Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summary of Segment Information

The following table presents a summary of our reportable segment financial information:

	Three Months Ended March 31,
(in thousands)	2022		2021
Net sales:
Automotive	$	3,275,621	$	2,953,165
Industrial	2,019,014		1,511,549
Total net sales	$	5,294,635	$	4,464,714
Segment profit:
Automotive	$	264,573	$	235,678
Industrial	188,353		125,292
Total segment profit	452,926		360,970
Interest expense, net	(19,850)		(18,324)
Intangible asset amortization	(39,694)		(25,544)
Corporate expense	(41,751)		(31,243)
Other unallocated costs (1)	(25,915)		—
Income before income taxes	$	325,716	$	285,859

(1)     The following table presents a summary of the other unallocated costs:

	Three Months Ended March 31,
(in thousands)	2022		2021
Other unallocated costs:
Gain on insurance proceeds (2)	$	634	$	—
Transaction and other costs (3)	(26,549)		—
Total other unallocated costs	$	(25,915)	$	—

(2)    Adjustment reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs.

(3)    Adjustment primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group. Refer to the acquisition footnote for more information regarding the acquisition.

Revenue from External Customers by Geographic Areas

The following table presents disaggregated geographical net sales from contracts with customers by reportable segment:

	Three Months Ended March 31,
(in thousands)	2022		2021
North America:
Automotive	$	2,130,873	$	1,862,805
Industrial	1,910,433		1,399,399
Total North America	$	4,041,306	$	3,262,204
Australasia:
Automotive	$	378,909	$	367,869
Industrial	108,581		112,150
Total Australasia	$	487,490	$	480,019
Europe – Automotive	$	765,839	$	722,491
Total net sales	$	5,294,635	$	4,464,714