Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.24.2.u1
Segment Information (Tables)
6 Months Ended
Jun. 30, 2024
Segment Information  
Schedule of net sales and operating results by segment

The following tables set forth our net sales and operating results by segment, in thousands:

Three Months Ended June 30, 

2024

2023

2024

2023

Net Sales

Operating Profit (c)

Operations by segment (a):

Installation

$

850,983

$

809,055

$

170,718

$

172,278

Specialty Distribution

592,826

574,488

89,373

85,980

Intercompany eliminations (b)

(78,197)

(66,281)

(12,840)

(11,198)

Total

$

1,365,612

$

1,317,262

247,251

247,060

General corporate expense, net (d)

(36,859)

(9,957)

Operating profit, as reported

210,392

237,103

Other expense, net

(7,218)

(13,953)

Income before income taxes

$

203,174

$

223,150

Six Months Ended June 30, 

2024

2023

2024

2023

Net Sales

Operating Profit (c)

Operations by segment (a):

Installation

$

1,649,726

$

1,576,145

$

327,475

$

319,176

Specialty Distribution

1,138,620

1,132,862

166,951

159,313

Intercompany eliminations (b)

(144,017)

(126,507)

(23,600)

(21,169)

Total

$

2,644,329

$

2,582,500

470,826

457,320

General corporate expense, net (d)

(45,926)

(20,786)

Operating profit, as reported

424,900

436,534

Other expense, net

(14,731)

(30,069)

Income before income taxes

$

410,169

$

406,465

(a) All of our operations are located primarily in the U.S. and to a lesser extent Canada.
(b) Intercompany net sales and operating profit resulted from sales made by Specialty Distribution to Installation which are eliminated in consolidation.
(c) Segment operating profit includes an allocation of general corporate expenses attributable to the operating segments which is based on direct benefit or usage (such as salaries of corporate employees who directly support the segment).
(d) General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs.  In our second quarter of 2024, we incurred an acquisition termination fee of $23.0 million (see Note 12. Business Combinations).