Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

The following table presents a summary of the Company's reportable segment financial information from continuing operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net sales:
Automotive	$	2,495,799	$	2,776,210	$	5,078,484	$	5,399,916
Industrial	1,327,428		1,681,721		2,837,269		3,317,144
Total net sales	$	3,823,227	$	4,457,931	$	7,915,753	$	8,717,060
Segment profit:
Automotive	$	218,906	$	228,736	$	361,484	$	408,304
Industrial	108,928		136,334		222,861		257,362
Total segment profit	$	327,834	$	365,070	$	584,345	$	665,666
Interest expense, net	(24,876)		(22,586)		(44,744)		(45,603)
Intangible asset amortization	(23,256)		(22,604)		(45,996)		(43,875)
Corporate expense	(28,613)		(33,573)		(83,674)		(64,752)
Other unallocated costs (1)	(555,525)		(4,108)		(553,774)		(37,222)
(Loss) income before income taxes from continuing operations	$	(304,436)	$	282,199	$	(143,843)	$	474,214

(1) The following table presents a summary of the other unallocated costs:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Other unallocated costs:
Goodwill impairment charge (2)	$	(506,721)	$	—	$	(506,721)	$	—
Restructuring costs (3)	(25,059)		—		(28,041)		—
Realized currency loss (4)	(11,356)		—		(11,356)		(27,037)
Gain on insurance proceeds related to SPR Fire (5)	1,166		—		13,448		—
Transaction and other costs (6)	(13,555)		(4,108)		(21,104)		(10,185)
Total other unallocated costs	$	(555,525)	$	(4,108)	$	(553,774)	$	(37,222)

(2)  Adjustment reflects the second quarter goodwill impairment charge related to the Company's European reporting unit. Refer to the goodwill and other intangible assets footnote.

(3) Adjustment reflects restructuring costs related to the ongoing execution of the 2019 Cost Savings Plan announced in the fourth quarter of 2019. The costs are primarily associated with severance and other employee costs, including a voluntary retirement program, and facility and closure costs related to the consolidation of operations. Refer to the restructuring footnote.

(4) Adjustment reflects realized currency losses related to divestitures. Refer to the acquisitions, divestitures and discontinued operations footnote.

(5) Adjustment reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs related to the S.P. Richards Headquarters and Distribution Center. Refer to the commitments and contingencies footnote.

(6) Adjustment reflects (i) $2,481 and $8,490 of incremental costs associated with COVID-19 for the three and six months ended June 30, 2020, respectively, and (ii) costs associated with certain divestitures. COVID-19 related costs include incremental costs incurred relating to fees to cancel marketing events and increased cleaning and sanitization materials, among other things.

Net sales are disaggregated by geographical region for each of the Company’s reportable segments, as the Company deems 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,
	2020		2019		2020		2019
North America:
Automotive	$	1,715,567	$	1,964,985	$	3,447,063	$	3,780,131
Industrial	1,231,208		1,681,721		2,641,923		3,317,144
Total North America	$	2,946,775	$	3,646,706	$	6,088,986	$	7,097,275
Australasia:
Automotive	$	282,797	$	286,717	$	555,721	$	571,270
Industrial	96,220		—		195,346		—
Total Australasia	$	379,017	$	286,717	$	751,067	$	571,270
Europe – Automotive	$	497,435	$	524,508	$	1,075,700	$	1,048,515
Total net sales	$	3,823,227	$	4,457,931	$	7,915,753	$	8,717,060