| Segment Information |
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) | | 2024 | | 2023 | | 2024 | | 2023 | | Net sales: | | | | | | | | | | Automotive | | $ | 3,726,991 | | | $ | 3,654,999 | | | $ | 7,301,011 | | | $ | 7,160,826 | | | Industrial | | 2,235,576 | | | 2,260,007 | | | 4,445,187 | | | 4,519,298 | | | Total net sales | | $ | 5,962,567 | | | $ | 5,915,006 | | | $ | 11,746,198 | | | $ | 11,680,124 | | | Segment profit: | | | | | | | | | | Automotive | | $ | 313,975 | | | $ | 329,347 | | | $ | 586,911 | | | $ | 593,767 | | | Industrial | | 276,841 | | | 283,372 | | | 547,680 | | | 545,359 | | | Total segment profit | | 590,816 | | | 612,719 | | | 1,134,591 | | | 1,139,126 | | | Interest expense, net | | (21,921) | | | (16,455) | | | (39,611) | | | (33,319) | | | Intangible asset amortization | | (34,685) | | | (40,625) | | | (68,785) | | | (79,747) | | | Corporate expense | | (85,984) | | | (101,550) | | | (169,746) | | | (167,565) | | | Other unallocated costs (1) | | (62,025) | | | — | | | (145,067) | | | — | | | Income before income taxes | | $ | 386,201 | | | $ | 454,089 | | | $ | 711,382 | | | $ | 858,495 | |
(1) The following table presents a summary of the other unallocated costs:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Other unallocated costs: | | | | | | | | | | Restructuring and other costs (2) | | $ | (37,247) | | | $ | — | | | $ | (120,289) | | | $ | — | | | Acquisition and integration related costs and other (3) | | (24,778) | | | — | | | (24,778) | | | — | | | Total other unallocated costs | | $ | (62,025) | | | $ | — | | | $ | (145,067) | | | $ | — | |
(2) Amount reflects costs related to the global restructuring initiative which includes a voluntary retirement offer in the U.S., inventory liquidation costs, and rationalization and optimization of certain distribution centers, stores and other facilities. (3) Amount primarily reflects integration costs related to the completion of the acquisition of Motor Parts and Equipment Corporation ("MPEC") in April 2024, including professional services costs, personnel costs, and lease and other exit costs. 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 June 30, | | Six Months Ended June 30, | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | North America: | | | | | | | | | | Automotive | | $ | 2,352,254 | | | $ | 2,344,701 | | | $ | 4,549,144 | | | $ | 4,550,086 | | | Industrial | | 2,101,811 | | | 2,128,747 | | | 4,181,937 | | | 4,259,462 | | | Total North America | | $ | 4,454,065 | | | $ | 4,473,448 | | | $ | 8,731,081 | | | $ | 8,809,548 | | | Australasia: | | | | | | | | | | Automotive | | $ | 412,883 | | | $ | 407,853 | | | $ | 813,231 | | | $ | 814,615 | | | Industrial | | 133,765 | | | 131,260 | | | 263,250 | | | 259,836 | | | Total Australasia | | $ | 546,648 | | | $ | 539,113 | | | $ | 1,076,481 | | | $ | 1,074,451 | | | Europe – Automotive | | $ | 961,854 | | | $ | 902,445 | | | $ | 1,938,636 | | | $ | 1,796,125 | | | Total net sales | | $ | 5,962,567 | | | $ | 5,915,006 | | | $ | 11,746,198 | | | $ | 11,680,124 | |
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