Segment Information (Tables)

6 Months Ended

Jul. 01, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

Summarized segment information is as follows:

	For the Quarter Ended July 1, 2023
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	638,005	$	146,266	$	123,954	$	(11,241)	$	896,984
Cost of goods sold	452,866		123,097		77,064		(13,755)		639,272
Depreciation and amortization	5,252		1,804		2,202		1,158		10,416
Selling, general, and administrative expense	28,745		3,394		7,087		16,836		56,062
Gain on insurance settlement	—		—		(19,466)		—		(19,466)
Operating income	151,142		17,971		57,067		(15,480)		210,700
Interest expense									(135)
Interest income									7,732
Unrealized gain on short-term investments									20,820
Other income, net									1,841
Income before income taxes									$	240,958

Segment information (continued):

	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)
Interest income									103
Other income, net									2,100
Income before income taxes									$	270,926

	For the Six Months Ended July 1, 2023
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Eliminations		Total
Net sales	$	1,300,484	$	311,500	$	276,908	$	(20,716)	$	1,868,176
Cost of goods sold	920,476		256,267		165,876		(24,549)		1,318,070
Depreciation and amortization	10,810		3,576		4,355		2,332		21,073
Selling, general, and administrative expense	54,202		6,471		15,088		32,932		108,693
Gain on insurance settlement	—		—		(19,466)		—		(19,466)
Operating income	314,996		45,186		111,055		(31,431)		439,806
Interest expense									(278)
Interest income									13,967
Unrealized gain on short-term investments									20,820
Other income, net									4,077
Income before income taxes									$	478,392

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)
Interest income									263
Other income, net									2,720
Income before income taxes									$	484,249

The following table presents total assets attributable to each segment:

(In thousands)	July 1, 2023		December 31, 2022
Segment assets:
Piping Systems	$	1,218,810	$	1,088,940
Industrial Metals	165,534		160,702
Climate	263,666		279,940
General Corporate	928,410		712,817
	$	2,576,420	$	2,242,399

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 July 1, 2023
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	518,712	$	—	$	—	$	518,712
Brass rod and forgings	—		113,563		—		113,563
OEM components, tube & assemblies	—		21,073		33,007		54,080
Valves and plumbing specialties	119,293		—		—		119,293
Flex duct and other HVAC components	—		—		90,947		90,947
Other	—		11,630		—		11,630
	638,005		146,266		123,954		908,225
Intersegment sales							(11,241)
Net sales							$	896,984

	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

Disaggregation of revenue from contracts with customers (continued):

	For the Six Months Ended July 1, 2023
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	1,062,940	$	—	$	—	$	1,062,940
Brass rod and forgings	—		243,903		—		243,903
OEM components, tube & assemblies	—		43,582		66,409		109,991
Valves and plumbing specialties	237,544		—		—		237,544
Flex duct and other HVAC components	—		—		210,499		210,499
Other	—		24,015		—		24,015
	1,300,484		311,500		276,908		1,888,892
Intersegment sales							(20,716)
Net sales							$	1,868,176

	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