BELDEN INC., 10-Q filed on 10/31/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 29, 2024
Oct. 29, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 29, 2024  
Document Transition Report false  
Entity File Number 001-12561  
Entity Registrant Name BELDEN INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-3601505  
Entity Address, Address Line One 1 North Brentwood Boulevard,  
Entity Address, Address Line Two 15th Floor,  
Entity Address, City or Town St. Louis  
Entity Address, State or Province MO  
Entity Address, Postal Zip Code 63105  
City Area Code 314  
Local Phone Number 854-8000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity File Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging growth company false  
Entity Shell Company false  
Title of 12(b) Security Common stock, $0.01 par value  
Trading Symbol BDC  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   40,336,643
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000913142  
Current Fiscal Year End Date --12-31  
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 322,982 $ 597,044
Receivables, net 430,176 413,806
Inventories, net 368,435 366,987
Other current assets 76,706 79,142
Total current assets 1,198,299 1,456,979
Property, plant and equipment, less accumulated depreciation 477,304 451,069
Operating lease right-of-use assets 132,844 89,686
Goodwill 1,056,549 907,331
Intangible assets, less accumulated amortization 406,207 269,144
Deferred income taxes 17,290 15,739
Other long-lived assets 51,958 50,243
Total assets 3,340,451 3,240,191
Current liabilities:    
Accounts payable 306,745 343,215
Accrued liabilities 272,565 290,289
Total current liabilities 579,310 633,504
Long-term debt 1,218,965 1,204,211
Postretirement benefits 70,356 74,573
Deferred income taxes 88,272 49,472
Long-term operating lease liabilities 113,507 74,941
Other long-term liabilities 34,802 37,188
Stockholders’ equity:    
Common stock 503 503
Additional paid-in capital 833,449 818,663
Retained earnings 1,119,684 985,807
Accumulated other comprehensive loss (55,153) (41,279)
Treasury stock (663,272) (597,437)
Total Belden stockholders’ equity 1,235,211 1,166,257
Noncontrolling interests 28 45
Total stockholders’ equity 1,235,239 1,166,302
Total liabilities and stockholders' equity $ 3,340,451 $ 3,240,191
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Income Statement [Abstract]        
Revenues $ 654,926 $ 626,807 $ 1,794,937 $ 1,960,841
Cost of sales (410,922) (385,639) (1,122,531) (1,212,240)
Gross profit 244,004 241,168 672,406 748,601
Selling, general and administrative expenses (126,976) (118,079) (357,241) (366,288)
Research and development expenses (27,941) (30,190) (83,397) (90,544)
Amortization of intangibles (13,738) (9,526) (34,487) (30,262)
Gain on sale of assets 0 12,056 0 12,056
Operating income 75,349 95,429 197,281 273,563
Interest expense, net (10,855) (8,580) (27,454) (25,593)
Non-operating pension benefit 286 328 747 1,462
Income before taxes 64,780 87,177 170,574 249,432
Income tax expense (11,091) (14,850) (30,542) (45,385)
Net income 53,689 72,327 140,032 204,047
Less: Net loss attributable to noncontrolling interest (3) (20) (17) (245)
Net income attributable to Belden stockholders $ 53,692 $ 72,347 $ 140,049 $ 204,292
Weighted average number of common shares and equivalents:        
Basic (in shares) 40,798 42,053 40,825 42,460
Diluted (in shares) 41,417 42,625 41,371 43,129
Basic income per share attributable to Belden stockholders (in usd per share) $ 1.32 $ 1.72 $ 3.43 $ 4.81
Diluted income per share attributable to Belden stockholders (in usd per share) $ 1.30 $ 1.70 $ 3.39 $ 4.74
Comprehensive income attributable to Belden $ 23,760 $ 93,915 $ 126,175 $ 203,697
Common stock dividends declared per share (in usd per share) $ 0.05 $ 0.05 $ 0.15 $ 0.15
v3.24.3
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Cash flows from operating activities:    
Net income $ 140,032 $ 204,047
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 84,039 73,974
Share-based compensation 22,079 14,843
Gain on sale of assets 0 (12,056)
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:    
Receivables 3,244 (48,949)
Inventories 8,918 16,211
Accounts payable (53,664) (42,456)
Accrued liabilities (24,410) (43,318)
Income taxes 1,220 548
Other assets (5,766) (6,706)
Other liabilities 1,665 3,855
Net cash provided by operating activities 177,357 159,993
Cash flows from investing activities:    
Cash used for business acquisitions, net of cash acquired (295,591) (106,712)
Capital expenditures (70,759) (61,870)
Proceeds from disposal of tangible assets 106 13,785
Proceeds from disposal of businesses, net of cash sold 0 9,300
Net cash used for investing activities (366,244) (145,497)
Cash flows from financing activities:    
Payments under share repurchase program (77,954) (150,000)
Withholding tax payments for share-based payment awards (8,930) (17,309)
Cash dividends paid (6,154) (6,408)
Payments under financing lease obligations (694) (254)
Proceeds from issuance of common stock 8,917 6,568
Net cash used for financing activities (84,815) (167,403)
Effect of foreign currency exchange rate changes on cash and cash equivalents (360) (3,798)
Decrease in cash and cash equivalents (274,062) (156,705)
Cash and cash equivalents, beginning of period 597,044 687,676
Cash and cash equivalents, end of period $ 322,982 $ 530,971
v3.24.3
CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022   50,335          
Beginning balance at Dec. 31, 2022 $ 1,143,950 $ 503 $ 825,669 $ 751,522 $ (428,812) $ (5,871) $ 939
Beginning balance (in shares) at Dec. 31, 2022         (7,502)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 62,945     63,192     (247)
Other comprehensive income (loss), net of tax (17,298)         (17,300) 2
Common stock issuance 1,679   (420)   $ 2,099    
Common stock issuance (in shares)         37    
Retirement Savings Plan stock contributions 2,396   638   $ 1,758    
Retirement Savings Plan stock contributions (in shares)         28    
Exercise of stock options, net of tax withholding forfeitures (2,596)   (4,547)   $ 1,951    
Exercise of stock options, net of tax withholding forfeitures (in shares)         47    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (10,696)   (17,997)   $ 7,301    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         196    
Share repurchase program, net of excise tax (in shares)         (594)    
Share repurchase program, net of excise tax (50,266)       $ (50,266)    
Share-based compensation 6,253   6,253        
Common stock dividends (2,150)     (2,150)      
Ending balance (in shares) at Apr. 02, 2023   50,335          
Ending balance at Apr. 02, 2023 1,134,217 $ 503 809,596 812,564 $ (465,969) (23,171) 694
Ending balance (in shares) at Apr. 02, 2023         (7,788)    
Beginning balance (in shares) at Dec. 31, 2022   50,335          
Beginning balance at Dec. 31, 2022 1,143,950 $ 503 825,669 751,522 $ (428,812) (5,871) 939
Beginning balance (in shares) at Dec. 31, 2022         (7,502)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 204,047            
Ending balance (in shares) at Oct. 01, 2023   50,335          
Ending balance at Oct. 01, 2023 1,199,403 $ 503 812,423 949,422 $ (556,343) (6,605) 3
Ending balance (in shares) at Oct. 01, 2023         (8,660)    
Beginning balance (in shares) at Apr. 02, 2023   50,335          
Beginning balance at Apr. 02, 2023 1,134,217 $ 503 809,596 812,564 $ (465,969) (23,171) 694
Beginning balance (in shares) at Apr. 02, 2023         (7,788)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 68,775     68,753     22
Other comprehensive income (loss), net of tax (4,861)         (4,863) 2
Sale and deconsolidation of subsidiary (834)         (139) (695)
Retirement Savings Plan stock contributions 2,042   663   $ 1,379    
Retirement Savings Plan stock contributions (in shares)         24    
Exercise of stock options, net of tax withholding forfeitures (1,931)   (2,698)   $ 767    
Exercise of stock options, net of tax withholding forfeitures (in shares)         27    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (1,717)   (4,130)   $ 2,413    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         55    
Share repurchase program, net of excise tax (in shares)         (394)    
Share repurchase program, net of excise tax (36,463)       $ (36,463)    
Share-based compensation 5,901   5,901        
Common stock dividends (2,138)     (2,138)      
Ending balance (in shares) at Jul. 02, 2023   50,335          
Ending balance at Jul. 02, 2023 1,162,991 $ 503 809,332 879,179 $ (497,873) (28,173) 23
Ending balance (in shares) at Jul. 02, 2023         (8,076)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 72,327     72,347     (20)
Other comprehensive income (loss), net of tax 21,568         21,568  
Common stock issuance 4,889   448   $ 4,441    
Common stock issuance (in shares)         79    
Retirement Savings Plan stock contributions 1,723   692   $ 1,031    
Retirement Savings Plan stock contributions (in shares)         18    
Exercise of stock options, net of tax withholding forfeitures (309)   (620)   $ 311    
Exercise of stock options, net of tax withholding forfeitures (in shares)         8    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (60)   (118)   $ 58    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         1    
Share repurchase program, net of excise tax (in shares)         (690)    
Share repurchase program, net of excise tax (64,311)       $ (64,311)    
Share-based compensation 2,689   2,689        
Common stock dividends (2,104)     (2,104)      
Ending balance (in shares) at Oct. 01, 2023   50,335          
Ending balance at Oct. 01, 2023 1,199,403 $ 503 812,423 949,422 $ (556,343) (6,605) 3
Ending balance (in shares) at Oct. 01, 2023         (8,660)    
Beginning balance (in shares) at Dec. 31, 2023   50,335          
Beginning balance at Dec. 31, 2023 1,166,302 $ 503 818,663 985,807 $ (597,437) (41,279) 45
Beginning balance (in shares) at Dec. 31, 2023         (9,208)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 37,309     37,313     (4)
Other comprehensive income (loss), net of tax 9,148         9,148  
Common stock issuance 3,152   477   $ 2,675    
Common stock issuance (in shares)         48    
Retirement Savings Plan stock contributions 1,828   641   $ 1,187    
Retirement Savings Plan stock contributions (in shares)         22    
Exercise of stock options, net of tax withholding forfeitures (384)   (483)   $ 99    
Exercise of stock options, net of tax withholding forfeitures (in shares)         8    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (7,537)   (10,991)   $ 3,454    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         138    
Share repurchase program, net of excise tax (in shares)         (675)    
Share repurchase program, net of excise tax (58,270)       $ (58,270)    
Share-based compensation 6,397   6,397        
Common stock dividends (2,059)     (2,059)      
Ending balance (in shares) at Mar. 31, 2024   50,335          
Ending balance at Mar. 31, 2024 1,155,886 $ 503 814,704 1,021,061 $ (648,292) (32,131) 41
Ending balance (in shares) at Mar. 31, 2024         (9,667)    
Beginning balance (in shares) at Dec. 31, 2023   50,335          
Beginning balance at Dec. 31, 2023 1,166,302 $ 503 818,663 985,807 $ (597,437) (41,279) 45
Beginning balance (in shares) at Dec. 31, 2023         (9,208)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 140,032            
Ending balance (in shares) at Sep. 29, 2024   50,335          
Ending balance at Sep. 29, 2024 1,235,239 $ 503 833,449 1,119,684 $ (663,272) (55,153) 28
Ending balance (in shares) at Sep. 29, 2024         (9,686)    
Beginning balance (in shares) at Mar. 31, 2024   50,335          
Beginning balance at Mar. 31, 2024 1,155,886 $ 503 814,704 1,021,061 $ (648,292) (32,131) 41
Beginning balance (in shares) at Mar. 31, 2024         (9,667)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 49,034     49,044     (10)
Other comprehensive income (loss), net of tax 6,912         6,912  
Retirement Savings Plan stock contributions 1,999   1,206   $ 793    
Retirement Savings Plan stock contributions (in shares)         22    
Exercise of stock options, net of tax withholding forfeitures (97)   (194)   $ 97    
Exercise of stock options, net of tax withholding forfeitures (in shares)         4    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (92)   (757)   $ 665    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)         20    
Adjustment to share repurchase excise tax 42       $ 42    
Share-based compensation 8,246   8,246        
Common stock dividends (2,053)     (2,053)      
Ending balance (in shares) at Jun. 30, 2024   50,335          
Ending balance at Jun. 30, 2024 1,219,877 $ 503 823,205 1,068,052 $ (646,695) (25,219) 31
Ending balance (in shares) at Jun. 30, 2024         (9,621)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 53,689     53,692     (3)
Other comprehensive income (loss), net of tax (29,934)         (29,934)  
Common stock issuance 5,765   2,613   $ 3,152    
Common stock issuance (in shares)         88    
Retirement Savings Plan stock contributions 1,467   940   $ 527    
Retirement Savings Plan stock contributions (in shares)         15    
Exercise of stock options, net of tax withholding forfeitures (812)   (735)   $ (77)    
Exercise of stock options, net of tax withholding forfeitures (in shares)         13    
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (8)   (10)   $ 2    
Share repurchase program, net of excise tax (in shares)         (181)    
Share repurchase program, net of excise tax (20,181)       $ (20,181)    
Share-based compensation 7,436   7,436        
Common stock dividends (2,060)     (2,060)      
Ending balance (in shares) at Sep. 29, 2024   50,335          
Ending balance at Sep. 29, 2024 $ 1,235,239 $ 503 $ 833,449 $ 1,119,684 $ (663,272) $ (55,153) $ 28
Ending balance (in shares) at Sep. 29, 2024         (9,686)    
v3.24.3
CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Sep. 29, 2024
Oct. 01, 2023
Statement of Stockholders' Equity [Abstract]                
Common stock dividends declared per share (in usd per share) $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.15 $ 0.15
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 29, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2023:
•Are prepared from the books and records without audit, and
•Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but
•Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements.
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2023 Annual Report on Form 10-K.
Business Description
We are a leading global supplier of network infrastructure and digitization solutions built around two global businesses - Smart Infrastructure Solutions and Automation Solutions. As Belden continues to advance forward with solutions focused on data infrastructure, we renamed our two reportable segments during the three months ended September 29, 2024 from Enterprise Solutions and Industrial Automation Solutions to Smart Infrastructure Solutions and Automation Solutions, respectively. The composition of the segments did not change as a result of these name changes. Our mission is to build the foundation for a digital world that makes the digital journey simpler, smarter and secure.
Reporting Periods
Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 31, 2024, the 91st day of our fiscal year 2024. Our fiscal second and third quarters each have 91 days. The nine months ended September 29, 2024 and October 1, 2023 included 273 and 274 days, respectively.
Fair Value Measurement
Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
•Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
•Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and
•Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 
As of and during the three and nine months ended September 29, 2024 and October 1, 2023, we utilized Level 1 inputs to determine the fair value of cash equivalents. We did not have any transfers between Level 1 and Level 2 fair value measurements during the nine months ended September 29, 2024 and October 1, 2023.
Cash and Cash Equivalents
We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of September 29, 2024, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.
Contingent Liabilities
We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. Historically, these lawsuits have primarily involved claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow. As of September 29, 2024, we were party to standby letters of credit, surety bonds, and bank guaranties totaling $8.3 million, $6.0 million, and $5.3 million, respectively.
Revenue Recognition
We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 2.
Subsequent Events
We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure.
Noncontrolling Interest
A Belden subsidiary includes a noncontrolling interest as of and for the periods ended September 29, 2024 and October 1, 2023. The results attributable to the noncontrolling interest holders are not material to our condensed consolidated financial statements, and are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations.
Current Year Adoption of Accounting Pronouncements
None of the accounting pronouncements that became effective during 2024 had a material impact to our condensed consolidated financial statements or disclosures.

Pending Adoption of Recent Accounting Pronouncements
The Financial Accounting Standards Board (FASB) amended the guidance in Accounting Standards Codification (ASC) 280, Segment Reporting, to require public companies disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. We did not early adopt this pronouncement, and we expect the amended guidance to have a minimal impact on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (ASU 2023-09) enhancing the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 are applied on a prospective basis, though retrospective application is permitted. We did not early adopt this pronouncement and are in the process of evaluating its impact on our consolidated financial statements and related disclosures.
In March 2024, the SEC issued a final climate disclosure rule, which requires registrants to disclose climate-related information in registration statements and annual reports. The final rule also requires certain disclosures related to risk management and governance over climate-related risks, material climate targets and goals, and material Scope 1 and Scope 2 greenhouse gas emissions. For calendar year companies, the ruling requires certain disclosures in annual reports for the year ending December 31, 2025. On April 4, 2024, the SEC voluntarily stayed the final rule pending the completion of judicial review of cases pending in the Eighth Circuit. We are continuing to evaluate the impact of the final rule on our consolidated financial statements and disclosures.
v3.24.3
Revenues
 9 Months Ended
Sep. 29, 2024
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 SolutionsSmart Buildings SolutionsTotal 
Revenues 
Three Months Ended September 29, 2024(In thousands)
Smart Infrastructure Solutions$174,467 $— $145,180 $319,647 
Automation Solutions— 335,279 — 335,279 
Total$174,467 $335,279 $145,180 $654,926 
Three Months Ended October 1, 2023 
Smart Infrastructure Solutions$146,048 $— $137,857 $283,905 
Automation Solutions— 342,902 — 342,902 
Total$146,048 $342,902 $137,857 $626,807 
Nine Months Ended September 29, 2024
Smart Infrastructure Solutions$422,588 $— $401,621 $824,209 
Automation Solutions— 970,728 — 970,728 
Total$422,588 $970,728 $401,621 $1,794,937 
Nine Months Ended October 1, 2023
Smart Infrastructure Solutions$436,935 $— $434,842 $871,777 
Automation Solutions— 1,089,064 — 1,089,064 
Total$436,935 $1,089,064 $434,842 $1,960,841 
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
AmericasEMEAAPACTotal Revenues
Three Months Ended September 29, 2024(In thousands)
Smart Infrastructure Solutions$243,759 $45,480 $30,408 $319,647 
Automation Solutions196,326 87,733 51,220 335,279 
Total$440,085 $133,213 $81,628 $654,926 
Three Months Ended October 1, 2023   
Smart Infrastructure Solutions$199,002 $51,476 $33,427 $283,905 
Automation Solutions195,154 92,189 55,559 342,902 
Total$394,156 $143,665 $88,986 $626,807 
Nine Months Ended September 29, 2024
Smart Infrastructure Solutions$610,992 $133,547 $79,670 $824,209 
Automation Solutions578,101 248,606 144,021 970,728 
Total$1,189,093 $382,153 $223,691 $1,794,937 
Nine Months Ended October 1, 2023
Smart Infrastructure Solutions$659,360 $125,595 $86,822 $871,777 
Automation Solutions624,219 303,165 161,680 1,089,064 
Total$1,283,579 $428,760 $248,502 $1,960,841 
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 original equipment manufacturers. 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 period 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 nine months ended September 29, 2024 and October 1, 2023. The following table presents estimated and accrued variable consideration:
September 29, 2024December 31, 2023
(in thousands)
Accrued rebates included in accrued liabilities$41,719 $49,255 
Accrued returns included in accrued liabilities15,299 15,570 
Price adjustments recognized against gross accounts receivable29,461 26,005 

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 when 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 September 29, 2024, total deferred revenue was $29.1 million, and of this amount, $21.9 million is expected to be recognized within the next twelve months, and the remaining $7.2 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 nine months ended September 29, 2024 and October 1, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$31,062 $33,243 
New deferrals6,280 4,359 
Revenue recognized(7,392)(8,307)
Balance at the end of Q1$29,950 $29,295 
New deferrals11,058 6,900 
Revenue recognized(11,395)(6,528)
Balance at the end of Q2$29,613 $29,667 
New deferrals14,714 9,146 
Acquisitions46 104 
Revenue recognized(15,240)(11,224)
Balance at the end of Q3$29,133 $27,693 
Service-type warranties represent $9.8 million of the deferred revenue balance at September 29, 2024, and of this amount $5.1 million is expected to be recognized in the next twelve months, and the remaining $4.7 million is long-term and will be recognized over a period greater than twelve months. As of September 29, 2024 and December 31, 2023, 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 September 29, 2024 and December 31, 2023 were not material. The following table presents sales commissions that are recorded within selling, general and administrative expenses:
Three Months EndedNine Months ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands)
Sales commissions$6,865 $4,729 $18,036 $16,819 
v3.24.3
Acquisitions
 9 Months Ended
Sep. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On September 16, 2024, we acquired Voleatech GmbH ("Voleatech") with cash on hand for €5.0 million ($5.6 million), net of cash acquired. The acquisition includes a potential earn-out up to €3.0 million based upon certain targets over three years, which will be accounted for as compensation cost.Voleatech, based in Germany, is known for their VT AIR Next Gen Firewall and expands Belden's Firewall product portfolio and overall planning of security in OT (Operational Technology) networking. Voleatech is reported within the Automation Solutions segment and is not material to our financial position or results of operations.
On June 30, 2024, we acquired Precision Optical Technologies, Inc. (“Precision”) with cash on hand for $289.6 million, net of cash acquired. Precision, based in New York, is a leading supplier of value-added optical transceivers with proprietary software, firmware configurations, and related components. Precision is reported within the Smart Infrastructure Solutions segment. The following table summarizes the estimated, preliminary fair values of the assets acquired and liabilities assumed for Precision as of the acquisition date (in thousands):
Receivables$18,562 
Inventory9,215 
Other current assets2,352 
Property, plant and equipment5,330 
Intangible assets162,000 
Goodwill144,690 
Operating lease right-of-use assets3,272 
   Total assets acquired$345,421 
Accounts payable$11,452 
Accrued liabilities3,922 
Deferred income taxes37,507 
Long-term operating lease liabilities2,950 
   Total liabilities assumed$55,831 
Net assets $289,590 
The above purchase price allocation is preliminary and subject to revision as additional information about the fair value of individual assets and liabilities becomes available. The preliminary measurement of receivables, inventory, intangible assets, goodwill, deferred income taxes, and other assets and liabilities are subject to change. A change in the estimated fair value of the net assets acquired will change the amount of the purchase price allocated to goodwill. The preliminary fair value of acquired receivables is $18.6 million, which is equivalent to its gross contractual amount. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments we have used in estimating the preliminary fair values assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations.
For purposes of the above allocation, we based our preliminary estimate of the fair values for intangible assets on valuation studies performed by a third party valuation firm. We used various valuation methods including discounted cash flows, lost income, excess earnings, and relief from royalty to estimate the preliminary fair value of the identifiable intangible assets (Level 3 valuation). Goodwill and other intangible assets reflected above were determined to meet the criteria for recognition apart from tangible assets acquired and liabilities assumed. The goodwill is primarily attributable to the expansion of Belden’s solution selling capabilities, particularly the ability to offer more complete fiber infrastructure solutions. Our tax basis in the acquired goodwill is zero.
The intangible assets related to the acquisition consisted of the following:
Fair ValueAmortization Period
(In thousands)(In years)
Intangible assets subject to amortization:
  Developed technologies$24,700 5.0
  Customer relationships122,800 20.0
  Trademarks3,100 2.5
  Non-compete agreements11,400 5.0
    Total intangible assets subject to amortization$162,000 
Intangible assets not subject to amortization:
  Goodwill$144,690 n/a
    Total intangible assets not subject to amortization$144,690 
      Total intangible assets$306,690 
Weighted average amortization period16.3
The amortizable intangible assets reflected in the table above were determined by us to have finite lives. The useful life for the developed technology intangible asset was based on the estimated time that the technology provides us with a competitive advantage and thus approximates the period and pattern of consumption of the intangible asset. The useful life for the customer relationship intangible asset was based on our forecasts of estimated sales from recurring customers. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks.
Our consolidated revenues and income before taxes for the three and nine months ended September 29, 2024 included $34.4 million and $1.2 million, respectively, from Precision. For the three and nine months ended September 29, 2024, income before taxes included $4.1 million of severance and other restructuring costs, $3.7 million of amortization of intangible assets, and $0.3 million of cost of sales related to the adjustment of acquired inventory to fair value for Precision.
The following table illustrates the unaudited pro forma effect on operating results as if the Precision acquisition had been completed as of January 1, 2023.
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands, except per share data)
(Unaudited)
Revenues$654,926 $667,789 $1,865,778 $2,057,521 
Net income attributable to Belden stockholders57,021 74,122 140,744 200,609 
Diluted income per share attributable to Belden stockholders$1.38 $1.74 $3.40 $4.65 
The above unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what our results of operations would have been had we completed the acquisition on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisition.
v3.24.3
Reportable Segments
 9 Months Ended
Sep. 29, 2024
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
We are organized around two global businesses: Smart Infrastructure Solutions and Automation Solutions. As Belden continues to advance forward with solutions focused on data infrastructure, we renamed our two reportable segments during the three months ended September 29, 2024 from Enterprise Solutions and Industrial Automation Solutions to Smart Infrastructure Solutions and Automation Solutions, respectively. The composition of the segments did not change as a result of these name changes.
Each of the global businesses represents a reportable segment. The key measures of segment profit or loss are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues. 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.

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. Inter-company revenues between our segments is not material.
Smart Infrastructure SolutionsAutomation SolutionsTotal Segments
(In thousands)
As of and for the three months ended September 29, 2024   
Segment Revenues$319,647 $335,279 $654,926 
Segment EBITDA40,447 71,819 112,266 
Depreciation expense6,758 7,897 14,655 
Amortization of intangibles8,738 5,000 13,738 
Amortization of software development intangible assets— 2,678 2,678 
Severance, restructuring, and acquisition integration costs4,619 644 5,263 
Adjustments related to acquisitions and divestitures263 298 561 
Segment assets686,960 772,740 1,459,700 
As of and for the three months ended October 1, 2023   
Segment Revenues$283,905 $342,902 $626,807 
Segment EBITDA37,693 77,244 114,937 
Depreciation expense6,632 6,810 13,442 
Amortization of intangibles4,468 5,058 9,526 
Amortization of software development intangible assets— 1,963 1,963 
Severance, restructuring, and acquisition integration costs3,453 2,622 6,075 
Adjustments related to acquisitions and divestitures197 298 495 
Segment assets625,356 698,287 1,323,643 
As of and for the nine months ended September 29, 2024   
Segment revenues$824,209 $970,728 $1,794,937 
Segment EBITDA97,691 198,301 295,992 
Depreciation expense19,277 22,420 41,697 
Amortization of intangibles19,479 15,008 34,487 
Amortization of software development intangible assets— 7,855 7,855 
Severance, restructuring, and acquisition integration costs8,518 4,950 13,468 
Adjustments related to acquisitions and divestitures263 894 1,157 
Segment assets686,960 772,740 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 EBITDA118,854 229,662 348,516 
Depreciation expense18,779 19,699 38,478 
Amortization of intangibles15,171 15,091 30,262 
Amortization of software development intangible assets— 5,235 5,235 
Severance, restructuring, and acquisition integration costs5,147 6,699 11,846 
Adjustments related to acquisitions and divestitures522 520 1,042 
Segment assets625,356 698,287 1,323,643 
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 EndedNine Months Ended
 September 29, 2024October 1, 2023September 29, 2024October 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 income75,349 95,429 197,281 273,563 
Interest expense, net(10,855)(8,580)(27,454)(25,593)
Total non-operating pension benefit286 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.
v3.24.3
Income per Share
 9 Months Ended
Sep. 29, 2024
Earnings Per Share [Abstract]  
Income per Share Income per Share
The following table presents the basis for the income per share computations:

 Three Months EndedNine Months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (In thousands)
Numerator:
Net income $53,689 $72,327 $140,032 $204,047 
Less: Net loss attributable to noncontrolling interest(3)(20)(17)(245)
Net income attributable to Belden stockholders$53,692 $72,347 $140,049 $204,292 
Denominator:
Weighted average shares outstanding, basic40,798 42,053 40,825 42,460 
Effect of dilutive common stock equivalents619 572 546 669 
     Weighted average shares outstanding, diluted41,417 42,625 41,371 43,129 
For both the three and nine months ended September 29, 2024, diluted weighted average shares outstanding do not include outstanding equity awards of 0.1 million because they are anti-dilutive. For the three and nine months ended October 1, 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.1 million and 0.2 million, respectively, because they are anti-dilutive.
In addition, for the three and nine months ended September 29, 2024, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million and 0.3 million, respectively, because the related performance conditions have not been satisfied. For the three and nine months ended October 1, 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million and 0.3 million, respectively, because the related performance conditions have not been satisfied.
For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock. For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately. Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding.
v3.24.3
Credit Losses
 9 Months Ended
Sep. 29, 2024
Credit Loss [Abstract]  
Credit Losses Credit Losses
We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. Provisions and recoveries are included in selling, general and administrative expenses. The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and nine months ended September 29, 2024 and October 1, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$23,114 $7,954 
    Current period provision459 4,004 
    Recoveries collected(6)— 
    Write-offs(96)(3)
    Fx impact(51)(25)
Q1 ending balance$23,420 $11,930 
   Current period provision638 4,194 
   Acquisitions50 19 
   Recoveries collected— (8)
   Fx impact(44)11 
   Write-offs(5)— 
Q2 ending balance$24,059 $16,146 
   Current period provision79 4,933 
   Fx impact140 (72)
   Write-offs(48)(31)
   Recoveries collected(1)(824)
Q3 ending balance$24,229 $20,152 
v3.24.3
Inventories
 9 Months Ended
Sep. 29, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
The following table presents the major classes of inventories as of September 29, 2024 and December 31, 2023, respectively:
September 29, 2024December 31, 2023
 (In thousands)
Raw materials$202,242 $185,233 
Work-in-process44,515 41,197 
Finished goods193,543 208,425 
Gross inventories440,300 434,855 
Excess and obsolete reserves(71,865)(67,868)
Net inventories$368,435 $366,987 
v3.24.3
Leases
 9 Months Ended
Sep. 29, 2024
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. The 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 $0.9 million and $2.7 million for the three and nine months ended September 29, 2024, respectively, and $0.8 million and $2.4 million for the three and nine months ended October 1, 2023, respectively.

The components of lease expense were as follows:

Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands)
Operating lease cost$6,893 $5,568 $20,686 $16,500 
Finance lease cost
Amortization of right-of-use asset$188 $187 $572 $578 
Interest on lease liabilities167 75 385 232 
Total finance lease cost$355 $262 $957 $810 

Supplemental cash flow information related to leases was as follows:

Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,423 $4,674 $15,926 $13,964 
Operating cash flows from finance leases were not material during the three and nine months ended September 29, 2024 and October 1, 2023.
Supplemental balance sheet information related to leases was as follows:
September 29, 2024December 31, 2023
(In thousands)
Operating leases:
Total operating lease right-of-use assets
$132,844 $89,686 
Accrued liabilities$20,984 $18,226 
Long-term operating lease liabilities113,507 74,941 
Total operating lease liabilities$134,491 $93,167 
Finance leases:
Other long-lived assets, at cost$8,294 $6,560 
Accumulated depreciation(1,928)(1,347)
Other long-lived assets, net$6,366 $5,213 
Accrued liabilities$1,057 $719 
Other long-term liabilities6,692 6,084 
Total finance lease liabilities$7,749 $6,803 

The increases in operating lease right-of-use assets and lease liabilities are primarily due to the recognition of a new lease that had balances of $33.8 million and $33.3 million, respectively, as of September 29, 2024.

September 29, 2024December 31, 2023
Weighted Average Remaining Lease Term
Operating leases10 years6 years
Finance leases7 years9 years
Weighted Average Discount Rate
Operating leases5.9 %5.0 %
Finance leases4.6 %4.3 %

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 September 29, 2024, the fixed, remaining base rent payments were approximately $21 million. As of September 29, 2024 and December 31, 2023, we had a liability for expected, future payments of $9.6 million and $11.3 million, respectively. The liability is based on certain assumptions, such as receiving a level of sublease income, 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. The 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 $0.9 million and $2.7 million for the three and nine months ended September 29, 2024, respectively, and $0.8 million and $2.4 million for the three and nine months ended October 1, 2023, respectively.

The components of lease expense were as follows:

Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands)
Operating lease cost$6,893 $5,568 $20,686 $16,500 
Finance lease cost
Amortization of right-of-use asset$188 $187 $572 $578 
Interest on lease liabilities167 75 385 232 
Total finance lease cost$355 $262 $957 $810 

Supplemental cash flow information related to leases was as follows:

Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,423 $4,674 $15,926 $13,964 
Operating cash flows from finance leases were not material during the three and nine months ended September 29, 2024 and October 1, 2023.
Supplemental balance sheet information related to leases was as follows:
September 29, 2024December 31, 2023
(In thousands)
Operating leases:
Total operating lease right-of-use assets
$132,844 $89,686 
Accrued liabilities$20,984 $18,226 
Long-term operating lease liabilities113,507 74,941 
Total operating lease liabilities$134,491 $93,167 
Finance leases:
Other long-lived assets, at cost$8,294 $6,560 
Accumulated depreciation(1,928)(1,347)
Other long-lived assets, net$6,366 $5,213 
Accrued liabilities$1,057 $719 
Other long-term liabilities6,692 6,084 
Total finance lease liabilities$7,749 $6,803 

The increases in operating lease right-of-use assets and lease liabilities are primarily due to the recognition of a new lease that had balances of $33.8 million and $33.3 million, respectively, as of September 29, 2024.

September 29, 2024December 31, 2023
Weighted Average Remaining Lease Term
Operating leases10 years6 years
Finance leases7 years9 years
Weighted Average Discount Rate
Operating leases5.9 %5.0 %
Finance leases4.6 %4.3 %

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 September 29, 2024, the fixed, remaining base rent payments were approximately $21 million. As of September 29, 2024 and December 31, 2023, we had a liability for expected, future payments of $9.6 million and $11.3 million, respectively. The liability is based on certain assumptions, such as receiving a level of sublease income, that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed.
v3.24.3
Long-Lived Assets
 9 Months Ended
Sep. 29, 2024
Property, Plant and Equipment [Abstract]  
Long-Lived Assets Long-Lived Assets
Depreciation and Amortization Expense
We recognized depreciation expense of $14.7 million and $41.7 million in the three and nine months ended September 29, 2024, respectively, and $13.4 million and $38.5 million in the three and nine months ended October 1, 2023, respectively. We recognized amortization expense of $16.4 million and $42.3 million in the three and nine months ended September 29, 2024, respectively, and $11.5 million and $35.5 million in the three and nine months ended October 1, 2023, respectively.
Gain on Sale of Assets
During the three and nine months ended October 1, 2023, we sold our property in Ontario, Canada as part of a sale and leaseback transaction for $13.8 million, net of transaction costs and recognized a $12.1 million pre-tax gain on sale. This gain on sale was excluded from Segment EBITDA for our Automation Solutions segment.
v3.24.3
Long-Term Debt and Other Borrowing Arrangements
 9 Months Ended
Sep. 29, 2024
Debt Disclosure [Abstract]  
Long-Term Debt and Other Borrowing Arrangements Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt were as follows:
September 29, 2024December 31, 2023
 (In thousands)
Revolving credit agreement due 2026$— $— 
Senior subordinated notes:
3.375% Senior subordinated notes due 2027
502,380 497,025 
3.875% Senior subordinated notes due 2028
390,740 386,575 
3.375% Senior subordinated notes due 2031
334,920 331,350 
Total senior subordinated notes1,228,040 1,214,950 
   Less unamortized debt issuance costs(9,075)(10,739)
Long-term debt$1,218,965 $1,204,211 
Revolving Credit Agreement due 2026
We have a $300.0 million multi-currency asset-based revolving credit facility (the Revolver). The maturity date of the Revolver is June 2, 2026. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the United States, Canada, Germany, the United Kingdom and the Netherlands. Interest on outstanding borrowings is variable, based upon SOFR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25%-1.75%, depending upon our leverage position. Outstanding borrowings in the U.S. and Canada may also, at our election, be priced on a base rate plus a spread that ranges from 0.25% — 0.75%, depending on our leverage position. We pay a commitment fee on the total commitments of 0.25%. In the event that we borrow more than 90% of our combined borrowing base or our borrowing base availability is less than $20.0 million, we are subject to a fixed charge coverage ratio covenant. As of September 29, 2024, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $291.4 million.
Senior Subordinated Notes
We have outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). The carrying value of the 2027 Notes as of September 29, 2024 is $502.4 million. The 2027 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2027 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2028 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.
We have outstanding €350.0 million aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of September 29, 2024 is $390.7 million. The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2028 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year.
We have outstanding €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). The carrying value of the 2031 Notes as of September 29, 2024 is $334.9 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.
Fair Value of Long-Term Debt
The fair value of our senior subordinated notes as of September 29, 2024 was approximately $1,190.0 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair value of our senior subordinated notes with a carrying value of $1,228.0 million as of September 29, 2024.
v3.24.3
Net Investment Hedge
 9 Months Ended
Sep. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Net Investment Hedge Net Investment HedgeAll of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of September 29, 2024, €567.8 million of our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations. The objective of the hedge is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate. The transaction gain or loss is reported in the translation adjustment section of other comprehensive income. For the nine months ended September 29, 2024 and October 1, 2023, the transaction gain (loss) associated with the net investment hedge reported in other comprehensive income was $(6.7) million and $8.8 million, respectively.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three and nine months ended September 29, 2024, we recognized income tax expense of $11.1 million and $30.5 million, respectively, representing effective tax rates of 17.1% and 17.9%, respectively. For the three and nine months ended October 1, 2023, we recognized income tax expense of $14.9 million and $45.4 million, respectively, representing effective tax rates of 17.0% and 18.2%, respectively.
The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. The Organization for Economic Cooperation and Development is actively implementing changes to existing tax laws, including a global minimum tax of 15% which went into effect in 2024. This legislation has not materially impacted our provision for income taxes, but we will continually monitor and evaluate the potential impact on the countries in which we do business in future periods.
v3.24.3
Pension and Other Postretirement Obligations
 9 Months Ended
Sep. 29, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Obligations Pension and Other Postretirement Obligations
The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans:
 
 Pension ObligationsOther Postretirement Obligations
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (In thousands)
Three Months Ended
Service cost$797 $522 $10 $3 
Interest cost3,723 3,838 235 253 
Expected return on plan assets(4,147)(4,038)— — 
Amortization of prior service cost 46 45 — — 
Actuarial gains(27)(234)(116)(192)
Net periodic benefit cost $392 $133 $129 $64 
Nine Months Ended
Service cost$2,284 $2,056 $30 $6 
Interest cost11,059 11,392 708 756 
Expected return on plan assets(12,221)(12,476)— — 
Amortization of prior service cost135 132 — — 
Actuarial gains(79)(692)(349)(574)
Net periodic benefit cost$1,178 $412 $389 $188 
v3.24.3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive Income and Accumulated Other Comprehensive Income (Loss)
The following table summarizes total comprehensive income: 
 Three Months EndedNine Months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (In thousands)
Net income$53,689 $72,327 $140,032 $204,047 
Foreign currency translation adjustments, net of tax(29,859)21,852 (13,653)257 
Adjustments to pension and postretirement liability, net of tax(73)(284)(221)(848)
Total comprehensive income23,757 93,895 126,158 203,456 
Less: Comprehensive loss attributable to noncontrolling interests(3)(20)(17)(241)
Comprehensive income attributable to Belden $23,760 $93,915 $126,175 $203,697 
The tax impacts of the foreign currency translation adjustments and pension liability adjustments in the table above are not material. The accumulated balances related to each component of other comprehensive loss, net of tax, are as follows: 
Foreign
Currency Translation Component		Pension and
Other
 Postretirement
Benefit Plans		Accumulated Other 
Comprehensive Loss
 (In thousands)
Balance at December 31, 2023$(26,514)$(14,765)$(41,279)
Other comprehensive loss attributable to Belden before reclassifications(13,653)— (13,653)
Amounts reclassified from accumulated other comprehensive loss— (221)(221)
Net current period other comprehensive loss attributable to Belden(13,653)(221)(13,874)
Balance at September 29, 2024$(40,167)$(14,986)$(55,153)
The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the nine months ended September 29, 2024:
Amounts 
Reclassified from Accumulated Other Comprehensive Loss 		Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income
 (In thousands) 
Amortization of pension and other postretirement benefit plan items:
Actuarial gains$(428)(1)
Prior service cost135 (1)
Total before tax(293)
Tax expense72 
Total net of tax$(221)
(1) The amortization of these accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (see Note 13).
v3.24.3
Share Repurchase
 9 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Share Repurchase Share Repurchase
We have a share repurchase program which allows us to purchase our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program is funded with cash on hand and cash flows from operating activities. During September 2024, our Board of Directors increased the authorizations under this program by $300.0 million.

During the three months ended September 29, 2024, we repurchased 0.2 million shares of our common stock for an aggregate cost of $20.1 million at an average price per share of $110.84. During the nine months ended September 29, 2024, we repurchased 0.9 million shares of our common stock for an aggregate cost of $78.0 million at an average price per share of $90.98. During the three months ended October 1, 2023, we repurchased 0.7 million shares of our common stock for an aggregate cost of $63.8 million at an average price per share of $92.46. During the nine months ended October 1, 2023, we repurchased 1.7 million shares of our common stock for an aggregate cost of $150.0 million at an average price per share of $89.42.
Subsequent to September 29, 2024, we repurchased 0.3 million shares of our common stock for an aggregate cost of $37.6 million at an average price per share of $116.90. As of the date of this filing, we had $357.3 million of authorizations remaining under the program. This share repurchase authorization does not have an expiration date.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 53,692 $ 72,347 $ 140,049 $ 204,292
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 29, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 29, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2023:
•Are prepared from the books and records without audit, and
•Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but
•Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements.
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2023 Annual Report on Form 10-K.
Business Description
Business Description
We are a leading global supplier of network infrastructure and digitization solutions built around two global businesses - Smart Infrastructure Solutions and Automation Solutions. As Belden continues to advance forward with solutions focused on data infrastructure, we renamed our two reportable segments during the three months ended September 29, 2024 from Enterprise Solutions and Industrial Automation Solutions to Smart Infrastructure Solutions and Automation Solutions, respectively. The composition of the segments did not change as a result of these name changes. Our mission is to build the foundation for a digital world that makes the digital journey simpler, smarter and secure.
Reporting Periods
Reporting Periods
Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 31, 2024, the 91st day of our fiscal year 2024. Our fiscal second and third quarters each have 91 days. The nine months ended September 29, 2024 and October 1, 2023 included 273 and 274 days, respectively.
Fair Value Measurement
Fair Value Measurement
Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
•Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
•Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and
•Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Cash and Cash Equivalents
Cash and Cash Equivalents
We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of September 29, 2024, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.
Contingent Liabilities
Contingent Liabilities
We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. Historically, these lawsuits have primarily involved claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow.
Revenue Recognition
Revenue Recognition
We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 2.
Subsequent Events
Subsequent Events
We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure.
Noncontrolling Interest
Noncontrolling Interest
A Belden subsidiary includes a noncontrolling interest as of and for the periods ended September 29, 2024 and October 1, 2023. The results attributable to the noncontrolling interest holders are not material to our condensed consolidated financial statements, and are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations.
Current Year Adoption of Accounting Pronouncements and Pending Adoption of Recent Accounting Pronouncements
Current Year Adoption of Accounting Pronouncements
None of the accounting pronouncements that became effective during 2024 had a material impact to our condensed consolidated financial statements or disclosures.

Pending Adoption of Recent Accounting Pronouncements
The Financial Accounting Standards Board (FASB) amended the guidance in Accounting Standards Codification (ASC) 280, Segment Reporting, to require public companies disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. We did not early adopt this pronouncement, and we expect the amended guidance to have a minimal impact on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (ASU 2023-09) enhancing the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 are applied on a prospective basis, though retrospective application is permitted. We did not early adopt this pronouncement and are in the process of evaluating its impact on our consolidated financial statements and related disclosures.
v3.24.3
Revenues (Tables)
 9 Months Ended
Sep. 29, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue The following tables present our revenues disaggregated by major product category.
Broadband
 Solutions		Automation SolutionsSmart Buildings SolutionsTotal 
Revenues 
Three Months Ended September 29, 2024(In thousands)
Smart Infrastructure Solutions$174,467 $— $145,180 $319,647 
Automation Solutions— 335,279 — 335,279 
Total$174,467 $335,279 $145,180 $654,926 
Three Months Ended October 1, 2023 
Smart Infrastructure Solutions$146,048 $— $137,857 $283,905 
Automation Solutions— 342,902 — 342,902 
Total$146,048 $342,902 $137,857 $626,807 
Nine Months Ended September 29, 2024
Smart Infrastructure Solutions$422,588 $— $401,621 $824,209 
Automation Solutions— 970,728 — 970,728 
Total$422,588 $970,728 $401,621 $1,794,937 
Nine Months Ended October 1, 2023
Smart Infrastructure Solutions$436,935 $— $434,842 $871,777 
Automation Solutions— 1,089,064 — 1,089,064 
Total$436,935 $1,089,064 $434,842 $1,960,841 
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
AmericasEMEAAPACTotal Revenues
Three Months Ended September 29, 2024(In thousands)
Smart Infrastructure Solutions$243,759 $45,480 $30,408 $319,647 
Automation Solutions196,326 87,733 51,220 335,279 
Total$440,085 $133,213 $81,628 $654,926 
Three Months Ended October 1, 2023   
Smart Infrastructure Solutions$199,002 $51,476 $33,427 $283,905 
Automation Solutions195,154 92,189 55,559 342,902 
Total$394,156 $143,665 $88,986 $626,807 
Nine Months Ended September 29, 2024
Smart Infrastructure Solutions$610,992 $133,547 $79,670 $824,209 
Automation Solutions578,101 248,606 144,021 970,728 
Total$1,189,093 $382,153 $223,691 $1,794,937 
Nine Months Ended October 1, 2023
Smart Infrastructure Solutions$659,360 $125,595 $86,822 $871,777 
Automation Solutions624,219 303,165 161,680 1,089,064 
Total$1,283,579 $428,760 $248,502 $1,960,841 
Schedule of Contract with Customer, Asset and Liability The following table presents estimated and accrued variable consideration:
September 29, 2024December 31, 2023
(in thousands)
Accrued rebates included in accrued liabilities$41,719 $49,255 
Accrued returns included in accrued liabilities15,299 15,570 
Price adjustments recognized against gross accounts receivable29,461 26,005 
The following table presents deferred revenue activity during the three and nine months ended September 29, 2024 and October 1, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$31,062 $33,243 
New deferrals6,280 4,359 
Revenue recognized(7,392)(8,307)
Balance at the end of Q1$29,950 $29,295 
New deferrals11,058 6,900 
Revenue recognized(11,395)(6,528)
Balance at the end of Q2$29,613 $29,667 
New deferrals14,714 9,146 
Acquisitions46 104 
Revenue recognized(15,240)(11,224)
Balance at the end of Q3$29,133 $27,693 
Schedule of Sales Commissions The following table presents sales commissions that are recorded within selling, general and administrative expenses:
Three Months EndedNine Months ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands)
Sales commissions$6,865 $4,729 $18,036 $16,819 
v3.24.3
Acquisitions (Tables)
 9 Months Ended
Sep. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the estimated, preliminary fair values of the assets acquired and liabilities assumed for Precision as of the acquisition date (in thousands):
Receivables$18,562 
Inventory9,215 
Other current assets2,352 
Property, plant and equipment5,330 
Intangible assets162,000 
Goodwill144,690 
Operating lease right-of-use assets3,272 
   Total assets acquired$345,421 
Accounts payable$11,452 
Accrued liabilities3,922 
Deferred income taxes37,507 
Long-term operating lease liabilities2,950 
   Total liabilities assumed$55,831 
Net assets $289,590 
Schedule of Acquired Intangible Assets
The intangible assets related to the acquisition consisted of the following:
Fair ValueAmortization Period
(In thousands)(In years)
Intangible assets subject to amortization:
  Developed technologies$24,700 5.0
  Customer relationships122,800 20.0
  Trademarks3,100 2.5
  Non-compete agreements11,400 5.0
    Total intangible assets subject to amortization$162,000 
Intangible assets not subject to amortization:
  Goodwill$144,690 n/a
    Total intangible assets not subject to amortization$144,690 
      Total intangible assets$306,690 
Weighted average amortization period16.3
Schedule of Pro Forma Information
The following table illustrates the unaudited pro forma effect on operating results as if the Precision acquisition had been completed as of January 1, 2023.
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands, except per share data)
(Unaudited)
Revenues$654,926 $667,789 $1,865,778 $2,057,521 
Net income attributable to Belden stockholders57,021 74,122 140,744 200,609 
Diluted income per share attributable to Belden stockholders$1.38 $1.74 $3.40 $4.65 
v3.24.3
Reportable Segments (Tables)
 9 Months Ended
Sep. 29, 2024
Segment Reporting [Abstract]  
Schedule of Operating Segment Information
Smart Infrastructure SolutionsAutomation SolutionsTotal Segments
(In thousands)
As of and for the three months ended September 29, 2024   
Segment Revenues$319,647 $335,279 $654,926 
Segment EBITDA40,447 71,819 112,266 
Depreciation expense6,758 7,897 14,655 
Amortization of intangibles8,738 5,000 13,738 
Amortization of software development intangible assets— 2,678 2,678 
Severance, restructuring, and acquisition integration costs4,619 644 5,263 
Adjustments related to acquisitions and divestitures263 298 561 
Segment assets686,960 772,740 1,459,700 
As of and for the three months ended October 1, 2023   
Segment Revenues$283,905 $342,902 $626,807 
Segment EBITDA37,693 77,244 114,937 
Depreciation expense6,632 6,810 13,442 
Amortization of intangibles4,468 5,058 9,526 
Amortization of software development intangible assets— 1,963 1,963 
Severance, restructuring, and acquisition integration costs3,453 2,622 6,075 
Adjustments related to acquisitions and divestitures197 298 495 
Segment assets625,356 698,287 1,323,643 
As of and for the nine months ended September 29, 2024   
Segment revenues$824,209 $970,728 $1,794,937 
Segment EBITDA97,691 198,301 295,992 
Depreciation expense19,277 22,420 41,697 
Amortization of intangibles19,479 15,008 34,487 
Amortization of software development intangible assets— 7,855 7,855 
Severance, restructuring, and acquisition integration costs8,518 4,950 13,468 
Adjustments related to acquisitions and divestitures263 894 1,157 
Segment assets686,960 772,740 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 EBITDA118,854 229,662 348,516 
Depreciation expense18,779 19,699 38,478 
Amortization of intangibles15,171 15,091 30,262 
Amortization of software development intangible assets— 5,235 5,235 
Severance, restructuring, and acquisition integration costs5,147 6,699 11,846 
Adjustments related to acquisitions and divestitures522 520 1,042 
Segment assets625,356 698,287 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 EndedNine Months Ended
 September 29, 2024October 1, 2023September 29, 2024October 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 income75,349 95,429 197,281 273,563 
Interest expense, net(10,855)(8,580)(27,454)(25,593)
Total non-operating pension benefit286 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.
v3.24.3
Income per Share (Tables)
 9 Months Ended
Sep. 29, 2024
Earnings Per Share [Abstract]  
Schedule of Basis for Income Per Share Computations
The following table presents the basis for the income per share computations:

 Three Months EndedNine Months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (In thousands)
Numerator:
Net income $53,689 $72,327 $140,032 $204,047 
Less: Net loss attributable to noncontrolling interest(3)(20)(17)(245)
Net income attributable to Belden stockholders$53,692 $72,347 $140,049 $204,292 
Denominator:
Weighted average shares outstanding, basic40,798 42,053 40,825 42,460 
Effect of dilutive common stock equivalents619 572 546 669 
     Weighted average shares outstanding, diluted41,417 42,625 41,371 43,129 
v3.24.3
Credit Losses (Tables)
 9 Months Ended
Sep. 29, 2024
Credit Loss [Abstract]  
Schedule of Accounts Receivable, Allowance for Credit Loss The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and nine months ended September 29, 2024 and October 1, 2023, respectively:
20242023
(In thousands)
Beginning balance at January 1$23,114 $7,954 
    Current period provision459 4,004 
    Recoveries collected(6)— 
    Write-offs(96)(3)
    Fx impact(51)(25)
Q1 ending balance$23,420 $11,930 
   Current period provision638 4,194 
   Acquisitions50 19 
   Recoveries collected— (8)
   Fx impact(44)11 
   Write-offs(5)— 
Q2 ending balance$24,059 $16,146 
   Current period provision79 4,933 
   Fx impact140 (72)
   Write-offs(48)(31)
   Recoveries collected(1)(824)
Q3 ending balance$24,229 $20,152 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 29, 2024
Inventory Disclosure [Abstract]  
Schedule of Major Classes of Inventories
The following table presents the major classes of inventories as of September 29, 2024 and December 31, 2023, respectively:
September 29, 2024December 31, 2023
 (In thousands)
Raw materials$202,242 $185,233 
Work-in-process44,515 41,197 
Finished goods193,543 208,425 
Gross inventories440,300 434,855 
Excess and obsolete reserves(71,865)(67,868)
Net inventories$368,435 $366,987 
v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 29, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense were as follows:

Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands)
Operating lease cost$6,893 $5,568 $20,686 $16,500 
Finance lease cost
Amortization of right-of-use asset$188 $187 $572 $578 
Interest on lease liabilities167 75 385 232 
Total finance lease cost$355 $262 $957 $810 
Schedule of Supplemental Cash Flow Information Related To Leases upplemental cash flow information related to leases was as follows:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,423 $4,674 $15,926 $13,964 
Schedule of Supplemental Balance Sheet Information Related To Leases
Supplemental balance sheet information related to leases was as follows:
September 29, 2024December 31, 2023
(In thousands)
Operating leases:
Total operating lease right-of-use assets
$132,844 $89,686 
Accrued liabilities$20,984 $18,226 
Long-term operating lease liabilities113,507 74,941 
Total operating lease liabilities$134,491 $93,167 
Finance leases:
Other long-lived assets, at cost$8,294 $6,560 
Accumulated depreciation(1,928)(1,347)
Other long-lived assets, net$6,366 $5,213 
Accrued liabilities$1,057 $719 
Other long-term liabilities6,692 6,084 
Total finance lease liabilities$7,749 $6,803 
Schedule of Supplemental Other Information Related To Leases
September 29, 2024December 31, 2023
Weighted Average Remaining Lease Term
Operating leases10 years6 years
Finance leases7 years9 years
Weighted Average Discount Rate
Operating leases5.9 %5.0 %
Finance leases4.6 %4.3 %
v3.24.3
Long-Term Debt and Other Borrowing Arrangements (Tables)
 9 Months Ended
Sep. 29, 2024
Debt Disclosure [Abstract]  
Schedule of Carrying Values of Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt were as follows:
September 29, 2024December 31, 2023
 (In thousands)
Revolving credit agreement due 2026$— $— 
Senior subordinated notes:
3.375% Senior subordinated notes due 2027
502,380 497,025 
3.875% Senior subordinated notes due 2028
390,740 386,575 
3.375% Senior subordinated notes due 2031
334,920 331,350 
Total senior subordinated notes1,228,040 1,214,950 
   Less unamortized debt issuance costs(9,075)(10,739)
Long-term debt$1,218,965 $1,204,211 
v3.24.3
Pension and Other Postretirement Obligations (Tables)
 9 Months Ended
Sep. 29, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Costs
The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans:
 
 Pension ObligationsOther Postretirement Obligations
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (In thousands)
Three Months Ended
Service cost$797 $522 $10 $3 
Interest cost3,723 3,838 235 253 
Expected return on plan assets(4,147)(4,038)— — 
Amortization of prior service cost 46 45 — — 
Actuarial gains(27)(234)(116)(192)
Net periodic benefit cost $392 $133 $129 $64 
Nine Months Ended
Service cost$2,284 $2,056 $30 $6 
Interest cost11,059 11,392 708 756 
Expected return on plan assets(12,221)(12,476)— — 
Amortization of prior service cost135 132 — — 
Actuarial gains(79)(692)(349)(574)
Net periodic benefit cost$1,178 $412 $389 $188 
v3.24.3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Schedule of Total Comprehensive Income (Loss)
The following table summarizes total comprehensive income: 
 Three Months EndedNine Months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (In thousands)
Net income$53,689 $72,327 $140,032 $204,047 
Foreign currency translation adjustments, net of tax(29,859)21,852 (13,653)257 
Adjustments to pension and postretirement liability, net of tax(73)(284)(221)(848)
Total comprehensive income23,757 93,895 126,158 203,456 
Less: Comprehensive loss attributable to noncontrolling interests(3)(20)(17)(241)
Comprehensive income attributable to Belden $23,760 $93,915 $126,175 $203,697 
Schedule of Components of Other Comprehensive Income (Loss), Net of Tax The accumulated balances related to each component of other comprehensive loss, net of tax, are as follows: 
Foreign
Currency Translation Component		Pension and
Other
 Postretirement
Benefit Plans		Accumulated Other 
Comprehensive Loss
 (In thousands)
Balance at December 31, 2023$(26,514)$(14,765)$(41,279)
Other comprehensive loss attributable to Belden before reclassifications(13,653)— (13,653)
Amounts reclassified from accumulated other comprehensive loss— (221)(221)
Net current period other comprehensive loss attributable to Belden(13,653)(221)(13,874)
Balance at September 29, 2024$(40,167)$(14,986)$(55,153)
Schedule of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the nine months ended September 29, 2024:
Amounts 
Reclassified from Accumulated Other Comprehensive Loss 		Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income
 (In thousands) 
Amortization of pension and other postretirement benefit plan items:
Actuarial gains$(428)(1)
Prior service cost135 (1)
Total before tax(293)
Tax expense72 
Total net of tax$(221)
(1) The amortization of these accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (see Note 13).
v3.24.3
Summary of Significant Accounting Policies (Details)
$ in Millions
 9 Months Ended
Sep. 29, 2024
USD ($)
segment
Significant Accounting Policies [Line Items]  
Number of reportable segments | segment 2
Standby Letters of Credit  
Significant Accounting Policies [Line Items]  
Loss contingency, range of possible loss, portion not accrued $ 8.3
Surety Bonds  
Significant Accounting Policies [Line Items]  
Loss contingency, range of possible loss, portion not accrued 6.0
Bank Guaranties  
Significant Accounting Policies [Line Items]  
Loss contingency, range of possible loss, portion not accrued $ 5.3
v3.24.3
Revenues - Major Product Category (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Disaggregation of Revenue [Line Items]        
Revenues $ 654,926 $ 626,807 $ 1,794,937 $ 1,960,841
Smart Infrastructure Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 319,647 283,905 824,209 871,777
Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 335,279 342,902 970,728 1,089,064
Broadband Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 174,467 146,048 422,588 436,935
Broadband Solutions | Smart Infrastructure Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 174,467 146,048 422,588 436,935
Broadband Solutions | Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 335,279 342,902 970,728 1,089,064
Automation Solutions | Smart Infrastructure Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Automation Solutions | Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 335,279 342,902 970,728 1,089,064
Smart Buildings Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 145,180 137,857 401,621 434,842
Smart Buildings Solutions | Smart Infrastructure Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 145,180 137,857 401,621 434,842
Smart Buildings Solutions | Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues $ 0 $ 0 $ 0 $ 0
v3.24.3
Revenues - Location of Customer (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Disaggregation of Revenue [Line Items]        
Revenues $ 654,926 $ 626,807 $ 1,794,937 $ 1,960,841
Smart Infrastructure Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 319,647 283,905 824,209 871,777
Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 335,279 342,902 970,728 1,089,064
Americas        
Disaggregation of Revenue [Line Items]        
Revenues 440,085 394,156 1,189,093 1,283,579
Americas | Smart Infrastructure Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 243,759 199,002 610,992 659,360
Americas | Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 196,326 195,154 578,101 624,219
EMEA        
Disaggregation of Revenue [Line Items]        
Revenues 133,213 143,665 382,153 428,760
EMEA | Smart Infrastructure Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 45,480 51,476 133,547 125,595
EMEA | Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 87,733 92,189 248,606 303,165
APAC        
Disaggregation of Revenue [Line Items]        
Revenues 81,628 88,986 223,691 248,502
APAC | Smart Infrastructure Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 30,408 33,427 79,670 86,822
APAC | Automation Solutions        
Disaggregation of Revenue [Line Items]        
Revenues $ 51,220 $ 55,559 $ 144,021 $ 161,680
v3.24.3
Revenues - Estimated and Accrued Variable Consideration (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 29, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Accrued rebates included in accrued liabilities $ 41,719 $ 49,255
Accrued returns included in accrued liabilities 15,299 15,570
Price adjustments recognized against gross accounts receivable $ 29,461 $ 26,005
v3.24.3
Revenues - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]                
Contract with customer, deferred revenues $ 29,133 $ 29,613 $ 29,950 $ 31,062 $ 27,693 $ 29,667 $ 29,295 $ 33,243
Contract with customer, deferred revenues, current 21,900              
Contract with customer, deferred revenues, noncurrent 7,200              
Service-Type Warranties                
Disaggregation of Revenue [Line Items]                
Contract with customer, deferred revenues 9,800              
Contract with customer, deferred revenues, current 5,100              
Contract with customer, deferred revenues, noncurrent $ 4,700              
v3.24.3
Revenues - Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Change in Contract with Customer, Liability [Roll Forward]            
Beginning balance $ 29,613 $ 29,950 $ 31,062 $ 29,667 $ 29,295 $ 33,243
New deferrals 14,714 11,058 6,280 9,146 6,900 4,359
Acquisitions 46     104    
Revenue recognized (15,240) (11,395) (7,392) (11,224) (6,528) (8,307)
Ending balance $ 29,133 $ 29,613 $ 29,950 $ 27,693 $ 29,667 $ 29,295
v3.24.3
Revenues - Sales Commissions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Revenue from Contract with Customer [Abstract]        
Sales commissions $ 6,865 $ 4,729 $ 18,036 $ 16,819
v3.24.3
Acquisitions - Additional Information (Details)
€ in Millions
 3 Months Ended 9 Months Ended
Sep. 16, 2024
USD ($)
Sep. 16, 2024
EUR (€)
Jun. 30, 2024
USD ($)
Sep. 29, 2024
USD ($)
Oct. 01, 2023
USD ($)
Sep. 29, 2024
USD ($)
Oct. 01, 2023
USD ($)
Business Acquisition [Line Items]              
Purchase price, net of cash acquired           $ 295,591,000 $ 106,712,000
Amortization of intangibles       $ 13,738,000 $ 9,526,000 34,487,000 $ 30,262,000
Voleatech GmbH              
Business Acquisition [Line Items]              
Purchase price, net of cash acquired $ 5,600,000 € 5.0          
Potential earn-out | €   € 3.0          
Potential earn-out, term (in years) 3 years 3 years          
Precision Optical Technologies              
Business Acquisition [Line Items]              
Purchase price, net of cash acquired     $ 289,600,000        
Receivables     18,600,000        
Tax basis in acquired goodwill     $ 0        
Post acquisition revenue of acquiree       34,400,000      
Post acquisition income (loss) before taxes of acquiree           1,200,000  
Severance, restructuring, and acquisition integration costs       4,100,000   4,100,000  
Amortization of intangibles       3,700,000   3,700,000  
Inventory adjustment       $ 300,000   $ 300,000  
v3.24.3
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Jun. 30, 2024
Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]      
Goodwill $ 1,056,549   $ 907,331
Precision Optical Technologies      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]      
Receivables   $ 18,562  
Inventory   9,215  
Other current assets   2,352  
Property, plant and equipment   5,330  
Intangible assets   162,000  
Goodwill   144,690  
Operating lease right-of-use assets   3,272  
Total assets acquired   345,421  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]      
Accounts payable   11,452  
Accrued liabilities   3,922  
Deferred income taxes   37,507  
Long-term operating lease liabilities   2,950  
Total liabilities assumed   55,831  
Net assets   $ 289,590  
v3.24.3
Acquisitions - Schedule of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Sep. 29, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill   $ 1,056,549 $ 907,331
Precision Optical Technologies      
Business Acquisition [Line Items]      
Total intangible assets subject to amortization $ 162,000    
Goodwill 144,690    
Total intangible assets $ 306,690    
Weighted average amortization period 16 years 3 months 18 days    
Precision Optical Technologies | Developed technologies      
Business Acquisition [Line Items]      
Total intangible assets subject to amortization $ 24,700    
Amortization Period 5 years    
Precision Optical Technologies | Customer relationships      
Business Acquisition [Line Items]      
Total intangible assets subject to amortization $ 122,800    
Amortization Period 20 years    
Precision Optical Technologies | Trademarks      
Business Acquisition [Line Items]      
Total intangible assets subject to amortization $ 3,100    
Amortization Period 2 years 6 months    
Precision Optical Technologies | Non-compete agreements      
Business Acquisition [Line Items]      
Total intangible assets subject to amortization $ 11,400    
Amortization Period 5 years    
v3.24.3
Acquisitions - Schedule of Pro Forma Information (Details) - Precision Acquisition - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Business Acquisition [Line Items]        
Revenues $ 654,926 $ 667,789 $ 1,865,778 $ 2,057,521
Net income attributable to Belden stockholders $ 57,021 $ 74,122 $ 140,744 $ 200,609
Diluted income per share attributable to Belden stockholders (in usd per share) $ 1.38 $ 1.74 $ 3.40 $ 4.65
v3.24.3
Reportable Segments - Additional Information (Details)
 9 Months Ended
Sep. 29, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.24.3
Reportable Segments - Operating Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Segment Revenues $ 654,926 $ 626,807 $ 1,794,937 $ 1,960,841  
Depreciation expense 14,700 13,400 41,700 38,500  
Amortization of intangibles 13,738 9,526 34,487 30,262  
Segment assets 3,340,451   3,340,451   $ 3,240,191
Smart Infrastructure Solutions          
Segment Reporting Information [Line Items]          
Segment Revenues 319,647 283,905 824,209 871,777  
Automation Solutions          
Segment Reporting Information [Line Items]          
Segment Revenues 335,279 342,902 970,728 1,089,064  
Reportable Segment          
Segment Reporting Information [Line Items]          
Segment Revenues 654,926 626,807 1,794,937 1,960,841  
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  
Amortization of software development intangible assets 2,678 1,963 7,855 5,235  
Severance, restructuring, and acquisition integration costs 5,263 6,075 13,468 11,846  
Adjustments related to acquisitions and divestitures 561 495 1,157 1,042  
Segment assets 1,459,700 1,323,643 1,459,700 1,323,643  
Reportable Segment | Software Development          
Segment Reporting Information [Line Items]          
Amortization of software development intangible assets 2,678 1,963 7,855 5,235  
Reportable Segment | Smart Infrastructure Solutions          
Segment Reporting Information [Line Items]          
Segment Revenues 319,647 283,905 824,209 871,777  
Segment EBITDA 40,447 37,693 97,691 118,854  
Depreciation expense 6,758 6,632 19,277 18,779  
Amortization of intangibles 8,738 4,468 19,479 15,171  
Severance, restructuring, and acquisition integration costs 4,619 3,453 8,518 5,147  
Adjustments related to acquisitions and divestitures 263 197 263 522  
Segment assets 686,960 625,356 686,960 625,356  
Reportable Segment | Smart Infrastructure Solutions | Software Development          
Segment Reporting Information [Line Items]          
Amortization of software development intangible assets 0 0 0 0  
Reportable Segment | Automation Solutions          
Segment Reporting Information [Line Items]          
Segment Revenues 335,279 342,902 970,728 1,089,064  
Segment EBITDA 71,819 77,244 198,301 229,662  
Depreciation expense 7,897 6,810 22,420 19,699  
Amortization of intangibles 5,000 5,058 15,008 15,091  
Severance, restructuring, and acquisition integration costs 644 2,622 4,950 6,699  
Adjustments related to acquisitions and divestitures 298 298 894 520  
Segment assets 772,740 698,287 772,740 698,287  
Reportable Segment | Automation Solutions | Software Development          
Segment Reporting Information [Line Items]          
Amortization of software development intangible assets $ 2,678 $ 1,963 $ 7,855 $ 5,235  
v3.24.3
Reportable Segments - Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenues $ 654,926 $ 626,807 $ 1,794,937 $ 1,960,841
Depreciation expense (14,700) (13,400) (41,700) (38,500)
Amortization of intangibles (13,738) (9,526) (34,487) (30,262)
Operating income 75,349 95,429 197,281 273,563
Gain on sale of assets 0 12,056 0 12,056
Interest expense, net (10,855) (8,580) (27,454) (25,593)
Non-operating pension benefit 286 328 747 1,462
Consolidated income before taxes 64,780 87,177 170,574 249,432
Reportable Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Revenues 654,926 626,807 1,794,937 1,960,841
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 (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 561 495 1,157 1,042
Operating income 75,349 95,429 197,281 273,563
Intersegment Eliminations        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ (22) $ (63) $ (47) $ (146)
v3.24.3
Income per Share - Basis for Income Per Share Computations (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Sep. 29, 2024
Oct. 01, 2023
Numerator:                
Net income $ 53,689 $ 49,034 $ 37,309 $ 72,327 $ 68,775 $ 62,945 $ 140,032 $ 204,047
Less: Net loss attributable to noncontrolling interest (3)     (20)     (17) (245)
Net income attributable to Belden stockholders $ 53,692     $ 72,347     $ 140,049 $ 204,292
Denominator:                
Weighted average shares outstanding, basic (in shares) 40,798     42,053     40,825 42,460
Effect of dilutive common stock equivalents (in shares) 619     572     546 669
Weighted average shares outstanding, diluted (in shares) 41,417     42,625     41,371 43,129
v3.24.3
Income per Share - Additional Information (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Earnings Per Share [Abstract]        
Outstanding equity awards not included in diluted weighted average shares outstanding (in shares) 0.1 0.2 0.1 0.2
Outstanding equity awards not included in diluted weighted average shares outstanding due to performance conditions not being met (in shares) 0.2 0.2 0.3 0.3
v3.24.3
Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance $ 24,059 $ 23,420 $ 23,114 $ 16,146 $ 11,930 $ 7,954
Current period provision 79 638 459 4,933 4,194 4,004
Acquisitions   50     19  
Recoveries collected, net   0        
Recoveries collected (1)   (6) (824) (8) 0
Write-offs (48) (5) (96) (31) 0 (3)
Fx impact 140 (44) (51) (72) 11 (25)
Ending balance $ 24,229 $ 24,059 $ 23,420 $ 20,152 $ 16,146 $ 11,930
v3.24.3
Inventories - Major Classes of Inventories (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 202,242 $ 185,233
Work-in-process 44,515 41,197
Finished goods 193,543 208,425
Gross inventories 440,300 434,855
Excess and obsolete reserves (71,865) (67,868)
Net inventories $ 368,435 $ 366,987
v3.24.3
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Dec. 31, 2023
Lessee, Lease, Description [Line Items]          
Variable lease, payment $ 900 $ 800 $ 2,700 $ 2,400  
Operating lease right-of-use assets 132,844   132,844   $ 89,686
Operating lease liability 134,491   134,491   93,167
Fixed payments remaining 21,000   21,000    
Liability for expected future payments 9,600   9,600   $ 11,300
2024 New Leases          
Lessee, Lease, Description [Line Items]          
Operating lease right-of-use assets 33,800   33,800    
Operating lease liability $ 33,300   $ 33,300    
Minimum          
Lessee, Lease, Description [Line Items]          
Lessee, finance lease, term 1 year   1 year    
Lessee, operating lease, term 1 year   1 year    
Maximum          
Lessee, Lease, Description [Line Items]          
Lessee, finance lease, term 20 years   20 years    
Lessee, operating lease, term 20 years   20 years    
v3.24.3
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Leases [Abstract]        
Operating lease cost $ 6,893 $ 5,568 $ 20,686 $ 16,500
Amortization of right-of-use asset 188 187 572 578
Interest on lease liabilities 167 75 385 232
Total finance lease cost $ 355 $ 262 $ 957 $ 810
v3.24.3
Leases - Supplemental Cash Flow Information Related To Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Leases [Abstract]        
Operating cash flows from operating leases $ 4,423 $ 4,674 $ 15,926 $ 13,964
v3.24.3
Leases - Supplemental Balance Sheet Information Related To Leases (Details) - USD ($)
$ in Thousands
Sep. 29, 2024
Dec. 31, 2023
Leases [Abstract]    
Total operating lease right-of-use assets $ 132,844 $ 89,686
Accrued liabilities $ 20,984 $ 18,226
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued liabilities Accrued liabilities
Long-term operating lease liabilities $ 113,507 $ 74,941
Total operating lease liabilities 134,491 93,167
Other long-lived assets, at cost $ 8,294 $ 6,560
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other long-lived assets Other long-lived assets
Accumulated depreciation $ (1,928) $ (1,347)
Other long-lived assets, net 6,366 5,213
Accrued liabilities $ 1,057 $ 719
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued liabilities Accrued liabilities
Other long-term liabilities $ 6,692 $ 6,084
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Total finance lease liabilities $ 7,749 $ 6,803
v3.24.3
Leases - Supplemental Other Information Related To Leases (Details)
Sep. 29, 2024
Dec. 31, 2023
Weighted Average Remaining Lease Term    
Operating leases 10 years 6 years
Finance leases 7 years 9 years
Weighted Average Discount Rate    
Operating leases 5.90% 5.00%
Finance leases 4.60% 4.30%
v3.24.3
Long-Lived Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 14.7 $ 13.4 $ 41.7 $ 38.5
Amortization expense $ 16.4 11.5 $ 42.3 35.5
Sale leaseback transaction, net proceeds, investing activities   13.8   13.8
Sale and leaseback transaction, gain (loss), net   $ 12.1   $ 12.1
v3.24.3
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Details) - USD ($)
Sep. 29, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,228,040,000 $ 1,214,950,000
Less unamortized debt issuance costs (9,075,000) (10,739,000)
Long-term debt 1,218,965,000 1,204,211,000
Line of Credit | Revolving Credit Facility | Revolving credit agreement due 2026    
Debt Instrument [Line Items]    
Long-term debt, gross 0 0
Senior Subordinated Notes | 3.375% Senior subordinated notes due 2027    
Debt Instrument [Line Items]    
Long-term debt, gross $ 502,380,000 497,025,000
Senior subordinated notes interest rate 3.375%  
Senior Subordinated Notes | 3.875% Senior subordinated notes due 2028    
Debt Instrument [Line Items]    
Long-term debt, gross $ 390,740,000 386,575,000
Senior subordinated notes interest rate 3.875%  
Senior Subordinated Notes | 3.375% Senior subordinated notes due 2031    
Debt Instrument [Line Items]    
Long-term debt, gross $ 334,920,000 $ 331,350,000
Senior subordinated notes interest rate 3.375%  
v3.24.3
Long-Term Debt and Other Borrowing Arrangements - Additional Information (Details)
€ in Millions
 9 Months Ended
Sep. 29, 2024
USD ($)
Sep. 29, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Revolver borrowings outstanding $ 1,228,040,000   $ 1,214,950,000
Senior subordinated notes 1,228,000,000    
Senior Subordinated Notes      
Debt Instrument [Line Items]      
Fair value of senior subordinated notes 1,190,000,000    
Revolving credit agreement due 2026 | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity $ 300,000,000    
Commitment fee percentage 0.25%    
Fixed charge coverage, minimum threshold (as a percent) 90.00%    
Revolver borrowings outstanding $ 0   0
Revolving credit agreement, available borrowing capacity $ 291,400,000    
Revolving credit agreement due 2026 | Minimum | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (as a percent) 1.25%    
Revolving credit agreement due 2026 | Minimum | Line of Credit | Base Rate | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (as a percent) 0.25%    
Revolving credit agreement due 2026 | Maximum | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (as a percent) 1.75%    
Revolving credit agreement, remaining borrowing capacity $ 20,000,000    
Revolving credit agreement due 2026 | Maximum | Line of Credit | Base Rate | Revolving Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (as a percent) 0.75%    
3.375% Senior subordinated notes due 2027      
Debt Instrument [Line Items]      
Senior subordinated notes $ 502,400,000    
3.375% Senior subordinated notes due 2027 | Senior Subordinated Notes      
Debt Instrument [Line Items]      
Revolver borrowings outstanding $ 502,380,000   497,025,000
Debt instrument, amount outstanding | €   € 450.0  
Senior subordinated notes interest rate 3.375% 3.375%  
3.875% Senior subordinated notes due 2028      
Debt Instrument [Line Items]      
Senior subordinated notes $ 390,700,000    
3.875% Senior subordinated notes due 2028 | Senior Subordinated Notes      
Debt Instrument [Line Items]      
Revolver borrowings outstanding $ 390,740,000   386,575,000
Debt instrument, amount outstanding | €   € 350.0  
Senior subordinated notes interest rate 3.875% 3.875%  
3.375% Senior subordinated notes due 2031 | Senior Subordinated Notes      
Debt Instrument [Line Items]      
Revolver borrowings outstanding $ 334,920,000   $ 331,350,000
Debt instrument, amount outstanding | €   € 300.0  
Senior subordinated notes interest rate 3.375% 3.375%  
Senior subordinated notes $ 334,900,000    
v3.24.3
Net Investment Hedge (Details)
$ in Thousands, € in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2024
USD ($)
Oct. 01, 2023
USD ($)
Sep. 29, 2024
USD ($)
Oct. 01, 2023
USD ($)
Sep. 29, 2024
EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Cumulative gain (loss) translation adjustment $ (29,859) $ 21,852 $ (13,653) $ 257  
Senior Subordinated Notes          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Senior subordinated debt, hedged | €         € 567.8
Cumulative gain (loss) translation adjustment     $ (6,700) $ 8,800  
v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Income Tax Disclosure [Abstract]        
Tax expense $ 11,091 $ 14,850 $ 30,542 $ 45,385
Effective tax rate 17.10% 17.00% 17.90% 18.20%
v3.24.3
Pension and Other Postretirement Obligations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Pension Obligations        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 797 $ 522 $ 2,284 $ 2,056
Interest cost 3,723 3,838 11,059 11,392
Expected return on plan assets (4,147) (4,038) (12,221) (12,476)
Amortization of prior service cost 46 45 135 132
Actuarial gains (27) (234) (79) (692)
Net periodic benefit cost 392 133 1,178 412
Other Postretirement Obligations        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 10 3 30 6
Interest cost 235 253 708 756
Expected return on plan assets 0 0 0 0
Amortization of prior service cost 0 0 0 0
Actuarial gains (116) (192) (349) (574)
Net periodic benefit cost $ 129 $ 64 $ 389 $ 188
v3.24.3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Jun. 30, 2024
Mar. 31, 2024
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Sep. 29, 2024
Oct. 01, 2023
Equity [Abstract]                
Net income $ 53,689 $ 49,034 $ 37,309 $ 72,327 $ 68,775 $ 62,945 $ 140,032 $ 204,047
Foreign currency translation adjustments, net of tax (29,859)     21,852     (13,653) 257
Adjustments to pension and postretirement liability, net of tax (73)     (284)     (221) (848)
Total comprehensive income 23,757     93,895     126,158 203,456
Less: Comprehensive loss attributable to noncontrolling interests (3)     (20)     (17) (241)
Comprehensive income attributable to Belden $ 23,760     $ 93,915     $ 126,175 $ 203,697
v3.24.3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Details)
$ in Thousands
 9 Months Ended
Sep. 29, 2024
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance $ 1,166,257
Other comprehensive loss attributable to Belden before reclassifications (13,653)
Amounts reclassified from accumulated other comprehensive loss (221)
Net current period other comprehensive loss attributable to Belden (13,874)
Ending balance 1,235,211
Accumulated Other Comprehensive Income (Loss)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (41,279)
Ending balance (55,153)
Foreign Currency Translation Component  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (26,514)
Other comprehensive loss attributable to Belden before reclassifications (13,653)
Amounts reclassified from accumulated other comprehensive loss 0
Net current period other comprehensive loss attributable to Belden (13,653)
Ending balance (40,167)
Pension and Other  Postretirement Benefit Plans  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (14,765)
Other comprehensive loss attributable to Belden before reclassifications 0
Amounts reclassified from accumulated other comprehensive loss (221)
Net current period other comprehensive loss attributable to Belden (221)
Ending balance $ (14,986)
v3.24.3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax $ (64,780) $ (87,177) $ (170,574) $ (249,432)
Tax expense 11,091 14,850 30,542 45,385
Total net of tax $ (53,692) $ (72,347) (140,049) $ (204,292)
Amounts  Reclassified from Accumulated Other Comprehensive Loss | Actuarial gains        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other nonoperating expense (income)     (428)  
Amounts  Reclassified from Accumulated Other Comprehensive Loss | Prior service cost        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other nonoperating expense (income)     135  
Amounts  Reclassified from Accumulated Other Comprehensive Loss | Pension and Other  Postretirement Benefit Plans        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax     (293)  
Tax expense     72  
Total net of tax     $ (221)  
v3.24.3
Share Repurchase (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 31, 2024
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Equity, Class of Treasury Stock [Line Items]          
Shares repurchased (in shares)   0.2 0.7 0.9 1.7
Value of shares repurchased   $ 20.1 $ 63.8 $ 78.0 $ 150.0
Treasury stock acquired, average cost per share (in usd per share)   $ 110.84 $ 92.46 $ 90.98 $ 89.42
Subsequent Event          
Equity, Class of Treasury Stock [Line Items]          
Shares repurchased (in shares) 0.3        
Value of shares repurchased $ 37.6        
Treasury stock acquired, average cost per share (in usd per share) $ 116.90        
2024 Share Repurchase Program          
Equity, Class of Treasury Stock [Line Items]          
Increase in authorized amount   $ 300.0   $ 300.0  
2024 Share Repurchase Program | Subsequent Event          
Equity, Class of Treasury Stock [Line Items]          
Stock repurchase program, remaining authorized repurchase amount $ 357.3