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v3.22.1

Segment Information (Tables) | 3 Months Ended
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Mar. 26, 2022
Segment Reporting [Abstract] |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended March 26, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 703,430 |  |  | $ | 174,312 |  |  | $ | 140,622 |  |  | $ | (8,362) |  |  | $ | 1,010,002 |
Cost of goods sold |  | 514,187 |  |  | 145,710 |  |  | 93,957 |  |  | (9,343) |  |  | 744,511 |
Depreciation and amortization |  | 5,400 |  |  | 1,944 |  |  | 2,352 |  |  | 1,145 |  |  | 10,841 |
Selling, general, and administrative expense |  | 23,355 |  |  | 3,399 |  |  | 7,613 |  |  | 13,089 |  |  | 47,456 |
Gain on sale of assets |  | — |  |  | — |  |  | — |  |  | (5,507) |  |  | (5,507) |
Operating income |  | 160,488 |  |  | 23,259 |  |  | 36,700 |  |  | (7,746) |  |  | 212,701 |
Interest expense |  |  |  |  |  |  |  |  |  | (158) |
Other income, net |  |  |  |  |  |  |  |  |  | 780 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 213,323 |
|  | 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 |
The following table presents total assets attributable to each segment:
(In thousands) |  | March 26, 2022 |  | December 25, 2021
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,275,856 |  |  | $ | 1,160,272 |
Industrial Metals |  | 199,157 |  |  | 173,290 |
Climate |  | 272,308 |  |  | 250,107 |
General Corporate |  | 198,629 |  |  | 145,267 |
|  | $ | 1,945,950 |  |  | $ | 1,728,936 |
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 26, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 571,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 571,510 |
Brass rod and forgings |  | — |  |  | 136,533 |  |  | — |  |  | 136,533 |
OEM components, tube & assemblies |  | — |  |  | 20,096 |  |  | 29,092 |  |  | 49,188 |
Valves and plumbing specialties |  | 131,920 |  |  | — |  |  | — |  |  | 131,920 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 111,530 |  |  | 111,530 |
Other |  | — |  |  | 17,683 |  |  | — |  |  | 17,683 |
|  | 703,430 |  |  | 174,312 |  |  | 140,622 |  |  | 1,018,364 |
Intersegment sales |  |  |  |  |  |  |  | (8,362) |
Net sales |  |  |  |  |  |  |  | $ | 1,010,002 |
|  | 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 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 72,959 |  |  | 72,959 |
Other |  | — |  |  | 22,557 |  |  | — |  |  | 22,557 |
|  | 547,748 |  |  | 164,852 |  |  | 111,026 |  |  | 823,626 |
Intersegment sales |  |  |  |  |  |  |  | (5,478) |
Net sales |  |  |  |  |  |  |  | $ | 818,148 |

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