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Operating Segments and Geographic Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Operating Segments and Geographic Information | Operating Segments and Geographic Information We are organized around two global businesses: Enterprise Solutions and Industrial Automation Solutions. Each of the global businesses represents a reportable segment. The segments design, manufacture, and market a portfolio of signal transmission solutions for mission critical applications used in a variety of end markets. We sell the products manufactured by our segments through distributors or directly to systems integrators, original equipment manufacturers (OEMs), end-users, and installers. The key measures of segment profit or loss reviewed by our chief operating decision maker 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; adjustments related to acquisitions and divestitures; 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. 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 |
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. 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 |
Geographic Information The Company attributes foreign sales based on the location of the customer purchasing the product. 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 |
Major Customer Revenues generated in both the Enterprise Solutions and Industrial Automation Solutions segments from our largest customer were approximately $378.1 million (15% of revenues), $387.7 million (15% of revenues), and $374.8 million (16% of revenues) for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and 2022, we had $61.9 million and $28.8 million in accounts receivable outstanding from this customer, which represented approximately 15% and 7% of our total accounts receivable balance as of December 31, 2023 and 2022, respectively.

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