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v3.20.2

Segment Information (Tables) | 6 Months Ended
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Jun. 27, 2020
Segment Reporting [Abstract] |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended June 27, 2020 |  |  |  |  |  |  |  |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 334,040 |  |  | $ | 88,619 |  |  | $ | 86,107 |  |  | $ | (8,598) |  |  | $ | 500,168 |
Cost of goods sold |  | 272,271 |  |  | 75,274 |  |  | 64,540 |  |  | (8,926) |  |  | 403,159 |
Depreciation and amortization |  | 5,456 |  |  | 1,995 |  |  | 2,757 |  |  | 889 |  |  | 11,097 |
Selling, general, and administrative expense |  | 15,239 |  |  | 2,477 |  |  | 6,457 |  |  | 9,443 |  |  | 33,616 |
Operating income |  | 41,074 |  |  | 8,873 |  |  | 12,353 |  |  | (10,004) |  |  | 52,296 |
Interest expense |  |  |  |  |  |  |  |  |  | (4,973) |
Other income, net |  |  |  |  |  |  |  |  |  | 2,834 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 50,157 |
|  | For the Quarter Ended June 29, 2019 |  |  |  |  |  |  |  |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 425,865 |  |  | $ | 147,719 |  |  | $ | 96,081 |  |  | $ | (3,271) |  |  | $ | 666,394 |
Cost of goods sold |  | 364,332 |  |  | 127,950 |  |  | 74,849 |  |  | (3,183) |  |  | 563,948 |
Depreciation and amortization |  | 5,652 |  |  | 1,838 |  |  | 2,128 |  |  | 860 |  |  | 10,478 |
Selling, general, and administrative expense |  | 19,985 |  |  | 3,020 |  |  | 6,069 |  |  | 11,372 |  |  | 40,446 |
Operating income |  | 35,896 |  |  | 14,911 |  |  | 13,035 |  |  | (12,320) |  |  | 51,522 |
Interest expense |  |  |  |  |  |  |  |  |  | (7,033) |
Other income, net |  |  |  |  |  |  |  |  |  | 462 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 44,951 |
Segment information (continued):
|  | For the Six Months Ended June 27, 2020 |  |  |  |  |  |  |  |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 719,053 |  |  | $ | 219,821 |  |  | $ | 179,379 |  |  | $ | (15,166) |  |  | $ | 1,103,087 |
Cost of goods sold |  | 591,435 |  |  | 190,071 |  |  | 135,633 |  |  | (5,265) |  |  | 911,874 |
Depreciation and amortization |  | 11,155 |  |  | 3,997 |  |  | 5,223 |  |  | 1,761 |  |  | 22,136 |
Selling, general, and administrative expense |  | 35,678 |  |  | 5,698 |  |  | 13,156 |  |  | 21,836 |  |  | 76,368 |
Asset impairments |  | 3,035 |  |  | — |  |  | — |  |  | — |  |  | 3,035 |
Litigation settlement, net |  | — |  |  | — |  |  | — |  |  | (21,933) |  |  | (21,933) |
Operating income |  | 77,750 |  |  | 20,055 |  |  | 25,367 |  |  | (11,565) |  |  | 111,607 |
Interest expense |  |  |  |  |  |  |  |  |  | (10,352) |
Other income, net |  |  |  |  |  |  |  |  |  | 3,112 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 104,367 |
|  | For the Six Months Ended June 29, 2019 |  |  |  |  |  |  |  |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 802,357 |  |  | $ | 298,594 |  |  | $ | 185,915 |  |  | $ | (8,691) |  |  | $ | 1,278,175 |
Cost of goods sold |  | 689,128 |  |  | 254,649 |  |  | 141,678 |  |  | (10,114) |  |  | 1,075,341 |
Depreciation and amortization |  | 11,202 |  |  | 3,682 |  |  | 4,441 |  |  | 1,708 |  |  | 21,033 |
Selling, general, and administrative expense |  | 37,882 |  |  | 6,165 |  |  | 14,375 |  |  | 22,677 |  |  | 81,099 |
Operating income |  | 64,145 |  |  | 34,098 |  |  | 25,421 |  |  | (22,962) |  |  | 100,702 |
Interest expense |  |  |  |  |  |  |  |  |  | (13,987) |
Other income, net |  |  |  |  |  |  |  |  |  | 290 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 87,005 |
Disaggregation of Revenue From Contracts with Customers | The following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category:
|  | For the Quarter Ended June 27, 2020 |  |  |  |  |  |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 256,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 256,016 |
Brass rod and forgings |  | — |  |  | 64,490 |  |  | — |  |  | 64,490 |
OEM components, tube & assemblies |  | 16,812 |  |  | 10,427 |  |  | 32,931 |  |  | 60,170 |
Valves and plumbing specialties |  | 61,212 |  |  | — |  |  | — |  |  | 61,212 |
Other |  | — |  |  | 13,702 |  |  | 53,176 |  |  | 66,878 |
|  | 334,040 |  |  | 88,619 |  |  | 86,107 |  |  | 508,766 |
Intersegment sales |  |  |  |  |  |  |  | (8,598) |
Net sales |  |  |  |  |  |  |  | $ | 500,168 |
|  | For the Quarter Ended June 29, 2019 |  |  |  |  |  |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 358,473 |  |  | $ | — |  |  | $ | — |  |  | $ | 358,473 |
Brass rod and forgings |  | — |  |  | 114,082 |  |  | — |  |  | 114,082 |
OEM components, tube & assemblies |  | 7,444 |  |  | 12,852 |  |  | 36,965 |  |  | 57,261 |
Valves and plumbing specialties |  | 59,948 |  |  | — |  |  | — |  |  | 59,948 |
Other |  | — |  |  | 20,785 |  |  | 59,116 |  |  | 79,901 |
|  | 425,865 |  |  | 147,719 |  |  | 96,081 |  |  | 669,665 |
Intersegment sales |  |  |  |  |  |  |  | (3,271) |
Net sales |  |  |  |  |  |  |  | $ | 666,394 |
|  | For the Six Months Ended June 27, 2020 |  |  |  |  |  |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 558,145 |  |  | $ | — |  |  | $ | — |  |  | $ | 558,145 |
Brass rod and forgings |  | — |  |  | 164,160 |  |  | — |  |  | 164,160 |
OEM components, tube & assemblies |  | 42,107 |  |  | 21,309 |  |  | 69,504 |  |  | 132,920 |
Valves and plumbing specialties |  | 118,801 |  |  | — |  |  | — |  |  | 118,801 |
Other |  | — |  |  | 34,352 |  |  | 109,875 |  |  | 144,227 |
|  | 719,053 |  |  | 219,821 |  |  | 179,379 |  |  | 1,118,253 |
Intersegment sales |  |  |  |  |  |  |  | (15,166) |
Net sales |  |  |  |  |  |  |  | $ | 1,103,087 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Six Months Ended June 29, 2019 |  |  |  |  |  |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 665,994 |  |  | $ | — |  |  | $ | — |  |  | $ | 665,994 |
Brass rod and forgings |  | — |  |  | 230,006 |  |  | — |  |  | 230,006 |
OEM components, tube & assemblies |  | 14,727 |  |  | 25,889 |  |  | 74,208 |  |  | 114,824 |
Valves and plumbing specialties |  | 121,636 |  |  | — |  |  | — |  |  | 121,636 |
Other |  | — |  |  | 42,699 |  |  | 111,707 |  |  | 154,406 |
|  | 802,357 |  |  | 298,594 |  |  | 185,915 |  |  | 1,286,866 |
Intersegment sales |  |  |  |  |  |  |  | (8,691) |
Net sales |  |  |  |  |  |  |  | $ | 1,278,175 |

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