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Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
North America Automotive Segment
The following table presents a summary of our reportable North America automotive segment financial information:
Three Months Ended March 31,
(in thousands)20262025
Net sales$2,363,032$2,264,781
Cost of goods sold 1,454,3471,396,617
Gross profit 908,685868,164
Operating expenses 752,480721,169
EBITDA$156,205$146,995
Gross margin (1) 38.5 %38.3 %
Operating expenses as a percentage of net sales31.8 %31.8 %
EBITDA margin (2) 6.6 %6.5 %
International Automotive Segment
The following table presents a summary of our reportable international automotive segment financial information:
Three Months Ended March 31,
(in thousands)20262025
Net sales$1,585,516$1,400,107
Cost of goods sold 866,327760,207
Gross profit 719,189639,900
Operating expenses 574,344501,388
EBITDA$144,845$138,512
Gross margin (1) 45.4 %45.7 %
Operating expenses as a percentage of net sales36.2 %35.8 %
EBITDA margin (2) 9.1 %9.9 %
Industrial Segment
The following table presents a summary of our reportable industrial segment financial information:
Three Months Ended March 31,
(in thousands)20262025
Net sales$2,316,392$2,201,181
Cost of goods sold 1,605,3341,535,594
Gross profit 711,058665,587
Operating expenses 396,938386,876
EBITDA$314,120$278,711
Gross margin (1)30.7 %30.2 %
Operating expenses as a percentage of net sales17.1 %17.6 %
EBITDA margin (2) 13.6 %12.7 %
(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 March 31,
(in thousands)20262025
Segment EBITDA
North America Automotive$156,205 $146,995 
International Automotive144,845 138,512 
Industrial314,120 278,711 
Corporate EBITDA (1)(119,525)(91,125)
Interest expense, net(43,953)(37,216)
Depreciation and amortization(131,028)(115,435)
Other unallocated costs(75,271)(68,805)
Income before income taxes245,393 251,637 
Income taxes (56,858)(57,245)
Net Income $188,535 $194,392 
(1)Corporate EBITDA consists of costs related to our corporate headquarters' broad support to our business units and other costs that are managed centrally and not allocated to business segments. These include personnel and other costs for company-wide functions such as executive leadership, human resources, technology, cybersecurity, legal, corporate finance, internal audit, and risk management, as well as asbestos-related product liability costs and A/R Sales Agreement fees.
The following table presents a summary of the other unallocated costs:
Three Months Ended March 31,
(in thousands)20262025
Other unallocated costs:
Restructuring and other costs (2)$(57,732)$(54,770)
Separation costs (3)(17,539)— 
Acquisition and integration related costs and other (4)— (14,035)
Total other unallocated costs$(75,271)$(68,805)
(2)Refer to the Restructuring and Other Costs Footnote in the Notes to Condensed Consolidated Financial Statements for more information.
(3)Adjustment primarily reflects legal and professional services and executive incentive plan costs related to the planned separation of our Global Automotive and Global Industrial businesses that was announced on February 17, 2026 and is targeted for completion in the first quarter of 2027.
(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:
Three Months Ended March 31,
(in thousands)20262025
Assets:
North America Automotive$6,654,273 $6,846,904 
International Automotive3,968,127 4,082,999 
Industrial2,810,722 3,133,547 
Corporate (5)2,555,738 927,640 
Goodwill and other intangible assets4,987,717 4,826,115 
Total assets$20,976,577 $19,817,205 
Long-lived assets:
United States$1,248,077 $1,182,474 
Europe410,707 388,071 
Canada225,332 190,168 
Australasia257,393 225,278 
Mexico1,180 816 
Total long-lived assets$2,142,689 $1,986,807 
(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.
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 March 31,
(in thousands)20262025
Depreciation and amortization:
North America Automotive$40,550 $32,281 
International Automotive30,573 27,822 
Industrial11,072 9,664 
Corporate9,033 8,797 
Intangible asset amortization39,800 36,871 
Total depreciation and amortization$131,028 $115,435 
Capital expenditures:
North America Automotive$12,803 $31,786 
International Automotive44,032 33,348 
Industrial12,072 15,166 
Corporate28,645 39,540 
Total capital expenditures$97,552 $119,840 
Net sales:
United States$4,014,203 $3,853,778 
Europe1,091,974 972,865 
Canada500,572 463,474 
Australasia628,483 552,354 
Mexico29,708 23,598 
Total net sales$6,264,940 $5,866,069 
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 March 31,
(in thousands)20262025
North America:
Automotive$2,363,032 $2,264,781 
Industrial2,181,451 2,076,069 
Total North America $4,544,483 $4,340,850 
Australasia:
Automotive$493,542 $427,242 
Industrial134,941 125,112 
Total Australasia$628,483 $552,354 
Europe – Automotive$1,091,974 $972,865 
Total net sales$6,264,940 $5,866,069