XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 24, 2022
Segment Reporting [Abstract] |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended September 24, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 634,808 |  |  | $ | 144,880 |  |  | $ | 174,650 |  |  | $ | (9,508) |  |  | $ | 944,830 |
Cost of goods sold |  | 440,216 |  |  | 128,152 |  |  | 114,850 |  |  | (4,581) |  |  | 678,637 |
Depreciation and amortization |  | 5,516 |  |  | 1,846 |  |  | 2,289 |  |  | 1,199 |  |  | 10,850 |
Selling, general, and administrative expense |  | 21,137 |  |  | 2,805 |  |  | 10,049 |  |  | 16,187 |  |  | 50,178 |
Operating income |  | 167,939 |  |  | 12,077 |  |  | 47,462 |  |  | (22,313) |  |  | 205,165 |
Interest expense |  |  |  |  |  |  |  |  |  | (361) |
Other income (expense), net |  |  |  |  |  |  |  |  |  | 1,030 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 205,834 |
|  | 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 loss, net |  |  |  |  |  |  |  |  |  | (2,548) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 229,686 |
Segment information (continued):
|  | For the Nine Months Ended September 24, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 2,163,045 |  |  | $ | 498,367 |  |  | $ | 479,756 |  |  | $ | (36,294) |  |  | $ | 3,104,874 |
Cost of goods sold |  | 1,539,493 |  |  | 424,802 |  |  | 311,917 |  |  | (32,150) |  |  | 2,244,062 |
Depreciation and amortization |  | 16,846 |  |  | 5,636 |  |  | 6,989 |  |  | 3,522 |  |  | 32,993 |
Selling, general, and administrative expense |  | 66,700 |  |  | 8,425 |  |  | 25,941 |  |  | 45,524 |  |  | 146,590 |
Gain on sale of assets |  |  |  | — |  |  | — |  |  | (5,507) |  |  | (5,507) |
Operating income |  | 540,006 |  |  | 59,504 |  |  | 134,909 |  |  | (47,683) |  |  | 686,736 |
Interest expense |  |  |  |  |  |  |  |  |  | (666) |
Other income, net |  |  |  |  |  |  |  |  |  | 4,013 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 690,083 |
|  | 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 loss, net |  |  |  |  |  |  |  |  |  | (1,288) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 469,291 |
The following table presents total assets attributable to each segment:
(In thousands) |  | September 24, 2022 |  | December 25, 2021
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,169,693 |  |  | $ | 1,160,272 |
Industrial Metals |  | 169,385 |  |  | 173,290 |
Climate |  | 287,387 |  |  | 250,107 |
General Corporate |  | 483,286 |  |  | 145,267 |
|  | $ | 2,109,751 |  |  | $ | 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 September 24, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 520,842 |  |  | $ | — |  |  | $ | — |  |  | $ | 520,842 |
Brass rod and forgings |  | — |  |  | 114,956 |  |  | — |  |  | 114,956 |
OEM components, tube & assemblies |  | — |  |  | 16,819 |  |  | 30,180 |  |  | 46,999 |
Valves and plumbing specialties |  | 113,966 |  |  | — |  |  | — |  |  | 113,966 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 144,470 |  |  | 144,470 |
Other |  | — |  |  | 13,105 |  |  | — |  |  | 13,105 |
|  | 634,808 |  |  | 144,880 |  |  | 174,650 |  |  | 954,338 |
Intersegment sales |  |  |  |  |  |  |  | (9,508) |
Net sales |  |  |  |  |  |  |  | $ | 944,830 |
|  | 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 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Nine Months Ended September 24, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  |  |  | Total
Tube and fittings |  | $ | 1,766,931 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,766,931 |
Brass rod and forgings |  | — |  |  | 394,277 |  |  | — |  |  |  |  | 394,277 |
OEM components, tube & assemblies |  | — |  |  | 57,169 |  |  | 91,798 |  |  |  |  | 148,967 |
Valves and plumbing specialties |  | 396,114 |  |  | — |  |  | — |  |  |  |  | 396,114 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 387,958 |  |  |  |  | 387,958 |
Other |  | — |  |  | 46,921 |  |  | — |  |  |  |  | 46,921 |
|  | 2,163,045 |  |  | 498,367 |  |  | 479,756 |  |  |  |  | 3,141,168 |
Intersegment sales |  |  |  |  |  |  |  |  |  | (36,294) |
Net sales |  |  |  |  |  |  |  |  |  | $ | 3,104,874 |
|  | 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 |

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration