Segment Data (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Data

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

(in thousands)	2023		2022		2021
Net sales:
Automotive	$	14,246,783	$	13,666,634	$	12,544,131
Industrial	8,843,827		8,429,339		6,326,379
Total net sales	$	23,090,610	$	22,095,973	$	18,870,510
Segment profit:
Automotive	$	1,174,880	$	1,191,674	$	1,073,427
Industrial	1,102,836		886,636		595,232
Total segment profit	$	2,277,716	$	2,078,310	$	1,668,659
Interest expense, net	(64,469)		(73,886)		(62,150)
Corporate expense	(323,721)		(269,364)		(174,842)
Intangible asset amortization	(147,178)		(157,437)		(103,273)
Other unallocated costs	—		(5,021)		(128,048)
Income before income taxes	$	1,742,348	$	1,572,602	$	1,200,346

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

(in thousands)	2023		2022		2021
Other unallocated costs:
Gain on sales of real estate (1)	$	—	$	102,803	$	—
Gain on insurance proceeds (2)	—		1,507		3,862
Product liability adjustment (3)	—		(28,730)		—
Product liability damages award (4)	—		—		(77,421)
Loss on software disposal (5)	—		—		(61,063)
Gain on equity investment (6)	—		—		10,229
Transaction and other costs (7)	—		(80,601)		(3,655)
Total other unallocated costs	$	—	$	(5,021)	$	(128,048)

(1)Amount reflects a gain on the sale of real estate that had been leased to S.P. Richards.

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

(3)Amount to remeasure product liability for a revised estimate of the number of claims to be incurred in future periods, among other assumptions.

(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)Adjustment relates to gains recognized upon remeasurement of certain equity investments to fair value upon acquiring the remaining equity of those entities.

(7)Amount for 2022 primarily includes costs of $67 million associated with the January 3, 2022 acquisition and integration of KDG which includes a $17 million impairment charge. The impairment charge was 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. Separately, this adjustment includes an $11 million loss related to an investment. Amount for 2021 includes transaction and other costs related to acquisitions.

The following table presents a summary of our reportable segment total assets:

(in thousands)	2023		2022
Assets:
Automotive	$	9,845,644	$	8,755,363
Industrial	2,535,404		2,474,392
Corporate	1,059,812		865,001
Goodwill and other intangible assets	4,527,594		4,400,623
Total assets	$	17,968,454	$	16,495,379

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

(in thousands)	2023		2022		2021
Depreciation and amortization:
Automotive	$	163,517	$	146,819	$	143,052
Industrial	30,082		29,670		24,100
Corporate	9,752		13,893		20,546
Intangible asset amortization	147,178		157,437		103,273
Total depreciation and amortization	$	350,529	$	347,819	$	290,971
Capital expenditures:
Automotive	$	279,943	$	235,182	$	198,268
Industrial	53,823		33,165		35,626
Corporate	178,909		71,285		32,242
Total capital expenditures	$	512,675	$	339,632	$	266,136
Net sales:
United States	$	15,247,740	$	14,965,462	$	12,136,689
Europe	3,611,453		3,071,964		2,908,156
Canada	2,011,343		1,960,227		1,779,663
Australasia	2,149,376		2,044,432		2,002,188
Mexico	70,698		53,888		43,814
Total net sales	$	23,090,610	$	22,095,973	$	18,870,510
Net property, plant and equipment:
United States	$	935,583	$	790,121	$	750,267
Europe	339,330		200,898		179,001
Canada	147,404		113,574		102,484
Australasia	193,638		220,839		201,971
Mexico	830		582		676
Total net property, plant and equipment	$	1,616,785	$	1,326,014	$	1,234,399

Schedule of Revenue from External Customers by Geographic Areas

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

(in thousands)	2023		2022		2021
North America:
Automotive	$	9,010,337	$	9,015,501	$	8,103,896
Industrial	8,319,444		7,964,076		5,856,270
Total North America	$	17,329,781	$	16,979,577	$	13,960,166
Australasia:
Automotive	$	1,624,993	$	1,579,169	$	1,532,079
Industrial	524,383		465,263		470,109
Total Australasia	$	2,149,376	$	2,044,432	$	2,002,188
Europe - Automotive	$	3,611,453	$	3,071,964	$	2,908,156
Total net sales	$	23,090,610	$	22,095,973	$	18,870,510