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v3.22.0.1

Segment Information (Tables) | 12 Months Ended
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Dec. 25, 2021
Segment Reporting [Abstract] |
Net sales by Major Product Line | The following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category:
|  | For the Year Ended December 25, 2021
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 2,055,639 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,055,639 |
Brass rod and forgings |  | — |  |  | 565,870 |  |  | — |  |  | 565,870 |
OEM components, tube & assemblies |  | 32,557 |  |  | 48,572 |  |  | 137,564 |  |  | 218,693 |
Valves and plumbing specialties |  | 511,834 |  |  | — |  |  | — |  |  | 511,834 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 357,850 |  |  | 357,850 |
Other |  | — |  |  | 88,921 |  |  | — |  |  | 88,921 |
|  | $ | 2,600,030 |  |  | $ | 703,363 |  |  | $ | 495,414 |  |  | $ | 3,798,807 |
Intersegment sales |  |  |  |  |  |  |  | (29,462) |
Net sales |  |  |  |  |  |  |  | $ | 3,769,345 |
|  | For the Year Ended December 26, 2020
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 1,232,724 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,232,724 |
Brass rod and forgings |  | — |  |  | 356,547 |  |  | — |  |  | 356,547 |
OEM components, tube & assemblies |  | 56,176 |  |  | 42,127 |  |  | 138,551 |  |  | 236,854 |
Valves and plumbing specialties |  | 294,102 |  |  | — |  |  | — |  |  | 294,102 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 231,580 |  |  | 231,580 |
Other |  | — |  |  | 73,485 |  |  | — |  |  | 73,485 |
|  | $ | 1,583,002 |  |  | $ | 472,159 |  |  | $ | 370,131 |  |  | $ | 2,425,292 |
Intersegment sales |  |  |  |  |  |  |  | (27,249) |
Net sales |  |  |  |  |  |  |  | $ | 2,398,043 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Year Ended December 28, 2019
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 1,271,558 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,271,558 |
Brass rod and forgings |  | — |  |  | 425,573 |  |  | — |  |  | 425,573 |
OEM components, tube & assemblies |  | 29,103 |  |  | 48,104 |  |  | 133,651 |  |  | 210,858 |
Valves and plumbing specialties |  | 241,795 |  |  | — |  |  | — |  |  | 241,795 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 222,565 |  |  | 222,565 |
Other |  | — |  |  | 80,695 |  |  | — |  |  | 80,695 |
|  | $ | 1,542,456 |  |  | $ | 554,372 |  |  | $ | 356,216 |  |  | $ | 2,453,044 |
Intersegment sales |  |  |  |  |  |  |  | (22,428) |
Net sales |  |  |  |  |  |  |  | $ | 2,430,616 |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Year Ended December 25, 2021 |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total |
Net sales |  | $ | 2,600,030 |  |  | $ | 703,363 |  |  | $ | 495,414 |  |  | $ | (29,462) |  |  | $ | 3,769,345 |  |
Cost of goods sold |  | 1,996,610 |  |  | 605,715 |  |  | 367,343 |  |  | (30,679) |  |  | 2,938,989 |  |
Depreciation and amortization |  | 23,384 |  |  | 6,929 |  |  | 10,379 |  |  | 4,698 |  |  | 45,390 |  |
Selling, general, and administrative expense |  | 93,749 |  |  | 11,698 |  |  | 29,327 |  |  | 49,278 |  |  | 184,052 |  |
Gain on sale of businesses |  | — |  |  | (6,454) |  |  | — |  |  | (51,306) |  |  | (57,760) |  |
Impairment charges |  | — |  |  | — |  |  | 2,829 |  |  | — |  |  | 2,829 |  |
Operating income |  | 486,287 |  |  | 85,475 |  |  | 85,536 |  |  | (1,453) |  |  | 655,845 |  |
Interest expense |  |  |  |  |  |  |  |  |  | (7,709) |  |
Redemption premium |  |  |  |  |  |  |  |  |  | (5,674) |  |
Environmental expense |  |  |  |  |  |  |  |  |  | (5,053) |  |
Other income, net |  |  |  |  |  |  |  |  |  | 3,730 |  |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 641,139 |  |
Segment information (continued):
|  | For the Year Ended December 26, 2020 |
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total |
Net sales |  | $ | 1,583,002 |  |  | $ | 472,159 |  |  | $ | 370,131 |  |  | $ | (27,249) |  |  | $ | 2,398,043 |  |
Cost of goods sold |  | 1,311,697 |  |  | 398,000 |  |  | 276,274 |  |  | (19,810) |  |  | 1,966,161 |  |
Depreciation and amortization |  | 23,071 |  |  | 7,528 |  |  | 10,249 |  |  | 3,995 |  |  | 44,843 |  |
Selling, general, and administrative expense |  | 78,744 |  |  | 12,566 |  |  | 26,806 |  |  | 41,367 |  |  | 159,483 |  |
Litigation settlement, net |  | — |  |  | — |  |  | — |  |  | (22,053) |  |  | (22,053) |  |
Impairment charges |  | 3,771 |  |  | — |  |  | — |  |  | — |  |  | 3,771 |  |
Operating income |  | 165,719 |  |  | 54,065 |  |  | 56,802 |  |  | (30,748) |  |  | 245,838 |  |
Interest expense |  |  |  |  |  |  |  |  |  | (19,247) |  |
Pension plan termination expense |  |  |  |  |  |  |  |  |  | (17,835) |  |
Environmental expense |  |  |  |  |  |  |  |  |  | (4,454) |  |
Other income, net |  |  |  |  |  |  |  |  |  | 4,887 |  |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 209,189 |  |
|  | For the Year Ended December 28, 2019
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,542,456 |  |  | $ | 554,372 |  |  | $ | 356,216 |  |  | $ | (22,428) |  |  | $ | 2,430,616 |
Cost of goods sold |  | 1,313,980 |  |  | 473,010 |  |  | 273,850 |  |  | (25,230) |  |  | 2,035,610 |
Depreciation and amortization |  | 22,621 |  |  | 7,489 |  |  | 9,298 |  |  | 3,285 |  |  | 42,693 |
Selling, general, and administrative expense |  | 75,170 |  |  | 12,359 |  |  | 30,385 |  |  | 44,444 |  |  | 162,358 |
Gain on sale of assets, net |  | (1,194) |  |  | 275 |  |  | (44) |  |  | — |  |  | (963) |
Insurance recovery |  | — |  |  | (485) |  |  | — |  |  | — |  |  | (485) |
Operating income |  | 131,879 |  |  | 61,724 |  |  | 42,727 |  |  | (44,927) |  |  | 191,403 |
Interest expense |  |  |  |  |  |  |  |  |  | (25,683) |
Environmental expense |  |  |  |  |  |  |  |  |  | (1,321) |
Other income, net |  |  |  |  |  |  |  |  |  | 1,684 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 166,083 |
Geographic Information | Summarized geographic information is as follows:
(In thousands) |  | 2021 |  | 2020 |  | 2019
Net sales: |  |  |  |  |  |
United States |  | $ | 2,791,571 |  |  | $ | 1,765,810 |  |  | $ | 1,775,321 |
United Kingdom |  | 330,908 |  |  | 207,754 |  |  | 230,791 |
Canada |  | 469,652 |  |  | 293,776 |  |  | 285,720 |
Asia |  | 83,217 |  |  | 58,256 |  |  | 64,363 |
Mexico |  | 93,997 |  |  | 72,447 |  |  | 74,421 |
|  | $ | 3,769,345 |  |  | $ | 2,398,043 |  |  | $ | 2,430,616 |
Long-lived assets: |  | 2021 |  | 2020 |  | 2019
United States |  | $ | 272,903 |  |  | $ | 289,508 |  |  | $ | 286,727 |
United Kingdom |  | 36,529 |  |  | 30,872 |  |  | 18,776 |
Canada |  | 26,422 |  |  | 29,582 |  |  | 31,429 |
Asia |  | 48,742 |  |  | 26,107 |  |  | 25,637 |
Mexico |  | 966 |  |  | 503 |  |  | 559 |
|  | $ | 385,562 |  |  | $ | 376,572 |  |  | $ | 363,128 |
Segment Information by Assets |
(In thousands) |  | 2021 |  | 2020 |  | 2019
Expenditures for long-lived assets (including those resulting from business acquisitions): |  |  |  |  |  |
Piping Systems |  | $ | 43,429 |  |  | $ | 39,209 |  |  | $ | 15,505 |
Industrial Metals |  | 5,744 |  |  | 5,968 |  |  | 9,101 |
Climate |  | 12,428 |  |  | 5,521 |  |  | 3,845 |
General Corporate |  | 3,521 |  |  | 448 |  |  | 2,711 |
|  | $ | 65,122 |  |  | $ | 51,146 |  |  | $ | 31,162 |
Segment assets: |  |  |  |  |  |
Piping Systems |  | $ | 1,160,272 |  |  | $ | 977,937 |  |  | $ | 796,262 |
Industrial Metals |  | 173,290 |  |  | 152,683 |  |  | 161,904 |
Climate |  | 250,107 |  |  | 258,668 |  |  | 249,853 |
General Corporate |  | 145,267 |  |  | 139,280 |  |  | 162,921 |
|  | $ | 1,728,936 |  |  | $ | 1,528,568 |  |  | $ | 1,370,940 |

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