| Schedule of net sales and operating results by segment |
The following tables set forth our net sales and operating results by segment, in thousands:
|
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|
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Three Months Ended September 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
Net Sales |
|
Operating Profit (c) |
Operations by segment (a): |
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|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
856,350 |
|
$ |
821,673 |
|
$ |
172,243 |
|
$ |
175,218 |
Specialty Distribution |
|
|
600,387 |
|
|
571,009 |
|
|
94,911 |
|
|
88,269 |
Intercompany eliminations (b) |
|
|
(83,469) |
|
|
(66,562) |
|
|
(13,476) |
|
|
(11,501) |
Total |
|
$ |
1,373,268 |
|
$ |
1,326,120 |
|
|
253,678 |
|
|
251,986 |
General corporate expense, net (d) |
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|
|
|
|
|
|
|
(9,685) |
|
|
(14,494) |
Operating profit, as reported |
|
|
|
|
|
|
|
|
243,993 |
|
|
237,492 |
Other expense, net |
|
|
|
|
|
|
|
|
(16,094) |
|
|
(12,815) |
Income before income taxes |
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|
|
|
|
|
|
$ |
227,899 |
|
$ |
224,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
Net Sales |
|
Operating Profit (c) |
Operations by segment (a): |
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
2,506,076 |
|
$ |
2,397,818 |
|
$ |
499,717 |
|
$ |
494,394 |
Specialty Distribution |
|
|
1,739,007 |
|
|
1,703,871 |
|
|
261,862 |
|
|
247,583 |
Intercompany eliminations (b) |
|
|
(227,486) |
|
|
(193,069) |
|
|
(37,076) |
|
|
(32,672) |
Total |
|
$ |
4,017,597 |
|
$ |
3,908,620 |
|
|
724,503 |
|
|
709,305 |
General corporate expense, net (d) |
|
|
|
|
|
|
|
|
(55,610) |
|
|
(35,280) |
Operating profit, as reported |
|
|
|
|
|
|
|
|
668,893 |
|
|
674,025 |
Other expense, net |
|
|
|
|
|
|
|
|
(30,824) |
|
|
(42,885) |
Income before income taxes |
|
|
|
|
|
|
|
$ |
638,069 |
|
$ |
631,140 |
| (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).
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