bdc-20230402

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 2, 2023

Commission File No. 001-12561

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BELDEN INC.

(Exact name of registrant as specified in its charter)

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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 May 3, 2023, the Registrant had 42,550,615 outstanding shares of common stock.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	April 2, 2023		December 31, 2022

	(Unaudited)
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	589,045	$	687,676
Receivables, net	417,868		440,102
Inventories, net	370,729		341,563
Other current assets	63,431		66,866

Total current assets	1,441,073		1,536,207
Property, plant and equipment, less accumulated depreciation	381,901		381,864
Operating lease right-of-use assets	74,451		73,376
Goodwill	864,244		862,253
Intangible assets, less accumulated amortization	243,002		246,830
Deferred income taxes	14,798		14,642
Other long-lived assets	47,312		46,503
	$	3,066,781	$	3,161,675

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	295,049	$	350,058
Accrued liabilities	239,436		289,861

Total current liabilities	534,485		639,919
Long-term debt	1,179,007		1,161,176
Postretirement benefits	67,403		67,828
Deferred income taxes	58,494		58,582
Long-term operating lease liabilities	61,400		59,250
Other long-term liabilities	31,775		30,970
Stockholders’ equity:
Common stock	503		503
Additional paid-in capital	809,596		825,669
Retained earnings	812,564		751,522
Accumulated other comprehensive loss	(23,171)		(5,871)
Treasury stock	(465,969)		(428,812)
Total Belden stockholders’ equity	1,133,523		1,143,011
Noncontrolling interests	694		939
Total stockholders’ equity	1,134,217		1,143,950
	$	3,066,781	$	3,161,675

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

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BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

SEC Form 10-Q filed by Belden Inc