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Segment Information (Tables) | 9 Months Ended
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Sep. 28, 2024
Segment Reporting [Abstract] |
Schedule of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended September 28, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 653,884 |  |  | $ | 238,014 |  |  | $ | 128,482 |  |  | $ | (22,549) |  |  | $ | 997,831 |
Cost of goods sold |  | 459,818 |  |  | 204,406 |  |  | 81,579 |  |  | (23,334) |  |  | 722,469 |
Depreciation and amortization |  | 5,082 |  |  | 3,976 |  |  | 1,650 |  |  | 1,002 |  |  | 11,710 |
Selling, general, and administrative expense |  | 25,383 |  |  | 5,435 |  |  | 7,152 |  |  | 21,649 |  |  | 59,619 |
Gain on sale of assets |  | — |  |  | — |  |  | (2,667) |  |  | — |  |  | (2,667) |
Operating income |  | 163,601 |  |  | 24,197 |  |  | 40,768 |  |  | (21,866) |  |  | 206,700 |
Interest expense |  |  |  |  |  |  |  |  |  | (113) |
Interest income |  |  |  |  |  |  |  |  |  | 11,145 |
Realized and unrealized gains on short-term investments |  |  |  |  |  |  |  |  |  | 164 |
Other expense, net |  |  |  |  |  |  |  |  |  | (122) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 217,774 |
Segment information (continued):
|  | 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 |
Realized and unrealized losses on short-term investments |  |  |  |  |  |  |  |  |  | (2,368) |
Other expense, net |  |  |  |  |  |  |  |  |  | (47) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 188,965 |
|  | For the Nine Months Ended September 28, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Eliminations |  | Total
Net sales |  | $ | 1,932,521 |  |  | $ | 589,422 |  |  | $ | 375,824 |  |  | $ | (52,537) |  |  | $ | 2,845,230 |
Cost of goods sold |  | 1,381,585 |  |  | 490,275 |  |  | 239,461 |  |  | (55,159) |  |  | 2,056,162 |
Depreciation and amortization |  | 14,574 |  |  | 8,264 |  |  | 4,891 |  |  | 3,168 |  |  | 30,897 |
Selling, general, and administrative expense |  | 67,542 |  |  | 12,722 |  |  | 21,803 |  |  | 59,926 |  |  | 161,993 |
Loss (gain) on sale of assets |  | 281 |  |  | — |  |  | (2,667) |  |  | (1,567) |  |  | (3,953) |
Operating income |  | 468,539 |  |  | 78,161 |  |  | 112,336 |  |  | (58,905) |  |  | 600,131 |
Interest expense |  |  |  |  |  |  |  |  |  | (335) |
Interest income |  |  |  |  |  |  |  |  |  | 42,773 |
Realized and unrealized gains on short-term investments |  |  |  |  |  |  |  |  |  | 529 |
Other expense, net |  |  |  |  |  |  |  |  |  | (848) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 642,250 |
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 |
Realized and unrealized gains on short-term investments |  |  |  |  |  |  |  |  |  | 20,362 |
Other income, net |  |  |  |  |  |  |  |  |  | 2,120 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 667,357 |
The following table presents total assets attributable to each segment:
(In thousands) |  | September 28, 2024 |  | December 30, 2023
Segment assets: |  |  |  |
Piping Systems |  | $ | 1,139,615 |  |  | $ | 1,029,821 |
Industrial Metals |  | 811,792 |  |  | 157,761 |
Climate |  | 268,534 |  |  | 252,561 |
General Corporate |  | 986,191 |  |  | 1,319,158 |
|  | $ | 3,206,132 |  |  | $ | 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 September 28, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 541,568 |  |  | $ | — |  |  | $ | — |  |  | $ | 541,568 |
Brass rod, forgings, wire and cable |  | — |  |  | 209,257 |  |  | — |  |  | 209,257 |
OEM components, tube and assemblies |  | — |  |  | 17,775 |  |  | 30,169 |  |  | 47,944 |
Valves and plumbing specialties |  | 112,316 |  |  | — |  |  | — |  |  | 112,316 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 98,313 |  |  | 98,313 |
Other |  | — |  |  | 10,982 |  |  | — |  |  | 10,982 |
|  | 653,884 |  |  | 238,014 |  |  | 128,482 |  |  | 1,020,380 |
Intersegment sales |  |  |  |  |  |  |  | (22,549) |
Net sales |  |  |  |  |  |  |  | $ | 997,831 |
|  | 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 and 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 |
Disaggregation of revenue from contracts with customers (continued):
|  | For the Nine Months Ended September 28, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 1,588,893 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,588,893 |
Brass rod, forgings, wire and cable |  | — |  |  | 495,612 |  |  | — |  |  | 495,612 |
OEM components, tube & assemblies |  | — |  |  | 57,150 |  |  | 90,755 |  |  | 147,905 |
Valves and plumbing specialties |  | 343,628 |  |  | — |  |  | — |  |  | 343,628 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 285,069 |  |  | 285,069 |
Other |  | — |  |  | 36,660 |  |  | — |  |  | 36,660 |
|  | 1,932,521 |  |  | 589,422 |  |  | 375,824 |  |  | 2,897,767 |
Intersegment sales |  |  |  |  |  |  |  | (52,537) |
Net sales |  |  |  |  |  |  |  | $ | 2,845,230 |
|  | 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 |

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