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Reportable Segments (Tables) | 6 Months Ended
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Jul. 03, 2022
Segment Reporting [Abstract] |
Operating Segment Information | Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing. Inter-company revenues between our segments is not material.
|  | Enterprise Solutions |  | Industrial Automation Solutions |  | Total Segments
|  | (In thousands)
As of and for the three months ended July 3, 2022 |  |  |  |  |  |
Segment Revenues |  | $ | 307,444 |  |  | $ | 359,107 |  |  | $ | 666,551 |
Segment EBITDA |  | 41,887 |  |  | 68,060 |  |  | 109,947 |
Depreciation expense |  | 5,768 |  |  | 5,602 |  |  | 11,370 |
Amortization of intangibles |  | 4,442 |  |  | 4,735 |  |  | 9,177 |
Amortization of software development intangible assets |  | 22 |  |  | 959 |  |  | 981 |
Severance, restructuring, and acquisition integration costs |  | 4,575 |  |  | 1,282 |  |  | 5,857 |
Adjustments related to acquisitions and divestitures |  | (558) |  |  | 1,134 |  |  | 576 |
Segment assets |  | 607,386 |  |  | 649,595 |  |  | 1,256,981 |
As of and for the three months ended July 4, 2021 |  |  |  |  |  |
Segment Revenues |  | $ | 267,528 |  |  | $ | 309,178 |  |  | $ | 576,706 |
Segment EBITDA |  | 36,001 |  |  | 55,464 |  |  | 91,465 |
Depreciation expense |  | 5,372 |  |  | 5,286 |  |  | 10,658 |
Amortization of intangibles |  | 4,439 |  |  | 2,733 |  |  | 7,172 |
Amortization of software development intangible assets |  | 20 |  |  | 302 |  |  | 322 |
Severance, restructuring, and acquisition integration costs |  | 2,464 |  |  | 576 |  |  | 3,040 |
Adjustments related to acquisitions and divestitures |  | (32) |  |  | 1,944 |  |  | 1,912 |
Segment assets |  | 522,635 |  |  | 580,653 |  |  | 1,103,288 |
As of and for the six months ended July 3, 2022 |  |  |  |  |  |
Segment revenues |  | $ | 575,874 |  |  | $ | 701,048 |  |  | $ | 1,276,922 |
Segment EBITDA |  | 72,708 |  |  | 135,588 |  |  | 208,296 |
Depreciation expense |  | 11,194 |  |  | 11,402 |  |  | 22,596 |
Amortization of intangibles |  | 8,539 |  |  | 9,455 |  |  | 17,994 |
Amortization of software development intangible assets |  | 44 |  |  | 1,944 |  |  | 1,988 |
Severance, restructuring, and acquisition integration costs |  | 4,903 |  |  | 4,677 |  |  | 9,580 |
Adjustments related to acquisitions and divestitures |  | (558) |  |  | 1,134 |  |  | 576 |
Segment assets |  | 607,386 |  |  | 649,595 |  |  | 1,256,981 |
As of and for the six months ended July 4, 2021 |  |  |  |  |  |
Segment Revenues |  | $ | 493,883 |  |  | $ | 591,506 |  |  | $ | 1,085,389 |
Segment EBITDA |  | 64,292 |  |  | 103,075 |  |  | 167,367 |
Depreciation expense |  | 10,735 |  |  | 10,650 |  |  | 21,385 |
Amortization of intangibles |  | 8,775 |  |  | 6,390 |  |  | 15,165 |
Amortization of software development intangible assets |  | 52 |  |  | 679 |  |  | 731 |
Severance, restructuring, and acquisition integration costs |  | 4,416 |  |  | 3,795 |  |  | 8,211 |
Adjustments related to acquisitions and divestitures |  | (6,339) |  |  | 1,877 |  |  | (4,462) |
Asset impairments |  | — |  |  | 6,995 |  |  | 6,995 |
Segment assets |  | 522,635 |  |  | 580,653 |  |  | 1,103,288 |
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 |  | Six Months Ended
| July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
| (In thousands)
Total segment revenues | $ | 666,551 |  |  | $ | 576,706 |  |  | $ | 1,276,922 |  |  | $ | 1,085,389 |
Adjustments related to acquisitions | — |  |  | (849) |  |  | — |  |  | (849) |
Consolidated revenues | $ | 666,551 |  |  | $ | 575,857 |  |  | $ | 1,276,922 |  |  | $ | 1,084,540 |
Total Segment EBITDA | $ | 109,947 |  |  | $ | 91,465 |  |  | $ | 208,296 |  |  | $ | 167,367 |
Depreciation expense | (11,370) |  |  | (10,658) |  |  | (22,596) |  |  | (21,385) |
Amortization of intangibles | (9,177) |  |  | (7,172) |  |  | (17,994) |  |  | (15,165) |
Amortization of software development intangible assets | (981) |  |  | (322) |  |  | (1,988) |  |  | (731) |
Severance, restructuring, and acquisition integration costs (1) | (5,857) |  |  | (3,040) |  |  | (9,580) |  |  | (8,211) |
Adjustments related to acquisitions and divestitures (2) | (576) |  |  | (1,912) |  |  | (576) |  |  | 4,462 |
Asset impairments (3) | — |  |  | — |  |  | — |  |  | (6,995) |
Eliminations | (50) |  |  | (12) |  |  | (105) |  |  | (45) |
Consolidated operating income | 81,936 |  |  | 68,349 |  |  | 155,457 |  |  | 119,297 |
Interest expense, net | (11,276) |  |  | (14,870) |  |  | (25,687) |  |  | (30,381) |
Loss on debt extinguishment | — |  |  | — |  |  | (6,392) |  |  | — |
Total non-operating pension benefit | 1,070 |  |  | 1,445 |  |  | 2,270 |  |  | 2,129 |
Consolidated income from continuing operations before taxes | $ | 71,730 |  |  | $ | 54,924 |  |  | $ | 125,648 |  |  | $ | 91,045 |
(1) Severance, restructuring, and acquisition integration costs for the three and six months ended July 3, 2022 primarily related to our Manufacturing Footprint and Acquisition Integration programs. Costs for the three and six months ended July 4, 2021 primarily related to our Acquisition Integration and completed Cost Reduction programs. See Note 12. (2) During the three and six months ended July 3, 2022, we recognized cost of sales of $1.1 million related to purchase accounting adjustments of acquired inventory to fair value and collected $0.5 million of previously written off receivables associated with the sale of Grass Valley. During the three months ended July 4, 2021, we recognized cost of sales of $1.2 million related to purchase accounting adjustments of acquired inventory to fair value, recognized $0.8 million for the purchase accounting effect of recording deferred revenue at fair value, and collected $0.1 million of previously written off receivables associated with the sale of Grass Valley. During the six months ended July 4, 2021, we reduced the Opterna earn-out liability by $5.8 million, recognized cost of sales of $2.0 million related to purchase accounting adjustments of acquired inventory to fair value, collected $1.4 million of previously written off receivables associated with the sale of Grass Valley, and recognized $0.8 million for the purchase accounting effect of recording deferred revenue at fair value. (3) During the six months ended July 4, 2021, we recognized a $3.6 million impairment on assets held and used and a $3.4 million impairment on assets held for sale. See Note 11.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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