Segment Information (Tables)

6 Months Ended

Jun. 26, 2021

Segment Reporting [Abstract]

Summary of Segment Information

Summarized segment information is as follows:

	For the Quarter Ended June 26, 2021
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	711,616	$	180,040	$	131,708	$	(10,772)	$	1,012,592
Cost of goods sold	558,278		155,399		96,303		(10,268)		799,712
Depreciation and amortization	5,515		1,694		2,753		1,172		11,134
Selling, general, and administrative expense	23,315		2,448		7,280		10,889		43,932
Operating income	124,508		20,499		25,372		(12,565)		157,814
Interest expense									(1,866)
Redemption premium									(5,674)
Other income, net									683
Income before income taxes									$	150,957

Segment information (continued):

	For the Quarter Ended June 27, 2020
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	334,040	$	88,619	$	86,107	$	(8,598)	$	500,168
Cost of goods sold	272,271		75,274		64,540		(8,926)		403,159
Depreciation and amortization	5,456		1,995		2,757		889		11,097
Selling, general, and administrative expense	15,239		2,477		6,457		9,443		33,616
Operating income	41,074		8,873		12,353		(10,004)		52,296
Interest expense									(4,973)
Other income, net									2,834
Income before income taxes									$	50,157

	For the Six Months Ended June 26, 2021
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	1,259,364	$	344,892	$	242,734	$	(16,250)	$	1,830,740
Cost of goods sold	1,008,632		296,290		180,385		(17,177)		1,468,130
Depreciation and amortization	11,725		3,437		5,382		2,345		22,889
Selling, general, and administrative expense	47,401		5,819		14,260		21,887		89,367
Operating income	191,606		39,346		42,707		(23,305)		250,354
Interest expense									(6,335)
Redemption premium									(5,674)
Other income, net									1,260
Income before income taxes									$	239,605

Segment information (continued):

	For the Six Months Ended June 27, 2020
( In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	719,053	$	219,821	$	179,379	$	(15,166)	$	1,103,087
Cost of goods sold	591,435		190,071		135,633		(5,265)		911,874
Depreciation and amortization	11,155		3,997		5,223		1,761		22,136
Selling, general, and administrative expense	35,678		5,698		13,156		21,836		76,368
Asset impairments	3,035		—		—		—		3,035
Litigation settlement, net	—		—		—		(21,933)		(21,933)
Operating income	77,750		20,055		25,367		(11,565)		111,607
Interest expense									(10,352)
Other income, net									3,112
Income before income taxes									$	104,367

The following table presents total assets attributable to each segment:

(In thousands)	June 26, 2021		December 26, 2020
Segment assets:
Piping Systems	$	1,222,336	$	977,937
Industrial Metals	173,227		152,683
Climate	272,318		258,668
General Corporate	121,556		139,280
	$	1,789,437	$	1,528,568

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 June 26, 2021
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	567,092	$	—	$	—	$	567,092
Brass rod and forgings	—		142,974		—		142,974
OEM components, tube & assemblies	8,456		12,710		43,449		64,615
Valves and plumbing specialties	136,068		—		—		136,068
Flex duct and other HVAC components	—		—		88,259		88,259
Other	—		24,356		—		24,356
	711,616		180,040		131,708		1,023,364
Intersegment sales							(10,772)
Net sales							$	1,012,592

	For the Quarter Ended June 27, 2020
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	256,016	$	—	$	—	$	256,016
Brass rod and forgings	—		64,490		—		64,490
OEM components, tube & assemblies	16,812		10,427		32,931		60,170
Valves and plumbing specialties	61,212		—		—		61,212
Flex duct and other HVAC components	—		—		53,176		53,176
Other	—		13,702		—		13,702
	334,040		88,619		86,107		508,766
Intersegment sales							(8,598)
Net sales							$	500,168

Disaggregation of revenue from contracts with customers (continued):

	For the Six Months Ended June 26, 2021
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	993,231	$	—	$	—	$	993,231
Brass rod and forgings	—		274,236		—		274,236
OEM components, tube & assemblies	17,011		23,743		81,516		122,270
Valves and plumbing specialties	249,122		—		—		249,122
Flex duct and other HVAC components	—		—		161,218		161,218
Other	—		46,913		—		46,913
	1,259,364		344,892		242,734		1,846,990
Intersegment sales							(16,250)
Net sales							$	1,830,740

	For the Six Months Ended June 27, 2020
(In thousands)	Piping Systems	Industrial Metals	Climate	Total
Tube and fittings	558,145	—	—	558,145
Brass rod and forgings	—	164,160	—	164,160
OEM components, tube & assemblies	42,107	21,309	69,504	132,920
Valves and plumbing specialties	118,801	—	—	118,801
Flex duct and other HVAC components	—	—	109,875	109,875
Other	—	34,352	—	34,352
	719,053	219,821	179,379	1,118,253
Intersegment sales				(15,166)
Net sales				$	1,103,087