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Operating Segments and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Operating Segment Information | Operating Segment Information
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Smart Infrastructure Solutions |  |  |  |  |
Segment Revenues | $ | 1,143,790 |  |  | $ | 1,122,831 |  |  | $ | 1,198,478 |
Affiliate Revenues | 142 |  |  | 127 |  |  | 633 |
Segment Cost of Sales | (789,272) |  |  | (774,958) |  |  | (852,231) |
Segment Selling, General and Administrative Expenses | (177,414) |  |  | (171,873) |  |  | (160,802) |
Segment Research and Development Expenses | (37,154) |  |  | (27,020) |  |  | (24,561) |
Segment EBITDA | $ | 140,092 |  |  | $ | 149,107 |  |  | $ | 161,517 |
Segment assets | $ | 663,623 |  |  | $ | 637,105 |  |  | $ | 593,653 |
Expenditures of property, plant and equipment | $ | 33,343 |  |  | $ | 36,237 |  |  | $ | 33,535 |
Items excluded from segment measures: |  |  |  |  |
Depreciation expense | $ | 26,231 |  |  | $ | 24,943 |  |  | $ | 23,387 |
Amortization of intangibles | 28,642 |  |  | 20,085 |  |  | 17,595 |
Amortization of software development intangible assets | 12 |  |  | — |  |  | 54 |
Adjustments related to acquisitions and divestitures | 3,572 |  |  | 5,359 |  |  | 5,589 |
Severance, restructuring, and acquisition integration costs | 15,165 |  |  | 11,221 |  |  | 9,200 |
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Automation Solutions |  |  |  |  |
Segment Revenues | $ | 1,317,189 |  |  | $ | 1,389,253 |  |  | $ | 1,408,007 |
Affiliate Revenues | 801 |  |  | 1,296 |  |  | 442 |
Segment Cost of Sales | (701,251) |  |  | (739,129) |  |  | (792,681) |
Segment Selling, General and Administrative Expenses | (275,024) |  |  | (278,406) |  |  | (260,694) |
Segment Research and Development Expenses | (71,949) |  |  | (85,686) |  |  | (77,995) |
Segment EBITDA | $ | 269,766 |  |  | $ | 287,328 |  |  | $ | 277,079 |
Segment assets | $ | 783,353 |  |  | $ | 727,477 |  |  | $ | 677,235 |
Expenditures of property, plant and equipment | $ | 66,063 |  |  | $ | 64,072 |  |  | $ | 58,713 |
Items excluded from segment measures: |  |  |  |  |
Depreciation expense | $ | 30,152 |  |  | $ | 26,436 |  |  | $ | 23,282 |
Amortization of intangibles | 20,152 |  |  | 20,290 |  |  | 20,265 |
Amortization of software development intangible assets | 10,552 |  |  | 7,692 |  |  | 3,821 |
Adjustments related to acquisitions and divestitures | 1,192 |  |  | 818 |  |  | 2,244 |
Severance, restructuring, and acquisition integration costs | 7,649 |  |  | 13,931 |  |  | 7,485 |
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Total Segments |  |  |  |  |
Segment Revenues | $ | 2,460,979 |  |  | $ | 2,512,084 |  |  | $ | 2,606,485 |
Affiliate Revenues | 943 |  |  | 1,423 |  |  | 1,075 |
Segment Cost of Sales | (1,490,523) |  |  | (1,514,087) |  |  | (1,644,912) |
Segment Selling, General and Administrative Expenses | (452,438) |  |  | (450,279) |  |  | (421,496) |
Segment Research and Development Expenses | (109,103) |  |  | (112,706) |  |  | (102,556) |
Segment EBITDA | $ | 409,858 |  |  | $ | 436,435 |  |  | $ | 438,596 |
Segment assets | $ | 1,446,976 |  |  | $ | 1,364,582 |  |  | $ | 1,270,888 |
Expenditures of property, plant and equipment | $ | 99,406 |  |  | $ | 100,309 |  |  | $ | 92,248 |
Items excluded from segment measures: |  |  |  |  |
Depreciation expense | $ | 56,383 |  |  | $ | 51,379 |  |  | $ | 46,669 |
Amortization of intangibles | 48,794 |  |  | 40,375 |  |  | 37,860 |
Amortization of software development intangible assets | 10,564 |  |  | 7,692 |  |  | 3,875 |
Adjustments related to acquisitions and divestitures | 4,764 |  |  | 6,177 |  |  | 7,833 |
Severance, restructuring, and acquisition integration costs | 22,814 |  |  | 25,152 |  |  | 16,685 |
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,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Total segment and consolidated revenues | $ | 2,460,979 |  |  | $ | 2,512,084 |  |  | $ | 2,606,485 |
Total Segment EBITDA | $ | 409,858 |  |  | $ | 436,435 |  |  | $ | 438,596 |
Depreciation expense | (56,383) |  |  | (51,379) |  |  | (46,669) |
Amortization of intangibles | (48,794) |  |  | (40,375) |  |  | (37,860) |
Severance, restructuring, and acquisition integration costs (1) | (22,814) |  |  | (25,152) |  |  | (16,685) |
Amortization of software development intangible assets | (10,564) |  |  | (7,692) |  |  | (3,875) |
Adjustments related to acquisitions and divestitures (2) | (4,764) |  |  | (6,177) |  |  | (7,833) |
Gain on sale of assets (3) | — |  |  | 12,056 |  |  | 37,891 |
Eliminations | (79) |  |  | (198) |  |  | (231) |
Consolidated operating income | 266,460 |  |  | 317,518 |  |  | 363,334 |
Interest expense, net | (38,303) |  |  | (33,625) |  |  | (43,554) |
Loss on debt extinguishment | — |  |  | — |  |  | (6,392) |
Non-operating pension benefit (cost) | (215) |  |  | 1,863 |  |  | 4,005 |
Consolidated income from continuing operations before taxes | $ | 227,942 |  |  | $ | 285,756 |  |  | $ | 317,393 |
(1)Includes costs associated with acquisitions, productivity initiatives, and manufacturing footprint actions. (2)Includes fair value adjustments of acquired assets and costs associated with a former subsidiary that was previously divested. (3)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,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Total segment assets | $ | 1,446,976 |  |  | $ | 1,364,582 |  |  | $ | 1,270,888 |
Cash and cash equivalents | 370,302 |  |  | 597,044 |  |  | 687,676 |
Goodwill | 1,018,677 |  |  | 907,331 |  |  | 862,253 |
Intangible assets, less accumulated amortization | 419,074 |  |  | 269,144 |  |  | 246,830 |
Deferred income taxes | 16,353 |  |  | 15,739 |  |  | 14,642 |
Corporate assets | 56,556 |  |  | 86,351 |  |  | 79,386 |
Total assets | $ | 3,327,938 |  |  | $ | 3,240,191 |  |  | $ | 3,161,675 |
Total segment expenditures of property, plant and equipment | $ | 99,406 |  |  | $ | 100,309 |  |  | $ | 92,248 |
Corporate expenditures of property, plant and equipment | 29,694 |  |  | 16,422 |  |  | 12,846 |
Total expenditures of property, plant and equipment | $ | 129,100 |  |  | $ | 116,731 |  |  | $ | 105,094 |
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, 2024, 2023, and 2022 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, 2024 |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,392,262 |  |  | $ | 160,012 |  |  | $ | 92,108 |  |  | $ | 118,256 |  |  | $ | 698,341 |  |  | $ | 2,460,979 |
Percent of total revenues | 57 | % |  | 6 | % |  | 4 | % |  | 5 | % |  | 28 | % |  | 100 | %
Long-lived assets | $ | 290,282 |  |  | $ | 13,799 |  |  | $ | 38,622 |  |  | $ | 62,170 |  |  | $ | 154,180 |  |  | $ | 559,053 |
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 |

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