Reportable Segments (Tables)

9 Months Ended

Oct. 01, 2023

Schedule of 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. Inter-company revenues between our segments is not material.


	Enterprise Solutions		Industrial Automation Solutions		Total Segments

	(In thousands)
As of and for the three months ended October 1, 2023
Segment Revenues	$	283,905	$	342,902	$	626,807
Segment EBITDA	37,693		77,244		114,937
Depreciation expense	6,632		6,810		13,442
Amortization of intangibles	4,468		5,058		9,526
Amortization of software development intangible assets	—		1,963		1,963
Severance, restructuring, and acquisition integration costs	3,453		2,622		6,075
Adjustments related to acquisitions and divestitures	197		298		495
Segment assets	625,356		698,287		1,323,643

As of and for the three months ended October 2, 2022
Segment Revenues	$	319,201	$	351,290	$	670,491
Segment EBITDA	46,110		71,055		117,165
Depreciation expense	6,020		5,827		11,847
Amortization of intangibles	4,512		5,593		10,105
Amortization of software development intangible assets	8		860		868
Severance, restructuring, and acquisition integration costs	2,702		1,858		4,560
Adjustments related to acquisitions and divestitures	(2,537)		514		(2,023)
Segment assets	575,829		632,997		1,208,826

As of and for the nine months ended October 1, 2023
Segment revenues	$	871,777	$	1,089,064	$	1,960,841
Segment EBITDA	118,854		229,662		348,516
Depreciation expense	18,779		19,699		38,478
Amortization of intangibles	15,171		15,091		30,262
Amortization of software development intangible assets	—		5,235		5,235
Severance, restructuring, and acquisition integration costs	5,147		6,699		11,846
Adjustments related to acquisitions and divestitures	522		520		1,042
Segment assets	625,356		698,287		1,323,643

As of and for the nine months ended October 2, 2022
Segment Revenues	$	895,075	$	1,052,338	$	1,947,413
Segment EBITDA	118,818		206,643		325,461
Depreciation expense	17,214		17,229		34,443
Amortization of intangibles	13,051		15,048		28,099
Amortization of software development intangible assets	52		2,804		2,856
Severance, restructuring, and acquisition integration costs	7,605		6,535		14,140
Adjustments related to acquisitions and divestitures	(3,095)		1,648		(1,447)
Segment assets	575,829		632,997		1,208,826

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.


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022

	(In thousands)
Total Segment and Consolidated Revenues	$	626,807	$	670,491	$	1,960,841	$	1,947,413



Total Segment EBITDA	$	114,937	$	117,165	$	348,516	$	325,461
Gain on sale of asset	12,056		37,891		12,056		37,891

Depreciation expense	(13,442)		(11,847)		(38,478)		(34,443)
Amortization of intangibles	(9,526)		(10,105)		(30,262)		(28,099)
Severance, restructuring, and acquisition integration costs (1)	(6,075)		(4,560)		(11,846)		(14,140)
Amortization of software development intangible assets	(1,963)		(868)		(5,235)		(2,856)
Adjustments related to acquisitions and divestitures (2)	(495)		2,023		(1,042)		1,447
Eliminations	(63)		(51)		(146)		(156)
Consolidated operating income	95,429		129,648		273,563		285,105
Interest expense, net	(8,580)		(9,883)		(25,593)		(35,570)
Loss on debt extinguishment	—		—		—		(6,392)
Total non-operating pension benefit	328		26		1,462		2,296
Consolidated income from continuing operations before taxes	$	87,177	$	119,791	$	249,432	$	245,439

(1) Severance, restructuring, and acquisition integration costs for the three and nine months ended October 1, 2023 and October 2, 2022 included costs related to our Acquisition Integration Program. See Note 11.

(2) Adjustments related to acquisitions and divestitures included fair value adjustments of acquired inventory and investments as well as gains associated with the sales of businesses.