Mueller Industries (MLI) 10-Q 23 Oct 19 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 28, 2019	Oct. 18, 2019
Cover page.
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Sep. 28, 2019
Entity File Number	1-6770
Entity Registrant Name	MUELLER INDUSTRIES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-0790410
Entity Address, Address Line One	150 Schilling Boulevard
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Collierville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38017
City Area Code	901
Local Phone Number	753-3200
Title of 12(b) Security	Common Stock
Trading Symbol	MLI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,952,083
Entity Central Index Key	0000089439
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Income Statement [Abstract]
Net sales	$ 608,602	$ 645,958	$ 1,886,777	$ 1,948,791
Cost of goods sold	510,788	566,956	1,586,129	1,676,446
Depreciation and amortization	10,823	10,619	31,856	29,081
Selling, general, and administrative expense	40,739	38,889	121,838	112,077
Gain on sale of assets	0	(2,691)	0	(334)
Insurance recovery	0	(1,486)	0	(1,486)
Operating income	46,252	33,671	146,954	133,007
Interest expense	(6,148)	(6,746)	(20,135)	(18,728)
Other income, net	533	411	823	1,557
Income before income taxes	40,637	27,336	127,642	115,836
Income tax expense	(7,665)	(3,373)	(27,643)	(23,179)
Loss from unconsolidated affiliates, net of foreign tax	(2,528)	(3,100)	(23,740)	(13,568)
Consolidated net income	30,444	20,863	76,259	79,089
Net income attributable to noncontrolling interests	(1,351)	(571)	(3,457)	(1,487)
Net income attributable to Mueller Industries, Inc.	$ 29,093	$ 20,292	$ 72,802	$ 77,602
Weighted average shares for basic earnings per share (in shares)	55,832	56,877	55,771	56,858
Effect of dilutive stock-based awards (in shares)	482	540	523	524
Adjusted weighted average shares for diluted earnings per share (in shares)	56,314	57,417	56,294	57,382
Basic earnings per share (in dollars per share)	$ 0.52	$ 0.36	$ 1.31	$ 1.36
Diluted earnings per share (in dollars per share)	0.52	0.35	1.29	1.35
Dividends per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.30	$ 0.30

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 30,444	$ 20,863	$ 76,259	$ 79,089
Other comprehensive loss, net of tax:
Foreign currency translation	(6,692)	1,111	(3,612)	(5,534)
Net change with respect to derivative instruments and hedging activities, net of tax of $56, $(33), $(34), and $243	(195)		133
Net change with respect to derivative instruments and hedging activities, net of tax of $56, $(33), $(34), and $243		131		(896)
Net change in pension and postretirement obligation adjustments, net of tax of $(232), $(79), $(323), and $(221)	777	270	1,207	769
Attributable to unconsolidated affiliates, net of tax of $(159), $2,005, $(240), and $2,086	547	(6,907)	828	(7,187)
Total other comprehensive loss, net	(5,563)	(5,395)	(1,444)	(12,848)
Consolidated comprehensive income	24,881	15,468	74,815	66,241
Comprehensive income attributable to noncontrolling interests	(857)	(34)	(2,044)	(1,097)
Comprehensive income attributable to Mueller Industries, Inc.	$ 24,024	$ 15,434	$ 72,771	$ 65,144

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Statement of Comprehensive Income [Abstract]
Net change with respect to derivative instruments and hedging activities, tax (expense) benefit	$ 56		$ (34)
Net change with respect to derivative instruments and hedging activities, tax (expense) benefit		$ (33)		$ 243
Net actuarial loss on pension and postretirement obligations, tax benefit (expense)	(232)	(79)	(323)	(221)
Attributable to unconsolidated affiliates, tax benefit (expense)	$ (159)	$ 2,005	$ (240)	$ 2,086

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Current assets:
Cash and cash equivalents	$ 100,338	$ 72,616
Accounts receivable, less allowance for doubtful accounts of $757 in 2019 and $836 in 2018	319,562	273,417
Inventories	277,567	329,795
Other current assets	33,242	26,790
Total current assets	730,709	702,618
Property, plant, and equipment, net	361,308	370,633
Operating lease right-of-use assets	25,855	0
Goodwill, net	152,445	150,335
Intangible assets, net	60,609	61,971
Investments in unconsolidated affiliates	46,369	58,042
Other assets	25,470	25,950
Total assets	1,402,765	1,369,549
Current liabilities:
Current portion of debt	7,387	7,101
Accounts payable	102,084	103,754
Accrued wages and other employee costs	38,282	38,549
Current portion of operating lease liabilities	3,832	0
Other current liabilities	95,184	83,397
Total current liabilities	246,769	232,801
Long-term debt, less current portion	434,082	489,597
Pension liabilities	12,783	14,237
Postretirement benefits other than pensions	14,616	14,818
Environmental reserves	19,774	20,009
Deferred income taxes	17,260	16,615
Noncurrent operating lease liabilities	22,712	0
Other noncurrent liabilities	10,173	18,212
Total liabilities	778,169	806,289
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 56,952,083 in 2019 and 56,702,997 in 2018	802	802
Additional paid-in capital	276,198	276,849
Retained earnings	880,537	824,737
Accumulated other comprehensive loss	(79,823)	(79,792)
Treasury common stock, at cost	(470,066)	(474,240)
Total Mueller Industries, Inc. stockholders' equity	607,648	548,356
Noncontrolling interests	16,948	14,904
Total equity	624,596	563,260
Commitments and contingencies	0	0
Total liabilities and equity	$ 1,402,765	$ 1,369,549

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 757	$ 836
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)	56,952,083	56,702,997

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Cash flows from operating activities
Consolidated net income	$ 76,259	$ 79,089
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization	32,095	29,320
Stock-based compensation expense	6,355	5,953
Loss from unconsolidated affiliates	23,740	13,568
Gain on disposals of properties	(24)	(247)
Insurance recovery	0	(1,486)
Change in fair value of contingent consideration	4,500	0
Deferred income tax benefit	(1,593)	(1,502)
Changes in assets and liabilities, net of effects of business acquired:
Receivables	(47,433)	(42,201)
Inventories	50,985	48,716
Other assets	(7,485)	11,250
Current liabilities	1,687	(7,947)
Other liabilities	(7,112)	(13,862)
Other, net	(47)	1,864
Net cash provided by operating activities	131,927	122,515
Cash flows from investing activities
Capital expenditures	(20,162)	(16,685)
Acquisition of business, net of cash acquired	3,465	(167,677)
Investments in unconsolidated affiliates	(11,000)	(609)
Proceeds from sales of assets	385	18,693
Net cash used in investing activities	(27,312)	(166,278)
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	(16,738)	(17,051)
Dividends paid to noncontrolling interests	0	(592)
Repurchase of common stock	(1,763)	(6,575)
Payment of contingent consideration	(3,170)	0
Issuance of long-term debt	100,658	194,131
Repayments of long-term debt	(151,305)	(139,518)
Repayment of debt by consolidated joint ventures, net	(4,352)	(2,978)
Net cash used to settle stock-based awards	(1,069)	(726)
Net cash (used in) provided by financing activities	(77,739)	26,691
Effect of exchange rate changes on cash	(1,511)	(442)
Increase (decrease) in cash, cash equivalents, and restricted cash	25,365	(17,514)
Cash, cash equivalents, and restricted cash at the beginning of the period	77,138	126,563
Cash, cash equivalents, and restricted cash at the end of the period	$ 102,503	$ 109,049

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
Balance at beginning of period at Dec. 30, 2017		$ 802	$ 274,585	$ 743,503	$ (51,056)	$ (445,723)	$ 13,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive stock option plans			(279)			1,136
Stock-based compensation expense			5,953
Issuance of restricted stock			(5,492)			5,492
Net income attributable to Mueller Industries, Inc.	$ 77,602			77,602
Dividends paid or payable to stockholders of Mueller Industries, Inc.				(17,262)
Reclassification of stranded effects of the Act				(556)	556
Other adjustments				340
Total other comprehensive loss attributable to Mueller Industries, Inc.	(12,848)				(12,457)
Repurchase of common stock						(8,158)
Dividends paid to noncontrolling interests	592						(592)
Net income attributable to noncontrolling interests	(1,487)						1,487
Foreign currency translation	(5,534)						(390)
Balance at end of period at Sep. 29, 2018		802	274,767	803,627	(62,957)	(447,253)	14,422
Balance at beginning of period at Jun. 30, 2018		802	277,987	788,753	(58,101)	(451,740)	14,388
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive stock option plans			(20)			565
Stock-based compensation expense			2,047
Issuance of restricted stock			(5,247)			5,247
Net income attributable to Mueller Industries, Inc.	20,292			20,292
Dividends paid or payable to stockholders of Mueller Industries, Inc.				(5,758)
Reclassification of stranded effects of the Act				0	0
Other adjustments				340
Total other comprehensive loss attributable to Mueller Industries, Inc.	(5,395)				(4,856)
Repurchase of common stock						(1,325)
Dividends paid to noncontrolling interests							0
Net income attributable to noncontrolling interests	(571)						571
Foreign currency translation	1,111						(537)
Balance at end of period at Sep. 29, 2018		802	274,767	803,627	(62,957)	(447,253)	14,422
Balance at beginning of period at Dec. 29, 2018	563,260	802	276,849	824,737	(79,792)	(474,240)	14,904
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive stock option plans			(624)			(445)
Stock-based compensation expense			6,355
Issuance of restricted stock			(6,382)			6,382
Net income attributable to Mueller Industries, Inc.	72,802			72,802
Dividends paid or payable to stockholders of Mueller Industries, Inc.				(17,002)
Reclassification of stranded effects of the Act				0	0
Other adjustments				0
Total other comprehensive loss attributable to Mueller Industries, Inc.	(1,444)				(31)
Repurchase of common stock						(1,763)
Dividends paid to noncontrolling interests	0						0
Net income attributable to noncontrolling interests	(3,457)						3,457
Foreign currency translation	(3,612)						(1,413)
Balance at end of period at Sep. 28, 2019	624,596	802	276,198	880,537	(79,823)	(470,066)	16,948
Balance at beginning of period at Jun. 29, 2019		802	280,626	857,121	(74,754)	(475,524)	16,091
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under incentive stock option plans			(341)			(601)
Stock-based compensation expense			2,053
Issuance of restricted stock			(6,140)			6,059
Net income attributable to Mueller Industries, Inc.	29,093			29,093
Dividends paid or payable to stockholders of Mueller Industries, Inc.				(5,677)
Reclassification of stranded effects of the Act				0	0
Other adjustments				0
Total other comprehensive loss attributable to Mueller Industries, Inc.	(5,563)				(5,069)
Repurchase of common stock						0
Dividends paid to noncontrolling interests							0
Net income attributable to noncontrolling interests	(1,351)						1,351
Foreign currency translation	(6,692)						(494)
Balance at end of period at Sep. 28, 2019	$ 624,596	$ 802	$ 276,198	$ 880,537	$ (79,823)	$ (470,066)	$ 16,948

Recent Accounting Standards

Recent Accounting Standards	9 Months Ended
	Sep. 28, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	Recent Accounting Standards Adopted In July 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-11, Leases (Topic 842): Targeted Improvements and ASU No. 2018-10, Codification Improvements to Topic 842, Leases . The ASUs clarify how to apply certain aspects of the new leasing standard, ASC 842. ASC 842 requires an entity to recognize a right-of-use asset and lease liability for each lease with a term of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a financing or operating lease. The guidance also requires certain quantitative and qualitative disclosures about leasing arrangements. The Company adopted the ASU during the first quarter of 2019 using a modified retrospective approach and applied the transition provisions at the beginning of the fiscal year. Financial results reported in periods prior to 2018 are unchanged. The Company elected a package of practical expedients, which, among other things, does not require the reassessment of lease classification. The Company does not separate lease and non-lease components of contracts. The Company implemented a system to identify its entire population of leases and tested the population for completeness. As of the effective date, the Company recognized noncurrent right-of-use assets of $29.5 million and corresponding current and noncurrent lease liabilities of $4.8 million and $25.4 million , respectively. Issued In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . For employers that sponsor defined benefit pension and/or other postretirement benefit plans, the ASU eliminates requirements for certain disclosures that are no longer considered cost beneficial, requires new disclosures related to the weighted-average interest crediting rate for cash balance plans and explanations for significant gains and losses related to changes in benefit obligations, and clarifies the requirements for entities that provide aggregate disclosures for two or more plans. The ASU will be effective for the annual period beginning in 2020. The updated guidance requires retrospective adoption, and early adoption is permitted. The Company does not expect the adoption of the ASU to have a material impact on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The ASU eliminates requirements to disclose the amount and reasons for transfers between level 1 and level 2 of the fair value hierarchy, but requires public companies to disclose changes in unrealized gains and losses for the period included in other comprehensive income (OCI) for recurring level 3 fair value measurements or instruments held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for level 3 fair value measurements. The ASU will be effective for interim and annual periods beginning in 2020. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements, and can elect to early adopt in interim periods. The guidance on changes in unrealized gains and losses for the period included in OCI for recurring level 3 measurements, the range and weighted average of significant unobservable inputs used to develop level 3 fair value measurements, and the narrative description of measurement uncertainty is applied prospectively. All other amendments should be applied retrospectively. The Company does not expect the adoption of the ASU to have a material impact on its Condensed Consolidated Financial Statements.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 28, 2019
Earnings Per Share [Abstract]
Earnings per Common Share	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 110 thousand and 79 thousand stock-based awards were excluded from the computation of diluted earnings per share for the quarters ended September 28, 2019 and September 29, 2018 , respectively, because they were antidilutive.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 28, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions ATCO On July 2, 2018, the Company entered into a stock purchase agreement pursuant to which the Company acquired all of the outstanding capital stock of ATCO Rubber Products, Inc. (ATCO) for approximately $158.1 million , net of working capital adjustments. The total purchase price consisted of $151.8 million in cash at closing and a contingent consideration arrangement which requires the Company to pay the former owner up to $12.0 million based on EBITDA growth of the acquired business. ATCO is an industry leader in the manufacturing and distribution of insulated HVAC flexible duct systems and will support the Company’s strategy to grow its Climate Products businesses to become a more valuable resource to its HVAC customers. The acquired business is reported in the Company’s Climate segment. The fair value of the assets acquired totaled $137.9 million , consisting primarily of property, plant, and equipment of $83.1 million , inventories of $31.7 million , accounts receivable of $21.8 million , other current assets of $1.1 million , and other assets of $0.2 million . The fair value of the liabilities assumed totaled $20.4 million , consisting primarily of accounts payable of $8.1 million , other current liabilities of $10.2 million , and long-term debt of $2.1 million . Of the remaining purchase price, $17.2 million was allocated to tax-deductible goodwill and $23.4 million was allocated to intangible assets, including technology, customer relationships, trade names, and supply contracts. The valuation of the business has been finalized. Changes to the purchase price allocation from the amounts presented in the Company’s 2018 Annual Report on Form 10-K included the valuation of the contingent consideration, intangible assets, and working capital. These changes resulted in a net decrease to goodwill of $0.5 million . ATCO had net sales of approximately $49.4 million and $144.8 million , respectively, for the quarter and nine months ended September 28, 2019 . The following table presents condensed pro forma consolidated results of operations as if the ATCO acquisition had occurred at the beginning of 2018. The pro forma information does not purport to be indicative of the results that would have been obtained if the operations had actually been combined during the periods presented and is not necessarily indicative of operating results to be expected in future periods. The most significant pro forma adjustments to the historical results of operations relate to the application of purchase accounting and the financing structure. For the Nine Months Ended (In thousands, except per share data) September 29, 2018 Net sales $ 2,036,367 Net income 84,823 Basic earnings per share $ 1.49 Diluted earnings per share 1.48 Die-Mold On March 31, 2018, the Company entered into a share purchase agreement pursuant to which the Company acquired all of the outstanding shares of Die-Mold Tool Limited (Die-Mold) for approximately $ 13.6 million , net of working capital adjustments. The total purchase price consisted of $12.4 million in cash at closing and a contingent consideration arrangement which requires the Company to pay the former owner up to $2.3 million based on EBITDA growth of the acquired business. Die-Mold, based out of Ontario, Canada, is a manufacturer of plastic PEX and other plumbing-related fittings and an integrated designer and manufacturer of plastic injection tooling. The business complements the Company’s existing businesses within the Piping Systems segment. The fair value of the assets acquired totaled $7.1 million , consisting primarily of property, plant, and equipment of $3.3 million , inventories of $1.8 million , accounts receivable of $1.7 million , and other current assets of $0.3 million . The fair value of the liabilities assumed totaled $2.9 million , consisting primarily of accounts payable of $0.7 million , other current liabilities of $0.2 million , and deferred taxes of $2.0 million . Of the remaining purchase price, $9.4 million

Segment Information

Segment Information	9 Months Ended
	Sep. 28, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information Each of the Company’s reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows: Piping Systems Piping Systems is composed of the following operating segments: Domestic Piping Systems Group, Great Lakes Copper, Heatlink Group, Die-Mold, European Operations, Trading Group, and Jungwoo-Mueller (the Company’s South Korean joint venture). The Domestic Piping Systems Group manufactures copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Outside the U.S., Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. Heatlink Group produces a complete line of products for PEX plumbing and radiant systems in Canada and sells these products in Canada and the U.S. Die-Mold manufactures PEX and other plumbing-related fittings and plastic injection tooling in Canada and sells these products in Canada and the U.S. European Operations manufacture copper tube in the U.K. which is sold primarily in Europe. The Trading Group manufactures pipe nipples and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products in the U.S. and Mexico. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. The Piping Systems segment’s products are sold primarily to plumbing, refrigeration, and air-conditioning wholesalers, hardware wholesalers and co-ops, building product retailers, and air-conditioning original equipment manufacturers (OEMs). Industrial Metals Industrial Metals is composed of the following operating segments: Brass Rod & Copper Bar Products, Impacts & Micro Gauge, and Brass Value-Added Products. These businesses manufacture brass rod, impact extrusions, and forgings, as well as a wide variety of end products including plumbing brass, automotive components, valves, fittings, and gas assemblies. These products are manufactured in the U.S. and sold primarily to OEMs in the U.S., many of which are in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, and energy markets. Climate Climate is composed of the following operating segments: Refrigeration Products, Fabricated Tube Products, Westermeyer, Turbotec, and ATCO. These domestic businesses manufacture and fabricate valves, assemblies, high pressure components, coaxial heat exchangers, and insulated HVAC flexible duct systems primarily for the heating, ventilation, air-conditioning, and refrigeration markets in the U.S. Summarized segment information is as follows: For the Quarter Ended September 28, 2019 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 390,917 $ 135,443 $ 90,938 $ (8,696 ) $ 608,602 Cost of goods sold 330,418 117,893 70,523 (8,046 ) 510,788 Depreciation and amortization 5,751 1,836 2,491 745 10,823 Selling, general, and administrative expense 18,738 3,115 9,961 8,925 40,739 Operating income 36,010 12,599 7,963 (10,320 ) 46,252 Interest expense (6,148 ) Other income, net 533 Income before income taxes $ 40,637 For the Quarter Ended September 29, 2018 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 410,525 $ 158,709 $ 81,619 $ (4,895 ) $ 645,958 Cost of goods sold 363,174 141,435 66,832 (4,485 ) 566,956 Depreciation and amortization 5,946 1,864 2,123 686 10,619 Selling, general, and administrative expense 17,387 3,086 6,890 11,526 38,889 Gain on sale of assets (1,390 ) (1,301 ) — — (2,691 ) Insurance recovery — (1,486 ) — — (1,486 ) Operating income 25,408 15,111 5,774 (12,622 ) 33,671 Interest expense (6,746 ) Other income, net 411 Income before income taxes $ 27,336 Segment information (continued): For the Nine Months Ended September 28, 2019 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 1,193,274 $ 434,037 $ 276,853 $ (17,387 ) $ 1,886,777 Cost of goods sold 1,019,546 372,542 212,201 (18,160 ) 1,586,129 Depreciation and amortization 16,953 5,518 6,932 2,453 31,856 Selling, general, and administrative expense 56,620 9,280 24,336 31,602 121,838 Operating income 100,155 46,697 33,384 (33,282 ) 146,954 Interest expense (20,135 ) Other income, net 823 Income before income taxes $ 127,642 For the Nine Months Ended September 29, 2018 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 1,294,672 $ 511,932 $ 156,854 $ (14,667 ) $ 1,948,791 Cost of goods sold 1,120,890 445,259 124,806 (14,509 ) 1,676,446 Depreciation and amortization 17,568 5,715 3,371 2,427 29,081 Selling, general, and administrative expense 57,931 9,908 12,009 32,229 112,077 (Gain) loss on sale of assets (2,093 ) (1,301 ) — 3,060 (334 ) Insurance recovery — (1,486 ) — — (1,486 ) Operating income 100,376 53,837 16,668 (37,874 ) 133,007 Interest expense (18,728 ) Other income, net 1,557 Income before income taxes $ 115,836 The following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category: For the Quarter Ended September 28, 2019 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 320,789 $ — $ — $ 320,789 Brass rod and forgings — 103,616 — 103,616 OEM components, tube & assemblies 7,059 11,724 32,334 51,117 Valves and plumbing specialties 63,069 — — 63,069 Other — 20,103 58,604 78,707 390,917 135,443 90,938 617,298 Intersegment sales (8,696 ) Net sales $ 608,602 For the Quarter Ended September 29, 2018 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 340,269 $ — $ — $ 340,269 Brass rod and forgings — 122,411 — 122,411 OEM components, tube & assemblies 7,618 12,292 35,555 55,465 Valves and plumbing specialties 62,638 — — 62,638 Other — 24,006 46,064 70,070 410,525 158,709 81,619 650,853 Intersegment sales (4,895 ) Net sales $ 645,958 Disaggregation of revenue from contracts with customers (continued): For the Nine Months Ended September 28, 2019 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 986,783 $ — $ — $ 986,783 Brass rod and forgings — 333,622 — 333,622 OEM components, tube & assemblies 21,786 37,613 106,542 165,941 Valves and plumbing specialties 184,705 — — 184,705 Other — 62,802 170,311 233,113 1,193,274 434,037 276,853 1,904,164 Intersegment sales (17,387 ) Net sales $ 1,886,777 For the Nine Months Ended September 29, 2018 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 1,077,525 $ — $ — $ 1,077,525 Brass rod and forgings — 394,880 — 394,880 OEM components, tube & assemblies 22,128 41,956 110,790 174,874 Valves and plumbing specialties 195,019 — — 195,019 Other — 75,096 46,064 121,160 1,294,672 511,932 156,854 1,963,458 Intersegment sales (14,667 ) Net sales $ 1,948,791

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	9 Months Ended
	Sep. 28, 2019
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (In thousands) September 28, December 29, Cash & cash equivalents $ 100,338 $ 72,616 Restricted cash included within other current assets 2,058 4,414 Restricted cash included within other assets 107 108 Total cash, cash equivalents, and restricted cash $ 102,503 $ 77,138 Amounts included in restricted cash relate to required deposits in brokerage accounts that facilitate the Company’s hedging activities as well as imprest funds for the Company’s self-insured workers’ compensation program.

Inventories

Inventories	9 Months Ended
	Sep. 28, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories (In thousands) September 28, December 29, Raw materials and supplies $ 69,668 $ 89,641 Work-in-process 64,392 58,643 Finished goods 149,949 188,506 Valuation reserves (6,442 ) (6,995 ) Inventories $ 277,567 $ 329,795

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments 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 either a) designated as a hedge of (i) a forecasted transaction or the variability of cash flow to be paid (cash flow hedge) or (ii) the fair value of a recognized asset or liability (fair value hedge), or b) not designated in a hedge accounting relationship, even though the derivative contract was executed to mitigate an economic exposure (economic hedge), as the Company does not enter into derivative contracts for trading purposes. Changes in the fair value of a derivative that is qualified, designated, and highly effective as a cash flow hedge are recorded in stockholders’ equity within 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 derivatives executed as economic hedges and the ineffective portion of designated derivatives are reported in current earnings. The Company documents all relationships between derivative instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments 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 derivative instruments that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. When a derivative instrument 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 28, 2019 , the Company held open futures contracts to purchase approximately $37.9 million of copper over the next eight months related to fixed price sales orders. The fair value of those futures contracts was a $805 thousand net loss position, which was determined by obtaining quoted market prices (level 1 within the fair value hierarchy). In the next 12 months, the Company will reclassify into earnings realized gains or losses relating to cash flow hedges. At September 28, 2019 , this amount was approximately $243 thousand of deferred net losses , net of tax. The Company may also enter into futures contracts to protect the value of inventory against market fluctuations. At September 28, 2019 , the Company held open futures contracts to sell approximately $188 thousand of copper over the next 10 months related to copper inventory. The fair value of those futures contracts was a $2 thousand net loss position, which was determined by obtaining quoted market prices (level 1 within the fair value hierarchy). The Company presents its derivative assets and liabilities in the 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 September 28, December 29, Balance Sheet Location September 28, December 29, Commodity contracts - gains Other current assets $ 29 $ 88 Other current liabilities $ 75 $ 103 Commodity contracts - losses Other current assets (27 ) (1 ) Other current liabilities (883 ) (1,382 ) Total derivatives (1) $ 2 $ 87 $ (808 ) $ (1,279 ) (1) Does not include the impact of cash collateral provided to counterparties. The following tables summarize the effects of derivative instruments on the Company’s Condensed Consolidated Statements of Income: For the Quarter Ended For the Nine Months Ended (In thousands) Location September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Fair value hedges: Gain on commodity contracts (qualifying) Cost of goods sold $ — $ — $ — $ 391 Loss on hedged item - inventory Cost of goods sold — — — (385 ) Undesignated derivatives: (Loss) gain on commodity contracts (nonqualifying) Cost of goods sold (467 ) (2,848 ) 1,425 5,579 The following tables summarize amounts recognized in and reclassified from AOCI during the period: For the Quarter Ended September 28, 2019 (In thousands) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Gain Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ 130 Cost of goods sold $ (332 ) Other 8 Other (1 ) Total $ 138 Total $ (333 ) Changes recognized in and reclassified from AOCI (continued): For the Quarter Ended September 29, 2018 (In thousands) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Gain Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ 305 Cost of goods sold $ (180 ) Other 6 Other — Total $ 311 Total $ (180 ) For the Nine Months Ended September 28, 2019 (In thousands) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Gain Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ 749 Cost of goods sold $ (629 ) Other 14 Other (1 ) Total $ 763 Total $ (630 ) For the Nine Months Ended September 29, 2018 (In thousands) Loss Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Gain Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (438 ) Cost of goods sold $ (455 ) Other (3 ) Other — Total $ (441 ) Total $ (455 ) 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 qualifying open hedge contracts through September 28, 2019 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 28, 2019 and December 29, 2018 , the Company had recorded restricted cash in other current assets of $2.2 million and $3.6 million , respectively, as collateral related to open derivative contracts under the master netting arrangements. Long-Term Debt The fair value of long-term debt at September 28, 2019

Leases

Leases	9 Months Ended
	Sep. 28, 2019
Leases [Abstract]
Leases	Leases The Company leases certain manufacturing facilities, distribution centers, office space, and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet; expense for these leases is recognized on a straight line-basis over the term of the lease. Most of the Company’s leases include one or more options to renew up to five years and have remaining terms of one to fifteen years . These options are not included in the Company’s valuation of the right-of-use assets as the Company is not reasonably certain to exercise the options. The Company has certain vehicle leases that are financing; however, these leases are deemed immaterial for disclosure. The following table includes supplemental information with regards to the Company’s operating leases: (In thousands, except lease term and discount rate) September 28, 2019 Operating lease right-of-use assets $ 25,855 Current portion of operating lease liabilities 3,832 Noncurrent operating lease liabilities 22,712 Total operating lease liabilities $ 26,544 Weighted average discount rate 5.83 % Weighted average remaining lease term (in years) 8.62 As of the adoption date of ASC 842, discount rates for existing leases were based on an estimate of the Company’s incremental borrowing rate, adjusted for the term of the lease. Some of the Company’s leases include variable lease costs such as taxes, insurance, etc. These costs are immaterial for disclosure. The following table presents certain information related to operating lease costs and cash paid during the period. (In thousands) For the Quarter Ended September 28, 2019 For the Nine Months Ended September 28, 2019 Operating lease costs $ 1,930 $ 5,134 Short term lease costs 777 3,782 Total lease costs $ 2,707 $ 8,916 Cash paid for amounts included in the measurement of lease liabilities $ 1,862 $ 4,980 Maturities of the Company’s operating leases are as follows: (In thousands) September 28, 2019 2019 $ 1,575 2020 6,061 2021 5,085 2022 4,373 2023 2,876 2024 and thereafter 15,688 Total lease payments 35,658 Less imputed interest (9,114 ) Total lease obligations 26,544 Less current obligations (3,832 ) Noncurrent lease obligations $ 22,712

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
	Sep. 28, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Affiliates	Investments in Unconsolidated Affiliates Tecumseh The Company owns a 50 percent interest in an unconsolidated affiliate that acquired Tecumseh Products Company LLC (Tecumseh). The Company also owns a 50 percent interest in a second unconsolidated affiliate that provides financing to Tecumseh. These investments are recorded using the equity method of accounting, as the Company can exercise significant influence but does not own a majority equity interest or otherwise control the respective entities. Under the equity method of accounting, these investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company records its proportionate share of the investees’ net income or loss, net of foreign taxes, one quarter in arrears as income (loss) from unconsolidated affiliates, net of foreign tax, in the Condensed Consolidated Statements of Income and its proportionate share of the investees’ other comprehensive income (loss), net of income taxes, in the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Changes in Equity. The U.S. tax effect of the Company’s proportionate share of Tecumseh’s income or loss is recorded in income tax expense in the Condensed Consolidated Statements of Income. In general, the equity investment in unconsolidated affiliates is equal to the current equity investment plus the investees’ net accumulated losses. The following tables present summarized financial information derived from the Company’s equity method investees’ combined consolidated financial statements, which are prepared in accordance with U.S. GAAP. (In thousands) September 28, December 29, Current assets $ 222,036 $ 228,214 Noncurrent assets 96,133 114,257 Current liabilities 171,642 175,371 Noncurrent liabilities 55,111 57,216 For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Net sales $ 129,589 $ 131,827 $ 362,978 $ 382,132 Gross profit 17,006 18,140 40,339 41,989 Net loss (3,952 ) (5,007 ) (43,671 ) (22,867 ) The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarter and nine months ended September 28, 2019 included net losses of $1.9 million and $21.8 million , respectively, for Tecumseh. The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarter ended September 29, 2018 included net losses of $2.5 million for Tecumseh. The Company’s loss from unconsolidated affiliates, net of foreign tax, for the nine months ended September 29, 2018 included net losses of $15.4 million and charges of $3.0 million related to certain labor claim contingencies, offset by a gain of $7.0 million related to a settlement with the Brazilian Federal Revenue Agency for Tecumseh. Mueller Middle East On December 30, 2015, the Company entered into a joint venture agreement with Cayan Ventures and Bahrain Mumtalakat Holding Company to build a copper tube mill in Bahrain. The business operates and brands its products under the Mueller Industries family of brands. The Company has invested approximately $5.0 million of cash to date and is the technical and marketing lead with a 40 percent ownership in the joint venture. The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarters ended September 28, 2019 and September 29, 2018 included net losses of $0.5 million and $0.5 million , respectively, for Mueller Middle East. The Company’s loss from unconsolidated affiliates, net of foreign tax, for the nine months ended September 28, 2019 and September 29, 2018 included net losses of $1.9 million and $2.1 million , respectively, for Mueller Middle East.

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 28, 2019
Retirement Benefits [Abstract]
Benefit Plans	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 (income) are as follows: For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Pension benefits: Service cost $ — $ 22 $ — $ 66 Interest cost 1,455 1,478 4,365 4,436 Expected return on plan assets (2,077 ) (2,290 ) (6,230 ) (6,869 ) Amortization of net loss 485 293 1,455 877 Net periodic benefit income $ (137 ) $ (497 ) $ (410 ) $ (1,490 ) Other benefits: Service cost $ 64 $ 59 $ 191 $ 175 Interest cost 153 147 459 441 Amortization of prior service credit (226 ) (226 ) (677 ) (677 ) Amortization of net (gain) loss (10 ) 14 (31 ) 43 Net periodic benefit income $ (19 ) $ (6 ) $ (58 ) $ (18 ) The components of net periodic benefit cost (income) other than the service cost component are included in other (expense) income, net in the Condensed Consolidated Statements of Income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. Environmental Non-operating Properties Southeast Kansas Sites The Kansas Department of Health and Environment (KDHE) has contacted the Company regarding environmental contamination at three former smelter sites in Kansas (Altoona, East La Harpe, and Lanyon). The Company is not a successor to the companies that operated these smelter sites, but is exploring possible settlement with KDHE and other potentially responsible parties (PRP) in order to avoid litigation. Altoona. Another PRP conducted a site investigation of the Altoona site under a consent decree with KDHE and submitted a removal site evaluation report recommending a remedy. The remedial design plan, which covers both on-site and certain off-site cleanup costs, was approved by the KDHE in 2016. Construction of the remedy was completed in 2018. East La Harpe. At the East La Harpe site, the Company and two other PRPs conducted a site study evaluation under KDHE supervision and prepared a site cleanup plan approved by KDHE. In 2016, the corporate parent (Peabody Energy) of a third party that the Company understands may owe indemnification obligations to one of the other PRPs (Blue Tee) in connection with the East La Harpe site filed for protection under Chapter 11 of the U.S. Bankruptcy Code. KDHE has extended the deadline for the PRPs to develop a repository design plan to allow for wetlands permitting to take place. In December 2018, KDHE provided a draft agreement which contemplates the use of funds KDHE obtained from two other parties (Peabody Energy and Blue Tee) to fund part of the remediation, and removes Blue Tee from the PRPs’ agreement with KDHE. The Company is currently negotiating the terms of that draft agreement. Lanyon. With respect to the Lanyon Site, in 2016, the Company received a general notice letter from the United States Environmental Protection Agency (EPA) asserting that the Company is a PRP, which the Company has denied. EPA issued an interim record of decision in 2017 and has been remediating properties at the site. The Company’s reserve for its proportionate share of the remediation costs associated with these three Southeast Kansas sites is $5.6 million . 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 implementing various remedial measures, including sealing mine portals with concrete plugs in portals that 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 QCB Order, 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, and again 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 10 -year permit will include an order requiring continued implementation of BMP through 2029 to address residual discharges of acid rock drainage. The Company currently estimates that it will spend between approximately $12.8 million and $17.5 million for remediation at these sites over the next 30 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 (collectively, Site Activities) at Lead Refinery’s East Chicago, Indiana site pursuant to the Resource Conservation and Recovery Act since December 1996. Although the Site Activities have been substantially concluded, Lead Refinery is required to perform monitoring and maintenance-related activities pursuant to a post-closure permit issued by the Indiana Department of Environmental Management effective as of March 2, 2013. Approximate costs to comply with the post-closure permit, including associated general and administrative costs, are estimated at between $1.7 million and $2.1 million over the next 18 years. On April 9, 2009, pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the U.S. Environmental Protection Agency (EPA) added the Lead Refinery site and surrounding properties to the National Priorities List (NPL). On July 17, 2009, Lead Refinery received a written notice from the EPA indicating that it may be a PRP under CERCLA due to the release or threat of release of hazardous substances including lead into properties surrounding the Lead Refinery NPL site. The EPA identified two other PRPs in connection with that matter. In November 2012, the EPA adopted a remedy for the surrounding properties and in September 2014, the EPA announced that it had entered into a settlement with the two other PRPs whereby they will pay approximately $26.0 million to fund the cleanup of approximately 300 properties surrounding the Lead Refinery NPL site (zones 1 and 3 of operable unit 1) and perform certain remedial action tasks. On November 8, 2016, the Company, its subsidiary Arava Natural Resources Company, Inc. (Arava), and Arava’s subsidiary MRRC each received general notice letters from the EPA asserting that they may be PRPs in connection with the Lead Refinery NPL site. The Company, Arava, and MRRC have denied liability for any remedial action and response costs associated with the Lead Refinery NPL site. In June 2017, the EPA requested that Lead Refinery conduct, and the Company fund, a remedial investigation and feasibility study of operable unit 2 of the Lead Refinery NPL site pursuant to a proposed administrative settlement agreement and order on consent. The Company and Lead Refinery entered into that agreement in September 2017. The Company has made a capital contribution to Lead Refinery to conduct the remedial investigation and feasibility study with respect to operable unit 2 and has provided financial assurance in the amount of $1.0 million . The EPA has also asserted its position that Mueller is a responsible party for the Lead Refinery NPL site, and accordingly is responsible for a share of remedial action and response costs at the site and in the adjacent residential area. In January 2018, the EPA issued two unilateral administrative orders (UAOs) directing the Company, Lead Refinery, and four other PRPs to conduct soil and interior remediation of certain residences at the Lead Refinery NPL site (zones 2 and 3 of operable unit 1). The Company and Lead Refinery have reached agreement with the four other PRPs to implement these two UAOs, with the Company agreeing to pay, on an interim basis, (i) an estimated $4.5 million (subject to potential change through a future reallocation process) of the approximately $25.0 million the PRPs currently estimate it will cost to implement the UAOs, which estimate is subject to change, and (ii) $2.0 million relating to past costs incurred by other PRPs for work conducted at the site, as well as the possibility of up to $0.7 million in further payments for ongoing work by those PRPs, $0.4 million of which has been incurred by those PRPs and paid for by the Company to date. As of September 28, 2019 , the Company has made payments of approximately $7.0 million related to the aforementioned agreement with the other PRPs. The Company disputes that it was properly named in the UAOs, and has reserved its rights to petition the EPA for reimbursement of any costs incurred to comply with the UAOs upon the completion of the work required therein. In October 2017, a group of private plaintiffs sued the Company, Arava, MRRC, and Lead Refinery, along with other defendants, in a private tort action relating to the site; the Company, Arava, and MRRC were voluntarily dismissed from that litigation without prejudice in March 2018. A second civil action asserting similar claims was filed against the Company, Arava, MRRC, and Lead Refinery in September 2018. At this juncture, the Company is unable to determine the likelihood of a material adverse outcome or the amount or range of a potential loss in excess of the current reserve with respect to any remedial action or litigation relating to the Lead Refinery NPL site, either at Lead Refinery’s former operating site (operable unit 2) or the adjacent residential area (operable unit 1), including, but not limited to, EPA oversight costs for which EPA may attempt to seek reimbursement from the Company, and past costs for which other PRPs may attempt to seek contribution from the Company. Bonita Peak Mining District Following an August 2015 spill from the Gold King Mine into the Animas River near Silverton, Colorado, the EPA listed the Bonita Peak Mining District on the NPL. Said listing was finalized in September 2016. The Bonita Peak Mining District encompasses 48 mining sites within the Animas River watershed, including the Sunnyside Mine, the American Tunnel, and the Sunbank Group. On or about July 25, 2017, Washington Mining Company (Washington Mining) (a wholly-owned subsidiary of the Company’s wholly-owned subsidiary, Arava), received a general notice letter from the EPA stating that Washington Mining may be a PRP under CERCLA in connection with the Bonita Peak Mining District site and therefore responsible for the remediation of certain portions of the site, along with related costs incurred by the EPA. Shortly thereafter, the Company received a substantively identical letter asserting that it may be a PRP at the site and similarly responsible for the cleanup of certain portions of the site. The general notice letters identify one other PRP at the site, and do not require specific action by Washington Mining or the Company at this time. At this juncture, the Company is unable to determine the likelihood of a materially adverse outcome or the amount or range of a potential loss with respect to any remedial action related to the Bonita Peak Mining District NPL site. 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 to remove trichloroethylene, a cleaning solvent formerly used by MCTP. 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 (RWP) 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 RWP regarding final remediation for the Site. The remediation system was activated in February 2014. Costs to implement the work plans, including associated general and administrative costs, are estimated to approximate $0.7 million to $1.1 million over the next seven years . United States Department of Commerce Antidumping Review On December 24, 2008, the 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 for the November 1, 2007 through October 31, 2008 period of review. The DOC selected Mueller Comercial as a respondent in the review. On April 19, 2010, the DOC published the final results of the review and assigned Mueller Comercial an antidumping duty rate of 48.33 percent . On May 25, 2010, the Company appealed the final results to the U.S. Court of International Trade (CIT). On December 16, 2011, the CIT issued a decision remanding the Department’s final results. While the matter was still pending, the Company and the United States reached an agreement to settle the appeal. Subject to the conditions of the agreement, the Company anticipated that certain of its subsidiaries would incur antidumping duties on subject imports made during the period of review and, as such, established a reserve for this matter. After the lapse of the statutory period of time during which U.S. Customs and Border Protection (CBP) was required, but failed, to liquidate the entries at the settled rate, the Company released the reserve. Between October 30, 2015 and November 27, 2015, CBP sent a series of invoices to Southland Pipe Nipples Co., Inc. (Southland), requesting payment of approximately $3.0 million in duties and interest in connection with 795 import entries made during the November 1, 2007 through October 31, 2008 period. On January 26, 2016 and January 27, 2016, Southland filed protests with CBP in connection with these invoices, noting that CBP’s asserted claims were not made in accordance with applicable law, including statutory provisions governing deemed liquidation. The Company believes in the merits of the legal objections raised in Southland’s protests, and CBP’s response to Southland’s protests is currently pending. Given the procedural posture and issues raised by this legal dispute, the Company cannot estimate the amount of potential duty liability, if any, that may result from CBP’s asserted claims. Equal Employment Opportunity Commission Matter On October 5, 2016, the Company received a demand letter from the Los Angeles District Office of the United States Equal Employment Opportunity Commission (EEOC). The EEOC alleged that between May 2011 and April 2015, various Company employees were terminated in violation of the Americans with Disabilities Act (ADA), and that certain of the Company’s employee leave and attendance policies were discriminatory in nature. Thereafter, the Company, in consultation with its liability insurers, entered into conciliation and mediation efforts with the EEOC for purposes of resolving the claims. At the conclusion of those efforts, the Company and the EEOC reached agreement on a consensual resolution of the EEOC’s claims, which includes both monetary and equitable relief. On June 28, 2018, the EEOC filed a complaint against the Company on behalf of a group of unidentified claimants in the United States District Court for the Central District of California alleging that the Company engaged in unlawful employment practices in violation of the ADA. On July 13, 2018, the District Court approved a Consent Decree between the Company and the EEOC to resolve the EEOC’s claims. The Consent Decree, the term of which shall be two and a half years, provides that the Company shall pay up to $1.0 million in monetary relief to fund individual claims for discrimination under the ADA as approved by the EEOC. That amount is fully within the limits of the Company’s applicable insurance coverage. Pursuant to the Consent Decree, the Company shall also take a series of proactive measures to cultivate a work environment free from unlawful discrimination. Those measures include, among others, assistance with the identification of potential claimants, employee, supervisory and managerial training regarding employee rights under the ADA, revised practices and procedures concerning reasonable workplace accommodations as required by the ADA, and related reporting and recordkeeping. Deepwater Horizon Economic and Property Damage Claim In November 2018, an Appeal Panel of the Deepwater Horizon Economic and Property Damage Settlement Program approved an award to Mueller Copper Tube Company, Inc., a wholly owned subsidiary of the Company, of $27.4 million . In January 2019, the United States District Court for the Eastern District of Louisiana denied discretionary review of the award, and an appeal of the award is currently pending before the United States Court of Appeals for the Fifth Circuit. The award, if upheld, is subject to the Company’s payment of contingency-based legal and advisory fees of approximately 20 percent of the total award amount. Any recovery following the payment of such fees and any applicable taxes will be recognized as income when settled. There can be no assurance that the Company will receive such award, and it is possible such award will be materially reduced or reversed in its entirety upon appeal. Guarantees Guarantees, in the form of letters of credit, are issued by the Company generally to assure the payment of insurance deductibles, certain retiree health benefits, and debt at certain unconsolidated affiliates. The terms of the 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 28, 2019 were $11.9 million .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 28, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the third quarter of 2019 was 19 percent compared with 12 percent for the same period last year. The items impacting the effective tax rate for the third quarter of 2019 were primarily attributable to benefits of $1.0 million related to the one-time transition tax on the accumulated earnings of certain foreign subsidiaries and $0.8 million related to other items. These were partially offset by the provision for state income taxes, net of the federal benefit, of $1.0 million . The Company’s effective tax rate for the third quarter of 2018 was 12 percent . The items impacting the effective tax rate for the third quarter of 2018 were primarily attributable to a reduction of $4.3 million , or seven cents per diluted share, related to the provisional transition tax calculation and the reduction for the impact of tax benefits from losses on investments in unconsolidated affiliates of $0.7 million . These were partially offset by the provision for state income taxes, net of the federal benefit, of $0.7 million , an increase in valuation allowance of $1.5 million , or three cents per diluted share, and $0.5 million of other items. The Company’s effective tax rate for the first nine months of 2019 was 22 percent compared with 20 percent for the same period last year. The items impacting the effective tax rate for the first nine months of 2019 were primarily attributable to the provision for state income taxes, net of the federal benefit, of $3.3 million , which was partially offset by the recognition of a $1.6 million benefit related to an increased tax loss on the sale of a foreign subsidiary in a prior period, a reduction of $0.6 million related to the one-time transition tax on the accumulated earnings of certain foreign subsidiaries, and $0.3 million of other items. The Company’s effective tax rate for the first nine months of 2018 was 20 percent . The items impacting the effective tax rate for the first nine months of 2018 were primarily attributable to a reduction of $4.3 million , or seven cents per diluted share, related to the provisional transition tax calculation and a reduction for the impact of tax benefits from losses on investments in unconsolidated affiliates of $4.4 million . These were partially offset by the provision for state income taxes, net of the federal benefit, of $3.3 million , an increase in valuation allowance of $1.5 million , or three cents per diluted share, the effect of foreign tax rates lower than statutory tax rates of $0.8 million , the inclusion for global intangible low-taxed income of $0.8 million , and $1.2 million of other items. 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 2015 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 is currently auditing the Company’s 2015 and 2017 federal consolidated returns. 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 28, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) 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 other comprehensive income attributable to unconsolidated affiliates. The following tables provide changes in AOCI by component, net of taxes and noncontrolling interests (amounts in parentheses indicate debits to AOCI): For the Nine Months Ended September 28, 2019 (In thousands) Cumulative Translation Adjustment Unrealized (Loss) Gain on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 29, 2018 $ (54,257 ) $ (214 ) $ (24,967 ) $ (354 ) $ (79,792 ) Other comprehensive (loss) income before reclassifications (2,199 ) 763 587 828 (21 ) Amounts reclassified from AOCI — (630 ) 620 — (10 ) Net current-period other comprehensive (loss) income (2,199 ) 133 1,207 828 (31 ) Balance as of September 28, 2019 $ (56,456 ) $ (81 ) $ (23,760 ) $ 474 $ (79,823 ) For the Nine Months Ended September 29, 2018 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 30, 2017 $ (38,163 ) $ 847 $ (20,610 ) $ 6,870 $ (51,056 ) Other comprehensive (loss) income before reclassifications (5,143 ) (441 ) 551 (7,187 ) (12,220 ) Amounts reclassified from AOCI — (455 ) 218 — (237 ) Net current-period other comprehensive (loss) income (5,143 ) (896 ) 769 (7,187 ) (12,457 ) Reclassification of stranded effects of the Act — 112 (1,018 ) 1,462 556 Balance as of September 29, 2018 $ (43,306 ) $ 63 $ (20,859 ) $ 1,145 $ (62,957 ) Reclassification adjustments out of AOCI were as follows: Amount reclassified from AOCI For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Affected line item Unrealized gains on derivative commodity contracts $ (394 ) $ (204 ) $ (764 ) $ (550 ) Cost of goods sold 61 24 134 95 Income tax expense $ (333 ) $ (180 ) $ (630 ) $ (455 ) Net of tax and noncontrolling interests Amortization of net loss and prior service cost on employee benefit plans $ 249 $ 81 $ 747 $ 243 Other income, net (42 ) (9 ) (127 ) (25 ) Income tax benefit $ 207 $ 72 $ 620 $ 218 Net of tax and noncontrolling interests

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	9 Months Ended
	Sep. 28, 2019
Accounting Changes and Error Corrections [Abstract]
Recently Adopted and Issued Accounting Standards	Adopted In July 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-11, Leases (Topic 842): Targeted Improvements and ASU No. 2018-10, Codification Improvements to Topic 842, Leases . The ASUs clarify how to apply certain aspects of the new leasing standard, ASC 842. ASC 842 requires an entity to recognize a right-of-use asset and lease liability for each lease with a term of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a financing or operating lease. The guidance also requires certain quantitative and qualitative disclosures about leasing arrangements. The Company adopted the ASU during the first quarter of 2019 using a modified retrospective approach and applied the transition provisions at the beginning of the fiscal year. Financial results reported in periods prior to 2018 are unchanged. The Company elected a package of practical expedients, which, among other things, does not require the reassessment of lease classification. The Company does not separate lease and non-lease components of contracts. The Company implemented a system to identify its entire population of leases and tested the population for completeness. As of the effective date, the Company recognized noncurrent right-of-use assets of $29.5 million and corresponding current and noncurrent lease liabilities of $4.8 million and $25.4 million , respectively. Issued In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . For employers that sponsor defined benefit pension and/or other postretirement benefit plans, the ASU eliminates requirements for certain disclosures that are no longer considered cost beneficial, requires new disclosures related to the weighted-average interest crediting rate for cash balance plans and explanations for significant gains and losses related to changes in benefit obligations, and clarifies the requirements for entities that provide aggregate disclosures for two or more plans. The ASU will be effective for the annual period beginning in 2020. The updated guidance requires retrospective adoption, and early adoption is permitted. The Company does not expect the adoption of the ASU to have a material impact on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The ASU eliminates requirements to disclose the amount and reasons for transfers between level 1 and level 2 of the fair value hierarchy, but requires public companies to disclose changes in unrealized gains and losses for the period included in other comprehensive income (OCI) for recurring level 3 fair value measurements or instruments held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for level 3 fair value measurements. The ASU will be effective for interim and annual periods beginning in 2020. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements, and can elect to early adopt in interim periods. The guidance on changes in unrealized gains and losses for the period included in OCI for recurring level 3 measurements, the range and weighted average of significant unobservable inputs used to develop level 3 fair value measurements, and the narrative description of measurement uncertainty is applied prospectively. All other amendments should be applied retrospectively. The Company does not expect the adoption of the ASU to have a material impact on its Condensed Consolidated Financial Statements.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 28, 2019
Business Combinations [Abstract]
Summary of Condensed Pro Forma Consolidated Results of Operations as if Acquisition Occurred at Beginning of Period	The following table presents condensed pro forma consolidated results of operations as if the ATCO acquisition had occurred at the beginning of 2018. The pro forma information does not purport to be indicative of the results that would have been obtained if the operations had actually been combined during the periods presented and is not necessarily indicative of operating results to be expected in future periods. The most significant pro forma adjustments to the historical results of operations relate to the application of purchase accounting and the financing structure. For the Nine Months Ended (In thousands, except per share data) September 29, 2018 Net sales $ 2,036,367 Net income 84,823 Basic earnings per share $ 1.49 Diluted earnings per share 1.48

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 28, 2019
Segment Reporting [Abstract]
Summary of Segment Information	Summarized segment information is as follows: For the Quarter Ended September 28, 2019 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 390,917 $ 135,443 $ 90,938 $ (8,696 ) $ 608,602 Cost of goods sold 330,418 117,893 70,523 (8,046 ) 510,788 Depreciation and amortization 5,751 1,836 2,491 745 10,823 Selling, general, and administrative expense 18,738 3,115 9,961 8,925 40,739 Operating income 36,010 12,599 7,963 (10,320 ) 46,252 Interest expense (6,148 ) Other income, net 533 Income before income taxes $ 40,637 For the Quarter Ended September 29, 2018 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 410,525 $ 158,709 $ 81,619 $ (4,895 ) $ 645,958 Cost of goods sold 363,174 141,435 66,832 (4,485 ) 566,956 Depreciation and amortization 5,946 1,864 2,123 686 10,619 Selling, general, and administrative expense 17,387 3,086 6,890 11,526 38,889 Gain on sale of assets (1,390 ) (1,301 ) — — (2,691 ) Insurance recovery — (1,486 ) — — (1,486 ) Operating income 25,408 15,111 5,774 (12,622 ) 33,671 Interest expense (6,746 ) Other income, net 411 Income before income taxes $ 27,336 Segment information (continued): For the Nine Months Ended September 28, 2019 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 1,193,274 $ 434,037 $ 276,853 $ (17,387 ) $ 1,886,777 Cost of goods sold 1,019,546 372,542 212,201 (18,160 ) 1,586,129 Depreciation and amortization 16,953 5,518 6,932 2,453 31,856 Selling, general, and administrative expense 56,620 9,280 24,336 31,602 121,838 Operating income 100,155 46,697 33,384 (33,282 ) 146,954 Interest expense (20,135 ) Other income, net 823 Income before income taxes $ 127,642 For the Nine Months Ended September 29, 2018 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 1,294,672 $ 511,932 $ 156,854 $ (14,667 ) $ 1,948,791 Cost of goods sold 1,120,890 445,259 124,806 (14,509 ) 1,676,446 Depreciation and amortization 17,568 5,715 3,371 2,427 29,081 Selling, general, and administrative expense 57,931 9,908 12,009 32,229 112,077 (Gain) loss on sale of assets (2,093 ) (1,301 ) — 3,060 (334 ) Insurance recovery — (1,486 ) — — (1,486 ) Operating income 100,376 53,837 16,668 (37,874 ) 133,007 Interest expense (18,728 ) Other income, net 1,557 Income before income taxes $ 115,836
Disaggregation of Revenue From Contracts with Customers	The following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category: For the Quarter Ended September 28, 2019 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 320,789 $ — $ — $ 320,789 Brass rod and forgings — 103,616 — 103,616 OEM components, tube & assemblies 7,059 11,724 32,334 51,117 Valves and plumbing specialties 63,069 — — 63,069 Other — 20,103 58,604 78,707 390,917 135,443 90,938 617,298 Intersegment sales (8,696 ) Net sales $ 608,602 For the Quarter Ended September 29, 2018 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 340,269 $ — $ — $ 340,269 Brass rod and forgings — 122,411 — 122,411 OEM components, tube & assemblies 7,618 12,292 35,555 55,465 Valves and plumbing specialties 62,638 — — 62,638 Other — 24,006 46,064 70,070 410,525 158,709 81,619 650,853 Intersegment sales (4,895 ) Net sales $ 645,958 Disaggregation of revenue from contracts with customers (continued): For the Nine Months Ended September 28, 2019 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 986,783 $ — $ — $ 986,783 Brass rod and forgings — 333,622 — 333,622 OEM components, tube & assemblies 21,786 37,613 106,542 165,941 Valves and plumbing specialties 184,705 — — 184,705 Other — 62,802 170,311 233,113 1,193,274 434,037 276,853 1,904,164 Intersegment sales (17,387 ) Net sales $ 1,886,777 For the Nine Months Ended September 29, 2018 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 1,077,525 $ — $ — $ 1,077,525 Brass rod and forgings — 394,880 — 394,880 OEM components, tube & assemblies 22,128 41,956 110,790 174,874 Valves and plumbing specialties 195,019 — — 195,019 Other — 75,096 46,064 121,160 1,294,672 511,932 156,854 1,963,458 Intersegment sales (14,667 ) Net sales $ 1,948,791

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	9 Months Ended
	Sep. 28, 2019
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	(In thousands) September 28, December 29, Cash & cash equivalents $ 100,338 $ 72,616 Restricted cash included within other current assets 2,058 4,414 Restricted cash included within other assets 107 108 Total cash, cash equivalents, and restricted cash $ 102,503 $ 77,138
Restrictions on Cash and Cash Equivalents	(In thousands) September 28, December 29, Cash & cash equivalents $ 100,338 $ 72,616 Restricted cash included within other current assets 2,058 4,414 Restricted cash included within other assets 107 108 Total cash, cash equivalents, and restricted cash $ 102,503 $ 77,138

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 28, 2019
Inventory Disclosure [Abstract]
Inventories	(In thousands) September 28, December 29, Raw materials and supplies $ 69,668 $ 89,641 Work-in-process 64,392 58,643 Finished goods 149,949 188,506 Valuation reserves (6,442 ) (6,995 ) Inventories $ 277,567 $ 329,795

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [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 September 28, December 29, Balance Sheet Location September 28, December 29, Commodity contracts - gains Other current assets $ 29 $ 88 Other current liabilities $ 75 $ 103 Commodity contracts - losses Other current assets (27 ) (1 ) Other current liabilities (883 ) (1,382 ) Total derivatives (1) $ 2 $ 87 $ (808 ) $ (1,279 ) (1) Does not include the impact of cash collateral provided to counterparties.
Schedule of Fair Value Hedges	The following tables summarize the effects of derivative instruments on the Company’s Condensed Consolidated Statements of Income: For the Quarter Ended For the Nine Months Ended (In thousands) Location September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Fair value hedges: Gain on commodity contracts (qualifying) Cost of goods sold $ — $ — $ — $ 391 Loss on hedged item - inventory Cost of goods sold — — — (385 ) Undesignated derivatives: (Loss) gain on commodity contracts (nonqualifying) Cost of goods sold (467 ) (2,848 ) 1,425 5,579
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: For the Quarter Ended September 28, 2019 (In thousands) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Gain Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ 130 Cost of goods sold $ (332 ) Other 8 Other (1 ) Total $ 138 Total $ (333 ) Changes recognized in and reclassified from AOCI (continued): For the Quarter Ended September 29, 2018 (In thousands) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Gain Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ 305 Cost of goods sold $ (180 ) Other 6 Other — Total $ 311 Total $ (180 ) For the Nine Months Ended September 28, 2019 (In thousands) Gain Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Gain Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ 749 Cost of goods sold $ (629 ) Other 14 Other (1 ) Total $ 763 Total $ (630 ) For the Nine Months Ended September 29, 2018 (In thousands) Loss Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) Gain Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ (438 ) Cost of goods sold $ (455 ) Other (3 ) Other — Total $ (441 ) Total $ (455 )

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 28, 2019
Leases [Abstract]
Supplemental Information Regarding Operating Leases	The following table includes supplemental information with regards to the Company’s operating leases: (In thousands, except lease term and discount rate) September 28, 2019 Operating lease right-of-use assets $ 25,855 Current portion of operating lease liabilities 3,832 Noncurrent operating lease liabilities 22,712 Total operating lease liabilities $ 26,544 Weighted average discount rate 5.83 % Weighted average remaining lease term (in years) 8.62
Schedule of Operating Lease Cost and Payments	The following table presents certain information related to operating lease costs and cash paid during the period. (In thousands) For the Quarter Ended September 28, 2019 For the Nine Months Ended September 28, 2019 Operating lease costs $ 1,930 $ 5,134 Short term lease costs 777 3,782 Total lease costs $ 2,707 $ 8,916 Cash paid for amounts included in the measurement of lease liabilities $ 1,862 $ 4,980
Schedule of Maturities of Operating Leases	Maturities of the Company’s operating leases are as follows: (In thousands) September 28, 2019 2019 $ 1,575 2020 6,061 2021 5,085 2022 4,373 2023 2,876 2024 and thereafter 15,688 Total lease payments 35,658 Less imputed interest (9,114 ) Total lease obligations 26,544 Less current obligations (3,832 ) Noncurrent lease obligations $ 22,712

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	9 Months Ended
	Sep. 28, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information Derived From the Company's Equity Method Investee's Consolidated Financial Statements	The following tables present summarized financial information derived from the Company’s equity method investees’ combined consolidated financial statements, which are prepared in accordance with U.S. GAAP. (In thousands) September 28, December 29, Current assets $ 222,036 $ 228,214 Noncurrent assets 96,133 114,257 Current liabilities 171,642 175,371 Noncurrent liabilities 55,111 57,216 For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Net sales $ 129,589 $ 131,827 $ 362,978 $ 382,132 Gross profit 17,006 18,140 40,339 41,989 Net loss (3,952 ) (5,007 ) (43,671 ) (22,867 )

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 28, 2019
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost (Income)	The components of net periodic benefit cost (income) are as follows: For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Pension benefits: Service cost $ — $ 22 $ — $ 66 Interest cost 1,455 1,478 4,365 4,436 Expected return on plan assets (2,077 ) (2,290 ) (6,230 ) (6,869 ) Amortization of net loss 485 293 1,455 877 Net periodic benefit income $ (137 ) $ (497 ) $ (410 ) $ (1,490 ) Other benefits: Service cost $ 64 $ 59 $ 191 $ 175 Interest cost 153 147 459 441 Amortization of prior service credit (226 ) (226 ) (677 ) (677 ) Amortization of net (gain) loss (10 ) 14 (31 ) 43 Net periodic benefit income $ (19 ) $ (6 ) $ (58 ) $ (18 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 28, 2019
Equity [Abstract]
Changes in AOCI by Component, Net of Taxes and Noncontrolling Interest	The following tables provide changes in AOCI by component, net of taxes and noncontrolling interests (amounts in parentheses indicate debits to AOCI): For the Nine Months Ended September 28, 2019 (In thousands) Cumulative Translation Adjustment Unrealized (Loss) Gain on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 29, 2018 $ (54,257 ) $ (214 ) $ (24,967 ) $ (354 ) $ (79,792 ) Other comprehensive (loss) income before reclassifications (2,199 ) 763 587 828 (21 ) Amounts reclassified from AOCI — (630 ) 620 — (10 ) Net current-period other comprehensive (loss) income (2,199 ) 133 1,207 828 (31 ) Balance as of September 28, 2019 $ (56,456 ) $ (81 ) $ (23,760 ) $ 474 $ (79,823 ) For the Nine Months Ended September 29, 2018 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 30, 2017 $ (38,163 ) $ 847 $ (20,610 ) $ 6,870 $ (51,056 ) Other comprehensive (loss) income before reclassifications (5,143 ) (441 ) 551 (7,187 ) (12,220 ) Amounts reclassified from AOCI — (455 ) 218 — (237 ) Net current-period other comprehensive (loss) income (5,143 ) (896 ) 769 (7,187 ) (12,457 ) Reclassification of stranded effects of the Act — 112 (1,018 ) 1,462 556 Balance as of September 29, 2018 $ (43,306 ) $ 63 $ (20,859 ) $ 1,145 $ (62,957 )
Reclassification Adjustments Out of AOCI	Reclassification adjustments out of AOCI were as follows: Amount reclassified from AOCI For the Quarter Ended For the Nine Months Ended (In thousands) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Affected line item Unrealized gains on derivative commodity contracts $ (394 ) $ (204 ) $ (764 ) $ (550 ) Cost of goods sold 61 24 134 95 Income tax expense $ (333 ) $ (180 ) $ (630 ) $ (455 ) Net of tax and noncontrolling interests Amortization of net loss and prior service cost on employee benefit plans $ 249 $ 81 $ 747 $ 243 Other income, net (42 ) (9 ) (127 ) (25 ) Income tax benefit $ 207 $ 72 $ 620 $ 218 Net of tax and noncontrolling interests

Recent Accounting Standards - A

Recent Accounting Standards - Additional Information (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Jan. 01, 2019	Dec. 29, 2018
Accounting Changes and Error Corrections [Abstract]
Operating lease right-of-use assets	$ 25,855	$ 29,500	$ 0
Current portion of operating lease liabilities	3,832	4,800	0
Noncurrent operating lease liabilities	$ 22,712	$ 25,400	$ 0

Earnings per Common Share Earni

Earnings per Common Share Earnings per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Earnings Per Share [Abstract]
Stock-based awards excluded from computation of diluted earnings per share (in shares)	110	79

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions	Jul. 02, 2018	Mar. 31, 2018	Sep. 28, 2019	Sep. 28, 2019
ATCO [Member]
Business Acquisition [Line Items]
Consideration transferred net of working capital adjustments	$ 158.1
Cash portion of acquisition price	151.8
Maximum possible contingent consideration	12
Fair value of assets acquired	137.9
Fair value of property, plant and equipment acquired	83.1
Fair value of inventories acquired	31.7
Fair value of accounts receivable acquired	21.8
Fair value of other current assets acquired	1.1
Fair value of other assets acquired	0.2
Fair value of liabilities acquired	20.4
Fair value of accounts payable acquired	8.1
Fair value of other current liabilities acquired	10.2
Fair value of long-term debt acquired	2.1
Tax-deductible goodwill	17.2
Fair value of intangible assets acquired	23.4
Increase (decrease) in goodwill	$ 0.5
Revenues of acquired entity for last annual period			$ 49.4	$ 144.8
Die-Mold [Member]
Business Acquisition [Line Items]
Consideration transferred net of working capital adjustments		$ 13.6
Cash portion of acquisition price		12.4
Maximum possible contingent consideration		2.3
Fair value of assets acquired		7.1
Fair value of property, plant and equipment acquired		3.3
Fair value of inventories acquired		1.8
Fair value of accounts receivable acquired		1.7
Fair value of other current assets acquired		0.3
Fair value of liabilities acquired		2.9
Fair value of accounts payable acquired		0.7
Fair value of other current liabilities acquired		0.2
Fair value of deferred taxes acquired		2
Allocation to non-deductible goodwill and intangible assets		$ 9.4

Acquisitions - Condensed Pro Fo

Acquisitions - Condensed Pro Forma Consolidated Results of Operations (Details) - ATCO [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 29, 2018USD ($)$ / shares
Business Acquisition [Line Items]
Net sales | $	$ 2,036,367
Net income | $	$ 84,823
Basic earnings per share (in dollars per share) | $ / shares	$ 1.49
Diluted earnings per share (in dollars per share) | $ / shares	$ 1.48

Segment Information - Summary o

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Summary of segment information [Abstract]
Net sales	$ 608,602	$ 645,958	$ 1,886,777	$ 1,948,791
Cost of goods sold	510,788	566,956	1,586,129	1,676,446
Depreciation and amortization	10,823	10,619	31,856	29,081
Selling, general, and administrative expense	40,739	38,889	121,838	112,077
Gain on sale of assets	0	(2,691)	0	(334)
Insurance recovery	0	(1,486)	0	(1,486)
Operating income	46,252	33,671	146,954	133,007
Interest expense	(6,148)	(6,746)	(20,135)	(18,728)
Other income (expense), net	533	411	823	1,557
Income before income taxes	40,637	27,336	127,642	115,836
Operating Segments [Member]
Summary of segment information [Abstract]
Net sales	617,298	650,853	1,904,164	1,963,458
Operating Segments [Member] | Piping Systems [Member]
Summary of segment information [Abstract]
Net sales	390,917	410,525	1,193,274	1,294,672
Cost of goods sold	330,418	363,174	1,019,546	1,120,890
Depreciation and amortization	5,751	5,946	16,953	17,568
Selling, general, and administrative expense	18,738	17,387	56,620	57,931
Gain on sale of assets		(1,390)		(2,093)
Insurance recovery		0		0
Operating income	36,010	25,408	100,155	100,376
Operating Segments [Member] | Industrial Metals [Member]
Summary of segment information [Abstract]
Net sales	135,443	158,709	434,037	511,932
Cost of goods sold	117,893	141,435	372,542	445,259
Depreciation and amortization	1,836	1,864	5,518	5,715
Selling, general, and administrative expense	3,115	3,086	9,280	9,908
Gain on sale of assets		(1,301)		(1,301)
Insurance recovery		(1,486)		(1,486)
Operating income	12,599	15,111	46,697	53,837
Operating Segments [Member] | Climate [Member]
Summary of segment information [Abstract]
Net sales	90,938	81,619	276,853	156,854
Cost of goods sold	70,523	66,832	212,201	124,806
Depreciation and amortization	2,491	2,123	6,932	3,371
Selling, general, and administrative expense	9,961	6,890	24,336	12,009
Gain on sale of assets		0		0
Insurance recovery		0		0
Operating income	7,963	5,774	33,384	16,668
Corporate and Eliminations [Member]
Summary of segment information [Abstract]
Net sales	(8,696)	(4,895)	(17,387)	(14,667)
Cost of goods sold	(8,046)	(4,485)	(18,160)	(14,509)
Depreciation and amortization	745	686	2,453	2,427
Selling, general, and administrative expense	8,925	11,526	31,602	32,229
Gain on sale of assets		0		3,060
Insurance recovery		0		0
Operating income	$ (10,320)	$ (12,622)	$ (33,282)	$ (37,874)

Segment Information - Net Sales

Segment Information - Net Sales by Major Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 608,602	$ 645,958	$ 1,886,777	$ 1,948,791
Operating Segments [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	617,298	650,853	1,904,164	1,963,458
Operating Segments [Member] | Piping Systems [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	390,917	410,525	1,193,274	1,294,672
Operating Segments [Member] | Industrial Metals [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	135,443	158,709	434,037	511,932
Operating Segments [Member] | Climate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	90,938	81,619	276,853	156,854
Operating Segments [Member] | Tube and fittings [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	320,789	340,269	986,783	1,077,525
Operating Segments [Member] | Tube and fittings [Member] | Piping Systems [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	320,789	340,269	986,783	1,077,525
Operating Segments [Member] | Tube and fittings [Member] | Industrial Metals [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0	0	0
Operating Segments [Member] | Tube and fittings [Member] | Climate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0	0	0
Operating Segments [Member] | Brass rod and forgings [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	103,616	122,411	333,622	394,880
Operating Segments [Member] | Brass rod and forgings [Member] | Piping Systems [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0	0	0
Operating Segments [Member] | Brass rod and forgings [Member] | Industrial Metals [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	103,616	122,411	333,622	394,880
Operating Segments [Member] | Brass rod and forgings [Member] | Climate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0	0	0
Operating Segments [Member] | OEM components, tube and assemblies [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	51,117	55,465	165,941	174,874
Operating Segments [Member] | OEM components, tube and assemblies [Member] | Piping Systems [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	7,059	7,618	21,786	22,128
Operating Segments [Member] | OEM components, tube and assemblies [Member] | Industrial Metals [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	11,724	12,292	37,613	41,956
Operating Segments [Member] | OEM components, tube and assemblies [Member] | Climate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	32,334	35,555	106,542	110,790
Operating Segments [Member] | Valves and plumbing specialties [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	63,069	62,638	184,705	195,019
Operating Segments [Member] | Valves and plumbing specialties [Member] | Piping Systems [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	63,069	62,638	184,705	195,019
Operating Segments [Member] | Valves and plumbing specialties [Member] | Industrial Metals [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0	0	0
Operating Segments [Member] | Valves and plumbing specialties [Member] | Climate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0	0	0
Operating Segments [Member] | Other products [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	78,707	70,070	233,113	121,160
Operating Segments [Member] | Other products [Member] | Piping Systems [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0	0	0
Operating Segments [Member] | Other products [Member] | Industrial Metals [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	20,103	24,006	62,802	75,096
Operating Segments [Member] | Other products [Member] | Climate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	58,604	46,064	170,311	46,064
Intersegment Sales [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ (8,696)	$ (4,895)	$ (17,387)	$ (14,667)

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018	Sep. 29, 2018	Dec. 30, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 100,338	$ 72,616
Restricted cash included within other current assets	2,058	4,414
Restricted cash included within other assets	107	108
Total cash, cash equivalents, and restricted cash	$ 102,503	$ 77,138	$ 109,049	$ 126,563

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 69,668	$ 89,641
Work-in-process	64,392	58,643
Finished goods	149,949	188,506
Valuation reserves	(6,442)	(6,995)
Inventories	$ 277,567	$ 329,795

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Dec. 29, 2018
Derivative [Line Items]
Restricted cash in other current assets as collateral related to open derivative contracts	$ 2,200	$ 3,600
Commodity Contracts [Member]
Derivative [Line Items]
Deferred net losses, net of tax, included in AOCI	(243)
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Long [Member]
Derivative [Line Items]
Open option contracts written, at fair value	$ 37,900
Time period for open copper future contract purchases	8 months
Fair value of future contracts with net loss position	$ (805)
Fair Value Hedging [Member] | Commodity Contracts [Member] | Short [Member]
Derivative [Line Items]
Fair value of future contracts with net loss position	(2)
Open future contracts to sell copper	$ 188
Time period for open copper future contract sales	10 months

Financial Instruments - Summary

Financial Instruments - Summary of Location and Fair Value (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Derivatives, Fair Value [Line Items]
Total derivative assets	$ 2	$ 87
Total derivative liabilities	(808)	(1,279)
Other Current Assets [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Other current assets: Gain positions	29	88
Other current assets: Loss positions	(27)	(1)
Other Current Liabilities [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Other current liability: Gain positions	75	103
Other current liability: Loss positions	$ (883)	$ (1,382)

Financial Instruments - Effects

Financial Instruments - Effects of Derivative Instruments on Statements of Income (Details) - Cost of Goods Sold [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Commodity Contracts [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on the derivatives in designated and qualifying fair value hedges	$ 0	$ 0	$ 0	$ 391
Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain on commodity contracts (nonqualifying)	(467)	(2,848)	1,425	5,579
Inventories [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on the derivatives in designated and qualifying fair value hedges	$ 0	$ 0	$ 0	$ (385)

Financial Instruments - Amounts

Financial Instruments - Amounts Recognized in and Reclassified from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Net change with respect to derivative instruments and hedging activities, net of tax of $56, $(33), $(34), and $243	$ (195)		$ 133
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net change with respect to derivative instruments and hedging activities, net of tax of $56, $(33), $(34), and $243	138		763
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax	(333)		(630)
Gain Recognized in AOCI (Effective Portion), Net of Tax		$ 311		$ (441)
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax		(180)		(455)
Commodity Contracts [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net change with respect to derivative instruments and hedging activities, net of tax of $56, $(33), $(34), and $243	130		749
Gain Recognized in AOCI (Effective Portion), Net of Tax		305		(438)
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	(332)		(629)
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax		(180)		(455)
Other [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net change with respect to derivative instruments and hedging activities, net of tax of $56, $(33), $(34), and $243	8		14
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax	$ (1)		$ (1)
Gain Recognized in AOCI (Effective Portion), Net of Tax		6		(3)
(Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax		$ 0		$ 0

Leases - Summary of Supplementa

Leases - Summary of Supplemental Operating Lease Information (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Jan. 01, 2019	Dec. 29, 2018
Lessee, Lease, Description [Line Items]
Operating lease renewal term	5 years
Weighted average remaining lease term (in years)	8 years 7 months 13 days
Operating lease right-of-use assets	$ 25,855	$ 29,500	$ 0
Current portion of operating lease liabilities	3,832	4,800	0
Noncurrent operating lease liabilities	22,712	$ 25,400	$ 0
Total operating lease liabilities	$ 26,544
Weighted average discount rate (as a percent)	5.83%
Minimum [Member]
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (in years)	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (in years)	15 years

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2019	Sep. 28, 2019
Leases [Abstract]
Operating lease costs	$ 1,930	$ 5,134
Short term lease costs	777	3,782
Total lease costs	2,707	8,916
Cash paid for amounts included in the measurement of lease liabilities	$ 1,862	$ 4,980

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Jan. 01, 2019	Dec. 29, 2018
Leases [Abstract]
2019	$ 1,575
2020	6,061
2021	5,085
2022	4,373
2023	2,876
2024 and thereafter	15,688
Total lease payments	35,658
Less imputed interest	(9,114)
Total operating lease liabilities	26,544
Less current obligations	(3,832)	$ (4,800)	$ 0
Noncurrent lease obligations	$ 22,712	$ 25,400	$ 0

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		45 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019
Schedule of Equity Method Investments [Line Items]
Net loss	$ (3,952)	$ (5,007)	$ (43,671)	$ (22,867)
Tecumseh Products Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage	50.00%		50.00%		50.00%
Net loss	$ (1,900)	(2,500)	$ (21,800)	(15,400)
Second Unconsolidated Affiliate [Member]
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage	50.00%		50.00%		50.00%
Mueller Middle East [Member]
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage	40.00%		40.00%		40.00%
Net loss	$ (500)	$ (500)	$ (1,900)	(2,100)
Cash invested to acquire joint venture interest					$ 5,000
Labor Claim [Member] | Tecumseh Products Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contingency charge				3,000
Brazilian Federal Revenue Agency | Tecumseh Products Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Net loss				$ 7,000

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliates - Summarized Financial Information Derived from Equity Method Investees' Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Dec. 29, 2018
Balance sheet data [Abstract]
Current assets	$ 222,036		$ 222,036		$ 228,214
Noncurrent assets	96,133		96,133		114,257
Current liabilities	171,642		171,642		175,371
Noncurrent liabilities	55,111		55,111		$ 57,216
Income statement data [Abstract]
Net sales	129,589	$ 131,827	362,978	$ 382,132
Gross profit	17,006	18,140	40,339	41,989
Net loss	$ (3,952)	$ (5,007)	$ (43,671)	$ (22,867)

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Pension Benefits [Member]
Components of net periodic benefit cost (income) [Abstract]
Service cost	$ 0	$ 22	$ 0	$ 66
Interest cost	1,455	1,478	4,365	4,436
Expected return on plan assets	(2,077)	(2,290)	(6,230)	(6,869)
Amortization of net (gain) loss	485	293	1,455	877
Net periodic benefit income	(137)	(497)	(410)	(1,490)
Other Benefits [Member]
Components of net periodic benefit cost (income) [Abstract]
Service cost	64	59	191	175
Interest cost	153	147	459	441
Amortization of prior service credit	(226)	(226)	(677)	(677)
Amortization of net (gain) loss	(10)	14	(31)	43
Net periodic benefit income	$ (19)	$ (6)	$ (58)	$ (18)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jul. 13, 2018USD ($)	Nov. 30, 2018USD ($)	Jan. 31, 2018USD ($)unilateral_administrative_order	Nov. 27, 2015USD ($)	Sep. 28, 2019USD ($)property	Oct. 31, 2008Import_entry	Jun. 29, 2019USD ($)	Sep. 28, 2019potentially_responsible_party	Sep. 28, 2019smelter_site	Nov. 08, 2016USD ($)	Apr. 19, 2010
Loss Contingencies [Line Items]
Term of guarantees					1 year
Payments required to be made under guarantees, maximum					$ 11,900,000
United States Department of Commerce Antidumping Review [Member]
Loss Contingencies [Line Items]
Assignment of antidumping duty rate on U.S. imports by Company subsidiaries											48.33%
Payment for interest and duties				$ 3,000,000
Number of import entries | Import_entry						795
Unlawful Employment Practices [Member]
Loss Contingencies [Line Items]
Term of consent decree	2 years 6 months
Maximum amount to be paid to fund discrimination claims	$ 1,000,000
Deepwater Horizon Economic and Property Damage Claim [Member]
Loss Contingencies [Line Items]
Amount awarded to the Company		$ 27,400,000
Gain contingency, legal and advisory fees, percent of total award amount		20.00%
Southeast Kansas Sites [Member] | Non operating Properties [Member]
Loss Contingencies [Line Items]
Number of parties involved in settlement negotiations								2	3
Environmental reserves					$ 5,600,000
Shasta Area Mine Sites [Member] | Non operating Properties [Member]
Loss Contingencies [Line Items]
Period of permit, implementation of Best Management Practices					10 years
Estimated remediation costs, term					30 years
Lead Refinery Site [Member]
Loss Contingencies [Line Items]
Financial guarantee										$ 1,000,000
Lead Refinery Site [Member] | Non operating Properties [Member]
Loss Contingencies [Line Items]
Number of parties involved in settlement negotiations | potentially_responsible_party								2
Estimated remediation costs, term					18 years
Amount other PRPs will pay to fund cleanup					$ 26,000,000
Number of surrounding properties | property					300
Lead Refinery NPL Site [Member]
Loss Contingencies [Line Items]
Environmental reserves			$ 4,500,000
Number of UAOs | unilateral_administrative_order			2
Site contingency, total costs			$ 25,000,000
Site contingency, amount agreed upon to pay PRPs for past costs			2,000,000
Site contingency, additional reimbursement of past costs			$ 700,000
Site contingency, amount paid to date for reimbursement of costs							$ 400,000
Contingency charge					$ 7,000,000
Mueller Copper Tube Products, Inc. [Member] | Operating Properties [Member]
Loss Contingencies [Line Items]
Estimated remediation costs, term					7 years
Minimum [Member] | Shasta Area Mine Sites [Member] | Non operating Properties [Member]
Loss Contingencies [Line Items]
Estimated remediation costs					$ 12,800,000
Minimum [Member] | Lead Refinery Site [Member] | Non operating Properties [Member]
Loss Contingencies [Line Items]
Estimated remediation costs					1,700,000
Minimum [Member] | Mueller Copper Tube Products, Inc. [Member] | Operating Properties [Member]
Loss Contingencies [Line Items]
Estimated remediation costs					700,000
Maximum [Member] | Shasta Area Mine Sites [Member] | Non operating Properties [Member]
Loss Contingencies [Line Items]
Estimated remediation costs					17,500,000
Maximum [Member] | Lead Refinery Site [Member] | Non operating Properties [Member]
Loss Contingencies [Line Items]
Estimated remediation costs					2,100,000
Maximum [Member] | Mueller Copper Tube Products, Inc. [Member] | Operating Properties [Member]
Loss Contingencies [Line Items]
Estimated remediation costs					$ 1,100,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	19.00%	12.00%	22.00%	20.00%
Tax Act, one-time transition tax on accumulated earnings of certain foreign subsidiaries	$ 1
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	0.8	$ 0.5	$ 0.3	$ 1.2
Provision for state income taxes, net of federal benefits	$ 1	0.7	3.3	3.3
Reduction related to provisional transition tax calculation		4.3	(1.6)	$ 4.3
Reduction related to provisional transition tax calculation, diluted (per share)				$ 0.07
Impact of investments in unconsolidated affiliates		0.7		$ 4.4
Increase in valuation allowance		$ 1.5		$ 1.5
Increase in valuation allowance, diluted (per share)				$ 0.03
Increase (decrease) in one-time transition tax liability			$ 0.6
Effect of foreign tax rates lower than statutory tax rates				$ 0.8
Global intangible low-taxed income				$ 0.8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period			$ 563,260
Total other comprehensive loss, net	$ (5,563)	$ (5,395)	(1,444)	$ (12,848)
Balance at end of period	624,596		624,596
Cumulative Translation Adjustment [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period			(54,257)	(38,163)
Other comprehensive (loss) income before reclassifications			(2,199)	(5,143)
Amounts reclassified from AOCI			0	0
Total other comprehensive loss, net			(2,199)	(5,143)
Reclassification of stranded effects of the Act				0
Balance at end of period	(56,456)	(43,306)	(56,456)	(43,306)
Unrealized (Loss) Gain on Derivatives [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period			(214)	847
Other comprehensive (loss) income before reclassifications			763	(441)
Amounts reclassified from AOCI			(630)	(455)
Total other comprehensive loss, net			133	(896)
Reclassification of stranded effects of the Act				112
Balance at end of period	(81)	63	(81)	63
Pension/OPEB Liability Adjustment [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period			(24,967)	(20,610)
Other comprehensive (loss) income before reclassifications			587	551
Amounts reclassified from AOCI			620	218
Total other comprehensive loss, net			1,207	769
Reclassification of stranded effects of the Act				(1,018)
Balance at end of period	(23,760)	(20,859)	(23,760)	(20,859)
Attributable to Unconsolidated Affiliates [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period			(354)	6,870
Other comprehensive (loss) income before reclassifications			828	(7,187)
Amounts reclassified from AOCI			0	0
Total other comprehensive loss, net			828	(7,187)
Reclassification of stranded effects of the Act				1,462
Balance at end of period	474	1,145	474	1,145
Total [Member]
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(74,754)	(58,101)	(79,792)	(51,056)
Other comprehensive (loss) income before reclassifications			(21)	(12,220)
Amounts reclassified from AOCI			(10)	(237)
Total other comprehensive loss, net	(5,069)	(4,856)	(31)	(12,457)
Reclassification of stranded effects of the Act				556
Balance at end of period	$ (79,823)	$ (62,957)	$ (79,823)	$ (62,957)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification Adjustments Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	$ 510,788	$ 566,956	$ 1,586,129	$ 1,676,446
Income tax (benefit) expense	7,665	3,373	27,643	23,179
Other income, net	(533)	(411)	(823)	(1,557)
Net of tax and noncontrolling interests	(29,093)	(20,292)	(72,802)	(77,602)
Unrealized (gains) losses on derivative commodity contracts [Member] | Amount Reclassified from AOCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	(394)	(204)	(764)	(550)
Income tax (benefit) expense	61	24	134	95
Net of tax and noncontrolling interests	(333)	(180)	(630)	(455)
Amortization of net loss and prior service cost on employee benefit plans [Member] | Amount Reclassified from AOCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax (benefit) expense	(42)	(9)	(127)	(25)
Other income, net	249	81	747	243
Net of tax and noncontrolling interests	$ 207	$ 72	$ 620	$ 218