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Belden (BDC)

Cover Page

Cover Page - shares6 Months Ended
Jul. 04, 2021Aug. 04, 2021
Cover [Abstract]
Document Type10-Q
Document Period End DateJul. 4,
2021
Entity File Number001-12561
Entity Registrant NameBELDEN INC.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number36-3601505
Entity Address, Address Line One1 North Brentwood Boulevard
Entity Address, Address Line Two15th Floor
Entity Address, City or TownSt. Louis
Entity Address, State or ProvinceMO
Entity Address, Postal Zip Code63105
City Area Code314
Local Phone Number854-8000
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity File CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging growth companyfalse
Entity Shell Companyfalse
Title of 12(b) SecurityCommon stock, $0.01 par value
Trading SymbolBDC
Security Exchange NameNYSE
Entity Common Stock, Shares Outstanding44,853,451
Amendment Flagfalse
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Entity Central Index Key0000913142
Current Fiscal Year End Date--12-31
Document Quarterly Reporttrue
Document Transition Reportfalse

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsJul. 04, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 423,291 $ 501,994
Receivables, net386,133 296,817
Inventories, net304,821 247,298
Other current assets50,725 52,289
Total current assets1,164,970 1,098,398
Property, plant and equipment, less accumulated depreciation360,338 368,620
Operating lease right-of-use assets59,509 54,787
Goodwill1,286,617 1,251,938
Intangible assets, less accumulated amortization314,283 287,071
Deferred income taxes30,144 29,536
Other long-lived assets54,066 49,384
Total assets3,269,927 3,139,734
Current liabilities:
Accounts payable299,428 244,120
Accrued liabilities283,109 276,641
Total current liabilities582,537 520,761
Long-term debt1,527,047 1,573,726
Postretirement benefits152,080 160,400
Deferred income taxes43,205 38,400
Long-term operating lease liabilities49,805 46,398
Other long-term liabilities41,155 42,998
Stockholders’ equity:
Common stock503 503
Additional paid-in capital827,139 823,605
Retained earnings518,774 450,876
Accumulated other comprehensive loss(159,391)(191,851)
Treasury stock(319,274)(332,552)
Total Belden stockholders’ equity867,751 750,581
Noncontrolling interests6,347 6,470
Total stockholders’ equity874,098 757,051
Total liabilities and stockholders' equity $ 3,269,927 $ 3,139,734

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Income Statement [Abstract]
Revenues $ 601,974 $ 424,811 $ 1,138,355 $ 888,337
Cost of sales(390,439)(274,871)(735,476)(567,896)
Gross profit211,535 149,940 402,879 320,441
Selling, general and administrative expenses(105,554)(91,703)(204,003)(190,092)
Research and development expenses(30,922)(25,090)(62,422)(51,309)
Amortization of intangibles(9,102)(16,017)(19,049)(32,202)
Operating income65,957 17,130 117,405 46,838
Interest expense, net(14,878)(14,257)(30,389)(27,581)
Non-operating pension benefit1,445 700 2,129 1,399
Income from continuing operations before taxes52,524 3,573 89,145 20,656
Income tax expense(8,552)(400)(16,432)(2,592)
Income from continuing operations43,972 3,173 72,713 18,064
Loss from discontinued operations, net of tax0 (71,054)0 (97,164)
Net income (loss)43,972 (67,881)72,713 (79,100)
Less: Net income (loss) attributable to noncontrolling interest208 24 283 (6)
Net income (loss) attributable to Belden stockholders $ 43,764 $ (67,905) $ 72,430 $ (79,094)
Weighted average number of common shares and equivalents:
Basic (in shares)44,759 44,557 44,717 44,969
Diluted (in shares)45,262 44,665 45,162 45,097
Basic income (loss) per share attributable to Belden stockholders:
Continuing operations (in dollars per share) $ 0.98 $ 0.07 $ 1.62 $ 0.40
Discontinued operations (in dollars per share)0 (1.59)0 (2.16)
Net income (loss) (in dollars per share)0.98(1.52)1.62(1.76)
Diluted income (loss) per share attributable to Belden stockholders:
Continuing operation (in dollars per share)0.970.071.600.40
Discontinued operations (in dollars per share)0 (1.59)0 (2.16)
Net income (loss) (in dollars per share) $ 0.97 $ (1.52) $ 1.60 $ (1.76)
Comprehensive income (loss) attributable to Belden $ 22,499 $ (112,351) $ 104,890 $ (101,217)
Common stock dividends declared per share (in dollars per share) $ 0.05 $ 0.05 $ 0.10 $ 0.10

Condensed Consolidated Cash Flo

Condensed Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands6 Months Ended
Jul. 04, 2021Jun. 28, 2020
Cash flows from operating activities:
Net income (loss) $ 72,713 $ (79,100)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization43,272 53,533
Share-based compensation13,513 8,798
Asset impairment charges6,995 113,007
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables(90,810)52,602
Inventories(50,111)(9,769)
Accounts payable50,158 (86,382)
Accrued liabilities227 (13,697)
Income taxes1,474 (46,274)
Other assets(6,924)13,971
Other liabilities(13,853)(18,819)
Net cash provided by (used for) operating activities26,654 (12,130)
Cash flows from investing activities:
Cash from (used for) business acquisitions, net of cash acquired(73,749)590
Capital expenditures(30,866)(41,734)
Purchase of intangible assets(3,650)0
Proceeds from disposal of tangible assets3,249 3,090
Proceeds from disposal of business, net of cash sold10,798 0
Net cash used for investing activities(94,218)(38,054)
Cash flows from financing activities:
Cash dividends paid(4,493)(4,572)
Withholding tax payments for share-based payment awards(2,009)(1,058)
Payments under borrowing arrangements(1,841)(100,000)
Debt issuance costs paid(1,728)0
Other(75)(111)
Payments under share repurchase program0 (35,000)
Payment of earnout consideration0 (29,300)
Borrowings on revolver0 190,000
Net cash provided by (used for) financing activities(10,146)19,959
Effect of foreign currency exchange rate changes on cash and cash equivalents(993)(2,620)
Decrease in cash and cash equivalents(78,703)(32,845)
Cash and cash equivalents, beginning of period501,994 425,885
Cash and cash equivalents, end of period $ 423,291 $ 393,040

Condensed Consolidated Stockhol

Condensed Consolidated Stockholders' Equity Statements (Unaudited) - USD ($) shares in Thousands, $ in ThousandsTotalCumulative Effect, Period of Adoption, AdjustmentCommon StockAdditional Paid-in CapitalRetained EarningsRetained EarningsCumulative Effect, Period of Adoption, AdjustmentTreasury StockAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 201950,335 (4,877)
Beginning balance at Dec. 31, 2019 $ 965,819 $ (2,916) $ 503 $ 811,955 $ 518,004 $ (2,916) $ (307,197) $ (63,418) $ 5,972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)(11,219)(11,189)(30)
Other comprehensive income (loss), net of tax22,173 22,323 (150)
Exercise of stock options, net of tax withholding forfeitures (in shares)7
Exercise of stock options, net of tax withholding forfeitures(172)(542) $ 370
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)29
Conversion of restricted stock units into common stock, net of tax withholding forfeitures(831)(2,631) $ 1,800
Share repurchase program (in shares)(592)
Share repurchase program(21,239) $ (21,239)
Share-based compensation3,708 3,708
Common stock dividends(2,288)(2,288)
Ending balance (in shares) at Mar. 29, 202050,335 (5,433)
Ending balance at Mar. 29, 2020953,035 $ 503 812,490 501,611 $ (326,266)(41,095)5,792
Beginning balance (in shares) at Dec. 31, 201950,335 (4,877)
Beginning balance at Dec. 31, 2019965,819 $ (2,916) $ 503 811,955 518,004 $ (2,916) $ (307,197)(63,418)5,972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) $ (79,100)
Share repurchase program (in shares)(1,000)
Share repurchase program $ (35,000)
Ending balance (in shares) at Jun. 28, 202050,335 (5,790)
Ending balance at Jun. 28, 2020829,882 $ 503 815,982 431,459 $ (338,484)(85,541)5,963
Beginning balance (in shares) at Mar. 29, 202050,335 (5,433)
Beginning balance at Mar. 29, 2020953,035 $ 503 812,490 501,611 $ (326,266)(41,095)5,792
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)(67,881)(67,905)24
Other comprehensive income (loss), net of tax(44,299)(44,446)147
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)27
Conversion of restricted stock units into common stock, net of tax withholding forfeitures $ (55)(1,598) $ 1,543
Share repurchase program (in shares)(400)(384)
Share repurchase program $ (13,761) $ (13,761)
Share-based compensation5,090 5,090
Common stock dividends(2,247)(2,247)
Ending balance (in shares) at Jun. 28, 202050,335 (5,790)
Ending balance at Jun. 28, 2020829,882 $ 503 815,982 431,459 $ (338,484)(85,541)5,963
Beginning balance (in shares) at Dec. 31, 202050,335 (5,692)
Beginning balance at Dec. 31, 2020757,051 $ 503 823,605 450,876 $ (332,552)(191,851)6,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)28,741 28,666 75
Other comprehensive income (loss), net of tax53,528 53,725 (197)
Acquisition of business with noncontrolling interests20 20
Retirement Savings Plan stock contributions (in shares)45
Retirement Savings Plan stock contributions2,003 (493) $ 2,496
Exercise of stock options, net of tax withholding forfeitures (in shares)9
Exercise of stock options, net of tax withholding forfeitures(182)(723) $ 541
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)27
Conversion of restricted stock units into common stock, net of tax withholding forfeitures(723)(2,403) $ 1,680
Share-based compensation7,285 7,285
Common stock dividends(2,263)(2,263)
Ending balance (in shares) at Apr. 04, 202150,335 (5,611)
Ending balance at Apr. 04, 2021845,460 $ 503 827,271 477,279 $ (327,835)(138,126)6,368
Beginning balance (in shares) at Dec. 31, 202050,335 (5,692)
Beginning balance at Dec. 31, 2020757,051 $ 503 823,605 450,876 $ (332,552)(191,851)6,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)72,713
Other comprehensive income (loss), net of tax32,460
Ending balance (in shares) at Jul. 04, 202150,335 (5,460)
Ending balance at Jul. 04, 2021874,098 $ 503 827,139 518,774 $ (319,274)(159,391)6,347
Beginning balance (in shares) at Apr. 04, 202150,335 (5,611)
Beginning balance at Apr. 04, 2021845,460 $ 503 827,271 477,279 $ (327,835)(138,126)6,368
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)43,972 43,764 208
Other comprehensive income (loss), net of tax(21,494)(21,265)(229)
Retirement Savings Plan stock contributions (in shares)66
Retirement Savings Plan stock contributions3,305 (418) $ 3,723
Exercise of stock options, net of tax withholding forfeitures (in shares)2
Exercise of stock options, net of tax withholding forfeitures(47)(147) $ 100
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)83
Conversion of restricted stock units into common stock, net of tax withholding forfeitures(1,057)(5,795) $ 4,738
Share-based compensation6,228 6,228
Common stock dividends(2,269)(2,269)
Ending balance (in shares) at Jul. 04, 202150,335 (5,460)
Ending balance at Jul. 04, 2021 $ 874,098 $ 503 $ 827,139 $ 518,774 $ (319,274) $ (159,391) $ 6,347

Condensed Consolidated Stockh_2

Condensed Consolidated Stockholders' Equity Statements (Unaudited) (Parenthetical) - $ / shares3 Months Ended6 Months Ended
Jul. 04, 2021Apr. 04, 2021Jun. 28, 2020Mar. 29, 2020Jul. 04, 2021Jun. 28, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in dollars per share) $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.10 $ 0.10

Summary of Significant Accounti

Summary of Significant Accounting Policies6 Months Ended
Jul. 04, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesSummary 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, 2020: • 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 2020 Annual Report on Form 10-K. Business Description We are a global supplier of specialty networking solutions built around two global businesses - Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments. 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 April 4, 2021, the 94th day of our fiscal year 2021. Our fiscal second and third quarters each have 91 days. The six months ended July 4, 2021 and June 28, 2020 included 185 days and 180 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 six months ended July 4, 2021 and June 28, 2020, we utilized Level 1 inputs to determine the fair value of cash equivalents, and we utilized Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for impairment testing (see Notes 4 and 11). We did not have any transfers between Level 1 and Level 2 fair value measurements during the six months ended July 4, 2021 and June 28, 2020. 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 July 4, 2021, 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. During the six months ended June 28, 2020, we paid the sellers of Snell Advanced Media (SAM) the full earnout consideration of $31.4 million in cash in accordance with the purchase agreement. SAM was acquired on February 8, 2018 and was included in the Grass Valley disposal group. 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. These lawsuits primarily involve 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 July 4, 2021, we were party to bank guaranties, standby letters of credit, and surety bonds totaling $6.9 million, $6.9 million, and $3.3 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 We have a 51% ownership percentage in a joint venture with Shanghai Hi-Tech Control System Co, Ltd (Hite). The purpose of the joint venture is to develop and provide certain Industrial Solutions products and integrated solutions to customers in China. Belden and Hite are committed to fund $1.53 million and $1.47 million, respectively, to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net income (loss) attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations. The joint venture is not material to our Condensed Consolidated financial statements as of or for the periods ended July 4, 2021 and June 28, 2020. Furthermore, certain subsidiaries of our Opterna and OTN Systems N.V. (OTN) businesses, which we acquired in April of 2019 and January 2021, respectively, include noncontrolling interests. Because we have a controlling financial interest in these subsidiaries, they are consolidated into our financial statements. The results of these subsidiaries were consolidated into our financial statements as of the respective acquisition dates. The results that are attributable to the noncontrolling interest holders are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. The subsidiaries of Opterna and OTN that include noncontrolling interests are not material to our Condensed Consolidated financial statements as of or for the periods ended July 4, 2021 and June 28, 2020.

Revenues

Revenues6 Months Ended
Jul. 04, 2021
Revenue from Contract with Customer [Abstract]
RevenuesRevenues 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 & 5G Cyber-security Industrial Automation Smart Buildings Total Three Months Ended July 4, 2021 (In thousands) Enterprise Solutions $ 124,760 $ — $ — $ 142,768 $ 267,528 Industrial Solutions — 26,120 308,326 — 334,446 Total $ 124,760 $ 26,120 $ 308,326 $ 142,768 $ 601,974 Three Months Ended June 28, 2020 Enterprise Solutions $ 110,612 $ — $ — $ 92,762 $ 203,374 Industrial Solutions — 25,726 195,711 — 221,437 Total $ 110,612 $ 25,726 $ 195,711 $ 92,762 $ 424,811 Six Months Ended July 4, 2021 Enterprise Solutions $ 229,851 $ — $ — $ 264,032 $ 493,883 Industrial Solutions — 53,825 590,647 — 644,472 Total $ 229,851 $ 53,825 $ 590,647 $ 264,032 $ 1,138,355 Six Months Ended June 28, 2020 Enterprise Solutions $ 206,715 $ — $ — $ 208,872 $ 415,587 Industrial Solutions — 51,445 421,305 — 472,750 Total $ 206,715 $ 51,445 $ 421,305 $ 208,872 $ 888,337 The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product. Americas EMEA APAC Total Revenues Three Months Ended July 4, 2021 (In thousands) Enterprise Solutions $ 192,138 $ 40,468 $ 34,922 $ 267,528 Industrial Solutions 196,567 86,762 51,117 334,446 Total $ 388,705 $ 127,230 $ 86,039 $ 601,974 Three Months Ended June 28, 2020 Enterprise Solutions $ 154,844 $ 26,150 $ 22,380 $ 203,374 Industrial Solutions 124,640 57,260 39,537 221,437 Total $ 279,484 $ 83,410 $ 61,917 $ 424,811 Six Months Ended July 4, 2021 Enterprise Solutions $ 354,814 $ 78,404 $ 60,665 $ 493,883 Industrial Solutions 381,715 168,042 94,715 644,472 Total $ 736,529 $ 246,446 $ 155,380 $ 1,138,355 Six Months Ended June 28, 2020 Enterprise Solutions $ 310,273 $ 62,012 $ 43,302 $ 415,587 Industrial Solutions 281,040 123,226 68,484 472,750 Total $ 591,313 $ 185,238 $ 111,786 $ 888,337 We generate revenues primarily by selling products that provide secure and reliable transmission of data, sound, and video for mission critical applications. 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 selling price and recognized when or as each performance obligation is satisfied. 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 based on the shipping terms of the arrangement. Generally, we determine relative selling price using the prices charged to customers on a standalone basis. 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. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and six months ended July 4, 2021 and June 28, 2020. The following table presents estimated and accrued variable consideration: July 4, 2021 December 31, 2020 (in thousands) Accrued rebates $ 35,831 $ 32,192 Accrued returns 12,003 13,016 Price adjustments recognized against gross accounts receivable 27,718 25,244 Depending on the terms of an arrangement, we may defer the recognition of some or all of the consideration received because we have to satisfy a future 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 typically recognized wh en or as the services are performed depending on the terms of the arrangement. As of July 4, 2021, total deferred revenue was $82.1 million, and of this amount, $57.3 million is expected to be recognized within the next twelve months, and the remaining $24.8 million is long- term and is expected to be recognized over a period greater than twelve months. The following table presents deferred revenue activity during the three and six months ended July 4, 2021 and June 28, 2020: 2021 2020 (In thousands) Beginning balance at January 1 $ 77,648 $ 70,070 New deferrals 24,505 23,830 Acquisition of OTN 5,997 — Revenue recognized (24,387) (24,415) Balance at the end of Q1 $ 83,763 $ 69,485 New deferrals 20,596 21,322 Adjustments related to acquisitions (2,740) — Revenue recognized (19,542) (22,200) Balance at the end of Q2 $ 82,077 $ 68,607 Service-type warr anties represent $11.0 million of the deferred revenue balance at July 4, 2021, and of this amount $3.9 million is expected to be recognized in the next twelve months, and the remaining $7.1 million is long-t erm and will be recognized over a period greater than twelve months. We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions in other current and long-lived assets on our balance sheet when the original duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. Total capitalized sales commissions was $6.2 million and $4.6 million as of July 4, 2021 and June 28, 2020, respectively. The following table presents sales commissions that are recorded within selling, general and administrative expenses: Three Months ended Six Months ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Sales commissions $ 4,715 $ 3,856 $ 8,592 $ 8,030

Acquisitions

Acquisitions6 Months Ended
Jul. 04, 2021
Business Combination and Asset Acquisition [Abstract]
AcquisitionsAcquisitions OTN Systems N.V. We acquired 100% of the shares of OTN on January 29, 2021 for a preliminary purchase price, net of cash acquired, of $73.3 million, which was funded with cash on hand. OTN, based in Olen, Belgium, is a leading provider of easy to use and highly-reliable network solutions tailored for specific applications in harsh, mission-critical environments. The acquisition of OTN supports one of our key strategic priorities related to the growing demand for industrial automation by adding proprietary technology and mission-critical hardware and software products for more complete end-to-end solutions. The results of OTN have been included in our Condensed Consolidated Financial Statements from January 29, 2021, and are reported within the Industrial Solutions segment. Belden assumed $1.8 million of OTN's debt as part of the transaction, which was subsequently paid on the acquisition date. A subsidiary of OTN includes a noncontrolling interest. Because OTN has a controlling financial interest in the subsidiary, it is consolidated into our financial statements. The results that are attributable to the noncontrolling interest holder are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of January 29, 2021 (in thousands): Receivables $ 5,036 Inventories 10,700 Other current assets 1,361 Property, plant and equipment 602 Intangible assets 39,930 Goodwill 39,550 Operating lease right-of-use assets 4,144 Other long-lived assets 706 Total assets acquired $ 102,029 Accounts payable $ 5,931 Accrued liabilities 4,486 Deferred revenues 3,260 Long-term debt 1,841 Post retirement benefits 3,581 Deferred income taxes 5,522 Long-term operating lease liabilities 3,271 Other long-term liabilities 771 Total liabilities assumed $ 28,663 Net assets $ 73,366 Noncontrolling interests 20 Net assets attributable to Belden $ 73,346 The above purchase price allocation is preliminary, and is subject to revision as additional information about the fair value of individual assets and liabilities becomes available. The preliminary measurement of receivables, inventories, intangible assets, goodwill, deferred income taxes, other assets and liabilities, and noncontrolling interests are subject to change. A change in the estimated fair value of the net assets acquired or noncontrolling interests will change the amount of the purchase price allocable to goodwill. During the second quarter of 2021, we recorded measurement-period adjustments that increased goodwill by $0.2 million. The impact of these adjustments to the Condensed Consolidated Statements of Operations was immaterial. 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. The preliminary fair value of acquired receivables is $5.0 million, which is equivalent to its gross contractual amount. For purposes of the above allocation, we based our preliminary estimate of the fair values for the acquired inventory, intangible assets, deferred revenue, and noncontrolling interests on valuation studies performed by a third party valuation firm. We have estimated a preliminary fair value adjustment for inventories based on the estimated selling price of the work-in-process and finished goods acquired at the closing date less the sum of the costs to complete the work-in-process, the costs of disposal, and a reasonable profit allowance for our post acquisition selling efforts. 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 and deferred revenue (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 industrial automation product offerings in complete end-to-end solutions. Our tax basis in the acquired goodwill is zero. The intangible assets related to the acquisition consisted of the following: Fair Value Amortization Period (In thousands) (In years) Intangible assets subject to amortization: Developed technologies $ 26,400 6.8 Customer relationships 6,200 15.0 Sales backlog 3,600 5.0 Trademarks 3,070 14.8 Non-compete agreements 660 2 Total intangible assets subject to amortization $ 39,930 Intangible assets not subject to amortization: Goodwill $ 39,550 n/a Total intangible assets not subject to amortization $ 39,550 Total intangible assets $ 79,480 Weighted average amortization period 8.5 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 of the backlog intangible asset was based on our estimate of when the ordered items would ship and control of the items transfers. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks. The useful life of the non-compete agreements was based on the term of the agreements. Our consolidated revenues and income before taxes for the three months ended July 4, 2021 included $8.8 million and $(0.8) million, respectively, from OTN. For the three months ended July 4, 2021, income before taxes included $0.3 million of severance and other restructuring costs, $0.7 million of amortization of intangible assets, and $1.2 million of cost of sales related to the adjustment of acquired inventory to fair value for OTN. Our consolidated revenues and income before taxes for the six months ended July 4, 2021 included $12.9 million and $(4.2) million, respectively, from OTN. For the six months ended July 4, 2021, income before taxes included $1.7 million of severance and other restructuring costs, $2.3 million of amortization of intangible assets, and $2.0 million of cost of sales related to the adjustment of acquired inventory to fair value for OTN. The following table illustrates the unaudited pro forma effect on operating results as if the OTN acquisition had been completed as of January 1, 2020. Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands, except per share data) (Unaudited) Revenues $ 603,171 $ 432,941 $ 1,140,750 $ 901,641 Net income from continuing operations attributable to Belden common stockholders 38,133 2,015 61,503 13,213 Diluted income from continuing operations per share attributable to Belden common stockholders $ 0.84 $ 0.05 $ 1.36 $ 0.29 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. Opterna International Corp.

Disposals

Disposals6 Months Ended
Jul. 04, 2021
Discontinued Operations and Disposal Groups [Abstract]
DisposalsDisposals We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When we classify a disposal group as held for sale, we test for impairment. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil that met all of the criteria to classify the assets and liabilities of this business, formerly part of the Industrial Solutions segment, as held for sale. At such time, the carrying value of the disposal group exceeded the fair value less costs to sell, which we determined based upon the expected sale price, by $3.4 million. Therefore, we recognized an impairment charge in Selling, General and Administrative Expenses equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment. We completed the sale of our oil and gas cable business in Brazil during the second quarter of 2021 for $10.9 million, net of cash delivered with the business. We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 for gross cash consideration of $120.0 million, or approximately $56.2 million net of cash delivered with the business. The sale also included deferred consideration consisting of a $175.0 million seller’s note that is expected to mature in 2025, up to $88 million in PIK (payment-in-kind) interest on the seller’s note, and $178.0 million in potential earnout payments. The seller’s note accrues PIK interest at an annual rate of 8.5%. During the three and six months ended July 4, 2021, the seller's note accrued interest of $4.0 million and $7.7 million, respectively, which we reserved for based on our expected loss allowance methodology. Based upon a third party valuation specialist using certain assumptions in a Monte Carlo analysis, the estimated fair value of the seller’s note is $34.9 million, which we recorded in Other Long-Lived Assets. We accounted for the earnout under a loss recovery approach and did not record an asset as of the disposal date. Any subsequent recognition of an earnout will be based on the gain contingency guidance. As part of the transaction, we also invested $3.0 million for a 9% equity interest in Grass Valley with the right to put the equity back to Black Dragon Capital. We exercised our right during the fourth quarter of 2020 and sold our 9% equity interest in Grass Valley to Black Dragon Capital for $2.7 million. We deconsolidated Grass Valley as of July 2, 2020 and accounted for our equity interest under the cost method for the period that we owned a 9% interest in Grass Valley. Grass Valley's operating results for periods after July 2, 2020 are not included in our Consolidated Financial Statements. The following table summarizes the operating results of the disposal group for the three and six months ended June 28, 2020 (in thousands): Three Months Ended Six Months Ended June 28, 2020 June 28, 2020 (In Thousands) Revenues $ 56,812 $ 107,861 Cost of sales (33,989) (69,191) Gross profit 22,823 38,670 Selling, general and administrative expenses (19,342) (36,861) Research and development expenses (5,974) (14,473) Asset impairment of discontinued operations (89,810) (113,007) Interest expense, net (214) (420) Non-operating pension cost (111) (196) Loss before taxes $ (92,628) $ (126,287) We wrote down the carrying value of Grass Valley and recognized asset impairments totaling $89.8 million and $113.0 million in the three and six months ended June 28, 2020, respectively. We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows. The disposal group had capital expenditures of approximately $8.5 million and $16.4 million during the three and six months ended June 28, 2020, respectively. The disposal group recognized credits to stock-based compensation of $0.0 million and $0.9 million during the three and six months ended June 28, 2020, respectively. The disposal group did not have any significant non-cash charges for investing activities during the six months ended June 28, 2020 .

Discontinued Operations

Discontinued Operations6 Months Ended
Jul. 04, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued OperationsDisposals We classify assets and liabilities as held for sale (disposal group) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When we classify a disposal group as held for sale, we test for impairment. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil that met all of the criteria to classify the assets and liabilities of this business, formerly part of the Industrial Solutions segment, as held for sale. At such time, the carrying value of the disposal group exceeded the fair value less costs to sell, which we determined based upon the expected sale price, by $3.4 million. Therefore, we recognized an impairment charge in Selling, General and Administrative Expenses equal to this amount in the first quarter of 2021. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment. We completed the sale of our oil and gas cable business in Brazil during the second quarter of 2021 for $10.9 million, net of cash delivered with the business. We completed the sale of Grass Valley to Black Dragon Capital on July 2, 2020 for gross cash consideration of $120.0 million, or approximately $56.2 million net of cash delivered with the business. The sale also included deferred consideration consisting of a $175.0 million seller’s note that is expected to mature in 2025, up to $88 million in PIK (payment-in-kind) interest on the seller’s note, and $178.0 million in potential earnout payments. The seller’s note accrues PIK interest at an annual rate of 8.5%. During the three and six months ended July 4, 2021, the seller's note accrued interest of $4.0 million and $7.7 million, respectively, which we reserved for based on our expected loss allowance methodology. Based upon a third party valuation specialist using certain assumptions in a Monte Carlo analysis, the estimated fair value of the seller’s note is $34.9 million, which we recorded in Other Long-Lived Assets. We accounted for the earnout under a loss recovery approach and did not record an asset as of the disposal date. Any subsequent recognition of an earnout will be based on the gain contingency guidance. As part of the transaction, we also invested $3.0 million for a 9% equity interest in Grass Valley with the right to put the equity back to Black Dragon Capital. We exercised our right during the fourth quarter of 2020 and sold our 9% equity interest in Grass Valley to Black Dragon Capital for $2.7 million. We deconsolidated Grass Valley as of July 2, 2020 and accounted for our equity interest under the cost method for the period that we owned a 9% interest in Grass Valley. Grass Valley's operating results for periods after July 2, 2020 are not included in our Consolidated Financial Statements. The following table summarizes the operating results of the disposal group for the three and six months ended June 28, 2020 (in thousands): Three Months Ended Six Months Ended June 28, 2020 June 28, 2020 (In Thousands) Revenues $ 56,812 $ 107,861 Cost of sales (33,989) (69,191) Gross profit 22,823 38,670 Selling, general and administrative expenses (19,342) (36,861) Research and development expenses (5,974) (14,473) Asset impairment of discontinued operations (89,810) (113,007) Interest expense, net (214) (420) Non-operating pension cost (111) (196) Loss before taxes $ (92,628) $ (126,287) We wrote down the carrying value of Grass Valley and recognized asset impairments totaling $89.8 million and $113.0 million in the three and six months ended June 28, 2020, respectively. We determined the estimated fair values of the assets and of the reporting unit by calculating the present values of their estimated future cash flows. The disposal group had capital expenditures of approximately $8.5 million and $16.4 million during the three and six months ended June 28, 2020, respectively. The disposal group recognized credits to stock-based compensation of $0.0 million and $0.9 million during the three and six months ended June 28, 2020, respectively. The disposal group did not have any significant non-cash charges for investing activities during the six months ended June 28, 2020 .

Reportable Segments

Reportable Segments6 Months Ended
Jul. 04, 2021
Segment Reporting [Abstract]
Reportable SegmentsReportable Segments We are organized around two global businesses: Enterprise Solutions and Industrial Solutions. 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 and include revenues that would have otherwise been recorded by acquired businesses as independent entities but were not recognized in our Condensed Consolidated Statements of Operations and Comprehensive Income due to the effects of purchase accounting and the associated write-down of acquired deferred revenue to fair value. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value; 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. Enterprise Solutions Industrial Solutions Total Segments (In thousands) As of and for the three months ended July 4, 2021 Segment revenues $ 267,528 $ 335,295 $ 602,823 Segment EBITDA 35,269 56,731 92,000 Depreciation expense 5,365 6,002 11,367 Amortization of intangibles 4,439 4,663 9,102 Amortization of software development intangible assets 20 587 607 Severance, restructuring, and acquisition integration costs 2,460 580 3,040 Adjustments related to acquisitions and divestitures (32) 1,944 1,912 Segment assets 522,635 625,325 1,147,960 As of and for the three months ended June 28, 2020 Segment revenues $ 203,374 $ 221,437 $ 424,811 Segment EBITDA 22,231 26,449 48,680 Depreciation expense 5,122 5,210 10,332 Amortization of intangibles 5,354 10,663 16,017 Amortization of software development intangible assets 56 330 386 Severance, restructuring, and acquisition integration costs 2,423 2,049 4,472 Adjustments related to acquisitions and divestitures 105 — 105 Segment assets 502,767 464,862 967,629 As of and for the six months ended July 4, 2021 Segment revenues $ 493,883 $ 645,321 $ 1,139,204 Segment EBITDA 63,375 108,094 171,469 Depreciation expense 10,715 12,212 22,927 Amortization of intangibles 8,775 10,274 19,049 Amortization of software development intangible assets 52 1,244 1,296 Severance, restructuring, and acquisition integration costs 4,375 3,836 8,211 Adjustments related to acquisitions and divestitures (6,318) 8,851 2,533 Segment assets 522,635 625,325 1,147,960 As of and for the six months ended June 28, 2020 Segment revenues $ 415,587 $ 472,750 $ 888,337 Segment EBITDA 46,943 61,976 108,919 Depreciation expense 10,203 10,411 20,614 Amortization of intangibles 10,858 21,344 32,202 Amortization of software development intangible assets 111 605 716 Severance, restructuring, and acquisition integration costs 4,973 3,118 8,091 Adjustments related to acquisitions and divestitures 125 — 125 Segment assets 502,767 464,862 967,629 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. Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Total Segment Revenues $ 602,823 $ 424,811 $ 1,139,204 $ 888,337 Adjustments related to acquisitions (849) — (849) — Consolidated Revenues $ 601,974 $ 424,811 $ 1,138,355 $ 888,337 Total Segment EBITDA $ 92,000 $ 48,680 $ 171,469 $ 108,919 Amortization of intangibles (9,102) (16,017) (19,049) (32,202) Depreciation expense (11,367) (10,332) (22,927) (20,614) Severance, restructuring, and acquisition integration costs (1) (3,040) (4,472) (8,211) (8,091) Amortization of software development intangible assets (607) (386) (1,296) (716) Adjustments related to acquisitions and divestitures (2) (1,912) (105) (2,533) (125) Eliminations (15) (238) (48) (333) Consolidated operating income 65,957 17,130 117,405 46,838 Interest expense, net (14,878) (14,257) (30,389) (27,581) Total non-operating pension benefit 1,445 700 2,129 1,399 Consolidated income from continuing operations before taxes $ 52,524 $ 3,573 $ 89,145 $ 20,656 (1) See Note 12, Severance, Restructuring, and Acquisition Integration Activities, for details. (2) During the three months ended July 4, 2021, we collected $0.1 million of receivables associated with the sale of Grass Valley that were previously written off, recognized deferred revenues of $0.8 million for the purchase accounting effect of recording deferred revenue at fair value for the OTN acquisition, and recognized cost of sales of $1.2 million related to purchase accounting ad justments of acquired inventory to fair value for the OTN acquisition. During the six months ended July 4, 2021, we reduced the Opterna earn-out liability by $5.8 million, recognized a $3.6 million impairment on assets held and used, recognized a $3.4 million impairment on assets held for sale, collected $1.5 million of receivables associated with the sale of Grass Valley that were previously written off, recognized cost of sales of $2.0 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN acquisition, and recognized deferred revenues of $0.8 million for the purchase accounting effect of recording deferred revenue at fair value for the OTN acquisition. During the three and six months ended June 28, 2020, we recognized cost of sales related to purchase accounting adjustments of acquired inventory to fair value for the SPC acquisition.

Income (loss) per Share

Income (loss) per Share6 Months Ended
Jul. 04, 2021
Earnings Per Share [Abstract]
Income (loss) per ShareIncome (loss) per Share The following table presents the basis for the income (loss) per share computations: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Numerator: Income from continuing operations $ 43,972 $ 3,173 $ 72,713 $ 18,064 Less: Net income (loss) attributable to noncontrolling interest 208 24 283 (6) Income from continuing operations attributable to Belden stockholders 43,764 3,149 72,430 18,070 Add: Loss from discontinued operations, net of tax — (71,054) — (97,164) Net income (loss) attributable to Belden stockholders $ 43,764 $ (67,905) $ 72,430 $ (79,094) Denominator: Weighted average shares outstanding, basic 44,759 44,557 44,717 44,969 Effect of dilutive common stock equivalents 503 108 445 128 Weighted average shares outstanding, diluted 45,262 44,665 45,162 45,097 For both the three and six months ended July 4, 2021, diluted weighted average shares outstanding exclude outstanding equity awards of 1.3 million as they are anti-dilutive. In addition, for both the three and six months ended July 4, 2021, diluted weighted average shares outstanding do not include outstanding equity a wards of 0.4 million becau se the related performance conditions have not been satisfied. For the three and six months ended June 28, 2020, diluted weighted average shares outstanding exclude outstanding equity awards of 1.7 million and 1.5 million, respectively, which are anti-dilutive. In addition, for both the three and six months ended June 28, 2020, diluted weighted average shares outstanding do not include outstanding equity awards of 0.4 million 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.

Credit Losses

Credit Losses6 Months Ended
Jul. 04, 2021
Credit Loss [Abstract]
Credit LossesCredit Losses Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. Upon adoption, we recorded a noncash cumulative effect adjustment to retained earnings of $2.9 million. Of this amount, $1.0 million related to our continuing operations and $1.9 million related to our discontinued operations. 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. Estimates are used to determine the allowance, which is based upon an assessment of anticipated payments as well as other information that is reasonably available. The following table presents the activity in the trade receivables allowance for doubtful accounts for our continuing operations for the three and six months ended July 4, 2021 and June 28, 2020, respectively: 2021 2020 (In thousands) Beginning balance at January 1 $ 5,150 $ 2,569 Adoption adjustment — 1,011 Current period provision 82 (172) Write-offs (57) — Recoveries collected (23) (9) Fx impact (17) (213) Q1 ending balance 5,135 3,186 Current period provision 305 2,621 Disposals (192) — Write-offs (20) (52) Recoveries collected (36) (100) Fx impact (25) 37 Q2 ending balance $ 5,167 5,692

Inventories

Inventories6 Months Ended
Jul. 04, 2021
Inventory Disclosure [Abstract]
InventoriesInventories The following table presents the major classes of inventories as of July 4, 2021 and December 31, 2020, respectively: July 4, 2021 December 31, 2020 (In thousands) Raw materials $ 139,282 $ 106,514 Work-in-process 37,477 32,011 Finished goods 163,281 141,042 Gross inventories 340,040 279,567 Excess and obsolete reserves (35,219) (32,269) Net inventories $ 304,821 $ 247,298

Leases

Leases6 Months Ended
Jul. 04, 2021
Leases [Abstract]
LeasesLeases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain 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 of less than 1 year to 15 years; some of which include extension and termination options for an additional 15 years or within 1 year, respectively. 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. Our lease agreements do not contain any material residual value guarantees or material variable lease payments. We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet, and for the three and six months ended July 4, 2021 and June 28, 2020, the rent expense for short-term leases was not material. We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component. As the rate implicit in most of our leases is not readily determinable, we use 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. We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group (see Note 5). This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley . Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of July 4, 2021, the SAM lease has approximately $21.2 million of lease payments remaining, but we do not believe that it is probable that we have incurred a liability from the guarantee. The components of lease expense were as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Operating lease cost $ 4,998 $ 3,344 $ 8,846 $ 6,941 Finance lease cost Amortization of right-of-use asset $ 22 $ 33 $ 55 $ 66 Interest on lease liabilities 2 4 5 9 Total finance lease cost $ 24 $ 37 $ 60 $ 75 Supplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,238 $ 3,670 $ 8,373 $ 7,461 Operating cash flows from finance leases 2 4 5 9 Financing cash flows from finance leases 32 41 75 87 Supplemental balance sheet information related to leases was as follows: July 4, 2021 December 31, 2020 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 59,509 $ 54,787 Accrued liabilities $ 16,207 $ 14,742 Long-term operating lease liabilities 49,805 46,398 Total operating lease liabilities $ 66,012 $ 61,140 Finance leases: Other long-lived assets, at cost $ 536 $ 764 Accumulated depreciation (307) (483) Other long-lived assets, net $ 229 $ 281 Weighted Average Remaining Lease Term Operating leases 5 years 5 years Finance leases 2 years 3 years Weighted Average Discount Rate Operating leases 6.0 % 6.6 % Finance leases 4.6 % 4.9 % The following table summarizes maturities of lease liabilities as of July 4, 2021 and December 31, 2020, respectively: July 4, 2021 December 31, 2020 (In thousands) 2021 $ 10,464 $ 19,250 2022 19,172 16,305 2023 15,096 12,552 2024 11,950 9,516 2025 10,843 8,718 Thereafter 11,918 8,901 Total $ 79,443 $ 75,242
LeasesLeases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain 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 of less than 1 year to 15 years; some of which include extension and termination options for an additional 15 years or within 1 year, respectively. 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. Our lease agreements do not contain any material residual value guarantees or material variable lease payments. We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet, and for the three and six months ended July 4, 2021 and June 28, 2020, the rent expense for short-term leases was not material. We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component. As the rate implicit in most of our leases is not readily determinable, we use 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. We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group (see Note 5). This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley . Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of July 4, 2021, the SAM lease has approximately $21.2 million of lease payments remaining, but we do not believe that it is probable that we have incurred a liability from the guarantee. The components of lease expense were as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Operating lease cost $ 4,998 $ 3,344 $ 8,846 $ 6,941 Finance lease cost Amortization of right-of-use asset $ 22 $ 33 $ 55 $ 66 Interest on lease liabilities 2 4 5 9 Total finance lease cost $ 24 $ 37 $ 60 $ 75 Supplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,238 $ 3,670 $ 8,373 $ 7,461 Operating cash flows from finance leases 2 4 5 9 Financing cash flows from finance leases 32 41 75 87 Supplemental balance sheet information related to leases was as follows: July 4, 2021 December 31, 2020 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 59,509 $ 54,787 Accrued liabilities $ 16,207 $ 14,742 Long-term operating lease liabilities 49,805 46,398 Total operating lease liabilities $ 66,012 $ 61,140 Finance leases: Other long-lived assets, at cost $ 536 $ 764 Accumulated depreciation (307) (483) Other long-lived assets, net $ 229 $ 281 Weighted Average Remaining Lease Term Operating leases 5 years 5 years Finance leases 2 years 3 years Weighted Average Discount Rate Operating leases 6.0 % 6.6 % Finance leases 4.6 % 4.9 % The following table summarizes maturities of lease liabilities as of July 4, 2021 and December 31, 2020, respectively: July 4, 2021 December 31, 2020 (In thousands) 2021 $ 10,464 $ 19,250 2022 19,172 16,305 2023 15,096 12,552 2024 11,950 9,516 2025 10,843 8,718 Thereafter 11,918 8,901 Total $ 79,443 $ 75,242

Long-Lived Assets

Long-Lived Assets6 Months Ended
Jul. 04, 2021
Property, Plant and Equipment [Abstract]
Long-Lived AssetsLong-Lived Assets Depreciation and Amortization Expense We recognized depreciation expense of $11.4 million and $22.9 million in the three and six months ended July 4, 2021, respectively. We recognized depreciation expense of $10.3 million and $20.6 million in the three and six months ended June 28, 2020, respectively. We recognized amortization expense related to our intangible assets of $9.7 million and $20.3 million in the three and six months ended July 4, 2021, respectively. We recognized amortization expense related to our intangible assets of $16.4 million and $32.9 million in the three and six months ended June 28, 2020, respectively. Interim Impairment Test During the first quarter of 2021, we committed to a plan to sell our oil and gas cable business in Brazil, and recognized an impairment charge of $3.4 million. During the second quarter of 2021, w e completed the sale of this business. See Note 4.

Severance, Restructuring, and A

Severance, Restructuring, and Acquisition Integration Activities6 Months Ended
Jul. 04, 2021
Restructuring and Related Activities [Abstract]
Severance, Restructuring, and Acquisition Integration ActivitiesSeverance, Restructuring, and Acquisition Integration Activities Cost Reduction Program During the fourth quarter of 2019, we began a cost reduction program to improve performance and enhance margins by streamlining the organizational structure and investing in technology to drive productivity. We recognized $1.2 million and $3.5 million of severance and other restructuring costs for this program during the three and six months ended July 4, 2021, respectively, and $3.5 million and $3.0 million during the three and six months ended June 28, 2020, respectively. These costs were incurred by both the Enterprise Solutions and Industrial Solutions segments. The cost reduction program is expected to deliver an estimated $60 million reduction in selling, general, and administrative expenses on an annual basis. We expect to incur incremental costs of approximately $5 million for this program in 2021. Acquisition Integration Program We are integrating our recent acquisitions such as OTN, SPC, and Opterna with our existing businesses. The restructuring and integration activities are focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We recognized $0.6 million and $2.4 million of severance and other restructuring costs for this program during the three and six months ended July 4, 2021, respectively. We recognized $0.9 million and $3.1 million of severance and other restructuring costs for this program during the three and six months ended June 28, 2020, respectively. These costs were incurred by both the Enterprise Solutions and Industrial Solutions segments. We expect to incur incremental costs of approximately $2.0 million for this program in 2021. The following table summarizes the costs by segment of the programs described above as well as other immaterial programs and acquisition integration activities during the three and six months ended July 4, 2021 and June 28, 2020: Severance Other Total Costs Three Months Ended July 4, 2021 (In thousands) Enterprise Solutions $ 64 $ 2,396 $ 2,460 Industrial Solutions 335 245 580 Total $ 399 $ 2,641 $ 3,040 Three Months Ended June 28, 2020 Enterprise Solutions $ 1,467 $ 956 $ 2,423 Industrial Solutions 1,773 276 2,049 Total $ 3,240 $ 1,232 $ 4,472 Six Months Ended July 4, 2021 Enterprise Solutions $ 1,108 $ 3,267 $ 4,375 Industrial Solutions 1,702 2,134 3,836 Total $ 2,810 $ 5,401 $ 8,211 Six Months Ended June 28, 2020 Enterprise Solutions $ 835 $ 4,138 $ 4,973 Industrial Solutions 818 2,300 3,118 Total $ 1,653 $ 6,438 $ 8,091 The other restructuring and integration costs primarily consisted of equipment transfer, costs to consolidate operating and support facilities, retention bonuses, relocation, travel, legal, and other costs. The majority of the other restructuring and integration costs related to these actions were paid as incurred or are payable within the next 60 days. The following table summarizes the costs of the various programs described above as well as other immaterial programs and acquisition integration activities by financial statement line item in the Condensed Consolidated Statement of Operations: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In Thousands) Cost of sales $ 1,103 $ 92 $ 1,363 $ 137 Selling, general and administrative expenses 1,937 4,380 6,848 7,954 Total $ 3,040 $ 4,472 $ 8,211 $ 8,091 Accrued Severance The table below summarizes severance activity, included in accrued liabilities, for the Cost Reduction Program and the Acquisition Integration Program discussed above for the three and six months ended July 4, 2021 and June 28, 2020, respectively. 2021 2020 (In thousands) Beginning year balance $ 7,085 $ 19,575 New charges 2,060 2,529 Cash payments (1,798) (4,483) Foreign currency translation 49 (89) Other adjustments — (4,147) Balance at the end of Q1 7,396 13,385 New charges 458 4,660 Cash payments (1,023) (4,795) Foreign currency translation (4) (132) Other adjustments (59) (1,420) Balance at the end of Q2 $ 6,768 $ 11,698

Long-Term Debt and Other Borrow

Long-Term Debt and Other Borrowing Arrangements6 Months Ended
Jul. 04, 2021
Debt Disclosure [Abstract]
Long-Term Debt and Other Borrowing ArrangementsLong-Term Debt and Other Borrowing Arrangements The carrying values of our long-term debt were as follows: July 4, 2021 December 31, 2020 (In thousands) Revolving credit agreement due 2026 $ — $ — Senior subordinated notes: 2.875% Senior subordinated notes due 2025 356,010 367,110 4.125% Senior subordinated notes due 2026 237,340 244,740 3.375% Senior subordinated notes due 2027 534,015 550,665 3.875% Senior subordinated notes due 2028 415,345 428,295 Total senior subordinated notes 1,542,710 1,590,810 Less unamortized debt issuance costs (15,663) (17,084) Long-term debt $ 1,527,047 $ 1,573,726 Revolving Credit Agreement due 2026 On June 2, 2021, we entered into an amended and restated Revolving Credit Agreement that provides 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 LIBOR 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. We paid approximately $1.7 million of fees associated with the amended Revolver, which will be amortized over its term using the effective interest method. As of July 4, 2021, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $294.1 million. Senior Subordinated Notes We have outstanding €300.0 million aggregate principal amount of 2.875% senior subordinated notes due 2025 (the 2025 Notes). The carrying value of the 2025 Notes as of July 4, 2021 is $356.0 million. The 2025 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2025 Notes rank equal in right of payment with our senior subordinated notes due 2028, 2027, and 2026 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 €200.0 million aggregate principal amount of 4.125% senior subordinated notes due 2026 (the 2026 Notes). The carrying value of the 2026 Notes as of July 4, 2021 is $237.3 million. The 2026 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2026 Notes rank equal in right of payment with our senior subordinated notes due 2028, 2027, and 2025 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 April 15 and October 15 of each year. 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 July 4, 2021 is $534.0 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 2028, 2026, and 2025 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 July 4, 2021 is $415.3 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 2027, 2026, and 2025 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. On July 28, 2021, we completed an offering for €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). We intend to use the net proceeds from the offering of the 2031 Notes, along with cash on hand, to fund the redemption in full of our 2025 Notes. See Note 19. Fair Value of Long-Term Debt

Net Investment Hedge

Net Investment Hedge6 Months Ended
Jul. 04, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net Investment HedgeNet Investment Hedge All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of July 4, 2021, €767.8 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 six months ended July 4, 2021 and June 28, 2020, the transaction gain associated with the net investment hedge reported in other comprehensive income was $28.8 million and $18.2 million, respectively. During the six months ended June 28, 2020, we de-designated €532.2 million of our outstanding debt that was previously designated as a net investment hedge. After the de-designation, transaction gains or losses associated with this €532.2 million of debt are reported in income from continuing operations.

Income Taxes

Income Taxes6 Months Ended
Jul. 04, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome TaxesFor the three and six months ended July 4, 2021, we recognized income tax expense of $8.6 million and $16.4 million, respectively, representing an effective tax rate of 16.3% and 18.4%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. For the three and six months ended June 28, 2020, we recognized income tax expense of $0.4 million and $2.6 million, respectively, representing an effective tax rate of 11.2% and 12.5%, respectively. The effective tax rates were impacted by income tax benefits for certain foreign tax credits of $0.1 million and $1.2 million in the three and six months ended June 28, 2020, respectively.

Pension and Other Postretiremen

Pension and Other Postretirement Obligations6 Months Ended
Jul. 04, 2021
Retirement Benefits [Abstract]
Pension and Other Postretirement ObligationsPension and Other Postretirement Obligations The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: Pension Obligations Other Postretirement Obligations Three Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Service cost $ 1,155 $ 892 $ 9 $ 8 Interest cost 1,897 2,410 186 195 Expected return on plan assets (4,527) (4,004) — — Amortization of prior service cost 28 45 — — Actuarial losses (gains) 976 673 (5) (19) Net periodic benefit cost (benefit) $ (471) $ 16 $ 190 $ 184 Pension Obligations Other Postretirement Obligations Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Service cost $ 2,041 $ 1,824 $ 18 $ 16 Interest cost 3,703 4,747 363 397 Expected return on plan assets (8,195) (7,944) — — Amortization of prior service cost 56 89 — — Actuarial losses (gains) 1,955 1,350 (11) (38) Net periodic benefit cost (benefit) $ (440) $ 66 $ 370 $ 375

Comprehensive Income and Accumu

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)6 Months Ended
Jul. 04, 2021
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 (losses): Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Net income (loss) $ 43,972 $ (67,881) $ 72,713 $ (79,100) Foreign currency translation adjustments, net of tax (22,257) (44,671) 30,507 (22,881) Adjustments to pension and postretirement liability, net of tax 763 372 1,527 755 Total comprehensive income (loss) 22,478 (112,180) 104,747 (101,226) Less: Comprehensive income (loss) attributable to noncontrolling interests (21) 171 (143) (9) Comprehensive income (loss) attributable to Belden $ 22,499 $ (112,351) $ 104,890 $ (101,217) 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 income (loss), net of tax, are as follows: Foreign Currency Translation Component Pension and Other Accumulated Other (In thousands) Balance at December 31, 2020 $ (131,181) $ (60,670) $ (191,851) Other comprehensive income attributable to Belden before reclassifications 31,910 — 31,910 Amounts reclassified from accumulated other comprehensive income (loss) (977) 1,527 550 Net current period other comprehensive income attributable to Belden 30,933 1,527 32,460 Balance at July 4, 2021 $ (100,248) $ (59,143) $ (159,391) The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the six months ended July 4, 2021: Amount Reclassified from Accumulated Other Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (In thousands) Amortization of pension and other postretirement benefit plan items: Actuarial losses $ 1,944 (1) Prior service cost 56 (1) Total before tax 2,000 Tax benefit (473) Total net of tax $ 1,527 (1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16). (2) We reclassified $1.0 million of accumulated foreign currency translation gains associated with the sale of our oil and gas cable business in Brazil.

Share Repurchase

Share Repurchase6 Months Ended
Jul. 04, 2021
Equity [Abstract]
Share RepurchaseShare RepurchaseOn November 29, 2018, our Board of Directors authorized a share repurchase program, which allows us to purchase up to $300.0 million of 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 the six months ended July 4, 2021, we did not repurchase any stock. During the three months ended June 28, 2020, we repurchased 0.4 million shares of our common stock under the share repurchase program for an aggregate cost of $13.8 million at an average price per share of $35.80. During the six months ended June 28, 2020, we repurchased 1.0 million shares of our common stock under the share repurchase program for an aggregate cost of $35.0 million at an average price per share of $35.83.

Subsequent Events

Subsequent Events6 Months Ended
Jul. 04, 2021
Subsequent Events [Abstract]
Subsequent EventsSubsequent EventsOn July 28, 2021, we completed an offering for €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). We intend to use the net proceeds from the offering of the 2031 Notes, along with cash on hand, to fund the redemption in full of our 2025 Notes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)6 Months Ended
Jul. 04, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis 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, 2020: • 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.
Business DescriptionBusiness DescriptionWe are a global supplier of specialty networking solutions built around two global businesses - Enterprise Solutions and Industrial Solutions.  Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments.
Reporting PeriodsReporting PeriodsOur 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 April 4, 2021, the 94th day of our fiscal year 2021. Our fiscal second and third quarters each have 91 days. The six months ended July 4, 2021 and June 28, 2020 included 185 days and 180 days, respectively.
Fair Value MeasurementFair 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 six months ended July 4, 2021 and June 28, 2020, we utilized Level 1 inputs to determine the fair value of cash equivalents, and we utilized Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for impairment testing (see Notes 4 and 11). We did not have any transfers between Level 1 and Level 2 fair value measurements during the six months ended July 4, 2021 and June 28, 2020.
Cash and Cash EquivalentsCash 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 July 4, 2021, 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 LiabilitiesContingent 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. These lawsuits primarily involve 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 July 4, 2021, we were party to bank guaranties, standby letters of credit, and surety bonds totaling $6.9 million, $6.9 million, and $3.3 million, respectively.
Revenue RecognitionRevenue 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 EventsSubsequent Events We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure.
Noncontrolling InterestNoncontrolling Interest We have a 51% ownership percentage in a joint venture with Shanghai Hi-Tech Control System Co, Ltd (Hite). The purpose of the joint venture is to develop and provide certain Industrial Solutions products and integrated solutions to customers in China. Belden and Hite are committed to fund $1.53 million and $1.47 million, respectively, to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net income (loss) attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations. The joint venture is not material to our Condensed Consolidated financial statements as of or for the periods ended July 4, 2021 and June 28, 2020. Furthermore, certain subsidiaries of our Opterna and OTN Systems N.V. (OTN) businesses, which we acquired in April of 2019 and January 2021, respectively, include noncontrolling interests. Because we have a controlling financial interest in these subsidiaries, they are consolidated into our financial statements. The results of these subsidiaries were consolidated into our financial statements as of the respective acquisition dates. The results that are attributable to the noncontrolling interest holders are presented as net income (loss) attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. The subsidiaries of Opterna and OTN that include noncontrolling interests are not material to our Condensed Consolidated financial statements as of or for the periods ended July 4, 2021 and June 28, 2020.

Revenues (Tables)

Revenues (Tables)6 Months Ended
Jul. 04, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of RevenueThe following tables present our revenues disaggregated by major product category. Broadband & 5G Cyber-security Industrial Automation Smart Buildings Total Three Months Ended July 4, 2021 (In thousands) Enterprise Solutions $ 124,760 $ — $ — $ 142,768 $ 267,528 Industrial Solutions — 26,120 308,326 — 334,446 Total $ 124,760 $ 26,120 $ 308,326 $ 142,768 $ 601,974 Three Months Ended June 28, 2020 Enterprise Solutions $ 110,612 $ — $ — $ 92,762 $ 203,374 Industrial Solutions — 25,726 195,711 — 221,437 Total $ 110,612 $ 25,726 $ 195,711 $ 92,762 $ 424,811 Six Months Ended July 4, 2021 Enterprise Solutions $ 229,851 $ — $ — $ 264,032 $ 493,883 Industrial Solutions — 53,825 590,647 — 644,472 Total $ 229,851 $ 53,825 $ 590,647 $ 264,032 $ 1,138,355 Six Months Ended June 28, 2020 Enterprise Solutions $ 206,715 $ — $ — $ 208,872 $ 415,587 Industrial Solutions — 51,445 421,305 — 472,750 Total $ 206,715 $ 51,445 $ 421,305 $ 208,872 $ 888,337 The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product. Americas EMEA APAC Total Revenues Three Months Ended July 4, 2021 (In thousands) Enterprise Solutions $ 192,138 $ 40,468 $ 34,922 $ 267,528 Industrial Solutions 196,567 86,762 51,117 334,446 Total $ 388,705 $ 127,230 $ 86,039 $ 601,974 Three Months Ended June 28, 2020 Enterprise Solutions $ 154,844 $ 26,150 $ 22,380 $ 203,374 Industrial Solutions 124,640 57,260 39,537 221,437 Total $ 279,484 $ 83,410 $ 61,917 $ 424,811 Six Months Ended July 4, 2021 Enterprise Solutions $ 354,814 $ 78,404 $ 60,665 $ 493,883 Industrial Solutions 381,715 168,042 94,715 644,472 Total $ 736,529 $ 246,446 $ 155,380 $ 1,138,355 Six Months Ended June 28, 2020 Enterprise Solutions $ 310,273 $ 62,012 $ 43,302 $ 415,587 Industrial Solutions 281,040 123,226 68,484 472,750 Total $ 591,313 $ 185,238 $ 111,786 $ 888,337
Contract with Customer, Asset and LiabilityThe following table presents estimated and accrued variable consideration: July 4, 2021 December 31, 2020 (in thousands) Accrued rebates $ 35,831 $ 32,192 Accrued returns 12,003 13,016 Price adjustments recognized against gross accounts receivable 27,718 25,244 The following table presents deferred revenue activity during the three and six months ended July 4, 2021 and June 28, 2020: 2021 2020 (In thousands) Beginning balance at January 1 $ 77,648 $ 70,070 New deferrals 24,505 23,830 Acquisition of OTN 5,997 — Revenue recognized (24,387) (24,415) Balance at the end of Q1 $ 83,763 $ 69,485 New deferrals 20,596 21,322 Adjustments related to acquisitions (2,740) — Revenue recognized (19,542) (22,200) Balance at the end of Q2 $ 82,077 $ 68,607
Sales CommissionsThe following table presents sales commissions that are recorded within selling, general and administrative expenses: Three Months ended Six Months ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Sales commissions $ 4,715 $ 3,856 $ 8,592 $ 8,030

Acquisitions (Tables)

Acquisitions (Tables)6 Months Ended
Jul. 04, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of January 29, 2021 (in thousands): Receivables $ 5,036 Inventories 10,700 Other current assets 1,361 Property, plant and equipment 602 Intangible assets 39,930 Goodwill 39,550 Operating lease right-of-use assets 4,144 Other long-lived assets 706 Total assets acquired $ 102,029 Accounts payable $ 5,931 Accrued liabilities 4,486 Deferred revenues 3,260 Long-term debt 1,841 Post retirement benefits 3,581 Deferred income taxes 5,522 Long-term operating lease liabilities 3,271 Other long-term liabilities 771 Total liabilities assumed $ 28,663 Net assets $ 73,366 Noncontrolling interests 20 Net assets attributable to Belden $ 73,346
Schedule of Acquired Intangible AssetsThe intangible assets related to the acquisition consisted of the following: Fair Value Amortization Period (In thousands) (In years) Intangible assets subject to amortization: Developed technologies $ 26,400 6.8 Customer relationships 6,200 15.0 Sales backlog 3,600 5.0 Trademarks 3,070 14.8 Non-compete agreements 660 2 Total intangible assets subject to amortization $ 39,930 Intangible assets not subject to amortization: Goodwill $ 39,550 n/a Total intangible assets not subject to amortization $ 39,550 Total intangible assets $ 79,480 Weighted average amortization period 8.5
Schedule of Pro Forma InformationThe following table illustrates the unaudited pro forma effect on operating results as if the OTN acquisition had been completed as of January 1, 2020. Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands, except per share data) (Unaudited) Revenues $ 603,171 $ 432,941 $ 1,140,750 $ 901,641 Net income from continuing operations attributable to Belden common stockholders 38,133 2,015 61,503 13,213 Diluted income from continuing operations per share attributable to Belden common stockholders $ 0.84 $ 0.05 $ 1.36 $ 0.29

Discontinued Operations (Tables

Discontinued Operations (Tables)6 Months Ended
Jul. 04, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued OperationsThe following table summarizes the operating results of the disposal group for the three and six months ended June 28, 2020 (in thousands): Three Months Ended Six Months Ended June 28, 2020 June 28, 2020 (In Thousands) Revenues $ 56,812 $ 107,861 Cost of sales (33,989) (69,191) Gross profit 22,823 38,670 Selling, general and administrative expenses (19,342) (36,861) Research and development expenses (5,974) (14,473) Asset impairment of discontinued operations (89,810) (113,007) Interest expense, net (214) (420) Non-operating pension cost (111) (196) Loss before taxes $ (92,628) $ (126,287)

Reportable Segments (Tables)

Reportable Segments (Tables)6 Months Ended
Jul. 04, 2021
Segment Reporting [Abstract]
Operating Segment InformationOur 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. Enterprise Solutions Industrial Solutions Total Segments (In thousands) As of and for the three months ended July 4, 2021 Segment revenues $ 267,528 $ 335,295 $ 602,823 Segment EBITDA 35,269 56,731 92,000 Depreciation expense 5,365 6,002 11,367 Amortization of intangibles 4,439 4,663 9,102 Amortization of software development intangible assets 20 587 607 Severance, restructuring, and acquisition integration costs 2,460 580 3,040 Adjustments related to acquisitions and divestitures (32) 1,944 1,912 Segment assets 522,635 625,325 1,147,960 As of and for the three months ended June 28, 2020 Segment revenues $ 203,374 $ 221,437 $ 424,811 Segment EBITDA 22,231 26,449 48,680 Depreciation expense 5,122 5,210 10,332 Amortization of intangibles 5,354 10,663 16,017 Amortization of software development intangible assets 56 330 386 Severance, restructuring, and acquisition integration costs 2,423 2,049 4,472 Adjustments related to acquisitions and divestitures 105 — 105 Segment assets 502,767 464,862 967,629 As of and for the six months ended July 4, 2021 Segment revenues $ 493,883 $ 645,321 $ 1,139,204 Segment EBITDA 63,375 108,094 171,469 Depreciation expense 10,715 12,212 22,927 Amortization of intangibles 8,775 10,274 19,049 Amortization of software development intangible assets 52 1,244 1,296 Severance, restructuring, and acquisition integration costs 4,375 3,836 8,211 Adjustments related to acquisitions and divestitures (6,318) 8,851 2,533 Segment assets 522,635 625,325 1,147,960 As of and for the six months ended June 28, 2020 Segment revenues $ 415,587 $ 472,750 $ 888,337 Segment EBITDA 46,943 61,976 108,919 Depreciation expense 10,203 10,411 20,614 Amortization of intangibles 10,858 21,344 32,202 Amortization of software development intangible assets 111 605 716 Severance, restructuring, and acquisition integration costs 4,973 3,118 8,091 Adjustments related to acquisitions and divestitures 125 — 125 Segment assets 502,767 464,862 967,629
Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before TaxesThe 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. Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Total Segment Revenues $ 602,823 $ 424,811 $ 1,139,204 $ 888,337 Adjustments related to acquisitions (849) — (849) — Consolidated Revenues $ 601,974 $ 424,811 $ 1,138,355 $ 888,337 Total Segment EBITDA $ 92,000 $ 48,680 $ 171,469 $ 108,919 Amortization of intangibles (9,102) (16,017) (19,049) (32,202) Depreciation expense (11,367) (10,332) (22,927) (20,614) Severance, restructuring, and acquisition integration costs (1) (3,040) (4,472) (8,211) (8,091) Amortization of software development intangible assets (607) (386) (1,296) (716) Adjustments related to acquisitions and divestitures (2) (1,912) (105) (2,533) (125) Eliminations (15) (238) (48) (333) Consolidated operating income 65,957 17,130 117,405 46,838 Interest expense, net (14,878) (14,257) (30,389) (27,581) Total non-operating pension benefit 1,445 700 2,129 1,399 Consolidated income from continuing operations before taxes $ 52,524 $ 3,573 $ 89,145 $ 20,656 (1) See Note 12, Severance, Restructuring, and Acquisition Integration Activities, for details. (2) During the three months ended July 4, 2021, we collected $0.1 million of receivables associated with the sale of Grass Valley that were previously written off, recognized deferred revenues of $0.8 million for the purchase accounting effect of recording deferred revenue at fair value for the OTN acquisition, and recognized cost of sales of $1.2 million related to purchase accounting ad justments of acquired inventory to fair value for the OTN acquisition. During the six months ended July 4, 2021, we reduced the Opterna earn-out liability by $5.8 million, recognized a $3.6 million impairment on assets held and used, recognized a $3.4 million impairment on assets held for sale, collected $1.5 million of receivables associated with the sale of Grass Valley that were previously written off, recognized cost of sales of $2.0 million related to purchase accounting adjustments of acquired inventory to fair value for the OTN acquisition, and recognized deferred revenues of $0.8 million for the purchase accounting effect of recording deferred revenue at fair value for the OTN acquisition. During the three and six months ended June 28, 2020, we recognized cost of sales related to purchase accounting adjustments of acquired inventory to fair value for the SPC acquisition.

Income (loss) per Share (Tables

Income (loss) per Share (Tables)6 Months Ended
Jul. 04, 2021
Earnings Per Share [Abstract]
Basis for Income Per Share ComputationsThe following table presents the basis for the income (loss) per share computations: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Numerator: Income from continuing operations $ 43,972 $ 3,173 $ 72,713 $ 18,064 Less: Net income (loss) attributable to noncontrolling interest 208 24 283 (6) Income from continuing operations attributable to Belden stockholders 43,764 3,149 72,430 18,070 Add: Loss from discontinued operations, net of tax — (71,054) — (97,164) Net income (loss) attributable to Belden stockholders $ 43,764 $ (67,905) $ 72,430 $ (79,094) Denominator: Weighted average shares outstanding, basic 44,759 44,557 44,717 44,969 Effect of dilutive common stock equivalents 503 108 445 128 Weighted average shares outstanding, diluted 45,262 44,665 45,162 45,097

Credit Losses (Tables)

Credit Losses (Tables)6 Months Ended
Jul. 04, 2021
Credit Loss [Abstract]
Accounts Receivable, Allowance for Credit LossThe following table presents the activity in the trade receivables allowance for doubtful accounts for our continuing operations for the three and six months ended July 4, 2021 and June 28, 2020, respectively: 2021 2020 (In thousands) Beginning balance at January 1 $ 5,150 $ 2,569 Adoption adjustment — 1,011 Current period provision 82 (172) Write-offs (57) — Recoveries collected (23) (9) Fx impact (17) (213) Q1 ending balance 5,135 3,186 Current period provision 305 2,621 Disposals (192) — Write-offs (20) (52) Recoveries collected (36) (100) Fx impact (25) 37 Q2 ending balance $ 5,167 5,692

Inventories (Tables)

Inventories (Tables)6 Months Ended
Jul. 04, 2021
Inventory Disclosure [Abstract]
Major Classes of InventoriesThe following table presents the major classes of inventories as of July 4, 2021 and December 31, 2020, respectively: July 4, 2021 December 31, 2020 (In thousands) Raw materials $ 139,282 $ 106,514 Work-in-process 37,477 32,011 Finished goods 163,281 141,042 Gross inventories 340,040 279,567 Excess and obsolete reserves (35,219) (32,269) Net inventories $ 304,821 $ 247,298

Leases (Tables)

Leases (Tables)6 Months Ended
Jul. 04, 2021
Leases [Abstract]
Components of Lease ExpenseThe components of lease expense were as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Operating lease cost $ 4,998 $ 3,344 $ 8,846 $ 6,941 Finance lease cost Amortization of right-of-use asset $ 22 $ 33 $ 55 $ 66 Interest on lease liabilities 2 4 5 9 Total finance lease cost $ 24 $ 37 $ 60 $ 75
Supplemental Cash Flow Information Related To LeasesSupplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,238 $ 3,670 $ 8,373 $ 7,461 Operating cash flows from finance leases 2 4 5 9 Financing cash flows from finance leases 32 41 75 87
Supplemental Balance Sheet Information Related To LeasesSupplemental balance sheet information related to leases was as follows: July 4, 2021 December 31, 2020 (In thousands, except lease term and discount rate) Operating leases: Total operating lease right-of-use assets $ 59,509 $ 54,787 Accrued liabilities $ 16,207 $ 14,742 Long-term operating lease liabilities 49,805 46,398 Total operating lease liabilities $ 66,012 $ 61,140 Finance leases: Other long-lived assets, at cost $ 536 $ 764 Accumulated depreciation (307) (483) Other long-lived assets, net $ 229 $ 281
Supplemental Other Information Related To LeasesWeighted Average Remaining Lease Term Operating leases 5 years 5 years Finance leases 2 years 3 years Weighted Average Discount Rate Operating leases 6.0 % 6.6 % Finance leases 4.6 % 4.9 %
Operating Lease, Liability, MaturityThe following table summarizes maturities of lease liabilities as of July 4, 2021 and December 31, 2020, respectively: July 4, 2021 December 31, 2020 (In thousands) 2021 $ 10,464 $ 19,250 2022 19,172 16,305 2023 15,096 12,552 2024 11,950 9,516 2025 10,843 8,718 Thereafter 11,918 8,901 Total $ 79,443 $ 75,242

Severance, Restructuring, and_2

Severance, Restructuring, and Acquisition Integration Activities (Tables)6 Months Ended
Jul. 04, 2021
Restructuring and Related Activities [Abstract]
Severance, Restructuring and Integration Costs by SegmentThe following table summarizes the costs by segment of the programs described above as well as other immaterial programs and acquisition integration activities during the three and six months ended July 4, 2021 and June 28, 2020: Severance Other Total Costs Three Months Ended July 4, 2021 (In thousands) Enterprise Solutions $ 64 $ 2,396 $ 2,460 Industrial Solutions 335 245 580 Total $ 399 $ 2,641 $ 3,040 Three Months Ended June 28, 2020 Enterprise Solutions $ 1,467 $ 956 $ 2,423 Industrial Solutions 1,773 276 2,049 Total $ 3,240 $ 1,232 $ 4,472 Six Months Ended July 4, 2021 Enterprise Solutions $ 1,108 $ 3,267 $ 4,375 Industrial Solutions 1,702 2,134 3,836 Total $ 2,810 $ 5,401 $ 8,211 Six Months Ended June 28, 2020 Enterprise Solutions $ 835 $ 4,138 $ 4,973 Industrial Solutions 818 2,300 3,118 Total $ 1,653 $ 6,438 $ 8,091 The following table summarizes the costs of the various programs described above as well as other immaterial programs and acquisition integration activities by financial statement line item in the Condensed Consolidated Statement of Operations: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In Thousands) Cost of sales $ 1,103 $ 92 $ 1,363 $ 137 Selling, general and administrative expenses 1,937 4,380 6,848 7,954 Total $ 3,040 $ 4,472 $ 8,211 $ 8,091 The table below summarizes severance activity, included in accrued liabilities, for the Cost Reduction Program and the Acquisition Integration Program discussed above for the three and six months ended July 4, 2021 and June 28, 2020, respectively. 2021 2020 (In thousands) Beginning year balance $ 7,085 $ 19,575 New charges 2,060 2,529 Cash payments (1,798) (4,483) Foreign currency translation 49 (89) Other adjustments — (4,147) Balance at the end of Q1 7,396 13,385 New charges 458 4,660 Cash payments (1,023) (4,795) Foreign currency translation (4) (132) Other adjustments (59) (1,420) Balance at the end of Q2 $ 6,768 $ 11,698

Long-Term Debt and Other Borr_2

Long-Term Debt and Other Borrowing Arrangements (Tables)6 Months Ended
Jul. 04, 2021
Debt Disclosure [Abstract]
Carrying Values of Long-Term Debt and Other Borrowing ArrangementsThe carrying values of our long-term debt were as follows: July 4, 2021 December 31, 2020 (In thousands) Revolving credit agreement due 2026 $ — $ — Senior subordinated notes: 2.875% Senior subordinated notes due 2025 356,010 367,110 4.125% Senior subordinated notes due 2026 237,340 244,740 3.375% Senior subordinated notes due 2027 534,015 550,665 3.875% Senior subordinated notes due 2028 415,345 428,295 Total senior subordinated notes 1,542,710 1,590,810 Less unamortized debt issuance costs (15,663) (17,084) Long-term debt $ 1,527,047 $ 1,573,726

Pension and Other Postretirem_2

Pension and Other Postretirement Obligations (Tables)6 Months Ended
Jul. 04, 2021
Retirement Benefits [Abstract]
Components of Net Periodic Benefit CostsThe following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: Pension Obligations Other Postretirement Obligations Three Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Service cost $ 1,155 $ 892 $ 9 $ 8 Interest cost 1,897 2,410 186 195 Expected return on plan assets (4,527) (4,004) — — Amortization of prior service cost 28 45 — — Actuarial losses (gains) 976 673 (5) (19) Net periodic benefit cost (benefit) $ (471) $ 16 $ 190 $ 184 Pension Obligations Other Postretirement Obligations Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Service cost $ 2,041 $ 1,824 $ 18 $ 16 Interest cost 3,703 4,747 363 397 Expected return on plan assets (8,195) (7,944) — — Amortization of prior service cost 56 89 — — Actuarial losses (gains) 1,955 1,350 (11) (38) Net periodic benefit cost (benefit) $ (440) $ 66 $ 370 $ 375

Comprehensive Income and Accu_2

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables)6 Months Ended
Jul. 04, 2021
Equity [Abstract]
Total Comprehensive Income (Loss)The following table summarizes total comprehensive income (losses): Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 (In thousands) Net income (loss) $ 43,972 $ (67,881) $ 72,713 $ (79,100) Foreign currency translation adjustments, net of tax (22,257) (44,671) 30,507 (22,881) Adjustments to pension and postretirement liability, net of tax 763 372 1,527 755 Total comprehensive income (loss) 22,478 (112,180) 104,747 (101,226) Less: Comprehensive income (loss) attributable to noncontrolling interests (21) 171 (143) (9) Comprehensive income (loss) attributable to Belden $ 22,499 $ (112,351) $ 104,890 $ (101,217)
Components of Other Comprehensive Income (Loss), Net of TaxThe accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: Foreign Currency Translation Component Pension and Other Accumulated Other (In thousands) Balance at December 31, 2020 $ (131,181) $ (60,670) $ (191,851) Other comprehensive income attributable to Belden before reclassifications 31,910 — 31,910 Amounts reclassified from accumulated other comprehensive income (loss) (977) 1,527 550 Net current period other comprehensive income attributable to Belden 30,933 1,527 32,460 Balance at July 4, 2021 $ (100,248) $ (59,143) $ (159,391)
Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss)The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the six months ended July 4, 2021: Amount Reclassified from Accumulated Other Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (In thousands) Amortization of pension and other postretirement benefit plan items: Actuarial losses $ 1,944 (1) Prior service cost 56 (1) Total before tax 2,000 Tax benefit (473) Total net of tax $ 1,527 (1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16). (2) We reclassified $1.0 million of accumulated foreign currency translation gains associated with the sale of our oil and gas cable business in Brazil.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands6 Months Ended
Jul. 04, 2021USD ($)segmentJul. 04, 2021USD ($)Jul. 04, 2021USD ($)SegmentJun. 28, 2020USD ($)
Significant Accounting Policies [Line Items]
Number of global business platforms2 2
Payment for contingent consideration liability $ 31,400
Additional contribution commitments to joint venture $ 1,530
Hite additional contribution commitment to joint venture1,470
Standby Letters of Credit
Significant Accounting Policies [Line Items]
Loss contingency, range of possible loss, portion not accrued $ 6,900 6,900 $ 6,900
Bank Guaranties
Significant Accounting Policies [Line Items]
Loss contingency, range of possible loss, portion not accrued6,900 6,900 6,900
Surety Bonds
Significant Accounting Policies [Line Items]
Loss contingency, range of possible loss, portion not accrued $ 3,300 $ 3,300 $ 3,300
Hite
Significant Accounting Policies [Line Items]
Noncontrolling interest, ownership percentage by parent51.00%51.00%51.00%

Revenues - Major Product Catego

Revenues - Major Product Category (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Revenues $ 601,974 $ 424,811 $ 1,138,355 $ 888,337
Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues267,528 203,374 493,883 415,587
Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues334,446 221,437 644,472 472,750
Broadband & 5G
Disaggregation of Revenue [Line Items]
Revenues124,760 110,612 229,851 206,715
Broadband & 5G | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues124,760 110,612 229,851 206,715
Broadband & 5G | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues0 0 0 0
Cyber-security
Disaggregation of Revenue [Line Items]
Revenues26,120 25,726 53,825 51,445
Cyber-security | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues0 0 0 0
Cyber-security | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues26,120 25,726 53,825 51,445
Industrial Automation
Disaggregation of Revenue [Line Items]
Revenues308,326 195,711 590,647 421,305
Industrial Automation | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues0 0 0 0
Industrial Automation | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues308,326 195,711 590,647 421,305
Smart Buildings
Disaggregation of Revenue [Line Items]
Revenues142,768 92,762 264,032 208,872
Smart Buildings | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues142,768 92,762 264,032 208,872
Smart Buildings | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues $ 0 $ 0 $ 0 $ 0

Revenues - Location of Customer

Revenues - Location of Customer (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Revenues $ 601,974 $ 424,811 $ 1,138,355 $ 888,337
Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues267,528 203,374 493,883 415,587
Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues334,446 221,437 644,472 472,750
Americas
Disaggregation of Revenue [Line Items]
Revenues388,705 279,484 736,529 591,313
Americas | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues192,138 154,844 354,814 310,273
Americas | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues196,567 124,640 381,715 281,040
EMEA
Disaggregation of Revenue [Line Items]
Revenues127,230 83,410 246,446 185,238
EMEA | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues40,468 26,150 78,404 62,012
EMEA | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues86,762 57,260 168,042 123,226
APAC
Disaggregation of Revenue [Line Items]
Revenues86,039 61,917 155,380 111,786
APAC | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues34,922 22,380 60,665 43,302
APAC | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues $ 51,117 $ 39,537 $ 94,715 $ 68,484

Revenues Revenues - Estimated a

Revenues Revenues - Estimated and Accrued Variable Consideration (Details) - USD ($) $ in Thousands6 Months Ended12 Months Ended
Jul. 04, 2021Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accrued rebates $ 35,831 $ 32,192
Accrued returns12,003 13,016
Price adjustments recognized against gross accounts receivable $ 27,718 $ 25,244

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in ThousandsJul. 04, 2021Apr. 04, 2021Dec. 31, 2020Jun. 28, 2020Mar. 29, 2020Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Contract with customer, deferred revenues $ 82,077 $ 83,763 $ 77,648 $ 68,607 $ 69,485 $ 70,070
Contract with customer, deferred revenues, current57,300
Contract with customer, deferred revenues, noncurrent24,800
Deferred sales commission6,200 $ 4,600
Service-Type Warranties
Disaggregation of Revenue [Line Items]
Contract with customer, deferred revenues11,000
Contract with customer, deferred revenues, current3,900
Contract with customer, deferred revenues, noncurrent $ 7,100

Revenues - Deferred Revenue (De

Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands3 Months Ended
Jul. 04, 2021Apr. 04, 2021Jun. 28, 2020Mar. 29, 2020
Change in Contract with Customer, Liability [Abstract]
Beginning balance $ 83,763 $ 77,648 $ 69,485 $ 70,070
New deferrals20,596 24,505 21,322 23,830
Acquisition of OTN(2,740)5,997 0 0
Revenue recognized(19,542)(24,387)(22,200)(24,415)
Balance at end of period $ 82,077 $ 83,763 $ 68,607 $ 69,485

Revenues - Sales Commissions (D

Revenues - Sales Commissions (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
Sales commissions $ 4,715 $ 3,856 $ 8,592 $ 8,030

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($)Jan. 29, 2021Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020Dec. 31, 2019
Business Acquisition [Line Items]
Purchase price, net of cash acquired $ 73,749,000 $ (590,000)
Amortization of intangibles $ 9,102,000 $ 16,017,000 19,049,000 32,202,000
Selling, general and administrative expense105,554,000 $ 91,703,000 204,003,000 $ 190,092,000
OTN Systems N.V.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired100.00%
Purchase price, net of cash acquired $ 73,300,000
Long-term debt acquired1,841,000
Adjustment to goodwill200,000
Receivables5,036,000
Tax basis in acquired goodwill $ 0
Post-acquisition revenues8,800,000 12,900,000
Post-acquisition income (loss) before taxes of acquiree(800,000)(4,200,000)
Acquisition related costs300,000 1,700,000
Amortization of intangibles700,000 2,300,000
Inventory adjustment $ 1,200,000 2,000,000
Opterna International Corp.
Business Acquisition [Line Items]
Estimated earnout consideration0 $ 5,800,000
Selling, general and administrative expense $ 5,800,000

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in ThousandsJul. 04, 2021Jan. 29, 2021Dec. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill $ 1,286,617 $ 1,251,938
OTN Systems N.V.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Receivables $ 5,036
Inventories10,700
Other current assets1,361
Property, plant and equipment602
Intangible assets39,930
Goodwill39,550
Operating lease right-of-use assets4,144
Other long-lived assets706
Total assets acquired102,029
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable5,931
Accrued liabilities4,486
Deferred revenues3,260
Long-term debt1,841
Post retirement benefits3,581
Deferred income taxes5,522
Long-term operating lease liabilities3,271
Other long-term liabilities771
Total liabilities assumed28,663
Net assets73,366
Noncontrolling interests20
Net assets attributable to Belden $ 73,346

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in ThousandsJan. 29, 2021Jul. 04, 2021Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill $ 1,286,617 $ 1,251,938
OTN Systems N.V.
Business Acquisition [Line Items]
Total intangible assets subject to amortization $ 39,930
Goodwill39,550
Total intangible assets $ 79,480
Amortization Period8 years 6 months
OTN Systems N.V. | Goodwill
Business Acquisition [Line Items]
Goodwill $ 39,550
OTN Systems N.V. | Developed technologies
Business Acquisition [Line Items]
Total intangible assets subject to amortization $ 26,400
Amortization Period6 years 9 months 18 days
OTN Systems N.V. | Customer relationships
Business Acquisition [Line Items]
Total intangible assets subject to amortization $ 6,200
Amortization Period15 years
OTN Systems N.V. | Sales backlog
Business Acquisition [Line Items]
Total intangible assets subject to amortization $ 3,600
Amortization Period5 years
OTN Systems N.V. | Trademarks
Business Acquisition [Line Items]
Total intangible assets subject to amortization $ 3,070
Amortization Period14 years 9 months 18 days
OTN Systems N.V. | Non-compete agreements
Business Acquisition [Line Items]
Total intangible assets subject to amortization $ 660
Amortization Period2 years

Acquisitions - Schedule of Pro

Acquisitions - Schedule of Pro Forma Information (Details) - OTN Systems N.V. - USD ($) $ / shares in Units, $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Business Acquisition [Line Items]
Revenues $ 603,171 $ 432,941 $ 1,140,750 $ 901,641
Net income from continuing operations attributable to Belden common stockholders $ 38,133 $ 2,015 $ 61,503 $ 13,213
Diluted income from continuing operations per share attributable to Belden common stockholders $ 0.84 $ 0.05 $ 1.36 $ 0.29

Disposals (Details)

Disposals (Details) $ in ThousandsJul. 04, 2021USD ($)
Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, amount carrying value exceeds fair value $ 3,400
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration $ 10,900

Discontinued Operations (Detail

Discontinued Operations (Details) $ in ThousandsJul. 02, 2020USD ($)Jul. 04, 2021USD ($)Dec. 31, 2020USD ($)Jun. 28, 2020USD ($)Jul. 04, 2021USD ($)Jun. 28, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposal of business, net of cash sold $ 10,798 $ 0
Asset impairment charges6,995 113,007
Capital expenditure, discontinued operations $ 8,500 16,400
Stock-based compensation, income0 900
Grass Valley
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accrued interest $ 4,000 $ 7,700
Equity interest in divested business $ 3,000
Equity interest in divested business, percentage9.00%
Proceeds from sale and maturity of marketable securities $ 2,700
Asset impairment charges $ 89,800 $ 113,000
Grass Valley | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses $ 120,000
Proceeds from disposal of business, net of cash sold56,200
Deferred consideration - seller's note175,000
Paid-in-kind interest88,000
Deferred compensation - earnout payments $ 178,000
Payment in kind, annual interest rate0.085
Fair value of note $ 34,900

Discontinued Operations - Opera

Discontinued Operations - Operating Results of the Disposal Group (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment of discontinued operations $ (6,995) $ (113,007)
Grass Valley
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment of discontinued operations $ (89,800)(113,000)
Grass Valley | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues56,812 107,861
Cost of sales(33,989)(69,191)
Gross profit22,823 38,670
Selling, general and administrative expenses(19,342)(36,861)
Research and development expenses(5,974)(14,473)
Asset impairment of discontinued operations(89,810)(113,007)
Interest expense, net(214)(420)
Non-operating pension cost(111)(196)
Loss before taxes $ (92,628) $ (126,287)

Reportable Segments - Additiona

Reportable Segments - Additional Information (Details) - 6 months ended Jul. 04, 2021segmentSegment
Segment Reporting [Abstract]
Number of global business platforms2 2

Reportable Segments - Operating

Reportable Segments - Operating Segment Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Segment revenues $ 601,974 $ 424,811 $ 1,138,355 $ 888,337
Depreciation expense11,400 10,300 22,900 20,600
Amortization of intangibles9,102 16,017 19,049 32,202
Severance, restructuring, and acquisition integration costs3,040 4,472 8,211 8,091
Segment assets3,269,927 3,269,927 $ 3,139,734
Reportable Segment
Segment Reporting Information [Line Items]
Segment revenues602,823 424,811 1,139,204 888,337
Segment EBITDA92,000 48,680 171,469 108,919
Depreciation expense11,367 10,332 22,927 20,614
Amortization of intangibles9,102 16,017 19,049 32,202
Amortization of software development intangible assets607 386 1,296 716
Severance, restructuring, and acquisition integration costs3,040 4,472 8,211 8,091
Adjustments related to acquisitions and divestitures1,912 105 2,533 125
Segment assets1,147,960 967,629 1,147,960 967,629
Enterprise Solutions
Segment Reporting Information [Line Items]
Segment revenues267,528 203,374 493,883 415,587
Severance, restructuring, and acquisition integration costs2,460 2,423 4,375 4,973
Enterprise Solutions | Reportable Segment
Segment Reporting Information [Line Items]
Segment revenues267,528 203,374 493,883 415,587
Segment EBITDA35,269 22,231 63,375 46,943
Depreciation expense5,365 5,122 10,715 10,203
Amortization of intangibles4,439 5,354 8,775 10,858
Amortization of software development intangible assets20 56 52 111
Severance, restructuring, and acquisition integration costs2,460 2,423 4,375 4,973
Adjustments related to acquisitions and divestitures(32)105 (6,318)125
Segment assets522,635 502,767 522,635 502,767
Industrial Solutions
Segment Reporting Information [Line Items]
Segment revenues334,446 221,437 644,472 472,750
Severance, restructuring, and acquisition integration costs580 2,049 3,836 3,118
Industrial Solutions | Reportable Segment
Segment Reporting Information [Line Items]
Segment revenues335,295 221,437 645,321 472,750
Segment EBITDA56,731 26,449 108,094 61,976
Depreciation expense6,002 5,210 12,212 10,411
Amortization of intangibles4,663 10,663 10,274 21,344
Amortization of software development intangible assets587 330 1,244 605
Severance, restructuring, and acquisition integration costs580 2,049 3,836 3,118
Adjustments related to acquisitions and divestitures1,944 0 8,851 0
Segment assets $ 625,325 $ 464,862 $ 625,325 $ 464,862

Reportable Segments - Reconcili

Reportable Segments - Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment revenues $ 601,974 $ 424,811 $ 1,138,355 $ 888,337
Amortization of Intangible Assets(9,102)(16,017)(19,049)(32,202)
Depreciation expense(11,400)(10,300)(22,900)(20,600)
Severance, restructuring, and acquisition integration costs(3,040)(4,472)(8,211)(8,091)
Operating income65,957 17,130 117,405 46,838
Interest Income (Expense), Net14,878 14,257 30,389 27,581
Non-operating pension benefit1,445 700 2,129 1,399
Consolidated income from continuing operations before taxes52,524 3,573 89,145 20,656
OTN Systems N.V.
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Amortization of Intangible Assets(700)(2,300)
Inventory adjustment1,200 2,000
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment revenues602,823 424,811 1,139,204 888,337
Adjustments related to acquisitions849 0 849 0
Total Segment EBITDA92,000 48,680 171,469 108,919
Amortization of Intangible Assets(9,102)(16,017)(19,049)(32,202)
Depreciation expense(11,367)(10,332)(22,927)(20,614)
Severance, restructuring, and acquisition integration costs(3,040)(4,472)(8,211)(8,091)
Amortization of software development intangible assets(607)(386)(1,296)(716)
Purchase accounting effects related to acquisitions(1,912)(105)(2,533)(125)
Impairment of assets held-for-use3,600
Impairment of assets to be held for sale3,400
Collection of receivables, previously written off100 1,500
Reportable Segment | Opterna International Corp.
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Business combination, increase (decrease) in earn-out liability(5,800)
Reportable Segment | OTN Systems N.V.
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Inventory adjustment1,200 2,000
Deferred revenue adjustment800 800
Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Elimination $ (15) $ (238) $ (48) $ (333)

Income (loss) per Share - Basis

Income (loss) per Share - Basis for Income Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Numerator:
Income from continuing operations $ 43,972 $ 3,173 $ 72,713 $ 18,064
Less: Net income (loss) attributable to noncontrolling interest208 24 283 (6)
Income from continuing operations attributable to Belden stockholders43,764 3,149 72,430 18,070
Add: Loss from discontinued operations, net of tax0 (71,054)0 (97,164)
Net income (loss) attributable to Belden stockholders $ 43,764 $ (67,905) $ 72,430 $ (79,094)
Denominator:
Weighted average shares outstanding, basic (in shares)44,759 44,557 44,717 44,969
Effect of dilutive common stock equivalents (in shares)503 108 445 128
Weighted average shares outstanding, diluted (in shares)45,262 44,665 45,162 45,097

Income (loss) per Share - Addit

Income (loss) per Share - Additional Information (Details) - shares shares in Millions3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares)1.3 1.7 1.3 1.5
Anti-dilutive shares excluded from diluted weighted average shares outstanding due to performance conditions not being met (in shares)0.4 0.4 0.4 0.4

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Thousands3 Months Ended
Jul. 04, 2021Apr. 04, 2021Jun. 28, 2020Mar. 29, 2020Dec. 31, 2020Jan. 01, 2020Dec. 31, 2019
Credit Loss [Line Items]
Cumulative effect of change in accounting principle $ (874,098) $ (845,460) $ (829,882) $ (953,035) $ (757,051) $ (965,819)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable, allowance for credit loss, beginning balance5,135 5,150 3,186 2,569
Current period provision305 82 2,621 (172)
Disposals(192)0
Write-offs(20)(57)(52)0
Recoveries collected(36)(23)(100)(9)
Fx impact(25)(17)37 (213)
Accounts receivable, allowance for credit loss, ending balance5,167 5,135 5,692 3,186
Cumulative Effect, Period of Adoption, Adjustment
Credit Loss [Line Items]
Cumulative effect of change in accounting principle2,916
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable, allowance for credit loss, beginning balance0 1,011
Retained Earnings
Credit Loss [Line Items]
Cumulative effect of change in accounting principle $ (518,774) $ (477,279) $ (431,459) $ (501,611) $ (450,876)(518,004)
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Credit Loss [Line Items]
Cumulative effect of change in accounting principle $ 2,900 $ 2,916
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Continuing Operations
Credit Loss [Line Items]
Cumulative effect of change in accounting principle1,000
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Discontinued Operations
Credit Loss [Line Items]
Cumulative effect of change in accounting principle $ 1,900

Inventories - Major Classes of

Inventories - Major Classes of Inventories (Details) - USD ($) $ in ThousandsJul. 04, 2021Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials $ 139,282 $ 106,514
Work-in-process37,477 32,011
Finished goods163,281 141,042
Gross inventories340,040 279,567
Excess and obsolete reserves(35,219)(32,269)
Net inventories $ 304,821 $ 247,298

Leases Additional Information (

Leases Additional Information (Details) $ in Millions6 Months Ended
Jul. 04, 2021USD ($)
Lessee, Lease, Description [Line Items]
Renewal term15 years
Snell Advanced Media (SAM)
Lessee, Lease, Description [Line Items]
Lease guarantee, remaining lease payments $ 21.2
Minimum
Lessee, Lease, Description [Line Items]
Operating and finance lease, term of contract1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating and finance lease, term of contract15 years

Leases Components of Lease Expe

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Leases [Abstract]
Operating lease cost $ 4,998 $ 3,344 $ 8,846 $ 6,941
Amortization of right-of-use asset22 33 55 66
Interest on lease liabilities2 4 5 9
Total finance lease cost $ 24 $ 37 $ 60 $ 75

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Leases [Abstract]
Operating cash flows from operating leases $ 4,238 $ 3,670 $ 8,373 $ 7,461
Operating cash flows from finance leases2 4 5 9
Financing cash flows from finance leases $ 32 $ 41 $ 75 $ 87

Leases Supplemental Balance She

Leases Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in ThousandsJul. 04, 2021Dec. 31, 2020
Leases [Abstract]
Total operating lease right-of-use assets $ 59,509 $ 54,787
Accrued liabilities16,207 14,742
Long-term operating lease liabilities49,805 46,398
Total operating lease liabilities66,012 61,140
Other long-lived assets, at cost536 764
Accumulated depreciation(307)(483)
Other long-lived assets, net $ 229 $ 281
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]Accrued liabilitiesAccrued liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]Other long-lived assetsOther long-lived assets

Leases Supplemental Other Infor

Leases Supplemental Other Information Related To Leases (Details)Jul. 04, 2021Dec. 31, 2020
Weighted Average Remaining Lease Term
Operating leases5 years5 years
Finance leases2 years3 years
Weighted Average Discount Rate
Operating leases6.00%6.60%
Finance leases4.60%4.90%

Leases Maturities of Lease Liab

Leases Maturities of Lease Liabilities (Details) - USD ($) $ in ThousandsJul. 04, 2021Dec. 31, 2020
Leases [Abstract]
Lease liabilities, remainder of fiscal year $ 10,464
Lease liabilities, year one19,172 $ 19,250
Lease liabilities, year two15,096 16,305
Lease liabilities, year three11,950 12,552
Lease liabilities, year four10,843 9,516
Lease liabilities, year five8,718
Lease liabilities, Thereafter11,918 8,901
Lease liabilities, Total $ 79,443 $ 75,242

Long-Lived Assets - Additional

Long-Lived Assets - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Apr. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation expense $ 11,400 $ 10,300 $ 22,900 $ 20,600
Amortization of intangible assets including amortization of software development $ 9,700 $ 16,400 $ 20,300 $ 32,900
Selling, General and Administrative Expenses
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets to write down to fair value $ 3,600
Disposal Group, Not Discontinued Operations
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets to write down to fair value $ 3,400

Severance, Restructuring and Ac

Severance, Restructuring and Acquisition Integration Activities - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020Dec. 31, 2021Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs $ 3,040 $ 4,472 $ 8,211 $ 8,091
Restructuring and integration cost payable period60 days
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs1,937 4,380 $ 6,848 7,954
Cost Reduction Plan
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs1,200 3,500 3,500 3,000
Cost Reduction Plan | Forecast
Restructuring Cost and Reserve [Line Items]
Expected cost remaining $ 5,000
Cost Reduction Plan | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost $ 60,000
Acquisition Integration Program
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs $ 600 $ 900 $ 2,400 $ 3,100
Acquisition Integration Program | Forecast
Restructuring Cost and Reserve [Line Items]
Expected cost remaining $ 2,000

Severance, Restructuring and _2

Severance, Restructuring and Acquisition Integration Activities - Severance, Restructuring and Integration Costs by Segment (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Restructuring Cost and Reserve [Line Items]
Severance      $ 399 $ 3,240 $ 2,810 $ 1,653
Other Restructuring and Integration Costs2,641 1,232 5,401 6,438
Total Costs     3,040 4,472 8,211 8,091
Enterprise Solutions
Restructuring Cost and Reserve [Line Items]
Severance     64 1,467 1,108 835
Other Restructuring and Integration Costs2,396 956 3,267 4,138
Total Costs     2,460 2,423 4,375 4,973
Industrial Solutions
Restructuring Cost and Reserve [Line Items]
Severance     335 1,773 1,702 818
Other Restructuring and Integration Costs245 276 2,134 2,300
Total Costs      $ 580 $ 2,049 $ 3,836 $ 3,118

Severance, Restructuring, and_3

Severance, Restructuring, and Acquisition Integration Activities (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs $ 3,040 $ 4,472 $ 8,211 $ 8,091
Cost of sales
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs1,103 92 1,363 137
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs $ 1,937 $ 4,380 $ 6,848 $ 7,954

Restructuring and Related Activ

Restructuring and Related Activities (Details) - Accrued Severance - Cost Reduction Plan - USD ($) $ in Thousands3 Months Ended
Jul. 04, 2021Apr. 04, 2021Jun. 28, 2020Mar. 29, 2020
Restructuring Reserve [Roll Forward]
Beginning year balance $ 7,396 $ 7,085 $ 13,385 $ 19,575
New charges458 2,060 4,660 2,529
Cash payments(1,023)(1,798)(4,795)(4,483)
Foreign currency translation(4)49 (132)(89)
Other adjustments(59)0 (1,420)(4,147)
Balance at the end of period $ 6,768 $ 7,396 $ 11,698 $ 13,385

Long-Term Debt and Other Borr_3

Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Details) - USD ($) $ in ThousandsJul. 04, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Total senior subordinated notes $ 1,542,710 $ 1,590,810
Less unamortized debt issuance costs(15,663)(17,084)
Long-term debt1,527,047 1,573,726
Senior Subordinated Notes
Debt Instrument [Line Items]
Total senior subordinated notes1,542,700
Revolving credit agreement due 2026
Debt Instrument [Line Items]
Revolving credit agreement due 20260 0
2.875% Senior subordinated notes due 2025
Debt Instrument [Line Items]
Total senior subordinated notes $ 356,010 367,110
2.875% Senior subordinated notes due 2025 | Senior Subordinated Notes
Debt Instrument [Line Items]
Senior subordinated notes interest rate2.875%
4.125% Senior subordinated notes due 2026
Debt Instrument [Line Items]
Total senior subordinated notes $ 237,340 244,740
4.125% Senior subordinated notes due 2026 | Senior Subordinated Notes
Debt Instrument [Line Items]
Senior subordinated notes interest rate4.125%
3.375% Senior subordinated notes due 2027
Debt Instrument [Line Items]
Total senior subordinated notes $ 534,015 550,665
3.375% Senior subordinated notes due 2027 | Senior Subordinated Notes
Debt Instrument [Line Items]
Senior subordinated notes interest rate3.375%
3.875% Senior subordinated notes due 2028
Debt Instrument [Line Items]
Total senior subordinated notes $ 415,345 $ 428,295
3.875% Senior subordinated notes due 2028 | Senior Subordinated Notes
Debt Instrument [Line Items]
Senior subordinated notes interest rate3.875%

Long-Term Debt and Other Borr_4

Long-Term Debt and Other Borrowing Arrangements - Additional Information (Details)6 Months Ended
Jul. 04, 2021USD ($)Jul. 28, 2021EUR (€)Jul. 04, 2021EUR (€)Jun. 02, 2021USD ($)Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Senior subordinated notes $ 1,542,710,000 $ 1,590,810,000
Senior Subordinated Notes
Debt Instrument [Line Items]
Senior subordinated notes1,542,700,000
Fair value of senior subordinated notes1,584,000,000
Revolving credit agreement due 2026
Debt Instrument [Line Items]
Revolving credit agreement, maximum borrowing capacity $ 20,000,000 $ 300,000,000
Commitment fee percentage0.25%
Fixed charge coverage, minimum threshold (as a percent)90.00%
Debt instrument, fee amount $ 1,700,000
Long-term line of credit0 0
Revolving credit agreement, available borrowing capacity $ 294,100,000
Revolving credit agreement due 2026 | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)1.25%
Revolving credit agreement due 2026 | Minimum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)0.25%
Revolving credit agreement due 2026 | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)1.75%
Revolving credit agreement due 2026 | Maximum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)0.75%
2.875% Senior subordinated notes due 2025
Debt Instrument [Line Items]
Senior subordinated notes $ 356,010,000 367,110,000
2.875% Senior subordinated notes due 2025 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | € € 300,000,000
Senior subordinated notes interest rate2.875%2.875%
4.125% Senior subordinated notes due 2026
Debt Instrument [Line Items]
Senior subordinated notes $ 237,340,000 244,740,000
4.125% Senior subordinated notes due 2026 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | € € 200,000,000
Senior subordinated notes interest rate4.125%4.125%
3.375% Senior subordinated notes due 2027
Debt Instrument [Line Items]
Senior subordinated notes $ 534,015,000 550,665,000
3.375% Senior subordinated notes due 2027 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | € € 450,000,000
Senior subordinated notes interest rate3.375%3.375%
3.875% Senior subordinated notes due 2028
Debt Instrument [Line Items]
Senior subordinated notes $ 415,345,000 $ 428,295,000
3.875% Senior subordinated notes due 2028 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | € € 350,000,000
Senior subordinated notes interest rate3.875%3.875%
3.375% Senior Subordinated Notes Due 2031 | Senior Subordinated Notes | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | € € 300,000,000
Senior subordinated notes interest rate3.375%

Net Investment Hedge (Details)

Net Investment Hedge (Details) $ in Thousands, € in Millions3 Months Ended6 Months Ended
Jul. 04, 2021USD ($)Jun. 28, 2020USD ($)Jul. 04, 2021USD ($)Jun. 28, 2020EUR (€)Jun. 28, 2020USD ($)Jul. 04, 2021EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative translation adjustment | $ $ (22,257) $ (44,671) $ 30,507 $ (22,881)
Senior subordinated debt, dedesignated | € € 532.2
Senior Subordinated Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Senior subordinated debt, hedged | € € 767.8
Cumulative translation adjustment | $ $ 28,800 $ 18,200

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Income Tax Disclosure [Abstract]
Income tax expense $ 8,552 $ 400 $ 16,432 $ 2,592
Effective tax rate16.30%11.20%18.40%12.50%
Income tax credits and adjustments $ 100 $ 1,200

Pension and Other Postretirem_3

Pension and Other Postretirement Obligations - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Pension Obligations
Defined Benefit Plan Disclosure [Line Items]
Service cost $ 1,155 $ 892 $ 2,041 $ 1,824
Interest cost1,897 2,410 3,703 4,747
Expected return on plan assets(4,527)(4,004)(8,195)(7,944)
Amortization of prior service cost28 45 56 89
Actuarial losses (gains)976 673 1,955 1,350
Net periodic benefit cost (benefit)(471)16 (440)66
Other Postretirement Obligations
Defined Benefit Plan Disclosure [Line Items]
Service cost9 8 18 16
Interest cost186 195 363 397
Expected return on plan assets0 0 0 0
Amortization of prior service cost0 0 0 0
Actuarial losses (gains)(5)(19)(11)(38)
Net periodic benefit cost (benefit) $ 190 $ 184 $ 370 $ 375

Comprehensive Income and Accu_3

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Apr. 04, 2021Jun. 28, 2020Mar. 29, 2020Jul. 04, 2021Jun. 28, 2020
Equity [Abstract]
Net income (loss) $ 43,972 $ 28,741 $ (67,881) $ (11,219) $ 72,713 $ (79,100)
Foreign currency translation adjustments, net of tax(22,257)(44,671)30,507 (22,881)
Adjustments to pension and postretirement liability, net of tax763 372 1,527 755
Total comprehensive income (loss)22,478 (112,180)104,747 (101,226)
Less: Comprehensive income (loss) attributable to noncontrolling interests(21)171 (143)(9)
Comprehensive income (loss) attributable to Belden $ 22,499 $ (112,351) $ 104,890 $ (101,217)

Comprehensive Income and Accu_4

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Apr. 04, 2021Jun. 28, 2020Mar. 29, 2020Jul. 04, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance $ 845,460 $ 757,051 $ 953,035 $ 965,819 $ 757,051
Net current period other comprehensive income attributable to Belden(21,494)53,528 (44,299)22,173
Ending balance874,098 845,460 829,882 953,035 874,098
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance(138,126)(191,851)(41,095)(63,418)(191,851)
Other comprehensive income attributable to Belden before reclassifications31,910
Amounts reclassified from accumulated other comprehensive income (loss)550
Net current period other comprehensive income attributable to Belden(21,265)53,725 (44,446)22,323 32,460
Ending balance(159,391)(138,126) $ (85,541) $ (41,095)(159,391)
Foreign Currency Translation Component
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance(131,181)(131,181)
Other comprehensive income attributable to Belden before reclassifications31,910
Amounts reclassified from accumulated other comprehensive income (loss)(977)
Net current period other comprehensive income attributable to Belden30,933
Ending balance(100,248)(100,248)
Pension and Other  Postretirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance $ (60,670)(60,670)
Other comprehensive income attributable to Belden before reclassifications0
Amounts reclassified from accumulated other comprehensive income (loss)1,527
Net current period other comprehensive income attributable to Belden1,527
Ending balance $ (59,143) $ (59,143)

Comprehensive Income and Accu_5

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jul. 04, 2021Jun. 28, 2020Jul. 04, 2021Jun. 28, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax $ 52,524 $ 3,573 $ 89,145 $ 20,656
Income tax expense(8,552)(400)(16,432)(2,592)
Net income (loss) attributable to Belden stockholders $ 43,764 $ (67,905)72,430 $ (79,094)
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other  Postretirement Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax2,000
Income tax expense(473)
Net income (loss) attributable to Belden stockholders1,527
Reclassification out of Accumulated Other Comprehensive Income | Actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other nonoperating expense (income)1,944
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other nonoperating expense (income)56
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Component | Grass Valley
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other nonoperating expense (income) $ 1,000

Share Repurchase (Details)

Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions3 Months Ended6 Months Ended
Jun. 28, 2020Mar. 29, 2020Jun. 28, 2020Nov. 29, 2018
Equity [Abstract]
Stock repurchase program, authorized amount $ 300,000,000
Shares repurchase program (in shares)0.4 1
Value of shares repurchased $ 13,761,000 $ 21,239,000 $ 35,000,000
Treasury stock acquired, average cost per share (in usd per share) $ 35.80 $ 35.83

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - 3.375% Senior Subordinated Notes Due 2031 - Senior Subordinated NotesJul. 28, 2021EUR (€)
Subsequent Event [Line Items]
Debt instrument, face amount € 300,000,000
Senior subordinated notes interest rate3.375%