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Industry Segment and Geographic Data | 12 Months Ended
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Dec. 31, 2022
Industry Segment and Geographic Data [Abstract] |
Industry Segment and Geographic Data | 21. Industry Segment and Geographic Data We have two major reportable operating segments, each of which focuses on a specific line of automotive parts in the automotive aftermarket with a complementary focus on the non-aftermarket, industrial equipment and original equipment service markets. Our Engine Management Segment manufactures and remanufactures ignition and emission parts, ignition wires, battery cables, fuel system parts and sensors for vehicle systems. Our Temperature Control Segment manufactures and remanufactures air conditioning compressors, air conditioning and heating parts, engine cooling system parts, power window accessories and windshield washer system parts. The accounting policies of each segment are the same as those described in the summary of significant accounting policies (see Note 1). The following tables contain financial information for each reportable segment (in thousands):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Net sales (a): |  |  |  |  |  |  |  |  |
Engine Management |  | $ | 975,243 |  |  | $ | 937,936 |  |  | $ | 835,685 |
Temperature Control |  |  | 382,285 |  |  |  | 348,423 |  |  |  | 281,954 |
Other |  |  | 14,287 |  |  |  | 12,457 |  |  |  | 10,949 |
Total net sales |  | $ | 1,371,815 |  |  | $ | 1,298,816 |  |  | $ | 1,128,588 |
Intersegment sales (a): |  |  |  |  |  |  |  |  |  |  |  |
Engine Management |  | $ | 22,845 |  |  | $ | 23,599 |  |  | $ | 15,952 |
Temperature Control |  |  | 9,728 |  |  |  | 9,024 |  |  |  | 6,162 |
Other |  |  | (32,573 | ) |  |  | (32,623 | ) |  |  | (22,114 | )
Total intersegment sales |  | $ | — |  |  | $ | — |  |  | $ | — |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Engine Management |  | $ | 23,289 |  |  | $ | 21,881 |  |  | $ | 20,417 |
Temperature Control |  |  | 3,266 |  |  |  | 3,626 |  |  |  | 4,035 |
Other |  |  | 1,743 |  |  |  | 1,736 |  |  |  | 1,871 |
Total depreciation and amortization |  | $ | 28,298 |  |  | $ | 27,243 |  |  | $ | 26,323 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Engine Management |  | $ | 91,047 |  |  | $ | 117,367 |  |  | $ | 111,217 |
Temperature Control |  |  | 31,712 |  |  |  | 36,997 |  |  |  | 21,296 |
Other |  |  | (18,624 | ) |  |  | (25,365 | ) |  |  | (23,618 | )
Total operating income |  | $ | 104,135 |  |  | $ | 128,999 |  |  | $ | 108,895 |
Investment in unconsolidated affiliates: |  |  |  |  |  |  |  |  |  |  |  |
Engine Management |  | $ | 2,490 |  |  | $ | 2,729 |  |  | $ | 2,428 |
Temperature Control |  |  | 39,255 |  |  |  | 41,358 |  |  |  | 38,079 |
Other |  |  | — |  |  |  | — |  |  |  | — |
Total investment in unconsolidated affiliates |  | $ | 41,745 |  |  | $ | 44,087 |  |  | $ | 40,507 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Engine Management |  | $ | 19,306 |  |  | $ | 21,922 |  |  | $ | 13,496 |
Temperature Control |  |  | 4,502 |  |  |  | 2,586 |  |  |  | 1,988 |
Other |  |  | 2,148 |  |  |  | 1,367 |  |  |  | 2,336 |
Total capital expenditures |  | $ | 25,956 |  |  | $ | 25,875 |  |  | $ | 17,820 |
Total assets: |  |  |  |  |  |  |  |  |  |  |  |
Engine Management |  | $ | 867,433 |  |  | $ | 845,767 |  |  | $ | 618,210 |
Temperature Control |  |  | 283,086 |  |  |  | 257,114 |  |  |  | 230,111 |
Other |  |  | 104,410 |  |  |  | 95,080 |  |  |  | 108,219 |
Total assets |  | $ | 1,254,929 |  |  | $ | 1,197,961 |  |  | $ | 956,540 |
| (a) | Segment net sales include intersegment sales in our Engine Management and Temperature Control segments.
Other consists of the elimination of intersegment sales from our Engine Management and Temperature Control segments, as well as items pertaining to our Canadian business unit that does not meet the criteria of a reportable operating segment and our corporate headquarters function. Reconciliation of segment operating income to net earnings:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (In thousands) |
Operating income |  | $ | 104,135 |  |  | $ | 128,999 |  |  | $ | 108,895 |
Other non-operating income, net |  |  | 4,814 |  |  |  | 3,494 |  |  |  | 812 |
Interest expense |  |  | 10,617 |  |  |  | 2,028 |  |  |  | 2,328 |
Earnings from continuing operations before income taxes |  |  | 98,332 |  |  |  | 130,465 |  |  |  | 107,379 |
Provision for income taxes |  |  | 25,206 |  |  |  | 31,044 |  |  |  | 26,962 |
Earnings from continuing operations |  |  | 73,126 |  |  |  | 99,421 |  |  |  | 80,417 |
Discontinued operations, net of tax |  |  | (17,691 | ) |  |  | (8,467 | ) |  |  | (23,024 | )
Net earnings |  | $ | 55,435 |  |  | $ | 90,954 |  |  | $ | 57,393 |
|  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Long-lived assets (a): |  | (In thousands) |
United States |  | $ | 326,199 |  |  | $ | 315,983 |  |  | $ | 241,053 |
Asia |  |  | 76,766 |  |  |  | 80,175 |  |  |  | 40,621 |
Europe |  |  | 38,351 |  |  |  | 37,892 |  |  |  | 16,504 |
Mexico |  |  | 10,355 |  |  |  | 12,119 |  |  |  | 10,586 |
Canada |  |  | 7,161 |  |  |  | 4,461 |  |  |  | 4,470 |
Total long-lived assets |  | $ | 458,832 |  |  | $ | 450,630 |  |  | $ | 313,234 |
| (a) | Long-lived assets are attributed to countries based upon the location of the assets.
Our three largest individual customers accounted for approximately 59% of our consolidated net sales in 2022. During 2022, O’Reilly, AutoZone and NAPA accounted for 27%, 17% and 15% of our consolidated net sales, respectively. Net sales from each of the customers were reported in both our Engine Management and Temperature Control Segments. The loss of one or more of these customers or, a significant reduction in purchases of our products from any one of them could have a material adverse impact on our business, financial condition and results of operations. In addition, any consolidation among our key customers may further increase our customer concentration risk. For the disaggregation of our net sales from customers by geographic area, major product group and major sales channels for each of our segments, see Note 22, “Net Sales.” Beginning in the first quarter of 2023, our business will be organized into three operating segments – Engineered Solutions, Vehicle Control and Temperature Control. This change in operating segments will better align our operating segments with our strategic focus on diversification, and provide greater transparency into how we are positioned to capture growth opportunities of the future. The change will also better reflect the impact of our recent acquisitions.

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