What changed in MUELLER INDUSTRIES INC's 10-K — 2023 vs 2024
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Paragraph-level year-over-year comparison of MUELLER INDUSTRIES INC's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.
+342 added−362 removedSource: 10-K (2025-02-26) vs 10-K (2024-02-28)
Top changes in MUELLER INDUSTRIES INC's 2024 10-K
342 paragraphs added · 362 removed · 259 edited across 5 sections
- Item 1. Business+305 / −328 · 227 edited
- Item 1A. Risk Factors+19 / −18 · 17 edited
- Item 5. Market for Registrant's Common Equity+9 / −8 · 7 edited
- Item 1C. Cybersecurity+6 / −5 · 5 edited
- Item 2. Properties+3 / −3 · 3 edited
Item 1. Business
Business — how the company describes what it does
227 edited+78 added−101 removed182 unchanged
Item 1. Business
Business — how the company describes what it does
227 edited+78 added−101 removed182 unchanged
2023 filing
2024 filing
Biggest changeThe following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category: For the Year Ended December 30, 2023 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 1,926,975 $ — $ — $ 1,926,975 Brass rod and forgings — 454,246 — 454,246 OEM components and valves — 79,879 120,923 200,802 Valves and plumbing specialties 455,598 — — 455,598 Flex duct and other HVAC components — — 379,867 379,867 Other — 43,750 — 43,750 $ 2,382,573 $ 577,875 $ 500,790 $ 3,461,238 Intersegment sales (40,893) Net sales $ 3,420,345 F-34 Disaggregation of revenue from contracts with customers (continued): For the Year Ended December 31, 2022 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 2,211,963 $ — $ — $ 2,211,963 Brass rod and forgings — 510,865 — 510,865 OEM components, tube & assemblies — 74,647 121,004 195,651 Valves and plumbing specialties 518,121 — — 518,121 Flex duct and other HVAC components — — 529,303 529,303 Other — 59,177 — 59,177 $ 2,730,084 $ 644,689 $ 650,307 $ 4,025,080 Intersegment sales (42,625) Net sales $ 3,982,455 For the Year Ended December 25, 2021 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 2,055,639 $ — $ — $ 2,055,639 Brass rod and forgings — 565,870 — 565,870 OEM components, tube & assemblies 32,557 48,572 137,564 218,693 Valves and plumbing specialties 511,834 — — 511,834 Flex duct and other HVAC components — — 357,850 357,850 Other — 88,921 — 88,921 $ 2,600,030 $ 703,363 $ 495,414 $ 3,798,807 Intersegment sales (29,462) Net sales $ 3,769,345 F-35 Summarized segment information is as follows: For the Year Ended December 30, 2023 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 2,382,573 $ 577,875 $ 500,790 $ (40,893) $ 3,420,345 Cost of goods sold 1,686,792 480,510 311,875 (45,666) 2,433,511 Depreciation and amortization 20,461 7,273 7,567 4,653 39,954 Selling, general, and administrative expense 99,823 13,713 28,950 65,686 208,172 Gain on sale of businesses — — — (4,137) (4,137) Impairment charges 6,258 — — — 6,258 Gain on insurance settlement — — (19,466) — (19,466) Operating income 569,239 76,379 171,864 (61,429) 756,053 Interest expense (1,221) Interest income 38,208 Realized and unrealized gains on short-term investments 41,865 Gain on extinguishment of NMTC liability 7,534 Environmental expense (825) Other income, net 3,618 Income before income taxes $ 845,232 For the Year Ended December 31, 2022 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 2,730,084 $ 644,689 $ 650,307 $ (42,625) $ 3,982,455 Cost of goods sold 1,943,174 543,004 416,953 (38,269) 2,864,862 Depreciation and amortization 22,193 7,647 9,174 4,717 43,731 Selling, general, and administrative expense 93,655 11,574 36,113 61,744 203,086 Gain on sale of assets — — — (6,373) (6,373) Operating income 671,062 82,464 188,067 (64,444) 877,149 Interest expense (810) Interest income 6,457 Pension plan termination expense (13,100) Realized and unrealized gains on short-term investments 2,918 Environmental expense (1,298) Other income, net 4,715 Income before income taxes $ 876,031 F-36 Segment information (continued): For the Year Ended December 25, 2021 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 2,600,030 $ 703,363 $ 495,414 $ (29,462) $ 3,769,345 Cost of goods sold 1,996,610 605,715 367,343 (30,679) 2,938,989 Depreciation and amortization 23,384 6,929 10,379 4,698 45,390 Selling, general, and administrative expense 93,749 11,698 29,327 49,278 184,052 Gain on sale of businesses — (6,454) — (51,306) (57,760) Impairment charges — — 2,829 — 2,829 Operating income 486,287 85,475 85,536 (1,453) 655,845 Interest expense (7,709) Interest income 353 Redemption premium (5,674) Environmental expense (5,053) Other income, net 3,377 Income before income taxes $ 641,139 Summarized geographic information is as follows: (In thousands) 2023 2022 2021 Net sales: United States $ 2,572,141 $ 2,965,053 $ 2,791,571 United Kingdom 270,128 297,582 330,908 Canada 339,682 410,679 469,652 Asia and the Middle East 153,816 217,750 83,217 Mexico 84,578 91,391 93,997 $ 3,420,345 $ 3,982,455 $ 3,769,345 Long-lived assets: 2023 2022 2021 United States $ 273,604 $ 266,571 $ 272,903 United Kingdom 40,045 36,474 36,529 Canada 18,152 23,354 26,422 Asia and the Middle East 50,725 51,193 48,742 Mexico 2,639 2,358 966 $ 385,165 $ 379,950 $ 385,562 F-37 (In thousands) 2023 2022 2021 Expenditures for long-lived assets (including those resulting from business acquisitions): Piping Systems $ 19,118 $ 20,694 $ 43,429 Industrial Metals 9,406 6,905 5,744 Climate 15,407 2,611 12,428 General Corporate 10,094 7,429 3,521 $ 54,025 $ 37,639 $ 65,122 (In thousands) 2023 2022 2021 Segment assets: Piping Systems $ 1,029,821 $ 1,088,940 $ 1,160,272 Industrial Metals 157,761 160,702 173,290 Climate 252,561 279,940 250,107 General Corporate 1,319,158 712,817 145,267 $ 2,759,301 $ 2,242,399 $ 1,728,936 Note 4 – Cash, Cash Equivalents, and Restricted Cash (In thousands) 2023 2022 Cash & cash equivalents $ 1,170,893 $ 461,018 Restricted cash included within other current assets 3,228 4,176 Restricted cash included within other assets 102 102 Total cash, cash equivalents, and restricted cash $ 1,174,223 $ 465,296 Note 5 – Inventories (In thousands) 2023 2022 Raw materials and supplies $ 111,843 $ 133,189 Work-in-process 61,793 64,177 Finished goods 220,629 265,842 Valuation reserves (14,017) (14,289) Inventories $ 380,248 $ 448,919 Inventories valued using the LIFO method totaled $20.2 million at December 30, 2023 and $16.5 million at December 31, 2022.
Biggest changeF-38 Other segment disclosures (continued): For the Year Ended December 30, 2023 (In thousands) Piping Systems Industrial Metals Climate Corporate and Unallocated Total Depreciation and amortization (4) $ 20,461 $ 7,273 $ 7,567 $ 4,653 $ 39,954 Gain on sale of businesses — — — (4,137) (4,137) Impairment charges 6,258 — — — 6,258 Gain on insurance settlement — — (19,466) — (19,466) Expenditures for long-lived assets (including those resulting from business acquisitions) 19,118 9,406 15,407 10,094 54,025 Segment assets 1,029,821 157,761 252,561 1,319,158 2,759,301 For the Year Ended December 31, 2022 (In thousands) Piping Systems Industrial Metals Climate Corporate and Unallocated Total Depreciation and amortization (4) $ 22,193 $ 7,647 $ 9,174 $ 4,717 $ 43,731 Gain on sale of assets, net — — — (6,373) (6,373) Expenditures for long-lived assets (including those resulting from business acquisitions) 20,694 6,905 2,611 7,429 37,639 Segment assets 1,088,940 160,702 279,940 712,817 2,242,399 Summarized geographic information is as follows: (In thousands) 2024 2023 2022 Net sales: United States $ 2,826,574 $ 2,572,141 $ 2,965,053 United Kingdom 280,726 270,128 297,582 Canada 344,614 339,682 410,679 Asia and the Middle East 231,092 153,816 217,750 Mexico 85,760 84,578 91,391 Total net sales $ 3,768,766 $ 3,420,345 $ 3,982,455 Long-lived assets: 2024 2023 2022 United States $ 412,294 $ 273,604 $ 266,571 United Kingdom 37,876 40,045 36,474 Canada 15,597 18,152 23,354 Asia and the Middle East 48,115 50,725 51,193 Mexico 1,249 2,639 2,358 Total long-lived assets $ 515,131 $ 385,165 $ 379,950 F-39 Note 4 – Cash, Cash Equivalents, and Restricted Cash (In thousands) 2024 2023 Cash & cash equivalents $ 1,037,229 $ 1,170,893 Restricted cash included within other current assets 1,564 3,228 Restricted cash included within other assets 102 102 Total cash, cash equivalents, and restricted cash $ 1,038,895 $ 1,174,223 Note 5 – Inventories (In thousands) 2024 2023 Raw materials and supplies $ 147,964 $ 111,843 Work-in-process 74,684 61,793 Finished goods 251,447 220,629 Valuation reserves (11,816) (14,017) Inventories $ 462,279 $ 380,248 Inventories valued using the LIFO method totaled $12.4 million at December 28, 2024 and $20.2 million at December 30, 2023.
Cash Used in Financing Activities For 2023, net cash used in financing activities consisted primarily of (i) $66.9 million used for the payment of regular quarterly dividends to stockholders of the Company, (ii) $19.3 million used for the repurchase of common stock, (iii) $9.3 million used for the payment of dividends to noncontrolling interests, and (iv) $8.8 million used to settle stock-based awards.
For 2023, net cash used in financing activities consisted primarily of (i) $66.9 million used for the payment of regular quarterly dividends to stockholders of the Company, (ii) $19.3 million used for the repurchase of common stock, (iii) $9.3 million used for the payment of dividends to noncontrolling interests, and (iv) $8.8 million used to settle stock-based awards .
Changes in these estimates related to the value of inventory, if any, F-25 may result in a materially adverse impact on the Company’s reported financial position or results of operations. The Company recognizes the impact of any changes in estimates, assumptions, and judgments in income in the period in which it is determined.
Changes in these estimates related to the value of inventory, if any, may result in a materially adverse impact on the Company’s reported financial position or results of operations. The Company F-25 recognizes the impact of any changes in estimates, assumptions, and judgments in income in the period in which it is determined.
If the qualitative assessment is not conclusive, management compares the fair value of a reporting unit with its carrying amount and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit.
If the qualitative assessment is not conclusive, management compares the fair value of a reporting unit with its carrying amount and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit.
At this juncture, the Company is unable to determine the likelihood of a material adverse outcome or the amount or range of a potential loss in excess of the current reserve with respect to any remedial action or litigation relating to the Lead Refinery NPL site, either at Lead Refinery’s former operating site (operable unit 2) or the adjacent residential area (operable unit 1), including, but not limited to, EPA oversight costs for which the EPA may attempt to seek reimbursement from the Company, and past costs for which other PRPs may attempt to seek contribution from the Company.
At this juncture, the Company is unable to determine the likelihood of a material adverse outcome or the amount or range of a potential loss in excess of the current reserve with respect to any remedial action or other litigation relating to the Lead Refinery NPL site, either at Lead Refinery’s former operating site (operable unit 2) or the adjacent residential area (operable unit 1), including, but not limited to, EPA oversight costs for which the EPA may attempt to seek reimbursement from the Company, and past costs for which other PRPs may attempt to seek contribution from the Company.
Cash Provided by (Used in) Investing Activities The major components of net cash provided by investing activities in 2023 included (i) proceeds from the maturity of short-term investments of $217.9 million, (ii) proceeds from the sale of securities of $55.5 million, and (iii) insurance proceeds of $24.6 million for property and equipment related to the fire at our Bluff, Illinois facility and the tornado at our Covington, Tennessee manufacturing operations.
The major components of net cash provided by investing activities in 2023 included (i) proceeds from the maturity of short-term investments of $217.9 million, (ii) proceeds from the sale of securities of $55.5 million, and (iii) insurance proceeds of $24.6 million for property and equipment related to the fire at our Bluff, Illinois facility and the tornado at our Covington, Tennessee manufacturing operations.
Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include but are not limited to: pension and other postretirement benefit plan obligations, tax liabilities, loss contingencies, litigation claims, environmental reserves, and impairment assessments of long-lived assets (including goodwill).
Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include but are not limited to: pension and other postretirement benefit plan obligations, tax liabilities, loss contingencies, litigation claims, environmental reserves, acquisitions, and impairment assessments of long-lived assets (including goodwill).
The new guidance was issued to clarify existing guidance measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduce new disclosure requirements for applicable equity securities. The ASU is effective for fiscal years beginning after December 15, 2023 for public entities.
The new guidance was issued to clarify existing guidance measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduce new disclosure requirements for applicable equity securities. The ASU was effective for fiscal years beginning after December 15, 2023 for public entities.
Note 14 – Benefit Plans Pension and Other Postretirement Plans The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain employees. The information disclosed below does not include the pension plan in South Korea, as it it immaterial to the Company’s Consolidated Financial Statements.
Note 14 – Benefit Plans Pension and Other Postretirement Plans The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain employees. The information disclosed below does not include the pension plan in South Korea, as it is immaterial to the Company’s Consolidated Financial Statements.
This rate was higher than what would be computed using the U.S. statutory federal rate primarily due to (i) the provision for state and local income taxes, net of the federal benefit, of $25.5 million, (ii) the effect of foreign statutory rates different from the U.S. federal rate and other foreign adjustments of $14.5 million, (iii) other adjustments of $2.0 million, and (iv) the impact of investments in unconsolidated affiliates of $1.2 million.
This rate was higher than what would be computed using the U.S. statutory federal rate primarily due to (i) the provision for state and local income taxes, net of the federal benefit, of $25.5 million, (ii) the effect of foreign statutory rates different from the U.S. federal rate and other fore ign adjustments of $14.5 million, (iii) other adjustments of $2.0 million, and (iv) the impact of investments in unconsolidated affiliates of $1.2 million.
F-15 In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary statement identifying important economic, political, and technological factors, among others, which could cause actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions.
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary statement identifying important economic, political, and technological factors, among others, which F-14 could cause actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions.
F-12 M ARKET R ISKS The Company is exposed to market risks from changes in raw material and energy costs, interest rates, and foreign currency exchange rates. To reduce such risks, we may periodically use financial instruments. Hedging transactions are authorized and executed pursuant to policies and procedures. Further, we do not buy or sell financial instruments for trading purposes.
M ARKET R ISKS The Company is exposed to market risks from changes in raw material and energy costs, interest rates, and foreign currency exchange rates. To reduce such risks, we may periodically use financial instruments. Hedging transactions are authorized and executed pursuant to policies and procedures. Further, we do not buy or sell financial instruments for trading purposes.
(MCTC), an F-45 indirect, wholly-owned subsidiary of the Company. The proceeds of the loans from the CDEs, including loans representing the capital contribution made by Wells Fargo, net of syndication fees, are restricted for use on the modernization project. The NMTC is subject to 100 percent recapture for a period of seven years as provided in the Internal Revenue Code.
(MCTC), an indirect, wholly-owned subsidiary of the Company. The proceeds of the loans from the CDEs, including loans representing the capital contribution made by Wells Fargo, net of syndication fees, are restricted for use on the modernization project. F-46 The NMTC is subject to 100 percent recapture for a period of seven years as provided in the Internal Revenue Code.
The sealing program achieved significant reductions in the metal load in discharges from these adits; however, additional reductions are required pursuant to an order issued by the California Regional Water Quality Control Board (QCB). In response to a 1996 QCB Order, MRRC completed a feasibility study in 1997 describing measures designed to mitigate the effects of acid rock drainage.
The sealing program achieved significant F-52 reductions in the metal load in discharges from these adits; however, additional reductions are required pursuant to an order issued by the California Regional Water Quality Control Board (QCB). In response to a 1996 QCB Order, MRRC completed a feasibility study in 1997 describing measures designed to mitigate the effects of acid rock drainage.
In March 2022, Lead Refinery entered into an administrative settlement agreement and order on consent with the EPA, along with the four other PRPs, which involves payment of certain past and future costs relating to operable unit 1, in exchange for certain releases and contribution protection for the Company, Lead Refinery, and their respective affiliates relating to that operable unit.
In March 2022, Lead Refinery entered into an administrative settlement agreement and order on consent with the EPA, along with the four other PRPs, which involves payment of certain past and future costs relating to operable unit 1, in exchange for certain releases and F-53 contribution protection for the Company, Lead Refinery, and their respective affiliates relating to that operable unit.
As a result, during the measurement period, which may be up to one year from the acquisition date, the F-24 Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. The operating results generated by the acquired businesses are included in the Consolidated Statements of Income from their respective dates of acquisition.
As a result, during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. The operating results generated by the acquired businesses are included in the Consolidated Statements of Income from their respective dates of acquisition.
The Company uses derivative instruments such as commodity futures contracts, foreign currency forward contracts, and interest rate swaps to manage these exposures. Commodity Futures Contracts Copper and brass represent the largest component of the Company’s variable costs of production. The cost of these materials is subject to global market fluctuations caused by factors beyond the Company’s control.
The Company uses derivative instruments such as commodity futures contracts, foreign currency forward contracts, and interest rate swaps to manage these exposures. F-40 Commodity Futures Contracts Copper and brass represent the largest component of the Company’s variable costs of production. The cost of these materials is subject to global market fluctuations caused by factors beyond the Company’s control.
The fair value of each reporting unit is estimated using a combination of the income and market approaches, incorporating market participant considerations and management’s assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Estimates used by management can significantly affect the outcome of the impairment test.
The fair value of each reporting unit is estimated using a combination of th e income and market approaches, incorporating market participant considerations and management’s assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Estimates used by management can significantly affect the outcome of the impairment test.
While the matter was still pending, the Company and the United States reached an agreement to settle the appeal. Subject to the conditions of the agreement, the Company anticipated that certain of its subsidiaries would incur antidumping duties on subject imports made during the period of review and, as such, established a reserve for this matter.
While the matter was still pending, the Company and the United States reached an agreement to settle the appeal. Subject to the conditions of the agreement, the Company anticipated that certain of its subsidiaries would incur antidumping duties on subject imports made during the period of review F-54 and, as such, established a reserve for this matter.
If the Company were to determine that its estimates of the duration or extent of its environmental obligations were no longer accurate, it would adjust environmental liabilities accordingly F-27 in the period that such determination is made. Estimated future expenditures for environmental remediation are not discounted to their present value.
If the Company were to determine that its estimates of the duration or extent of its environmental obligations were no longer accurate, it would adjust environmental liabilities accordingly in the period that such determination is made. Estimated future expenditures for environmental remediation are not discounted to their present value.
During 2023, the Company recognized gains of $41.9 million on short-term investments, of which $17.1 million was realized on the sale of marketable securities and the remaining $24.8 million represents unrealized gains relating to the excess fair value over the related cost basis of the marketable securities as of December 30, 2023.
During 2023, the Company recognized gains of $41.9 million on short-term investments, of which $17.1 million was realized on the sale of marketable securities and the remaining $24.8 million represented unrealized gains relating to the excess fair value over the related cost basis of the marketable securities as of December 30, 2023.
Foreign Currency Translation For foreign subsidiaries for which the functional currency is not the U.S. dollar, balance sheet accounts are translated at exchange rates in effect at the end of the year and income statement accounts are translated at average exchange rates for the year. Translation gains and losses are included in equity as a component of AOCI.
F-29 Foreign Currency Translation For foreign subsidiaries for which the functional currency is not the U.S. dollar, balance sheet accounts are translated at exchange rates in effect at the end of the year and income statement accounts are translated at average exchange rates for the year. Translation gains and losses are included in equity as a component of AOCI.
Goodwill is measured as the excess of the purchase price over the net amount allocated to the identifiable assets acquired and liabilities assumed. While management uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement.
Goodwill is measured as the excess of the purchase price over the net amount allocated to the identifiable assets acquired and liabilities assumed. While management uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and F-24 subject to refinement.
F-28 The Company minimizes its exposure to base metal price fluctuations through various strategies. Generally, it prices an equivalent amount of copper raw material, under flexible pricing arrangements it maintains with its suppliers, at the time it determines the selling price of finished products to its customers.
The Company minimizes its exposure to base metal price fluctuations through various strategies. Generally, it prices an equivalent amount of copper raw material, under flexible pricing arrangements it maintains with its suppliers, at the time it determines the selling price of finished products to its customers.
The material component of its brass rod and forgings inventories are valued on a FIFO basis. Certain inventories are valued on an average cost basis. Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, maintenance, production wages, and transportation costs.
The material component of its brass rod, forgings, wire, and cable inventories are valued on a FIFO basis. Certain inventories are valued on an average cost basis. Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, maintenance, production wages, and transportation costs.
In June 2017, the EPA requested that Lead Refinery conduct, and the Company fund, a remedial investigation and feasibility study of operable unit 2 of the Lead Refinery NPL site pursuant to a proposed administrative settlement agreement and order on consent. The Company and Lead Refinery entered into that agreement in September 2017.
In June 2017, the EPA requested that Lead Refinery conduct, and the Company fund, a remedial investigation and feasibility study (RI/FS) of operable unit 2 of the Lead Refinery NPL site pursuant to a proposed administrative settlement agreement and order on consent. The Company and Lead Refinery entered into that agreement in September 2017.
F-2 Profitability of certain of our product lines depends upon the “spreads” between the cost of raw material and the selling prices of our products. The open market prices for copper cathode and copper and brass scrap, for example, influence the selling price of copper tube and brass rod, two principal products manufactured by the Company.
Profitability of certain of our product lines depends upon the “spreads” between the cost of raw material and the selling prices of our products. The open market prices for copper cathode and copper and brass scrap, for example, influence the selling price of copper tube and brass rod, two principal products manufactured by the Company.
F-56 Note 18 – Stock-Based Compensation The Company has in effect stock incentive plans under which stock-based awards have been granted to certain employees and members of its Board of Directors. Under these existing plans, the Company may grant stock options, restricted stock awards, and performance stock awards.
Note 18 – Stock-Based Compensation The Company has in effect stock incentive plans under which stock-based awards have been granted to certain employees and members of its Board of Directors. Under these existing plans, the Company may grant stock options, restricted stock awards, and performance stock awards.
The following table provides changes in AOCI by component, net of taxes and noncontrolling interest (amounts in parentheses indicate debits to AOCI): (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/ OPEB Liability Adjustment Attributable to Unconsol.
F-59 The following table provides changes in AOCI by component, net of taxes and noncontrolling interest (amounts in parentheses indicate debits to AOCI): (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/ OPEB Liability Adjustment Attributable to Unconsol.
Participants direct the investment of their account balances by allocating among a range of asset classes including mutual funds (equity, fixed income, and balanced funds) and money market funds. The plans do not allow direct investment in securities issued by the Company. U. K.
Participants direct the investment of their account balances by allocating among a range of asset classes including mutual funds (equity, fixed income, and balanced funds) and money market funds. The plans do not allow direct investment in securities issued by the Company.
F-52 Bonita Peak Mining District Following an August 2015 spill from the Gold King Mine into the Animas River near Silverton, Colorado, the EPA listed the Bonita Peak Mining District on the NPL. Said listing was finalized in September 2016.
Bonita Peak Mining District Following an August 2015 spill from the Gold King Mine into the Animas River near Silverton, Colorado, the EPA listed the Bonita Peak Mining District on the NPL. Said listing was finalized in September 2016.
Performance stock awards are vested and released at the end of the performance period if the predefined performance criteria are achieved. F-57 For all performance stock awards, in the event the certified results equal the predefined performance criteria, the Company will grant the number of shares equal to the target award.
Performance stock awards are vested and released at the end of the performance period if the predefined performance criteria are achieved. For all performance stock awards, in the event the certified results equal the predefined performance criteria, the Company will grant the number of shares equal to the target award.
The income on these investments for 2023 included net losses of $22.7 million for Tecumseh, which includes a reserve of $11.6 million recorded for a pending legal matter, and net gains of $7.9 million for the retail distribution business.
The net losses on these investments for 2023 included losses of $22.7 million for Tecumseh, which included a reserve of $11.6 million recorded for a pending legal matter, and income of $7.9 million for the retail distribution business.
Short-Term Investments The fair value of short-term investments at December 30, 2023, consisting of marketable securities, approximates the carrying value on that date. These marketable securities are stated at fair value and classified as level 1 within the fair value hierarchy.
Short-Term Investments The fair value of short-term investments at December 28, 2024 and December 30, 2023, consisting of marketable securities, approximates the carrying value on that date. These marketable securities are stated at fair value and classified as level 1 within the fair value hierarchy.
As a result of the transaction, the Company recognized a gain of $4.1 million in the third quarter of 2023 based on the excess of the fair value of the consideration received (the 11 percent equity interest) over the carrying value of Heatlink Group.
As a result of the transaction, the Company recognized a gain of $4.1 million in 2023 based on the excess of the fair value of the consideration received (the 11 percent equity interest) over the carrying value of Heatlink Group.
F-50 Non-operating Properties Southeast Kansas Sites The Kansas Department of Health and Environment (KDHE) has contacted the Company regarding environmental contamination at three former smelter sites in Kansas (Altoona, East La Harpe, and Lanyon).
Non-operating Properties Southeast Kansas Sites The Kansas Department of Health and Environment (KDHE) has contacted the Company regarding environmental contamination at three former smelter sites in Kansas (Altoona, East La Harpe, and Lanyon).
Performance Stock Awards Performance stock awards require achievement of certain performance criteria which are predefined by the Compensation Committee of the Board of Directors at the time of grant. The fair value of each performance stock award equals the fair value of the Company’s stock on the grant date.
Performance Stock Awards Performance stock awards require achievement of certain performance criteria which are predefined by the Compensation Committee of the Board of Directors at the time of grant. The fair value of each performance stock award equals the fair value F-58 of the Company’s stock on the grant date.
F-60 Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Mueller Industries, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Mueller Industries, Inc.
F-61 Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Mueller Industries, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Mueller Industries, Inc.
Under F-26 the equity method of accounting, this investment is stated at initial cost and is adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions.
Under the equity method of accounting, this investment is stated at initial cost and is adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions.
See “ Note 14 – Benefit Plans ” for additional information. Environmental Reserves and Environmental Expenses The Company recognizes an environmental liability when it is probable the liability exists and the amount is reasonably estimable.
See “ Note 14 – Benefit Plans ” for additional information. F-27 Environmental Reserves and Environmental Expenses The Company recognizes an environmental liability when it is probable the liability exists and the amount is reasonably estimable.
Past service in the U.K. pension plan will be adjusted for the effects of inflation. All other pension and postretirement plans use benefit formulas based on length of service.
Past service in the Wednesbury Pension Scheme (U.K. pension plan) will be adjusted for the effects of inflation. All other pension and postretirement plans use benefit formulas based on length of service.
The statute of limitations is open for the Company’s federal tax return for 2020 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods.
The statute of limitations is open for the Company’s federal tax return for 2021 and all subsequent years. Some state and foreign returns are open for 2021 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 30, 2023, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 28, 2024 expressed an unqualified opinion thereon.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 28, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 26, 2025 expressed an unqualified opinion thereon.
In addition to those factors discussed under “Risk Factors” in this Annual Report on Form 10-K, such factors include: (i) the current and projected future business environment, including interest rates and capital and consumer spending; (ii) the domestic housing and commercial construction industry environment; (iii) availability and price fluctuations in commodities (including copper, natural gas, and other raw materials, including crude oil that indirectly affects plastic resins); (iv) competitive factors and competitor responses to the Company’s initiatives; (v) stability of government laws and regulations, including taxes; (vi) availability of financing; and (vii) continuation of the environment to make acquisitions, domestic and foreign, including regulatory requirements and market values of candidates.
In addition to those factors discussed under “Risk Factors” in this Annual Report on Form 10-K, such factors include: (i) the current and projected future business environment, including interest rates and capital and consumer spending; (ii) the domestic housing and commercial construction industry environment; (iii) availability and price fluctuations in commodities (including copper, natural gas, and other raw materials); (iv) competitive factors and competitor responses to the Company’s initiatives; (v) stability of government laws and regulations, including taxes; (vi) availability of financing; and (vii) continuation of the environment to make acquisitions, domestic and foreign, including regulatory requirements and market values of candidates.
The Piping Systems segment sells products to wholesalers in the plumbing and refrigeration markets, distributors to the manufactured housing and recreational vehicle industries, building material retailers, and air-conditioning original equipment manufacturers (OEMs). • Industrial Metals: The Industrial Metals segment is composed of Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, and Precision Tube.
The Piping Systems segment sells products to wholesalers in the plumbing and refrigeration markets, distributors to the manufactured housing and recreational vehicle industries, building material retailers, and air-conditioning original equipment manufacturers (OEMs). • Industrial Metals: The Industrial Metals segment is composed of Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, Precision Tube, and Nehring Electrical Works Company (Nehring).
The amount in excess of the corridor is amortized over the average remaining service period of the plan participants. For 2023, the average remaining service period for the pension plans was 11 years.
The amount in excess of the corridor is amortized over the average remaining service period of the plan participants. For 2024, the average remaining service period for the pension plans was 11 years.
As of December 30, 2023, we were in compliance with all of our debt covenants. Share Repurchase Program The Company’s Board of Directors has extended, until July 2024, its authorization to repurchase up to 40 million shares of the Company’s common stock through open market transactions or through privately negotiated transactions.
As of December 28, 2024, we were in compliance with all of our debt covenants. Share Repurchase Program The Company’s Board of Directors has extended, until July 2026, its authorization to repurchase up to 40 million shares of the Company’s common stock through open market transactions or through privately negotiated transactions.
This equity interest, combined with the 17 percent equity interest acquired with the contribution of Die-Mold in 2021, gives the Company a 28 percent equity interest in the limited liability company.
This equity interest, combined with the 17 percent equity interest acquired with the contribution of Die-Mold in 2021, gave the Company a 28 percent equity interest in the limited liability company.
(the Company) as of December 30, 2023 and December 31, 2022, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 30, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).
(the Company) as of December 28, 2024 and December 30, 2023, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 28, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 30, 2023 and December 31, 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 30, 2023, in conformity with U.S. generally accepted accounting principles.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 28, 2024 and December 30, 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 28, 2024, in conformity with U.S. generally accepted accounting principles.
The Company declared and paid a quarterly cash dividend of 6.5 cents per common share during each quarter of 2021, 12.5 cents per common share during each quarter of 2022, and 15.0 cents per common share during each quarter of 2023. Payment of dividends in the future is dependent upon our financial condition, cash flows, capital requirements, and other factors.
The Company declared and paid a quarterly cash dividend of 12.5 cents per common share during each quarter of 2022, 15.0 cents per common share during each quarter of 2023, and 20.0 cents per common share during each quarter of 2024. Payment of dividends in the future is dependent upon our financial condition, cash flows, capital requirements, and other factors.
Fiscal Years The Company’s fiscal year ends on the last Saturday of December and consisted of 52 weeks in 2023, 53 weeks in 2022, and 52 weeks in 2021. These dates were December 30, 2023, December 31, 2022, and December 25, 2021. Basis of Presentation The Consolidated Financial Statements include the accounts of Mueller Industries, Inc. and its majority-owned subsidiaries.
Fiscal Years The Company’s fiscal year ends on the last Saturday of December and consisted of 52 weeks in 2024 and 2023, and 53 weeks in 2022. These dates were December 28, 2024, December 30, 2023, and December 31, 2022. Basis of Presentation The Consolidated Financial Statements include the accounts of Mueller Industries, Inc. and its majority-owned subsidiaries.
The fair value of long-term debt at December 30, 2023 approximates the carrying value on that date. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of long-term debt is classified as level 2 within the fair value hierarchy.
The fair value of long-term debt at December 28, 2024 approximates the carrying value on that date. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of long-term debt is classified as level 2 within the fair value hierarchy.
There were no borrowings outstanding under the Credit Agreement as of December 30, 2023 or December 31, 2022. Borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at the Eurocurrency Rate which is determined by the underlying currency of the Credit Extension or the Base Rate as defined by the Credit Agreement, plus a variable premium.
There were no borrowings outstanding under the Credit Agreement as of December 28, 2024 or December 30, 2023. Borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at the Eurocurrency Rate which is determined by the underlying currency of the Credit Extension or the Base Rate as defined by the Credit Agreement, plus a variable premium.
The segment manufactures and sells its products primarily to domestic OEMs in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, and energy markets. • Climate: The Climate segment is composed of Refrigeration Products, Westermeyer, Turbotec, Flex Duct (ATCO and H&C Flex), and Linesets, Inc.
The segment manufactures and sells its products primarily to domestic OEMs in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, energy, telecommunication, and electrical transmission and distribution markets. • Climate: The Climate segment is composed of Refrigeration Products, Westermeyer, Turbotec, Flex Duct (ATCO and H&C Flex), and Linesets, Inc.
F-39 The Company presents its derivative assets and liabilities in the Consolidated Balance Sheets on a net basis by counterparty.
The Company presents its derivative assets and liabilities in the Consolidated Balance Sheets on a net basis by counterparty.
On December 16, 2011, MCTP entered into an amended Administrative Order by Consent to prepare and implement a revised RWP regarding final remediation for the Site. The remediation system was activated in February 2014. Costs to implement the work plans, including associated general and administrative costs, are estimated to approximate $0.4 million over the next two years.
On December 16, 2011, MCTP entered into an amended Administrative Order by Consent to prepare and implement a revised RWP regarding final remediation for the Site. The remediation system was activated in February 2014. Costs to implement the work plans, including associated general and administrative costs, are estimated to approximate $0.3 million over the next year.
Note 15 – Commitments and Contingencies Environmental The Company is subject to federal, state, local, and foreign environmental laws and regulations. For all properties, the Company has provided and charged to expense $0.7 million in 2023, $1.4 million in 2022, and $5.0 million in 2021 for pending environmental matters.
Note 15 – Commitments and Contingencies Environmental The Company is subject to federal, state, local, and foreign environmental laws and regulations. For all properties, the Company has provided and charged to expense $1.8 million in 2024, $0.7 million in 2023, and $1.4 million in 2022 for pending environmental matters.
The Company’s income ( loss) from unconsolidated affiliates, net of foreign tax, for 2023, 2022, and 2021 included net gains of $7.9 million, $4.9 million, and $0.8 million, respectively, for the retail distribution business. Note 12 – Debt Credit Agreement The Company’s Credit Agreement provides for an unsecured $400.0 million revolving credit facility that matures on March 31, 2026.
The Company’s net income ( loss) from unconsolidated affiliates, net of foreign tax, for 2024, 2023, and 2022 included income of $11.7 million, $7.9 million, and $4.9 million, respectively, for the retail distribution business. Note 12 – Debt Credit Agreement The Company’s Credit Agreement provides for an unsecured $400.0 million revolving credit facility that matures on March 31, 2026.
Compensation expense for the Company’s matching contribution to the 401(k) plans was $4.9 million in 2023, $4.9 million in 2022, and $4.5 million in 2021. The Company match is a cash contribution.
Compensation expense for the Company’s matching contribution to the 401(k) plans was $5.0 million in 2024, $4.9 million in 2023, and $4.9 million in 2022. The Company match is a cash contribution.
The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows: Pension Benefits Other Benefits 2023 2022 2023 2022 Discount rate 4.40 % 4.80 % 5.96 % 6.08 % Expected long-term return on plan assets 4.30 % 5.51 % N/A N/A Rate of compensation increases N/A N/A 5.00 % 5.00 % Rate of inflation 3.20 % 3.30 % N/A N/A The weighted average assumptions used in the measurement of the Company’s net periodic benefit cost are as follows: Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 Discount rate 4.80 % 1.90 % 1.40 % 6.08 % 3.73 % 2.92 % Expected long-term return on plan assets 5.51 % 4.96 % 4.69 % N/A N/A N/A Rate of compensation increases N/A N/A N/A 5.00 % 5.00 % 5.00 % Rate of inflation 3.30 % 3.70 % 3.20 % N/A N/A N/A The Company’s Mexican postretirement plans use the rate of compensation increase in the benefit formulas.
F-48 The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows: Pension Benefits Other Benefits 2024 2023 2024 2023 Discount rate 5.30 % 4.40 % 6.51 % 5.96 % Expected long-term return on plan assets 5.30 % 4.30 % N/A N/A Rate of compensation increases N/A N/A 5.00 % 5.00 % Rate of inflation 3.30 % 3.20 % N/A N/A The weighted average assumptions used in the measurement of the Company’s net periodic benefit cost are as follows: Pension Benefits Other Benefits 2024 2023 2022 2024 2023 2022 Discount rate 4.40 % 4.80 % 1.90 % 5.96 % 6.08 % 3.73 % Expected long-term return on plan assets 4.30 % 5.51 % 4.96 % N/A N/A N/A Rate of compensation increases N/A N/A N/A 5.00 % 5.00 % 5.00 % Rate of inflation 3.20 % 3.30 % 3.70 % N/A N/A N/A The Company’s Mexican postretirement plans use the rate of compensation increase in the benefit formulas.
Periodic value fluctuations of the futures contracts generally offset the value fluctuations of the underlying natural gas prices. There were no open futures contracts to purchase natural gas at December 30, 2023. Interest Rates The C ompany had no variable-rate debt outstanding at December 30, 2023 and December 31, 2022.
Periodic value fluctuations of the futures contracts generally offset the value fluctuations of the underlying natural gas prices. There were no open futures contracts to purchase natural gas at December 28, 2024. Interest Rates The C ompany had no variable-rate debt outstanding at December 28, 2024 and December 30, 2023.
Availability of funds under the Revolving Credit Facility is reduced by the amount of certain outstanding letters of credit, which are used to secure the Company’s payment of insurance deductibles, certain retiree health benefits, and other corporate obligations, totaling approximately $28.7 million at December 30, 2023. Terms of the letters of credit are generally renewable annually.
Availability of funds under the Revolving Credit Facility is reduced by the amount of certain outstanding letters of credit, which are used to secure the Company’s payment of insurance deductibles, certain retiree health benefits, and other corporate obligations, totaling approximately $28.8 million at December 28, 2024. Terms of the letters of credit are generally renewable annually.
Jungwoo-Mueller Jungwoo-Mueller has several secured revolving credit arrangements with a total borrowing capacity of KRW 20.0 billion (or approximately $15.3 million). Borrowings are secured by the real property and equipment of Jungwoo-Mueller. Covenants contained in the Company’s financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios.
Jungwoo-Mueller Jungwoo-Mueller has several secured revolving credit arrangements with a total borrowing capacity of KRW 18.0 billion (or approximately $12.8 million). Borrowings are secured by the real property and equipment of Jungwoo-Mueller. Covenants contained in the Company’s financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios.
Approximate costs to comply with the post-closure permit, including associated general and administrative costs, are estimated at between $1.6 million and $2.2 million over the next 13 years. The Company has recorded a reserve at the low end of this range. On April 9, 2009, pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the U.S.
Approximate costs to comply with the post-closure permit, including associated general and administrative costs, are estimated at between $2.3 million and $2.7 million over the next 12 years. The Company has recorded a reserve at the low end of this range. On April 9, 2009, pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the U.S.
In the event the Company determines it is no longer probable that it will achieve the minimum threshold specified in the award, all of the previously recognized compensation expense is reversed in the period such a determination is made. The weighted average grant-date fair value of awards granted during 2023, 2022, and 2021 was $37.63, $32.74, and $21.73, respectively.
In the event the Company determines it is no longer probable that it will achieve the minimum threshold specified in the award, all of the previously recognized compensation expense is reversed in the period such a determination is made. The weighted average grant-date fair value of awards granted during 2024, 2023, and 2022 was $64.52, $37.63, and $32.74, respectively.
At December 30, 2023 and December 31, 2022, the Company had recorded restricted cash in other current assets of $3.2 million and $4.0 million, respectively, as collateral related to open derivative contracts under the master netting arrangements. Note 8 – Leases The Company leases certain facilities, vehicles, and equipment which expire on various dates through 2041.
At December 28, 2024 and December 30, 2023, the Company had recorded restricted cash in other current assets of $1.4 million and $3.2 million, respectively, as collateral related to open derivative contracts under the master netting arrangements. Note 8 – Leases The Company leases certain facilities, vehicles, and equipment which expire on various dates through 2041.
Although the Site Activities have been substantially concluded, Lead Refinery is required to perform monitoring and maintenance-related activities pursuant to a post-closure permit issued by the Indiana Department of Environmental Management effective as of March 2, 2013. Lead Refinery spent approximately $0.6 million from 2021 through 2023 with respect to this site.
Although the Site Activities have been substantially concluded, Lead Refinery is required to perform monitoring and maintenance-related activities pursuant to a post-closure permit issued by the Indiana Department of Environmental Management effective as of March 2, 2013. Lead Refinery spent approximately $0.7 million from 2022 through 2024 with respect to this site.
Note 17 – Equity The Company’s Board of Directors has extended, until July 2024, its authorization to repurchase up to 40 million shares of the Company’s common stock through open market transactions or through privately negotiated transactions.
F-57 Note 17 – Equity The Company’s Board of Directors has extended, until July 2026, its authorization to repurchase up to 40 million shares of the Company’s common stock through open market transactions or through privately negotiated transactions.
Periodic value fluctuations of the contracts generally offset the value fluctuations of the underlying fixed-price transactions or inventory.
Periodic value F-11 fluctuations of the contracts generally offset the value fluctuations of the underlying fixed-price transactions or inventory.
In the next 12 months, the Company will reclassify into earnings realized gains or losses relating to cash flow hedges. At December 30, 2023, this amount was approximately $0.1 million of deferred net gains, net of tax. The Company may also enter into futures contracts to protect the value of inventory against market fluctuations.
In the next 12 months, the Company will reclassify into earnings realized gains or losses relating to cash flow hedges. At December 28, 2024, this amount was approximately $0.3 million of deferred net losses, net of tax. The Company may also enter into futures contracts to protect the value of inventory against market fluctuations.
F-23 Notes to Consolidated Financial Statements Note 1 – Summary of Significant Accounting Policies Nature of Operations The principal business of Mueller Industries, Inc. is the manufacture and sale of copper tube and fittings; line sets; steel nipples; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; compressed gas valves; refrigeration valves and fittings; pressure vessels; coaxial heat exchangers; and insulated flexible duct systems.
F-23 Notes to Consolidated Financial Statements Note 1 – Summary of Significant Accounting Policies Nature of Operations The principal business of Mueller Industries, Inc. is the manufacture and sale of copper tube and fittings; line sets; steel nipples; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; compressed gas valves; refrigeration valves and fittings; pressure vessels; insulated flexible duct systems; and high-quality wire and cable solutions.
The Company equally weighted an income discounted cash flow approach and market comparable companies approach using an EBITDA multiple to determine the fair value of the consideration received of $26.0 million, which is recognized within the Investments in unconsolidated affiliates line of the Consolidated Balance Sheet.
The Company equally weighted an income discounted cash flow approach and market comparable companies approach using an EBITDA multiple to determine the fair value of the consideration received of $26.0 million, which was recognized within the Investments in unconsolidated affiliates line of the Consolidated Balance Sheet as of December 30, 2023.
The Company may hold any shares purchased in treasury or use a portion of the repurchased shares for its stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through December 30, 2023, the Company has repurchased approximately 15.0 million shares under this authorization.
The Company may hold any shares purchased in treasury or use a portion of the repurchased shares for its stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through December 28, 2024, the Company has repurchased approximately 15.9 million shares under this authorization.
Item 1: Business ” and our other detailed discussion of risk factors included in this MD&A. O VERVIEW We are a leading manufacturer of copper, brass, aluminum, and plastic products.
Item 1: Business ” and our other detailed discussion of risk factors included in this MD&A. OVERVIEW We are a leading manufacturer of copper, brass, and aluminum products.
The maximum payments that the Company could be required to make under its guarantees at December 30, 2023 were $28.7 million. F-53 Insurance Claims In August 2022, a portion of the Company’s Bluffs, Illinois manufacturing operation was damaged by fire. Certain inventories, production equipment, and building structures were extensively damaged.
The maximum payments that the Company could be required to make under its guarantees at December 28, 2024 were $28.8 million. Insurance Claims In August 2022, a portion of the Company’s Bluffs, Illinois manufacturing operation was damaged by fire. Certain inventories, production equipment, and building structures were extensively damaged.
These businesses manufacture brass rod, impact extrusions and forgings, specialty copper, copper alloy, and aluminum tube, as well as a wide variety of end products including plumbing brass, automotive components, valves, fittings, and gas assemblies.
These businesses manufacture brass rod, impact extrusions and forgings, specialty copper, copper alloy, and aluminum tube, as well as a wide variety of end products including plumbing brass, automotive components, valves, fittings, gas assemblies, and high-quality wire and cable solutions.
The annual assumed rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) is assumed to range from 4.9 to 8.2 percent for 2024, gradually decrease to 4.1 percent through 2040, and remain at that level thereafter.
The annual assumed rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) is assumed to range from 5.1 to 9.7 percent for 2025, gradually decrease to 4.1 percent through 2040, and remain at that level thereafter.
The Company generally views its investments in foreign subsidiaries with a functional currency other than the U.S. dollar as long-term. As a result, we generally do not hedge these net investments. The net investment in foreign subsidiaries translated into U.S. dollars using the year-end exchange rates was $270.8 million at December 30, 2023 and $338.6 million at December 31, 2022.
The Company generally views its investments in foreign subsidiaries with a functional currency other than the U.S. dollar as long-term. As a result, we generally do not hedge these net investments. The net investment in foreign subsidiaries translated into U.S. dollars using the year-end exchange rates was $326.4 million at December 28, 2024 and $270.8 million at December 30, 2023.
Note 21 – Related Party Transactions The non-controlling interest in the Company’s South Korean joint venture owns 100 percent of a copper tube mill which supplies Mueller affiliates. These affiliates purchased $15.5 million and $22.2 million of product from the supplier in 2023 and 2022, respectively. Payables related to these sales as of December 30, 2023 were $0.8 million.
Note 21 – Related Party Transactions The non-controlling interest in the Company’s South Korean joint venture owns 100 percent of a copper tube mill which supplies Mueller affiliates. These affiliates purchased $19.0 million and $15.5 million of product from the supplier in 2024 and 2023, respectively. Payables related to these sales as of December 28, 2024 were $0.5 million.
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Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
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Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
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2023 filing
2024 filing
Biggest changeThe overall impact of these requirements on our operations could increase our costs and diminish our ability to compete with products that are produced in countries without such rigorous standards; the long run impact could negatively impact our results and have a material adverse effect on our business.
Biggest changeThe overall impact of these requirements on our operations could increase our costs and diminish our ability to compete with products that are produced in countries without such rigorous standards; the long run impact could negatively impact our results and have a material adverse effect on our business. 8 Operational Risks A strike, other work stoppage or business interruption, or our inability to renew collective bargaining agreements on favorable terms, could impact our cost structure and our ability to operate our facilities and produce our products, which could have an adverse effect on our results of operations.
Cross border transactions, both with external parties and intercompany relationships, result in increased exposure to foreign exchange fluctuations. The strengthening of the U.S. dollar could expose our U.S. based businesses to competitive threats from lower cost producers in other countries such as China. Lastly, our sales are translated into U.S. dollars for reporting purposes.
Cross border transactions, both with external parties and intercompany relationships, result in increased exposure to foreign exchange fluctuations. The strengthening of the U.S. dollar 7 could expose our U.S. based businesses to competitive threats from lower cost producers in other countries such as China. Lastly, our sales are translated into U.S. dollars for reporting purposes.
These risk factors should be considered carefully when evaluating the Company and its businesses. Risks Related to the Economy and Other External Factors Increases in costs and the availability of energy and raw materials used in our products could impact our cost of goods sold and our distribution expenses, which could have a material adverse impact on our operating margins.
These risk factors should be considered carefully when evaluating the Company and its businesses. 6 Risks Related to the Economy and Other External Factors Increases in costs and the availability of energy and raw materials used in our products could impact our cost of goods sold and our distribution expenses, which could have a material adverse impact on our operating margins.
The strengthening of the U.S. dollar could result in unfavorable translation effects when the results of foreign operations are translated into U.S. dollars. Accordingly, significant changes in exchange rates, particularly the British pound sterling, Mexican peso, Canadian dollar, South Korean won, and Bahraini dinar, could have an adverse impact on our results of operations or financial position.
The strengthening of the U.S. dollar could result in unfavorable translation effects when the results of foreign operations are translated into U.S. dollars. Accordingly, significant changes in exchange rates, particularly the British pound sterling, Mexican peso, Canadian dollar, and the South Korean won, could have an adverse impact on our results of operations or financial position.
Both the costs of raw materials used in our manufactured products (copper, brass, zinc, aluminum, and plastic resins) and energy costs (electricity, natural gas and fuel) have been volatile during the last several years, which has resulted in changes in production and distribution costs.
Both the costs of raw materials used in our manufactured products (copper, brass, zinc, and aluminum) and energy costs (electricity, natural gas and fuel) have been volatile during the last several years, which has resulted in changes in production and distribution costs.
We depend on the continued efforts of our senior management. The unplanned loss of key personnel, or the inability to hire and retain qualified executives, could negatively impact our ability to manage our business. ITEM 1B. UNRESOLVED STAFF COMMENTS None.
We depend on the continued efforts of our senior management. The unplanned loss of key personnel, or the inability to hire and retain qualified executives, could negatively impact our ability to manage our business.
We are, from time-to-time, involved in various claims, litigation matters, and regulatory proceedings. These matters may include contract disputes, personal injury claims, environmental claims and administrative actions, Occupational Safety and Health Administration inspections or proceedings, other tort claims, employment and tax matters and other litigation including class actions that arise in the ordinary course of our business.
These matters may include contract disputes, personal injury claims, environmental claims and administrative actions, Occupational Safety and Health Administration inspections or proceedings, other tort claims, employment and tax matters and other litigation including class actions that arise in the ordinary course of our business.
In particular, market prices of building products historically have been volatile and cyclical, and we may be unable to control the timing and extent of pricing changes for our products.
Prices for our products are affected by overall supply and demand in the market for our products and for our competitors’ products. In particular, market prices of building products historically have been volatile and cyclical, and we may be unable to control the timing and extent of pricing changes for our products.
Our businesses are also affected by a variety of other factors beyond our control, including, but not limited to, employment levels, foreign currency exchange rates, consumer confidence, and unforeseen inflationary pressures. In the last year, inflationary pressures have increased.
Our businesses are also affected by a variety of other factors beyond our control, including, but not limited to, employment levels, foreign currency exchange rates, consumer confidence, the imposition of tariffs that make it more costly to source raw materials, and unforeseen inflationary pressures. In the last year, inflationary pressures have increased.
In furtherance of this strategy, over the past several years, we have acquired businesses in Europe, Canada, South Korea, the Middle East, and the United States. 8 While we currently anticipate that our past and future acquisitions will enhance our value proposition to customers and improve our long-term profitability, there can be no assurance that we will realize our expectations within the time frame we have established, if at all, or that we can continue to support the value we allocate to these acquired businesses, including their goodwill or other intangible assets.
While we currently anticipate that our past and future acquisitions will enhance our value proposition to customers and improve our long-term profitability, there can be no assurance that we will realize our expectations within the time frame we have established, if at all, or that we can continue to support the value we allocate to these acquired businesses, including their goodwill or other intangible assets.
The end use of alternative import and/or substitute products could have a material adverse effect on our business, financial condition, and results of operations.
The end use of alternative import and/or substitute products could have a material adverse effect on our business, financial condition, and results of operations. Likewise, the development of new technologies and applications could result in lower demand for our products and have a material adverse effect on our business.
Our strategy for long-term growth, productivity and profitability depends in part on our ability to make prudent strategic acquisitions and to realize the benefits we expect when we make those acquisitions.
Our strategy for long-term growth, productivity and profitability depends in part on our ability to make prudent strategic acquisitions and to realize the benefits we expect when we make those acquisitions. In furtherance of this strategy, over the past several years, we have acquired businesses in Europe, Canada, South Korea, the Middle East, and the United States.
Additionally, if we are for any reason unable to obtain raw materials or energy, our ability to manufacture our products would be impacted, which could have a material adverse impact on our operating margins. 6 Economic conditions in the housing and commercial construction industries, as well as inflation and changes in interest rates, could have a material adverse impact on our business, financial condition, and results of operations.
Additionally, if we are for any reason unable to obtain raw materials or energy, our ability to manufacture our products would be impacted, which could have a material adverse impact on our operating margins.
Although we generally attempt to pass along higher raw material costs to our customers in the form of price increases, there can be a delay between an increase in our raw material costs and our ability to raise the prices of our products.
Although we generally attempt to pass along higher raw material costs to our customers in the form of price increases, there can be a delay between an increase in our raw material costs and our ability to raise the prices of our products and new and changing laws or tariffs, regulations, executive orders, and enforcement priorities may impact customer budgets and create uncertainty about how such laws and regulations will be interpreted and applied, which may impact customer demand.
Failure to fully pass increases to our customers or to modify or adapt our activities to mitigate the impact could have a material adverse impact on our operating margins.
The Company is prepared to proactively work with its supply chain to mitigate the cost impact and pass increases in costs to its customers, to the extent possible, when they occur, but failure to fully pass increases to our customers or to modify or adapt our activities to mitigate the impact could have a material adverse impact on our operating margins.
Likewise, the development of new technologies and applications could result in lower demand for our products and have a material adverse effect on our business. 7 Litigation and Regulatory Risks We are subject to claims, litigation, and regulatory proceedings that could have a material adverse effect on us.
Litigation and Regulatory Risks We are subject to claims, litigation, and regulatory proceedings that could have a material adverse effect on us. We are, from time-to-time, involved in various claims, litigation matters, and regulatory proceedings.
Our business is sensitive to changes in general economic conditions, particularly in the housing and commercial construction industries. Prices for our products are affected by overall supply and demand in the market for our products and for our competitors’ products.
Economic conditions in the housing and commercial construction industries, as well as inflation and changes in interest rates, could have a material adverse impact on our business, financial condition, and results of operations. Our business is sensitive to changes in general economic conditions, particularly in the housing and commercial construction industries.
Removed
Operational Risks A strike, other work stoppage or business interruption, or our inability to renew collective bargaining agreements on favorable terms, could impact our cost structure and our ability to operate our facilities and produce our products, which could have an adverse effect on our results of operations.
Added
Tariffs impact the total cost of our products and the components and raw materials that go into manufacturing them.
Added
The new, substantial tariff increases on imports in the United States from Canada and Mexico (in addition to China) announced on February 1, 2025, should they be implemented and sustained for an extended period of time, could adversely impact the gross margin the Company earns on its products.
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
5 edited+1 added−0 removed8 unchanged
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
5 edited+1 added−0 removed8 unchanged
2023 filing
2024 filing
Biggest changeIn connection with the design, implementation and testing of our cybersecurity program, we also work, as appropriate, with our accountants, independent assessors, legal counsel and other consultants. 9 We have an incident reporting and escalation process that we believe to be effective in detecting and analyzing cyber incidents as they occur to determine appropriate response action and reporting, including the materiality of any such incidents to our financial condition and operations.
Biggest changeWe have an incident reporting and escalation process that we believe to be effective in detecting and analyzing cyber incidents as they occur to determine appropriate response action and reporting, including the materiality of any such incidents to our financial condition and operations.
As part of its oversight function, the Audit Committee of the Board oversees the Company’s risk assessment and risk management policies, including related to cybersecurity and the data protection program, and performs an annual review and assessment of the primary operational and regulatory risks facing the Company, their relative magnitude and management’s plan for mitigating these risks.
As part of its oversight function, the Audit Committee of the Board oversees the Company’s risk assessment and risk management policies, including related to cybersecurity and the data protection program, and performs an annual review and assessment of the 10 primary operational and regulatory risks facing the Company, their relative magnitude and management’s plan for mitigating these risks.
In determining materiality, cybersecurity incidents are reviewed not only for potential financial impacts, which could include potential legal and regulatory penalties, stolen assets or funds, system damage, forensic and remediation costs, lost client revenue or litigation costs, but also the breadth and sensitivity of data exposure, data exfiltration, impacts on the ability to operate our business or provide our services, client dissatisfaction, and loss of investor confidence.
In determining materiality, cybersecurity incidents are reviewed not only for potential financial impacts, which could include potential legal and regulatory penalties, stolen assets or funds, system damage, forensic and remediation costs, lost customer revenue or litigation costs, but also the breadth and sensitivity of data exposure, data exfiltration, impacts on the ability to operate our business or provide our services, customer dissatisfaction, and loss of investor confidence.
These qualifications include professional experience in the field and recent participation in IT and cybersecurity programs organized by leading institutions with expertise in the field. 10
These qualifications include professional experience in the field and recent participation in IT and cybersecurity programs organized by leading institutions with expertise in the field.
While we, our clients and our vendors are regularly exposed to malicious technology-related events and threats, none of these threats or incidents, either individually or in the aggregate of related occurrences, have materially affected the Company in the period covered by this report.
While we, our customers and our vendors are regularly exposed to malicious technology-related events and threats, none of these threats or incidents, either individually or in the aggregate of related occurrences, have materially affected the Company in the period covered by this report.
Added
In connection with the design, implementation and testing of our cybersecurity program, we also work, as appropriate, with our accountants, independent assessors, legal counsel and other consultants.
Item 2. Properties
Properties — owned and leased real estate
3 edited+0 added−0 removed1 unchanged
Item 2. Properties
Properties — owned and leased real estate
3 edited+0 added−0 removed1 unchanged
2023 filing
2024 filing
Biggest changeFt.) Primary Use Owned or Leased Fort Worth, TX 103,125 Manufacturing & Distribution Owned Hickory, NC 100,000 Manufacturing Owned Hartsville, TN 92,000 Manufacturing Owned Houston, TX 72,000 Manufacturing & Distribution Owned Monterrey, Mexico 65,000 Manufacturing & Distribution Leased Baltimore, MD 62,500 Manufacturing & Distribution Owned Springdale, AR 57,600 Manufacturing & Distribution Owned Hartsville, TN 45,000 Distribution Leased Lawrenceville, GA 42,000 Manufacturing Leased Xinbei District, Changzhou, China 33,940 Manufacturing Leased Kansas City, MO 30,500 Manufacturing Leased Ansonia, CT 24,000 Manufacturing Leased Hartsville, TN 4,000 Distribution Leased
Biggest changeFt.) Primary Use Owned or Leased Brooklyn, OH 163,200 Manufacturing Leased Marysville, MI 81,500 Manufacturing Owned Brighton, MI 65,000 Machining Leased DeKalb, IL 18,000 Manufacturing & Distribution Leased Climate Segment Plainville, GA 313,835 Manufacturing & Distribution Owned Fort Worth, TX 266,485 Manufacturing Owned Phoenix, AZ 250,250 Manufacturing & Distribution Owned Olive Branch, MS 205,264 Manufacturing & Distribution Owned Tampa, FL 202,614 Manufacturing & Distribution Owned Cartersville, GA 193,541 Manufacturing Leased Crawsfordville, IN 153,600 Manufacturing & Distribution Owned Fort Worth, TX 153,374 Manufacturing Owned Bluffs, IL 150,000 Manufacturing Owned Vineland, NJ 136,000 Manufacturing & Distribution Owned Sanger, CA 127,390 Manufacturing & Distribution Leased Sacramento, CA 121,240 Manufacturing & Distribution Owned Fort Worth, TX 103,125 Manufacturing & Distribution Owned Hickory, NC 100,000 Manufacturing Owned Hartsville, TN 92,000 Manufacturing Owned Houston, TX 72,000 Manufacturing & Distribution Owned Guadalupe, Mexico 67,411 Manufacturing & Distribution Leased Baltimore, MD 62,500 Manufacturing & Distribution Owned Springdale, AR 59,400 Manufacturing & Distribution Leased Hartsville, TN 45,000 Distribution Leased Lawrenceville, GA 42,000 Manufacturing Leased Xinbei District, Changzhou, China 33,940 Manufacturing Leased Hartsville, TN 4,000 Distribution Leased
Ft.) Primary Use Owned or Leased Piping Systems Segment Fulton, MS 778,065 Manufacturing, Packaging, & Distribution Owned Bilston, England 402,500 Manufacturing Owned Wynne, AR 400,000 Manufacturing & Distribution Owned Yangju City, Gyeonggi Province, South Korea 343,909 Manufacturing Owned Woodbridge, NJ 247,000 Distribution Leased London, Ontario, Canada 200,400 Manufacturing Owned Wynne, AR 180,000 Distribution Owned Covington, TN 159,500 Manufacturing Owned Monterrey, Mexico 152,000 Manufacturing & Distribution Leased Monterrey, Mexico 132,000 Manufacturing Leased Ennis, TX 109,700 Distribution Leased University Park, IL 90,100 Distribution Leased Ansonia, CT 89,396 Manufacturing & Distribution Owned Kansas City, MO 85,000 Distribution Leased St.
Ft.) Primary Use Owned or Leased Piping Systems Segment Fulton, MS 778,065 Manufacturing, Packaging, & Distribution Owned Bilston, England 402,500 Manufacturing Owned Wynne, AR 400,000 Manufacturing & Distribution Owned Yangju City, Gyeonggi Province, South Korea 343,909 Manufacturing Owned Woodbridge, NJ 247,000 Distribution Leased Elkhart, IN 220,000 Manufacturing Owned London, Ontario, Canada 200,400 Manufacturing Owned Wynne, AR 180,000 Distribution Owned Covington, TN 159,500 Manufacturing Owned Monterrey, Mexico 152,000 Manufacturing & Distribution Leased Monterrey, Mexico 132,000 Manufacturing Leased Fayetteville, AR 110,000 Manufacturing Owned Ennis, TX 109,700 Distribution Leased University Park, IL 90,100 Distribution Leased Ansonia, CT 89,396 Manufacturing & Distribution Owned Kansas City, MO 85,000 Distribution Leased St.
Thomas, Ontario, Canada 73,124 Distribution Leased Shelby, OH 61,750 Distribution Leased Ontario, CA 54,209 Distribution Leased Jacksonville, FL 48,000 Distribution Leased Al Hidd, Kingdom of Bahrain 22,500 Manufacturing & Distribution Owned Industrial Metals Segment Port Huron, MI 450,000 Manufacturing Owned New Market, VA 413,120 Manufacturing & Distribution Owned Brooklyn, OH 163,200 Manufacturing Leased Marysville, MI 81,500 Manufacturing Owned Brighton, MI 65,000 Machining Leased Climate Segment Plainville, GA 313,835 Manufacturing & Distribution Owned Fort Worth, TX 266,485 Manufacturing Owned Cartersville, GA 260,924 Manufacturing Owned Phoenix, AZ 250,250 Manufacturing & Distribution Owned Olive Branch, MS 205,264 Manufacturing & Distribution Owned Tampa, FL 202,614 Manufacturing & Distribution Owned Crawsfordville, IN 153,600 Manufacturing & Distribution Owned Fort Worth, TX 153,374 Manufacturing Owned Vineland, NJ 136,000 Manufacturing & Distribution Owned Sanger, CA 127,390 Manufacturing & Distribution Leased Sacramento, CA 121,240 Manufacturing & Distribution Owned Bluffs, IL 107,000 Manufacturing Owned 11 Location of Facility Building Space (Sq.
Thomas, Ontario, Canada 73,124 Distribution Leased Shelby, OH 61,750 Distribution Leased Ontario, CA 54,209 Distribution Leased Jacksonville, FL 48,000 Distribution Leased Al Hidd, Kingdom of Bahrain 22,500 Manufacturing & Distribution Owned Guadalajara, Mexico 861 Distribution Leased Industrial Metals Segment DeKalb, IL 593,000 Manufacturing & Distribution Owned Port Huron, MI 450,000 Manufacturing Owned New Market, VA 413,120 Manufacturing & Distribution Owned 11 Location of Facility Building Space (Sq.
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
7 edited+2 added−1 removed2 unchanged
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
7 edited+2 added−1 removed2 unchanged
2023 filing
2024 filing
Biggest change(2) Shares available to be purchased under the Company’s 40 million share repurchase authorization until July 2024. The extension of the authorization was announced on October 25, 2023. 13 Company Stock Performance The following graph compares total stockholder return since December 28, 2018 to th e Dow Jones U.S. Total Return Index (Total Return Index) and the Dow Jones U.S.
Biggest changeThe extension of the authorization was announced on October 23, 2024. 13 Company Stock Performance The following graph compares total stockholder return since December 28, 2019 to th e Dow Jones U.S. Total Return Index (Total Return Index) and the Dow Jones U.S. Building Materials & Fixtures Index (Building Materials Index).
Issuer Purchases of Equity Securities The Company’s Board of Directors has extended, until July 2024, the authorization to repurchase up to 40 million shares of the Company’s common stock through open market transactions or through privately negotiated transactions. The Company may cancel, suspend, or extend the time period for the purchase of shares at any time.
Issuer Purchases of Equity Securities The Company’s Board of Directors has extended, until July 2026, the authorization to repurchase up to 40 million shares of the Company’s common stock through open market transactions or through privately negotiated transactions. The Company may cancel, suspend, or extend the time period for the purchase of shares at any time.
During fiscal year 2022, we paid a quarterly cash dividend of $0.125 per share of common stock. During fiscal year 2023, we paid a quarterly cash dividend of $0.15 per share of common stock. Payment of dividends in the future is dependent upon the Company’s financial condition, cash flows, capital requirements, earnings, and other factors.
During fiscal year 2023, we paid a quarterly cash dividend of $0.15 per share of common stock. During fiscal year 2024, we paid a quarterly cash dividend of $0.20 per share of common stock. Payment of dividends in the future is dependent upon the Company’s financial condition, cash flows, capital requirements, earnings, and other factors.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol “MLI.” As of February 22, 2024, the number of holders of record of Mueller’s common stock was 550.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol “MLI.” As of February 19, 2025, the number of holders of record of Mueller’s common stock was 526 .
From its initial authorization in 1999 through December 30, 2023, the Company has repurchased approximately 15.0 million shares under this authorization. Below is a summary of the Company’s stock repurchases for the quarter ended December 30, 2023.
From its initial authorization in 1999 through December 28, 2024, the Company has repurchased approximately 15.9 million shares under this authorization. Below is a summary of the Company’s stock repurchases for the quarter ended December 28, 2024.
(a) Total Number of Shares Purchased (1) (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2) October 1, 2023 – October 28, 2023 — $ — — 25,003,808 October 29, 2023 – November 25, 2023 939 41.25 — 25,003,808 November 26, 2023 – December 30, 2023 6,473 43.60 — 25,003,808 Total 7,412 — (1) Includes shares tendered to the Company by holders of stock-based awards in payment of the purchase price and/or withholding taxes upon exercise and/or vesting.
(a) Total Number of Shares Purchased (1) (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2) September 29, 2024 – October 26, 2024 — $ — — 24,075,033 October 27, 2024 – November 23, 2024 10,154 38.49 — 24,075,033 November 24, 2024 – December 28, 2024 — — — 24,075,033 Total 10,154 — (1) Includes shares tendered to the Company by holders of stock-based awards in payment of the purchase price and/or withholding taxes upon exercise and/or vesting.
Building Materials & Fixtures Index (Building Materials Index). Total return values for the Total Return Index, the Building Materials Index and the Company were calculated based on cumulative total return values assuming reinvestment of regular quarterly dividends paid by the Company. 2018 2019 2020 2021 2022 2023 Mueller Industries, Inc. 100.00 137.48 153.37 259.90 266.38 432.45 Dow Jones U.S.
Total return values for the Total Return Index, the Building Materials Index and the Company were calculated based on cumulative total return values assuming reinvestment of regular quarterly dividends paid by the Company. 2019 2020 2021 2022 2023 2024 Mueller Industries, Inc. 100.00 111.55 189.04 193.75 314.55 540.44 Dow Jones U.S.
Removed
Total Return Index 100.00 131.15 157.90 199.74 160.99 203.70 Dow Jones U.S. Building Materials & Fixtures Index 100.00 146.33 181.57 271.79 197.32 276.98 14 ITEM 6. RESERVED
Added
Also includes shares resulting from restricted stock forfeitures at the average cost of treasury stock. (2) Shares available to be purchased under the Company’s 40 million share repurchase authorization until July 2026.
Added
Total Return Index 100.00 120.40 152.31 122.76 155.32 193.29 Dow Jones U.S. Building Materials & Fixtures Index 100.00 124.08 185.73 134.84 189.28 224.90 14 ITEM 6. RESERVED