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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended September 30, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 568,151 |  |  | $ | 141,012 |  |  | $ | 119,949 |  |  | $ | (9,320) |  |  | $ | 819,792 |
Cost of goods sold |  | 394,736 |  |  | 119,108 |  |  | 76,133 |  |  | (10,919) |  |  | 579,058 |
Depreciation and amortization |  | 5,025 |  |  | 1,835 |  |  | 1,618 |  |  | 1,153 |  |  | 9,631 |
Selling, general, and administrative expense |  | 21,847 |  |  | 3,848 |  |  | 7,352 |  |  | 15,248 |  |  | 48,295 |
Gain on sale of business |  | — |  |  | — |  |  | — |  |  | (4,137) |  |  | (4,137) |
Asset impairments |  | 5,934 |  |  | — |  |  | — |  |  | — |  |  | 5,934 |
Operating income |  | 140,609 |  |  | 16,221 |  |  | 34,846 |  |  | (10,665) |  |  | 181,011 |
Interest expense |  |  |  |  |  |  |  |  |  | (230) |
Interest income |  |  |  |  |  |  |  |  |  | 10,599 |
Unrealized loss on short-term investments |  |  |  |  |  |  |  |  |  | (2,371) |
Other expense, net |  |  |  |  |  |  |  |  |  | (44) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 188,965 |
|  | 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) |
Interest income |  |  |  |  |  |  |  |  |  | 1,356 |
Other expense, net |  |  |  |  |  |  |  |  |  | (326) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 205,834 |
Segment information (continued):
|  | For the Nine Months Ended September 30, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,868,635 |  |  | $ | 452,512 |  |  | $ | 396,857 |  |  | $ | (30,036) |  |  | $ | 2,687,968 |
Cost of goods sold |  | 1,315,212 |  |  | 375,375 |  |  | 242,009 |  |  | (35,468) |  |  | 1,897,128 |
Depreciation and amortization |  | 15,835 |  |  | 5,411 |  |  | 5,973 |  |  | 3,485 |  |  | 30,704 |
Selling, general, and administrative expense |  | 76,049 |  |  | 10,319 |  |  | 22,440 |  |  | 48,180 |  |  | 156,988 |
Gain on sale of business |  | — |  |  | — |  |  | — |  |  | (4,137) |  |  | (4,137) |
Asset impairments |  | 5,934 |  |  | — |  |  | — |  |  | — |  |  | 5,934 |
Gain on insurance settlement |  | — |  |  | — |  |  | (19,466) |  |  | — |  |  | (19,466) |
Operating income |  | 455,605 |  |  | 61,407 |  |  | 145,901 |  |  | (42,096) |  |  | 620,817 |
Interest expense |  |  |  |  |  |  |  |  |  | (508) |
Interest income |  |  |  |  |  |  |  |  |  | 24,566 |
Unrealized gain on short-term investments |  |  |  |  |  |  |  |  |  | 18,449 |
Other income, net |  |  |  |  |  |  |  |  |  | 4,033 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 667,357 |
|  | 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) |
Interest income |  |  |  |  |  |  |  |  |  | 1,619 |
Other income, net |  |  |  |  |  |  |  |  |  | 2,394 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 690,083 |
The following table presents total assets attributable to each segment:
(In thousands) |  | September 30, 2023 |  | December 31, 2022
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,083,888 |  |  | $ | 1,088,940 |
Industrial Metals |  | 168,608 |  |  | 160,702 |
Climate |  | 257,832 |  |  | 279,940 |
General Corporate |  | 1,153,413 |  |  | 712,817 |
|  | $ | 2,663,741 |  |  | $ | 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 September 30, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 457,164 |  |  | $ | — |  |  | $ | — |  |  | $ | 457,164 |
Brass rod and forgings |  | — |  |  | 112,164 |  |  | — |  |  | 112,164 |
OEM components, tube & assemblies |  | — |  |  | 18,823 |  |  | 29,293 |  |  | 48,116 |
Valves and plumbing specialties |  | 110,987 |  |  | — |  |  | — |  |  | 110,987 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 90,656 |  |  | 90,656 |
Other |  | — |  |  | 10,025 |  |  | — |  |  | 10,025 |
|  | 568,151 |  |  | 141,012 |  |  | 119,949 |  |  | 829,112 |
Intersegment sales |  |  |  |  |  |  |  | (9,320) |
Net sales |  |  |  |  |  |  |  | $ | 819,792 |
|  | 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 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Nine Months Ended September 30, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 1,520,104 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,520,104 |
Brass rod and forgings |  | — |  |  | 356,067 |  |  | — |  |  | 356,067 |
OEM components, tube & assemblies |  | — |  |  | 62,405 |  |  | 95,702 |  |  | 158,107 |
Valves and plumbing specialties |  | 348,531 |  |  | — |  |  | — |  |  | 348,531 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 301,155 |  |  | 301,155 |
Other |  | — |  |  | 34,040 |  |  | — |  |  | 34,040 |
|  | 1,868,635 |  |  | 452,512 |  |  | 396,857 |  |  | 2,718,004 |
Intersegment sales |  |  |  |  |  |  |  | (30,036) |
Net sales |  |  |  |  |  |  |  | $ | 2,687,968 |
|  | 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 |

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