Mueller Industries (MLI) 10-Q 21 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 26, 2015	Oct. 19, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MUELLER INDUSTRIES INC
Entity Central Index Key	89,439
Current Fiscal Year End Date	--12-26
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		57,158,180
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 26, 2015

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract]
Net sales	$ 535,184	$ 602,820	$ 1,628,019	$ 1,826,885
Cost of goods sold	467,167	521,278	1,398,366	1,574,830
Depreciation and amortization	8,749	8,952	24,790	25,651
Selling, general, and administrative expense	32,241	34,004	98,492	100,512
Gain on sale of assets	0	0	(15,376)	(1,417)
Severance	0	860	3,442	3,072
Operating income	27,027	37,726	118,305	124,237
Interest expense	(1,682)	(1,430)	(5,977)	(3,913)
Other income, net	164	225	534	440
Income before income taxes	25,509	36,521	112,862	120,764
Income tax expense	(5,223)	(12,199)	(36,374)	(36,279)
Loss from unconsolidated subsidiary, net of tax	(2,191)	0	(2,191)	0
Consolidated net income	18,095	24,322	74,297	84,485
Net income attributable to noncontrolling interest	(295)	(499)	(868)	(911)
Net income attributable to Mueller Industries, Inc.	$ 17,800	$ 23,823	$ 73,429	$ 83,574
Weighted average shares for basic earnings per share (in shares)	56,375	56,107	56,272	55,999
Effect of dilutive stock-based awards (in shares)	598	637	690	746
Adjusted weighted average shares for diluted earnings per share (in shares)	56,973	56,744	56,962	56,745
Basic earnings per share (in dollars per share)	$ 0.32	$ 0.42	$ 1.30	$ 1.49
Diluted earnings per share (in dollars per share)	0.31	0.42	1.29	1.47
Dividends per share (in dollars per share)	$ 0.075	$ 0.075	$ 0.225	$ 0.225

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 26, 2015		Sep. 27, 2014		Sep. 26, 2015		Sep. 27, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Consolidated net income	$ 18,095		$ 24,322		$ 74,297		$ 84,485
Other comprehensive (loss) income, net of tax:
Foreign currency translation	(12,153)		(6,661)		(13,501)		(3,698)
Net change with respect to derivative instruments and hedging activities	(915)	[1]	(174)	[2]	(2,016)	[3]	(1,650)	[4]
Net actuarial loss on pension and postretirement obligations	1,231	[5]	646	[6]	2,000	[7]	490	[8]
Other, net	(53)		(1)		(46)		7
Total other comprehensive loss	(11,890)		(6,190)		(13,563)		(4,851)
Consolidated comprehensive income	6,205		18,132		60,734		79,634
Comprehensive loss (income) attributable to noncontrolling interest	709		(889)		534		(548)
Comprehensive income attributable to Mueller Industries, Inc.	$ 6,914		$ 17,243		$ 61,268		$ 79,086
[1]	Net of tax of $575
[2]	Net of tax of $42
[3]	Net of tax of $1014
[4]	Net of tax of $907
[5]	Net of tax of $(429)
[6]	Net of tax of $(232)
[7]	Net of tax of $(715)
[8]	Net of tax of $(109)

CONDENSED STATEMENTS OF COMPREH

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net change with respect to derivative instruments and hedging activities, tax	$ 575	$ 42	$ 1,014	$ 907
Net actuarial loss on pension and postretirement obligations, tax	$ (429)	$ (232)	$ (715)	$ (109)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 27, 2014
Current assets:
Cash and cash equivalents	$ 220,745	$ 352,134
Accounts receivable, less allowance for doubtful accounts of $623 in 2015 and $666 in 2014	299,417	275,065
Inventories	250,799	256,585
Other current assets	54,538	57,429
Total current assets	825,499	941,213
Property, plant, and equipment, net	270,655	245,910
Goodwill	163,063	102,909
Investment in unconsolidated subsidiary	63,709	0
Other assets	50,600	38,064
Total assets	1,373,526	1,328,096
Current liabilities:
Current portion of debt	13,756	36,194
Accounts payable	113,597	100,735
Accrued wages and other employee costs	34,042	41,595
Other current liabilities	68,146	59,545
Total current liabilities	229,541	238,069
Long-term debt, less current portion	204,500	205,250
Pension liabilities	17,323	20,070
Postretirement benefits other than pensions	26,701	21,486
Environmental reserves	21,566	21,842
Deferred income taxes	22,142	24,556
Other noncurrent liabilities	3,570	1,389
Total liabilities	525,343	532,662
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 80,183,004; outstanding 57,158,013 in 2015 and 56,901,445 in 2014	802	802
Additional paid-in capital	269,529	268,575
Retained earnings	1,053,395	992,798
Accumulated other comprehensive loss	(55,084)	(42,923)
Treasury common stock, at cost	(453,209)	(457,102)
Total Mueller Industries, Inc. stockholders' equity	815,433	762,150
Noncontrolling interest	32,750	33,284
Total equity	$ 848,183	$ 795,434
Commitments and contingencies
Total liabilities and equity	$ 1,373,526	$ 1,328,096

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 27, 2014
Current assets:
Allowance for doubtful accounts	$ 623	$ 666
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)	80,183,004	80,183,004
Common stock, shares outstanding (in shares)	57,158,013	56,901,445

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014
Cash flows from operating activities
Consolidated net income	$ 74,297	$ 84,485
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization	25,132	25,888
Stock-based compensation expense	4,611	4,957
Equity in losses of unconsolidated subsidiary	2,191	0
Gain on disposal of assets	(14,875)	(1,146)
Impairment charges	570	0
Deferred income taxes	(8,262)	(6,908)
Income tax benefit from exercise of stock options	(953)	(829)
Changes in assets and liabilities, net of businesses acquired:
Receivables	5,249	(62,854)
Inventories	29,901	(14,868)
Other assets	4,302	(15,272)
Current liabilities	(27,580)	(8,675)
Other liabilities	740	(797)
Other, net	145	223
Net cash provided by operating activities	95,468	4,204
Cash flows from investing activities
Capital expenditures	(22,502)	(28,406)
Acquisition of businesses, net of cash acquired	(107,405)	(30,137)
Net withdrawals from restricted cash balances	1,822	2,507
Investment in unconsolidated subsidiary	(65,900)	0
Proceeds from sales of assets	5,521	4,920
Net cash used in investing activities	(188,464)	(51,116)
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	(12,669)	(12,606)
Issuance of long-term debt	0	12,008
Repayment of debt by joint venture, net	(21,597)	(3,170)
Net cash used to settle stock-based awards	(718)	(887)
Repurchase of common stock	0	(58)
Repayments of long-term debt	(750)	(800)
Income tax benefit from exercise of stock options	953	829
Net cash used in financing activities	(34,781)	(4,684)
Effect of exchange rate changes on cash	(3,612)	(346)
Decrease in cash and cash equivalents	(131,389)	(51,942)
Cash and cash equivalents at the beginning of the period	352,134	311,800
Cash and cash equivalents at the end of the period	$ 220,745	$ 259,858

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 26, 2015
Earnings per Common Share [Abstract]
Earnings per Common Share	Note 1 – Earnings per Common Share Basic per share amounts have been computed based on the average number of common shares outstanding. Diluted per share amounts reflect the increase in average common shares outstanding that would result from the assumed exercise of outstanding stock options and vesting of restricted stock awards, computed using the treasury stock method. Approximately 383 thousand stock based awards were excluded from the computation of diluted earnings per share for the quarter ended September 26, 2015 because they were antidilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 26, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 2 – Commitments and Contingencies 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 Condensed Consolidated Financial Statements Guarantees Guarantees, in the form of letters of credit, are issued by the Company generally to assure the payment of insurance deductibles and certain retiree health benefits. The terms of the Company's guarantees are generally one year but are renewable annually as required. These letters are primarily backed by the Company's revolving credit facility. The maximum payments that the Company could be required to make under its guarantees at September 26, 2015, were $8.8 million.

Inventories

Inventories	9 Months Ended
	Sep. 26, 2015
Inventories [Abstract]
Inventories	Note 3 – Inventories (In thousands) September 26, 2015 December 27, 2014 Raw materials and supplies $ 55,522 $ 53,586 Work-in-process 38,689 39,707 Finished goods 162,780 168,481 Valuation reserves (6,192 ) (5,189 ) Inventories $ 250,799 $ 256,585

Industry Segments

Industry Segments	9 Months Ended
	Sep. 26, 2015
Industry Segments [Abstract]
Industry Segments	Note 4 – Industry Segments The Company's reportable segments are Plumbing & Refrigeration and Original Equipment Manufacturers (OEM). For disclosure purposes, as permitted under Accounting Standards Codification (ASC) 280, Segment Reporting SPD manufactures copper tube and fittings, plastic fittings, and line sets. These products are manufactured in the U.S. SPD also imports and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products. Outside the U.S., the Company's European Operations manufacture copper tube, which is sold primarily in Europe. Mexican Operations consist of pipe nipple manufacturing and import distribution businesses including product lines of malleable iron fittings and other plumbing specialties. 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. For the nine months ended September 27, 2014, cost of goods sold included a decrease in accruals related to import duties of $3.1 million. IPD manufactures brass rod, impact extrusions, and forgings, as well as a wide variety of end products including plumbing brass, automotive components, valves, and fittings. EPD manufactures and fabricates valves and assemblies primarily 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 segment information is as follows: For the Quarter Ended September 26, 2015 (In thousands) Plumbing & Refrigeration Segment OEM Segment Corporate and Eliminations Total Net sales $ 325,022 $ 212,596 $ (2,434 ) $ 535,184 Cost of goods sold 280,891 188,665 (2,389 ) 467,167 Depreciation and amortization 4,468 3,839 442 8,749 Selling, general, and administrative expense 20,104 6,814 5,323 32,241 Operating income $ 19,559 $ 13,278 $ (5,810 ) 27,027 Interest expense (1,682 ) Other income, net 164 Income before income taxes $ 25,509 For the Quarter Ended September 27, 2014 (In thousands) Plumbing & Refrigeration Segment OEM Segment Corporate and Eliminations Total Net sales $ 357,843 $ 247,883 $ (2,906 ) $ 602,820 Cost of goods sold 308,927 215,225 (2,874 ) 521,278 Depreciation and amortization 5,287 3,148 517 8,952 Selling, general, and administrative expense 22,613 5,533 5,858 34,004 Severance 860 — — 860 Operating income $ 20,156 $ 23,977 $ (6,407 ) 37,726 Interest expense (1,430 ) Other income, net 225 Income before income taxes $ 36,521 For the Nine Months Ended September 26, 2015 (In thousands) Plumbing & Refrigeration Segment OEM Segment Corporate and Eliminations Total Net sales $ 957,375 $ 678,293 $ (7,649 ) $ 1,628,019 Cost of goods sold 819,591 586,305 (7,530 ) 1,398,366 Depreciation and amortization 13,568 9,827 1,395 24,790 Selling, general, and administrative expense 61,117 19,534 17,841 98,492 Gain on sale of assets (15,376 ) — — (15,376 ) Severance 3,442 — — 3,442 Operating income $ 75,033 $ 62,627 $ (19,355 ) 118,305 Interest expense (5,977 ) Other income, net 534 Income before income taxes $ 112,862 For the Nine Months Ended September 27, 2014 (In thousands) Plumbing & Refrigeration Segment OEM Segment Corporate and Eliminations Total Net sales $ 1,093,060 $ 743,322 $ (9,497 ) $ 1,826,885 Cost of goods sold 934,208 650,020 (9,398 ) 1,574,830 Depreciation and amortization 14,803 9,123 1,725 25,651 Selling, general, and administrative expense 66,023 15,700 18,789 100,512 Gain on sale of assets (1,417 ) — — (1,417 ) Severance 3,072 — — 3,072 Operating income $ 76,371 $ 68,479 $ (20,613 ) 124,237 Interest expense (3,913 ) Other income, net 440 Income before income taxes $ 120,764

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 26, 2015
Benefit Plans [Abstract]
Benefit Plans	Note 5 –Benefit Plans The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain of its employees. The components of net periodic benefit cost are as follows: For the Quarter Ended For the Nine Months Ended (In thousands) September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Pension benefits: Service cost $ 250 $ 199 $ 750 $ 596 Interest cost 2,041 2,064 6,122 6,191 Expected return on plan assets (2,654 ) (3,202 ) (7,963 ) (9,604 ) Amortization of prior service cost — 1 — 1 Amortization of net loss 685 188 2,055 565 Net periodic benefit (income) cost $ 322 $ (750 ) $ 964 $ (2,251 ) Other benefits: Service cost $ 90 $ 88 $ 270 $ 264 Interest cost 193 181 579 544 Amortization of prior service cost (credit) 2 — 5 (1 ) Amortization of net gain (7 ) (55 ) (20 ) (164 ) Net periodic benefit cost $ 278 $ 214 $ 834 $ 643

Income Taxes

Income Taxes	9 Months Ended
	Sep. 26, 2015
Income Taxes [Abstract]
Income Taxes	Note 6 – Income Taxes The Company's effective tax rate for the third quarter of 2015 was 20 percent compared with 33 percent for the same period last year. The difference between the effective tax rate and the amount computed using the U.S. federal statutory tax rate for the third quarter of 2015 was primarily attributable to reductions to the Company's deferred tax liabilities of $4.2 million resulting from the acquisition of a foreign subsidiary and the U.S. production activities deduction of $0.8 million. The Company's effective tax rate for the first nine months of 2015 was 32 percent compared with 30 percent for the same period last year. The difference between the effective tax rate and what would be computed using the U.S. federal statutory tax rate for the first nine months of 2015 was primarily attributable to a reduction to the Company's deferred tax liabilities of $4.2 million resulting from the acquisition of a foreign subsidiary and the U.S. production activities deduction of $3.0 million. These items were partially offset by state income taxes of $2.1 million. For the third quarter of 2014, the difference between the effective tax rate and the amount computed using the U.S. federal statutory tax rate was primarily related to the reduction for the U.S. production activities deduction of $1.0 million, which was partially offset by the provision for state income taxes, net of the federal benefit, of $0.3 million. For the first nine months of 2014, the difference between the effective tax rate and the amount computed using the U.S. federal statutory tax rate was attributable to reductions for the U.S. production activities deduction of $3.5 million, decreases in valuation allowances of $5.7 million and the effect of foreign tax rates lower than statutory tax rates and other foreign adjustments of $0.5 million. These items were partially offset by the provision for state income taxes, net of the federal benefit, of $2.8 million. The Company files a consolidated U.S. federal income tax return and numerous consolidated and separate-company income tax returns in many state, local, and foreign jurisdictions. The statute of limitations is open for the Company's federal tax return and most state income tax returns for 2012 and all subsequent years and is open for certain state and foreign returns for earlier tax years due to ongoing audits and differing statute periods. The Internal Revenue Service has audited the 2012 federal income tax return, the results of which were immaterial to the Company's financial position, results of operations, and cash flows. The Internal Revenue Service is currently auditing the 2013 federal tax return. While the Company believes that it is adequately reserved for possible future audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 26, 2015
Derivative Instruments and Hedging Activities [Abstract]
Derivative Instruments and Hedging Activities	Note 7 – Derivative Instruments and Hedging Activities The Company's earnings and cash flows are subject to fluctuations due to changes in commodity prices, foreign currency exchange rates, and interest rates. The Company uses derivative instruments such as commodity futures contracts, foreign currency forward contracts, and interest rate swaps to manage these exposures. All derivatives are recognized in the Condensed Consolidated Balance Sheets at their fair value. On the date the derivative contract is entered into, it is designated as (i) a hedge of a forecasted transaction or the variability of cash flow to be paid (cash flow hedge), or (ii) a hedge of the fair value of a recognized asset or liability (fair value hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in accumulated other comprehensive income (AOCI), to the extent effective, until they are reclassified to earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk, are recorded in current earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current earnings. The Company documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities in the Condensed Consolidated Balance Sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. The Company also assesses, both at the hedge's inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow or fair values of hedged items. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable of occurring, hedge accounting is discontinued prospectively in accordance with the derecognition criteria for hedge accounting. Commodity Futures Contracts Copper and brass represent the largest component of the Company's variable costs of production. The cost of these materials is subject to global market fluctuations caused by factors beyond the Company's control. The Company occasionally enters into forward fixed-price arrangements with certain customers; the risk of these arrangements is generally managed with commodity futures contracts. These futures contracts have been designated as cash flow hedges. At September 26, 2015, the Company held open futures contracts to purchase approximately $22.7 million of copper over the next 12 months related to fixed price sales orders. The fair value of those futures contracts was a $1.8 million net loss position, which was determined by obtaining quoted market prices (Level 1 hierarchy as defined by ASC 820, Fair Value Measurements and Disclosures The Company may also enter into futures contracts to protect the value of inventory against market fluctuations. At September 26, 2015, the Company held open futures contracts to sell approximately $9.8 million of copper over the next six months related to copper inventory. The fair value of those futures contracts was a $508 thousand net gain position, which was determined by obtaining quoted market prices (Level 1 hierarchy as defined by ASC 820). 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. 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. 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 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). Interest payable and receivable under the swap agreement is accrued and recorded as an adjustment to interest expense. The fair value of the interest rate swap was a $2.8 million net loss position at September 26, 2015, and there was $1.8 million of deferred net losses, net of tax, included in AOCI that are expected to be reclassified into interest expense over the term of the hedged item. Derivative assets and liabilities are presented in our Condensed Consolidated Balance Sheets on a net basis by counterparty. The following table summarizes the location and fair value of the derivative instruments and disaggregates the net derivative assets and liabilities into gross components on a contract-by-contract basis: Asset Derivatives Liability Derivatives Fair Value Fair Value (In thousands) Balance Sheet Location Sept. 26, 2015 Dec. 27, 2014 Balance Sheet Location Sept. 26, 2015 Dec. 27, 2014 Hedging instrument: Commodity contracts - gains Other current assets $ 511 $ 99 Other current liabilities $ 61 $ 15 Commodity contracts - losses Other current assets — (4 ) Other current liabilities (1,912 ) (832 ) Foreign currency contracts Other current assets — — Other current liabilities (23 ) (81 ) Interest rate swap Other assets — — Other liabilities (2,817 ) (927 ) Total derivatives (1) $ 511 $ 95 $ (4,691 ) $ (1,825 ) (1) The following tables summarize the effects of derivative instruments on our Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended (In thousands) Location Sept. 26, 2015 Sept. 27, 2014 Sept. 26, 2015 Sept. 27, 2014 Fair value hedges: Gain on commodity contracts (qualifying) Cost of goods sold $ 1,831 $ 1,100 $ 3,300 $ 7,371 Loss on hedged item - Inventory Cost of goods sold (1,943 ) (922 ) (3,593 ) (6,702 ) Three Months Ended Nine Months Ended (In thousands) Location Sept. 26, 2015 Sept. 27, 2014 Sept. 26, 2015 Sept. 27, 2014 Undesignated derivatives: Gain on commodity contracts (nonqualifying) Cost of goods sold $ 1,143 $ — $ 2,422 $ 1,466 The following tables summarize amounts recognized in and reclassified from AOCI during the period : Three Months Ended September 26, 2015 (In thousands) (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) (Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (2,046 ) Cost of goods sold $ 1,708 Foreign currency contracts (7 ) Depreciation expense — Interest rate swap (632 ) Interest expense 58 Three Months Ended September 27, 2014 (In thousands) (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) (Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (202 ) Cost of goods sold $ (174 ) Foreign currency contracts (181 ) Depreciation expense (46 ) Interest rate swap 430 Interest expense — Nine Months Ended September 26, 2015 (In thousands) (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (2,931 ) Cost of goods sold $ 2,198 Foreign currency contracts (59 ) Depreciation expense — Interest rate swap (1,397 ) Interest expense 189 Other (16 ) Other Nine Months Ended September 27, 2014 (In thousands) (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (634 ) Cost of goods sold $ 285 Foreign currency contracts (184 ) Depreciation expense (283 ) Interest rate swap (837 ) Interest expense — Other 3 Other The Company enters into futures and forward contracts that closely match the terms of the underlying transactions. As a result, the ineffective portion of the open hedge contracts through September 26, 2015 was not material to the Condensed Consolidated Statements of Income. The Company primarily enters into International Swaps and Derivatives Association master netting agreements with major financial institutions that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits the Company or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements generally also provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. The Company does not offset fair value amounts for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral. At September 26, 2015 and December 27, 2014, the Company had recorded restricted cash in other current assets of $1.7 million and $0.5 million, respectively, as collateral related to open derivative contracts under the master netting arrangements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 26, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Note 8 – Accumulated Other Comprehensive Income AOCI includes certain foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges, adjustments to pension and OPEB liabilities, and unrealized gains and losses on marketable securities classified as available-for-sale. The following table provides changes in AOCI by component, net of taxes and noncontrolling interest (amounts in parentheses indicate debits to AOCI): For the Nine Months Ended September 26, 2015 (In thousands) Cumulative Translation Adjustment Unrealized (Losses)/Gains on Derivatives Minimum Pension/OPEB Liability Adjustment Unrealized Gains on Equity Investments Total Balance at December 27, 2014 $ (7,076 ) $ (953 ) $ (35,164 ) $ 270 $ (42,923 ) Other comprehensive (loss) income before reclassifications (12,099 ) (4,403 ) 510 (46 ) (16,038 ) Amounts reclassified from AOCI — 2,387 1,490 — 3,877 Net current-period other comprehensive income (12,099 ) (2,016 ) 2,000 (46 ) (12,161 ) Balance at September 26, 2015 $ (19,175 ) $ (2,969 ) $ (33,164 ) $ 224 $ (55,084 ) For the Nine Months Ended September 27, 2014 (In thousands) Cumulative Translation Adjustment Unrealized (Losses)/Gains on Derivatives Minimum Pension/OPEB Liability Adjustment Unrealized Gains on Equity Investments Total Balance at December 28, 2013 $ (462 ) $ 1,546 $ (12,158 ) $ 255 $ (10,819 ) Other comprehensive (loss) income before reclassifications (3,337 ) (1,652 ) 143 7 (4,839 ) Amounts reclassified from AOCI — 2 347 — 349 Net current-period other comprehensive income (3,337 ) (1,650 ) 490 7 (4,490 ) Balance at September 27, 2014 $ (3,799 ) $ (104 ) $ (11,668 ) $ 262 $ (15,309 ) Reclassification adjustments out of AOCI were as follows: Amount reclassified from AOCI For the Three Months Ended (In thousands) Sept. 26, 2015 Sept. 27, 2014 Affected line item Unrealized losses/(gains) on derivatives: Commodity contracts $ 2,339 $ (214 ) Cost of goods sold Foreign currency contracts — (71 ) Depreciation expense Interest rate swap 91 — Interest expense (664 ) 65 Income tax (expense) benefit 1,766 (220 ) Net of tax — — Noncontrolling interest $ 1,766 $ (220 ) Net of tax and noncontrolling interest Amortization of net loss and prior service cost on employee benefit plans $ 680 $ 134 Selling, general, and administrative expense (188 ) (19 ) Income tax expense 492 115 Net of tax — — Noncontrolling interest $ 492 $ 115 Net of tax and noncontrolling interest Amount reclassified from AOCI For the Nine Months Ended (In thousands) Sept. 26, 2015 Sept. 27, 2014 Affected line item Unrealized losses/(gains) on derivatives: Commodity contracts $ 2,990 $ 351 Cost of goods sold Foreign currency contracts — (446 ) Depreciation expense Interest rate swap 295 — Interest expense (898 ) 97 Income tax (expense) benefit 2,387 2 Net of tax — — Noncontrolling interest $ 2,387 $ 2 Net of tax and noncontrolling interest Amortization of net loss and prior service cost on employee benefit plans $ 2,040 $ 401 Selling, general, and administrative expense (550 ) (54 ) Income tax expense 1,490 347 Net of tax — — Noncontrolling interest $ 1,490 $ 347 Net of tax and noncontrolling interest

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 26, 2015
Acquisitions and Dispositions [Abstract]
Acquisitions and Dispositions	Note 9 – Acquisitions and Dispositions Acquisitions On October 18, 2013, the Company entered into a definitive agreement with KME Yorkshire Limited to acquire certain assets and assume certain liabilities of its copper tube business. Yorkshire Copper Tube (Yorkshire) produces European standard copper distribution tubes. This transaction received regulatory approval in the United Kingdom on February 11, 2014 and closed on February 28, 2014. The purchase price was approximately $30.1 million, paid in cash. The acquisition of Yorkshire complements the Company's existing copper tube businesses in the Plumbing & Refrigeration segment. In 2012, Yorkshire had annual revenue of approximately $196.1 million. During the third quarter of 2014, the purchase price allocation, including all fair value measurements, was finalized. The fair value of the assets acquired totaled $20.7 million, consisting primarily of inventories of $17.6 million, property, plant, and equipment of $2.1 million, and other current assets of $1.0 million. The fair value of the liabilities assumed totaled $15.6 million, consisting primarily of accounts payable and accrued expenses of $15.2 million and other current liabilities of $0.4 million. Of the remaining purchase price, $8.1 million was allocated to tax-deductible goodwill and $16.9 million was allocated to other intangible assets. The Company recognized approximately $3.4 million of severance costs related to the reorganization of Yorkshire during the first nine months of 2015, compared to $3.1 million in the first nine months of 2014. The Company does not expect to incur further severance costs for the rationalization of the business. On March 30, 2015, the Company entered into a Stock Purchase Agreement with Turbotec Products, Inc. (Turbotec) providing for the purchase of all of the outstanding capital stock of Turbotec for approximately $14.2 million in cash, net of working capital adjustments. Turbotec manufactures coaxial heat exchangers and twisted tubes for the heating, ventilation, and air-conditioning (HVAC), geothermal, refrigeration, swimming pool heat pump, marine, ice machine, commercial boiler, and heat reclamation markets. The acquisition of Turbotec complements the Company's existing refrigeration business, a component of the OEM segment. For the twelve months ended March 31, 2015, Turbotec's net sales were approximately $21.8 million. The fair value of the assets acquired totaled $14.4 million, consisting primarily of property, plant, and equipment of $9.1 million, inventories of $3.2 million, accounts receivable of $1.9 million, other current assets of $0.1 million, and other assets of $0.1 million. The fair value of the liabilities assumed totaled $2.0 million, consisting primarily of accounts payable of $1.6 million and accrued expenses of $0.4 million. Of the remaining purchase price, $2.1 million was allocated to non-tax-deductible goodwill, $0.9 million was allocated to other intangible assets, and $1.2 million was allocated to deferred tax liabilities. The allocation of the purchase price to long-lived assets is provisional as of September 26, 2015 and subject to change upon completion of the final valuation of the assets. The results of operations for Turbotec have been included in the accompanying Condensed Consolidated Financial Statements from the acquisition date. On June 18, 2015, the Company entered into a Membership Interest Purchase Agreement with Sherwood Valve Products, LLC (Sherwood) providing for the purchase of all of the outstanding equity interests of Sherwood for $21.8 million in cash, net of working capital adjustments. Sherwood manufactures valves and fluid control solutions for the HVAC, refrigeration, and compressed gas markets. The acquisition of Sherwood complements the Company's existing refrigeration business, a component of the OEM segment. In 2014, Sherwood had net sales of approximately $49.1 million. The fair value of the assets acquired totaled $28.9 million, consisting primarily of inventories of $11.9 million, property, plant, and equipment of $10.3 million, accounts receivable of $6.5 million, and other current assets of $0.2 million. The fair value of the liabilities assumed totaled $7.1 million, consisting primarily of accounts payable of $6.0 million, accrued wages of $0.5 million, other current liabilities of $0.5 million, and other noncurrent liabilities of $0.1 million. The allocation of the purchase price to long-lived assets is provisional as of September 26, 2015 and subject to change upon completion of the final valuation of the assets. The results of operations for Sherwood have been included in the accompanying Condensed Consolidated Financial Statements from the acquisition date. On July 31, 2015, the Company entered into a Share Purchase Agreement with Great Lakes Copper, Inc. providing for the purchase of all of the outstanding shares of Great Lakes Copper Ltd. (Great Lakes) for $71.5 million in cash, subject to post closing working capital adjustments. The acquisition of Great Lakes complements the Company's existing copper tube businesses in the Plumbing & Refrigeration segment. For the twelve months ended June 30, 2015, Great Lakes' net sales were approximately $260.5 million. The fair value of the assets acquired totaled $49.9 million, consisting primarily of accounts receivable of $26.0 million, inventories of $14.3 million, property, plant, and equipment of $9.5 million, and other current assets of $0.1 million. The fair value of the liabilities assumed totaled $40.3 million, consisting primarily of accounts payable of $34.4 million, other postretirement benefits of $5.7 million, and other current liabilities of $0.2 million. Of the remaining purchase price, $61.9 million was allocated to tax-deductible and non-tax-deductible goodwill. The allocation of the purchase price to long-lived assets and review of working capital is provisional as of September 26, 2015 and subject to change upon completion of the final valuation of the assets. The results of operations for Great Lakes have been included in the accompanying Condensed Consolidated Financial Statements from the acquisition date. Dispositions On June 1, 2015, the Company sold certain assets. Simultaneously, the Company entered into a lease agreement with the purchaser of the assets for their continued use for a period of approximately 22 months (Lease Period). The total sales price was $20.2 million, of which $5.0 million was received on June 1, 2015; the Company will receive $5.0 million on December 30, 2016 and the remaining $10.2 million will be received at the end of the Lease Period. This transaction resulted in a pre-tax gain of $15.4 million in the second quarter of 2015, or 17 cents per diluted share after tax. This gain was recognized in the Plumbing & Refrigeration segment. The net book value of the assets disposed was $2.3 million. For goodwill testing purposes, these assets were part of the SPD reporting unit which is a component of the Company's Plumbing & Refrigeration segment. Because these assets met the definition of a business in accordance with ASC 805, Business Combinations

Equity Method Investment

Equity Method Investment	9 Months Ended
	Sep. 26, 2015
Equity Method Investment [Abstract]
Equity Method Investment	Note 10 – Equity Method Investment During the third quarter of 2015, the Company entered into a joint venture agreement with Atlas Holdings LLC to form MA Industrial JV LLC (Joint Venture), which simultaneously entered into a definitive merger agreement with MA Industrial Sub, Inc. and Tecumseh Products Company (Tecumseh) to commence a cash tender offer to acquire all of the outstanding shares of Tecumseh. On September 21, 2015, the tender offer was completed and Mueller contributed $65.9 million for a 50 percent ownership interest in the Joint Venture. Tecumseh is a global manufacturer of compressors and related products. The Company accounts for this investment using the equity method of accounting.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 26, 2015
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 11 – Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Topic 835-30) (ASU 2015-03). The ASU simplifies the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as a separate asset. I The Company is in the process of evaluating the impact of ASU 2015-11 on its Consolidated Financial Statements. In April 2015, the FASB issued ASU No. 2015-04, Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employers' Defined Benefit Obligation and Plan Assets In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 26, 2015
Inventories [Abstract]
Inventories	(In thousands) September 26, 2015 December 27, 2014 Raw materials and supplies $ 55,522 $ 53,586 Work-in-process 38,689 39,707 Finished goods 162,780 168,481 Valuation reserves (6,192 ) (5,189 ) Inventories $ 250,799 $ 256,585

Industry Segments (Tables)

Industry Segments (Tables)	9 Months Ended
	Sep. 26, 2015
Industry Segments [Abstract]
Summary of segment information	Summarized segment information is as follows: For the Quarter Ended September 26, 2015 (In thousands) Plumbing & Refrigeration Segment OEM Segment Corporate and Eliminations Total Net sales $ 325,022 $ 212,596 $ (2,434 ) $ 535,184 Cost of goods sold 280,891 188,665 (2,389 ) 467,167 Depreciation and amortization 4,468 3,839 442 8,749 Selling, general, and administrative expense 20,104 6,814 5,323 32,241 Operating income $ 19,559 $ 13,278 $ (5,810 ) 27,027 Interest expense (1,682 ) Other income, net 164 Income before income taxes $ 25,509 For the Quarter Ended September 27, 2014 (In thousands) Plumbing & Refrigeration Segment OEM Segment Corporate and Eliminations Total Net sales $ 357,843 $ 247,883 $ (2,906 ) $ 602,820 Cost of goods sold 308,927 215,225 (2,874 ) 521,278 Depreciation and amortization 5,287 3,148 517 8,952 Selling, general, and administrative expense 22,613 5,533 5,858 34,004 Severance 860 — — 860 Operating income $ 20,156 $ 23,977 $ (6,407 ) 37,726 Interest expense (1,430 ) Other income, net 225 Income before income taxes $ 36,521 For the Nine Months Ended September 26, 2015 (In thousands) Plumbing & Refrigeration Segment OEM Segment Corporate and Eliminations Total Net sales $ 957,375 $ 678,293 $ (7,649 ) $ 1,628,019 Cost of goods sold 819,591 586,305 (7,530 ) 1,398,366 Depreciation and amortization 13,568 9,827 1,395 24,790 Selling, general, and administrative expense 61,117 19,534 17,841 98,492 Gain on sale of assets (15,376 ) — — (15,376 ) Severance 3,442 — — 3,442 Operating income $ 75,033 $ 62,627 $ (19,355 ) 118,305 Interest expense (5,977 ) Other income, net 534 Income before income taxes $ 112,862 For the Nine Months Ended September 27, 2014 (In thousands) Plumbing & Refrigeration Segment OEM Segment Corporate and Eliminations Total Net sales $ 1,093,060 $ 743,322 $ (9,497 ) $ 1,826,885 Cost of goods sold 934,208 650,020 (9,398 ) 1,574,830 Depreciation and amortization 14,803 9,123 1,725 25,651 Selling, general, and administrative expense 66,023 15,700 18,789 100,512 Gain on sale of assets (1,417 ) — — (1,417 ) Severance 3,072 — — 3,072 Operating income $ 76,371 $ 68,479 $ (20,613 ) 124,237 Interest expense (3,913 ) Other income, net 440 Income before income taxes $ 120,764

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 26, 2015
Benefit Plans [Abstract]
Components of net periodic benefit costs	The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain of its employees. The components of net periodic benefit cost are as follows: For the Quarter Ended For the Nine Months Ended (In thousands) September 26, 2015 September 27, 2014 September 26, 2015 September 27, 2014 Pension benefits: Service cost $ 250 $ 199 $ 750 $ 596 Interest cost 2,041 2,064 6,122 6,191 Expected return on plan assets (2,654 ) (3,202 ) (7,963 ) (9,604 ) Amortization of prior service cost — 1 — 1 Amortization of net loss 685 188 2,055 565 Net periodic benefit (income) cost $ 322 $ (750 ) $ 964 $ (2,251 ) Other benefits: Service cost $ 90 $ 88 $ 270 $ 264 Interest cost 193 181 579 544 Amortization of prior service cost (credit) 2 — 5 (1 ) Amortization of net gain (7 ) (55 ) (20 ) (164 ) Net periodic benefit cost $ 278 $ 214 $ 834 $ 643

Derivative Instruments and He22

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 26, 2015
Derivative Instruments and Hedging Activities [Abstract]
Derivative instruments designated as cash flow hedges reflected in the financial statements	The following table summarizes the location and fair value of the derivative instruments and disaggregates the net derivative assets and liabilities into gross components on a contract-by-contract basis: Asset Derivatives Liability Derivatives Fair Value Fair Value (In thousands) Balance Sheet Location Sept. 26, 2015 Dec. 27, 2014 Balance Sheet Location Sept. 26, 2015 Dec. 27, 2014 Hedging instrument: Commodity contracts - gains Other current assets $ 511 $ 99 Other current liabilities $ 61 $ 15 Commodity contracts - losses Other current assets — (4 ) Other current liabilities (1,912 ) (832 ) Foreign currency contracts Other current assets — — Other current liabilities (23 ) (81 ) Interest rate swap Other assets — — Other liabilities (2,817 ) (927 ) Total derivatives (1) $ 511 $ 95 $ (4,691 ) $ (1,825 ) (1)
Schedule of fair value hedges	The following tables summarize the effects of derivative instruments on our Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended (In thousands) Location Sept. 26, 2015 Sept. 27, 2014 Sept. 26, 2015 Sept. 27, 2014 Fair value hedges: Gain on commodity contracts (qualifying) Cost of goods sold $ 1,831 $ 1,100 $ 3,300 $ 7,371 Loss on hedged item - Inventory Cost of goods sold (1,943 ) (922 ) (3,593 ) (6,702 ) Three Months Ended Nine Months Ended (In thousands) Location Sept. 26, 2015 Sept. 27, 2014 Sept. 26, 2015 Sept. 27, 2014 Undesignated derivatives: Gain on commodity contracts (nonqualifying) Cost of goods sold $ 1,143 $ — $ 2,422 $ 1,466
Summary of activities related to derivative instruments classified as cash flow hedges	The following tables summarize amounts recognized in and reclassified from AOCI during the period : Three Months Ended September 26, 2015 (In thousands) (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) (Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (2,046 ) Cost of goods sold $ 1,708 Foreign currency contracts (7 ) Depreciation expense — Interest rate swap (632 ) Interest expense 58 Three Months Ended September 27, 2014 (In thousands) (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) (Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (202 ) Cost of goods sold $ (174 ) Foreign currency contracts (181 ) Depreciation expense (46 ) Interest rate swap 430 Interest expense — Nine Months Ended September 26, 2015 (In thousands) (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (2,931 ) Cost of goods sold $ 2,198 Foreign currency contracts (59 ) Depreciation expense — Interest rate swap (1,397 ) Interest expense 189 Other (16 ) Other Nine Months Ended September 27, 2014 (In thousands) (Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Loss (Gain) Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (634 ) Cost of goods sold $ 285 Foreign currency contracts (184 ) Depreciation expense (283 ) Interest rate swap (837 ) Interest expense — Other 3 Other

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 26, 2015
Accumulated Other Comprehensive Income [Abstract]
Changes in accumulated OCI by component, net of taxes and noncontrolling interest	The following table provides changes in AOCI by component, net of taxes and noncontrolling interest (amounts in parentheses indicate debits to AOCI): For the Nine Months Ended September 26, 2015 (In thousands) Cumulative Translation Adjustment Unrealized (Losses)/Gains on Derivatives Minimum Pension/OPEB Liability Adjustment Unrealized Gains on Equity Investments Total Balance at December 27, 2014 $ (7,076 ) $ (953 ) $ (35,164 ) $ 270 $ (42,923 ) Other comprehensive (loss) income before reclassifications (12,099 ) (4,403 ) 510 (46 ) (16,038 ) Amounts reclassified from AOCI — 2,387 1,490 — 3,877 Net current-period other comprehensive income (12,099 ) (2,016 ) 2,000 (46 ) (12,161 ) Balance at September 26, 2015 $ (19,175 ) $ (2,969 ) $ (33,164 ) $ 224 $ (55,084 ) For the Nine Months Ended September 27, 2014 (In thousands) Cumulative Translation Adjustment Unrealized (Losses)/Gains on Derivatives Minimum Pension/OPEB Liability Adjustment Unrealized Gains on Equity Investments Total Balance at December 28, 2013 $ (462 ) $ 1,546 $ (12,158 ) $ 255 $ (10,819 ) Other comprehensive (loss) income before reclassifications (3,337 ) (1,652 ) 143 7 (4,839 ) Amounts reclassified from AOCI — 2 347 — 349 Net current-period other comprehensive income (3,337 ) (1,650 ) 490 7 (4,490 ) Balance at September 27, 2014 $ (3,799 ) $ (104 ) $ (11,668 ) $ 262 $ (15,309 )
Reclassification adjustments out of accumulated OCI	Reclassification adjustments out of AOCI were as follows: Amount reclassified from AOCI For the Three Months Ended (In thousands) Sept. 26, 2015 Sept. 27, 2014 Affected line item Unrealized losses/(gains) on derivatives: Commodity contracts $ 2,339 $ (214 ) Cost of goods sold Foreign currency contracts — (71 ) Depreciation expense Interest rate swap 91 — Interest expense (664 ) 65 Income tax (expense) benefit 1,766 (220 ) Net of tax — — Noncontrolling interest $ 1,766 $ (220 ) Net of tax and noncontrolling interest Amortization of net loss and prior service cost on employee benefit plans $ 680 $ 134 Selling, general, and administrative expense (188 ) (19 ) Income tax expense 492 115 Net of tax — — Noncontrolling interest $ 492 $ 115 Net of tax and noncontrolling interest Amount reclassified from AOCI For the Nine Months Ended (In thousands) Sept. 26, 2015 Sept. 27, 2014 Affected line item Unrealized losses/(gains) on derivatives: Commodity contracts $ 2,990 $ 351 Cost of goods sold Foreign currency contracts — (446 ) Depreciation expense Interest rate swap 295 — Interest expense (898 ) 97 Income tax (expense) benefit 2,387 2 Net of tax — — Noncontrolling interest $ 2,387 $ 2 Net of tax and noncontrolling interest Amortization of net loss and prior service cost on employee benefit plans $ 2,040 $ 401 Selling, general, and administrative expense (550 ) (54 ) Income tax expense 1,490 347 Net of tax — — Noncontrolling interest $ 1,490 $ 347 Net of tax and noncontrolling interest

Earnings per Common Share (Deta

Earnings per Common Share (Details) shares in Thousands	3 Months Ended
	Sep. 26, 2015shares
Earnings per Common Share [Abstract]
Stock-based awards excluded from the computation of diluted earnings per share (in shares)	383

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 26, 2015USD ($)
Commitments and Contingencies [Abstract]
Term of guarantees	1 year
Payments required to be made under guarantees, maximum	$ 8.8

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 27, 2014
Inventories [Abstract]
Raw materials and supplies	$ 55,522	$ 53,586
Work-in-process	38,689	39,707
Finished goods	162,780	168,481
Valuation reserves	(6,192)	(5,189)
Inventories	$ 250,799	$ 256,585

Industry Segments (Details)

Industry Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Industry Segments [Abstract]
Decrease in accruals related to import duties included in cost of goods sold				$ (3,100)
Summary of segment information [Abstract]
Net sales	$ 535,184	$ 602,820	$ 1,628,019	1,826,885
Cost of goods sold	467,167	521,278	1,398,366	1,574,830
Depreciation and amortization	8,749	8,952	24,790	25,651
Selling, general, and administrative expense	32,241	34,004	98,492	100,512
Gain on sale of assets	0	0	(15,376)	(1,417)
Severance	0	860	3,442	3,072
Operating income	27,027	37,726	118,305	124,237
Interest expense	(1,682)	(1,430)	(5,977)	(3,913)
Other income, net	164	225	534	440
Income before income taxes	25,509	36,521	112,862	120,764
Corporate and Eliminations [Member]
Summary of segment information [Abstract]
Net sales	(2,434)	(2,906)	(7,649)	(9,497)
Cost of goods sold	(2,389)	(2,874)	(7,530)	(9,398)
Depreciation and amortization	442	517	1,395	1,725
Selling, general, and administrative expense	5,323	5,858	17,841	18,789
Gain on sale of assets			0	0
Severance		0	0	0
Operating income	(5,810)	(6,407)	(19,355)	(20,613)
Plumbing and Refrigeration Segment [Member] | Operating Segments [Member]
Summary of segment information [Abstract]
Net sales	325,022	357,843	957,375	1,093,060
Cost of goods sold	280,891	308,927	819,591	934,208
Depreciation and amortization	4,468	5,287	13,568	14,803
Selling, general, and administrative expense	20,104	22,613	61,117	66,023
Gain on sale of assets			(15,376)	(1,417)
Severance		860	3,442	3,072
Operating income	19,559	20,156	75,033	76,371
OEM Segment [Member] | Operating Segments [Member]
Summary of segment information [Abstract]
Net sales	212,596	247,883	678,293	743,322
Cost of goods sold	188,665	215,225	586,305	650,020
Depreciation and amortization	3,839	3,148	9,827	9,123
Selling, general, and administrative expense	6,814	5,533	19,534	15,700
Gain on sale of assets			0	0
Severance		0	0	0
Operating income	$ 13,278	$ 23,977	$ 62,627	$ 68,479

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Pension Benefits [Member]
Components of net periodic benefit cost [Abstract]
Service cost	$ 250	$ 199	$ 750	$ 596
Interest cost	2,041	2,064	6,122	6,191
Expected return on plan assets	(2,654)	(3,202)	(7,963)	(9,604)
Amortization of prior service cost (credit)	0	1	0	1
Amortization of net loss (gain)	685	188	2,055	565
Net periodic benefit (income) cost	322	(750)	964	(2,251)
Other Benefits [Member]
Components of net periodic benefit cost [Abstract]
Service cost	90	88	270	264
Interest cost	193	181	579	544
Amortization of prior service cost (credit)	2	0	5	(1)
Amortization of net loss (gain)	(7)	(55)	(20)	(164)
Net periodic benefit (income) cost	$ 278	$ 214	$ 834	$ 643

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Income Taxes [Abstract]
Effective tax rate	20.00%	33.00%	32.00%	30.00%
Reduction in deferred tax liabilities	$ 4.2		$ 4.2
Reduction for U.S. production activities	$ 0.8	$ 1	3	$ 3.5
Provision for state income taxes, net of federal benefits		$ 0.3	$ 2.1	2.8
Increase (decrease) in valuation allowances				(5.7)
Effect of foreign adjustments				$ 0.5

Derivative Instruments and He30

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 26, 2015	Dec. 27, 2014
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Assets fair value	[1]	$ 511	$ 95
Liabilities fair value	[1]	(4,691)	(1,825)
Commodity Contracts [Member] | Cash Flow Hedging [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Open future contracts to purchase copper		$ 22,700
Time period for open copper future contract purchases		12 months
Fair value of future contracts with gain (loss) position		$ (1,800)
Commodity Contracts [Member] | Fair Value Hedging [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
Open future contracts to sell copper		$ 9,800
Time period for open copper future contract sales		6 months
Fair value of future contracts with gain (loss) position		$ 508
Other Current Asset [Member] | Commodity Contracts [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Other current assets: Gain positions		511	99
Other current assets: Loss positions		0	(4)
Other Current Asset [Member] | Foreign Currency Contracts [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Other current assets: Gain positions		0	0
Other Assets [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Other assets: Gain positions		0	0
Other Current Liabilities [Member] | Commodity Contracts [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Other current liability: Gain positions		61	15
Other current liability: Loss positions		(1,912)	(832)
Other Current Liabilities [Member] | Foreign Currency Contracts [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Other current liability: Loss positions		(23)	(81)
Other Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Other liabilities: Loss positions		$ (2,817)	$ (927)
[1]	Does not include the impact of cash collateral received from or provided to counterparties.

Derivative Instruments and He31

Derivative Instruments and Hedging Activities Part 2 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014	Dec. 27, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Restricted cash in other current assets as collateral related to open derivative contracts	$ 1,700		$ 1,700		$ 500
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Deferred net gains (losses), net of tax, included in AOCI	(1,300)		(1,300)
Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | Cost of Goods Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain on undesignated derivatives	1,143	$ 0	2,422	$ 1,466
Commodity Contracts [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax	(2,046)	(202)	(2,931)	(634)
Commodity Contracts [Member] | Cash Flow Hedging [Member] | Cost of Goods Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax	1,708	(174)	2,198	285
Commodity Contracts [Member] | Fair Value Hedging [Member] | Cost of Goods Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on the derivatives in designated and qualifying fair value hedges	1,831	1,100	3,300	7,371
Foreign Currency Contracts [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax	(7)	(181)	(59)	(184)
Foreign Currency Contracts [Member] | Cash Flow Hedging [Member] | Depreciation Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax	0	(46)	0	(283)
Inventory [Member] | Fair Value Hedging [Member] | Cost of Goods Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on the derivatives in designated and qualifying fair value hedges	(1,943)	(922)	(3,593)	(6,702)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 200,000		$ 200,000
Period of interest rate swap			2 years
Interest rate swap, fixed interest rate	1.40%		1.40%
Term loan facility, all-in fixed interest rate	2.70%		2.70%
Interest rate swap maturity date			Dec. 11, 2017
Deferred net gains (losses), net of tax, included in AOCI	$ (1,800)		$ (1,800)
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax	(632)	430	(1,397)	(837)
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax	$ 58	$ 0	189	0
Other [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Recognized in AOCI (Effective Portion), Net of Tax			(16)	3
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax			$ 0	$ 0

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 26, 2015		Sep. 27, 2014		Sep. 26, 2015		Sep. 27, 2014
Changes in accumulated other comprehensive income [Roll Forward]
Beginning balance					$ (42,923)		$ (10,819)
Other comprehensive (loss) income before reclassifications					(16,038)		(4,839)
Amounts reclassified from AOCI					3,877		349
Net current-period other comprehensive income					(12,161)		(4,490)
Ending balance	$ (55,084)		$ (15,309)		(55,084)		(15,309)
Reclassification adjustments out of AOCI [Abstract]
Cost of goods sold	(467,167)		(521,278)		(1,398,366)		(1,574,830)
Depreciation expense					(25,132)		(25,888)
Interest expense	(1,682)		(1,430)		(5,977)		(3,913)
Net of tax and noncontrolling interest	(915)	[1]	(174)	[2]	(2,016)	[3]	(1,650)	[4]
Selling, general, and administrative expense	(32,241)		(34,004)		(98,492)		(100,512)
Cumulative Translation Adjustment [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Beginning balance					(7,076)		(462)
Other comprehensive (loss) income before reclassifications					(12,099)		(3,337)
Amounts reclassified from AOCI					0		0
Net current-period other comprehensive income					(12,099)		(3,337)
Ending balance	(19,175)		(3,799)		(19,175)		(3,799)
Unrealized Losses/(Gains) on Derivatives [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Beginning balance					(953)		1,546
Other comprehensive (loss) income before reclassifications					(4,403)		(1,652)
Amounts reclassified from AOCI					2,387		2
Net current-period other comprehensive income					(2,016)		(1,650)
Ending balance	(2,969)		(104)		(2,969)		(104)
Unrealized Losses/(Gains) on Derivatives [Member] | Amount Reclassified from AOCI [Member]
Reclassification adjustments out of AOCI [Abstract]
Cost of goods sold	2,339		(214)		2,990		351
Depreciation expense	0		(71)		0		(446)
Interest expense	91		0		295		0
Income tax (expense) benefit	(664)		65		(898)		97
Net of tax	1,766		(220)		2,387		2
Noncontrolling interest	0		0		0		0
Net of tax and noncontrolling interest	1,766		(220)		2,387		2
Minimum Pension/OPEB Liability Adjustment [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Beginning balance					(35,164)		(12,158)
Other comprehensive (loss) income before reclassifications					510		143
Amounts reclassified from AOCI					1,490		347
Net current-period other comprehensive income					2,000		490
Ending balance	(33,164)		(11,668)		(33,164)		(11,668)
Minimum Pension/OPEB Liability Adjustment [Member] | Amount Reclassified from AOCI [Member]
Reclassification adjustments out of AOCI [Abstract]
Selling, general, and administrative expense	680		134		2,040		401
Income tax expense	(188)		(19)		(550)		(54)
Net of tax	492		115		1,490		347
Noncontrolling interest	0		0		0		0
Net of tax and noncontrolling interest	492		115		1,490		347
Unrealized Gains on Equity Investments [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Beginning balance					270		255
Other comprehensive (loss) income before reclassifications					(46)		7
Amounts reclassified from AOCI					0		0
Net current-period other comprehensive income					(46)		7
Ending balance	$ 224		$ 262		$ 224		$ 262
[1]	Net of tax of $575
[2]	Net of tax of $42
[3]	Net of tax of $1014
[4]	Net of tax of $907

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 31, 2015	Jun. 18, 2015	Jun. 01, 2015	Mar. 30, 2015	Feb. 28, 2014	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014	Jun. 30, 2015	Mar. 31, 2015	Dec. 27, 2014	Dec. 29, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of property								$ 5,521	$ 4,920
Pre-tax gain on sale of property						$ 0	$ 0	$ 15,376	1,417
DWV Ontario Manufacturing Assets [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lease-back term								22 months
Total sales price of property			$ 20,200
Cash proceeds from sale of property			5,000
Deferred revenue - current						5,000		$ 5,000
Deferred revenue - noncurrent						$ 10,200		10,200
Pre-tax gain on sale of property			$ 15,400
Amount of pre diluted share after tax (in dollars per share)			$ 0.17
Carrying value of disposal assets			$ 2,300
Disposal group - goodwill			$ 2,400
KME Yorkshire Limited [Member]
Business Acquisition [Line Items]
Cost of acquisition					$ 30,100
Pro forma net sales													$ 196,100
Fair value of assets acquired					20,700
Fair value of assets acquired - property, plant and equipment					2,100
Fair value of assets acquired - inventories					17,600
Fair value of assets acquired - other current assets					1,000
Fair value of liabilities assumed					15,600
Fair value of liabilities assumed - accounts payable and accrued expenses					15,200
Fair value of liabilities assumed - other current liabilities					400
Remaining purchase price allocated to tax-deductible goodwill					8,100
Remaining purchase price allocated to other intangible assets					$ 16,900
Severance costs related to reorganization								$ 3,400	$ 3,100
Turbotec Products, Inc. [Member]
Business Acquisition [Line Items]
Cost of acquisition				$ 14,200
Pro forma net sales											$ 21,800
Fair value of assets acquired				14,400
Fair value of assets acquired - property, plant and equipment				9,100
Fair value of assets acquired - inventories				3,200
Fair value of assets acquired - accounts receivable				1,900
Fair value of assets acquired - other current assets				100
Fair value of assets acquired - other assets				100
Fair value of liabilities assumed				2,000
Fair value of liabilities assumed - accounts payable				1,600
Fair value of liabilities assumed - accrued expenses				400
Remaining purchase price allocated non-tax-deductible goodwill				2,100
Remaining purchase price allocated to other intangible assets				900
Remaining purchase price allocated to deferred tax liabilities				$ 1,200
Sherwood Valve Products, LLC [Member]
Business Acquisition [Line Items]
Cost of acquisition		$ 21,800
Pro forma net sales												$ 49,100
Fair value of assets acquired		28,900
Fair value of assets acquired - property, plant and equipment		10,300
Fair value of assets acquired - inventories		11,900
Fair value of assets acquired - accounts receivable		6,500
Fair value of assets acquired - other current assets		200
Fair value of liabilities assumed		7,100
Fair value of liabilities assumed - accounts payable		6,000
Fair value of liabilities assumed - accrued expenses		500
Fair value of liabilities assumed - other current liabilities		500
Fair value of liabilities assumed - other non current liabilities		$ 100
Great Lakes Copper, Inc [Member]
Business Acquisition [Line Items]
Cost of acquisition	$ 71,500
Pro forma net sales										$ 260,500
Fair value of assets acquired	49,900
Fair value of assets acquired - property, plant and equipment	9,500
Fair value of assets acquired - inventories	14,300
Fair value of assets acquired - accounts receivable	26,000
Fair value of assets acquired - other current assets	100
Fair value of liabilities assumed	40,300
Fair value of liabilities assumed - accounts payable	34,400
Fair value of liabilities assumed - other current liabilities	200
Fair value of liabilities assumed - other post retirement benefits	5,700
Remaining purchase price allocated tax and non-tax-deductible goodwill	$ 61,900

Equity Method Investment (Detai

Equity Method Investment (Details) - Atlas Holdings LLC [Member] $ in Millions	Sep. 21, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investment, aggregate cost	$ 65.9
Equity method investment, ownership percentage	50.00%