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Reportable Segments | 9 Months Ended
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Oct. 01, 2023
Segment Reporting [Abstract] |
Reportable Segments | Reportable SegmentsWe 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; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value; and other costs. We allocate corporate expenses to the segments for purposes of measuring Segment EBITDA. Corporate expenses are allocated on the basis of each segment’s relative EBITDA prior to the allocation. Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing. Inter-company revenues between our segments is not material.
|  | Enterprise Solutions |  | Industrial Automation Solutions |  | Total Segments
|  | (In thousands)
As of and for the three months ended October 1, 2023 |  |  |  |  |  |
Segment Revenues |  | $ | 283,905 |  |  | $ | 342,902 |  |  | $ | 626,807 |
Segment EBITDA |  | 37,693 |  |  | 77,244 |  |  | 114,937 |
Depreciation expense |  | 6,632 |  |  | 6,810 |  |  | 13,442 |
Amortization of intangibles |  | 4,468 |  |  | 5,058 |  |  | 9,526 |
Amortization of software development intangible assets |  | — |  |  | 1,963 |  |  | 1,963 |
Severance, restructuring, and acquisition integration costs |  | 3,453 |  |  | 2,622 |  |  | 6,075 |
Adjustments related to acquisitions and divestitures |  | 197 |  |  | 298 |  |  | 495 |
Segment assets |  | 625,356 |  |  | 698,287 |  |  | 1,323,643 |
As of and for the three months ended October 2, 2022 |  |  |  |  |  |
Segment Revenues |  | $ | 319,201 |  |  | $ | 351,290 |  |  | $ | 670,491 |
Segment EBITDA |  | 46,110 |  |  | 71,055 |  |  | 117,165 |
Depreciation expense |  | 6,020 |  |  | 5,827 |  |  | 11,847 |
Amortization of intangibles |  | 4,512 |  |  | 5,593 |  |  | 10,105 |
Amortization of software development intangible assets |  | 8 |  |  | 860 |  |  | 868 |
Severance, restructuring, and acquisition integration costs |  | 2,702 |  |  | 1,858 |  |  | 4,560 |
Adjustments related to acquisitions and divestitures |  | (2,537) |  |  | 514 |  |  | (2,023) |
Segment assets |  | 575,829 |  |  | 632,997 |  |  | 1,208,826 |
As of and for the nine months ended October 1, 2023 |  |  |  |  |  |
Segment revenues |  | $ | 871,777 |  |  | $ | 1,089,064 |  |  | $ | 1,960,841 |
Segment EBITDA |  | 118,854 |  |  | 229,662 |  |  | 348,516 |
Depreciation expense |  | 18,779 |  |  | 19,699 |  |  | 38,478 |
Amortization of intangibles |  | 15,171 |  |  | 15,091 |  |  | 30,262 |
Amortization of software development intangible assets |  | — |  |  | 5,235 |  |  | 5,235 |
Severance, restructuring, and acquisition integration costs |  | 5,147 |  |  | 6,699 |  |  | 11,846 |
Adjustments related to acquisitions and divestitures |  | 522 |  |  | 520 |  |  | 1,042 |
Segment assets |  | 625,356 |  |  | 698,287 |  |  | 1,323,643 |
As of and for the nine months ended October 2, 2022 |  |  |  |  |  |
Segment Revenues |  | $ | 895,075 |  |  | $ | 1,052,338 |  |  | $ | 1,947,413 |
Segment EBITDA |  | 118,818 |  |  | 206,643 |  |  | 325,461 |
Depreciation expense |  | 17,214 |  |  | 17,229 |  |  | 34,443 |
Amortization of intangibles |  | 13,051 |  |  | 15,048 |  |  | 28,099 |
Amortization of software development intangible assets |  | 52 |  |  | 2,804 |  |  | 2,856 |
Severance, restructuring, and acquisition integration costs |  | 7,605 |  |  | 6,535 |  |  | 14,140 |
Adjustments related to acquisitions and divestitures |  | (3,095) |  |  | 1,648 |  |  | (1,447) |
Segment assets |  | 575,829 |  |  | 632,997 |  |  | 1,208,826 |
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 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022
| (In thousands)
Total Segment and Consolidated Revenues | $ | 626,807 |  |  | $ | 670,491 |  |  | $ | 1,960,841 |  |  | $ | 1,947,413 |
Total Segment EBITDA | $ | 114,937 |  |  | $ | 117,165 |  |  | $ | 348,516 |  |  | $ | 325,461 |
Gain on sale of asset | 12,056 |  |  | 37,891 |  |  | 12,056 |  |  | 37,891 |
Depreciation expense | (13,442) |  |  | (11,847) |  |  | (38,478) |  |  | (34,443) |
Amortization of intangibles | (9,526) |  |  | (10,105) |  |  | (30,262) |  |  | (28,099) |
Severance, restructuring, and acquisition integration costs (1) | (6,075) |  |  | (4,560) |  |  | (11,846) |  |  | (14,140) |
Amortization of software development intangible assets | (1,963) |  |  | (868) |  |  | (5,235) |  |  | (2,856) |
Adjustments related to acquisitions and divestitures (2) | (495) |  |  | 2,023 |  |  | (1,042) |  |  | 1,447 |
Eliminations | (63) |  |  | (51) |  |  | (146) |  |  | (156) |
Consolidated operating income | 95,429 |  |  | 129,648 |  |  | 273,563 |  |  | 285,105 |
Interest expense, net | (8,580) |  |  | (9,883) |  |  | (25,593) |  |  | (35,570) |
Loss on debt extinguishment | — |  |  | — |  |  | — |  |  | (6,392) |
Total non-operating pension benefit | 328 |  |  | 26 |  |  | 1,462 |  |  | 2,296 |
Consolidated income from continuing operations before taxes | $ | 87,177 |  |  | $ | 119,791 |  |  | $ | 249,432 |  |  | $ | 245,439 |
(1) Severance, restructuring, and acquisition integration costs for the three and nine months ended October 1, 2023 and October 2, 2022 included costs related to our Acquisition Integration Program. See Note 11. (2) Adjustments related to acquisitions and divestitures included fair value adjustments of acquired inventory and investments as well as gains associated with the sales of businesses.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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