XML 24 R10.htm IDEA: XBRL DOCUMENT
v3.25.2

Reportable Segments | 6 Months Ended
--- | ---
Jun. 29, 2025
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments We are organized around two global businesses: Smart Infrastructure Solutions and Automation Solutions. Each of the global businesses represents a reportable segment. Our chief operating decision maker is our President and Chief Executive Officer. The key measure of segment profit or loss used by him to review segment operating results is Segment EBITDA. 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. Segment revenues represent non-affiliate revenues. 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. Operating Segment Information
| Three Months Ended |  | Six Months Ended
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
| (In thousands)
Smart Infrastructure Solutions |  |  |  |  |  |  |
Segment Revenues | $ | 306,019 |  |  | $ | 270,473 |  |  | $ | 580,069 |  |  | $ | 504,562 |
Affiliate Revenues | 63 |  |  | 54 |  |  | 93 |  |  | 93 |
Segment Cost of Sales | (208,827) |  |  | (188,135) |  |  | (390,835) |  |  | (351,560) |
Segment Selling, General and Administrative Expenses | (50,114) |  |  | (41,338) |  |  | (100,506) |  |  | (78,412) |
Segment Research and Development Expenses | (10,917) |  |  | (9,598) |  |  | (21,462) |  |  | (17,439) |
Segment EBITDA | $ | 36,224 |  |  | $ | 31,456 |  |  | $ | 67,359 |  |  | $ | 57,244 |
Segment assets | $ | 703,484 |  |  | $ | 671,250 |  |  | $ | 703,484 |  |  | $ | 671,250 |
Items excluded from segment measures: |  |  |  |  |  |  |
Depreciation expense | $ | 6,928 |  |  | $ | 6,214 |  |  | $ | 13,500 |  |  | $ | 12,519 |
Amortization of intangibles | 8,556 |  |  | 5,022 |  |  | 17,212 |  |  | 10,741 |
Amortization of software development intangible assets | — |  |  | — |  |  | 18 |  |  | — |
Severance, restructuring, and acquisition integration costs | 1,747 |  |  | 2,309 |  |  | 2,704 |  |  | 3,899 |
| Three Months Ended |  | Six Months Ended
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
| (In thousands)
Automation Solutions |  |  |  |  |  |  |
Segment Revenues | $ | 365,973 |  |  | $ | 333,863 |  |  | $ | 716,784 |  |  | $ | 635,449 |
Affiliate Revenues | 305 |  |  | 102 |  |  | 633 |  |  | 501 |
Segment Cost of Sales | (192,814) |  |  | (177,420) |  |  | (378,765) |  |  | (336,498) |
Segment Selling, General and Administrative Expenses | (72,843) |  |  | (70,400) |  |  | (146,967) |  |  | (136,817) |
Segment Research and Development Expenses | (22,375) |  |  | (18,408) |  |  | (40,114) |  |  | (36,153) |
Segment EBITDA | $ | 78,246 |  |  | $ | 67,737 |  |  | $ | 151,571 |  |  | $ | 126,482 |
Segment assets | $ | 850,170 |  |  | $ | 762,736 |  |  | $ | 850,170 |  |  | $ | 762,736 |
Items excluded from segment measures: |  |  |  |  |  |  |
Depreciation expense | $ | 8,726 |  |  | $ | 7,363 |  |  | $ | 16,050 |  |  | $ | 14,523 |
Amortization of intangibles | 4,914 |  |  | 4,918 |  |  | 9,533 |  |  | 10,008 |
Amortization of software development intangible assets | 2,943 |  |  | 2,464 |  |  | 5,538 |  |  | 5,177 |
Severance, restructuring, and acquisition integration costs | 1,092 |  |  | 1,684 |  |  | 1,833 |  |  | 4,306 |
Adjustments related to acquisitions and divestitures | 286 |  |  | 298 |  |  | 584 |  |  | 596 |
| Three Months Ended |  | Six Months Ended
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
| (In thousands)
Total Segments |  |  |  |  |  |  |
Segment Revenues | $ | 671,992 |  |  | $ | 604,336 |  |  | $ | 1,296,853 |  |  | $ | 1,140,011 |
Affiliate Revenues | 368 |  |  | 156 |  |  | 726 |  |  | 594 |
Segment Cost of Sales | (401,641) |  |  | (365,555) |  |  | (769,600) |  |  | (688,058) |
Segment Selling, General and Administrative Expenses | (122,957) |  |  | (111,738) |  |  | (247,473) |  |  | (215,229) |
Segment Research and Development Expenses | (33,292) |  |  | (28,006) |  |  | (61,576) |  |  | (53,592) |
Segment EBITDA | $ | 114,470 |  |  | $ | 99,193 |  |  | $ | 218,930 |  |  | $ | 183,726 |
Segment assets | $ | 1,553,654 |  |  | $ | 1,433,986 |  |  | $ | 1,553,654 |  |  | $ | 1,433,986 |
Items excluded from segment measures: |  |  |  |  |  |  |
Depreciation expense | $ | 15,654 |  |  | $ | 13,577 |  |  | $ | 29,550 |  |  | $ | 27,042 |
Amortization of intangibles | 13,470 |  |  | 9,940 |  |  | 26,745 |  |  | 20,749 |
Amortization of software development intangible assets | 2,943 |  |  | 2,464 |  |  | 5,556 |  |  | 5,177 |
Severance, restructuring, and acquisition integration costs | 2,839 |  |  | 3,993 |  |  | 4,537 |  |  | 8,205 |
Adjustments related to acquisitions and divestitures | 286 |  |  | 298 |  |  | 584 |  |  | 596 |
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 |  | Six Months Ended |  |
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024 |  |  |  |
| (In thousands)
Total Segment and Consolidated Revenues | $ | 671,992 |  |  | $ | 604,336 |  |  | $ | 1,296,853 |  |  | $ | 1,140,011 |  |  |  |  |
Total Segment EBITDA | $ | 114,470 |  |  | $ | 99,193 |  |  | $ | 218,930 |  |  | $ | 183,726 |  |  |  |  |
Depreciation expense | (15,654) |  |  | (13,577) |  |  | (29,550) |  |  | (27,042) |  |  |  |  |
Amortization of intangibles | (13,470) |  |  | (9,940) |  |  | (26,745) |  |  | (20,749) |  |  |  |  |
Severance, restructuring, and acquisition integration costs (1) | (2,839) |  |  | (3,993) |  |  | (4,537) |  |  | (8,205) |  |  |  |  |
Amortization of software development intangible assets | (2,943) |  |  | (2,464) |  |  | (5,556) |  |  | (5,177) |  |  |  |  |
Adjustments related to acquisitions and divestitures (2) | (286) |  |  | (298) |  |  | (584) |  |  | (596) |  |  |  |  |
Eliminations | (42) |  |  | (9) |  |  | (96) |  |  | (25) |  |  |  |  |
Consolidated operating income | 79,236 |  |  | 68,912 |  |  | 151,862 |  |  | 121,932 |  |  |  |  |
Interest expense, net | (12,200) |  |  | (9,017) |  |  | (22,304) |  |  | (16,599) |  |  |  |  |
Total non-operating pension benefit (cost) | (364) |  |  | 230 |  |  | (805) |  |  | 461 |  |  |  |  |
Consolidated income before taxes | $ | 66,672 |  |  | $ | 60,125 |  |  | $ | 128,753 |  |  | $ | 105,794 |  |  |  |  |
(1) Includes costs associated with acquisitions and manufacturing footprint actions. (2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration