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Reportable Segments
 9 Months Ended
Sep. 29, 2024
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
We are organized around two global businesses: Smart Infrastructure Solutions and Automation Solutions. As Belden continues to advance forward with solutions focused on data infrastructure, we renamed our two reportable segments during the three months ended September 29, 2024 from Enterprise Solutions and Industrial Automation Solutions to Smart Infrastructure Solutions and Automation Solutions, respectively. The composition of the segments did not change as a result of these name changes.
Each of the global businesses represents a reportable segment. The key measures of segment profit or loss are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; adjustments related to acquisitions and divestitures; and other costs. We allocate corporate expenses to the segments for purposes of measuring Segment EBITDA. Corporate expenses are allocated on the basis of each segment’s relative EBITDA prior to the allocation.

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.
Smart Infrastructure SolutionsAutomation SolutionsTotal Segments
(In thousands)
As of and for the three months ended September 29, 2024   
Segment Revenues$319,647 $335,279 $654,926 
Segment EBITDA40,447 71,819 112,266 
Depreciation expense6,758 7,897 14,655 
Amortization of intangibles8,738 5,000 13,738 
Amortization of software development intangible assets— 2,678 2,678 
Severance, restructuring, and acquisition integration costs4,619 644 5,263 
Adjustments related to acquisitions and divestitures263 298 561 
Segment assets686,960 772,740 1,459,700 
As of and for the three months ended October 1, 2023   
Segment Revenues$283,905 $342,902 $626,807 
Segment EBITDA37,693 77,244 114,937 
Depreciation expense6,632 6,810 13,442 
Amortization of intangibles4,468 5,058 9,526 
Amortization of software development intangible assets— 1,963 1,963 
Severance, restructuring, and acquisition integration costs3,453 2,622 6,075 
Adjustments related to acquisitions and divestitures197 298 495 
Segment assets625,356 698,287 1,323,643 
As of and for the nine months ended September 29, 2024   
Segment revenues$824,209 $970,728 $1,794,937 
Segment EBITDA97,691 198,301 295,992 
Depreciation expense19,277 22,420 41,697 
Amortization of intangibles19,479 15,008 34,487 
Amortization of software development intangible assets— 7,855 7,855 
Severance, restructuring, and acquisition integration costs8,518 4,950 13,468 
Adjustments related to acquisitions and divestitures263 894 1,157 
Segment assets686,960 772,740 1,459,700 
As of and for the nine months ended October 1, 2023
Segment Revenues$871,777 $1,089,064 $1,960,841 
Segment EBITDA118,854 229,662 348,516 
Depreciation expense18,779 19,699 38,478 
Amortization of intangibles15,171 15,091 30,262 
Amortization of software development intangible assets— 5,235 5,235 
Severance, restructuring, and acquisition integration costs5,147 6,699 11,846 
Adjustments related to acquisitions and divestitures522 520 1,042 
Segment assets625,356 698,287 1,323,643 
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 EndedNine Months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (In thousands)
Total Segment and Consolidated Revenues$654,926 $626,807 $1,794,937 $1,960,841 
Total Segment EBITDA$112,266 $114,937 $295,992 $348,516 
Depreciation expense(14,655)(13,442)(41,697)(38,478)
Amortization of intangibles(13,738)(9,526)(34,487)(30,262)
Severance, restructuring, and acquisition integration costs (1)(5,263)(6,075)(13,468)(11,846)
Amortization of software development intangible assets(2,678)(1,963)(7,855)(5,235)
Adjustments related to acquisitions and divestitures (2)(561)(495)(1,157)(1,042)
Eliminations(22)(63)(47)(146)
Gain on sale of asset— 12,056 — 12,056 
Consolidated operating income75,349 95,429 197,281 273,563 
Interest expense, net(10,855)(8,580)(27,454)(25,593)
Total non-operating pension benefit286 328 747 1,462 
Consolidated income before taxes $64,780 $87,177 $170,574 $249,432 
(1) Includes costs associated with acquisitions and manufacturing footprint actions.
(2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets.