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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 October 2, 2022
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 November 2, 2022, the Registrant had 42,805,645 outstanding shares of common stock.



PART I    FINANCIAL INFORMATION
Item 1. Financial Statements
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
October 2, 2022December 31, 2021
  
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$547,466 $641,563 
Receivables, net436,715 383,444 
Inventories, net351,440 345,203 
Other current assets48,987 58,283 
Current assets of discontinued operations  449,402 
Total current assets1,384,608 1,877,895 
Property, plant and equipment, less accumulated depreciation332,458 343,564 
Operating lease right-of-use assets69,940 75,571 
Goodwill848,506 821,448 
Intangible assets, less accumulated amortization243,916 238,155 
Deferred income taxes29,702 31,486 
Other long-lived assets51,366 29,558 
$2,960,496 $3,417,677 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$297,759 $377,765 
Accrued liabilities247,743 278,108 
Current liabilities of discontinued operations 99,079 
Total current liabilities545,502 754,952 
Long-term debt1,045,348 1,459,991 
Postretirement benefits96,608 120,997 
Deferred income taxes59,124 49,027 
Long-term operating lease liabilities56,333 61,967 
Other long-term liabilities22,907 14,661 
Stockholders’ equity:
Common stock503 503 
Additional paid-in capital822,488 833,627 
Retained earnings691,722 505,717 
Accumulated other comprehensive income (loss)37,126 (70,566)
Treasury stock(418,029)(313,994)
Total Belden stockholders’ equity1,133,810 955,287 
Noncontrolling interests864 795 
Total stockholders’ equity1,134,674 956,082 
$2,960,496 $3,417,677 
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 EndedNine Months Ended
 October 2, 2022October 3, 2021October 2, 2022October 3, 2021
 (In thousands, except per share data)
Revenues$670,491 $604,761 $1,947,413 $1,689,301 
Cost of sales(431,845)(401,384)(1,277,602)(1,125,387)
Gross profit238,646 203,377 669,811 563,914 
Selling, general and administrative expenses(110,478)(95,337)(318,747)(269,542)
Research and development expenses(26,306)(23,235)(75,751)(68,110)
Amortization of intangibles(10,105)(7,780)(28,099)(22,945)
Asset impairments (2,288) (9,283)
Gain on sale of asset37,891  37,891  
Operating income129,648 74,737 285,105 194,034 
Interest expense, net(9,883)(16,251)(35,570)(46,632)
Loss on debt extinguishment (5,715)(6,392)(5,715)
Non-operating pension benefit26 992 2,296 3,121 
Income from continuing operations before taxes119,791 53,763 245,439 144,808 
Income tax expense(16,104)(9,799)(39,014)(26,433)
Income from continuing operations103,687 43,964 206,425 118,375 
Loss from discontinued operations, net of tax (2,647)(3,685)(4,345)
Loss on disposal of discontinued operations, net of tax(5,366) (9,933) 
Net income98,321 41,317 192,807 114,030 
Less: Net income attributable to noncontrolling interest27 53 111 336 
Net income attributable to Belden stockholders$98,294 $41,264 $192,696 $113,694 
Weighted average number of common shares and equivalents:
Basic43,466 44,851 44,181 44,762 
Diluted44,063 45,425 44,810 45,242 
Basic income (loss) per share attributable to Belden stockholders:
Continuing operations$2.38 $0.98 $4.67 $2.64 
Discontinued operations (0.06)(0.08)(0.10)
Disposal of discontinued operations(0.12) (0.22) 
Net income$2.26 $0.92 $4.36 $2.54 
Diluted income (loss) per share attributable to Belden stockholders:
Continuing operations$2.35 $0.97 $4.60 $2.61 
Discontinued operations (0.06)(0.08)(0.10)
Disposal of discontinued operations(0.12) (0.22) 
Net income $2.23 $0.91 $4.30 $2.51 
Comprehensive income attributable to Belden $149,907 $69,390 $300,388 $174,280 
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
 October 2, 2022October 3, 2021
 (In thousands)
Cash flows from operating activities:
Net income $192,807 $114,030 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization65,730 65,028 
Share-based compensation18,438 18,242 
Loss on disposal of discontinued operations9,933  
Loss on debt extinguishment6,392 5,715 
Asset impairments 9,283 
Gain on sale of asset(37,891) 
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables(42,808)(128,997)
Inventories(11,393)(58,900)
Accounts payable(65,584)73,740 
Accrued liabilities(41,247)17,796 
Income taxes(2,347)5,159 
Other assets4,270 (1,794)
Other liabilities(17,500)(17,383)
Net cash provided by operating activities78,800 101,919 
Cash flows from investing activities:
Proceeds from disposal of businesses, net of cash sold334,574 10,798 
Proceeds from disposal of assets43,534 3,249 
Purchase of intangible assets (3,650)
Capital expenditures(50,250)(55,569)
Cash used for acquisitions and investments, net of cash acquired(104,481)(73,749)
Net cash provided by (used for) investing activities223,377 (118,921)
Cash flows from financing activities:
Payments under borrowing arrangements(230,639)(360,304)
Payments under share repurchase program(136,336) 
Cash dividends paid(6,762)(6,740)
Withholding tax payments for share-based payment awards(6,534)(2,103)
Payments under financing lease obligations(123)(3,116)
Debt issuance costs paid (7,785)
Proceeds from issuance of common stock3,717  
Borrowings under credit arrangements 356,010 
Net cash used for financing activities(376,677)(24,038)
Effect of foreign currency exchange rate changes on cash and cash equivalents(21,791)(3,201)
Decrease in cash and cash equivalents(96,291)(44,241)
Cash and cash equivalents, beginning of period643,757 501,994 
Cash and cash equivalents, end of period$547,466 $457,753 
The Condensed Consolidated Cash Flow Statement includes the results of discontinued operations up to the disposal date, February 22, 2022.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
-3-


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, 202150,335 $503 $833,627 $505,717 (5,360)$(313,994)$(70,566)$795 $956,082 
Net income— — — 35,841 — — — 3 35,844 
Other comprehensive income, net of tax— — — — — — 3,928 27 3,955 
Retirement Savings Plan stock contributions— — (356)— 43 2,809 — — 2,453 
Exercise of stock options, net of tax withholding forfeitures— — (526)— 6 375 — — (151)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (11,287)— 103 7,739 — — (3,548)
Share repurchase program— — — — (885)(50,000)— — (50,000)
Share-based compensation— — 5,224 — — — — — 5,224 
Common stock dividends ($0.05 per share)
— — — (2,264)— — — — (2,264)
Balance at April 3, 202250,335 $503 $826,682 $539,294 (6,093)$(353,071)$(66,638)$825 $947,595 
Net income— — — 58,561 — — — 8158,642 
Other comprehensive income (loss), net of tax— — — — — — 52,151 (25)52,126 
Common stock issuance— — (2,775)— 82 6,492 — — 3,717 
Retirement Savings Plan stock contributions— — (730)— 30 2,355 — — 1,625 
Exercise of stock options, net of tax withholding forfeitures— — (173)— 2 133 — — (40)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (8,048)— 75 6,621 — — (1,427)
Share repurchase program— — — — (320)(16,559)— — (16,559)
Share-based compensation— — 5,646 — — — — — 5,646 
Common stock dividends ($0.05 per share)
— — — (2,242)— — — — (2,242)
Balance at July 3, 202250,335 $503 $820,602 $595,613 (6,224)$(354,029)$(14,487)$881 $1,049,083 
Balance at
Net income— — — 98,294 — — — 2798,321 
Other comprehensive income (loss), net of tax— — — — — — 51,613 (44)51,569 
Retirement Savings Plan stock contributions— — (339)— 23 1,802 — — 1,463 
Exercise of stock options, net of tax withholding forfeitures— — (2,492)— 19 1,649 — — (843)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (2,851)— 28 2,326 — — (525)
Share repurchase program— — — — (1,166)(69,777)— — (69,777)
Share-based compensation— — 7,568 — — — — — 7,568 
Common stock dividends ($0.05 per share)
— — — (2,185)— — — — (2,185)
Balance at October 2, 202250,335 $503 $822,488 $691,722 (7,320)$(418,029)$37,126 $864 $1,134,674 

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 Belden Inc. Stockholders  
AdditionalAccumulated
Other
Non-controlling
 Common StockPaid-InRetainedTreasury StockComprehensive 
 SharesAmountCapitalEarningsSharesAmountIncome (Loss)InterestsTotal
 (In thousands)
Balance at December 31, 202050,335 $503 $823,605 $450,876 (5,692)$(332,552)$(191,851)$6,470 $757,051 
Net income— — — 28,666 — — — 75 28,741 
Other comprehensive income (loss), net of tax— — — — — — 53,725 (197)53,528 
Acquisition of business with noncontrolling interests— — — — — — — 20 20 
Retirement Savings Plan stock contributions— — (493)— 45 2,496 — — 2,003 
Exercise of stock options, net of tax withholding forfeitures— — (723)— 9 541 — — (182)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (2,403)— 27 1,680 — — (723)
Share-based compensation— — 7,285 — — — — — 7,285 
Common stock dividends ($0.05 per share)
— — — (2,263)— — — — (2,263)
Balance at April 4, 202150,335 $503 $827,271 $477,279 (5,611)$(327,835)$(138,126)$6,368 $845,460 
Net income— — — 43,764 — — — 20843,972 
Other comprehensive loss, net of tax— — — — — — (21,265)(229)(21,494)
Retirement Savings Plan stock contributions— — (418)— 34 3,723 — — 3,305 
Exercise of stock options, net of tax withholding forfeitures— — (147)— 2 100 — — (47)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (5,795)— 83 4,738 — — (1,057)
Share-based compensation— — 6,228 — — — — — 6,228 
Common stock dividends ($0.05 per share)
— — — (2,269)— — — — (2,269)
Balance at July 4, 202150,335 $503 $827,139 $518,774 (5,492)$(319,274)$(159,391)$6,347 $874,098 
Net income— — — 41,264 — — — 5341,317 
Other comprehensive income (loss), net of tax— — — — — — 28,126 (147)27,979 
Retirement Savings Plan stock contributions— — 87 — 29 (71)— — 16 
Exercise of stock options, net of tax withholding forfeitures— — (59)— 1 20 — — (39)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (1,528)— 16 1,473 — — (55)
Share-based compensation— — 4,729 — — — — — 4,729 
Common stock dividends ($0.05 per share)
— — — (2,274)— — — — (2,274)
Balance at October 3, 202150,335 $503 $830,368 $557,764 (5,446)$(317,852)$(131,265)$6,253 $945,771 


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, 2021:
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 2021 Annual Report on Form 10-K.
Business Description
We are a global supplier of specialty networking solutions built around two global businesses - Enterprise Solutions and Industrial Automation 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.
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 April 3, 2022, the 93rd day of our fiscal year 2022. Our fiscal second and third quarters each have 91 days. The nine months ended October 2, 2022 and October 3, 2021 included 275 days and 276 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 and nine months ended October 2, 2022 and October 3, 2021, 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 11). We did not have any transfers between Level 1 and Level 2 fair value measurements during the nine months ended October 2, 2022 and October 3, 2021.
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 October 2, 2022, 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.
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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. Historically, these lawsuits have primarily involved 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 material adverse effect on our financial position, results of operations, or cash flow.
As of October 2, 2022, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.2 million, $5.1 million, and $3.8 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.
Equity Method Investment
During the second quarter of 2022, we invested $20.0 million in Litmus Automation, Inc. (Litmus) for a noncontrolling ownership interest. Litmus provides the critical data connectivity needed to monitor, visualize, analyze, and integrate industrial data. We account for this investment using the equity method of accounting. The carrying value of our investment is included in Other Long-Lived Assets in the Condensed Consolidated Balance Sheets. The results of our investment in Litmus were not material to our consolidated financial statements for the three or nine months ended October 2, 2022.
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 Automation 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 attributable to noncontrolling interest in the Condensed Consolidated Statements of Operations. The joint venture is not material to our consolidated financial statements as of or for the periods ended October 2, 2022 and October 3, 2021.
Certain Belden subsidiaries include a noncontrolling interest as of and for the periods ended October 2, 2022 and October 3, 2021. The results attributable to the noncontrolling interest holders are not material to our consolidated financial statements, and are presented as net income attributable to noncontrolling interests in the Condensed Consolidated Statements of Operations. During the fourth quarter of 2021, we purchased a noncontrolling interest for $2.3 million.
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.


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The following tables present our revenues disaggregated by major product category.
Broadband
 & 5G
Industrial AutomationSmart BuildingsTotal 
Revenues 
Three Months Ended October 2, 2022(In thousands)
Enterprise Solutions$155,865 $ $163,336 $319,201 
Industrial Automation Solutions 351,290  351,290 
Total$155,865 $351,290 $163,336 $670,491 
Three Months Ended October 3, 2021 
Enterprise Solutions$124,330 $ $161,901 $286,231 
Industrial Automation Solutions 318,530  318,530 
Total$124,330 $318,530 $161,901 $604,761 
Nine Months Ended October 2, 2022
Enterprise Solutions$424,441 $ $470,634 $895,075 
Industrial Automation Solutions 1,052,338  1,052,338 
Total$424,441 $1,052,338 $470,634 $1,947,413 
Nine Months Ended October 3, 2021
Enterprise Solutions$354,181 $ $425,933 $780,114 
Industrial Automation Solutions 909,187  909,187 
Total$354,181 $909,187 $425,933 $1,689,301 
The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.
AmericasEMEAAPACTotal Revenues
Three Months Ended October 2, 2022(In thousands)
Enterprise Solutions$247,322 $35,045 $36,834 $319,201 
Industrial Automation Solutions202,632 87,828 60,830 351,290 
Total$449,954 $122,873 $97,664 $670,491 
Three Months Ended October 3, 2021   
Enterprise Solutions$216,566 $34,963 $34,702 $286,231 
Industrial Automation Solutions184,033 84,868 49,629 318,530 
Total$400,599 $119,831 $84,331 $604,761 
Nine Months Ended October 2, 2022
Enterprise Solutions$685,209 $110,931 $98,935 $895,075 
Industrial Automation Solutions620,987 270,044 161,307 1,052,338