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v3.22.4

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2022
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 31, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 2,211,963 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,211,963 |
Brass rod and forgings |  | — |  |  | 510,865 |  |  | — |  |  | 510,865 |
OEM components and valves |  | — |  |  | 74,647 |  |  | 121,004 |  |  | 195,651 |
Valves and plumbing specialties |  | 518,121 |  |  | — |  |  | — |  |  | 518,121 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 529,303 |  |  | 529,303 |
Other |  | — |  |  | 59,177 |  |  | — |  |  | 59,177 |
|  | $ | 2,730,084 |  |  | $ | 644,689 |  |  | $ | 650,307 |  |  | $ | 4,025,080 |
Intersegment sales |  |  |  |  |  |  |  | (42,625) |
Net sales |  |  |  |  |  |  |  | $ | 3,982,455 |
|  | 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 |
Disaggregation of revenue from contracts with customers (continued):
|  | 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 |
Summary of Segment Information | Summarized segment information is as follows:
|  | For the Year Ended December 31, 2022
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 2,730,084 |  |  | $ | 644,689 |  |  | $ | 650,307 |  |  | $ | (42,625) |  |  | $ | 3,982,455 |
Cost of goods sold |  | 1,943,174 |  |  | 543,004 |  |  | 416,953 |  |  | (38,269) |  |  | 2,864,862 |
Depreciation and amortization |  | 22,193 |  |  | 7,647 |  |  | 9,174 |  |  | 4,717 |  |  | 43,731 |
Selling, general, and administrative expense |  | 93,655 |  |  | 11,574 |  |  | 36,113 |  |  | 61,744 |  |  | 203,086 |
Gain on sale of assets |  | — |  |  | — |  |  | — |  |  | (6,373) |  |  | (6,373) |
Operating income |  | 671,062 |  |  | 82,464 |  |  | 188,067 |  |  | (64,444) |  |  | 877,149 |
Interest expense |  |  |  |  |  |  |  |  |  | (810) |
Pension plan termination expense |  |  |  |  |  |  |  |  |  | (13,100) |
Environmental expense |  |  |  |  |  |  |  |  |  | (1,298) |
Other income, net |  |  |  |  |  |  |  |  |  | 14,090 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 876,031 |
Segment information (continued):
|  | 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 |
|  | 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 |
Geographic Information | Summarized geographic information is as follows:
(In thousands) |  | 2022 |  | 2021 |  | 2020
Net sales: |  |  |  |  |  |
United States |  | $ | 2,965,053 |  |  | $ | 2,791,571 |  |  | $ | 1,765,810 |
United Kingdom |  | 297,582 |  |  | 330,908 |  |  | 207,754 |
Canada |  | 410,679 |  |  | 469,652 |  |  | 293,776 |
Asia and the Middle East |  | 217,750 |  |  | 83,217 |  |  | 58,256 |
Mexico |  | 91,391 |  |  | 93,997 |  |  | 72,447 |
|  | $ | 3,982,455 |  |  | $ | 3,769,345 |  |  | $ | 2,398,043 |
Long-lived assets: |  | 2022 |  | 2021 |  | 2020
United States |  | $ | 266,571 |  |  | $ | 272,903 |  |  | $ | 289,508 |
United Kingdom |  | 36,474 |  |  | 36,529 |  |  | 30,872 |
Canada |  | 23,354 |  |  | 26,422 |  |  | 29,582 |
Asia and the Middle East |  | 51,193 |  |  | 48,742 |  |  | 26,107 |
Mexico |  | 2,358 |  |  | 966 |  |  | 503 |
|  | $ | 379,950 |  |  | $ | 385,562 |  |  | $ | 376,572 |
Segment Information by Assets |
(In thousands) |  | 2022 |  | 2021 |  | 2020
Expenditures for long-lived assets (including those resulting from business acquisitions): |  |  |  |  |  |
Piping Systems |  | $ | 20,694 |  |  | $ | 43,429 |  |  | $ | 39,209 |
Industrial Metals |  | 6,905 |  |  | 5,744 |  |  | 5,968 |
Climate |  | 2,611 |  |  | 12,428 |  |  | 5,521 |
General Corporate |  | 7,429 |  |  | 3,521 |  |  | 448 |
|  | $ | 37,639 |  |  | $ | 65,122 |  |  | $ | 51,146 |
Segment assets: |  |  |  |  |  |
Piping Systems |  | $ | 1,088,940 |  |  | $ | 1,160,272 |  |  | $ | 977,937 |
Industrial Metals |  | 160,702 |  |  | 173,290 |  |  | 152,683 |
Climate |  | 279,940 |  |  | 250,107 |  |  | 258,668 |
General Corporate |  | 712,817 |  |  | 145,267 |  |  | 139,280 |
|  | $ | 2,242,399 |  |  | $ | 1,728,936 |  |  | $ | 1,528,568 |

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