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Segment Information (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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