BELDEN INC.BDC
BELDEN INC. Segments Disclosure
Operating Segments and Geographic Information
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 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. Our chief operating decision maker is our President and Chief Executive Officer. The key measure of segment profit or loss used by him to review segment operating results is Segment EBITDA. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; adjustments related to acquisitions and divestitures; and other costs. We allocate corporate expenses to the segments for purposes of measuring Segment EBITDA. Corporate expenses are allocated on the basis of each segment’s relative EBITDA prior to the allocation. Segment Revenues represent non-affiliate revenues.
Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing.
Operating Segment Information
| Years Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Smart Infrastructure Solutions | |||||||||||||||||
| Segment Revenues | $ | 1,143,790 | $ | 1,122,831 | $ | 1,198,478 | |||||||||||
| Affiliate Revenues | 142 | 127 | 633 | ||||||||||||||
| Segment Cost of Sales | (789,272) | (774,958) | (852,231) | ||||||||||||||
| Segment Selling, General and Administrative Expenses | (177,414) | (171,873) | (160,802) | ||||||||||||||
| Segment Research and Development Expenses | (37,154) | (27,020) | (24,561) | ||||||||||||||
| Segment EBITDA | $ | 140,092 | $ | 149,107 | $ | 161,517 | |||||||||||
| Segment assets | $ | 663,623 | $ | 637,105 | $ | 593,653 | |||||||||||
| Expenditures of property, plant and equipment | $ | 33,343 | $ | 36,237 | $ | 33,535 | |||||||||||
| Items excluded from segment measures: | |||||||||||||||||
| Depreciation expense | $ | 26,231 | $ | 24,943 | $ | 23,387 | |||||||||||
| Amortization of intangibles | 28,642 | 20,085 | 17,595 | ||||||||||||||
| Amortization of software development intangible assets | 12 | — | 54 | ||||||||||||||
| Adjustments related to acquisitions and divestitures | 3,572 | 5,359 | 5,589 | ||||||||||||||
| Severance, restructuring, and acquisition integration costs | 15,165 | 11,221 | 9,200 | ||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Automation Solutions | |||||||||||||||||
| Segment Revenues | $ | 1,317,189 | $ | 1,389,253 | $ | 1,408,007 | |||||||||||
| Affiliate Revenues | 801 | 1,296 | 442 | ||||||||||||||
| Segment Cost of Sales | (701,251) | (739,129) | (792,681) | ||||||||||||||
| Segment Selling, General and Administrative Expenses | (275,024) | (278,406) | (260,694) | ||||||||||||||
| Segment Research and Development Expenses | (71,949) | (85,686) | (77,995) | ||||||||||||||
| Segment EBITDA | $ | 269,766 | $ | 287,328 | $ | 277,079 | |||||||||||
| Segment assets | $ | 783,353 | $ | 727,477 | $ | 677,235 | |||||||||||
| Expenditures of property, plant and equipment | $ | 66,063 | $ | 64,072 | $ | 58,713 | |||||||||||
| Items excluded from segment measures: | |||||||||||||||||
| Depreciation expense | $ | 30,152 | $ | 26,436 | $ | 23,282 | |||||||||||
| Amortization of intangibles | 20,152 | 20,290 | 20,265 | ||||||||||||||
| Amortization of software development intangible assets | 10,552 | 7,692 | 3,821 | ||||||||||||||
| Adjustments related to acquisitions and divestitures | 1,192 | 818 | 2,244 | ||||||||||||||
| Severance, restructuring, and acquisition integration costs | 7,649 | 13,931 | 7,485 | ||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Total Segments | |||||||||||||||||
| Segment Revenues | $ | 2,460,979 | $ | 2,512,084 | $ | 2,606,485 | |||||||||||
| Affiliate Revenues | 943 | 1,423 | 1,075 | ||||||||||||||
| Segment Cost of Sales | (1,490,523) | (1,514,087) | (1,644,912) | ||||||||||||||
| Segment Selling, General and Administrative Expenses | (452,438) | (450,279) | (421,496) | ||||||||||||||
| Segment Research and Development Expenses | (109,103) | (112,706) | (102,556) | ||||||||||||||
| Segment EBITDA | $ | 409,858 | $ | 436,435 | $ | 438,596 | |||||||||||
| Segment assets | $ | 1,446,976 | $ | 1,364,582 | $ | 1,270,888 | |||||||||||
| Expenditures of property, plant and equipment | $ | 99,406 | $ | 100,309 | $ | 92,248 | |||||||||||
| Items excluded from segment measures: | |||||||||||||||||
| Depreciation expense | $ | 56,383 | $ | 51,379 | $ | 46,669 | |||||||||||
| Amortization of intangibles | 48,794 | 40,375 | 37,860 | ||||||||||||||
| Amortization of software development intangible assets | 10,564 | 7,692 | 3,875 | ||||||||||||||
| Adjustments related to acquisitions and divestitures | 4,764 | 6,177 | 7,833 | ||||||||||||||
| Severance, restructuring, and acquisition integration costs | 22,814 | 25,152 | 16,685 | ||||||||||||||
The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively.
| Years Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Total segment and consolidated revenues | $ | 2,460,979 | $ | 2,512,084 | $ | 2,606,485 | |||||||||||
| Total Segment EBITDA | $ | 409,858 | $ | 436,435 | $ | 438,596 | |||||||||||
| Depreciation expense | (56,383) | (51,379) | (46,669) | ||||||||||||||
| Amortization of intangibles | (48,794) | (40,375) | (37,860) | ||||||||||||||
| Severance, restructuring, and acquisition integration costs (1) | (22,814) | (25,152) | (16,685) | ||||||||||||||
| Amortization of software development intangible assets | (10,564) | (7,692) | (3,875) | ||||||||||||||
| Adjustments related to acquisitions and divestitures (2) | (4,764) | (6,177) | (7,833) | ||||||||||||||
| Gain on sale of assets (3) | — | 12,056 | 37,891 | ||||||||||||||
| Eliminations | (79) | (198) | (231) | ||||||||||||||
| Consolidated operating income | 266,460 | 317,518 | 363,334 | ||||||||||||||
| Interest expense, net | (38,303) | (33,625) | (43,554) | ||||||||||||||
| Loss on debt extinguishment | — | — | (6,392) | ||||||||||||||
| Non-operating pension benefit (cost) | (215) | 1,863 | 4,005 | ||||||||||||||
| Consolidated income from continuing operations before taxes | $ | 227,942 | $ | 285,756 | $ | 317,393 | |||||||||||
(1)Includes costs associated with acquisitions, productivity initiatives, and manufacturing footprint actions.
(2)Includes fair value adjustments of acquired assets and costs associated with a former subsidiary that was previously divested.
(3)During 2023, we sold certain real estate in Canada for $13.8 million, net of transaction costs and recognized a $12.1 million pre-tax gain on sale. During 2022, we sold certain real estate in the United States for $42.2 million, net of transaction costs and recognized a $37.9 million pre-tax gain on sale. See Note 11, Property, Plant, and Equipment, for details.
Below are reconciliations of other segment measures to the consolidated totals.
| Years Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Total segment assets | $ | 1,446,976 | $ | 1,364,582 | $ | 1,270,888 | |||||||||||
Cash and cash equivalents | 370,302 | 597,044 | 687,676 | ||||||||||||||
Goodwill | 1,018,677 | 907,331 | 862,253 | ||||||||||||||
Intangible assets, less accumulated amortization | 419,074 | 269,144 | 246,830 | ||||||||||||||
Deferred income taxes | 16,353 | 15,739 | 14,642 | ||||||||||||||
Corporate assets | 56,556 | 86,351 | 79,386 | ||||||||||||||
| Total assets | $ | 3,327,938 | $ | 3,240,191 | $ | 3,161,675 | |||||||||||
| Total segment expenditures of property, plant and equipment | $ | 99,406 | $ | 100,309 | $ | 92,248 | |||||||||||
| Corporate expenditures of property, plant and equipment | 29,694 | 16,422 | 12,846 | ||||||||||||||
| Total expenditures of property, plant and equipment | $ | 129,100 | $ | 116,731 | $ | 105,094 | |||||||||||
Geographic Information
The Company attributes foreign sales based on the location of the customer purchasing the product. The table below summarizes net sales and long-lived assets for the years ended December 31, 2024, 2023, and 2022 for the following countries: U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company.
| United States | Canada | China | Germany | All Other | Total | ||||||||||||||||||||||||||||||
| (In thousands, except percentages) | |||||||||||||||||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 1,392,262 | $ | 160,012 | $ | 92,108 | $ | 118,256 | $ | 698,341 | $ | 2,460,979 | |||||||||||||||||||||||
| Percent of total revenues | 57 | % | 6 | % | 4 | % | 5 | % | 28 | % | 100 | % | |||||||||||||||||||||||
| Long-lived assets | $ | 290,282 | $ | 13,799 | $ | 38,622 | $ | 62,170 | $ | 154,180 | $ | 559,053 | |||||||||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 1,383,212 | $ | 169,122 | $ | 104,718 | $ | 134,130 | $ | 720,902 | $ | 2,512,084 | |||||||||||||||||||||||
| Percent of total revenues | 55 | % | 7 | % | 4 | % | 5 | % | 29 | % | 100 | % | |||||||||||||||||||||||
| Long-lived assets | $ | 230,267 | $ | 13,355 | $ | 45,326 | $ | 67,758 | $ | 144,606 | $ | 501,312 | |||||||||||||||||||||||
| Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 1,448,247 | $ | 188,013 | $ | 126,904 | $ | 131,485 | $ | 711,836 | $ | 2,606,485 | |||||||||||||||||||||||
| Percent of total revenues | 56 | % | 7 | % | 5 | % | 5 | % | 27 | % | 100 | % | |||||||||||||||||||||||
| Long-lived assets | $ | 203,070 | $ | 12,805 | $ | 45,866 | $ | 44,061 | $ | 122,565 | $ | 428,367 | |||||||||||||||||||||||
Major Customer
Revenues generated in both the Smart Infrastructure Solutions and Automation Solutions segments from our largest customer were approximately $348.1 million (14% of revenues), $378.1 million (15% of revenues), and $387.7 million (15% of revenues) for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024 and 2023, we had $55.9 million and $61.9 million in accounts receivable outstanding from this customer, which represented approximately 14% and 15% of our total accounts receivable balance as of December 31, 2024 and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 13, 2025 | Showing above |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 11, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 13, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.