Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Summary of Segment Information

The following table presents a summary of our reportable segment financial information:

	Three Months Ended March 31,
(in thousands)	2023		2022
Net sales:
Automotive	$	3,505,827	$	3,275,621
Industrial	2,259,291		2,019,014
Total net sales	$	5,765,118	$	5,294,635
Segment profit:
Automotive	$	264,420	$	264,573
Industrial	261,987		188,353
Total segment profit	526,407		452,926
Interest expense, net	(16,864)		(19,850)
Intangible asset amortization	(39,122)		(39,694)
Corporate expense	(66,015)		(41,751)
Other unallocated costs (1)	—		(25,915)
Income before income taxes	$	404,406	$	325,716

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

	Three Months Ended March 31,
(in thousands)	2023		2022
Other unallocated costs:
Gain on insurance proceeds (2)	$	—	$	634
Transaction and other costs (3)	—		(26,549)
Total other unallocated costs	$	—	$	(25,915)

(2)    Amount reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs.

(3)    Amount primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group.

Revenue from External Customers by Geographic Areas

The following table presents disaggregated geographical net sales from contracts with customers by reportable segment:

	Three Months Ended March 31,
(in thousands)	2023		2022
North America:
Automotive	$	2,205,385	$	2,130,873
Industrial	2,130,715		1,910,433
Total North America	$	4,336,100	$	4,041,306
Australasia:
Automotive	$	406,762	$	378,909
Industrial	128,576		108,581
Total Australasia	$	535,338	$	487,490
Europe – Automotive	$	893,680	$	765,839
Total net sales	$	5,765,118	$	5,294,635