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Operating Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Operating Segment Information

Operating Segment Information


	Years Ended December 31,
	2024		2023		2022
	(In thousands)
Smart Infrastructure Solutions

Segment Revenues	$	1,143,790	$	1,122,831	$	1,198,478
Affiliate Revenues	142		127		633
Segment Cost of Sales	(789,272)		(774,958)		(852,231)
Segment Selling, General and Administrative Expenses	(177,414)		(171,873)		(160,802)
Segment Research and Development Expenses	(37,154)		(27,020)		(24,561)
Segment EBITDA	$	140,092	$	149,107	$	161,517

Segment assets	$	663,623	$	637,105	$	593,653

Expenditures of property, plant and equipment	$	33,343	$	36,237	$	33,535

Items excluded from segment measures:
Depreciation expense	$	26,231	$	24,943	$	23,387
Amortization of intangibles	28,642		20,085		17,595
Amortization of software development intangible assets	12		—		54
Adjustments related to acquisitions and divestitures	3,572		5,359		5,589
Severance, restructuring, and acquisition integration costs	15,165		11,221		9,200


	Years Ended December 31,
	2024		2023		2022
	(In thousands)
Automation Solutions

Segment Revenues	$	1,317,189	$	1,389,253	$	1,408,007
Affiliate Revenues	801		1,296		442
Segment Cost of Sales	(701,251)		(739,129)		(792,681)
Segment Selling, General and Administrative Expenses	(275,024)		(278,406)		(260,694)
Segment Research and Development Expenses	(71,949)		(85,686)		(77,995)
Segment EBITDA	$	269,766	$	287,328	$	277,079

Segment assets	$	783,353	$	727,477	$	677,235

Expenditures of property, plant and equipment	$	66,063	$	64,072	$	58,713

Items excluded from segment measures:
Depreciation expense	$	30,152	$	26,436	$	23,282
Amortization of intangibles	20,152		20,290		20,265
Amortization of software development intangible assets	10,552		7,692		3,821
Adjustments related to acquisitions and divestitures	1,192		818		2,244
Severance, restructuring, and acquisition integration costs	7,649		13,931		7,485


	Years Ended December 31,
	2024		2023		2022
	(In thousands)
Total Segments




Segment Revenues	$	2,460,979	$	2,512,084	$	2,606,485
Affiliate Revenues	943		1,423		1,075
Segment Cost of Sales	(1,490,523)		(1,514,087)		(1,644,912)
Segment Selling, General and Administrative Expenses	(452,438)		(450,279)		(421,496)
Segment Research and Development Expenses	(109,103)		(112,706)		(102,556)
Segment EBITDA	$	409,858	$	436,435	$	438,596

Segment assets	$	1,446,976	$	1,364,582	$	1,270,888

Expenditures of property, plant and equipment	$	99,406	$	100,309	$	92,248

Items excluded from segment measures:
Depreciation expense	$	56,383	$	51,379	$	46,669
Amortization of intangibles	48,794		40,375		37,860
Amortization of software development intangible assets	10,564		7,692		3,875
Adjustments related to acquisitions and divestitures	4,764		6,177		7,833
Severance, restructuring, and acquisition integration costs	22,814		25,152		16,685

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,
	2024		2023		2022
	(In thousands)
Total segment and consolidated revenues	$	2,460,979	$	2,512,084	$	2,606,485



Total Segment EBITDA	$	409,858	$	436,435	$	438,596
Depreciation expense	(56,383)		(51,379)		(46,669)
Amortization of intangibles	(48,794)		(40,375)		(37,860)
Severance, restructuring, and acquisition integration costs (1)	(22,814)		(25,152)		(16,685)
Amortization of software development intangible assets	(10,564)		(7,692)		(3,875)
Adjustments related to acquisitions and divestitures (2)	(4,764)		(6,177)		(7,833)

Gain on sale of assets (3)	—		12,056		37,891
Eliminations	(79)		(198)		(231)
Consolidated operating income	266,460		317,518		363,334
Interest expense, net	(38,303)		(33,625)		(43,554)
Loss on debt extinguishment	—		—		(6,392)
Non-operating pension benefit (cost)	(215)		1,863		4,005

Consolidated income from continuing operations before taxes	$	227,942	$	285,756	$	317,393

(1)Includes costs associated with acquisitions, productivity initiatives, and manufacturing footprint actions.

(2)Includes fair value adjustments of acquired assets and costs associated with a former subsidiary that was previously divested.

(3)During 2023, we sold certain real estate in Canada for $13.8 million, net of transaction costs and recognized a $12.1 million pre-tax gain on sale. 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,
	2024		2023		2022
	(In thousands)
Total segment assets	$	1,446,976	$	1,364,582	$	1,270,888
Cash and cash equivalents	370,302		597,044		687,676
Goodwill	1,018,677		907,331		862,253
Intangible assets, less accumulated amortization	419,074		269,144		246,830
Deferred income taxes	16,353		15,739		14,642
Corporate assets	56,556		86,351		79,386

Total assets	$	3,327,938	$	3,240,191	$	3,161,675

Total segment expenditures of property, plant and equipment	$	99,406	$	100,309	$	92,248
Corporate expenditures of property, plant and equipment	29,694		16,422		12,846

Total expenditures of property, plant and equipment	$	129,100	$	116,731	$	105,094

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, 2024, 2023, and 2022 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, 2024
Revenues	$	1,392,262		$	160,012		$	92,108		$	118,256		$	698,341		$	2,460,979
Percent of total revenues	57		%	6		%	4		%	5		%	28		%	100		%
Long-lived assets	$	290,282		$	13,799		$	38,622		$	62,170		$	154,180		$	559,053
Year ended December 31, 2023
Revenues	$	1,383,212		$	169,122		$	104,718		$	134,130		$	720,902		$	2,512,084
Percent of total revenues	55		%	7		%	4		%	5		%	29		%	100		%
Long-lived assets	$	230,267		$	13,355		$	45,326		$	67,758		$	144,606		$	501,312
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