XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Segment Information | 9 Months Ended
--- | ---
Sep. 29, 2018
Segment Reporting [Abstract] |
Segment Information | Segment Information Each of the Company’s reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows: Piping Systems Piping Systems is composed of the following operating segments: Domestic Piping Systems Group, Great Lakes Copper, Heatlink Group, Die-Mold, European Operations, Trading Group, and Jungwoo-Mueller (the Company’s South Korean joint venture). The Domestic Piping Systems Group manufactures copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Outside the U.S., Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada, Heatlink Group produces a complete line of products for PEX plumbing and radiant systems in Canada and sells these products in Canada and the U.S., Die-Mold manufactures PEX and other plumbing-related fittings and plastic injection tooling in Canada and sells these products in Canada and the U.S., and the European Operations manufacture copper tube in the U.K. which is sold primarily in Europe. The Trading Group manufactures pipe nipples and imports and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products in the U.S. and Mexico. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. The Piping Systems segment’s products are sold primarily to plumbing, refrigeration, and air-conditioning wholesalers, hardware wholesalers and co-ops, building product retailers, and air-conditioning original equipment manufacturers (OEMs). Industrial Metals Industrial Metals is composed of the following operating segments: Brass Rod & Copper Bar Products, Impacts & Micro Gauge, and Brass Value-Added Products. These businesses manufacture brass rod, impact extrusions, and forgings, as well as a wide variety of end products including plumbing brass, automotive components, valves, fittings, and gas assemblies. These products are manufactured in the U.S. and sold primarily to OEMs in the U.S., many of which are in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, and energy markets. Climate Climate is composed of the following operating segments: Refrigeration Products, Fabricated Tube Products, Westermeyer, Turbotec, and ATCO. These domestic businesses manufacture and fabricate valves, assemblies, high pressure components, coaxial heat exchangers, and insulated HVAC flexible duct systems primarily for the heating, ventilation, air-conditioning, and refrigeration markets in the U.S. Summarized segment information is as follows:
|  | For the Quarter Ended September 29, 2018
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 410,525 |  |  | $ | 158,709 |  |  | $ | 81,619 |  |  | $ | (4,895 | ) |  | $ | 645,958 |
Cost of goods sold |  | 363,174 |  |  | 141,435 |  |  | 66,832 |  |  | (4,485 | ) |  | 566,956 |
Depreciation and amortization |  | 5,946 |  |  | 1,864 |  |  | 2,123 |  |  | 686 |  |  | 10,619 |
Selling, general, and administrative expense |  | 17,387 |  |  | 3,086 |  |  | 6,890 |  |  | 11,526 |  |  | 38,889 |
(Gain) loss on sale of assets |  | (1,390 | ) |  | (1,301 | ) |  | — |  |  | — |  |  | (2,691 | )
Insurance recovery |  | — |  |  | (1,486 | ) |  | — |  |  | — |  |  | (1,486 | )
Operating income |  | 25,408 |  |  | 15,111 |  |  | 5,774 |  |  | (12,622 | ) |  | 33,671 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,746 | )
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  |  |  | 411 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 27,336 |
|  | For the Quarter Ended September 30, 2017
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 384,078 |  |  | $ | 147,578 |  |  | $ | 32,488 |  |  | $ | (13,781 | ) |  | $ | 550,363 |
Cost of goods sold |  | 340,191 |  |  | 120,021 |  |  | 24,111 |  |  | (13,061 | ) |  | 471,262 |
Depreciation and amortization |  | 5,290 |  |  | 1,845 |  |  | 636 |  |  | 495 |  |  | 8,266 |
Selling, general, and administrative expense |  | 17,516 |  |  | 3,014 |  |  | 2,312 |  |  | 10,372 |  |  | 33,214 |
(Gain) loss on sale of assets |  | 140 |  |  | — |  |  | — |  |  | — |  |  | 140 |
Operating income |  | 20,941 |  |  | 22,698 |  |  | 5,429 |  |  | (11,587 | ) |  | 37,481 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,237 | )
Other loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (380 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 31,864 |
Segment information (continued):
|  | For the Nine Months Ended September 29, 2018
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,294,672 |  |  | $ | 511,932 |  |  | $ | 156,854 |  |  | $ | (14,667 | ) |  | $ | 1,948,791 |
Cost of goods sold |  | 1,120,890 |  |  | 445,259 |  |  | 124,806 |  |  | (14,509 | ) |  | 1,676,446 |
Depreciation and amortization |  | 17,568 |  |  | 5,715 |  |  | 3,371 |  |  | 2,427 |  |  | 29,081 |
Selling, general, and administrative expense |  | 57,931 |  |  | 9,908 |  |  | 12,009 |  |  | 32,229 |  |  | 112,077 |
(Gain) loss on sale of assets |  | (2,093 | ) |  | (1,301 | ) |  | — |  |  | 3,060 |  |  | (334 | )
Insurance recovery |  | — |  |  | (1,486 | ) |  | — |  |  | — |  |  | (1,486 | )
Operating income |  | 100,376 |  |  | 53,837 |  |  | 16,668 |  |  | (37,874 | ) |  | 133,007 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  | (18,728 | )
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,557 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 115,836 |
|  | For the Nine Months Ended September 30, 2017
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,205,697 |  |  | $ | 451,919 |  |  | $ | 103,403 |  |  | $ | (18,470 | ) |  | $ | 1,742,549 |
Cost of goods sold |  | 1,049,098 |  |  | 377,036 |  |  | 77,124 |  |  | (19,258 | ) |  | 1,484,000 |
Depreciation and amortization |  | 16,223 |  |  | 5,647 |  |  | 1,880 |  |  | 1,466 |  |  | 25,216 |
Selling, general, and administrative expense |  | 55,133 |  |  | 9,802 |  |  | 7,244 |  |  | 32,497 |  |  | 104,676 |
Asset impairments |  | 411 |  |  | — |  |  | — |  |  | — |  |  | 411 |
(Gain) loss on sale of assets |  | (1,491 | ) |  | — |  |  | — |  |  | — |  |  | (1,491 | )
Operating income |  | 86,323 |  |  | 59,434 |  |  | 17,155 |  |  | (33,175 | ) |  | 129,737 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,210 | )
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  | 556 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 116,083 |
The following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category:
|  | For the Quarter Ended September 29, 2018
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 340,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 340,269 |
Brass rod and forgings |  | — |  |  | 122,411 |  |  | — |  |  | 122,411 |
OEM components, tube & assemblies |  | 7,618 |  |  | 12,292 |  |  | 35,555 |  |  | 55,465 |
Valves and plumbing specialties |  | 62,638 |  |  | — |  |  | — |  |  | 62,638 |
Other |  | — |  |  | 24,006 |  |  | 46,064 |  |  | 70,070 |
|  | 410,525 |  |  | 158,709 |  |  | 81,619 |  |  | 650,853 |
Intersegment sales |  |  |  |  |  |  |  | (4,895 | )
Net sales |  |  |  |  |  |  |  | $ | 645,958 |
|  | For the Quarter Ended September 30, 2017
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 319,115 |  |  | $ | — |  |  | $ | — |  |  | $ | 319,115 |
Brass rod and forgings |  | — |  |  | 112,592 |  |  | — |  |  | 112,592 |
OEM components, tube & assemblies |  | 6,962 |  |  | 13,051 |  |  | 32,488 |  |  | 52,501 |
Valves and plumbing specialties |  | 58,001 |  |  | — |  |  | — |  |  | 58,001 |
Other |  | — |  |  | 21,935 |  |  | — |  |  | 21,935 |
|  | 384,078 |  |  | 147,578 |  |  | 32,488 |  |  | 564,144 |
Intersegment sales |  |  |  |  |  |  |  | (13,781 | )
Net sales |  |  |  |  |  |  |  | $ | 550,363 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Nine Months Ended September 29, 2018
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 1,077,525 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,077,525 |
Brass rod and forgings |  | — |  |  | 394,880 |  |  | — |  |  | 394,880 |
OEM components, tube & assemblies |  | 22,128 |  |  | 41,956 |  |  | 110,790 |  |  | 174,874 |
Valves and plumbing specialties |  | 195,019 |  |  | — |  |  | — |  |  | 195,019 |
Other |  | — |  |  | 75,096 |  |  | 46,064 |  |  | 121,160 |
|  | 1,294,672 |  |  | 511,932 |  |  | 156,854 |  |  | 1,963,458 |
Intersegment sales |  |  |  |  |  |  |  | (14,667 | )
Net sales |  |  |  |  |  |  |  | $ | 1,948,791 |
|  | For the Nine Months Ended September 30, 2017
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 945,914 |  |  | $ | — |  |  | $ | — |  |  | $ | 945,914 |
Brass rod and forgings |  | — |  |  | 346,555 |  |  | — |  |  | 346,555 |
OEM components, tube & assemblies |  | 86,642 |  |  | 39,153 |  |  | 103,403 |  |  | 229,198 |
Valves and plumbing specialties |  | 173,141 |  |  | — |  |  | — |  |  | 173,141 |
Other |  | — |  |  | 66,211 |  |  | — |  |  | 66,211 |
|  | 1,205,697 |  |  | 451,919 |  |  | 103,403 |  |  | 1,761,019 |
Intersegment sales |  |  |  |  |  |  |  | (18,470 | )
Net sales |  |  |  |  |  |  |  | $ | 1,742,549 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration