Segment Information

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Net sales:
Automotive	$	2,953,165	$	2,582,685
Industrial	1,511,549		1,509,841
Total net sales	$	4,464,714	$	4,092,526
Segment profit:
Automotive	$	235,678	$	142,578
Industrial	125,292		113,933
Total segment profit	360,970		256,511
Interest expense, net	(18,324)		(19,868)
Intangible asset amortization	(25,544)		(22,740)
Corporate expense	(31,243)		(55,061)
Other unallocated costs (1)	—		1,751
Income before income taxes from continuing operations	$	285,859	$	160,593

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

	Three Months Ended March 31,
	2021		2020
Other unallocated costs:
Restructuring costs (2)	$	—	$	(2,982)
Gain on insurance proceeds related to SPR Fire (3)	—		12,282
Transaction and other costs (4)	—		(7,549)
Total other unallocated costs	$	—	$	1,751

(2)    Adjustment reflects restructuring costs related to the execution of the 2019 Cost Savings Plan. 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.

(3)    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.

(4)    Adjustment reflects $6,000 of incremental costs associated with COVID-19 for the three months ended March 31, 2020 and 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 March 31,
	2021		2020
North America:
Automotive	$	1,862,805	$	1,731,496
Industrial	1,399,399		1,410,715
Total North America	$	3,262,204	$	3,142,211
Australasia:
Automotive	$	367,869	$	272,924
Industrial	112,150		99,126
Total Australasia	$	480,019	$	372,050
Europe – Automotive	$	722,491	$	578,265
Total net sales	$	4,464,714	$	4,092,526