Segment Information (Tables)

9 Months Ended

Sep. 25, 2021

Segment Reporting [Abstract]

Summary of Segment Information

Summarized segment information is as follows:

	For the Quarter Ended September 25, 2021
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	688,200	$	182,245	$	122,252	$	(10,449)	$	982,248
Cost of goods sold	506,703		158,822		89,175		(10,435)		744,265
Depreciation and amortization	5,547		1,661		2,484		1,176		10,868
Selling, general, and administrative expense	23,751		2,710		9,521		12,542		48,524
Gain on sale of businesses	—		—		—		(54,759)		(54,759)
Operating income	152,199		19,052		21,072		41,027		233,350
Interest expense									(1,116)
Other (expense) income, net									(2,548)
Income before income taxes									$	229,686

	For the Quarter Ended September 26, 2020
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	409,414	$	118,831	$	97,604	$	(6,744)	$	619,105
Cost of goods sold	339,904		95,717		70,450		(5,291)		500,780
Depreciation and amortization	5,362		1,774		2,547		1,069		10,752
Selling, general, and administrative expense	19,285		2,992		6,451		9,618		38,346
Operating income	44,863		18,348		18,156		(12,140)		69,227
Interest expense									(4,885)
Other income, net									522
Income before income taxes									$	64,864

Segment information (continued):

	For the Nine Months Ended September 25, 2021
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	1,947,564	$	527,137	$	364,986	$	(26,699)	$	2,812,988
Cost of goods sold	1,515,335		455,112		269,560		(27,612)		2,212,395
Depreciation and amortization	17,272		5,098		7,866		3,521		33,757
Selling, general, and administrative expense	71,152		8,529		23,781		34,429		137,891
Gain on sale of businesses	—		—		—		(54,759)		(54,759)
Operating income	343,805		58,398		63,779		17,722		483,704
Interest expense									(7,451)
Redemption premium									(5,674)
Other income, net									(1,288)
Income before income taxes									$	469,291

	For the Nine Months Ended September 26, 2020
( In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	1,128,467	$	338,652	$	276,983	$	(21,910)	$	1,722,192
Cost of goods sold	931,339		285,788		206,083		(10,556)		1,412,654
Depreciation and amortization	16,517		5,771		7,770		2,830		32,888
Selling, general, and administrative expense	57,998		8,690		19,607		31,454		117,749
Litigation settlement, net	—		—		—		(21,933)		(21,933)
Operating income	122,613		38,403		43,523		(23,705)		180,834
Interest expense									(15,237)
Other income, net									3,634
Income before income taxes									$	169,231

The following table presents total assets attributable to each segment:

(In thousands)	September 25, 2021		December 26, 2020
Segment assets:
Piping Systems	$	1,142,523	$	977,937
Industrial Metals	186,040		152,683
Climate	244,603		258,668
General Corporate	155,371		139,280
	$	1,728,537	$	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 September 25, 2021
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	555,161	$	—	$	—	$	555,161
Brass rod and forgings	—		143,788		—		143,788
OEM components, tube & assemblies	6,943		12,076		29,627		48,646
Valves and plumbing specialties	126,096		—		—		126,096
Flex duct and other HVAC components	—		—		92,625		92,625
Other	—		26,381		—		26,381
	688,200		182,245		122,252		992,697
Intersegment sales							(10,449)
Net sales							$	982,248

	For the Quarter Ended September 26, 2020
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	320,619	$	—	$	—	$	320,619
Brass rod and forgings	—		89,487		—		89,487
OEM components, tube & assemblies	7,402		11,215		35,957		54,574
Valves and plumbing specialties	81,393		—		—		81,393
Flex duct and other HVAC components	—		—		61,647		61,647
Other	—		18,129		—		18,129
	409,414		118,831		97,604		625,849
Intersegment sales							(6,744)
Net sales							$	619,105

Disaggregation of revenue from contracts with customers (continued):

	For the Nine Months Ended September 25, 2021
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	1,548,392	$	—	$	—	$	1,548,392
Brass rod and forgings	—		418,024		—		418,024
OEM components, tube & assemblies	23,954		35,819		111,143		170,916
Valves and plumbing specialties	375,218		—		—		375,218
Flex duct and other HVAC components	—		—		253,843		253,843
Other	—		73,294		—		73,294
	1,947,564		527,137		364,986		2,839,687
Intersegment sales							(26,699)
Net sales							$	2,812,988

	For the Nine Months Ended September 26, 2020
(In thousands)	Piping Systems	Industrial Metals	Climate	Total
Tube and fittings	878,764	—	—	878,764
Brass rod and forgings	—	253,647	—	253,647
OEM components, tube & assemblies	49,509	32,524	105,461	187,494
Valves and plumbing specialties	200,194	—	—	200,194
Flex duct and other HVAC components	—	—	171,522	171,522
Other	—	52,481	—	52,481
	1,128,467	338,652	276,983	1,744,102
Intersegment sales				(21,910)
Net sales				$	1,722,192