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v3.24.3

Reportable Segments (Tables) | 9 Months Ended
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Sep. 29, 2024
Segment Reporting [Abstract] |
Schedule of Operating Segment Information |
|  | 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 |
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 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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- 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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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