Segment Information (Tables)

6 Months Ended

Jun. 25, 2022

Segment Reporting [Abstract]

Summary of Segment Information

Summarized segment information is as follows:

	For the Quarter Ended June 25, 2022
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	824,807	$	179,175	$	164,484	$	(18,424)	$	1,150,042
Cost of goods sold	585,090		150,940		103,110		(18,226)		820,914
Depreciation and amortization	5,930		1,846		2,348		1,178		11,302
Selling, general, and administrative expense	22,208		2,221		8,279		16,248		48,956
Operating income	211,579		24,168		50,747		(17,624)		268,870
Interest expense									(147)
Other income, net									2,203
Income before income taxes									$	270,926

	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 Six Months Ended June 25, 2022
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	1,528,237	$	353,487	$	305,106	$	(26,786)	$	2,160,044
Cost of goods sold	1,099,277		296,650		197,067		(27,569)		1,565,425
Depreciation and amortization	11,330		3,790		4,700		2,323		22,143
Selling, general, and administrative expense	45,563		5,620		15,892		29,337		96,412
Gain on sale of assets	—		—		—		(5,507)		(5,507)
Operating income	372,067		47,427		87,447		(25,370)		481,571
Interest expense									(305)
Other income, net									2,983
Income before income taxes									$	484,249

	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

The following table presents total assets attributable to each segment:

(In thousands)	June 25, 2022		December 25, 2021
Segment assets:
Piping Systems	$	1,298,116	$	1,160,272
Industrial Metals	195,907		173,290
Climate	288,776		250,107
General Corporate	264,173		145,267
	$	2,046,972	$	1,728,936

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 25, 2022
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	674,579	$	—	$	—	$	674,579
Brass rod and forgings	—		142,788		—		142,788
OEM components, tube & assemblies	—		20,254		32,526		52,780
Valves and plumbing specialties	150,228		—		—		150,228
Flex duct and other HVAC components	—		—		131,958		131,958
Other	—		16,133		—		16,133
	824,807		179,175		164,484		1,168,466
Intersegment sales							(18,424)
Net sales							$	1,150,042

	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

Disaggregation of revenue from contracts with customers (continued):

	For the Six Months Ended June 25, 2022
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	1,246,089	$	—	$	—	$	1,246,089
Brass rod and forgings	—		279,321		—		279,321
OEM components, tube & assemblies	—		40,350		61,618		101,968
Valves and plumbing specialties	282,148		—		—		282,148
Flex duct and other HVAC components	—		—		243,488		243,488
Other	—		33,816		—		33,816
	1,528,237		353,487		305,106		2,186,830
Intersegment sales							(26,786)
Net sales							$	2,160,044

	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