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v3.25.3

Segment Information | 9 Months Ended
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Sep. 30, 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 September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales |  | $ | 3,989,788 |  | $ | 3,799,789 |  | $ | 11,566,957 |  | $ | 11,100,800
Cost of goods sold |  | 2,335,406 |  | 2,262,526 |  | 6,767,479 |  | 6,643,544
Gross profit |  | 1,654,382 |  | 1,537,263 |  | 4,799,478 |  | 4,457,256
Operating expenses |  | 1,319,678 |  | 1,221,121 |  | 3,841,275 |  | 3,458,569
EBITDA |  | $ | 334,704 |  | $ | 316,142 |  | $ | 958,203 |  | $ | 998,687
Gross margin (1) |  | 41.5 | % |  | 40.5 | % |  | 41.5 | % |  | 40.2 | %
Operating expenses as a percentage of net sales |  | 33.1 | % |  | 32.1 | % |  | 33.2 | % |  | 31.2 | %
EBITDA margin (2) |  | 8.4 | % |  | 8.3 | % |  | 8.3 | % |  | 9.0 | %
Industrial Segment The following table presents a summary of our reportable Industrial segment financial information:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales |  | $ | 2,270,444 |  | $ | 2,170,409 |  | $ | 6,723,769 |  | $ | 6,615,596
Cost of goods sold |  | 1,583,451 |  | 1,509,710 |  | 4,683,860 |  | 4,612,524
Gross profit |  | 686,993 |  | 660,699 |  | 2,039,909 |  | 2,003,072
Operating expenses |  | 401,978 |  | 393,412 |  | 1,188,045 |  | 1,171,838
EBITDA |  | $ | 285,015 |  | $ | 267,287 |  | $ | 851,864 |  | $ | 831,234
Gross margin (1) |  | 30.3 | % |  | 30.4 | % |  | 30.3 | % |  | 30.3 | %
Operating expenses as a percentage of net sales |  | 17.7 | % |  | 18.1 | % |  | 17.7 | % |  | 17.7 | %
EBITDA margin (2) |  | 12.6 | % |  | 12.3 | % |  | 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 September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Segment EBITDA |  |  |  |  |  |  |  |
Automotive |  | $ | 334,704 |  |  | $ | 316,142 |  |  | $ | 958,203 |  |  | $ | 998,687 |
Industrial |  | 285,015 |  |  | 267,287 |  |  | 851,864 |  |  | 831,234 |
Corporate EBITDA (1) |  | (93,374) |  |  | (106,686) |  |  | (263,131) |  |  | (267,306) |
Interest expense, net |  | (40,342) |  |  | (27,818) |  |  | (117,769) |  |  | (67,429) |
Depreciation and amortization |  | (127,475) |  |  | (106,036) |  |  | (365,928) |  |  | (295,848) |
Other unallocated costs (2) |  | (66,835) |  |  | (45,296) |  |  | (181,352) |  |  | (190,363) |
Income before income taxes |  | 291,693 |  |  | 297,593 |  |  | 881,887 |  |  | 1,008,975 |
Income taxes |  | (65,522) |  |  | (71,011) |  |  | (206,444) |  |  | (237,955) |
Net Income |  | $ | 226,171 |  |  | $ | 226,582 |  |  | $ | 675,443 |  |  | $ | 771,020 |
(1)Corporate EBITDA consists of costs related to our corporate headquarters' 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 September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Other unallocated costs: |  |  |  |  |  |  |  |
Restructuring and other costs (3) |  | $ | (66,835) |  |  | $ | (41,023) |  |  | $ | (167,317) |  |  | $ | (161,312) |
Acquisition and integration related costs and other (4) |  | — |  |  | (4,273) |  |  | (14,035) |  |  | (29,051) |
Total other unallocated costs |  | $ | (66,835) |  |  | $ | (45,296) |  |  | $ | (181,352) |  |  | $ | (190,363) |
(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 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:
|  | As of September 30,
(in thousands) |  | 2025 |  | 2024
Assets: |  |  |  |
Automotive |  | $ | 11,791,393 |  |  | $ | 10,668,061 |
Industrial |  | 3,801,627 |  |  | 3,882,297 |
Corporate (5) |  | 118,599 |  |  | 758,648 |
Goodwill and other intangible assets |  | 4,983,249 |  |  | 4,950,172 |
Total assets |  | $ | 20,694,868 |  |  | $ | 20,259,178 |
Long-lived assets: |  |  |  |
United States |  | $ | 1,219,552 |  |  | $ | 1,121,815 |
Europe |  | 416,685 |  |  | 385,030 |
Canada |  | 206,304 |  |  | 184,991 |
Australasia |  | 247,870 |  |  | 216,849 |
Mexico |  | 1,052 |  |  | 837 |
Total long-lived assets |  | $ | 2,091,463 |  |  | $ | 1,909,522 |
(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 other than goodwill and other intangible assets. 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 September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization: |  |  |  |  |  |  |  |
Automotive |  | $ | 70,943 |  |  | $ | 53,947 |  |  | $ | 188,657 |  |  | $ | 149,776 |
Industrial |  | 11,477 |  |  | 8,534 |  |  | 30,969 |  |  | 24,848 |
Corporate |  | 6,128 |  |  | 7,263 |  |  | 32,713 |  |  | 16,147 |
Intangible asset amortization |  | 38,927 |  |  | 36,292 |  |  | 113,589 |  |  | 105,077 |
Total depreciation and amortization |  | $ | 127,475 |  |  | $ | 106,036 |  |  | $ | 365,928 |  |  | $ | 295,848 |
Capital expenditures: |  |  |  |  |  |  |  |
Automotive |  | $ | 76,027 |  |  | $ | 66,064 |  |  | $ | 208,072 |  |  | $ | 212,726 |
Industrial |  | 12,712 |  |  | 19,251 |  |  | 31,948 |  |  | 51,954 |
Corporate |  | 12,882 |  |  | 41,944 |  |  | 110,423 |  |  | 120,910 |
Total capital expenditures |  | $ | 101,621 |  |  | $ | 127,259 |  |  | $ | 350,443 |  |  | $ | 385,590 |
Net sales: |  |  |  |  |  |  |  |
United States |  | $ | 4,070,051 |  |  | $ | 3,893,232 |  |  | $ | 11,915,806 |  |  | $ | 11,577,065 |
Europe |  | 1,020,560 |  |  | 960,030 |  |  | 3,006,535 |  |  | 2,898,666 |
Canada |  | 519,592 |  |  | 501,318 |  |  | 1,530,388 |  |  | 1,505,832 |
Australasia |  | 623,343 |  |  | 592,946 |  |  | 1,762,394 |  |  | 1,669,427 |
Mexico |  | 26,686 |  |  | 22,672 |  |  | 75,603 |  |  | 65,406 |
Total net sales |  | $ | 6,260,232 |  |  | $ | 5,970,198 |  |  | $ | 18,290,726 |  |  | $ | 17,716,396 |
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) |  | 2025 |  | 2024 |  | 2025 |  | 2024
North America: |  |  |  |  |  |  |  |
Automotive |  | $ | 2,484,591 |  |  | $ | 2,390,463 |  |  | $ | 7,193,749 |  |  | $ | 6,939,607 |
Industrial |  | 2,131,738 |  |  | 2,026,759 |  |  | 6,328,048 |  |  | 6,208,696 |
Total North America |  | $ | 4,616,329 |  |  | $ | 4,417,222 |  |  | $ | 13,521,797 |  |  | $ | 13,148,303 |
Australasia: |  |  |  |  |  |  |  |
Automotive |  | $ | 484,637 |  |  | $ | 449,296 |  |  | $ | 1,366,673 |  |  | $ | 1,262,527 |
Industrial |  | 138,706 |  |  | 143,650 |  |  | 395,721 |  |  | 406,900 |
Total Australasia |  | $ | 623,343 |  |  | $ | 592,946 |  |  | $ | 1,762,394 |  |  | $ | 1,669,427 |
Europe – Automotive |  | $ | 1,020,560 |  |  | $ | 960,030 |  |  | $ | 3,006,535 |  |  | $ | 2,898,666 |
Total net sales |  | $ | 6,260,232 |  |  | $ | 5,970,198 |  |  | $ | 18,290,726 |  |  | $ | 17,716,396 |

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- Definition The entire disclosure for reporting segments including data and tables. 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