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Reportable Segments | 9 Months Ended
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Sep. 29, 2024
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments We are organized around two global businesses: Smart Infrastructure Solutions and Automation Solutions. As Belden continues to advance forward with solutions focused on data infrastructure, we renamed our two reportable segments during the three months ended September 29, 2024 from Enterprise Solutions and Industrial Automation Solutions to Smart Infrastructure Solutions and Automation Solutions, respectively. The composition of the segments did not change as a result of these name changes. 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; 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. Inter-company revenues between our segments is not material.
|  | Smart Infrastructure Solutions |  | Automation Solutions |  | Total Segments
|  | (In thousands)
As of and for the three months ended September 29, 2024 |  |  |  |  |  |
Segment Revenues |  | $ | 319,647 |  |  | $ | 335,279 |  |  | $ | 654,926 |
Segment EBITDA |  | 40,447 |  |  | 71,819 |  |  | 112,266 |
Depreciation expense |  | 6,758 |  |  | 7,897 |  |  | 14,655 |
Amortization of intangibles |  | 8,738 |  |  | 5,000 |  |  | 13,738 |
Amortization of software development intangible assets |  | — |  |  | 2,678 |  |  | 2,678 |
Severance, restructuring, and acquisition integration costs |  | 4,619 |  |  | 644 |  |  | 5,263 |
Adjustments related to acquisitions and divestitures |  | 263 |  |  | 298 |  |  | 561 |
Segment assets |  | 686,960 |  |  | 772,740 |  |  | 1,459,700 |
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 nine months ended September 29, 2024 |  |  |  |  |  |
Segment revenues |  | $ | 824,209 |  |  | $ | 970,728 |  |  | $ | 1,794,937 |
Segment EBITDA |  | 97,691 |  |  | 198,301 |  |  | 295,992 |
Depreciation expense |  | 19,277 |  |  | 22,420 |  |  | 41,697 |
Amortization of intangibles |  | 19,479 |  |  | 15,008 |  |  | 34,487 |
Amortization of software development intangible assets |  | — |  |  | 7,855 |  |  | 7,855 |
Severance, restructuring, and acquisition integration costs |  | 8,518 |  |  | 4,950 |  |  | 13,468 |
Adjustments related to acquisitions and divestitures |  | 263 |  |  | 894 |  |  | 1,157 |
Segment assets |  | 686,960 |  |  | 772,740 |  |  | 1,459,700 |
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 |
The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income before taxes, respectively.
| Three Months Ended |  | Nine Months Ended
| September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
| (In thousands)
Total Segment and Consolidated Revenues | $ | 654,926 |  |  | $ | 626,807 |  |  | $ | 1,794,937 |  |  | $ | 1,960,841 |
Total Segment EBITDA | $ | 112,266 |  |  | $ | 114,937 |  |  | $ | 295,992 |  |  | $ | 348,516 |
Depreciation expense | (14,655) |  |  | (13,442) |  |  | (41,697) |  |  | (38,478) |
Amortization of intangibles | (13,738) |  |  | (9,526) |  |  | (34,487) |  |  | (30,262) |
Severance, restructuring, and acquisition integration costs (1) | (5,263) |  |  | (6,075) |  |  | (13,468) |  |  | (11,846) |
Amortization of software development intangible assets | (2,678) |  |  | (1,963) |  |  | (7,855) |  |  | (5,235) |
Adjustments related to acquisitions and divestitures (2) | (561) |  |  | (495) |  |  | (1,157) |  |  | (1,042) |
Eliminations | (22) |  |  | (63) |  |  | (47) |  |  | (146) |
Gain on sale of asset | — |  |  | 12,056 |  |  | — |  |  | 12,056 |
Consolidated operating income | 75,349 |  |  | 95,429 |  |  | 197,281 |  |  | 273,563 |
Interest expense, net | (10,855) |  |  | (8,580) |  |  | (27,454) |  |  | (25,593) |
Total non-operating pension benefit | 286 |  |  | 328 |  |  | 747 |  |  | 1,462 |
Consolidated income before taxes | $ | 64,780 |  |  | $ | 87,177 |  |  | $ | 170,574 |  |  | $ | 249,432 |
(1) Includes costs associated with acquisitions and manufacturing footprint actions. (2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets.

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