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Segment Data
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Data Segment Data
The Company’s reportable segments consist of automotive and industrial parts. Within the reportable segments, certain of the Company’s operating segments are aggregated since they have similar economic characteristics, products and services, type and class of customers, and distribution methods.
The Company’s automotive segment distributes replacement parts (other than body parts) for substantially all makes and models of automobiles, trucks, and other vehicles.
The Company’s industrial segment distributes a wide variety of industrial bearings, mechanical and fluid power transmission equipment, including hydraulic and pneumatic products, material handling components and related parts and supplies.
Inter-segment sales are not significant. Segment profit for each industry segment is calculated as net sales less operating expenses excluding general corporate expenses, interest expense, equity in income from investees, intangible asset amortization, income attributable to noncontrolling interests and other unallocated amounts that are driven by corporate
initiatives. Approximately $327,226 of loss before income taxes for the year ended December 31, 2020 and approximately $245,373 and $281,687 of income before income taxes was generated in jurisdictions outside the U.S. for the years ended 2019, and 2018, respectively. Net sales and net property, plant and equipment by country relate directly to the Company’s operations in the respective country. Corporate assets are principally cash and cash equivalents and headquarters’ facilities and equipment.
202020192018
Net sales:
Automotive$10,860,695 $10,993,902 $10,533,021 
Industrial5,676,738 6,528,332 6,298,584 
Total net sales$16,537,433 $17,522,234 $16,831,605 
Segment profit:
Automotive$867,743 $831,951 $856,014 
Industrial481,854 521,830 487,360 
Total segment profit$1,349,597 $1,353,781 $1,343,374 
Interest expense, net(91,048)(91,405)(93,281)
Corporate expense(149,754)(140,815)(137,036)
Intangible asset amortization(94,962)(92,206)(83,489)
Other unallocated costs(634,465)(170,072)(34,930)
Income before income taxes from continuing operations$379,368 $859,283 $994,638 
 
The following table presents a summary of the other unallocated costs:
202020192018
Other unallocated costs:
Goodwill impairment charge (1)$(506,721)$— $— 
Restructuring costs (2)(50,019)(100,023)— 
Special termination costs (2)— (42,757)— 
Realized currency and other divestiture losses (3)(11,356)(34,701)— 
Gain on insurance proceeds related to SPR fire (4)13,448 — — 
Gain on equity investment (5)— 38,663 — 
Inventory adjustment (6)(40,000)— — 
Transaction and other costs (7)(39,817)(31,254)(34,930)
Total other unallocated costs$(634,465)$(170,072)$(34,930)
(1) Adjustment reflects a second quarter goodwill impairment charge related to our European reporting unit.
(2) Adjustment reflects restructuring and special termination costs related to the 2019 Cost Savings Plan announced in the fourth quarter of 2019. The costs are primarily associated with severance and other employee costs, including a voluntary retirement program, and facility and closure costs related to the consolidation of operations.
(3) Adjustment reflects realized currency losses related to divestitures.
(4) Adjustment reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs related to the S.P. Richards Headquarters and Distribution Center.
(5) Adjustment relates to the gain recognized upon remeasuring the Company's preexisting 35% equity investment to fair value upon acquiring the remaining equity of Motion Asia Pacific on July 1, 2019.
(6) Adjustment reflects a $40 million increase to cost of goods sold recorded during the quarter ended December 31, 2020 due to the correction of an immaterial error related to the accounting in prior years for consideration received from vendors.
(7) Adjustment includes a $17 million loss on investment, $10 million of incremental costs associated with COVID-19 and costs associated with certain divestitures. COVID-19 related costs include incremental costs incurred relating to fees to cancel marketing events and increased cleaning and sanitization materials, among other things. For the three and twelve months ended December 31, 2019, adjustment reflects transaction and other costs related to acquisitions and divestitures.

202020192018
Assets:
Automotive$7,858,334 $7,376,408 $6,248,117 
Industrial1,911,520 1,993,457 1,792,662 
Corporate254,627 527,126 297,282 
Goodwill and other intangible assets3,415,734 3,785,616 3,374,718 
Discontinued operations— 963,022 970,261 
Total assets$13,440,215 $14,645,629 $12,683,040 

Depreciation and amortization:
Automotive$120,932 $122,905 $105,238 
Industrial16,315 17,577 14,518 
Corporate40,633 24,575 24,339 
Intangible asset amortization94,962 92,206 83,489 
Total depreciation and amortization$272,842 $257,263 $227,584 
Capital expenditures:
Automotive$133,523 $227,420 $198,910 
Industrial19,287 39,003 21,783 
Corporate692 11,450 5,813 
Total capital expenditures$153,502 $277,873 $226,506 
Net sales:
United States$10,863,348 $12,226,381 $12,083,120 
Europe2,408,913 2,223,498 1,860,912 
Canada1,526,202 1,614,659 1,565,393 
Australasia1,691,190 1,369,361 1,193,148 
Mexico47,780 88,335 129,032 
Total net sales$16,537,433 $17,522,234 $16,831,605 
Net property, plant and equipment:
United States$728,802 $763,746 $693,683 
Europe164,268 153,357 110,184 
Canada102,409 103,320 91,195 
Australasia165,596 147,457 95,578 
Mexico968 5,808 4,014 
Total net property, plant and equipment$1,162,043 $1,173,688 $994,654 

The following table presents disaggregated geographical net sales from contracts with customers by reportable segment. The Company believes this presentation best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors:
202020192018
North America:
Automotive
$7,177,543 $7,613,047 $7,478,961 
Industrial
5,259,787 6,316,328 6,298,584 
Total North America $12,437,330 $13,929,375 $13,777,545 
Australasia:
Automotive
$1,274,239 $1,157,357 $1,193,148 
Industrial
416,951 212,004 — 
Total Australasia$1,691,190 $1,369,361 $1,193,148 
Europe - Automotive$2,408,913 $2,223,498 $1,860,912 
Total net sales$16,537,433 $17,522,234 $16,831,605