Company Quick10K Filing
Belden
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 40 $2,361
10-Q 2019-11-04 Quarter: 2019-09-29
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-05-06 Quarter: 2019-03-31
10-K 2019-02-20 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-06 Quarter: 2018-07-01
10-Q 2018-05-07 Quarter: 2018-04-01
10-K 2018-02-13 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-10-01
10-Q 2017-08-07 Quarter: 2017-07-02
10-Q 2017-05-08 Quarter: 2017-04-02
10-K 2017-02-17 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-10-02
10-Q 2016-08-03 Quarter: 2016-07-03
10-Q 2016-05-10 Quarter: 2016-04-03
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-11-03 Quarter: 2015-09-27
10-Q 2015-08-04 Quarter: 2015-06-28
10-Q 2015-05-05 Quarter: 2015-03-29
10-K 2015-02-23 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-28
10-Q 2014-08-05 Quarter: 2014-06-29
10-Q 2014-05-06 Quarter: 2014-03-30
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-29
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-07-01
10-Q 2012-05-10 Quarter: 2012-04-01
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-10-02
10-Q 2011-08-10 Quarter: 2011-07-03
10-Q 2011-05-11 Quarter: 2011-04-03
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-12 Quarter: 2010-10-03
10-Q 2010-08-11 Quarter: 2010-07-04
10-Q 2010-05-12 Quarter: 2010-04-04
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-12-31 Officers, Officers
8-K 2019-10-29 Earnings, Exit Costs, Exhibits
8-K 2019-07-31 Earnings, Exhibits, Earnings, Exhibits
8-K 2019-07-03 Officers, Exhibits, Officers, Exhibits
8-K 2019-05-24 Officers, Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits, Earnings, Exhibits
8-K 2019-02-20 Earnings, Exhibits, Earnings, Exhibits
8-K 2018-12-03 Other Events
8-K 2018-10-31 Earnings, Exhibits, Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits, Earnings, Exhibits
8-K 2018-05-24 Shareholder Vote, Other Events, Shareholder Vote, Other Events
8-K 2018-05-02 Earnings, Exhibits, Earnings, Exhibits
8-K 2018-03-23 Shareholder Rights, Exhibits
8-K 2018-03-13 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-03-06 Regulation FD, Regulation FD, Other Events, Exhibits
8-K 2018-03-06 Enter Agreement, Enter Agreement, Other Events, Exhibits
8-K 2018-02-01 Earnings, Exhibits, Earnings, Exhibits
BDC 2019-09-29
Part I Financial Information
Item 1. Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: Revenues
Note 3: Acquisitions
Note 4: Reportable Segments
Note 5: Income per Share
Note 6: Inventories
Note 7: Leases
Note 8: Long-Lived Assets
Note 9: Severance, Restructuring, and Acquisition Integration Activities
Note 10: Long-Term Debt and Other Borrowing Arrangements
Note 11: Net Investment Hedge
Note 12: Income Taxes
Note 13: Pension and Other Postretirement Obligations
Note 14: Comprehensive Income and Accumulated Other Comprehensive Income (Loss)
Note 15: Preferred Stock
Note 16: Share Repurchase
Note 17: Subsequent Events
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risks
Item 4: Controls and Procedures
Part II Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 6: Exhibits
EX-31.1 ex3113q2019.htm
EX-31.2 ex3123q2019.htm
EX-32.1 ex3213q2019.htm
EX-32.2 ex3223q2019.htm

Belden Earnings 2019-09-29

BDC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
IRDM 2,802 3,917 2,344 546 0 -57 349 2,432 0% 7.0 -1%
VG 2,797 1,355 797 1,112 655 7 84 3,047 59% 36.1 0%
CCOI 2,751 949 1,126 531 312 16 166 2,342 59% 14.1 2%
CTV 2,562 3,909 2,238 1,660 501 95 219 3,236 30% 14.8 2%
BDC 2,361 3,823 2,395 2,536 986 197 401 3,524 39% 8.8 5%
AXE 2,341 4,911 3,213 8,669 1,723 192 403 3,659 20% 9.1 4%
WCC 2,213 5,068 2,933 8,190 1,579 231 428 3,526 19% 8.2 5%
ESE 2,087 1,326 514 807 301 85 151 2,266 37% 15.0 6%
SHEN 1,944 1,822 1,360 638 0 57 269 2,606 0% 9.7 3%
SKM 1,930 42,369,111 20,019,861 0 0 0 0 1,930 0%

Document
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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 September 29, 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 October 31, 2019, the Registrant had 45,457,559 outstanding shares of common stock.




PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

 
September 29, 2019
 
December 31, 2018
 
(Unaudited)
 
 
 
(In thousands)
ASSETS
Current assets:
 
 
 
Cash and cash equivalents
$
296,742

 
$
420,610

Receivables, net
460,044

 
465,939

Inventories, net
290,995

 
316,418

Other current assets
74,876

 
55,757

Total current assets
1,122,657

 
1,258,724

Property, plant and equipment, less accumulated depreciation
384,183

 
365,970

Operating lease right-of-use assets
78,788

 

Goodwill
1,265,006

 
1,557,653

Intangible assets, less accumulated amortization
471,386

 
511,093

Deferred income taxes
88,118

 
56,018

Other long-lived assets
31,857

 
29,863

 
$
3,441,995

 
$
3,779,321

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
Accounts payable
$
275,889

 
$
352,646

Accrued liabilities
301,599

 
364,276

Total current liabilities
577,488

 
716,922

Long-term debt
1,403,670

 
1,463,200

Postretirement benefits
127,090

 
132,791

Deferred income taxes
75,192

 
39,943

Long-term operating lease liabilities
73,436

 

Other long-term liabilities
40,309

 
38,877

Stockholders’ equity:
 
 
 
Preferred stock

 
1

Common stock
503

 
503

Additional paid-in capital
807,087

 
1,139,395

Retained earnings
667,703

 
922,000

Accumulated other comprehensive loss
(29,111
)
 
(74,907
)
Treasury stock
(307,482
)
 
(599,845
)
Total Belden stockholders’ equity
1,138,700

 
1,387,147

Noncontrolling interests
6,110

 
441

Total stockholders’ equity
1,144,810

 
1,387,588

 
$
3,441,995

 
$
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
 
Nine Months Ended
 
September 29, 2019

September 30, 2018
 
September 29, 2019
 
September 30, 2018
 
 
 
 
 
 
 
 
 
(In thousands, except per share data)
Revenues
$
620,318

 
$
655,774

 
$
1,845,023

 
$
1,929,978

Cost of sales
(384,916
)
 
(394,917
)
 
(1,143,870
)
 
(1,180,931
)
Gross profit
235,402

 
260,857

 
701,153

 
749,047

Selling, general and administrative expenses
(120,169
)
 
(132,716
)
 
(365,439
)
 
(396,430
)
Research and development expenses
(31,351
)
 
(33,471
)
 
(100,539
)
 
(107,781
)
Amortization of intangibles
(22,243
)
 
(25,533
)
 
(67,952
)
 
(74,990
)
Goodwill and other asset impairment
(342,146
)
 

 
(342,146
)
 

Gain from patent litigation

 
62,141

 

 
62,141

Operating income (loss)
(280,507
)
 
131,278

 
(174,923
)
 
231,987

Interest expense, net
(14,200
)
 
(14,472
)
 
(42,561
)
 
(46,538
)
Non-operating pension benefit
489

 
1,356

 
1,517

 
824

Loss on debt extinguishment

 

 

 
(22,990
)
Income (loss) before taxes
(294,218
)
 
118,162

 
(215,967
)
 
163,283

Income tax expense
(2,797
)
 
(32,304
)
 
(13,580
)
 
(46,063
)
Net income (loss)
(297,015
)
 
85,858

 
(229,547
)
 
117,220

Less: Net income (loss) attributable to noncontrolling interests
(6
)
 
(23
)
 
60

 
(148
)
Net income (loss) attributable to Belden
(297,009
)
 
85,881

 
(229,607
)
 
117,368

Less: Preferred stock dividends
971

 
8,732

 
18,437

 
26,198

Net income (loss) attributable to Belden common stockholders
$
(297,980
)
 
$
77,149

 
$
(248,044
)
 
$
91,170

 
 
 
 
 
 
 
 
Weighted average number of common shares and equivalents:
 
 
 
 
 
 
 
Basic
44,444

 
40,510

 
41,090

 
40,960

Diluted
44,444

 
47,678

 
41,090

 
41,268

 
 
 
 
 
 
 
 
Basic income (loss) per share attributable to Belden common stockholders
$
(6.70
)
 
$
1.90

 
$
(6.04
)
 
$
2.23

 
 
 
 
 
 
 
 
Diluted income (loss) per share attributable to Belden common stockholders
$
(6.70
)
 
$
1.80

 
$
(6.04
)
 
$
2.21

 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Belden
$
(263,530
)
 
$
68,620

 
$
(183,811
)
 
$
129,727

 
 
 
 
 
 
 
 
Common stock dividends declared per share
$
0.05

 
$
0.05

 
$
0.15

 
$
0.15

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

- 2-



BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
 
 
Nine Months Ended
 
September 29, 2019
 
September 30, 2018
 
 
 
 
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net income (loss)
$
(229,547
)
 
$
117,220

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Goodwill and other asset impairment
342,146

 

Depreciation and amortization
108,328

 
111,896

Share-based compensation
12,115

 
14,657

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
6,002

 
(25,338
)
Inventories
32,261

 
(16,642
)
Accounts payable
(78,346
)
 
(81,296
)
Accrued liabilities
(70,368
)
 
(29,474
)
Income taxes
(19,650
)
 
4,463

Other assets
(9,088
)
 
(13,267
)
Other liabilities
(4,336
)
 
(4,350
)
Net cash provided by operating activities
89,517

 
100,859

Cash flows from investing activities:
 
 
 
Capital expenditures
(74,068
)
 
(63,451
)
Cash used to acquire businesses, net of cash acquired
(50,951
)
 
(84,580
)
Proceeds from disposal of tangible assets
19

 
1,556

Proceeds from disposal of business

 
40,171

Net cash used for investing activities
(125,000
)
 
(106,304
)
Cash flows from financing activities:
 
 
 
Payments under share repurchase program
(50,000
)
 
(125,000
)
Cash dividends paid
(32,153
)
 
(32,421
)
Withholding tax payments for share-based payment awards
(2,063
)
 
(2,004
)
Other
(232
)
 

Payments under borrowing arrangements

 
(484,757
)
Debt issuance costs paid

 
(7,609
)
Redemption of stockholders' rights agreement

 
(411
)
Borrowings under credit arrangements

 
431,270

Net cash used for financing activities
(84,448
)
 
(220,932
)
Effect of foreign currency exchange rate changes on cash and cash equivalents
(3,937
)
 
(5,704
)
Decrease in cash and cash equivalents
(123,868
)
 
(232,081
)
Cash and cash equivalents, beginning of period
420,610

 
561,108

Cash and cash equivalents, end of period
$
296,742

 
$
329,027

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

- 3-



BELDEN INC.
CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS
(Unaudited)


- 4-



 
 
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

Net loss

 

 

 

 

 
(297,009
)
 

 

 

 
(6
)
 
(297,015
)
Other comprehensive income, net of tax

 

 

 

 

 

 

 

 
33,480

 
373

 
33,853

Adjustment to acquisition of business with noncontrolling interests

 

 

 

 

 

 

 

 

 
420

 
420

Exercise of stock options, net of tax withholding forfeitures

 

 

 

 
(25
)
 

 
1

 
11

 

 

 
(14
)
Conversion of restricted stock units into common stock, net of tax withoholding forfeitures

 

 

 

 
(115
)
 

 
2

 
70

 

 

 
(45
)
Share repurchase program

 

 

 

 

 

 
(493
)
 
(27,185
)
 

 

 
(27,185
)
Share-based compensation

 

 

 

 
4,521

 

 

 

 

 

 
4,521

Preferred stock conversion
(52
)
 
(1
)
 

 

 
(340,788
)
 

 
6,857

 
340,789

 

 

 

Preferred stock dividends ($18.76 per share)

 

 

 

 

 
(971
)
 

 

 

 

 
(971
)
Common stock dividends ($0.05 per share)

 

 

 

 

 
(2,287
)
 

 

 

 

 
(2,287
)
Balance at September 29, 2019


$


50,335


$
503


$
807,087


$
667,703


(4,881
)

$
(307,482
)

$
(29,111
)

$
6,110


$
1,144,810



- 5-




 
 
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

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
)
 

 

 

 

 
(