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Operating Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Operating Segment Information

Operating Segment Information


Enterprise Solutions	Years Ended December 31,
	2022		2021		2020
	(In thousands)
Segment revenues	$	1,198,478	$	1,074,426	$	872,417

Segment EBITDA	161,517		144,509		99,333
Depreciation expense	23,387		21,627		20,655
Amortization of intangibles	17,595		17,595		21,662
Amortization of software development intangible assets	54		94		245
Adjustments related to acquisitions and divestitures	5,589		(7,052)		125
Severance, restructuring, and acquisition integration costs	9,200		13,800		7,720
Acquisition of property, plant and equipment	33,535		36,726		25,223
Segment assets	593,653		563,141		462,615


Industrial Automation Solutions	Years Ended December 31,
	2022		2021		2020
	(In thousands)
Segment revenues	$	1,408,007	$	1,226,834	$	879,775

Segment EBITDA	277,079		222,684		132,302
Depreciation expense	23,282		21,446		18,684
Amortization of intangibles	20,265		13,035		7,379
Amortization of software development intangible assets	3,821		1,485		627
Adjustments related to acquisitions and divestitures	2,244		2,017		—
Severance, restructuring, and acquisition integration costs	7,485		10,067		3,944
Asset impairments	—		9,283		—
Acquisition of property, plant and equipment	58,713		41,269		37,002
Segment assets	677,235		600,380		471,320


Total Segments	Years Ended December 31,
	2022		2021		2020
	(In thousands)
Segment revenues	$	2,606,485	$	2,301,260	$	1,752,192

Segment EBITDA	438,596		367,193		231,635
Depreciation expense	46,669		43,073		39,339
Amortization of intangibles	37,860		30,630		29,041
Amortization of software development intangible assets	3,875		1,579		872
Adjustments related to acquisitions and divestitures	7,833		(5,035)		125
Severance, restructuring, and acquisition integration costs	16,685		23,867		11,664
Asset impairments	—		9,283		—
Acquisition of property, plant and equipment	92,248		77,995		62,225
Segment assets	1,270,888		1,163,521		933,935

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

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


	Years Ended December 31,
	2022		2021		2020
	(In thousands)
Segment Revenues and Consolidated Revenues	$	2,606,485	$	2,301,260	$	1,752,192



Total Segment EBITDA	$	438,596	$	367,193	$	231,635
Depreciation expense	(46,669)		(43,073)		(39,339)
Amortization of intangibles	(37,860)		(30,630)		(29,041)
Severance, restructuring, and acquisition integration costs (1)	(16,685)		(23,867)		(11,664)
Adjustments related to acquisitions and divestitures (2)	(7,833)		5,035		(125)
Amortization of software development intangible assets	(3,875)		(1,579)		(872)
Asset impairments (3)	—		(9,283)		—
Gain on sale of asset (4)	37,891		—		—
Eliminations	(231)		(120)		(480)
Consolidated operating income	363,334		263,676		150,114
Interest expense, net	(43,554)		(62,693)		(58,903)
Loss on debt extinguishment	(6,392)		(5,715)		—
Non-operating pension benefit (cost)	4,005		4,476		(395)
Gain on sale of note receivable	—		27,036		—
Consolidated income from continuing operations before taxes	$	317,393	$	226,780	$	90,816

(1)See Note 15, Severance, Restructuring, and Acquisition Integration Activities, for details.

(2)In 2022, we incurred $10.1 million for lease guarantees associated with the Grass Valley disposal (see Note 12), $2.2 million related to fair value adjustments of acquired inventory and investments, and gains of $4.5 million on collections from previously written off receivables associated with the sale of Grass Valley. In 2021, we collected $2.2 million of receivables associated with the sale of Grass Valley and acquisition of SPC that were previously written off, reduced the Opterna earn-out liability by $5.8 million, recognized cost of sales of $2.3 million related to adjustments of acquired inventory to fair value, and recognized a $0.6 million loss on the sale of tangible assets. In 2020, we recognized $0.1 million of cost of sales related to adjustments of acquired inventory to fair value.

(3)In 2021, we recognized a $3.6 million impairment on assets held and used and a $5.7 million impairment on assets held for sale. See Note 11, Property, Plant, and Equipment, for details.

(4)During 2022, we sold certain real estate in the United States for $42.2 million, net of transaction costs and recognized a $37.9 million pre-tax gain on sale. See Note 11, Property, Plant, and Equipment, for details.

Schedule of Reconciliations of Other Segment Measures to Consolidated Totals

Below are reconciliations of other segment measures to the consolidated totals.


	Years Ended December 31,
	2022		2021		2020
	(In thousands)
Total segment assets	$	1,270,888	$	1,163,521	$	933,935
Cash and cash equivalents	687,676		641,563		500,666
Goodwill	862,253		821,448		789,736
Intangible assets, less accumulated amortization	246,830		238,155		219,092
Deferred income taxes	14,642		31,736		28,736
Corporate assets	79,386		72,102		83,943
Assets of discontinued operations	—		449,152		583,626
Total assets	$	3,161,675	$	3,417,677	$	3,139,734

Total segment acquisition of property, plant and equipment	$	92,248	$	77,995	$	62,225
Corporate acquisition of property, plant and equipment	12,846		6,855		3,605
Discontinued operations acquisition of property, plant and equipment	—		6,132		24,385
Total acquisition of property, plant and equipment	$	105,094	$	90,982	$	90,215

Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location

The table below summarizes net sales and long-lived assets for the years ended December 31, 2022, 2021, and 2020 for the following countries: U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company.


	United States			Canada			China			Germany			All Other			Total
	(In thousands, except percentages)
Year ended December 31, 2022
Revenues	$	1,448,247		$	188,013		$	126,904		$	131,485		$	711,836		$	2,606,485
Percent of total revenues	56		%	7		%	5		%	5		%	27		%	100		%
Long-lived assets	$	203,070		$	12,805		$	45,866		$	44,061		$	122,565		$	428,367
Year ended December 31, 2021
Revenues	$	1,201,540		$	186,834		$	149,036		$	112,710		$	651,140		$	2,301,260
Percent of total revenues	52		%	8		%	7		%	5		%	28		%	100		%
Long-lived assets	$	170,420		$	12,578		$	46,776		$	37,208		$	106,140		$	373,122
Year ended December 31, 2020
Revenues	$	939,339		$	113,642		$	111,826		$	90,374		$	497,011		$	1,752,192
Percent of total revenues	54		%	7		%	6		%	5		%	28		%	100		%
Long-lived assets	$	154,078		$	31,925		$	44,824		$	63,100		$	113,836		$	407,763