XML 20 R11.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The following table presents a summary of our reportable segment financial information:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Net sales:
Automotive$3,654,999 $3,467,494 $7,160,826 $6,743,115 
Industrial2,260,007 2,134,920 4,519,298 4,153,934 
Total net sales$5,915,006 $5,602,414 $11,680,124 $10,897,049 
Segment profit:
Automotive$329,347 $322,553 $593,767 $587,126 
Industrial283,372 225,472 545,359 413,825 
Total segment profit612,719 548,025 1,139,126 1,000,951 
Interest expense, net(16,455)(20,248)(33,319)(40,098)
Intangible asset amortization(40,625)(39,630)(79,747)(79,324)
Corporate expense(101,550)(73,312)(167,565)(115,063)
Other unallocated income, net (1)— 76,732 — 50,817 
Income before income taxes$454,089 $491,567 $858,495 $817,283 
(1)     The following table presents a summary of the other unallocated income, net:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Other unallocated income, net:
Gain on sale of real estate (2) $— $102,803 $— $102,803 
Gain on insurance proceeds (3)— 873 — 1,507 
Transaction and other costs (4)— (26,944)— (53,493)
Total other unallocated income, net$— $76,732 $— $50,817 
(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 primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group.
Beginning in 2023, certain functions, including cybersecurity and the management of our product liability litigation, were transferred to corporate to be streamlined and centrally managed. These costs totaled $15 million and $29 million for the three and six months ended June 30, 2022, of which $9 million and $18 million were allocated to Automotive and $6 million and $11 million were allocated to Industrial based on several factors, including sales volumes and headcount. Beginning in 2023, these costs, which totaled $8 million and $18 million for the three and six months ended June 30, 2023, are no longer allocated to our segments when measuring their operating performance. We have not restated the 2022 comparative segment financial information.
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 June 30,Six Months Ended June 30,
(in thousands)2023202220232022
North America:
Automotive$2,344,701 $2,302,008 $4,550,086 $4,432,881 
Industrial2,128,747 2,021,297 4,259,462 3,931,730 
Total North America $4,473,448 $4,323,305 $8,809,548 $8,364,611 
Australasia:
Automotive$407,853 $398,940 $814,615 $777,849 
Industrial131,260 113,623 259,836 222,204 
Total Australasia$539,113 $512,563 $1,074,451 $1,000,053 
Europe – Automotive$902,445 $766,546 $1,796,125 $1,532,385 
Total net sales$5,915,006 $5,602,414 $11,680,124 $10,897,049