v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Automotive Segment
The following table presents a summary of our reportable automotive segment financial information:
Three Months Ended March 31,
(in thousands)20252024
Net sales$3,664,888$3,574,020
Cost of goods sold 2,156,8242,161,716
Gross profit 1,508,0641,412,304
Operating expenses 1,222,5571,092,628
EBITDA$285,507$319,676
Gross margin (1) 41.1 %39.5 %
Operating expenses as a percentage of net sales33.4 %30.6 %
EBITDA margin (2) 7.8 %8.9 %
Industrial Segment
The following table presents a summary of our reportable industrial segment financial information:
Three Months Ended March 31,
(in thousands)20252024
Net sales$2,201,181$2,209,611
Cost of goods sold 1,535,5941,547,300
Gross profit 665,587662,311
Operating expenses 386,876383,324
EBITDA$278,711$278,987
Gross margin (1)30.2 %30.0 %
Operating expenses as a percentage of net sales17.6 %17.3 %
EBITDA margin (2) 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 March 31,
(in thousands)20252024
Segment EBITDA
Automotive $285,507 $319,676 
Industrial278,711 278,987 
Corporate EBITDA (1)(91,125)(82,140)
Interest expense, net(37,216)(17,690)
Depreciation and amortization(115,435)(90,610)
Other unallocated costs (2)(68,805)(83,042)
Income before income taxes251,637 325,181 
Income taxes (57,245)(76,287)
Net Income $194,392 $248,894 
(1)Corporate EBITDA consists of costs related to our corporate headquarter’s 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 March 31,
(in thousands)20252024
Other unallocated costs:
Restructuring and other costs (3)$(54,770)$(83,042)
Acquisition and integration related costs and other (4)(14,035)— 
Total other unallocated costs$(68,805)$(83,042)
(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 ongoing 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)20252024
Assets:
Automotive$10,929,903 $9,968,524 
Industrial3,133,547 3,226,428 
Corporate (5)927,640 632,360 
Goodwill and other intangible assets4,826,115 4,509,200 
Total assets$19,817,205 $18,336,512 
(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)20252024
Depreciation and amortization:
Automotive$60,103 $46,739 
Industrial9,664 8,149 
Corporate8,797 1,622 
Intangible asset amortization36,871 34,100 
Total depreciation and amortization$115,435 $90,610 
Capital expenditures:
Automotive$65,134 $65,732 
Industrial15,166 12,413 
Corporate39,540 37,545 
Total capital expenditures$119,840 $115,690 
Net sales:
United States$3,853,778 $3,783,929 
Europe972,865 976,782 
Canada463,474 472,803 
Australasia552,354 529,833 
Mexico23,598 20,284 
Total net sales$5,866,069 $5,783,631 
Long-lived assets:
United States$1,182,474 $976,888 
Europe388,071 348,720 
Canada190,168 151,624 
Australasia225,278 187,831 
Mexico816 857 
Total long-lived assets $1,986,807 $1,665,920 

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)20252024
North America:
Automotive$2,264,781 $2,196,890 
Industrial2,076,069 2,080,126 
Total North America $4,340,850 $4,277,016 
Australasia:
Automotive$427,242 $400,348 
Industrial125,112 129,485 
Total Australasia$552,354 $529,833 
Europe – Automotive$972,865 $976,782 
Total net sales$5,866,069 $5,783,631