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Segment Information (Tables) | 3 Months Ended
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Mar. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended March 30, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 590,168 |  |  | $ | 156,067 |  |  | $ | 116,810 |  |  | $ | (13,391) |  |  | $ | 849,654 |
Cost of goods sold |  | 420,941 |  |  | 126,604 |  |  | 75,591 |  |  | (14,433) |  |  | 608,703 |
Depreciation and amortization |  | 4,560 |  |  | 1,920 |  |  | 1,595 |  |  | 1,094 |  |  | 9,169 |
Selling, general, and administrative expense |  | 21,987 |  |  | 3,272 |  |  | 7,049 |  |  | 16,049 |  |  | 48,357 |
Operating income |  | 142,680 |  |  | 24,271 |  |  | 32,575 |  |  | (16,101) |  |  | 183,425 |
Interest expense |  |  |  |  |  |  |  |  |  | (115) |
Interest income |  |  |  |  |  |  |  |  |  | 17,245 |
Realized gains on short-term investments |  |  |  |  |  |  |  |  |  | 365 |
Other income, net |  |  |  |  |  |  |  |  |  | 630 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 201,550 |
|  | For the Quarter Ended April 1, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 662,479 |  |  | $ | 165,234 |  |  | $ | 152,954 |  |  | $ | (9,475) |  |  | $ | 971,192 |
Cost of goods sold |  | 467,610 |  |  | 133,170 |  |  | 88,812 |  |  | (10,794) |  |  | 678,798 |
Depreciation and amortization |  | 5,558 |  |  | 1,772 |  |  | 2,153 |  |  | 1,174 |  |  | 10,657 |
Selling, general, and administrative expense |  | 25,457 |  |  | 3,077 |  |  | 8,001 |  |  | 16,096 |  |  | 52,631 |
Operating income |  | 163,854 |  |  | 27,215 |  |  | 53,988 |  |  | (15,951) |  |  | 229,106 |
Interest expense |  |  |  |  |  |  |  |  |  | (143) |
Interest income |  |  |  |  |  |  |  |  |  | 6,235 |
Realized gains on short-term investments |  |  |  |  |  |  |  |  |  | 1,910 |
Other income, net |  |  |  |  |  |  |  |  |  | 326 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 237,434 |
The following table presents total assets attributable to each segment:
(In thousands) |  | March 30, 2024 |  | December 30, 2023
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,057,983 |  |  | $ | 1,029,821 |
Industrial Metals |  | 178,903 |  |  | 157,761 |
Climate |  | 255,798 |  |  | 252,561 |
General Corporate |  | 1,401,558 |  |  | 1,319,158 |
|  | $ | 2,894,242 |  |  | $ | 2,759,301 |
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 March 30, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 478,476 |  |  | $ | — |  |  | $ | — |  |  | $ | 478,476 |
Brass rod and forgings |  | — |  |  | 124,059 |  |  | — |  |  | 124,059 |
OEM components, tube & assemblies |  | — |  |  | 18,957 |  |  | 30,017 |  |  | 48,974 |
Valves and plumbing specialties |  | 111,692 |  |  | — |  |  | — |  |  | 111,692 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 86,793 |  |  | 86,793 |
Other |  | — |  |  | 13,051 |  |  | — |  |  | 13,051 |
|  | 590,168 |  |  | 156,067 |  |  | 116,810 |  |  | 863,045 |
Intersegment sales |  |  |  |  |  |  |  | (13,391) |
Net sales |  |  |  |  |  |  |  | $ | 849,654 |
|  | For the Quarter Ended April 1, 2023
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 544,228 |  |  | $ | — |  |  | $ | — |  |  | $ | 544,228 |
Brass rod and forgings |  | — |  |  | 130,340 |  |  | — |  |  | 130,340 |
OEM components, tube & assemblies |  | — |  |  | 22,509 |  |  | 33,402 |  |  | 55,911 |
Valves and plumbing specialties |  | 118,251 |  |  | — |  |  | — |  |  | 118,251 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 119,552 |  |  | 119,552 |
Other |  | — |  |  | 12,385 |  |  | — |  |  | 12,385 |
|  | 662,479 |  |  | 165,234 |  |  | 152,954 |  |  | 980,667 |
Intersegment sales |  |  |  |  |  |  |  | (9,475) |
Net sales |  |  |  |  |  |  |  | $ | 971,192 |

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