Segment Information (Tables)

9 Months Ended

Sep. 24, 2022

Segment Reporting [Abstract]

Summary of Segment Information

Summarized segment information is as follows:

	For the Quarter Ended September 24, 2022
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	634,808	$	144,880	$	174,650	$	(9,508)	$	944,830
Cost of goods sold	440,216		128,152		114,850		(4,581)		678,637
Depreciation and amortization	5,516		1,846		2,289		1,199		10,850
Selling, general, and administrative expense	21,137		2,805		10,049		16,187		50,178
Operating income	167,939		12,077		47,462		(22,313)		205,165
Interest expense									(361)
Other income (expense), net									1,030
Income before income taxes									$	205,834

	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 loss, net									(2,548)
Income before income taxes									$	229,686

Segment information (continued):

	For the Nine Months Ended September 24, 2022
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	2,163,045	$	498,367	$	479,756	$	(36,294)	$	3,104,874
Cost of goods sold	1,539,493		424,802		311,917		(32,150)		2,244,062
Depreciation and amortization	16,846		5,636		6,989		3,522		32,993
Selling, general, and administrative expense	66,700		8,425		25,941		45,524		146,590
Gain on sale of assets			—		—		(5,507)		(5,507)
Operating income	540,006		59,504		134,909		(47,683)		686,736
Interest expense									(666)
Other income, net									4,013
Income before income taxes									$	690,083

	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 loss, net									(1,288)
Income before income taxes									$	469,291

The following table presents total assets attributable to each segment:

(In thousands)	September 24, 2022		December 25, 2021
Segment assets:
Piping Systems	$	1,169,693	$	1,160,272
Industrial Metals	169,385		173,290
Climate	287,387		250,107
General Corporate	483,286		145,267
	$	2,109,751	$	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 September 24, 2022
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	520,842	$	—	$	—	$	520,842
Brass rod and forgings	—		114,956		—		114,956
OEM components, tube & assemblies	—		16,819		30,180		46,999
Valves and plumbing specialties	113,966		—		—		113,966
Flex duct and other HVAC components	—		—		144,470		144,470
Other	—		13,105		—		13,105
	634,808		144,880		174,650		954,338
Intersegment sales							(9,508)
Net sales							$	944,830

	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

Disaggregation of revenue from contracts with customers (continued):

	For the Nine Months Ended September 24, 2022
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	1,766,931	$	—	$	—	$	1,766,931
Brass rod and forgings	—		394,277		—		394,277
OEM components, tube & assemblies	—		57,169		91,798		148,967
Valves and plumbing specialties	396,114		—		—		396,114
Flex duct and other HVAC components	—		—		387,958		387,958
Other	—		46,921		—		46,921
	2,163,045		498,367		479,756		3,141,168
Intersegment sales							(36,294)
Net sales							$	3,104,874

	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