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Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
The following table presents a summary of our reportable segment financial information:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Net sales:
Automotive$3,490,462 $3,204,534 $10,233,577 $9,353,998 
Industrial2,184,812 1,614,315 6,338,746 4,713,303 
Total net sales$5,675,274 $4,818,849 $16,572,323 $14,067,301 
Segment profit:
Automotive$309,349 $281,150 $896,475 $807,586 
Industrial242,505 165,754 656,330 441,459 
Total segment profit551,854 446,904 1,552,805 1,249,045 
Interest expense, net(18,220)(14,167)(58,318)(47,853)
Intangible asset amortization(39,416)(25,311)(118,740)(78,239)
Corporate expense(72,820)(47,389)(187,883)(130,029)
Other unallocated (expenses) income (1)(3,462)(61,063)47,355 (138,484)
Income before income taxes$417,936 $298,974 $1,235,219 $854,440 
(1)     The following table presents a summary of the other unallocated income and expenses:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Other unallocated (expenses) income:
Gain on sale of real estate (2)$— $— $102,803 $— 
Gain on insurance proceeds (3)— — 1,507 — 
Product liability damages award (4)— — — (77,421)
Loss on software disposal (5)— (61,063)— (61,063)
Transaction and other costs (6)(3,462)— (56,955)— 
Total other unallocated (expenses) income$(3,462)$(61,063)$47,355 $(138,484)
(2)    Amount reflects a gain on the sale of real estate that had been leased to S.P. Richards.
(3)    Amount reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs.
(4)    Amount reflects damages reinstated by the Washington Supreme Court order on July 8, 2021 in connection with a 2017 automotive product liability claim.
(5)    Amount 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.
(6)    Amount primarily reflects costs associated with the January 3, 2022 acquisition and integration of KDG. These costs also include a $17 million impairment charge driven by a decision to retire certain legacy trade names, classified as other intangible assets, prior to the end of their estimated useful lives as part of executing our KDG integration and rebranding strategy. Refer to the acquisition footnote for more information regarding the acquisition.
Net sales are disaggregated by geographical region for each of our reportable segments, as we deem 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:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
North America:
Automotive$2,333,390 $2,100,250 $6,766,271 $6,039,617 
Industrial2,064,569 1,493,618 5,996,299 4,362,792 
Total North America $4,397,959 $3,593,868 $12,762,570 $10,402,409 
Australasia:
Automotive$404,708 $374,167 $1,182,557 $1,130,744 
Industrial120,243 120,697 342,447 350,511 
Total Australasia$524,951 $494,864 $1,525,004 $1,481,255 
Europe – Automotive$752,364 $730,117 $2,284,749 $2,183,637 
Total net sales$5,675,274 $4,818,849 $16,572,323 $14,067,301