Company Quick10K Filing
Belden
Price52.97 EPS-4
Shares44 P/E-13
MCap2,354 P/FCF26
Net Debt1,107 EBIT-172
TEV3,461 TEV/EBIT-20
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-03-29 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-11
10-Q 2019-09-29 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-07-01 Filed 2018-08-06
10-Q 2018-04-01 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-10-01 Filed 2017-11-06
10-Q 2017-07-02 Filed 2017-08-07
10-Q 2017-04-02 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-10-02 Filed 2016-11-07
10-Q 2016-07-03 Filed 2016-08-03
10-Q 2016-04-03 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-27 Filed 2015-11-03
10-Q 2015-06-28 Filed 2015-08-04
10-Q 2015-03-29 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-28 Filed 2014-11-04
10-Q 2014-06-29 Filed 2014-08-05
10-Q 2014-03-30 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-29 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-07-01 Filed 2012-08-09
10-Q 2012-04-01 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-10-02 Filed 2011-11-09
10-Q 2011-07-03 Filed 2011-08-10
10-Q 2011-04-03 Filed 2011-05-11
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-10-03 Filed 2010-11-12
10-Q 2010-07-04 Filed 2010-08-11
10-Q 2010-04-04 Filed 2010-05-12
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-07-28 Officers, Exhibits
8-K 2020-07-02 M&A, Regulation FD, Exhibits
8-K 2020-06-12
8-K 2020-05-20
8-K 2020-05-01
8-K 2020-04-29
8-K 2020-04-13
8-K 2020-02-04
8-K 2020-02-04
8-K 2019-12-31
8-K 2019-10-29
8-K 2019-07-31
8-K 2019-07-03
8-K 2019-05-24
8-K 2019-05-01
8-K 2019-02-20
8-K 2018-12-03
8-K 2018-10-31
8-K 2018-08-01
8-K 2018-05-24
8-K 2018-05-02
8-K 2018-03-23
8-K 2018-03-13
8-K 2018-03-06
8-K 2018-03-06
8-K 2018-02-01

BDC 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: Revenues
Note 3: Acquisitions
Note 5: Reportable Segments
Note 6: Income per Share
Note 7: Credit Losses
Note 8: Inventories
Note 9: Leases
Note 10: Long - Lived Assets
Note 11: Severance, Restructuring, and Acquisition Integration Activities
Note 12: Long - Term Debt and Other Borrowing Arrangements
Note 13: Net Investment Hedge
Note 14: Income Taxes
Note 15: Pension and Other Postretirement Obligations
Note 16: Comprehensive Income and Accumulated Other Comprehensive Income (Loss)
Note 17: Preferred Stock
Note 18: Share Repurchase
Note 19: 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 ex3111q2020.htm
EX-31.2 ex3121q2020.htm
EX-32.1 ex3211q2020.htm
EX-32.2 ex3221q2020.htm

Belden Earnings 2020-03-29

Balance SheetIncome StatementCash Flow
3.93.12.31.60.80.02012201420172020
Assets, Equity
0.70.50.30.1-0.1-0.32012201420172020
Rev, G Profit, Net Income
0.30.1-0.1-0.4-0.6-0.82012201420172020
Ops, Inv, Fin

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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 March 29, 2020
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 classTrading SymbolsName of each exchange on which registered
Common stock, $0.01 par valueBDCNew York Stock Exchange
As of April 30, 2020, the Registrant had 44,517,470 outstanding shares of common stock.



PART I FINANCIAL INFORMATION
Item 1. Financial Statements
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 29, 2020December 31, 2019
 (Unaudited) 
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$250,993  $407,480  
Receivables, net307,064  334,634  
Inventories, net252,921  231,333  
Other current assets31,781  29,172  
Current assets of discontinued operations344,212  375,135  
Total current assets$1,186,971  1,377,754  
Property, plant and equipment, less accumulated depreciation336,441  345,918  
Operating lease right-of-use assets58,960  62,251  
Goodwill1,238,837  1,243,669  
Intangible assets, less accumulated amortization323,648  339,505  
Deferred income taxes23,758  25,216  
Other long-lived assets10,693  12,446  
$3,179,308  $3,406,759  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$220,195  $268,466  
Accrued liabilities218,568  283,799  
Current liabilities of discontinued operations135,455  170,279  
Total current liabilities574,218  722,544  
Long-term debt1,385,438  1,439,484  
Postretirement benefits124,968  136,227  
Deferred income taxes46,796  48,725  
Long-term operating lease liabilities52,084  55,652  
Other long-term liabilities42,769  38,308  
Stockholders’ equity:
Common stock503  503  
Additional paid-in capital812,490  811,955  
Retained earnings501,611  518,004  
Accumulated other comprehensive loss(41,095) (63,418) 
Treasury stock(326,266) (307,197) 
Total Belden stockholders’ equity947,243  959,847  
Noncontrolling interests5,792  5,972  
Total stockholders’ equity953,035  965,819  
$3,179,308  $3,406,759  
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
 March 29, 2020March 31, 2019
 (In thousands, except per share data)
Revenues$463,526  $500,140  
Cost of sales(293,025) (313,284) 
Gross profit170,501  186,856  
Selling, general and administrative expenses(98,389) (97,955) 
Research and development expenses(26,219) (23,247) 
Amortization of intangibles(16,185) (18,164) 
Operating income29,708  47,490  
Interest expense, net(13,324) (13,988) 
Non-operating pension benefit699  603  
Income from continuing operations before taxes17,083  34,105  
Income tax expense(2,192) (6,170) 
Income from continuing operations14,891  27,935  
Loss from discontinued operations, net of tax(26,110) (2,757) 
Net income (loss)(11,219) 25,178  
Less: Net loss attributable to noncontrolling interests(30) (24) 
Net income (loss) attributable to Belden(11,189) 25,202  
Less: Preferred stock dividends  8,733  
Net income (loss) attributable to Belden common stockholders$(11,189) $16,469  
Weighted average number of common shares and equivalents:
Basic45,390  39,420  
Diluted45,538  39,660  
Basic income (loss) per share attributable to Belden common stockholders:
Continuing operations attributable to Belden common stockholders$0.33  $0.48  
Discontinued operations attributable to Belden common stockholders(0.58) (0.07) 
Net income (loss) per share attributable to Belden common stockholders$(0.25) $0.42  
Diluted income (loss) per share attributable to Belden common stockholders:
Continuing operations attributable to Belden common stockholders$0.33  $0.48  
Discontinued operations attributable to Belden common stockholders(0.58) (0.07) 
Net income (loss) per share attributable to Belden common stockholders$(0.25) $0.42  
Comprehensive income attributable to Belden $11,134  $54,211  
Common stock dividends declared per share$0.05  $0.05  
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
 
 Three Months Ended
 March 29, 2020March 31, 2019
 (In thousands)
Cash flows from operating activities:
Net income (loss)$(11,219) $25,178  
Adjustments to reconcile net income (loss) to net cash used for operating activities:
Depreciation and amortization26,798  37,001  
Asset impairment of discontinued operations23,197    
Share-based compensation3,708  2,216  
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:
Receivables43,627  61,388  
Inventories(29,054) (9,485) 
Accounts payable(50,827) (97,450) 
Accrued liabilities(38,425) (70,925) 
Income taxes(16,500) 609  
Other assets6,144  650  
Other liabilities(9,501) 4,758  
Net cash used for operating activities(52,052) (46,060) 
Cash flows from investing activities:
Capital expenditures(20,935) (23,595) 
Cash from business acquisitions, net of cash acquired590    
Proceeds from disposal of tangible assets2,090  10  
Net cash used for investing activities(18,255) (23,585) 
Cash flows from financing activities:
Payment of earnout consideration(29,300)   
Payments under share repurchase program(21,239)   
Cash dividends paid(2,296) (10,725) 
Withholding tax payments for share-based payment awards(1,003) (1,940) 
Other(58) (70) 
Net cash used for financing activities(53,896) (12,735) 
Effect of foreign currency exchange rate changes on cash and cash equivalents(7,947) 752  
Decrease in cash and cash equivalents(132,150) (81,628) 
Cash and cash equivalents, beginning of period425,885  420,610  
Cash and cash equivalents, end of period$293,735  $338,982  
 
For all periods presented, the Condensed Consolidated Cash Flow Statement includes the results of the Grass Valley disposal group.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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BELDEN INC.
CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS
(Unaudited)

 Belden Inc. Stockholders  
AdditionalAccumulated
Other
Non-controlling
 Common StockPaid-InRetainedTreasury StockComprehensive 
 SharesAmountCapitalEarningsSharesAmountIncome (Loss)InterestsTotal
 (In thousands)
Balance at December 31, 201950,335  $503  $811,955  $518,004  (4,877) $(307,197) $(63,418) $5,972  $965,819  
Cumulative effect of change in accounting principle—  —  —  (2,916) —  —  —  —  (2,916) 
Net loss—  —  —  (11,189) —  —  —  (30) (11,219) 
Other comprehensive income (loss), net of tax—  —  —  —  —  —  22,323  (150) 22,173  
Exercise of stock options, net of tax withholding forfeitures—  —  (542) —  7  370  —  —  (172) 
Conversion of restricted stock units into common stock, net of tax withholding forfeitures—  —  (2,631) —  29  1,800  —  —  (831) 
Share repurchase program—  —  —  —  (592) (21,239) —  —  (21,239) 
Share-based compensation—  —  3,708  —  —  —  —  —  3,708  
Common stock dividends ($0.05 per share)
—  —  —  (2,288) —  —  —  —  (2,288) 
Balance at March 29, 202050,335  $503  $812,490  $501,611  (5,433) $(326,266) $(41,095) $5,792  $953,035  

 Belden Inc. Stockholders  
Mandatory ConvertibleAdditionalAccumulated
Other
Non-controlling
 Preferred StockCommon StockPaid-InRetainedTreasury StockComprehensive 
 SharesAmountSharesAmountCapitalEarningsSharesAmountIncome (Loss)InterestsTotal
 (In thousands)
Balance at December 31, 201852  $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—  —  —  —  —  (8,733) —  —  —  —  (8,733) 
Common stock dividends ($0.05 per share)
—  —  —  —  —  (1,990) —  —  —  —  (1,990) 
Balance at March 31, 201952  $1  50,335  $503  $1,138,987  $936,479  (10,880) $(599,161) $(45,898) $418  $1,431,329  

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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BELDEN INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1:  Summary of Significant Accounting Policies
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation.
The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2019:
Are prepared from the books and records without audit, and
Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but
Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements.
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2019 Annual Report on Form 10-K.
Business Description
We are a global supplier of specialty networking solutions built around two global business platforms - Enterprise Solutions and Industrial Solutions.  Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments.
Effective January 1, 2020, we transferred our West Penn Wire business and multi-conductor product lines from the Enterprise Solutions segment to the Industrial Solutions segment as a result of a shift in responsibilities among the segments. We have recast the prior period segment information to conform to the change in the composition of reportable segments.
Reporting Periods
Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 29, 2020, the 89th day of our fiscal year 2020. Our fiscal second and third quarters each have 91 days. The three months ended March 29, 2020 and March 31, 2019 included 89 and 90 days, respectively.
Fair Value Measurement
Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 
As of and during the three months ended March 29, 2020 and March 31, 2019, we utilized Level 1 inputs to determine the fair value of cash equivalents, and we utilized Level 2 and Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for impairment testing (see Notes 4 and 10). We did not have any transfers between Level 1 and Level 2 fair value measurements during the three months ended March 29, 2020 and March 31, 2019.


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Cash and Cash Equivalents
We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of March 29, 2020, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.
During the three months ended March 29, 2020, we paid the sellers of Snell Advanced Media (SAM) the full earnout consideration of $31.4 million in cash as per the purchase agreement. SAM was acquired on February 8, 2018 and is included in the Grass Valley disposal group.
Contingent Liabilities
We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, results of operations, or cash flow.
As of March 29, 2020, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.2 million, $4.2 million, and $3.3 million, respectively.
Revenue Recognition
We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 2.
Subsequent Events
We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure. See Note 19.
Noncontrolling Interest
We have a 51% ownership percentage in a joint venture with Shanghai Hi-Tech Control System Co, Ltd (Hite). The purpose of the joint venture is to develop and provide certain Industrial Solutions products and integrated solutions to customers in China. Belden and Hite are committed to fund $1.53 million and $1.47 million, respectively, to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net income (loss) attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations. The joint venture is not material to our Condensed Consolidated financial statements as of or for the periods ended March 29, 2020 and March 31, 2019.
Furthermore, certain subsidiaries of our Opterna business, which we acquired in April of 2019 include noncontrolling interests. Because we have a controlling financial interest in these subsidiaries, they are consolidated into our financial statements. The results of these subsidiaries were consolidated into our financial statements as of the acquisition date. The results that are attributable to the noncontrolling interest holders are presented as net income attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. The subsidiaries of Opterna that include noncontrolling interests are not material to our Condensed Consolidated financial statements as of or for the period ended March 29, 2020.

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Current-Year Adoption of Accounting Pronouncements
In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses. Under the new standard, we are required to recognize estimated credit losses expected to occur over the estimated life or remaining contractual life of an asset (which includes losses that may be incurred in future periods) using a broader range of information including past events, current conditions, and reasonable and supportable forecasts about future economic conditions. We adopted ASU 2016-13 on January 1, 2020, which resulted in an increase to our allowance for doubtful accounts for continuing operations of $1.0 million, and an increase for discontinued operations of $1.9 million. As of March 29, 2020, there have been no material adjustments, individually or in the aggregate, to the allowance for doubtful accounts under the new credit loss model other than the $2.9 million transition adjustment.
Note 2:  Revenues
Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. The following tables present our revenues disaggregated by major product category.
Cable & ConnectivityNetworking, Software & SecurityTotal Revenues 
Three Months Ended March 29, 2020(In thousands)
Enterprise Solutions$204,836  $7,377  $212,213  
Industrial Solutions167,052  84,261  251,313  
Total$371,888  $91,638  $463,526  
Three Months Ended March 31, 2019   
Enterprise Solutions$201,262  $5,821  $207,083  
Industrial Solutions190,917  102,140  293,057  
Total$392,179  $107,961  $500,140  
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
AmericasEMEAAPACTotal Revenues
Three Months Ended March 29, 2020(In thousands)
Enterprise Solutions$155,429  $35,862  $20,922  $212,213  
Industrial Solutions156,400  65,966  28,947  251,313  
Total$311,829  $101,828  $49,869  $463,526  
Three Months Ended March 31, 2019   
Enterprise Solutions$146,821  $34,136  $26,126  $207,083  
Industrial Solutions184,983  73,315  34,759  293,057  
Total$331,804  $107,451  $60,885  $500,140  
The following tables present our revenues disaggregated by products, including software products, and support and services.
ProductsSupport & ServicesTotal Revenues 
Three Months Ended March 29, 2020(In thousands)
Enterprise Solutions$212,213  $  $212,213  
Industrial Solutions232,103  19,210  251,313  
Total$444,316  $19,210  $463,526  
Three Months Ended March 31, 2019   
Enterprise Solutions$207,083  $  $207,083  
Industrial Solutions271,113  21,944  293,057  
Total$478,196  $21,944  $500,140  
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We generate revenues primarily by selling products that provide secure and reliable transmission of data, sound, and video for mission critical applications. We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers. At times, we enter into arrangements that involve the delivery of multiple performance obligations. For these arrangements, revenue is allocated to each performance obligation based on its relative selling price and recognized when or as each performance obligation is satisfied. Most of our performance obligations related to the sale of products are satisfied at a point in time when control of the product is transferred based on the shipping terms of the arrangement. Generally, we determine relative selling price using the prices charged to customers on a standalone basis.
The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three months ended March 29, 2020 and March 31, 2019.
The following table presents estimated and accrued variable consideration:
March 29, 2020March 31, 2019
(in thousands)
Accrued rebates$17,672  $17,704  
Accrued returns10,491  8,148  
Price adjustments recognized against gross accounts receivable26,837  25,572  
Depending on the terms of an arrangement, we may defer the recognition of some or all of the consideration received because we have to satisfy a future obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. Consideration allocated to professional services is typically recognized when or as the services are performed depending on the terms of the arrangement. As of March 29, 2020, total deferred revenue was $69.5 million, and of this amount, $51.0 million is expected to be recognized within the next twelve months, and the remaining $18.5 million is long-term and is expected to be recognized over a period greater than twelve months.
The following table presents deferred revenue activity:
Three Months Ended
March 29, 2020March 31, 2019
(In thousands)
Beginning balance$70,070  $72,358  
New deferrals23,830  26,033  
Revenue recognized(24,415) (32,168) 
Ending balance$69,485  $66,223  
We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions in other current and long-lived assets on our balance sheet when the original duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period.
Total capitalized sales commissions was $3.0 million as of March 29, 2020 and $3.4 million as of March 31, 2019. The following table presents sales commissions that are recorded within selling, general and administrative expenses:
Three Months ended
March 29, 2020March 31, 2019
(In thousands)
Sales commissions$4,175  $5,033  

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Note 3:  Acquisitions
Special Product Company
On December 6, 2019, we purchased substantially all the assets, and assumed certain specified liabilities of Special Product Company (SPC) for a preliminary purchase price of $22.5 million. SPC, based in Kansas City, Kansas, is a leading designer, manufacturer, and seller of outdoor cabinet products for optical fiber cable installations. The results of SPC have been included in our Condensed Consolidated Financial Statements from December 6, 2019, and are reported within the Enterprise Solutions segment. The acquisition of SPC was not material to our financial position or results of operations.
Opterna International Corp.
We acquired 100% of the shares of Opterna International Corp. (Opterna) on April 15, 2019 for a purchase price, net of cash acquired, of $51.7 million. Of the $51.7 million purchase price, $45.9 million was paid with cash on hand. The acquisition included a potential earnout, which is based upon future Opterna financial targets through April 15, 2021. The maximum earnout consideration is $25.0 million, but based upon a third party valuation specialist using certain assumptions in a discounted cash flow model, the estimated fair value of the earnout included in the purchase price is $5.8 million. Opterna is an international fiber optics solutions business based in Sterling, Virginia, which designs and manufactures a range of complementary fiber connectivity, cabinet, and enclosure products used in optical networks. The results of Opterna have been included in our Condensed Consolidated Financial Statements from April 15, 2019, and are reported within the Enterprise Solutions segment. Certain subsidiaries of Opterna include noncontrolling interests. Because Opterna has a controlling financial interest in these subsidiaries, they are consolidated into our financial statements. The results that are attributable to the noncontrolling interest holders are presented as net income attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. An immaterial amount of Opterna's annual revenues are generated from transactions with the noncontrolling interests. On October 25, 2019, we purchased the noncontrolling interest of one subsidiary for a purchase price of $0.8 million; of which $0.4 million was paid at closing and the remaining $0.4 million will be paid in 2021.
The following table summarizes the estimated, fair values of the assets acquired and the liabilities assumed as of April 15, 2019 (in thousands):
Receivables$5,308  
Inventory7,359  
Prepaid and other current assets566  
Property, plant, and equipment