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Reportable Segments (Tables) | 9 Months Ended
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Oct. 03, 2021
Segment Reporting [Abstract] |
Operating Segment Information | Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing. Inter-company revenues between our segments is not material.
|  | Enterprise Solutions |  | Industrial Solutions |  | Total Segments
|  | (In thousands)
As of and for the three months ended October 3, 2021 |  |  |  |  |  |
Segment revenues |  | $ | 286,231 |  |  | $ | 345,107 |  |  | $ | 631,338 |
Segment EBITDA |  | 40,156 |  |  | 59,582 |  |  | 99,738 |
Depreciation expense |  | 5,270 |  |  | 6,000 |  |  | 11,270 |
Amortization of intangibles |  | 4,427 |  |  | 5,269 |  |  | 9,696 |
Amortization of software development intangible assets |  | 20 |  |  | 770 |  |  | 790 |
Severance, restructuring, and acquisition integration costs |  | 3,381 |  |  | 947 |  |  | 4,328 |
Adjustments related to acquisitions and divestitures |  | (510) |  |  | 2,974 |  |  | 2,464 |
Segment assets |  | 552,416 |  |  | 608,262 |  |  | 1,160,678 |
As of and for the three months ended September 27, 2020 |  |  |  |  |  |
Segment revenues |  | $ | 229,097 |  |  | $ | 246,742 |  |  | $ | 475,839 |
Segment EBITDA |  | 26,250 |  |  | 38,391 |  |  | 64,641 |
Depreciation expense |  | 5,005 |  |  | 5,450 |  |  | 10,455 |
Amortization of intangibles |  | 5,408 |  |  | 10,696 |  |  | 16,104 |
Amortization of software development intangible assets |  | 73 |  |  | 456 |  |  | 529 |
Severance, restructuring, and acquisition integration costs |  | 1,337 |  |  | 20 |  |  | 1,357 |
Segment assets |  | 519,142 |  |  | 486,110 |  |  | 1,005,252 |
As of and for the nine months ended October 3, 2021 |  |  |  |  |  |
Segment revenues |  | $ | 780,114 |  |  | $ | 990,428 |  |  | $ | 1,770,542 |
Segment EBITDA |  | 103,531 |  |  | 167,676 |  |  | 271,207 |
Depreciation expense |  | 15,985 |  |  | 18,212 |  |  | 34,197 |
Amortization of intangibles |  | 13,202 |  |  | 15,543 |  |  | 28,745 |
Amortization of software development intangible assets |  | 72 |  |  | 2,014 |  |  | 2,086 |
Severance, restructuring, and acquisition integration costs |  | 7,756 |  |  | 4,783 |  |  | 12,539 |
Adjustments related to acquisitions and divestitures |  | (6,828) |  |  | 11,825 |  |  | 4,997 |
Segment assets |  | 552,416 |  |  | 608,262 |  |  | 1,160,678 |
|  | Enterprise Solutions |  | Industrial Solutions |  | Total Segments
|  | (In thousands)
As of and for the nine months ended September 27, 2020 |  |  |  |  |  |
Segment revenues |  | $ | 644,684 |  |  | $ | 719,492 |  |  | $ | 1,364,176 |
Segment EBITDA |  | 73,193 |  |  | 100,367 |  |  | 173,560 |
Depreciation expense |  | 15,208 |  |  | 15,861 |  |  | 31,069 |
Amortization of intangibles |  | 16,266 |  |  | 32,040 |  |  | 48,306 |
Amortization of software development intangible assets |  | 184 |  |  | 1,061 |  |  | 1,245 |
Severance, restructuring, and acquisition integration costs |  | 6,310 |  |  | 3,138 |  |  | 9,448 |
Adjustments related to acquisitions and divestitures |  | 125 |  |  | — |  |  | 125 |
Segment assets |  | 519,142 |  |  | 486,110 |  |  | 1,005,252 |
Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes | The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively.
| Three Months Ended |  | Nine Months Ended |  |
| October 3, 2021 |  | September 27, 2020 |  | October 3, 2021 |  | September 27, 2020 |  |  |  |
| (In thousands)
Total Segment Revenues | $ | 631,338 |  |  | $ | 475,839 |  |  | $ | 1,770,542 |  |  | $ | 1,364,176 |  |  |  |  |
Adjustments related to acquisitions | (503) |  |  | — |  |  | (1,352) |  |  | — |  |  |  |  |
Consolidated Revenues | $ | 630,835 |  |  | $ | 475,839 |  |  | $ | 1,769,190 |  |  | $ | 1,364,176 |  |  |  |  |
Total Segment EBITDA | $ | 99,738 |  |  | $ | 64,641 |  |  | $ | 271,207 |  |  | $ | 173,560 |  |  |  |  |
Amortization of intangibles | (9,696) |  |  | (16,104) |  |  | (28,745) |  |  | (48,306) |  |  |  |  |
Depreciation expense | (11,270) |  |  | (10,455) |  |  | (34,197) |  |  | (31,069) |  |  |  |  |
Severance, restructuring, and acquisition integration costs (1) | (4,328) |  |  | (1,357) |  |  | (12,539) |  |  | (9,448) |  |  |  |  |
Amortization of software development intangible assets | (790) |  |  | (529) |  |  | (2,086) |  |  | (1,245) |  |  |  |  |
Adjustments related to acquisitions and divestitures (2) | (2,464) |  |  | — |  |  | (4,997) |  |  | (125) |  |  |  |  |
Eliminations | (24) |  |  | (69) |  |  | (72) |  |  | (402) |  |  |  |  |
Consolidated operating income | 71,166 |  |  | 36,127 |  |  | 188,571 |  |  | 82,965 |  |  |  |  |
Interest expense, net | (16,251) |  |  | (15,607) |  |  | (46,640) |  |  | (43,188) |  |  |  |  |
Loss on debt extinguishment | (5,715) |  |  | — |  |  | (5,715) |  |  | — |  |  |  |  |
Total non-operating pension benefit | 992 |  |  | 680 |  |  | 3,121 |  |  | 2,079 |  |  |  |  |
Consolidated income from continuing operations before taxes | $ | 50,192 |  |  | $ | 21,200 |  |  | $ | 139,337 |  |  | $ | 41,856 |  |  |  |  |
(1) See Note 12, Severance, Restructuring, and Acquisition Integration Activities, for details. (2) During the three months ended October 3, 2021, we recognized a $2.3 million impairment on assets held for sale, collected $0.7 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off, included $0.5 million in Segment EBITDA for the purchase accounting effect of recording deferred revenue at fair value for the OTN Systems acquisition, and recognized cost of sales of $0.4 million related to purchase accounting ad justments of acquired inventory to fair value for the OTN Systems acquisition. During the nine months ended October 3, 2021, we reduced the Opterna earn-out liability by $5.8 million, recognized a $5.7 million impairment on assets held for sale, recognized a $3.6 million impairment on assets held and used, recognized cost of sales of $2.4 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN Systems acquisition, collected $2.2 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off, and included $1.3 million in Segment EBITDA for the purchase accounting effect of recording deferred revenue at fair value for the OTN Systems acquisition. During the nine months ended September 27, 2020, we recognized cost of sales related to purchase accounting adjustments of acquired inventory to fair value for the SPC acquisition.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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