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Leases | 6 Months Ended
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Jun. 29, 2025
Leases [Abstract] |
Leases | Leases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms within 1 to 20 years; some of which include extension and termination options. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. We have a few short-term operating leases with terms less than twelve months - these leases are not recorded on our balance sheet and the overall rent expense is not material. We also have certain lease contracts that contain both lease and non-lease components. We have elected the practical expedient to account for these components together as a single, combined lease component. T he rate implicit in most of our leases is not readily determinable. As a result, we utilize the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. Our lease agreements do not contain material residual value guarantees. Our variable lease expense was approximately $0.8 million and $1.6 million for the three and six months ended June 29, 2025, respectively, and $0.9 million and $1.8 million for the three and six months ended June 30, 2024, respectively. The components of lease expense were as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
|  | (In thousands)
Operating lease cost |  | $ | 7,288 |  |  | $ | 6,918 |  |  | $ | 14,170 |  |  | $ | 13,793 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use asset |  | $ | 436 |  |  | $ | 190 |  |  | $ | 903 |  |  | $ | 384 |
Interest on lease liabilities |  | 191 |  |  | 109 |  |  | 204 |  |  | 218 |
Total finance lease cost |  | $ | 627 |  |  | $ | 299 |  |  | $ | 1,107 |  |  | $ | 602 |
Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
|  | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,400 |  |  | $ | 4,776 |  |  | $ | 10,430 |  |  | $ | 11,503 |
Operating cash flows from finance leases were not material during the three and six months ended June 29, 2025 and June 30, 2024. Supplemental balance sheet information related to leases was as follows:
|  | June 29, 2025 |  | December 31, 2024
|  | (In thousands)
Operating leases: |  |  |  |
Total operating lease right-of-use assets |  | $ | 116,426 |  |  | $ | 118,551 |
Accrued liabilities |  | $ | 20,909 |  |  | $ | 19,437 |
Long-term operating lease liabilities |  | 96,861 |  |  | 100,049 |
Total operating lease liabilities |  | $ | 117,770 |  |  | $ | 119,486 |
Finance leases: |  |  |  |
Other long-lived assets, at cost |  | $ | 13,226 |  |  | $ | 12,257 |
Accumulated depreciation |  | (3,167) |  |  | (2,322) |
Other long-lived assets, net |  | $ | 10,059 |  |  | $ | 9,935 |
Accrued liabilities |  | $ | 1,906 |  |  | $ | 1,648 |
Other long-term liabilities |  | 8,628 |  |  | 8,845 |
Total finance lease liabilities |  | $ | 10,534 |  |  | $ | 10,493 |
|  | June 29, 2025 |  | December 31, 2024
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 10 years |  | 10 years
Finance leases |  | 6 years |  | 6 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 6.2 | % |  | 6.2 | %
Finance leases |  | 4.9 | % |  | 4.8 | %
In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending up to 2035. These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary. As of June 29, 2025 and December 31, 2024, the fixed, remaining base rent payments were approximately $19 million and $20 million, respectively. As of June 29, 2025 and December 31, 2024, we had a liability for expected, future payments of $12.0 million and $12.3 million, respectively. The liability is based on certain assumptions that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed.
Leases | Leases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms within 1 to 20 years; some of which include extension and termination options. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. We have a few short-term operating leases with terms less than twelve months - these leases are not recorded on our balance sheet and the overall rent expense is not material. We also have certain lease contracts that contain both lease and non-lease components. We have elected the practical expedient to account for these components together as a single, combined lease component. T he rate implicit in most of our leases is not readily determinable. As a result, we utilize the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. Our lease agreements do not contain material residual value guarantees. Our variable lease expense was approximately $0.8 million and $1.6 million for the three and six months ended June 29, 2025, respectively, and $0.9 million and $1.8 million for the three and six months ended June 30, 2024, respectively. The components of lease expense were as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
|  | (In thousands)
Operating lease cost |  | $ | 7,288 |  |  | $ | 6,918 |  |  | $ | 14,170 |  |  | $ | 13,793 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use asset |  | $ | 436 |  |  | $ | 190 |  |  | $ | 903 |  |  | $ | 384 |
Interest on lease liabilities |  | 191 |  |  | 109 |  |  | 204 |  |  | 218 |
Total finance lease cost |  | $ | 627 |  |  | $ | 299 |  |  | $ | 1,107 |  |  | $ | 602 |
Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
|  | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,400 |  |  | $ | 4,776 |  |  | $ | 10,430 |  |  | $ | 11,503 |
Operating cash flows from finance leases were not material during the three and six months ended June 29, 2025 and June 30, 2024. Supplemental balance sheet information related to leases was as follows:
|  | June 29, 2025 |  | December 31, 2024
|  | (In thousands)
Operating leases: |  |  |  |
Total operating lease right-of-use assets |  | $ | 116,426 |  |  | $ | 118,551 |
Accrued liabilities |  | $ | 20,909 |  |  | $ | 19,437 |
Long-term operating lease liabilities |  | 96,861 |  |  | 100,049 |
Total operating lease liabilities |  | $ | 117,770 |  |  | $ | 119,486 |
Finance leases: |  |  |  |
Other long-lived assets, at cost |  | $ | 13,226 |  |  | $ | 12,257 |
Accumulated depreciation |  | (3,167) |  |  | (2,322) |
Other long-lived assets, net |  | $ | 10,059 |  |  | $ | 9,935 |
Accrued liabilities |  | $ | 1,906 |  |  | $ | 1,648 |
Other long-term liabilities |  | 8,628 |  |  | 8,845 |
Total finance lease liabilities |  | $ | 10,534 |  |  | $ | 10,493 |
|  | June 29, 2025 |  | December 31, 2024
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 10 years |  | 10 years
Finance leases |  | 6 years |  | 6 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 6.2 | % |  | 6.2 | %
Finance leases |  | 4.9 | % |  | 4.8 | %
In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending up to 2035. These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary. As of June 29, 2025 and December 31, 2024, the fixed, remaining base rent payments were approximately $19 million and $20 million, respectively. As of June 29, 2025 and December 31, 2024, we had a liability for expected, future payments of $12.0 million and $12.3 million, respectively. The liability is based on certain assumptions that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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