.64 |
Diluted income (loss) per share attributable to Belden stockholders: | ||
Continuing operation (in dollars per share) | 0.97 | 0.64 |
Discontinued operations (in dollars per share) | (0.08) | (0.01) |
Disposal of discontinued operations (in dollars per share) | (0.10) | 0 |
Net income (in dollars per share) | $ 0.79 | $ 0.64 |
Comprehensive income attributable to Belden | $ 39,769 | $ 82,391 |
Common stock dividends declared per share (in dollars per share) | $ 0.05 | $ 0.05 |
Condensed Consolidated Cash Flo
Condensed Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 35,844 | $ 28,741 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 21,083 | 22,196 |
Loss on debt extinguishment | 6,392 | 0 |
Share-based compensation | 5,224 | 7,285 |
Asset impairments | 0 | 6,995 |
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals: | ||
Receivables | 37,617 | (50,208) |
Inventories | (46,959) | (19,313) |
Accounts payable | (21,373) | 3,269 |
Accrued liabilities | (83,527) | (30,765) |
Income taxes | 2,209 | 1,416 |
Other assets | (2,915) | (4,226) |
Other liabilities | (11,550) | (6,885) |
Net cash used for operating activities | (57,955) | (41,495) |
Cash flows from investing activities: | ||
Proceeds from disposal of businesses, net of cash sold | 338,686 | 1,106 |
Proceeds from disposal of tangible assets | 56 | 12 |
Capital expenditures | (10,963) | (11,223) |
Cash used for business acquisitions, net of cash acquired | (65,990) | (72,232) |
Net cash provided by (used for) investing activities | 261,789 | (82,337) |
Cash flows from financing activities: | ||
Payments under borrowing arrangements | (230,639) | (1,841) |
Payments under share repurchase program | (50,000) | 0 |
Withholding tax payments for share-based payment awards | (3,700) | (905) |
Cash dividends paid | (2,276) | (2,246) |
Payments under financing lease obligations | (45) | (43) |
Net cash used for financing activities | (286,660) | (5,035) |
Effect of foreign currency exchange rate changes on cash and cash equivalents | (1,349) | (2,277) |
Decrease in cash and cash equivalents | (84,175) | (131,144) |
Cash and cash equivalents, beginning of period | 643,757 | 501,994 |
Cash and cash equivalents, end of period | $ 559,582 | $ 370,850 |
Condensed Consolidated Stockhol
Condensed Consolidated Stockholders' Equity Statements (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2020 | 50,335,000 | 5,692,000 | |||||
Beginning balance at Dec. 31, 2020 | $ 757,051 | $ 503 | $ 823,605 | $ 450,876 | $ (332,552) | $ (191,851) | $ 6,470 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 28,741 | 28,666 | 75 | ||||
Other comprehensive income, net of tax | 53,528 | 53,725 | (197) | ||||
Acquisition of business with noncontrolling interests | 20 | 20 | |||||
Retirement Savings Plan stock contributions (in shares) | 45,000 | ||||||
Retirement Savings Plan stock contributions | 2,003 | (493) | $ 2,496 | ||||
Exercise of stock options, net of tax withholding forfeitures (in shares) | 9,000 | ||||||
Exercise of stock options, net of tax withholding forfeitures | (182) | (723) | $ 541 | ||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares) | 27,000 | ||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | $ (723) | (2,403) | $ 1,680 | ||||
Share repurchase program (in shares) | 0 | ||||||
Share-based compensation | $ 7,285 | 7,285 | |||||
Common stock dividends | (2,263) | (2,263) | |||||
Ending balance (in shares) at Apr. 04, 2021 | 50,335,000 | 5,611,000 | |||||
Ending balance at Apr. 04, 2021 | 845,460 | $ 503 | 827,271 | 477,279 | $ (327,835) | (138,126) | 6,368 |
Beginning balance (in shares) at Dec. 31, 2021 | 50,335,000 | 5,360,000 | |||||
Beginning balance at Dec. 31, 2021 | 956,082 | $ 503 | 833,627 | 505,717 | $ (313,994) | (70,566) | 795 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 35,844 | 35,841 | 3 | ||||
Other comprehensive income, net of tax | 3,955 | 3,928 | 27 | ||||
Retirement Savings Plan stock contributions (in shares) | 43,000 | ||||||
Retirement Savings Plan stock contributions | 2,453 | (356) | $ 2,809 | ||||
Exercise of stock options, net of tax withholding forfeitures (in shares) | 6,000 | ||||||
Exercise of stock options, net of tax withholding forfeitures | (151) | (526) | $ 375 | ||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares) | 103,000 | ||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | $ (3,548) | (11,287) | $ 7,739 | ||||
Share repurchase program (in shares) | (900,000) | (885,000) | |||||
Share repurchase program | $ (50,000) | $ (50,000) | |||||
Share-based compensation | 5,224 | 5,224 | |||||
Common stock dividends | (2,264) | (2,264) | |||||
Ending balance (in shares) at Apr. 03, 2022 | 50,335,000 | 6,093,000 | |||||
Ending balance at Apr. 03, 2022 | $ 947,595 | $ 503 | $ 826,682 | $ 539,294 | $ (353,071) | $ (66,638) | $ 825 |
Condensed Consolidated Stockh_2
Condensed Consolidated Stockholders' Equity Statements (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends declared per share (in dollars per share) | $ 0.05 | $ 0.05 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 03, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2021: • Are prepared from the books and records without audit, and • Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but • Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2021 Annual Report on Form 10-K. Business Description We are a global supplier of specialty networking solutions built around two global businesses - Enterprise Solutions and Industrial Automation Solutions. Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments. Reporting Periods Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was April 3, 2022, the 93rd day of our fiscal year 2022. Our fiscal second and third quarters each have 91 days. The three months ended April 3, 2022 and April 4, 2021 included 93 days and 94 days, respectively. Fair Value Measurement Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. As of and during the three months ended April 3, 2022 and April 4, 2021, we utilized Level 1 inputs to determine the fair value of cash equivalents, and we utilized Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for impairment testing (see Notes 4 and 11). We did not have any transfers between Level 1 and Level 2 fair value measurements during the three months ended April 3, 2022 and April 4, 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 April 3, 2022, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes. Contingent Liabilities We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow. As of April 3, 2022, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.4 million, $6.2 million, and $3.3 million, respectively. Revenue Recognition We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 2. Subsequent Events We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure. Noncontrolling Interest We have a 51% ownership percentage in a joint venture with Shanghai Hi-Tech Control System Co, Ltd (Hite). The purpose of the joint venture is to develop and provide certain Industrial Automation Solutions products and integrated solutions to customers in China. Belden and Hite are committed to fund $1.53 million and $1.47 million, respectively, to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net income attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations. The joint venture is not material to our consolidated financial statements as of or for the periods ended April 3, 2022 and April 4, 2021. 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 attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. During the fourth quarter of 2021, we purchased Opterna's noncontrolling interests for a purchase price of $2.3 million. A subsidiary of OTN Systems includes a noncontrolling interest. Because we have a controlling financial interest in the subsidiary, it is consolidated into our financial statements. This subsidiary that includes a noncontrolling interest is not material to our consolidated financial statements as of or for the periods ended April 3, 2022 and April 4, 2021. |
Revenues
Revenues | 3 Months Ended |
Apr. 03, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | RevenuesRevenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. The following tables present our revenues disaggregated by major product category. Broadband Industrial Automation Smart Buildings Total Three Months Ended April 3, 2022 (In thousands) Enterprise Solutions $ 121,805 $ — $ 146,625 $ 268,430 Industrial Automation Solutions — 341,941 — 341,941 Total $ 121,805 $ 341,941 $ 146,625 $ 610,371 Three Months Ended April 4, 2021 Enterprise Solutions $ 105,091 $ — $ 121,264 $ 226,355 Industrial Automation Solutions — 282,328 — 282,328 Total $ 105,091 $ 282,328 $ 121,264 $ 508,683 The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product. Americas EMEA APAC Total Revenues Three Months Ended April 3, 2022 (In thousands) Enterprise Solutions $ 204,386 $ 39,389 $ 24,655 $ 268,430 Industrial Automation Solutions 204,310 90,451 47,180 341,941 Total $ 408,696 $ 129,840 $ 71,835 $ 610,371 Three Months Ended April 4, 2021 Enterprise Solutions $ 162,675 $ 37,936 $ 25,744 $ 226,355 Industrial Automation Solutions 166,223 75,096 41,009 282,328 Total $ 328,898 $ 113,032 $ 66,753 $ 508,683 We generate revenues primarily by selling products that provide secure and reliable transmission of data, sound, and video for mission critical applications. We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers. At times, we enter into arrangements that involve the delivery of multiple performance obligations. For these arrangements, revenue is allocated to each performance obligation based on its relative selling price and recognized when or as each performance obligation is satisfied. Generally, we determine relative selling price using the prices charged to customers on a standalone basis. Most of our performance obligations related to the sale of products are satisfied at a point in time when control of the product is transferred based on the shipping terms of the arrangement. Typically, payments are due after control transfers, which is less than one year from satisfaction of the performance obligation. The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three months ended April 3, 2022 and April 4, 2021. The following table presents estimated and accrued variable consideration: April 3, 2022 December 31, 2021 (in thousands) Accrued rebates included in accrued liabilities $ 28,897 $ 55,520 Accrued returns included in accrued liabilities 11,492 12,500 Price adjustments recognized against gross accounts receivable 22,742 23,035 Depending on the terms of an arrangement, we may defer the recognition of some or all of the consideration received because we have to satisfy a future obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. Consideration allocated to professional services is typically recognized wh en or as the services are performed depending on the terms of the arrangement. As of April 3, 2022, total deferred revenue was $31.4 million, and of this amount, $23.9 million is expected to be recognized within the next twelve months, and the remaining $7.5 million is long- term and is expected to be recognized over a period greater than twelve months. The following table presents deferred revenue activity during the three months ended April 3, 2022 and April 4, 2021: 2022 2021 (In thousands) Beginning balance at January 1 $ 19,390 $ 11,130 New deferrals 8,857 3,751 Acquisitions 6,567 5,997 Revenue recognized (3,365) (1,272) Balance at the end of Q1 $ 31,449 $ 19,606 Service-type warranties represent $9.0 million of the deferred revenue balance at April 3, 2022, and of this amount $4.2 million is expected to be recognized in the next twelve months, and the remaining $4.8 million is long-term and will be recognized over a period greater than twelve months. As of April 3, 2022 and December 31, 2021, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets. We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions when the original duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. We did not have any capitalized sales commissions on our balance sheet as of April 3, 2022 and December 31, 2021. The following table presents sales commissions that are recorded within selling, general and administrative expenses: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Sales commissions $ 5,223 $ 3,782 |
Acquisitions
Acquisitions | 3 Months Ended |
Apr. 03, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions NetModule AG We acquired NetModule AG (NetModule) on March 3, 2022 for a preliminary purchase price, net of cash acquired of $23.5 million, which was funded with cash on hand. NetModule, based in Bern, Switzerland, is a leading provider of reli able, fast and secure wireless network infrastructures through advanced capabilities in 5G and WiFi6 technologies in a variety of mission critical industries with a strong focus on mass transit and intelligent traffic systems within the transportation vertical. The results of NetModule have been included in our Condensed Consolidated Financial Statements from March 3, 2022, and are reported within the Industrial Automation Solutions segment. The NetModule acquisition was not material to our financial position or results of operations. macmon secure GmbH We acquired macmon secure GmbH (Macmon) on January 17, 2022, for a preliminary purchase price, net of cash acquired of $42.4 million, which was funded with cash on hand. Macmon, based in Berlin, Germany, is a leading provider of products and services that secure network infrastructures in a variety of mission critical industries. The results of Macmon have been included in our Condensed Consolidated Financial Statements from January 17, 2022, and are reported within the Industrial Automation Solutions segment. The Macmon acquisition was not material to our results of operations. The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of January 17, 2022 (in thousands): Receivables $ 1,836 Other current assets 173 Property, plant and equipment 160 Intangible assets 22,248 Goodwill 31,258 Operating lease right-of-use assets 2,979 Total assets acquired $ 58,654 Accounts payable $ 371 Accrued liabilities 4,079 Deferred income taxes 5,828 Long-term operating lease liabilities 2,534 Other long-term liabilities 3,401 Total liabilities assumed $ 16,213 Net assets $ 42,441 The above purchase price allocation is preliminary and subject to revision as additional information about the fair value of individual assets and liabilities becomes available. The preliminary measurement of receivables, intangible assets, goodwill, deferred income taxes, and other assets and liabilities are subject to change. A change in the estimated fair value of the net assets acquired will change the amount of the purchase price allocable to goodwill. The preliminary fair value of acquired receivables is $1.8 million, which is equivalent to its gross contractual amount. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments we have used in estimating the preliminary fair values assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations. For purposes of the above allocation, we based our preliminary estimate of the fair values for intangible assets on valuation studies performed by a third party valuation firm. We used various valuation methods including discounted cash flows, lost income, excess earnings, and relief from royalty to estimate the preliminary fair value of the identifiable intangible assets (Level 3 valuation). Goodwill and other intangible assets reflected above were determined to meet the criteria for recognition apart from tangible assets acquired and liabilities assumed. The goodwill is primarily attributable to the expansion of industrial automation product offerings in complete end-to-end solutions. Our tax basis in the acquired goodwill is zero. The intangible assets related to the Macmon acquisition consisted of the following: Fair Value Amortization Period (In thousands) (In years) Intangible assets subject to amortization: Developed technologies $ 18,825 4.0 Customer relationships 2,282 15.0 Trademarks 1,141 2.0 Total intangible assets subject to amortization $ 22,248 Intangible assets not subject to amortization: Goodwill $ 31,258 n/a Total intangible assets not subject to amortization $ 31,258 Total intangible assets $ 53,506 Weighted average amortization period 5.0 The amortizable intangible assets reflected in the table above were determined by us to have finite lives. The useful life for the developed technology intangible asset was based on the estimated time that the technology provides us with a competitive advantage and thus approximates the period and pattern of consumption of the intangible asset. The useful life for the customer relationship intangible asset was based on our forecasts of estimated sales from recurring customers. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks. Opterna International Corp. |
Disposals
Disposals | 3 Months Ended |
Apr. 03, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposals | Disposals We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When we classify a disposal group as held for sale, we test for impairment. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil that met all of the criteria to classify the assets and liabilities of this business, formerly part of the Industrial Automation Solutions segment, as held for sale. At such time, the carrying value of the disposal group exceeded the fair value less costs to sell, which we determined based upon the expected sale price, by $3.4 million. Therefore, we recognized an impairment charge in Selling, General and Administrative Expenses equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Automation Solutions segment. We completed the sale of our oil and gas cable business in Brazil during the second quarter of 2021 for $10.9 million, net of cash delivered with the business. On February 7, 2022, we signed a definitive agreement to divest Tripwire for $350 million in cash, and completed the transaction on February 22, 2022. We recognized a loss on disposal of discontinued operations, net of tax of $4.6 million during the three months ended April 3, 2022. T he divestiture of Tripwire represents a strategic shift impacting our operations and financial results. As a result, the Tripwire disposal group, which was included in our Industrial Automation Solutions segment, is reported within discontinued operations. The following table summarizes the operating results of the Tripwire disposal group up to the February 22, 2022 disposal date during the first quarter of 2022 and 2021, respectively : January 1, 2022 - February 22, 2022 January 1, 2021 - April 4, 2021 (In thousands) Revenues $ 12,067 $ 27,698 Cost of sales (3,256) (5,257) Gross profit 8,811 22,441 Selling, general and administrative expenses (8,185) (10,819) Research and development expenses (5,528) (8,888) Amortization of intangible assets (638) (1,954) Income (loss) before taxes $ (5,540) $ 780 During the three months ended April 3, 2022 and April 4, 2021, th e Tripwire disposal group had capital expenditu res of approximately $0.0 million and $0.7 million, respectively, and recognized share-based compensation expense of $0.2 million and $0.7 million, res pectively. The disposal group did not have any significant non-cash charges for investing activities during the three months ended April 3, 2022 and April 4, 2021 . The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2021: December 31, 2021 (In thousands) Assets: Cash and cash equivalents $ 2,194 Receivables, net 28,773 Inventories, net 150 Other current assets 7,418 Property, plant and equipment, less accumulated depreciation 6,250 Operating lease right-of-use assets 3,893 Goodwill 331,024 Intangible assets, less accumulated amortization 63,541 Deferred income taxes 834 Other long-lived assets 5,325 Total assets of Tripwire disposal group $ 449,402 Liabilities: Accounts payable $ 6,458 Accrued liabilities 56,208 Deferred income taxes 10,964 Long-term operating lease liabilities 5,257 Other long-term liabilities 20,192 Total liabilities of Tripwire disposal group $ 99,079 The Tripwire disposal group also had $3.4 million of accumulated other comprehensive income as of December 31, 2021. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Apr. 03, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Disposals We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When we classify a disposal group as held for sale, we test for impairment. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil that met all of the criteria to classify the assets and liabilities of this business, formerly part of the Industrial Automation Solutions segment, as held for sale. At such time, the carrying value of the disposal group exceeded the fair value less costs to sell, which we determined based upon the expected sale price, by $3.4 million. Therefore, we recognized an impairment charge in Selling, General and Administrative Expenses equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Automation Solutions segment. We completed the sale of our oil and gas cable business in Brazil during the second quarter of 2021 for $10.9 million, net of cash delivered with the business. On February 7, 2022, we signed a definitive agreement to divest Tripwire for $350 million in cash, and completed the transaction on February 22, 2022. We recognized a loss on disposal of discontinued operations, net of tax of $4.6 million during the three months ended April 3, 2022. T he divestiture of Tripwire represents a strategic shift impacting our operations and financial results. As a result, the Tripwire disposal group, which was included in our Industrial Automation Solutions segment, is reported within discontinued operations. The following table summarizes the operating results of the Tripwire disposal group up to the February 22, 2022 disposal date during the first quarter of 2022 and 2021, respectively : January 1, 2022 - February 22, 2022 January 1, 2021 - April 4, 2021 (In thousands) Revenues $ 12,067 $ 27,698 Cost of sales (3,256) (5,257) Gross profit 8,811 22,441 Selling, general and administrative expenses (8,185) (10,819) Research and development expenses (5,528) (8,888) Amortization of intangible assets (638) (1,954) Income (loss) before taxes $ (5,540) $ 780 During the three months ended April 3, 2022 and April 4, 2021, th e Tripwire disposal group had capital expenditu res of approximately $0.0 million and $0.7 million, respectively, and recognized share-based compensation expense of $0.2 million and $0.7 million, res pectively. The disposal group did not have any significant non-cash charges for investing activities during the three months ended April 3, 2022 and April 4, 2021 . The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2021: December 31, 2021 (In thousands) Assets: Cash and cash equivalents $ 2,194 Receivables, net 28,773 Inventories, net 150 Other current assets 7,418 Property, plant and equipment, less accumulated depreciation 6,250 Operating lease right-of-use assets 3,893 Goodwill 331,024 Intangible assets, less accumulated amortization 63,541 Deferred income taxes 834 Other long-lived assets 5,325 Total assets of Tripwire disposal group $ 449,402 Liabilities: Accounts payable $ 6,458 Accrued liabilities 56,208 Deferred income taxes 10,964 Long-term operating lease liabilities 5,257 Other long-term liabilities 20,192 Total liabilities of Tripwire disposal group $ 99,079 The Tripwire disposal group also had $3.4 million of accumulated other comprehensive income as of December 31, 2021. |
Reportable Segments
Reportable Segments | 3 Months Ended |
Apr. 03, 2022 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments We are organized around two global businesses: Enterprise Solutions and Industrial Automation Solutions. Each of the global businesses represents a reportable segment. In conjunction with the Tripwire divestiture during the first quarter of 2022, we changed the name of our former Industrial Solutions segment to Industrial Automation Solutions. The composition of the segment did not change as a result of this name change. The key measures of segment profit or loss are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value; and other costs. We allocate corporate expenses to the segments for purposes of measuring Segment EBITDA. Corporate expenses are allocated on the basis of each segment’s relative EBITDA prior to the allocation. Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing. Inter-company revenues between our segments is not material. Enterprise Solutions Industrial Automation Solutions Total Segments (In thousands) As of and for the three months ended April 3, 2022 Segment Revenues $ 268,430 $ 341,941 $ 610,371 Segment EBITDA 30,821 67,528 98,349 Depreciation expense 5,426 5,800 11,226 Amortization of intangibles 4,097 4,720 8,817 Amortization of software development intangible assets 22 985 1,007 Severance, restructuring, and acquisition integration costs 328 3,395 3,723 Segment assets 574,494 628,290 1,202,784 As of and for the three months ended April 4, 2021 Segment Revenues $ 226,355 $ 282,328 $ 508,683 Segment EBITDA 28,291 47,611 75,902 Depreciation expense 5,363 5,364 10,727 Amortization of intangibles 4,336 3,657 7,993 Amortization of software development intangible assets 32 377 409 Severance, restructuring, and acquisition integration costs 1,952 3,219 5,171 Adjustments related to acquisitions and divestitures (6,307) (67) (6,374) Asset impairments — 6,995 6,995 Segment assets 476,217 560,351 1,036,568 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. Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Total Segment and Consolidated Revenues $ 610,371 $ 508,683 Total Segment EBITDA $ 98,349 $ 75,902 Depreciation expense (11,226) (10,727) Amortization of intangibles (8,817) (7,993) Amortization of software development intangible assets (1,007) (409) Severance, restructuring, and acquisition integration costs (1) (3,723) (5,171) Asset impairments (2) — (6,995) Adjustments related to acquisitions and divestitures (3) — 6,374 Eliminations (55) (33) Consolidated operating income 73,521 50,948 Interest expense, net (14,411) (15,511) Loss on debt extinguishment (6,392) — Total non-operating pension benefit 1,200 684 Consolidated income from continuing operations before taxes $ 53,918 $ 36,121 (1) Severance, restructuring, and acquisition integration costs for the three months ended April 3, 2022 primarily relate to our Acquisition Integration Program. See Note 12. Costs for the three months ended April 4, 2021 primarily relate to our Acquisition Integration Program and completed Cost Reduction Program. (2) During the three months ended April 4, 2021, we recognized a $3.6 million impairment on assets held and used and a $3.4 million impairment on assets held for sale . See Note 11. (3) During the three months ended April 4, 2021, we reduced the Opterna earn-out liability by $5.8 million |
Income (loss) per Share
Income (loss) per Share | 3 Months Ended |
Apr. 03, 2022 | |
Earnings Per Share [Abstract] | |
Income (loss) per Share | Income (loss) per Share The following table presents the basis for the income (loss) per share computations: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Numerator: Income from continuing operations $ 44,096 $ 29,065 Less: Net income attributable to noncontrolling interest 3 75 Income from continuing operations attributable to Belden stockholders 44,093 28,990 Add: Loss from discontinued operations, net of tax (3,685) (324) Add: Loss on disposal of discontinued operations, net of tax (4,567) — Net income attributable to Belden stockholders $ 35,841 $ 28,666 Denominator: Weighted average shares outstanding, basic 44,811 44,679 Effect of dilutive common stock equivalents 756 366 Weighted average shares outstanding, diluted 45,567 45,045 For the three months ended April 3, 2022 and April 4, 2021, diluted weighted average shares outstanding exclude outstanding equity awards of 1.1 million and 1.3 million, respectively, as they are anti-dilutive. In addition, for the three months ended April 3, 2022 and April 4, 2021, diluted weighted average shares outstanding do not include outstanding equity a wards of 0.1 million and 0.4 million , respectively, becau se the related performance conditions have not been satisfied. For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock. For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately. Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding. |
Credit Losses
Credit Losses | 3 Months Ended |
Apr. 03, 2022 | |
Credit Loss [Abstract] | |
Credit Losses | Credit Losses We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. Estimates are used to determine the allowance, which is based upon an assessment of anticipated payments as well as other information that is reasonably available. The following table presents the activity in the trade receivables allowance for doubtful accounts for our continuing operations for the three months ended April 3, 2022 and April 4, 2021, respectively: 2022 2021 (In thousands) Beginning balance at January 1 $ 4,864 $ 5,085 Current period provision 846 52 Acquisitions 319 — Write-offs (667) (47) Recoveries collected (50) (23) Fx impact (19) (17) Q1 ending balance $ 5,293 $ 5,050 |
Inventories
Inventories | 3 Months Ended |
Apr. 03, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table presents the major classes of inventories as of April 3, 2022 and December 31, 2021, respectively: April 3, 2022 December 31, 2021 (In thousands) Raw materials $ 173,524 $ 157,315 Work-in-process 47,361 43,644 Finished goods 221,226 189,907 Gross inventories 442,111 390,866 Excess and obsolete reserves (45,614) (45,663) Net inventories $ 396,497 $ 345,203 |
Leases
Leases | 3 Months Ended |
Apr. 03, 2022 | |
Leases [Abstract] | |
Leases | Leases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 17 years; some of which include extension and termination options for an additional 15 years or within 1 year, respectively. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments. We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet, and for the three months ended April 3, 2022 and April 4, 2021, the rent expense for short-term leases was not material. We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component. As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of 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. 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 April 3, 2022, the SAM lease has approximately $19.2 million of lease payments remaining. We have not recorded a liability associated with this guarantee. The components of lease expense were as follows: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Operating lease cost $ 5,428 $ 4,430 Finance lease cost Amortization of right-of-use asset $ 288 $ 32 Interest on lease liabilities 6 3 Total finance lease cost $ 294 $ 35 Supplemental cash flow information related to leases was as follows: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,776 $ 3,671 Operating cash flows from finance leases 6 3 Financing cash flows from finance leases 43 41 Supplemental balance sheet information related to leases was as follows: April 3, 2022 December 31, 2021 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 80,219 $ 75,571 Accrued liabilities $ 16,818 $ 16,377 Long-term operating lease liabilities 65,943 61,967 Total operating lease liabilities $ 82,761 $ 78,344 Finance leases: Other long-lived assets, at cost $ 3,799 $ 3,650 Accumulated depreciation (849) (557) Other long-lived assets, net $ 2,950 $ 3,093 Weighted Average Remaining Lease Term Operating leases 7 years 6 years Finance leases 4 years 4 years Weighted Average Discount Rate Operating leases 5.0 % 4.8 % Finance leases 4.3 % 4.4 % The following table summarizes maturities of lease liabilities as of April 3, 2022 and December 31, 2021, respectively: April 3, 2022 December 31, 2021 (In thousands) 2022 $ 16,034 $ 20,691 2023 17,956 16,853 2024 14,583 13,662 2025 13,249 12,348 2026 11,379 10,466 Thereafter 23,793 17,967 Total $ 96,994 $ 91,987 |
Leases | Leases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 17 years; some of which include extension and termination options for an additional 15 years or within 1 year, respectively. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments. We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet, and for the three months ended April 3, 2022 and April 4, 2021, the rent expense for short-term leases was not material. We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component. As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of 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. 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 April 3, 2022, the SAM lease has approximately $19.2 million of lease payments remaining. We have not recorded a liability associated with this guarantee. The components of lease expense were as follows: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Operating lease cost $ 5,428 $ 4,430 Finance lease cost Amortization of right-of-use asset $ 288 $ 32 Interest on lease liabilities 6 3 Total finance lease cost $ 294 $ 35 Supplemental cash flow information related to leases was as follows: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,776 $ 3,671 Operating cash flows from finance leases 6 3 Financing cash flows from finance leases 43 41 Supplemental balance sheet information related to leases was as follows: April 3, 2022 December 31, 2021 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 80,219 $ 75,571 Accrued liabilities $ 16,818 $ 16,377 Long-term operating lease liabilities 65,943 61,967 Total operating lease liabilities $ 82,761 $ 78,344 Finance leases: Other long-lived assets, at cost $ 3,799 $ 3,650 Accumulated depreciation (849) (557) Other long-lived assets, net $ 2,950 $ 3,093 Weighted Average Remaining Lease Term Operating leases 7 years 6 years Finance leases 4 years 4 years Weighted Average Discount Rate Operating leases 5.0 % 4.8 % Finance leases 4.3 % 4.4 % The following table summarizes maturities of lease liabilities as of April 3, 2022 and December 31, 2021, respectively: April 3, 2022 December 31, 2021 (In thousands) 2022 $ 16,034 $ 20,691 2023 17,956 16,853 2024 14,583 13,662 2025 13,249 12,348 2026 11,379 10,466 Thereafter 23,793 17,967 Total $ 96,994 $ 91,987 |
Long-Lived Assets
Long-Lived Assets | 3 Months Ended |
Apr. 03, 2022 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Assets | Long-Lived Assets Depreciation and Amortization Expense We recognized depreciation expense in income from continuing operations of $11.2 million and $10.7 million in the three months ended April 3, 2022 and April 4, 2021, respectively. We recognized amortization expense in income from continuing operations of $9.8 million and $8.4 million in the three months ended April 3, 2022 and April 4, 2021, respectively. Asset Impairment During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil, and recognized an impairment charge of $3.4 million during the three months ended April 4, 2021. During the second quarter of 2021, w e completed the sale of this business. See Note 4. |
Severance, Restructuring, and A
Severance, Restructuring, and Acquisition Integration Activities | 3 Months Ended |
Apr. 03, 2022 | |
Restructuring and Related Activities [Abstract] | |
Severance, Restructuring, and Acquisition Integration Activities | Severance, Restructuring, and Acquisition Integration Activities Acquisition Integration Program We are integrating our recent acquisitions with our existing businesses to achieve desired cost savings, which are primarily focused on consolidating existing and acquired facilities as well as other support functions. The Industrial Automation Solutions segment incurred $3.0 million of restructuring and integration costs during the three months ended April 3, 2022 related to the Macmon, NetModule and OTN Systems acquisitions. We expect to incur approximately $7 million of incremental costs for this program in 2022. The Enterprise Solutions and Industrial Automation Solutions segments recognized $1.8 million of severance and other restructuring and integration costs during the three months ended April 4, 2021 related to the OTN Systems and Opterna acquisitions. The restructuring and integration costs incurred during the first quarter of 2022 and 2021 primarily consisted of equipment transfer, costs to consolidate operating and support facilities, retention bonuses, relocation, travel, legal, and other costs. The majority of the restructuring and integration costs related to these actions were paid as incurred or are payable within the next 60 days. Furthermore, t here were no significant severance accrual balances as of April 3, 2022 or December 31, 2021. The following table summarizes the severance and other restructuring and integration costs of the Acquisition Integration Program described above by financial statement line item in the Condensed Consolidated Statement of Operations: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Cost of sales $ 372 $ — Selling, general and administrative expenses 2,611 1,768 Total $ 2,983 $ 1,768 |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowing Arrangements | 3 Months Ended |
Apr. 03, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowing Arrangements | Long-Term Debt and Other Borrowing Arrangements The carrying values of our long-term debt were as follows: April 3, 2022 December 31, 2021 (In thousands) Revolving credit agreement due 2026 $ — $ — Senior subordinated notes: 4.125% Senior subordinated notes due 2026 — 227,240 3.375% Senior subordinated notes due 2027 502,470 511,290 3.875% Senior subordinated notes due 2028 390,810 397,670 3.375% Senior subordinated notes due 2031 334,980 340,860 Total senior subordinated notes 1,228,260 1,477,060 Less unamortized debt issuance costs (14,621) (17,069) Long-term debt $ 1,213,639 $ 1,459,991 Revolving Credit Agreement due 2026 On June 2, 2021, we entered into an amended and restated Revolving Credit Agreement that provides a $300.0 million multi-currency asset-based revolving credit facility (the Revolver). The maturity date of the Revolver is June 2, 2026. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the United States, Canada, Germany, the United Kingdom and the Netherlands. Interest on outstanding borrowings is variable, based upon LIBOR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25%-1.75%, depending upon our leverage position. Outstanding borrowings in the U.S. and Canada may also, at our election, be priced on a base rate plus a spread that ranges from 0.25% — 0.75%, depending on our leverage position. We pay a commitment fee on the total commitments of 0.25%. In the event that we borrow more than 90% of our combined borrowing base or our borrowing base availability is less than $20.0 million, we are subject to a fixed charge coverage ratio covenant. We paid approximately $2.3 million of fees associated with the amended Revolver, which will be amortized over its term using the effective interest method. As of April 3, 2022, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $292.5 million. Senior Subordinated Notes We had outstanding €200.0 million aggregate principal amount of 4.125% senior subordinated notes due 2026 (the 2026 Notes). In March 2022, we repurchased the full €200.0 million 2026 Notes outstanding for cash consideration of €204.1 million ($227.9 million), including a redemption premium, and recognized a $6.4 million loss on debt extinguishment including the write-off of unamortized debt issuance costs. We have outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). The carrying value of the 2027 Notes as of April 3, 2022 is $502.5 million. The 2027 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2027 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2028 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year. We have outstanding €350.0 million aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of April 3, 2022 is $390.8 million. The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2028 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year. We have outstanding €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). The carrying value of the 2031 Notes as of April 3, 2022 is $335.0 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantor s, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year. Fair Value of Long-Term Debt |
Net Investment Hedge
Net Investment Hedge | 3 Months Ended |
Apr. 03, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net Investment Hedge | Net Investment Hedge All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of April 3, 2022, €567.8 million o f 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 three months ended April 3, 2022 and April 4, 2021, the transaction gain associated with the net investment hedge reported in other comprehensive income was $13.7 million and $38.5 million, respectively. During the three months ended April 3, 2022, we de-designated €200.0 million of our outstanding debt that was previously designated as a net investment hedge. After the de-designation, transaction gains or losses associated with this €200.0 million of debt are reported in income from continuing operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 03, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three months ended April 3, 2022, we recognized income tax expense of $9.8 million representing an effective tax rate of 18.2%. The effective tax rate was primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. For the three months ended April 4, 2021, we recognized income tax expense of $7.1 million representing an effective tax rate of 19.5%. The effective tax rate was primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. |
Pension and Other Postretiremen
Pension and Other Postretirement Obligations | 3 Months Ended |
Apr. 03, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Obligations | Pension and Other Postretirement Obligations The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: Pension Obligations Other Postretirement Obligations Three Months Ended April 3, 2022 April 4, 2021 April 3, 2022 April 4, 2021 (In thousands) Service cost $ 911 $ 886 $ 6 $ 9 Interest cost 2,305 1,806 195 177 Expected return on plan assets (3,963) (3,668) — — Amortization of prior service cost 47 28 — — Actuarial losses (gains) 236 979 (20) (6) Net periodic benefit cost (income) $ (464) $ 31 $ 181 $ 180 |
Comprehensive Income and Accumu
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 03, 2022 | |
Equity [Abstract] | |
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | Comprehensive Income and Accumulated Other Comprehensive Income (Loss) The following table summarizes total comprehensive income (losses): Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Net income $ 35,844 $ 28,741 Foreign currency translation adjustments, net of tax 3,762 52,764 Adjustments to pension and postretirement liability, net of tax 193 764 Total comprehensive income 39,799 82,269 Less: Comprehensive income (loss) attributable to noncontrolling interests 30 (122) Comprehensive income attributable to Belden $ 39,769 $ 82,391 The tax impacts of the foreign currency translation adjustments and pension liability adjustments in the table above are not material. The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: Foreign Currency Translation Component Pension and Other Accumulated Other (In thousands) Balance at December 31, 2021 $ (41,468) $ (29,098) $ (70,566) Other comprehensive income attributable to Belden before reclassifications 6,742 — 6,742 Amounts reclassified from accumulated other comprehensive income (loss) (3,007) 193 (2,814) Net current period other comprehensive income attributable to Belden 3,735 193 3,928 Balance at April 3, 2022 $ (37,733) $ (28,905) $ (66,638) The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the three months ended April 3, 2022: Amount Reclassified from Accumulated Other Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (In thousands) Amortization of pension and other postretirement benefit plan items: Actuarial losses $ 216 (1) Prior service cost 47 (1) Total before tax 263 Tax benefit (70) Total net of tax $ 193 (1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16). (2) In addition, we reclassified $3.0 million of accumulated foreign currency translation gains associated with the sale of Tripwire. |
Share Repurchase
Share Repurchase | 3 Months Ended |
Apr. 03, 2022 | |
Equity [Abstract] | |
Share Repurchase | Share RepurchaseIn 2018, our Board of Directors authorized a share repurchase program, which allows us to purchase up to $300.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program is funded with cash on hand and cash flows from operating activities. During the three months ended April 3, 2022, we repurchased 0.9 million shares of our common stock under the share repurchase program for an aggregate cost of $50.0 million at an average price per share of $56.51. During the three months ended April 4, 2021, we did not repurchase any stock. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Apr. 03, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn April 15, 2022, we acquired Communication Associates, Inc. (Communication Associates) for approximately $19 million, net of cash acquired. The acquisition was funded with cash on hand. Communication Associates is headquartered in Anniston, Alabama and designs, manufactures, and sells a range of plug-in RF filters used in outside plant HFC nodes. The results of Communication Associates will be reported within our Enterprise Solutions segment from the acquisition date. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 03, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2021: • Are prepared from the books and records without audit, and • Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but • Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2021 Annual Report on Form 10-K. |
Business Description | Business DescriptionWe are a global supplier of specialty networking solutions built around two global businesses - Enterprise Solutions and Industrial Automation Solutions. Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments. |
Reporting Periods | Reporting PeriodsOur fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was April 3, 2022, the 93rd day of our fiscal year 2022. Our fiscal second and third quarters each have 91 days. The three months ended April 3, 2022 and April 4, 2021 included 93 days and 94 days, respectively. |
Fair Value Measurement | Fair Value Measurement Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. As of and during the three months ended April 3, 2022 and April 4, 2021, we utilized Level 1 inputs to determine the fair value of cash equivalents, and we utilized Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for impairment testing (see Notes 4 and 11). We did not have any transfers between Level 1 and Level 2 fair value measurements during the three months ended April 3, 2022 and April 4, 2021. |
Cash and Cash Equivalents | Cash and Cash EquivalentsWe classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of April 3, 2022, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes. |
Contingent Liabilities | Contingent Liabilities We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow. As of April 3, 2022, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.4 million, $6.2 million, and $3.3 million, respectively. |
Revenue Recognition | Revenue Recognition We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 2. |
Subsequent Events | Subsequent Events We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure. |
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 Automation Solutions products and integrated solutions to customers in China. Belden and Hite are committed to fund $1.53 million and $1.47 million, respectively, to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net income attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations. The joint venture is not material to our consolidated financial statements as of or for the periods ended April 3, 2022 and April 4, 2021. 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 attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. During the fourth quarter of 2021, we purchased Opterna's noncontrolling interests for a purchase price of $2.3 million. A subsidiary of OTN Systems includes a noncontrolling interest. Because we have a controlling financial interest in the subsidiary, it is consolidated into our financial statements. This subsidiary that includes a noncontrolling interest is not material to our consolidated financial statements as of or for the periods ended April 3, 2022 and April 4, 2021. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present our revenues disaggregated by major product category. Broadband Industrial Automation Smart Buildings Total Three Months Ended April 3, 2022 (In thousands) Enterprise Solutions $ 121,805 $ — $ 146,625 $ 268,430 Industrial Automation Solutions — 341,941 — 341,941 Total $ 121,805 $ 341,941 $ 146,625 $ 610,371 Three Months Ended April 4, 2021 Enterprise Solutions $ 105,091 $ — $ 121,264 $ 226,355 Industrial Automation Solutions — 282,328 — 282,328 Total $ 105,091 $ 282,328 $ 121,264 $ 508,683 The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product. Americas EMEA APAC Total Revenues Three Months Ended April 3, 2022 (In thousands) Enterprise Solutions $ 204,386 $ 39,389 $ 24,655 $ 268,430 Industrial Automation Solutions 204,310 90,451 47,180 341,941 Total $ 408,696 $ 129,840 $ 71,835 $ 610,371 Three Months Ended April 4, 2021 Enterprise Solutions $ 162,675 $ 37,936 $ 25,744 $ 226,355 Industrial Automation Solutions 166,223 75,096 41,009 282,328 Total $ 328,898 $ 113,032 $ 66,753 $ 508,683 |
Contract with Customer, Asset and Liability | The following table presents estimated and accrued variable consideration: April 3, 2022 December 31, 2021 (in thousands) Accrued rebates included in accrued liabilities $ 28,897 $ 55,520 Accrued returns included in accrued liabilities 11,492 12,500 Price adjustments recognized against gross accounts receivable 22,742 23,035 The following table presents deferred revenue activity during the three months ended April 3, 2022 and April 4, 2021: 2022 2021 (In thousands) Beginning balance at January 1 $ 19,390 $ 11,130 New deferrals 8,857 3,751 Acquisitions 6,567 5,997 Revenue recognized (3,365) (1,272) Balance at the end of Q1 $ 31,449 $ 19,606 |
Sales Commissions | The following table presents sales commissions that are recorded within selling, general and administrative expenses: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Sales commissions $ 5,223 $ 3,782 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of January 17, 2022 (in thousands): Receivables $ 1,836 Other current assets 173 Property, plant and equipment 160 Intangible assets 22,248 Goodwill 31,258 Operating lease right-of-use assets 2,979 Total assets acquired $ 58,654 Accounts payable $ 371 Accrued liabilities 4,079 Deferred income taxes 5,828 Long-term operating lease liabilities 2,534 Other long-term liabilities 3,401 Total liabilities assumed $ 16,213 Net assets $ 42,441 |
Schedule of Acquired Intangible Assets | Our tax basis in the acquired goodwill is zero. The intangible assets related to the Macmon acquisition consisted of the following: Fair Value Amortization Period (In thousands) (In years) Intangible assets subject to amortization: Developed technologies $ 18,825 4.0 Customer relationships 2,282 15.0 Trademarks 1,141 2.0 Total intangible assets subject to amortization $ 22,248 Intangible assets not subject to amortization: Goodwill $ 31,258 n/a Total intangible assets not subject to amortization $ 31,258 Total intangible assets $ 53,506 Weighted average amortization period 5.0 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the operating results of the Tripwire disposal group up to the February 22, 2022 disposal date during the first quarter of 2022 and 2021, respectively : January 1, 2022 - February 22, 2022 January 1, 2021 - April 4, 2021 (In thousands) Revenues $ 12,067 $ 27,698 Cost of sales (3,256) (5,257) Gross profit 8,811 22,441 Selling, general and administrative expenses (8,185) (10,819) Research and development expenses (5,528) (8,888) Amortization of intangible assets (638) (1,954) Income (loss) before taxes $ (5,540) $ 780 The following table provides the major classes of assets and liabilities of the disposal group as of December 31, 2021: December 31, 2021 (In thousands) Assets: Cash and cash equivalents $ 2,194 Receivables, net 28,773 Inventories, net 150 Other current assets 7,418 Property, plant and equipment, less accumulated depreciation 6,250 Operating lease right-of-use assets 3,893 Goodwill 331,024 Intangible assets, less accumulated amortization 63,541 Deferred income taxes 834 Other long-lived assets 5,325 Total assets of Tripwire disposal group $ 449,402 Liabilities: Accounts payable $ 6,458 Accrued liabilities 56,208 Deferred income taxes 10,964 Long-term operating lease liabilities 5,257 Other long-term liabilities 20,192 Total liabilities of Tripwire disposal group $ 99,079 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing. Inter-company revenues between our segments is not material. Enterprise Solutions Industrial Automation Solutions Total Segments (In thousands) As of and for the three months ended April 3, 2022 Segment Revenues $ 268,430 $ 341,941 $ 610,371 Segment EBITDA 30,821 67,528 98,349 Depreciation expense 5,426 5,800 11,226 Amortization of intangibles 4,097 4,720 8,817 Amortization of software development intangible assets 22 985 1,007 Severance, restructuring, and acquisition integration costs 328 3,395 3,723 Segment assets 574,494 628,290 1,202,784 As of and for the three months ended April 4, 2021 Segment Revenues $ 226,355 $ 282,328 $ 508,683 Segment EBITDA 28,291 47,611 75,902 Depreciation expense 5,363 5,364 10,727 Amortization of intangibles 4,336 3,657 7,993 Amortization of software development intangible assets 32 377 409 Severance, restructuring, and acquisition integration costs 1,952 3,219 5,171 Adjustments related to acquisitions and divestitures (6,307) (67) (6,374) Asset impairments — 6,995 6,995 Segment assets 476,217 560,351 1,036,568 |
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. Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Total Segment and Consolidated Revenues $ 610,371 $ 508,683 Total Segment EBITDA $ 98,349 $ 75,902 Depreciation expense (11,226) (10,727) Amortization of intangibles (8,817) (7,993) Amortization of software development intangible assets (1,007) (409) Severance, restructuring, and acquisition integration costs (1) (3,723) (5,171) Asset impairments (2) — (6,995) Adjustments related to acquisitions and divestitures (3) — 6,374 Eliminations (55) (33) Consolidated operating income 73,521 50,948 Interest expense, net (14,411) (15,511) Loss on debt extinguishment (6,392) — Total non-operating pension benefit 1,200 684 Consolidated income from continuing operations before taxes $ 53,918 $ 36,121 (1) Severance, restructuring, and acquisition integration costs for the three months ended April 3, 2022 primarily relate to our Acquisition Integration Program. See Note 12. Costs for the three months ended April 4, 2021 primarily relate to our Acquisition Integration Program and completed Cost Reduction Program. (2) During the three months ended April 4, 2021, we recognized a $3.6 million impairment on assets held and used and a $3.4 million impairment on assets held for sale . See Note 11. (3) During the three months ended April 4, 2021, we reduced the Opterna earn-out liability by $5.8 million |
Income (loss) per Share (Tables
Income (loss) per Share (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Earnings Per Share [Abstract] | |
Basis for Income Per Share Computations | The following table presents the basis for the income (loss) per share computations: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Numerator: Income from continuing operations $ 44,096 $ 29,065 Less: Net income attributable to noncontrolling interest 3 75 Income from continuing operations attributable to Belden stockholders 44,093 28,990 Add: Loss from discontinued operations, net of tax (3,685) (324) Add: Loss on disposal of discontinued operations, net of tax (4,567) — Net income attributable to Belden stockholders $ 35,841 $ 28,666 Denominator: Weighted average shares outstanding, basic 44,811 44,679 Effect of dilutive common stock equivalents 756 366 Weighted average shares outstanding, diluted 45,567 45,045 |
Credit Losses (Tables)
Credit Losses (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Credit Loss [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | The following table presents the activity in the trade receivables allowance for doubtful accounts for our continuing operations for the three months ended April 3, 2022 and April 4, 2021, respectively: 2022 2021 (In thousands) Beginning balance at January 1 $ 4,864 $ 5,085 Current period provision 846 52 Acquisitions 319 — Write-offs (667) (47) Recoveries collected (50) (23) Fx impact (19) (17) Q1 ending balance $ 5,293 $ 5,050 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Inventory Disclosure [Abstract] | |
Major Classes of Inventories | The following table presents the major classes of inventories as of April 3, 2022 and December 31, 2021, respectively: April 3, 2022 December 31, 2021 (In thousands) Raw materials $ 173,524 $ 157,315 Work-in-process 47,361 43,644 Finished goods 221,226 189,907 Gross inventories 442,111 390,866 Excess and obsolete reserves (45,614) (45,663) Net inventories $ 396,497 $ 345,203 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Operating lease cost $ 5,428 $ 4,430 Finance lease cost Amortization of right-of-use asset $ 288 $ 32 Interest on lease liabilities 6 3 Total finance lease cost $ 294 $ 35 |
Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases was as follows: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,776 $ 3,671 Operating cash flows from finance leases 6 3 Financing cash flows from finance leases 43 41 |
Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases was as follows: April 3, 2022 December 31, 2021 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 80,219 $ 75,571 Accrued liabilities $ 16,818 $ 16,377 Long-term operating lease liabilities 65,943 61,967 Total operating lease liabilities $ 82,761 $ 78,344 Finance leases: Other long-lived assets, at cost $ 3,799 $ 3,650 Accumulated depreciation (849) (557) Other long-lived assets, net $ 2,950 $ 3,093 |
Supplemental Other Information Related To Leases | Weighted Average Remaining Lease Term Operating leases 7 years 6 years Finance leases 4 years 4 years Weighted Average Discount Rate Operating leases 5.0 % 4.8 % Finance leases 4.3 % 4.4 % |
Operating Lease, Liability, Maturity | The following table summarizes maturities of lease liabilities as of April 3, 2022 and December 31, 2021, respectively: April 3, 2022 December 31, 2021 (In thousands) 2022 $ 16,034 $ 20,691 2023 17,956 16,853 2024 14,583 13,662 2025 13,249 12,348 2026 11,379 10,466 Thereafter 23,793 17,967 Total $ 96,994 $ 91,987 |
Severance, Restructuring, and_2
Severance, Restructuring, and Acquisition Integration Activities (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Restructuring and Related Activities [Abstract] | |
Severance, Restructuring and Integration Costs by Segment | The following table summarizes the severance and other restructuring and integration costs of the Acquisition Integration Program described above by financial statement line item in the Condensed Consolidated Statement of Operations: Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Cost of sales $ 372 $ — Selling, general and administrative expenses 2,611 1,768 Total $ 2,983 $ 1,768 |
Long-Term Debt and Other Borr_2
Long-Term Debt and Other Borrowing Arrangements (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Debt Disclosure [Abstract] | |
Carrying Values of Long-Term Debt and Other Borrowing Arrangements | The carrying values of our long-term debt were as follows: April 3, 2022 December 31, 2021 (In thousands) Revolving credit agreement due 2026 $ — $ — Senior subordinated notes: 4.125% Senior subordinated notes due 2026 — 227,240 3.375% Senior subordinated notes due 2027 502,470 511,290 3.875% Senior subordinated notes due 2028 390,810 397,670 3.375% Senior subordinated notes due 2031 334,980 340,860 Total senior subordinated notes 1,228,260 1,477,060 Less unamortized debt issuance costs (14,621) (17,069) Long-term debt $ 1,213,639 $ 1,459,991 |
Pension and Other Postretirem_2
Pension and Other Postretirement Obligations (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: Pension Obligations Other Postretirement Obligations Three Months Ended April 3, 2022 April 4, 2021 April 3, 2022 April 4, 2021 (In thousands) Service cost $ 911 $ 886 $ 6 $ 9 Interest cost 2,305 1,806 195 177 Expected return on plan assets (3,963) (3,668) — — Amortization of prior service cost 47 28 — — Actuarial losses (gains) 236 979 (20) (6) Net periodic benefit cost (income) $ (464) $ 31 $ 181 $ 180 |
Comprehensive Income and Accu_2
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Apr. 03, 2022 | |
Equity [Abstract] | |
Total Comprehensive Income (Loss) | The following table summarizes total comprehensive income (losses): Three Months Ended April 3, 2022 April 4, 2021 (In thousands) Net income $ 35,844 $ 28,741 Foreign currency translation adjustments, net of tax 3,762 52,764 Adjustments to pension and postretirement liability, net of tax 193 764 Total comprehensive income 39,799 82,269 Less: Comprehensive income (loss) attributable to noncontrolling interests 30 (122) Comprehensive income attributable to Belden $ 39,769 $ 82,391 |
Components of Other Comprehensive Income (Loss), Net of Tax | The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: Foreign Currency Translation Component Pension and Other Accumulated Other (In thousands) Balance at December 31, 2021 $ (41,468) $ (29,098) $ (70,566) Other comprehensive income attributable to Belden before reclassifications 6,742 — 6,742 Amounts reclassified from accumulated other comprehensive income (loss) (3,007) 193 (2,814) Net current period other comprehensive income attributable to Belden 3,735 193 3,928 Balance at April 3, 2022 $ (37,733) $ (28,905) $ (66,638) |
Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the three months ended April 3, 2022: Amount Reclassified from Accumulated Other Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (In thousands) Amortization of pension and other postretirement benefit plan items: Actuarial losses $ 216 (1) Prior service cost 47 (1) Total before tax 263 Tax benefit (70) Total net of tax $ 193 (1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16). (2) In addition, we reclassified $3.0 million of accumulated foreign currency translation gains associated with the sale of Tripwire. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | |||
Apr. 03, 2022USD ($)segment | Apr. 03, 2022USD ($) | Apr. 03, 2022USD ($)Segment | Dec. 31, 2021USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Number of global business platforms | 2 | 2 | ||
Additional contribution commitments to joint venture | $ 1,530 | |||
Hite additional contribution commitment to joint venture | 1,470 | |||
Opterna International Corp. | ||||
Significant Accounting Policies [Line Items] | ||||
Noncontrolling interest, purchase price | $ 2,300 | |||
Standby Letters of Credit | ||||
Significant Accounting Policies [Line Items] | ||||
Loss contingency, range of possible loss, portion not accrued | $ 7,400 | 7,400 | $ 7,400 | |
Bank Guaranties | ||||
Significant Accounting Policies [Line Items] | ||||
Loss contingency, range of possible loss, portion not accrued | 6,200 | 6,200 | 6,200 | |
Surety Bonds | ||||
Significant Accounting Policies [Line Items] | ||||
Loss contingency, range of possible loss, portion not accrued | $ 3,300 | $ 3,300 | $ 3,300 | |
Hite | ||||
Significant Accounting Policies [Line Items] | ||||
Noncontrolling interest, ownership percentage by parent | 51.00% | 51.00% | 51.00% |
Revenues - Major Product Catego
Revenues - Major Product Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 610,371 | $ 508,683 |
Enterprise Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 268,430 | 226,355 |
Industrial Automation Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 341,941 | 282,328 |
Broadband & 5G | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 121,805 | 105,091 |
Broadband & 5G | Enterprise Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 121,805 | 105,091 |
Broadband & 5G | Industrial Automation Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Industrial Automation | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 341,941 | 282,328 |
Industrial Automation | Enterprise Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Industrial Automation | Industrial Automation Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 341,941 | 282,328 |
Smart Buildings | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 146,625 | 121,264 |
Smart Buildings | Enterprise Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 146,625 | 121,264 |
Smart Buildings | Industrial Automation Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 0 | $ 0 |
Revenues - Location of Customer
Revenues - Location of Customer (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 610,371 | $ 508,683 |
Enterprise Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 268,430 | 226,355 |
Industrial Automation Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 341,941 | 282,328 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 408,696 | 328,898 |
Americas | Enterprise Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 204,386 | 162,675 |
Americas | Industrial Automation Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 204,310 | 166,223 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 129,840 | 113,032 |
EMEA | Enterprise Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 39,389 | 37,936 |
EMEA | Industrial Automation Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 90,451 | 75,096 |
APAC | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 71,835 | 66,753 |
APAC | Enterprise Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 24,655 | 25,744 |
APAC | Industrial Automation Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 47,180 | $ 41,009 |
Revenues Revenues - Estimated a
Revenues Revenues - Estimated and Accrued Variable Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 03, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Accrued rebates included in accrued liabilities | $ 28,897 | $ 55,520 |
Accrued returns included in accrued liabilities | 11,492 | 12,500 |
Price adjustments recognized against gross accounts receivable | $ 22,742 | $ 23,035 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 | Apr. 04, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||||
Contract with customer, deferred revenues | $ 31,449 | $ 19,390 | $ 19,606 | $ 11,130 |
Contract with customer, deferred revenues, current | 23,900 | |||
Contract with customer, deferred revenues, noncurrent | 7,500 | |||
Service-Type Warranties | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract with customer, deferred revenues | 9,000 | |||
Contract with customer, deferred revenues, current | 4,200 | |||
Contract with customer, deferred revenues, noncurrent | $ 4,800 |
Revenues - Deferred Revenue (De
Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Change in Contract with Customer, Liability [Abstract] | ||
Beginning balance | $ 19,390 | $ 11,130 |
New deferrals | 8,857 | 3,751 |
Acquisitions | 6,567 | 5,997 |
Revenue recognized | (3,365) | (1,272) |
Balance at end of period | $ 31,449 | $ 19,606 |
Revenues - Sales Commissions (D
Revenues - Sales Commissions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Sales commissions | $ 5,223 | $ 3,782 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | Mar. 03, 2022 | Jan. 17, 2022 | Apr. 03, 2022 | Apr. 04, 2021 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||
Purchase price, net of cash acquired | $ 65,990,000 | $ 72,232,000 | |||
Selling, general and administrative expense | $ 103,066,000 | 80,635,000 | |||
NetModule AG | |||||
Business Acquisition [Line Items] | |||||
Purchase price, net of cash acquired | $ 23,500,000 | ||||
macmon secure GmbH | |||||
Business Acquisition [Line Items] | |||||
Purchase price, net of cash acquired | $ 42,400,000 | ||||
Receivables | 1,836,000 | ||||
Tax basis in acquired goodwill | $ 0 | ||||
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 | Apr. 03, 2022 | Jan. 17, 2022 | Dec. 31, 2021 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Goodwill | $ 859,276 | $ 821,448 | |
macmon secure GmbH | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Receivables | $ 1,836 | ||
Other current assets | 173 | ||
Property, plant and equipment | 160 | ||
Intangible assets | 22,248 | ||
Goodwill | 31,258 | ||
Operating lease right-of-use assets | 2,979 | ||
Total assets acquired | 58,654 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||
Accounts payable | 371 | ||
Accrued liabilities | 4,079 | ||
Deferred income taxes | 5,828 | ||
Long-term operating lease liabilities | 2,534 | ||
Other long-term liabilities | 3,401 | ||
Total liabilities assumed | 16,213 | ||
Net assets | $ 42,441 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 17, 2022 | Apr. 03, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 859,276 | $ 821,448 | |
macmon secure GmbH | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 22,248 | ||
Goodwill | 31,258 | ||
Total intangible assets | $ 53,506 | ||
Amortization period (in years) | 5 years | ||
macmon secure GmbH | Goodwill | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 31,258 | ||
macmon secure GmbH | Developed technologies | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 18,825 | ||
Amortization period (in years) | 4 years | ||
macmon secure GmbH | Customer relationships | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 2,282 | ||
Amortization period (in years) | 15 years | ||
macmon secure GmbH | Trademarks | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 1,141 | ||
Amortization period (in years) | 2 years |
Disposals (Details)
Disposals (Details) - USD ($) $ in Millions | Jul. 04, 2021 | Apr. 04, 2021 |
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 | $ 3.4 | |
Discontinued Operations, Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consideration | $ 10.9 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | Feb. 02, 2022 | Apr. 03, 2022 | Apr. 04, 2021 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on disposal of discontinued operations, net of tax | $ (4,567) | $ 0 | ||
Tripwire | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses | $ 350,000 | |||
Loss on disposal of discontinued operations, net of tax | 4,600 | |||
Capital expenditure, discontinued operations | 0 | 700 | ||
Stock-based compensation, income | $ 200 | $ 700 | ||
Accumulated other comprehensive income (loss), net of tax | $ 3,400 |
Discontinued Operations - Opera
Discontinued Operations - Operating Results of the Disposal Group (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | |
Feb. 22, 2022 | Apr. 03, 2022 | Apr. 04, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Amortization of intangible assets | $ 0 | $ (6,995) | |
Tripwire | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $ 12,067 | 27,698 | |
Cost of sales | (3,256) | (5,257) | |
Gross profit | 8,811 | 22,441 | |
Selling, general and administrative expenses | (8,185) | (10,819) | |
Research and development expenses | (5,528) | (8,888) | |
Amortization of intangible assets | (638) | (1,954) | |
Income (loss) before taxes | $ (5,540) | $ 780 |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities of the Disposal Group (Details) - Tripwire - Discontinued Operations, Held-for-sale $ in Thousands | Dec. 31, 2021USD ($) |
Assets: | |
Cash and cash equivalents | $ 2,194 |
Receivables, net | 28,773 |
Inventories, net | 150 |
Other current assets | 7,418 |
Property, plant and equipment, less accumulated depreciation | 6,250 |
Operating lease right-of-use assets | 3,893 |
Goodwill | 331,024 |
Intangible assets, less accumulated amortization | 63,541 |
Deferred income taxes | 834 |
Other long-lived assets | 5,325 |
Total assets of Tripwire disposal group | 449,402 |
Liabilities: | |
Accounts payable | 6,458 |
Accrued liabilities | 56,208 |
Deferred income taxes | 10,964 |
Long-term operating lease liabilities | 5,257 |
Other long-term liabilities | 20,192 |
Total liabilities of Tripwire disposal group | $ 99,079 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) - 3 months ended Apr. 03, 2022 | segment | Segment |
Segment Reporting [Abstract] | ||
Number of global business platforms | 2 | 2 |
Reportable Segments - Operating
Reportable Segments - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 03, 2022 | Apr. 04, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Segment Revenues | $ 610,371 | $ 508,683 | |
Depreciation expense | 11,200 | 10,700 | |
Amortization of intangibles | 8,817 | 7,993 | |
Severance, restructuring, and acquisition integration costs | 2,983 | 1,768 | |
Asset impairments | 0 | 6,995 | |
Segment assets | 3,003,271 | $ 3,417,677 | |
Reportable Segment | |||
Segment Reporting Information [Line Items] | |||
Segment Revenues | 610,371 | 508,683 | |
Segment EBITDA | 98,349 | 75,902 | |
Depreciation expense | 11,226 | 10,727 | |
Amortization of intangibles | 8,817 | 7,993 | |
Amortization of software development intangible assets | 1,007 | 409 | |
Severance, restructuring, and acquisition integration costs | 3,723 | 5,171 | |
Adjustments related to acquisitions and divestitures | 0 | (6,374) | |
Asset impairments | 0 | 6,995 | |
Segment assets | 1,202,784 | 1,036,568 | |
Enterprise Solutions | |||
Segment Reporting Information [Line Items] | |||
Segment Revenues | 268,430 | 226,355 | |
Enterprise Solutions | Reportable Segment | |||
Segment Reporting Information [Line Items] | |||
Segment Revenues | 268,430 | 226,355 | |
Segment EBITDA | 30,821 | 28,291 | |
Depreciation expense | 5,426 | 5,363 | |
Amortization of intangibles | 4,097 | 4,336 | |
Amortization of software development intangible assets | 22 | 32 | |
Severance, restructuring, and acquisition integration costs | 328 | 1,952 | |
Adjustments related to acquisitions and divestitures | (6,307) | ||
Asset impairments | 0 | ||
Segment assets | 574,494 | 476,217 | |
Industrial Automation Solutions | |||
Segment Reporting Information [Line Items] | |||
Segment Revenues | 341,941 | 282,328 | |
Industrial Automation Solutions | Reportable Segment | |||
Segment Reporting Information [Line Items] | |||
Segment Revenues | 341,941 | 282,328 | |
Segment EBITDA | 67,528 | 47,611 | |
Depreciation expense | 5,800 | 5,364 | |
Amortization of intangibles | 4,720 | 3,657 | |
Amortization of software development intangible assets | 985 | 377 | |
Severance, restructuring, and acquisition integration costs | 3,395 | 3,219 | |
Adjustments related to acquisitions and divestitures | (67) | ||
Asset impairments | 6,995 | ||
Segment assets | $ 628,290 | $ 560,351 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment Revenues | $ 610,371 | $ 508,683 |
Depreciation expense | (11,200) | (10,700) |
Amortization of intangibles | (8,817) | (7,993) |
Severance, restructuring, and acquisition integration costs | (2,983) | (1,768) |
Asset impairments | 0 | (6,995) |
Operating income | 73,521 | 50,948 |
Interest expense, net | (14,411) | (15,511) |
Loss on debt extinguishment | (6,392) | 0 |
Total non-operating pension benefit | 1,200 | 684 |
Consolidated income from continuing operations before taxes | 53,918 | 36,121 |
Reportable Segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment Revenues | 610,371 | 508,683 |
Total Segment EBITDA | 98,349 | 75,902 |
Depreciation expense | (11,226) | (10,727) |
Amortization of intangibles | (8,817) | (7,993) |
Amortization of software development intangible assets | (1,007) | (409) |
Severance, restructuring, and acquisition integration costs | (3,723) | (5,171) |
Asset impairments | 0 | (6,995) |
Purchase accounting effects related to acquisitions | 0 | 6,374 |
Impairment of assets held-for-use | 3,600 | |
Impairment of assets to be held for sale | 3,400 | |
Business combination, increase (decrease) in earn-out liability | 5,800 | |
Collection of receivables, previously written off | 1,400 | |
Reportable Segment | OTN Systems N.V. | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Purchase accounting effects related to acquisitions | 800 | |
Intersegment Eliminations | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Eliminations | $ (55) | $ (33) |
Income (loss) per Share - Basis
Income (loss) per Share - Basis for Income Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Numerator: | ||
Income from continuing operations | $ 44,096 | $ 29,065 |
Less: Net income attributable to noncontrolling interest | 3 | 75 |
Income from continuing operations attributable to Belden stockholders | 44,093 | 28,990 |
Add: Loss from discontinued operations, net of tax | (3,685) | (324) |
Add: Loss on disposal of discontinued operations, net of tax | (4,567) | 0 |
Net income attributable to Belden stockholders | $ 35,841 | $ 28,666 |
Denominator: | ||
Weighted average shares outstanding, basic (in shares) | 44,811 | 44,679 |
Effect of dilutive common stock equivalents (in shares) | 756 | 366 |
Weighted average shares outstanding, diluted (in shares) | 45,567 | 45,045 |
Income (loss) per Share - Addit
Income (loss) per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares) | 1.1 | 1.3 |
Anti-dilutive shares excluded from diluted weighted average shares outstanding due to performance conditions not being met (in shares) | 0.1 | 0.4 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 4,864 | $ 5,085 |
Current period provision | 846 | 52 |
Acquisitions | 319 | 0 |
Write-offs | (667) | (47) |
Recoveries collected | (50) | (23) |
Fx impact | (19) | (17) |
Ending balance | $ 5,293 | $ 5,050 |
Inventories - Major Classes of
Inventories - Major Classes of Inventories (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 173,524 | $ 157,315 |
Work-in-process | 47,361 | 43,644 |
Finished goods | 221,226 | 189,907 |
Gross inventories | 442,111 | 390,866 |
Excess and obsolete reserves | (45,614) | (45,663) |
Net inventories | $ 396,497 | $ 345,203 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 3 Months Ended |
Apr. 03, 2022USD ($) | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 15 years |
Snell Advanced Media (SAM) | |
Lessee, Lease, Description [Line Items] | |
Lease guarantee, remaining lease payments | $ 19.2 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, term of contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, term of contract | 17 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 5,428 | $ 4,430 |
Amortization of right-of-use asset | 288 | 32 |
Interest on lease liabilities | 6 | 3 |
Total finance lease cost | $ 294 | $ 35 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 4,776 | $ 3,671 |
Operating cash flows from finance leases | 6 | 3 |
Financing cash flows from finance leases | $ 43 | $ 41 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Total operating lease right-of-use assets | $ 80,219 | $ 75,571 |
Accrued liabilities | 16,818 | 16,377 |
Long-term operating lease liabilities | 65,943 | 61,967 |
Total operating lease liabilities | 82,761 | 78,344 |
Other long-lived assets, at cost | 3,799 | 3,650 |
Accumulated depreciation | (849) | (557) |
Other long-lived assets, net | $ 2,950 | $ 3,093 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other long-lived assets | Other long-lived assets |
Leases - Supplemental Other Inf
Leases - Supplemental Other Information Related To Leases (Details) | Apr. 03, 2022 | Dec. 31, 2021 |
Weighted Average Remaining Lease Term | ||
Operating leases | 7 years | 6 years |
Finance leases | 4 years | 4 years |
Weighted Average Discount Rate | ||
Operating leases | 5.00% | 4.80% |
Finance leases | 4.30% | 4.40% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Apr. 03, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 16,034 | $ 20,691 |
2023 | 17,956 | 16,853 |
2024 | 14,583 | 13,662 |
2025 | 13,249 | 12,348 |
2026 | 11,379 | 10,466 |
Thereafter | 23,793 | 17,967 |
Total | $ 96,994 | $ 91,987 |
Long-Lived Assets - Additional
Long-Lived Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Depreciation expense | $ 11.2 | $ 10.7 |
Amortization of intangible assets including amortization of software development | $ 9.8 | 8.4 |
Selling, General and Administrative Expenses | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of assets to write down to fair value | 3.6 | |
Disposal Group, Not Discontinued Operations | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of assets to write down to fair value | $ 3.4 |
Severance, Restructuring and Ac
Severance, Restructuring and Acquisition Integration Activities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Severance, restructuring, and acquisition integration costs | $ 2,983 | $ 1,768 |
Restructuring and integration cost payable period | 60 days | |
Acquisition Integration Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance, restructuring, and acquisition integration costs | $ 3,000 | $ 1,800 |
Expected cost remaining | $ 7,000 |
Severance, Restructuring, and_3
Severance, Restructuring, and Acquisition Integration Activities - Costs of Various Programs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Severance, restructuring, and acquisition integration costs | $ 2,983 | $ 1,768 |
Cost of sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance, restructuring, and acquisition integration costs | 372 | 0 |
Selling, general and administrative expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance, restructuring, and acquisition integration costs | $ 2,611 | $ 1,768 |
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 | Apr. 03, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total senior subordinated notes | $ 1,228,260 | $ 1,477,060 |
Less unamortized debt issuance costs | (14,621) | (17,069) |
Long-term debt | 1,213,639 | 1,459,991 |
Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Total senior subordinated notes | 1,228,300 | |
Revolving credit agreement due 2026 | ||
Debt Instrument [Line Items] | ||
Revolving credit agreement due 2026 | $ 0 | 0 |
4.125% Senior subordinated notes due 2026 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes interest rate | 4.125% | |
Total senior subordinated notes | $ 0 | 227,240 |
3.375% Senior subordinated notes due 2027 | ||
Debt Instrument [Line Items] | ||
Total senior subordinated notes | $ 502,500 | |
3.375% Senior subordinated notes due 2027 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes interest rate | 3.375% | |
Total senior subordinated notes | $ 502,470 | 511,290 |
3.875% Senior subordinated notes due 2028 | ||
Debt Instrument [Line Items] | ||
Total senior subordinated notes | $ 390,800 | |
3.875% Senior subordinated notes due 2028 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes interest rate | 3.875% | |
Total senior subordinated notes | $ 390,810 | 397,670 |
3.375% Senior subordinated notes due 2031 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes interest rate | 3.375% | |
Total senior subordinated notes | $ 334,980 | $ 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 | 3 Months Ended | |||||
Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Apr. 03, 2022USD ($) | Apr. 04, 2021USD ($) | Apr. 03, 2022EUR (€) | Dec. 31, 2021USD ($) | Jun. 02, 2021USD ($) | |
Debt Instrument [Line Items] | |||||||
Loss on debt extinguishment | $ (6,392) | $ 0 | |||||
Senior subordinated notes | 1,228,260 | $ 1,477,060 | |||||
Senior Subordinated Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior subordinated notes | 1,228,300 | ||||||
Fair value of senior subordinated notes | 1,185,600 | ||||||
Revolving credit agreement due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit agreement, maximum borrowing capacity | $ 20,000 | $ 300,000 | |||||
Commitment fee percentage | 0.25% | ||||||
Fixed charge coverage, minimum threshold (as a percent) | 90.00% | ||||||
Debt instrument, fee amount | $ 2,300 | ||||||
Revolving credit agreement, available borrowing capacity | $ 292,500 | ||||||
Revolving credit agreement due 2026 | Minimum | London Interbank Offered Rate (LIBOR) | |||||||
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 | London Interbank Offered Rate (LIBOR) | |||||||
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% | ||||||
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% | |||||
Repurchase amount | € | € 200 | ||||||
Repayments of debt | $ 227,900 | € 204.1 | |||||
Loss on debt extinguishment | $ 6,400 | ||||||
Senior subordinated notes | $ 0 | 227,240 | |||||
3.375% Senior subordinated notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Senior subordinated notes | $ 502,500 | ||||||
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% | |||||
Senior subordinated notes | $ 502,470 | 511,290 | |||||
3.875% Senior subordinated notes due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Senior subordinated notes | $ 390,800 | ||||||
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% | |||||
Senior subordinated notes | $ 390,810 | 397,670 | |||||
3.375% Senior subordinated notes due 2031 | Senior Subordinated Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount outstanding of senior subordinated notes | € | € 300 | ||||||
Senior subordinated notes interest rate | 3.375% | 3.375% | |||||
Senior subordinated notes | $ 334,980 | $ 340,860 |
Net Investment Hedge (Details)
Net Investment Hedge (Details) $ in Thousands, € in Millions | 3 Months Ended | ||
Apr. 03, 2022EUR (€) | Apr. 03, 2022USD ($) | Apr. 04, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cumulative translation adjustment | $ | $ 3,762 | $ 52,764 | |
Senior subordinated debt, de-designated | € | € 200 | ||
Senior Subordinated Notes | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Senior subordinated debt, hedged | € | € 567.8 | ||
Cumulative translation adjustment | $ | $ 13,700 | $ 38,500 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 9,822 | $ 7,056 |
Effective tax rate | 18.20% | 19.50% |
Pension and Other Postretirem_3
Pension and Other Postretirement Obligations - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Pension Obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 911 | $ 886 |
Interest cost | 2,305 | 1,806 |
Expected return on plan assets | (3,963) | (3,668) |
Amortization of prior service cost | 47 | 28 |
Actuarial losses (gains) | 236 | 979 |
Net periodic benefit cost (income) | (464) | 31 |
Other Postretirement Obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 6 | 9 |
Interest cost | 195 | 177 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Actuarial losses (gains) | (20) | (6) |
Net periodic benefit cost (income) | $ 181 | $ 180 |
Comprehensive Income and Accu_3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Equity [Abstract] | ||
Net income | $ 35,844 | $ 28,741 |
Foreign currency translation adjustments, net of tax | 3,762 | 52,764 |
Adjustments to pension and postretirement liability, net of tax | 193 | 764 |
Total comprehensive income | 39,799 | 82,269 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 30 | (122) |
Comprehensive income attributable to Belden | $ 39,769 | $ 82,391 |
Comprehensive Income and Accu_4
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 956,082 | $ 757,051 |
Net current period other comprehensive income attributable to Belden | 3,955 | 53,528 |
Ending balance | 947,595 | 845,460 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (70,566) | (191,851) |
Other comprehensive income attributable to Belden before reclassifications | 6,742 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,814) | |
Net current period other comprehensive income attributable to Belden | 3,928 | 53,725 |
Ending balance | (66,638) | $ (138,126) |
Foreign Currency Translation Component | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (41,468) | |
Other comprehensive income attributable to Belden before reclassifications | 6,742 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (3,007) | |
Net current period other comprehensive income attributable to Belden | 3,735 | |
Ending balance | (37,733) | |
Pension and Other Postretirement Benefit Plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (29,098) | |
Other comprehensive income attributable to Belden before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 193 | |
Net current period other comprehensive income attributable to Belden | 193 | |
Ending balance | $ (28,905) |
Comprehensive Income and Accu_5
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2022 | Apr. 04, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | $ 53,918 | $ 36,121 |
Income tax expense | (9,822) | (7,056) |
Net income attributable to Belden stockholders | 35,841 | $ 28,666 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefit Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 263 | |
Income tax expense | (70) | |
Net income attributable to Belden stockholders | 193 | |
Reclassification out of Accumulated Other Comprehensive Income | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other nonoperating expense (income) | 216 | |
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other nonoperating expense (income) | 47 | |
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Component | Tripwire | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other nonoperating expense (income) | $ 3,000 |
Share Repurchase (Details)
Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 03, 2022 | Apr. 04, 2021 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Stock repurchase program, authorized amount | $ 300,000 | ||
Shares repurchase program (in shares) | 900,000 | 0 | |
Value of shares repurchased | $ 50,000 | ||
Treasury stock acquired, average cost per share (in usd per share) | $ 56.51 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | Apr. 15, 2022 | Apr. 03, 2022 | Apr. 04, 2021 |
Subsequent Event [Line Items] | |||
Purchase price, net of cash acquired | $ 65,990 | $ 72,232 | |
Subsequent Event | Communication Associates, Inc. | |||
Subsequent Event [Line Items] | |||
Purchase price, net of cash acquired | $ 19,000 |