XML 59 R42.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Operating Segments and Geographic Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Operating Segment Information | Operating Segment Information
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Enterprise Solutions |  |  |  |  |
Segment revenues | $ | 1,122,831 |  |  | $ | 1,198,478 |  |  | $ | 1,074,426 |
Segment EBITDA | 149,107 |  |  | 161,517 |  |  | 144,509 |
Depreciation expense | 24,943 |  |  | 23,387 |  |  | 21,627 |
Amortization of intangibles | 20,085 |  |  | 17,595 |  |  | 17,595 |
Amortization of software development intangible assets | — |  |  | 54 |  |  | 94 |
Adjustments related to acquisitions and divestitures | 5,359 |  |  | 5,589 |  |  | (7,052) |
Severance, restructuring, and acquisition integration costs | 11,221 |  |  | 9,200 |  |  | 13,800 |
Acquisition of property, plant and equipment | 36,237 |  |  | 33,535 |  |  | 36,726 |
Segment assets | 637,105 |  |  | 593,653 |  |  | 563,141 |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Industrial Automation Solutions |  |  |  |  |
Segment revenues | $ | 1,389,253 |  |  | $ | 1,408,007 |  |  | $ | 1,226,834 |
Segment EBITDA | 287,328 |  |  | 277,079 |  |  | 222,684 |
Depreciation expense | 26,436 |  |  | 23,282 |  |  | 21,446 |
Amortization of intangibles | 20,290 |  |  | 20,265 |  |  | 13,035 |
Amortization of software development intangible assets | 7,692 |  |  | 3,821 |  |  | 1,485 |
Adjustments related to acquisitions and divestitures | 818 |  |  | 2,244 |  |  | 2,017 |
Severance, restructuring, and acquisition integration costs | 13,931 |  |  | 7,485 |  |  | 10,067 |
Asset impairments | — |  |  | — |  |  | 9,283 |
Acquisition of property, plant and equipment | 64,072 |  |  | 58,713 |  |  | 41,269 |
Segment assets | 727,477 |  |  | 677,235 |  |  | 600,380 |
Total Segments |  |  |  |  |
Segment revenues | $ | 2,512,084 |  |  | $ | 2,606,485 |  |  | $ | 2,301,260 |
Segment EBITDA | 436,435 |  |  | 438,596 |  |  | 367,193 |
Depreciation expense | 51,379 |  |  | 46,669 |  |  | 43,073 |
Amortization of intangibles | 40,375 |  |  | 37,860 |  |  | 30,630 |
Amortization of software development intangible assets | 7,692 |  |  | 3,875 |  |  | 1,579 |
Adjustments related to acquisitions and divestitures | 6,177 |  |  | 7,833 |  |  | (5,035) |
Severance, restructuring, and acquisition integration costs | 25,152 |  |  | 16,685 |  |  | 23,867 |
Asset impairments | — |  |  | — |  |  | 9,283 |
Acquisition of property, plant and equipment | 100,309 |  |  | 92,248 |  |  | 77,995 |
Segment assets | 1,364,582 |  |  | 1,270,888 |  |  | 1,163,521 |
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,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Segment Revenues and Consolidated Revenues | $ | 2,512,084 |  |  | $ | 2,606,485 |  |  | $ | 2,301,260 |
Total Segment EBITDA | $ | 436,435 |  |  | $ | 438,596 |  |  | $ | 367,193 |
Depreciation expense | (51,379) |  |  | (46,669) |  |  | (43,073) |
Amortization of intangibles | (40,375) |  |  | (37,860) |  |  | (30,630) |
Severance, restructuring, and acquisition integration costs (1) | (25,152) |  |  | (16,685) |  |  | (23,867) |
Amortization of software development intangible assets | (7,692) |  |  | (3,875) |  |  | (1,579) |
Adjustments related to acquisitions and divestitures (2) | (6,177) |  |  | (7,833) |  |  | 5,035 |
Asset impairments (3) | — |  |  | — |  |  | (9,283) |
Gain on sale of assets (4) | 12,056 |  |  | 37,891 |  |  | — |
Eliminations | (198) |  |  | (231) |  |  | (120) |
Consolidated operating income | 317,518 |  |  | 363,334 |  |  | 263,676 |
Interest expense, net | (33,625) |  |  | (43,554) |  |  | (62,693) |
Loss on debt extinguishment | — |  |  | (6,392) |  |  | (5,715) |
Non-operating pension benefit | 1,863 |  |  | 4,005 |  |  | 4,476 |
Gain on sale of note receivable | — |  |  | — |  |  | 27,036 |
Consolidated income from continuing operations before taxes | $ | 285,756 |  |  | $ | 317,393 |  |  | $ | 226,780 |
(1)Includes costs from programs described in Note 15, Restructuring Activities as well as other immaterial programs. (2)In 2023, we incurred $4.1 million for lease guarantees associated with the Grass Valley disposal (see Note 12), $1.5 million related to fair value adjustments of acquired inventory and other assets, and $0.6 million of net losses associated with the sales of businesses. In 2022, we incurred $10.1 million for lease guarantees associated with the Grass Valley disposal, $2.2 million related to fair value adjustments of acquired inventory and other assets, 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. (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 2023, we sold certain real estate in Canada for $13.8 million, net of transaction costs and recognized a $12.1 million pre-tax gain on sale. 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,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Total segment assets | $ | 1,364,582 |  |  | $ | 1,270,888 |  |  | $ | 1,163,521 |
Cash and cash equivalents | 597,044 |  |  | 687,676 |  |  | 641,563 |
Goodwill | 907,331 |  |  | 862,253 |  |  | 821,448 |
Intangible assets, less accumulated amortization | 269,144 |  |  | 246,830 |  |  | 238,155 |
Deferred income taxes | 15,739 |  |  | 14,642 |  |  | 31,736 |
Corporate assets | 86,351 |  |  | 79,386 |  |  | 72,102 |
Assets of discontinued operations | — |  |  | — |  |  | 449,152 |
Total assets | $ | 3,240,191 |  |  | $ | 3,161,675 |  |  | $ | 3,417,677 |
Total segment acquisition of property, plant and equipment | $ | 100,309 |  |  | $ | 92,248 |  |  | $ | 77,995 |
Corporate acquisition of property, plant and equipment | 16,422 |  |  | 12,846 |  |  | 6,855 |
Discontinued operations acquisition of property, plant and equipment | — |  |  | — |  |  | 6,132 |
Total acquisition of property, plant and equipment | $ | 116,731 |  |  | $ | 105,094 |  |  | $ | 90,982 |
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, 2023, 2022, and 2021 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, 2023 |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,383,212 |  |  | $ | 169,122 |  |  | $ | 104,718 |  |  | $ | 134,130 |  |  | $ | 720,902 |  |  | $ | 2,512,084 |
Percent of total revenues | 55 | % |  | 7 | % |  | 4 | % |  | 5 | % |  | 29 | % |  | 100 | %
Long-lived assets | $ | 230,267 |  |  | $ | 13,355 |  |  | $ | 45,326 |  |  | $ | 67,758 |  |  | $ | 144,606 |  |  | $ | 501,312 |
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 |

X
- 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
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + 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 (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration