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Revenues | 6 Months Ended
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Jun. 29, 2025
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. The following tables present our revenues disaggregated by major product category.
|  | Broadband Solutions |  | Automation Solutions |  | Smart Buildings Solutions |  | Total Revenues
Three Months Ended June 29, 2025 |  | (In thousands)
Smart Infrastructure Solutions |  | $ | 155,385 |  |  | $ | — |  |  | $ | 150,634 |  |  | $ | 306,019 |
Automation Solutions |  | — |  |  | 365,973 |  |  | — |  |  | 365,973 |
Total |  | $ | 155,385 |  |  | $ | 365,973 |  |  | $ | 150,634 |  |  | $ | 671,992 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Smart Infrastructure Solutions |  | $ | 136,020 |  |  | $ | — |  |  | $ | 134,453 |  |  | $ | 270,473 |
Automation Solutions |  | — |  |  | 333,863 |  |  | — |  |  | 333,863 |
Total |  | $ | 136,020 |  |  | $ | 333,863 |  |  | $ | 134,453 |  |  | $ | 604,336 |
Six Months Ended June 29, 2025 |  |  |  |  |  |  |  |
Smart Infrastructure Solutions |  | $ | 302,032 |  |  | $ | — |  |  | $ | 278,037 |  |  | $ | 580,069 |
Automation Solutions |  | — |  |  | 716,784 |  |  | — |  |  | 716,784 |
Total |  | $ | 302,032 |  |  | $ | 716,784 |  |  | $ | 278,037 |  |  | $ | 1,296,853 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Smart Infrastructure Solutions |  | $ | 248,120 |  |  | $ | — |  |  | $ | 256,442 |  |  | $ | 504,562 |
Automation Solutions |  | — |  |  | 635,449 |  |  | — |  |  | 635,449 |
Total |  | $ | 248,120 |  |  | $ | 635,449 |  |  | $ | 256,442 |  |  | $ | 1,140,011 |
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
|  | Americas |  | EMEA |  | APAC |  | Total Revenues
Three Months Ended June 29, 2025 |  | (In thousands)
Smart Infrastructure Solutions |  | $ | 238,775 |  |  | $ | 42,999 |  |  | $ | 24,245 |  |  | $ | 306,019 |
Automation Solutions |  | 209,836 |  |  | 92,908 |  |  | 63,229 |  |  | 365,973 |
Total |  | $ | 448,611 |  |  | $ | 135,907 |  |  | $ | 87,474 |  |  | $ | 671,992 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Smart Infrastructure Solutions |  | $ | 200,904 |  |  | $ | 42,379 |  |  | $ | 27,190 |  |  | $ | 270,473 |
Automation Solutions |  | 198,884 |  |  | 83,017 |  |  | 51,962 |  |  | 333,863 |
Total |  | $ | 399,788 |  |  | $ | 125,396 |  |  | $ | 79,152 |  |  | $ | 604,336 |
Six Months Ended June 29, 2025 |  |  |  |  |  |  |  |
Smart Infrastructure Solutions |  | $ | 458,228 |  |  | $ | 82,303 |  |  | $ | 39,538 |  |  | $ | 580,069 |
Automation Solutions |  | 418,614 |  |  | 178,706 |  |  | 119,464 |  |  | 716,784 |
Total |  | $ | 876,842 |  |  | $ | 261,009 |  |  | $ | 159,002 |  |  | $ | 1,296,853 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Smart Infrastructure Solutions |  | $ | 367,233 |  |  | $ | 88,067 |  |  | $ | 49,262 |  |  | $ | 504,562 |
Automation Solutions |  | 381,774 |  |  | 160,873 |  |  | 92,802 |  |  | 635,449 |
Total |  | $ | 749,007 |  |  | $ | 248,940 |  |  | $ | 142,064 |  |  | $ | 1,140,011 |
We generate revenues primarily by selling products and delivering solutions that make the digital journey simpler, smarter, and secure. We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to OEMs. At times, we enter into arrangements that involve the delivery of multiple performance obligations. For these arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price and recognized when or as each performance obligation is satisfied. Generally, we determine relative standalone selling price using the prices charged separately to customers on a standalone basis. Typically, payments are due after control transfers. Most of our performance obligations related to the sale of products are satisfied at a point in time when control of the product is transferred to the customer, which generally occurs when the product has been shipped or delivered from our facility to our customers, the customer has legal title to the product, and we have a present right to payment for the product. We also consider any customer acceptance clauses in determining when control has transferred to the customer and typically, these clauses are not substantive. The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. For example, our estimate of price adjustments is based on our historical price adjustments as a percentage of revenues and the average time between the original sale and the issuance of the price adjustment. We adjust our estimate of revenue for variable consideration at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. We adjust other current assets and cost of sales for the estimated level of returns. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and six months ended June 29, 2025 and June 30, 2024. The following table presents estimated and accrued variable consideration:
|  | June 29, 2025 |  | December 31, 2024
|  | (in thousands)
Accrued rebates included in accrued liabilities |  | $ | 50,891 |  |  | $ | 51,063 |
Accrued returns included in accrued liabilities |  | 15,098 |  |  | 15,950 |
Price adjustments recognized against gross accounts receivable |  | 31,040 |  |  | 29,100 |
Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future performance obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. Consideration allocated to professional services is recognized wh en or as the services are performed depending on the terms of the arrangement. Our contract terms for support, maintenance, and professional services typically require payment within one year or less of when the services will be provided. As of June 29, 2025, total deferred revenue was $45.6 million, and of this amount, $33.6 million is expected to be recognized within the next twelve months, and the remaining $12.0 million is long-term and is expected to be recognized over a period greater than twelve months. The following table presents deferred revenue activity during the three and six months ended June 29, 2025 and June 30, 2024, respectively:
|  | 2025 |  | 2024 |  |
|  | (In thousands)
Beginning balance at January 1 |  | $ | 40,128 |  |  | $ | 31,062 |  |  |
New deferrals |  | 13,735 |  |  | 6,280 |  |  |
Revenue recognized |  | (10,420) |  |  | (7,392) |  |  |
Balance at the end of Q1 |  | $ | 43,443 |  |  | $ | 29,950 |  |  |
New deferrals |  | 16,225 |  |  | 11,058 |  |  |
Revenue recognized |  | (14,062) |  |  | (11,395) |  |  |
Balance at the end of Q2 |  | $ | 45,606 |  |  | $ | 29,613 |  |  |
Service-type warra nties represent $16.4 million of the deferred revenue balance at June 29, 2025, and of this amount $6.9 million is expected to be recognized in the next twelve months, and the remaining $9.5 million is long-term and will be recognized over a period greater than twelve months. As of June 29, 2025 and December 31, 2024, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets. We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions when the original duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. Capitalized sales commissions as of June 29, 2025 and December 31, 2024 were not material. The following table presents sales commissions that are recorded within selling, general and administrative expenses:
|  | Three Months Ended |  | Six Months Ended
|  | June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
|  | (In thousands)
Sales commissions |  | $ | 7,367 |  |  | $ | 5,848 |  |  | $ | 13,353 |  |  | $ | 11,171 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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