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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly report ended June 26, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 1-6770
mli-20210626_g1.jpg
MUELLER INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware25-0790410
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
150 Schilling BoulevardSuite 100 
ColliervilleTennessee38017
(Address of principal executive offices)(Zip Code)
(901) 753-3200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockMLINYSE
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  

The number of shares of the Registrant’s common stock outstanding as of July 16, 2021 was 57,153,791.



MUELLER INDUSTRIES, INC.

FORM 10-Q

For the Quarterly Period Ended June 26, 2021
As used in this report, the terms “Company,” “Mueller,” and “Registrant” mean Mueller Industries, Inc. and its consolidated subsidiaries taken as a whole, unless the context indicates otherwise.

INDEX
  Page Number
 
   
  
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
   
2


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Quarter EndedFor the Six Months Ended
(In thousands, except per share data)June 26, 2021June 27, 2020June 26, 2021June 27, 2020
Net sales$1,012,592 $500,168 $1,830,740 $1,103,087 
Cost of goods sold799,712 403,159 1,468,130 911,874 
Depreciation and amortization11,134 11,097 22,889 22,136 
Selling, general, and administrative expense43,932 33,616 89,367 76,368 
Asset impairments   3,035 
Litigation settlement, net   (21,933)
Operating income157,814 52,296 250,354 111,607 
Interest expense(1,866)(4,973)(6,335)(10,352)
Redemption premium(5,674) (5,674) 
Other income, net683 2,834 1,260 3,112 
Income before income taxes150,957 50,157 239,605 104,367 
Income tax expense(39,006)(13,029)(60,767)(27,173)
Loss from unconsolidated affiliates, net of foreign tax(1,019)(8,641)(2,668)(14,756)
Consolidated net income110,932 28,487 176,170 62,438 
Net income attributable to noncontrolling interests(2,100)(531)(4,231)(2,067)
Net income attributable to Mueller Industries, Inc.$108,832 $27,956 $171,939 $60,371 
Weighted average shares for basic earnings per share55,946 55,723 55,931 55,799 
Effect of dilutive stock-based awards866 471 811 527 
Adjusted weighted average shares for diluted earnings per share
56,812 56,194 56,742 56,326 
Basic earnings per share$1.95 $0.50 $3.07 $1.08 
Diluted earnings per share$1.92 $0.50 $3.03 $1.07 
Dividends per share$0.13 $0.10 $0.26 $0.20 

See accompanying notes to condensed consolidated financial statements.


3


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 For the Quarter EndedFor the Six Months Ended
(In thousands)June 26, 2021June 27, 2020June 26, 2021June 27, 2020
Consolidated net income$110,932 $28,487 $176,170 $62,438 
Other comprehensive (loss) income, net of tax:    
Foreign currency translation3,515 421 7,902 (20,834)
Net change with respect to derivative instruments and hedging activities, net of tax of $961, $(970), $814, and $(10)
(3,337)3,398 (2,844)41 
Net change in pension and postretirement obligation adjustments, net of tax of $1, $375, $57, and $132
74 (1,284)(17)(545)
Attributable to unconsolidated affiliates, net of tax of $219, $810, $(358), and $262
(753)(2,790)1,234 (903)
Total other comprehensive (loss) income, net(501)(255)6,275 (22,241)
Consolidated comprehensive income110,431 28,232 182,445 40,197 
Comprehensive (income) loss attributable to noncontrolling interests(1,333)90 (3,885)(855)
Comprehensive income attributable to Mueller Industries, Inc.$109,098 $28,322 $178,560 $39,342 

See accompanying notes to condensed consolidated financial statements.




4


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)June 26,
2021
December 26,
2020
Assets  
Current assets:  
Cash and cash equivalents
$110,681 $119,075 
Accounts receivable, less allowance for doubtful accounts of $2,818 in 2021 and $1,538 in 2020
542,044 357,532 
Inventories
384,982 315,002 
Other current assets
44,288 33,752 
Total current assets1,081,995 825,361 
Property, plant, and equipment, net385,246 376,572 
Operating lease right-of-use assets26,871 29,301 
Goodwill, net169,364 167,764 
Intangible assets, net76,886 77,207 
Investments in unconsolidated affiliates36,899 37,976 
Other assets12,176 14,387 
Total assets$1,789,437 $1,528,568 
Liabilities  
Current liabilities:  
Current portion of debt
$6,428 $41,283 
Accounts payable
190,403 147,741 
Accrued wages and other employee costs
39,502 46,299 
Current portion of operating lease liabilities
6,546 6,259 
Other current liabilities
119,550 98,061 
Total current liabilities362,429 339,643 
Long-term debt, less current portion350,996 286,593 
Pension liabilities11,799 13,552 
Postretirement benefits other than pensions13,368 13,289 
Environmental reserves21,020 21,256 
Deferred income taxes16,363 16,842 
Noncurrent operating lease liabilities19,433 21,602 
Other noncurrent liabilities20,113 14,731 
Total liabilities815,521 727,508 
Equity  
Mueller Industries, Inc. stockholders' equity:  
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding
  
 Common stock - $.01 par value; shares authorized 100,000,000; issued 80,183,004; outstanding 57,151,341 in 2021 and 57,087,432 in 2020
802 802 
Additional paid-in capital285,148 280,051 
Retained earnings1,176,812 1,019,694 
Accumulated other comprehensive loss(48,262)(54,883)
Treasury common stock, at cost(468,784)(468,919)
Total Mueller Industries, Inc. stockholders' equity945,716 776,745 
Noncontrolling interests28,200 24,315 
Total equity973,916 801,060 
Commitments and contingencies  
Total liabilities and equity$1,789,437 $1,528,568 

See accompanying notes to condensed consolidated financial statements.
5


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the Six Months Ended
(In thousands)June 26, 2021June 27, 2020
Cash flows from operating activities  
Consolidated net income$176,170 $62,438 
Reconciliation of consolidated net income to net cash provided by operating activities:  
Depreciation and amortization22,975 22,296 
Stock-based compensation expense4,817 4,198 
Provision for doubtful accounts receivable1,280 1,850 
Loss from unconsolidated affiliates2,668 14,756 
Redemption premium5,674  
Gain on disposals of properties(819)(9)
Impairment charges 3,035 
Deferred income tax expense3,252 764 
Changes in assets and liabilities, net of effects of businesses acquired:  
Receivables(190,944)(11,212)
Inventories(63,949)43,263 
Other assets(5,482)3,967 
Current liabilities50,456 (277)
Other liabilities3,429 (5,369)
Other, net(247)3,082 
Net cash provided by operating activities9,280 142,782 
Cash flows from investing activities  
Capital expenditures(17,978)(22,215)
Acquisition of businesses, net of cash acquired(13,935)(15,415)
Payment received for notes receivable8,539  
Proceeds from sales of assets1,730 1 
Net cash used in investing activities(21,644)(37,629)
Cash flows from financing activities  
Dividends paid to stockholders of Mueller Industries, Inc.(14,546)(11,168)
Repurchase of common stock (5,574)
Issuance of debt425,000 110,015 
Repayments of debt(400,497)(166,021)
Issuance (repayment) of debt by consolidated joint ventures, net463 (471)
Net cash received to settle stock-based awards414 696 
  Debt issuance costs(1,111)
Net cash provided by (used in) financing activities9,723 (72,523)
Effect of exchange rate changes on cash987 (6,160)
(Decrease) increase in cash, cash equivalents, and restricted cash(1,654)26,470 
Cash, cash equivalents, and restricted cash at the beginning of the period127,376 98,042 
Cash, cash equivalents, and restricted cash at the end of the period$125,722 $124,512 

See accompanying notes to condensed consolidated financial statements.
6


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
For the Quarter EndedFor the Six Months Ended
(In thousands)June 26, 2021June 27, 2020June 26, 2021June 27, 2020
Common stock:    
Balance at beginning of period$802 $802 $802 $802 
Balance at end of period$802 $802 $802 $802 
Additional paid-in capital:    
Balance at beginning of period$282,713 $280,197 $280,051 $278,609 
Acquisition (issuance) of shares under incentive stock option plans12 (270)565 (667)
Stock-based compensation expense2,708 2,213 4,817 4,198 
Issuance of restricted stock(285)(284)(285)(284)
Balance at end of period$285,148 $281,856 $285,148 $281,856 
Retained earnings:     
Balance at beginning of period$1,075,410 $929,810 $1,019,694 $903,070 
Net income attributable to Mueller Industries, Inc.108,832 27,956 171,939 60,371 
Dividends paid or payable to stockholders of Mueller Industries, Inc.(7,430)(5,774)(14,821)(11,449)
Balance at end of period$1,176,812 $951,992 $1,176,812 $951,992 
Accumulated other comprehensive loss:    
Balance at beginning of period$(48,528)$(90,165)$(54,883)$(68,770)
Total other comprehensive income (loss) attributable to Mueller Industries, Inc.266 366 6,621 (21,029)
Balance at end of period$(48,262)$(89,799)$(48,262)$(89,799)
7


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(In thousands)For the Quarter EndedFor the Six Months Ended
June 26, 2021June 27, 2020June 26, 2021June 27, 2020
Treasury stock:    
Balance at beginning of period$(469,251)$(474,957)$(468,919)$(470,243)
Issuance (acquisition) of shares under incentive stock option plans182 503 (124)1,363 
Repurchase of common stock  (26)(5,574)
Issuance of restricted stock285 284 285 284 
Balance at end of period$(468,784)$(474,170)$(468,784)$(474,170)
Noncontrolling interests:    
Balance at beginning of period$26,867 $19,613 $24,315 $18,668 
Net income attributable to noncontrolling interests2,100 531 4,231 2,067 
Foreign currency translation(767)(621)(346)(1,212)
Balance at end of period$28,200 $19,523 $28,200 $19,523 

See accompanying notes to condensed consolidated financial statements.

8


MUELLER INDUSTRIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

General

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted.  Results of operations for the interim periods presented are not necessarily indicative of results which may be expected for any other interim period or for the year as a whole.  This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K, including the annual financial statements incorporated therein.

The accompanying unaudited interim financial statements include all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented herein. 

Note 1 – Recent Accounting Standards

Adopted

In October 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-10, Codification Improvements: An Amendment of the FASB Accounting Standards Codification. The ASU facilitates updates to the Accounting Standards Codification for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or structure of guidance, and other minor improvements. The Company adopted the ASU during the first quarter of 2021 using a retrospective approach. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The Company adopted the ASU during the first quarter of 2021 using a prospective approach. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new guidance affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. The Company adopted the ASU during the first quarter of 2021 using a prospective approach. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Issued

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): An Amendment of the FASB Accounting Standards Codification. The new guidance was issued in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR). Regulators in numerous jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU is effective in 2021 but can be applied through December 31, 2022. The updated guidance requires retrospective adoption, and early adoption is permitted. The Company does not expect the adoption of the ASU to have a material impact on its Condensed Consolidated Financial Statements.

Note 2 – Earnings per Common Share

Basic per share amounts have been computed based on the average number of common shares outstanding.  Diluted per share amounts reflect the increase in average common shares outstanding that would result from the assumed exercise of outstanding stock options and vesting of restricted stock awards, computed using the treasury stock method. Approximately five thousand and eight thousand stock-based awards were excluded from the computation of diluted earnings per share for the quarters ended June 26, 2021 and June 27, 2020, respectively, because they were antidilutive.

9


Note 3 – Acquisitions

H&C Flex

On December 20, 2020, the Company entered into an asset purchase agreement with Hart & Cooley LLC. The transaction closed on January 29, 2021, whereby the Company purchased the Hart & Cooley flexible duct business, which included inventory, manufacturing equipment, and related assets for approximately $15.4 million. The total purchase price consisted of $14.0 million in cash paid at closing and a contingent consideration arrangement currently estimated at $1.4 million. The Company treated this as a business combination. The acquired business, H&C Flex, is a manufacturer and distributor of insulated HVAC flexible duct systems. It is reported within and complements the Company’s existing businesses in the Climate segment.

As of June 26, 2021, the provisional fair value of tangible assets acquired totaled $15.3 million, consisting primarily of property, plant, and equipment of $10.8 million and inventory of $4.5 million. Of the remaining purchase price, $0.1 million was allocated to tax-deductible goodwill. During the second quarter of 2021, there was a change in the valuation that resulted in an increase in property, plant, and equipment of $2.4 million, a decrease in goodwill of $1.0 million, and the recognition of contingent consideration of $1.4 million. The purchase price allocation is provisional as of June 26, 2021 and subject to change upon completion of the final valuation of the assets and contingent consideration during the measurement period.

Kessler Sales and Distribution, LLC

On August 3, 2020, the Company entered into an asset purchase agreement with Wieland-Kessler LLC, whereby the Company purchased the Kessler distribution business, which included inventory, manufacturing equipment, and related assets. The total purchase price was $57.2 million in cash paid at closing. The Company treated this as a business combination. The acquired business, Kessler Sales and Distribution, LLC, is a distributor of residential and commercial plumbing products. It is reported within and complements the Company’s existing businesses in the Piping Systems segment.

The provisional fair value of tangible assets acquired totaled $27.3 million, consisting primarily of inventory. Of the remaining purchase price, $29.9 million was allocated to tax-deductible goodwill and intangible assets. During the second quarter of 2021, there was a change in the valuation that resulted in a decrease in property, plant, and equipment and an increase in goodwill of $1.4 million. During the first quarter of 2021, there was a change in the valuation that resulted in a decrease in goodwill and an increase in intangible assets of $1.5 million. The purchase price allocation is provisional as of June 26, 2021 and subject to change upon completion of the final valuation of the long-lived assets during the measurement period.

Shoals Tubular, Inc.

On January 17, 2020, the Company entered into a stock purchase agreement pursuant to which the Company acquired all of the outstanding stock of Shoals Tubular, Inc. (STI) for approximately $15.3 million, net of working capital adjustments. The total purchase price consisted of $15.3 million in cash at closing. STI is a manufacturer of brazed manifolds, headers, and distributor assemblies used primarily by manufacturers of residential heating and air conditioning units. The acquired business is reported within and complements the Company’s existing businesses in the Climate segment.

The fair value of the tangible assets acquired totaled $6.2 million, consisting primarily of property, plant, and equipment of $3.7 million, inventories of $1.8 million, and accounts receivable of $0.7 million. The fair value of the liabilities assumed totaled $0.2 million, consisting primarily of accounts payable. Of the remaining purchase price, $9.3 million was allocated to tax-deductible goodwill and intangible assets. The valuation of the business has been finalized. There were no material changes to the purchase price allocation from the amounts presented in the Company’s 2020 Annual Report on Form 10-K.

Note 4 – Segment Information

Each of the Company’s reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows:

10


Piping Systems

Piping Systems is composed of the following operating segments: Domestic Piping Systems Group, Great Lakes Copper, Heatlink Group, Die-Mold, European Operations, Trading Group, and Jungwoo-Mueller (the Company’s South Korean joint venture).  The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets.  These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide.   Outside the U.S., Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. Heatlink Group produces a complete line of products for PEX plumbing and radiant systems in Canada and sells these products in Canada and the U.S. Die-Mold manufactures PEX and other plumbing-related fittings and plastic injection tooling in Canada and sells these products in Canada and the U.S. European Operations manufactures copper tube in the U.K. which is sold primarily in Europe.  The Trading Group manufactures pipe nipples and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products in the U.S. and Mexico.  Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide.  The Piping Systems segment’s products are sold primarily to plumbing, refrigeration, and air-conditioning wholesalers, hardware wholesalers and co-ops, building product retailers, and air-conditioning original equipment manufacturers (OEMs).

Industrial Metals

Industrial Metals is composed of the following operating segments: Brass Rod & Copper Bar Products, Impacts & Micro Gauge, and Brass Value-Added Products.  These businesses manufacture brass rod, impact extrusions, and forgings, as well as a wide variety of end products including plumbing brass, automotive components, valves, fittings, and gas assemblies.  These products are manufactured in the U.S. and sold primarily to OEMs in the U.S., many of which are in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, and energy markets.

Climate

Climate is composed of the following operating segments: Refrigeration Products, Fabricated Tube Products, Westermeyer, Turbotec, Flex Duct, Linesets, Inc., and STI.  These domestic businesses manufacture and fabricate valves, assemblies, high pressure components, coaxial heat exchangers, insulated HVAC flexible duct systems, line sets, brazed manifolds, headers, and distributor assemblies primarily for the heating, ventilation, air-conditioning, and refrigeration markets in the U.S.

Summarized segment information is as follows:

 For the Quarter Ended June 26, 2021
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$711,616 $180,040 $131,708 $(10,772)$1,012,592 
Cost of goods sold558,278 155,399 96,303 (10,268)799,712 
Depreciation and amortization5,515 1,694 2,753 1,172 11,134 
Selling, general, and administrative expense23,315 2,448 7,280 10,889 43,932 
Operating income124,508 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 





11


Segment information (continued):

 For the Quarter Ended June 27, 2020
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$334,040 $88,619 $86,107 $(8,598)$500,168 
Cost of goods sold272,271 75,274 64,540 (8,926)403,159 
Depreciation and amortization5,456 1,995 2,757 889 11,097 
Selling, general, and administrative expense15,239 2,477 6,457 9,443 33,616 
Operating income41,074 8,873 12,353 (10,004)52,296 
Interest expense    (4,973)
Other income, net    2,834 
Income before income taxes    $50,157 

 For the Six Months Ended June 26, 2021
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$1,259,364 $344,892 $242,734 $(16,250)$1,830,740 
Cost of goods sold1,008,632 296,290 180,385 (17,177)1,468,130 
Depreciation and amortization11,725 3,437 5,382 2,345 22,889 
Selling, general, and administrative expense47,401 5,819 14,260 21,887 89,367 
Operating income191,606 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 
















12


Segment information (continued):

For the Six Months Ended June 27, 2020
( In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$719,053 $219,821 $179,379 $(15,166)$1,103,087 
Cost of goods sold591,435 190,071 135,633 (5,265)911,874 
Depreciation and amortization11,155 3,997 5,223 1,761 22,136 
Selling, general, and administrative expense35,678 5,698 13,156 21,836 76,368 
Asset impairments3,035    3,035 
Litigation settlement, net   (21,933)(21,933)
Operating income77,750 20,055 25,367 (11,565)111,607 
Interest expense(10,352)
Other income, net3,112 
Income before income taxes$104,367 

The following table presents total assets attributable to each segment:

(In thousands)June 26, 2021December 26, 2020
Segment assets:
Piping Systems$1,222,336 $977,937 
Industrial Metals173,227 152,683 
Climate272,318 258,668 
General Corporate121,556 139,280 
$1,789,437 $1,528,568 

13


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 26, 2021
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$567,092 $ $ $567,092 
Brass rod and forgings 142,974  142,974 
OEM components, tube & assemblies8,456 12,710 43,449 64,615 
Valves and plumbing specialties136,068   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 

For the Quarter Ended June 27, 2020
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$256,016 $ $ $256,016 
Brass rod and forgings 64,490  64,490 
OEM components, tube & assemblies16,812 10,427 32,931 60,170 
Valves and plumbing specialties61,212   61,212 
Flex duct and other HVAC components  53,176