XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.21.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 27, 2021
Segment Reporting [Abstract] |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended March 27, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 547,748 |  |  | $ | 164,852 |  |  | $ | 111,026 |  |  | $ | (5,478) |  |  | $ | 818,148 |
Cost of goods sold |  | 450,354 |  |  | 140,891 |  |  | 84,082 |  |  | (6,909) |  |  | 668,418 |
Depreciation and amortization |  | 6,210 |  |  | 1,743 |  |  | 2,629 |  |  | 1,173 |  |  | 11,755 |
Selling, general, and administrative expense |  | 24,086 |  |  | 3,371 |  |  | 6,980 |  |  | 10,998 |  |  | 45,435 |
Operating income |  | 67,098 |  |  | 18,847 |  |  | 17,335 |  |  | (10,740) |  |  | 92,540 |
Interest expense |  |  |  |  |  |  |  |  |  | (4,469) |
Other income, net |  |  |  |  |  |  |  |  |  | 577 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 88,648 |
Segment information (continued):
|  | For the Quarter Ended March 28, 2020
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 385,013 |  |  | $ | 131,202 |  |  | $ | 93,272 |  |  | $ | (6,568) |  |  | $ | 602,919 |
Cost of goods sold |  | 319,164 |  |  | 114,797 |  |  | 71,093 |  |  | 3,661 |  |  | 508,715 |
Depreciation and amortization |  | 5,699 |  |  | 2,002 |  |  | 2,466 |  |  | 872 |  |  | 11,039 |
Selling, general, and administrative expense |  | 20,439 |  |  | 3,221 |  |  | 6,699 |  |  | 12,393 |  |  | 42,752 |
Asset impairments |  | 3,035 |  |  | — |  |  | — |  |  | — |  |  | 3,035 |
Litigation settlement, net |  | — |  |  | — |  |  | — |  |  | (21,933) |  |  | (21,933) |
Operating income |  | 36,676 |  |  | 11,182 |  |  | 13,014 |  |  | (1,561) |  |  | 59,311 |
Interest expense |  |  |  |  |  |  |  |  |  | (5,379) |
Other income, net |  |  |  |  |  |  |  |  |  | 278 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 54,210 |
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 March 27, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 426,139 |  |  | $ | — |  |  | $ | — |  |  | $ | 426,139 |
Brass rod and forgings |  | — |  |  | 131,262 |  |  | — |  |  | 131,262 |
OEM components, tube & assemblies |  | 8,555 |  |  | 11,033 |  |  | 38,067 |  |  | 57,655 |
Valves and plumbing specialties |  | 113,054 |  |  | — |  |  | — |  |  | 113,054 |
Other |  | — |  |  | 22,557 |  |  | 72,959 |  |  | 95,516 |
|  | 547,748 |  |  | 164,852 |  |  | 111,026 |  |  | 823,626 |
Intersegment sales |  |  |  |  |  |  |  | (5,478) |
Net sales |  |  |  |  |  |  |  | $ | 818,148 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Quarter Ended March 28, 2020
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 302,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 302,129 |
Brass rod and forgings |  | — |  |  | 99,670 |  |  | — |  |  | 99,670 |
OEM components, tube & assemblies |  | 25,295 |  |  | 10,882 |  |  | 36,573 |  |  | 72,750 |
Valves and plumbing specialties |  | 57,589 |  |  | — |  |  | — |  |  | 57,589 |
Other |  | — |  |  | 20,650 |  |  | 56,699 |  |  | 77,349 |
|  | 385,013 |  |  | 131,202 |  |  | 93,272 |  |  | 609,487 |
Intersegment sales |  |  |  |  |  |  |  | (6,568) |
Net sales |  |  |  |  |  |  |  | $ | 602,919 |

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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