Segment Information (Tables)

3 Months Ended

Mar. 29, 2025

Segment Reporting [Abstract]

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 March 29, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	525,796	$	—	$	—	$	525,796
Brass rod, forgings, wire and cable	—		219,281		—		219,281
OEM components, tube and assemblies	—		18,215		31,260		49,475
Valves and plumbing specialties	113,887		—		—		113,887
Flex duct and other HVAC components	—		—		91,847		91,847
Other	—		14,417		—		14,417
	639,683		251,913		123,107		1,014,703
Intersegment sales							(14,538)
Net sales							$	1,000,165

	For the Quarter Ended March 30, 2024
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
Tube and fittings	$	478,476	$	—	$	—	$	478,476
Brass rod and forgings	—		124,059		—		124,059
OEM components, tube and assemblies	—		18,957		30,017		48,974
Valves and plumbing specialties	111,692		—		—		111,692
Flex duct and other HVAC components	—		—		86,793		86,793
Other	—		13,051		—		13,051
	590,168		156,067		116,810		863,045
Intersegment sales							(13,391)
Net sales							$	849,654

Schedule of Segment Information

Summarized segment information is as follows:

	For the Quarter Ended March 29, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
External net sales	$	629,359	$	247,790	$	123,016	$	1,000,165
Internal net sales	10,324		4,123		91		14,538
	639,683		251,913		123,107		1,014,703
Reconciliation of net sales:
Elimination of intersegment net sales							(14,538)
Total net sales							1,000,165
Less: (1)
Manufacturing costs (2)	462,465		211,741		79,996		754,202
Sales and marketing expense	8,254		1,224		3,309		12,787
Distribution expense	11,154		704		472		12,330
Other segment items (3)	(354)		8,160		3,706		11,512
Segment operating income	158,164		30,084		35,624		223,872
Reconciliation of segment operating income:
Corporate expenses							(17,610)
Interest expense							(25)
Interest income							9,901
Unrealized losses on short-term investments							(5,010)
Other income, net							92
Income before income taxes							$	211,220
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(2) Manufacturing costs include material, manufacturing conversion costs, and freight.
(3) Other segment items include administrative employee compensation expense, professional fees, foreign currency exchange gains/losses, other overhead costs, and other items such as gains/losses on sale of assets, impairment charges, and gains on insurance settlements (as applicable).

Segment information (continued):

	For the Quarter Ended March 30, 2024
(In thousands)	Piping Systems		Industrial Metals		Climate		Total
External net sales	$	579,865	$	153,151	$	116,638	$	849,654
Internal net sales	10,303		2,916		172		13,391
	590,168		156,067		116,810		863,045
Reconciliation of net sales:
Elimination of intersegment net sales							(13,391)
Total net sales							849,654
Less: (1)
Manufacturing costs (2)	424,526		128,369		76,975		629,870
Sales and marketing expense	6,306		720		3,353		10,379
Distribution expense	9,250		583		473		10,306
Other segment items (3)	7,406		2,124		3,434		12,964
Segment operating income	142,680		24,271		32,575		199,526
Reconciliation of segment operating income:
Corporate expenses							(16,101)
Interest expense							(115)
Interest income							17,245
Realized gains on short-term investments							365
Other income, net							630
Income before income taxes							$	201,550

Other segment disclosures:

	For the Quarter Ended March 29, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Unallocated		Total
Depreciation and amortization (4)	$	5,419	$	8,356	$	1,692	$	1,656	$	17,123
Gain on sale of assets, net	(14,462)		—		(3)		—		(14,465)
Expenditures for long-lived assets (including those resulting from business acquisitions)	7,394		7,785		1,413		—		16,592
Segment assets	1,244,370		862,274		265,861		858,799		3,231,304
(4) The amount of depreciation and amortization disclosed by reportable segment is included within the other segment expense captions, such as manufacturing costs or other segment items.

Other segment disclosures (continued):

	For the Quarter Ended March 30, 2024
(In thousands)	Piping Systems		Industrial Metals		Climate		Corporate and Unallocated		Total
Depreciation and amortization (4)	$	4,560	$	1,920	$	1,595	$	1,094	$	9,169
Expenditures for long-lived assets (including those resulting from business acquisitions)	6,729		1,061		3,415		5,201		16,406
Segment assets	1,057,983		178,903		255,798		1,401,558		2,894,242