10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 _________________________________________________

FORM 10-Q

_________________________________________________ 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

Commission File No. 001-12561 

_________________________________________________ 

BELDEN INC.

(Exact name of registrant as specified in its charter)

_________________________________________________

Delaware	36-3601505
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1 North Brentwood Boulevard

15th Floor

St. Louis, Missouri 63105

(Address of principal executive offices)

(314) 854-8000

Registrant’s telephone number, including area code

_________________________________________________ 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑  No ☐.

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑  No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑   Accelerated filer ☐       Non-accelerated filer ☐       Smaller reporting company ☐    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No  ☑

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols	Name of each exchange on which registered
Common stock, $0.01 par value	BDC	New York Stock Exchange

As of July 31, 2019, the Registrant had 45,452,492 outstanding shares of common stock.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2019			December 31, 2018
	(Unaudited)
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	295,243		$	420,610
Receivables, net	451,487			465,939
Inventories, net	309,711			316,418
Other current assets	60,017			55,757
Total current assets	1,116,458			1,258,724
Property, plant and equipment, less accumulated depreciation	383,067			365,970
Operating lease right-of-use assets	84,099			—
Goodwill	1,607,848			1,557,653
Intangible assets, less accumulated amortization	506,706			511,093
Deferred income taxes	90,112			56,018
Other long-lived assets	34,690			29,863
	$	3,822,980		$	3,779,321
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	266,897		$	352,646
Accrued liabilities	323,124			364,276
Total current liabilities	590,021			716,922
Long-term debt	1,457,571			1,463,200
Postretirement benefits	131,023			132,791
Deferred income taxes	79,224			39,943
Long-term operating lease liabilities	77,679			—
Other long-term liabilities	53,929			38,877
Stockholders’ equity:
Preferred stock	1			1
Common stock	503			503
Additional paid-in capital	1,143,494			1,139,395
Retained earnings	967,970			922,000
Accumulated other comprehensive loss	(62,591		)	(74,907		)
Treasury stock	(621,167		)	(599,845		)
Total Belden stockholders’ equity	1,428,210			1,387,147
Noncontrolling interests	5,323			441
Total stockholders’ equity	1,433,533			1,387,588
	$	3,822,980		$	3,779,321

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

- 1-

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
	(In thousands, except per share data)
Revenues	$	637,530		$	668,639		$	1,224,705		$	1,274,204
Cost of sales	(396,507		)	(411,043		)	(758,954		)	(786,014		)
Gross profit	241,023			257,596			465,751			488,190
Selling, general and administrative expenses	(122,482		)	(138,842		)	(245,270		)	(263,714		)
Research and development expenses	(35,034		)	(37,209		)	(69,188		)	(74,310		)
Amortization of intangibles	(22,368		)	(25,039		)	(45,709		)	(49,457		)
Operating income	61,139			56,506			105,584			100,709
Interest expense, net	(14,168		)	(15,088		)	(28,361		)	(32,066		)
Non-operating pension benefit (cost)	481			(257		)	1,028			(532		)
Loss on debt extinguishment	—			(3,030		)	—			(22,990		)
Income before taxes	47,452			38,131			78,251			45,121
Income tax expense	(5,162		)	(9,339		)	(10,783		)	(13,759		)
Net income	42,290			28,792			67,468			31,362
Less: Net income (loss) attributable to noncontrolling interests	90			(77		)	66			(125		)
Net income attributable to Belden	42,200			28,869			67,402			31,487
Less: Preferred stock dividends	8,733			8,733			17,466			17,466
Net income attributable to Belden common stockholders	$	33,467		$	20,136		$	49,936		$	14,021
Weighted average number of common shares and equivalents:
Basic	39,389			40,735			39,405			41,184
Diluted	39,611			40,974			39,635			41,492
Basic income per share attributable to Belden common stockholders	$	0.85		$	0.49		$	1.27		$	0.34
Diluted income per share attributable to Belden common stockholders	$	0.84		$	0.49		$	1.26		$	0.34
Comprehensive income attributable to Belden	$	25,507		$	89,897		$	79,718		$	61,107
Common stock dividends declared per share	$	0.05		$	0.05		$	0.10		$	0.10

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

- 2-

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

	Six Months Ended
	June 30, 2019			July 1, 2018
	(In thousands)
Cash flows from operating activities:
Net income	$	67,468		$	31,362
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	72,739			74,072
Share-based compensation	7,594			7,868
Loss on debt extinguishment	—			22,990
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:
Receivables	20,329			(12,370		)
Inventories	17,351			(14,486		)
Accounts payable	(91,542		)	(84,689		)
Accrued liabilities	(59,410		)	(30,351		)
Income taxes	(12,361		)	(4,142		)
Other assets	5,092			(17,275		)
Other liabilities	(5,615		)	(2,341		)
Net cash provided by (used for) operating activities	21,645			(29,362		)
Cash flows from investing activities:
Capital expenditures	(50,769		)	(39,493		)
Cash used to acquire businesses, net of cash acquired	(50,517		)	(84,580		)
Proceeds from disposal of tangible assets	19			1,517
Proceeds from disposal of business	—			40,171
Net cash used for investing activities	(101,267		)	(82,385		)
Cash flows from financing activities:
Payments under share repurchase program	(22,815		)	(100,000		)
Cash dividends paid	(21,448		)	(22,034		)
Withholding tax payments for share-based payment awards	(2,002		)	(1,579		)
Other	(173		)	—
Payments under borrowing arrangements	—			(484,757		)
Debt issuance costs paid	—			(7,469		)
Redemption of stockholders' rights agreement	—			(411		)
Borrowings under credit arrangements	—			431,270
Net cash used for financing activities	(46,438		)	(184,980		)
Effect of foreign currency exchange rate changes on cash and cash equivalents	693			(2,932		)
Decrease in cash and cash equivalents	(125,367		)	(299,659		)
Cash and cash equivalents, beginning of period	420,610			561,108
Cash and cash equivalents, end of period	$	295,243		$	261,449

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

- 3-

BELDEN INC.

CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS

(Unaudited)

		Belden Inc. Stockholders
	Mandatory Convertible							Additional											Accumulated Other			Non-controlling
	Preferred Stock				Common Stock			Paid-In			Retained			Treasury Stock					Comprehensive
	Shares		Amount		Shares	Amount		Capital			Earnings			Shares		Amount			Income (Loss)			Interests			Total
		(In thousands)
Balance at December 31, 2018	52		$	1	50,335	$	503	$	1,139,395		$	922,000		(10,939	)	$	(599,845	)	$	(74,907	)	$	441		$	1,387,588
Net income (loss)	—		—		—	—		—			25,202			—		—			—			(24		)	25,178
Other comprehensive income, net of tax	—		—		—	—		—			—			—		—			29,009			1			29,010
Exercise of stock options, net of tax withholding forfeitures	—		—		—	—		(54		)	—			1		16			—			—			(38		)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	—		—		—	—		(2,570		)	—			58		668			—			—			(1,902		)
Share-based compensation	—		—		—	—		2,216			—			—		—			—			—			2,216
Preferred stock dividends ($168.75 per share)	—		—		—	—		—			(8,733		)	—		—			—			—			(8,733		)
Common stock dividends ($0.05 per share)	—		—		—	—		—			(1,990		)	—		—			—			—			(1,990		)
Balance at March 31, 2019	52		$	1	50,335	$	503	$	1,138,987		$	936,479		(10,880	)	$	(599,161	)	$	(45,898	)	$	418		$	1,431,329
Net income	—		—		—	—		—			42,200			—		—			—			90			42,290
Other comprehensive income (loss), net of tax	—		—		—	—		—			—			—		—			(16,693		)	40			(16,653		)
Acquisition of business with noncontrolling interests	—		—		—	—		—			—			—		—			—			4,775			4,775
Exercise of stock options, net of tax withholding forfeitures	—		—		—	—		(10		)	—			—		2			—			—			(8		)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	—		—		—	—		(861		)	—			29		807			—			—			(54		)
Share repurchase program	—		—		—	—		—			—			(397	)	(22,815		)	—			—			(22,815		)
Share-based compensation	—		—		—	—		5,378			—			—		—			—			—			5,378
Preferred stock dividends ($168.75 per share)	—		—		—	—		—			(8,733		)	—		—			—			—			(8,733		)
Common stock dividends ($0.05 per share)	—		—		—	—		—			(1,976		)	—		—			—			—			(1,976		)
Balance at June 30, 2019	52		$	1	50,335	$	503	$	1,143,494		$	967,970		(11,248	)	$	(621,167	)	$	(62,591	)	$	5,323		$	1,433,533

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		Belden Inc. Stockholders
	Mandatory Convertible							Additional											Accumulated Other			Non-controlling
	Preferred Stock				Common Stock			Paid-In			Retained			Treasury Stock					Comprehensive
	Shares		Amount		Shares	Amount		Capital			Earnings			Shares		Amount			Income (Loss)			Interests			Total
		(In thousands)
Balance at December 31, 2017	52		$	1	50,335	$	503	$	1,123,832		$	833,610		(8,316	)	$	(425,685	)	$	(98,026	)	$	631		$	1,434,866
Cumulative effect of change in accounting principles	—		—		—	—		—			(29,041		)	—		—			—			—			(29,041		)
Net income (loss)	—		—		—	—		—			2,618			—		—			—			(48		)	2,570
Other comprehensive income (loss), net of tax	—		—		—	—		—			—			—		—			(31,408		)	16			(31,392		)
Exercise of stock options, net of tax withholding forfeitures	—		—		—	—		(352		)	—			7		(9		)	—			—			(361		)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	—		—		—	—		(1,242		)	—			27		100			—			—			(1,142		)
Share repurchase program	—		—		—	—		—			—			(1,050	)	(75,270		)	—			—			(75,270		)
Share-based compensation	—		—		—	—		3,126			—			—		—			—			—			3,126
Redemption of stockholders' rights agreement	—		—		—	—		—			(411		)	—		—			—			—			(411		)
Preferred stock dividends ($168.75 per share)	—		—		—	—		—			(8,733		)	—		—			—			—			(8,733		)
Common stock dividends ($0.05 per share)	—		—		—	—		—			(2,066		)	—		—			—			—			(2,066		)
Balance at April 1, 2018	52		$	1	50,335	$	503	$	1,125,364		$	795,977		(9,332	)	$	(500,864	)	$	(129,434	)	$	599		$	1,292,146
Cumulative effect of change in accounting principles	—		—		—	—		—			—			—		—			—			—			—
Net income (loss)	—		—		—	—		—			28,869			—		—			—			(77		)	28,792
Other comprehensive income (loss), net of tax	—		—		—	—		—			—			—		—			61,028			(17		)	61,011
Exercise of stock options, net of tax withholding forfeitures	—		—		—	—		(64		)	—			2		20			—			—			(44		)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	—		—		—	—		(552		)	—			19		520			—			—			(32		)
Share repurchase program	—		—		—	—		—			—			(388	)	(24,730		)	—			—			(24,730		)
Share-based compensation	—		—		—	—		4,742			—			—		—			—			—			4,742
Preferred stock dividends ($168.75 per share)	—		—		—	—		—			(8,733		)	—		—			—			—			(8,733		)
Common stock dividends ($0.05 per share)	—		—		—	—		—			(2,042		)	—		—			—			—			(2,042		)
Balance at July 1, 2018	52		$	1	50,335	$	503	$	1,129,490		$	814,071		(9,699	)	$	(525,054	)	$	(68,406	)	$	505		$	1,351,110

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

- 5-

BELDEN INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1:  Summary of Significant Accounting Policies

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation.

The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2018:

• 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 2018 Annual Report on Form 10-K.

Business Description

We are a signal transmission solutions provider built around two global business platforms – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound, and video for mission critical applications.

Reporting Periods

Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 31, 2019, the 90th day of our fiscal year 2019. Our fiscal second and third quarters each have 91 days. The six months ended June 30, 2019 and July 1, 2018 included 181 and 182 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 June 30, 2019 and July 1, 2018, 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). We did not have any transfers between Level 1 and Level 2 fair value measurements during the six months ended June 30, 2019 and July 1, 2018.

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 June 30, 2019, 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.

- 6-

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 materially adverse effect on our financial position, results of operations, or cash flow.

As of June 30, 2019, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.4 million, $3.6 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. See Note 17.

Current-Year Adoption of Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"), a leasing standard for both lessees and lessors that supersedes the lease requirements in Accounting Standards Codification (ASC) Topic 840, "Leases." Under its core principle, a lessee will recognize a right-of-use (ROU) asset and lease liability on the balance sheet for nearly all leased assets, and additional disclosures are required to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Lessor accounting remains largely consistent with existing U.S. generally accepted accounting principles. We adopted ASU 2016-02 on January 1, 2019 using the permitted transition method issued in July 2018, under ASU No. 2018-11 (“ASU 2018-11”), Leases: Targeted Improvements, which provides an additional (and optional) transition method for adopting the new lease standard. Furthermore, we elected the following practical expedients and accounting policy elections upon adoption: (i) the package of practical expedients as defined in ASU 2016-02, (ii) the short-term lease accounting policy election, (iii) the practical expedient to not separate non-lease components from lease components, and (iv) the easement practical expedient, which permits an entity to continue applying its current policy for accounting for land easements that existed as of the effective date of ASU 2016-02. The adoption of ASU 2016-02 on January 1, 2019 resulted in the recognition of right-of-use assets of approximately $90.5 million and lease liabilities for operating leases of approximately $103.4 million on the Condensed Consolidated Balance Sheet, with no material impact to the Condensed Consolidated Statements of Operations or Condensed Consolidated Cash Flow Statement. The difference between the initial lease liabilities and the ROU assets is related primarily to previously existing lease liabilities. See Note 7 for further information regarding the impact of the adoption of ASU 2016-02 on the Company's financial statements.

In August 2017, the FASB issued Accounting Standards Update No. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The new guidance better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The new guidance also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The standard is effective for fiscal years beginning after December 15, 2018. We adopted ASU 2017-12 effective January 1, 2019. The adoption had no impact on our results of operations.

In February 2018, the FASB issued ASU No. 2018-02 (“ASU 2018-02”), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 provides an option to allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The new guidance is effective for annual and interim periods beginning after December 15, 2018. We adopted ASU 2018-02 effective January 1, 2019, and elected to not reclassify the income tax effects of the Act from accumulated other comprehensive income to retained earnings. The adoption had no impact on our results of operations.

- 7-

In June 2018, the FASB issued ASU No. 2018-07 (“ASU 2018-07”), Improvements to Nonemployee Share-Based Payment Accounting. The amendments in ASU 2018-07 expand the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees, and provide that non-employee share-based payment awards be measured at their grant-date fair value and the probability of satisfying performance conditions be taken into account when non-employee share-based payment awards contain such conditions. The standard is effective for fiscal years beginning after December 15, 2018. We adopted ASU 2018-07 effective January 1, 2019. The adoption had no impact on our results of operations.

In August 2018, the Securities and Exchange Commission (“SEC”) adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. Additionally, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period presented. This final rule was effective on November 5, 2018. We implemented SEC Release No. 33-10532 effective January 1, 2019, which had no impact on our results of operations.

Pending Adoption of Recent Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses. The main provisions of ASU 2016-13 provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date, and require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The new standard will be effective for us beginning January 1, 2020. Early adoption is permitted. We are currently evaluating the impact this update will have on our consolidated financial statements and related disclosures.

Note 2:  Revenues

Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. The following tables present our revenues disaggregated by major product category.

	Cable & Connectivity		Networking, Software & Security		Total Revenues
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	268,382	$	101,480	$	369,862
Industrial Solutions	167,121		100,547		267,668
Total	$	435,503	$	202,027	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	279,567	$	117,326	$	396,893
Industrial Solutions	172,880		98,866		271,746
Total	$	452,447	$	216,192	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	502,053	$	194,336	$	696,389
Industrial Solutions	325,629		202,687		528,316
Total	$	827,682	$	397,023	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	514,042	$	231,983	$	746,025
Industrial Solutions	335,602		192,577		528,179
Total	$	849,644	$	424,560	$	1,274,204

The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.

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	Americas		EMEA		APAC		Total Revenues
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	244,670	$	72,932	$	52,260	$	369,862
Industrial Solutions	154,261		71,722		41,685		267,668
Total	$	398,931	$	144,654	$	93,945	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	256,191	$	82,595	$	58,107	$	396,893
Industrial Solutions	155,529		73,979		42,238		271,746
Total	$	411,720	$	156,574	$	100,345	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	455,934	$	140,252	$	100,203	$	696,389
Industrial Solutions	306,835		145,037		76,444		528,316
Total	$	762,769	$	285,289	$	176,647	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	481,474	$	155,927	$	108,624	$	746,025
Industrial Solutions	305,333		146,571		76,275		528,179
Total	$	786,807	$	302,498	$	184,899	$	1,274,204

The following tables present our revenues disaggregated by products, including software products, and support and services.

	Products		Support & Services		Total Revenues
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	350,270	$	19,592	$	369,862
Industrial Solutions	245,440		22,228		267,668
Total	$	595,710	$	41,820	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	379,416	$	17,477	$	396,893
Industrial Solutions	248,022		23,724		271,746
Total	$	627,438	$	41,201	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	658,129	$	38,260	$	696,389
Industrial Solutions	484,144		44,172		528,316
Total	$	1,142,273	$	82,432	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	712,160	$	33,865	$	746,025
Industrial Solutions	480,075		48,104		528,179
Total	$	1,192,235	$	81,969	$	1,274,204

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

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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 June 30, 2019 and July 1, 2018.

The following table presents estimated and accrued variable consideration:

	June 30, 2019		July 1, 2018
	(in thousands)
Accrued rebates	$	24,178	$	23,586
Accrued returns	13,249		8,676
Price adjustments recognized against gross accounts receivable	29,762		26,581

Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future 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 when or as the services are performed depending on the terms of the arrangement. As of June 30, 2019, total deferred revenue was $107.4 million, and of this amount, $94.2 million is expected to be recognized within the next twelve months, and the remaining $13.2 million is long-term and is expected to be recognized over a period greater than twelve months.

The following table presents deferred revenue activity:

	Six Months Ended
	June 30, 2019			July 1, 2018
	(In thousands)
Beginning balance	$	113,300		$	104,400
New deferrals	92,213			90,583
Revenue recognized	(98,100		)	(98,600		)
Ending balance	$	107,413		$	96,383

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 $3.3 million as of June 30, 2019 and $2.3 million as of July 1, 2018. The following table presents sales commissions that are recorded within selling, general and administrative expenses:

	Three Months ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(in thousands)
Sales commissions	$	5,185	$	6,332	$	10,769	$	12,461

Note 3:  Acquisitions

Opterna International Corp.

We acquired 100% of the shares of Opterna International Corp. (Opterna) on April 15, 2019 for a preliminary purchase price, net of cash acquired, of $61.5 million. Of the $61.5 million purchase price, $45.5 million was paid on April 15, 2019 and was funded with cash on hand. The acquisition included a potential earnout, which is based upon future Opterna financial targets through April 15, 2021. The maximum earnout consideration is $25.0 million, but based upon a third party valuation specialist using certain assumptions in a discounted cash flow model, the estimated fair value of the earnout included in the purchase price was $16.0 million. Opterna is an international fiber optics solutions business based in Sterling, Virginia, which designs and manufactures a range of complementary fiber connectivity, cabinet, and enclosure products used in optical networks. The results of Opterna have been included in our Consolidated Financial Statements from April 15, 2019, and are reported within the Enterprise Solutions segment. Certain subsidiaries of Opterna include noncontrolling interests. Because Opterna has a controlling financial interest in

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these subsidiaries, they are consolidated into our financial statements. The results that are attributable to the noncontrolling interest holders are presented as net income attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. An immaterial amount of Opterna's revenues are generated from transactions with the noncontrolling interests. The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of April 15, 2019 (in thousands):

Receivables	$	5,308
Inventory	8,491
Prepaid and other current assets	566
Property, plant, and equipment	1,328
Intangible assets	26,900
Goodwill	44,973
Deferred income taxes	36
Operating lease right-to-use assets	2,204
Other long-lived assets	2,070
Total assets acquired	$	91,876
Accounts payable	$	4,847
Accrued liabilities	4,346
Long-term deferred tax liability	7,316
Long-term operating lease liability	1,923
Other long-term liabilities	7,153
Total liabilities assumed	$	25,585
Net assets	$	66,291
Noncontrolling interests	4,775
Net assets attributable to Belden	$	61,516

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.

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 $5.3 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, 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 (Level 3 valuation). Our preliminary estimate of the fair values for the noncontrolling interests were based on the comparable EBITDA multiple valuation technique (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 expansion of product offerings in the optical fiber market. Our tax basis in the acquired goodwill is zero. The intangible assets related to the acquisition consisted of the following:

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	Fair Value		Amortization Period
	(In thousands)		(In years)
Intangible assets subject to amortization:
Developed technologies	$	3,500	5.0
Customer relationships	22,000		15.0
Sales backlog	900		0.5
Trademarks	500		2.0
Total intangible assets subject to amortization	$	26,900
Intangible assets not subject to amortization:
Goodwill	$	44,973	n/a
Total intangible assets not subject to amortization	$	44,973
Total intangible assets	$	71,873
Weighted average amortization period			13.0 years

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.

Our consolidated revenues and consolidated income before taxes for the three and six months ended June 30, 2019 included $8.8 million and $(0.1) million, respectively, from Opterna. The income before taxes from Opterna included $0.9 million of amortization of intangible assets and $0.6 million of cost of sales related to the adjustment of acquired inventory to fair value. Consolidated net income for the three and six months ended June 30, 2019 included $0.1 million of net income attributable to noncontrolling interests of Opterna.

The following table illustrates the unaudited pro forma effect on operating results as if the Opterna acquisition had been completed as of January 1, 2018.

	Three Months Ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	637,530	$	675,343	$	1,233,321	$	1,287,431
Net income attributable to Belden common stockholders	36,045		19,977		52,531		11,664
Diluted income per share attributable to Belden common stockholders	$	0.91	$	0.49	$	1.33	$	0.28

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.

FutureLink

We acquired the FutureLink product line and related assets from Suttle, Inc. on April 5, 2019 for a preliminary purchase price of $5 million that was funded with cash on hand. The acquisition of FutureLink allows us to offer a more complete set of fiber product offerings. The results from the acquisition of FutureLink have been included in our Condensed Consolidated Financial Statements from April 5, 2019, and are reported within the Enterprise Solutions segment. The acquisition of FutureLink was not material to our financial position or results of operations.

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Net-Tech Technology, Inc.

We acquired 100% of the shares of Net-Tech Technology, Inc. (NT2) on April 25, 2018 for a purchase price of $8.5 million that was funded with cash on hand. NT2 is an integrator of optical passive components and network optimization products used within broadband network applications where optical backhaul is used. NT2 is located in the United States. The results of NT2 have been included in our Consolidated Financial Statements from April 25, 2018, and are reported within the Enterprise Solutions segment. The NT2 acquisition was not material to our financial position or results of operations.

Snell Advanced Media

We acquired 100% of the outstanding ownership interest in Snell Advanced Media (SAM) on February 8, 2018 for a purchase price, net of cash acquired, of $104.6 million. Of the $104.6 million purchase price, $75.2 million was paid on February 8, 2018 and was funded with cash on hand. The acquisition included a potential earnout, which is based upon future combined earnings of SAM and Grass Valley through December 31, 2019. The maximum earnout consideration is $31.4 million, but based upon a third party valuation specialist using certain assumptions in a discounted cash flow model, the estimated fair value of the earnout included in the purchase price was $29.3 million. We assumed debt of $19.3 million and paid it off during the first quarter of 2018. During the first quarter of 2019, we signed a settlement agreement with the sellers of SAM for claims arising over the timing of the earnout consideration outlined in the purchase agreement, and as part of the settlement, the parties agreed that the maximum earnout consideration of $31.4 million would be payable during the first quarter 2020, unless earlier payment is required as per the terms of the purchase agreement. SAM designs, manufactures, and sells innovative content production and distribution systems for the broadcast and media markets. SAM is located in the United Kingdom. The results of SAM have been included in our Consolidated Financial Statements from February 8, 2018, and are reported within the Enterprise Solutions segment. The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of February 8, 2018 (in thousands):

Receivables	$	16,551
Inventory	15,084
Prepaid and other current assets	3,799
Property, plant, and equipment	7,716
Intangible assets	51,000
Goodwill	103,466
Deferred income taxes	1,388
Other long-lived assets	3,046
Total assets acquired	$	202,050
Accounts payable	$	11,825
Accrued liabilities	25,135
Deferred revenue	8,860
Long-term debt	19,315
Postretirement benefits	31,774
Other long-term liabilities	591
Total liabilities assumed	$	97,500
Net assets	$	104,550

During 2019, we did not record any significant measurement-period adjustments.

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 fair values assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations.

The fair value of acquired receivables is $16.6 million, which is equivalent to its gross contractual amount.

For purposes of the above allocation, we based our estimate of the fair values for the acquired inventory; property, plant, and equipment; intangible assets; and deferred revenue on valuation studies performed by a third party valuation firm. We have estimated a 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

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allowance for our post acquisition selling efforts. To determine the value of the acquired property, plant, and equipment, we used various valuation methods, including both the market approach, which considers sales prices of similar assets in similar conditions (Level 2 valuation), and the cost approach, which considers the cost to replace the asset adjusted for depreciation (Level 3 valuation). We used various valuation methods including discounted cash flows, lost income, excess earnings, and relief from royalty to estimate the 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 expected synergies and the assembled workforce. The expected synergies for the SAM acquisition may be gained from helping broadcast and media content creators, aggregators and distributors significantly improve their effectiveness and efficiency during a period of rapid change in technology, viewer and advertiser behavior and business models. 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	$	36,500	5.0
Customer relationships	11,000		12.0
Sales backlog	1,900		0.3
Trademarks	1,600		0.9
Total intangible assets subject to amortization	$	51,000
Intangible assets not subject to amortization:
Goodwill	$	103,466	n/a
Total intangible assets not subject to amortization	$	103,466
Total intangible assets	$	154,466
Weighted average amortization period			6.2 years

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. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks.

Our consolidated revenues and consolidated income before taxes for the three months ended July 1, 2018 include $31.1 million and $(6.6) million, respectively, from SAM. The loss before taxes from SAM included $20.3 million of severance and other restructuring costs, $2.8 million of amortization of intangible assets, and $0.7 million of cost of sales related to the adjustment of acquired inventory to fair value. Our consolidated revenues and consolidated income before taxes for the six months ended July 1, 2018 included $51.9 million and $(9.4) million, respectively, from SAM. The loss before taxes from SAM included $29.5 million of severance and other restructuring costs, $5.0 million of amortization of intangible assets, and $1.2 million of cost of sales related to the adjustment of acquired inventory to fair value.

The following table illustrates the unaudited pro forma effect on operating results as if the SAM acquisition had been completed as of January 1, 2017.

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	Three Months Ended		Six Months Ended
	July 1, 2018		July 1, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	671,441	$	1,285,625
Net income attributable to Belden common stockholders	35,241		34,169
Diluted loss per share attributable to Belden common stockholders	$	0.86	$	0.82

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.

Note 4:  Reportable Segments

We are organized around two global business platforms: Enterprise Solutions and Industrial Solutions. Each of the global business platforms 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. 

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	Enterprise Solutions		Industrial Solutions		Total Segments
	(In thousands)
As of and for the three months ended June 30, 2019
Segment revenues	$	369,862	$	267,668	$	637,530
Affiliate revenues	893		—		893
Segment EBITDA	53,483		47,458		100,941
Depreciation expense	7,540		4,761		12,301
Amortization of intangibles	9,320		13,048		22,368
Amortization of software development intangible assets	1,044		28		1,072
Severance, restructuring, and acquisition integration costs	3,082		—		3,082
Purchase accounting effects of acquisitions	718		—		718
Segment assets	822,402		478,894		1,301,296
As of and for the three months ended July 1, 2018
Segment revenues	$	399,695	$	271,746	$	671,441
Affiliate revenues	1,496		17		1,513
Segment EBITDA	70,281		53,225		123,506
Depreciation expense	7,153		4,873		12,026
Amortization of intangibles	11,809		13,230		25,039
Amortization of software development intangible assets	488		—		488
Severance, restructuring, and acquisition integration costs	22,887		2,041		24,928
Purchase accounting effects of acquisitions	1,036		—		1,036
Deferred revenue adjustments	2,802		—		2,802
Segment assets	759,334		436,885		1,196,219
As of and for the six months ended June 30, 2019
Segment revenues	$	696,389	$	528,316	$	1,224,705
Affiliate revenues	2,263		17		2,280
Segment EBITDA	93,041		94,917		187,958
Depreciation expense	15,273		9,748		25,021
Amortization of intangibles	19,490		26,219		45,709
Amortization of software development intangible assets	1,958		51		2,009
Severance, restructuring, and acquisition integration costs	6,860		—		6,860
Purchase accounting effects of acquisitions	2,031		—		2,031
Segment assets	822,402		478,894		1,301,296
As of and for the six months ended July 1, 2018
Segment revenues	$	750,685	$	528,179	$	1,278,864
Affiliate revenues	2,542		46		2,588
Segment EBITDA	127,733		99,651		227,384
Depreciation expense	14,373		9,518		23,891
Amortization of intangibles	22,979		26,478		49,457
Amortization of software development intangible assets	724		—		724
Severance, restructuring, and acquisition integration costs	37,421		7,901		45,322
Purchase accounting effects of acquisitions	1,538		—		1,538
Deferred revenue adjustments	4,660		—		4,660
Segment assets	759,334		436,885		1,196,219

The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income before taxes, respectively. 

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	Three Months Ended						Six Months Ended
	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
	(In thousands)
Total Segment Revenues	$	637,530		$	671,441		$	1,224,705		$	1,278,864
Deferred revenue adjustments (1)	—			(2,802		)	—			(4,660		)
Consolidated Revenues	$	637,530		$	668,639		$	1,224,705		$	1,274,204
Total Segment EBITDA	$	100,941		$	123,506		$	187,958		$	227,384
Amortization of intangibles	(22,368		)	(25,039		)	(45,709		)	(49,457		)
Depreciation expense	(12,301		)	(12,026		)	(25,021		)	(23,891		)
Severance, restructuring, and acquisition integration costs (2)	(3,082		)	(24,928		)	(6,860		)	(45,322		)
Purchase accounting effects related to acquisitions (3)	(718		)	(1,036		)	(2,031		)	(1,538		)
Amortization of software development intangible assets	(1,072		)	(488		)	(2,009		)	(724		)
Deferred revenue adjustments (1)	—			(2,802		)	—			(4,660		)
Loss on sale of assets	—			—			—			(94		)
Eliminations	(261		)	(681		)	(744		)	(989		)
Consolidated operating income	61,139			56,506			105,584			100,709
Interest expense, net	(14,168		)	(15,088		)	(28,361		)	(32,066		)
Non-operating pension benefit (cost)	481			(257		)	1,028			(532		)
Loss on debt extinguishment	—			(3,030		)	—			(22,990		)
Consolidated income before taxes	$	47,452		$	38,131		$	78,251		$	45,121

(1) Our segment results include revenues that would have been recorded by acquired businesses had they remained as independent entities. Our consolidated results do not include these revenues due to the purchase accounting effect of recording deferred revenue at fair value. See Note 3, Acquisitions, for details.

(2) See Note 9, Severance, Restructuring, and Acquisition Integration Activities, for details.

(3) For the three and six months ended June 30, 2019, we recognized expenses related to the earnout consideration for the SAM acquisition, and we recognized cost of sales for the adjustment of acquired inventory to fair value related to the Opterna and FutureLink acquisitions. For the three and six months ended July 1, 2018, we recognized cost of sales for the adjustment of acquired inventory to fair value related to the SAM and NT2 acquisitions.

Note 5: Income per Share

The following table presents the basis for the income per share computations:

	Three Months Ended					Six Months Ended
	June 30, 2019		July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Numerator:
Net income	$	42,290	$	28,792		$	67,468	$	31,362
Less: Net income (loss) attributable to noncontrolling interests	90		(77		)	66		(125		)
Less: Preferred stock dividends	8,733		8,733			17,466		17,466
Net income attributable to Belden common stockholders	$	33,467	$	20,136		$	49,936	$	14,021
Denominator:
Weighted average shares outstanding, basic	39,389		40,735			39,405		41,184
Effect of dilutive common stock equivalents	222		239			230		308
Weighted average shares outstanding, diluted	39,611		40,974			39,635		41,492

For the three and six months ended June 30, 2019, diluted weighted average shares outstanding do not include outstanding equity awards of 1.2 million and 1.1 million, respectively, because to do so would have been anti-dilutive. In addition, for the three and six months ended June 30, 2019, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million and 0.3 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for both

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the three and six months ended June 30, 2019, diluted weighted average shares outstanding do not include the impact of preferred shares that are convertible into 6.9 million common shares, because deducting the preferred stock dividends from net income was more dilutive.

For the three and six months ended July 1, 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.9 million and 0.7 million, respectively, because to do so would have been anti-dilutive. In addition, for the three and six months ended July 1, 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million and 0.2 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for both the three and six months ended July 1, 2018, diluted weighted average shares outstanding do not include the impact of preferred shares that are convertible into 6.9 million common shares, because deducting the preferred stock dividends from net income was more dilutive.

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.

Note 6:  Inventories

The major classes of inventories were as follows:

	June 30, 2019			December 31, 2018
	(In thousands)
Raw materials	$	136,433		$	146,803
Work-in-process	49,017			45,939
Finished goods	154,179			152,572
Gross inventories	339,629			345,314
Excess and obsolete reserves	(29,918		)	(28,896		)
Net inventories	$	309,711		$	316,418

Note 7:  Leases

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 16 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. 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 June 30, 2019, 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 each lease 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.

The components of lease expense were as follows:

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	Three Months Ended		Six Months Ended
	June 30, 2019
	(In thousands)
Operating lease cost	$	4,756	$	9,742
Finance lease cost
Amortization of right-of-use asset	$	43	$	68
Interest on lease liabilities	6		10
Total finance lease cost	$	49	$	78

Supplemental cash flow information related to leases was as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,048	$	10,136
Operating cash flows from finance leases	7		16
Financing cash flows from finance leases	100		173

Supplemental balance sheet information related to leases was as follows:

	June 30, 2019
	(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets	$	84,099
Accrued liabilities	$	18,127
Long-term operating lease liabilities	77,679
Total operating lease liabilities	$	95,806
Finance leases:
Other long-lived assets, at cost	$	938
Accumulated depreciation	(576		)
Other long-lived assets, net	$	362

Weighted Average Remaining Lease Term
Operating leases	7 years
Finance leases	3 years
Weighted Average Discount Rate
Operating leases	6.9	%
Finance leases	6.1	%

Maturities of lease liabilities were as follows:

- 19-

	Operating Leases		Finance Leases
	(In thousands)
2019	$	23,731	$	280
2020	21,046		200
2021	17,345		86
2022	14,762		36
2023	12,062		7
Thereafter	37,937		—
Total	$	126,883	$	609

Note 8:  Long-Lived Assets

Depreciation and Amortization Expense

We recognized depreciation expense of $12.3 million and $25.0 million in the three and six months ended June 30, 2019, respectively. We recognized depreciation expense of $12.0 million and $23.9 million in the three and six months ended July 1, 2018, respectively.

We recognized amortization expense related to our intangible assets of $23.4 million and $47.7 million in the three and six months ended June 30, 2019. We recognized amortization expense related to our intangible assets of $25.5 million and $50.2 million in the three and six months ended July 1, 2018, respectively.

Note 9:  Severance, Restructuring, and Acquisition Integration Activities

Opterna and FutureLink Integration program: 2019

In 2019, we began a restructuring program to integrate Opterna and FutureLink 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 $2.5 million of severance and other restructuring costs for this program during the three and six months ended June 30, 2019. These costs were incurred by the Enterprise Solutions segment. We expect to incur approximately $3.0 million of additional severance and restructuring costs for this program, most of which will be incurred by the end of 2019.

Grass Valley and SAM Integration Program: 2018 - 2019

In 2018, we began a restructuring program to integrate SAM with Grass Valley. The restructuring and integration activities are focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We did not recognize severance and other restructuring costs for this program during the three months ended June 30, 2019 and we recognized $3.0 million of severance and other restructuring costs for this program during the six months ended June 30, 2019. We recognized $20.3 million and $29.5 million of severance and other restructuring costs for this program during the three and six months ended July 1, 2018, respectively. The costs were incurred by the Enterprise Solutions segment. We do not expect to incur any more costs for this program.

Industrial Manufacturing Footprint Program: 2016 - 2018

In 2016, we began a program to consolidate our manufacturing footprint. The manufacturing consolidation was complete as of December 31, 2018. We recognized $3.9 million and $11.4 million of severance and other restructuring costs for this program during the three and six months ended July 1, 2018. The costs were incurred by the Enterprise Solutions and Industrial Solutions segments, as the manufacturing locations involved in the program serve both platforms. 

The following table summarizes the costs by segment of the various programs described above as well as other immaterial programs and acquisition integration activities:

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	Severance		Other Restructuring and Integration Costs		Total Costs
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	—	$	3,082	$	3,082
Industrial Solutions	—		—		—
Total	$	—	$	3,082	$	3,082
Three Months Ended July 1, 2018
Enterprise Solutions	$	10,872	$	12,015	$	22,887
Industrial Solutions	190		1,851		2,041
Total	$	11,062	$	13,866	$	24,928
Six Months Ended June 30, 2019
Enterprise Solutions	$	220	$	6,640	$	6,860
Industrial Solutions	—		—		—
Total	$	220	$	6,640	$	6,860
Six Months Ended July 1, 2018
Enterprise Solutions	$	11,380	$	26,041	$	37,421
Industrial Solutions	242		7,659		7,901
Total	$	11,622	$	33,700	$	45,322

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
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands)
Cost of sales	$	423	$	7,231	$	985	$	16,662
Selling, general and administrative expenses	2,333		14,544		5,112		23,946
Research and development expenses	326		3,153		763		4,714
Total	$	3,082	$	24,928	$	6,860	$	45,322

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.   

There were no significant severance accrual balances as of June 30, 2019 or December 31, 2018.

Note 10:  Long-Term Debt and Other Borrowing Arrangements

The carrying values of our long-term debt were as follows:

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	June 30, 2019			December 31, 2018
	(In thousands)
Revolving credit agreement due 2022	$	—		$	—
Senior subordinated notes:
3.875% Senior subordinated notes due 2028	398,160			400,050
3.375% Senior subordinated notes due 2027	511,920			514,350
4.125% Senior subordinated notes due 2026	227,520			228,600
2.875% Senior subordinated notes due 2025	341,280			342,900
Total senior subordinated notes	1,478,880			1,485,900
Less unamortized debt issuance costs	(21,309		)	(22,700		)
Long-term debt	$	1,457,571		$	1,463,200

Revolving Credit Agreement due 2022

Our Revolving Credit Agreement provides a $400.0 million multi-currency asset-based revolving credit facility (the Revolver). The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the U.S., Canada, Germany, and the Netherlands. The maturity date of the Revolver is May 16, 2022. 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. We pay a commitment fee on our available borrowing capacity of 0.25%. In the event we borrow more than 90% of our borrowing base, we are subject to a fixed charge coverage ratio covenant. As of June 30, 2019, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $320.9 million.

Senior Subordinated Notes

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 June 30, 2019 is $398.2 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.

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 June 30, 2019 is $511.9 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 €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 June 30, 2019 is $227.5 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 €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 June 30, 2019 is $341.3 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.

Fair Value of Long-Term Debt

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The fair value of our senior subordinated notes as of June 30, 2019 was approximately $1,549.0 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair value of our senior subordinated notes with a carrying value of $1,478.9 million as of June 30, 2019.

Note 11:  Net Investment Hedge

All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of June 30, 2019, all 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 June 30, 2019 and July 1, 2018, the transaction gain associated with these notes that was reported in other comprehensive income was $6.9 million and $66.5 million, respectively.

Note 12:  Income Taxes

For the three and six months ended June 30, 2019, we recognized income tax expense of $5.2 million and $10.8 million, respectively, representing an effective tax rate of 10.9% and 13.8%, respectively. The effective tax rates were impacted by an income tax benefit of $6.4 million as a result of changes in our estimated valuation allowance requirement related to foreign tax credits due to the restructuring of certain foreign operations. These effective rates are also reflective of the impact of more favorable statutory tax rates applied to the earnings of these foreign operations due to the restructuring efforts.

For the three and six months ended July 1, 2018, we recognized income tax expense of $9.3 million and $13.8 million, respectively, representing an effective tax rate of 24.5% and 30.5%, respectively. The effective tax rate was impacted by the following significant factors:

• We recognized income tax benefit of $1.2 million in the three and six months ended July 1, 2018 due to a decrease in reserves for uncertain tax positions of prior years.

• We recognized income tax expense of $1.8 million in the six months ended July 1, 2018 as a result of a change in our valuation allowance on foreign tax credits associated with our euro debt refinancing.

• We also recognized income tax expense of $0.5 million in the six months ended July 1, 2018 as a result of changes in our valuation allowance for the Tax Cuts and Jobs Act (the Act).

Our income tax expense and effective tax rate in future periods may be impacted by many factors, including our geographic mix of income and changes in tax laws.

Note 13:  Pension and Other Postretirement Obligations

The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: 

	Pension Obligations						Other Postretirement Obligations
Three Months Ended	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
	(In thousands)
Service cost	$	1,047		$	942		$	10		$	13
Interest cost	2,939			1,905			270			260
Expected return on plan assets	(4,020		)	(2,508		)	—			—
Amortization of prior service cost (credit)	40			(12		)	—			—
Actuarial losses (gains)	316			612			(26		)	—
Net periodic benefit cost	$	322		$	939		$	254		$	273
Six Months Ended
Service cost	$	2,106		$	2,075		$	19		$	26
Interest cost	5,948			3,781			542			524
Expected return on plan assets	(8,135		)	(5,028		)	—			—
Amortization of prior service cost (credit)	26			(22		)	—			—
Actuarial losses (gains)	642			1,277			(51		)	—
Net periodic benefit cost	$	587		$	2,083		$	510		$	550

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Note 14:  Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

The following table summarizes total comprehensive income: 

	Three Months Ended						Six Months Ended
	June 30, 2019			July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Net income	$	42,290		$	28,792		$	67,468	$	31,362
Foreign currency translation gain (loss), net of $0.4 million, $0.6 million, $0.8 million, and $1.1 million tax, respectively	(16,904		)	60,642			11,887		28,847
Adjustments to pension and postretirement liability, net of $0.1 million, $0.2 million, $0.1 million, and $0.5 million tax, respectively	251			369			470		772
Total comprehensive income	25,637			89,803			79,825		60,981
Less: Comprehensive income (loss) attributable to noncontrolling interests	130			(94		)	107		(126		)
Comprehensive income attributable to Belden	$	25,507		$	89,897		$	79,718	$	61,107

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     Postretirement Benefit Plans			Accumulated Other  Comprehensive   Income (Loss)
	(In thousands)
Balance at December 31, 2018	$	(41,882	)	$	(33,025	)	$	(74,907	)
Other comprehensive income attributable to Belden before reclassifications	11,846			—			11,846
Amounts reclassified from accumulated other comprehensive income	—			470			470
Net current period other comprehensive gain attributable to Belden	11,846			470			12,316
Balance at June 30, 2019	$	(30,036	)	$	(32,555	)	$	(62,591	)

The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the six months ended June 30, 2019:

	Amount Reclassified from   Accumulated Other Comprehensive Income			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	$	591		(1)
Prior service cost	26			(1)
Total before tax	617
Tax benefit	(147		)
Total net of tax	$	470

(1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 13).

Note 15:  Preferred Stock

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In 2016, we issued 5.2 million depositary shares, each of which represents 1/100th interest in a share of 6.75% Series B Mandatory Convertible Preferred Stock (the Preferred Stock), for an offering price of $100 per depositary share. Holders of the Preferred Stock may elect to convert their shares into common stock at any time prior to the mandatory conversion date. Unless earlier converted, each share of Preferred Stock will automatically convert into common stock on July 15, 2019 into between 120.46 and 132.50 shares of Belden common stock, subject to customary anti-dilution adjustments. This represents a range of 6.2 million to 6.9 million shares of Belden common stock to be issued upon conversion. The number of shares of Belden common stock issuable upon the mandatory conversion of the Preferred Stock will be determined based upon the volume-weighted average price of Belden’s common stock over the 20 day trading period beginning on, and including, the 22nd scheduled trading day prior to July 15, 2019. The net proceeds from this offering were approximately $501 million. The net proceeds are for general corporate purposes. With respect to dividend and liquidation rights, the Preferred Stock ranks senior to our common stock and junior to all of our existing and future indebtedness. During the three and six months ended June 30, 2019, dividends on the Preferred Stock were $8.7 million and $17.5 million, respectively. During the three and six months ended July 1, 2018, dividends on the Preferred Stock were $8.7 million and $17.5 million, respectively.

Note 16: Share Repurchase

On 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. The program does not have an expiration date and may be suspended at any time at the discretion of the Company. During the three and six months ended June 30, 2019, we repurchased 0.4 million shares of our common stock under the share repurchase program for an aggregate cost of $22.8 million and an average price per share of $57.47. During the three months ended July 1, 2018, we repurchased 0.4 million shares of our common stock under a previous share repurchase program for an aggregate cost of $24.7 million and an average price per share of $63.75. During the six months ended July 1, 2018, we repurchased 1.4 million shares of our common stock under a previous share repurchase program for an aggregate cost of $100.0 million and an average price per share of $69.53.

Note 17: Subsequent Events

On July 15, 2019, all outstanding 6.75% Series B Mandatory Convertible Preferred Stock (the Preferred Stock) automatically converted into shares of Belden common stock at the conversion rate of 132.50 shares of common stock per share of Preferred Stock. The conversion of the Preferred Stock resulted in the issuance of approximately 6.9 million shares of Belden common stock on the conversion date. Upon conversion, the Preferred Stock were automatically extinguished and discharged, are no longer deemed outstanding for all purposes, and delisted from trading on the New York Stock Exchange.

In July 2019, we repurchased 0.5 million shares of our common stock under the share repurchase program authorized on November 29, 2018 by our Board or Directors for an aggregate cost of $27.2 million and an average price per share of $55.17.

Item 2:        Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Belden Inc. (the Company, us, we, or our) is a signal transmission solutions company built around two global business platforms – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound, and video for mission critical applications.

We strive for operational excellence through the execution of our Belden Business System, which includes three areas of focus: Lean enterprise initiatives, our Market Delivery System, and our Talent Management System. Through operational excellence we generate free cash flow on an annual basis. We utilize the cash flow generated by our business to fuel our continued transformation and generate shareholder value. We believe our business system, balance across markets and geographies, systematic go-to-market approach, extensive portfolio of innovative solutions, commitment to Lean principles, and improving margins present a unique value proposition for shareholders.

We use a set of tools and processes that are designed to continuously improve business performance in the critical areas of quality, delivery, cost, and innovation. We consider revenue growth, Adjusted EBITDA margin, free cash flows, and return on invested capital to be our key operating performance indicators. We also seek to acquire businesses that we believe can help us achieve these objectives.

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Trends and Events

The following trends and events during 2019 have had varying effects on our financial condition, results of operations, and cash flows.

Foreign currency

Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Japanese yen, Mexican peso, Australian dollar, British pound, Indian rupee, and Brazilian real. Generally, as the U.S. dollar strengthens against these foreign currencies, our revenues and earnings are negatively impacted as our foreign denominated revenues and earnings are translated into U.S. dollars at a lower rate. Conversely, as the U.S. dollar weakens against foreign currencies, our revenues and earnings are positively impacted. During the three and six months ended June 30, 2019, approximately 50% of our consolidated revenues were to customers outside of the U.S.

In addition to the translation impact described above, currency rate fluctuations have an economic impact on our financial results. As the U.S. dollar strengthens or weakens against foreign currencies, it results in a relative price increase or decrease for certain of our products that are priced in U.S. dollars in a foreign location.

Commodity prices

Our operating results can be affected by changes in prices of commodities, primarily copper and compounds, which are components in some of the products we sell. Generally, as the costs of inventory purchases increase due to higher commodity prices, we raise selling prices to customers to cover the increase in costs, resulting in higher sales revenue but a lower gross profit percentage. Conversely, a decrease in commodity prices would result in lower sales revenue but a higher gross profit percentage. Selling prices of our products are affected by many factors, including end market demand, capacity utilization, overall economic conditions, and commodity prices. Importantly, however, there is no exact measure of the effect of changing commodity prices, as there are thousands of transactions in any given quarter, each of which has various factors involved in the individual pricing decisions. Therefore, all references to the effect of copper prices or other commodity prices are estimates.

Channel Inventory

Our operating results also can be affected by the levels of Belden products purchased and held as inventory by our channel partners and customers. Our channel partners and customers purchase and hold the products they bought from us in their inventory in order to meet the service and on-time delivery requirements of their customers. Generally, as our channel partners and customers change the level of products they buy from us and hold in their inventory, it impacts our revenues. Comparisons of our results between periods can be impacted by changes in the levels of channel inventory. We use information provided to us by our channel partners and make certain assumptions based on our sales to them to determine the amount of products they bought from us and hold in their inventory. As such, all references to the effect of channel inventory changes are estimates.

Market Growth and Market Share

The markets in which we operate can generally be characterized as highly competitive and highly fragmented, with many players. We monitor available data regarding market growth, including independent market research reports, publicly available indices, and the financial results of our direct and indirect peer companies, in order to estimate the extent to which our served markets grew or contracted during a particular period. We expect that our unit sales volume will increase or decrease consistently with the market growth rate. Our strategic goal is to utilize our Market Delivery System to target faster growing geographies, applications, and trends within our end markets, in order to achieve growth that is higher than the general market growth rate. To the extent that we exceed the market growth rates, we consider it to be the result of capturing market share.

Acquisitions

We completed the acquisitions of Opterna International Corp. (Opterna) on April 15, 2019 and FutureLink on April 5, 2019. The results of Opterna and FutureLink have been included in our Consolidated Financial Statements from the acquisition dates and are reported in the Enterprise Solutions segment. See Note 3.

Grass Valley and SAM Integration Program

In 2018, we began a restructuring program to integrate SAM with Grass Valley. The restructuring and integration activities are focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We recognized $3.0 million of severance and other restructuring costs for this program during the six months ended June 30, 2019. The costs were incurred by the Enterprise Solutions segment. We do not expect to incur any more costs for this program.

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Opterna and FutureLink Integration Program

In 2019, we began a restructuring program to integrate Opterna and FutureLink 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 $2.5 million of severance and other restructuring costs for this program during the three and six months ended June 30, 2019. The costs were incurred by the Enterprise Solutions segment. We expect to incur approximately $3 million of additional severance and restructuring costs for this program, most of which will be incurred by the end of 2019.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, results of operations, or cash flows that are or would be considered material to investors.

Critical Accounting Policies

During the six months ended June 30, 2019:

• We did not change any of our existing critical accounting policies from those listed in our 2018 Annual Report on Form 10-K other than updating our lease accounting policies for the adoption of ASU 2016-02;

• No existing accounting policies became critical accounting policies because of an increase in the materiality of associated transactions or changes in the circumstances to which associated judgments and estimates relate; and

• There were no significant changes in the manner in which critical accounting policies were applied or in which related judgments and estimates were developed.

Results of Operations

Consolidated Income before Taxes 

	Three Months Ended								Six Months Ended
	June 30, 2019			July 1, 2018			% Change		June 30, 2019			July 1, 2018			% Change
	(In thousands, except percentages)
Revenues	$	637,530		$	668,639		(4.7	)%	$	1,224,705		$	1,274,204		(3.9	)%
Gross profit	241,023			257,596			(6.4	)%	465,751			488,190			(4.6	)%
Selling, general and administrative expenses	(122,482		)	(138,842		)	(11.8	)%	(245,270		)	(263,714		)	(7.0	)%
Research and development expenses	(35,034		)	(37,209		)	(5.8	)%	(69,188		)	(74,310		)	(6.9	)%
Amortization of intangibles	(22,368		)	(25,039		)	(10.7	)%	(45,709		)	(49,457		)	(7.6	)%
Operating income	61,139			56,506			8.2	%	105,584			100,709			4.8	%
Interest expense, net	(14,168		)	(15,088		)	(6.1	)%	(28,361		)	(32,066		)	(11.6	)%
Non-operating pension benefit (cost)	481			(257		)	(287.2	)%	1,028			(532		)	(293.2	)%
Loss on debt extinguishment	—			(3,030		)	(100.0	)%	—			(22,990		)	(100.0	)%
Income before taxes	47,452			38,131			24.4	%	78,251			45,121			73.4	%

Revenues decreased $31.1 million and $49.5 million in the three and six months ended June 30, 2019, respectively, from the comparable periods of 2018 due to the following factors:

• Lower sales volume resulted in a $24.6 million and $33.1 million decrease in the three and six months ended June 30, 2019, respectively.

• Currency translation had a $11.1 million and $24.8 million unfavorable impact on revenues in the three and six months ended June 30, 2019, respectively.

• Copper prices had a $4.8 million and $9.9 million unfavorable impact on revenues in the three and six months ended June 30, 2019, respectively.

• Acquisitions contributed an estimated $9.4 million and $18.3 million in the three and six months ended June 30, 2019, respectively.

The decrease in volume was primarily experienced in our Enterprise solutions segment, partially offset by an increase in volume in our Industrial solutions segment.

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Gross profit decreased $16.6 million and $22.4 million, respectively, in the three and six months ended June 30, 2019 from the comparable periods of 2018. Gross profit for the three months ended June 30, 2019 decreased due to the decreases in revenue discussed above and was further impacted from unfavorable mix which was partially offset by decreases in severance, restructuring, and acquisition integration costs of $6.8 million from the comparable period of 2018. Gross profit for the six months ended June 30, 2019 decreased due to the decreases in revenue discussed above and was further impacted from unfavorable mix which was partially offset by decreases in severance, restructuring, and acquisition integration costs of $15.7 million from the comparable period of 2018.

Selling, general and administrative expenses decreased $16.4 million and $18.4 million, respectively, in the three and six months ended June 30, 2019 from the comparable periods of 2018 primarily due to a decrease in severance, restructuring, and acquisition integration costs of $12.2 million and $18.8 million, respectively.

Research and development expenses decreased $2.2 million and $5.1 million, respectively, in the three and six months ended June 30, 2019 from the comparable periods of 2018 primarily due to a decrease in severance, restructuring, and acquisition integration costs of $2.8 million and $4.0 million, respectively.

Amortization of intangibles decreased $2.7 million and $3.7 million, respectively, in the three and six months ended June 30, 2019 from the comparable periods of 2018 primarily due to certain intangible assets becoming fully amortized.

Operating income increased $4.6 million and $4.9 million, respectively, in the three and six months ended June 30, 2019 from the comparable periods of 2018 as the decreases in operating expenses were greater than the decreases in gross profit discussed above.

Net interest expense decreased $0.9 million and $3.7 million, respectively, in the three and six months ended June 30, 2019 from the comparable periods of 2018 as a result of our debt transactions during 2018. In March 2018, we issued €350.0 million aggregate principal amount of new senior subordinated notes due 2028 at an interest rate of 3.875%, and used the net proceeds of this offering and cash on hand to repurchase all of our outstanding €200.0 million 5.5% senior subordinated notes due 2023 as well as all of our outstanding $200.0 million 5.25% senior subordinated notes due 2024.

The loss on debt extinguishment recognized in 2018 represents the premium paid to the bond holders to retire a portion of the 2023 and 2024 notes and the unamortized debt issuance costs written-off.

Income before taxes increased $9.3 million and $33.1 million in the three and six months ended June 30, 2019 from the comparable periods of 2018. This increase is primarily a result of the loss on debt extinguishment in the prior year as well as the decline in net interest expense and increase in operating income over the year ago periods discussed above.

Income Taxes

	Three Months Ended								Six Months Ended
	June 30, 2019			July 1, 2018			% Change		June 30, 2019			July 1, 2018			% Change
	(In thousands, except percentages)
Income before taxes	$	47,452		$	38,131		24.4	%	$	78,251		$	45,121		73.4	%
Income tax expense	5,162			9,339			(44.7	)%	10,783			13,759			(21.6	)%
Effective tax rate	10.9		%	24.5		%			13.8		%	30.5		%

For the three and six months ended June 30, 2019, we recognized income tax expense of $5.2 million and $10.8 million, respectively, representing an effective tax rate of 10.9% and 13.8%, respectively. The effective tax rates were impacted by an income tax benefit of $6.4 million as a result of changes in our estimated valuation allowance requirement related to foreign tax credits due to the restructuring of certain foreign operations. These effective rates are also reflective of the impact of more favorable statutory tax rates applied to the earnings of these foreign operations due to the restructuring efforts.

For the three and six months ended July 1, 2018, we recognized income tax expense of $9.3 million and $13.8 million, respectively, representing an effective tax rate of 24.5% and 30.5%, respectively. The effective tax rate was impacted by the following significant factors:

• We recognized income tax benefit of $1.2 million in the three and six months ended July 1, 2018 due to a decrease in reserves for uncertain tax positions of prior years.

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• We recognized income tax expense of $1.8 million in the six months ended July 1, 2018 as a result of a change in our valuation allowance on foreign tax credits associated with our euro debt refinancing.

• We also recognized income tax expense of $0.5 million in the six months ended July 1, 2018 as a result of changes in our valuation allowance for the Tax Cuts and Jobs Act (the Act).

Our income tax expense and effective tax rate in future periods may be impacted by many factors, including our geographic mix of income and changes in tax laws.

Consolidated Adjusted Revenues and Adjusted EBITDA 

	Three Months Ended								Six Months Ended
	June 30, 2019			July 1, 2018			% Change		June 30, 2019			July 1, 2018			% Change
	(In thousands, except percentages)
Adjusted Revenues	$	637,530		$	671,441		(5.1	)%	$	1,224,705		$	1,278,864		(4.2	)%
Adjusted EBITDA	101,161			122,568			(17.5	)%	188,242			225,863			(16.7	)%
as a percent of adjusted revenues	15.9		%	18.3		%			15.4		%	17.7		%

Adjusted Revenues decreased $33.9 million and $54.2 million in the three and six months ended June 30, 2019, respectively, from the comparable period of 2018 due to the following factors:

• Lower sales volume resulted in a $27.4 million and $37.8 million decrease in the three and six months ended June 30, 2019, respectively

• Currency translation had a $11.1 million and $24.8 million unfavorable impact on revenues in the three and six months ended June 30, 2019, respectively.

• Copper prices had a $4.8 million and $9.9 million unfavorable impact on revenues in the three and six months ended June 30, 2019, respectively.

• Acquisitions contributed an estimated $9.4 million and $18.3 million in the three and six months ended June 30, 2019, respectively.

The decrease in volume was primarily experienced in our Enterprise solutions segment, partially offset by an increase in volume in our Industrial solutions segment.

Adjusted EBITDA decreased $21.4 million and $37.6 million in the three and six months ended June 30, 2019, respectively, from the comparable periods of 2018. Adjusted EBITDA for the three months ended June 30, 2019 decreased due to the decreases in Adjusted Revenues discussed above and was further impacted by unfavorable mix as compared to the comparable period of 2018. Adjusted EBITDA for the six months ended June 30, 2019 decreased due to the decreases in Adjusted Revenues discussed above and was further impacted by unfavorable mix.

Use of Non-GAAP Financial Information

Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow are non-GAAP financial measures. In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain revenues and gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value

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adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States. The following tables reconcile our GAAP results to our non-GAAP financial measures:

	Three Months Ended						Six Months Ended
	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
	(In thousands, except percentages)
GAAP revenues	$	637,530		$	668,639		$	1,224,705		$	1,274,204
Deferred revenue adjustments (1)	—			2,802			—			4,660
Adjusted revenues	$	637,530		$	671,441		$	1,224,705		$	1,278,864
GAAP net income	$	42,290		$	28,792		$	67,468		$	31,362
Amortization of intangible assets	22,368			25,039			45,709			49,457
Interest expense, net	14,168			15,088			28,361			32,066
Depreciation expense	12,301			12,026			25,021			23,891
Income tax expense	5,162			9,339			10,783			13,759
Severance, restructuring, and acquisition integration costs (2)	3,082			24,928			6,860			45,322
Purchase accounting effects related to acquisitions (3)	718			1,036			2,031			1,538
Amortization of software development intangible assets	1,072			488			2,009			724
Loss on debt extinguishment	—			3,030			—			22,990
Deferred revenue adjustments (1)	—			2,802			—			4,660
Loss on sale of assets	—			—			—			94
Adjusted EBITDA	$	101,161		$	122,568		$	188,242		$	225,863
GAAP net income margin	6.6		%	4.3		%	5.5		%	2.5		%
Adjusted EBITDA margin	15.9		%	18.3		%	15.4		%	17.7		%

(1) Our segment results include revenues that would have been recorded by acquired businesses had they remained as independent entities. Our consolidated results do not include these revenues due to the purchase accounting effect of recording deferred revenue at fair value. See Note 3, Acquisitions, for details.

(2) See Note 9, Severance, Restructuring, and Acquisition Integration Activities, for details.

(3) For the six months ended June 30, 2019, we recognized expenses related to the earnout consideration for the SAM acquisition, and we recognized cost of sales for the adjustment of acquired inventory to fair value related to the Opterna and FutureLink acquisitions. For the three and six months ended July 1, 2018, we recognized cost of sales for the adjustment of acquired inventory to fair value related to the SAM and NT2 acquisitions.

Segment Results of Operations

For additional information regarding our segment measures, see Note 4 to the Condensed Consolidated Financial Statements.

Enterprise Solutions

	Three Months Ended								Six Months Ended
	June 30, 2019			July 1, 2018			% Change		June 30, 2019			July 1, 2018			% Change
	(In thousands, except percentages)
Segment Revenues	$	369,862		$	399,695		(7.5	)%	$	696,389		$	750,685		(7.2	)%
Segment EBITDA	53,483			70,281			(23.9	)%	93,041			127,733			(27.2	)%
as a percent of segment revenues	14.5		%	17.6		%			13.4		%	17.0		%

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Enterprise Solutions revenues decreased $29.8 million and $54.3 million in the three and six months ended June 30, 2019, respectively, from the comparable periods of 2018. For the three months ended June 30, 2019, decreases in volume, unfavorable currency translation, and lower copper prices contributed an estimated $32.5 million, $4.9 million, and $1.8 million to the decline in revenues, respectively, partially offset by the impact of acquisitions, which contributed an estimated $9.4 million increase in revenues. For the six months ended June 30, 2019, decreases in volume, unfavorable currency translation, and lower copper prices contributed an estimated $58.3 million, $10.4 million, and $3.9 million to the decline in revenues, respectively, partially offset by the impact of acquisitions, which contributed an estimated $18.3 million increase in revenues. The decrease in volume was primarily due to softer demand in the final mile broadband and live media production markets.

Enterprise Solutions EBITDA decreased $16.8 million and $34.7 million, respectively, in the three and six months ended June 30, 2019 compared to the year ago periods primarily as a result of the decline in revenues discussed above.

Industrial Solutions 

	Three Months Ended								Six Months Ended
	June 30, 2019			July 1, 2018			% Change		June 30, 2019			July 1, 2018			% Change
	(In thousands, except percentages)
Segment Revenues	$	267,668		$	271,746		(1.5	)%	$	528,316		$	528,179		—	%
Segment EBITDA	47,458			53,225			(10.8	)%	94,917			99,651			(4.8	)%
as a percent of segment revenues	17.7		%	19.6		%			18.0		%	18.9		%

Industrial Solutions revenues decreased $4.1 million in the three months ended June 30, 2019 from the comparable period of 2018, and remained flat in the six months ended June 30, 2019 from the comparable period of 2018. The decrease in revenues in the three months ended June 30, 2019 from the comparable period of 2018 was primarily due to unfavorable currency translation and lower copper prices which had an estimated impact of $6.2 million and $3.0 million, respectively, and was partially offset by an increase in volume which had an estimated impact of $5.1 million. Revenues in the six months ended June 30, 2019 from the comparable period of 2018 remained flat as the increase in volume of $20.5 million, was offset by the decrease from unfavorable currency translation and lower copper prices, which had an estimated impact of $14.4 million and $6.0 million, respectively.

Industrial Solutions EBITDA decreased $5.8 million and $4.7 million, in the three and six months ended June 30, 2019 from the comparable periods of 2018 primarily as a result of the changes in revenues discussed above and investments in product development.

Liquidity and Capital Resources

Significant factors affecting our cash liquidity include (1) cash from operating activities, (2) disposals of businesses and tangible assets, (3) cash used for acquisitions, restructuring actions, capital expenditures, share repurchases, dividends, and senior subordinated note repurchases, (4) our available credit facilities and other borrowing arrangements, and (5) cash proceeds from equity offerings. We expect our operating activities to generate cash in 2019 and believe our sources of liquidity are sufficient to fund current working capital requirements, capital expenditures, contributions to our retirement plans, share repurchases, senior subordinated note repurchases, quarterly dividend payments, and our short-term operating strategies. However, we may require external financing in the event we complete a significant acquisition. Our ability to continue to fund our future needs from business operations could be affected by many factors, including, but not limited to: economic conditions worldwide, customer demand, competitive market forces, customer acceptance of our product mix, and commodities pricing.

The following table is derived from our Condensed Consolidated Cash Flow Statements:

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	Six Months Ended
	June 30, 2019			July 1, 2018
	(In thousands)
Net cash provided by (used for):
Operating activities	$	21,645		$	(29,362	)
Investing activities	(101,267		)	(82,385		)
Financing activities	(46,438		)	(184,980		)
Effects of currency exchange rate changes on cash and cash equivalents	693			(2,932		)
Decrease in cash and cash equivalents	(125,367		)	(299,659		)
Cash and cash equivalents, beginning of period	420,610			561,108
Cash and cash equivalents, end of period	$	295,243		$	261,449

Operating cash flows were a source of cash of $21.6 million in 2019 and a use of cash of $29.4 million in 2018 representing an improvement of $51.0 million. The improvement in operating cash flows as compared to prior year is primarily due to an increase in net income of $36.1 million, and effective working capital management that resulted in an increase in cash received from receivables and inventory of $32.7 million and $31.8 million, respectively, over the year ago period.

Net cash used for investing activities totaled $101.3 million in 2019, compared to $82.4 million for the comparable period of 2018. Investing activities for the six months ended June 30, 2019 included capital expenditures of $50.8 million compared to $39.5 million in the comparable period of 2018. The increase in capital expenditures of $11.3 million is due in part to the investments we are making in India and software development. The six months ended June 30, 2019 included payments, net of cash acquired for acquisitions of $50.5 million primarily for the acquisition of Opterna, and the six months ended July 1, 2018 included payments, net of cash acquired for acquisitions of $84.6 million for SAM and NT2. Additionally, the six months ended July 1, 2018 included proceeds from the disposal of the MCS business and Hirshmann JV of $40.2 million, which closed on December 31, 2017.

Net cash used for financing activities for the six months ended June 30, 2019 totaled $46.4 million, compared to $185.0 million for the comparable period of 2018. Financing activities for the six months ended June 30, 2019 included payments under our share repurchase program of $22.8 million, cash dividend payments of $21.4 million, and net payments related to share based compensation activities of $2.0 million. Financing activities for the six months ended July 1, 2018 included payments under borrowing arrangements of $484.8 million, payments under our share repurchase program of $100.0 million, cash dividend payments of $22.0 million, debt issuance costs of $7.5 million, net payments related to share based compensation activities of $1.6 million, and $431.3 million of cash proceeds from the issuance of the €350.0 million 3.875% Notes due 2028.

Our cash and cash equivalents balance was $295.2 million as of June 30, 2019. Of this amount, $173.9 million was held outside of the U.S. in our foreign operations. Substantially all of the foreign cash and cash equivalents are readily convertible into U.S. dollars or other foreign currencies. We consider the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested, and accordingly, no provision for any withholding taxes has been recorded. Upon distribution of those earnings in the form of dividends or otherwise, we may be subject to withholding taxes payable to the respective foreign countries.

Our outstanding debt obligations as of June 30, 2019 consisted of $1,478.9 million of senior subordinated notes. Additional discussion regarding our various borrowing arrangements is included in Note 10 to the Condensed Consolidated Financial Statements. As of June 30, 2019, we had $320.9 million in available borrowing capacity under our Revolver.

Forward-Looking Statements

Statements in this report other than historical facts are “forward-looking statements” made in reliance upon the safe harbor of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. These forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements based on a number of factors. These factors include, among others, those set forth in Part II, Item 1A and in other documents that we file with the SEC.

We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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Item 3:        Quantitative and Qualitative Disclosures about Market Risks

The following table provides information about our financial instruments that are sensitive to changes in interest rates. The table presents principal amounts by expected maturity dates and fair values as of June 30, 2019. 

	Principal Amount by Expected Maturity							Fair
	2019		Thereafter			Total		Value
	(In thousands, except interest rates)
€350.0 million fixed-rate senior subordinated notes due 2028	$	—	$	398,160		$	398,160	$	421,142
Average interest rate			3.875		%
€450.0 million fixed-rate senior subordinated notes due 2027	$	—	$	511,920		$	511,920	$	533,226
Average interest rate			3.375		%
€200.0 million fixed-rate senior subordinated notes due 2026	$	—	$	227,520		$	227,520	$	242,111
Average interest rate			4.125		%
€300.0 million fixed-rate senior subordinated notes due 2025	$	—	$	341,280		$	341,280	$	352,542
Average interest rate			2.875		%
Total						$	1,478,880	$	1,549,021

Item 7A of our 2018 Annual Report on Form 10-K provides information as to the practices and instruments that we use to manage market risks. There were no material changes in our exposure to market risks since December 31, 2018.

Item 4:        Controls and Procedures

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of the principal executive officer and principal financial officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on this evaluation, the principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II OTHER INFORMATION

Item 1:        Legal Proceedings

SEC Investigation - As disclosed in our Current Report on Form 8-K filed with the SEC on December 3, 2018, we are fully cooperating with an SEC investigation related to the material weakness in internal controls over financial reporting as of December 31, 2017 disclosed in our 2017 Form 10-K. We continue to believe that the outcome of the investigation will not have a material adverse effect on the Company.

We are a party to various other legal proceedings and administrative actions that are incidental to our operations. In our opinion, the proceedings and actions in which we are involved should not, individually or in the aggregate, have a material adverse effect on our financial condition, operating results, or cash flows. However, since the trends and outcome of this litigation are inherently uncertain, we cannot give absolute assurance regarding the future resolution of such litigation, or that such litigation may not become material in the future.

Item 1A:      Risk Factors

There have been no material changes with respect to risk factors as previously disclosed in our 2018 Annual Report on Form 10-K.

Item 2:      Unregistered Sales of Equity Securities and Use of Proceeds

Set forth below is information regarding our stock repurchases for the three months ended June 30, 2019 (in thousands, except per share amounts).

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
April 1, 2019 through May 5, 2019	—	$	—	—	$	300,000
May 6, 2019 through June 2, 2019	—	—		—	300,000
June 3, 2019 through June 30, 2019	397	57.47		397	277,185
Total	397	$	57.47	397	$	277,185

(1) In November 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 security laws and other regulations. This program is funded with cash on hand and cash flows from operating activities. The program does not have an expiration date and may be suspended at any time at the discretion of the Company. From inception of our program to June 30, 2019 and during the three and six months ended June 30, 2019, we have repurchased 0.4 million shares of our common stock under the program for an aggregate cost of $22.8 million and an average price of $57.47.

Item 6:        Exhibits

Exhibits

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Exhibit 10.1	Executive Employment Agreement with Ashish Chand.
Exhibit 31.1	Certificate of the Chief Executive Officer pursuant to § 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 31.2	Certificate of the Chief Financial Officer pursuant to § 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.1	Certificate of the Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.2	Certificate of the Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101.DEF	Definition Linkbase Document
Exhibit 101.PRE	Presentation Linkbase Document
Exhibit 101.LAB	Labels Linkbase Document
Exhibit 101.CAL	Calculation Linkbase Document
Exhibit 101.SCH	Schema Document
Exhibit 101.INS	Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BELDEN INC.
Date:	August 5, 2019	By:	/s/ John S. Stroup
			John S. Stroup
			President, Chief Executive Officer, and Chairman
Date:	August 5, 2019	By:	/s/ Henk Derksen
			Henk Derksen
			Senior Vice President, Finance, and Chief Financial Officer
Date:	August 5, 2019	By:	/s/ Douglas R. Zink
			Douglas R. Zink
			Vice President and Chief Accounting Officer

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EX-10.1

EXECUTIVE EMPLOYMENT AGREEMENT

This EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is executed as of July 3, 2019 between Belden Inc., a Delaware corporation (the “Company”), and Ashish Chand (the “Executive”).

W I T N E S S E T H:

WHEREAS, the Company desires to employ Executive as Executive Vice President, Industrial Connectivity and Executive desire to accept such employment;

WHEREAS, the Company and Executive desire to enter into the Agreement to set forth the terms of Executive’s employment with the Company;

NOW THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.POSITION/DUTIES.

(a)    Executive shall serve as the Company’s Executive Vice President, Industrial Connectivity.

(b)    Executive shall use his best efforts to perform faithfully and efficiently the duties and responsibilities assigned to Executive hereunder and devote substantially all of Executive’s business time to the performance of Executive’s duties with the Company; provided, the foregoing shall not prevent Executive from participating in charitable, civic, educational, professional or community affairs so long as such activities do not materially interfere with the performance of Executive’s duties hereunder or create a potential business conflict or the appearance thereof.

(c)    Executive will relocate to the USA upon completion of the required immigration process and travel to other locations, as required to perform his duties.

2.    TERM OF AGREEMENT. This Agreement shall be effective on the date hereof (the “Effective Date”) and shall end on the first anniversary of the Effective Date. The term of this Agreement shall be automatically extended thereafter for successive one (1) year periods unless, at least ninety (90) days prior to the end of the initial term of this Agreement or the then current succeeding one-year extended term of this Agreement, the Company or Executive has notified the other that the term hereunder shall terminate upon its expiration date. The initial term of this Agreement, as it may be extended from year to year thereafter, is herein referred to as the “Term.” The foregoing to the contrary notwithstanding, upon the occurrence of a Change in Control (defined below) at any time after the first anniversary of the Effective Date, the Term of this Agreement shall be extended to the second anniversary of the date of the occurrence of such Change in Control and shall be subject to expiration thereafter upon notice by Executive or the Company to the other party or to automatic successive additional one-year periods, as the case may be, in the manner provided above. If Executive remains employed by the Company beyond the expiration of the Term, he shall be an employee at-will; except that any provisions identified as surviving shall continue. In all events hereunder, Executive’s employment is subject to earlier termination pursuant to Section 8 hereof, and upon such earlier termination the Term shall be deemed to have ended.

3.    BASE SALARY. As of the Effective Date, the Company shall pay Executive a base salary (the “Base Salary”) at an annual rate of $460,000.00 payable in accordance with the regular payroll practices of the Company.

Executive’s Base Salary shall be subject to annual review by the Company’s Chief Operating Officer (“COO”) and may be increased from time to time by the COO (as approved by the Compensation Committee of the Board of Directors of the Company). The base salary as determined herein from time to time shall constitute “Base Salary” for purposes of this Agreement.

4.    ANNUAL CASH INCENTIVE. Executive shall be eligible to participate in the Company’s management cash incentive plan and any successor annual cash plans. Executive shall have the opportunity to earn an annual target cash incentive, measured against performance criteria to be determined by the Company’s Board (or a committee thereof) having a target value of not less than 75% of Base Salary.

5.    CALIFORNIA EXECUTIVE ALLOWANCE. Should the Executive relocate to California, he will be eligible to receive an annual allowance of $70,000.00 to cover expenses related to the higher cost of living in this location. The amount will be paid in equal monthly installments over 12 months, will not be part of the Base Salary utilized to determine the targets described in Section 4 or Section 6(a)(i), and will cease should the Executive relocate outside of California. The allowance will be subject to all regular payroll withholdings. The value of the allowance will be reviewed each year as part of Executive’s annual compensation review.

6.    EQUITY AWARDS.

(a) LONG-TERM INCENTIVE AWARDS.

(i)    Executive shall be eligible for annual long-term incentive awards throughout the Term under such long-term incentive plans and programs as may be in effect from time to time in accordance with the Company’s compensation practices and the terms and provisions of any such plans or programs; provided, that Executive’s participation in such plans and programs shall be at a level and on terms and conditions consistent with participation by other senior executives of the Company, as the Board or the Committee shall determine in its sole discretion, with due consideration of Executive’s position, awards granted to other senior executives of the Company and competitive compensation data. The Executive’s target for participating in the Company’s plan shall be 120% of Base Salary.

(ii)    All long-term incentive awards to Executive shall be granted pursuant to and shall be subject to all of the terms and conditions imposed upon such awards granted under the Plan.

(b)    STOCK OWNERSHIP.Executive shall be subject to, and shall comply with, the stock ownership guidelines of the Company as may be in effect from time to time. Executive shall have five (5) years to satisfy the stock ownership guidelines applicable to Executive. As of the Effective Date, the Executive’s annual interim target for share accumulation is 20% after the first year, 40% after the second year, 60% after the third year, and 80% after the fourth year.

7.    EMPLOYEE BENEFITS. As of the Effective Date:

(a)    BENEFIT PLANS. Executive shall be entitled to participate in all employee benefit plans of the Company including, but not limited to, relocation policy, equity, pension, thrift, profit sharing, medical coverage, education, or other retirement or welfare benefits that the Company has adopted or may adopt, maintain or contribute to for the benefit of its senior executives in accordance with the terms of such plans and programs.

(b)    VACATION. Executive shall be entitled to annual paid vacation in accordance with the Company’s policy applicable to senior executives.

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(c)    BUSINESS AND ENTERTAINMENT EXPENSES. Upon presentation of appropriate documentation, Executive shall be reimbursed in accordance with the Company’s expense reimbursement policy for all reasonable and necessary business expenses incurred in connection with the performance of Executive’s duties hereunder.

(d)    CERTAIN AMENDMENTS. Nothing herein shall be construed to prevent the Company from amending, altering, terminating or reducing any plans, benefits or programs.

8.    TERMINATION. Executive’s employment and the Term shall terminate on the first of the following to occur:

(a)    DISABILITY. Upon written notice by the Company to Executive of termination due to Disability, while Executive remains Disabled. For purposes of this Agreement, “Disability” shall have the meaning defined under the Company’s then-current long-term disability insurance plan in which Executive participates.

(b)    DEATH. Automatically on the date of death of Executive.

(c)    CAUSE. Immediately upon written notice by the Company to Executive of a termination of Executive’s employment for Cause. “Cause” shall mean:

(i)    Executive’s willful and continued failure to perform substantially his duties owed to the Company or its affiliates after a written demand for substantial performance is delivered to him specifically identifying the nature of such unacceptable performance, which is not cured by Executive within a reasonable period, not to exceed thirty (30) days;

(ii)    Executive is convicted of (or pleads guilty or no contest to) a felony or any crime involving moral turpitude; or

(iii)    Executive has engaged in conduct that constitutes gross misconduct in the performance of his employment duties.

An act or omission by Executive shall not be “willful” if conducted in good faith and with Executive’s reasonable belief that such conduct is in the best interests of the Company.

(d)    WITHOUT CAUSE. Upon written notice by the Company to Executive of an involuntary termination of Executive’s employment other than for Cause (and other than due to his Disability).

(e)    GOOD REASON. Upon written notice by Executive to the Company of a voluntary termination of Executive’s employment at any time during a Protection Period (defined in Section 11 below), for Good Reason. “Good Reason” shall mean, without the express written consent of Executive, the occurrence of any of the following events during a Protection Period:

(i)    Executive’s Base Salary or annual target cash incentive opportunity is materially reduced;

(ii)    Executive’s duties or responsibilities are negatively and materially changed in a manner inconsistent with Executive’s position (including status, offices, titles, and reporting responsibilities) or authority; or

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(iii)    The Company requires Executive’s principal office to be relocated more than 50 miles from its location as of the date immediately preceding the Change in Control.

Prior to any termination by Executive for “Good Reason,” he shall provide the Board not less than thirty (30) nor more than ninety (90) days’ notice, with specificity, of the grounds constituting Good Reason and an opportunity within such notice period for the Company to cure such grounds. The notice shall be given within ninety (90) days following the initial existence of grounds constituting Good Reason for such notice and subsequent termination, if not so cured above, to be effective.

(f)    VOLUNTARY TERMINATION FOR ANY REASON (WITHOUT GOOD REASON DURING A PROTECTION PERIOD). Upon at least thirty (30) days’ prior written notice by Executive to the Company of Executive’s voluntary termination of employment (i) for any reason prior to or after a Protection Period or (ii) without Good Reason during a Protection Period, in either case which the Company may, in its sole discretion, make effective earlier than any termination date set forth in such notice.

9.    CONSEQUENCES OF TERMINATION. Any termination payments made and benefits provided under this Agreement to Executive shall be in lieu of any termination or severance payments or benefits for which Executive may be eligible under any of the plans, policies or programs of the Company or its affiliates, it being understood that any Long-Term Awards (as defined in Section 12 hereof) shall be treated as addressed in Section 12 hereof. Upon termination of Executive’s employment, the following amounts and benefits shall be due to Executive:

(a)    DEATH; DISABILITY. If Executive’s employment terminates due to Executive’s death or Disability, then the Company shall pay or provide Executive (or the legal representative of his estate in the case of his death) with:

(i)    (A) any accrued and unpaid Base Salary through the date of termination and any accrued and unused vacation in accordance with Company policy; and (B) reimbursement for any unreimbursed expenses, incurred and documented in accordance with applicable Company policy, through the date of termination (collectively, “Accrued Obligations”);

(ii)    Any unpaid cash incentive award earned with respect to any fiscal year ending on or preceding the date of termination, payable when annual cash incentives are paid generally to senior executives for such year;

(iii)    A pro-rated annual cash incentive award for the fiscal year in which such termination occurs, the amount of which shall be based on actual performance under the applicable annual cash incentive plan and a fraction, the numerator of which is the number of days elapsed during the performance year through the date of termination and the denominator of which is 365, which pro-rated cash incentive award shall be paid when awards are paid generally to senior executives for such year;

(iv)    Any disability insurance benefits, or life insurance proceeds, as the case may be, as may be provided under the Company plans in which Executive participates immediately prior to such termination; and

(b)    VOLUNTARY TERMINATION (INCLUDING VOLUNTARY TERMINATION WITHOUT GOOD REASON DURING A PROTECTION PERIOD); INVOLUNTARY TERMINATION WITHOUT CAUSE AT OR AFTER AGE 65; INVOLUNTARY TERMINATION FOR CAUSE.

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(i)    If Executive’s employment should be terminated (i) by Executive for any reason at any time other than during a Protection Period, or (ii) by Executive without Good Reason during a Protection Period, then the Company shall pay to Executive any Accrued Obligations in accordance with Section 9(a)(i).

(ii)    If Executive’s employment is terminated by the Company without Cause and other than for Disability at or after Executives’ attainment of age 65, the Company shall pay to Executive any Accrued Obligations.

(iii)    If Executive’s employment is terminated by the Company for Cause, the Company shall pay to Executive any Accrued Obligations.

(c)    TERMINATION WITHOUT CAUSE. If at any time (A) prior to Executive’s attainment of age 65 and (B) other than during a Protection Period, Executive’s employment by the Company is terminated by the Company without Cause (and other than a termination for Disability), then the Company shall pay or provide Executive with:

(i)    Executive’s Accrued Obligations, payable in accordance with Section 9(a)(i);

(ii)    Any unpaid annual cash incentive earned with respect to any fiscal year ending on or preceding the date of termination, payable when such incentives are paid generally to senior executives for such year;

(iii)    A pro-rated annual cash incentive for the fiscal year in which such termination occurs, the amount of which shall be based on actual performance under the applicable annual cash incentive plan and a fraction, the numerator of which is the number of days elapsed during the performance year through the date of termination and the denominator of which is 365, which pro-rated annual cash incentive award shall be paid when awards are paid generally to senior executives for such year;

(iv)    Severance payments in the aggregate amount equal to the sum of (A) Executive’s then Base Salary plus (B) his annual target cash incentive, which amount shall be payable to Executive in equal semi-monthly payroll installments over a period of twelve (12) months;

For purposes of this subparagraph (iv) each installment severance payment to Executive under this subparagraph (iv) shall be treated as a separate payment (within the meaning of Section 409A).

Provided, anything herein to the contrary notwithstanding, if on the date of termination, Executive is a “specified employee” of the Company (as defined in Treasury Regulation Section 1.409A-1(i)), to the extent that such severance payments (and any other payments and benefits provided in Section 9) constitute a “deferral of compensation” under a “nonqualified deferred compensation plan” under Section 409A and Treasury Regulation Section 1.409A-1, the following provisions shall apply (“Safe Harbor and Postponement”):

(1)If such payments and benefits are payable on account of Executive’s “involuntary separation from service” (as defined in Treasury Regulation Section 1.409A-1(n)), Executive shall receive such amount of his severance payments during the six (6)-month period immediately following the date of termination as equals the lesser of: (x) such severance payment amount due Executive under Section 9 during such six (6)-month period or (y) two (2) multiplied by the compensation limit in effect under Section 401(a)(17) of the Code, for the calendar year in which the date of termination occurs and as otherwise provided under Treasury Regulation Section

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1.409A-1(b)(9)(iii) and shall be entitled to such of his benefits as satisfy the exception under Treasury Regulation Section 1.409A-1(b)(9)(v) (“Limitation Amount”).

(2)To the extent that, upon such “involuntary separation from service,” the amount of payments and benefits that would have been payable to Executive under Section 9 during the six (6)-month period following the last day of his employment exceeds the Limitation Amount, such excess shall be paid on the first regular semi-monthly payroll date following the expiration of such six (6)-month period.

(3)If the Company reasonably determines that such employment termination is not such an “involuntary separation from service,” all such payments and benefits that would have been payable to the Executive under Section 9 during the six (6)-month period immediately following the date of termination, but for such determination, shall be paid on the first regular semi-monthly payroll date immediately following the expiration of such six (6)-month period following the date of termination.

(4)Any payments under this Section 9(c) that are postponed pursuant to the Safe Harbor and Postponement shall accrue interest at an annual rate (compounded monthly) equal to the short-term applicable federal rate (as in effect under Section 1274(d) of the Code on the last day of the Executive’s employment) plus 100 basis points, which interest shall be paid on the first regular semi-monthly payroll date immediately following the expiration of the six (6)-month period following the date of termination.

(v)    Subject to Executive’s continued co-payment of premiums, continued participation for twelve (12) months in the Company’s medical benefits plan which covers Executive and his eligible dependents upon the same terms and conditions (except for the requirements of Executive’s continued employment) in effect for active employees of the Company. In the event Executive obtains other employment that offers substantially similar or more favorable medical benefits, such continuation of coverage by the Company under this subsection shall immediately cease. The continuation of health benefits under this subsection shall reduce the period of coverage and count against Executive’s right to healthcare continuation benefits under COBRA.

10.    CONDITIONS. Any payments or benefits made or provided to Executive pursuant to any subsection of Section 9, other than Accrued Obligations, are subject to Executive’s:

(a)    compliance with the provisions of Section 13 hereof;

(b)    delivery to the Company of an executed Agreement and General Release (the “General Release”), which shall be substantially in the form attached hereto as Exhibit A within twenty-one (21) days after presentation thereof by the Company to Executive; and

(c)    delivery to the Company of a resignation from all offices, directorships and fiduciary positions held by Executive with the Company, its affiliates and employee benefit plans.

Notwithstanding the due date of any post-employment payments, any amounts due following a termination under this Agreement (other than Accrued Obligations) shall not be payable until after the expiration of any statutory revocation period applicable to the General Release without Executive having revoked such General Release, and, subject to the provisions of Section 22 hereof, any such amounts shall be paid to Executive within thirty (30) days thereafter.

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Notwithstanding the foregoing, Executive shall be entitled to any Accrued Obligations, payable without regard for the conditions of this Section 10.

11.    CHANGE IN CONTROL; EXCISE TAX.

(a)    CHANGE IN CONTROL. A “Change in Control” of the Company shall be deemed to have occurred if any of the events set forth in any one of the following subparagraphs shall occur:

(i)    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (1) and (2) of subsection (iii) of this definition;

(ii)    individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board;

(iii)    consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) and in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, and (2) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

(iv)    approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

(b)    QUALIFYING TERMINATION. If, prior to Executive’s attainment of age 65, Executive’s employment is involuntarily terminated by the Company without Cause (and other than due to his Disability) or is voluntarily terminated by Executive for Good Reason, in either case only during the period commencing on the

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occurrence of a Change in Control of the Company and ending on the second anniversary of date of the Change in Control (“Protection Period”), then the Company shall pay or provide Executive with:

(i)    Executive’s Accrued Obligations, payable in accordance with Section 9(a)(i);

(ii)    Any unpaid annual cash incentive award earned with respect to any fiscal year ending on or preceding the date of termination, payable when awards are paid generally to senior executives for such year;

(iii)    A pro-rated annual cash incentive for the fiscal year in which such termination occurs, the amount of which shall be based on target performance and a fraction, the numerator of which is the number of days elapsed during the performance year through the date of termination and the denominator of which is 365, which pro-rated annual cash incentive award shall be paid when awards are paid generally to senior executives for such year;

(iv)    A lump sum severance payment in the aggregate amount equal to the product of (A) the sum of (1) Executive’s highest Base Salary during the Protection Period plus (2) his annual target annual cash incentive award multiplied by (B) two (2); provided, unless the Change of Control occurring on or preceding such termination also meets the requirements of Section 409A(a)(2)(A)(v) and Treasury Regulation Section 1.409A-3(i)(5) (or any successor provision) thereunder (a “409A Change in Control”), the amount payable to Executive under this subparagraph (iv) shall be paid to Executive in equal semi-monthly payroll installments over a period of twenty-four (24) months, not in a lump sum, to the extent necessary to avoid the application of Section 409A(a)(1)(A) and (B);

(v)    Subject to Executive’s continued co-payment of premiums, continued participation for two (2) years in the Company’s medical benefits plan which covers Executive and his eligible dependents upon the same terms and conditions (except for the requirements of Executive’s continued employment) in effect for active employees of the Company. In the event Executive obtains other employment that offers substantially similar or more favorable medical benefits, such continuation of coverage by the Company under this subsection shall immediately cease. The continuation of health benefits under this subsection shall reduce the period of coverage and count against Executive’s right to healthcare continuation benefits under COBRA; and

(vi)    Payments falling under Section 11(b)iv shall, if to be paid in a lump sum pursuant to such section, be paid within ten (10) business days after the Executive’s termination of employment.

Provided, to the extent applicable under Section 409A as a “deferral of compensation,” and not as a “short-term deferral” under Treasury Regulation Section 1.409A-1(b)(4), the payments and benefits payable to Executive under this Section 11(b) shall be subject to the Safe Harbor and Postponement provided at Section 9(c)(iv).

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(c)    EXCISE TAX. If it is determined that any amount, right or benefit paid or payable (or otherwise provided or to be provided) to the Executive by the Company or any of its affiliates under this Agreement or any other plan, program or arrangement under which Executive participates or is a party, other than amounts payable under this Section 11(c), (collectively, the “Payments”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (“Code”), subject to the excise tax imposed by Section 4999 of the Code, as amended from time to time (the “Excise Tax”), Executive will have the option of either paying the Excise Tax or reducing the amount of Payments to the safe harbor level of the Code less $1.00.

12.    LONG-TERM AWARDS. All of Executive’s stock options, stock appreciation rights, restricted stock units, performance share units and any other long-term incentive awards granted under any long-term incentive plan of the Company, whether granted before or after the Effective Date (collectively “Long-Term Awards”), shall remain in effect in accordance with their terms and conditions, including with respect to the consequences of the termination of Executive’s employment or a change in control, and shall not be in any way amended, modified or affected by this Agreement.

13.    EXECUTIVE COVENANTS.

(a)    CONFIDENTIALITY. Executive agrees that Executive shall not, commencing on the date hereof and at all times thereafter, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of Executive’s employment and for the benefit of the Company, any nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, affiliated companies or businesses, which shall have been obtained by Executive during Executive’s employment by the Company. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to Executive; (ii) becomes known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative of Executive; or (iii) Executive is required to disclose by applicable law, regulation or legal process (provided that Executive provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information). Notwithstanding clauses (i) and (ii) of the preceding sentence, Executive’s obligation to maintain such disclosed information in confidence shall not terminate where only portions of the information are in the public domain.

(b)    NONSOLICITATION. Commencing on the date hereof, and continuing during Executive’s employment with the Company and for the twelve (12) month period following termination of Executive’s employment for any reason (a twenty-four (24) month post-employment period in the event of a termination of Executive’s employment for any reason at any time during a Protection Period) (“Restricted Period”), Executive agrees that Executive shall not, without the prior written consent of the Company, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity: (i) solicit, recruit or employ (whether as an employee, officer, director, agent, consultant or independent contractor) any person who was or is at any time during the six (6) months preceding Executive’s termination of employment an employee, representative, officer or director of the Company; (ii) take any action to encourage or induce any employee, representative, officer or director of the Company to cease their relationship with the Company for any reason; or (iii) knowingly solicit, aid or induce any customer of the Company or any of its subsidiaries or affiliates to purchase goods or services then sold by the Company or any of its subsidiaries or affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer.

(c)    NONCOMPETITION. Executive acknowledges that Executive performs services of a unique nature for the Company that are irreplaceable, and that Executive’s performance of such services to a competing business will result in irreparable harm to the Company. Accordingly, during the Restricted Period, Executive agrees that Executive shall not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee,

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consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in any business of the same type as any business in which the Company or any of its subsidiaries or affiliates is engaged on the date of termination or in which they have proposed, on or prior to such date, to be engaged in on or after such date at any time during the twelve (12)-month period ending with the date of termination for any reason (a twenty-four month post-employment period in the event of termination of Executive’s employment for any reason at any time during a Protection Period) , in any locale of any country in which the Company conducts business. This Section 13(c) shall not prevent Executive from owning not more than two percent (2%) of the total shares of all classes of stock outstanding of any publicly held entity engaged in such business.

(d)    NONDISPARAGEMENT. Each of Executive and the Company (for purposes hereof, “the Company” shall mean only (i) the Company by press release or other formally released announcement and (ii) the executive officers and directors thereof and not any other employees) agrees not to make any public statements that disparage the other party, or in the case of the Company, its respective affiliates, employees, officers, directors, products or services. Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such proceedings) shall not be subject to this Section 13(d). Executive’s provision shall also not cover normal competitive statements which do not cite Executive’s employment by the Company.

(e)    RETURN OF COMPANY PROPERTY AND RECORDS. Executive agrees that upon termination of Executive’s employment, for any cause whatsoever, Executive will surrender to the Company in good condition (reasonable wear and tear excepted) all property and equipment belonging to the Company and all records kept by Executive containing the names, addresses or any other information with regard to customers or customer contacts of the Company, or concerning any proprietary or confidential information of the Company or any operational, financial or other documents given to Executive during Executive’s employment with the Company.

(f)    COOPERATION. Executive agrees that, following termination of Executive’s employment for any reason, Executive shall upon reasonable advance notice, and to the extent it does not interfere with previously scheduled travel plans and does not unreasonably interfere with other business activities or employment obligations, assist and cooperate with the Company with regard to any matter or project in which Executive was involved during Executive’s employment, including any litigation. The Company shall compensate Executive for reasonable expenses incurred in connection with such cooperation and assistance.

(g)    ASSIGNMENT OF INVENTIONS. Executive will promptly communicate and disclose in writing to the Company all inventions and developments including software, whether patentable or not, as well as patents and patent applications (hereinafter collectively called “Inventions”), made, conceived, developed, or purchased by Executive, or under which Executive acquires the right to grant licenses or to become licensed, alone or jointly with others, which have arisen or jointly with others, which have arisen or may arise out of Executive’s employment, or relate to any matters pertaining to, or useful in connection therewith, the business or affairs of the Company or any of its subsidiaries. Included herein as if developed during the employment period is any specialized equipment and software developed for use in the business of the Company. All of Executive’s right, title and interest in, to, and under all such Inventions, licenses, and right to grant licenses shall be the sole property of the Company. Any such Inventions disclosed to anyone by Executive within one (1) year after the termination of employment for any cause whatsoever shall be deemed to have been made or conceived by Executive during the Term. As to all such Inventions, Executive will, upon request of the Company execute all documents which the Company deems necessary or proper to enable it to establish title to such Inventions or other rights, and to enable it to file and prosecute applications for letters patent of the United States and any foreign country; and do all things (including the giving of evidence in suits and other

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proceedings) which the Company deems necessary or proper to obtain, maintain, or assert patents for any and all such Inventions or to assert its rights in any Inventions not patented.

(h)    EQUITABLE RELIEF AND OTHER REMEDIES. The parties acknowledge and agree that the other party’s remedies at law for a breach or threatened breach of any of the provisions of this Section 13 would be inadequate and, in recognition of this fact, the parties agree that, in the event of such a breach or threatened breach, in addition to any remedies at law, the other party, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available.

(i)    REFORMATION. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 13 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state.

(j)    SURVIVAL OF PROVISIONS. The obligations of Executive set forth in this Section 13 shall survive the termination of Executive’s employment by the Company and the termination or expiration of this Agreement and shall be fully enforceable thereafter.

14.    NO ASSIGNMENTS.

(a)    This Agreement is personal to each of the parties hereto. Except as provided in Section 14(b) below, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto.

(b)    The Company shall assign this Agreement to any successor to all or substantially all of the business or assets of the Company provided that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place and shall deliver a copy of such assignment to Executive.

15.    NOTICE. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery if delivered by hand, (b) on the first business day following the date of deposit if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to Executive (handwritten executives address below):

If to the Company:

Belden Inc.
One North Brentwood

15^th Floor

St. Louis, Missouri 63105

Attn: General Counsel

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or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

16.    SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between this Agreement and any other agreement (including but not limited to any option, long-term incentive or other equity award agreement), plan, program, policy or practice of the Company, the terms of this Agreement shall control.

17.    SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

18.    ARBITRATION. Any dispute or controversy arising under or in connection with this Agreement, other than injunctive relief under Section 13(h) hereof or damages for breach of Section 13, shall be settled exclusively by arbitration, conducted before a single arbitrator in St. Louis, Missouri, administered by the American Arbitration Association (“AAA”) in accordance with its Commercial Arbitration Rules then in effect. The single arbitrator shall be selected by the mutual agreement of the Company and Executive, unless the parties are unable to agree to an arbitrator, in which case, the arbitrator will be selected under the procedures of the AAA. The arbitrator will have the authority to permit discovery and to follow the procedures that Executive or she determines to be appropriate. The arbitrator will have no power to award consequential (including lost profits), punitive or exemplary damages. The decision of the arbitrator will be final and binding upon the parties hereto. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Each party shall bear its own legal fees and costs and equally divide the forum fees and cost of the arbitrator.

19.    INDEMNIFICATION; LIABILITY INSURANCE. The Company and Executive shall enter into the Company’s standard form of indemnification agreement governing his conduct as an officer and director of the Company.

20.    AMENDMENTS; WAIVER. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive and such officer or director as may be designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

21.    ENTIRE AGREEMENT; MISCELLANEOUS. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware without regard to its conflicts of law principles. The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation and of the word “or” shall be inclusive and not exclusive.

22.    CODE SECTION 409A.

12

(a)    It is intended that any amounts payable under this Agreement and the Company’s and Executive’s exercise of authority or discretion hereunder shall comply with the provisions of Section 409A of the Code and the treasury regulations relating thereto so as not to subject Executive to the payment of interest and tax penalty which may be imposed under Section 409A. In furtherance of this interest, anything to the contrary herein notwithstanding, no amounts shall be payable to Executive before such time as such payment fully complies with the provisions of Section 409A and, to the extent that any regulations or other guidance issued under Section 409A after the date of this Agreement would result in Executive being subject to payment of interest and tax penalty under Section 409A, the parties agree to amend this Agreement in order to bring this Agreement into compliance with Section 409A.

(b)    With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Section 409A, (i) all such reimbursements shall be made within a commercially reasonable time after presentation of appropriate documentation but in no event later than the end of the year immediately following the year in which Executive incurs such reimbursement expenses, (ii) no such reimbursements or in-kind benefits will affect any other costs or expenses eligible for reimbursement, or any other in-kind benefits to be provided, in any other year and (iii) no such reimbursements or in-kind benefits are subject to liquidation or exchange for another payment or benefit.

(c)    Without limiting the discretion of either the Company or the Executive to terminate the Executive’s employment hereunder for any reason (or no reason), solely for purposes of compliance with 409A a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h) (applying the 20% default post-separation limit thereunder)) as an employee and, for purposes of any such provision of this Agreement, references to a “termination” or “termination of employment” shall mean separation from service as an employee and such payments shall thereupon be made at or following such separation from service as an employee as provided hereunder.

23.    FULL SETTLEMENT. Except as set forth in this Agreement, the Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including without limitation, set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others, except to the extent any amounts are due the Company or its subsidiaries or affiliates pursuant to a judgment against Executive. In no event shall Executive be obliged to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by Executive as a result of employment by another employer, except as set forth in this Agreement.

24.    WITHHOLDING. The Company may withhold from any and all amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

25.    AGREEMENT OF THE PARTIES. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto. Neither Executive nor the Company shall be entitled to any presumption in connection with any determination made hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising under this Agreement.

13

26.    COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instruments.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first written above.

BELDEN INC.

By: /s/ Dean McKenna

Dean McKenna, Senior Vice

President, Human Resources

By: /s/ Ashish Chand

Ashish Chand

14

EXHIBIT A

GENERAL RELEASE OF ALL CLAIMS

1.    For and in consideration of the promises made in the Executive Employment Agreement (defined below), the adequacy of which is hereby acknowledged, the undersigned (“Executive”), for himself, his heirs, administrators, legal representatives, executors, successors, assigns, and all other persons claiming through Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge Belden Inc. (“Company”), the Company’s subsidiaries, parents, affiliates, related organizations, employees, officers, directors, attorneys, successors, and assigns (collectively, the “Releasees”) from, and does fully waive any obligations of Releasees to Releasers for, any and all liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent or absolute, which heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Releasers in consequence of, arising out of, or in any way relating to Executive’s employment with the Company or any of its affiliates or the termination of Executive’s employment. The foregoing release and discharge, waiver and covenant not to sue includes, but is not limited to, all claims and any obligations or causes of action arising from such claims, under common law including wrongful or retaliatory discharge, breach of contract (including but not limited to any claims under the Employment Agreement between the Company and Executive, effective as of July 3, 2019 (the “Employment Agreement”) and any claims under any stock option and restricted stock units agreements between Executive and the Company) and any action arising in tort including libel, slander, defamation or intentional infliction of emotional distress, and claims under any federal, state or local statute including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 and 1871 (42 U.S.C. § 1981), the National Labor Relations Act, the Age Discrimination in Employment Act (ADEA), the Fair Labor Standards Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973), or the discrimination or employment laws of any state or municipality, or any claims under any express or implied contract which Releasers may claim existed with Releasees. This release and waiver does not apply to any claims or rights that may arise after the date Executive signs this General Release. The foregoing release does not apply to any claims of indemnification under the Employment Agreement or a separate indemnification agreement with the Company or rights of coverage under directors and officers’ liability insurance.

2.    Excluded from this release and waiver are any claims which cannot be waived by law, including but not limited to the right to participate in an investigation conducted by certain government agencies. Executive does, however, waive Executive’s right to any monetary recovery should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on Executive’s behalf. Executive represents and warrants that Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court.

3.    Executive agrees never to sue Releasees in any forum for any claim covered by the above waiver and release language, except that Executive may bring a claim under the ADEA to challenge this General Release or as otherwise provided in this General Release. If Executive violates this General Release by suing Releasees, other than under the ADEA or as otherwise set forth in Section 1 hereof, Executive shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit. Nothing in this General Release is intended to reflect any party’s belief that Executive’s waiver of claims under ADEA is invalid or unenforceable, it being the interest of the parties that such claims are waived.

4.    Executive acknowledges, agrees and affirms that he is subject to certain post-employment covenants pursuant to Section 13 of the Employment Agreement, which covenants survive the termination of his employment and the execution of this General Release.

5.    Executive acknowledges and recites that:

A-2

(a)    Executive has executed this General Release knowingly and voluntarily;

(b)    Executive has read and understands this General Release in its entirety;

(c)    Executive has been advised and directed orally and in writing (and this subparagraph (c) constitutes such written direction) to seek legal counsel and any other advice he wishes with respect to the terms of this General Release before executing it;

(d)    Executive’s execution of this General Release has not been coerced by any employee or agent of the Company; and

(e)    Executive has been offered twenty-one (21) calendar days after receipt of this General Release to consider its terms before executing it.

6.    This General Release shall be governed by the internal laws (and not the choice of laws) of the State of Delaware, except for the application of pre-emptive Federal law.

7.    Executive shall have seven (7) days from the date hereof to revoke this General Release by providing written notice of the revocation to the Company, as provided in Section 15 of the Employment Agreement, upon which revocation this General Release shall be unenforceable and null and void and in the absence of such revocation this General Release shall be binding and irrevocable by Executive.

PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

Date:, 20__                     EXECUTIVE:

[Ashish Chand]

A-2

EX-31.1

Exhibit 31.1

CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, John S. Stroup, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Belden Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which the statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 5, 2019

/s/ John S. Stroup

John S. Stroup

President, Chief Executive Officer, and Chairman                           

EX-31.2

Exhibit 31.2

CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Henk Derksen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Belden Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which the statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 5, 2019

/s/ Henk Derksen

Henk Derksen

Senior Vice President, Finance, and Chief Financial Officer                          

EX-32.1

Exhibit 32.1

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Belden Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John S. Stroup, President, Chief Executive Officer, and Chairman of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ John S. Stroup

John S. Stroup

President, Chief Executive Officer, and Chairman

August 5, 2019

EX-32.2

Exhibit 32.2

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Belden Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Henk Derksen, Senior Vice President, Finance, and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Henk Derksen

Henk Derksen

Senior Vice President, Finance, and Chief Financial Officer

August 5, 2019

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Quarterly Report	true
Document Type	10-Q
Document Transition Report	false
Document Period End Date	Jun. 30, 2019
Entity File Number	001-12561
Entity Registrant Name	BELDEN INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3601505
Entity Address, Address Line One	1 North Brentwood Boulevard
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	854-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Category	Large Accelerated Filer
Entity Small Business	false
Document Transition Report	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	BDC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		45,452,492
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000913142
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 295,243	$ 420,610
Receivables, net	451,487	465,939
Inventories, net	309,711	316,418
Other current assets	60,017	55,757
Total current assets	1,116,458	1,258,724
Property, plant and equipment, less accumulated depreciation	383,067	365,970
Operating lease right-of-use assets	84,099
Goodwill	1,607,848	1,557,653
Intangible assets, less accumulated amortization	506,706	511,093
Deferred income taxes	90,112	56,018
Other long-lived assets	34,690	29,863
Total assets	3,822,980	3,779,321
Current liabilities:
Accounts payable	266,897	352,646
Accrued liabilities	323,124	364,276
Total current liabilities	590,021	716,922
Long-term debt	1,457,571	1,463,200
Postretirement benefits	131,023	132,791
Deferred income taxes	79,224	39,943
Long-term operating lease liabilities	77,679
Other long-term liabilities	53,929	38,877
Stockholders’ equity:
Preferred stock	1	1
Common stock	503	503
Additional paid-in capital	1,143,494	1,139,395
Retained earnings	967,970	922,000
Accumulated other comprehensive loss	(62,591)	(74,907)
Treasury stock	(621,167)	(599,845)
Total Belden stockholders’ equity	1,428,210	1,387,147
Noncontrolling interests	5,323	441
Total stockholders’ equity	1,433,533	1,387,588
Total liabilities and stockholders' equity	$ 3,822,980	$ 3,779,321

XML

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Income Statement [Abstract]
Revenues	$ 637,530	$ 668,639	$ 1,224,705	$ 1,274,204
Cost of sales	(396,507)	(411,043)	(758,954)	(786,014)
Gross profit	241,023	257,596	465,751	488,190
Selling, general and administrative expenses	(122,482)	(138,842)	(245,270)	(263,714)
Research and development expenses	(35,034)	(37,209)	(69,188)	(74,310)
Amortization of intangibles	(22,368)	(25,039)	(45,709)	(49,457)
Operating income	61,139	56,506	105,584	100,709
Interest expense, net	(14,168)	(15,088)	(28,361)	(32,066)
Non-operating pension benefit (cost)	481	(257)	1,028	(532)
Loss on debt extinguishment	0	(3,030)	0	(22,990)
Income before taxes	47,452	38,131	78,251	45,121
Income tax expense	(5,162)	(9,339)	(10,783)	(13,759)
Net income	42,290	28,792	67,468	31,362
Less: Net income (loss) attributable to noncontrolling interests	90	(77)	66	(125)
Net income attributable to Belden	42,200	28,869	67,402	31,487
Less: Preferred stock dividends	8,733	8,733	17,466	17,466
Net income attributable to Belden common stockholders	$ 33,467	$ 20,136	$ 49,936	$ 14,021
Weighted average number of common shares and equivalents:
Basic (in shares)	39,389	40,735	39,405	41,184
Diluted (in shares)	39,611	40,974	39,635	41,492
Basic income per share attributable to Belden common stockholders (in usd per share)	$ 0.85	$ 0.49	$ 1.27	$ 0.34
Diluted income per share attributable to Belden common stockholders (in usd per share)	$ 0.84	$ 0.49	$ 1.26	$ 0.34
Comprehensive income attributable to Belden	$ 25,507	$ 89,897	$ 79,718	$ 61,107
Common stock dividends declared per share (in usd per share)	$ 0.05	$ 0.05	$ 0.10	$ 0.10

XML

Condensed Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Cash flows from operating activities:
Net income	$ 67,468	$ 31,362
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	72,739	74,072
Share-based compensation	7,594	7,868
Loss on debt extinguishment	0	22,990
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:
Receivables	20,329	(12,370)
Inventories	17,351	(14,486)
Accounts payable	(91,542)	(84,689)
Accrued liabilities	(59,410)	(30,351)
Income taxes	(12,361)	(4,142)
Other assets	5,092	(17,275)
Other liabilities	(5,615)	(2,341)
Net cash provided by (used for) operating activities	21,645	(29,362)
Cash flows from investing activities:
Capital expenditures	(50,769)	(39,493)
Cash used to acquire businesses, net of cash acquired	(50,517)	(84,580)
Proceeds from disposal of tangible assets	19	1,517
Proceeds from disposal of business	0	40,171
Net cash used for investing activities	(101,267)	(82,385)
Cash flows from financing activities:
Payments under share repurchase program	(22,815)	(100,000)
Cash dividends paid	(21,448)	(22,034)
Withholding tax payments for share-based payment awards	(2,002)	(1,579)
Other	(173)	0
Payments under borrowing arrangements	0	(484,757)
Debt issuance costs paid	0	(7,469)
Redemption of Stockholders' Rights Agreement	0	(411)
Borrowings under credit arrangements	0	431,270
Net cash used for financing activities	(46,438)	(184,980)
Effect of foreign currency exchange rate changes on cash and cash equivalents	693	(2,932)
Decrease in cash and cash equivalents	(125,367)	(299,659)
Cash and cash equivalents, beginning of period	420,610	561,108
Cash and cash equivalents, end of period	$ 295,243	$ 261,449

XML

Condensed Consolidated Stockholders' Equity Statement (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Mandatory Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2017		(52)	(50,335)			8,316
Beginning balance at Dec. 31, 2017	$ 1,434,866	$ 1	$ 503	$ 1,123,832	$ 833,610	$ (425,685)	$ (98,026)	$ 631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,570				2,618			(48)
Other comprehensive income, net of tax	(31,392)						(31,408)	16
Exercise of stock options, net of tax withholding forfeitures	(361)			(352)		$ (9)
Exercise of stock options, net of tax withholding forfeitures (in shares)						7
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	(1,142)			(1,242)		$ 100
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)						27
Share repurchase program	(75,270)					$ (75,270)
Share repurchase program (in shares)						(1,050)
Share-based compensation	3,126			3,126
Redemption of stockholders' rights agreement	(411)				(411)
Preferred stock dividends	(8,733)				(8,733)
Common stock dividends	(2,066)				(2,066)
Ending balance (in shares) at Apr. 01, 2018		(52)	(50,335)			9,332
Ending balance at Apr. 01, 2018	1,292,146	$ 1	$ 503	1,125,364	795,977	$ (500,864)	(129,434)	599
Beginning balance (in shares) at Dec. 31, 2017		(52)	(50,335)			8,316
Beginning balance at Dec. 31, 2017	1,434,866	$ 1	$ 503	1,123,832	833,610	$ (425,685)	(98,026)	631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	31,362
Share repurchase program	$ (100,000)
Share repurchase program (in shares)	(1,400)
Redemption of stockholders' rights agreement	$ 411
Ending balance (in shares) at Jul. 01, 2018		(52)	(50,335)			9,699
Ending balance at Jul. 01, 2018	1,351,110	$ 1	$ 503	1,129,490	814,071	$ (525,054)	(68,406)	505
Beginning balance (in shares) at Apr. 01, 2018		(52)	(50,335)			9,332
Beginning balance at Apr. 01, 2018	1,292,146	$ 1	$ 503	1,125,364	795,977	$ (500,864)	(129,434)	599
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,792				28,869			(77)
Other comprehensive income, net of tax	61,011						61,028	(17)
Exercise of stock options, net of tax withholding forfeitures	(44)			(64)		$ 20
Exercise of stock options, net of tax withholding forfeitures (in shares)						2
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	(32)			(552)		$ 520
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)						19
Share repurchase program	$ (24,730)					$ (24,730)
Share repurchase program (in shares)	(400)					(388)
Share-based compensation	$ 4,742			4,742
Preferred stock dividends	(8,733)				(8,733)
Common stock dividends	(2,042)				(2,042)
Ending balance (in shares) at Jul. 01, 2018		(52)	(50,335)			9,699
Ending balance at Jul. 01, 2018	1,351,110	$ 1	$ 503	1,129,490	814,071	$ (525,054)	(68,406)	505
Beginning balance (in shares) at Dec. 31, 2018		(52)	(50,335)			10,939
Beginning balance at Dec. 31, 2018	1,387,588	$ 1	$ 503	1,139,395	922,000	$ (599,845)	(74,907)	441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	25,178				25,202			(24)
Other comprehensive income, net of tax	29,010						29,009	1
Exercise of stock options, net of tax withholding forfeitures	(38)			(54)		$ 16
Exercise of stock options, net of tax withholding forfeitures (in shares)						1
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	(1,902)			(2,570)		$ 668
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)						58
Share-based compensation	2,216			2,216
Preferred stock dividends	(8,733)				(8,733)
Common stock dividends	(1,990)				(1,990)
Ending balance (in shares) at Mar. 31, 2019		(52)	(50,335)			10,880
Ending balance at Mar. 31, 2019	1,431,329	$ 1	$ 503	1,138,987	936,479	$ (599,161)	(45,898)	418
Beginning balance (in shares) at Dec. 31, 2018		(52)	(50,335)			10,939
Beginning balance at Dec. 31, 2018	1,387,588	$ 1	$ 503	1,139,395	922,000	$ (599,845)	(74,907)	441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	67,468
Share repurchase program	$ (22,800)
Share repurchase program (in shares)	(400)
Redemption of stockholders' rights agreement	$ 0
Ending balance (in shares) at Jun. 30, 2019		(52)	(50,335)			11,248
Ending balance at Jun. 30, 2019	1,433,533	$ 1	$ 503	1,143,494	967,970	$ (621,167)	(62,591)	5,323
Beginning balance (in shares) at Mar. 31, 2019		(52)	(50,335)			10,880
Beginning balance at Mar. 31, 2019	1,431,329	$ 1	$ 503	1,138,987	936,479	$ (599,161)	(45,898)	418
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	42,290				42,200			90
Other comprehensive income, net of tax	(16,653)						(16,693)	40
Acquisition of business with noncontrolling interests	4,775
Exercise of stock options, net of tax withholding forfeitures	(8)			(10)		2
Conversion of restricted stock units into common stock, net of tax withholding forfeitures	(54)			(861)		$ 807
Conversion of restricted stock units into common stock, net of tax withholding forfeitures (in shares)						29
Share repurchase program	$ (22,815)					$ (22,815)
Share repurchase program (in shares)	(400)					(397)
Share-based compensation	$ 5,378			5,378
Preferred stock dividends	(8,733)				(8,733)
Common stock dividends	(1,976)				(1,976)
Ending balance (in shares) at Jun. 30, 2019		(52)	(50,335)			11,248
Ending balance at Jun. 30, 2019	$ 1,433,533	$ 1	$ 503	$ 1,143,494	$ 967,970	$ (621,167)	$ (62,591)	$ 5,323

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Condensed Consolidated Stockholders' Equity Statement (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jul. 01, 2018	Apr. 01, 2018
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in usd per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Preferred stock dividends declared per share (in usd per share)	$ 168.75	$ 168.75	$ 168.75	$ 168.75

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation.

The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2018:

• 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 2018 Annual Report on Form 10-K.

Business Description

We are a signal transmission solutions provider built around two global business platforms – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound, and video for mission critical applications.

Reporting Periods

Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 31, 2019, the 90th day of our fiscal year 2019. Our fiscal second and third quarters each have 91 days. The six months ended June 30, 2019 and July 1, 2018 included 181 and 182 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 June 30, 2019 and July 1, 2018, 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). We did not have any transfers between Level 1 and Level 2 fair value measurements during the six months ended June 30, 2019 and July 1, 2018.

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 June 30, 2019, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.

Contingent Liabilities

We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. 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 materially adverse effect on our financial position, results of operations, or cash flow.

As of June 30, 2019, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.4 million, $3.6 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. See Note 17.

Current-Year Adoption of Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"), a leasing standard for both lessees and lessors that supersedes the lease requirements in Accounting Standards Codification (ASC) Topic 840, "Leases." Under its core principle, a lessee will recognize a right-of-use (ROU) asset and lease liability on the balance sheet for nearly all leased assets, and additional disclosures are required to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Lessor accounting remains largely consistent with existing U.S. generally accepted accounting principles. We adopted ASU 2016-02 on January 1, 2019 using the permitted transition method issued in July 2018, under ASU No. 2018-11 (“ASU 2018-11”), Leases: Targeted Improvements, which provides an additional (and optional) transition method for adopting the new lease standard. Furthermore, we elected the following practical expedients and accounting policy elections upon adoption: (i) the package of practical expedients as defined in ASU 2016-02, (ii) the short-term lease accounting policy election, (iii) the practical expedient to not separate non-lease components from lease components, and (iv) the easement practical expedient, which permits an entity to continue applying its current policy for accounting for land easements that existed as of the effective date of ASU 2016-02. The adoption of ASU 2016-02 on January 1, 2019 resulted in the recognition of right-of-use assets of approximately $90.5 million and lease liabilities for operating leases of approximately $103.4 million on the Condensed Consolidated Balance Sheet, with no material impact to the Condensed Consolidated Statements of Operations or Condensed Consolidated Cash Flow Statement. The difference between the initial lease liabilities and the ROU assets is related primarily to previously existing lease liabilities. See Note 7 for further information regarding the impact of the adoption of ASU 2016-02 on the Company's financial statements.

In August 2017, the FASB issued Accounting Standards Update No. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The new guidance better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The new guidance also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The standard is effective for fiscal years beginning after December 15, 2018. We adopted ASU 2017-12 effective January 1, 2019. The adoption had no impact on our results of operations.

In February 2018, the FASB issued ASU No. 2018-02 (“ASU 2018-02”), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 provides an option to allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The new guidance is effective for annual and interim periods beginning after December 15, 2018. We adopted ASU 2018-02 effective January 1, 2019, and elected to not reclassify the income tax effects of the Act from accumulated other comprehensive income to retained earnings. The adoption had no impact on our results of operations.

In June 2018, the FASB issued ASU No. 2018-07 (“ASU 2018-07”), Improvements to Nonemployee Share-Based Payment Accounting. The amendments in ASU 2018-07 expand the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees, and provide that non-employee share-based payment awards be measured at their grant-date fair value and the probability of satisfying performance conditions be taken into account when non-employee share-based payment awards contain such conditions. The standard is effective for fiscal years beginning after December 15, 2018. We adopted ASU 2018-07 effective January 1, 2019. The adoption had no impact on our results of operations.

In August 2018, the Securities and Exchange Commission (“SEC”) adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. Additionally, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period presented. This final rule was effective on November 5, 2018. We implemented SEC Release No. 33-10532 effective January 1, 2019, which had no impact on our results of operations.

Pending Adoption of Recent Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses. The main provisions of ASU 2016-13 provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date, and require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The new standard will be effective for us beginning January 1, 2020. Early adoption is permitted. We are currently evaluating the impact this update will have on our consolidated financial statements and related disclosures.

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Revenues

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. The following tables present our revenues disaggregated by major product category.

	Cable & Connectivity		Networking, Software & Security		Total Revenues
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	268,382	$	101,480	$	369,862
Industrial Solutions	167,121		100,547		267,668
Total	$	435,503	$	202,027	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	279,567	$	117,326	$	396,893
Industrial Solutions	172,880		98,866		271,746
Total	$	452,447	$	216,192	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	502,053	$	194,336	$	696,389
Industrial Solutions	325,629		202,687		528,316
Total	$	827,682	$	397,023	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	514,042	$	231,983	$	746,025
Industrial Solutions	335,602		192,577		528,179
Total	$	849,644	$	424,560	$	1,274,204

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 June 30, 2019	(In thousands)
Enterprise Solutions	$	244,670	$	72,932	$	52,260	$	369,862
Industrial Solutions	154,261		71,722		41,685		267,668
Total	$	398,931	$	144,654	$	93,945	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	256,191	$	82,595	$	58,107	$	396,893
Industrial Solutions	155,529		73,979		42,238		271,746
Total	$	411,720	$	156,574	$	100,345	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	455,934	$	140,252	$	100,203	$	696,389
Industrial Solutions	306,835		145,037		76,444		528,316
Total	$	762,769	$	285,289	$	176,647	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	481,474	$	155,927	$	108,624	$	746,025
Industrial Solutions	305,333		146,571		76,275		528,179
Total	$	786,807	$	302,498	$	184,899	$	1,274,204

The following tables present our revenues disaggregated by products, including software products, and support and services.

	Products		Support & Services		Total Revenues
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	350,270	$	19,592	$	369,862
Industrial Solutions	245,440		22,228		267,668
Total	$	595,710	$	41,820	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	379,416	$	17,477	$	396,893
Industrial Solutions	248,022		23,724		271,746
Total	$	627,438	$	41,201	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	658,129	$	38,260	$	696,389
Industrial Solutions	484,144		44,172		528,316
Total	$	1,142,273	$	82,432	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	712,160	$	33,865	$	746,025
Industrial Solutions	480,075		48,104		528,179
Total	$	1,192,235	$	81,969	$	1,274,204

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 June 30, 2019 and July 1, 2018.

The following table presents estimated and accrued variable consideration:

	June 30, 2019		July 1, 2018
	(in thousands)
Accrued rebates	$	24,178	$	23,586
Accrued returns	13,249		8,676
Price adjustments recognized against gross accounts receivable	29,762		26,581

Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future 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 when or as the services are performed depending on the terms of the arrangement. As of June 30, 2019, total deferred revenue was $107.4 million, and of this amount, $94.2 million is expected to be recognized within the next twelve months, and the remaining $13.2 million is long-term and is expected to be recognized over a period greater than twelve months.

The following table presents deferred revenue activity:

	Six Months Ended
	June 30, 2019			July 1, 2018
	(In thousands)
Beginning balance	$	113,300		$	104,400
New deferrals	92,213			90,583
Revenue recognized	(98,100		)	(98,600		)
Ending balance	$	107,413		$	96,383

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 $3.3 million as of June 30, 2019 and $2.3 million as of July 1, 2018. The following table presents sales commissions that are recorded within selling, general and administrative expenses:

	Three Months ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(in thousands)
Sales commissions	$	5,185	$	6,332	$	10,769	$	12,461

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Acquisitions

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Acquisitions

Acquisitions

Opterna International Corp.

We acquired 100% of the shares of Opterna International Corp. (Opterna) on April 15, 2019 for a preliminary purchase price, net of cash acquired, of $61.5 million. Of the $61.5 million purchase price, $45.5 million was paid on April 15, 2019 and was funded with cash on hand. The acquisition included a potential earnout, which is based upon future Opterna financial targets through April 15, 2021. The maximum earnout consideration is $25.0 million, but based upon a third party valuation specialist using certain assumptions in a discounted cash flow model, the estimated fair value of the earnout included in the purchase price was $16.0 million. Opterna is an international fiber optics solutions business based in Sterling, Virginia, which designs and manufactures a range of complementary fiber connectivity, cabinet, and enclosure products used in optical networks. The results of Opterna have been included in our Consolidated Financial Statements from April 15, 2019, and are reported within the Enterprise Solutions segment. Certain subsidiaries of Opterna include noncontrolling interests. Because Opterna has a controlling financial interest in

these subsidiaries, they are consolidated into our financial statements. The results that are attributable to the noncontrolling interest holders are presented as net income attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. An immaterial amount of Opterna's revenues are generated from transactions with the noncontrolling interests. The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of April 15, 2019 (in thousands):

Receivables	$	5,308
Inventory	8,491
Prepaid and other current assets	566
Property, plant, and equipment	1,328
Intangible assets	26,900
Goodwill	44,973
Deferred income taxes	36
Operating lease right-to-use assets	2,204
Other long-lived assets	2,070
Total assets acquired	$	91,876
Accounts payable	$	4,847
Accrued liabilities	4,346
Long-term deferred tax liability	7,316
Long-term operating lease liability	1,923
Other long-term liabilities	7,153
Total liabilities assumed	$	25,585
Net assets	$	66,291
Noncontrolling interests	4,775
Net assets attributable to Belden	$	61,516

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.

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 $5.3 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, 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 (Level 3 valuation). Our preliminary estimate of the fair values for the noncontrolling interests were based on the comparable EBITDA multiple valuation technique (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 expansion of product offerings in the optical fiber market. 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	$	3,500	5.0
Customer relationships	22,000		15.0
Sales backlog	900		0.5
Trademarks	500		2.0
Total intangible assets subject to amortization	$	26,900
Intangible assets not subject to amortization:
Goodwill	$	44,973	n/a
Total intangible assets not subject to amortization	$	44,973
Total intangible assets	$	71,873
Weighted average amortization period			13.0 years

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.

Our consolidated revenues and consolidated income before taxes for the three and six months ended June 30, 2019 included $8.8 million and $(0.1) million, respectively, from Opterna. The income before taxes from Opterna included $0.9 million of amortization of intangible assets and $0.6 million of cost of sales related to the adjustment of acquired inventory to fair value. Consolidated net income for the three and six months ended June 30, 2019 included $0.1 million of net income attributable to noncontrolling interests of Opterna.

The following table illustrates the unaudited pro forma effect on operating results as if the Opterna acquisition had been completed as of January 1, 2018.

	Three Months Ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	637,530	$	675,343	$	1,233,321	$	1,287,431
Net income attributable to Belden common stockholders	36,045		19,977		52,531		11,664
Diluted income per share attributable to Belden common stockholders	$	0.91	$	0.49	$	1.33	$	0.28

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.

FutureLink

We acquired the FutureLink product line and related assets from Suttle, Inc. on April 5, 2019 for a preliminary purchase price of $5 million that was funded with cash on hand. The acquisition of FutureLink allows us to offer a more complete set of fiber product offerings. The results from the acquisition of FutureLink have been included in our Condensed Consolidated Financial Statements from April 5, 2019, and are reported within the Enterprise Solutions segment. The acquisition of FutureLink was not material to our financial position or results of operations.

Net-Tech Technology, Inc.

We acquired 100% of the shares of Net-Tech Technology, Inc. (NT2) on April 25, 2018 for a purchase price of $8.5 million that was funded with cash on hand. NT2 is an integrator of optical passive components and network optimization products used within broadband network applications where optical backhaul is used. NT2 is located in the United States. The results of NT2 have been included in our Consolidated Financial Statements from April 25, 2018, and are reported within the Enterprise Solutions segment. The NT2 acquisition was not material to our financial position or results of operations.

Snell Advanced Media

We acquired 100% of the outstanding ownership interest in Snell Advanced Media (SAM) on February 8, 2018 for a purchase price, net of cash acquired, of $104.6 million. Of the $104.6 million purchase price, $75.2 million was paid on February 8, 2018 and was funded with cash on hand. The acquisition included a potential earnout, which is based upon future combined earnings of SAM and Grass Valley through December 31, 2019. The maximum earnout consideration is $31.4 million, but based upon a third party valuation specialist using certain assumptions in a discounted cash flow model, the estimated fair value of the earnout included in the purchase price was $29.3 million. We assumed debt of $19.3 million and paid it off during the first quarter of 2018. During the first quarter of 2019, we signed a settlement agreement with the sellers of SAM for claims arising over the timing of the earnout consideration outlined in the purchase agreement, and as part of the settlement, the parties agreed that the maximum earnout consideration of $31.4 million would be payable during the first quarter 2020, unless earlier payment is required as per the terms of the purchase agreement. SAM designs, manufactures, and sells innovative content production and distribution systems for the broadcast and media markets. SAM is located in the United Kingdom. The results of SAM have been included in our Consolidated Financial Statements from February 8, 2018, and are reported within the Enterprise Solutions segment. The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of February 8, 2018 (in thousands):

Receivables	$	16,551
Inventory	15,084
Prepaid and other current assets	3,799
Property, plant, and equipment	7,716
Intangible assets	51,000
Goodwill	103,466
Deferred income taxes	1,388
Other long-lived assets	3,046
Total assets acquired	$	202,050
Accounts payable	$	11,825
Accrued liabilities	25,135
Deferred revenue	8,860
Long-term debt	19,315
Postretirement benefits	31,774
Other long-term liabilities	591
Total liabilities assumed	$	97,500
Net assets	$	104,550

During 2019, we did not record any significant measurement-period adjustments.

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 fair values assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations.

The fair value of acquired receivables is $16.6 million, which is equivalent to its gross contractual amount.

For purposes of the above allocation, we based our estimate of the fair values for the acquired inventory; property, plant, and equipment; intangible assets; and deferred revenue on valuation studies performed by a third party valuation firm. We have estimated a 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. To determine the value of the acquired property, plant, and equipment, we used various valuation methods, including both the market approach, which considers sales prices of similar assets in similar conditions (Level 2 valuation), and the cost approach, which considers the cost to replace the asset adjusted for depreciation (Level 3 valuation). We used various valuation methods including discounted cash flows, lost income, excess earnings, and relief from royalty to estimate the 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 expected synergies and the assembled workforce. The expected synergies for the SAM acquisition may be gained from helping broadcast and media content creators, aggregators and distributors significantly improve their effectiveness and efficiency during a period of rapid change in technology, viewer and advertiser behavior and business models. 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	$	36,500	5.0
Customer relationships	11,000		12.0
Sales backlog	1,900		0.3
Trademarks	1,600		0.9
Total intangible assets subject to amortization	$	51,000
Intangible assets not subject to amortization:
Goodwill	$	103,466	n/a
Total intangible assets not subject to amortization	$	103,466
Total intangible assets	$	154,466
Weighted average amortization period			6.2 years

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. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks.

Our consolidated revenues and consolidated income before taxes for the three months ended July 1, 2018 include $31.1 million and $(6.6) million, respectively, from SAM. The loss before taxes from SAM included $20.3 million of severance and other restructuring costs, $2.8 million of amortization of intangible assets, and $0.7 million of cost of sales related to the adjustment of acquired inventory to fair value. Our consolidated revenues and consolidated income before taxes for the six months ended July 1, 2018 included $51.9 million and $(9.4) million, respectively, from SAM. The loss before taxes from SAM included $29.5 million of severance and other restructuring costs, $5.0 million of amortization of intangible assets, and $1.2 million of cost of sales related to the adjustment of acquired inventory to fair value.

The following table illustrates the unaudited pro forma effect on operating results as if the SAM acquisition had been completed as of January 1, 2017.

	Three Months Ended		Six Months Ended
	July 1, 2018		July 1, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	671,441	$	1,285,625
Net income attributable to Belden common stockholders	35,241		34,169
Diluted loss per share attributable to Belden common stockholders	$	0.86	$	0.82

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.

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Reportable Segments

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

We are organized around two global business platforms: Enterprise Solutions and Industrial Solutions. Each of the global business platforms 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. 

	Enterprise Solutions		Industrial Solutions		Total Segments
	(In thousands)
As of and for the three months ended June 30, 2019
Segment revenues	$	369,862	$	267,668	$	637,530
Affiliate revenues	893		—		893
Segment EBITDA	53,483		47,458		100,941
Depreciation expense	7,540		4,761		12,301
Amortization of intangibles	9,320		13,048		22,368
Amortization of software development intangible assets	1,044		28		1,072
Severance, restructuring, and acquisition integration costs	3,082		—		3,082
Purchase accounting effects of acquisitions	718		—		718
Segment assets	822,402		478,894		1,301,296
As of and for the three months ended July 1, 2018
Segment revenues	$	399,695	$	271,746	$	671,441
Affiliate revenues	1,496		17		1,513
Segment EBITDA	70,281		53,225		123,506
Depreciation expense	7,153		4,873		12,026
Amortization of intangibles	11,809		13,230		25,039
Amortization of software development intangible assets	488		—		488
Severance, restructuring, and acquisition integration costs	22,887		2,041		24,928
Purchase accounting effects of acquisitions	1,036		—		1,036
Deferred revenue adjustments	2,802		—		2,802
Segment assets	759,334		436,885		1,196,219
As of and for the six months ended June 30, 2019
Segment revenues	$	696,389	$	528,316	$	1,224,705
Affiliate revenues	2,263		17		2,280
Segment EBITDA	93,041		94,917		187,958
Depreciation expense	15,273		9,748		25,021
Amortization of intangibles	19,490		26,219		45,709
Amortization of software development intangible assets	1,958		51		2,009
Severance, restructuring, and acquisition integration costs	6,860		—		6,860
Purchase accounting effects of acquisitions	2,031		—		2,031
Segment assets	822,402		478,894		1,301,296
As of and for the six months ended July 1, 2018
Segment revenues	$	750,685	$	528,179	$	1,278,864
Affiliate revenues	2,542		46		2,588
Segment EBITDA	127,733		99,651		227,384
Depreciation expense	14,373		9,518		23,891
Amortization of intangibles	22,979		26,478		49,457
Amortization of software development intangible assets	724		—		724
Severance, restructuring, and acquisition integration costs	37,421		7,901		45,322
Purchase accounting effects of acquisitions	1,538		—		1,538
Deferred revenue adjustments	4,660		—		4,660
Segment assets	759,334		436,885		1,196,219

The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income before taxes, respectively. 

	Three Months Ended						Six Months Ended
	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
	(In thousands)
Total Segment Revenues	$	637,530		$	671,441		$	1,224,705		$	1,278,864
Deferred revenue adjustments (1)	—			(2,802		)	—			(4,660		)
Consolidated Revenues	$	637,530		$	668,639		$	1,224,705		$	1,274,204
Total Segment EBITDA	$	100,941		$	123,506		$	187,958		$	227,384
Amortization of intangibles	(22,368		)	(25,039		)	(45,709		)	(49,457		)
Depreciation expense	(12,301		)	(12,026		)	(25,021		)	(23,891		)
Severance, restructuring, and acquisition integration costs (2)	(3,082		)	(24,928		)	(6,860		)	(45,322		)
Purchase accounting effects related to acquisitions (3)	(718		)	(1,036		)	(2,031		)	(1,538		)
Amortization of software development intangible assets	(1,072		)	(488		)	(2,009		)	(724		)
Deferred revenue adjustments (1)	—			(2,802		)	—			(4,660		)
Loss on sale of assets	—			—			—			(94		)
Eliminations	(261		)	(681		)	(744		)	(989		)
Consolidated operating income	61,139			56,506			105,584			100,709
Interest expense, net	(14,168		)	(15,088		)	(28,361		)	(32,066		)
Non-operating pension benefit (cost)	481			(257		)	1,028			(532		)
Loss on debt extinguishment	—			(3,030		)	—			(22,990		)
Consolidated income before taxes	$	47,452		$	38,131		$	78,251		$	45,121

(1) Our segment results include revenues that would have been recorded by acquired businesses had they remained as independent entities. Our consolidated results do not include these revenues due to the purchase accounting effect of recording deferred revenue at fair value. See Note 3, Acquisitions, for details.

(2) See Note 9, Severance, Restructuring, and Acquisition Integration Activities, for details.

(3) For the three and six months ended June 30, 2019, we recognized expenses related to the earnout consideration for the SAM acquisition, and we recognized cost of sales for the adjustment of acquired inventory to fair value related to the Opterna and FutureLink acquisitions. For the three and six months ended July 1, 2018, we recognized cost of sales for the adjustment of acquired inventory to fair value related to the SAM and NT2 acquisitions.

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Income per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Income per Share

Income per Share

The following table presents the basis for the income per share computations:

	Three Months Ended					Six Months Ended
	June 30, 2019		July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Numerator:
Net income	$	42,290	$	28,792		$	67,468	$	31,362
Less: Net income (loss) attributable to noncontrolling interests	90		(77		)	66		(125		)
Less: Preferred stock dividends	8,733		8,733			17,466		17,466
Net income attributable to Belden common stockholders	$	33,467	$	20,136		$	49,936	$	14,021
Denominator:
Weighted average shares outstanding, basic	39,389		40,735			39,405		41,184
Effect of dilutive common stock equivalents	222		239			230		308
Weighted average shares outstanding, diluted	39,611		40,974			39,635		41,492

For the three and six months ended June 30, 2019, diluted weighted average shares outstanding do not include outstanding equity awards of 1.2 million and 1.1 million, respectively, because to do so would have been anti-dilutive. In addition, for the three and six months ended June 30, 2019, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million and 0.3 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for both

the three and six months ended June 30, 2019, diluted weighted average shares outstanding do not include the impact of preferred shares that are convertible into 6.9 million common shares, because deducting the preferred stock dividends from net income was more dilutive.

For the three and six months ended July 1, 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.9 million and 0.7 million, respectively, because to do so would have been anti-dilutive. In addition, for the three and six months ended July 1, 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million and 0.2 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for both the three and six months ended July 1, 2018, diluted weighted average shares outstanding do not include the impact of preferred shares that are convertible into 6.9 million common shares, because deducting the preferred stock dividends from net income was more dilutive.

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.

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Inventories

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

The major classes of inventories were as follows:

	June 30, 2019			December 31, 2018
	(In thousands)
Raw materials	$	136,433		$	146,803
Work-in-process	49,017			45,939
Finished goods	154,179			152,572
Gross inventories	339,629			345,314
Excess and obsolete reserves	(29,918		)	(28,896		)
Net inventories	$	309,711		$	316,418

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Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

Leases

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 16 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. 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 June 30, 2019, 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 each lease 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.

The components of lease expense were as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019
	(In thousands)
Operating lease cost	$	4,756	$	9,742
Finance lease cost
Amortization of right-of-use asset	$	43	$	68
Interest on lease liabilities	6		10
Total finance lease cost	$	49	$	78

Supplemental cash flow information related to leases was as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,048	$	10,136
Operating cash flows from finance leases	7		16
Financing cash flows from finance leases	100		173

Supplemental balance sheet information related to leases was as follows:

	June 30, 2019
	(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets	$	84,099
Accrued liabilities	$	18,127
Long-term operating lease liabilities	77,679
Total operating lease liabilities	$	95,806
Finance leases:
Other long-lived assets, at cost	$	938
Accumulated depreciation	(576		)
Other long-lived assets, net	$	362

Weighted Average Remaining Lease Term
Operating leases	7 years
Finance leases	3 years
Weighted Average Discount Rate
Operating leases	6.9	%
Finance leases	6.1	%

Maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
	(In thousands)
2019	$	23,731	$	280
2020	21,046		200
2021	17,345		86
2022	14,762		36
2023	12,062		7
Thereafter	37,937		—
Total	$	126,883	$	609

Leases

Leases

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 16 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. 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 June 30, 2019, 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 each lease 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.

The components of lease expense were as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019
	(In thousands)
Operating lease cost	$	4,756	$	9,742
Finance lease cost
Amortization of right-of-use asset	$	43	$	68
Interest on lease liabilities	6		10
Total finance lease cost	$	49	$	78

Supplemental cash flow information related to leases was as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,048	$	10,136
Operating cash flows from finance leases	7		16
Financing cash flows from finance leases	100		173

Supplemental balance sheet information related to leases was as follows:

	June 30, 2019
	(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets	$	84,099
Accrued liabilities	$	18,127
Long-term operating lease liabilities	77,679
Total operating lease liabilities	$	95,806
Finance leases:
Other long-lived assets, at cost	$	938
Accumulated depreciation	(576		)
Other long-lived assets, net	$	362

Weighted Average Remaining Lease Term
Operating leases	7 years
Finance leases	3 years
Weighted Average Discount Rate
Operating leases	6.9	%
Finance leases	6.1	%

Maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
	(In thousands)
2019	$	23,731	$	280
2020	21,046		200
2021	17,345		86
2022	14,762		36
2023	12,062		7
Thereafter	37,937		—
Total	$	126,883	$	609

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Long-Lived Assets

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Long-Lived Assets

Long-Lived Assets

Depreciation and Amortization Expense

We recognized depreciation expense of $12.3 million and $25.0 million in the three and six months ended June 30, 2019, respectively. We recognized depreciation expense of $12.0 million and $23.9 million in the three and six months ended July 1, 2018, respectively.

We recognized amortization expense related to our intangible assets of $23.4 million and $47.7 million in the three and six months ended June 30, 2019. We recognized amortization expense related to our intangible assets of $25.5 million and $50.2 million in the three and six months ended July 1, 2018, respectively.

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Severance, Restructuring, and Acquisition Integration Activities

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Severance, Restructuring, and Acquisition Integration Activities

Severance, Restructuring, and Acquisition Integration Activities

Opterna and FutureLink Integration program: 2019

In 2019, we began a restructuring program to integrate Opterna and FutureLink 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 $2.5 million of severance and other restructuring costs for this program during the three and six months ended June 30, 2019. These costs were incurred by the Enterprise Solutions segment. We expect to incur approximately $3.0 million of additional severance and restructuring costs for this program, most of which will be incurred by the end of 2019.

Grass Valley and SAM Integration Program: 2018 - 2019

In 2018, we began a restructuring program to integrate SAM with Grass Valley. The restructuring and integration activities are focused on achieving desired cost savings by consolidating existing and acquired facilities and other support functions. We did not recognize severance and other restructuring costs for this program during the three months ended June 30, 2019 and we recognized $3.0 million of severance and other restructuring costs for this program during the six months ended June 30, 2019. We recognized $20.3 million and $29.5 million of severance and other restructuring costs for this program during the three and six months ended July 1, 2018, respectively. The costs were incurred by the Enterprise Solutions segment. We do not expect to incur any more costs for this program.

Industrial Manufacturing Footprint Program: 2016 - 2018

In 2016, we began a program to consolidate our manufacturing footprint. The manufacturing consolidation was complete as of December 31, 2018. We recognized $3.9 million and $11.4 million of severance and other restructuring costs for this program during the three and six months ended July 1, 2018. The costs were incurred by the Enterprise Solutions and Industrial Solutions segments, as the manufacturing locations involved in the program serve both platforms. 

The following table summarizes the costs by segment of the various programs described above as well as other immaterial programs and acquisition integration activities:

	Severance		Other Restructuring and Integration Costs		Total Costs
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	—	$	3,082	$	3,082
Industrial Solutions	—		—		—
Total	$	—	$	3,082	$	3,082
Three Months Ended July 1, 2018
Enterprise Solutions	$	10,872	$	12,015	$	22,887
Industrial Solutions	190		1,851		2,041
Total	$	11,062	$	13,866	$	24,928
Six Months Ended June 30, 2019
Enterprise Solutions	$	220	$	6,640	$	6,860
Industrial Solutions	—		—		—
Total	$	220	$	6,640	$	6,860
Six Months Ended July 1, 2018
Enterprise Solutions	$	11,380	$	26,041	$	37,421
Industrial Solutions	242		7,659		7,901
Total	$	11,622	$	33,700	$	45,322

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
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands)
Cost of sales	$	423	$	7,231	$	985	$	16,662
Selling, general and administrative expenses	2,333		14,544		5,112		23,946
Research and development expenses	326		3,153		763		4,714
Total	$	3,082	$	24,928	$	6,860	$	45,322

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.   

There were no significant severance accrual balances as of June 30, 2019 or December 31, 2018.

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Long-Term Debt and Other Borrowing Arrangements

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Long-Term Debt and Other Borrowing Arrangements

Long-Term Debt and Other Borrowing Arrangements

The carrying values of our long-term debt were as follows:

	June 30, 2019			December 31, 2018
	(In thousands)
Revolving credit agreement due 2022	$	—		$	—
Senior subordinated notes:
3.875% Senior subordinated notes due 2028	398,160			400,050
3.375% Senior subordinated notes due 2027	511,920			514,350
4.125% Senior subordinated notes due 2026	227,520			228,600
2.875% Senior subordinated notes due 2025	341,280			342,900
Total senior subordinated notes	1,478,880			1,485,900
Less unamortized debt issuance costs	(21,309		)	(22,700		)
Long-term debt	$	1,457,571		$	1,463,200

Revolving Credit Agreement due 2022

Our Revolving Credit Agreement provides a $400.0 million multi-currency asset-based revolving credit facility (the Revolver). The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the U.S., Canada, Germany, and the Netherlands. The maturity date of the Revolver is May 16, 2022. 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. We pay a commitment fee on our available borrowing capacity of 0.25%. In the event we borrow more than 90% of our borrowing base, we are subject to a fixed charge coverage ratio covenant. As of June 30, 2019, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $320.9 million.

Senior Subordinated Notes

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 June 30, 2019 is $398.2 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.

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 June 30, 2019 is $511.9 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 €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 June 30, 2019 is $227.5 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 €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 June 30, 2019 is $341.3 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.

Fair Value of Long-Term Debt

The fair value of our senior subordinated notes as of June 30, 2019 was approximately $1,549.0 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair value of our senior subordinated notes with a carrying value of $1,478.9 million as of June 30, 2019.

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Net Investment Hedge	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net Investment Hedge	Net Investment HedgeAll of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of June 30, 2019, all 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 June 30, 2019 and July 1, 2018, the transaction gain associated with these notes that was reported in other comprehensive income was $6.9 million and $66.5 million, respectively.

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Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three and six months ended June 30, 2019, we recognized income tax expense of $5.2 million and $10.8 million, respectively, representing an effective tax rate of 10.9% and 13.8%, respectively. The effective tax rates were impacted by an income tax benefit of $6.4 million as a result of changes in our estimated valuation allowance requirement related to foreign tax credits due to the restructuring of certain foreign operations. These effective rates are also reflective of the impact of more favorable statutory tax rates applied to the earnings of these foreign operations due to the restructuring efforts.

For the three and six months ended July 1, 2018, we recognized income tax expense of $9.3 million and $13.8 million, respectively, representing an effective tax rate of 24.5% and 30.5%, respectively. The effective tax rate was impacted by the following significant factors:

• We recognized income tax benefit of $1.2 million in the three and six months ended July 1, 2018 due to a decrease in reserves for uncertain tax positions of prior years.

• We recognized income tax expense of $1.8 million in the six months ended July 1, 2018 as a result of a change in our valuation allowance on foreign tax credits associated with our euro debt refinancing.

• We also recognized income tax expense of $0.5 million in the six months ended July 1, 2018 as a result of changes in our valuation allowance for the Tax Cuts and Jobs Act (the Act).

Our income tax expense and effective tax rate in future periods may be impacted by many factors, including our geographic mix of income and changes in tax laws.

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Pension and Other Postretirement Obligations

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Pension and Other Postretirement Obligations

Pension and Other Postretirement Obligations

The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: 

	Pension Obligations						Other Postretirement Obligations
Three Months Ended	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
	(In thousands)
Service cost	$	1,047		$	942		$	10		$	13
Interest cost	2,939			1,905			270			260
Expected return on plan assets	(4,020		)	(2,508		)	—			—
Amortization of prior service cost (credit)	40			(12		)	—			—
Actuarial losses (gains)	316			612			(26		)	—
Net periodic benefit cost	$	322		$	939		$	254		$	273
Six Months Ended
Service cost	$	2,106		$	2,075		$	19		$	26
Interest cost	5,948			3,781			542			524
Expected return on plan assets	(8,135		)	(5,028		)	—			—
Amortization of prior service cost (credit)	26			(22		)	—			—
Actuarial losses (gains)	642			1,277			(51		)	—
Net periodic benefit cost	$	587		$	2,083		$	510		$	550

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Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

The following table summarizes total comprehensive income: 

	Three Months Ended						Six Months Ended
	June 30, 2019			July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Net income	$	42,290		$	28,792		$	67,468	$	31,362
Foreign currency translation gain (loss), net of $0.4 million, $0.6 million, $0.8 million, and $1.1 million tax, respectively	(16,904		)	60,642			11,887		28,847
Adjustments to pension and postretirement liability, net of $0.1 million, $0.2 million, $0.1 million, and $0.5 million tax, respectively	251			369			470		772
Total comprehensive income	25,637			89,803			79,825		60,981
Less: Comprehensive income (loss) attributable to noncontrolling interests	130			(94		)	107		(126		)
Comprehensive income attributable to Belden	$	25,507		$	89,897		$	79,718	$	61,107

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     Postretirement Benefit Plans			Accumulated Other  Comprehensive   Income (Loss)
	(In thousands)
Balance at December 31, 2018	$	(41,882	)	$	(33,025	)	$	(74,907	)
Other comprehensive income attributable to Belden before reclassifications	11,846			—			11,846
Amounts reclassified from accumulated other comprehensive income	—			470			470
Net current period other comprehensive gain attributable to Belden	11,846			470			12,316
Balance at June 30, 2019	$	(30,036	)	$	(32,555	)	$	(62,591	)

The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the six months ended June 30, 2019:

	Amount Reclassified from   Accumulated Other Comprehensive Income			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	$	591		(1)
Prior service cost	26			(1)
Total before tax	617
Tax benefit	(147		)
Total net of tax	$	470

(1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 13).

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Preferred Stock

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Preferred Stock

Preferred Stock

In 2016, we issued 5.2 million depositary shares, each of which represents 1/100th interest in a share of 6.75% Series B Mandatory Convertible Preferred Stock (the Preferred Stock), for an offering price of $100 per depositary share. Holders of the Preferred Stock may elect to convert their shares into common stock at any time prior to the mandatory conversion date. Unless earlier converted, each share of Preferred Stock will automatically convert into common stock on July 15, 2019 into between 120.46 and 132.50 shares of Belden common stock, subject to customary anti-dilution adjustments. This represents a range of 6.2 million to 6.9 million shares of Belden common stock to be issued upon conversion. The number of shares of Belden common stock issuable upon the mandatory conversion of the Preferred Stock will be determined based upon the volume-weighted average price of Belden’s common stock over the 20 day trading period beginning on, and including, the 22nd scheduled trading day prior to July 15, 2019. The net proceeds from this offering were approximately $501 million. The net proceeds are for general corporate purposes. With respect to dividend and liquidation rights, the Preferred Stock ranks senior to our common stock and junior to all of our existing and future indebtedness. During the three and six months ended June 30, 2019, dividends on the Preferred Stock were $8.7 million and $17.5 million, respectively. During the three and six months ended July 1, 2018, dividends on the Preferred Stock were $8.7 million and $17.5 million, respectively.

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Share Repurchase

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Share Repurchase

Share Repurchase

On 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. The program does not have an expiration date and may be suspended at any time at the discretion of the Company. During the three and six months ended June 30, 2019, we repurchased 0.4 million shares of our common stock under the share repurchase program for an aggregate cost of $22.8 million and an average price per share of $57.47. During the three months ended July 1, 2018, we repurchased 0.4 million shares of our common stock under a previous share repurchase program for an aggregate cost of $24.7 million and an average price per share of $63.75. During the six months ended July 1, 2018, we repurchased 1.4 million shares of our common stock under a previous share repurchase program for an aggregate cost of $100.0 million and an average price per share of $69.53.

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Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 15, 2019, all outstanding 6.75% Series B Mandatory Convertible Preferred Stock (the Preferred Stock) automatically converted into shares of Belden common stock at the conversion rate of 132.50 shares of common stock per share of Preferred Stock. The conversion of the Preferred Stock resulted in the issuance of approximately 6.9 million shares of Belden common stock on the conversion date. Upon conversion, the Preferred Stock were automatically extinguished and discharged, are no longer deemed outstanding for all purposes, and delisted from trading on the New York Stock Exchange.

In July 2019, we repurchased 0.5 million shares of our common stock under the share repurchase program authorized on November 29, 2018 by our Board or Directors for an aggregate cost of $27.2 million and an average price per share of $55.17.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation.

The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2018:

• 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 2018 Annual Report on Form 10-K

Business Description

Business Description

We are a signal transmission solutions provider built around two global business platforms – Enterprise Solutions and Industrial Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound, and video for mission critical applications.

Reporting Periods

Reporting Periods

Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 31, 2019, the 90th day of our fiscal year 2019. Our fiscal second and third quarters each have 91 days. The six months ended June 30, 2019 and July 1, 2018 included 181 and 182 days, respectively.

Fair Value Measurement

Fair Value Measurement

Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

• Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

• Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and

• Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 

As of and during the three and six months ended June 30, 2019 and July 1, 2018, 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).

Cash and Cash Equivalents

Cash and Cash Equivalents

We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of June 30, 2019, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.

Contingent Liabilities

Contingent Liabilities

We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. 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 materially adverse effect on our financial position, results of operations, or cash flow.

Revenue Recognition

Revenue Recognition

We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 2.

Subsequent Events

Subsequent Events

We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure.

New Accounting Pronouncements

Current-Year Adoption of Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"), a leasing standard for both lessees and lessors that supersedes the lease requirements in Accounting Standards Codification (ASC) Topic 840, "Leases." Under its core principle, a lessee will recognize a right-of-use (ROU) asset and lease liability on the balance sheet for nearly all leased assets, and additional disclosures are required to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Lessor accounting remains largely consistent with existing U.S. generally accepted accounting principles. We adopted ASU 2016-02 on January 1, 2019 using the permitted transition method issued in July 2018, under ASU No. 2018-11 (“ASU 2018-11”), Leases: Targeted Improvements, which provides an additional (and optional) transition method for adopting the new lease standard. Furthermore, we elected the following practical expedients and accounting policy elections upon adoption: (i) the package of practical expedients as defined in ASU 2016-02, (ii) the short-term lease accounting policy election, (iii) the practical expedient to not separate non-lease components from lease components, and (iv) the easement practical expedient, which permits an entity to continue applying its current policy for accounting for land easements that existed as of the effective date of ASU 2016-02. The adoption of ASU 2016-02 on January 1, 2019 resulted in the recognition of right-of-use assets of approximately $90.5 million and lease liabilities for operating leases of approximately $103.4 million on the Condensed Consolidated Balance Sheet, with no material impact to the Condensed Consolidated Statements of Operations or Condensed Consolidated Cash Flow Statement. The difference between the initial lease liabilities and the ROU assets is related primarily to previously existing lease liabilities. See Note 7 for further information regarding the impact of the adoption of ASU 2016-02 on the Company's financial statements.

In August 2017, the FASB issued Accounting Standards Update No. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The new guidance better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The new guidance also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The standard is effective for fiscal years beginning after December 15, 2018. We adopted ASU 2017-12 effective January 1, 2019. The adoption had no impact on our results of operations.

In February 2018, the FASB issued ASU No. 2018-02 (“ASU 2018-02”), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 provides an option to allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The new guidance is effective for annual and interim periods beginning after December 15, 2018. We adopted ASU 2018-02 effective January 1, 2019, and elected to not reclassify the income tax effects of the Act from accumulated other comprehensive income to retained earnings. The adoption had no impact on our results of operations.

In June 2018, the FASB issued ASU No. 2018-07 (“ASU 2018-07”), Improvements to Nonemployee Share-Based Payment Accounting. The amendments in ASU 2018-07 expand the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees, and provide that non-employee share-based payment awards be measured at their grant-date fair value and the probability of satisfying performance conditions be taken into account when non-employee share-based payment awards contain such conditions. The standard is effective for fiscal years beginning after December 15, 2018. We adopted ASU 2018-07 effective January 1, 2019. The adoption had no impact on our results of operations.

In August 2018, the Securities and Exchange Commission (“SEC”) adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. Additionally, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period presented. This final rule was effective on November 5, 2018. We implemented SEC Release No. 33-10532 effective January 1, 2019, which had no impact on our results of operations.

Pending Adoption of Recent Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses. The main provisions of ASU 2016-13 provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date, and require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The new standard will be effective for us beginning January 1, 2020. Early adoption is permitted. We are currently evaluating the impact this update will have on our consolidated financial statements and related disclosures.

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Revenues (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present our revenues disaggregated by major product category.

	Cable & Connectivity		Networking, Software & Security		Total Revenues
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	268,382	$	101,480	$	369,862
Industrial Solutions	167,121		100,547		267,668
Total	$	435,503	$	202,027	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	279,567	$	117,326	$	396,893
Industrial Solutions	172,880		98,866		271,746
Total	$	452,447	$	216,192	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	502,053	$	194,336	$	696,389
Industrial Solutions	325,629		202,687		528,316
Total	$	827,682	$	397,023	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	514,042	$	231,983	$	746,025
Industrial Solutions	335,602		192,577		528,179
Total	$	849,644	$	424,560	$	1,274,204

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 June 30, 2019	(In thousands)
Enterprise Solutions	$	244,670	$	72,932	$	52,260	$	369,862
Industrial Solutions	154,261		71,722		41,685		267,668
Total	$	398,931	$	144,654	$	93,945	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	256,191	$	82,595	$	58,107	$	396,893
Industrial Solutions	155,529		73,979		42,238		271,746
Total	$	411,720	$	156,574	$	100,345	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	455,934	$	140,252	$	100,203	$	696,389
Industrial Solutions	306,835		145,037		76,444		528,316
Total	$	762,769	$	285,289	$	176,647	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	481,474	$	155,927	$	108,624	$	746,025
Industrial Solutions	305,333		146,571		76,275		528,179
Total	$	786,807	$	302,498	$	184,899	$	1,274,204

The following tables present our revenues disaggregated by products, including software products, and support and services.

	Products		Support & Services		Total Revenues
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	350,270	$	19,592	$	369,862
Industrial Solutions	245,440		22,228		267,668
Total	$	595,710	$	41,820	$	637,530
Three Months Ended July 1, 2018
Enterprise Solutions	$	379,416	$	17,477	$	396,893
Industrial Solutions	248,022		23,724		271,746
Total	$	627,438	$	41,201	$	668,639
Six Months Ended June 30, 2019
Enterprise Solutions	$	658,129	$	38,260	$	696,389
Industrial Solutions	484,144		44,172		528,316
Total	$	1,142,273	$	82,432	$	1,224,705
Six Months Ended July 1, 2018
Enterprise Solutions	$	712,160	$	33,865	$	746,025
Industrial Solutions	480,075		48,104		528,179
Total	$	1,192,235	$	81,969	$	1,274,204

Contract with Customer, Asset and Liability

The following table presents estimated and accrued variable consideration:

	June 30, 2019		July 1, 2018
	(in thousands)
Accrued rebates	$	24,178	$	23,586
Accrued returns	13,249		8,676
Price adjustments recognized against gross accounts receivable	29,762		26,581

The following table presents deferred revenue activity:

	Six Months Ended
	June 30, 2019			July 1, 2018
	(In thousands)
Beginning balance	$	113,300		$	104,400
New deferrals	92,213			90,583
Revenue recognized	(98,100		)	(98,600		)
Ending balance	$	107,413		$	96,383

Sales Commissions

Total capitalized sales commissions was $3.3 million as of June 30, 2019 and $2.3 million as of July 1, 2018. The following table presents sales commissions that are recorded within selling, general and administrative expenses:

	Three Months ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(in thousands)
Sales commissions	$	5,185	$	6,332	$	10,769	$	12,461

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of February 8, 2018 (in thousands):

Receivables	$	16,551
Inventory	15,084
Prepaid and other current assets	3,799
Property, plant, and equipment	7,716
Intangible assets	51,000
Goodwill	103,466
Deferred income taxes	1,388
Other long-lived assets	3,046
Total assets acquired	$	202,050
Accounts payable	$	11,825
Accrued liabilities	25,135
Deferred revenue	8,860
Long-term debt	19,315
Postretirement benefits	31,774
Other long-term liabilities	591
Total liabilities assumed	$	97,500
Net assets	$	104,550

The following table summarizes the estimated, preliminary fair values of the assets acquired and the liabilities assumed as of April 15, 2019 (in thousands):

Receivables	$	5,308
Inventory	8,491
Prepaid and other current assets	566
Property, plant, and equipment	1,328
Intangible assets	26,900
Goodwill	44,973
Deferred income taxes	36
Operating lease right-to-use assets	2,204
Other long-lived assets	2,070
Total assets acquired	$	91,876
Accounts payable	$	4,847
Accrued liabilities	4,346
Long-term deferred tax liability	7,316
Long-term operating lease liability	1,923
Other long-term liabilities	7,153
Total liabilities assumed	$	25,585
Net assets	$	66,291
Noncontrolling interests	4,775
Net assets attributable to Belden	$	61,516

Schedule of Acquired Intangible Assets

The goodwill is primarily attributable to expansion of product offerings in the optical fiber market. 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	$	3,500	5.0
Customer relationships	22,000		15.0
Sales backlog	900		0.5
Trademarks	500		2.0
Total intangible assets subject to amortization	$	26,900
Intangible assets not subject to amortization:
Goodwill	$	44,973	n/a
Total intangible assets not subject to amortization	$	44,973
Total intangible assets	$	71,873
Weighted average amortization period			13.0 years

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	$	36,500	5.0
Customer relationships	11,000		12.0
Sales backlog	1,900		0.3
Trademarks	1,600		0.9
Total intangible assets subject to amortization	$	51,000
Intangible assets not subject to amortization:
Goodwill	$	103,466	n/a
Total intangible assets not subject to amortization	$	103,466
Total intangible assets	$	154,466
Weighted average amortization period			6.2 years

Schedule of Pro Forma Information

The following table illustrates the unaudited pro forma effect on operating results as if the SAM acquisition had been completed as of January 1, 2017.

	Three Months Ended		Six Months Ended
	July 1, 2018		July 1, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	671,441	$	1,285,625
Net income attributable to Belden common stockholders	35,241		34,169
Diluted loss per share attributable to Belden common stockholders	$	0.86	$	0.82

The following table illustrates the unaudited pro forma effect on operating results as if the Opterna acquisition had been completed as of January 1, 2018.

	Three Months Ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	637,530	$	675,343	$	1,233,321	$	1,287,431
Net income attributable to Belden common stockholders	36,045		19,977		52,531		11,664
Diluted income per share attributable to Belden common stockholders	$	0.91	$	0.49	$	1.33	$	0.28

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Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Operating Segment Information

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. 

	Enterprise Solutions		Industrial Solutions		Total Segments
	(In thousands)
As of and for the three months ended June 30, 2019
Segment revenues	$	369,862	$	267,668	$	637,530
Affiliate revenues	893		—		893
Segment EBITDA	53,483		47,458		100,941
Depreciation expense	7,540		4,761		12,301
Amortization of intangibles	9,320		13,048		22,368
Amortization of software development intangible assets	1,044		28		1,072
Severance, restructuring, and acquisition integration costs	3,082		—		3,082
Purchase accounting effects of acquisitions	718		—		718
Segment assets	822,402		478,894		1,301,296
As of and for the three months ended July 1, 2018
Segment revenues	$	399,695	$	271,746	$	671,441
Affiliate revenues	1,496		17		1,513
Segment EBITDA	70,281		53,225		123,506
Depreciation expense	7,153		4,873		12,026
Amortization of intangibles	11,809		13,230		25,039
Amortization of software development intangible assets	488		—		488
Severance, restructuring, and acquisition integration costs	22,887		2,041		24,928
Purchase accounting effects of acquisitions	1,036		—		1,036
Deferred revenue adjustments	2,802		—		2,802
Segment assets	759,334		436,885		1,196,219
As of and for the six months ended June 30, 2019
Segment revenues	$	696,389	$	528,316	$	1,224,705
Affiliate revenues	2,263		17		2,280
Segment EBITDA	93,041		94,917		187,958
Depreciation expense	15,273		9,748		25,021
Amortization of intangibles	19,490		26,219		45,709
Amortization of software development intangible assets	1,958		51		2,009
Severance, restructuring, and acquisition integration costs	6,860		—		6,860
Purchase accounting effects of acquisitions	2,031		—		2,031
Segment assets	822,402		478,894		1,301,296
As of and for the six months ended July 1, 2018
Segment revenues	$	750,685	$	528,179	$	1,278,864
Affiliate revenues	2,542		46		2,588
Segment EBITDA	127,733		99,651		227,384
Depreciation expense	14,373		9,518		23,891
Amortization of intangibles	22,979		26,478		49,457
Amortization of software development intangible assets	724		—		724
Severance, restructuring, and acquisition integration costs	37,421		7,901		45,322
Purchase accounting effects of acquisitions	1,538		—		1,538
Deferred revenue adjustments	4,660		—		4,660
Segment assets	759,334		436,885		1,196,219

Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes

The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income before taxes, respectively. 

	Three Months Ended						Six Months Ended
	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
	(In thousands)
Total Segment Revenues	$	637,530		$	671,441		$	1,224,705		$	1,278,864
Deferred revenue adjustments (1)	—			(2,802		)	—			(4,660		)
Consolidated Revenues	$	637,530		$	668,639		$	1,224,705		$	1,274,204
Total Segment EBITDA	$	100,941		$	123,506		$	187,958		$	227,384
Amortization of intangibles	(22,368		)	(25,039		)	(45,709		)	(49,457		)
Depreciation expense	(12,301		)	(12,026		)	(25,021		)	(23,891		)
Severance, restructuring, and acquisition integration costs (2)	(3,082		)	(24,928		)	(6,860		)	(45,322		)
Purchase accounting effects related to acquisitions (3)	(718		)	(1,036		)	(2,031		)	(1,538		)
Amortization of software development intangible assets	(1,072		)	(488		)	(2,009		)	(724		)
Deferred revenue adjustments (1)	—			(2,802		)	—			(4,660		)
Loss on sale of assets	—			—			—			(94		)
Eliminations	(261		)	(681		)	(744		)	(989		)
Consolidated operating income	61,139			56,506			105,584			100,709
Interest expense, net	(14,168		)	(15,088		)	(28,361		)	(32,066		)
Non-operating pension benefit (cost)	481			(257		)	1,028			(532		)
Loss on debt extinguishment	—			(3,030		)	—			(22,990		)
Consolidated income before taxes	$	47,452		$	38,131		$	78,251		$	45,121

(1) Our segment results include revenues that would have been recorded by acquired businesses had they remained as independent entities. Our consolidated results do not include these revenues due to the purchase accounting effect of recording deferred revenue at fair value. See Note 3, Acquisitions, for details.

(2) See Note 9, Severance, Restructuring, and Acquisition Integration Activities, for details.

(3) For the three and six months ended June 30, 2019, we recognized expenses related to the earnout consideration for the SAM acquisition, and we recognized cost of sales for the adjustment of acquired inventory to fair value related to the Opterna and FutureLink acquisitions. For the three and six months ended July 1, 2018, we recognized cost of sales for the adjustment of acquired inventory to fair value related to the SAM and NT2 acquisitions.

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Income per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Basis for Income Per Share Computations

The following table presents the basis for the income per share computations:

	Three Months Ended					Six Months Ended
	June 30, 2019		July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Numerator:
Net income	$	42,290	$	28,792		$	67,468	$	31,362
Less: Net income (loss) attributable to noncontrolling interests	90		(77		)	66		(125		)
Less: Preferred stock dividends	8,733		8,733			17,466		17,466
Net income attributable to Belden common stockholders	$	33,467	$	20,136		$	49,936	$	14,021
Denominator:
Weighted average shares outstanding, basic	39,389		40,735			39,405		41,184
Effect of dilutive common stock equivalents	222		239			230		308
Weighted average shares outstanding, diluted	39,611		40,974			39,635		41,492

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Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Major Classes of Inventories

The major classes of inventories were as follows:

	June 30, 2019			December 31, 2018
	(In thousands)
Raw materials	$	136,433		$	146,803
Work-in-process	49,017			45,939
Finished goods	154,179			152,572
Gross inventories	339,629			345,314
Excess and obsolete reserves	(29,918		)	(28,896		)
Net inventories	$	309,711		$	316,418

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Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019
	(In thousands)
Operating lease cost	$	4,756	$	9,742
Finance lease cost
Amortization of right-of-use asset	$	43	$	68
Interest on lease liabilities	6		10
Total finance lease cost	$	49	$	78

Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases was as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,048	$	10,136
Operating cash flows from finance leases	7		16
Financing cash flows from finance leases	100		173

Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to leases was as follows:

	June 30, 2019
	(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets	$	84,099
Accrued liabilities	$	18,127
Long-term operating lease liabilities	77,679
Total operating lease liabilities	$	95,806
Finance leases:
Other long-lived assets, at cost	$	938
Accumulated depreciation	(576		)
Other long-lived assets, net	$	362

Supplemental Other Information Related To Leases

Weighted Average Remaining Lease Term
Operating leases	7 years
Finance leases	3 years
Weighted Average Discount Rate
Operating leases	6.9	%
Finance leases	6.1	%

Operating Lease, Liability, Maturity

Maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
	(In thousands)
2019	$	23,731	$	280
2020	21,046		200
2021	17,345		86
2022	14,762		36
2023	12,062		7
Thereafter	37,937		—
Total	$	126,883	$	609

Finance Lease, Liability, Maturity

Maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
	(In thousands)
2019	$	23,731	$	280
2020	21,046		200
2021	17,345		86
2022	14,762		36
2023	12,062		7
Thereafter	37,937		—
Total	$	126,883	$	609

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Severance, Restructuring, and Acquisition Integration Activities (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Severance, Restructuring and Integration Costs by Segment

The following table summarizes the costs by segment of the various programs described above as well as other immaterial programs and acquisition integration activities:

	Severance		Other Restructuring and Integration Costs		Total Costs
Three Months Ended June 30, 2019	(In thousands)
Enterprise Solutions	$	—	$	3,082	$	3,082
Industrial Solutions	—		—		—
Total	$	—	$	3,082	$	3,082
Three Months Ended July 1, 2018
Enterprise Solutions	$	10,872	$	12,015	$	22,887
Industrial Solutions	190		1,851		2,041
Total	$	11,062	$	13,866	$	24,928
Six Months Ended June 30, 2019
Enterprise Solutions	$	220	$	6,640	$	6,860
Industrial Solutions	—		—		—
Total	$	220	$	6,640	$	6,860
Six Months Ended July 1, 2018
Enterprise Solutions	$	11,380	$	26,041	$	37,421
Industrial Solutions	242		7,659		7,901
Total	$	11,622	$	33,700	$	45,322

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
	June 30, 2019		July 1, 2018		June 30, 2019		July 1, 2018
	(In thousands)
Cost of sales	$	423	$	7,231	$	985	$	16,662
Selling, general and administrative expenses	2,333		14,544		5,112		23,946
Research and development expenses	326		3,153		763		4,714
Total	$	3,082	$	24,928	$	6,860	$	45,322

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Long-Term Debt and Other Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Carrying Values of Long-Term Debt and Other Borrowing Arrangements

The carrying values of our long-term debt were as follows:

	June 30, 2019			December 31, 2018
	(In thousands)
Revolving credit agreement due 2022	$	—		$	—
Senior subordinated notes:
3.875% Senior subordinated notes due 2028	398,160			400,050
3.375% Senior subordinated notes due 2027	511,920			514,350
4.125% Senior subordinated notes due 2026	227,520			228,600
2.875% Senior subordinated notes due 2025	341,280			342,900
Total senior subordinated notes	1,478,880			1,485,900
Less unamortized debt issuance costs	(21,309		)	(22,700		)
Long-term debt	$	1,457,571		$	1,463,200

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Pension and Other Postretirement Obligations (Tables)

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Costs

The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: 

	Pension Obligations						Other Postretirement Obligations
Three Months Ended	June 30, 2019			July 1, 2018			June 30, 2019			July 1, 2018
	(In thousands)
Service cost	$	1,047		$	942		$	10		$	13
Interest cost	2,939			1,905			270			260
Expected return on plan assets	(4,020		)	(2,508		)	—			—
Amortization of prior service cost (credit)	40			(12		)	—			—
Actuarial losses (gains)	316			612			(26		)	—
Net periodic benefit cost	$	322		$	939		$	254		$	273
Six Months Ended
Service cost	$	2,106		$	2,075		$	19		$	26
Interest cost	5,948			3,781			542			524
Expected return on plan assets	(8,135		)	(5,028		)	—			—
Amortization of prior service cost (credit)	26			(22		)	—			—
Actuarial losses (gains)	642			1,277			(51		)	—
Net periodic benefit cost	$	587		$	2,083		$	510		$	550

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Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Total Comprehensive Income (Loss)

The following table summarizes total comprehensive income: 

	Three Months Ended						Six Months Ended
	June 30, 2019			July 1, 2018			June 30, 2019		July 1, 2018
	(In thousands)
Net income	$	42,290		$	28,792		$	67,468	$	31,362
Foreign currency translation gain (loss), net of $0.4 million, $0.6 million, $0.8 million, and $1.1 million tax, respectively	(16,904		)	60,642			11,887		28,847
Adjustments to pension and postretirement liability, net of $0.1 million, $0.2 million, $0.1 million, and $0.5 million tax, respectively	251			369			470		772
Total comprehensive income	25,637			89,803			79,825		60,981
Less: Comprehensive income (loss) attributable to noncontrolling interests	130			(94		)	107		(126		)
Comprehensive income attributable to Belden	$	25,507		$	89,897		$	79,718	$	61,107

Components of Other Comprehensive Income (Loss), Net of Tax

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     Postretirement Benefit Plans			Accumulated Other  Comprehensive   Income (Loss)
	(In thousands)
Balance at December 31, 2018	$	(41,882	)	$	(33,025	)	$	(74,907	)
Other comprehensive income attributable to Belden before reclassifications	11,846			—			11,846
Amounts reclassified from accumulated other comprehensive income	—			470			470
Net current period other comprehensive gain attributable to Belden	11,846			470			12,316
Balance at June 30, 2019	$	(30,036	)	$	(32,555	)	$	(62,591	)

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 June 30, 2019:

	Amount Reclassified from   Accumulated Other Comprehensive Income			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	$	591		(1)
Prior service cost	26			(1)
Total before tax	617
Tax benefit	(147		)
Total net of tax	$	470

(1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 13).

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Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($) Segment	Jun. 30, 2019 USD ($) segment	Jan. 01, 2019 USD ($)
Significant Accounting Policies [Line Items]
Number of global business platforms	2	2
Operating lease right-of-use assets	$ 84,099	$ 84,099
Operating lease liability	95,806	95,806
Standby Letters of Credit
Significant Accounting Policies [Line Items]
Loss contingency, range of possible loss, portion not accrued	7,400	7,400
Bank Guaranties
Significant Accounting Policies [Line Items]
Loss contingency, range of possible loss, portion not accrued	3,600	3,600
Surety Bonds
Significant Accounting Policies [Line Items]
Loss contingency, range of possible loss, portion not accrued	$ 3,300	$ 3,300
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Operating lease right-of-use assets			$ 90,500
Operating lease liability			$ 103,400

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Revenues - Major Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 637,530	$ 668,639	$ 1,224,705	$ 1,274,204
Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	369,862	396,893	696,389	746,025
Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	267,668	271,746	528,316	528,179
Cable & Connectivity
Disaggregation of Revenue [Line Items]
Revenues	435,503	452,447	827,682	849,644
Cable & Connectivity | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	268,382	279,567	502,053	514,042
Cable & Connectivity | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	167,121	172,880	325,629	335,602
Networking, Software & Security
Disaggregation of Revenue [Line Items]
Revenues	202,027	216,192	397,023	424,560
Networking, Software & Security | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	101,480	117,326	194,336	231,983
Networking, Software & Security | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 100,547	$ 98,866	$ 202,687	$ 192,577

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Revenues - Location of Customer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 637,530	$ 668,639	$ 1,224,705	$ 1,274,204
Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	369,862	396,893	696,389	746,025
Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	267,668	271,746	528,316	528,179
Americas
Disaggregation of Revenue [Line Items]
Revenues	398,931	411,720	762,769	786,807
Americas | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	244,670	256,191	455,934	481,474
Americas | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	154,261	155,529	306,835	305,333
EMEA
Disaggregation of Revenue [Line Items]
Revenues	144,654	156,574	285,289	302,498
EMEA | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	72,932	82,595	140,252	155,927
EMEA | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	71,722	73,979	145,037	146,571
APAC
Disaggregation of Revenue [Line Items]
Revenues	93,945	100,345	176,647	184,899
APAC | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	52,260	58,107	100,203	108,624
APAC | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 41,685	$ 42,238	$ 76,444	$ 76,275

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Revenues - Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 637,530	$ 668,639	$ 1,224,705	$ 1,274,204
Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	369,862	396,893	696,389	746,025
Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	267,668	271,746	528,316	528,179
Products
Disaggregation of Revenue [Line Items]
Revenues	595,710	627,438	1,142,273	1,192,235
Products | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	350,270	379,416	658,129	712,160
Products | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	245,440	248,022	484,144	480,075
Support & Services
Disaggregation of Revenue [Line Items]
Revenues	41,820	41,201	82,432	81,969
Support & Services | Enterprise Solutions
Disaggregation of Revenue [Line Items]
Revenues	19,592	17,477	38,260	33,865
Support & Services | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 22,228	$ 23,724	$ 44,172	$ 48,104

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Revenues Revenues - Estimated and Accrued Variable Concideration (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Revenue from Contract with Customer [Abstract]
Accrued rebates	$ 24,178	$ 23,586
Accrued returns	13,249	8,676
Price adjustments recognized against gross accounts receivable	$ 29,762	$ 26,581

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Revenues - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jul. 01, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Contract with customer, deferred revenues	$ 107,413	$ 113,300	$ 96,383	$ 104,400
Contract with customer, deferred revenues, current	94,200
Contract with customer, deferred revenues, noncurrent	13,200
Deferred sales commission	$ 3,300		$ 2,300

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Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 113,300	$ 104,400
New deferrals	92,213	90,583
Revenue recognized	(98,100)	(98,600)
Ending balance	$ 107,413	$ 96,383

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Revenues - Sales Commissions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Revenue from Contract with Customer [Abstract]
Sales commissions	$ 5,185	$ 6,332	$ 10,769	$ 12,461

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Acquisitions - Additional Information (Details) - USD ($)					3 Months Ended				6 Months Ended
	Apr. 15, 2019	Apr. 05, 2019	Apr. 25, 2018	Feb. 08, 2018	Jun. 30, 2019	Mar. 31, 2019	Jul. 01, 2018	Apr. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Business Acquisition [Line Items]
Purchase price, net of cash acquired									$ 50,517,000	$ 84,580,000
Severance, restructuring, and acquisition integration costs					$ 3,082,000		$ 24,928,000		6,860,000	45,322,000
Amortization of intangibles					22,368,000		25,039,000		45,709,000	49,457,000
Net income (loss)					42,290,000	$ 25,178,000	28,792,000	$ 2,570,000	67,468,000	31,362,000
Opterna International Corp.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired	100.00%
Purchase price, net of cash acquired	$ 61,500,000
Acquisition price paid	45,500,000
Maximum earnout consideration	25,000,000.0
Estimated earnout consideration	16,000,000.0
Receivables	5,308,000
Property, plant, and equipment	1,328,000
Tax basis in acquired goodwill	$ 0
Post acquisition revenue of acquiree					8,800,000				8,800,000
Post acquisition income (loss) before taxes of acquiree					(100,000)				(100,000)
Net income attributable to Belden common stockholders					36,045,000		19,977,000		52,531,000	11,664,000
Amortization of intangibles					900,000				900,000
Inventory adjustment					600,000				600,000
Net income (loss)					$ 100,000				$ 100,000
Net-Tech Technology, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired			100.00%
Acquisition price paid			$ 8,500,000
Snell Advanced Media
Business Acquisition [Line Items]
Percentage of outstanding shares acquired				100.00%
Acquisition Price				$ 104,600,000
Acquisition price paid				75,200,000
Maximum earnout consideration				31,400,000
Estimated earnout consideration				29,300,000
Long-term debt acquired				19,315,000
Receivables				16,551,000
Property, plant, and equipment				7,716,000
Tax basis in acquired goodwill				$ 0
Post acquisition revenue of acquiree							31,100,000			51,900,000
Post acquisition income (loss) before taxes of acquiree							(6,600,000)			(9,400,000)
Net income attributable to Belden common stockholders							35,241,000			34,169,000
Amortization of intangibles							2,800,000			5,000,000.0
Inventory adjustment							700,000			1,200,000
Suttle, Inc. Asset Acquisition
Business Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 5,000,000
Severance and other restructuring costs | Snell Advanced Media
Business Acquisition [Line Items]
Net income attributable to Belden common stockholders							$ 20,300,000			$ 29,500,000

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Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Apr. 15, 2019	Dec. 31, 2018	Feb. 08, 2018
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 1,607,848		$ 1,557,653
Opterna International Corp.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Receivables		$ 5,308
Inventory		8,491
Prepaid and other current assets		566
Property, plant, and equipment		1,328
Intangible assets		26,900
Goodwill		44,973
Deferred income taxes		36
Operating lease right-to-use assets		2,204
Other long-lived assets		2,070
Total assets acquired		91,876
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable		4,847
Accrued liabilities		4,346
Long-term deferred tax liability		7,316
Long-term operating lease liability		1,923
Other long-term liabilities		7,153
Total liabilities assumed		25,585
Net assets		66,291
Net assets attributable to Belden		$ 61,516
Snell Advanced Media
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Receivables				$ 16,551
Inventory				15,084
Prepaid and other current assets				3,799
Property, plant, and equipment				7,716
Intangible assets				51,000
Goodwill				103,466
Deferred income taxes				1,388
Other long-lived assets				3,046
Total assets acquired				202,050
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable				11,825
Accrued liabilities				25,135
Deferred revenue				8,860
Long-term debt				19,315
Postretirement benefits				31,774
Other long-term liabilities				591
Total liabilities assumed				97,500
Net assets				$ 104,550

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Acquisitions - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 15, 2019	Feb. 08, 2018	Jun. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill			$ 1,607,848	$ 1,557,653
Opterna International Corp.
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 26,900
Goodwill	44,973
Total intangible assets	$ 71,873
Amortization Period	13 years
Opterna International Corp. | Goodwill
Business Acquisition [Line Items]
Goodwill	$ 44,973
Opterna International Corp. | Developed technologies
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 3,500
Amortization Period	5 years
Opterna International Corp. | Customer relationships
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 22,000
Amortization Period	15 years
Opterna International Corp. | Sales backlog
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 900
Amortization Period	15 days
Opterna International Corp. | Trademarks
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 500
Amortization Period	2 years
Snell Advanced Media
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 51,000
Goodwill		103,466
Total intangible assets		$ 154,466
Amortization Period		6 years 2 months 12 days
Snell Advanced Media | Goodwill
Business Acquisition [Line Items]
Goodwill		$ 103,466
Snell Advanced Media | Developed technologies
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 36,500
Amortization Period		5 years
Snell Advanced Media | Customer relationships
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 11,000
Amortization Period		12 years
Snell Advanced Media | Sales backlog
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 1,900
Amortization Period		9 days
Snell Advanced Media | Trademarks
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 1,600
Amortization Period		27 days

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Acquisitions - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Business Acquisition [Line Items]
Document Period End Date			Jun. 30, 2019
Opterna International Corp.
Business Acquisition [Line Items]
Revenues	$ 637,530	$ 675,343	$ 1,233,321	$ 1,287,431
Net income attributable to Belden common stockholders	$ 36,045	$ 19,977	$ 52,531	$ 11,664
Diluted income (loss) per share attributable to Belden common stockholders (in usd per share)	$ 0.91	$ 0.49	$ 1.33	$ 0.28
Snell Advanced Media
Business Acquisition [Line Items]
Revenues		$ 671,441		$ 1,285,625
Net income attributable to Belden common stockholders		$ 35,241		$ 34,169
Diluted income (loss) per share attributable to Belden common stockholders (in usd per share)		$ 0.86		$ 0.82

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Reportable Segments - Additional Information (Details) - 6 months ended Jun. 30, 2019	Segment	segment
Segment Reporting [Abstract]
Number of global business platforms	2	2

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Reportable Segments - Operating Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Segment revenues	$ 637,530	$ 668,639	$ 1,224,705	$ 1,274,204
Depreciation expense	12,300	12,000	25,000	23,900
Amortization of intangibles	22,368	25,039	45,709	49,457
Severance, restructuring, and acquisition integration costs	(3,082)	(24,928)	(6,860)	(45,322)
Segment assets	3,822,980		3,822,980		$ 3,779,321
Enterprise Solutions
Segment Reporting Information [Line Items]
Segment revenues	369,862	396,893	696,389	746,025
Severance, restructuring, and acquisition integration costs	(3,082)	(22,887)	(6,860)	(37,421)
Industrial Solutions
Segment Reporting Information [Line Items]
Segment revenues	267,668	271,746	528,316	528,179
Severance, restructuring, and acquisition integration costs	0	(2,041)	0	(7,901)
Reportable Segment
Segment Reporting Information [Line Items]
Segment revenues	637,530	671,441	1,224,705	1,278,864
Segment EBITDA	100,941	123,506	187,958	227,384
Depreciation expense	12,301	12,026	25,021	23,891
Amortization of intangibles	22,368	25,039	45,709	49,457
Amortization of software development intangible assets	1,072	488	2,009	724
Severance, restructuring, and acquisition integration costs	(3,082)	(24,928)	(6,860)	(45,322)
Purchase accounting effects of acquisitions	718	1,036	2,031	1,538
Deferred revenue adjustments	0	2,802	0	4,660
Segment assets	1,301,296	1,196,219	1,301,296	1,196,219
Reportable Segment | Enterprise Solutions
Segment Reporting Information [Line Items]
Segment revenues	369,862	399,695	696,389	750,685
Segment EBITDA	53,483	70,281	93,041	127,733
Depreciation expense	7,540	7,153	15,273	14,373
Amortization of intangibles	9,320	11,809	19,490	22,979
Amortization of software development intangible assets	1,044	488	1,958	724
Severance, restructuring, and acquisition integration costs	(3,082)	(22,887)	(6,860)	(37,421)
Purchase accounting effects of acquisitions	718	1,036	2,031	1,538
Deferred revenue adjustments		2,802		4,660
Segment assets	822,402	759,334	822,402	759,334
Reportable Segment | Industrial Solutions
Segment Reporting Information [Line Items]
Segment revenues	267,668	271,746	528,316	528,179
Segment EBITDA	47,458	53,225	94,917	99,651
Depreciation expense	4,761	4,873	9,748	9,518
Amortization of intangibles	13,048	13,230	26,219	26,478
Amortization of software development intangible assets	28	0	51	0
Severance, restructuring, and acquisition integration costs	0	(2,041)	0	(7,901)
Purchase accounting effects of acquisitions	0	0	0	0
Deferred revenue adjustments		0		0
Segment assets	478,894	436,885	478,894	436,885
Affiliate revenues | Reportable Segment
Segment Reporting Information [Line Items]
Segment revenues	893	1,513	2,280	2,588
Affiliate revenues | Reportable Segment | Enterprise Solutions
Segment Reporting Information [Line Items]
Segment revenues	893	1,496	2,263	2,542
Affiliate revenues | Reportable Segment | Industrial Solutions
Segment Reporting Information [Line Items]
Segment revenues	$ 0	$ 17	$ 17	$ 46

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Reportable Segments - Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment revenues	$ 637,530	$ 668,639	$ 1,224,705	$ 1,274,204
Amortization of intangibles	(22,368)	(25,039)	(45,709)	(49,457)
Depreciation expense	(12,300)	(12,000)	(25,000)	(23,900)
Severance, restructuring, and acquisition integration costs	(3,082)	(24,928)	(6,860)	(45,322)
Operating income	61,139	56,506	105,584	100,709
Interest expense, net	(14,168)	(15,088)	(28,361)	(32,066)
Non-operating pension benefit (cost)	481	(257)	1,028	(532)
Loss on debt extinguishment	0	(3,030)	0	(22,990)
Consolidated income before taxes	47,452	38,131	78,251	45,121
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment revenues	637,530	671,441	1,224,705	1,278,864
Deferred revenue adjustments	0	(2,802)	0	(4,660)
Total Segment EBITDA	100,941	123,506	187,958	227,384
Amortization of intangibles	(22,368)	(25,039)	(45,709)	(49,457)
Depreciation expense	(12,301)	(12,026)	(25,021)	(23,891)
Severance, restructuring, and acquisition integration costs	(3,082)	(24,928)	(6,860)	(45,322)
Purchase accounting effects related to acquisitions	(718)	(1,036)	(2,031)	(1,538)
Amortization of software development intangible assets	(1,072)	(488)	(2,009)	(724)
Loss on sale of assets	0	0	0	(94)
Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ (261)	(681)	$ (744)	(989)
Snell Advanced Media
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Amortization of intangibles		$ (2,800)		$ (5,000)

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Income Per Share - Basis for Income Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Apr. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Numerator:
Net income	$ 42,290	$ 28,792		$ 67,468	$ 31,362
Less: Net income (loss) attributable to noncontrolling interests	90	(77)		66	(125)
Less: Preferred stock dividends	8,733	8,733	$ 8,700	17,466	17,466
Net income attributable to Belden common stockholders	$ 33,467	$ 20,136		$ 49,936	$ 14,021
Denominator:
Weighted average shares outstanding, basic (in shares)	39,389	40,735		39,405	41,184
Effect of dilutive common stock equivalents (in shares)	222	239		230	308
Weighted average shares outstanding, diluted (in shares)	39,611	40,974		39,635	41,492

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Income Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares)	1.2	0.9	1.1	0.7
Anti-dilutive shares excluded from diluted weighted average shares outstanding due to performance conditions not being met (in shares)	0.3	0.3	0.3	0.2
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted weighted average shares outstanding (in shares)	6.9	6.9	6.9	6.9

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Inventories - Major Classes of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 136,433	$ 146,803
Work-in-process	49,017	45,939
Finished goods	154,179	152,572
Gross inventories	339,629	345,314
Excess and obsolete reserves	(29,918)	(28,896)
Net inventories	$ 309,711	$ 316,418

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Leases Additional Information (Details)	6 Months Ended
	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Renewal term	15 years
Minimum
Lessee, Lease, Description [Line Items]
Operating and finance lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating and finance lease, term of contract	16 years

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Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 4,756	$ 9,742
Amortization of right-of-use asset	43	68
Interest on lease liabilities	6	10
Total finance lease cost	$ 49	$ 78

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Leases Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 5,048	$ 10,136
Operating cash flows from finance leases	7	16
Financing cash flows from finance leases	$ 100	$ 173

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Leases Supplemental Balance Sheet Information Related To Leases (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Leases [Abstract]
Operating lease assets	$ 84,099
Accrued liabilities	18,127
Long-term operating lease liabilities	77,679
Operating lease liability	95,806
Other long-lived assets, at cost	938
Accumulated depreciation	(576)
Other long-lived assets, net	$ 362

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Leases Supplemental Other Information Related To Leases (Details)	Jun. 30, 2019
Weighted Average Remaining Lease Term
Operating leases	7 years
Finance leases	3 years
Weighted Average Discount Rate
Operating leases	6.90%
Finance leases	6.10%

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Leases Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Operating leases
2019	$ 23,731
2020	21,046
2021	17,345
2022	14,762
2023	12,062
Thereafter	37,937
Total minimum rental commitments	126,883
Finance leases
2019	280
2020	200
2021	86
2022	36
2023	7
Thereafter	0
Total minimum rental commitments	$ 609

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Long-Lived Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 12.3	$ 12.0	$ 25.0	$ 23.9
Amortization of Intangible Assets Including Amortization of Software Development	$ 23.4	$ 25.5	$ 47.7	$ 50.2

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Severance, Restructuring and Acquisition Integration Activities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Remaining	$ 3,000		$ 3,000
Severance, restructuring, and acquisition integration costs	3,082	$ 24,928	$ 6,860	$ 45,322
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and integration cost payable period			60 days
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	423	7,231	$ 985	16,662
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	2,333	14,544	5,112	23,946
Research and Development
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	326	3,153	763	4,714
PPC Broadband and Opterna Integration Program
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	$ 2,500		2,500
Grass Valley And SAM Integration Program
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs		20,300	$ 3,000	29,500
Industrial Manufacturing Footprint Program
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs		$ 3,900		$ 11,400

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Severance, Restructuring and Acquisition Integration Activities - Severance, Restructuring and Integration Costs by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Restructuring Cost and Reserve [Line Items]
Severance	$ 0	$ 11,062	$ 220	$ 11,622
Other Restructuring and Integration Costs	3,082	13,866	6,640	33,700
Total Costs	3,082	24,928	6,860	45,322
Enterprise Solutions
Restructuring Cost and Reserve [Line Items]
Severance	0	10,872	220	11,380
Other Restructuring and Integration Costs	3,082	12,015	6,640	26,041
Total Costs	3,082	22,887	6,860	37,421
Industrial Solutions
Restructuring Cost and Reserve [Line Items]
Severance	0	190	0	242
Other Restructuring and Integration Costs	0	1,851	0	7,659
Total Costs	$ 0	$ 2,041	$ 0	$ 7,901

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Severance, Restructuring, and Acquisition Integration Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	$ 3,082	$ 24,928	$ 6,860	$ 45,322
Cost of sales
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	423	7,231	985	16,662
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	2,333	14,544	5,112	23,946
Research and development expenses
Restructuring Cost and Reserve [Line Items]
Severance, restructuring, and acquisition integration costs	$ 326	$ 3,153	$ 763	$ 4,714

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Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total senior subordinated notes	$ 1,478,880,000	$ 1,485,900,000
Less unamortized debt issuance costs	(21,309,000)	(22,700,000)
Long-term debt	1,457,571,000	1,463,200,000
Revolving credit agreement due 2022
Debt Instrument [Line Items]
Revolving credit agreement due 2022	$ 0	0
3.875% Senior subordinated notes due 2028
Debt Instrument [Line Items]
Senior subordinated notes interest rate	3.875%
Total senior subordinated notes	$ 398,160,000	400,050,000
3.375% Senior subordinated notes due 2027
Debt Instrument [Line Items]
Senior subordinated notes interest rate	3.375%
Total senior subordinated notes	$ 511,920,000	514,350,000
4.125% Senior subordinated notes due 2026
Debt Instrument [Line Items]
Senior subordinated notes interest rate	4.125%
Total senior subordinated notes	$ 227,520,000	228,600,000
2.875% Senior subordinated notes due 2025
Debt Instrument [Line Items]
Senior subordinated notes interest rate	2.875%
Total senior subordinated notes	$ 341,280,000	$ 342,900,000

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Long-Term Debt and Other Borrowing Arrangements - Additional Information (Details)	May 16, 2017 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 EUR (€)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Senior subordinated notes		$ 1,478,880,000		$ 1,485,900,000
Senior Subordinated Notes
Debt Instrument [Line Items]
Senior subordinated notes		1,478,900,000
Fair value of senior subordinated notes		1,549,000,000.0
Revolving credit agreement due 2022
Debt Instrument [Line Items]
Revolving credit agreement due 2022, maximum borrowing capacity	$ 400,000,000.0
Commitment fee percentage	0.25%
Fixed charge coverage, minimum threshold (as a percent)	90.00%
Revolving credit agreement due 2022, borrowings outstanding		0		0
Revolving credit agreement due 2022, available borrowing capacity		$ 320,900,000
Revolving credit agreement due 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.25%
Revolving credit agreement due 2022 | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.75%
3.875% Senior subordinated notes due 2028
Debt Instrument [Line Items]
Senior subordinated notes interest rate		3.875%	3.875%
Senior subordinated notes		$ 398,160,000		400,050,000
3.875% Senior subordinated notes due 2028 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | €			€ 350,000,000.0
Senior subordinated notes interest rate		3.875%	3.875%
3.375% Senior subordinated notes due 2027
Debt Instrument [Line Items]
Senior subordinated notes interest rate		3.375%	3.375%
Senior subordinated notes		$ 511,920,000		514,350,000
3.375% Senior subordinated notes due 2027 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | €			€ 450,000,000.0
Senior subordinated notes interest rate		3.375%	3.375%
4.125% Senior subordinated notes due 2026
Debt Instrument [Line Items]
Senior subordinated notes interest rate		4.125%	4.125%
Senior subordinated notes		$ 227,520,000		228,600,000
4.125% Senior subordinated notes due 2026 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | €			€ 200,000,000.0
2.875% Senior subordinated notes due 2025
Debt Instrument [Line Items]
Senior subordinated notes interest rate		2.875%	2.875%
Senior subordinated notes		$ 341,280,000		$ 342,900,000
2.875% Senior subordinated notes due 2025 | Senior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount outstanding of senior subordinated notes | €			€ 300,000,000.0
Senior subordinated notes interest rate		2.875%	2.875%

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Net Investment Hedge (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative translation adjustment	$ (16,904)	$ 60,642	$ 11,887	$ 28,847
Senior Subordinated Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative translation adjustment	$ 6,900	$ 66,500	$ 6,900	$ 66,500

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Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 5,162	$ 9,339	$ 10,783	$ 13,759
Effective tax rate	(10.90%)	(24.50%)	(13.80%)	(30.50%)
Change in valuation allowance income tax benefit			$ 6,400	$ 1,800
Income tax expense related to debt refinance		$ 1,200		1,200
Tax Cuts and Jobs Act of 2017, income tax expense				$ 500

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Pension and Other Postretirement Obligations - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Pension Obligations
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,047	$ 942	$ 2,106	$ 2,075
Interest cost	2,939	1,905	5,948	3,781
Expected return on plan assets	(4,020)	(2,508)	(8,135)	(5,028)
Amortization of prior service cost (credit)	40	(12)	26	(22)
Actuarial losses (gains)	316	612	642	1,277
Net periodic benefit cost	322	939	587	2,083
Other Postretirement Obligations
Defined Benefit Plan Disclosure [Line Items]
Service cost	10	13	19	26
Interest cost	270	260	542	524
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	0	0	0	0
Actuarial losses (gains)	(26)	0	(51)	0
Net periodic benefit cost	$ 254	$ 273	$ 510	$ 550

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Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jul. 01, 2018	Apr. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Equity [Abstract]
Net income	$ 42,290	$ 25,178	$ 28,792	$ 2,570	$ 67,468	$ 31,362
Foreign currency translation gain (loss), net of $0.4 million, $0.6 million, $0.8 million, and $1.1 million tax, respectively	(16,904)		60,642		11,887	28,847
Adjustments to pension and postretirement liability, net of $0.1 million, $0.2 million, $0.1 million, and $0.5 million tax, respectively	251		369		470	772
Total comprehensive income	25,637		89,803		79,825	60,981
Less: Comprehensive income (loss) attributable to noncontrolling interests	130		(94)		107	(126)
Comprehensive income attributable to Belden	25,507		89,897		79,718	61,107
Foreign currency translation, tax income (loss)	400		600		800	1,100
Adjustments to pension and postretirement liability, tax	$ 100		$ 200		$ 100	$ 500

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Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jul. 01, 2018	Apr. 01, 2018	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,431,329	$ 1,387,588	$ 1,292,146	$ 1,434,866	$ 1,387,588
Other comprehensive loss, net of tax	(16,653)	29,010	61,011	(31,392)
Ending balance	1,433,533	1,431,329	$ 1,351,110	$ 1,292,146	1,433,533
Foreign Currency Translation Component
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(41,882)			(41,882)
Other comprehensive income attributable to Belden before reclassifications					11,846
Amounts reclassified from accumulated other comprehensive income					0
Other comprehensive loss, net of tax					11,846
Ending balance	(30,036)				(30,036)
Pension and Other Postretirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(33,025)			(33,025)
Other comprehensive income attributable to Belden before reclassifications					0
Amounts reclassified from accumulated other comprehensive income					470
Other comprehensive loss, net of tax					470
Ending balance	(32,555)				(32,555)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ (74,907)			(74,907)
Other comprehensive income attributable to Belden before reclassifications					11,846
Amounts reclassified from accumulated other comprehensive income					470
Other comprehensive loss, net of tax					12,316
Ending balance	$ (62,591)				$ (62,591)

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Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Pension and Other Postretirement Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total net of tax	$ (470)
Reclassification out of Accumulated Other Comprehensive Income | Actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	591
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	26
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 tax	617
Tax benefit	(147)
Total net of tax	$ 470

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Preferred Stock Preferred Stock (Details) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended		12 Months Ended
	Jul. 15, 2019 shares	Jun. 30, 2019 USD ($)	Jul. 01, 2018 USD ($)	Apr. 01, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jul. 01, 2018 USD ($)	Dec. 31, 2016 USD ($) trading_day $ / shares shares
Class of Stock [Line Items]
Preferred stock dividends | $		$ 8,733	$ 8,733	$ 8,700	$ 17,466	$ 17,466
Depository Shares
Class of Stock [Line Items]
Depository shares issued (in shares)							5,200,000
Interest in preferred stock per depository share							0.01
Six Point Seven Five Percentage Series B Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Percentage of issued shares							6.75%
Offering price per share (in usd per share) | $ / shares							$ 100
Threshold trading day period | trading_day							20
Proceeds from offering, net | $							$ 501,000
Six Point Seven Five Percentage Series B Mandatory Convertible Preferred Stock | Scenario, Forecast | Minimum
Class of Stock [Line Items]
Preferred stock converted in to common stock (in shares)	120.46
Number of common stock issued upon conversion (in shares)	6,200,000
Subsequent Event | Six Point Seven Five Percentage Series B Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock converted in to common stock (in shares)	132.50
Number of common stock issued upon conversion (in shares)	6,900,000

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Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Apr. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Nov. 29, 2018
Equity [Abstract]
Stock repurchase program, authorized amount						$ 300,000
Shares repurchase program (in shares)	0.4	0.4		0.4	1.4
Value of shares repurchased	$ 22,815	$ 24,730	$ 75,270	$ 22,800	$ 100,000
Treasury stock acquired, average cost per share (in usd per share)	$ 57.47	$ 63.75		$ 57.47	$ 69.53

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Subsequent Events Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 15, 2019	Jul. 31, 2019	Jun. 30, 2019	Jul. 01, 2018	Apr. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 31, 2016
Subsequent Event [Line Items]
Shares repurchase program (in shares)			400,000	400,000		400,000	1,400,000
Value of shares repurchased			$ 22,815	$ 24,730	$ 75,270	$ 22,800	$ 100,000
Treasury stock acquired, average cost per share (in usd per share)			$ 57.47	$ 63.75		$ 57.47	$ 69.53
Subsequent Event
Subsequent Event [Line Items]
Shares repurchase program (in shares)		500,000
Value of shares repurchased		$ 27,200
Treasury stock acquired, average cost per share (in usd per share)		$ 55.17
Six Point Seven Five Percentage Series B Mandatory Convertible Preferred Stock
Subsequent Event [Line Items]
Percentage of issued shares								6.75%
Six Point Seven Five Percentage Series B Mandatory Convertible Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Preferred stock converted in to common stock (in shares)	132.50
Number of common stock issued upon conversion (in shares)	6,900,000

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Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (29,041,000)
Noncontrolling Interest [Member]
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue	4,775,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (29,041,000)