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Industry Segment and Geographic Data | 12 Months Ended
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Dec. 31, 2023
Industry Segment and Geographic Data [Abstract] |
Industry Segment and Geographic Data | 21. Industry Segment and Geographic Data Beginning on January 1, 2023, we reorganized our business into three operating segments – Vehicle Control, Temperature Control and Engineered Solutions. The new operating segment structure better aligns our operations with our strategic focus on diversifying our business, provides greater transparency into our positioning to capture opportunities for growth in the future, and provides clarity regarding the unique dynamics and margin profiles of the markets served by each segment. Vehicle Control is the new name for our Engine Management operating segment. It includes our core automotive aftermarket business after carving out all non-aftermarket business to our Engineered Solutions operating segment. The Vehicle Control operating segment includes sales from ignition, emissions and fuel delivery, electrical and safety, and wire sets and other product categories. Temperature Control is our ongoing automotive aftermarket operating segment, after the carve out of all non-aftermarket business to our Engineered Solutions operating segment. Temperature Control derives its sales from air conditioning system components and other thermal product categories. Our Temperature Control operating segment is poised to benefit from the broader adoption of more complex air conditioning systems that will provide passenger comfort regardless of the vehicle’s powertrain. Engineered Solutions is a new operating segment created by carving out all non-aftermarket business from our prior Engine Management and Temperature Control operating segments. Our Engineered Solutions segment supplies custom-engineered solutions to vehicle and equipment manufacturers in highly diversified global end-markets such as commercial and light vehicles, construction, agriculture, power sports and marine. 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 operating segment (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Net sales (a): |  |  |  |  |  |  |  |  |
Vehicle Control |  | $ | 737,932 |  |  | $ | 750,571 |  |  | $ | 737,431 |
Temperature Control |  |  | 337,754 |  |  |  | 351,237 |  |  |  | 324,080 |
Engineered Solutions |  |  | 282,586 |  |  |  | 270,007 |  |  |  | 237,305 |
Other |  |  | — |  |  |  | — |  |  |  | — |
Total net sales |  | $ | 1,358,272 |  |  | $ | 1,371,815 |  |  | $ | 1,298,816 |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Vehicle Control |  | $ | 13,877 |  |  | $ | 14,075 |  |  | $ | 14,840 |
Temperature Control |  |  | 3,424 |  |  |  | 2,973 |  |  |  | 3,345 |
Engineered Solutions |  |  | 9,966 |  |  |  | 9,557 |  |  |  | 7,390 |
Other |  |  | 1,755 |  |  |  | 1,693 |  |  |  | 1,668 |
Total depreciation and amortization |  | $ | 29,022 |  |  | $ | 28,298 |  |  | $ | 27,243 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Vehicle Control |  | $ | 71,327 |  |  | $ | 74,153 |  |  | $ | 97,029 |
Temperature Control |  |  | 17,343 |  |  |  | 26,459 |  |  |  | 30,077 |
Engineered Solutions |  |  | 19,944 |  |  |  | 18,713 |  |  |  | 19,982 |
Other |  |  | (15,937 | ) |  |  | (15,190 | ) |  |  | (18,089 | )
Total operating income |  | $ | 92,677 |  |  | $ | 104,135 |  |  | $ | 128,999 |
Investment in unconsolidated affiliates: |  |  |  |  |  |  |  |  |  |  |  |
Vehicle Control |  | $ | 2,496 |  |  | $ | 2,490 |  |  | $ | 2,729 |
Temperature Control |  |  | 19,711 |  |  |  | 27,557 |  |  |  | 28,518 |
Engineered Solutions |  |  | 1,843 |  |  |  | 11,698 |  |  |  | 12,840 |
Other |  |  | — |  |  |  | — |  |  |  | — |
Total investment in unconsolidated affiliates |  | $ | 24,050 |  |  | $ | 41,745 |  |  | $ | 44,087 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Vehicle Control |  | $ | 13,955 |  |  | $ | 13,378 |  |  | $ | 17,048 |
Temperature Control |  |  | 1,899 |  |  |  | 3,973 |  |  |  | 2,130 |
Engineered Solutions |  |  | 12,095 |  |  |  | 6,489 |  |  |  | 5,354 |
Other |  |  | 684 |  |  |  | 2,116 |  |  |  | 1,343 |
Total capital expenditures |  | $ | 28,633 |  |  | $ | 25,956 |  |  | $ | 25,875 |
Total assets: |  |  |  |  |  |  |  |  |  |  |  |
Vehicle Control |  | $ | 620,569 |  |  | $ | 618,789 |  |  | $ | 604,016 |
Temperature Control |  |  | 274,657 |  |  |  | 254,137 |  |  |  | 234,771 |
Engineered Solutions |  |  | 292,080 |  |  |  | 289,518 |  |  |  | 272,791 |
Other |  |  | 105,741 |  |  |  | 92,485 |  |  |  | 86,383 |
Total assets |  | $ | 1,293,047 |  |  | $ | 1,254,929 |  |  | $ | 1,197,961 |
(a) | There are no intersegment sales among our Vehicle Control, Temperature Control and Engineered Solutions operating segments.
Other consists of financial information related to the activities of our corporate headquarters function. Reconciliation of segment operating income to net earnings:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Operating income |  | $ | 92,677 |  |  | $ | 104,135 |  |  | $ | 128,999 |
Other non-operating income, net |  |  | 2,326 |  |  |  | 4,814 |  |  |  | 3,494 |
Interest expense |  |  | 13,287 |  |  |  | 10,617 |  |  |  | 2,028 |
Earnings from continuing operations before income taxes |  |  | 81,716 |  |  |  | 98,332 |  |  |  | 130,465 |
Provision for income taxes |  |  | 18,368 |  |  |  | 25,206 |  |  |  | 31,044 |
Earnings from continuing operations |  |  | 63,348 |  |  |  | 73,126 |  |  |  | 99,421 |
Discontinued operations, net of tax |  |  | (28,996 | ) |  |  | (17,691 | ) |  |  | (8,467 | )
Net earnings |  | $ | 34,352 |  |  | $ | 55,435 |  |  | $ | 90,954 |
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Long-lived assets (a): |  | (In thousands) |
United States |  | $ | 368,792 |  |  | $ | 326,199 |  |  | $ | 315,983 |
Asia |  |  | 75,869 |  |  |  | 76,766 |  |  |  | 80,175 |
Europe |  |  | 44,517 |  |  |  | 38,351 |  |  |  | 37,892 |
Mexico |  |  | 13,262 |  |  |  | 10,355 |  |  |  | 12,119 |
Canada |  |  | 5,851 |  |  |  | 7,161 |  |  |  | 4,461 |
Total long-lived assets |  | $ | 508,291 |  |  | $ | 458,832 |  |  | $ | 450,630 |
(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 2023. During 2023, O’Reilly Auto Parts, AutoZone and NAPA accounted for 29%, 16% and 14% of our consolidated net sales, respectively. Net sales from each of the customers were reported in our Vehicle Control 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 major product group and geographic area within each of our operating segments, see Note 22, “Net Sales.”

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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