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v3.24.0.1

Segment Information (Tables) | 12 Months Ended
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Dec. 30, 2023
Segment Reporting [Abstract] |
Schedule of 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 30, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 1,926,975 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,926,975 |
Brass rod and forgings |  | — |  |  | 454,246 |  |  | — |  |  | 454,246 |
OEM components and valves |  | — |  |  | 79,879 |  |  | 120,923 |  |  | 200,802 |
Valves and plumbing specialties |  | 455,598 |  |  | — |  |  | — |  |  | 455,598 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 379,867 |  |  | 379,867 |
Other |  | — |  |  | 43,750 |  |  | — |  |  | 43,750 |
|  | $ | 2,382,573 |  |  | $ | 577,875 |  |  | $ | 500,790 |  |  | $ | 3,461,238 |
Intersegment sales |  |  |  |  |  |  |  | (40,893) |
Net sales |  |  |  |  |  |  |  | $ | 3,420,345 |
Disaggregation of revenue from contracts with customers (continued):
|  | 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, tube & assemblies |  | — |  |  | 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 |
Schedule of Segment Information | Summarized segment information is as follows:
|  | For the Year Ended December 30, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 2,382,573 |  |  | $ | 577,875 |  |  | $ | 500,790 |  |  | $ | (40,893) |  |  | $ | 3,420,345 |
Cost of goods sold |  | 1,686,792 |  |  | 480,510 |  |  | 311,875 |  |  | (45,666) |  |  | 2,433,511 |
Depreciation and amortization |  | 20,461 |  |  | 7,273 |  |  | 7,567 |  |  | 4,653 |  |  | 39,954 |
Selling, general, and administrative expense |  | 99,823 |  |  | 13,713 |  |  | 28,950 |  |  | 65,686 |  |  | 208,172 |
Gain on sale of businesses |  | — |  |  | — |  |  | — |  |  | (4,137) |  |  | (4,137) |
Impairment charges |  | 6,258 |  |  | — |  |  | — |  |  | — |  |  | 6,258 |
Gain on insurance settlement |  | — |  |  | — |  |  | (19,466) |  |  | — |  |  | (19,466) |
Operating income |  | 569,239 |  |  | 76,379 |  |  | 171,864 |  |  | (61,429) |  |  | 756,053 |
Interest expense |  |  |  |  |  |  |  |  |  | (1,221) |
Interest income |  |  |  |  |  |  |  |  |  | 38,208 |
Realized and unrealized gains on short-term investments |  |  |  |  |  |  |  | 41,865 |
Gain on extinguishment of NMTC liability |  |  |  |  |  |  |  |  |  | 7,534 |
Environmental expense |  |  |  |  |  |  |  |  |  | (825) |
Other income, net |  |  |  |  |  |  |  |  |  | 3,618 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 845,232 |
|  | 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) |
Interest income |  |  |  |  |  |  |  |  |  | 6,457 |
Pension plan termination expense |  |  |  |  |  |  |  |  |  | (13,100) |
Realized and unrealized gains on short-term investments |  |  |  |  |  |  |  | 2,918 |
Environmental expense |  |  |  |  |  |  |  |  |  | (1,298) |
Other income, net |  |  |  |  |  |  |  |  |  | 4,715 |
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) |
Interest income |  |  |  |  |  |  |  |  |  | 353 |
Redemption premium |  |  |  |  |  |  |  |  |  | (5,674) |
Environmental expense |  |  |  |  |  |  |  |  |  | (5,053) |
Other income, net |  |  |  |  |  |  |  |  |  | 3,377 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 641,139 |
Schedule of Geographic Information | Summarized geographic information is as follows:
(In thousands) |  | 2023 |  | 2022 |  | 2021
Net sales: |  |  |  |  |  |
United States |  | $ | 2,572,141 |  |  | $ | 2,965,053 |  |  | $ | 2,791,571 |
United Kingdom |  | 270,128 |  |  | 297,582 |  |  | 330,908 |
Canada |  | 339,682 |  |  | 410,679 |  |  | 469,652 |
Asia and the Middle East |  | 153,816 |  |  | 217,750 |  |  | 83,217 |
Mexico |  | 84,578 |  |  | 91,391 |  |  | 93,997 |
|  | $ | 3,420,345 |  |  | $ | 3,982,455 |  |  | $ | 3,769,345 |
Long-lived assets: |  | 2023 |  | 2022 |  | 2021
United States |  | $ | 273,604 |  |  | $ | 266,571 |  |  | $ | 272,903 |
United Kingdom |  | 40,045 |  |  | 36,474 |  |  | 36,529 |
Canada |  | 18,152 |  |  | 23,354 |  |  | 26,422 |
Asia and the Middle East |  | 50,725 |  |  | 51,193 |  |  | 48,742 |
Mexico |  | 2,639 |  |  | 2,358 |  |  | 966 |
|  | $ | 385,165 |  |  | $ | 379,950 |  |  | $ | 385,562 |
Schedule of Segment Information by Assets |
(In thousands) |  | 2023 |  | 2022 |  | 2021
Expenditures for long-lived assets (including those resulting from business acquisitions): |  |  |  |  |  |
Piping Systems |  | $ | 19,118 |  |  | $ | 20,694 |  |  | $ | 43,429 |
Industrial Metals |  | 9,406 |  |  | 6,905 |  |  | 5,744 |
Climate |  | 15,407 |  |  | 2,611 |  |  | 12,428 |
General Corporate |  | 10,094 |  |  | 7,429 |  |  | 3,521 |
|  | $ | 54,025 |  |  | $ | 37,639 |  |  | $ | 65,122 |
(In thousands) |  | 2023 |  | 2022 |  | 2021
Segment assets: |  |  |  |  |  |
Piping Systems |  | $ | 1,029,821 |  |  | $ | 1,088,940 |  |  | $ | 1,160,272 |
Industrial Metals |  | 157,761 |  |  | 160,702 |  |  | 173,290 |
Climate |  | 252,561 |  |  | 279,940 |  |  | 250,107 |
General Corporate |  | 1,319,158 |  |  | 712,817 |  |  | 145,267 |
|  | $ | 2,759,301 |  |  | $ | 2,242,399 |  |  | $ | 1,728,936 |

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