XML 32 R22.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
Automotive Segment
The following table presents a summary of our reportable Automotive segment financial information:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Net sales$3,989,788$3,799,789$11,566,957$11,100,800
Cost of goods sold 2,335,4062,262,5266,767,4796,643,544
Gross profit 1,654,3821,537,2634,799,4784,457,256
Operating expenses 1,319,6781,221,1213,841,2753,458,569
EBITDA$334,704$316,142$958,203$998,687
Gross margin (1) 41.5 %40.5 %41.5 %40.2 %
Operating expenses as a percentage of net sales33.1 %32.1 %33.2 %31.2 %
EBITDA margin (2) 8.4 %8.3 %8.3 %9.0 %
Industrial Segment
The following table presents a summary of our reportable Industrial segment financial information:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Net sales$2,270,444$2,170,409$6,723,769$6,615,596
Cost of goods sold 1,583,4511,509,7104,683,8604,612,524
Gross profit 686,993660,6992,039,9092,003,072
Operating expenses 401,978393,4121,188,0451,171,838
EBITDA$285,015$267,287$851,864$831,234
Gross margin (1)30.3 %30.4 %30.3 %30.3 %
Operating expenses as a percentage of net sales17.7 %18.1 %17.7 %17.7 %
EBITDA margin (2) 12.6 %12.3 %12.7 %12.6 %
(1)Gross margin is gross profit as a percentage of net sales.
(2)EBITDA margin is earnings before interest, taxes, depreciation and amortization ("EBITDA") as a percentage of net sales.
Additional Information
The following table presents a reconciliation from EBITDA to net income:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Segment EBITDA
Automotive $334,704 $316,142 $958,203 $998,687 
Industrial285,015 267,287 851,864 831,234 
Corporate EBITDA (1)(93,374)(106,686)(263,131)(267,306)
Interest expense, net(40,342)(27,818)(117,769)(67,429)
Depreciation and amortization(127,475)(106,036)(365,928)(295,848)
Other unallocated costs (2)(66,835)(45,296)(181,352)(190,363)
Income before income taxes291,693 297,593 881,887 1,008,975 
Income taxes (65,522)(71,011)(206,444)(237,955)
Net Income $226,171 $226,582 $675,443 $771,020 
(1)Corporate EBITDA consists of costs related to our corporate headquarters' broad support to our business units and other costs that are managed centrally and not allocated to business segments. These include personnel and other costs for company-wide functions such as executive leadership, human resources, technology, cybersecurity, legal, corporate finance, internal audit, and risk management, as well as asbestos-related product liability costs and A/R Sales Agreement fees.
(2)The following table presents a summary of the other unallocated costs:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Other unallocated costs:
Restructuring and other costs (3)$(66,835)$(41,023)$(167,317)$(161,312)
Acquisition and integration related costs and other (4)— (4,273)(14,035)(29,051)
Total other unallocated costs$(66,835)$(45,296)$(181,352)$(190,363)
(3)Please refer to the Restructuring and Other Costs Footnote in the Notes to Condensed Consolidated Financial Statements for more information.
(4)Adjustment primarily reflects lease and other exit costs related to the integration of acquired independent automotive stores.
The following table presents a summary of our reportable segment total assets, as well as Corporate and other unallocated reconciling items:
As of September 30,
(in thousands)20252024
Assets:
Automotive$11,791,393 $10,668,061 
Industrial3,801,627 3,882,297 
Corporate (5)118,599 758,648 
Goodwill and other intangible assets4,983,249 4,950,172 
Total assets$20,694,868 $20,259,178 
Long-lived assets:
United States$1,219,552 $1,121,815 
Europe416,685 385,030 
Canada206,304 184,991 
Australasia247,870 216,849 
Mexico1,052 837 
Total long-lived assets$2,091,463 $1,909,522 
(5)Corporate is a reconciling category that includes our corporate offices, substantially all financing activities and any other items that are not allocated to the business segments other than goodwill and other intangible assets.
The following table presents a summary of select financial information by reportable segment, as well as Corporate and other unallocated reconciling items:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Depreciation and amortization:
Automotive$70,943 $53,947 $188,657 $149,776 
Industrial11,477 8,534 30,969 24,848 
Corporate6,128 7,263 32,713 16,147 
Intangible asset amortization38,927 36,292 113,589 105,077 
Total depreciation and amortization$127,475 $106,036 $365,928 $295,848 
Capital expenditures:
Automotive$76,027 $66,064 $208,072 $212,726 
Industrial12,712 19,251 31,948 51,954 
Corporate12,882 41,944 110,423 120,910 
Total capital expenditures$101,621 $127,259 $350,443 $385,590 
Net sales:
United States$4,070,051 $3,893,232 $11,915,806 $11,577,065 
Europe1,020,560 960,030 3,006,535 2,898,666 
Canada519,592 501,318 1,530,388 1,505,832 
Australasia623,343 592,946 1,762,394 1,669,427 
Mexico26,686 22,672 75,603 65,406 
Total net sales$6,260,232 $5,970,198 $18,290,726 $17,716,396 
Schedule 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)2025202420252024
North America:
Automotive$2,484,591 $2,390,463 $7,193,749 $6,939,607 
Industrial2,131,738 2,026,759 6,328,048 6,208,696 
Total North America $4,616,329 $4,417,222 $13,521,797 $13,148,303 
Australasia:
Automotive$484,637 $449,296 $1,366,673 $1,262,527 
Industrial138,706 143,650 395,721 406,900 
Total Australasia$623,343 $592,946 $1,762,394 $1,669,427 
Europe – Automotive$1,020,560 $960,030 $3,006,535 $2,898,666 
Total net sales$6,260,232 $5,970,198 $18,290,726 $17,716,396