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Segment Information (Tables) | 6 Months Ended
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Jun. 25, 2022
Segment Reporting [Abstract] |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended June 25, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 824,807 |  |  | $ | 179,175 |  |  | $ | 164,484 |  |  | $ | (18,424) |  |  | $ | 1,150,042 |
Cost of goods sold |  | 585,090 |  |  | 150,940 |  |  | 103,110 |  |  | (18,226) |  |  | 820,914 |
Depreciation and amortization |  | 5,930 |  |  | 1,846 |  |  | 2,348 |  |  | 1,178 |  |  | 11,302 |
Selling, general, and administrative expense |  | 22,208 |  |  | 2,221 |  |  | 8,279 |  |  | 16,248 |  |  | 48,956 |
Operating income |  | 211,579 |  |  | 24,168 |  |  | 50,747 |  |  | (17,624) |  |  | 268,870 |
Interest expense |  |  |  |  |  |  |  |  |  | (147) |
Other income, net |  |  |  |  |  |  |  |  |  | 2,203 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 270,926 |
|  | 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 Six Months Ended June 25, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,528,237 |  |  | $ | 353,487 |  |  | $ | 305,106 |  |  | $ | (26,786) |  |  | $ | 2,160,044 |
Cost of goods sold |  | 1,099,277 |  |  | 296,650 |  |  | 197,067 |  |  | (27,569) |  |  | 1,565,425 |
Depreciation and amortization |  | 11,330 |  |  | 3,790 |  |  | 4,700 |  |  | 2,323 |  |  | 22,143 |
Selling, general, and administrative expense |  | 45,563 |  |  | 5,620 |  |  | 15,892 |  |  | 29,337 |  |  | 96,412 |
Gain on sale of assets |  | — |  |  | — |  |  | — |  |  | (5,507) |  |  | (5,507) |
Operating income |  | 372,067 |  |  | 47,427 |  |  | 87,447 |  |  | (25,370) |  |  | 481,571 |
Interest expense |  |  |  |  |  |  |  |  |  | (305) |
Other income, net |  |  |  |  |  |  |  |  |  | 2,983 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 484,249 |
|  | 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 |
The following table presents total assets attributable to each segment:
(In thousands) |  | June 25, 2022 |  | December 25, 2021
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,298,116 |  |  | $ | 1,160,272 |
Industrial Metals |  | 195,907 |  |  | 173,290 |
Climate |  | 288,776 |  |  | 250,107 |
General Corporate |  | 264,173 |  |  | 145,267 |
|  | $ | 2,046,972 |  |  | $ | 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 June 25, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 674,579 |  |  | $ | — |  |  | $ | — |  |  | $ | 674,579 |
Brass rod and forgings |  | — |  |  | 142,788 |  |  | — |  |  | 142,788 |
OEM components, tube & assemblies |  | — |  |  | 20,254 |  |  | 32,526 |  |  | 52,780 |
Valves and plumbing specialties |  | 150,228 |  |  | — |  |  | — |  |  | 150,228 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 131,958 |  |  | 131,958 |
Other |  | — |  |  | 16,133 |  |  | — |  |  | 16,133 |
|  | 824,807 |  |  | 179,175 |  |  | 164,484 |  |  | 1,168,466 |
Intersegment sales |  |  |  |  |  |  |  | (18,424) |
Net sales |  |  |  |  |  |  |  | $ | 1,150,042 |
|  | 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 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Six Months Ended June 25, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  |  |  | Total
Tube and fittings |  | $ | 1,246,089 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,246,089 |
Brass rod and forgings |  | — |  |  | 279,321 |  |  | — |  |  |  |  | 279,321 |
OEM components, tube & assemblies |  | — |  |  | 40,350 |  |  | 61,618 |  |  |  |  | 101,968 |
Valves and plumbing specialties |  | 282,148 |  |  | — |  |  | — |  |  |  |  | 282,148 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 243,488 |  |  |  |  | 243,488 |
Other |  | — |  |  | 33,816 |  |  | — |  |  |  |  | 33,816 |
|  | 1,528,237 |  |  | 353,487 |  |  | 305,106 |  |  |  |  | 2,186,830 |
Intersegment sales |  |  |  |  |  |  |  |  |  | (26,786) |
Net sales |  |  |  |  |  |  |  |  |  | $ | 2,160,044 |
|  | 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 |

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