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Segment Information (Tables) | 9 Months Ended
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Sep. 25, 2021
Segment Reporting [Abstract] |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended September 25, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 688,200 |  |  | $ | 182,245 |  |  | $ | 122,252 |  |  | $ | (10,449) |  |  | $ | 982,248 |
Cost of goods sold |  | 506,703 |  |  | 158,822 |  |  | 89,175 |  |  | (10,435) |  |  | 744,265 |
Depreciation and amortization |  | 5,547 |  |  | 1,661 |  |  | 2,484 |  |  | 1,176 |  |  | 10,868 |
Selling, general, and administrative expense |  | 23,751 |  |  | 2,710 |  |  | 9,521 |  |  | 12,542 |  |  | 48,524 |
Gain on sale of businesses |  | — |  |  | — |  |  | — |  |  | (54,759) |  |  | (54,759) |
Operating income |  | 152,199 |  |  | 19,052 |  |  | 21,072 |  |  | 41,027 |  |  | 233,350 |
Interest expense |  |  |  |  |  |  |  |  |  | (1,116) |
Other (expense) income, net |  |  |  |  |  |  |  |  |  | (2,548) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 229,686 |
|  | For the Quarter Ended September 26, 2020
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 409,414 |  |  | $ | 118,831 |  |  | $ | 97,604 |  |  | $ | (6,744) |  |  | $ | 619,105 |
Cost of goods sold |  | 339,904 |  |  | 95,717 |  |  | 70,450 |  |  | (5,291) |  |  | 500,780 |
Depreciation and amortization |  | 5,362 |  |  | 1,774 |  |  | 2,547 |  |  | 1,069 |  |  | 10,752 |
Selling, general, and administrative expense |  | 19,285 |  |  | 2,992 |  |  | 6,451 |  |  | 9,618 |  |  | 38,346 |
Operating income |  | 44,863 |  |  | 18,348 |  |  | 18,156 |  |  | (12,140) |  |  | 69,227 |
Interest expense |  |  |  |  |  |  |  |  |  | (4,885) |
Other income, net |  |  |  |  |  |  |  |  |  | 522 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 64,864 |
Segment information (continued):
|  | For the Nine Months Ended September 25, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,947,564 |  |  | $ | 527,137 |  |  | $ | 364,986 |  |  | $ | (26,699) |  |  | $ | 2,812,988 |
Cost of goods sold |  | 1,515,335 |  |  | 455,112 |  |  | 269,560 |  |  | (27,612) |  |  | 2,212,395 |
Depreciation and amortization |  | 17,272 |  |  | 5,098 |  |  | 7,866 |  |  | 3,521 |  |  | 33,757 |
Selling, general, and administrative expense |  | 71,152 |  |  | 8,529 |  |  | 23,781 |  |  | 34,429 |  |  | 137,891 |
Gain on sale of businesses |  | — |  |  | — |  |  | — |  |  | (54,759) |  |  | (54,759) |
Operating income |  | 343,805 |  |  | 58,398 |  |  | 63,779 |  |  | 17,722 |  |  | 483,704 |
Interest expense |  |  |  |  |  |  |  |  |  | (7,451) |
Redemption premium |  |  |  |  |  |  |  |  |  | (5,674) |
Other income, net |  |  |  |  |  |  |  |  |  | (1,288) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 469,291 |
|  | For the Nine Months Ended September 26, 2020
( In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,128,467 |  |  | $ | 338,652 |  |  | $ | 276,983 |  |  | $ | (21,910) |  |  | $ | 1,722,192 |
Cost of goods sold |  | 931,339 |  |  | 285,788 |  |  | 206,083 |  |  | (10,556) |  |  | 1,412,654 |
Depreciation and amortization |  | 16,517 |  |  | 5,771 |  |  | 7,770 |  |  | 2,830 |  |  | 32,888 |
Selling, general, and administrative expense |  | 57,998 |  |  | 8,690 |  |  | 19,607 |  |  | 31,454 |  |  | 117,749 |
Litigation settlement, net |  | — |  |  | — |  |  | — |  |  | (21,933) |  |  | (21,933) |
Operating income |  | 122,613 |  |  | 38,403 |  |  | 43,523 |  |  | (23,705) |  |  | 180,834 |
Interest expense |  |  |  |  |  |  |  |  |  | (15,237) |
Other income, net |  |  |  |  |  |  |  |  |  | 3,634 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 169,231 |
The following table presents total assets attributable to each segment:
(In thousands) |  | September 25, 2021 |  | December 26, 2020
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,142,523 |  |  | $ | 977,937 |
Industrial Metals |  | 186,040 |  |  | 152,683 |
Climate |  | 244,603 |  |  | 258,668 |
General Corporate |  | 155,371 |  |  | 139,280 |
|  | $ | 1,728,537 |  |  | $ | 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 September 25, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 555,161 |  |  | $ | — |  |  | $ | — |  |  | $ | 555,161 |
Brass rod and forgings |  | — |  |  | 143,788 |  |  | — |  |  | 143,788 |
OEM components, tube & assemblies |  | 6,943 |  |  | 12,076 |  |  | 29,627 |  |  | 48,646 |
Valves and plumbing specialties |  | 126,096 |  |  | — |  |  | — |  |  | 126,096 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 92,625 |  |  | 92,625 |
Other |  | — |  |  | 26,381 |  |  | — |  |  | 26,381 |
|  | 688,200 |  |  | 182,245 |  |  | 122,252 |  |  | 992,697 |
Intersegment sales |  |  |  |  |  |  |  | (10,449) |
Net sales |  |  |  |  |  |  |  | $ | 982,248 |
|  | For the Quarter Ended September 26, 2020
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 320,619 |  |  | $ | — |  |  | $ | — |  |  | $ | 320,619 |
Brass rod and forgings |  | — |  |  | 89,487 |  |  | — |  |  | 89,487 |
OEM components, tube & assemblies |  | 7,402 |  |  | 11,215 |  |  | 35,957 |  |  | 54,574 |
Valves and plumbing specialties |  | 81,393 |  |  | — |  |  | — |  |  | 81,393 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 61,647 |  |  | 61,647 |
Other |  | — |  |  | 18,129 |  |  | — |  |  | 18,129 |
|  | 409,414 |  |  | 118,831 |  |  | 97,604 |  |  | 625,849 |
Intersegment sales |  |  |  |  |  |  |  | (6,744) |
Net sales |  |  |  |  |  |  |  | $ | 619,105 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Nine Months Ended September 25, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 1,548,392 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,548,392 |
Brass rod and forgings |  | — |  |  | 418,024 |  |  | — |  |  | 418,024 |
OEM components, tube & assemblies |  | 23,954 |  |  | 35,819 |  |  | 111,143 |  |  | 170,916 |
Valves and plumbing specialties |  | 375,218 |  |  | — |  |  | — |  |  | 375,218 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 253,843 |  |  | 253,843 |
Other |  | — |  |  | 73,294 |  |  | — |  |  | 73,294 |
|  | 1,947,564 |  |  | 527,137 |  |  | 364,986 |  |  | 2,839,687 |
Intersegment sales |  |  |  |  |  |  |  | (26,699) |
Net sales |  |  |  |  |  |  |  | $ | 2,812,988 |
|  | For the Nine Months Ended September 26, 2020
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  |  |  | Total
Tube and fittings |  | 878,764 |  |  | — |  |  | — |  |  |  |  | 878,764 |
Brass rod and forgings |  | — |  |  | 253,647 |  |  | — |  |  |  |  | 253,647 |
OEM components, tube & assemblies |  | 49,509 |  |  | 32,524 |  |  | 105,461 |  |  |  |  | 187,494 |
Valves and plumbing specialties |  | 200,194 |  |  | — |  |  | — |  |  |  |  | 200,194 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 171,522 |  |  |  |  | 171,522 |
Other |  | — |  |  | 52,481 |  |  | — |  |  |  |  | 52,481 |
|  | 1,128,467 |  |  | 338,652 |  |  | 276,983 |  |  |  |  | 1,744,102 |
Intersegment sales |  |  |  |  |  |  |  |  |  | (21,910) |
Net sales |  |  |  |  |  |  |  |  |  | $ | 1,722,192 |

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