Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary of 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)	2023		2022		2023		2022
Net sales:
Automotive	$	3,626,943	$	3,490,462	$	10,787,769	$	10,233,577
Industrial	2,197,659		2,184,812		6,716,957		6,338,746
Total net sales	$	5,824,602	$	5,675,274	$	17,504,726	$	16,572,323
Segment profit:
Automotive	$	322,004	$	309,349	$	915,771	$	896,475
Industrial	282,807		242,505		828,166		656,330
Total segment profit	604,811		551,854		1,743,937		1,552,805
Interest expense, net	(15,827)		(18,220)		(49,146)		(58,318)
Intangible asset amortization	(33,667)		(39,416)		(113,414)		(118,740)
Corporate expense	(90,257)		(72,820)		(257,822)		(187,883)
Other unallocated (loss) income, net (1)	—		(3,462)		—		47,355
Income before income taxes	$	465,060	$	417,936	$	1,323,555	$	1,235,219

(1)     The following table presents a summary of the other unallocated income, net:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Other unallocated income, net:
Gain on sale of real estate (2)	$	—	$	—	$	—	$	102,803
Gain on insurance proceeds (3)	—		—		—		1,507
Transaction and other costs (4)	—		(3,462)		—		(56,955)
Total other unallocated (loss) income, net	$	—	$	(3,462)	$	—	$	47,355

(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.

Summary of 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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
North America:
Automotive	$	2,315,733	$	2,333,390	$	6,865,819	$	6,766,271
Industrial	2,066,284		2,064,569		6,325,746		5,996,299
Total North America	$	4,382,017	$	4,397,959	$	13,191,565	$	12,762,570
Australasia:
Automotive	$	411,422	$	404,708	$	1,226,037	$	1,182,557
Industrial	131,375		120,243		391,211		342,447
Total Australasia	$	542,797	$	524,951	$	1,617,248	$	1,525,004
Europe – Automotive	$	899,788	$	752,364	$	2,695,913	$	2,284,749
Total net sales	$	5,824,602	$	5,675,274	$	17,504,726	$	16,572,323