Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Feb. 24, 2014 | Jun. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'MUELLER INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000089439 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,409,029,613 |
Entity Common Stock, Shares Outstanding | ' | 28,334,746 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ' | ' | ' |
Cost of acquisition | $2,158,541 | $2,189,938 | $2,417,797 |
Cost of goods sold | 1,862,089 | 1,904,463 | 2,115,677 |
Depreciation and amortization | 32,394 | 31,495 | 36,865 |
Selling, general, and administrative expense | 134,914 | 129,456 | 135,953 |
Insurance settlements | -106,332 | -1,500 | 0 |
Gain on sale of plastic fittings manufacturing assets | -39,765 | 0 | 0 |
Impairment charges | 4,304 | 0 | 0 |
Litigation settlement | 0 | -4,050 | -10,500 |
Severance | 0 | 3,369 | 0 |
Operating income | 270,937 | 126,705 | 139,802 |
Interest expense | -3,990 | -6,890 | -11,553 |
Other income, net | 4,451 | 539 | 1,912 |
Income before income taxes | 271,398 | 120,354 | 130,161 |
Income tax expense | -98,109 | -36,681 | -43,075 |
Consolidated net income | 173,289 | 83,673 | 87,086 |
Less net income attributable to noncontrolling interest | -689 | -1,278 | -765 |
Net income attributable to Mueller Industries, Inc. | $172,600 | $82,395 | $86,321 |
Weighted average shares for basic earnings per share (in shares) | 27,871 | 35,332 | 37,835 |
Effect of dilutive stock-based awards (in shares) | 371 | 414 | 361 |
Adjusted weighted average shares for diluted earnings per share (in shares) | 28,242 | 35,746 | 38,196 |
Basic earnings per share (in dollars per share) | $6.19 | $2.33 | $2.28 |
Diluted earnings per share (in dollars per share) | $6.11 | $2.31 | $2.26 |
Dividends per share (in dollars per share) | $0.50 | $0.43 | $0.40 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' | |||
Consolidated net income | $173,289 | $83,673 | $87,086 | |||
Other comprehensive (loss) income, net of tax: | ' | ' | ' | |||
Foreign currency translation | 3,285 | 8,070 | 232 | |||
Net change with respect to derivative instruments and hedging activities | 1,713 | [1] | 255 | [1] | -988 | [1] |
Net actuarial gain (loss) on pension and postretirement obligations | 27,369 | [2] | -847 | [2] | -10,378 | [2] |
Other, net | 151 | 14 | -81 | |||
Total other comprehensive income (loss) | 32,518 | 7,492 | -11,215 | |||
Comprehensive income | 205,807 | 91,165 | 75,871 | |||
Less comprehensive income attributable to noncontrolling interest | -1,404 | -1,984 | -1,913 | |||
Comprehensive income attributable to Mueller Industries, Inc. | $204,403 | $89,181 | $73,958 | |||
[1] | Net of taxes of $(962) in 2013, $(162) in 2012, and $559 in 2011 | |||||
[2] | Net of taxes of $(15,015) in 2013, $94 in 2012, and $4,786 in 2011 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
Net change with respect to derivative instruments and hedging activities, tax | ($962) | ($162) | $559 |
Net actuarial gain/loss on pension and postretirement obligations, tax | ($15,015) | $94 | $4,786 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $311,800 | $198,934 |
Accounts receivable, less allowance for doubtful accounts of $2,391 in 2013 and $1,644 in 2012 | 271,847 | 271,093 |
Inventories | 251,716 | 229,434 |
Current deferred income taxes | 8,106 | 26,438 |
Other current assets | 31,248 | 21,295 |
Total current assets | 874,717 | 747,194 |
Property, plant, and equipment, net | 244,457 | 233,263 |
Goodwill, net | 94,357 | 104,579 |
Other assets | 34,236 | 19,119 |
Total Assets | 1,247,767 | 1,104,155 |
Current liabilities: | ' | ' |
Current portion of debt | 29,083 | 27,570 |
Accounts payable | 80,897 | 87,574 |
Accrued wages and other employee costs | 37,109 | 34,378 |
Other current liabilities | 72,167 | 109,174 |
Total current liabilities | 219,256 | 258,696 |
Long-term debt, less current portion | 206,250 | 207,300 |
Pension liabilities | 10,645 | 35,187 |
Postretirement benefits other than pensions | 16,781 | 19,832 |
Environmental reserves | 22,144 | 22,597 |
Deferred income taxes | 35,975 | 20,910 |
Other noncurrent liabilities | 849 | 1,667 |
Total liabilities | 511,900 | 566,189 |
Mueller Industries, Inc. stockholders' equity: | ' | ' |
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding | 0 | 0 |
Common stock - $.01 par value; shares authorized 100,000,000; issued 40,091,502; outstanding 28,302,337 in 2013 and 28,099,635 in 2012 | 401 | 401 |
Additional paid-in capital | 267,142 | 267,826 |
Retained earnings | 908,274 | 749,777 |
Accumulated other comprehensive loss | -10,819 | -42,623 |
Treasury common stock, at cost | -461,593 | -468,473 |
Total Mueller Industries, Inc. stockholders' equity | 703,405 | 506,908 |
Noncontrolling interest | 32,462 | 31,058 |
Total equity | 735,867 | 537,966 |
Commitments and contingencies | ' | ' |
Total Liabilities and Equity | $1,247,767 | $1,104,155 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts | $2,391 | $1,644 |
Mueller Industries, Inc. stockholders' equity: | ' | ' |
Preferred stock- par value (in dollars per share) | $1 | $1 |
Preferred stock- shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock- par value (in dollars per share) | $0.01 | $0.01 |
Common stock- shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock- shares issued (in shares) | 40,091,502 | 40,091,502 |
Common stock- shares outstanding (in shares) | 28,302,337 | 28,099,635 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Consolidated net income | $173,289 | $83,673 | $87,086 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 30,946 | 30,326 | 35,966 |
Amortization of intangibles | 1,448 | 1,169 | 899 |
Amortization of debt issuance costs | 299 | 438 | 397 |
Stock-based compensation expense | 5,704 | 6,136 | 3,482 |
Insurance settlements | -106,332 | -1,500 | 0 |
Gain on sale of plastic fittings manufacturing assets | -39,765 | 0 | 0 |
Insurance proceeds - noncapital related | 32,395 | 14,250 | 10,000 |
Impairment charges | 4,304 | 0 | 0 |
Income tax benefit from exercise of stock options | -719 | -2,528 | -853 |
Deferred income taxes | 19,213 | -1,284 | -4,190 |
(Recovery of) provision for doubtful accounts receivable | -273 | 837 | -229 |
(Gain) loss on disposal of properties | -2,535 | 1,411 | -202 |
Changes in assets and liabilities, net of businesses acquired: | ' | ' | ' |
Receivables | 19,383 | -23,690 | 28,716 |
Inventories | 5,963 | -4,834 | -15,678 |
Other assets | 562 | -14,985 | 460 |
Current liabilities | -14,139 | 8,368 | 7,966 |
Other liabilities | -1,935 | 9,345 | -1,593 |
Other, net | 705 | 1,165 | 1,522 |
Net cash provided by operating activities | 128,513 | 108,297 | 153,749 |
Investing activities: | ' | ' | ' |
Proceeds from sales of assets | 65,147 | 517 | 1,984 |
Acquisition of businesses | -55,276 | -11,561 | -6,882 |
Capital expenditures | -41,349 | -56,825 | -18,751 |
Insurance proceeds | 29,910 | 42,250 | 0 |
Net (deposits into) withdrawals from restricted cash balances | -1,417 | 9,243 | -3,055 |
Net cash used in investing activities | -2,985 | -16,376 | -26,704 |
Financing activities: | ' | ' | ' |
Dividends paid to stockholders of Mueller Industries, Inc. | -13,941 | -14,891 | -15,146 |
Repurchase of common stock | 0 | -427,446 | 0 |
Repayments of long-term debt | -1,000 | -149,176 | -750 |
(Repayment) issuance of debt by joint venture, net | 857 | -14,429 | 6,162 |
Issuance of long-term debt | 0 | 200,000 | 0 |
Net cash (used) received to settle stock-based awards | -228 | -4,181 | 3,879 |
Income tax benefit from exercise of stock options | 719 | 2,528 | 853 |
Debt issuance costs | -50 | -1,053 | -1,942 |
Net cash used in financing activities | -13,643 | -408,648 | -6,944 |
Effect of exchange rate changes on cash | 981 | 1,499 | -78 |
Increase (decrease) in cash and cash equivalents | 112,866 | -315,228 | 120,023 |
Cash and cash equivalents at the beginning of the year | 198,934 | 514,162 | 394,139 |
Cash and cash equivalents at the end of the year | $311,800 | $198,934 | $514,162 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 25, 2010 | $401 | $263,233 | $611,279 | ($37,046) | ($49,131) | $27,161 | ' |
Balance (in shares) at Dec. 25, 2010 | 40,092 | ' | ' | ' | 2,237 | ' | ' |
Additional paid-in capital: | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares under incentive stock option plans | ' | 2,340 | ' | ' | 10,637 | ' | ' |
Stock-based compensation expense | ' | 3,482 | ' | ' | ' | ' | ' |
Income tax benefit from exercise of stock options | ' | 853 | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | -2,972 | ' | ' | 2,972 | ' | ' |
Retained earnings: | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Mueller Industries, Inc. | ' | ' | 86,321 | ' | ' | ' | 86,321 |
Dividends paid or payable to stockholders of Mueller Industries, Inc. | ' | ' | -15,220 | ' | ' | ' | ' |
Accumulated other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' |
Total other comprehensive (loss) income attributable to Mueller Industries, Inc. | ' | ' | ' | -12,363 | ' | ' | ' |
Treasury stock: | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares under incentive stock option plans (in shares) | ' | ' | ' | ' | -464 | ' | ' |
Repurchase of common stock (in shares) | ' | ' | ' | ' | 214 | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | -9,098 | ' | ' |
Issuance of restricted stock (in shares) | ' | ' | ' | ' | -132 | ' | ' |
Noncontrolling interest: | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | 765 | 765 |
Foreign currency translation | ' | ' | ' | ' | ' | 1,148 | 232 |
Balance at Dec. 31, 2011 | 401 | 266,936 | 682,380 | -49,409 | -44,620 | 29,074 | ' |
Balance (in shares) at Dec. 31, 2011 | 40,092 | ' | ' | ' | 1,855 | ' | ' |
Additional paid-in capital: | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares under incentive stock option plans | ' | -4,303 | ' | ' | 20,881 | ' | ' |
Stock-based compensation expense | ' | 6,136 | ' | ' | ' | ' | ' |
Income tax benefit from exercise of stock options | ' | 2,528 | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | -3,471 | ' | ' | 3,471 | ' | ' |
Retained earnings: | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Mueller Industries, Inc. | ' | ' | 82,395 | ' | ' | ' | 82,395 |
Dividends paid or payable to stockholders of Mueller Industries, Inc. | ' | ' | -14,998 | ' | ' | ' | ' |
Accumulated other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' |
Total other comprehensive (loss) income attributable to Mueller Industries, Inc. | ' | ' | ' | 6,786 | ' | ' | ' |
Treasury stock: | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares under incentive stock option plans (in shares) | ' | ' | ' | ' | -576 | ' | ' |
Repurchase of common stock (in shares) | ' | ' | ' | ' | 10,855 | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | -448,205 | ' | ' |
Issuance of restricted stock (in shares) | ' | ' | ' | ' | -142 | ' | ' |
Noncontrolling interest: | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | 1,278 | 1,278 |
Foreign currency translation | ' | ' | ' | ' | ' | 706 | 8,070 |
Balance at Dec. 29, 2012 | 401 | 267,826 | 749,777 | -42,623 | -468,473 | 31,058 | 537,966 |
Balance (in shares) at Dec. 29, 2012 | 40,092 | ' | ' | ' | 11,992 | ' | ' |
Additional paid-in capital: | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares under incentive stock option plans | ' | -1,205 | ' | ' | 4,716 | ' | ' |
Stock-based compensation expense | ' | 5,704 | ' | ' | ' | ' | ' |
Income tax benefit from exercise of stock options | ' | 719 | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | -5,902 | ' | ' | 5,902 | ' | ' |
Retained earnings: | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Mueller Industries, Inc. | ' | ' | 172,600 | ' | ' | ' | 172,600 |
Dividends paid or payable to stockholders of Mueller Industries, Inc. | ' | ' | -14,103 | ' | ' | ' | ' |
Accumulated other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' |
Total other comprehensive (loss) income attributable to Mueller Industries, Inc. | ' | ' | ' | 31,804 | ' | ' | 31,804 |
Treasury stock: | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares under incentive stock option plans (in shares) | ' | ' | ' | ' | -122 | ' | ' |
Repurchase of common stock (in shares) | ' | ' | ' | ' | 70 | ' | 2,400 |
Repurchase of common stock | ' | ' | ' | ' | -3,738 | ' | ' |
Issuance of restricted stock (in shares) | ' | ' | ' | ' | -151 | ' | ' |
Noncontrolling interest: | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | 689 | 689 |
Foreign currency translation | ' | ' | ' | ' | ' | 715 | 3,285 |
Balance at Dec. 28, 2013 | $401 | $267,142 | $908,274 | ($10,819) | ($461,593) | $32,462 | $735,867 |
Balance (in shares) at Dec. 28, 2013 | 40,092 | ' | ' | ' | 11,789 | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
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; brass and copper alloy rod, bar, and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic pipe, fittings and valves; refrigeration valves and fittings; fabricated tubular products; and steel nipples. The Company also resells imported brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products. The Company markets its products to the HVAC, plumbing, refrigeration, hardware, and other industries. Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, and China. | |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of Mueller Industries, Inc. and its majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The noncontrolling interest represents a separate private ownership of 49.5 percent of Mueller-Xingrong. The years ended December 28, 2013 and December 29, 2012 contained 52 weeks, while the year ended December 31, 2011 contained 53 weeks. | |
Revenue Recognition | |
Revenue is recognized when title and risk of loss pass to the customer, provided collection is determined to be probable and no significant obligations remain for the Company. Estimates for future rebates on certain product lines and product returns are recognized in the period which the revenue is recorded. The cost of shipping product to customers is expensed as incurred as a component of cost of goods sold. | |
Cash Equivalents | |
Temporary investments with original maturities of three months or less are considered to be cash equivalents. These investments are stated at cost. At December 28, 2013 and December 29, 2012, temporary investments consisted of money market mutual funds, commercial paper, bank repurchase agreements, and U.S. and foreign government securities totaling $179.2 million and $86.0 million, respectively. Included in other current assets is restricted cash of $5.2 million and $3.7 million at December 28, 2013 and December 29, 2012, respectively. These amounts represent required deposits into brokerage accounts that facilitate the Company’s hedging activities and deposits that secure certain short-term notes issued under Mueller-Xingrong’s credit facility. | |
Allowance for Doubtful Accounts | |
The Company provides an allowance for receivables that may not be fully collected. In circumstances where the Company is aware of a customer’s inability to meet its financial obligations (e.g., bankruptcy filings or substantial downgrading of credit ratings), it records an allowance for doubtful accounts against amounts due to reduce the net recognized receivable to the amount it believes most likely will be collected. For all other customers, the Company recognizes an allowance for doubtful accounts based on its historical collection experience. If circumstances change (e.g., greater than expected defaults or an unexpected material change in a major customer’s ability to meet its financial obligations), the Company could change its estimate of the recoverability of amounts due by a material amount. | |
Inventories | |
The Company’s inventories are valued at the lower-of-cost-or-market. The material component of its U.S. copper tube and copper fittings inventories is valued on a last-in, first-out (LIFO) basis. Other manufactured inventories, including the non-material components of U.S. copper tube and copper fittings, are valued on a first-in, first-out (FIFO) basis. Certain inventories purchased for resale 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 market price of copper cathode and scrap is subject to volatility. During periods when open market prices decline below net book value, the Company may need to provide an allowance to reduce the carrying value of its inventory. In addition, certain items in inventory may be considered obsolete and, as such, the Company may establish an allowance to reduce the carrying value of those items to their net realizable value. 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 recognizes the impact of any changes in estimates, assumptions, and judgments in income in the period in which it is determined. | |
Property, Plant, and Equipment | |
Property, plant, and equipment are stated at cost. Depreciation of buildings, machinery, and equipment is provided on the straight-line method over the estimated useful lives ranging from 20 to 40 years for buildings and five to 20 years for machinery and equipment. Leasehold improvements are amortized over the lesser of their useful life or the remaining lease term. Repairs and maintenance are expensed as incurred. | |
Goodwill | |
Goodwill represents cost in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill is subject to impairment testing, which is performed by the Company as of the first day of the fourth quarter of each fiscal year, unless circumstances dictate more frequent testing. For testing purposes, the Company defines reporting units as components of its operating segments; components of a segment having similar economic characteristics are combined. The annual impairment test is a two-step process. The first step is the estimation of fair value of reporting units that have goodwill. If this estimate indicates that impairment potentially exists, the second step is performed. Step two, used to measure the amount of goodwill impairment loss, compares the implied fair value of goodwill to the carrying value. In step two the Company is required to allocate the fair value of each reporting unit, as determined in step one, to the fair value of the reporting unit’s assets and liabilities, including unrecognized intangible assets and corporate allocation where applicable, in a hypothetical purchase price allocation as if the reporting unit had been purchased on that date. If the implied fair value of goodwill is less than the carrying value, an impairment charge is recorded. As discussed in Note 14, goodwill was disposed of in 2013 in conjunction with the sale of a business. The Company has two reporting units with goodwill. One of these reporting units is included in the Plumbing and Refrigeration segment, and one is included in the OEM segment. There can be no assurance that additional goodwill impairment will not occur in the future. | |
Because there are no observable inputs available, the Company estimates fair value of reporting units based on a combination of the market approach and income approach (Level 3 hierarchy as defined by ASC 820 Fair Value Measurements and Disclosures (ASC 820)). The market approach measures the fair value of a business through the analysis of publicly traded companies or recent sales of similar businesses. The income approach uses a discounted cash flow model to estimate the fair value of reporting units based on expected cash flows (adjusted for capital investment required to support operations) and a terminal value. This cash flow stream is discounted to its present value to arrive at a fair value for each reporting unit. Future earnings are estimated using the Company’s most recent annual projections, applying a growth rate to future periods. Those projections are directly impacted by the condition of the markets in which the Company’s businesses participate. For the reporting units included in the Plumbing & Refrigeration segment, the projections reflect, among other things, the decline of the residential and non-residential construction markets over the past several years. The OEM segment is also impacted by the residential and non-residential construction markets. The discount rate selected for the reporting units is generally based on rates of return available from alternative investments of similar type and quality at the date of valuation. | |
Self-Insurance Accruals | |
The Company is primarily self-insured for workers’ compensation claims and benefits paid under certain employee health care programs. Accruals are primarily based on estimated undiscounted cost of claims, which includes incurred but not reported claims, and are classified as accrued wages and other employee costs. | |
Environmental Reserves and Environmental Expenses | |
The Company recognizes an environmental liability when it is probable the liability exists and the amount is reasonably estimable. The Company estimates the duration and extent of its remediation obligations based upon reports of outside consultants; internal analyses of cleanup costs and ongoing monitoring costs; communications with regulatory agencies; and changes in environmental law. If the Company were to determine that its estimates of the duration or extent of its environmental obligations were no longer accurate, the Company would adjust its environmental liabilities accordingly in the period that such determination is made. Estimated future expenditures for environmental remediation are not discounted to their present value. Accrued environmental liabilities are not reduced by potential insurance reimbursements. | |
Environmental expenses that relate to ongoing operations are included as a component of cost of goods sold. Environmental expenses related to non-operating properties are included in other income, net on the Consolidated Statements of Income. | |
Earnings Per Share | |
Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share reflects the increase in weighted average common shares outstanding that would result from the assumed exercise of outstanding stock options and vesting of restricted stock awards calculated using the treasury stock method. | |
Income Taxes | |
Deferred income tax assets and liabilities are recognized when differences arise between the treatment of certain items for financial statement and tax purposes. Realization of certain components of deferred tax assets is dependent upon the occurrence of future events. The Company records valuation allowances to reduce its deferred tax assets to the amount it believes is more likely than not to be realized. These valuation allowances can be impacted by changes in tax laws, changes to statutory tax rates, and future taxable income levels and are based on the Company’s judgment, estimates, and assumptions regarding those future events. In the event the Company were to determine that it would not be able to realize all or a portion of the net deferred tax assets in the future, the Company would increase the valuation allowance through a charge to income tax expense in the period that such determination is made. Conversely, if the Company were to determine that it would be able to realize its deferred tax assets in the future, in excess of the net carrying amounts, the Company would decrease the recorded valuation allowance through a decrease to income tax expense in the period that such determination is made. | |
The Company provides for uncertain tax positions and the related interest and penalties, if any, based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Tax benefits for uncertain tax positions that are recognized in the financial statements are measured as the largest amount of benefit, determined on a cumulative probability basis, that is more likely than not to be realized upon ultimate settlement. To the extent the Company prevails in matters for which a liability for an uncertain tax position is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected. | |
These estimates are highly subjective and could be affected by changes in business conditions and other factors. Changes in any of these factors could have a material impact on future income tax expense. | |
Taxes Collected from Customers and Remitted to Governmental Authorities | |
Taxes assessed by a governmental authority that are directly imposed on a revenue producing transaction between the Company and its customers, primarily value added taxes in foreign jurisdictions, are accounted for on a net (excluded from revenues and costs) basis. | |
Employee Benefits | |
The Company sponsors several qualified and nonqualified pension and other postretirement benefit plans in the U.S. and certain foreign locations. We recognize the overfunded or underfunded status of the plans as an asset or liability in the Consolidated Balance Sheet with changes in the funded status recorded through comprehensive income in the year in which those changes occur. The obligations for these plans are actuarially determined and affected by assumptions, including discount rates, expected long-term return on plan assets for defined benefit pension plans, and certain employee-related factors, such as retirement age and mortality. The Company evaluates its assumptions periodically and makes adjustments as necessary. | |
The expected return on plan assets is determined using the market value of plan assets. Differences between assumed and actual returns are amortized to the market value of assets on a straight-line basis over the average remaining service period of the plan participants using the corridor approach. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. These unrecognized gains and losses are amortized when the net gains and losses exceed 10 percent of the greater of the market value of the plan assets or the projected benefit obligation. The amount in excess of the corridor is amortized over the average remaining service period of the plan participants. For 2013, the average remaining service period for the pension plans was 10 years. | |
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. Stock-based compensation expense is recognized in the Consolidated Statements of Income as a component of selling, general, and administrative expense based on the grant date fair value of the awards. | |
Concentrations of Credit and Market Risk | |
Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers comprising the Company’s customer base, and their dispersion across different geographic areas and different industries, including HVAC, plumbing, refrigeration, hardware, automotive, OEMs, and others. | |
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. | |
Derivative Instruments and Hedging Activities | |
The Company utilizes futures contracts to manage the volatility related to purchases of copper through cash flow hedges. The Company also utilizes futures contracts to protect the value of its copper inventory on hand and firm commitments to purchase copper through fair value hedges. The Company may elect to utilize futures contracts as economic hedges that do not qualify for hedge accounting in accordance with ASC 815 Derivatives and Hedging (ASC 815). In addition, the Company may elect to use foreign currency forward contracts to reduce the risk from exchange rate fluctuations on future purchases and intercompany transactions denominated in foreign currencies. The Company accounts for financial derivative instruments by applying hedge accounting rules. These rules require the Company to recognize all derivatives, as defined, as either assets or liabilities measured at fair value. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized as a component of OCI until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. Gains and losses recognized by the Company related to the ineffective portion of its hedging instruments, as well as gains and losses related to the portion of the hedging instruments excluded from the assessment of hedge effectiveness, were not material to the Company’s Consolidated Financial Statements. Should these contracts no longer meet hedge criteria either through lack of effectiveness or because the hedged transaction is not probable of occurring, all deferred gains and losses related to the hedge will be immediately reclassified from OCI into earnings. Depending on position, the unrealized gain or loss on futures contracts are classified as other current assets or other current liabilities in the Consolidated Balance Sheets, and any changes thereto are recorded in changes in assets and liabilities in the Consolidated Statements of Cash Flows. | |
The Company primarily executes derivative contracts with major financial institutions. These counterparties expose the Company to credit risk in the event of non-performance. The amount of such exposure is limited to the fair value of the contract plus the unpaid portion of amounts due to the Company pursuant to terms of the derivative instruments, if any. If a downgrade in the credit rating of these counterparties occurs, management believes that this exposure is mitigated by provisions in the derivative arrangements which allow for the legal right of offset of any amounts due to the Company from the counterparties with any amounts payable to the counterparties by the Company. As a result, management considers the risk of loss from counterparty default to be minimal. | |
Fair Value of Financial Instruments | |
The carrying amounts for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term maturity of these instruments. | |
The fair value of long-term debt at December 28, 2013 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 our long-term debt is classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly. Outstanding borrowings have variable interest rates that re-price frequently at current market rates. | |
Foreign Currency Translation | |
For foreign subsidiaries in which the functional currency is other than 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 OCI. Included in the Consolidated Statements of Income were transaction losses of $0.1 million in 2013, gains of $0.3 million in 2012, and losses of $0.7 million in 2011. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Recently Issued Accounting Standards | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated OCI by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated OCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 was effective for the Company in the reporting period beginning December 30, 2012. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 2 – Inventories | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Raw materials and supplies | $ | 54,613 | $ | 46,114 | |||||
Work-in-process | 43,796 | 40,951 | |||||||
Finished goods | 159,422 | 148,014 | |||||||
Valuation reserves | (6,115 | ) | (5,645 | ) | |||||
Inventories | $ | 251,716 | $ | 229,434 | |||||
Inventories valued using the LIFO method totaled $34.9 million at December 28, 2013 and $19.9 million at December 29, 2012. At December 28, 2013 and December 29, 2012, the approximate FIFO cost of such inventories was $117.9 million and $109.8 million, respectively. Additionally, the Company valued certain inventories purchased for resale on an average cost basis. The value of those inventories was $54.7 million at December 28, 2013 and $51.4 million at December 29, 2012. | |||||||||
During 2011, inventory quantities valued using the LIFO method declined which resulted in liquidation of LIFO inventory layers. This liquidation resulted from intercompany sales; therefore, the gain from the LIFO liquidation of approximately $8.0 million was deferred. During the first quarter of 2012, the Company sold this inventory to third parties and recognized the gain. This recognition resulted in a reduction of approximately $8.0 million to cost of sales, or $0.13 per diluted share after tax. | |||||||||
At December 28, 2013, the FIFO value of inventory consigned to others was $4.3 million compared with $4.5 million at the end of 2012. |
Property_Plant_and_Equipment_N
Property, Plant, and Equipment, Net | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Property, Plant, and Equipment, Net [Abstract] | ' | ||||||||
Property, Plant, and Equipment, Net | ' | ||||||||
Note 3 – Property, Plant, and Equipment, Net | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Land and land improvements | $ | 13,153 | $ | 11,066 | |||||
Buildings | 132,331 | 113,854 | |||||||
Machinery and equipment | 561,005 | 571,435 | |||||||
Construction in progress | 25,691 | 24,527 | |||||||
732,180 | 720,882 | ||||||||
Less accumulated depreciation | (487,723 | ) | (487,619 | ) | |||||
Property, plant, and equipment, net | $ | 244,457 | $ | 233,263 |
Goodwill_Net
Goodwill, Net | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Goodwill, Net [Abstract] | ' | ||||||||||||
Goodwill, Net | ' | ||||||||||||
Note 4 – Goodwill, Net | |||||||||||||
The changes in the carrying amount of goodwill were as follows: | |||||||||||||
(In thousands) | Plumbing & Refrigeration Segment | OEM Segment | Total | ||||||||||
Balance at December 31, 2011: | |||||||||||||
Goodwill | $ | 141,684 | $ | 9,971 | $ | 151,655 | |||||||
Accumulated impairment and amortization | (39,434 | ) | (9,971 | ) | (49,405 | ) | |||||||
102,250 | — | 102,250 | |||||||||||
Additions | — | 2,329 | 2,329 | ||||||||||
Balance at December 29, 2012: | |||||||||||||
Goodwill | 141,684 | 12,300 | 153,984 | ||||||||||
Accumulated impairment and amortization | (39,434 | ) | (9,971 | ) | (49,405 | ) | |||||||
102,250 | 2,329 | 104,579 | |||||||||||
Additions | 310 | — | 310 | ||||||||||
Disposition | (10,532 | ) | — | (10,532 | ) | ||||||||
Balance at December 28, 2013: | |||||||||||||
Goodwill | 131,462 | 12,300 | 143,762 | ||||||||||
Accumulated impairment and amortization | (39,434 | ) | (9,971 | ) | (49,405 | ) | |||||||
Goodwill, net | $ | 92,028 | $ | 2,329 | $ | 94,357 | |||||||
In 2012, the Company acquired Westermeyer Industries, Inc. Of the $11.6 million purchase price, $2.3 million was allocated to goodwill. In 2013, the Company acquired Howell Metal Company (Howell). Of the $55.3 million purchase price, $0.3 million was allocated to goodwill based on a preliminary allocation of the purchase price. | |||||||||||||
As discussed in Note 14, $10.5 million of goodwill relating to the SPD reporting unit was disposed of in 2013 in conjunction with the sale of a business. | |||||||||||||
There were no impairment charges resulting from the 2013, 2012, or 2011 impairment tests since the estimated fair value of the reporting units substantially exceeded their carrying value. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Debt [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Note 5 – Debt | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Term Loan Facility with interest at 1.54%, due 2017 | $ | 200,000 | $ | 200,000 | |||||
Mueller-Xingrong credit facility with interest at 5.88%, due 2014 | 28,033 | 26,570 | |||||||
2001 Series IRB’s with interest at 1.16%, due through 2021 | 7,250 | 8,250 | |||||||
Other | 50 | 50 | |||||||
235,333 | 234,870 | ||||||||
Less current portion of debt | (29,083 | ) | (27,570 | ) | |||||
Long-term debt | $ | 206,250 | $ | 207,300 | |||||
On September 24, 2012, the Company entered into an agreement with Leucadia National Corporation (Leucadia) to repurchase 10.4 million shares of the Company’s common stock at a total cost of $427.3 million. The Company funded the purchase price with available cash on hand and borrowings of $200.0 million under its $350.0 revolving credit facility (the Revolving Credit Facility) provided by its credit agreement (the Agreement) dated March 7, 2011. On December 11, 2012, the Company amended the Agreement to add a $200.0 million term loan facility (the Term Loan Facility), after which the total borrowing capacity under the Agreement was increased to $550.0 million. The Company used the borrowings under the Term Loan Facility to replace the amounts previously advanced under the Revolving Credit Facility. The amendment also adjusted the pricing and extended the maturity date to December 11, 2017 for all borrowings under the Agreement. Borrowings under the Agreement bear interest, at the Company’s option, at LIBOR or Base Rate as defined by the Agreement, plus a variable premium. LIBOR advances may be based upon the one, three, or six-month LIBOR. The variable premium is based upon the Company’s debt to total capitalization ratio, and can range from 112.5 to 162.5 basis points for LIBOR based loans and 12.5 to 62.5 basis points for Base Rate loans. At December 28, 2013, the premium was 137.5 basis points for LIBOR loans and 37.5 basis points for Base Rate loans. Additionally, a facility fee is payable quarterly on the total commitment and varies from 25.0 to 37.5 basis points based upon the Company’s debt to total capitalization ratio. 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 and certain retiree health benefits, totaling approximately $10.0 million at December 28, 2013. Terms of the letters of credit are generally one year but are renewable annually. | |||||||||
On September 24, 2013, Mueller-Xingrong entered into a credit agreement (the JV Credit Agreement) with a syndicate of four banks establishing a secured RMB 450 million, or approximately $74.0 million, revolving credit facility with a maturity date of September 24, 2014. The JV Credit Agreement replaced the previous secured RMB 350 million financing agreement that matured during the year. Borrowings outstanding under the JV Credit Agreement are secured by the real property and equipment of Mueller-Xingrong and bear interest at the latest base-lending rate published by the People’s Bank of China, which was 5.88 percent at December 28, 2013. The JV Credit Agreement requires lender consent for the payment of dividends. | |||||||||
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. At December 28, 2013, the Company was in compliance with all debt covenants. | |||||||||
Aggregate annual maturities of the Company’s debt are $29.1 million in 2014, $1.0 million in 2015, $1.0 million in 2016, $201.0 million in 2017, $1.0 million in 2018, and $2.2 million thereafter. Interest paid in 2013, 2012, and 2011 was $4.9 million, $8.4 million, and $10.8 million, respectively. In 2013, $1.2 million of interest was capitalized. No interest was capitalized in 2012 or 2011. |
Equity
Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Equity | ' | ||||||||||||||||||||
Note 6 –Equity | |||||||||||||||||||||
The Company’s Board of Directors has extended, until October 2014, its authorization to repurchase up to ten million shares of the Company’s common stock through open market transactions or through privately negotiated transactions. The Company has no obligation to purchase any shares and may cancel, suspend, or extend the time period for the purchase of shares at any time. Any purchases will be funded primarily through existing cash and cash from operations. 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, 2013, the Company had repurchased approximately 2.4 million shares under this authorization. | |||||||||||||||||||||
The Company entered into an agreement with Leucadia pursuant to which the Company repurchased from Leucadia 10.4 million shares of the Company’s common stock on September 24, 2012 at a total cost of $427.3 million. The Company’s repurchase transaction with Leucadia was completed outside of the repurchase authorization previously approved by the Board of Directors. | |||||||||||||||||||||
During the first quarter of 2013, the Company adopted ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated OCI by component. In addition, an entity is required to present significant amounts reclassified out of accumulated OCI by the respective line items of net income. | |||||||||||||||||||||
Changes in accumulated OCI by component, net of taxes and noncontrolling interest, were as follows: | |||||||||||||||||||||
(In thousands) | Cumulative Translation Adjustment | Unrealized (Losses)/ Gains on Derivatives | Minimum Pension/OPEB Liability Adjustment | Unrealized Gains on Equity Investments | Total | ||||||||||||||||
29-Dec-12 | $ | (3,032 | ) | $ | (167 | ) | $ | (39,527 | ) | $ | 103 | $ | (42,623 | ) | |||||||
Other comprehensive income before reclassifications | 2,570 | (2,102 | ) | 24,851 | 152 | 25,471 | |||||||||||||||
Amounts reclassified from accumulated OCI | — | 3,815 | 2,518 | — | 6,333 | ||||||||||||||||
Net current-period other comprehensive income | 2,570 | 1,713 | 27,369 | 152 | 31,804 | ||||||||||||||||
28-Dec-13 | $ | (462 | ) | $ | 1,546 | $ | (12,158 | ) | $ | 255 | $ | (10,819 | ) | ||||||||
Reclassification adjustments out of accumulated OCI were as follows: | |||||||||||||||||||||
Amount reclassified from Accumulated OCI | |||||||||||||||||||||
(In thousands) | For the Year Ended | Affected Line Item | |||||||||||||||||||
December 28, 2013 | |||||||||||||||||||||
Unrealized losses on derivatives: | |||||||||||||||||||||
Closed positions, commodity contracts | $ | 5,672 | Cost of goods sold | ||||||||||||||||||
(1,857 | ) | Income tax expense | |||||||||||||||||||
3,815 | Net of tax | ||||||||||||||||||||
— | Noncontrolling interest | ||||||||||||||||||||
$ | 3,815 | Net of tax and noncontrolling interest | |||||||||||||||||||
Amortization of employee benefit items: | |||||||||||||||||||||
Amortization of net loss | $ | 3,844 | Selling, general, and administrative expense | ||||||||||||||||||
(1,326 | ) | Income tax expense | |||||||||||||||||||
2,518 | Net of tax | ||||||||||||||||||||
— | Noncontrolling interest | ||||||||||||||||||||
$ | 2,518 | Net of tax and noncontrolling interest | |||||||||||||||||||
The change in cumulative foreign currency translation adjustment primarily relates to the Company’s investment in foreign subsidiaries and fluctuations in exchange rates between their local currencies and the U.S. dollar. During 2013, the value of the Mexican peso decreased approximately one percent and the British pound increased two percent relative to the U.S. dollar, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 7 – Income Taxes | |||||||||||||
The components of income before income taxes were taxed under the following jurisdictions: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 262,220 | $ | 105,945 | $ | 118,208 | |||||||
Foreign | 9,178 | 14,409 | 11,953 | ||||||||||
Income before income taxes | $ | 271,398 | $ | 120,354 | $ | 130,161 | |||||||
Income tax expense consists of the following: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Current tax expense: | |||||||||||||
Federal | $ | 69,565 | $ | 33,152 | $ | 43,127 | |||||||
Foreign | 2,608 | 1,764 | 1,740 | ||||||||||
State and local | 6,723 | 3,049 | 2,398 | ||||||||||
Current tax expense | 78,896 | 37,965 | 47,265 | ||||||||||
Deferred tax expense (benefit): | |||||||||||||
Federal | 17,694 | 570 | (6,480 | ) | |||||||||
Foreign | (376 | ) | (2,015 | ) | 344 | ||||||||
State and local | 1,895 | 161 | 1,946 | ||||||||||
Deferred tax expense (benefit) | 19,213 | (1,284 | ) | (4,190 | ) | ||||||||
Income tax expense | $ | 98,109 | $ | 36,681 | $ | 43,075 | |||||||
No provision is made for U.S. income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. It is not practicable to compute the potential deferred tax liability associated with these undistributed foreign earnings. The Company has approximately $100 million of undistributed foreign earnings for which it has not recorded deferred tax liabilities. | |||||||||||||
The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Expected income tax expense | $ | 94,989 | $ | 42,124 | $ | 45,556 | |||||||
State and local income tax, net of federal benefit | 6,405 | 3,178 | 4,267 | ||||||||||
Effect of foreign statutory rate different from U.S. and other foreign adjustments | (1,026 | ) | (2,637 | ) | (560 | ) | |||||||
Valuation allowance changes | — | (1,224 | ) | (443 | ) | ||||||||
U.S. production activities deduction | (4,445 | ) | (2,975 | ) | (3,850 | ) | |||||||
Goodwill disposition | 1,790 | — | — | ||||||||||
Tax contingency changes | (140 | ) | (3,224 | ) | (1,934 | ) | |||||||
Other, net | 536 | 1,439 | 39 | ||||||||||
Income tax expense | $ | 98,109 | $ | 36,681 | $ | 43,075 | |||||||
During 2012 and 2011, the Company released a valuation allowance of $1.2 million, or three cents per diluted share, and $0.4 million, or one cent per diluted share, respectively, due to the expectation that certain state tax attributes will be utilized. | |||||||||||||
The following summarizes the activity related to the Company’s unrecognized tax benefits: | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Beginning balance | $ | 3,259 | $ | 6,572 | |||||||||
Increases related to prior year tax positions | — | — | |||||||||||
Increases related to current year tax positions | — | — | |||||||||||
Decreases related to prior year tax positions | — | — | |||||||||||
Decreases related to settlements with taxing authorities | (431 | ) | — | ||||||||||
Decreases due to lapses in the statute of limitations | — | (3,313 | ) | ||||||||||
Ending balance | $ | 2,828 | $ | 3,259 | |||||||||
It is reasonably possible that the $2.8 million of unrecognized tax benefits will decrease by the full amount over the next twelve months, none of which will impact the effective tax rate, if recognized. | |||||||||||||
The Company includes interest and penalties related to income tax matters as a component of income tax expense. The net reduction to income tax expense related to penalties and interest was immaterial in 2013 and in 2012, and $0.5 million in 2011. | |||||||||||||
The Internal Revenue Service (IRS) concluded its audit of the Company’s 2009 and 2010 federal income tax returns during 2012, the results of which were immaterial to the consolidated financial statements. The IRS is currently auditing the 2012 federal income tax return, and the Company is currently under audit in various state and foreign jurisdictions. | |||||||||||||
The statute of limitations is still open for the Company’s federal tax return and most state income tax returns for 2010 and all subsequent years. The statutes of limitations for certain state and foreign returns are also open for some earlier tax years due to ongoing audits and differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates. | |||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Accounts receivable | $ | 490 | $ | 447 | |||||||||
Inventories | 11,136 | 7,829 | |||||||||||
Other postretirement benefits and accrued items | 13,548 | 14,767 | |||||||||||
Pension | — | 10,489 | |||||||||||
Other reserves | 12,441 | 14,905 | |||||||||||
Federal and foreign tax attributes | 5,913 | 9,829 | |||||||||||
State tax attributes, net of federal benefit | 24,663 | 29,880 | |||||||||||
Insurance Claim Receivable | — | 8,048 | |||||||||||
Share-based Compensation | 2,486 | 1,493 | |||||||||||
Total deferred tax assets | 70,677 | 97,687 | |||||||||||
Less valuation allowance | (22,544 | ) | (30,394 | ) | |||||||||
Deferred tax assets, net of valuation allowance | 48,133 | 67,293 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant, and equipment | 60,425 | 49,531 | |||||||||||
Pension | 4,507 | — | |||||||||||
Other | 2,209 | 983 | |||||||||||
Total deferred tax liabilities | 67,141 | 50,514 | |||||||||||
Net deferred tax (liability) asset | $ | (19,008 | ) | $ | 16,779 | ||||||||
As of December 28, 2013, after consideration of the federal impact, the Company had state income tax credit carryforwards of $2.0 million, all of which expire by 2016, and other state income tax credit carryforwards of $11.9 million with unlimited lives. The Company had state net operating loss (NOL) carryforwards with potential tax benefits of $10.7 million expiring between 2014 and 2028. The state tax credit and NOL carryforwards are offset by valuation allowances totaling $19.4 million. | |||||||||||||
As of December 28, 2013, the Company had federal and foreign tax attributes with potential tax benefits of $5.9 million, of which $4.5 million has an unlimited life and $1.4 million expire from 2014 to 2018. These attributes were offset by valuation allowances of $3.2 million. | |||||||||||||
The change in the valuation allowance was primarily related to deferred assets that are fully reserved, such that the change had no material impact on the effective tax rate. | |||||||||||||
Income taxes paid were approximately $80.1 million in 2013, $38.4 million in 2012, and $45.9 million in 2011. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 28, 2013 | |
Other Current Liabilities [Abstract] | ' |
Other Current Liabilities | ' |
Note 8 – Other Current Liabilities | |
Included in other current liabilities were accrued discounts and allowances of $43.2 million at December 28, 2013 and $41.7 million at December 29, 2012, taxes payable of $7.3 million at December 28, 2013 and $6.2 million at December 29, 2012, and deferred costs related to the fire at the Wynne, Arkansas facility of $44.6 million at December 29, 2012. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Employee Benefits [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefits | ' | ||||||||||||||||||||||||
Note 9 – Employee Benefits | |||||||||||||||||||||||||
The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain of its employees. The following tables provide a reconciliation of the changes in the plans’ benefit obligations and the fair value of the plans’ assets for 2013 and 2012, and a statement of the plans’ aggregate funded status as of December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Obligation at beginning of year | $ | 196,167 | $ | 180,341 | $ | 18,096 | $ | 19,945 | |||||||||||||||||
Service cost | 948 | 884 | 413 | 380 | |||||||||||||||||||||
Interest cost | 7,774 | 8,472 | 647 | 635 | |||||||||||||||||||||
Actuarial (gain) loss | (11,635 | ) | 14,458 | (2,554 | ) | (1,838 | ) | ||||||||||||||||||
Benefit payments | (10,668 | ) | (10,583 | ) | (1,211 | ) | (1,131 | ) | |||||||||||||||||
Foreign currency translation adjustment | 1,472 | 2,595 | (10 | ) | 105 | ||||||||||||||||||||
Obligation at end of year | 184,058 | 196,167 | 15,381 | 18,096 | |||||||||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 160,980 | 147,502 | — | — | |||||||||||||||||||||
Actual return on plan assets | 35,578 | 18,964 | — | — | |||||||||||||||||||||
Employer contributions | 1,551 | 3,216 | 1,211 | 1,131 | |||||||||||||||||||||
Benefit payments | (10,668 | ) | (10,583 | ) | (1,211 | ) | (1,131 | ) | |||||||||||||||||
Foreign currency translation adjustment | 1,429 | 1,881 | — | — | |||||||||||||||||||||
Fair value of plan assets at end of year | 188,870 | 160,980 | — | — | |||||||||||||||||||||
Funded (underfunded) status at end of year | $ | 4,812 | $ | (35,187 | ) | $ | (15,381 | ) | $ | (18,096 | ) | ||||||||||||||
The following represents amounts recognized in accumulated OCI (before the effect of income taxes) at December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 21,128 | $ | 61,125 | $ | (4,016 | ) | $ | (1,630 | ) | |||||||||||||||
Unrecognized prior service cost | 1 | 2 | 20 | 19 | |||||||||||||||||||||
The Company sponsors one pension plan in the U.K. which comprised 40 percent and 36 percent of the above benefit obligation at December 28, 2013 and December 29, 2012, and 34 percent and 35 percent of the above plan assets at December 28, 2013 and December 29, 2012, respectively. | |||||||||||||||||||||||||
As of December 28, 2013, $0.5 million of the actuarial net loss will, through amortization, be recognized as components of net periodic benefit cost in 2014. | |||||||||||||||||||||||||
The aggregate status of all overfunded plans is recognized as an asset and the aggregate status of all underfunded plans is recognized as a liability in the Consolidated Balance Sheets. The amounts recognized as a liability are classified as current or long-term on a plan-by-plan basis. Liabilities are classified as current to the extent the actuarial present value of benefits payable within the next 12 months exceeds the fair value of plan assets, with all remaining amounts being classified as long-term. As of December 28, 2013 and December 29, 2012, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Long-term asset | $ | 15,457 | $ | — | $ | — | $ | ||||||||||||||||||
Current liability | — | — | (1,033 | ) | (1,187 | ) | |||||||||||||||||||
Long-term liability | (10,645 | ) | (35,187 | ) | (14,348 | ) | (16,909 | ) | |||||||||||||||||
Total funded (underfunded) status | $ | 4,812 | $ | (35,187 | ) | $ | (15,381 | ) | $ | (18,096 | ) | ||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Pension benefits: | |||||||||||||||||||||||||
Service cost | $ | 948 | $ | 884 | $ | 1,394 | |||||||||||||||||||
Interest cost | 7,774 | 8,472 | 9,051 | ||||||||||||||||||||||
Expected return on plan assets | (11,059 | ) | (10,263 | ) | (11,569 | ) | |||||||||||||||||||
Amortization of prior service cost | 1 | 1 | 2 | ||||||||||||||||||||||
Amortization of net loss | 4,005 | 3,883 | 2,346 | ||||||||||||||||||||||
Net periodic benefit cost | $ | 1,669 | $ | 2,977 | $ | 1,224 | |||||||||||||||||||
Other benefits: | |||||||||||||||||||||||||
Service cost | $ | 413 | $ | 380 | $ | 344 | |||||||||||||||||||
Interest cost | 647 | 635 | 993 | ||||||||||||||||||||||
Amortization of prior service credit | (2 | ) | (2 | ) | (3 | ) | |||||||||||||||||||
Amortization of net gain | (160 | ) | (73 | ) | (2 | ) | |||||||||||||||||||
Net periodic benefit cost | $ | 898 | $ | 940 | $ | 1,332 | |||||||||||||||||||
The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.82 | % | 4.13 | % | 4.89 | % | 4.06 | % | |||||||||||||||||
Expected long-term return on plan assets | 7.4 | % | 7.15 | % | N/A | N/A | |||||||||||||||||||
Rate of compensation increases | N/A | N/A | 5.5 | % | 5.04 | % | |||||||||||||||||||
Rate of inflation | 3.4 | % | 2.7 | % | 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 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate | 4.13 | % | 4.8 | % | 5.25 | % | 4.06 | % | 4.97 | % | 5.39 | % | |||||||||||||
Expected long-term return on plan assets | 7.15 | % | 7.11 | % | 7.51 | % | N/A | N/A | N/A | ||||||||||||||||
Rate of compensation increases | N/A | N/A | N/A | 5.04 | % | 5.04 | % | 5.04 | % | ||||||||||||||||
Rate of inflation | 2.7 | % | 3 | % | 3.4 | % | N/A | N/A | N/A | ||||||||||||||||
The Company’s Mexican postretirement plans use the rate of compensation increase in the benefit formulas. Past service on 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. | |||||||||||||||||||||||||
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 5.4 to 9.3 percent for 2014, gradually decrease to 4.5 percent through 2022, and remain at that level thereafter. The health care cost trend rate assumption could have a significant effect on the amounts reported. For example, increasing the assumed health care cost trend rates by one percentage point would increase the accumulated postretirement benefit obligation by $1.3 million and the service and interest cost components of net periodic postretirement benefit costs by $0.1 million for 2014. Decreasing the assumed health care cost trend rates by one percentage point in each year would decrease the accumulated postretirement benefit obligation and the service and interest cost components of net periodic postretirement benefit costs for 2014 by $1.1 million and $0.1 million, respectively. | |||||||||||||||||||||||||
The weighted average asset allocation of the Company’s pension fund assets are as follows: | |||||||||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||||||||
Asset category | 2013 | 2012 | |||||||||||||||||||||||
Equity securities (includes equity mutual funds) | 86 | % | 84 | % | |||||||||||||||||||||
Fixed income securities (includes fixed income mutual funds) | 4 | 5 | |||||||||||||||||||||||
Cash and equivalents (includes money market funds) | 7 | 9 | |||||||||||||||||||||||
Alternative investments | 3 | 2 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
At December 28, 2013, the Company’s target allocation, by asset category, of assets of its defined benefit pension plans was: (i) equity securities, including equity index funds – at least 60 percent; (ii) fixed income securities – not more than 25 percent; and (iii) alternative investments – not more than 20 percent. | |||||||||||||||||||||||||
The Company’s pension plan obligations are long-term and, accordingly, the plan assets are invested for the long-term. The Company believes that a diversified portfolio of equity securities (both actively managed and index funds) and private equity funds have an acceptable risk-return profile that, over the long-term, is better than fixed income securities. Consequently, the pension plan assets are heavily weighted to equity investments. Plan assets are monitored periodically. Based upon results, investment managers and/or asset classes are redeployed when considered necessary. Expected rates of return on plan assets were determined based on historical market returns giving consideration to the targeted composition of each plan’s portfolio. None of the plans’ assets are expected to be returned to the Company during the next fiscal year. | |||||||||||||||||||||||||
The Company’s investments for its pension plans are reported at fair value. The following methods and assumptions were used to estimate the fair value of the Company’s plan asset investments: | |||||||||||||||||||||||||
Cash and money market funds – Valued at cost, which approximates fair value. | |||||||||||||||||||||||||
Common stock – Valued at the closing price reported on the active market on which the individual securities are traded. | |||||||||||||||||||||||||
Mutual funds – Valued at the net asset value of shares held by the plans at December 28, 2013 and December 29, 2012, respectively, based upon quoted market prices. | |||||||||||||||||||||||||
Limited partnerships – Limited partnerships include investments in various Cayman Island multi-strategy hedge funds. The plans’ investments in limited partnerships are valued at the estimated fair value of the class shares owned by the plans based upon the equity in the estimated fair value of those shares. The estimated fair values of the limited partnerships are determined by the investment managers. In determining fair value, the investment managers of the limited partnerships utilize the estimated net asset valuations of the underlying investment entities. The underlying investment entities value securities and other financial instruments on a mark-to-market or estimated fair value basis. The estimated fair value is determined by the investment managers based upon, among other things, the type of investments, purchase price, marketability, current financial condition, operating results, and other information. The estimated fair values of substantially all of the investments of the underlying investment entities, which may include securities for which prices are not readily available, are determined by the investment managers or management of the respective underlying investment entities and may not reflect amounts that could be realized upon immediate sale. Accordingly, the estimated fair values may differ significantly from the values that would have been used had a ready market existed for these investments. | |||||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the assets of the plans at fair value as of December 28, 2013, and December 29, 2012, respectively: | |||||||||||||||||||||||||
Fair Value Measurements at December 28, 2013 | |||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and money market funds | $ | 13,992 | $ | — | $ | — | $ | 13,992 | |||||||||||||||||
Common stock (1) | 79,497 | — | — | 79,497 | |||||||||||||||||||||
Mutual funds (2) | 27,166 | 63,435 | — | 90,601 | |||||||||||||||||||||
Limited partnerships | — | — | 4,780 | 4,780 | |||||||||||||||||||||
Total | $ | 120,655 | $ | 63,435 | $ | 4,780 | $ | 188,870 | |||||||||||||||||
Fair Value Measurements at December 29, 2012 | |||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and money market funds | $ | 13,691 | $ | — | $ | — | $ | 13,691 | |||||||||||||||||
Common stock (3) | 65,604 | — | — | 65,604 | |||||||||||||||||||||
Mutual funds (4) | 21,497 | 55,695 | — | 77,192 | |||||||||||||||||||||
Limited partnerships | — | — | 4,493 | 4,493 | |||||||||||||||||||||
Total | $ | 100,792 | $ | 55,695 | $ | 4,493 | $ | 160,980 | |||||||||||||||||
-1 | Approximately 84 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors. All investments in common stock are listed on U.S. stock exchanges. | ||||||||||||||||||||||||
-2 | Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds. Additionally, 33 percent of the mutual funds’ assets are invested in U.S. equities, 58 percent in non-U.S. equities, and 9 percent in non-U.S. fixed income securities. | ||||||||||||||||||||||||
-3 | Approximately 90 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors. All investments in common stock are listed on U.S. stock exchanges. | ||||||||||||||||||||||||
-4 | Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds. Additionally, 31 percent of the mutual funds’ assets are invested in U.S. equities, 59 percent in non-U.S. equities, and 10 percent in non-U.S. fixed income securities. | ||||||||||||||||||||||||
The table below reflects the changes in the assets of the plan measured at fair value on a recurring basis using significant unobservable inputs (Level 3 hierarchy as defined by ASC 820) during the year ended December 28, 2013: | |||||||||||||||||||||||||
(In thousands) | Limited Partnerships | ||||||||||||||||||||||||
Balance, December 29, 2012 | $ | 4,493 | |||||||||||||||||||||||
Redemptions | (1,133 | ) | |||||||||||||||||||||||
Subscriptions | 900 | ||||||||||||||||||||||||
Net appreciation in fair value | 520 | ||||||||||||||||||||||||
Balance, December 28, 2013 | $ | 4,780 | |||||||||||||||||||||||
The assets of the plans do not include investments in securities issued by the Company. The Company expects to contribute approximately $1.6 million to its pension plans and $1.0 million to its other postretirement benefit plans in 2014. The Company expects future benefits to be paid from the plans as follows: | |||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | $ | 11,187 | $ | 1,033 | |||||||||||||||||||||
2015 | 11,382 | 1,022 | |||||||||||||||||||||||
2016 | 11,524 | 1,005 | |||||||||||||||||||||||
2017 | 11,651 | 985 | |||||||||||||||||||||||
2018 | 11,780 | 973 | |||||||||||||||||||||||
2019-2023 | 61,040 | 4,864 | |||||||||||||||||||||||
Total | $ | 118,564 | $ | 9,882 | |||||||||||||||||||||
The Company contributes to the IAM National Pension Fund, National Pension Plan (IAM Plan), a multiemployer defined benefit plan. Participation in the IAM Plan was negotiated under the terms of two collective bargaining agreements in Port Huron, Michigan, the Local 218 IAM and Local 44 UAW that expire on May 1, 2016 and July 20, 2016, respectively. The Employer Identification Number for this plan is 51-6031295. | |||||||||||||||||||||||||
The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: (i) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the underfunded obligations of the plan may be borne by the remaining participating employers; (iii) if the Company chooses to stop participating in the plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||||||
The Company makes contributions to the IAM Plan trusts that cover certain union employees; contributions by employees are not required nor are they permitted. Contributions to the IAM Plan were $0.9 million in 2013, $1.0 million in 2012, and $0.9 million in 2011. The Company’s contributions are less than five percent of total employer contributions made to the IAM Plan indicated in the most recently filed Form 5500. | |||||||||||||||||||||||||
Under the Pension Protection Act of 2006, the IAM Plan’s actuary must certify the plan’s zone status annually. Plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. If a plan is determined to be in endangered status, red zone or yellow zone, the plan’s trustees must develop a formal plan of corrective action, a Financial Improvement Plan and/or a Rehabilitation Plan. For 2013 and 2012 the IAM Plan was determined to have green zone status; therefore, no formal plan of corrective action is either pending or has been implemented. | |||||||||||||||||||||||||
The Company sponsors voluntary employee savings plans that qualify under Section 401(k) of the Internal Revenue Code of 1986. Compensation expense for the Company’s matching contribution to the 401(k) plans was $3.2 million in 2013, $2.9 million in 2012, and $3.0 million in 2011. The Company’s match is a cash contribution. 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. | |||||||||||||||||||||||||
In October 1992, the Coal Industry Retiree Health Benefit Act of 1992 (the Act) was enacted. The Act mandates a method of providing for postretirement benefits to the United Mine Workers of America (UMWA) current and retired employees, including some retirees who were never employed by the Company. In October 1993, beneficiaries were assigned to the Company and the Company began its mandated contributions to the UMWA Combined Benefit Fund, a multiemployer trust. Beginning in 1994, the Company was required to make contributions for assigned beneficiaries under an additional multiemployer trust created by the Act, the UMWA 1992 Benefit Plan. The ultimate amount of the Company’s liability under the Act will vary due to factors which include, among other things, the validity, interpretation, and regulation of the Act, its joint and several obligation, the number of valid beneficiaries assigned, and the extent to which funding for this obligation will be satisfied by transfers of excess assets from the 1950 UMWA pension plan and transfers from the Abandoned Mine Reclamation Fund. Contributions to the plan were $290 thousand, $315 thousand, and $338 thousand for the years ended December 28, 2013, December 29, 2012, and December 31, 2011, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 28, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 10 – Commitments and Contingencies | |
Environmental | |
The Company is subject to environmental standards imposed by federal, state, local, and foreign environmental laws and regulations. For all properties, the Company has provided and charged to expense $1.0 million in 2013, $3.1 million in 2012, and $0.4 million in 2011 for pending environmental matters. Environmental costs related to non-operating properties are classified as a component of other income, net and costs related to operating properties are classified as cost of goods sold. Environmental reserves totaled $23.6 million at December 28, 2013 and $24.6 million at December 29, 2012. As of December 28, 2013, the Company expects to spend on existing environmental matters $1.4 million in 2014, $0.9 million in 2015, $0.8 million in 2016, $0.8 million in 2017, $0.8 million in 2018, and $9.4 million thereafter. The timing of a potential payment for a $9.5 million settlement offer has not yet been determined. | |
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, Iola and East La Harpe). While the Company believes that legally it is not a successor to the companies that operated these smelter sites, it is discussing possible settlement with KDHE and other potentially responsible parties (PRP) in order to avoid litigation. In 2008, the Company established a reserve of $9.5 million for this matter. Another PRP has conducted a site investigation of the Altoona site under a consent decree with KDHE. The Company and two other PRPs have conducted a site study evaluation of the East La Harpe site under KDHE supervision, and are now discussing sharing the costs of a possible cleanup. Federal EPA is in the early stages of study and remediation of the Iola site, which it added to the National Priority List (NPL) in May, 2013 as the “Former United Zinc & Associated Smelters” site. | |
Shasta Area Mine Sites | |
Mining Remedial Recovery Company (MRRC), a wholly owned subsidiary, owns certain inactive mines in Shasta County, California. MRRC has continued a program, begun in the late 1980s, of sealing mine portals with concrete plugs in mine adits, which were discharging water. 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 Order issued by the QCB, MRRC completed a feasibility study in 1997 describing measures designed to mitigate the effects of acid rock drainage. In December 1998, the QCB modified the 1996 order extending MRRC’s time to comply with water quality standards. In September 2002, the QCB adopted a new order requiring MRRC to adopt Best Management Practices (BMP) to control discharges of acid mine drainage. That order extended the time to comply with water quality standards until September 2007. During that time, implementation of BMP further reduced impacts of acid rock drainage; however, full compliance has not been achieved. The QCB is presently renewing MRRC’s discharge permit and will concurrently issue a new order. It is expected that the new ten-year permit will include an order requiring continued implementation of BMP through 2025 to address residual discharges of acid rock drainage. At this site, MRRC spent approximately $1.7 million from 2011 through 2013 and estimates that it will spend between approximately $10.0 million and $13.6 million over the next 20 years. | |
Lead Refinery Site | |
U.S.S. Lead Refinery, Inc. (Lead Refinery), a non-operating wholly owned subsidiary of MRRC, has conducted corrective action and interim remedial activities and studies (collectively, Site Activities) at Lead Refinery’s East Chicago, Indiana site pursuant to the Resource Conservation and Recovery Act. Site Activities, which began in December 1996, have been substantially concluded. Lead Refinery is required to perform monitoring and maintenance activities with respect to Site Activities pursuant to a post-closure permit issued by the Indiana Department of Environmental Management (IDEM) effective as of March 2, 2013. Lead Refinery spent approximately $0.1 million annually in 2013, 2012, and 2011 with respect to this site. Approximate costs to comply with the post-closure permit, including associated general and administrative costs, are between $2.1 million and $2.9 million over the next 20 years. | |
On April 9, 2009, pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the EPA added the Lead Refinery site, and properties adjacent to the Lead Refinery site, to the NPL. The NPL is a list of priority sites where the EPA has determined that there has been a release or threatened release of hazardous substances that warrant investigation and, if appropriate, remedial action. The NPL does not assign liability to any party including the owner or operator of a property placed on the NPL. The placement of a site on the NPL does not necessarily mean that remedial action must be taken. On July 17, 2009, Lead Refinery received a written notice from the EPA that the agency is of the view that Lead Refinery may be a PRP under CERCLA in connection with the release or threaten of release of hazardous substances including lead into properties located adjacent to the Lead Refinery site. There are at least two other PRPs. PRPs under CERCLA include current and former owners and operators of a site, persons who arranged for disposal or treatment of hazardous substances at a site, or persons who accepted hazardous substances for transport to a site. In November 2012, the EPA adopted a remedy in connection with properties located adjacent to the Lead Refinery site. The EPA has estimated that the cost to implement the November 2012 remedy will be $30.0 million. | |
The Company monitors EPA releases and periodically communicates with the EPA to inquire of the status of the investigation and cleanup of the Lead Refinery site. As of December 28, 2013, the EPA has not conducted an investigation of the Lead Refinery site, proposed remedies for the Lead Refinery site, or informed Lead Refinery that it is a PRP at the Lead Refinery site. Until the extent of remedial action is determined for the Lead Refinery site, the Company is unable to determine the likelihood of a material adverse outcome or the amount or range of a potential loss with respect to placement of the Lead Refinery site and adjacent properties on the NPL. Lead Refinery lacks the financial resources needed to undertake any investigations or remedial action that may be required by the EPA pursuant to CERCLA. | |
Operating Properties | |
Mueller Copper Tube Products, Inc. | |
In 1999, Mueller Copper Tube Products, Inc. (MCTP), a wholly owned subsidiary, commenced a cleanup and remediation of soil and groundwater at its Wynne, Arkansas plant. MCTP is currently removing trichloroethylene, a cleaning solvent formerly used by MCTP, from the soil and groundwater. On August 30, 2000, MCTP received approval of its Final Comprehensive Investigation Report and Storm Water Drainage Investigation Report addressing the treatment of soils and groundwater from the Arkansas Department of Environmental Quality (ADEQ). The Company established a reserve for this project in connection with the acquisition of MCTP in 1998. Effective November 17, 2008, MCTP entered into a Settlement Agreement and Administrative Order by Consent to submit a Supplemental Investigation Work Plan (SIWP) and subsequent Final Remediation Work Plan for the site. By letter dated January 20, 2010, ADEQ approved the SIWP as submitted, with changes acceptable to the Company. On December 16, 2011, MCTP entered into an amended Administrative Order by Consent to prepare and implement a revised Remediation Work Plan regarding final remediation for the Site. Construction and installation of the remediation system is under way. The remediation system was activated in February 2014. Costs to implement the work plans, including associated general and administrative costs, are approximately $1.9 million over the next ten years. | |
United States Department of Commerce Antidumping Review | |
On December 24, 2008, the United States Department of Commerce (DOC) initiated an antidumping administrative review of the antidumping duty order covering circular welded non-alloy steel pipe and tube from Mexico to determine the final antidumping duties owed on U.S. imports during the period November 1, 2007 through October 31, 2008, by certain subsidiaries of the Company. On April 19, 2010, the DOC published the final results of this review and assigned Mueller Comercial de Mexico, S. de R.L. de C.V. (Mueller Comercial) an antidumping duty rate of 48.3 percent. The Company appealed the final determination to the U.S. Court of International Trade (CIT). The Company and the United States have reached an agreement to settle the appeal. As a result, the DOC published on March 22, 2013 the amended final results of the review and assigned Mueller Comercial an antidumping duty rate of 40.5 percent. U.S. Customs and Border Protection has assessed antidumping duties on subject imports during the period of review. The Company has established a reserve of approximately $3.1 million for these duties. | |
On December 23, 2009, the DOC initiated an antidumping administrative review of the antidumping duty order covering circular welded non-alloy steel pipe and tube from Mexico for the November 1, 2008 through October 31, 2009 period of review. The DOC selected Mueller Comercial as a respondent in the review. On June 21, 2011, the DOC published the final results of the review and assigned Mueller Comercial an antidumping duty rate of 19.8 percent. On August 22, 2011, the Company appealed the final results to the CIT. On December 21, 2012, the CIT issued a decision upholding the Department’s final results in part. The CIT issued its final judgment on May 2, 2013. On May 6, 2013, the Company appealed the CIT decision to the U.S. Court of Appeals for the Federal Circuit (Federal Circuit). On January 10, 2014, the Federal Circuit held oral argument in the appeal. The Company anticipates that certain of its subsidiaries will incur antidumping duties on subject imports made during the period of review and, as such, established a reserve of approximately $1.1 million for this matter. | |
Subsequent to October 31, 2009, Mueller Comercial did not ship subject merchandise to the United States. Therefore, there is no antidumping duty liability for periods of review after October 31, 2009. | |
United States Department of Commerce and United States International Trade Commission Antidumping Investigations | |
On September 30, 2009, two subsidiaries of the Company, along with Cerro Flow Products, Inc. and KobeWieland Copper Products LLC (collectively, Petitioners), jointly filed antidumping petitions with the DOC and the U.S. International Trade Commission (ITC) alleging that imports of seamless refined copper pipe and tube from China and Mexico (subject imports) were being sold at less than fair value and were causing material injury (and threatening material injury) to the domestic industry. On October 1, 2010, the DOC published its final affirmative determinations, finding antidumping rates from 24.89 percent to 28.16 percent for Mexico (as subsequently amended), and from 11.25 percent to 60.85 percent for China. | |
Since November 22, 2010, as a result of the imposition of the antidumping duty orders on seamless refined copper pipe and tube from Mexico and China, importers have been required to post cash deposits at rates up to 28.16 percent (for Mexico) and up to 60.85 percent (for China). | |
Over the last two years, the DOC conducted a “new shipper review” of a new Golden Dragon plant in Mexico, followed by the first administrative reviews of imports from Mexico and China (for the period November 22, 2010 through October 31, 2011). Although Golden Dragon was found to be dumping in the “new shipper review,” the impact of the more recent administrative reviews is that imports from certain companies (i.e., Golden Dragon in China, and Golden Dragon and Nacobre in Mexico) will not be subject to cash deposits requirements until completion of the ongoing second administrative reviews in 2014. These decisions are currently on appeal, during which time no importers may receive any duty refunds. Furthermore, all companies in China and Mexico remain subject to the disciplines of the antidumping duty orders and future administrative reviews, and imports from other companies remain subject to cash deposit requirements, including IUSA (24.89 percent) and Luvata (28.16 percent) in Mexico, as well as Hailiang (60.85 percent) and Luvata (36.05 percent) in China. | |
On December 30, 2013, the DOC initiated the third administrative review of several Chinese and Mexican copper tube producers and/or exporters to the United States in order to establish company-specific dumping rates based on the period November 1, 2012 through October 31, 2013. The reviews are expected to be completed sometime in 2015. At this time, the Company is unable to know the final disposition of these administrative reviews. | |
Supplier Litigation | |
On May 6, 2011, the Company and two of its subsidiaries, Mueller Streamline Co. and B&K Industries, Inc. (B&K)(Plaintiffs), filed a civil lawsuit in federal district court in Los Angeles, California against a former supplier, Xiamen Lota International Co., Ltd (Xiamen Lota), its U.S. sales representative (Lota USA), and certain other persons (Defendants). The lawsuit alleged, among other things, that the Defendants gave Peter D. Berkman, a former executive of the Company and B&K, an undisclosed interest in Lota USA, and made payments and promises of payments to him, in return for Peter Berkman maintaining the Company as a customer, increasing purchasing levels, and acquiescing to non-competitive and excessive pricing for Xiamen Lota products. The lawsuit alleged violations of federal statutes 18 U.S.C. Sections 1962(c) and (d) (RICO claims) and California state law unfair competition. The lawsuit sought compensatory, treble and punitive damages, and other appropriate relief including an award of reasonable attorneys’ fees and costs of suit. In October 2012, the lawsuit, together with certain related proceedings in Illinois and Tennessee, were settled on mutually agreeable terms and, in connection therewith, the Company received a $5.8 million cash payment. The amount recorded in the Consolidated Statement of Income is net of legal costs. | |
Litigation Settlement | |
The Company negotiated a settlement with Peter D. Berkman and Jeffrey A. Berkman, former executives of the Company and B&K Industries, Inc. (B&K), a wholly owned subsidiary of the Company, that required the payment of $10.5 million in cash by Peter Berkman, Jeffrey Berkman, and Homewerks Worldwide LLC to the Company. During 2011, the Company recorded a gain of $10.5 million upon receipt of the settlement proceeds. | |
U.K. Actions Relating to the European Commission’s 2004 Copper Tubes Decision and 2006 Copper Fittings Decision | |
Mueller Industries, Inc., WTC Holding Company, Inc., DENO Holding Company, Inc., Mueller Europe, Limited, and DENO Acquisition EURL (the five Mueller entities) have received letters from counsel for IMI plc and IMI Kynoch Limited (IMI) and from counsel for Boliden AB (Boliden) concerning contribution proceedings by IMI and Boliden against the five Mueller entities regarding copper tube. In the Competition Appeal Tribunal (the CAT) in the United Kingdom, IMI and Boliden have been served with claims by 21 claimants, all companies within the Travis Perkins Group (TP and the TP Claimants). The TP Claimants are seeking follow-on damages arising out of conduct described in the European Commission’s September 3, 2004, decision regarding copper tube. The claims purport to arise from the findings of the European Commission as set forth in that decision. IMI and Boliden have commenced legal proceedings against the five Mueller entities, and in those proceedings are claiming a contribution for any follow-on damages. IMI and Boliden have formally served their claims on the five Mueller entities. | |
Mueller Industries, Inc., Mueller Europe, Limited, and WTC Holding Company, Inc. (the three Mueller entities) also have received a letter from counsel for IMI concerning contribution proceedings by IMI against those three Mueller entities regarding copper fittings. In the High Court, IMI has been served with claims by 21 TP Claimants. The TP Claimants are seeking follow-on damages arising out of conduct described in the European Commission’s September 20, 2006, decision regarding copper fittings. The claims similarly purport to arise from the findings of the European Commission as set forth in that decision. IMI has commenced legal proceedings against the three Mueller entities, and in those proceedings are claiming a contribution for any follow-on damages. IMI has formally served its claims on the three Mueller entities. | |
While the TP Claimants have provided their preliminary calculations of aggregate claimed damages for the copper tube claim and the copper fittings claim, Mueller does not believe these matters will have a material affect on the Consolidated Financial Statements for the contribution claims. | |
As to the claims arising from the Copper Tube Decision brought in the CAT, following the CAT’s grant of approval, the case has now been transferred to the High Court. Mueller’s defenses in response to the contribution claims brought by IMI and Boliden were served on March 15, 2013. A case management conference is to be held in May 2014. | |
As to the claims arising from the Copper Fittings Decision, these proceedings have been stayed until the next case management conference which is to take place in April 2014. | |
At this time, the Company does not believe that this matter will have a material impact on its financial position, results of operations, or cash flows. | |
Canadian Dumping and Countervail Investigation | |
In 2007, the Canada Border Services Agency (CBSA) determined that the Company and certain affiliated companies, as exporters and importers of copper fittings (subject goods) from the U.S. to Canada, had dumped the subject goods during the investigation period. In 2007, the Canadian International Trade Tribunal concluded that the dumping had caused injury to the Canadian industry. As a result of these findings, exports of subject goods to Canada made on or after October 20, 2006 have been subject to antidumping measures. Antidumping duties will be imposed on the Company only to the extent that the Company’s future exports of copper pipe fittings are made at net export prices that are below normal values set by the CBSA. The measures remain in place for five years at which time Canadian authorities determine whether to maintain the measures for an additional five years or allow them to expire. Canadian authorities conducted such a sunset review and on February 17, 2012 found that the dumping order should be maintained for another five years. | |
On February 8, 2013, the CBSA completed a review process to revise the normal values issued to the Company. Another review process to revise the normal values was initiated on January 15, 2014 and is scheduled to conclude on May 30, 2014. Given the small percentage of its products that are sold for export to Canada, the Company does not anticipate any material adverse effect on its financial position, results of operations or cash flows as a result of the antidumping case in Canada. | |
Leases | |
The Company leases certain facilities, vehicles, and equipment under operating leases expiring on various dates through 2024. The lease payments under these agreements aggregate to approximately $6.7 million in 2014, $5.7 million in 2015, $4.5 million in 2016, $3.3 million in 2017, $2.3 million in 2018, and $1.5 million thereafter. Total lease expense amounted to $9.1 million in 2013, $8.5 million in 2012, and $8.8 million in 2011. | |
Consulting Agreement | |
During 2004, the Company entered into a consulting and non-compete agreement (the Consulting Agreement) with Mr. Harvey L. Karp, at that time Chairman of the Board. The Consulting Agreement provides for post-employment services to be provided by Mr. Karp for a six-year period. During the first four years of the Consulting Agreement, an annual fee equal to two-thirds of the executive’s Final Base Compensation (as defined in the Consulting Agreement) is payable. During the final two years, the annual fee is set at one-third of the executive’s Final Base Compensation. During the term of the Consulting Agreement, Mr. Karp agrees not to engage in Competitive Activity (as defined in the Consulting Agreement) and is entitled to receive certain other benefits from the Company. | |
On November 3, 2011, Mr. Karp notified the Company that he would resign as Chairman of the Company and as a member of the Board of Directors of the Company effective as of December 31, 2011. Following his resignation, on January 1, 2012, the Consulting Agreement commenced. Based upon the value of the non-compete provisions of the Consulting Agreement, the Company will expense the value of the Consulting Agreement over its term. The maximum amount payable under the remaining term of the Consulting Agreement is $4.0 million. | |
Other | |
In July 2009, there was an explosion at the Company’s copper tube facility in Fulton, Mississippi, resulting in damage to certain production equipment. In 2010, the Company recorded a gain of $1.5 million related to the property damage claim. In the first quarter of 2012, the Company settled the business interruption portion of this claim and recognized a $1.5 million gain. | |
In September 2011, a portion of the Company’s Wynne, Arkansas manufacturing operation was damaged by fire. Certain inventories, production equipment, and building structures were extensively damaged. During the second quarter of 2013, the Company settled the claim with its insurer for total proceeds of $127.3 million, net of the deductible of $0.5 million. As a result of the settlement with its insurer, all proceeds received and all costs previously deferred (which were recorded as other current liabilities in prior periods) were recognized, resulting in a pre-tax gain of $106.3 million in the second quarter of 2013, or $2.33 per diluted share after tax. The Company received proceeds of $62.3 million, $55.0 million, and $10.0 million in 2013, 2012, and 2011, respectively. | |
Additionally, the Company is involved in certain litigation as a result of claims that arose in the ordinary course of business, which management believes will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company may also realize the benefit of certain legal claims and litigation in the future; these gain contingencies are not recognized in the Consolidated Financial Statements. |
Other_Income_Net
Other Income, Net | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Other Income, Net [Abstract] | ' | ||||||||||||
Other Income, Net | ' | ||||||||||||
Note 11 – Other Income, Net | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Gain on the sale of non-operating property | $ | 3,000 | $ | — | $ | — | |||||||
Interest income | 906 | 847 | 711 | ||||||||||
Environmental expense, non-operating properties | (823 | ) | (1,128 | ) | (330 | ) | |||||||
Other | 1,368 | 820 | 1,531 | ||||||||||
Other income, net | $ | 4,451 | $ | 539 | $ | 1,912 |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Note 12 – Stock-Based Compensation | |||||||||||||||||
During the years ended December 28, 2013, December 29, 2012, and December 31, 2011, the Company recognized stock-based compensation, as a component of selling, general, and administrative expense, in its Consolidated Statements of Income of $5.7 million, $4.0 million, and $3.5 million, respectively. The tax benefit from exercise of share-based awards was $0.7 million in 2013, $2.6 million in 2012, and $0.9 million in 2011. | |||||||||||||||||
On October 26, 2012, the Company’s Chief Financial Officer (CFO) resigned. In connection with the resignation, on November 7, 2012, the Company entered into a separation agreement with its former CFO. Included in the separation agreement, were provisions to allow (i) continued vesting of options to purchase shares of the Company’s common stock and unvested shares of restricted stock previously granted and (ii) continued exercisability of vested options through the later of the original expiration date or October 30, 2015 without regard to service. This modification to remove the service condition resulted in recognition of $2.1 million of compensation cost on the modification date. This is included in severance expense. | |||||||||||||||||
Under existing plans, the Company may grant options to purchase shares of common stock at prices not less than the fair market value of the stock on the date of grant, as well as restricted stock awards. Generally, the awards vest annually over a five-year period beginning one year from the date of grant. Any unexercised options expire after not more than ten years. | |||||||||||||||||
Stock Options | |||||||||||||||||
The fair value of each option is estimated as a single award and amortized into compensation expense on a straight-line or accrual basis over its vesting period based on its vesting schedule. The weighted average grant-date fair value of options granted during 2013, 2012, and 2011 were $17.54, $14.89, and $12.53, respectively. | |||||||||||||||||
The Company estimates the fair value of all stock option awards as of the grant date by applying the Black-Scholes-Merton option pricing model. The use of this valuation model in the determination of compensation expense involves certain assumptions that are judgmental and/or highly sensitive including the expected life of the option, stock price volatility, risk-free interest rate, and dividend yield. Additionally, forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. Due to the nature of the awards granted in 2013, a forfeiture rate was not considered necessary. The forfeiture rate was 16.5 percent and 17.0 percent for 2012 and 2011, respectively, and is adjusted periodically based on actual forfeitures. The weighted average of key assumptions used in determining the fair value of options granted and a discussion of the methodology used to develop each assumption are as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected term | 5.9 years | 6.5 years | 6.3 years | ||||||||||||||
Expected price volatility | 0.397 | 0.375 | 0.358 | ||||||||||||||
Risk-free interest rate | 0.70% | 0.70% | 1.70% | ||||||||||||||
Dividend yield | 0.90% | 0.90% | 1.10% | ||||||||||||||
Expected term – This is the period of time estimated based on historical experience over which the options granted are expected to remain outstanding. An increase in the expected term will increase compensation expense. | |||||||||||||||||
Expected price volatility – This is a measure of the amount by which a price has fluctuated or is expected to fluctuate. The Company uses actual historical changes in the market value of its stock to calculate the volatility assumption. Daily market value changes from the date of grant over a past period representative of the expected term of the options are used. An increase in the expected price volatility rate will increase compensation expense. | |||||||||||||||||
Risk-free interest rate – This is the U.S. Treasury rate for the week of the grant, having a term representative of the expected term of the options. An increase in the risk-free rate will increase compensation expense. | |||||||||||||||||
Dividend yield – This rate is the annual dividends per share as a percentage of the Company’s stock price. An increase in the dividend yield will decrease compensation expense. | |||||||||||||||||
The total intrinsic value of options exercised was $2.9 million, $12.1 million, and $6.6 million in 2013, 2012, and 2011, respectively. The total fair value of options that vested was $1.1 million, $1.7 million, and $2.1 million in 2013, 2012, and 2011, respectively. | |||||||||||||||||
At December 28, 2013, the aggregate intrinsic value of all outstanding options was $18.7 million with a weighted average remaining contractual term of 4.9 years. Of the outstanding options, 419 thousand are currently exercisable with an aggregate intrinsic value of $13.8 million, a weighted average exercise price of $29.74, and a weighted average remaining contractual term of 4.3 years. | |||||||||||||||||
The total compensation expense not yet recognized related to unvested options at December 28, 2013 was $0.7 million with an average expense recognition period of 1.9 years. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
The fair value of the each restricted stock award equals the fair value of the Company’s stock on the grant date and is amortized into compensation expense on a straight-line or accrual basis over its vesting period based on its vesting schedule. The weighted average grant-date fair value of awards granted during 2013, 2012, and 2011 were $56.63, $42.83, and $37.87, respectively. | |||||||||||||||||
The aggregate intrinsic value of outstanding and unvested awards was $22.9 million at December 28, 2013. Total compensation expense for restricted stock awards not yet recognized was $12.8 million with an average expense recognition period of 3.7 years. The total fair value of awards that vested was $1.8 million, $1.7 million, and $0.7 million in 2013, 2012, and 2011, respectively. | |||||||||||||||||
The Company generally issues treasury shares when options are exercised or restricted stock awards are granted. A summary of the activity and related information follows: | |||||||||||||||||
Stock Options | Restricted Stock Awards | ||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||
(Shares in thousands) | |||||||||||||||||
Outstanding at December 29, 2012 | 694 | $ | 28.93 | 285 | $ | 32.36 | |||||||||||
Granted | 10 | 50.21 | 151 | 56.63 | |||||||||||||
Exercised | (115 | ) | 28.69 | (70 | ) | 26.42 | |||||||||||
Outstanding at December 28, 2013 | 589 | 29.34 | 366 | 43.49 | |||||||||||||
Approximately 195 thousand shares were available for future stock incentive awards at December 28, 2013. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||
Note 13 – Derivative Instruments and Hedging Activities | ||||||||||
Cash Flow Hedges | ||||||||||
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 occasionally enters into forward fixed-price arrangements with certain customers; the risk of these arrangements is generally managed with commodity futures contracts. The Company accounts for these futures contracts in accordance with ASC 815. These futures contracts have been designated as cash flow hedges. The fair value of open futures contracts are recognized as a component of OCI until the position is closed which corresponds to the period when the related hedged transaction is recognized in earnings. Should these contracts no longer meet hedge criteria in accordance with ASC 815, either through lack of effectiveness or because the hedged transaction is no longer probable of occurring, all deferred gains and losses related to the hedge would be immediately reclassified from accumulated OCI into earnings. In the next twelve months, the Company will reclassify into earnings realized gains or losses of cash flow hedges; at December 28, 2013, this amount was a $408 thousand gain position. | ||||||||||
At December 28, 2013, the Company held open futures contracts to purchase approximately $15.9 million of copper over the next 15 months related to fixed price sales orders. The fair value of those futures contracts was a $438 thousand gain position, which was determined by obtaining quoted market prices (Level 1 hierarchy as defined by ASC 820). | ||||||||||
Derivative instruments designated as cash flow hedges under ASC 815 are reflected in the Consolidated Financial Statements as follows: | ||||||||||
28-Dec-13 | ||||||||||
(In thousands) | Location | Fair value | ||||||||
Commodity contracts | Other current assets: | Gain positions | $ | 448 | ||||||
Loss positions | (10 | ) | ||||||||
29-Dec-12 | ||||||||||
(In thousands) | Location | Fair value | ||||||||
Commodity contracts | Other current liabilities: | Gain positions | $ | 172 | ||||||
Loss positions | (420 | ) | ||||||||
The following tables summarize activities related to the Company’s derivative instruments classified as cash flow hedges in accordance with ASC 815: | ||||||||||
Loss Recognized in Accumulated OCI (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | December 28, | December 29, | ||||||||
2013 | 2012 | |||||||||
Commodity contracts | $ | (3,904 | ) | $ | (214 | ) | ||||
Loss Reclassified from Accumulated OCI into Income (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | Location | December 28, | December 29, | |||||||
2013 | 2012 | |||||||||
Commodity contracts | Cost of goods sold | $ | 3,781 | $ | 469 | |||||
Inventory Fair Value Hedges | ||||||||||
The Company enters into futures contracts in order to protect the value of inventory against market fluctuations. These futures contracts are assessed and designated as fair value hedges in accordance with ASC 815. | ||||||||||
At December 28, 2013, the Company held open futures contracts to sell approximately $70.6 million of copper over the next five months related to copper inventory. The fair value of those futures contracts was a $1.8 million loss position, which was determined by obtaining quoted market prices (Level 1 hierarchy as defined by ASC 820). During the fourth quarter of 2013, the Company dedesignated previous hedges on its inventory because the hedging relationship was no longer deemed to be highly effective. These contracts no longer qualify as hedging instruments. | ||||||||||
Derivative commodity instruments are reflected in the Consolidated Financial Statements as follows: | ||||||||||
28-Dec-13 | ||||||||||
(In thousands) | Location | Fair Value | ||||||||
Commodity contracts - Nonqualifying | Other current liabilities: | Gain positions | $ | 318 | ||||||
Loss positions | (2,057 | ) | ||||||||
Commodity contracts - Qualifying | Other current liabilities: | Gain positions | 22 | |||||||
Loss positions | (50 | ) | ||||||||
29-Dec-12 | ||||||||||
(In thousands) | Location | Fair Value | ||||||||
Commodity contracts - Qualifying | Other current assets: | Gain positions | $ | 1,047 | ||||||
Loss positions | (548 | ) | ||||||||
Gains and losses related to the change in the value of the commodity contracts, the change in the value of the inventory being hedged, and hedge ineffectiveness are recorded in cost of goods sold. During 2013 and 2012, gains of $0.3 million and losses of $0.1 million, respectively, were recorded. Also, as a result of the Company’s dedesignation of previous hedges on its inventory during the fourth quarter of 2013, a net loss of $0.6 million was recorded in current earnings to record these contracts at fair value at the end of 2013. | ||||||||||
The following tables summarize the gains (losses) on the Company’s inventory fair value hedges: | ||||||||||
Gains (Losses) on Fair Value Hedges for the Year Ended December 28, 2013 | ||||||||||
(In thousands) | Location | Amount | ||||||||
Gain on the derivatives designated and qualifying as fair value hedges: | ||||||||||
Commodity Contracts | Cost of goods sold | $ | 5,115 | |||||||
(Loss) on the hedged items designated and qualifying as fair value hedges: | ||||||||||
Inventory | Cost of goods sold | (4,827 | ) | |||||||
(Losses) Gains on Fair Value Hedges for the Year Ended December 29, 2012 | ||||||||||
(In thousands) | Location | Amount | ||||||||
(Loss) on the derivatives in designated and qualifying fair value hedges: | ||||||||||
Commodity Contracts | Cost of goods sold | $ | (301 | ) | ||||||
Gain on the hedged item in designated and qualifying fair value hedges: | ||||||||||
Inventory | Cost of goods sold | 182 | ||||||||
Foreign Currency Hedges | ||||||||||
During 2012 and 2013, the Company entered into contracts to purchase heavy machinery and equipment. These contracts are denominated in euros. In anticipation of entering into these contracts, the Company has entered into forward contracts to purchase euros to protect itself against adverse exchange rate fluctuations. The fair value of open contracts are recognized as a component of OCI until the position is closed which corresponds to the period when the related hedged transaction is recognized in earnings. Should these contracts no longer meet hedge criteria in accordance with ASC 815, either through lack of effectiveness or because the hedged transaction is no longer probable of occurring, all deferred gains and losses related to the hedge would be immediately reclassified from accumulated OCI into earnings. | ||||||||||
At December 28, 2013, the Company held open forward contracts to purchase approximately 10.5 million euros over the next 15 months. The fair value of these contracts, which was determined by obtaining quoted market prices (Level 1 hierarchy as defined by ASC 820), was an $836 thousand gain position recorded in other current assets at December 28, 2013. | ||||||||||
The following tables summarize activities related to the Company’s derivative instruments classified as foreign currency hedges in accordance with ASC 815: | ||||||||||
Loss Recognized in Accumulated OCI (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | December 28, | December 29, | ||||||||
2013 | 2012 | |||||||||
Foreign currency contracts | $ | (484 | ) | $ | — | |||||
Loss Reclassified from Accumulated OCI into Income (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | Location | December 28, | December 29, | |||||||
2013 | 2012 | |||||||||
Commodity contracts | Cost of goods sold | $ | 34 | $ | — | |||||
Interest Rate Swap | ||||||||||
On February 20, 2013, the Company entered into a two-year forward-starting interest rate swap agreement with an effective date of January 12, 2015, and an underlying notional amount of $200.0 million, pursuant to which the Company receives variable interest payments based on one-month LIBOR and pays fixed interest at a rate of 1.4 percent. Based on the Company’s current variable premium pricing on its Term Loan Facility, the all-in fixed rate on the effective date is 2.7 percent. The interest rate swap will mature on December 11, 2017, and is structured to offset the interest rate risk associated with the Company’s floating-rate, LIBOR-based Term Loan Facility Agreement. The swap was designated and accounted for as a cash flow hedge from inception. | ||||||||||
The fair value of the interest rate swap is estimated based on the present value of the difference between expected cash flows calculated at the contracted interest rate and the expected cash flows at the current market interest rate using observable benchmarks for LIBOR forward rates at the end of the period (Level 2 hierarchy as defined by ASC 820). The effective portion of the mark-to-market gain or loss is reported as a component of accumulated OCI and subsequently reclassified into earnings when the hedged transactions occur and affect earnings. Interest payable and receivable under the swap agreement will be accrued and recorded as an adjustment to interest expense. The fair value of the interest rate swap was a $1.3 million gain position and was recorded in other assets at December 28, 2013. | ||||||||||
The following tables summarize the activity related to the interest rate swap: | ||||||||||
Gain Recognized in Accumulated OCI (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | December 28, | December 29, | ||||||||
2013 | 2012 | |||||||||
Interest rate swap | $ | 834 | $ | — | ||||||
The Company enters into futures and forward contracts that generally closely match the terms of the underlying transactions. As a result, the ineffective portion of the open cash flow and fair value hedge contracts through December 28, 2013 was not material to the Consolidated Statements of Income. | ||||||||||
The Company does not offset the fair value of amounts for derivative instruments and the fair value amounts recognized for the right to reclaim cash collateral. At December 28, 2013, the Company had recorded restricted cash of $2.1 million related to open futures contracts. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 28, 2013 | |
Acquisitions and Dispositions [Abstract] | ' |
Acquisitions and Dispositions | ' |
Note 14 – Acquisitions and Dispositions | |
On October 18, 2013, the Company entered into a definitive agreement with KME Yorkshire Limited (Yorkshire) to acquire certain assets and assume certain liabilities of Yorkshire for purposes of acquiring its copper tube business. This transaction received regulatory approval in the United Kingdom on February 11, 2014. Yorkshire produces European standard copper distribution tubes. The purchase price will be approximately $29.7 million. In 2012, Yorkshire had annual revenue of approximately $196.1 million. | |
On October 17, 2013, the Company entered into a Stock Purchase Agreement with Commercial Metals Company and Howell Metal Company (Howell) providing for the purchase of all of the outstanding capital stock of Howell for approximately $55.3 million in cash, net of working capital adjustments. Howell manufactures copper tube and line sets for U.S. distribution. The acquisition of Howell complements the Company’s copper tube and line sets businesses, both components of the Plumbing and Refrigeration segment. For the twelve months ended August 31, 2013, Howell’s net sales for copper tube and line sets were $156.3 million. The total estimated fair value of the assets acquired totaled $64.4 million, consisting primarily of receivables of $14.6 million, inventories of $27.6 million, property, plant, and equipment of $21.6 million, and other current assets of $0.6 million. The total estimated fair value of the liabilities assumed totaled $11.4 million, consisting primarily of accounts payable and accrued expenses of $9.9 million and other current liabilities of $1.5 million. Of the remaining purchase price, $2.0 million was allocated to other intangible assets and $0.3 million to tax-deductible goodwill. The allocation of the purchase price to long-lived assets is provisional as of December 28, 2013 and subject to change upon completion of the final valuation of these assets. The results of operations for Howell have been included in the accompanying Consolidated Financial Statements from the acquisition date. | |
On August 16, 2012, the Company acquired 100 percent of the outstanding stock of Westermeyer Industries, Inc. (Westermeyer) for approximately $11.6 million in cash. Westermeyer, located in Bluffs, Illinois, designs, manufactures, and distributes high-pressure components and accessories for the air-conditioning and refrigeration markets. The acquisition of Westermeyer complements the Company’s existing refrigeration business, a component of the OEM segment. The fair values of the assets acquired totaled $7.5 million, consisting of receivables of $2.0 million, inventories of $1.9 million, and property, plant, and equipment of $3.6 million. These assets were partially offset by current liabilities of approximately $1.0 million. Of the remaining purchase price, $2.3 million was allocated to tax-deductible goodwill and $2.7 million to other intangible assets. | |
On December 28, 2010, the Company purchased certain assets of Tube Forming, L.P. (TFI). TFI primarily serves the HVAC market in North America. The acquired assets include inventories, production equipment as well as factory leaseholds. TFI had operations in Carrollton, Texas, and Guadalupe, Mexico, where it produced precision copper return bends and crossovers, and custom-made tube components and brazed assemblies, including manifolds and headers. TFI’s estimated net sales for 2010 were approximately $35.0 million. The Company paid approximately $6.9 million for the assets subject to certain adjustments, which was funded with existing cash on hand. The acquisition of TFI extends the Company’s product offering within the OEM segment. | |
These acquisitions were accounted for using the acquisition method of accounting. Therefore, the results of operations of the acquired businesses were included in the Company’s Consolidated Financial Statements from their respective acquisition dates. The purchase price for these acquisitions, which was financed by available cash balances, has been allocated to the assets and liabilities of the acquired businesses based on their respective fair market values. | |
On August 9, 2013, the Company sold certain of its plastic fittings manufacturing assets located in Portage, Michigan and Ft. Pierce, Florida. Simultaneously, the Company entered into a lease agreement with the purchaser of the assets to continue to manufacture and distribute Schedule 40 plastic fittings utilizing the Ft. Pierce assets for a period of approximately eight to 14 months (Transition Period). The total sales price was $66.2 million, of which $61.2 million was received on August 9, 2013; the remaining $5.0 million will be received at the end of the Transition Period. This transaction resulted in a pre-tax gain of $39.8 million in the third quarter of 2013, or 81 cents per diluted share after tax. | |
The net book value of assets disposed was $15.9 million. For goodwill testing purposes, these assets were part of the SPD reporting unit which is a component of the Company’s Plumbing & Refrigeration operating segment. Because these assets met the definition of a business in accordance with ASC 805 Business Combinations, $10.5 million of the SPD reporting unit’s goodwill balance was allocated to the disposal group. The amount of goodwill allocated was based on the relative fair values of the asset group which was disposed and the portion of the SPD reporting unit which was retained. | |
The Company will continue to manufacture and supply plastic drain, waste, and vent (DWV) fittings. The Company extended its third party supply agreement to complement its product offering with purchased products the Company does not competitively manufacture with its remaining assets. This supply agreement was originally entered into after the majority of the Company’s plastic manufacturing assets were destroyed in the 2011 fire at its Wynne, Arkansas facility. The extended supply agreement has an initial five-year term. | |
With the decision to cease the Company’s manufacturing operations in Portage, there was an evaluation of the remaining long-lived assets for impairment, and it was determined that the carrying value of the land and building were no longer recoverable. An impairment charge of $3.2 million was recognized during the third quarter of 2013 to adjust the carrying value of the land and building to their estimated fair value. The fair value estimate was determined by obtaining and evaluating recent sales data for similar assets (Level 2 hierarchy as defined by ASC 820). |
Industry_Segments
Industry Segments | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Industry Segments [Abstract] | ' | ||||||||||||||||
Industry Segments | ' | ||||||||||||||||
Note 15 – Industry Segments | |||||||||||||||||
The Company’s reportable segments are Plumbing & Refrigeration and OEM. For disclosure purposes, as permitted under ASC 280, Segment Reporting, certain operating segments are aggregated into reportable segments. The Plumbing & Refrigeration segment is composed of Standard Products (SPD), European Operations, and Mexican Operations. The OEM segment is composed of Industrial Products (IPD), Engineered Products (EPD), and Mueller-Xingrong. These segments are classified primarily by the markets for their products. Performance of segments is generally evaluated by their operating income. Intersegment transactions are generally conducted on an arms-length basis. | |||||||||||||||||
SPD manufactures copper tube and fittings, plastic fittings, plastic pipe, and line sets. These products are manufactured in the U.S. Outside the U.S., the Company’s European Operations manufacture copper tube, which is sold in Europe and the Middle East. SPD also imports and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products. Mexican Operations consist of pipe nipple manufacturing and import distribution businesses including product lines of malleable iron fittings and other plumbing specialties. The European Operations consist of copper tube manufacturing and the import distribution of fittings, valves, and plumbing specialties primarily in the U.K. and Ireland. The Plumbing & Refrigeration segment’s products are sold primarily to plumbing, refrigeration, and air-conditioning wholesalers, hardware wholesalers and co-ops, and building product retailers. | |||||||||||||||||
IPD manufactures brass rod, impact extrusions, and forgings as well as a variety of end products including plumbing brass, automotive components, valves, and fittings. EPD manufactures and fabricates valves and assemblies for the refrigeration, air-conditioning, gas appliance, and barbecue grill markets and specialty copper, copper-alloy, and aluminum tube. Mueller-Xingrong manufactures engineered copper tube primarily for air-conditioning applications. These products are sold primarily to OEM customers. | |||||||||||||||||
Summarized product line, geographic, and segment information is shown in the following tables. Geographic sales data indicates the location from which products are shipped. Unallocated expenses include general corporate expenses, plus certain charges or credits not included in segment activity. | |||||||||||||||||
During 2013, 2012, and 2011, no single customer exceeded 10 percent of worldwide sales. | |||||||||||||||||
Net Sales by Major Product Line: | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Tube and fittings | $ | 972,107 | $ | 986,825 | $ | 1,082,150 | |||||||||||
Brass rod and forgings | 553,896 | 583,940 | 662,369 | ||||||||||||||
OEM components, tube & assemblies | 337,772 | 335,461 | 401,623 | ||||||||||||||
Valves and plumbing specialties | 239,822 | 231,278 | 217,985 | ||||||||||||||
Other | 54,944 | 52,434 | 53,670 | ||||||||||||||
$ | 2,158,541 | $ | 2,189,938 | $ | 2,417,797 | ||||||||||||
Geographic Information: | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Net sales: | |||||||||||||||||
United States | $ | 1,676,385 | $ | 1,696,589 | $ | 1,830,001 | |||||||||||
United Kingdom | 229,659 | 234,684 | 272,809 | ||||||||||||||
Other | 252,497 | 258,665 | 314,987 | ||||||||||||||
$ | 2,158,541 | $ | 2,189,938 | $ | 2,417,797 | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Long-lived assets: | |||||||||||||||||
United States | $ | 325,667 | $ | 306,023 | $ | 267,060 | |||||||||||
United Kingdom | 22,159 | 23,496 | 23,962 | ||||||||||||||
Other | 25,224 | 27,442 | 29,883 | ||||||||||||||
$ | 373,050 | $ | 356,961 | $ | 320,905 | ||||||||||||
Net assets of foreign operations at December 28, 2013 included $108.2 million in the United Kingdom, $45.5 million in Mexico, $59.5 million in Luxembourg, and $22.7 million in China. | |||||||||||||||||
Segment Information: | |||||||||||||||||
For the Year Ended December 28, 2013 | |||||||||||||||||
(In thousands) | Plumbing & Refrigeration Segment | OEM | Corporate and Eliminations | Total | |||||||||||||
Segment | |||||||||||||||||
Net sales | $ | 1,225,306 | $ | 947,784 | $ | (14,549 | ) | $ | 2,158,541 | ||||||||
Cost of goods sold | 1,043,059 | 833,518 | (14,488 | ) | 1,862,089 | ||||||||||||
Depreciation and amortization | 17,117 | 13,025 | 2,252 | 32,394 | |||||||||||||
Selling, general, and administrative expense | 85,471 | 24,479 | 24,964 | 134,914 | |||||||||||||
Insurance settlement | (103,895 | ) | — | (2,437 | ) | (106,332 | ) | ||||||||||
Gain on sale of plastic fittings manufacturing assets | (39,765 | ) | — | — | (39,765 | ) | |||||||||||
Impairment charges | 4,173 | 131 | — | 4,304 | |||||||||||||
Operating income | 219,146 | 76,631 | (24,840 | ) | 270,937 | ||||||||||||
Interest expense | (3,990 | ) | |||||||||||||||
Other expense, net | 4,451 | ||||||||||||||||
Income before income taxes | $ | 271,398 | |||||||||||||||
For the Year Ended December 29, 2012 | |||||||||||||||||
(In thousands) | Plumbing & Refrigeration Segment | OEM | Corporate and Eliminations | Total | |||||||||||||
Segment | |||||||||||||||||
Net sales | $ | 1,238,230 | $ | 974,606 | $ | (22,898 | ) | $ | 2,189,938 | ||||||||
Cost of goods sold | 1,060,755 | 866,404 | (22,696 | ) | 1,904,463 | ||||||||||||
Depreciation and amortization | 16,513 | 13,435 | 1,547 | 31,495 | |||||||||||||
Selling, general, and administrative expense | 75,448 | 27,680 | 26,328 | 129,456 | |||||||||||||
Litigation settlement | — | — | (4,050 | ) | (4,050 | ) | |||||||||||
Insurance settlement | (1,500 | ) | — | — | (1,500 | ) | |||||||||||
Severance | — | — | 3,369 | 3,369 | |||||||||||||
Operating income | 87,014 | 67,087 | (27,396 | ) | 126,705 | ||||||||||||
Interest expense | (6,890 | ) | |||||||||||||||
Other expense, net | 539 | ||||||||||||||||
Income before income taxes | $ | 120,354 | |||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
(In thousands) | Plumbing & Refrigeration Segment | OEM | Corporate and Eliminations | Total | |||||||||||||
Segment | |||||||||||||||||
Net sales | $ | 1,330,435 | $ | 1,119,796 | $ | (32,434 | ) | $ | 2,417,797 | ||||||||
Cost of goods sold | 1,139,932 | 1,007,654 | (31,909 | ) | 2,115,677 | ||||||||||||
Depreciation and amortization | 20,947 | 14,634 | 1,284 | 36,865 | |||||||||||||
Selling, general, and administrative expense | 84,795 | 24,838 | 26,320 | 135,953 | |||||||||||||
Litigation settlement | — | — | (10,500 | ) | (10,500 | ) | |||||||||||
Operating income | 84,761 | 72,670 | (17,629 | ) | 139,802 | ||||||||||||
Interest expense | (11,553 | ) | |||||||||||||||
Other expense, net | 1,912 | ||||||||||||||||
Income before income taxes | $ | 130,161 | |||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Expenditures for long-lived assets (including business acquisitions): | |||||||||||||||||
Plumbing & Refrigeration | $ | 47,222 | $ | 24,030 | $ | 12,686 | |||||||||||
OEM | 14,845 | 24,137 | 12,586 | ||||||||||||||
General corporate | 3,253 | 17,290 | 361 | ||||||||||||||
$ | 65,320 | $ | 65,457 | $ | 25,633 | ||||||||||||
Segment assets: | |||||||||||||||||
Plumbing & Refrigeration | $ | 625,371 | $ | 531,429 | $ | 532,458 | |||||||||||
OEM | 305,052 | 290,058 | 296,997 | ||||||||||||||
General corporate | 317,344 | 282,668 | 518,149 | ||||||||||||||
$ | 1,247,767 | $ | 1,104,155 | $ | 1,347,604 |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Quarterly Financial Information (Unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
Note 16 – Quarterly Financial Information (Unaudited) | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(In thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 559,690 | $ | 582,282 | $ | 528,854 | $ | 487,715 | |||||||||
Gross profit (1) | 76,840 | 81,157 | 72,552 | 65,903 | |||||||||||||
Consolidated net income | 26,434 | 91,842 | -4 | 39,993 | -5 | 15,020 | |||||||||||
Net income attributable to Mueller Industries, Inc. | 26,202 | 91,150 | 39,864 | 15,384 | |||||||||||||
Basic earnings per share (2) | 0.94 | 3.27 | 1.43 | 0.55 | |||||||||||||
Diluted earnings per share (2) | 0.93 | 3.23 | 1.41 | 0.54 | |||||||||||||
Dividends per share | 0.125 | 0.125 | 0.125 | 0.125 | |||||||||||||
2012 | |||||||||||||||||
Net sales | $ | 577,668 | $ | 594,099 | $ | 514,165 | $ | 504,006 | |||||||||
Gross profit (1) | 84,493 | 71,248 | 64,447 | 65,287 | |||||||||||||
Consolidated net income | 32,817 | (3) | 18,540 | 15,570 | 16,746 | -6 | |||||||||||
Net income attributable to Mueller Industries, Inc. | 32,599 | 17,917 | 15,511 | 16,368 | |||||||||||||
Basic earnings per share | 0.86 | 0.47 | 0.41 | 0.59 | -2 | ||||||||||||
Diluted earnings per share | 0.85 | 0.47 | 0.41 | 0.58 | -2 | ||||||||||||
Dividends per share | 0.1 | 0.1 | 0.1 | 0.125 | |||||||||||||
(1) Gross profit is net sales less cost of goods sold, which excludes depreciation and amortization. | |||||||||||||||||
(2) Includes the repurchase of 10.4 million shares from Leucadia in September 2012 | |||||||||||||||||
(3) Includes pre-tax gain of $8.0 million from liquidation of LIFO inventory layers and $1.5 million from settlement of insurance claims. | |||||||||||||||||
(4) Includes $106.3 million pre-tax gain from settlement of insurance claims. | |||||||||||||||||
(5) Includes $39.8 million pre-tax gain on sale of manufacturing assets and pre-tax impairment charges of $4.3 million primarily related to real property associated with the aforementioned plastics sale transaction. | |||||||||||||||||
(6) Includes $4.1 million net gain from settlement of litigation. |
SCHEDULE_IIVALUATION_AND_QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ' | ||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
MUELLER INDUSTRIES, INC. | |||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
Years Ended December 28, 2013, December 29, 2012, and December 31, 2011 | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at | Charged to | Balance | |||||||||||||||||||
beginning | costs and | Other | at end | ||||||||||||||||||
(In thousands) | of year | expenses | additions | Deductions | of year | ||||||||||||||||
2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,644 | $ | 273 | $ | 812 | $ | 338 | $ | 2,391 | |||||||||||
Environmental reserves | $ | 24,635 | $ | 986 | $ | — | $ | 1,984 | $ | 23,637 | |||||||||||
Valuation allowance for deferred tax assets | $ | 30,394 | $ | 332 | $ | — | $ | 8,182 | $ | 22,544 | |||||||||||
2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,564 | $ | 867 | $ | 109 | (1 | ) | $ | 896 | $ | 1,644 | |||||||||
Environmental reserves | $ | 22,892 | $ | 3,056 | $ | — | $ | 1,313 | $ | 24,635 | |||||||||||
Valuation allowance for deferred tax assets | $ | 29,705 | $ | (1,224 | ) | $ | 1,913 | $ | — | $ | 30,394 | ||||||||||
2011 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 5,447 | $ | (229 | ) | $ | (2 | ) | (1 | ) | $ | 3,652 | $ | 1,564 | |||||||
Environmental reserves | $ | 23,902 | $ | 392 | $ | — | $ | 1,402 | $ | 22,892 | |||||||||||
Valuation allowance for deferred tax assets | $ | 28,714 | $ | (443 | ) | $ | 1,434 | (2 | ) | $ | — | $ | 29,705 | ||||||||
(1) Other consists primarily of bad debt recoveries as well as the effect of fluctuating foreign currency exchange rates in all years presented. | |||||||||||||||||||||
(2) Other includes the additions to valuation allowances in which previously unrecorded gross deferred tax assets and valuation allowances were recognized. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
The principal business of Mueller Industries, Inc. is the manufacture and sale of copper tube and fittings; line sets; brass and copper alloy rod, bar, and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic pipe, fittings and valves; refrigeration valves and fittings; fabricated tubular products; and steel nipples. The Company also resells imported brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products. The Company markets its products to the HVAC, plumbing, refrigeration, hardware, and other industries. Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, and China. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of Mueller Industries, Inc. and its majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The noncontrolling interest represents a separate private ownership of 49.5 percent of Mueller-Xingrong. The years ended December 28, 2013 and December 29, 2012 contained 52 weeks, while the year ended December 31, 2011 contained 53 weeks. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue is recognized when title and risk of loss pass to the customer, provided collection is determined to be probable and no significant obligations remain for the Company. Estimates for future rebates on certain product lines and product returns are recognized in the period which the revenue is recorded. The cost of shipping product to customers is expensed as incurred as a component of cost of goods sold. | |
Cash Equivalents | ' |
Cash Equivalents | |
Temporary investments with original maturities of three months or less are considered to be cash equivalents. These investments are stated at cost. At December 28, 2013 and December 29, 2012, temporary investments consisted of money market mutual funds, commercial paper, bank repurchase agreements, and U.S. and foreign government securities totaling $179.2 million and $86.0 million, respectively. Included in other current assets is restricted cash of $5.2 million and $3.7 million at December 28, 2013 and December 29, 2012, respectively. These amounts represent required deposits into brokerage accounts that facilitate the Company’s hedging activities and deposits that secure certain short-term notes issued under Mueller-Xingrong’s credit facility. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
The Company provides an allowance for receivables that may not be fully collected. In circumstances where the Company is aware of a customer’s inability to meet its financial obligations (e.g., bankruptcy filings or substantial downgrading of credit ratings), it records an allowance for doubtful accounts against amounts due to reduce the net recognized receivable to the amount it believes most likely will be collected. For all other customers, the Company recognizes an allowance for doubtful accounts based on its historical collection experience. If circumstances change (e.g., greater than expected defaults or an unexpected material change in a major customer’s ability to meet its financial obligations), the Company could change its estimate of the recoverability of amounts due by a material amount. | |
Inventories | ' |
Inventories | |
The Company’s inventories are valued at the lower-of-cost-or-market. The material component of its U.S. copper tube and copper fittings inventories is valued on a last-in, first-out (LIFO) basis. Other manufactured inventories, including the non-material components of U.S. copper tube and copper fittings, are valued on a first-in, first-out (FIFO) basis. Certain inventories purchased for resale 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 market price of copper cathode and scrap is subject to volatility. During periods when open market prices decline below net book value, the Company may need to provide an allowance to reduce the carrying value of its inventory. In addition, certain items in inventory may be considered obsolete and, as such, the Company may establish an allowance to reduce the carrying value of those items to their net realizable value. 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 recognizes the impact of any changes in estimates, assumptions, and judgments in income in the period in which it is determined. | |
Property, Plant, and Equipment | ' |
Property, Plant, and Equipment | |
Property, plant, and equipment are stated at cost. Depreciation of buildings, machinery, and equipment is provided on the straight-line method over the estimated useful lives ranging from 20 to 40 years for buildings and five to 20 years for machinery and equipment. Leasehold improvements are amortized over the lesser of their useful life or the remaining lease term. Repairs and maintenance are expensed as incurred. | |
Goodwill | ' |
Goodwill | |
Goodwill represents cost in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill is subject to impairment testing, which is performed by the Company as of the first day of the fourth quarter of each fiscal year, unless circumstances dictate more frequent testing. For testing purposes, the Company defines reporting units as components of its operating segments; components of a segment having similar economic characteristics are combined. The annual impairment test is a two-step process. The first step is the estimation of fair value of reporting units that have goodwill. If this estimate indicates that impairment potentially exists, the second step is performed. Step two, used to measure the amount of goodwill impairment loss, compares the implied fair value of goodwill to the carrying value. In step two the Company is required to allocate the fair value of each reporting unit, as determined in step one, to the fair value of the reporting unit’s assets and liabilities, including unrecognized intangible assets and corporate allocation where applicable, in a hypothetical purchase price allocation as if the reporting unit had been purchased on that date. If the implied fair value of goodwill is less than the carrying value, an impairment charge is recorded. As discussed in Note 14, goodwill was disposed of in 2013 in conjunction with the sale of a business. The Company has two reporting units with goodwill. One of these reporting units is included in the Plumbing and Refrigeration segment, and one is included in the OEM segment. There can be no assurance that additional goodwill impairment will not occur in the future. | |
Because there are no observable inputs available, the Company estimates fair value of reporting units based on a combination of the market approach and income approach (Level 3 hierarchy as defined by ASC 820 Fair Value Measurements and Disclosures (ASC 820)). The market approach measures the fair value of a business through the analysis of publicly traded companies or recent sales of similar businesses. The income approach uses a discounted cash flow model to estimate the fair value of reporting units based on expected cash flows (adjusted for capital investment required to support operations) and a terminal value. This cash flow stream is discounted to its present value to arrive at a fair value for each reporting unit. Future earnings are estimated using the Company’s most recent annual projections, applying a growth rate to future periods. Those projections are directly impacted by the condition of the markets in which the Company’s businesses participate. For the reporting units included in the Plumbing & Refrigeration segment, the projections reflect, among other things, the decline of the residential and non-residential construction markets over the past several years. The OEM segment is also impacted by the residential and non-residential construction markets. The discount rate selected for the reporting units is generally based on rates of return available from alternative investments of similar type and quality at the date of valuation. | |
Self-Insurance Accruals | ' |
Self-Insurance Accruals | |
The Company is primarily self-insured for workers’ compensation claims and benefits paid under certain employee health care programs. Accruals are primarily based on estimated undiscounted cost of claims, which includes incurred but not reported claims, and are classified as accrued wages and other employee costs. | |
Environmental Reserves and Environmental Expenses | ' |
Environmental Reserves and Environmental Expenses | |
The Company recognizes an environmental liability when it is probable the liability exists and the amount is reasonably estimable. The Company estimates the duration and extent of its remediation obligations based upon reports of outside consultants; internal analyses of cleanup costs and ongoing monitoring costs; communications with regulatory agencies; and changes in environmental law. If the Company were to determine that its estimates of the duration or extent of its environmental obligations were no longer accurate, the Company would adjust its environmental liabilities accordingly in the period that such determination is made. Estimated future expenditures for environmental remediation are not discounted to their present value. Accrued environmental liabilities are not reduced by potential insurance reimbursements. | |
Environmental expenses that relate to ongoing operations are included as a component of cost of goods sold. Environmental expenses related to non-operating properties are included in other income, net on the Consolidated Statements of Income. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share reflects the increase in weighted average common shares outstanding that would result from the assumed exercise of outstanding stock options and vesting of restricted stock awards calculated using the treasury stock method. | |
Income Taxes | ' |
Income Taxes | |
Deferred income tax assets and liabilities are recognized when differences arise between the treatment of certain items for financial statement and tax purposes. Realization of certain components of deferred tax assets is dependent upon the occurrence of future events. The Company records valuation allowances to reduce its deferred tax assets to the amount it believes is more likely than not to be realized. These valuation allowances can be impacted by changes in tax laws, changes to statutory tax rates, and future taxable income levels and are based on the Company’s judgment, estimates, and assumptions regarding those future events. In the event the Company were to determine that it would not be able to realize all or a portion of the net deferred tax assets in the future, the Company would increase the valuation allowance through a charge to income tax expense in the period that such determination is made. Conversely, if the Company were to determine that it would be able to realize its deferred tax assets in the future, in excess of the net carrying amounts, the Company would decrease the recorded valuation allowance through a decrease to income tax expense in the period that such determination is made. | |
The Company provides for uncertain tax positions and the related interest and penalties, if any, based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Tax benefits for uncertain tax positions that are recognized in the financial statements are measured as the largest amount of benefit, determined on a cumulative probability basis, that is more likely than not to be realized upon ultimate settlement. To the extent the Company prevails in matters for which a liability for an uncertain tax position is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected. | |
These estimates are highly subjective and could be affected by changes in business conditions and other factors. Changes in any of these factors could have a material impact on future income tax expense. | |
Taxes Collected from Customers and Remitted to Governmental Authorities | ' |
Taxes Collected from Customers and Remitted to Governmental Authorities | |
Taxes assessed by a governmental authority that are directly imposed on a revenue producing transaction between the Company and its customers, primarily value added taxes in foreign jurisdictions, are accounted for on a net (excluded from revenues and costs) basis. | |
Employee Benefits | ' |
Employee Benefits | |
The Company sponsors several qualified and nonqualified pension and other postretirement benefit plans in the U.S. and certain foreign locations. We recognize the overfunded or underfunded status of the plans as an asset or liability in the Consolidated Balance Sheet with changes in the funded status recorded through comprehensive income in the year in which those changes occur. The obligations for these plans are actuarially determined and affected by assumptions, including discount rates, expected long-term return on plan assets for defined benefit pension plans, and certain employee-related factors, such as retirement age and mortality. The Company evaluates its assumptions periodically and makes adjustments as necessary. | |
The expected return on plan assets is determined using the market value of plan assets. Differences between assumed and actual returns are amortized to the market value of assets on a straight-line basis over the average remaining service period of the plan participants using the corridor approach. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. These unrecognized gains and losses are amortized when the net gains and losses exceed 10 percent of the greater of the market value of the plan assets or the projected benefit obligation. The amount in excess of the corridor is amortized over the average remaining service period of the plan participants. For 2013, the average remaining service period for the pension plans was 10 years. | |
Stock-Based Compensation | ' |
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. Stock-based compensation expense is recognized in the Consolidated Statements of Income as a component of selling, general, and administrative expense based on the grant date fair value of the awards. | |
Concentrations of Credit and Market Risk | ' |
Concentrations of Credit and Market Risk | |
Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers comprising the Company’s customer base, and their dispersion across different geographic areas and different industries, including HVAC, plumbing, refrigeration, hardware, automotive, OEMs, and others. | |
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. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities | |
The Company utilizes futures contracts to manage the volatility related to purchases of copper through cash flow hedges. The Company also utilizes futures contracts to protect the value of its copper inventory on hand and firm commitments to purchase copper through fair value hedges. The Company may elect to utilize futures contracts as economic hedges that do not qualify for hedge accounting in accordance with ASC 815 Derivatives and Hedging (ASC 815). In addition, the Company may elect to use foreign currency forward contracts to reduce the risk from exchange rate fluctuations on future purchases and intercompany transactions denominated in foreign currencies. The Company accounts for financial derivative instruments by applying hedge accounting rules. These rules require the Company to recognize all derivatives, as defined, as either assets or liabilities measured at fair value. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized as a component of OCI until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. Gains and losses recognized by the Company related to the ineffective portion of its hedging instruments, as well as gains and losses related to the portion of the hedging instruments excluded from the assessment of hedge effectiveness, were not material to the Company’s Consolidated Financial Statements. Should these contracts no longer meet hedge criteria either through lack of effectiveness or because the hedged transaction is not probable of occurring, all deferred gains and losses related to the hedge will be immediately reclassified from OCI into earnings. Depending on position, the unrealized gain or loss on futures contracts are classified as other current assets or other current liabilities in the Consolidated Balance Sheets, and any changes thereto are recorded in changes in assets and liabilities in the Consolidated Statements of Cash Flows. | |
The Company primarily executes derivative contracts with major financial institutions. These counterparties expose the Company to credit risk in the event of non-performance. The amount of such exposure is limited to the fair value of the contract plus the unpaid portion of amounts due to the Company pursuant to terms of the derivative instruments, if any. If a downgrade in the credit rating of these counterparties occurs, management believes that this exposure is mitigated by provisions in the derivative arrangements which allow for the legal right of offset of any amounts due to the Company from the counterparties with any amounts payable to the counterparties by the Company. As a result, management considers the risk of loss from counterparty default to be minimal. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The carrying amounts for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term maturity of these instruments. | |
The fair value of long-term debt at December 28, 2013 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 our long-term debt is classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly. Outstanding borrowings have variable interest rates that re-price frequently at current market rates. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
For foreign subsidiaries in which the functional currency is other than 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 OCI. Included in the Consolidated Statements of Income were transaction losses of $0.1 million in 2013, gains of $0.3 million in 2012, andlosses of $0.7 million in 2011. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated OCI by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated OCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 was effective for the Company in the reporting period beginning December 30, 2012. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Raw materials and supplies | $ | 54,613 | $ | 46,114 | |||||
Work-in-process | 43,796 | 40,951 | |||||||
Finished goods | 159,422 | 148,014 | |||||||
Valuation reserves | (6,115 | ) | (5,645 | ) | |||||
Inventories | $ | 251,716 | $ | 229,434 |
Property_Plant_and_Equipment_N1
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Property, Plant, and Equipment, Net [Abstract] | ' | ||||||||
Property, Plant, and Equipment, Net | ' | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Land and land improvements | $ | 13,153 | $ | 11,066 | |||||
Buildings | 132,331 | 113,854 | |||||||
Machinery and equipment | 561,005 | 571,435 | |||||||
Construction in progress | 25,691 | 24,527 | |||||||
732,180 | 720,882 | ||||||||
Less accumulated depreciation | (487,723 | ) | (487,619 | ) | |||||
Property, plant, and equipment, net | $ | 244,457 | $ | 233,263 |
Goodwill_Net_Tables
Goodwill, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Goodwill, Net [Abstract] | ' | ||||||||||||
Changes in the carrying amount of goodwill | ' | ||||||||||||
The changes in the carrying amount of goodwill were as follows: | |||||||||||||
(In thousands) | Plumbing & Refrigeration Segment | OEM Segment | Total | ||||||||||
Balance at December 31, 2011: | |||||||||||||
Goodwill | $ | 141,684 | $ | 9,971 | $ | 151,655 | |||||||
Accumulated impairment and amortization | (39,434 | ) | (9,971 | ) | (49,405 | ) | |||||||
102,250 | — | 102,250 | |||||||||||
Additions | — | 2,329 | 2,329 | ||||||||||
Balance at December 29, 2012: | |||||||||||||
Goodwill | 141,684 | 12,300 | 153,984 | ||||||||||
Accumulated impairment and amortization | (39,434 | ) | (9,971 | ) | (49,405 | ) | |||||||
102,250 | 2,329 | 104,579 | |||||||||||
Additions | 310 | — | 310 | ||||||||||
Disposition | (10,532 | ) | — | (10,532 | ) | ||||||||
Balance at December 28, 2013: | |||||||||||||
Goodwill | 131,462 | 12,300 | 143,762 | ||||||||||
Accumulated impairment and amortization | (39,434 | ) | (9,971 | ) | (49,405 | ) | |||||||
Goodwill, net | $ | 92,028 | $ | 2,329 | $ | 94,357 |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Debt [Abstract] | ' | ||||||||
Debt | ' | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Term Loan Facility with interest at 1.54%, due 2017 | $ | 200,000 | $ | 200,000 | |||||
Mueller-Xingrong credit facility with interest at 5.88%, due 2014 | 28,033 | 26,570 | |||||||
2001 Series IRB’s with interest at 1.16%, due through 2021 | 7,250 | 8,250 | |||||||
Other | 50 | 50 | |||||||
235,333 | 234,870 | ||||||||
Less current portion of debt | (29,083 | ) | (27,570 | ) | |||||
Long-term debt | $ | 206,250 | $ | 207,300 |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income (AOCI) and Reclassification adjustments out of AOCI | ' | ||||||||||||||||||||
Changes in accumulated OCI by component, net of taxes and noncontrolling interest, were as follows: | |||||||||||||||||||||
(In thousands) | Cumulative Translation Adjustment | Unrealized (Losses)/ Gains on Derivatives | Minimum Pension/OPEB Liability Adjustment | Unrealized Gains on Equity Investments | Total | ||||||||||||||||
29-Dec-12 | $ | (3,032 | ) | $ | (167 | ) | $ | (39,527 | ) | $ | 103 | $ | (42,623 | ) | |||||||
Other comprehensive income before reclassifications | 2,570 | (2,102 | ) | 24,851 | 152 | 25,471 | |||||||||||||||
Amounts reclassified from accumulated OCI | — | 3,815 | 2,518 | — | 6,333 | ||||||||||||||||
Net current-period other comprehensive income | 2,570 | 1,713 | 27,369 | 152 | 31,804 | ||||||||||||||||
28-Dec-13 | $ | (462 | ) | $ | 1,546 | $ | (12,158 | ) | $ | 255 | $ | (10,819 | ) | ||||||||
Schedule of changes in reclassification adjustments out of AOCI | ' | ||||||||||||||||||||
Reclassification adjustments out of accumulated OCI were as follows: | |||||||||||||||||||||
Amount reclassified from Accumulated OCI | |||||||||||||||||||||
(In thousands) | For the Year Ended | Affected Line Item | |||||||||||||||||||
December 28, 2013 | |||||||||||||||||||||
Unrealized losses on derivatives: | |||||||||||||||||||||
Closed positions, commodity contracts | $ | 5,672 | Cost of goods sold | ||||||||||||||||||
(1,857 | ) | Income tax expense | |||||||||||||||||||
3,815 | Net of tax | ||||||||||||||||||||
— | Noncontrolling interest | ||||||||||||||||||||
$ | 3,815 | Net of tax and noncontrolling interest | |||||||||||||||||||
Amortization of employee benefit items: | |||||||||||||||||||||
Amortization of net loss | $ | 3,844 | Selling, general, and administrative expense | ||||||||||||||||||
(1,326 | ) | Income tax expense | |||||||||||||||||||
2,518 | Net of tax | ||||||||||||||||||||
— | Noncontrolling interest | ||||||||||||||||||||
$ | 2,518 | Net of tax and noncontrolling interest | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Components of income before income taxes | ' | ||||||||||||
The components of income before income taxes were taxed under the following jurisdictions: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 262,220 | $ | 105,945 | $ | 118,208 | |||||||
Foreign | 9,178 | 14,409 | 11,953 | ||||||||||
Income before income taxes | $ | 271,398 | $ | 120,354 | $ | 130,161 | |||||||
Components of income tax expense | ' | ||||||||||||
Income tax expense consists of the following: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Current tax expense: | |||||||||||||
Federal | $ | 69,565 | $ | 33,152 | $ | 43,127 | |||||||
Foreign | 2,608 | 1,764 | 1,740 | ||||||||||
State and local | 6,723 | 3,049 | 2,398 | ||||||||||
Current tax expense | 78,896 | 37,965 | 47,265 | ||||||||||
Deferred tax expense (benefit): | |||||||||||||
Federal | 17,694 | 570 | (6,480 | ) | |||||||||
Foreign | (376 | ) | (2,015 | ) | 344 | ||||||||
State and local | 1,895 | 161 | 1,946 | ||||||||||
Deferred tax expense (benefit) | 19,213 | (1,284 | ) | (4,190 | ) | ||||||||
Income tax expense | $ | 98,109 | $ | 36,681 | $ | 43,075 | |||||||
Income tax reconciliation | ' | ||||||||||||
The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Expected income tax expense | $ | 94,989 | $ | 42,124 | $ | 45,556 | |||||||
State and local income tax, net of federal benefit | 6,405 | 3,178 | 4,267 | ||||||||||
Effect of foreign statutory rate different from U.S. and other foreign adjustments | (1,026 | ) | (2,637 | ) | (560 | ) | |||||||
Valuation allowance changes | — | (1,224 | ) | (443 | ) | ||||||||
U.S. production activities deduction | (4,445 | ) | (2,975 | ) | (3,850 | ) | |||||||
Goodwill disposition | 1,790 | — | — | ||||||||||
Tax contingency changes | (140 | ) | (3,224 | ) | (1,934 | ) | |||||||
Other, net | 536 | 1,439 | 39 | ||||||||||
Income tax expense | $ | 98,109 | $ | 36,681 | $ | 43,075 | |||||||
Unrecognized tax benefits reconciliation | ' | ||||||||||||
The following summarizes the activity related to the Company’s unrecognized tax benefits: | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Beginning balance | $ | 3,259 | $ | 6,572 | |||||||||
Increases related to prior year tax positions | — | — | |||||||||||
Increases related to current year tax positions | — | — | |||||||||||
Decreases related to prior year tax positions | — | — | |||||||||||
Decreases related to settlements with taxing authorities | (431 | ) | — | ||||||||||
Decreases due to lapses in the statute of limitations | — | (3,313 | ) | ||||||||||
Ending balance | $ | 2,828 | $ | 3,259 | |||||||||
Components of deferred tax assets and liabilities | ' | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Accounts receivable | $ | 490 | $ | 447 | |||||||||
Inventories | 11,136 | 7,829 | |||||||||||
Other postretirement benefits and accrued items | 13,548 | 14,767 | |||||||||||
Pension | — | 10,489 | |||||||||||
Other reserves | 12,441 | 14,905 | |||||||||||
Federal and foreign tax attributes | 5,913 | 9,829 | |||||||||||
State tax attributes, net of federal benefit | 24,663 | 29,880 | |||||||||||
Insurance Claim Receivable | — | 8,048 | |||||||||||
Share-based Compensation | 2,486 | 1,493 | |||||||||||
Total deferred tax assets | 70,677 | 97,687 | |||||||||||
Less valuation allowance | (22,544 | ) | (30,394 | ) | |||||||||
Deferred tax assets, net of valuation allowance | 48,133 | 67,293 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant, and equipment | 60,425 | 49,531 | |||||||||||
Pension | 4,507 | — | |||||||||||
Other | 2,209 | 983 | |||||||||||
Total deferred tax liabilities | 67,141 | 50,514 | |||||||||||
Net deferred tax (liability) asset | $ | (19,008 | ) | $ | 16,779 |
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Employee Benefits [Abstract] | ' | ||||||||||||||||||||||||
Reconciliation of the changes in the plans' benefit obligations and the fair value of the plans assets | ' | ||||||||||||||||||||||||
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and the fair value of the plans’ assets for 2013 and 2012, and a statement of the plans’ aggregate funded status as of December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Obligation at beginning of year | $ | 196,167 | $ | 180,341 | $ | 18,096 | $ | 19,945 | |||||||||||||||||
Service cost | 948 | 884 | 413 | 380 | |||||||||||||||||||||
Interest cost | 7,774 | 8,472 | 647 | 635 | |||||||||||||||||||||
Actuarial (gain) loss | (11,635 | ) | 14,458 | (2,554 | ) | (1,838 | ) | ||||||||||||||||||
Benefit payments | (10,668 | ) | (10,583 | ) | (1,211 | ) | (1,131 | ) | |||||||||||||||||
Foreign currency translation adjustment | 1,472 | 2,595 | (10 | ) | 105 | ||||||||||||||||||||
Obligation at end of year | 184,058 | 196,167 | 15,381 | 18,096 | |||||||||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 160,980 | 147,502 | — | — | |||||||||||||||||||||
Actual return on plan assets | 35,578 | 18,964 | — | — | |||||||||||||||||||||
Employer contributions | 1,551 | 3,216 | 1,211 | 1,131 | |||||||||||||||||||||
Benefit payments | (10,668 | ) | (10,583 | ) | (1,211 | ) | (1,131 | ) | |||||||||||||||||
Foreign currency translation adjustment | 1,429 | 1,881 | — | — | |||||||||||||||||||||
Fair value of plan assets at end of year | 188,870 | 160,980 | — | — | |||||||||||||||||||||
Funded (underfunded) status at end of year | $ | 4,812 | $ | (35,187 | ) | $ | (15,381 | ) | $ | (18,096 | ) | ||||||||||||||
Amounts recognized in accumulated OCI (before the effect of income taxes) | ' | ||||||||||||||||||||||||
The following represents amounts recognized in accumulated OCI (before the effect of income taxes) at December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 21,128 | $ | 61,125 | $ | (4,016 | ) | $ | (1,630 | ) | |||||||||||||||
Unrecognized prior service cost | 1 | 2 | 20 | 19 | |||||||||||||||||||||
Funded status of the plans recognized | ' | ||||||||||||||||||||||||
As of December 28, 2013 and December 29, 2012, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Long-term asset | $ | 15,457 | $ | — | $ | — | $ | ||||||||||||||||||
Current liability | — | — | (1,033 | ) | (1,187 | ) | |||||||||||||||||||
Long-term liability | (10,645 | ) | (35,187 | ) | (14,348 | ) | (16,909 | ) | |||||||||||||||||
Total funded (underfunded) status | $ | 4,812 | $ | (35,187 | ) | $ | (15,381 | ) | $ | (18,096 | ) | ||||||||||||||
Components of net periodic benefit costs | ' | ||||||||||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Pension benefits: | |||||||||||||||||||||||||
Service cost | $ | 948 | $ | 884 | $ | 1,394 | |||||||||||||||||||
Interest cost | 7,774 | 8,472 | 9,051 | ||||||||||||||||||||||
Expected return on plan assets | (11,059 | ) | (10,263 | ) | (11,569 | ) | |||||||||||||||||||
Amortization of prior service cost | 1 | 1 | 2 | ||||||||||||||||||||||
Amortization of net loss | 4,005 | 3,883 | 2,346 | ||||||||||||||||||||||
Net periodic benefit cost | $ | 1,669 | $ | 2,977 | $ | 1,224 | |||||||||||||||||||
Other benefits: | |||||||||||||||||||||||||
Service cost | $ | 413 | $ | 380 | $ | 344 | |||||||||||||||||||
Interest cost | 647 | 635 | 993 | ||||||||||||||||||||||
Amortization of prior service credit | (2 | ) | (2 | ) | (3 | ) | |||||||||||||||||||
Amortization of net gain | (160 | ) | (73 | ) | (2 | ) | |||||||||||||||||||
Net periodic benefit cost | $ | 898 | $ | 940 | $ | 1,332 | |||||||||||||||||||
Weighted average assumptions used in the measurement of the Company's benefit obligation and net periodic benefit cost are as follows | ' | ||||||||||||||||||||||||
The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.82 | % | 4.13 | % | 4.89 | % | 4.06 | % | |||||||||||||||||
Expected long-term return on plan assets | 7.4 | % | 7.15 | % | N/A | N/A | |||||||||||||||||||
Rate of compensation increases | N/A | N/A | 5.5 | % | 5.04 | % | |||||||||||||||||||
Rate of inflation | 3.4 | % | 2.7 | % | 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 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate | 4.13 | % | 4.8 | % | 5.25 | % | 4.06 | % | 4.97 | % | 5.39 | % | |||||||||||||
Expected long-term return on plan assets | 7.15 | % | 7.11 | % | 7.51 | % | N/A | N/A | N/A | ||||||||||||||||
Rate of compensation increases | N/A | N/A | N/A | 5.04 | % | 5.04 | % | 5.04 | % | ||||||||||||||||
Rate of inflation | 2.7 | % | 3 | % | 3.4 | % | N/A | N/A | N/A | ||||||||||||||||
Weighted average asset allocation of pension fund assets | ' | ||||||||||||||||||||||||
The weighted average asset allocation of the Company’s pension fund assets are as follows: | |||||||||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||||||||
Asset category | 2013 | 2012 | |||||||||||||||||||||||
Equity securities (includes equity mutual funds) | 86 | % | 84 | % | |||||||||||||||||||||
Fixed income securities (includes fixed income mutual funds) | 4 | 5 | |||||||||||||||||||||||
Cash and equivalents (includes money market funds) | 7 | 9 | |||||||||||||||||||||||
Alternative investments | 3 | 2 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Plan assets at fair value within the fair value hierarchy, by level | ' | ||||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the assets of the plans at fair value as of December 28, 2013, and December 29, 2012, respectively: | |||||||||||||||||||||||||
Fair Value Measurements at December 28, 2013 | |||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and money market funds | $ | 13,992 | $ | — | $ | — | $ | 13,992 | |||||||||||||||||
Common stock (1) | 79,497 | — | — | 79,497 | |||||||||||||||||||||
Mutual funds (2) | 27,166 | 63,435 | — | 90,601 | |||||||||||||||||||||
Limited partnerships | — | — | 4,780 | 4,780 | |||||||||||||||||||||
Total | $ | 120,655 | $ | 63,435 | $ | 4,780 | $ | 188,870 | |||||||||||||||||
Fair Value Measurements at December 29, 2012 | |||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and money market funds | $ | 13,691 | $ | — | $ | — | $ | 13,691 | |||||||||||||||||
Common stock (3) | 65,604 | — | — | 65,604 | |||||||||||||||||||||
Mutual funds (4) | 21,497 | 55,695 | — | 77,192 | |||||||||||||||||||||
Limited partnerships | — | — | 4,493 | 4,493 | |||||||||||||||||||||
Total | $ | 100,792 | $ | 55,695 | $ | 4,493 | $ | 160,980 | |||||||||||||||||
-1 | Approximately 84 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors. All investments in common stock are listed on U.S. stock exchanges. | ||||||||||||||||||||||||
-2 | Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds. Additionally, 33 percent of the mutual funds’ assets are invested in U.S. equities, 58 percent in non-U.S. equities, and 9 percent in non-U.S. fixed income securities. | ||||||||||||||||||||||||
-3 | Approximately 90 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors. All investments in common stock are listed on U.S. stock exchanges. | ||||||||||||||||||||||||
-4 | Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds. Additionally, 31 percent of the mutual funds’ assets are invested in U.S. equities, 59 percent in non-U.S. equities, and 10 percent in non-U.S. fixed income securities. | ||||||||||||||||||||||||
Plan assets measured at fair value using significant unobservable inputs | ' | ||||||||||||||||||||||||
The table below reflects the changes in the assets of the plan measured at fair value on a recurring basis using significant unobservable inputs (Level 3 hierarchy as defined by ASC 820) during the year ended December 28, 2013: | |||||||||||||||||||||||||
(In thousands) | Limited Partnerships | ||||||||||||||||||||||||
Balance, December 29, 2012 | $ | 4,493 | |||||||||||||||||||||||
Redemptions | (1,133 | ) | |||||||||||||||||||||||
Subscriptions | 900 | ||||||||||||||||||||||||
Net appreciation in fair value | 520 | ||||||||||||||||||||||||
Balance, December 28, 2013 | $ | 4,780 | |||||||||||||||||||||||
Future benefit plans payments | ' | ||||||||||||||||||||||||
The assets of the plans do not include investments in securities issued by the Company. The Company expects to contribute approximately $1.6 million to its pension plans and $1.0 million to its other postretirement benefit plans in 2014. The Company expects future benefits to be paid from the plans as follows: | |||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | $ | 11,187 | $ | 1,033 | |||||||||||||||||||||
2015 | 11,382 | 1,022 | |||||||||||||||||||||||
2016 | 11,524 | 1,005 | |||||||||||||||||||||||
2017 | 11,651 | 985 | |||||||||||||||||||||||
2018 | 11,780 | 973 | |||||||||||||||||||||||
2019-2023 | 61,040 | 4,864 | |||||||||||||||||||||||
Total | $ | 118,564 | $ | 9,882 |
Other_Income_Net_Tables
Other Income, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Other Income, Net [Abstract] | ' | ||||||||||||
Other Income, Net | ' | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Gain on the sale of non-operating property | $ | 3,000 | $ | — | $ | — | |||||||
Interest income | 906 | 847 | 711 | ||||||||||
Environmental expense, non-operating properties | (823 | ) | (1,128 | ) | (330 | ) | |||||||
Other | 1,368 | 820 | 1,531 | ||||||||||
Other income, net | $ | 4,451 | $ | 539 | $ | 1,912 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Weighted average assumptions used in calculating fair value of stock options | ' | ||||||||||||||||
The weighted average of key assumptions used in determining the fair value of options granted and a discussion of the methodology used to develop each assumption are as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected term | 5.9 years | 6.5 years | 6.3 years | ||||||||||||||
Expected price volatility | 0.397 | 0.375 | 0.358 | ||||||||||||||
Risk-free interest rate | 0.70% | 0.70% | 1.70% | ||||||||||||||
Dividend yield | 0.90% | 0.90% | 1.10% | ||||||||||||||
Summary of the stock option activity | ' | ||||||||||||||||
The Company generally issues treasury shares when options are exercised or restricted stock awards are granted. A summary of the activity and related information follows: | |||||||||||||||||
Stock Options | Restricted Stock Awards | ||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||
(Shares in thousands) | |||||||||||||||||
Outstanding at December 29, 2012 | 694 | $ | 28.93 | 285 | $ | 32.36 | |||||||||||
Granted | 10 | 50.21 | 151 | 56.63 | |||||||||||||
Exercised | (115 | ) | 28.69 | (70 | ) | 26.42 | |||||||||||
Outstanding at December 28, 2013 | 589 | 29.34 | 366 | 43.49 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||
Derivative instruments designated as cash flow hedges reflected in the financial statements | ' | |||||||||
Derivative instruments designated as cash flow hedges under ASC 815 are reflected in the Consolidated Financial Statements as follows: | ||||||||||
28-Dec-13 | ||||||||||
(In thousands) | Location | Fair value | ||||||||
Commodity contracts | Other current assets: | Gain positions | $ | 448 | ||||||
Loss positions | (10 | ) | ||||||||
29-Dec-12 | ||||||||||
(In thousands) | Location | Fair value | ||||||||
Commodity contracts | Other current liabilities: | Gain positions | $ | 172 | ||||||
Loss positions | (420 | ) | ||||||||
28-Dec-13 | ||||||||||
(In thousands) | Location | Fair Value | ||||||||
Commodity contracts - Nonqualifying | Other current liabilities: | Gain positions | $ | 318 | ||||||
Loss positions | (2,057 | ) | ||||||||
Commodity contracts - Qualifying | Other current liabilities: | Gain positions | 22 | |||||||
Loss positions | (50 | ) | ||||||||
29-Dec-12 | ||||||||||
(In thousands) | Location | Fair Value | ||||||||
Commodity contracts - Qualifying | Other current assets: | Gain positions | $ | 1,047 | ||||||
Loss positions | (548 | ) | ||||||||
Summary of activities related to derivative instruments classified as cash flow hedges | ' | |||||||||
The following tables summarize activities related to the Company’s derivative instruments classified as cash flow hedges in accordance with ASC 815: | ||||||||||
Loss Recognized in Accumulated OCI (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | December 28, | December 29, | ||||||||
2013 | 2012 | |||||||||
Commodity contracts | $ | (3,904 | ) | $ | (214 | ) | ||||
Loss Reclassified from Accumulated OCI into Income (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | Location | December 28, | December 29, | |||||||
2013 | 2012 | |||||||||
Commodity contracts | Cost of goods sold | $ | 3,781 | $ | 469 | |||||
The following tables summarize the activity related to the interest rate swap: | ||||||||||
Gain Recognized in Accumulated OCI (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | December 28, | December 29, | ||||||||
2013 | 2012 | |||||||||
Interest rate swap | $ | 834 | $ | — | ||||||
Schedule of fair value hedges | ' | |||||||||
The following tables summarize the gains (losses) on the Company’s inventory fair value hedges: | ||||||||||
Gains (Losses) on Fair Value Hedges for the Year Ended December 28, 2013 | ||||||||||
(In thousands) | Location | Amount | ||||||||
Gain on the derivatives designated and qualifying as fair value hedges: | ||||||||||
Commodity Contracts | Cost of goods sold | $ | 5,115 | |||||||
(Loss) on the hedged items designated and qualifying as fair value hedges: | ||||||||||
Inventory | Cost of goods sold | (4,827 | ) | |||||||
(Losses) Gains on Fair Value Hedges for the Year Ended December 29, 2012 | ||||||||||
(In thousands) | Location | Amount | ||||||||
(Loss) on the derivatives in designated and qualifying fair value hedges: | ||||||||||
Commodity Contracts | Cost of goods sold | $ | (301 | ) | ||||||
Gain on the hedged item in designated and qualifying fair value hedges: | ||||||||||
Inventory | Cost of goods sold | 182 | ||||||||
Schedule of foreign currency hedges | ' | |||||||||
The following tables summarize activities related to the Company’s derivative instruments classified as foreign currency hedges in accordance with ASC 815: | ||||||||||
Loss Recognized in Accumulated OCI (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | December 28, | December 29, | ||||||||
2013 | 2012 | |||||||||
Foreign currency contracts | $ | (484 | ) | $ | — | |||||
Loss Reclassified from Accumulated OCI into Income (Effective Portion), Net of Tax | ||||||||||
For the Year Ended | ||||||||||
(In thousands) | Location | December 28, | December 29, | |||||||
2013 | 2012 | |||||||||
Commodity contracts | Cost of goods sold | $ | 34 | $ | — |
Industry_Segments_Tables
Industry Segments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Industry Segments [Abstract] | ' | ||||||||||||||||
Net Sales by Major Product Line | ' | ||||||||||||||||
Net Sales by Major Product Line: | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Tube and fittings | $ | 972,107 | $ | 986,825 | $ | 1,082,150 | |||||||||||
Brass rod and forgings | 553,896 | 583,940 | 662,369 | ||||||||||||||
OEM components, tube & assemblies | 337,772 | 335,461 | 401,623 | ||||||||||||||
Valves and plumbing specialties | 239,822 | 231,278 | 217,985 | ||||||||||||||
Other | 54,944 | 52,434 | 53,670 | ||||||||||||||
$ | 2,158,541 | $ | 2,189,938 | $ | 2,417,797 | ||||||||||||
Geographic Information | ' | ||||||||||||||||
Geographic Information: | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Net sales: | |||||||||||||||||
United States | $ | 1,676,385 | $ | 1,696,589 | $ | 1,830,001 | |||||||||||
United Kingdom | 229,659 | 234,684 | 272,809 | ||||||||||||||
Other | 252,497 | 258,665 | 314,987 | ||||||||||||||
$ | 2,158,541 | $ | 2,189,938 | $ | 2,417,797 | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Long-lived assets: | |||||||||||||||||
United States | $ | 325,667 | $ | 306,023 | $ | 267,060 | |||||||||||
United Kingdom | 22,159 | 23,496 | 23,962 | ||||||||||||||
Other | 25,224 | 27,442 | 29,883 | ||||||||||||||
$ | 373,050 | $ | 356,961 | $ | 320,905 | ||||||||||||
Summary of segment information | ' | ||||||||||||||||
Segment Information: | |||||||||||||||||
For the Year Ended December 28, 2013 | |||||||||||||||||
(In thousands) | Plumbing & Refrigeration Segment | OEM | Corporate and Eliminations | Total | |||||||||||||
Segment | |||||||||||||||||
Net sales | $ | 1,225,306 | $ | 947,784 | $ | (14,549 | ) | $ | 2,158,541 | ||||||||
Cost of goods sold | 1,043,059 | 833,518 | (14,488 | ) | 1,862,089 | ||||||||||||
Depreciation and amortization | 17,117 | 13,025 | 2,252 | 32,394 | |||||||||||||
Selling, general, and administrative expense | 85,471 | 24,479 | 24,964 | 134,914 | |||||||||||||
Insurance settlement | (103,895 | ) | — | (2,437 | ) | (106,332 | ) | ||||||||||
Gain on sale of plastic fittings manufacturing assets | (39,765 | ) | — | — | (39,765 | ) | |||||||||||
Impairment charges | 4,173 | 131 | — | 4,304 | |||||||||||||
Operating income | 219,146 | 76,631 | (24,840 | ) | 270,937 | ||||||||||||
Interest expense | (3,990 | ) | |||||||||||||||
Other expense, net | 4,451 | ||||||||||||||||
Income before income taxes | $ | 271,398 | |||||||||||||||
For the Year Ended December 29, 2012 | |||||||||||||||||
(In thousands) | Plumbing & Refrigeration Segment | OEM | Corporate and Eliminations | Total | |||||||||||||
Segment | |||||||||||||||||
Net sales | $ | 1,238,230 | $ | 974,606 | $ | (22,898 | ) | $ | 2,189,938 | ||||||||
Cost of goods sold | 1,060,755 | 866,404 | (22,696 | ) | 1,904,463 | ||||||||||||
Depreciation and amortization | 16,513 | 13,435 | 1,547 | 31,495 | |||||||||||||
Selling, general, and administrative expense | 75,448 | 27,680 | 26,328 | 129,456 | |||||||||||||
Litigation settlement | — | — | (4,050 | ) | (4,050 | ) | |||||||||||
Insurance settlement | (1,500 | ) | — | — | (1,500 | ) | |||||||||||
Severance | — | — | 3,369 | 3,369 | |||||||||||||
Operating income | 87,014 | 67,087 | (27,396 | ) | 126,705 | ||||||||||||
Interest expense | (6,890 | ) | |||||||||||||||
Other expense, net | 539 | ||||||||||||||||
Income before income taxes | $ | 120,354 | |||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
(In thousands) | Plumbing & Refrigeration Segment | OEM | Corporate and Eliminations | Total | |||||||||||||
Segment | |||||||||||||||||
Net sales | $ | 1,330,435 | $ | 1,119,796 | $ | (32,434 | ) | $ | 2,417,797 | ||||||||
Cost of goods sold | 1,139,932 | 1,007,654 | (31,909 | ) | 2,115,677 | ||||||||||||
Depreciation and amortization | 20,947 | 14,634 | 1,284 | 36,865 | |||||||||||||
Selling, general, and administrative expense | 84,795 | 24,838 | 26,320 | 135,953 | |||||||||||||
Litigation settlement | — | — | (10,500 | ) | (10,500 | ) | |||||||||||
Operating income | 84,761 | 72,670 | (17,629 | ) | 139,802 | ||||||||||||
Interest expense | (11,553 | ) | |||||||||||||||
Other expense, net | 1,912 | ||||||||||||||||
Income before income taxes | $ | 130,161 | |||||||||||||||
Segment Information by Assets | ' | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Expenditures for long-lived assets (including business acquisitions): | |||||||||||||||||
Plumbing & Refrigeration | $ | 47,222 | $ | 24,030 | $ | 12,686 | |||||||||||
OEM | 14,845 | 24,137 | 12,586 | ||||||||||||||
General corporate | 3,253 | 17,290 | 361 | ||||||||||||||
$ | 65,320 | $ | 65,457 | $ | 25,633 | ||||||||||||
Segment assets: | |||||||||||||||||
Plumbing & Refrigeration | $ | 625,371 | $ | 531,429 | $ | 532,458 | |||||||||||
OEM | 305,052 | 290,058 | 296,997 | ||||||||||||||
General corporate | 317,344 | 282,668 | 518,149 | ||||||||||||||
$ | 1,247,767 | $ | 1,104,155 | $ | 1,347,604 |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Quarterly Financial Information (Unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(In thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | |||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 559,690 | $ | 582,282 | $ | 528,854 | $ | 487,715 | |||||||||
Gross profit (1) | 76,840 | 81,157 | 72,552 | 65,903 | |||||||||||||
Consolidated net income | 26,434 | 91,842 | -4 | 39,993 | -5 | 15,020 | |||||||||||
Net income attributable to Mueller Industries, Inc. | 26,202 | 91,150 | 39,864 | 15,384 | |||||||||||||
Basic earnings per share (2) | 0.94 | 3.27 | 1.43 | 0.55 | |||||||||||||
Diluted earnings per share (2) | 0.93 | 3.23 | 1.41 | 0.54 | |||||||||||||
Dividends per share | 0.125 | 0.125 | 0.125 | 0.125 | |||||||||||||
2012 | |||||||||||||||||
Net sales | $ | 577,668 | $ | 594,099 | $ | 514,165 | $ | 504,006 | |||||||||
Gross profit (1) | 84,493 | 71,248 | 64,447 | 65,287 | |||||||||||||
Consolidated net income | 32,817 | (3) | 18,540 | 15,570 | 16,746 | -6 | |||||||||||
Net income attributable to Mueller Industries, Inc. | 32,599 | 17,917 | 15,511 | 16,368 | |||||||||||||
Basic earnings per share | 0.86 | 0.47 | 0.41 | 0.59 | -2 | ||||||||||||
Diluted earnings per share | 0.85 | 0.47 | 0.41 | 0.58 | -2 | ||||||||||||
Dividends per share | 0.1 | 0.1 | 0.1 | 0.125 | |||||||||||||
(1) Gross profit is net sales less cost of goods sold, which excludes depreciation and amortization. | |||||||||||||||||
(2) Includes the repurchase of 10.4 million shares from Leucadia in September 2012 | |||||||||||||||||
(3) Includes pre-tax gain of $8.0 million from liquidation of LIFO inventory layers and $1.5 million from settlement of insurance claims. | |||||||||||||||||
(4) Includes $106.3 million pre-tax gain from settlement of insurance claims. | |||||||||||||||||
(5) Includes $39.8 million pre-tax gain on sale of manufacturing assets and pre-tax impairment charges of $4.3 million primarily related to real property associated with the aforementioned plastics sale transaction. | |||||||||||||||||
(6) Includes $4.1 million net gain from settlement of litigation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Principles of consolidation [Abstract] | ' | ' | ' |
Non-controlling ownership interest of Mueller-Xingrong (in hundredths) | 49.50% | ' | ' |
Cash equivalents [Abstract] | ' | ' | ' |
Temporary investments | $179.20 | $86 | ' |
Restricted cash | 5.2 | 3.7 | ' |
Foreign currency translation [Abstract] | ' | ' | ' |
Foreign currency transaction (losses) gains | ($0.10) | $0.30 | ($0.70) |
Buildings [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Property, plant and equipment, useful life | '20 years | ' | ' |
Buildings [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Property, plant and equipment, useful life | '40 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Property, plant and equipment, useful life | '5 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Property, plant and equipment, useful life | '20 years | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | |
Inventories [Abstract] | ' | ' | ' |
Raw materials and supplies | $46,114,000 | ' | $54,613,000 |
Work-in-process | 40,951,000 | ' | 43,796,000 |
Finished goods | 148,014,000 | ' | 159,422,000 |
Valuation reserves | -5,645,000 | ' | -6,115,000 |
Inventories | 229,434,000 | ' | 251,716,000 |
Inventories valued using the LIFO method | 19,900,000 | ' | 34,900,000 |
FIFO cost of inventories | 109,800,000 | ' | 117,900,000 |
Average cost basis inventories | 51,400,000 | ' | 54,700,000 |
Deferred LIFO Gain | ' | 8,000,000 | ' |
Effect of liquidation of LIFO layers on cost of sales | 8,000,000 | ' | ' |
Effect of liquidation of LIFO layers per diluted share after tax (in dollars per share) | $0.13 | ' | ' |
FIFO value of inventory consigned to others | $4,500,000 | ' | $4,300,000 |
Property_Plant_and_Equipment_N2
Property, Plant, and Equipment, Net (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $732,180 | $720,882 |
Less accumulated depreciation | -487,723 | -487,619 |
Property, plant and equipment, net | 244,457 | 233,263 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 13,153 | 11,066 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 132,331 | 113,854 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 561,005 | 571,435 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $25,691 | $24,527 |
Goodwill_Net_Details
Goodwill, Net (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill | $153,984,000 | $151,655,000 | ' |
Accumulated impairment, beginning balance | -49,405,000 | -49,405,000 | ' |
Goodwill, net | 94,357,000 | 104,579,000 | 102,250,000 |
Additions | 310,000 | 2,329,000 | ' |
Disposition | -10,532,000 | ' | ' |
Goodwill | 143,762,000 | 153,984,000 | ' |
Accumulated impairment, ending balance | -49,405,000 | -49,405,000 | ' |
Westemeyer Industries, Inc. [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Cost of acquisition | ' | 11,600,000 | ' |
Howell [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Cost of acquisition | 55,300,000 | ' | ' |
Plumbing and Refrigeration Segment [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill | 141,684,000 | 141,684,000 | ' |
Accumulated impairment, beginning balance | -39,434,000 | -39,434,000 | ' |
Goodwill, net | 92,028,000 | 102,250,000 | 102,250,000 |
Additions | 310,000 | 0 | ' |
Disposition | -10,532,000 | ' | ' |
Goodwill | 131,462,000 | 141,684,000 | ' |
Accumulated impairment, ending balance | -39,434,000 | -39,434,000 | ' |
OEM Segment [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill | 12,300,000 | 9,971,000 | ' |
Accumulated impairment, beginning balance | -9,971,000 | -9,971,000 | ' |
Goodwill, net | 2,329,000 | 2,329,000 | 0 |
Additions | 0 | 2,329,000 | ' |
Disposition | 0 | ' | ' |
Goodwill | 12,300,000 | 12,300,000 | ' |
Accumulated impairment, ending balance | ($9,971,000) | ($9,971,000) | ' |
Debt_Details
Debt (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Share data in Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 11, 2012 | Dec. 29, 2012 | Sep. 24, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 |
USD ($) | USD ($) | USD ($) | Mueller Xingrong Credit Facility [Member] | Mueller Xingrong Credit Facility [Member] | Mueller Xingrong Credit Facility [Member] | Leucadia National Corporation [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Mueller Xingrong Credit Facility [Member] | Mueller Xingrong Credit Facility [Member] | 2001 Series IRB [Member] | 2001 Series IRB [Member] | Other [Member] | Other [Member] | |
Bank | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt | $235,333,000 | $234,870,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | $200,000,000 | $28,033,000 | $26,570,000 | $7,250,000 | $8,250,000 | $50,000 | $50,000 |
Less current portion of debt | -29,083,000 | -27,570,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 206,250,000 | 207,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, stated interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.54% | ' | 5.88% | ' | 1.16% | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Dec-17 | ' | 24-Sep-14 | ' | 31-Dec-21 | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock (in shares) | ' | ' | ' | ' | ' | ' | 10.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of long-term debt | 0 | 200,000,000 | 0 | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of common stock repurchased | ' | ' | ' | ' | ' | ' | 427,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument variable rate basis | ' | ' | ' | ' | ' | ' | ' | 'Borrowings under the Agreement bear interest, at the Company's option, at LIBOR or Base Rate as defined by the Agreement, plus a variable premium. LIBOR advances may be based upon the one, three, or six-month LIBOR. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, LIBOR, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 1.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, LIBOR, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 1.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, LIBOR, (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 1.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, Base Rate loans, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, Base Rate loans, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 0.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, Base Rate loans (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility commitment fee, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility commitment fee, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of the letters of credit | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banks in the credit agreement syndicate | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum borrowing capacity | ' | ' | ' | ' | 74,000,000 | 450,000,000 | ' | ' | 550,000,000 | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | 24-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 29,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 201,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | 4,900,000 | 8,400,000 | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest capitalized | $1,200,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Details
Equity (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Sep. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |||
Leucadia [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Cumulative translation adjustment [Member] | Unrealized (losses)/gains on derivatives [Member] | Minimum pension/OPEB liability adjustment [Member] | Unrealized gains on equity investments [Member] | |||||||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning balance | ($42,623) | ' | ' | ' | ' | ($3,032) | ($167) | ($39,527) | $103 | |||
Other comprehensive income before reclassifications | 25,471 | ' | ' | ' | ' | 2,570 | -2,102 | 24,851 | 152 | |||
Amounts reclassified from accumulated OCI | 6,333 | ' | ' | ' | ' | 0 | 3,815 | 2,518 | 0 | |||
Net current-period other comprehensive income | 31,804 | ' | ' | ' | ' | 2,570 | 1,713 | 27,369 | 152 | |||
Ending balance | -10,819 | -42,623 | ' | ' | ' | -462 | 1,546 | -12,158 | 255 | |||
Reclassification adjustments out of accumulated OCI [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of goods sold | -1,862,089 | -1,904,463 | -2,115,677 | ' | 5,672 | ' | ' | ' | ' | |||
Income tax expense | ' | ' | ' | ' | -1,857 | ' | ' | ' | ' | |||
Net of tax | ' | ' | ' | ' | 3,815 | ' | ' | ' | ' | |||
Noncontrolling interest | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Net of tax and noncontrolling interest | 1,713 | [1] | 255 | [1] | -988 | [1] | ' | 3,815 | ' | ' | ' | ' |
Selling, general, and administrative expense | -134,914 | -129,456 | -135,953 | ' | 3,844 | ' | ' | ' | ' | |||
Income tax expense (benefit) | ' | ' | ' | ' | -1,326 | ' | ' | ' | ' | |||
Net of tax | ' | ' | ' | ' | 2,518 | ' | ' | ' | ' | |||
Noncontrolling interest | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Net of tax and noncontrolling interest | ' | ' | ' | ' | 2,518 | ' | ' | ' | ' | |||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Authorization to repurchase shares of common stock (in shares) | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares repurchased (in shares) | 2,400,000 | ' | ' | 10,400,000 | ' | ' | ' | ' | ' | |||
Total cost of stock repurchased | ' | ' | ' | $427,300 | ' | ' | ' | ' | ' | |||
Decrease in Mexican peso value relative to US dollar (in hundredths) | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase in British Pound value relative to US dollar (in hundredths) | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Net of taxes of $(962) in 2013, $(162) in 2012, and $559 in 2011 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ' | ' | ' |
Domestic | $262,220,000 | $105,945,000 | $118,208,000 |
Foreign | 9,178,000 | 14,409,000 | 11,953,000 |
Income before income taxes | 271,398,000 | 120,354,000 | 130,161,000 |
Current tax expense [Abstract] | ' | ' | ' |
Federal | 69,565,000 | 33,152,000 | 43,127,000 |
Foreign | 2,608,000 | 1,764,000 | 1,740,000 |
State and local | 6,723,000 | 3,049,000 | 2,398,000 |
Current tax expense | 78,896,000 | 37,965,000 | 47,265,000 |
Deferred tax expense (benefit) [Abstract] | ' | ' | ' |
Federal | 17,694,000 | 570,000 | -6,480,000 |
Foreign | -376,000 | -2,015,000 | 344,000 |
State and local | 1,895,000 | 161,000 | 1,946,000 |
Deferred tax expense (benefit) | 19,213,000 | -1,284,000 | -4,190,000 |
Income tax expense | 98,109,000 | 36,681,000 | 43,075,000 |
Undistributed earnings of foreign subsidiaries | 100,000,000 | ' | ' |
Income Tax Reconciliation [Abstract] | ' | ' | ' |
Expected income tax expense | 94,989,000 | 42,124,000 | 45,556,000 |
State and local income tax, net of federal benefit | 6,405,000 | 3,178,000 | 4,267,000 |
Effect of foreign statutory rate different from U.S. and other foreign adjustments | -1,026,000 | -2,637,000 | -560,000 |
Valuation allowance changes | 0 | -1,224,000 | -443,000 |
U.S. production activities deduction | -4,445,000 | -2,975,000 | -3,850,000 |
Goodwill disposition | 1,790,000 | 0 | 0 |
Tax contingency changes | -140,000 | -3,224,000 | -1,934,000 |
Other, net | 536,000 | 1,439,000 | 39,000 |
Income tax expense | 98,109,000 | 36,681,000 | 43,075,000 |
Additional valuation allowance releases, State tax attributes | ' | 1,200,000 | 400,000 |
Additional valuation allowance per diluted share, State tax attributes (in dollars per share) | ' | $0.03 | $0.01 |
Unrecognized Tax Benefits Reconciliation [Roll Forward] | ' | ' | ' |
Beginning balance | 3,259,000 | 6,572,000 | ' |
Increases related to prior year tax positions | 0 | 0 | ' |
Increases related to current year tax positions | 0 | 0 | ' |
Decreases related to prior year tax positions | 0 | 0 | ' |
Decreases related to settlements with taxing authorities | -431,000 | 0 | ' |
Decreases due to lapses in the statute of limitations | 0 | -3,313,000 | ' |
Ending balance | 2,828,000 | 3,259,000 | 6,572,000 |
Unrecognized tax benefits that would impact effective tax rate | ' | 0 | ' |
Credit to income tax expense related to penalties and interest | ' | ' | 500,000 |
Deferred tax assets [Abstract] | ' | ' | ' |
Accounts receivable | 490,000 | 447,000 | ' |
Inventories | 11,136,000 | 7,829,000 | ' |
Other postretirement benefits and accrued items | 13,548,000 | 14,767,000 | ' |
Pension | 0 | 10,489,000 | ' |
Other reserves | 12,441,000 | 14,905,000 | ' |
Federal and foreign tax attributes | 5,913,000 | 9,829,000 | ' |
State tax attributes, net of federal benefit | 24,663,000 | 29,880,000 | ' |
Insurance Claim Receivable | 0 | 8,048,000 | ' |
Share-based Compensation | 2,486,000 | 1,493,000 | ' |
Total deferred tax assets | 70,677,000 | 97,687,000 | ' |
Less valuation allowance | -22,544,000 | -30,394,000 | ' |
Deferred tax assets, net of valuation allowance | 48,133,000 | 67,293,000 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Property, plant, and equipment | 60,425,000 | 49,531,000 | ' |
Pension | 4,507,000 | 0 | ' |
Other | 2,209,000 | 983,000 | ' |
Total deferred tax liabilities | 67,141,000 | 50,514,000 | ' |
Net deferred tax (liability) asset | -19,008,000 | 16,779,000 | ' |
State income tax credit carryforwards | 2,000,000 | ' | ' |
Other state income tax credit carryforwards | 11,900,000 | ' | ' |
State net operating loss carryforwards with potential tax benefits | 10,700,000 | ' | ' |
State tax credit and NOL carryforwards offset by valuation allowances | 19,400,000 | ' | ' |
Federal and foreign tax attributes with potential tax benefits | 5,900,000 | ' | ' |
Federal and foreign tax attributes with potential tax benefits with unlimited life | 4,500,000 | ' | ' |
Federal and foreign tax attributes with potential tax benefits with expiration | 1,400,000 | ' | ' |
Valuation allowances | 3,200,000 | ' | ' |
Income taxes paid | $80,100,000 | $38,400,000 | $45,900,000 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ' | ' |
Deferred costs | ' | $44.60 |
Accrued discounts and allowances | 43.2 | 41.7 |
Taxes payable, current | $7.30 | $6.20 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Agreement | |||||
Change in fair value of plan assets [Roll Forward] | ' | ' | ' | ||
Payable maximum period to be considered current | '12 months | ' | ' | ||
Long-term liability | ($10,645,000) | ($35,187,000) | ' | ||
Weighted average assumptions in net periodic benefit calculations [Abstract] | ' | ' | ' | ||
Minimum annual assumed rate of increase in the per capita cost of covered benefits (in hundredths) | 5.40% | ' | ' | ||
Maximum annual assumed rate of increase in the per capita cost of covered benefits (in hundredths) | 9.30% | ' | ' | ||
Ultimate health care cost trend rate (in hundredths) | 4.50% | ' | ' | ||
One percent change assumptions [Abstract] | ' | ' | ' | ||
Increase in the accumulated postretirement benefit obligation | 1,300,000 | ' | ' | ||
Increase in the service and interest cost components of net periodic postretirement benefit costs | 100,000 | ' | ' | ||
Decrease in the accumulated postretirement benefit obligation | 1,100,000 | ' | ' | ||
Decrease in the service and interest cost components of net periodic postretirement benefit costs | 100,000 | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 188,870,000 | 160,980,000 | ' | ||
Approximate percentage of common stock invested in major industry (in hundredths) | 84.00% | 90.00% | ' | ||
Approximate percentage of mutual funds actively managed (in hundredths) | 32.00% | 32.00% | ' | ||
Approximate percentage of indexed mutual funds | 68.00% | 68.00% | ' | ||
Percentage of mutual funds' assets that are invested in U.S equities (in hundredths) | 33.00% | 31.00% | ' | ||
Percent of mutual funds' assets that are invested in non-U.S. equities (in hundredths) | 58.00% | 59.00% | ' | ||
Percent of mutual funds' assets that are invested in non-U.S. fixed income securities (in hundredths) | 9.00% | 10.00% | ' | ||
I.A.M Plan Trusts [Abstract] | ' | ' | ' | ||
Number of collective bargaining agreements | 2 | ' | ' | ||
Pension contributions under the I.A.M. pension plan trusts | 900,000 | 1,000,000 | 900,000 | ||
Percentage of employer contributions (in hundredths) | 'Less than 5.00% | ' | ' | ||
Maximum percentage funded in the red zone, under the Pension Protection act of 2006 (in hundredths) | 65.00% | ' | ' | ||
Maximum percentage funded in the yellow zone, under the Pension Protection act of 2006 (in hundredths) | 80.00% | ' | ' | ||
Minimum percentage funded in the green zone, under the Pension Protection act of 2006 (in hundredths) | 80.00% | ' | ' | ||
401 (k) Plan [Abstract] | ' | ' | ' | ||
Compensation expense for the Company's matching contribution | 3,200,000 | 2,900,000 | 3,000,000 | ||
Contributions to UMWA 1992 Benefit Plan | 290,000 | 315,000 | 338,000 | ||
Limited partnerships [Member] | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ||
Beginning balance | 4,493,000 | ' | ' | ||
Redemptions | -1,133,000 | ' | ' | ||
Subscriptions | 900,000 | ' | ' | ||
Net appreciation in fair value | 520,000 | ' | ' | ||
Ending balance | 4,780,000 | ' | ' | ||
Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 120,655,000 | 100,792,000 | ' | ||
Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 63,435,000 | 55,695,000 | ' | ||
Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 4,780,000 | 4,493,000 | ' | ||
Fixed Income Securities [Member] | ' | ' | ' | ||
Target allocation percentage [Abstract] | ' | ' | ' | ||
Company's target allocation (in hundredths) | 25.00% | ' | ' | ||
Cash And Money Market Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 13,992,000 | 13,691,000 | ' | ||
Cash And Money Market Funds [Member] | Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 13,992,000 | 13,691,000 | ' | ||
Cash And Money Market Funds [Member] | Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 0 | 0 | ' | ||
Cash And Money Market Funds [Member] | Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 0 | 0 | ' | ||
Alternative Investments [Member] | ' | ' | ' | ||
Target allocation percentage [Abstract] | ' | ' | ' | ||
Company's target allocation (in hundredths) | 20.00% | ' | ' | ||
Common stock [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 79,497,000 | [1] | 65,604,000 | [2] | ' |
Common stock [Member] | Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 79,497,000 | [1] | 65,604,000 | [2] | ' |
Common stock [Member] | Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 0 | [1] | 0 | [2] | ' |
Common stock [Member] | Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 0 | [1] | 0 | [2] | ' |
Mutual funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 90,601,000 | [3] | 77,192,000 | [4] | ' |
Mutual funds [Member] | Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 27,166,000 | [3] | 21,497,000 | [4] | ' |
Mutual funds [Member] | Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 63,435,000 | [3] | 55,695,000 | [4] | ' |
Mutual funds [Member] | Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 0 | [3] | 0 | [4] | ' |
Limited partnerships [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 4,780,000 | 4,493,000 | ' | ||
Limited partnerships [Member] | Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 0 | 0 | ' | ||
Limited partnerships [Member] | Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 0 | 0 | ' | ||
Limited partnerships [Member] | Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Plan assets | 4,780,000 | 4,493,000 | ' | ||
Pension Benefits [Member] | ' | ' | ' | ||
Change in benefit obligation [Roll Forward] | ' | ' | ' | ||
Obligation at beginning of year | 196,167,000 | 180,341,000 | ' | ||
Service cost | 948,000 | 884,000 | ' | ||
Interest cost | 7,774,000 | 8,472,000 | ' | ||
Actuarial loss (gain) | -11,635,000 | 14,458,000 | ' | ||
Benefit payments | -10,668,000 | -10,583,000 | ' | ||
Foreign currency translation adjustment | 1,472,000 | 2,595,000 | ' | ||
Obligation at end of year | 184,058,000 | 196,167,000 | 180,341,000 | ||
Change in fair value of plan assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 160,980,000 | 147,502,000 | ' | ||
Actual return on plan assets | 35,578,000 | 18,964,000 | ' | ||
Employer contributions | 1,551,000 | 3,216,000 | ' | ||
Benefit payments | -10,668,000 | -10,583,000 | ' | ||
Foreign currency translation adjustment | 1,429,000 | 1,881,000 | ' | ||
Fair value of plan assets at end of year | 188,870,000 | 160,980,000 | 147,502,000 | ||
Funded (underfunded) status at end of year | 4,812,000 | -35,187,000 | ' | ||
Unrecognized net actuarial loss (gain) | 21,128,000 | 61,125,000 | ' | ||
Unrecognized prior service cost | 1,000 | 2,000 | ' | ||
Long-term asset | 15,457,000 | 0 | ' | ||
Current liability | 0 | 0 | ' | ||
Long-term liability | -10,645,000 | -35,187,000 | ' | ||
Total funded (underfunded) status | 4,812,000 | -35,187,000 | ' | ||
Service cost | 948,000 | 884,000 | 1,394,000 | ||
Interest cost | 7,774,000 | 8,472,000 | 9,051,000 | ||
Expected return on plan assets | -11,059,000 | -10,263,000 | -11,569,000 | ||
Amortization of prior service credit | 1,000 | 1,000 | 2,000 | ||
Amortization of net gain loss | 4,005,000 | 3,883,000 | 2,346,000 | ||
Net periodic benefit cost | 1,669,000 | 2,977,000 | 1,224,000 | ||
Weighted average assumptions in benefit obligations calculations [Abstract] | ' | ' | ' | ||
Discount rate (in hundredths) | 4.82% | 4.13% | ' | ||
Expected long-term return on plan assets (in hundredths) | 7.40% | 7.15% | ' | ||
Rate of inflation (in hundredths) | 3.40% | 2.70% | ' | ||
Weighted average assumptions in net periodic benefit calculations [Abstract] | ' | ' | ' | ||
Discount rate (in hundredths) | 4.13% | 4.80% | 5.25% | ||
Expected long-term return on plan assets (in hundredths) | 7.15% | 7.11% | 7.51% | ||
Rate of inflation (in hundredths) | 2.70% | 3.00% | 3.40% | ||
Asset category [Abstract] | ' | ' | ' | ||
Total plan assets (in hundredths) | 100.00% | 100.00% | ' | ||
Future expected benefit payments [Abstract] | ' | ' | ' | ||
2014 | 11,187,000 | ' | ' | ||
2015 | 11,382,000 | ' | ' | ||
2016 | 11,524,000 | ' | ' | ||
2017 | 11,651,000 | ' | ' | ||
2018 | 11,780,000 | ' | ' | ||
2019-2023 | 61,040,000 | ' | ' | ||
Total | 118,564,000 | ' | ' | ||
Company's expected contribution to benefit plans in next fiscal year | 1,600,000 | ' | ' | ||
Pension Benefits [Member] | Equity Securities [Member] | ' | ' | ' | ||
Asset category [Abstract] | ' | ' | ' | ||
Total plan assets (in hundredths) | 86.00% | 84.00% | ' | ||
Target allocation percentage [Abstract] | ' | ' | ' | ||
Company's target allocation (in hundredths) | 60.00% | ' | ' | ||
Pension Benefits [Member] | Fixed Income Securities [Member] | ' | ' | ' | ||
Asset category [Abstract] | ' | ' | ' | ||
Total plan assets (in hundredths) | 4.00% | 5.00% | ' | ||
Pension Benefits [Member] | Cash And Money Market Funds [Member] | ' | ' | ' | ||
Asset category [Abstract] | ' | ' | ' | ||
Total plan assets (in hundredths) | 7.00% | 9.00% | ' | ||
Pension Benefits [Member] | Alternative Investments [Member] | ' | ' | ' | ||
Asset category [Abstract] | ' | ' | ' | ||
Total plan assets (in hundredths) | 3.00% | 2.00% | ' | ||
Other Benefits [Member] | ' | ' | ' | ||
Change in benefit obligation [Roll Forward] | ' | ' | ' | ||
Obligation at beginning of year | 18,096,000 | 19,945,000 | ' | ||
Service cost | 413,000 | 380,000 | ' | ||
Interest cost | 647,000 | 635,000 | ' | ||
Actuarial loss (gain) | -2,554,000 | -1,838,000 | ' | ||
Benefit payments | -1,211,000 | -1,131,000 | ' | ||
Foreign currency translation adjustment | -10,000 | 105,000 | ' | ||
Obligation at end of year | 15,381,000 | 18,096,000 | 19,945,000 | ||
Change in fair value of plan assets [Roll Forward] | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 0 | ' | ' | ||
Actual return on plan assets | 0 | 0 | ' | ||
Employer contributions | 1,211,000 | 1,131,000 | ' | ||
Benefit payments | -1,211,000 | -1,131,000 | ' | ||
Foreign currency translation adjustment | 0 | 0 | ' | ||
Fair value of plan assets at end of year | 0 | 0 | ' | ||
Funded (underfunded) status at end of year | -15,381,000 | -18,096,000 | ' | ||
Unrecognized net actuarial loss (gain) | -4,016,000 | -1,630,000 | ' | ||
Unrecognized prior service cost | 20,000 | 19,000 | ' | ||
Long-term asset | 0 | 0 | ' | ||
Current liability | -1,033,000 | -1,187,000 | ' | ||
Long-term liability | -14,348,000 | -16,909,000 | ' | ||
Total funded (underfunded) status | -15,281,000 | -18,096,000 | ' | ||
Service cost | 413,000 | 380,000 | 344,000 | ||
Interest cost | 647,000 | 635,000 | 993,000 | ||
Amortization of prior service credit | -2,000 | -2,000 | -3,000 | ||
Amortization of net gain loss | -160,000 | -73,000 | -2,000 | ||
Net periodic benefit cost | 898,000 | 940,000 | 1,332,000 | ||
Weighted average assumptions in benefit obligations calculations [Abstract] | ' | ' | ' | ||
Discount rate (in hundredths) | 4.89% | 4.06% | ' | ||
Rate of compensation increases (in hundredths) | 5.50% | 5.04% | ' | ||
Weighted average assumptions in net periodic benefit calculations [Abstract] | ' | ' | ' | ||
Discount rate (in hundredths) | 4.06% | 4.97% | 5.39% | ||
Rate of compensation increases (in hundredths) | 5.04% | 5.04% | 5.04% | ||
Future expected benefit payments [Abstract] | ' | ' | ' | ||
2014 | 1,033,000 | ' | ' | ||
2015 | 1,022,000 | ' | ' | ||
2016 | 1,005,000 | ' | ' | ||
2017 | 985,000 | ' | ' | ||
2018 | 973,000 | ' | ' | ||
2019-2023 | 4,864,000 | ' | ' | ||
Total | 9,882,000 | ' | ' | ||
Company's expected contribution to benefit plans in next fiscal year | 1,000,000 | ' | ' | ||
U.K Plan [Member] | ' | ' | ' | ||
Change in fair value of plan assets [Roll Forward] | ' | ' | ' | ||
Percent of above benefit obligation on company sponsored UK pension plan (in hundredths) | 40.00% | 36.00% | ' | ||
Percent above plan assets on company sponsored UK pension plan (in hundredths) | 34.00% | 35.00% | ' | ||
Actuarial net loss to be recognized as components of net periodic benefit cost in 2014 | $500,000 | ' | ' | ||
[1] | Approximately 84 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors.B B All investments in common stock are listed on U.S. stock exchanges. | ||||
[2] | Approximately 90 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, information technology, and telecommunications sectors.B B All investments in common stock are listed on U.S. stock exchanges. | ||||
[3] | Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds.B B Additionally, 33 percent of the mutual fundsb assets are invested in U.S. equities, 58 percent in non-U.S. equities, and 9 percent in non-U.S. fixed income securities. | ||||
[4] | Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds.B B Additionally, 31 percent of the mutual fundsb assets are invested in U.S. equities, 59 percent in non-U.S. equities, and 10 percent in non-U.S. fixed income securities. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Oct. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Oct. 01, 2010 | Dec. 28, 2013 | Dec. 28, 2013 | Oct. 01, 2010 | Nov. 22, 2010 | Oct. 01, 2010 | Mar. 31, 2012 | Dec. 25, 2010 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 28, 2013 | Apr. 19, 2010 | Dec. 27, 2008 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Subsidiary | Consulting Agreement [Member] | Facilities Vehicles and Equipment [Member] | Facilities Vehicles and Equipment [Member] | Facilities Vehicles and Equipment [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | United States Department of Commerce and United States International Trade Commission Antidumping Investigation [Member] | Insurance Settlement [Member] | Insurance Settlement [Member] | Insurance Settlement [Member] | Insurance Settlement [Member] | Insurance Settlement [Member] | Litigation Settlement [Member] | United States Department of Commerce Antidumping Review [Member] | United States Department of Commerce Antidumping Review [Member] | United States Department of Commerce Antidumping Review [Member] | Operating Properties [Member] | Non-Operating Properties [Member] | Non-Operating Properties [Member] | Non-Operating Properties [Member] | Non-Operating Properties [Member] | Non-Operating Properties [Member] | ||||
Claimant | Subsidiary | IUSA in Mexico [Member] | Luvata in Mexico [Member] | Luvata in Mexico [Member] | Haliang in China [Member] | Luvata in China [Member] | Luvata in China [Member] | Department of Commerce [Member] | Department of Commerce [Member] | Fulton, Mississippi [Member] | Fulton, Mississippi [Member] | Wynne, Arkansas [Member] | Wynne, Arkansas [Member] | Wynne, Arkansas [Member] | Mueller Copper Tube Products, Inc. [Member] | Southeast Kansas Sites [Member] | Shasta Area Mine Sites [Member] | Lead Refinery Site [Member] | Lead Refinery Site [Member] | Lead Refinery Site [Member] | ||||||||||||
Entity | Party | |||||||||||||||||||||||||||||||
Site Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental expense | ' | $1 | $3.10 | $0.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | $0.10 |
Environmental spending | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | ' | ' | ' |
Environmental reserves | ' | 23.6 | 24.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.5 | ' | ' | ' | ' |
Expected environmental expenditures for 2014 | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected environmental expenditures for 2015 | ' | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected environmental expenditures for 2016 | ' | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected environmental expenditures for 2017 | ' | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected environmental expenditures for 2018 | ' | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected environmental expenditures after 2018 | ' | 9.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of parties involved in settlement negotiations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Period of permit, implementation of Best Management Practices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 6 months | '10 years | ' | ' | ' |
Mitigation estimates minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | 10 | 2.1 | ' | ' |
Mitigation estimates maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.6 | 2.9 | ' | ' |
Estimated number of years until mitigation resolution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '20 years | '20 years | ' | ' |
Number of entities that received letters from counsel regarding copper tube | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of entities that received letters from counsel regarding copper fittings | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of claimants | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lead Refinery Site [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPA's estimated cost of site remediation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assignment of antidumping duty rate on U.S. imports by Company subsidiaries (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.80% | 48.30% | ' | ' | ' | ' | ' | ' | ' |
Assigned antidumping duty rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve established | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | 3.1 | ' | ' | ' | ' | ' | ' |
Gain Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries jointly filed antidumping petitions | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final antidumping rates minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.89% | ' | ' | 11.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final antidumping rates maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.16% | 28.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period when DOC conducted a new shipper review | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash deposit requirements (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.89% | 28.16% | ' | 60.85% | 36.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance settlement proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance claim deductible amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain from settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | 1.5 | 106.3 | ' | ' | 10.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain from settlement (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from insurance company received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62.3 | 55 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplier Litigation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries that filed related to supplier litigation | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment for litigation settlement amount | 5.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Canadian Dumping and Countervail Investigation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial period of potential antidumping duties | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential additional antidumping term | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease payments scheduled for 2014 | ' | ' | ' | ' | ' | 6.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease payments scheduled for 2015 | ' | ' | ' | ' | ' | 5.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease payments scheduled for 2016 | ' | ' | ' | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease payments scheduled for 2017 | ' | ' | ' | ' | ' | 3.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease payments scheduled for 2018 | ' | ' | ' | ' | ' | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease payments scheduled after 2018 | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expense | ' | ' | ' | ' | ' | 9.1 | 8.5 | 8.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting agreement term (in years) | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial period of the consulting agreement | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial period rate of pay based on final base compensation (in hundredths) | ' | ' | ' | ' | 'two-thirds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final period of the consulting agreement | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final period rate of pay of based on final base compensation (in hundredths) | ' | ' | ' | ' | 'one-third | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining amount payable under the Consulting agreement | ' | ' | ' | ' | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Other Income, Net [Abstract] | ' | ' | ' |
Gain on the sale of non-operating property | $3,000 | $0 | $0 |
Interest income | 906 | 847 | 711 |
Environmental expense, non-operating properties | -823 | -1,128 | -330 |
Other | 1,368 | 820 | 1,531 |
Other income, net | $4,451 | $539 | $1,912 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Nov. 07, 2012 |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | ||||
Former Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | $5.70 | $4 | $3.50 | ' | ' | ' | ' | ' | ' | $2.10 |
Related tax benefit to stock based compensation | 0.7 | 2.6 | 0.9 | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | 22.9 | ' | ' | ' | ' | ' | ' |
Compensation for stock awards not yet recognized | ' | ' | ' | 12.8 | ' | ' | ' | ' | ' | ' |
Compensation recognition period | ' | ' | ' | '3 years 8 months 12 days | ' | ' | ' | ' | ' | ' |
Stock options vesting period | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Number of years vesting starts after the grant date | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
Stock options expirations | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Weighted average grant-date fair value of options granted (in dollars per share) | ' | ' | ' | $56.63 | $42.83 | $37.87 | $17.54 | $14.89 | $12.53 | ' |
Estimated forfeiture rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 16.50% | 17.00% | ' |
Weighted average key assumptions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term (in years) | ' | ' | ' | ' | ' | ' | '5 years 10 months 24 days | '6 years 6 months | '6 years 3 months 18 days | ' |
Expected price volatility (in hundredths) | ' | ' | ' | ' | ' | ' | 39.70% | 37.50% | 35.80% | ' |
Risk-free interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | 0.70% | 0.70% | 1.70% | ' |
Dividend yield (in hundredths) | ' | ' | ' | ' | ' | ' | 0.90% | 0.90% | 1.10% | ' |
Options outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (in shares) | ' | ' | ' | 285 | ' | ' | 694 | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 151 | ' | ' | 10 | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | -70 | ' | ' | -115 | ' | ' | ' |
Ending balance (in shares) | ' | ' | ' | 366 | 285 | ' | 589 | 694 | ' | ' |
Weighted average exercise price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (in dollars per share) | ' | ' | ' | $32.36 | ' | ' | $28.93 | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $56.63 | ' | ' | $50.21 | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | $26.42 | ' | ' | $28.69 | ' | ' | ' |
Ending balance (in dollars per share) | ' | ' | ' | $43.49 | $32.36 | ' | $29.34 | $28.93 | ' | ' |
Aggregate intrinsic value of all outstanding options | ' | ' | ' | ' | ' | ' | 18.7 | ' | ' | ' |
Weighted average remaining contractual term of all outstanding options (in years) | ' | ' | ' | ' | ' | ' | '4 years 10 months 24 days | ' | ' | ' |
Outstanding options, exercisable (in shares) | ' | ' | ' | ' | ' | ' | 419 | ' | ' | ' |
Aggregate intrinsic value of current exercisable shares | ' | ' | ' | ' | ' | ' | 13.8 | ' | ' | ' |
Weighted average exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | $29.74 | ' | ' | ' |
Weighted average remaining contractual term | ' | ' | ' | ' | ' | ' | '4 years 3 months 18 days | ' | ' | ' |
Total intrinsic value of options exercised | ' | ' | ' | ' | ' | ' | 2.9 | 12.1 | 6.6 | ' |
Fair value of options vested | ' | ' | ' | 1.8 | 1.7 | 0.7 | 1.1 | 1.7 | 2.1 | ' |
Stock option compensation not yet recognized | ' | ' | ' | ' | ' | ' | $0.70 | ' | ' | ' |
Average stock option expense recognition period | ' | ' | ' | ' | ' | ' | '1 year 10 months 24 days | ' | ' | ' |
Shares available for future issuance (in shares) | ' | ' | ' | ' | ' | ' | 195 | ' | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | ||||||
Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | |
Interest Rate Swap [Member] | Other Current Asset [Member] | Other Current Asset [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | ||
Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | |||
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net fair value of cash flow hedges whose realized gains would be reclassified into earnings | $408,000 | ' | ' | ' | ' | ' | ' |
Open future contracts to purchase copper | 15,900,000 | ' | ' | ' | ' | ' | ' |
Time period for open copper future contract purchases | '15 months | ' | ' | ' | ' | ' | ' |
Fair value of future contracts with loss/gain position | 438,000 | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other assets: gain positions | ' | 1,300,000 | ' | ' | ' | ' | ' |
Other current assets: gain positions | ' | ' | 448,000 | 1,047,000 | ' | ' | ' |
Other current assets: loss positions | ' | ' | -10,000 | -548,000 | ' | ' | ' |
Other current liability: gain positions | ' | ' | ' | ' | 172,000 | 22,000 | 318,000 |
Other current liability: loss positions | ' | ' | ' | ' | -420,000 | -50,000 | -2,057,000 |
Restricted cash related to open future contracts | 2,100,000 | ' | ' | ' | ' | ' | ' |
Open future contracts to sell copper | $70,600,000 | ' | ' | ' | ' | ' | ' |
Time period for open future contract sales | '5 months | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities Part 2 (Details) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Feb. 20, 2013 | Jan. 12, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
USD ($) | USD ($) | EUR (€) | Foreign Currency Hedging [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Commodity Contracts [Member] | Inventory [Member] | Inventory [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Foreign Currency Hedging [Member] | Foreign Currency Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Foreign Currency Hedging [Member] | Foreign Currency Hedging [Member] | USD ($) | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | ||||||
USD ($) | USD ($) | Cost of Goods Sold [Member] | Cost of Goods Sold [Member] | Cost of Goods Sold [Member] | Cost of Goods Sold [Member] | Cost of Goods Sold [Member] | Cost of Goods Sold [Member] | Cost of Goods Sold [Member] | Cost of Goods Sold [Member] | USD ($) | USD ($) | USD ($) | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain/(loss) Recognized in Accumulated OCI (Effective Portion), Net of Tax | ' | ' | ' | ' | ($3,904,000) | ($214,000) | ' | ' | ' | ' | ' | ' | ' | ' | ($484,000) | $0 | ' | ' | $834,000 | $0 |
(Gain)/loss Reclassified from Accumulated OCI into Income (Effective Portion), Net of Tax | ' | ' | ' | ' | ' | ' | 3,781,000 | 469,000 | ' | ' | 34,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on the derivatives in designated and qualifying fair value hedges | ' | ' | ' | ' | ' | ' | ' | ' | 5,115,000 | -301,000 | ' | ' | -4,827,000 | 182,000 | ' | ' | ' | ' | ' | ' |
Fair value of futures contracts loss position | 1,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) related to change in commodity contracts | 300,000 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss due to dedesignation of previous hedges | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open forward contracts to purchase | ' | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time period for open future contract purchases | ' | ' | ' | '15 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain position for foreign currency contracts recorded in other current assets | 836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' |
Interest rate swap, notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | ' |
Interest rate swap, fixed interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | ' | ' |
Term loan facility, all-in fixed interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | ' | ' |
Derivative, Maturity Date | 11-Dec-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Sep. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Aug. 31, 2013 | Dec. 28, 2013 | Dec. 25, 2010 | Dec. 31, 2011 | |
Minimum [Member] | Maximum [Member] | KME Yorkshire Limited [Member] | KME Yorkshire Limited [Member] | Westemeyer Industries, Inc. [Member] | Howell Metal Company [Member] | Howell Metal Company [Member] | Tube Forming, L.P. [Member] | Tube Forming, L.P. [Member] | |||||
Subsequent Event [Member] | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $11,600,000 | ' | $55,300,000 | ' | $6,900,000 |
Pro forma net sales | ' | ' | ' | ' | ' | ' | 196,100,000 | ' | ' | 156,300,000 | ' | ' | ' |
Portion of outstanding stock acquired (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Cost of acquisition | ' | 2,158,541,000 | 2,189,938,000 | 2,417,797,000 | ' | ' | ' | 29,700,000 | ' | ' | ' | ' | ' |
Fair value of assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | 64,400,000 | ' | ' |
Fair value of assets acquired - receivables | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 14,600,000 | ' | ' |
Fair value of assets acquired - inventories | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | 27,600,000 | ' | ' |
Fair value of assets acquired - property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | 21,600,000 | ' | ' |
Fair value of assets acquired -other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' |
Fair value of liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' |
Fair value of liabilities assumed - accounts payable and accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | ' | ' |
Fair value of liabilities assumed - other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' |
Fair value of assets acquired - current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Remaining purchase price allocated to goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | 300,000 | ' | ' |
Remaining purchase price allocated to other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | 2,000,000 | ' | ' |
Estimated net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease-back term | ' | ' | ' | ' | '8 months | '14 months | ' | ' | ' | ' | ' | ' | ' |
Total sales price of property | ' | 66,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from sale of property | ' | 61,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount receivable due to sale of property | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain on sale of property | 39,800,000 | 39,765,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of pre-diluted share after tax | $0.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of assets disposed | ' | 15,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill allocated to disposal group | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended supply agreement term | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge recognized on fair value of disposed assets | $3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry_Segments_Details
Industry Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Percentage of net consolidated sales threshold constituting a major customer (in hundredths) | ' | 10.00% | ' | ' |
Cost of acquisition | ' | $2,158,541,000 | $2,189,938,000 | $2,417,797,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 2,158,541,000 | 2,189,938,000 | 2,417,797,000 |
Cost of goods sold | ' | 1,862,089,000 | 1,904,463,000 | 2,115,677,000 |
Depreciation and amortization | ' | 32,394,000 | 31,495,000 | 36,865,000 |
Selling, general, and administrative expense | ' | 134,914,000 | 129,456,000 | 135,953,000 |
Litigation settlement | ' | ' | -4,050,000 | -10,500,000 |
Insurance settlement | ' | -106,332,000 | -1,500,000 | 0 |
Gain on sale of plastic fittings manufacturing assets | -39,800,000 | -39,765,000 | 0 | 0 |
Impairment charges | ' | 4,304,000 | 0 | 0 |
Severance | ' | 0 | 3,369,000 | 0 |
Operating income | ' | 270,937,000 | 126,705,000 | 139,802,000 |
Interest expense | ' | -3,990,000 | -6,890,000 | -11,553,000 |
Other income, net | ' | 4,451,000 | 539,000 | 1,912,000 |
Income before income taxes | ' | 271,398,000 | 120,354,000 | 130,161,000 |
Expenditures for long-lived assets | ' | 65,320,000 | 65,457,000 | 25,633,000 |
Segment assets | ' | 1,247,767,000 | 1,104,155,000 | 1,347,604,000 |
United Kingdom [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net assets of foreign operations | ' | 108,200,000 | ' | ' |
Mexico [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net assets of foreign operations | ' | 45,500,000 | ' | ' |
Luxembourg [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net assets of foreign operations | ' | 59,500,000 | ' | ' |
China [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net assets of foreign operations | ' | 22,700,000 | ' | ' |
Segment, Geographical, Groups of Countries, Group One [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 2,158,541,000 | 2,189,938,000 | 2,417,797,000 |
Long-lived assets | ' | 373,050,000 | 356,961,000 | 320,905,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 2,158,541,000 | 2,189,938,000 | 2,417,797,000 |
Segment, Geographical, Groups of Countries, Group One [Member] | United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 1,676,385,000 | 1,696,589,000 | 1,830,001,000 |
Long-lived assets | ' | 325,667,000 | 306,023,000 | 267,060,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 1,676,385,000 | 1,696,589,000 | 1,830,001,000 |
Segment, Geographical, Groups of Countries, Group One [Member] | United Kingdom [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 229,659,000 | 234,684,000 | 272,809,000 |
Long-lived assets | ' | 22,159,000 | 23,496,000 | 23,962,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 229,659,000 | 234,684,000 | 272,809,000 |
Segment, Geographical, Groups of Countries, Group One [Member] | Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 252,497,000 | 258,665,000 | 314,987,000 |
Long-lived assets | ' | 25,224,000 | 27,442,000 | 29,883,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 252,497,000 | 258,665,000 | 314,987,000 |
Tube and Fittings [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 972,107,000 | 986,825,000 | 1,082,150,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 972,107,000 | 986,825,000 | 1,082,150,000 |
Brass Rod and Forgings [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 553,896,000 | 583,940,000 | 662,369,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 553,896,000 | 583,940,000 | 662,369,000 |
OEM Components, Tube & Assemblies [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 337,772,000 | 335,461,000 | 401,623,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 337,772,000 | 335,461,000 | 401,623,000 |
Valves and Plumbing Specialties [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 239,822,000 | 231,278,000 | 217,985,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 239,822,000 | 231,278,000 | 217,985,000 |
Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 54,944,000 | 52,434,000 | 53,670,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 54,944,000 | 52,434,000 | 53,670,000 |
Plumbing and Refrigeration Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 1,225,306,000 | 1,238,230,000 | 1,330,435,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 1,225,306,000 | 1,238,230,000 | 1,330,435,000 |
Cost of goods sold | ' | 1,043,059,000 | 1,060,755,000 | 1,139,932,000 |
Depreciation and amortization | ' | 17,117,000 | 16,513,000 | 20,947,000 |
Selling, general, and administrative expense | ' | 85,471,000 | 75,448,000 | 84,795,000 |
Litigation settlement | ' | ' | 0 | 0 |
Insurance settlement | ' | -103,895,000 | -1,500,000 | ' |
Gain on sale of plastic fittings manufacturing assets | ' | -39,765,000 | ' | ' |
Impairment charges | ' | 4,173,000 | ' | ' |
Severance | ' | ' | 0 | ' |
Operating income | ' | 219,146,000 | 87,014,000 | 84,761,000 |
Expenditures for long-lived assets | ' | 47,222,000 | 24,030,000 | 12,686,000 |
Segment assets | ' | 625,371,000 | 531,429,000 | 532,458,000 |
OEM Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | 947,784,000 | 974,606,000 | 1,119,796,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | 947,784,000 | 974,606,000 | 1,119,796,000 |
Cost of goods sold | ' | 833,518,000 | 866,404,000 | 1,007,654,000 |
Depreciation and amortization | ' | 13,025,000 | 13,435,000 | 14,634,000 |
Selling, general, and administrative expense | ' | 24,479,000 | 27,680,000 | 24,838,000 |
Litigation settlement | ' | ' | 0 | 0 |
Insurance settlement | ' | 0 | 0 | ' |
Gain on sale of plastic fittings manufacturing assets | ' | 0 | ' | ' |
Impairment charges | ' | 131,000 | ' | ' |
Severance | ' | ' | 0 | ' |
Operating income | ' | 76,631,000 | 67,087,000 | 72,670,000 |
Expenditures for long-lived assets | ' | 14,845,000 | 24,137,000 | 12,586,000 |
Segment assets | ' | 305,052,000 | 290,058,000 | 296,997,000 |
Corporate and Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | -14,549,000 | -22,898,000 | -32,434,000 |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Cost of acquisition | ' | -14,549,000 | -22,898,000 | -32,434,000 |
Cost of goods sold | ' | -14,488,000 | -22,696,000 | -31,909,000 |
Depreciation and amortization | ' | 2,252,000 | 1,547,000 | 1,284,000 |
Selling, general, and administrative expense | ' | 24,964,000 | 26,328,000 | 26,320,000 |
Litigation settlement | ' | ' | -4,050,000 | -10,500,000 |
Insurance settlement | ' | -2,437,000 | 0 | ' |
Gain on sale of plastic fittings manufacturing assets | ' | 0 | ' | ' |
Impairment charges | ' | 0 | ' | ' |
Severance | ' | ' | 3,369,000 | ' |
Operating income | ' | -24,840,000 | -27,396,000 | -17,629,000 |
General Corporate [Member] | ' | ' | ' | ' |
Summary of segment information [Abstract] | ' | ' | ' | ' |
Expenditures for long-lived assets | ' | 3,253,000 | 17,290,000 | 361,000 |
Segment assets | ' | $317,344,000 | $282,668,000 | $518,149,000 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $487,715,000 | $528,854,000 | $582,282,000 | $559,690,000 | $504,006,000 | $514,165,000 | $594,099,000 | $577,668,000 | ' | ' | ' | ||||||||
Gross profit | 65,903,000 | [1] | 72,552,000 | [1] | 81,157,000 | [1] | 76,840,000 | [1] | 65,287,000 | [1] | 64,447,000 | [1] | 71,248,000 | [1] | 84,493,000 | [1] | ' | ' | ' |
Consolidated net income | 15,020,000 | 39,993,000 | [2] | 91,842,000 | [3] | 26,434,000 | 16,746,000 | [4] | 15,570,000 | 18,540,000 | 32,817,000 | [5] | 173,289,000 | 83,673,000 | 87,086,000 | ||||
Net income attributable to Mueller Industries, Inc. | 15,384,000 | 39,864,000 | 91,150,000 | 26,202,000 | 16,368,000 | 15,511,000 | 17,917,000 | 32,599,000 | 172,600,000 | 82,395,000 | 86,321,000 | ||||||||
Basic earnings per share (in dollars per share) | $0.55 | [6] | $1.43 | [6] | $3.27 | [6] | $0.94 | [6] | $0.59 | [6] | $0.41 | $0.47 | $0.86 | $6.19 | $2.33 | $2.28 | |||
Diluted earnings per share (in dollars per share) | $0.54 | [6] | $1.41 | [6] | $3.23 | [6] | $0.93 | [6] | $0.58 | [6] | $0.41 | $0.47 | $0.85 | $6.11 | $2.31 | $2.26 | |||
Dividends per share (in dollars per share) | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.10 | $0.10 | $0.10 | $0.50 | $0.43 | $0.40 | ||||||||
Effect of LIFO Inventory Liquidation on Income | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ||||||||
Gain on insurance settlement | ' | ' | 106,300,000 | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ||||||||
Shares repurchased from Leucadia (in shares) | ' | ' | ' | ' | 10.4 | ' | ' | ' | ' | ' | ' | ||||||||
Gain on sale of manufacturing assets | ' | 39,800,000 | ' | ' | ' | ' | ' | ' | 39,765,000 | 0 | 0 | ||||||||
Pre-tax impairment charges related to real property | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Litigation settlement amount | ' | ' | ' | ' | $4,100,000 | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Gross profit is net sales less cost of goods sold, which excludes depreciation and amortization. | ||||||||||||||||||
[2] | Includes $39.8 million pre-tax gain on sale of manufacturing assets and pre-tax impairment charges of $4.3 million primarily related to real property associated with the aforementioned plastics sale transaction. | ||||||||||||||||||
[3] | Includes $106.3 million pre-tax gain from settlement of insurance claims. | ||||||||||||||||||
[4] | Includes $4.1 million net gain from settlement of litigation. | ||||||||||||||||||
[5] | Includes pre-tax gain of $8.0 million from liquidation of LIFO inventory layers and $1.5 million from settlement of insurance claims. | ||||||||||||||||||
[6] | Includes the repurchase of 10.4 million shares from Leucadia in September 2012 |
SCHEDULE_IIVALUATION_AND_QUALI1
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | ||
Valuation Allowances and Reserves (Roll Forward) | ' | ' | ' | ||
Balance | $1,644 | $1,564 | $5,447 | ||
Charged to costs and expenses | 273 | 867 | -229 | ||
Other additions | 812 | 109 | [1] | -2 | [1] |
Deductions | 338 | 896 | 3,652 | ||
Balance | 2,391 | 1,644 | 1,564 | ||
Environmental Reserves [Member] | ' | ' | ' | ||
Valuation Allowances and Reserves (Roll Forward) | ' | ' | ' | ||
Balance | 24,635 | 22,892 | 23,902 | ||
Charged to costs and expenses | 986 | 3,056 | 392 | ||
Other additions | 0 | 0 | 0 | ||
Deductions | 1,984 | 1,313 | 1,402 | ||
Balance | 23,637 | 24,635 | 22,892 | ||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ||
Valuation Allowances and Reserves (Roll Forward) | ' | ' | ' | ||
Balance | 30,394 | 29,705 | 28,714 | ||
Charged to costs and expenses | 332 | -1,224 | -443 | ||
Other additions | 0 | 1,913 | 1,434 | [2] | |
Deductions | 8,182 | 0 | 0 | ||
Balance | $22,544 | $30,394 | $29,705 | ||
[1] | Other consists primarily of bad debt recoveries as well as the effect of fluctuating foreign currency exchange rates in all years presented. | ||||
[2] | Other includes the additions to valuation allowances in which previously unrecorded gross deferred tax assets and valuation allowances were recognized. |