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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
Schedule of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended July 1, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 638,005 |  |  | $ | 146,266 |  |  | $ | 123,954 |  |  | $ | (11,241) |  |  | $ | 896,984 |
Cost of goods sold |  | 452,866 |  |  | 123,097 |  |  | 77,064 |  |  | (13,755) |  |  | 639,272 |
Depreciation and amortization |  | 5,252 |  |  | 1,804 |  |  | 2,202 |  |  | 1,158 |  |  | 10,416 |
Selling, general, and administrative expense |  | 28,745 |  |  | 3,394 |  |  | 7,087 |  |  | 16,836 |  |  | 56,062 |
Gain on insurance settlement |  | — |  |  | — |  |  | (19,466) |  |  | — |  |  | (19,466) |
Operating income |  | 151,142 |  |  | 17,971 |  |  | 57,067 |  |  | (15,480) |  |  | 210,700 |
Interest expense |  |  |  |  |  |  |  |  |  | (135) |
Interest income |  |  |  |  |  |  |  |  |  | 7,732 |
Unrealized gain on short-term investments |  |  |  |  |  |  |  |  |  | 20,820 |
Other income, net |  |  |  |  |  |  |  |  |  | 1,841 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 240,958 |
Segment information (continued):
|  | 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) |
Interest income |  |  |  |  |  |  |  |  |  | 103 |
Other income, net |  |  |  |  |  |  |  |  |  | 2,100 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 270,926 |
|  | For the Six Months Ended July 1, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,300,484 |  |  | $ | 311,500 |  |  | $ | 276,908 |  |  | $ | (20,716) |  |  | $ | 1,868,176 |
Cost of goods sold |  | 920,476 |  |  | 256,267 |  |  | 165,876 |  |  | (24,549) |  |  | 1,318,070 |
Depreciation and amortization |  | 10,810 |  |  | 3,576 |  |  | 4,355 |  |  | 2,332 |  |  | 21,073 |
Selling, general, and administrative expense |  | 54,202 |  |  | 6,471 |  |  | 15,088 |  |  | 32,932 |  |  | 108,693 |
Gain on insurance settlement |  | — |  |  | — |  |  | (19,466) |  |  | — |  |  | (19,466) |
Operating income |  | 314,996 |  |  | 45,186 |  |  | 111,055 |  |  | (31,431) |  |  | 439,806 |
Interest expense |  |  |  |  |  |  |  |  |  | (278) |
Interest income |  |  |  |  |  |  |  |  |  | 13,967 |
Unrealized gain on short-term investments |  |  |  |  |  |  |  |  |  | 20,820 |
Other income, net |  |  |  |  |  |  |  |  |  | 4,077 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 478,392 |
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) |
Interest income |  |  |  |  |  |  |  |  |  | 263 |
Other income, net |  |  |  |  |  |  |  |  |  | 2,720 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 484,249 |
The following table presents total assets attributable to each segment:
(In thousands) |  | July 1, 2023 |  | December 31, 2022
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,218,810 |  |  | $ | 1,088,940 |
Industrial Metals |  | 165,534 |  |  | 160,702 |
Climate |  | 263,666 |  |  | 279,940 |
General Corporate |  | 928,410 |  |  | 712,817 |
|  | $ | 2,576,420 |  |  | $ | 2,242,399 |
Schedule of 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 July 1, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 518,712 |  |  | $ | — |  |  | $ | — |  |  | $ | 518,712 |
Brass rod and forgings |  | — |  |  | 113,563 |  |  | — |  |  | 113,563 |
OEM components, tube & assemblies |  | — |  |  | 21,073 |  |  | 33,007 |  |  | 54,080 |
Valves and plumbing specialties |  | 119,293 |  |  | — |  |  | — |  |  | 119,293 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 90,947 |  |  | 90,947 |
Other |  | — |  |  | 11,630 |  |  | — |  |  | 11,630 |
|  | 638,005 |  |  | 146,266 |  |  | 123,954 |  |  | 908,225 |
Intersegment sales |  |  |  |  |  |  |  | (11,241) |
Net sales |  |  |  |  |  |  |  | $ | 896,984 |
|  | 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 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Six Months Ended July 1, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 1,062,940 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,062,940 |
Brass rod and forgings |  | — |  |  | 243,903 |  |  | — |  |  | 243,903 |
OEM components, tube & assemblies |  | — |  |  | 43,582 |  |  | 66,409 |  |  | 109,991 |
Valves and plumbing specialties |  | 237,544 |  |  | — |  |  | — |  |  | 237,544 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 210,499 |  |  | 210,499 |
Other |  | — |  |  | 24,015 |  |  | — |  |  | 24,015 |
|  | 1,300,484 |  |  | 311,500 |  |  | 276,908 |  |  | 1,888,892 |
Intersegment sales |  |  |  |  |  |  |  | (20,716) |
Net sales |  |  |  |  |  |  |  | $ | 1,868,176 |
|  | 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 |

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