v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 26, 2026
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 September 26, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$757,841 $— $— $757,841 
Brass rod, forgings, wire and cable— 380,823 — 380,823 
OEM components, tube and assemblies— 12,806 41,367 54,173 
Valves and plumbing specialties132,769 — — 132,769 
Flex duct and other HVAC components— — 101,460 101,460 
Other— 15,748 — 15,748 
$890,610 $409,377 $142,827 $1,442,814 
Intersegment sales(24,216)
Net sales$1,418,598 

For the Quarter Ended September 27, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$591,206 $— $— $591,206 
Brass rod, forgings, wire and cable— 215,017 — 215,017 
OEM components, tube and assemblies— 20,236 33,237 53,473 
Valves and plumbing specialties127,198 — — 127,198 
Flex duct and other HVAC components— — 93,428 93,428 
Other— 13,686 — 13,686 
$718,404 $248,939 $126,665 $1,094,008 
Intersegment sales(16,184)
Net sales$1,077,824 
Disaggregation of revenue from contracts with customers (continued):

For the Nine Months Ended September 26, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$2,172,787 $— $— $2,172,787 
Brass rod, forgings, wire and cable— 1,005,209 — 1,005,209 
OEM components, tube and assemblies— 34,933 113,943 148,876 
Valves and plumbing specialties424,926 — — 424,926 
Flex duct and other HVAC components— — 297,601 297,601 
Other— 45,510 — 45,510 
$2,597,713 $1,085,652 $411,544 $4,094,909 
Intersegment sales(55,383)
Net sales$4,039,526 

For the Nine Months Ended September 27, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$1,732,354 $— $— $1,732,354 
Brass rod, forgings, wire and cable— 668,054 — 668,054 
OEM components, tube and assemblies— 59,174 101,878 161,052 
Valves and plumbing specialties369,208 — — 369,208 
Flex duct and other HVAC components— — 285,409 285,409 
Other— 44,222 — 44,222 
$2,101,562 $771,450 $387,287 $3,260,299 
Intersegment sales(44,137)
Net sales$3,216,162 
Schedule of Segment Information
Summarized segment information is as follows:

For the Quarter Ended September 26, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
External net sales$876,056 $402,803 $139,739 $1,418,598 
Internal net sales14,554 6,574 3,088 24,216 
890,610 409,377 142,827 1,442,814 
Less: (1)
Manufacturing costs (2)
636,950 364,954 88,673 1,090,577 
Sales and marketing expense8,036 1,917 3,744 13,697 
Distribution expense11,347 614 501 12,462 
Other segment items (3)
9,017 8,179 3,639 20,835 
Segment operating income225,260 33,713 46,270 305,243 
Reconciliation of segment operating income:
Corporate expenses
(23,670)
Interest expense(136)
Interest income12,002 
Unrealized gains on short-term investments5,859 
Other expense, net(62)
Income before income taxes$299,236 
(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 disposal of assets, impairment charges, and gains on insurance proceeds (as applicable).
Segment information (continued):

For the Quarter Ended September 27, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
External net sales$709,669 $241,857 $126,298 $1,077,824 
Internal net sales8,735 7,082 367 16,184 
718,404 248,939 126,665 1,094,008 
Less: (1)
Manufacturing costs (2)
473,936 208,456 80,475 762,867 
Sales and marketing expense6,683 1,619 3,394 11,696 
Distribution expense11,017 472 526 12,015 
Other segment items (3)
10,609 7,464 3,370 21,443 
Segment operating income216,159 30,928 38,900 285,987 
Reconciliation of segment operating income:
Corporate expenses(9,872)
Interest expense(6)
Interest income10,822 
Unrealized losses on short-term investments(2,277)
Pension plan termination expense(4,830)
Other income, net627 
Income before income taxes$280,451 
Segment information (continued):

For the Nine Months Ended September 26, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
External net sales$2,564,188 $1,068,810 $406,528 $4,039,526 
Internal net sales33,525 16,842 5,016 55,383 
2,597,713 1,085,652 411,544 4,094,909 
Less: (1)
Manufacturing costs (2)
1,808,300 933,958 266,594 3,008,852 
Sales and marketing expense25,047 5,796 11,246 42,089 
Distribution expense33,753 1,654 1,468 36,875 
Other segment items (3)
39,997 23,473 10,004 73,474 
Segment operating income690,616 120,771 122,232 933,619 
Reconciliation of segment operating income:
Corporate expenses(71,251)
Gain on sale of business41,407 
Interest expense(270)
Interest income34,850 
Unrealized gains on short-term investments10,367 
Other expense, net(2,421)
Income before income taxes$946,301 
Segment information (continued):

For the Nine Months Ended September 27, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
External net sales$2,074,222 $755,455 $386,485 $3,216,162 
Internal net sales27,340 15,995 802 44,137 
2,101,562 771,450 387,287 3,260,299 
Less: (1)
Manufacturing costs (2)
1,431,571 650,255 246,438 2,328,264 
Sales and marketing expense22,990 4,179 10,364 37,533 
Distribution expense33,541 1,918 1,548 37,007 
Other segment items (3)
(11,159)23,476 11,785 24,102 
Segment operating income624,619 91,622 117,152 833,393 
Reconciliation of segment operating income:
Corporate expenses(46,848)
Interest expense(48)
Interest income28,945 
Unrealized gains on short-term investments5,925 
Pension plan termination expense(4,830)
Other expense, net(423)
Income before income taxes$816,114 

Other segment disclosures:

For the Quarter Ended September 26, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and UnallocatedTotal
Depreciation and amortization (4)
$10,112 $7,881 $2,112 $1,068 $21,173 
Gain on insurance proceeds(4,352)— — — (4,352)
Expenditures for long-lived assets (including those resulting from business acquisitions)35,128 5,830 3,833 — 44,791 
Segment assets1,621,488 970,384 289,214 1,416,508 4,297,594 
(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 September 27, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and UnallocatedTotal
Depreciation and amortization (4)
$5,531 $8,346 $1,657 $1,073 $16,607 
Loss (gain) on disposal of assets, net13 — — (11,865)(11,852)
Asset impairments2,018 — — — 2,018 
Gain on insurance proceeds(4,869)— — — (4,869)
Expenditures for long-lived assets (including those resulting from business acquisitions)5,387 9,486 3,418 — 18,291 
Segment assets1,272,584 871,514 279,101 1,273,124 3,696,323 

For the Nine Months Ended September 26, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and UnallocatedTotal
Depreciation and amortization (4)
$22,062 $24,372 $5,540 $3,186 $55,160 
Loss on disposal of assets, net1,590 8 122 — $1,720 
Asset impairments2,653 — — — 2,653 
Gain on insurance proceeds(4,352)— — — (4,352)
Gain on sale of business— — — (41,407)(41,407)
Expenditures for long-lived assets (including those resulting from business acquisitions)67,612 28,015 8,176 — 103,803 

For the Nine Months Ended September 27, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and UnallocatedTotal
Depreciation and amortization (4)
$17,021 $25,148 $5,075 $4,391 $51,635 
(Gain) loss on disposal of assets, net(15,796)(3)1,010 (11,865)(26,654)
Asset impairments2,018 — — — 2,018 
Gain on insurance proceeds(41,147)— — — (41,147)
Expenditures for long-lived assets (including those resulting from business acquisitions)17,410 25,717 5,855 — 48,982