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Segment Information (Tables) | 6 Months Ended
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Jun. 26, 2021
Segment Reporting [Abstract] |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended June 26, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 711,616 |  |  | $ | 180,040 |  |  | $ | 131,708 |  |  | $ | (10,772) |  |  | $ | 1,012,592 |
Cost of goods sold |  | 558,278 |  |  | 155,399 |  |  | 96,303 |  |  | (10,268) |  |  | 799,712 |
Depreciation and amortization |  | 5,515 |  |  | 1,694 |  |  | 2,753 |  |  | 1,172 |  |  | 11,134 |
Selling, general, and administrative expense |  | 23,315 |  |  | 2,448 |  |  | 7,280 |  |  | 10,889 |  |  | 43,932 |
Operating income |  | 124,508 |  |  | 20,499 |  |  | 25,372 |  |  | (12,565) |  |  | 157,814 |
Interest expense |  |  |  |  |  |  |  |  |  | (1,866) |
Redemption premium |  |  |  |  |  |  |  |  |  | (5,674) |
Other income, net |  |  |  |  |  |  |  |  |  | 683 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 150,957 |
Segment information (continued):
|  | 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 Six Months Ended June 26, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,259,364 |  |  | $ | 344,892 |  |  | $ | 242,734 |  |  | $ | (16,250) |  |  | $ | 1,830,740 |
Cost of goods sold |  | 1,008,632 |  |  | 296,290 |  |  | 180,385 |  |  | (17,177) |  |  | 1,468,130 |
Depreciation and amortization |  | 11,725 |  |  | 3,437 |  |  | 5,382 |  |  | 2,345 |  |  | 22,889 |
Selling, general, and administrative expense |  | 47,401 |  |  | 5,819 |  |  | 14,260 |  |  | 21,887 |  |  | 89,367 |
Operating income |  | 191,606 |  |  | 39,346 |  |  | 42,707 |  |  | (23,305) |  |  | 250,354 |
Interest expense |  |  |  |  |  |  |  |  |  | (6,335) |
Redemption premium |  |  |  |  |  |  |  |  |  | (5,674) |
Other income, net |  |  |  |  |  |  |  |  |  | 1,260 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 239,605 |
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 |
The following table presents total assets attributable to each segment:
(In thousands) |  | June 26, 2021 |  | December 26, 2020
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,222,336 |  |  | $ | 977,937 |
Industrial Metals |  | 173,227 |  |  | 152,683 |
Climate |  | 272,318 |  |  | 258,668 |
General Corporate |  | 121,556 |  |  | 139,280 |
|  | $ | 1,789,437 |  |  | $ | 1,528,568 |
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 26, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 567,092 |  |  | $ | — |  |  | $ | — |  |  | $ | 567,092 |
Brass rod and forgings |  | — |  |  | 142,974 |  |  | — |  |  | 142,974 |
OEM components, tube & assemblies |  | 8,456 |  |  | 12,710 |  |  | 43,449 |  |  | 64,615 |
Valves and plumbing specialties |  | 136,068 |  |  | — |  |  | — |  |  | 136,068 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 88,259 |  |  | 88,259 |
Other |  | — |  |  | 24,356 |  |  | — |  |  | 24,356 |
|  | 711,616 |  |  | 180,040 |  |  | 131,708 |  |  | 1,023,364 |
Intersegment sales |  |  |  |  |  |  |  | (10,772) |
Net sales |  |  |  |  |  |  |  | $ | 1,012,592 |
|  | 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 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 53,176 |  |  | 53,176 |
Other |  | — |  |  | 13,702 |  |  | — |  |  | 13,702 |
|  | 334,040 |  |  | 88,619 |  |  | 86,107 |  |  | 508,766 |
Intersegment sales |  |  |  |  |  |  |  | (8,598) |
Net sales |  |  |  |  |  |  |  | $ | 500,168 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Six Months Ended June 26, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 993,231 |  |  | $ | — |  |  | $ | — |  |  | $ | 993,231 |
Brass rod and forgings |  | — |  |  | 274,236 |  |  | — |  |  | 274,236 |
OEM components, tube & assemblies |  | 17,011 |  |  | 23,743 |  |  | 81,516 |  |  | 122,270 |
Valves and plumbing specialties |  | 249,122 |  |  | — |  |  | — |  |  | 249,122 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 161,218 |  |  | 161,218 |
Other |  | — |  |  | 46,913 |  |  | — |  |  | 46,913 |
|  | 1,259,364 |  |  | 344,892 |  |  | 242,734 |  |  | 1,846,990 |
Intersegment sales |  |  |  |  |  |  |  | (16,250) |
Net sales |  |  |  |  |  |  |  | $ | 1,830,740 |
|  | 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 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 109,875 |  |  |  |  | 109,875 |
Other |  | — |  |  | 34,352 |  |  | — |  |  |  |  | 34,352 |
|  | 719,053 |  |  | 219,821 |  |  | 179,379 |  |  |  |  | 1,118,253 |
Intersegment sales |  |  |  |  |  |  |  |  |  | (15,166) |
Net sales |  |  |  |  |  |  |  |  |  | $ | 1,103,087 |

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