BDC 10-K & 10-Q changes, risk factors and insider trading

In FebruaryThroughout 2025, the United States government issued orders increasing tariffs on imports from certainnearly countries,every includingcountry Canada,in Chinathe and Mexicoworld on certain products,products. includingIn steelsome cases, this has led to negotiations of new trade deals and aluminum,in andothers, it has discussedresulted increasing tariffs globally, which is likely to lead toin reciprocal tariffs on U.S. exports to those countries. Implementation of orders related to Canada and Mexico was initially deferred until March 2025.exports. Because not all goods can be sourced in all countries, global companies like Belden will experience increased costs in their supply chains that may lead to reduced margins or increased prices. These increased costs and the uncertainty during transition periods could lead to changes in buying behavior, such as decreased demand. These impacts could have a negative effect on our financial results, including our revenuerevenue, gross margins, and profitability.

In addition to manufacturing and other operating facilities in the U.S., we have manufacturing and other operating facilities in Canada, China, India, Mexico, Tunisia and several European countries. We rely on suppliers in many countries, including China. Our foreign operations are subject to economic, social, and political risks inherent in maintaining operations abroad such as economic and political destabilization, land use risks, international conflicts, pandemics and other health-related crises, restrictive actions by foreign governments, and adverse foreign tax laws. In addition to economic and political risk, a risk associated with our European manufacturing operations is the higher relative expense and length of time required to adjust manufacturing employment capacity. We also face political risks in the U.S., including tax or regulatory risks or potential adverse impacts from legislative impasses over,impasses, or significant legislative, regulatory or executive changes in fiscal or monetary policy and other foreign and domestic government policies, including, but not limited to, trade policies and import/export policies.

Changes in foreign currency rates and commodity prices can impact the buying power of our customers. For example, a strengthened U.S. dollar can result in relative price increases for our products for customers outside of the U.S., which can have a negative impact on our revenues and results of operations. Furthermore, customers’ ability to invest in capital expenditures, such as our products, can dependbe upondependent proceedson their realized profits from commodities,their sales of commodity products, such as occurs in the oil and gas markets. A decline in energy prices, therefore, can have a negative impact on our revenues and results of operations.

We have a complex tax profile due to the global nature of our operations, which encompass multiple taxing jurisdictions. Variability in the mix and profitability of domestic and international activities, identification and resolution of various tax uncertainties, changes in tax laws and rates, such as the One Big Beautiful Bill Act, and the extent to which we are able to realize net operating loss and other carryforwards included in deferred tax assets and avoid potential adverse outcomes included in deferred tax liabilities, among other matters, may significantly affect our effective income tax rate in the future.

Our effective income tax rate is the result of the income tax rateslaws in the various countries in which we do business. Our mix of income and losses in these jurisdictions affects our effective tax rate. For example, relatively more income in higher tax rate jurisdictions would increase our effective tax rate and thus lower our net income. Similarly, if we generate losses in tax jurisdictions for which no benefits are available our effective income tax rate will increase. Our effective income tax rate may also be impacted by the recognition of discrete income tax items, such as required adjustments to our liabilities for uncertain tax positions or our deferred tax asset valuation allowance. A significant increase in our effective income tax rate could have a material adverse impact on our earnings.

If we are unable to attract and retain key employees, our business operations could be adversely affected.

The inability to attract employees with AI and digital skills, engineers with relevant skills, or the loss of key current employees could have an adverse effect on us. We may not be able to find qualified replacements for these individuals and the integration of potential replacements may be disruptive to our business. More broadly, a key determinant of our success is our ability to attract, develop, and retain talented associates. While this is one of our strategic priorities, we may not be able to succeed in this regard.

We rely on several key distributors in marketing our products. Distributors purchase the products of our competitors along with our products. Our largest distributor accounted for approximately 14% of our revenuerevenues in 20242025 and our top eight distributors accounted for a total of 33%35% of our revenuerevenues in 2024.2025. If we were to lose one of these key distributors, our revenue and profits would likely decline, at least temporarily. Changes in the inventory levels of our products owned and held by our distributors can result in significant variability in our revenues. Further, certain distributors are allowed to return certain inventory in exchange for an order of equal or greater value. We have recorded reserves for the estimated impact of these inventory policies.

Perceived failure of our signal transmissiondata solutions to provide expected results may result in negative publicity and harm our business and operating results.

Our customers use our signal transmissiondata solutions in a wide variety of IT and OT systems and application environments in order to help reduce security vulnerabilities and demonstrate compliance. Despite our efforts to make clear in our marketing materials and customer agreements the capabilities and limitations of these products, some customers may incorrectly view the deployment of such products in their IT or OT infrastructure as a guarantee that there will be no security incident or policy non-compliance event. As a result, the occurrence of a high profile security incident, or a failure by one of our customers to pass a regulatory compliance IT or OT audit, could result in public and customer perception that our solutions are not effective and harm our business and operating results, even if the occurrence is unrelated to the use of such products or if the failure is the result of actions or inactions on the part of the customer.

Like most multinational companies, we have supply chains and sales channels that extend beyond national borders. Purchasing and production decisions in some cases are largely influenced by the trade agreements and the tax and tariff structures in place. Disruption in those structures can create significant market uncertainty. While the impact of the U.S. and Chinese tariff actions prior to 2025 have not been material to us, unanticipatedUnanticipated complications in the free movement of goods in North America or Europe, an escalation of tariff activity anywhere in the world, or changes to existing free trade agreements, especially the United States-Mexico-Canada Agreement (USMCA), could materially impact our financial results. In addition to the potential direct impacts of free trade restrictions, longer term macroeconomic consequences could result, including slower growth, inflation, higher interest rates and unfavorable impacts to currency exchange rates. Any of these factors could have a material adverse effect on our business, financial condition and results of operations.

Increasing expectations with respect to Environmental, Social and Governance (ESG)Sustainability matters by our various stakeholders and ESGSustainability regulation could adversely affect our business and operating results.

As a response to growing customer, investor, employee, governmental, and other stakeholder interest in our sustainability practices, we have increased reporting of our sustainability programs and performance and have established and announced our aspirational goals or targets, including those regarding greenhouse gas emissions and other factors. Our ability to achieve such goals and aspirations is subject to numerous risks and uncertainties, many of which rely on the collective efforts of others or may be outside of our control. Such risks include, among others, the availability and adoption of new or additional technologies that reduce carbon or eliminate energy sources on a commercially reasonable basis, competing and evolving economic, policy and regulatory factors, the availability of qualified candidates in our labor markets and our ability to recruit and retain key talent, and customer engagement in our goals. There may be times where actual outcomes vary from those aimed for or expected and sometimes challenges may delay or block progress. As a result, we cannot offer assurances that the results reflected or implied by any such statements will be realized or achieved. Moreover, standards and expectations for ESGSustainability matters continue to evolve and may be subject to varying interpretations, which may result in significant revisions to our goals or progress. A failure or perceived failure to meet our aspirational goals or targets within the timelines we announce, or at all, or a failure or perceived failure to meet evolving stakeholders expectations and standards, could damage our reputation, adversely affect employee retention or engagement or support from our various stakeholders and could subject us to government enforcement actions or penalties and private litigation. Such outcomes could negatively impact the Company’s business, capital expenditures, results of operations, financial condition and competitive position.

Consolidated Income from Continuing Operations before Taxes

Income from continuing operations before taxes decreased $57.8 million from 2023 to 2024 primarily due to the decrease in operating income and increase in net interest expense discussed above.

In 2025, we recognized income tax expense of $29.3 million, representing an effective tax rate of 11.0%. The effective tax rate in 2025 was primarily impacted by the release of uncertain tax position reserves related to tax credits, the results of tax audits, and by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits. In 2024, we recognized income tax expense of $29.5 million, representing an effective tax rate of 13.0%.13.0%, Inand in 2023, we recognized income tax expense of $43.2 million, representing an effective tax rate of 15.1%. The effective tax rates in 2024 and 2023 were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. In 2022, we recognized income tax expense of $49.6 million, representing an effective tax rate of 15.6%. The 2022 effective tax rate was primarily impacted by foreign tax rate differences, domestic permanent differences, and tax credits primarily associated with our foreign income inclusions. Our income tax expense and effective tax rate in future periods may be impacted by many factors, including our geographic mix of income and changes in tax laws. See Note 18.17.

(3)In 2023, we sold certain real estate in Canada for $13.8 million, net of transaction costs and recognized a $12.1 million pre-tax gain on sale. In 2022, we sold certain real estate in the United States for $42.2 million, net of transaction costs and recognized a $37.9 million pre-tax gain on sale. See Note 11,10, Property, Plant, and Equipment, for details.

Net cash provided by operating activities totaled $354.9 million for 2025 compared to $352.1 million for 2024 compared to $319.6 million for 2023.2024. The increase is primarily due to athe $44.7increase millionin improvementearnings, partially offset by unfavorable changes in operating assets and liabilitiesliabilities. thatReceivables wasand primarilyinventories drivenwere byboth favorableuses changesof cash in inventory. Inventory turns improved to 4.9 turns by the end of 20242025 compared to 3.8sources turnsof bycash in 2024, primarily due to the endincrease ofin 2023.revenues Wein calculate inventory turns by dividing annualized cost of sales for the quarter by the inventory balance at the end of the quarter.2025.

Net cash fromflows used for investing activities wastotaled a$128.2 usemillion offor cash2025 ofcompared to $426.8 million for 20242024. comparedInvesting toactivities $200.4for 2025 included $136.2 million for 2023.capital expenditures, partially offset by cash from business acquisitions and asset sales of $7.7 million and $0.2 million, respectively. Investing activities for 2024 included $296.5 million primarily for the acquisitions of Precision and Voleatech, $129.1 million for capital expenditures, and $1.3 million related to the disposal of a business, partially offset by asset sales of $0.1 million. Investing activities for 2023 included $116.7 million for capital expenditures and $106.7 million primarily for the acquisitions of Sichert and Cloudrail, partially offset by $13.7 million for asset sales and $9.3 million received from the disposals of businesses.

Our outstanding debt obligations as of December 31, 20242025 consisted of $1.1$1.3 billion of senior subordinated notes. During 2025, we borrowed and repaid $50.0 million on our Revolver at a rate of 5.7%. As of December 31, 2024,2025, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $282.4$383.9 million. Additional discussion regarding our various borrowing arrangements is included in Note 1615 to the Consolidated Financial Statements.

•Principal payments on long-term debt totaled $1.1$1.3 billion, none of which is due in 2025 (see Note 16).2026. Depending onupon the conditions in the credit markets, we may refinance this debt, or we may use cash from operations, including temporarily accessing our Revolving Credit Agreement, to repay this debt. During 2025, we borrowed and repaid $50.0 million on our Revolver. See Note 15. During January 2026, we issued €450 million aggregate principal amount of 4.250% Senior Subordinated Notes due 2033 (the 2033 Notes), and with the proceeds of this offering, repurchased the full €450.0 million 2027 Notes outstanding in February 2026. See Note 25.

Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the U.S. (GAAP). In connection with the preparation of our financial statements, we are required to make assumptions and estimates about future events, and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures. We base our assumptions, estimates, and judgments on historical experience, current trends, and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, we review the accounting policies, assumptions, estimates, and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. Our significant accounting policies are discussed in Note 2 of our Consolidated Financial Statements. We believe that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require our most difficult, subjective, or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.

We consider the weight of all available evidence, both positive and negative, in assessing the realizability of the deferred tax assets associated with net operating losses.assets. We consider the reversals of existing taxable temporary differences as well as projections of future taxable income. We consider the future reversals of existing taxable temporary differences to the extent they were of the same character as the temporary differences giving rise to the deferred tax assets. We also consider whether the future reversals of existing taxable temporary differences will occur in the same period and jurisdiction as the temporary differences giving rise to the deferred tax assets. The assumptions utilized to estimate our future taxable income are consistent with those assumptions utilized for purposes of testing goodwill for impairment, as well as with our budgeting and strategic planning processes.

The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting unit, as described in the paragraph below. In 2024,2025, we performed a qualitative assessment over all sixfive of our six reporting units.

When we evaluate goodwill for impairment using a quantitative assessment, we compare the fair value of each reporting unit to its carrying value. We determine the fair value using an income approach. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows using growth rates and discount rates that are consistent with current market conditions in our industry. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. The assumptions used to estimate fair values were based on the past performance of the reporting unit as well as the projections incorporated in our strategic plan. Significant assumptions included sales growth, profitability, and related cash flows, along with cash flows associated with taxes and capital spending. The discount rate used to estimate fair value was risk adjusted in consideration of the economic conditions in effect at the time of the impairment test. There is inherent risk associated with using an income approach to estimate fair values. If actual results are significantly different from our estimates or assumptions, we may have to recognize impairment charges that could be material. In 2024,2025, we did not performperformed a quantitative assessment over anyone of our reporting units. See Note 12.

As a sensitivity measure, the effect of a 50 basis point decline in the assumed discount rate would have resulted in ana increasedecrease in the 20242025 net periodic benefit cost of less than $0.1 million and an increase in the projected benefit obligations of approximately $16.8$17.3 million as of December 31, 2024.2025. A 50 basis point decline in the expected return on plan assets would have resulted in an increase in the 20242025 net periodic benefit cost of approximately $1.5$1.4 million. Conversely, the effect of a 50 basis point increase in the assumed discount rate would have resulted in an increasedecrease in the 20242025 net periodic benefit cost of approximately $0.3 million and a decrease in the projected benefit obligation of approximately $15.3$15.8 million as of December 31, 2024.2025. A 50 basis point increase in the expected return on plan assets would have resulted in a decrease in the 20242025 net periodic benefit cost of approximately $1.5$1.4 million.

•Execute a disciplined capital allocation strategy with long-term net leverage around 1.5x; and

Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Mexican peso, Australian dollar, British pound, Indian rupee and Swiss franc. Generally, as the U.S. dollar strengthens against these foreign currencies, our revenues and earnings are negatively impacted as our foreign denominated revenues and earnings are translated into U.S. dollars at a lower rate. Conversely, as the U.S. dollar weakens against foreign currencies, our revenues and earnings are positively impacted. Approximately 41%43% of our consolidated revenues during the quarter ended MarchJune 29,28, 2026 were to customers outside of the U.S.

In February 2026, the U.S. Supreme Court issued a ruling addressing the validity of certain tariffs implemented under the International Emergency Economic Powers Act (“IEEPA”). In March 2026, the U.S. Court of International Trade Court issued an additional ruling stating importers that paid tariffs under IEEPA are due refunds. WhileBased on a loss recovery model, we haveevaluated paidthe probability of collecting tariff refunds and during the three months ended June 28, 2026, recorded as a reduction to cost of sales tariff refunds of $13.6 million that related to IEEPA tariffs incurred on certain 2025 transactions. We also recorded tariff refunds of $7.9 million, net of estimated customer refunds, that related to IEEPA tariffs incurred on certain 2026 transactions such that the net impact of IEEPA tariffs on certain imported products and materials that were subject to these IEEPA‑basedtransactions duties,in the2026 nature,is timing,zero. andOur extentresults ofhave anyalso refundsbeen areimpacted uncertainby new tariffs enacted during 2026, such as those implemented under Section 122 of the dateTrade Act of this filing.1974.

During the threesix months ended MarchJune 29,28, 2026, we issued €450 million aggregate principal amount of 4.250% Senior Subordinated Notes due 2033 (the 2033 Notes), which are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2033 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2028, and interest is payable semiannually on February 1 and August 1 of each year, beginning August 1, 2026. With the proceeds from this offering, 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. See Note 8.

During the threesix months ended MarchJune 29,28, 2026, we repurchased 0.3 million shares of our common stock for an aggregate cost of $30.4 million at an average price per share of $117.05. See Note 13.

During the threesix months ended MarchJune 29,28, 2026:

Revenues increased $71.5$78.2 million and $149.7 million in the three and six months ended MarchJune 29,28, 2026 from the comparable periodperiods of 2025 due to the following factors:

•Higher sales volume and favorable pricing contributed $42.4$51.9 million and $94.3 million in revenues.revenues, respectively.

•Copper pass-through pricing had a $15.4$23.0 million and $38.4 million favorable impact on revenues.revenues, respectively.

•Currency translation had a $13.7$3.3 million and $17.0 million favorable impact on revenues.revenues, respectively.

Gross profit increased $12.2$35.1 million and $47.3 million in the three and six months ended MarchJune 29,28, 20262026, respectively, from the comparable periodperiods of 2025 primarily due to the increases in revenues and tariff refunds recorded as discussed above.

Selling, general and administrative expenses increased $7.1$15.9 million and $23.0 million in the three and six months ended MarchJune 29,28, 20262026, respectively, from the comparable periodperiods of 2025 primarily due to higher selling expenses consistent with the increase in revenues, currency translation, and strategic investments.

Research and development expenses increasedremained $1.7relatively flat decreasing only $2.2 million and $0.6 million in the three and six months ended MarchJune 29,28, 20262026, respectively, from the comparable periodperiods of 2025 primarily due to strategic investments.2025.

Amortization of intangibles decreasedremained $1.9relatively flat increasing $1.4 million and decreasing $0.5 million in the three and six months ended MarchJune 29,28, 20262026, respectively, from the comparable periodperiods of 2025 primarily due to certain intangible assets becoming fully amortized.2025.

Operating income increased $5.3$20.0 million and $25.4 million in the three and six months ended MarchJune 29,28, 20262026, respectively, from the comparable periodperiods of 2025 primarily due to the increase in revenues,revenues and gross profit, partially offset by the increase in selling, general and administrative expenses and research and development expenses discussed above.

Net interest expense increased $3.4$1.4 million and $4.8 million in the three and six months ended MarchJune 29,28, 20262026, respectively, due to the debt refinancing in 2026 and currency translation. During the threesix months ended MarchJune 29,28, 2026, we issued €450 million aggregate principal amount of 4.250% Senior Subordinated Notes (the 2033 Notes) and repurchased the 3.375% Senior Subordinated Notes (the 2027 Notes) for cash consideration of €450.0 million. See Note 8.

We incurred a loss on debt extinguishment of $1.3 million in the threesix months ended MarchJune 29,28, 2026 due to the write-off of unamortized debt issuance costs associated with the 2027 Notes repurchased for cash consideration of €450.0 million ($535.9 million) during the quarter. See Note 8.

Income before taxes increased $0.7$18.5 million and $19.2 million in the three and six months ended MarchJune 29,28, 20262026, respectively, from the comparable periodperiods of 2025 primarily due to the changes in operating income and interest expense discussed above.

For the three and six months ended MarchJune 29,28, 2026, we recognized income tax expense of $11.7$16.7 million and $28.4 million, representing an effective tax raterates of 18.7%.19.6% and 19.2%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which includes international tax changes, permanent extensions of most expiring Tax Cuts and Jobs Act provisions, and changes in the treatment of research and development and amortization expense deductions. We have included the impact of international tax changes effective from January 1, 2026 and continue to evaluate the impact of the act on our consolidated financial statements and disclosures.

Adjusted EBITDA increased $14.1$31.8 million and $45.9 million in the three and six months ended MarchJune 29,28, 20262026, respectively, from the comparable periodperiods of 2025 primarily due to the increase in revenues and tariff refunds recorded as discussed above, partially offset by an increase in operating expenses. Accordingly, Adjusted EBITDA margins expanded 40250 and 140 basis pointspoints, to 17.0%.respectively.

(2) Adjustments related to acquisitions and divestitures includeIncludes fair value adjustments of acquired assets and costs associated with a non-recurringformer gainsubsidiary relatedthat towas anpreviously equity method investment.divested.

Significant factors affecting our cash liquidity include (1) cash from operating activities, (2) disposals of businesses and tangible assets, (3) cash used for acquisitions, restructuring actions, capital expenditures, share repurchases, dividends, and senior subordinated note repurchases, and (4) our available credit facilities and other borrowing arrangements. We expect our operating activities to generate cash in 2026 and believe our sources of liquidity are sufficient to fund current working capital requirements, capital expenditures, contributions to our retirement plans, share repurchases, senior subordinated note repurchases, quarterly dividend payments, and our short-term operating strategies. However, we may require external financing in the event we complete a significant acquisition.acquisition similar to funding the RUCKUS acquisition with a Term Loan Credit Facility. Our ability to continue to fund our future needs from business operations could be affected by many factors, including, but not limited to: economic conditions worldwide, customer demand, competitive market forces, customer acceptance of our product offerings, and commodities pricing. The following table is derived from our Condensed Consolidated Cash Flow Statements:

Net cash usedprovided forby operating activities was $18.7$110.6 million in the threesix months ended MarchJune 29,28, 2026 compared to a source of cash of $7.4$89.5 million in the year ago period. Operating cash flows decreasedincreased $26.1$21.1 million compared to the year ago period due to unfavorablean increase in earnings and net favorable changes in operating assets and liabilities. Growth in receivables contributed to higher cash usage in 2026 as compared to 2025 due to the increase in days sales outstanding from 60 days in Q1 2025 to 63 days in Q1 2026.

Net cash used for investing activities totaled $44.4$85.0 million in the threesix months ended MarchJune 29,28, 2026 compared to $24.2$49.3 million in the year ago period. Investing activities for the threesix months ended MarchJune 29,28, 2026 included capital expenditures of $44.4$85.1 million. Investing activities for the threesix months ended MarchJune 30,29, 2025 included capital expenditures of $32.2$57.4 million, partially offset by cash from business acquisitions and asset sales of $7.9 million and $0.1 million, respectively.

Net cash used for financing activities totaled $53.1$63.7 million for the threesix months ended MarchJune 29,28, 2026 compared to $96.8$116.2 million in the year ago period. Financing activities for the threesix months ended MarchJune 29,28, 2026 included $535.9 million of payments under borrowing arrangements, $30.4$31.8 million of payments under our share repurchase program, $17.7$18.5 million of payments related to share based compensation activities, $8.6$14.6 million of debt issuance cost payments, $2.0$3.9 million of cash dividend payments, and $0.5$1.0 million of financing lease payments, partially offset by $537.3 million and $4.7 million of borrowings under credit arrangements and proceeds from the issuance of common stock under our Employee Stock Purchase Plan, respectively. Financing activities for the threesix months ended MarchJune 30,29, 2025 included payments of $100.9 million under our share repurchase programprogram, including excise tax; payments on our revolving credit facility of $84.5$50.0 million,million; payments related to share based compensation activities of $13.7$14.2 million,million; cash dividend payments of $2.0$4.0 million,million; and financing lease payments of $0.4$0.9 million,million; partially offset by borrowings on our revolving credit facility and proceeds from the issuance of common stock under our Employee Stock Purchase Plan of $50.0 million and $3.8 million.million, respectively.

Our cash and cash equivalents balance was $272.2$348.7 million as of MarchJune 29,28, 2026. Of the total cash balance, $191.7$206.2 million was held outside of the U.S. in our foreign operations. Substantially all of the foreign cash and cash equivalents are readily convertible into U.S. dollars or other foreign currencies. Our strategic plan does not require the repatriation of foreign cash in order to fund our operations in the U.S., and it is our current intention to permanently reinvest the foreign cash outside of the U.S. If we were to repatriate the foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation.

Our outstanding debt obligations as of MarchJune 29,28, 2026 consisted of $1,273.3$1,248.5 million of senior subordinated notes. Additional discussion regarding our various borrowing arrangements is included in Note 8 to the Condensed Consolidated Financial Statements.