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Operating Segments and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Operating Segment Information | Operating Segment Information
Enterprise Solutions | Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Segment revenues | $ | 1,198,478 |  |  | $ | 1,074,426 |  |  | $ | 872,417 |
Segment EBITDA | 161,517 |  |  | 144,509 |  |  | 99,333 |
Depreciation expense | 23,387 |  |  | 21,627 |  |  | 20,655 |
Amortization of intangibles | 17,595 |  |  | 17,595 |  |  | 21,662 |
Amortization of software development intangible assets | 54 |  |  | 94 |  |  | 245 |
Adjustments related to acquisitions and divestitures | 5,589 |  |  | (7,052) |  |  | 125 |
Severance, restructuring, and acquisition integration costs | 9,200 |  |  | 13,800 |  |  | 7,720 |
Acquisition of property, plant and equipment | 33,535 |  |  | 36,726 |  |  | 25,223 |
Segment assets | 593,653 |  |  | 563,141 |  |  | 462,615 |
Industrial Automation Solutions | Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Segment revenues | $ | 1,408,007 |  |  | $ | 1,226,834 |  |  | $ | 879,775 |
Segment EBITDA | 277,079 |  |  | 222,684 |  |  | 132,302 |
Depreciation expense | 23,282 |  |  | 21,446 |  |  | 18,684 |
Amortization of intangibles | 20,265 |  |  | 13,035 |  |  | 7,379 |
Amortization of software development intangible assets | 3,821 |  |  | 1,485 |  |  | 627 |
Adjustments related to acquisitions and divestitures | 2,244 |  |  | 2,017 |  |  | — |
Severance, restructuring, and acquisition integration costs | 7,485 |  |  | 10,067 |  |  | 3,944 |
Asset impairments | — |  |  | 9,283 |  |  | — |
Acquisition of property, plant and equipment | 58,713 |  |  | 41,269 |  |  | 37,002 |
Segment assets | 677,235 |  |  | 600,380 |  |  | 471,320 |
Total Segments | Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Segment revenues | $ | 2,606,485 |  |  | $ | 2,301,260 |  |  | $ | 1,752,192 |
Segment EBITDA | 438,596 |  |  | 367,193 |  |  | 231,635 |
Depreciation expense | 46,669 |  |  | 43,073 |  |  | 39,339 |
Amortization of intangibles | 37,860 |  |  | 30,630 |  |  | 29,041 |
Amortization of software development intangible assets | 3,875 |  |  | 1,579 |  |  | 872 |
Adjustments related to acquisitions and divestitures | 7,833 |  |  | (5,035) |  |  | 125 |
Severance, restructuring, and acquisition integration costs | 16,685 |  |  | 23,867 |  |  | 11,664 |
Asset impairments | — |  |  | 9,283 |  |  | — |
Acquisition of property, plant and equipment | 92,248 |  |  | 77,995 |  |  | 62,225 |
Segment assets | 1,270,888 |  |  | 1,163,521 |  |  | 933,935 |
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 from continuing operations before taxes, respectively.
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Segment Revenues and Consolidated Revenues | $ | 2,606,485 |  |  | $ | 2,301,260 |  |  | $ | 1,752,192 |
Total Segment EBITDA | $ | 438,596 |  |  | $ | 367,193 |  |  | $ | 231,635 |
Depreciation expense | (46,669) |  |  | (43,073) |  |  | (39,339) |
Amortization of intangibles | (37,860) |  |  | (30,630) |  |  | (29,041) |
Severance, restructuring, and acquisition integration costs (1) | (16,685) |  |  | (23,867) |  |  | (11,664) |
Adjustments related to acquisitions and divestitures (2) | (7,833) |  |  | 5,035 |  |  | (125) |
Amortization of software development intangible assets | (3,875) |  |  | (1,579) |  |  | (872) |
Asset impairments (3) | — |  |  | (9,283) |  |  | — |
Gain on sale of asset (4) | 37,891 |  |  | — |  |  | — |
Eliminations | (231) |  |  | (120) |  |  | (480) |
Consolidated operating income | 363,334 |  |  | 263,676 |  |  | 150,114 |
Interest expense, net | (43,554) |  |  | (62,693) |  |  | (58,903) |
Loss on debt extinguishment | (6,392) |  |  | (5,715) |  |  | — |
Non-operating pension benefit (cost) | 4,005 |  |  | 4,476 |  |  | (395) |
Gain on sale of note receivable | — |  |  | 27,036 |  |  | — |
Consolidated income from continuing operations before taxes | $ | 317,393 |  |  | $ | 226,780 |  |  | $ | 90,816 |
(1)See Note 15, Severance, Restructuring, and Acquisiti on Integration Activities, for details. (2)In 2022, we incurred $10.1 million for lease guarantees associated with the Grass Valley disposal (see Note 12), $2.2 million related to fair value adjustments of acquired inventory and investments, and gains of $4.5 million on collections from previously written off receivables associated with the sale of Grass Valley. In 2021, we collected $2.2 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off, reduced the Opterna earn-out liability by $5.8 million, recognized cost of sales of $2.3 million related to adjustments of acquired inventory to fair value, and recognized a $0.6 million loss on the sale of tangible assets. In 2020, we recognized $0.1 million of cost of sales related to adjustments of acquired inventory to fair value. (3)In 2021, we recognized a $3.6 million impairment on assets held and used and a $5.7 million impairment on assets held for sale. See Note 11, Property, Plant, and Equipment, for details. (4)During 2022, we sold certain real estate in the United States for $42.2 million, net of transaction costs and recognized a $37.9 million pre-tax gain on sale. See Note 11, Property, Plant, and Equipment, for details.
Schedule of Reconciliations of Other Segment Measures to Consolidated Totals | Below are reconciliations of other segment measures to the consolidated totals.
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Total segment assets | $ | 1,270,888 |  |  | $ | 1,163,521 |  |  | $ | 933,935 |
Cash and cash equivalents | 687,676 |  |  | 641,563 |  |  | 500,666 |
Goodwill | 862,253 |  |  | 821,448 |  |  | 789,736 |
Intangible assets, less accumulated amortization | 246,830 |  |  | 238,155 |  |  | 219,092 |
Deferred income taxes | 14,642 |  |  | 31,736 |  |  | 28,736 |
Corporate assets | 79,386 |  |  | 72,102 |  |  | 83,943 |
Assets of discontinued operations | — |  |  | 449,152 |  |  | 583,626 |
Total assets | $ | 3,161,675 |  |  | $ | 3,417,677 |  |  | $ | 3,139,734 |
Total segment acquisition of property, plant and equipment | $ | 92,248 |  |  | $ | 77,995 |  |  | $ | 62,225 |
Corporate acquisition of property, plant and equipment | 12,846 |  |  | 6,855 |  |  | 3,605 |
Discontinued operations acquisition of property, plant and equipment | — |  |  | 6,132 |  |  | 24,385 |
Total acquisition of property, plant and equipment | $ | 105,094 |  |  | $ | 90,982 |  |  | $ | 90,215 |
Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location | The table below summarizes net sales and long-lived assets for the years ended December 31, 2022, 2021, and 2020 for the following countries: U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company.
| United States |  | Canada |  | China |  | Germany |  | All Other |  | Total
| (In thousands, except percentages)
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,448,247 |  |  | $ | 188,013 |  |  | $ | 126,904 |  |  | $ | 131,485 |  |  | $ | 711,836 |  |  | $ | 2,606,485 |
Percent of total revenues | 56 | % |  | 7 | % |  | 5 | % |  | 5 | % |  | 27 | % |  | 100 | %
Long-lived assets | $ | 203,070 |  |  | $ | 12,805 |  |  | $ | 45,866 |  |  | $ | 44,061 |  |  | $ | 122,565 |  |  | $ | 428,367 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,201,540 |  |  | $ | 186,834 |  |  | $ | 149,036 |  |  | $ | 112,710 |  |  | $ | 651,140 |  |  | $ | 2,301,260 |
Percent of total revenues | 52 | % |  | 8 | % |  | 7 | % |  | 5 | % |  | 28 | % |  | 100 | %
Long-lived assets | $ | 170,420 |  |  | $ | 12,578 |  |  | $ | 46,776 |  |  | $ | 37,208 |  |  | $ | 106,140 |  |  | $ | 373,122 |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 939,339 |  |  | $ | 113,642 |  |  | $ | 111,826 |  |  | $ | 90,374 |  |  | $ | 497,011 |  |  | $ | 1,752,192 |
Percent of total revenues | 54 | % |  | 7 | % |  | 6 | % |  | 5 | % |  | 28 | % |  | 100 | %
Long-lived assets | $ | 154,078 |  |  | $ | 31,925 |  |  | $ | 44,824 |  |  | $ | 63,100 |  |  | $ | 113,836 |  |  | $ | 407,763 |

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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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