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v3.25.1

Segment Information (Tables) | 3 Months Ended
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Mar. 29, 2025
Segment Reporting [Abstract] |
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 29, 2025
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 525,796 |  |  | $ | — |  |  | $ | — |  |  | $ | 525,796 |
Brass rod, forgings, wire and cable |  | — |  |  | 219,281 |  |  | — |  |  | 219,281 |
OEM components, tube and assemblies |  | — |  |  | 18,215 |  |  | 31,260 |  |  | 49,475 |
Valves and plumbing specialties |  | 113,887 |  |  | — |  |  | — |  |  | 113,887 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 91,847 |  |  | 91,847 |
Other |  | — |  |  | 14,417 |  |  | — |  |  | 14,417 |
|  | 639,683 |  |  | 251,913 |  |  | 123,107 |  |  | 1,014,703 |
Intersegment sales |  |  |  |  |  |  |  | (14,538) |
Net sales |  |  |  |  |  |  |  | $ | 1,000,165 |
|  | 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 and 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 |
Schedule of Segment Information | Summarized segment information is as follows:
|  | For the Quarter Ended March 29, 2025
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
External net sales |  | $ | 629,359 |  |  | $ | 247,790 |  |  | $ | 123,016 |  |  | $ | 1,000,165 |
Internal net sales |  | 10,324 |  |  | 4,123 |  |  | 91 |  |  | 14,538 |
|  | 639,683 |  |  | 251,913 |  |  | 123,107 |  |  | 1,014,703 |
Reconciliation of net sales: |  |  |  |  |  |  |  |
Elimination of intersegment net sales |  |  |  |  |  |  |  | (14,538) |
Total net sales |  |  |  |  |  |  |  | 1,000,165 |
Less: (1) |  |  |  |  |  |  |  |
Manufacturing costs (2) |  | 462,465 |  |  | 211,741 |  |  | 79,996 |  |  | 754,202 |
Sales and marketing expense |  | 8,254 |  |  | 1,224 |  |  | 3,309 |  |  | 12,787 |
Distribution expense |  | 11,154 |  |  | 704 |  |  | 472 |  |  | 12,330 |
Other segment items (3) |  | (354) |  |  | 8,160 |  |  | 3,706 |  |  | 11,512 |
Segment operating income |  | 158,164 |  |  | 30,084 |  |  | 35,624 |  |  | 223,872 |
Reconciliation of segment operating income: |  |  |  |  |  |  |  |
Corporate expenses |  |  |  |  |  |  |  | (17,610) |
Interest expense |  |  |  |  |  |  |  | (25) |
Interest income |  |  |  |  |  |  |  | 9,901 |
Unrealized losses on short-term investments |  |  |  |  |  |  |  | (5,010) |
Other income, net |  |  |  |  |  |  |  | 92 |
Income before income taxes |  |  |  |  |  |  |  | $ | 211,220 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(2) Manufacturing costs include material, manufacturing conversion costs, and freight.
(3) Other segment items include administrative employee compensation expense, professional fees, foreign currency exchange gains/losses, other overhead costs, and other items such as gains/losses on sale of assets, impairment charges, and gains on insurance settlements (as applicable).
Segment information (continued):
|  | For the Quarter Ended March 30, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
External net sales |  | $ | 579,865 |  |  | $ | 153,151 |  |  | $ | 116,638 |  |  | $ | 849,654 |
Internal net sales |  | 10,303 |  |  | 2,916 |  |  | 172 |  |  | 13,391 |
|  | 590,168 |  |  | 156,067 |  |  | 116,810 |  |  | 863,045 |
Reconciliation of net sales: |  |  |  |  |  |  |  |
Elimination of intersegment net sales |  |  |  |  |  |  |  | (13,391) |
Total net sales |  |  |  |  |  |  |  | 849,654 |
Less: (1) |  |  |  |  |  |  |  |
Manufacturing costs (2) |  | 424,526 |  |  | 128,369 |  |  | 76,975 |  |  | 629,870 |
Sales and marketing expense |  | 6,306 |  |  | 720 |  |  | 3,353 |  |  | 10,379 |
Distribution expense |  | 9,250 |  |  | 583 |  |  | 473 |  |  | 10,306 |
Other segment items (3) |  | 7,406 |  |  | 2,124 |  |  | 3,434 |  |  | 12,964 |
Segment operating income |  | 142,680 |  |  | 24,271 |  |  | 32,575 |  |  | 199,526 |
Reconciliation of segment operating income: |  |  |  |  |  |  |  |
Corporate expenses |  |  |  |  |  |  |  | (16,101) |
Interest expense |  |  |  |  |  |  |  | (115) |
Interest income |  |  |  |  |  |  |  | 17,245 |
Realized gains on short-term investments |  |  |  |  |  |  |  | 365 |
Other income, net |  |  |  |  |  |  |  | 630 |
Income before income taxes |  |  |  |  |  |  |  | $ | 201,550 |
Other segment disclosures:
|  | For the Quarter Ended March 29, 2025
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Unallocated |  | Total
Depreciation and amortization (4) |  | $ | 5,419 |  |  | $ | 8,356 |  |  | $ | 1,692 |  |  | $ | 1,656 |  |  | $ | 17,123 |
Gain on sale of assets, net |  | (14,462) |  |  | — |  |  | (3) |  |  | — |  |  | (14,465) |
Expenditures for long-lived assets (including those resulting from business acquisitions) |  | 7,394 |  |  | 7,785 |  |  | 1,413 |  |  | — |  |  | 16,592 |
Segment assets |  | 1,244,370 |  |  | 862,274 |  |  | 265,861 |  |  | 858,799 |  |  | 3,231,304 |
(4) The amount of depreciation and amortization disclosed by reportable segment is included within the other segment expense captions, such as manufacturing costs or other segment items.
Other segment disclosures (continued):
|  | For the Quarter Ended March 30, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Unallocated |  | Total
Depreciation and amortization (4) |  | $ | 4,560 |  |  | $ | 1,920 |  |  | $ | 1,595 |  |  | $ | 1,094 |  |  | $ | 9,169 |
Expenditures for long-lived assets (including those resulting from business acquisitions) |  | 6,729 |  |  | 1,061 |  |  | 3,415 |  |  | 5,201 |  |  | 16,406 |
Segment assets |  | 1,057,983 |  |  | 178,903 |  |  | 255,798 |  |  | 1,401,558 |  |  | 2,894,242 |

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- 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 + Details
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- Definition 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 -SubTopic 10 -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 -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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