百通公司第二季收入升11.6%至7.5億美元 完成19億美元收購RUCKUS

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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _________________________________________________
FORM 10-Q 
_________________________________________________ 
(Mark One)
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2026 
or
 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____.
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 July 23, 2026, the Registrant had 39,078,191 outstanding shares of common stock.

PART I    FINANCIAL INFORMATION

Item 1. Financial Statements

BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

June 28, 2026December 31, 2025
  
(Unaudited)
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$348,655 $389,887 
Receivables, net534,159 462,845 
Inventories, net420,591 402,345 
Other current assets90,436 94,303 

Total current assets1,393,841 1,349,380 
Property, plant and equipment, less accumulated depreciation583,710 566,020 
Operating lease right-of-use assets102,580 113,033 
Goodwill1,030,000 1,036,821 
Intangible assets, less accumulated amortization380,942 399,799 
Deferred income taxes13,380 14,512 
Other long-lived assets62,903 64,056 
$3,567,356 $3,543,621 

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$359,189 $361,432 
Accrued liabilities293,597 336,067 

Total current liabilities652,786 697,499 
Long-term debt1,230,566 1,285,666 
Postretirement benefits61,938 63,598 
Deferred income taxes115,160 98,060 
Long-term operating lease liabilities88,662 94,372 
Other long-term liabilities33,690 40,002 
Stockholders’ equity:
Common stock503 503 
Additional paid-in capital871,183 867,457 
Retained earnings1,521,208 1,405,572 
Accumulated other comprehensive loss(71,184)(97,204)
Treasury stock(937,156)(911,904)

Total stockholders’ equity1,384,554 1,264,424 
$3,567,356 $3,543,621 

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 EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025

 (In thousands, except per share data)
Revenues$750,157 $671,992 $1,446,532 $1,296,853 
Cost of sales(456,533)(413,424)(894,820)(792,445)
Gross profit293,624 258,568 551,712 504,408 
Selling, general and administrative expenses(147,827)(131,922)(286,479)(263,444)
Research and development expenses(31,714)(33,940)(61,803)(62,357)
Amortization of intangibles(14,823)(13,470)(26,211)(26,745)

Operating income99,260 79,236 177,219 151,862 
Interest expense, net(13,599)(12,200)(27,058)(22,304)
Non-operating pension cost(456)(364)(912)(805)
Loss on debt extinguishment— — (1,273)— 
Income before taxes85,205 66,672 147,976 128,753 
Income tax expense(16,669)(5,666)(28,413)(15,810)

Net income$68,536 $61,006 $119,563 $112,943 

Weighted average number of common shares and equivalents:
Basic38,957 39,511 38,887 39,835 
Diluted39,283 40,002 39,338 40,418 

Basic income per share $1.76 $1.54 $3.07 $2.84 

Diluted income per share $1.74 $1.53 $3.04 $2.79 

Comprehensive income $93,067 $21,110 $145,583 $35,897 

Common stock dividends declared per share$0.05 $0.05 $0.10 $0.10 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
 -2-

BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited) 

 Six Months Ended
 June 28, 2026June 29, 2025

 (In thousands)
Cash flows from operating activities:
Net income $119,563 $112,943 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization68,551 61,851 
Share-based compensation18,203 14,603 

Loss on debt extinguishment1,273 — 

Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables(76,348)(31,773)
Inventories(21,327)(35,758)
Accounts payable11,193 (23,462)
Accrued liabilities(22,948)(14,314)
Income taxes4,627 (4,355)
Other assets(3,283)(3,674)
Other liabilities11,054 13,409 
Net cash provided by operating activities110,558 89,470 
Cash flows from investing activities:
Capital expenditures(85,054)(57,353)
Proceeds from disposal of tangible assets8 115 
Cash from business acquisitions— 7,918 

Net cash used for investing activities(85,046)(49,320)
Cash flows from financing activities:
Payments under borrowing arrangements(535,860)(50,000)
Payments under share repurchase program, including excise tax(31,806)(100,967)
Withholding tax payments for share-based payment awards(18,532)(14,157)
Debt issuance costs paid(14,550)— 
Cash dividends paid(3,921)(4,024)
Payments under financing lease obligations(990)(878)
Proceeds from issuance of common stock4,696 3,818 
Borrowings under credit arrangements537,255 50,000 
Net cash used for financing activities(63,708)(116,208)
Effect of foreign currency exchange rate changes on cash and cash equivalents(3,036)7,242 
Decrease in cash and cash equivalents(41,232)(68,816)
Cash and cash equivalents, beginning of period389,887 370,302 
Cash and cash equivalents, end of period$348,655 $301,486 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
 -3-

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

AdditionalAccumulated
Other
 Common StockPaid-InRetainedTreasury StockComprehensive 
 SharesAmountCapitalEarningsSharesAmountIncome (Loss)Total
 (In thousands)
Balance at December 31, 202550,335 $503 $867,457 $1,405,572 (11,388)$(911,904)$(97,204)$1,264,424 
Net income — — — 51,027 — — — 51,027 
Other comprehensive income, net of tax— — — — — — 1,489 1,489 
Common stock issuance— — 2,999 — 47 1,697 — 4,696 
Retirement Savings Plan stock contributions— — 1,235 — 18 1,010 — 2,245 
Exercise of stock options, net of tax withholding forfeitures— — (414)— 5 91 — (323)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (17,718)— 179 341 — (17,377)
Share repurchase including excise tax— — — — (260)(30,381)— (30,381)
Share-based compensation— — 9,161 — — — — 9,161 
Common stock dividends ($0.05 per share)
— — — (1,960)— — — (1,960)
Balance at March 29, 202650,335 $503 $862,720 $1,454,639 (11,399)$(939,146)$(95,715)$1,283,001 
Net income— — — 68,536 — — — 68,536 
Other comprehensive income, net of tax— — — — — — 24,531 24,531 
Retirement Savings Plan stock contributions— — 1,098 — 19 1,145 — 2,243 
Exercise of stock options, net of tax withholding forfeitures— — (28)— — 9 — (19)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (1,649)— 21 836 — (813)
Share-based compensation— — 9,042 — — — — 9,042 
Common stock dividends ($0.05 per share)
— — — (1,967)— — — (1,967)
Balance at June 28, 202650,335 $503 $871,183 $1,521,208 (11,359)$(937,156)$(71,184)$1,384,554 

 -4-

AdditionalAccumulated
Other
Common StockPaid-InRetainedTreasury StockComprehensive
SharesAmountCapitalEarningsSharesAmountLossTotal
(In thousands)
Balance at December 31, 202450,335 $503 $839,755 $1,176,036 (10,124)$(718,026)$(3,532)$1,294,736 
Net income — — — 51,937 — — — 51,937 
Other comprehensive loss, net of tax— — — — — — (37,150)(37,150)
Common stock issuance— — 2,083 — 48 1,735 — 3,818 
Retirement Savings Plan stock contributions— — 1,454 — 20 705 — 2,159 
Exercise of stock options, net of tax withholding forfeitures— — (445)— 6 (198)— (643)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (10,058)— 162 (2,970)— (13,028)
Share repurchase including excise tax— — — — (810)(85,074)— (85,074)
Share-based compensation— — 7,776 — — — — 7,776 
Common stock dividends ($0.05 per share)
— — — (2,024)— — — (2,024)
Balance at March 30, 202550,335 $503 $840,565 $1,225,949 (10,698)$(803,828)$(40,682)$1,222,507 
Net income— — — 61,006 — — — 61,006 
Other comprehensive loss, net of tax— — — — — — (39,896)(39,896)
Retirement Savings Plan stock contributions— — 1,391 — 21 737 — 2,128 
Exercise of stock options, net of tax withholding forfeitures— — (272)— 5 (1)— (273)
Conversion of restricted stock units into common stock, net of tax withholding forfeitures— — (779)— 20 566 — (213)
Share repurchase including excise tax— — — — (153)(15,616)— (15,616)
Share-based compensation— — 6,827 — — — — 6,827 
Common stock dividends ($0.05 per share)
— — — (1,995)— — — (1,995)
Balance at June 29, 202550,335 $503 $847,732 $1,284,960 (10,805)$(818,142)$(80,578)$1,234,475 

 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
 -5-

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, 2025:
•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 2025 Annual Report on Form 10-K.
Business Description
Belden is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120-plus year history we have evolved as a company, but making connections remains our purpose. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers (OEMs). We have manufacturing and other operating facilities in the U.S., Canada, China, India, Mexico, Tunisia, and various countries in Europe.

Effective January 1, 2026, we realigned our organizational structure, moving to a unified functional operating model designed to accelerate our solutions-first strategy, enhance operational agility, and capitalize on the increasing convergence of IT and OT. As a result of this organizational structure realignment, we are now a single reportable segment entity that is managed on a consolidated basis. Our chief operating decision maker is our President and Chief Executive Officer. He regularly reviews operating results and allocates resources on a consolidated basis. This new organizational structure enables us to drive our solutions transformation within key verticals, leveraging our combined offerings to solve customers' most pressing problems. 

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, 2026, the 88th day of our fiscal year 2026. Our fiscal second and third quarters each have 91 days. The six months ended June 28, 2026 and June 29, 2025 included 179 and 180 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 six months ended June 28, 2026 and June 29, 2025, we utilized Level 1 inputs to determine the fair value of cash equivalents. We did not have any transfers between Level 1 and Level 2 fair value measurements during the three or six months ended June 28, 2026 and June 29, 2025.
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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 June 28, 2026, 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. 
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 June 28, 2026, we were party to standby letters of credit, surety bonds, and bank guaranties totaling $17.5 million, $15.3 million, and $4.7 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 14.
Current Year Adoption of Accounting Pronouncements
None of the accounting pronouncements that became effective during 2026 had a material impact to our condensed consolidated financial statements or disclosures. 

Pending Adoption of Recent Accounting Pronouncements
In November 2024, the FASB issued guidance to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. Additionally, on an annual and interim basis, a qualitative description is required for amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The guidance also requires certain amounts that are currently required to be disclosed to be included in the same tabular disclosure as these disaggregation requirements. Furthermore, on an annual and interim basis, a public entity is required to separately disclose selling expenses and annually, disclose a description of the selling expenses. The guidance is effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. We will adopt the guidance when it becomes effective, in our 2027 annual reporting and each quarter thereafter, on a prospective basis.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the timing and method of adoption of ASU 2025-06.

 -7-

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 market. 

Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025

(In thousands)
Automation$436,766 $365,973 $823,775 $716,784 
Broadband157,034 155,385 312,317 302,032 
Smart Buildings 156,357 150,634 310,440 278,037 
    Total Revenues$750,157 $671,992 $1,446,532 $1,296,853 

The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.

Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025

(In thousands)
Americas$490,650 $448,611 $963,383 $876,842 
EMEA154,815 135,907 297,767 261,009 
APAC104,692 87,474 185,382 159,002 
    Total Revenues$750,157 $671,992 $1,446,532 $1,296,853 

We generate revenues primarily by selling products and delivering solutions that make the digital journey simpler, smarter, and secure. 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 to the customer, which generally occurs when the product has been shipped or delivered from our facility to our customers, the customer has legal title to the product, and we have a present right to payment for the product. We also consider any customer acceptance clauses in determining when control has transferred to the customer and typically, these clauses are not substantive.
We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to OEMs. 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 standalone selling price and recognized when or as each performance obligation is satisfied. Generally, we determine relative standalone selling price using the prices charged separately to customers on a standalone basis. Typically, payments are due after control transfers. 
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. For example, our estimate of price adjustments is based on our historical price adjustments as a percentage of revenues and the average time between the original sale and the issuance of the price adjustment. We adjust our estimate of revenue for variable consideration at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. We adjust other current assets and cost of sales for the estimated level of returns. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and six months ended June 28, 2026 and June 29, 2025. 

 -8-

The following table presents estimated and accrued variable consideration:

June 28, 2026December 31, 2025

(in thousands)
Accrued rebates included in accrued liabilities$52,580 $76,789 
Accrued returns included in accrued liabilities15,771 11,892 
Price adjustments recognized against gross accounts receivable35,627 33,258 

Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future performance 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 recognized when or as the services are performed depending on the terms of the arrangement. Our contract terms for support, maintenance, and professional services typically require payment within one year or less of when the services will be provided. As of June 28, 2026, total deferred revenue was $42.6 million, and of this amount, $34.9 million is expected to be recognized within the next twelve months, and the remaining $7.7 million is long-term and is expected to be recognized over a period greater than twelve months. The following table presents deferred revenue activity during the three and six months ended June 28, 2026 and June 29, 2025, respectively:

20262025

(In thousands)
Beginning balance at January 1$49,728 $40,128 
New deferrals19,030 13,735 
Revenue recognized(27,267)(10,420)
Balance at the end of Q1$41,491 $43,443 
New deferrals16,889 16,225 
Revenue recognized(15,787)(14,062)
Balance at the end of Q2$42,593 $45,606 

Service-type warranties represent $16.3 million of the deferred revenue balance at June 28, 2026, and of this amount $11.1 million is expected to be recognized in the next twelve months, and the remaining $5.2 million is long-term and will be recognized over a period greater than twelve months. As of June 28, 2026 and December 31, 2025, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets. 
We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions when the original duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. Capitalized sales commissions as of June 28, 2026 and December 31, 2025 were not material. The following table presents sales commissions that are recorded within selling, general and administrative expenses:

Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025

(In thousands)
Sales commissions$8,156 $7,367 $13,906 $13,353 

 -9-

Note 3: Income per Share
The following table presents the basis for the income per share computations:

 Three Months EndedSix Months Ended
 June 28, 2026June 29, 2025June 28, 2026June 29, 2025

 (In thousands)
Numerator:
Net income $68,536 $61,006 $119,563 $112,943 

Denominator:
Weighted average shares outstanding, basic38,957 39,511 38,887 39,835 
Effect of dilutive common stock equivalents326 491 451 583 
     Weighted average shares outstanding, diluted39,283 40,002 39,338 40,418 

For each of the three and six months ended June 28, 2026 and June 29, 2025, diluted weighted average shares outstanding did not include outstanding equity awards of 0.1 million because they were anti-dilutive. 
In addition, for the three months ended June 28, 2026 and June 29, 2025, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million and 0.2 million because the related performance conditions have not been satisfied. For both the six months ended June 28, 2026 and June 29, 2025, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million because the related performance conditions have not been satisfied.
For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock. For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately. Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding.

Note 4: Credit Losses 
We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. Provisions and recoveries are included in selling, general and administrative expenses. 

 -10-

The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and six months ended June 28, 2026 and June 29, 2025, respectively:

20262025

(In thousands)
Beginning balance at January 1$24,500 $25,257 
    Current period provision838 72 

    Fx impact91 143 
    Recoveries collected(40)(146)
    Write-offs(8,416)(674)
Q1 ending balance$16,973 $24,652 
   Current period provision1,018 373 

   Fx impact(87)219 
   Recoveries collected(58)(19)
   Write-offs— (106)
Q2 ending balance$17,846 $25,119 

Write-offs were primarily due to deterioration of certain customers' financial condition such that we determined the previously reserved balances to be uncollectible. 

Note 5:  Inventories
The following table presents the major classes of inventories as of June 28, 2026 and December 31, 2025, respectively:

June 28, 2026December 31, 2025

 (In thousands)
Raw materials$235,552 $238,417 
Work-in-process53,682 46,721 
Finished goods203,665 191,302 
Gross inventories492,899 476,440 
Excess and obsolete reserves(72,308)(74,095)
Net inventories$420,591 $402,345 

Note 6:  Leases
We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms within 1 to 19 years; some of which include extension and termination options. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. We have a few short-term operating leases with terms less than twelve months - these leases are not recorded on our balance sheet and the overall rent expense is not material. 
We also have certain lease contracts that contain both lease and non-lease components. We have elected the practical expedient to account for these components together as a single, combined lease component. The rate implicit in most of our leases is not readily determinable. As a result, we utilize the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. 

Our lease agreements do not contain material residual value guarantees. Our variable lease expense was approximately $0.6 million and $0.8 million for the three months ended June 28, 2026 and June 29, 2025, respectively, and $1.4 million and $1.6 million for the six months ended June 28, 2026 and June 29, 2025, respectively.

 -11-

The components of lease expense were as follows:

Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025

(In thousands)
Operating lease cost$7,183 $7,288 $14,363 $14,170 

Finance lease cost
Amortization of right-of-use asset$423 $436 $848 $903 
Interest on lease liabilities111 191 239 204 
Total finance lease cost$534 $627 $1,087 $1,107 

Supplemental cash flow information related to leases was as follows:

Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025

(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,553 $5,400 $10,996 $10,430 

Operating cash flows from finance leases were not material during the three and six months ended June 28, 2026 and June 29, 2025. 
Supplemental balance sheet information related to leases was as follows: 

June 28, 2026December 31, 2025

(In thousands)
Operating leases:
Total operating lease right-of-use assets
$102,580 $113,033 

Accrued liabilities$15,852 $20,159 
Long-term operating lease liabilities88,662 94,372 
Total operating lease liabilities$104,514 $114,531 

Finance leases:
Other long-lived assets, at cost$13,548 $13,565 
Accumulated depreciation(4,842)(4,014)
Other long-lived assets, net$8,706 $9,551 

Accrued liabilities$1,983 $1,987 
Other long-term liabilities6,909 7,914 
Total finance lease liabilities$8,892 $9,901 

 -12-

June 28, 2026December 31, 2025

Weighted Average Remaining Lease Term
Operating leases10 years10 years
Finance leases5 years5 years

Weighted Average Discount Rate
Operating leases6.1 %6.1 %
Finance leases4.8 %4.9 %

In addition, we guaranteed the lease payments for certain property leases of a former subsidiary that were retained by Belden and not transferred to the buyer of the former subsidiary. During the three months ended June 28, 2026, we signed an agreement to terminate one of our guarantees for GBP 7.2 million ($9.7 million) paid over three separate installments, the first of which for GBP 2.4 million ($3.2 million) was paid during the quarter. As of June 28, 2026 and December 31, 2025, we had a liability for all lease guarantees of $9.6 million and $10.7 million, respectively. The liability is based on certain assumptions that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed. 

Note 7:  Long-Lived Assets
Depreciation and Amortization Expense
We recognized depreciation expense of $17.8 million and $15.7 million in the three months ended June 28, 2026 and June 29, 2025, respectively. We recognized depreciation expense of $35.5 million and $29.6 million in the six months ended June 28, 2026 and June 29, 2025, respectively. We recognized amortization expense of $18.3 million and $16.4 million in the three months ended June 28, 2026 and June 29, 2025, respectively. We recognized amortization expense of $33.1 million and $32.3 million in the six months ended June 28, 2026 and June 29, 2025, respectively.

Note 8:  Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt were as follows:

June 28, 2026December 31, 2025

 (In thousands)
Revolving credit agreement due 2030$— $— 
Senior subordinated notes:
3.375% Senior subordinated notes due 2027 
— 528,525 
3.875% Senior subordinated notes due 2028
397,250 411,075 
3.375% Senior subordinated notes due 2031 
340,500 352,350 
4.250% Senior subordinated notes due 2033 
510,750 — 
Total senior subordinated notes1,248,500 1,291,950 

   Less unamortized debt issuance costs(17,934)(6,284)
Long-term debt$1,230,566 $1,285,666 

Revolving Credit Agreement due 2030
On July 18, 2025, we refinanced our revolving credit facility (the Revolver) extending the maturity date to July 18, 2030 and increasing the borrowing capacity from $300.0 million to $400.0 million. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the United States, Belgium, Canada, Germany, the Netherlands, and United Kingdom. Interest on outstanding borrowings is variable, based upon SOFR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25% - 1.75%, depending upon our leverage position. Outstanding borrowings in the U.S. and Canada may also, at our election, be priced on a base rate plus a spread that ranges from 0.25% - 0.75%, depending on our leverage position. We pay a commitment fee on the total commitments of 0.25%. In the event that we borrow more than 90% of our combined borrowing base or our borrowing base availability is less than $27.0 million, we are subject to a fixed charge coverage ratio covenant. As of June 28, 2026, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $369.6 million. On June 29, 2026, we borrowed $50.0 million on our Revolver at a current rate of 4.9%. See Note 14.
 -13-

Senior Subordinated Notes
We had outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). In February 2026, we repurchased the 2027 Notes for cash consideration of €450.0 million ($535.9 million), and recognized a $1.3 million loss on debt extinguishment for the write-off of unamortized debt issuance costs. 
We have outstanding €350.0 million aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of June 28, 2026 is $397.3 million. The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2028 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2033 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year.
We have outstanding €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). The carrying value of the 2031 Notes as of June 28, 2026 is $340.5 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2033 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year. 
In January 2026, we completed an offering for €450.0 million ($537.3 million at issuance) aggregate principal amount of 4.250% senior subordinated notes due 2033 (the 2033 Notes). The carrying value of the 2033 Notes as of June 28, 2026 is $510.8 million. The 2033 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2033 Notes rank equal in right of payment with