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Segment Data
 12 Months Ended
Dec. 31, 2021
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 $437,874 and $245,373 of income before income taxes were generated in jurisdictions outside the U.S. for the years ended December 31, 2021, and 2019, respectively. Approximately $327,226 of loss before income taxes was generated in jurisdictions outside the U.S. for the year ended December 31, 2020. 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.
The following table presents a summary of the Company's reportable segment financial information from continuing operations:
202120202019
Net sales:
Automotive$12,544,131 $10,860,695 $10,993,902 
Industrial6,326,379 5,676,738 6,528,332 
Total net sales$18,870,510 $16,537,433 $17,522,234 
Segment profit:
Automotive$1,073,427 $867,743 $831,951 
Industrial595,232 481,854 521,830 
Total segment profit$1,668,659 $1,349,597 $1,353,781 
Interest expense, net(62,150)(91,048)(91,405)
Corporate expense(174,842)(149,754)(140,815)
Intangible asset amortization(103,273)(94,962)(92,206)
Other unallocated costs(128,048)(634,465)(170,072)
Income before income taxes from continuing operations$1,200,346 $379,368 $859,283 
 The following table presents a summary of the other unallocated costs:
202120202019
Other unallocated costs:
Loss on software disposal (1)$(61,063)$— $— 
Product liability damages award (2)(77,421)— — 
Goodwill impairment charge (3)— (506,721)— 
Restructuring and special termination costs (4)— (50,019)(142,780)
Realized currency and other divestiture losses (5)— (11,356)(34,701)
Gain on insurance proceeds related to SPR fire (6)3,862 13,448 — 
Gain on equity investments (7)10,229 — 38,663 
Inventory adjustment (8)— (40,000)— 
Transaction and other costs (9)(3,655)(39,817)(31,254)
Total other unallocated costs$(128,048)$(634,465)$(170,072)
(1)Adjustment reflects a loss on an internally developed software project that was disposed of due to a change in management strategy related to advances in alternative technologies. Refer to the property, plant and equipment footnote to the consolidated financial statements for more information.
(2)Adjustment reflects damages reinstated by the Washington Supreme Court order on July 8, 2021 in connection with a 2017 automotive product liability claim. Refer to the commitments and contingencies footnote to the consolidated financial statements for more information.
(3)Adjustment reflects a goodwill impairment charge related to our European reporting unit.
(4)Adjustment reflects restructuring and special termination costs related to the 2019 Cost Savings Plan. 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.
(5)Adjustment reflects realized currency losses related to divestitures.
(6)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.
(7)Adjustment relates to gains recognized upon remeasurement of certain equity investments to fair value upon acquiring the remaining equity of those entities.
(8)Adjustment reflects a $40 million increase to cost of goods sold due to the correction of an immaterial error related to the accounting in prior years for consideration received from vendors.
(9)Adjustment for 2021 include transaction and other costs related to acquisitions. For 2020, 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 2019, adjustment reflects transaction and other costs related to acquisitions and divestitures.
202120202019
Assets:
Automotive$8,981,913 $8,258,334 $7,376,408 
Industrial1,909,053 1,511,520 1,993,457 
Corporate139,428 254,627 527,126 
Goodwill and other intangible assets3,321,708 3,415,734 3,785,616 
Discontinued operations— — 963,022 
Total assets$14,352,102 $13,440,215 $14,645,629 
Depreciation and amortization:
Automotive$143,052 $120,932 $122,905 
Industrial24,100 16,315 17,577 
Corporate20,546 40,633 24,575 
Intangible asset amortization103,273 94,962 92,206 
Total depreciation and amortization$290,971 $272,842 $257,263 
Capital expenditures:
Automotive$198,268 $133,523 $227,420 
Industrial35,626 19,287 39,003 
Corporate32,242 692 11,450 
Total capital expenditures$266,136 $153,502 $277,873 
Net sales:
United States$12,136,689 $10,863,348 $12,226,381 
Europe2,908,156 2,408,913 2,223,498 
Canada1,779,663 1,526,202 1,614,659 
Australasia2,002,188 1,691,190 1,369,361 
Mexico43,814 47,780 88,335 
Total net sales$18,870,510 $16,537,433 $17,522,234 
Net property, plant and equipment:
United States$750,267 $728,802 $763,746 
Europe179,001 164,268 153,357 
Canada102,484 102,409 103,320 
Australasia201,971 165,596 147,457 
Mexico676 968 5,808 
Total net property, plant and equipment$1,234,399 $1,162,043 $1,173,688 
Net sales are disaggregated by geographical region for each of the Company’s reportable segments, as the Company deems this presentation best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The following table presents disaggregated geographical net sales from contracts with customers by reportable segment:
202120202019
North America:
Automotive$8,103,896 $7,177,543 $7,613,047 
Industrial5,856,270 5,259,787 6,316,328 
Total North America $13,960,166 $12,437,330 $13,929,375 
Australasia:
Automotive$1,532,079 $1,274,239 $1,157,357 
Industrial470,109 416,951 212,004 
Total Australasia$2,002,188 $1,691,190 $1,369,361 
Europe - Automotive$2,908,156 $2,408,913 $2,223,498 
Total net sales$18,870,510 $16,537,433 $17,522,234