Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of 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)	2023		2022		2023		2022
Net sales:
Automotive	$	3,654,999	$	3,467,494	$	7,160,826	$	6,743,115
Industrial	2,260,007		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
Industrial	283,372		225,472		545,359		413,825
Total segment profit	612,719		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)	2023		2022		2023		2022
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.

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 June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
North America:
Automotive	$	2,344,701	$	2,302,008	$	4,550,086	$	4,432,881
Industrial	2,128,747		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
Industrial	131,260		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