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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _________________________________________________
FORM 10-Q
_________________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____.
Commission File No. 001-12561 
____________________________________ 
BELDEN INC.
(Exact name of registrant as specified in its charter)
_____________________________________________
 
Delaware 36-3601505
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1 North Brentwood Boulevard, 15th Floor, St. Louis, Missouri 63105
(Address of principal executive offices)
(314) 854-8000
Registrant’s telephone number, including area code
_________________________________________________ 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No .
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer    Accelerated filer        Non-accelerated filer        Smaller reporting company     Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common stock, $0.01 par valueBDCNew York Stock Exchange
As of July 26, 2024, the Registrant had 40,805,496 outstanding shares of common stock.



PART I    FINANCIAL INFORMATION
Item 1. Financial Statements
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2024December 31, 2023
  
(Unaudited)
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$564,751 $597,044 
Receivables, net396,850 413,806 
Inventories, net374,991 366,987 
Other current assets75,951 79,142 
Total current assets1,412,543 1,456,979 
Property, plant and equipment, less accumulated depreciation460,949 451,069 
Operating lease right-of-use assets127,824 89,686 
Goodwill1,031,119 907,331 
Intangible assets, less accumulated amortization423,781 269,144 
Deferred income taxes16,318 15,739 
Other long-lived assets50,062 50,243 
$3,522,596 $3,240,191 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$260,857 $343,215 
Accrued liabilities277,290 290,289 
Payable to sellers of Precision Optical Technologies291,508  
Total current liabilities829,655 633,504 
Long-term debt1,164,840 1,204,211 
Postretirement benefits70,250 74,573 
Deferred income taxes90,411 49,472 
Long-term operating lease liabilities110,148 74,941 
Other long-term liabilities37,415 37,188 
Stockholders’ equity:
Common stock503 503 
Additional paid-in capital823,205 818,663 
Retained earnings1,068,052 985,807 
Accumulated other comprehensive loss(25,219)(41,279)
Treasury stock(646,695)(597,437)
Total Belden stockholders’ equity1,219,846 1,166,257 
Noncontrolling interests31 45 
Total stockholders’ equity1,219,877 1,166,302 
$3,522,596 $3,240,191 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
-1-


BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited) 
 Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands, except per share data)
Revenues$604,336 $692,245 $1,140,011 $1,334,034 
Cost of sales(377,530)(430,917)(711,609)(826,601)
Gross profit226,806 261,328 428,402 507,433 
Selling, general and administrative expenses(119,497)(126,635)(230,265)(248,209)
Research and development expenses(28,457)(30,970)(55,456)(60,354)
Amortization of intangibles(9,940)(11,126)(20,749)(20,736)
Operating income68,912 92,597 121,932 178,134 
Interest expense, net(9,017)(8,812)(16,599)(17,013)
Non-operating pension benefit230 646 461 1,134 
Income before taxes60,125 84,431 105,794 162,255 
Income tax expense(11,091)(15,656)(19,451)(30,535)
Net income49,034 68,775 86,343 131,720 
Less: Net income (loss) attributable to noncontrolling interest(10)22 (14)(225)
Net income attributable to Belden stockholders$49,044 $68,753 $86,357 $131,945 
Weighted average number of common shares and equivalents:
Basic40,690 42,497 40,838 42,663 
Diluted41,204 43,088 41,348 43,380 
Basic income per share attributable to Belden stockholders$1.21 $1.62 $2.11 $3.09 
Diluted income per share attributable to Belden stockholders$1.19 $1.60 $2.09 $3.04 
Comprehensive income attributable to Belden $55,956 $63,890 $102,417 $109,782 
Common stock dividends declared per share$0.05 $0.05 $0.10 $0.10 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
-2-


BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited) 
 Six Months Ended
 June 30, 2024July 2, 2023
 (In thousands)
Cash flows from operating activities:
Net income $86,343 $131,720 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization52,968 49,044 
Share-based compensation14,643 12,154 
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables30,880 (71,212)
Inventories204 10,347 
Accounts payable(90,025)(59,295)
Accrued liabilities(16,788)(22,855)
Income taxes2,097 5,204 
Other assets1,728 (4,197)
Other liabilities3,630 3,805 
Net cash provided by operating activities85,680 54,715 
Cash flows from investing activities:
Capital expenditures(46,246)(32,729)
Cash from (used for) business acquisitions, net of cash acquired526 (97,585)
Proceeds from disposal of tangible assets60 9 
Proceeds from disposal of businesses, net of cash sold 9,300 
Net cash used for investing activities(45,660)(121,005)
Cash flows from financing activities:
Payments under share repurchase program(57,865)(86,224)
Withholding tax payments for share-based payment awards(8,110)(16,940)
Cash dividends paid(4,119)(4,285)
Payments under financing lease obligations(455)(115)
Proceeds from issuance of common stock3,152 1,679 
Net cash used for financing activities(67,397)(105,885)
Effect of foreign currency exchange rate changes on cash and cash equivalents(4,916)(734)
Decrease in cash and cash equivalents(32,293)(172,909)
Cash and cash equivalents, beginning of period597,044 687,676 
Cash and cash equivalents, end of period$564,751 $514,767 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
-3-


BELDEN INC.
CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS
(Unaudited)

 Belden Inc. Stockholders  
AdditionalAccumulated
Other
Non-controlling
 Common StockPaid-InRetainedTreasury StockComprehensive 
 SharesAmountCapitalEarningsSharesAmountIncome (Loss)InterestsTotal
 (In thousands)
Balance at December 31, 202350,335 $503 $818,663 $985,807 (9,208)$(597,437)$(41,279)$45 $1,166,302 
Net income (loss)— — — 37,313 — — — (4)37,309 
Other comprehensive income, net of tax— — — — — — 9,148 — 9,148 
Common stock issuance— — 477 — 48 2,675 — — 3,152 
Retirement Savings Plan stock contributions— — 641 — 22 1,187 — — 1,828 
Exercise of stock options, net of tax withholding forfeitures— — (483)— 8 99 — — (384)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (10,991)— 138 3,454 — — (7,537)
Share repurchase program, net of excise tax— — — — (675)(58,270)— — (58,270)
Share-based compensation— — 6,397 — — — — — 6,397 
Common stock dividends ($0.05 per share)
— — — (2,059)— — — — (2,059)
Balance at March 31, 202450,335 $503 $814,704 $1,021,061 (9,667)$(648,292)$(32,131)$41 $1,155,886 
Net income (loss)— — — 49,044 — — — (10)49,034 
Other comprehensive income, net of tax— — — — — — 6,912 — 6,912 
Retirement Savings Plan stock contributions— — 1,206 — 22 793 — — 1,999 
Exercise of stock options, net of tax withholding forfeitures— — (194)— 4 97 — — (97)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (757)— 20 665 — — (92)
Adjustment to share repurchase excise tax— — — — — 42 — — 42 
Share-based compensation— — 8,246 — — — — — 8,246 
Common stock dividends ($0.05 per share)
— — — (2,053)— — — — (2,053)
Balance at June 30, 202450,335 $503 $823,205 $1,068,052 (9,621)$(646,695)$(25,219)$31 $1,219,877 

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 Belden Inc. Stockholders  
AdditionalAccumulated
Other
Non-controlling
 Common StockPaid-InRetainedTreasury StockComprehensive 
 SharesAmountCapitalEarningsSharesAmountIncome (Loss)InterestsTotal
 (In thousands)
Balance at December 31, 202250,335 $503 $825,669 $751,522 (7,502)$(428,812)$(5,871)$939 $1,143,950 
Net income (loss)— — — 63,192 — — — (247)62,945 
Other comprehensive income (loss), net of tax— — — — — — (17,300)2 (17,298)
Common stock issuance— — (420)— 37 2,099 — — 1,679 
Retirement Savings Plan stock contributions— — 638 — 28 1,758 — — 2,396 
Exercise of stock options, net of tax withholding forfeitures— — (4,547)— 47 1,951 — — (2,596)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (17,997)— 196 7,301 — — (10,696)
Share repurchase program, net of excise tax— — — — (594)(50,266)— — (50,266)
Share-based compensation— — 6,253 — — — — — 6,253 
Common stock dividends ($0.05 per share)
— — — (2,150)— — — — (2,150)
Balance at April 2, 202350,335 $503 $809,596 $812,564 (7,788)$(465,969)$(23,171)$694 $1,134,217 
Net income— — — 68,753 — — — 22 68,775 
Other comprehensive income (loss), net of tax— — — — — — (4,863)2 (4,861)
Sale and deconsolidation of subsidiary— — — — — — (139)(695)(834)
Retirement Savings Plan stock contributions— — 663 — 24 1,379 — — 2,042 
Exercise of stock options, net of tax withholding forfeitures— — (2,698)— 27 767 — — (1,931)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (4,130)— 55 2,413 — — (1,717)
Share repurchase program, net of excise tax— — — — (394)(36,463)— — (36,463)
Share-based compensation— — 5,901 — — — — — 5,901 
Common stock dividends ($0.05 per share)
— — — (2,138)— — — — (2,138)
Balance at July 2, 202350,335 $503 $809,332 $879,179 (8,076)$(497,873)$(28,173)$23 $1,162,991 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
-5-


BELDEN INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1:  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, 2023:
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 2023 Annual Report on Form 10-K.
Business Description
We are a leading global supplier of network infrastructure and digitization solutions built around two global businesses - Enterprise Solutions and Industrial Automation Solutions. Our mission is to build the foundation for a digital world that makes the digital journey simpler, smarter and secure.
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 March 31, 2024, the 91st day of our fiscal year 2024. Our fiscal second and third quarters each have 91 days. The six months ended June 30, 2024 and July 2, 2023 included 182 and 183 days, respectively.
Fair Value Measurement
Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 
As of and during the three and six months ended June 30, 2024 and July 2, 2023, we utilized Level 1 inputs to determine the fair value of cash equivalents. We did not have any transfers between Level 1 and Level 2 fair value measurements during the six months ended June 30, 2024 and July 2, 2023.
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 June 30, 2024, 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.
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Contingent Liabilities
We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. Historically, these lawsuits have primarily involved claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow. As of June 30, 2024, we were party to standby letters of credit, surety bonds, and bank guaranties totaling $6.9 million, $6.0 million, and $5.2 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
A Belden subsidiary includes a noncontrolling interest as of and for the periods ended June 30, 2024 and July 2, 2023. The results attributable to the noncontrolling interest holders are not material to our condensed consolidated financial statements, and are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations.
Current Year Adoption of Accounting Pronouncements
None of the accounting pronouncements that became effective during 2024 had a material impact to our condensed consolidated financial statements or disclosures.

Pending Adoption of Recent Accounting Pronouncements
The Financial Accounting Standards Board (FASB) amended the guidance in Accounting Standards Codification (ASC) 280, Segment Reporting, to require public companies disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. We did not early adopt this pronouncement, and we expect the amended guidance to have a minimal impact on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (ASU 2023-09) enhancing the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 are applied on a prospective basis, though retrospective application is permitted. We did not early adopt this pronouncement and are in the process of evaluating its impact on our consolidated financial statements and related disclosures.
In March 2024, the SEC issued a final climate disclosure rule, which requires registrants to disclose climate-related information in registration statements and annual reports. The final rule also requires certain disclosures related to risk management and governance over climate-related risks, material climate targets and goals, and material Scope 1 and Scope 2 greenhouse gas emissions. For calendar year companies, the ruling requires certain disclosures in annual reports for the year ending December 31, 2025. On April 4, 2024, the SEC voluntarily stayed the final rule pending the completion of judicial review of cases pending in the Eighth Circuit. We are continuing to evaluate the impact of the final rule on our consolidated financial statements and disclosures.
-7-


Note 2:  Revenues
Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. The following tables present our revenues disaggregated by major product category.
Broadband
 Solutions
Industrial Automation SolutionsSmart Buildings SolutionsTotal 
Revenues 
Three Months Ended June 30, 2024(In thousands)
Enterprise Solutions$136,020 $ $134,453 $270,473 
Industrial Automation Solutions 333,863  333,863 
Total$136,020 $333,863 $134,453 $604,336 
Three Months Ended July 2, 2023 
Enterprise Solutions$159,332 $ $153,197 $312,529 
Industrial Automation Solutions 379,716  379,716 
Total$159,332 $379,716 $153,197 $692,245 
Six Months Ended June 30, 2024
Enterprise Solutions$248,120 $ $256,442 $504,562 
Industrial Automation Solutions 635,449  635,449 
Total$248,120 $635,449 $256,442 $1,140,011 
Six Months Ended July 2, 2023
Enterprise Solutions$290,887 $ $296,985 $587,872 
Industrial Automation Solutions 746,162  746,162 
Total$290,887 $746,162 $296,985 $1,334,034 
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
AmericasEMEAAPACTotal Revenues
Three Months Ended June 30, 2024(In thousands)
Enterprise Solutions$200,904 $42,379 $27,190 $270,473 
Industrial Automation Solutions198,884 83,017 51,962 333,863 
Total$399,788 $125,396 $79,152 $604,336 
Three Months Ended July 2, 2023   
Enterprise Solutions$246,471 $36,671 $29,387 $312,529 
Industrial Automation Solutions213,852 109,055 56,809 379,716 
Total$460,323 $145,726 $86,196 $692,245 
Six Months Ended June 30, 2024
Enterprise Solutions$367,233 $88,067 $49,262 $504,562 
Industrial Automation Solutions381,774 160,873 92,802 635,449 
Total$749,007 $248,940 $142,064 $1,140,011 
Six Months Ended July 2, 2023
Enterprise Solutions$460,358 $74,119 $53,395 $587,872 
Industrial Automation Solutions429,065 210,976 106,121 746,162 
Total$889,423 $285,095 $159,516 $1,334,034 

-8-


We generate revenues primarily by selling products that support communication, infrastructure, and deliver solutions that make the digital journey simpler, smarter, and secure. We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers. At times, we enter into arrangements that involve the delivery of multiple performance obligations. For these arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price and recognized when or as each performance obligation is satisfied. Generally, we determine relative standalone selling price using the prices charged separately to customers on a standalone basis. Typically, payments are due after control transfers.

Most of our performance obligations related to the sale of products are satisfied at a point in time when control of the product is transferred to the customer, which generally occurs when the product has been shipped or delivered from our facility to our customers, the customer has legal title to the product, and we have a present right to payment for the product. We also consider any customer acceptance clauses in determining when control has transferred to the customer and typically, these clauses are not substantive.
The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. For example, our estimate of price adjustments is based on our historical price adjustments as a percentage of revenues and the average time period between the original sale and the issuance of the price adjustment. We adjust our estimate of revenue for variable consideration at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. We adjust other current assets and cost of sales for the estimated level of returns. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and six months ended June 30, 2024 and July 2, 2023.
The following table presents estimated and accrued variable consideration:
June 30, 2024December 31, 2023
(in thousands)
Accrued rebates included in accrued liabilities$45,788 $49,255 
Accrued returns included in accrued liabilities15,417 15,570 
Price adjustments recognized against gross accounts receivable26,603 26,005 

Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future performance obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. Consideration allocated to professional services is recognized when or as the services are performed depending on the terms of the arrangement. Our contract terms for support, maintenance, and professional services typically require payment within one year or less of when the services will be provided. As of June 30, 2024, total deferred revenue was $29.6 million, and of this amount, $22.1 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 and six months ended June 30, 2024 and July 2, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$31,062 $33,243 
New deferrals6,280 4,359 
Revenue recognized(7,392)(8,307)
Balance at the end of Q1$29,950 $29,295 
New deferrals11,058 6,900 
Revenue recognized(11,395)(6,528)
Balance at the end of Q2$29,613 $29,667 
Service-type warranties represent $9.7 million of the deferred revenue balance at June 30, 2024, and of this amount $4.5 million is expected to be recognized in the next twelve months, and the remaining $5.2 million is long-term and will be recognized over a period greater than twelve months. As of June 30, 2024 and December 31, 2023, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets.
-9-


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 as of June 30, 2024 and December 31, 2023. The following table presents sales commissions that are recorded within selling, general and administrative expenses:
Three Months EndedSix Months ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Sales commissions$5,848 $6,316 $11,171 $12,089 
Note 3:  Acquisitions
On June 30, 2024, we acquired Precision Optical Technologies, Inc. (“Precision”) for $289.6 million, net of cash acquired. Precision, based in New York, is a leading supplier of value-added optical transceivers with proprietary software, firmware configurations, and related components. Precision is reported within the Enterprise Solutions segment. The Precision acquisition was not material to our results of operations. Consideration for the acquisition was funded with cash on hand in July and is included in current liabilities in the June 30, 2024 condensed consolidated balance sheet. The following table summarizes the estimated, preliminary fair values of the assets acquired and liabilities assumed for Precision as of the acquisition date (in thousands):
Receivables$18,386 
Inventory11,680 
Other current assets2,391 
Property, plant and equipment5,109 
Intangible assets176,500 
Goodwill131,402 
Operating lease right-of-use assets3,272 
   Total assets acquired$348,740 
Accounts payable$11,350 
Accrued liabilities3,485 
Deferred income taxes41,379 
Long-term operating lease liabilities2,936 
   Total liabilities assumed$59,150 
Net assets $289,590 
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, inventory, 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 allocated to goodwill.
The preliminary fair value of acquired receivables is $18.4 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 Belden’s solution selling capabilities, particularly the ability to offer more complete fiber infrastructure solutions. Our tax basis in the acquired goodwill is zero.
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The intangible assets related to the acquisition consisted of the following:
Fair ValueAmortization Period
(In thousands)(In years)
Intangible assets subject to amortization:
  Developed technologies$21,000 5.0
  Customer relationships145,000 20.0
  Trademarks6,000 5.0
  Non-compete agreements4,500 5.0
    Total intangible assets subject to amortization$176,500 
Intangible assets not subject to amortization:
  Goodwill$131,402 n/a
    Total intangible assets not subject to amortization$131,402 
      Total intangible assets$307,902 
Weighted average amortization period17.3
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.
Note 4:  Reportable Segments
We are organized around two global businesses: Enterprise Solutions and Industrial Automation Solutions. Each of the global businesses represents a reportable segment. The key measures of segment profit or loss are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; adjustments related to acquisitions and divestitures; 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 SolutionsIndustrial Automation SolutionsTotal Segments
(In thousands)
As of and for the three months ended June 30, 2024   
Segment Revenues$270,473 $333,863 $604,336 
Segment EBITDA31,456 67,737 99,193 
Depreciation expense6,214 7,363 13,577 
Amortization of intangibles5,022 4,918 9,940 
Amortization of software development intangible assets 2,464 2,464 
Severance, restructuring, and acquisition integration costs2,309 1,684 3,993 
Adjustments related to acquisitions and divestitures 298 298 
Segment assets671,250 762,736 1,433,986 
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As of and for the three months ended July 2, 2023   
Segment Revenues$312,529 $379,716 $692,245 
Segment EBITDA43,956 78,631 122,587 
Depreciation expense6,193 6,489 12,682 
Amortization of intangibles6,208 4,918 11,126 
Amortization of software development intangible assets 1,820 1,820 
Severance, restructuring, and acquisition integration costs1,669 2,390 4,059 
Adjustments related to acquisitions and divestitures325 (76)249 
Segment assets648,344 699,092 1,347,436 
As of and for the six months ended June 30, 2024   
Segment revenues$504,562 $635,449 $1,140,011 
Segment EBITDA57,244 126,482 183,726 
Depreciation expense12,519 14,523 27,042 
Amortization of intangibles10,741 10,008 20,749 
Amortization of software development intangible assets 5,177 5,177 
Severance, restructuring, and acquisition integration costs3,899 4,306 8,205 
Adjustments related to acquisitions and divestitures 596 596 
Segment assets671,250 762,736 1,433,986 
As of and for the six months ended July 2, 2023
Segment Revenues$587,872 $746,162 $1,334,034 
Segment EBITDA81,161 152,418 233,579 
Depreciation expense12,147 12,889 25,036 
Amortization of intangibles10,703 10,033 20,736 
Amortization of software development intangible assets 3,272 3,272 
Severance, restructuring, and acquisition integration costs1,694 4,077 5,771 
Adjustments related to acquisitions and divestitures325 222 547 
Segment assets648,344 699,092 1,347,436 
The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income before taxes, respectively.
 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Total Segment and Consolidated Revenues$604,336 $692,245 $1,140,011 $1,334,034 
Total Segment EBITDA$99,193 $122,587 $183,726 $233,579 
Depreciation expense(13,577)(12,682)(27,042)(25,036)
Amortization of intangibles(9,940)(11,126)(20,749)(20,736)
Severance, restructuring, and acquisition integration costs (1)(3,993)(4,059)(8,205)(5,771)
Amortization of software development intangible assets(2,464)(1,820)(5,177)(3,272)
Adjustments related to acquisitions and divestitures (2)(298)(249)(596)(547)
Eliminations(9)(54)(25)(83)
Consolidated operating income68,912 92,597 121,932 178,134 
Interest expense, net(9,017)(8,812)(16,599)(17,013)
Total non-operating pension benefit230 646 461 1,134 
Consolidated income before taxes $60,125 $84,431 $105,794 $162,255 
-12-



(1) Includes restructuring and integration costs associated with acquisitions and costs associated with certain manufacturing footprint actions.
(2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets and gains associated with the sales of businesses.
Note 5: Income per Share
The following table presents the basis for the income per share computations:

 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Numerator:
Net income $49,034 $68,775 $86,343 $131,720 
Less: Net income (loss) attributable to noncontrolling interest(10)22 (14)(225)
Net income attributable to Belden stockholders$49,044 $68,753 $86,357 $131,945 
Denominator:
Weighted average shares outstanding, basic40,690 42,497 40,838 42,663 
Effect of dilutive common stock equivalents514 591 510 717 
     Weighted average shares outstanding, diluted41,204 43,088 41,348 43,380 
For both the three and six months ended June 30, 2024 and July 2, 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.1 million and 0.2 million, respectively, because they are anti-dilutive. In addition, for the three and six months ended June 30, 2024, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million and 0.3 million, respectively, because the related performance conditions have not been satisfied. For the three and six months ended July 2, 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million because the related performance conditions have not been satisfied.
For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock. For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately. Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding.
Note 6: 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. Provisions and recoveries are included in selling, general and administrative expenses.




-13-


The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and six months ended June 30, 2024 and July 2, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$23,114 $7,954 
    Current period provision459 4,004 
    Recoveries collected(6) 
    Write-offs(96)(3)
    Fx impact(51)(25)
Q1 ending balance$23,420 $11,930 
   Current period provision606 4,194 
   Acquisitions50 19 
   Fx impact(44)11 
   Write-offs(5) 
   Recoveries collected32 (8)
Q2 ending balance$24,059 $16,146 
Note 7:  Inventories
The following table presents the major classes of inventories as of June 30, 2024 and December 31, 2023, respectively:
June 30, 2024December 31, 2023
 (In thousands)
Raw materials$193,872 $185,233 
Work-in-process40,016 41,197 
Finished goods210,478 208,425 
Gross inventories444,366 434,855 
Excess and obsolete reserves(69,375)(67,868)
Net inventories$374,991 $366,987 
Note 8:  Leases
We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and 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 within 1 to 20 years; some of which include extension and termination options. 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. We have a few short-term operating leases with terms less than twelve months - these leases are not recorded on our balance sheet and the overall rent expense is not material.
We also have certain lease contracts that contain both lease and non-lease components. We have elected the practical expedient to account for these components together as a single, combined lease component. The rate implicit in most of our leases is not readily determinable. As a result, we utilize 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.

Our lease agreements do not contain material residual value guarantees. Our variable lease expense was approximately $0.9 million and $1.8 million for the three and six months ended June 30, 2024, respectively, and $0.8 million and $1.6 million for the three and six months ended July 2, 2023, respectively.




-14-


The components of lease expense were as follows:

Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Operating lease cost$6,918 $5,415 $13,793 $10,932 
Finance lease cost
Amortization of right-of-use asset$190 $190 $384 $391 
Interest on lease liabilities109 77 218 157 
Total finance lease cost$299 $267 $602 $548 

Supplemental cash flow information related to leases was as follows:

Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,776 $4,625 $11,503 $9,290 

Operating cash flows from finance leases were not material during the three and six months ended June 30, 2024 and July 2, 2023.

Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
(In thousands)
Operating leases:
Total operating lease right-of-use assets
$127,824 $89,686 
Accrued liabilities$19,192 $18,226 
Long-term operating lease liabilities110,148 74,941 
Total operating lease liabilities$129,340 $93,167 
Finance leases:
Other long-lived assets, at cost$8,270 $6,560 
Accumulated depreciation(1,734)(1,347)
Other long-lived assets, net$6,536 $5,213 
Accrued liabilities$1,037 $719 
Other long-term liabilities6,944 6,084 
Total finance lease liabilities$7,981 $6,803 

The increases in operating lease right-of-use assets and lease liabilities are primarily due to the recognition of a new lease that had balances of $34.0 million and $33.4 million, respectively, as of June 30, 2024.

-15-


June 30, 2024December 31, 2023
Weighted Average Remaining Lease Term
Operating leases10 years6 years
Finance leases8 years9 years
Weighted Average Discount Rate
Operating leases5.8 %5.0 %
Finance leases4.6 %4.3 %

In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending up to 2035. These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary. As of June 30, 2024, the fixed, remaining base rent payments were approximately $21 million. As of June 30, 2024 and December 31, 2023, we had a liability for expected, future payments of $10.0 million and $11.3 million, respectively. The liability is based on certain assumptions, such as receiving a level of sublease income, that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed.
Note 9:  Long-Lived Assets
Depreciation and Amortization Expense
We recognized depreciation expense of $13.6 million and $27.0 million in the three and six months ended June 30, 2024, respectively, and $12.7 million and $25.0 million in the three and six months ended July 2, 2023, respectively.
We recognized amortization expense of $12.4 million and $25.9 million in the three and six months ended June 30, 2024, respectively, and $12.9 million and $24.0 million in the three and six months ended July 2, 2023, respectively.
Note 10:  Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt were as follows:
June 30, 2024December 31, 2023
 (In thousands)
Revolving credit agreement due 2026$ $ 
Senior subordinated notes:
3.375% Senior subordinated notes due 2027
480,465 497,025 
3.875% Senior subordinated notes due 2028
373,695 386,575 
3.375% Senior subordinated notes due 2031
320,310 331,350 
Total senior subordinated notes1,174,470 1,214,950 
   Less unamortized debt issuance costs(9,630)(10,739)
Long-term debt$1,164,840 $1,204,211 
Revolving Credit Agreement due 2026
We have 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 SOFR 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. As of June 30, 2024, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $293.3 million.

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Senior Subordinated Notes
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 June 30, 2024 is $480.5 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 June 30, 2024 is $373.7 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 June 30, 2024 is $320.3 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.
Fair Value of Long-Term Debt
The fair value of our senior subordinated notes as of June 30, 2024 was approximately $1,120.4 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair value of our senior subordinated notes with a carrying value of $1,174.5 million as of June 30, 2024.
Note 11:  Net Investment Hedge
All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of June 30, 2024, 567.8 million of our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations. The objective of the hedge is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate. The transaction gain or loss is reported in the translation adjustment section of other comprehensive income. For the six months ended June 30, 2024 and July 2, 2023, the transaction gain (loss) associated with the net investment hedge reported in other comprehensive income was $21.0 million and $(13.0) million, respectively.
Note 12:  Income Taxes
For the three and six months ended June 30, 2024, we recognized income tax expense of $11.1 million and $19.5 million, respectively, representing effective tax rates of 18.4% and 18.4%, respectively. For the three and six months ended July 2, 2023, we recognized income tax expense of $15.7 million and $30.5 million, respectively, representing effective tax rates of 18.5% and 18.8%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits.
The Organization for Economic Cooperation and Development is actively implementing changes to existing tax laws, including a global minimum tax of 15% which went into effect in 2024. This legislation has not materially impacted our provision for income taxes, but we will continually monitor and evaluate the potential impact on the countries in which we do business in future periods.




-17-


Note 13:  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 ObligationsOther Postretirement Obligations
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Three Months Ended
Service cost$739 $844 $10 $3 
Interest cost3,660 3,810 235 252 
Expected return on plan assets(4,027)(4,329)  
Amortization of prior service cost 44 44   
Actuarial gains(26)(232)(116)(191)
Net periodic benefit cost $390 $137 $129 $64 
Six Months Ended
Service cost$1,487 $1,534 $20 $6 
Interest cost7,336 7,554 473 503 
Expected return on plan assets(8,074)(8,438)  
Amortization of prior service cost89 87   
Actuarial gains(52)(458)(233)(382)
Net periodic benefit cost$786 $279 $260 $127 
Note 14:  Comprehensive Income and Accumulated Other Comprehensive Income (Loss)
The following table summarizes total comprehensive income: 
 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Net income$49,034 $68,775 $86,343 $131,720 
Foreign currency translation adjustments, net of tax6,986 (4,577)16,208 (21,595)
Adjustments to pension and postretirement liability, net of tax(74)(284)(148)(564)
Total comprehensive income55,946 63,914 102,403 109,561 
Less: Comprehensive income (loss) attributable to noncontrolling interests(10)24 (14)(221)
Comprehensive income attributable to Belden $55,956 $63,890 $102,417 $109,782 
The tax impacts of the foreign currency translation adjustments and pension liability adjustments in the table above are not material. The accumulated balances related to each component of other comprehensive loss, net of tax, are as follows: 
Foreign
Currency Translation Component
Pension and
Other
 Postretirement
Benefit Plans
Accumulated Other 
Comprehensive Loss
 (In thousands)
Balance at December 31, 2023$(26,514)$(14,765)$(41,279)
Other comprehensive income attributable to Belden before reclassifications16,208  16,208 
Amounts reclassified from accumulated other comprehensive loss (148)(148)
Net current period other comprehensive income (loss) attributable to Belden16,208 (148)16,060 
Balance at June 30, 2024$(10,306)$(14,913)$(25,219)

-18-


The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the six months ended June 30, 2024:
Amounts 
Reclassified from Accumulated Other Comprehensive Loss
Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income
 (In thousands) 
Amortization of pension and other postretirement benefit plan items:
Actuarial gains$(285)(1)
Prior service cost89 (1)
Total before tax(196)
Tax expense48 
Total net of tax$(148)
(1) The amortization of these accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (see Note 13).
Note 15: Share Repurchase
In 2018, our Board of Directors authorized a share repurchase program, which allows us to purchase up to $300.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. In April 2023, our Board of Directors authorized an additional $300.0 million under the share repurchase program. This program is funded with cash on hand and cash flows from operating activities.

During the three months ended June 30, 2024, we did not repurchase shares of our common stock. During the six months ended June 30, 2024, we repurchased 0.7 million shares of our common stock for an aggregate cost of $57.9 million at an average price per share of $85.66. During the three months ended July 2, 2023, we repurchased 0.4 million shares of our common stock for an aggregate cost of $36.2 million at an average price per share of $92.01. During the six months ended July 2, 2023, we repurchased 1.0 million shares of our common stock for an aggregate cost of $86.2 million at an average price per share of $87.30.

From inception of our program to the date of this filing, we have repurchased 7.4 million shares of our common stock for an aggregate cost of $485.0 million and an average price per share of $65.68. As of June 30, 2024, we had $115.0 million of authorizations remaining under the program. This share repurchase authorization does not have an expiration date.

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Item 2:        Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
Belden Inc. (the Company, us, we, or our) is a leading global supplier of network infrastructure and digitization solutions built around 2 global businesses - Enterprise Solutions and Industrial Automation Solutions. Our mission is to build the foundation for a digital world that makes the digital journey simpler, smarter and secure.
Belden is moving beyond connectivity, from what we make to what we make possible through a performance-driven portfolio, forward-thinking expertise and purpose-built solutions. We are aligned with attractive secular growth markets, positioned to provide comprehensive solutions that drive customer outcomes, focused on new product innovation and technology leadership, and committed to sustainable ESG practices. Our current business goals are to:
Drive organic revenue growth in excess of GDP;
Deliver incremental Adjusted EBITDA margins of approximately 30%;
Generate free cash flow of approximately $1 billion cumulatively from 2022 through 2025;
Execute a disciplined capital allocation strategy while maintaining net leverage of approximately 1.5x; and
Drive Adjusted EPS to at least $8.00 by 2025.

Trends and Events
The following trends and events during 2024 have had varying effects on our financial condition, results of operations, and cash flows.
Foreign Currency
Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Mexican peso, Australian dollar, British pound, Indian rupee and Swiss franc. Generally, as the U.S. dollar strengthens against these foreign currencies, our revenues and earnings are negatively impacted as our foreign denominated revenues and earnings are translated into U.S. dollars at a lower rate. Conversely, as the U.S. dollar weakens against foreign currencies, our revenues and earnings are positively impacted. Approximately 44% of our consolidated revenues during the quarter ended June 30, 2024 were to customers outside of the U.S.
In addition to the translation impact described above, currency rate fluctuations have an economic impact on our financial results. As the U.S. dollar strengthens or weakens against foreign currencies, it results in a relative price increase or decrease for certain of our products that are priced in U.S. dollars in a foreign location.
Inflation
During periods of inflation, if we are unable to raise prices timely and sufficiently to recover our material costs, our earnings could decline. Furthermore, inflation may impact labor, energy, and other costs. We monitor inflation pressures and proactively implement selling price increases or cost control measures as appropriate.
Commodity Prices
Our operating results can be affected by changes in prices of commodities, primarily copper and compounds, which are components in some of the products we sell. Generally, as the costs of inventory purchases increase due to higher commodity prices, we raise selling prices to customers to cover the increase in costs, resulting in higher sales revenue but a lower gross profit percentage. Conversely, a decrease in commodity prices would result in lower sales revenue but a higher gross profit percentage. Selling prices of our products are affected by many factors, including end market demand, capacity utilization, overall economic conditions, and commodity prices. There is no exact measure of the effect of changing commodity prices, as there are thousands of transactions in any given quarter, each of which has various factors involved in the individual pricing decisions. Therefore, all references to the effect of copper prices or other commodity prices are estimates.
Channel Inventory
Our operating results also can be affected by the levels of Belden products purchased and held as inventory by our channel partners and customers. Our channel partners and customers purchase and hold the products they bought from us in their inventory in order to meet the service and on-time delivery requirements of their customers. Generally, as our channel partners and customers change the level of products they buy from us and hold in their inventory, it impacts our revenues. Comparisons of our results between periods can be impacted by changes in the levels of channel inventory. We use information provided to us by our channel partners and make certain assumptions based on our sales to them to determine the amount of products they bought from us and hold in their inventory. As such, all references to the effect of channel inventory changes are estimates.
-20-


Market Growth and Market Share
The markets in which we operate can generally be characterized as highly competitive and highly fragmented, with many players. We monitor available data regarding market growth, including independent market research reports, publicly available indices, and the financial results of our direct and indirect peer companies, in order to estimate the extent to which our served markets grew or contracted during a particular period. We generally expect that our unit sales volume will increase or decrease consistently with the market growth rate. Our strategic goal is to transition to a solutions provider and target faster growing geographies, applications, and trends within our end markets, in order to achieve growth that is higher than the general market growth rate. To the extent that we exceed the market growth rates, we consider it to be the result of capturing market share.

Precision Optical Technologies Acquisition
On June 30, 2024, we acquired Precision for $289.6 million, net of cash acquired. Precision, based in New York, is a leading supplier of value-added optical transceivers with proprietary software, firmware configurations, and related components. Precision is reported within the Enterprise Solutions segment. See Note 3.
Share Repurchase Program
During the six months ended June 30, 2024, we repurchased 0.7 million shares of our common stock for an aggregate cost of $57.9 million at an average price per share of $85.66. See Note 15.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, results of operations, or cash flows that are or would be considered material to investors.
Critical Accounting Policies
During the six months ended June 30, 2024:
We did not change any of our existing critical accounting policies from those listed in our 2023 Annual Report on Form 10-K;
No existing accounting policies became critical accounting policies because of an increase in the materiality of associated transactions or changes in the circumstances to which associated judgments and estimates relate; and
There were no significant changes in the manner in which critical accounting policies were applied or in which related judgments and estimates were developed.
Results of Operations
Consolidated Income before Taxes
 
 Three Months Ended% ChangeSix Months Ended% Change
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands, except percentages)
Revenues$604,336 $692,245 (12.7)%$1,140,011 $1,334,034 (14.5)%
Gross profit226,806 261,328 (13.2)%428,402 507,433 (15.6)%
Selling, general and administrative expenses(119,497)(126,635)(5.6)%(230,265)(248,209)(7.2)%
Research and development expenses(28,457)(30,970)(8.1)%(55,456)(60,354)(8.1)%
Amortization of intangibles(9,940)(11,126)(10.7)%(20,749)(20,736)0.1 %
Operating income68,912 92,597 (25.6)%121,932 178,134 (31.6)%
Interest expense, net(9,017)(8,812)2.3 %(16,599)(17,013)(2.4)%
Non-operating pension benefit230 646 (64.4)%461 1,134 (59.3)%
Income before taxes60,125 84,431 (28.8)%105,794 162,255 (34.8)%



-21-


Revenues decreased $87.9 million and $194.0 million in the three and six months ended June 30, 2024, respectively, from the comparable periods of 2023 due to the following factors:
Lower sales volume resulted in a $92.9 million and $203.7 million decline in revenues, respectively.
Currency translation had a $3.6 million and $4.4 million unfavorable impact on revenues, respectively.
Divestitures had a $0.1 million and $0.4 million unfavorable impact on revenues, respectively.
Acquisitions contributed $0.0 million and $7.6 million in revenues, respectively.
Copper pass-through pricing had an $8.7 million and $6.9 million favorable impact on revenues, respectively.

Gross profit decreased $34.5 million and $79.0 million in the three and six months ended June 30, 2024, respectively, from the comparable periods of 2023 primarily due to the decline in revenues discussed above. Despite the decline in gross profit, margins remained relatively flat over the year ago periods due to favorable pricing and mix.

Selling, general and administrative expenses decreased $7.1 million and $17.9 million in the three and six months ended June 30, 2024, respectively, from the comparable periods of 2023. The decrease in selling, general and administrative expenses was primarily attributable to the benefits realized from our productivity initiatives and a decline in incentive compensation.
Research and development expenses decreased $2.5 million and $4.9 million in the three and six months ended June 30, 2024, respectively, from the comparable periods of 2023 primarily due to a shift, or change in R&D project timing.
Amortization of intangibles decreased $1.2 million in the three months ended June 30, 2024 from the comparable period of 2023 primarily due to certain intangible assets becoming fully amortized and foreign currency exchange rates. Amortization of intangibles remained relatively flat in the six months ended June 30, 2024 from the comparable period of 2023.
Operating income decreased $23.7 million and $56.2 million in the three and six ended June 30, 2024, respectively, from the comparable periods of 2023 primarily due to the decline in gross profit, partially offset by the decline in selling, general and administrative expenses as discussed above.
Net interest expense increased $0.2 million and decreased $0.4 million in the three and six months ended June 30, 2024, respectively, from the comparable periods of 2023 due to fluctuations in interest income and foreign currency translation.
Income before taxes decreased $24.3 million and $56.5 million in the three and six months ended June 30, 2024, respectively, from the comparable periods of 2023 primarily due to the changes in operating income discussed above.
Income Taxes
 Three Months Ended% ChangeSix Months Ended% Change
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands, except percentages)
Income before taxes$60,125 $84,431 (28.8)%$105,794 $162,255 (34.8)%
Income tax expense11,091 15,656 (29.2)%19,451 30,535 (36.3)%
     Effective tax rate18.4 %18.5 %18.4 %18.8 %
For the three and six months ended June 30, 2024, we recognized income tax expense of $11.1 million and $19.5 million representing effective tax rates of 18.4%. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. See Note 12.

Consolidated Adjusted EBITDA 
 Three Months Ended% ChangeSix Months Ended% Change
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands, except percentages)
Revenues$604,336 $692,245 (12.7)%$1,140,011 $1,334,034 (14.5)%
Adjusted EBITDA99,414 123,179 (19.3)%184,162 234,630 (21.5)%
as a percent of revenues16.5 %17.8 %16.2 %17.6 %

-22-


Adjusted EBITDA decreased $23.8 million and $50.5 million in the three and six months ended June 30, 2024 from the comparable periods of 2023 primarily due to the decline in revenues as discussed above, partially offset by favorable mix and benefits realized from our productivity improvement initiatives.
Use of Non-GAAP Financial Information
Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow are non-GAAP financial measures. In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; acquisition-related expenses, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.
We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition-related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core operating performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.
Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States. The following tables reconcile our GAAP results to our non-GAAP financial measures:
 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands, except percentages)
Revenues$604,336 $692,245 $1,140,011 $1,334,034 
GAAP net income $49,034 $68,775 $86,343 $131,720 
Depreciation expense13,577 12,682 27,042 25,036 
Income tax expense11,091 15,656 19,451 30,535 
Amortization of intangible assets9,940 11,126 20,749 20,736 
Interest expense, net9,017 8,812 16,599 17,013 
Severance, restructuring, and acquisition integration costs (1)3,993 4,059 8,205 5,771 
Amortization of software development intangible assets2,464 1,820 5,177 3,272 
Adjustments related to acquisitions and divestitures (2)298 249 596 547 
Adjusted EBITDA$99,414 $123,179 $184,162 $234,630 
GAAP net income margin8.1 %9.9 %7.6 %9.9 %
Adjusted EBITDA margin16.5 %17.8 %16.2 %17.6 %
(1) Includes restructuring and integration costs associated with acquisitions and costs associated with certain manufacturing footprint actions.
(2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets and gains associated with the sales of businesses.
Segment Results of Operations
For additional information regarding our segment measures, see Note 4 to the Condensed Consolidated Financial Statements.

-23-


Enterprise Solutions
 Three Months Ended% ChangeSix Months Ended% Change
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands, except percentages)
Segment Revenues$270,473 $312,529 (13.5)%$504,562 $587,872 (14.2)%
Segment EBITDA31,456 43,956 (28.4)%57,244 81,161 (29.5)%
  as a percent of segment revenues11.6 %14.1 %11.3 %13.8 %
Enterprise Solutions revenues decreased $42.1 million and $83.3 million in the three and six months ended June 30, 2024 from the comparable periods of 2023. The decrease in revenues in the three months ended June 30, 2024 was primarily due to decreases in volume and unfavorable currency translation of $43.8 million and $0.8 million, respectively, partially offset by higher copper pass-through pricing of $2.5 million. The decrease in revenues in the six months ended June 30, 2024 was primarily due to decreases in volume and unfavorable currency translation of $92.1 million and $1.0 million, respectively, partially offset by acquisitions and higher copper pass-through pricing of $7.5 million and $2.3 million, respectively.
Enterprise Solutions EBITDA decreased $12.5 million and $23.9 million in the three and six months ended June 30, 2024 from the comparable periods of 2023 primarily as a result of the decrease in revenues discussed above, partially offset by benefits realized from our productivity improvement initiatives.
Industrial Automation Solutions 
 Three Months Ended% ChangeSix Months Ended% Change
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands, except percentages)
Segment Revenues$333,863 $379,716 (12.1)%$635,449 $746,162 (14.8)%
Segment EBITDA67,737 78,631 (13.9)%126,482 152,418 (17.0)%
   as a percent of segment revenues20.3 %20.7 %19.9 %20.4 %
Industrial Automation Solutions revenues decreased $45.9 million and $110.7 million in the three and six months ended June 30, 2024 from the comparable periods of 2023. The decrease in revenues in the three months ended June 30, 2024 was primarily due to decreases in volume, unfavorable currency translation, and divestitures of $49.2 million, $2.8 million, and $0.1 million, respectively, partially offset by higher copper pass-through pricing of $6.2 million. The decrease in revenues in the six months ended June 30, 2024 was primarily due to decreases in volume, unfavorable currency translation, and divestitures of $111.6 million, $3.4 million, and $0.4 million, respectively, partially offset by higher copper pass-through pricing and acquisitions of $4.6 million and $0.1 million, respectively.
Industrial Automation Solutions EBITDA decreased $10.9 million and $25.9 million in the three and six months ended June 30, 2024 from the comparable periods of 2023 primarily as a result of the decrease in revenues discussed above, partially offset by favorable mix as we transition to solutions.
Liquidity and Capital Resources
Significant factors affecting our cash liquidity include (1) cash from operating activities, (2) disposals of businesses and tangible assets, (3) cash used for acquisitions, restructuring actions, capital expenditures, share repurchases, dividends, and senior subordinated note repurchases, and (4) our available credit facilities and other borrowing arrangements. We expect our operating activities to generate cash in 2024 and believe our sources of liquidity are sufficient to fund current working capital requirements, capital expenditures, contributions to our retirement plans, share repurchases, senior subordinated note repurchases, quarterly dividend payments, and our short-term operating strategies. However, we may require external financing in the event we complete a significant acquisition. Our ability to continue to fund our future needs from business operations could be affected by many factors, including, but not limited to: economic conditions worldwide, customer demand, competitive market forces, customer acceptance of our product mix, and commodities pricing.

-24-


The following table is derived from our Condensed Consolidated Cash Flow Statements:
 Six Months Ended
 June 30, 2024July 2, 2023
 (In thousands)
Net cash provided by (used for):
Operating activities$85,680 $54,715 
Investing activities(45,660)(121,005)
Financing activities(67,397)(105,885)
Effects of currency exchange rate changes on cash and cash equivalents(4,916)(734)
   Decrease in cash and cash equivalents(32,293)(172,909)
Cash and cash equivalents, beginning of period597,044 687,676 
   Cash and cash equivalents, end of period$564,751 $514,767 

Net cash provided by operating activities totaled $85.7 million in the six months ended June 30, 2024 compared to $54.7 million in the year ago period. Despite the decrease in net income, operating assets and liabilities improved $69.9 million compared to the prior year primarily driven by favorable changes in receivables and our successful management of working capital.

Net cash used for investing activities totaled $45.7 million for the six months ended June 30, 2024 compared to $121.0 million in the year ago period. Investing activities for the six months ended June 30, 2024 included capital expenditures of $46.2 million, partially offset by asset sales of $0.5 million. Investing activities for the six months ended July 2, 2023 included $97.6 million primarily for the acquisition of Sichert and capital expenditures of $32.7 million, partially offset by $9.3 million received from escrow for the disposal of a business.
Net cash used for financing activities totaled $67.4 million for the six months ended June 30, 2024 compared to $105.9 million in the year ago period. Financing activities for the six months ended June 30, 2024 included payments under our share repurchase program of $57.9 million, payments related to share based compensation activities of $8.1 million, cash dividend payments of $4.1 million, financing lease payments of $0.4 million, and proceeds from the issuance of common stock of $3.1 million. Financing activities for the six months ended July 2, 2023 included payments under our share repurchase program of $86.2 million, net payments related to share based compensation activities of $16.9 million, cash dividend payments of $4.3 million, financing lease payments of $0.1 million, and proceeds from the issuance of common stock of $1.6 million.
Our cash and cash equivalents balance was $564.8 million as of June 30, 2024. Of the total cash balance, $291.5 million was paid to the sellers of Precision in July and $173.0 million was held outside of the U.S. in our foreign operations. Substantially all of the foreign cash and cash equivalents are readily convertible into U.S. dollars or other foreign currencies. Our strategic plan does not require the repatriation of foreign cash in order to fund our operations in the U.S., and it is our current intention to permanently reinvest the foreign cash outside of the U.S. If we were to repatriate the foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation.
Our outstanding debt obligations as of June 30, 2024 consisted of $1,174.5 million of senior subordinated notes. Additional discussion regarding our various borrowing arrangements is included in Note 10 to the Condensed Consolidated Financial Statements. 
Forward-Looking Statements
Statements in this report other than historical facts are “forward-looking statements.” Forward-looking statements include statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. These forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements based on a number of factors. These factors include, among others, those set forth in Part II, Item 1A and in other documents that we file with the SEC. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

-25-


Item 3:        Quantitative and Qualitative Disclosures about Market Risks
The following table provides information about our financial instruments that are sensitive to changes in interest rates. The table presents principal amounts by expected maturity dates and fair values as of June 30, 2024. 
 Principal Amount by Expected MaturityFair
 2024Thereafter  TotalValue
 (In thousands, except interest rates)
€450.0 million fixed-rate senior subordinated notes due 2027$— $480,465 $480,465 $464,850 
Average interest rate3.375 %
€350.0 million fixed-rate senior subordinated notes due 2028$— $373,695 $373,695 $362,017 
Average interest rate3.875 %
€300.0 million fixed-rate senior subordinated notes due 2031$— $320,310 $320,310 $293,484 
Average interest rate3.375 %
Total$1,174,470 $1,120,351 
Item 7A of our 2023 Annual Report on Form 10-K provides information as to the practices and instruments that we use to manage market risks. There were no material changes in our exposure to market risks since December 31, 2023.
Item 4:        Controls and Procedures
As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of the principal executive officer and principal financial officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on this evaluation, the principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report. There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
-26-


PART II OTHER INFORMATION
Item 1:        Legal Proceedings
We are a party to various legal proceedings and administrative actions that are incidental to our operations. In our opinion, the proceedings and actions in which we are involved should not, individually or in the aggregate, have a material adverse effect on our financial condition, operating results, or cash flows. However, since the trends and outcome of this litigation are inherently uncertain, we cannot give absolute assurance regarding the future resolution of such litigation, or that such litigation may not become material in the future.
Item 1A:      Risk Factors
There have been no material changes with respect to risk factors as previously disclosed in our Form 10-K filed on February 13, 2024. There may be additional risks that impact our business that we currently do not recognize as, or that are not currently, material to our business.
Item 5:      Other Information
Rule 10b5-1 Trading Plans
The adoption, modification, or termination of contracts for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended June 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:

NameTitleActionDate
Adopted
Expiration DateTotal
SARs
Total
Shares
Brian Anderson (1)
Senior Vice President-Legal, General Counsel and Corporate Secretary
Adoption5/10/20241/31/202522,75214,692

(1) Brian Anderson, Senior Vice President-Legal, General Counsel and Corporate Secretary, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 10, 2024. Mr. Anderson's plan provides for the exercise of up to 22,752 stock appreciation rights and the sale of up to 14,692 shares of Belden common stock. The plan expires on January 31, 2025, or upon the earlier completion of all authorized transactions under the plan.

Other than those disclosed above, none of our directors or officers adopted, modified, or terminated a "non-Rule 10b5-1 trading
arrangement" as defined in Item 408 of Regulation S-K during the three months ended June 30, 2024.
Item 6:        Exhibits
Exhibits

-27-


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
BELDEN INC.
Date:    August 1, 2024By:     /s/ Ashish Chand
 Ashish Chand
 President and Chief Executive Officer
Date:August 1, 2024By: /s/ Jeremy Parks
 Jeremy Parks
 Senior Vice President, Finance, and Chief Financial Officer
Date:August 1, 2024By: /s/ Douglas R. Zink
 Douglas R. Zink
 Vice President and Chief Accounting Officer

-28-
Exhibit 31.1


CERTIFICATE PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, Ashish Chand, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Belden Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which the statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
August 1, 2024
 
/s/ Ashish Chand
Ashish Chand
President and Chief Executive Officer                         


Exhibit 31.2


CERTIFICATE PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
I, Jeremy Parks, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Belden Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which the statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
August 1, 2024
/s/ Jeremy Parks
Jeremy Parks
Senior Vice President, Finance, and Chief Financial Officer


Exhibit 32.1


CERTIFICATE PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Belden Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ashish Chand, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/ Ashish Chand
Ashish Chand
President and Chief Executive Officer
August 1, 2024



Exhibit 32.2


CERTIFICATE PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Belden Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeremy Parks, Senior Vice President, Finance, and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 


/s/ Jeremy Parks
Jeremy Parks
Senior Vice President, Finance, and Chief Financial Officer
August 1, 2024


v3.24.2.u1
Cover - shares
6 Months Ended
Jun. 30, 2024
Jul. 26, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-12561  
Entity Registrant Name BELDEN INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-3601505  
Entity Address, Address Line One 1 North Brentwood Boulevard,  
Entity Address, Address Line Two 15th Floor,  
Entity Address, City or Town St. Louis  
Entity Address, State or Province MO  
Entity Address, Postal Zip Code 63105  
City Area Code 314  
Local Phone Number 854-8000  
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, $0.01 par value  
Trading Symbol BDC  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   40,805,496
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000913142  
Current Fiscal Year End Date --12-31  
v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 564,751 $ 597,044
Receivables, net 396,850 413,806
Inventories, net 374,991 366,987
Other current assets 75,951 79,142
Total current assets 1,412,543 1,456,979
Property, plant and equipment, less accumulated depreciation 460,949 451,069
Operating lease right-of-use assets 127,824 89,686
Goodwill 1,031,119 907,331
Intangible assets, less accumulated amortization 423,781 269,144
Deferred income taxes 16,318 15,739
Other long-lived assets 50,062 50,243
Total assets 3,522,596 3,240,191
Current liabilities:    
Accounts payable 260,857 343,215
Accrued liabilities 277,290 290,289
Payable to sellers of Precision Optical Technologies 291,508 0
Total current liabilities 829,655 633,504
Long-term debt 1,164,840 1,204,211
Postretirement benefits 70,250 74,573
Deferred income taxes 90,411 49,472
Long-term operating lease liabilities 110,148 74,941
Other long-term liabilities 37,415 37,188
Stockholders’ equity:    
Common stock 503 503
Additional paid-in capital 823,205 818,663
Retained earnings 1,068,052 985,807
Accumulated other comprehensive loss (25,219) (41,279)
Treasury stock (646,695) (597,437)
Total Belden stockholders’ equity 1,219,846 1,166,257
Noncontrolling interests 31 45
Total stockholders’ equity 1,219,877 1,166,302
Total liabilities and stockholders' equity $ 3,522,596 $ 3,240,191
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Income Statement [Abstract]        
Revenues $ 604,336 $ 692,245 $ 1,140,011 $ 1,334,034
Cost of sales (377,530) (430,917) (711,609) (826,601)
Gross profit 226,806 261,328 428,402 507,433
Selling, general and administrative expenses (119,497) (126,635) (230,265) (248,209)
Research and development expenses (28,457) (30,970) (55,456) (60,354)
Amortization of intangibles (9,940) (11,126) (20,749) (20,736)
Operating income 68,912 92,597 121,932 178,134
Interest expense, net (9,017) (8,812) (16,599) (17,013)
Non-operating pension benefit 230 646 461 1,134
Income before taxes 60,125 84,431 105,794 162,255
Income tax expense (11,091) (15,656) (19,451) (30,535)
Net income 49,034 68,775 86,343 131,720
Less: Net income (loss) attributable to noncontrolling interest (10) 22 (14) (225)
Net income attributable to Belden stockholders $ 49,044 $ 68,753 $ 86,357 $ 131,945
Weighted average number of common shares and equivalents:        
Basic (in shares) 40,690 42,497 40,838 42,663
Diluted (in shares) 41,204 43,088 41,348 43,380
Basic income per share attributable to Belden stockholders (in dollars per share) $ 1.21 $ 1.62 $ 2.11 $ 3.09
Diluted income per share attributable to Belden stockholders (in dollars per share) $ 1.19 $ 1.60 $ 2.09 $ 3.04
Comprehensive income attributable to Belden $ 55,956 $ 63,890 $ 102,417 $ 109,782
Common stock dividends declared per share (in usd per share) $ 0.05 $ 0.05 $ 0.10 $ 0.10
v3.24.2.u1
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Cash flows from operating activities:    
Net income $ 86,343 $ 131,720
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 52,968 49,044
Share-based compensation 14,643 12,154
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:    
Receivables 30,880 (71,212)
Inventories 204 10,347
Accounts payable (90,025) (59,295)
Accrued liabilities (16,788) (22,855)
Income taxes 2,097 5,204
Other assets 1,728 (4,197)
Other liabilities 3,630 3,805
Net cash provided by operating activities 85,680 54,715
Cash flows from investing activities:    
Capital expenditures (46,246) (32,729)
Cash from (used for) business acquisitions, net of cash acquired 526 (97,585)
Proceeds from disposal of tangible assets 60 9
Proceeds from disposal of businesses, net of cash sold 0 9,300
Net cash used for investing activities (45,660) (121,005)
Cash flows from financing activities:    
Payments under share repurchase program (57,865) (86,224)
Withholding tax payments for share-based payment awards (8,110) (16,940)
Cash dividends paid (4,119) (4,285)
Payments under financing lease obligations (455) (115)
Proceeds from issuance of common stock 3,152 1,679
Net cash used for financing activities (67,397) (105,885)
Effect of foreign currency exchange rate changes on cash and cash equivalents (4,916) (734)
Decrease in cash and cash equivalents (32,293) (172,909)
Cash and cash equivalents, beginning of period 597,044 687,676
Cash and cash equivalents, end of period $ 564,751 $ 514,767
v3.24.2.u1
CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022   50,335          
Beginning balance at Dec. 31, 2022 $ 1,143,950 $ 503 $ 825,669 $ 751,522 $ (428,812) $ (5,871) $ 939
Beginning balance (in shares) at Dec. 31, 2022         (7,502)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 62,945     63,192     (247)
Other comprehensive income (loss), net of tax (17,298)         (17,300) 2
Common stock issuance 1,679   (420)   $ 2,099    
Common stock issuance (in shares)         37    
Retirement Savings Plan stock contributions 2,396   638   $ 1,758    
Retirement Savings Plan stock contributions (in shares)         28    
Exercise of stock options, net of tax withholding forfeitures (2,596)   (4,547)   $ 1,951    
Exercise of stock options, net of tax withholding forfeitures (in shares)         47    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (10,696)   (17,997)   $ 7,301    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         196    
Share repurchase program, net of excise tax (in shares)         (594)    
Share repurchase program, net of excise tax (50,266)       $ (50,266)    
Share-based compensation 6,253   6,253        
Common stock dividends (2,150)     (2,150)      
Ending balance (in shares) at Apr. 02, 2023   50,335          
Ending balance at Apr. 02, 2023 1,134,217 $ 503 809,596 812,564 $ (465,969) (23,171) 694
Ending balance (in shares) at Apr. 02, 2023         (7,788)    
Beginning balance (in shares) at Dec. 31, 2022   50,335          
Beginning balance at Dec. 31, 2022 1,143,950 $ 503 825,669 751,522 $ (428,812) (5,871) 939
Beginning balance (in shares) at Dec. 31, 2022         (7,502)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 131,720            
Ending balance (in shares) at Jul. 02, 2023   50,335          
Ending balance at Jul. 02, 2023 1,162,991 $ 503 809,332 879,179 $ (497,873) (28,173) 23
Ending balance (in shares) at Jul. 02, 2023         (8,076)    
Beginning balance (in shares) at Apr. 02, 2023   50,335          
Beginning balance at Apr. 02, 2023 1,134,217 $ 503 809,596 812,564 $ (465,969) (23,171) 694
Beginning balance (in shares) at Apr. 02, 2023         (7,788)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 68,775     68,753     22
Other comprehensive income (loss), net of tax (4,861)         (4,863) 2
Sale and deconsolidation of subsidiary (834)         (139) (695)
Retirement Savings Plan stock contributions 2,042   663   $ 1,379    
Retirement Savings Plan stock contributions (in shares)         24    
Exercise of stock options, net of tax withholding forfeitures (1,931)   (2,698)   $ 767    
Exercise of stock options, net of tax withholding forfeitures (in shares)         27    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (1,717)   (4,130)   $ 2,413    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         55    
Share repurchase program, net of excise tax (in shares)         (394)    
Share repurchase program, net of excise tax (36,463)       $ (36,463)    
Share-based compensation 5,901   5,901        
Common stock dividends (2,138)     (2,138)      
Ending balance (in shares) at Jul. 02, 2023   50,335          
Ending balance at Jul. 02, 2023 1,162,991 $ 503 809,332 879,179 $ (497,873) (28,173) 23
Ending balance (in shares) at Jul. 02, 2023         (8,076)    
Beginning balance (in shares) at Dec. 31, 2023   50,335          
Beginning balance at Dec. 31, 2023 1,166,302 $ 503 818,663 985,807 $ (597,437) (41,279) 45
Beginning balance (in shares) at Dec. 31, 2023         (9,208)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 37,309     37,313     (4)
Other comprehensive income (loss), net of tax 9,148         9,148  
Common stock issuance 3,152   477   $ 2,675    
Common stock issuance (in shares)         48    
Retirement Savings Plan stock contributions 1,828   641   $ 1,187    
Retirement Savings Plan stock contributions (in shares)         22    
Exercise of stock options, net of tax withholding forfeitures (384)   (483)   $ 99    
Exercise of stock options, net of tax withholding forfeitures (in shares)         8    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (7,537)   (10,991)   $ 3,454    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         138    
Share repurchase program, net of excise tax (in shares)         (675)    
Share repurchase program, net of excise tax (58,270)       $ (58,270)    
Share-based compensation 6,397   6,397        
Common stock dividends (2,059)     (2,059)      
Ending balance (in shares) at Mar. 31, 2024   50,335          
Ending balance at Mar. 31, 2024 1,155,886 $ 503 814,704 1,021,061 $ (648,292) (32,131) 41
Ending balance (in shares) at Mar. 31, 2024         (9,667)    
Beginning balance (in shares) at Dec. 31, 2023   50,335          
Beginning balance at Dec. 31, 2023 1,166,302 $ 503 818,663 985,807 $ (597,437) (41,279) 45
Beginning balance (in shares) at Dec. 31, 2023         (9,208)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 86,343            
Ending balance (in shares) at Jun. 30, 2024   50,335          
Ending balance at Jun. 30, 2024 1,219,877 $ 503 823,205 1,068,052 $ (646,695) (25,219) 31
Ending balance (in shares) at Jun. 30, 2024         (9,621)    
Beginning balance (in shares) at Mar. 31, 2024   50,335          
Beginning balance at Mar. 31, 2024 1,155,886 $ 503 814,704 1,021,061 $ (648,292) (32,131) 41
Beginning balance (in shares) at Mar. 31, 2024         (9,667)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 49,034     49,044     (10)
Other comprehensive income (loss), net of tax 6,912         6,912  
Retirement Savings Plan stock contributions 1,999   1,206   $ 793    
Retirement Savings Plan stock contributions (in shares)         22    
Exercise of stock options, net of tax withholding forfeitures (97)   (194)   $ 97    
Exercise of stock options, net of tax withholding forfeitures (in shares)         4    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (92)   (757)   $ 665    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         20    
Adjustment to share repurchase excise tax 42       $ 42    
Share-based compensation 8,246   8,246        
Common stock dividends (2,053)     (2,053)      
Ending balance (in shares) at Jun. 30, 2024   50,335          
Ending balance at Jun. 30, 2024 $ 1,219,877 $ 503 $ 823,205 $ 1,068,052 $ (646,695) $ (25,219) $ 31
Ending balance (in shares) at Jun. 30, 2024         (9,621)    
v3.24.2.u1
CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS (Parenthetical) - $ / shares
3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jul. 02, 2023
Apr. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Statement of Stockholders' Equity [Abstract]            
Common stock dividends declared per share (in usd per share) $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.10 $ 0.10
v3.24.2.u1
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2024
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, 2023:
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 2023 Annual Report on Form 10-K.
Business Description
We are a leading global supplier of network infrastructure and digitization solutions built around two global businesses - Enterprise Solutions and Industrial Automation Solutions. Our mission is to build the foundation for a digital world that makes the digital journey simpler, smarter and secure.
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 March 31, 2024, the 91st day of our fiscal year 2024. Our fiscal second and third quarters each have 91 days. The six months ended June 30, 2024 and July 2, 2023 included 182 and 183 days, respectively.
Fair Value Measurement
Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 
As of and during the three and six months ended June 30, 2024 and July 2, 2023, we utilized Level 1 inputs to determine the fair value of cash equivalents. We did not have any transfers between Level 1 and Level 2 fair value measurements during the six months ended June 30, 2024 and July 2, 2023.
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 June 30, 2024, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.
Contingent Liabilities
We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. Historically, these lawsuits have primarily involved claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow. As of June 30, 2024, we were party to standby letters of credit, surety bonds, and bank guaranties totaling $6.9 million, $6.0 million, and $5.2 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
A Belden subsidiary includes a noncontrolling interest as of and for the periods ended June 30, 2024 and July 2, 2023. The results attributable to the noncontrolling interest holders are not material to our condensed consolidated financial statements, and are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations.
Current Year Adoption of Accounting Pronouncements
None of the accounting pronouncements that became effective during 2024 had a material impact to our condensed consolidated financial statements or disclosures.

Pending Adoption of Recent Accounting Pronouncements
The Financial Accounting Standards Board (FASB) amended the guidance in Accounting Standards Codification (ASC) 280, Segment Reporting, to require public companies disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. We did not early adopt this pronouncement, and we expect the amended guidance to have a minimal impact on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (ASU 2023-09) enhancing the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 are applied on a prospective basis, though retrospective application is permitted. We did not early adopt this pronouncement and are in the process of evaluating its impact on our consolidated financial statements and related disclosures.
v3.24.2.u1
Revenues
6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. The following tables present our revenues disaggregated by major product category.
Broadband
 Solutions
Industrial Automation SolutionsSmart Buildings SolutionsTotal 
Revenues 
Three Months Ended June 30, 2024(In thousands)
Enterprise Solutions$136,020 $— $134,453 $270,473 
Industrial Automation Solutions— 333,863 — 333,863 
Total$136,020 $333,863 $134,453 $604,336 
Three Months Ended July 2, 2023 
Enterprise Solutions$159,332 $— $153,197 $312,529 
Industrial Automation Solutions— 379,716 — 379,716 
Total$159,332 $379,716 $153,197 $692,245 
Six Months Ended June 30, 2024
Enterprise Solutions$248,120 $— $256,442 $504,562 
Industrial Automation Solutions— 635,449 — 635,449 
Total$248,120 $635,449 $256,442 $1,140,011 
Six Months Ended July 2, 2023
Enterprise Solutions$290,887 $— $296,985 $587,872 
Industrial Automation Solutions— 746,162 — 746,162 
Total$290,887 $746,162 $296,985 $1,334,034 
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
AmericasEMEAAPACTotal Revenues
Three Months Ended June 30, 2024(In thousands)
Enterprise Solutions$200,904 $42,379 $27,190 $270,473 
Industrial Automation Solutions198,884 83,017 51,962 333,863 
Total$399,788 $125,396 $79,152 $604,336 
Three Months Ended July 2, 2023   
Enterprise Solutions$246,471 $36,671 $29,387 $312,529 
Industrial Automation Solutions213,852 109,055 56,809 379,716 
Total$460,323 $145,726 $86,196 $692,245 
Six Months Ended June 30, 2024
Enterprise Solutions$367,233 $88,067 $49,262 $504,562 
Industrial Automation Solutions381,774 160,873 92,802 635,449 
Total$749,007 $248,940 $142,064 $1,140,011 
Six Months Ended July 2, 2023
Enterprise Solutions$460,358 $74,119 $53,395 $587,872 
Industrial Automation Solutions429,065 210,976 106,121 746,162 
Total$889,423 $285,095 $159,516 $1,334,034 
We generate revenues primarily by selling products that support communication, infrastructure, and deliver solutions that make the digital journey simpler, smarter, and secure. We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers. At times, we enter into arrangements that involve the delivery of multiple performance obligations. For these arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price and recognized when or as each performance obligation is satisfied. Generally, we determine relative standalone selling price using the prices charged separately to customers on a standalone basis. Typically, payments are due after control transfers.

Most of our performance obligations related to the sale of products are satisfied at a point in time when control of the product is transferred to the customer, which generally occurs when the product has been shipped or delivered from our facility to our customers, the customer has legal title to the product, and we have a present right to payment for the product. We also consider any customer acceptance clauses in determining when control has transferred to the customer and typically, these clauses are not substantive.
The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. For example, our estimate of price adjustments is based on our historical price adjustments as a percentage of revenues and the average time period between the original sale and the issuance of the price adjustment. We adjust our estimate of revenue for variable consideration at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. We adjust other current assets and cost of sales for the estimated level of returns. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and six months ended June 30, 2024 and July 2, 2023.
The following table presents estimated and accrued variable consideration:
June 30, 2024December 31, 2023
(in thousands)
Accrued rebates included in accrued liabilities$45,788 $49,255 
Accrued returns included in accrued liabilities15,417 15,570 
Price adjustments recognized against gross accounts receivable26,603 26,005 

Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future performance obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. Consideration allocated to professional services is recognized when or as the services are performed depending on the terms of the arrangement. Our contract terms for support, maintenance, and professional services typically require payment within one year or less of when the services will be provided. As of June 30, 2024, total deferred revenue was $29.6 million, and of this amount, $22.1 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 and six months ended June 30, 2024 and July 2, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$31,062 $33,243 
New deferrals6,280 4,359 
Revenue recognized(7,392)(8,307)
Balance at the end of Q1$29,950 $29,295 
New deferrals11,058 6,900 
Revenue recognized(11,395)(6,528)
Balance at the end of Q2$29,613 $29,667 
Service-type warranties represent $9.7 million of the deferred revenue balance at June 30, 2024, and of this amount $4.5 million is expected to be recognized in the next twelve months, and the remaining $5.2 million is long-term and will be recognized over a period greater than twelve months. As of June 30, 2024 and December 31, 2023, 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 as of June 30, 2024 and December 31, 2023. The following table presents sales commissions that are recorded within selling, general and administrative expenses:
Three Months EndedSix Months ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Sales commissions$5,848 $6,316 $11,171 $12,089 
v3.24.2.u1
Acquisitions
6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On June 30, 2024, we acquired Precision Optical Technologies, Inc. (“Precision”) for $289.6 million, net of cash acquired. Precision, based in New York, is a leading supplier of value-added optical transceivers with proprietary software, firmware configurations, and related components. Precision is reported within the Enterprise Solutions segment. The Precision acquisition was not material to our results of operations. Consideration for the acquisition was funded with cash on hand in July and is included in current liabilities in the June 30, 2024 condensed consolidated balance sheet. The following table summarizes the estimated, preliminary fair values of the assets acquired and liabilities assumed for Precision as of the acquisition date (in thousands):
Receivables$18,386 
Inventory11,680 
Other current assets2,391 
Property, plant and equipment5,109 
Intangible assets176,500 
Goodwill131,402 
Operating lease right-of-use assets3,272 
   Total assets acquired$348,740 
Accounts payable$11,350 
Accrued liabilities3,485 
Deferred income taxes41,379 
Long-term operating lease liabilities2,936 
   Total liabilities assumed$59,150 
Net assets $289,590 
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, inventory, 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 allocated to goodwill.
The preliminary fair value of acquired receivables is $18.4 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 Belden’s solution selling capabilities, particularly the ability to offer more complete fiber infrastructure solutions. Our tax basis in the acquired goodwill is zero.
The intangible assets related to the acquisition consisted of the following:
Fair ValueAmortization Period
(In thousands)(In years)
Intangible assets subject to amortization:
  Developed technologies$21,000 5.0
  Customer relationships145,000 20.0
  Trademarks6,000 5.0
  Non-compete agreements4,500 5.0
    Total intangible assets subject to amortization$176,500 
Intangible assets not subject to amortization:
  Goodwill$131,402 n/a
    Total intangible assets not subject to amortization$131,402 
      Total intangible assets$307,902 
Weighted average amortization period17.3
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.
v3.24.2.u1
Reportable Segments
6 Months Ended
Jun. 30, 2024
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. 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; adjustments related to acquisitions and divestitures; 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 SolutionsIndustrial Automation SolutionsTotal Segments
(In thousands)
As of and for the three months ended June 30, 2024   
Segment Revenues$270,473 $333,863 $604,336 
Segment EBITDA31,456 67,737 99,193 
Depreciation expense6,214 7,363 13,577 
Amortization of intangibles5,022 4,918 9,940 
Amortization of software development intangible assets— 2,464 2,464 
Severance, restructuring, and acquisition integration costs2,309 1,684 3,993 
Adjustments related to acquisitions and divestitures— 298 298 
Segment assets671,250 762,736 1,433,986 
As of and for the three months ended July 2, 2023   
Segment Revenues$312,529 $379,716 $692,245 
Segment EBITDA43,956 78,631 122,587 
Depreciation expense6,193 6,489 12,682 
Amortization of intangibles6,208 4,918 11,126 
Amortization of software development intangible assets— 1,820 1,820 
Severance, restructuring, and acquisition integration costs1,669 2,390 4,059 
Adjustments related to acquisitions and divestitures325 (76)249 
Segment assets648,344 699,092 1,347,436 
As of and for the six months ended June 30, 2024   
Segment revenues$504,562 $635,449 $1,140,011 
Segment EBITDA57,244 126,482 183,726 
Depreciation expense12,519 14,523 27,042 
Amortization of intangibles10,741 10,008 20,749 
Amortization of software development intangible assets— 5,177 5,177 
Severance, restructuring, and acquisition integration costs3,899 4,306 8,205 
Adjustments related to acquisitions and divestitures— 596 596 
Segment assets671,250 762,736 1,433,986 
As of and for the six months ended July 2, 2023
Segment Revenues$587,872 $746,162 $1,334,034 
Segment EBITDA81,161 152,418 233,579 
Depreciation expense12,147 12,889 25,036 
Amortization of intangibles10,703 10,033 20,736 
Amortization of software development intangible assets— 3,272 3,272 
Severance, restructuring, and acquisition integration costs1,694 4,077 5,771 
Adjustments related to acquisitions and divestitures325 222 547 
Segment assets648,344 699,092 1,347,436 
The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income before taxes, respectively.
 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Total Segment and Consolidated Revenues$604,336 $692,245 $1,140,011 $1,334,034 
Total Segment EBITDA$99,193 $122,587 $183,726 $233,579 
Depreciation expense(13,577)(12,682)(27,042)(25,036)
Amortization of intangibles(9,940)(11,126)(20,749)(20,736)
Severance, restructuring, and acquisition integration costs (1)(3,993)(4,059)(8,205)(5,771)
Amortization of software development intangible assets(2,464)(1,820)(5,177)(3,272)
Adjustments related to acquisitions and divestitures (2)(298)(249)(596)(547)
Eliminations(9)(54)(25)(83)
Consolidated operating income68,912 92,597 121,932 178,134 
Interest expense, net(9,017)(8,812)(16,599)(17,013)
Total non-operating pension benefit230 646 461 1,134 
Consolidated income before taxes $60,125 $84,431 $105,794 $162,255 
(1) Includes restructuring and integration costs associated with acquisitions and costs associated with certain manufacturing footprint actions.
(2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets and gains associated with the sales of businesses.
v3.24.2.u1
Income per Share
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Income per Share Income per Share
The following table presents the basis for the income per share computations:

 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Numerator:
Net income $49,034 $68,775 $86,343 $131,720 
Less: Net income (loss) attributable to noncontrolling interest(10)22 (14)(225)
Net income attributable to Belden stockholders$49,044 $68,753 $86,357 $131,945 
Denominator:
Weighted average shares outstanding, basic40,690 42,497 40,838 42,663 
Effect of dilutive common stock equivalents514 591 510 717 
     Weighted average shares outstanding, diluted41,204 43,088 41,348 43,380 
For both the three and six months ended June 30, 2024 and July 2, 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.1 million and 0.2 million, respectively, because they are anti-dilutive. In addition, for the three and six months ended June 30, 2024, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million and 0.3 million, respectively, because the related performance conditions have not been satisfied. For the three and six months ended July 2, 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million because the related performance conditions have not been satisfied.
For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock. For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately. Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding.
v3.24.2.u1
Credit Losses
6 Months Ended
Jun. 30, 2024
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. Provisions and recoveries are included in selling, general and administrative expenses.
The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and six months ended June 30, 2024 and July 2, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$23,114 $7,954 
    Current period provision459 4,004 
    Recoveries collected(6)— 
    Write-offs(96)(3)
    Fx impact(51)(25)
Q1 ending balance$23,420 $11,930 
   Current period provision606 4,194 
   Acquisitions50 19 
   Fx impact(44)11 
   Write-offs(5)— 
   Recoveries collected32 (8)
Q2 ending balance$24,059 $16,146 
v3.24.2.u1
Inventories
6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
The following table presents the major classes of inventories as of June 30, 2024 and December 31, 2023, respectively:
June 30, 2024December 31, 2023
 (In thousands)
Raw materials$193,872 $185,233 
Work-in-process40,016 41,197 
Finished goods210,478 208,425 
Gross inventories444,366 434,855 
Excess and obsolete reserves(69,375)(67,868)
Net inventories$374,991 $366,987 
v3.24.2.u1
Leases
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and 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 within 1 to 20 years; some of which include extension and termination options. 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. We have a few short-term operating leases with terms less than twelve months - these leases are not recorded on our balance sheet and the overall rent expense is not material.
We also have certain lease contracts that contain both lease and non-lease components. We have elected the practical expedient to account for these components together as a single, combined lease component. The rate implicit in most of our leases is not readily determinable. As a result, we utilize 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.

Our lease agreements do not contain material residual value guarantees. Our variable lease expense was approximately $0.9 million and $1.8 million for the three and six months ended June 30, 2024, respectively, and $0.8 million and $1.6 million for the three and six months ended July 2, 2023, respectively.
The components of lease expense were as follows:

Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Operating lease cost$6,918 $5,415 $13,793 $10,932 
Finance lease cost
Amortization of right-of-use asset$190 $190 $384 $391 
Interest on lease liabilities109 77 218 157 
Total finance lease cost$299 $267 $602 $548 

Supplemental cash flow information related to leases was as follows:

Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,776 $4,625 $11,503 $9,290 

Operating cash flows from finance leases were not material during the three and six months ended June 30, 2024 and July 2, 2023.

Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
(In thousands)
Operating leases:
Total operating lease right-of-use assets
$127,824 $89,686 
Accrued liabilities$19,192 $18,226 
Long-term operating lease liabilities110,148 74,941 
Total operating lease liabilities$129,340 $93,167 
Finance leases:
Other long-lived assets, at cost$8,270 $6,560 
Accumulated depreciation(1,734)(1,347)
Other long-lived assets, net$6,536 $5,213 
Accrued liabilities$1,037 $719 
Other long-term liabilities6,944 6,084 
Total finance lease liabilities$7,981 $6,803 

The increases in operating lease right-of-use assets and lease liabilities are primarily due to the recognition of a new lease that had balances of $34.0 million and $33.4 million, respectively, as of June 30, 2024.
June 30, 2024December 31, 2023
Weighted Average Remaining Lease Term
Operating leases10 years6 years
Finance leases8 years9 years
Weighted Average Discount Rate
Operating leases5.8 %5.0 %
Finance leases4.6 %4.3 %

In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending up to 2035. These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary. As of June 30, 2024, the fixed, remaining base rent payments were approximately $21 million. As of June 30, 2024 and December 31, 2023, we had a liability for expected, future payments of $10.0 million and $11.3 million, respectively. The liability is based on certain assumptions, such as receiving a level of sublease income, that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed.
Leases Leases
We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and 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 within 1 to 20 years; some of which include extension and termination options. 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. We have a few short-term operating leases with terms less than twelve months - these leases are not recorded on our balance sheet and the overall rent expense is not material.
We also have certain lease contracts that contain both lease and non-lease components. We have elected the practical expedient to account for these components together as a single, combined lease component. The rate implicit in most of our leases is not readily determinable. As a result, we utilize 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.

Our lease agreements do not contain material residual value guarantees. Our variable lease expense was approximately $0.9 million and $1.8 million for the three and six months ended June 30, 2024, respectively, and $0.8 million and $1.6 million for the three and six months ended July 2, 2023, respectively.
The components of lease expense were as follows:

Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Operating lease cost$6,918 $5,415 $13,793 $10,932 
Finance lease cost
Amortization of right-of-use asset$190 $190 $384 $391 
Interest on lease liabilities109 77 218 157 
Total finance lease cost$299 $267 $602 $548 

Supplemental cash flow information related to leases was as follows:

Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,776 $4,625 $11,503 $9,290 

Operating cash flows from finance leases were not material during the three and six months ended June 30, 2024 and July 2, 2023.

Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
(In thousands)
Operating leases:
Total operating lease right-of-use assets
$127,824 $89,686 
Accrued liabilities$19,192 $18,226 
Long-term operating lease liabilities110,148 74,941 
Total operating lease liabilities$129,340 $93,167 
Finance leases:
Other long-lived assets, at cost$8,270 $6,560 
Accumulated depreciation(1,734)(1,347)
Other long-lived assets, net$6,536 $5,213 
Accrued liabilities$1,037 $719 
Other long-term liabilities6,944 6,084 
Total finance lease liabilities$7,981 $6,803 

The increases in operating lease right-of-use assets and lease liabilities are primarily due to the recognition of a new lease that had balances of $34.0 million and $33.4 million, respectively, as of June 30, 2024.
June 30, 2024December 31, 2023
Weighted Average Remaining Lease Term
Operating leases10 years6 years
Finance leases8 years9 years
Weighted Average Discount Rate
Operating leases5.8 %5.0 %
Finance leases4.6 %4.3 %

In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending up to 2035. These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary. As of June 30, 2024, the fixed, remaining base rent payments were approximately $21 million. As of June 30, 2024 and December 31, 2023, we had a liability for expected, future payments of $10.0 million and $11.3 million, respectively. The liability is based on certain assumptions, such as receiving a level of sublease income, that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed.
v3.24.2.u1
Long-Lived Assets
6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Long-Lived Assets Long-Lived Assets
Depreciation and Amortization Expense
We recognized depreciation expense of $13.6 million and $27.0 million in the three and six months ended June 30, 2024, respectively, and $12.7 million and $25.0 million in the three and six months ended July 2, 2023, respectively.
We recognized amortization expense of $12.4 million and $25.9 million in the three and six months ended June 30, 2024, respectively, and $12.9 million and $24.0 million in the three and six months ended July 2, 2023, respectively.
v3.24.2.u1
Long-Term Debt and Other Borrowing Arrangements
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt and Other Borrowing Arrangements Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt were as follows:
June 30, 2024December 31, 2023
 (In thousands)
Revolving credit agreement due 2026$— $— 
Senior subordinated notes:
3.375% Senior subordinated notes due 2027
480,465 497,025 
3.875% Senior subordinated notes due 2028
373,695 386,575 
3.375% Senior subordinated notes due 2031
320,310 331,350 
Total senior subordinated notes1,174,470 1,214,950 
   Less unamortized debt issuance costs(9,630)(10,739)
Long-term debt$1,164,840 $1,204,211 
Revolving Credit Agreement due 2026
We have 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 SOFR 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. As of June 30, 2024, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $293.3 million.
Senior Subordinated Notes
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 June 30, 2024 is $480.5 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 June 30, 2024 is $373.7 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 June 30, 2024 is $320.3 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.
Fair Value of Long-Term Debt
The fair value of our senior subordinated notes as of June 30, 2024 was approximately $1,120.4 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair value of our senior subordinated notes with a carrying value of $1,174.5 million as of June 30, 2024.
v3.24.2.u1
Net Investment Hedge
6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Net Investment Hedge Net Investment HedgeAll of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of June 30, 2024, €567.8 million of our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations. The objective of the hedge is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate. The transaction gain or loss is reported in the translation adjustment section of other comprehensive income. For the six months ended June 30, 2024 and July 2, 2023, the transaction gain (loss) associated with the net investment hedge reported in other comprehensive income was $21.0 million and $(13.0) million, respectively.
v3.24.2.u1
Income Taxes
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three and six months ended June 30, 2024, we recognized income tax expense of $11.1 million and $19.5 million, respectively, representing effective tax rates of 18.4% and 18.4%, respectively. For the three and six months ended July 2, 2023, we recognized income tax expense of $15.7 million and $30.5 million, respectively, representing effective tax rates of 18.5% and 18.8%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits.
The Organization for Economic Cooperation and Development is actively implementing changes to existing tax laws, including a global minimum tax of 15% which went into effect in 2024. This legislation has not materially impacted our provision for income taxes, but we will continually monitor and evaluate the potential impact on the countries in which we do business in future periods.
v3.24.2.u1
Pension and Other Postretirement Obligations
6 Months Ended
Jun. 30, 2024
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 ObligationsOther Postretirement Obligations
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Three Months Ended
Service cost$739 $844 $10 $
Interest cost3,660 3,810 235 252 
Expected return on plan assets(4,027)(4,329)— — 
Amortization of prior service cost 44 44 — — 
Actuarial gains(26)(232)(116)(191)
Net periodic benefit cost $390 $137 $129 $64 
Six Months Ended
Service cost$1,487 $1,534 $20 $
Interest cost7,336 7,554 473 503 
Expected return on plan assets(8,074)(8,438)— — 
Amortization of prior service cost89 87 — — 
Actuarial gains(52)(458)(233)(382)
Net periodic benefit cost$786 $279 $260 $127 
v3.24.2.u1
Comprehensive Income and Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Jun. 30, 2024
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: 
 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Net income$49,034 $68,775 $86,343 $131,720 
Foreign currency translation adjustments, net of tax6,986 (4,577)16,208 (21,595)
Adjustments to pension and postretirement liability, net of tax(74)(284)(148)(564)
Total comprehensive income55,946 63,914 102,403 109,561 
Less: Comprehensive income (loss) attributable to noncontrolling interests(10)24 (14)(221)
Comprehensive income attributable to Belden $55,956 $63,890 $102,417 $109,782 
The tax impacts of the foreign currency translation adjustments and pension liability adjustments in the table above are not material. The accumulated balances related to each component of other comprehensive loss, net of tax, are as follows: 
Foreign
Currency Translation Component
Pension and
Other
 Postretirement
Benefit Plans
Accumulated Other 
Comprehensive Loss
 (In thousands)
Balance at December 31, 2023$(26,514)$(14,765)$(41,279)
Other comprehensive income attributable to Belden before reclassifications16,208 — 16,208 
Amounts reclassified from accumulated other comprehensive loss— (148)(148)
Net current period other comprehensive income (loss) attributable to Belden16,208 (148)16,060 
Balance at June 30, 2024$(10,306)$(14,913)$(25,219)
The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the six months ended June 30, 2024:
Amounts 
Reclassified from Accumulated Other Comprehensive Loss
Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income
 (In thousands) 
Amortization of pension and other postretirement benefit plan items:
Actuarial gains$(285)(1)
Prior service cost89 (1)
Total before tax(196)
Tax expense48 
Total net of tax$(148)
(1) The amortization of these accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (see Note 13).
v3.24.2.u1
Share Repurchase
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Share Repurchase Share Repurchase
In 2018, our Board of Directors authorized a share repurchase program, which allows us to purchase up to $300.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. In April 2023, our Board of Directors authorized an additional $300.0 million under the share repurchase program. This program is funded with cash on hand and cash flows from operating activities.

During the three months ended June 30, 2024, we did not repurchase shares of our common stock. During the six months ended June 30, 2024, we repurchased 0.7 million shares of our common stock for an aggregate cost of $57.9 million at an average price per share of $85.66. During the three months ended July 2, 2023, we repurchased 0.4 million shares of our common stock for an aggregate cost of $36.2 million at an average price per share of $92.01. During the six months ended July 2, 2023, we repurchased 1.0 million shares of our common stock for an aggregate cost of $86.2 million at an average price per share of $87.30.
From inception of our program to the date of this filing, we have repurchased 7.4 million shares of our common stock for an aggregate cost of $485.0 million and an average price per share of $65.68. As of June 30, 2024, we had $115.0 million of authorizations remaining under the program. This share repurchase authorization does not have an expiration date.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 49,044 $ 68,753 $ 86,357 $ 131,945
v3.24.2.u1
Insider Trading Arrangements
3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Brian Anderson [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The adoption, modification, or termination of contracts for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended June 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:

NameTitleActionDate
Adopted
Expiration DateTotal
SARs
Total
Shares
Brian Anderson (1)
Senior Vice President-Legal, General Counsel and Corporate Secretary
Adoption5/10/20241/31/202522,75214,692

(1) Brian Anderson, Senior Vice President-Legal, General Counsel and Corporate Secretary, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on May 10, 2024. Mr. Anderson's plan provides for the exercise of up to 22,752 stock appreciation rights and the sale of up to 14,692 shares of Belden common stock. The plan expires on January 31, 2025, or upon the earlier completion of all authorized transactions under the plan.
Name Brian Anderson  
Title Senior Vice President-Legal, General Counsel and Corporate Secretary  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 5/10/2024  
Expiration Date 1/31/2025  
Arrangement Duration 266 days  
Aggregate Available 14,692 14,692
v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2024
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, 2023:
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 2023 Annual Report on Form 10-K.
Business Description
Business Description
We are a leading global supplier of network infrastructure and digitization solutions built around two global businesses - Enterprise Solutions and Industrial Automation Solutions. Our mission is to build the foundation for a digital world that makes the digital journey simpler, smarter and secure.
Reporting Periods
Reporting Periods
Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 31, 2024, the 91st day of our fiscal year 2024. Our fiscal second and third quarters each have 91 days. The six months ended June 30, 2024 and July 2, 2023 included 182 and 183 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.
Cash and Cash Equivalents
Cash and Cash Equivalents
We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of June 30, 2024, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.
Contingent Liabilities
Contingent Liabilities
We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. Historically, these lawsuits have primarily involved claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow.
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
A Belden subsidiary includes a noncontrolling interest as of and for the periods ended June 30, 2024 and July 2, 2023. The results attributable to the noncontrolling interest holders are not material to our condensed consolidated financial statements, and are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations.
Current Year Adoption of Accounting Pronouncements and Pending Adoption of Recent Accounting Pronouncements
Current Year Adoption of Accounting Pronouncements
None of the accounting pronouncements that became effective during 2024 had a material impact to our condensed consolidated financial statements or disclosures.

Pending Adoption of Recent Accounting Pronouncements
The Financial Accounting Standards Board (FASB) amended the guidance in Accounting Standards Codification (ASC) 280, Segment Reporting, to require public companies disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. We did not early adopt this pronouncement, and we expect the amended guidance to have a minimal impact on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (ASU 2023-09) enhancing the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 are applied on a prospective basis, though retrospective application is permitted. We did not early adopt this pronouncement and are in the process of evaluating its impact on our consolidated financial statements and related disclosures.
v3.24.2.u1
Revenues (Tables)
6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue The following tables present our revenues disaggregated by major product category.
Broadband
 Solutions
Industrial Automation SolutionsSmart Buildings SolutionsTotal 
Revenues 
Three Months Ended June 30, 2024(In thousands)
Enterprise Solutions$136,020 $— $134,453 $270,473 
Industrial Automation Solutions— 333,863 — 333,863 
Total$136,020 $333,863 $134,453 $604,336 
Three Months Ended July 2, 2023 
Enterprise Solutions$159,332 $— $153,197 $312,529 
Industrial Automation Solutions— 379,716 — 379,716 
Total$159,332 $379,716 $153,197 $692,245 
Six Months Ended June 30, 2024
Enterprise Solutions$248,120 $— $256,442 $504,562 
Industrial Automation Solutions— 635,449 — 635,449 
Total$248,120 $635,449 $256,442 $1,140,011 
Six Months Ended July 2, 2023
Enterprise Solutions$290,887 $— $296,985 $587,872 
Industrial Automation Solutions— 746,162 — 746,162 
Total$290,887 $746,162 $296,985 $1,334,034 
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
AmericasEMEAAPACTotal Revenues
Three Months Ended June 30, 2024(In thousands)
Enterprise Solutions$200,904 $42,379 $27,190 $270,473 
Industrial Automation Solutions198,884 83,017 51,962 333,863 
Total$399,788 $125,396 $79,152 $604,336 
Three Months Ended July 2, 2023   
Enterprise Solutions$246,471 $36,671 $29,387 $312,529 
Industrial Automation Solutions213,852 109,055 56,809 379,716 
Total$460,323 $145,726 $86,196 $692,245 
Six Months Ended June 30, 2024
Enterprise Solutions$367,233 $88,067 $49,262 $504,562 
Industrial Automation Solutions381,774 160,873 92,802 635,449 
Total$749,007 $248,940 $142,064 $1,140,011 
Six Months Ended July 2, 2023
Enterprise Solutions$460,358 $74,119 $53,395 $587,872 
Industrial Automation Solutions429,065 210,976 106,121 746,162 
Total$889,423 $285,095 $159,516 $1,334,034 
Schedule of Contract with Customer, Asset and Liability
The following table presents estimated and accrued variable consideration:
June 30, 2024December 31, 2023
(in thousands)
Accrued rebates included in accrued liabilities$45,788 $49,255 
Accrued returns included in accrued liabilities15,417 15,570 
Price adjustments recognized against gross accounts receivable26,603 26,005 
The following table presents deferred revenue activity during the three and six months ended June 30, 2024 and July 2, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$31,062 $33,243 
New deferrals6,280 4,359 
Revenue recognized(7,392)(8,307)
Balance at the end of Q1$29,950 $29,295 
New deferrals11,058 6,900 
Revenue recognized(11,395)(6,528)
Balance at the end of Q2$29,613 $29,667 
Schedule of Sales Commissions The following table presents sales commissions that are recorded within selling, general and administrative expenses:
Three Months EndedSix Months ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Sales commissions$5,848 $6,316 $11,171 $12,089 
v3.24.2.u1
Acquisitions (Tables)
6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the estimated, preliminary fair values of the assets acquired and liabilities assumed for Precision as of the acquisition date (in thousands):
Receivables$18,386 
Inventory11,680 
Other current assets2,391 
Property, plant and equipment5,109 
Intangible assets176,500 
Goodwill131,402 
Operating lease right-of-use assets3,272 
   Total assets acquired$348,740 
Accounts payable$11,350 
Accrued liabilities3,485 
Deferred income taxes41,379 
Long-term operating lease liabilities2,936 
   Total liabilities assumed$59,150 
Net assets $289,590 
Schedule of Acquired Intangible Assets
The intangible assets related to the acquisition consisted of the following:
Fair ValueAmortization Period
(In thousands)(In years)
Intangible assets subject to amortization:
  Developed technologies$21,000 5.0
  Customer relationships145,000 20.0
  Trademarks6,000 5.0
  Non-compete agreements4,500 5.0
    Total intangible assets subject to amortization$176,500 
Intangible assets not subject to amortization:
  Goodwill$131,402 n/a
    Total intangible assets not subject to amortization$131,402 
      Total intangible assets$307,902 
Weighted average amortization period17.3
v3.24.2.u1
Reportable Segments (Tables)
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Operating Segment Information
Enterprise SolutionsIndustrial Automation SolutionsTotal Segments
(In thousands)
As of and for the three months ended June 30, 2024   
Segment Revenues$270,473 $333,863 $604,336 
Segment EBITDA31,456 67,737 99,193 
Depreciation expense6,214 7,363 13,577 
Amortization of intangibles5,022 4,918 9,940 
Amortization of software development intangible assets— 2,464 2,464 
Severance, restructuring, and acquisition integration costs2,309 1,684 3,993 
Adjustments related to acquisitions and divestitures— 298 298 
Segment assets671,250 762,736 1,433,986 
As of and for the three months ended July 2, 2023   
Segment Revenues$312,529 $379,716 $692,245 
Segment EBITDA43,956 78,631 122,587 
Depreciation expense6,193 6,489 12,682 
Amortization of intangibles6,208 4,918 11,126 
Amortization of software development intangible assets— 1,820 1,820 
Severance, restructuring, and acquisition integration costs1,669 2,390 4,059 
Adjustments related to acquisitions and divestitures325 (76)249 
Segment assets648,344 699,092 1,347,436 
As of and for the six months ended June 30, 2024   
Segment revenues$504,562 $635,449 $1,140,011 
Segment EBITDA57,244 126,482 183,726 
Depreciation expense12,519 14,523 27,042 
Amortization of intangibles10,741 10,008 20,749 
Amortization of software development intangible assets— 5,177 5,177 
Severance, restructuring, and acquisition integration costs3,899 4,306 8,205 
Adjustments related to acquisitions and divestitures— 596 596 
Segment assets671,250 762,736 1,433,986 
As of and for the six months ended July 2, 2023
Segment Revenues$587,872 $746,162 $1,334,034 
Segment EBITDA81,161 152,418 233,579 
Depreciation expense12,147 12,889 25,036 
Amortization of intangibles10,703 10,033 20,736 
Amortization of software development intangible assets— 3,272 3,272 
Severance, restructuring, and acquisition integration costs1,694 4,077 5,771 
Adjustments related to acquisitions and divestitures325 222 547 
Segment assets648,344 699,092 1,347,436 
Schedule of 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 before taxes, respectively.
 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Total Segment and Consolidated Revenues$604,336 $692,245 $1,140,011 $1,334,034 
Total Segment EBITDA$99,193 $122,587 $183,726 $233,579 
Depreciation expense(13,577)(12,682)(27,042)(25,036)
Amortization of intangibles(9,940)(11,126)(20,749)(20,736)
Severance, restructuring, and acquisition integration costs (1)(3,993)(4,059)(8,205)(5,771)
Amortization of software development intangible assets(2,464)(1,820)(5,177)(3,272)
Adjustments related to acquisitions and divestitures (2)(298)(249)(596)(547)
Eliminations(9)(54)(25)(83)
Consolidated operating income68,912 92,597 121,932 178,134 
Interest expense, net(9,017)(8,812)(16,599)(17,013)
Total non-operating pension benefit230 646 461 1,134 
Consolidated income before taxes $60,125 $84,431 $105,794 $162,255 
(1) Includes restructuring and integration costs associated with acquisitions and costs associated with certain manufacturing footprint actions.
(2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets and gains associated with the sales of businesses.
v3.24.2.u1
Income per Share (Tables)
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Basis for Income Per Share Computations
The following table presents the basis for the income per share computations:

 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Numerator:
Net income $49,034 $68,775 $86,343 $131,720 
Less: Net income (loss) attributable to noncontrolling interest(10)22 (14)(225)
Net income attributable to Belden stockholders$49,044 $68,753 $86,357 $131,945 
Denominator:
Weighted average shares outstanding, basic40,690 42,497 40,838 42,663 
Effect of dilutive common stock equivalents514 591 510 717 
     Weighted average shares outstanding, diluted41,204 43,088 41,348 43,380 
v3.24.2.u1
Credit Losses (Tables)
6 Months Ended
Jun. 30, 2024
Credit Loss [Abstract]  
Schedule of Accounts Receivable, Allowance for Credit Loss
The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and six months ended June 30, 2024 and July 2, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$23,114 $7,954 
    Current period provision459 4,004 
    Recoveries collected(6)— 
    Write-offs(96)(3)
    Fx impact(51)(25)
Q1 ending balance$23,420 $11,930 
   Current period provision606 4,194 
   Acquisitions50 19 
   Fx impact(44)11 
   Write-offs(5)— 
   Recoveries collected32 (8)
Q2 ending balance$24,059 $16,146 
v3.24.2.u1
Inventories (Tables)
6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Major Classes of Inventories
The following table presents the major classes of inventories as of June 30, 2024 and December 31, 2023, respectively:
June 30, 2024December 31, 2023
 (In thousands)
Raw materials$193,872 $185,233 
Work-in-process40,016 41,197 
Finished goods210,478 208,425 
Gross inventories444,366 434,855 
Excess and obsolete reserves(69,375)(67,868)
Net inventories$374,991 $366,987 
v3.24.2.u1
Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense were as follows:

Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Operating lease cost$6,918 $5,415 $13,793 $10,932 
Finance lease cost
Amortization of right-of-use asset$190 $190 $384 $391 
Interest on lease liabilities109 77 218 157 
Total finance lease cost$299 $267 $602 $548 
Schedule of Supplemental Cash Flow Information Related To Leases
Supplemental cash flow information related to leases was as follows:

Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,776 $4,625 $11,503 $9,290 
Schedule of Supplemental Balance Sheet Information Related To Leases
Supplemental balance sheet information related to leases was as follows:
June 30, 2024December 31, 2023
(In thousands)
Operating leases:
Total operating lease right-of-use assets
$127,824 $89,686 
Accrued liabilities$19,192 $18,226 
Long-term operating lease liabilities110,148 74,941 
Total operating lease liabilities$129,340 $93,167 
Finance leases:
Other long-lived assets, at cost$8,270 $6,560 
Accumulated depreciation(1,734)(1,347)
Other long-lived assets, net$6,536 $5,213 
Accrued liabilities$1,037 $719 
Other long-term liabilities6,944 6,084 
Total finance lease liabilities$7,981 $6,803 
Schedule of Supplemental Other Information Related To Leases
June 30, 2024December 31, 2023
Weighted Average Remaining Lease Term
Operating leases10 years6 years
Finance leases8 years9 years
Weighted Average Discount Rate
Operating leases5.8 %5.0 %
Finance leases4.6 %4.3 %
v3.24.2.u1
Long-Term Debt and Other Borrowing Arrangements (Tables)
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Carrying Values of Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt were as follows:
June 30, 2024December 31, 2023
 (In thousands)
Revolving credit agreement due 2026$— $— 
Senior subordinated notes:
3.375% Senior subordinated notes due 2027
480,465 497,025 
3.875% Senior subordinated notes due 2028
373,695 386,575 
3.375% Senior subordinated notes due 2031
320,310 331,350 
Total senior subordinated notes1,174,470 1,214,950 
   Less unamortized debt issuance costs(9,630)(10,739)
Long-term debt$1,164,840 $1,204,211 
v3.24.2.u1
Pension and Other Postretirement Obligations (Tables)
6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Schedule of 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 ObligationsOther Postretirement Obligations
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Three Months Ended
Service cost$739 $844 $10 $
Interest cost3,660 3,810 235 252 
Expected return on plan assets(4,027)(4,329)— — 
Amortization of prior service cost 44 44 — — 
Actuarial gains(26)(232)(116)(191)
Net periodic benefit cost $390 $137 $129 $64 
Six Months Ended
Service cost$1,487 $1,534 $20 $
Interest cost7,336 7,554 473 503 
Expected return on plan assets(8,074)(8,438)— — 
Amortization of prior service cost89 87 — — 
Actuarial gains(52)(458)(233)(382)
Net periodic benefit cost$786 $279 $260 $127 
v3.24.2.u1
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables)
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Total Comprehensive Income (Loss)
The following table summarizes total comprehensive income: 
 Three Months EndedSix Months Ended
 June 30, 2024July 2, 2023June 30, 2024July 2, 2023
 (In thousands)
Net income$49,034 $68,775 $86,343 $131,720 
Foreign currency translation adjustments, net of tax6,986 (4,577)16,208 (21,595)
Adjustments to pension and postretirement liability, net of tax(74)(284)(148)(564)
Total comprehensive income55,946 63,914 102,403 109,561 
Less: Comprehensive income (loss) attributable to noncontrolling interests(10)24 (14)(221)
Comprehensive income attributable to Belden $55,956 $63,890 $102,417 $109,782 
Schedule of Components of Other Comprehensive Income (Loss), Net of Tax The accumulated balances related to each component of other comprehensive loss, net of tax, are as follows: 
Foreign
Currency Translation Component
Pension and
Other
 Postretirement
Benefit Plans
Accumulated Other 
Comprehensive Loss
 (In thousands)
Balance at December 31, 2023$(26,514)$(14,765)$(41,279)
Other comprehensive income attributable to Belden before reclassifications16,208 — 16,208 
Amounts reclassified from accumulated other comprehensive loss— (148)(148)
Net current period other comprehensive income (loss) attributable to Belden16,208 (148)16,060 
Balance at June 30, 2024$(10,306)$(14,913)$(25,219)
Schedule of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the six months ended June 30, 2024:
Amounts 
Reclassified from Accumulated Other Comprehensive Loss
Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income
 (In thousands) 
Amortization of pension and other postretirement benefit plan items:
Actuarial gains$(285)(1)
Prior service cost89 (1)
Total before tax(196)
Tax expense48 
Total net of tax$(148)
(1) The amortization of these accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (see Note 13).
v3.24.2.u1
Summary of Significant Accounting Policies (Details)
$ in Millions
6 Months Ended
Jun. 30, 2024
USD ($)
segment
Significant Accounting Policies [Line Items]  
Number of reportable segments | segment 2
Standby Letters of Credit  
Significant Accounting Policies [Line Items]  
Loss contingency, range of possible loss, portion not accrued $ 6.9
Surety Bonds  
Significant Accounting Policies [Line Items]  
Loss contingency, range of possible loss, portion not accrued 6.0
Bank Guaranties  
Significant Accounting Policies [Line Items]  
Loss contingency, range of possible loss, portion not accrued $ 5.2
v3.24.2.u1
Revenues - Major Product Category (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Disaggregation of Revenue [Line Items]        
Revenues $ 604,336 $ 692,245 $ 1,140,011 $ 1,334,034
Enterprise Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 270,473 312,529 504,562 587,872
Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 333,863 379,716 635,449 746,162
Broadband Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 136,020 159,332 248,120 290,887
Broadband Solutions | Enterprise Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 136,020 159,332 248,120 290,887
Broadband Solutions | Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 333,863 379,716 635,449 746,162
Industrial Automation Solutions | Enterprise Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Industrial Automation Solutions | Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 333,863 379,716 635,449 746,162
Smart Buildings Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 134,453 153,197 256,442 296,985
Smart Buildings Solutions | Enterprise Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 134,453 153,197 256,442 296,985
Smart Buildings Solutions | Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues $ 0 $ 0 $ 0 $ 0
v3.24.2.u1
Revenues - Location of Customer (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Disaggregation of Revenue [Line Items]        
Revenues $ 604,336 $ 692,245 $ 1,140,011 $ 1,334,034
Enterprise Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 270,473 312,529 504,562 587,872
Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 333,863 379,716 635,449 746,162
Americas        
Disaggregation of Revenue [Line Items]        
Revenues 399,788 460,323 749,007 889,423
Americas | Enterprise Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 200,904 246,471 367,233 460,358
Americas | Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 198,884 213,852 381,774 429,065
EMEA        
Disaggregation of Revenue [Line Items]        
Revenues 125,396 145,726 248,940 285,095
EMEA | Enterprise Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 42,379 36,671 88,067 74,119
EMEA | Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 83,017 109,055 160,873 210,976
APAC        
Disaggregation of Revenue [Line Items]        
Revenues 79,152 86,196 142,064 159,516
APAC | Enterprise Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 27,190 29,387 49,262 53,395
APAC | Industrial Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues $ 51,962 $ 56,809 $ 92,802 $ 106,121
v3.24.2.u1
Revenues - Estimated and Accrued Variable Consideration (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Accrued rebates included in accrued liabilities $ 45,788 $ 49,255
Accrued returns included in accrued liabilities 15,417 15,570
Price adjustments recognized against gross accounts receivable $ 26,603 $ 26,005
v3.24.2.u1
Revenues - Additional Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jul. 02, 2023
Apr. 02, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]            
Contract with customer, deferred revenues $ 29,613 $ 29,950 $ 31,062 $ 29,667 $ 29,295 $ 33,243
Contract with customer, deferred revenues, current 22,100          
Contract with customer, deferred revenues, noncurrent 7,500          
Service-Type Warranties            
Disaggregation of Revenue [Line Items]            
Contract with customer, deferred revenues 9,700          
Contract with customer, deferred revenues, current 4,500          
Contract with customer, deferred revenues, noncurrent $ 5,200          
v3.24.2.u1
Revenues - Deferred Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jul. 02, 2023
Apr. 02, 2023
Change in Contract with Customer, Liability [Roll Forward]        
Beginning balance $ 29,950 $ 31,062 $ 29,295 $ 33,243
New deferrals 11,058 6,280 6,900 4,359
Revenue recognized (11,395) (7,392) (6,528) (8,307)
Ending balance $ 29,613 $ 29,950 $ 29,667 $ 29,295
v3.24.2.u1
Revenues - Sales Commissions (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Revenue from Contract with Customer [Abstract]        
Sales commissions $ 5,848 $ 6,316 $ 11,171 $ 12,089
v3.24.2.u1
Acquisitions - Additional Information (Details) - Precision Optical Technologies
Jun. 30, 2024
USD ($)
Business Acquisition [Line Items]  
Acquisition payment with cash on hand, net of cash acquired $ 289,590,000
Receivables 18,400,000
Tax basis in acquired goodwill $ 0
v3.24.2.u1
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]    
Goodwill $ 1,031,119 $ 907,331
Precision Optical Technologies    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]    
Receivables 18,386  
Inventory 11,680  
Other current assets 2,391  
Property, plant and equipment 5,109  
Intangible assets 176,500  
Goodwill 131,402  
Operating lease right-of-use assets 3,272  
Total assets acquired 348,740  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]    
Accounts payable 11,350  
Accrued liabilities 3,485  
Deferred income taxes 41,379  
Long-term operating lease liabilities 2,936  
Total liabilities assumed 59,150  
Net assets $ 289,590  
v3.24.2.u1
Acquisitions - Schedule of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]    
Goodwill $ 1,031,119 $ 907,331
Precision Optical Technologies    
Business Acquisition [Line Items]    
Total intangible assets subject to amortization 176,500  
Goodwill 131,402  
Total intangible assets $ 307,902  
Weighted average amortization period 17 years 3 months 18 days  
Precision Optical Technologies | Developed technologies    
Business Acquisition [Line Items]    
Total intangible assets subject to amortization $ 21,000  
Amortization Period 5 years  
Precision Optical Technologies | Customer relationships    
Business Acquisition [Line Items]    
Total intangible assets subject to amortization $ 145,000  
Amortization Period 20 years  
Precision Optical Technologies | Trademarks    
Business Acquisition [Line Items]    
Total intangible assets subject to amortization $ 6,000  
Amortization Period 5 years  
Precision Optical Technologies | Non-compete agreements    
Business Acquisition [Line Items]    
Total intangible assets subject to amortization $ 4,500  
Amortization Period 5 years  
v3.24.2.u1
Reportable Segments - Additional Information (Details)
6 Months Ended
Jun. 30, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.24.2.u1
Reportable Segments - Operating Segment Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Segment Revenues $ 604,336 $ 692,245 $ 1,140,011 $ 1,334,034  
Depreciation expense 13,600 12,700 27,000 25,000  
Amortization of intangibles 9,940 11,126 20,749 20,736  
Segment assets 3,522,596   3,522,596   $ 3,240,191
Enterprise Solutions          
Segment Reporting Information [Line Items]          
Segment Revenues 270,473 312,529 504,562 587,872  
Industrial Automation Solutions          
Segment Reporting Information [Line Items]          
Segment Revenues 333,863 379,716 635,449 746,162  
Reportable Segment          
Segment Reporting Information [Line Items]          
Segment Revenues 604,336 692,245 1,140,011 1,334,034  
Segment EBITDA 99,193 122,587 183,726 233,579  
Depreciation expense 13,577 12,682 27,042 25,036  
Amortization of intangibles 9,940 11,126 20,749 20,736  
Amortization of software development intangible assets 2,464 1,820 5,177 3,272  
Severance, restructuring, and acquisition integration costs 3,993 4,059 8,205 5,771  
Adjustments related to acquisitions and divestitures 298 249 596 547  
Segment assets 1,433,986 1,347,436 1,433,986 1,347,436  
Reportable Segment | Software Development          
Segment Reporting Information [Line Items]          
Amortization of software development intangible assets 2,464   5,177 3,272  
Severance, restructuring, and acquisition integration costs   4,059      
Reportable Segment | Enterprise Solutions          
Segment Reporting Information [Line Items]          
Segment Revenues 270,473 312,529 504,562 587,872  
Segment EBITDA 31,456 43,956 57,244 81,161  
Depreciation expense 6,214 6,193 12,519 12,147  
Amortization of intangibles 5,022 6,208 10,741 10,703  
Amortization of software development intangible assets   0      
Severance, restructuring, and acquisition integration costs 2,309   3,899 1,694  
Adjustments related to acquisitions and divestitures 0 325 0 325  
Segment assets 671,250 648,344 671,250 648,344  
Reportable Segment | Enterprise Solutions | Software Development          
Segment Reporting Information [Line Items]          
Amortization of software development intangible assets 0   0 0  
Severance, restructuring, and acquisition integration costs   1,669      
Reportable Segment | Industrial Automation Solutions          
Segment Reporting Information [Line Items]          
Segment Revenues 333,863 379,716 635,449 746,162  
Segment EBITDA 67,737 78,631 126,482 152,418  
Depreciation expense 7,363 6,489 14,523 12,889  
Amortization of intangibles 4,918 4,918 10,008 10,033  
Amortization of software development intangible assets   1,820      
Severance, restructuring, and acquisition integration costs 1,684   4,306 4,077  
Adjustments related to acquisitions and divestitures 298 (76) 596 222  
Segment assets 762,736 699,092 762,736 699,092  
Reportable Segment | Industrial Automation Solutions | Software Development          
Segment Reporting Information [Line Items]          
Amortization of software development intangible assets $ 2,464   $ 5,177 $ 3,272  
Severance, restructuring, and acquisition integration costs   $ 2,390      
v3.24.2.u1
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 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenues $ 604,336 $ 692,245 $ 1,140,011 $ 1,334,034
Depreciation expense (13,600) (12,700) (27,000) (25,000)
Amortization of intangibles (9,940) (11,126) (20,749) (20,736)
Operating income 68,912 92,597 121,932 178,134
Interest expense, net (9,017) (8,812) (16,599) (17,013)
Non-operating pension benefit 230 646 461 1,134
Consolidated income before taxes 60,125 84,431 105,794 162,255
Enterprise Solutions        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenues 270,473 312,529 504,562 587,872
Industrial Automation Solutions        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenues 333,863 379,716 635,449 746,162
Reportable Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenues 604,336 692,245 1,140,011 1,334,034
Segment EBITDA 99,193 122,587 183,726 233,579
Depreciation expense (13,577) (12,682) (27,042) (25,036)
Amortization of intangibles (9,940) (11,126) (20,749) (20,736)
Severance, restructuring, and acquisition integration costs (3,993) (4,059) (8,205) (5,771)
Amortization of software development intangible assets (2,464) (1,820) (5,177) (3,272)
Adjustments related to acquisitions and divestitures 298 249 596 547
Operating income 68,912 92,597 121,932 178,134
Reportable Segment | Enterprise Solutions        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenues 270,473 312,529 504,562 587,872
Segment EBITDA 31,456 43,956 57,244 81,161
Depreciation expense (6,214) (6,193) (12,519) (12,147)
Amortization of intangibles (5,022) (6,208) (10,741) (10,703)
Severance, restructuring, and acquisition integration costs (2,309)   (3,899) (1,694)
Amortization of software development intangible assets   0    
Adjustments related to acquisitions and divestitures 0 325 0 325
Reportable Segment | Industrial Automation Solutions        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenues 333,863 379,716 635,449 746,162
Segment EBITDA 67,737 78,631 126,482 152,418
Depreciation expense (7,363) (6,489) (14,523) (12,889)
Amortization of intangibles (4,918) (4,918) (10,008) (10,033)
Severance, restructuring, and acquisition integration costs (1,684)   (4,306) (4,077)
Amortization of software development intangible assets   (1,820)    
Adjustments related to acquisitions and divestitures 298 (76) 596 222
Intersegment Eliminations        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ (9) $ (54) $ (25) $ (83)
v3.24.2.u1
Income per Share - Basis for Income Per Share Computations (Details) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jul. 02, 2023
Apr. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Numerator:            
Net income $ 49,034 $ 37,309 $ 68,775 $ 62,945 $ 86,343 $ 131,720
Less: Net income (loss) attributable to noncontrolling interest (10)   22   (14) (225)
Net income attributable to Belden stockholders $ 49,044   $ 68,753   $ 86,357 $ 131,945
Denominator:            
Weighted average shares outstanding, basic (in shares) 40,690   42,497   40,838 42,663
Effect of dilutive common stock equivalents (in shares) 514   591   510 717
Weighted average shares outstanding, diluted (in shares) 41,204   43,088   41,348 43,380
v3.24.2.u1
Income per Share - Additional Information (Details) - shares
shares in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Earnings Per Share [Abstract]        
Outstanding equity awards not included in diluted weighted average shares outstanding (in shares) 0.1 0.2 0.1 0.2
Outstanding equity awards not included in diluted weighted average shares outstanding due to performance conditions not being met (in shares) 0.2 0.2 0.3 0.2
v3.24.2.u1
Credit Losses (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jul. 02, 2023
Apr. 02, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 23,420 $ 23,114 $ 11,930 $ 7,954
Current period provision 606 459 4,194 4,004
Acquisitions 50   19  
Recoveries collected, net 32      
Recoveries collected   (6) (8) 0
Write-offs (5) (96) 0 (3)
Fx impact (44) (51) 11 (25)
Ending balance $ 24,059 $ 23,420 $ 16,146 $ 11,930
v3.24.2.u1
Inventories - Major Classes of Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 193,872 $ 185,233
Work-in-process 40,016 41,197
Finished goods 210,478 208,425
Gross inventories 444,366 434,855
Excess and obsolete reserves (69,375) (67,868)
Net inventories $ 374,991 $ 366,987
v3.24.2.u1
Leases - Additional Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Dec. 31, 2023
Lessee, Lease, Description [Line Items]          
Variable lease, payment $ 900 $ 800 $ 1,800 $ 1,600  
Operating lease right-of-use assets 127,824   127,824   $ 89,686
Operating lease liability 129,340   129,340   93,167
Fixed payments remaining 21,000   21,000    
Liability for expected future payments 10,000   10,000   $ 11,300
2024 New Leases          
Lessee, Lease, Description [Line Items]          
Operating lease right-of-use assets 34,000   34,000    
Operating lease liability $ 33,400   $ 33,400    
Minimum          
Lessee, Lease, Description [Line Items]          
Lessee, finance lease, term 1 year   1 year    
Lessee, operating lease, term 1 year   1 year    
Maximum          
Lessee, Lease, Description [Line Items]          
Lessee, finance lease, term 20 years   20 years    
Lessee, operating lease, term 20 years   20 years    
v3.24.2.u1
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Leases [Abstract]        
Operating lease cost $ 6,918 $ 5,415 $ 13,793 $ 10,932
Amortization of right-of-use asset 190 190 384 391
Interest on lease liabilities 109 77 218 157
Total finance lease cost $ 299 $ 267 $ 602 $ 548
v3.24.2.u1
Leases - Supplemental Cash Flow Information Related To Leases (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Leases [Abstract]        
Operating cash flows from operating leases $ 4,776 $ 4,625 $ 11,503 $ 9,290
v3.24.2.u1
Leases - Supplemental Balance Sheet Information Related To Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
Total operating lease right-of-use assets $ 127,824 $ 89,686
Accrued liabilities $ 19,192 $ 18,226
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued liabilities Accrued liabilities
Long-term operating lease liabilities $ 110,148 $ 74,941
Total operating lease liabilities 129,340 93,167
Other long-lived assets, at cost $ 8,270 $ 6,560
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other long-lived assets Other long-lived assets
Accumulated depreciation $ (1,734) $ (1,347)
Other long-lived assets, net 6,536 5,213
Accrued liabilities $ 1,037 $ 719
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued liabilities Accrued liabilities
Other long-term liabilities $ 6,944 $ 6,084
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Total finance lease liabilities $ 7,981 $ 6,803
v3.24.2.u1
Leases - Supplemental Other Information Related To Leases (Details)
Jun. 30, 2024
Dec. 31, 2023
Weighted Average Remaining Lease Term    
Operating leases 10 years 6 years
Finance leases 8 years 9 years
Weighted Average Discount Rate    
Operating leases 5.80% 5.00%
Finance leases 4.60% 4.30%
v3.24.2.u1
Long-Lived Assets (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 13.6 $ 12.7 $ 27.0 $ 25.0
Amortization expense $ 12.4 $ 12.9 $ 25.9 $ 24.0
v3.24.2.u1
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,174,470,000 $ 1,214,950,000
Less unamortized debt issuance costs (9,630,000) (10,739,000)
Long-term debt 1,164,840,000 1,204,211,000
Line of Credit | Revolving Credit Facility | Revolving credit agreement due 2026    
Debt Instrument [Line Items]    
Long-term debt, gross 0 0
Senior Subordinated Notes | 3.375% Senior subordinated notes due 2027    
Debt Instrument [Line Items]    
Long-term debt, gross $ 480,465,000 497,025,000
Senior subordinated notes interest rate 3.375%  
Senior Subordinated Notes | 3.875% Senior subordinated notes due 2028    
Debt Instrument [Line Items]    
Long-term debt, gross $ 373,695,000 386,575,000
Senior subordinated notes interest rate 3.875%  
Senior Subordinated Notes | 3.375% Senior subordinated notes due 2031    
Debt Instrument [Line Items]    
Long-term debt, gross $ 320,310,000 $ 331,350,000
Senior subordinated notes interest rate 3.375%  
v3.24.2.u1
Long-Term Debt and Other Borrowing Arrangements - Additional Information (Details)
€ in Millions
6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Revolver borrowings outstanding $ 1,174,470,000   $ 1,214,950,000
Senior subordinated notes 1,174,500,000    
Senior Subordinated Notes      
Debt Instrument [Line Items]      
Fair value of senior subordinated notes 1,120,400,000    
Revolving credit agreement due 2026 | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity $ 300,000,000    
Commitment fee percentage 0.25%    
Fixed charge coverage, minimum threshold (as a percent) 90.00%    
Revolver borrowings outstanding $ 0   0
Revolving credit agreement, available borrowing capacity $ 293,300,000    
Revolving credit agreement due 2026 | Minimum | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (as a percent) 1.25%    
Revolving credit agreement due 2026 | Minimum | Line of Credit | Base Rate | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (as a percent) 0.25%    
Revolving credit agreement due 2026 | Maximum | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (as a percent) 1.75%    
Revolving credit agreement, remaining borrowing capacity $ 20,000,000    
Revolving credit agreement due 2026 | Maximum | Line of Credit | Base Rate | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (as a percent) 0.75%    
3.375% Senior subordinated notes due 2027      
Debt Instrument [Line Items]      
Senior subordinated notes $ 480,500,000    
3.375% Senior subordinated notes due 2027 | Senior Subordinated Notes      
Debt Instrument [Line Items]      
Revolver borrowings outstanding $ 480,465,000   497,025,000
Debt instrument, amount outstanding | €   € 450.0  
Senior subordinated notes interest rate 3.375% 3.375%  
3.875% Senior subordinated notes due 2028      
Debt Instrument [Line Items]      
Senior subordinated notes $ 373,700,000    
3.875% Senior subordinated notes due 2028 | Senior Subordinated Notes      
Debt Instrument [Line Items]      
Revolver borrowings outstanding $ 373,695,000   386,575,000
Debt instrument, amount outstanding | €   € 350.0  
Senior subordinated notes interest rate 3.875% 3.875%  
3.375% Senior subordinated notes due 2031 | Senior Subordinated Notes      
Debt Instrument [Line Items]      
Revolver borrowings outstanding $ 320,310,000   $ 331,350,000
Debt instrument, amount outstanding | €   € 300.0  
Senior subordinated notes interest rate 3.375% 3.375%  
Senior subordinated notes $ 320,300,000    
v3.24.2.u1
Net Investment Hedge (Details)
$ in Thousands, € in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jul. 02, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jul. 02, 2023
USD ($)
Jun. 30, 2024
EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Cumulative gain (loss) translation adjustment $ 6,986 $ (4,577) $ 16,208 $ (21,595)  
Senior Subordinated Notes          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Senior subordinated debt, hedged | €         € 567.8
Cumulative gain (loss) translation adjustment     $ 21,000 $ (13,000)  
v3.24.2.u1
Income Taxes (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Income Tax Disclosure [Abstract]        
Tax expense $ 11,091 $ 15,656 $ 19,451 $ 30,535
Effective tax rate 18.40% 18.50% 18.40% 18.80%
v3.24.2.u1
Pension and Other Postretirement Obligations (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Pension Obligations        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 739 $ 844 $ 1,487 $ 1,534
Interest cost 3,660 3,810 7,336 7,554
Expected return on plan assets (4,027) (4,329) (8,074) (8,438)
Amortization of prior service cost 44 44 89 87
Actuarial gains (26) (232) (52) (458)
Net periodic benefit cost 390 137 786 279
Other Postretirement Obligations        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 10 3 20 6
Interest cost 235 252 473 503
Expected return on plan assets 0 0 0 0
Amortization of prior service cost 0 0 0 0
Actuarial gains (116) (191) (233) (382)
Net periodic benefit cost $ 129 $ 64 $ 260 $ 127
v3.24.2.u1
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jul. 02, 2023
Apr. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Equity [Abstract]            
Net income $ 49,034 $ 37,309 $ 68,775 $ 62,945 $ 86,343 $ 131,720
Foreign currency translation adjustments, net of tax 6,986   (4,577)   16,208 (21,595)
Adjustments to pension and postretirement liability, net of tax (74)   (284)   (148) (564)
Total comprehensive income 55,946   63,914   102,403 109,561
Less: Comprehensive income (loss) attributable to noncontrolling interests (10)   24   (14) (221)
Comprehensive income attributable to Belden $ 55,956   $ 63,890   $ 102,417 $ 109,782
v3.24.2.u1
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2024
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance $ 1,166,257
Other comprehensive income attributable to Belden before reclassifications 16,208
Amounts reclassified from accumulated other comprehensive loss (148)
Net current period other comprehensive income (loss) attributable to Belden 16,060
Ending balance 1,219,846
Accumulated Other Comprehensive Income (Loss)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (41,279)
Ending balance (25,219)
Foreign Currency Translation Component  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (26,514)
Other comprehensive income attributable to Belden before reclassifications 16,208
Amounts reclassified from accumulated other comprehensive loss 0
Net current period other comprehensive income (loss) attributable to Belden 16,208
Ending balance (10,306)
Pension and Other  Postretirement Benefit Plans  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (14,765)
Other comprehensive income attributable to Belden before reclassifications 0
Amounts reclassified from accumulated other comprehensive loss (148)
Net current period other comprehensive income (loss) attributable to Belden (148)
Ending balance $ (14,913)
v3.24.2.u1
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 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax $ (60,125) $ (84,431) $ (105,794) $ (162,255)
Tax expense 11,091 15,656 19,451 30,535
Total net of tax $ (49,044) $ (68,753) (86,357) $ (131,945)
Amounts  Reclassified from Accumulated Other Comprehensive Loss | Actuarial gains        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other nonoperating expense (income)     (285)  
Amounts  Reclassified from Accumulated Other Comprehensive Loss | Prior service cost        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other nonoperating expense (income)     89  
Amounts  Reclassified from Accumulated Other Comprehensive Loss | Pension and Other  Postretirement Benefit Plans        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax     (196)  
Tax expense     48  
Total net of tax     $ (148)  
v3.24.2.u1
Share Repurchase (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 6 Months Ended 78 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Apr. 30, 2023
Dec. 31, 2018
Equity, Class of Treasury Stock [Line Items]              
Shares repurchased (in shares) 0 400,000 700,000 1,000,000 7,400,000    
Value of shares repurchased   $ 36.2 $ 57.9 $ 86.2 $ 485.0    
Treasury stock acquired, average cost per share (in usd per share)   $ 92.01 $ 85.66 $ 87.30 $ 65.68    
Stock repurchase program, remaining authorized repurchase amount $ 115.0   $ 115.0   $ 115.0    
2018 Share Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Stock repurchase program, authorized amount             $ 300.0
2023 Share Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Stock repurchase program, authorized amount           $ 300.0  

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