v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information 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)2024202320242023
Net sales:
Automotive$3,799,789 $3,626,943 $11,100,800 $10,787,769 
Industrial2,170,409 2,197,659 6,615,596 6,716,957 
Total net sales$5,970,198 $5,824,602 $17,716,396 $17,504,726 
Segment profit:
Automotive$262,195 $322,004 $849,106 $915,771 
Industrial258,753 282,807 806,433 828,166 
Interest expense, net(27,818)(15,827)(67,429)(49,146)
Intangible asset amortization(36,292)(33,667)(105,077)(113,414)
Corporate expense (1)(113,949)(90,257)(283,695)(257,822)
Other unallocated costs (2)(45,296)— (190,363)— 
Income before income taxes$297,593 $465,060 $1,008,975 $1,323,555 

(1)     Amount reflects costs related to headquarter's broad based 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 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)2024202320242023
Other unallocated costs:
Restructuring and other costs (2)$(41,023)$— $(161,312)$— 
Acquisition and integration related costs and other (3)(4,273)— (29,051)— 
Total other unallocated costs$(45,296)$— $(190,363)$— 

(2)     Amount reflects costs related to our 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. Refer to the Restructuring Footnote in the Notes to Condensed Consolidated Financial Statements for more information.
(3)     Amount primarily reflects ongoing acquisition and integration costs related to the acquisitions of MPEC in April 2024 and Walker in July 2024, including professional services costs, personnel costs, and lease and other exit costs. Refer to the Acquisitions Footnote in the Notes to Condensed Consolidated Financial Statements for more information.
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 September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
North America:
Automotive$2,390,463 $2,315,733 $6,939,607 $6,865,819 
Industrial2,026,759 2,066,284 6,208,696 6,325,746 
Total North America $4,417,222 $4,382,017 $13,148,303 $13,191,565 
Australasia:
Automotive$449,296 $411,422 $1,262,527 $1,226,037 
Industrial143,650 131,375 406,900 391,211 
Total Australasia$592,946 $542,797 $1,669,427 $1,617,248 
Europe – Automotive$960,030 $899,788 $2,898,666 $2,695,913 
Total net sales$5,970,198 $5,824,602 $17,716,396 $17,504,726