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Reportable Segments (Tables) | 9 Months Ended
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Oct. 01, 2023
Segment Reporting [Abstract] |
Schedule of 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 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 |
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.
| 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 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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