Mueller Industries (MLI) 10-Q 20 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 26, 2022	Apr. 15, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 26, 2022
Document Transition Report	false
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		56,902,790
Entity Central Index Key	0000089439
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Income Statement [Abstract]
Net sales	$ 1,010,002	$ 818,148
Cost of goods sold	744,511	668,418
Depreciation and amortization	10,841	11,755
Selling, general, and administrative expense	47,456	45,435
Gain on sale of assets	(5,507)	0
Operating income	212,701	92,540
Interest expense	(158)	(4,469)
Other income, net	780	577
Income before income taxes	213,323	88,648
Income tax expense	(54,199)	(21,761)
Income (loss) from unconsolidated affiliates, net of foreign tax	124	(1,649)
Consolidated net income	159,248	65,238
Net income attributable to noncontrolling interests	(932)	(2,131)
Net income attributable to Mueller Industries, Inc.	$ 158,316	$ 63,107
Weighted average shares for basic earnings per share (in shares)	56,100	55,916
Effect of dilutive stock-based awards (in shares)	810	756
Adjusted weighted average shares for diluted earnings per share (in shares)	56,910	56,672
Basic earnings per share (in dollars per share)	$ 2.82	$ 1.13
Diluted earnings per share (in dollars per share)	2.78	1.11
Dividends per share (in dollars per share)	$ 0.25	$ 0.13

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 159,248	$ 65,238
Other comprehensive income, net of tax:
Foreign currency translation	1,213	4,387
Net change with respect to derivative instruments and hedging activities, net of tax of $(604), $(147)	2,091	493
Net change in pension and postretirement obligation adjustments, net of tax of $(134), $56	420	(91)
Attributable to unconsolidated affiliates, net of tax of $(624), $(577)	2,148	1,987
Total other comprehensive income, net	5,872	6,776
Consolidated comprehensive income	165,120	72,014
Comprehensive income attributable to noncontrolling interests	(899)	(2,552)
Comprehensive income attributable to Mueller Industries, Inc.	$ 164,221	$ 69,462

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Statement of Comprehensive Income [Abstract]
Net change with respect to derivative instruments and hedging activities, tax (expense) benefit	$ (604)	$ (147)
Net actuarial loss on pension and postretirement obligations, tax benefit (expense)	(134)	56
Attributable to unconsolidated affiliates, tax benefit (expense)	$ (624)	$ (577)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Current assets:
Cash and cash equivalents	$ 139,255	$ 87,924
Accounts receivable, less allowance for doubtful accounts of $2,564 in 2022 and $2,590 in 2021	588,397	471,859
Inventories	471,949	430,244
Other current assets	40,947	28,976
Total current assets	1,240,548	1,019,003
Property, plant, and equipment, net	380,711	385,562
Operating lease right-of-use assets	21,965	23,510
Goodwill, net	172,072	171,330
Intangible assets, net	60,794	61,714
Investments in unconsolidated affiliates	63,069	61,133
Other assets	6,791	6,684
Total assets	1,945,950	1,728,936
Current liabilities:
Current portion of debt	812	811
Accounts payable	226,712	180,793
Accrued wages and other employee costs	35,001	49,629
Current portion of operating lease liabilities	5,650	6,015
Other current liabilities	183,421	145,191
Total current liabilities	451,596	382,439
Long-term debt, less current portion	1,098	1,064
Pension liabilities	4,408	5,572
Postretirement benefits other than pensions	12,110	11,961
Environmental reserves	17,137	17,678
Deferred income taxes	15,861	14,347
Noncurrent operating lease liabilities	16,010	17,099
Other noncurrent liabilities	21,586	21,813
Total liabilities	539,806	471,973
Mueller Industries, Inc. stockholders' equity:
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding	0	0
Common stock - $.01 par value; shares authorized 100,000,000; issued 80,183,004; outstanding 57,239,030 in 2022 and 57,295,961 in 2021	802	802
Additional paid-in capital	288,802	286,208
Retained earnings	1,602,496	1,458,489
Accumulated other comprehensive loss	(47,442)	(53,347)
Treasury common stock, at cost	(474,258)	(470,034)
Total Mueller Industries, Inc. stockholders' equity	1,370,400	1,222,118
Noncontrolling interests	35,744	34,845
Total equity	1,406,144	1,256,963
Commitments and contingencies	0	0
Total liabilities and equity	$ 1,945,950	$ 1,728,936

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Current assets:
Allowance for doubtful accounts	$ 2,564	$ 2,590
Mueller Industries, Inc. stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	80,183,004	80,183,004
Common stock, shares outstanding (in shares)	57,239,030	57,295,961

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Cash flows from operating activities
Consolidated net income	$ 159,248	$ 65,238
Reconciliation of consolidated net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,930	11,775
Stock-based compensation expense	2,573	2,109
Provision for doubtful accounts receivable	125	1,631
(Income) loss from unconsolidated affiliates	(124)	1,649
Gain on disposals of properties	(5,507)	(936)
Deferred income tax expense	258	142
Changes in assets and liabilities, net of effects of businesses acquired and sold:
Receivables	(116,610)	(89,972)
Inventories	(40,803)	(45,590)
Other assets	314	1,230
Current liabilities	54,344	33,941
Other liabilities	(1,752)	(3,703)
Other, net	(137)	(95)
Net cash provided by (used in) operating activities	62,859	(22,581)
Cash flows from investing activities
Capital expenditures	(5,259)	(9,227)
Acquisition of businesses, net of cash acquired	0	(14,029)
Proceeds from sales of assets	6,219	1,730
Dividends from unconsolidated affiliates	959	0
Net cash provided by (used in) investing activities	1,919	(21,526)
Cash flows from financing activities
Repurchase of common stock	(3,972)	0
Issuance of debt	0	100,000
Repayments of debt	(56)	(35,288)
Issuance of debt by consolidated joint ventures, net	0	45
Net cash (used) received to settle stock-based awards		221
Net cash (used) received to settle stock-based awards	(230)
Net cash (used in) provided by financing activities	(4,258)	64,978
Effect of exchange rate changes on cash	301	784
Increase in cash, cash equivalents, and restricted cash	60,821	21,655
Cash, cash equivalents, and restricted cash at the beginning of the period	90,376	127,376
Cash, cash equivalents, and restricted cash at the end of the period	$ 151,197	$ 149,031

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive loss	Treasury Stock	Noncontrolling Interest
Balance at beginning of period at Dec. 26, 2020		$ 802	$ 280,051	$ 1,019,694	$ (54,883)	$ (468,919)	$ 24,315
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition (issuance) of shares under incentive stock option plans			553			(306)
Stock-based compensation expense			2,109
Net income attributable to Mueller Industries, Inc.	$ 63,107			63,107
Dividends paid or payable to stockholders of Mueller Industries, Inc.				(7,391)
Total other comprehensive income attributable to Mueller Industries, Inc.	6,776				6,355
Repurchase of common stock						(26)
Net income attributable to noncontrolling interests	(2,131)						2,131
Foreign currency translation	4,387						421
Balance at end of period at Mar. 27, 2021		802	282,713	1,075,410	(48,528)	(469,251)	26,867
Balance at beginning of period at Dec. 25, 2021	1,256,963	802	286,208	1,458,489	(53,347)	(470,034)	34,845
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition (issuance) of shares under incentive stock option plans			21			(252)
Stock-based compensation expense			2,573
Net income attributable to Mueller Industries, Inc.	158,316			158,316
Dividends paid or payable to stockholders of Mueller Industries, Inc.				(14,309)
Total other comprehensive income attributable to Mueller Industries, Inc.	5,872				5,905
Repurchase of common stock						(3,972)
Net income attributable to noncontrolling interests	(932)						932
Foreign currency translation	1,213						(33)
Balance at end of period at Mar. 26, 2022	$ 1,406,144	$ 802	$ 288,802	$ 1,602,496	$ (47,442)	$ (474,258)	$ 35,744

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Mar. 26, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	Recent Accounting Standards Adopted In January 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-01, Reference Rate Reform (Topic 848): An Amendment of the FASB Accounting Standards Codification. The new guidance was issued in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR). Regulators in numerous jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The Company adopted the ASU during the first quarter of 2022. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Issued In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Am Amendment of the FASB Accounting Standards Codification . The new guidance was issued to improve accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the (i) recognition of an acquired contract liability, and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU is effective for fiscal years beginning after December 5, 2022 for public entities. The updated guidance requires prospective 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.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 26, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common ShareBasic 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.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 26, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Acquisitions Mueller Middle East On December 7, 2021 the Company entered into an agreement providing for the purchase of an additional 15 percent equity interest in Mueller Middle East for a total of 55 percent, for approximately $20.1 million. The total purchase price consisted of $15.8 million in cash paid at closing (net of cash acquired), a gain recognized on the settlement of preexisting relationships of $2.6 million, a contingent consideration arrangement of $1.0 million, and the fair value of the Company’s existing investment in the joint venture of $0.7 million. Mueller Middle East, which manufactures copper tube, is headquartered in Bahrain. This business complements the company’s existing copper tube business in the Piping Systems segment. Prior to entering into this agreement, the Company was the technical and marketing lead with a 40 percent ownership in a joint venture with Cayan Ventures and Bahrain Mumtalakat Holding Company and accounted for this investment under the equity method of accounting. The Company began consolidating this business for financial reporting purposes in December 2021. Mueller Middle East manufactures and sells copper coils to certain Mueller subsidiaries. The provisional fair value of the assets acquired totaled $40.5 million, consisting primarily of property, plant, and equipment of $22.5 million, accounts receivable of $10.7 million, inventories of $4.7 million, and other assets of $2.6 million. The provisional fair value of the liabilities assumed totaled $17.1 million, consisting primarily of other liabilities of $12.5 million and accounts payable of $4.6 million. Of the remaining purchase price, $12.1 million was allocated to non-deductible goodwill. The noncontrolling interest in Mueller Middle East is $15.4 million. The purchase price allocation is provisional as of March 26, 2022 and subject to change upon completion of the final valuation of the long-lived assets and noncontrolling interest during the measurement period. H&C Flex On December 20, 2020, the Company entered into an asset purchase agreement with Hart & Cooley LLC. The transaction closed on January 29, 2021, whereby the Company purchased the Hart & Cooley flexible duct business, which included inventory, manufacturing equipment, and related assets for approximately $15.3 million . The total purchase price consisted of $14.0 million in cash paid at closing and a contingent consideration arrangement of $1.3 million. The Company treated this as a business combination. The acquired business, H&C Flex, is a manufacturer and distributor of insulated HVAC flexible duct systems. It is reported within and complements the Company’s existing businesses in the Climate segment. The fair value of tangible assets acquired totaled $15.3 million, consisting primarily of property, plant, and equipment of $10.8 million and inventories of $4.5 million. The valuation of the business has been finalized. There were no material changes to the purchase price allocation from the amounts presented in the Company’s 2021 Annual Report on Form 10-K. Dispositions Copper Bar On October 25, 2021, the Company sold its Copper Bar business for approximately $10.1 million. This business manufactured copper bar products used primarily by OEMs in the U.S. and was included in the Industrial Metals segment. The carrying value of the assets disposed totaled $3.6 million, consisting primarily of inventories and long-lived assets. Copper Bar reported net sales of $11.5 million and an operating loss of $0.2 million in the first quarter of 2021. Die-Mold On September 2, 2021, the Company entered into a contribution agreement with a limited liability company in the retail distribution business, pursuant to which the Company exchanged the outstanding common stock of Die-Mold for a 17 percent equity interest in the limited liability company. 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. and was included in the Piping Systems Segment. Die-Mold reported net sales of $3.9 million and operating income of $0.7 million in the first quarter of 2021. As a result of the transaction, the Company recognized a gain of $4.7 million in the third quarter of 2021 based on the excess of the fair value of the consideration received (the 17 percent equity interest) over the carrying value of Die-Mold. The Company utilized a market comparable companies approach using an EBITDA multiple to determine the fair value of the consideration received of $22.8 million, which is recognized within the Investments in unconsolidated affiliates line of the Condensed Consolidated Balance Sheet. The excess of the fair value of the deconsolidated subsidiary over its carrying value resulted in the gain. Fabricated Tube Products and Shoals Tubular, Inc. On July 28, 2021, the Company entered into a purchase agreement with J.W. Harris Co., Inc. and Lincoln Electric Holdings, Inc., pursuant to which the Company sold the assets of Fabricated Tube Products (FTP) and all of the outstanding stock of Soals Tubular, Inc. (STI) for approximately $75.7 million. These businesses manufacture and fabricate valves and assemblies, brazed manifolds, headers, and distributor assemblies used primarily by manufacturers of residential heating and air conditioning units in the U.S. and were included in the Climate segment. They reported combined net sales of $14.8 million and operating income of $2.2 million in the first quarter of 2021. The carrying value of the assets disposed totaled $32.7 million, consisting primarily of accounts receivable, inventories, and long-lived assets. The carrying value of the liabilities disposed totaled $3.6 million, consisting primarily of accounts payable. As a result of the transaction, the Company recognized a pre-tax gain of $46.6 million on the sale of these businesses in the Condensed Consolidating Financial Statements.

Segment Information

Segment Information	3 Months Ended
	Mar. 26, 2022
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, European Operations, Trading Group, Jungwoo-Mueller (the Company’s South Korean joint venture), and Mueller Middle East (the Company’s Bahraini joint venture). The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Outside the U.S., Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. Heatlink Group produces a complete line of products for PEX plumbing and radiant systems in Canada and sells these products in Canada and the U.S. European Operations manufactures copper tube in the U.K. which is sold primarily in Europe. The Trading Group manufactures pipe nipples and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products in the U.S. and Mexico. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. Mueller Middle East manufactures copper tube and serves markets in the Middle East and Northern Africa. 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). Beginning in fiscal year 2022, the results of Precision Tube are included in the Industrial Metals segment prospectively as the impact to prior periods was not material. The business was previously reported in the Piping Systems segment. This change was made to reflect the Company’s internal management reporting structure. Industrial Metals Industrial Metals is composed of the following operating segments: Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, and Precision Tube. These businesses manufacture brass rod, impact extrusions, and forgings, specialty copper, copper alloy, and aluminum tube, as well as a wide variety of end products including plumbing brass, automotive components, valves, fittings, and gas assemblies. These 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, Westermeyer, Turbotec, Flex Duct , and Linesets, Inc. These domestic businesses manufacture refrigeration valves and fittings, high pressure components, coaxial heat exchangers, insulated HVAC flexible duct systems, and line sets primarily for the heating, ventilation, air-conditioning, and refrigeration markets in the U.S. Summarized segment information is as follows: For the Quarter Ended March 26, 2022 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 703,430 $ 174,312 $ 140,622 $ (8,362) $ 1,010,002 Cost of goods sold 514,187 145,710 93,957 (9,343) 744,511 Depreciation and amortization 5,400 1,944 2,352 1,145 10,841 Selling, general, and administrative expense 23,355 3,399 7,613 13,089 47,456 Gain on sale of assets — — — (5,507) (5,507) Operating income 160,488 23,259 36,700 (7,746) 212,701 Interest expense (158) Other income, net 780 Income before income taxes $ 213,323 For the Quarter Ended March 27, 2021 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 547,748 $ 164,852 $ 111,026 $ (5,478) $ 818,148 Cost of goods sold 450,354 140,891 84,082 (6,909) 668,418 Depreciation and amortization 6,210 1,743 2,629 1,173 11,755 Selling, general, and administrative expense 24,086 3,371 6,980 10,998 45,435 Operating income 67,098 18,847 17,335 (10,740) 92,540 Interest expense (4,469) Other income, net 577 Income before income taxes $ 88,648 The following table presents total assets attributable to each segment: (In thousands) March 26, 2022 December 25, 2021 Segment assets: Piping Systems $ 1,275,856 $ 1,160,272 Industrial Metals 199,157 173,290 Climate 272,308 250,107 General Corporate 198,629 145,267 $ 1,945,950 $ 1,728,936 The following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category: For the Quarter Ended March 26, 2022 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 571,510 $ — $ — $ 571,510 Brass rod and forgings — 136,533 — 136,533 OEM components, tube & assemblies — 20,096 29,092 49,188 Valves and plumbing specialties 131,920 — — 131,920 Flex duct and other HVAC components — — 111,530 111,530 Other — 17,683 — 17,683 703,430 174,312 140,622 1,018,364 Intersegment sales (8,362) Net sales $ 1,010,002 For the Quarter Ended March 27, 2021 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 426,139 $ — $ — $ 426,139 Brass rod and forgings — 131,262 — 131,262 OEM components, tube & assemblies 8,555 11,033 38,067 57,655 Valves and plumbing specialties 113,054 — — 113,054 Flex duct and other HVAC components — — 72,959 72,959 Other — 22,557 — 22,557 547,748 164,852 111,026 823,626 Intersegment sales (5,478) Net sales $ 818,148

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 26, 2022
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (In thousands) March 26, December 25, Cash & cash equivalents $ 139,255 $ 87,924 Restricted cash included within other current assets 11,839 2,349 Restricted cash included within other assets 103 103 Total cash, cash equivalents, and restricted cash $ 151,197 $ 90,376 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	3 Months Ended
	Mar. 26, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories (In thousands) March 26, December 25, Raw materials and supplies $ 162,623 $ 130,133 Work-in-process 64,130 64,989 Finished goods 255,061 245,226 Valuation reserves (9,865) (10,104) Inventories $ 471,949 $ 430,244

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 26, 2022
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 a forecasted transaction or the variability of cash flow to be paid (cash flow 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 undesignated derivatives executed as economic hedges 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 March 26, 2022, the Company held open futures contracts to purchase approximately $65.3 million of copper over the next 18 months related to fixed price sales orders. The fair value of those futures contracts was a $4.4 million net gain 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 March 26, 2022, this amount was approximately $2.7 million of deferred net gains, net of tax. The Company may also enter into futures contracts to protect the value of inventory against market fluctuations. At March 26, 2022, the Company held open futures contracts to sell approximately $140.4 million of copper over the next nine months related to copper inventory. The fair value of those futures contracts was a $4.3 million 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 March 26, December 25, Balance Sheet Location March 26, December 25, Commodity contracts - gains Other current assets $ 4,471 $ 1,150 Other current liabilities $ 466 $ — Commodity contracts - losses Other current assets (41) (46) Other current liabilities (4,798) (353) Total derivatives (1) $ 4,430 $ 1,104 $ (4,332) $ (353) (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 (In thousands) Location March 26, 2022 March 27, 2021 Undesignated derivatives: Gain (loss) on commodity contracts (nonqualifying) Cost of goods sold 3,425 (8,530) The following tables summarize amounts recognized in and reclassified from AOCI during the period: For the Quarter Ended March 26, 2022 (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 $ 3,781 Cost of goods sold $ (1,722) Other 32 Other — Total $ 3,813 Total $ (1,722) Amounts recognized in and reclassified from AOCI (continued): For the Quarter Ended March 27, 2021 (In thousands) Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) (Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ 1,491 Cost of goods sold $ (996) Other (3) Other 1 Total $ 1,488 Total $ (995) 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 March 26, 2022 and December 25, 2021, the Company had recorded restricted cash in other current assets of $11.2 million and $2.0 million, respectively, as collateral related to open derivative contracts under the master netting arrangements. Long-Term Debt

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
	Mar. 26, 2022
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) March 26, December 25, Current assets $ 219,201 $ 214,550 Noncurrent assets 79,100 76,406 Current liabilities 172,109 169,155 Noncurrent liabilities 47,078 46,059 For the Quarter Ended (In thousands) March 26, 2022 March 27, 2021 Net sales $ 125,967 $ 97,329 Gross profit 18,775 9,699 Net loss (1,206) (3,299) The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarter ended March 26, 2022 included net losses of $0.6 million for Tecumseh. The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarter ended March 27, 2021 included net losses of $1.6 million for Tecumseh. Retail Distribution On September 2, 2021, the Company acquired a 17 percent noncontrolling equity interest in a limited liability company in the retail distribution business by contributing the outstanding common stock of Die-Mold in exchange for the equity method interest. The transaction was recorded as a deconsolidation of a subsidiary and the recognition of an equity method investment at fair value, as described in “ Note 3 - Acquisitions and Dispositions .” This investment is recorded using the equity method of accounting. The Company records its proportionate share of the investee’s net income or loss one month in arrears as income (loss) from unconsolidated affiliates in the Condensed Consolidated Statements of Income. The Company’s proportionate share of the investee’s other comprehensive income (loss), net of income taxes, is recorded in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statement of Changes in Equity. The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarter ended March 26, 2022 included net income of $0.7 million for the retail distribution business.

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 26, 2022
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 (In thousands) March 26, 2022 March 27, 2021 Pension benefits: Interest cost $ 394 $ 313 Expected return on plan assets (967) (904) Amortization of net loss 244 378 Net periodic benefit income $ (329) $ (213) Other benefits: Service cost $ 72 $ 65 Interest cost 103 87 Amortization of prior service credit (118) (118) Amortization of net gain (58) (31) Net periodic benefit (income) cost $ (1) $ 3 The components of net periodic benefit cost (income) other than the service cost component are included in other income, net in the Condensed Consolidated Statements of Income.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 26, 2022
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. In February 2022, the Company reached a settlement with another PRP relating to these three sites. Under the terms of that agreement, the Company paid $5.6 million, which was previously reserved, in exchange for the other PRP’s agreement to conduct or fund any required remediation with the geographic boundaries of the three sites (namely, the parcel(s) on which the former smelters were located), plus coverage of certain off-site areas (namely, contamination that migrated by surface water runoff or air emissions from the Altoona or East La Harpe site, and smelter materials located within 50 feet of the geographic boundary of each site). The settlement does not cover certain matters, including potential liability related to the remediation of the town of Iola which is not estimable at this time. The other PRP will also provide an indemnity that would cover third-party cleanup claims for those sites, subject to a time limit and a cap. 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, but pursuant to the terms of the settlement with the other PRP noted above, the Company expects the remediation to be conducted and paid for entirely by the other PRP. 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. According to EPA, 1,371 properties in total will be remediated, and the work will be completed in the fall of 2022. 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 2032 to address residual discharges of acid rock drainage. The Company currently estimates that it will spend between approximately $14.0 million and $16.0 million for remediation at these sites over the next 30 years and has accrued a reserve at the low end of this range. 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 $1.6 million and $2.3 million over the next 15 years. The Company has recorded a reserve at the low end of this range. On April 9, 2009, pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the U.S. 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 remedial investigation and feasibility study remain ongoing. 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. As of March 26, 2022, the Company has made payments of approximately $7.6 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 March 2022, Lead Refinery entered into an administrative settlement agreement and order on consent with the EPA, along with the four other PRPs, which involves payment of certain past and future costs relating to operable unit 1, in exchange for certain releases and contribution protection for the Company, Lead Refinery and their respective affiliates relating to that operable unit. The Company reserved $3.3 million for this settlement in the third quarter of 2021. In March 2018, a group of private plaintiffs sued the Company, Arava, MRRC, and Lead Refinery, along with other defendants, in civil tort action relating to the site. The Company, Arava, and MRRC have been voluntarily dismissed from that litigation without prejudice. Lead Refinery’s motion to dismiss the matter was granted without prejudice, but plaintiffs in that case have sought to amend their complaint. At this juncture, the Company is unable to determine the likelihood of a material adverse outcome or the amount or range of a potential loss in excess of the current reserve with respect to any remedial action or litigation relating to the Lead Refinery NPL site, either at Lead Refinery’s former operating site (operable unit 2) or the adjacent residential area (operable unit 1), including, but not limited to, EPA oversight costs for which the EPA may attempt to seek reimbursement from the Company, and past costs for which other PRPs may attempt to seek contribution from the Company. 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 $0.9 million over the next four years. The Company has recorded a reserve at the low end of this range. 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. 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 March 26, 2022 were $28.9 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 26, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the first quarter of 2022 was 25 percent compared with 25 percent for the same period last year. The primary items impacting the effective tax rate for the first quarter of 2022 were increases related to the provision for state income taxes, net of the federal benefit, of $7.1 million, the effect of foreign tax rates higher than statutory tax rates and other foreign adjustments of $1.7 million, and other items of $0.6 million. The items impacting the effective tax rate for the first quarter of 2021 were the provision for state income taxes, net of the federal benefit, of $2.4 million, and other items of $0.7 million. The Company files a consolidated U.S. federal income tax return and numerous consolidated and separate-company income tax returns in many state, local, and foreign jurisdictions. The statute of limitations is open for the Company’s federal tax returns for 2018 and all subsequent years. The statutes of limitations for most state returns are open for 2018 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 26, 2022
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 Quarter Ended March 26, 2022 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 25, 2021 $ (42,303) $ 803 $ (11,500) $ (347) $ (53,347) Other comprehensive income before reclassifications 1,246 3,813 357 2,148 7,564 Amounts reclassified from AOCI — (1,722) 63 — (1,659) Net current-period other comprehensive income 1,246 2,091 420 2,148 5,905 Balance as of March 26, 2022 $ (41,057) $ 2,894 $ (11,080) $ 1,801 $ (47,442) For the Quarter Ended March 27, 2021 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 26, 2020 $ (37,339) $ 984 $ (17,203) $ (1,325) $ (54,883) Other comprehensive income (loss) before reclassifications 3,966 1,488 (283) 1,987 7,158 Amounts reclassified from AOCI — (995) 192 — (803) Net current-period other comprehensive income (loss) 3,966 493 (91) 1,987 6,355 Balance as of March 27, 2021 $ (33,373) $ 1,477 $ (17,294) $ 662 $ (48,528) Reclassification adjustments out of AOCI were as follows: Amount reclassified from AOCI For the Quarter Ended (In thousands) March 26, 2022 March 27, 2021 Affected line item Unrealized gains on derivative commodity contracts $ (2,224) $ (248) Cost of goods sold 502 68 Income tax expense $ (1,722) $ (180) Net of tax and noncontrolling interests Amortization of net loss and prior service cost on employee benefit plans $ 68 $ 229 Other income, net (5) (37) Income tax benefit $ 63 $ 192 Net of tax and noncontrolling interests

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	3 Months Ended
	Mar. 26, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Adopted and Issued Accounting Standards	Adopted In January 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-01, Reference Rate Reform (Topic 848): An Amendment of the FASB Accounting Standards Codification. The new guidance was issued in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR). Regulators in numerous jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The Company adopted the ASU during the first quarter of 2022. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Issued In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Am Amendment of the FASB Accounting Standards Codification . The new guidance was issued to improve accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the (i) recognition of an acquired contract liability, and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU is effective for fiscal years beginning after December 5, 2022 for public entities. The updated guidance requires prospective 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 26, 2022
Segment Reporting [Abstract]
Summary of Segment Information	Summarized segment information is as follows: For the Quarter Ended March 26, 2022 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 703,430 $ 174,312 $ 140,622 $ (8,362) $ 1,010,002 Cost of goods sold 514,187 145,710 93,957 (9,343) 744,511 Depreciation and amortization 5,400 1,944 2,352 1,145 10,841 Selling, general, and administrative expense 23,355 3,399 7,613 13,089 47,456 Gain on sale of assets — — — (5,507) (5,507) Operating income 160,488 23,259 36,700 (7,746) 212,701 Interest expense (158) Other income, net 780 Income before income taxes $ 213,323 For the Quarter Ended March 27, 2021 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 547,748 $ 164,852 $ 111,026 $ (5,478) $ 818,148 Cost of goods sold 450,354 140,891 84,082 (6,909) 668,418 Depreciation and amortization 6,210 1,743 2,629 1,173 11,755 Selling, general, and administrative expense 24,086 3,371 6,980 10,998 45,435 Operating income 67,098 18,847 17,335 (10,740) 92,540 Interest expense (4,469) Other income, net 577 Income before income taxes $ 88,648 The following table presents total assets attributable to each segment: (In thousands) March 26, 2022 December 25, 2021 Segment assets: Piping Systems $ 1,275,856 $ 1,160,272 Industrial Metals 199,157 173,290 Climate 272,308 250,107 General Corporate 198,629 145,267 $ 1,945,950 $ 1,728,936
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 March 26, 2022 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 571,510 $ — $ — $ 571,510 Brass rod and forgings — 136,533 — 136,533 OEM components, tube & assemblies — 20,096 29,092 49,188 Valves and plumbing specialties 131,920 — — 131,920 Flex duct and other HVAC components — — 111,530 111,530 Other — 17,683 — 17,683 703,430 174,312 140,622 1,018,364 Intersegment sales (8,362) Net sales $ 1,010,002 For the Quarter Ended March 27, 2021 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 426,139 $ — $ — $ 426,139 Brass rod and forgings — 131,262 — 131,262 OEM components, tube & assemblies 8,555 11,033 38,067 57,655 Valves and plumbing specialties 113,054 — — 113,054 Flex duct and other HVAC components — — 72,959 72,959 Other — 22,557 — 22,557 547,748 164,852 111,026 823,626 Intersegment sales (5,478) Net sales $ 818,148

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 26, 2022
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	(In thousands) March 26, December 25, Cash & cash equivalents $ 139,255 $ 87,924 Restricted cash included within other current assets 11,839 2,349 Restricted cash included within other assets 103 103 Total cash, cash equivalents, and restricted cash $ 151,197 $ 90,376
Schedule of Restrictions on Cash and Cash Equivalents	(In thousands) March 26, December 25, Cash & cash equivalents $ 139,255 $ 87,924 Restricted cash included within other current assets 11,839 2,349 Restricted cash included within other assets 103 103 Total cash, cash equivalents, and restricted cash $ 151,197 $ 90,376

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 26, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	(In thousands) March 26, December 25, Raw materials and supplies $ 162,623 $ 130,133 Work-in-process 64,130 64,989 Finished goods 255,061 245,226 Valuation reserves (9,865) (10,104) Inventories $ 471,949 $ 430,244

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 26, 2022
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 March 26, December 25, Balance Sheet Location March 26, December 25, Commodity contracts - gains Other current assets $ 4,471 $ 1,150 Other current liabilities $ 466 $ — Commodity contracts - losses Other current assets (41) (46) Other current liabilities (4,798) (353) Total derivatives (1) $ 4,430 $ 1,104 $ (4,332) $ (353) (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 (In thousands) Location March 26, 2022 March 27, 2021 Undesignated derivatives: Gain (loss) on commodity contracts (nonqualifying) Cost of goods sold 3,425 (8,530)
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 March 26, 2022 (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 $ 3,781 Cost of goods sold $ (1,722) Other 32 Other — Total $ 3,813 Total $ (1,722) Amounts recognized in and reclassified from AOCI (continued): For the Quarter Ended March 27, 2021 (In thousands) Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax Classification Gains (Losses) (Gain) Loss Reclassified from AOCI (Effective Portion), Net of Tax Cash flow hedges: Commodity contracts $ 1,491 Cost of goods sold $ (996) Other (3) Other 1 Total $ 1,488 Total $ (995)

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 26, 2022
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) March 26, December 25, Current assets $ 219,201 $ 214,550 Noncurrent assets 79,100 76,406 Current liabilities 172,109 169,155 Noncurrent liabilities 47,078 46,059 For the Quarter Ended (In thousands) March 26, 2022 March 27, 2021 Net sales $ 125,967 $ 97,329 Gross profit 18,775 9,699 Net loss (1,206) (3,299)

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Mar. 26, 2022
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 (In thousands) March 26, 2022 March 27, 2021 Pension benefits: Interest cost $ 394 $ 313 Expected return on plan assets (967) (904) Amortization of net loss 244 378 Net periodic benefit income $ (329) $ (213) Other benefits: Service cost $ 72 $ 65 Interest cost 103 87 Amortization of prior service credit (118) (118) Amortization of net gain (58) (31) Net periodic benefit (income) cost $ (1) $ 3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 26, 2022
Equity [Abstract]
Schedule of 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 Quarter Ended March 26, 2022 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 25, 2021 $ (42,303) $ 803 $ (11,500) $ (347) $ (53,347) Other comprehensive income before reclassifications 1,246 3,813 357 2,148 7,564 Amounts reclassified from AOCI — (1,722) 63 — (1,659) Net current-period other comprehensive income 1,246 2,091 420 2,148 5,905 Balance as of March 26, 2022 $ (41,057) $ 2,894 $ (11,080) $ 1,801 $ (47,442) For the Quarter Ended March 27, 2021 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 26, 2020 $ (37,339) $ 984 $ (17,203) $ (1,325) $ (54,883) Other comprehensive income (loss) before reclassifications 3,966 1,488 (283) 1,987 7,158 Amounts reclassified from AOCI — (995) 192 — (803) Net current-period other comprehensive income (loss) 3,966 493 (91) 1,987 6,355 Balance as of March 27, 2021 $ (33,373) $ 1,477 $ (17,294) $ 662 $ (48,528)
Schedule of Reclassification Adjustments Out of AOCI	Reclassification adjustments out of AOCI were as follows: Amount reclassified from AOCI For the Quarter Ended (In thousands) March 26, 2022 March 27, 2021 Affected line item Unrealized gains on derivative commodity contracts $ (2,224) $ (248) Cost of goods sold 502 68 Income tax expense $ (1,722) $ (180) Net of tax and noncontrolling interests Amortization of net loss and prior service cost on employee benefit plans $ 68 $ 229 Other income, net (5) (37) Income tax benefit $ 63 $ 192 Net of tax and noncontrolling interests

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Thousands	Dec. 07, 2021	Sep. 02, 2021	Jul. 28, 2021	Jan. 29, 2021	Mar. 27, 2021	Mar. 26, 2022	Dec. 25, 2021	Oct. 25, 2021
Business Acquisition [Line Items]
Interest in the joint venture, ownership percentage		17.00%
Goodwill, net						$ 172,072	$ 171,330
Mueller Middle East | Corporate Joint Venture
Business Acquisition [Line Items]
Interest in the joint venture, ownership percentage	40.00%
Die-Mold | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Net sales of disposed of business					$ 3,900
Net income of disposed business					700
Gain (loss) on disposal of businesses		$ 4,700
Consideration for sale of businesses		$ 22,800
Fabricated Tube Products and Shoals Tubular, Inc. | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Liabilities of disposed business			$ 3,600
Net sales of disposed of business					14,800
Net income of disposed business					2,200
Gain (loss) on disposal of businesses			46,600
Consideration for sale of businesses			75,700
Assets of disposed business			$ 32,700
Copper Bar | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Net sales of disposed of business					11,500
Disposal group, including discontinued operation, operating income (loss)					$ 200
Consideration for sale of businesses								$ 10,100
Assets of disposed business								$ 3,600
Mueller Middle East
Business Acquisition [Line Items]
Interest in the joint venture, ownership percentage	15.00%
Ownership interest acquired (as a percent)	55.00%
Consideration transferred net of working capital adjustments	$ 20,100
Cash portion of acquisition price	15,800
Debt assumed	2,600
Payment for contingent consideration	1,000
Equity interest issued or issuable	700
Fair value of assets acquired	40,500
Fair value of property, plant and equipment acquired	22,500
Fair value of accounts receivable acquired	10,700
Fair value of inventories acquired	4,700
Business combination, recognized identifiable assets acquired and liabilities assumed, current assets, other	2,600
Fair value of liabilities acquired	17,100
Fair value of other current liabilities acquired	12,500
Fair value of accounts payable acquired	4,600
Goodwill, net	12,100
Business combination, acquisition of less than 100 percent, noncontrolling interest, fair value	$ 15,400
Hart & Cooley Flexible Duct Business
Business Acquisition [Line Items]
Consideration transferred net of working capital adjustments				$ 15,300
Cash portion of acquisition price				14,000
Payment for contingent consideration				1,300
Fair value of assets acquired				15,300
Fair value of property, plant and equipment acquired				10,800
Fair value of inventories acquired				$ 4,500
Retail Distribution Business
Business Acquisition [Line Items]
Interest in the joint venture, ownership percentage		17.00%

Segment Information - Summary o

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021	Dec. 25, 2021
Summary of segment information [Abstract]
Net sales	$ 1,010,002	$ 818,148
Cost of goods sold	744,511	668,418
Depreciation and amortization	10,841	11,755
Selling, general, and administrative expense	47,456	45,435
Gain on sale of assets	(5,507)	0
Operating income	212,701	92,540
Interest expense	(158)	(4,469)
Other income, net	780	577
Income before income taxes	213,323	88,648
Assets	1,945,950		$ 1,728,936
Operating Segments
Summary of segment information [Abstract]
Net sales	1,018,364	823,626
Operating Segments | Piping Systems
Summary of segment information [Abstract]
Net sales	703,430	547,748
Cost of goods sold	514,187	450,354
Depreciation and amortization	5,400	6,210
Selling, general, and administrative expense	23,355	24,086
Gain on sale of assets	0
Operating income	160,488	67,098
Assets	1,275,856		1,160,272
Operating Segments | Industrial Metals
Summary of segment information [Abstract]
Net sales	174,312	164,852
Cost of goods sold	145,710	140,891
Depreciation and amortization	1,944	1,743
Selling, general, and administrative expense	3,399	3,371
Gain on sale of assets	0
Operating income	23,259	18,847
Assets	199,157		173,290
Operating Segments | Climate
Summary of segment information [Abstract]
Net sales	140,622	111,026
Cost of goods sold	93,957	84,082
Depreciation and amortization	2,352	2,629
Selling, general, and administrative expense	7,613	6,980
Gain on sale of assets	0
Operating income	36,700	17,335
Assets	272,308		250,107
Corporate and Eliminations
Summary of segment information [Abstract]
Net sales	(8,362)	(5,478)
Cost of goods sold	(9,343)	(6,909)
Depreciation and amortization	1,145	1,173
Selling, general, and administrative expense	13,089	10,998
Gain on sale of assets	(5,507)
Operating income	(7,746)	$ (10,740)
Assets	$ 198,629		$ 145,267

Segment Information - Net Sales

Segment Information - Net Sales by Major Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 1,010,002	$ 818,148
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,018,364	823,626
Operating Segments | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	703,430	547,748
Operating Segments | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	174,312	164,852
Operating Segments | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	140,622	111,026
Operating Segments | Tube and fittings
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	571,510	426,139
Operating Segments | Tube and fittings | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	571,510	426,139
Operating Segments | Tube and fittings | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | Tube and fittings | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | Brass rod and forgings
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	136,533	131,262
Operating Segments | Brass rod and forgings | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | Brass rod and forgings | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	136,533	131,262
Operating Segments | Brass rod and forgings | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | OEM components, tube & assemblies
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	49,188	57,655
Operating Segments | OEM components, tube & assemblies | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	8,555
Operating Segments | OEM components, tube & assemblies | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	20,096	11,033
Operating Segments | OEM components, tube & assemblies | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	29,092	38,067
Operating Segments | Valves and plumbing specialties
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	131,920	113,054
Operating Segments | Valves and plumbing specialties | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	131,920	113,054
Operating Segments | Valves and plumbing specialties | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | Valves and plumbing specialties | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | Flex duct and other HVAC components
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	111,530	72,959
Operating Segments | Flex duct and other HVAC components | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | Flex duct and other HVAC components | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | Flex duct and other HVAC components | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	111,530	72,959
Operating Segments | Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	17,683	22,557
Operating Segments | Other | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | Other | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	17,683	22,557
Operating Segments | Other | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Intersegment sales
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ (8,362)	$ (5,478)

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021	Mar. 27, 2021	Dec. 26, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 139,255	$ 87,924
Restricted cash included within other current assets	11,839	2,349
Restricted cash included within other assets	103	103
Total cash, cash equivalents, and restricted cash	$ 151,197	$ 90,376	$ 149,031	$ 127,376

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 162,623	$ 130,133
Work-in-process	64,130	64,989
Finished goods	255,061	245,226
Valuation reserves	(9,865)	(10,104)
Inventories	$ 471,949	$ 430,244

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Dec. 25, 2021
Derivative [Line Items]
Restricted cash in other current assets as collateral related to open derivative contracts	$ 11,200	$ 2,000
Commodity contracts
Derivative [Line Items]
Deferred net gains (losses), net of tax, included in AOCI	2,700
Cash Flow Hedging | Commodity contracts | Long
Derivative [Line Items]
Open option contracts written, at fair value	$ 65,300
Time period for open copper future contract purchases	18 months
Fair value of future contracts with net gain (loss) position	$ 4,400
Fair Value Hedging | Commodity contracts | Short
Derivative [Line Items]
Fair value of future contracts with net gain (loss) position	(4,300)
Open future contracts to sell copper	$ 140,400
Time period for open copper future contract sales	9 months

Financial Instruments - Summary

Financial Instruments - Summary of Location and Fair Value (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Derivatives, Fair Value [Line Items]
Total derivative assets	$ 4,430	$ 1,104
Total derivative liabilities	(4,332)	(353)
Other current assets | Commodity contracts
Derivatives, Fair Value [Line Items]
Other current assets: Gain positions	4,471	1,150
Other current assets: Loss positions	(41)	(46)
Other current liabilities | Commodity contracts
Derivatives, Fair Value [Line Items]
Other current liability: Gain positions	466	0
Other current liability: Loss positions	$ (4,798)	$ (353)

Financial Instruments - Effects

Financial Instruments - Effects of Derivative Instruments on Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Commodity contracts | Cost of goods sold | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity contracts (nonqualifying)	$ 3,425	$ (8,530)

Financial Instruments - Amounts

Financial Instruments - Amounts Recognized in and Reclassified from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in AOCI (Effective Portion), Net of Tax	$ 2,091	$ 493
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in AOCI (Effective Portion), Net of Tax	3,813	1,488
Gain Reclassified from AOCI (Effective Portion), Net of Tax	(1,722)	(995)
Commodity contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in AOCI (Effective Portion), Net of Tax	3,781	1,491
Commodity contracts | Cash Flow Hedging | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCI (Effective Portion), Net of Tax	(1,722)	(996)
Other | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in AOCI (Effective Portion), Net of Tax	32	(3)
Gain Reclassified from AOCI (Effective Portion), Net of Tax	$ 0	$ 1

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021	Sep. 02, 2021
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage			17.00%
Net loss	$ 159,248	$ 65,238
Retail Distribution Business
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage			17.00%
Net loss	$ 700
Tecumseh Products Holdings LLC
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage	50.00%
Net loss	$ (600)	$ (1,600)
Second Unconsolidated Affiliate
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage	50.00%

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
	Mar. 26, 2022	Mar. 27, 2021	Dec. 25, 2021
Balance sheet data [Abstract]
Current assets	$ 1,240,548		$ 1,019,003
Current liabilities	451,596		382,439
Income Statement [Abstract]
Net sales	1,010,002	$ 818,148
Net loss	159,248	65,238
Tecumseh
Balance sheet data [Abstract]
Current assets	219,201		214,550
Noncurrent assets	79,100		76,406
Current liabilities	172,109		169,155
Noncurrent liabilities	47,078		$ 46,059
Income Statement [Abstract]
Net sales	125,967	97,329
Gross profit	18,775	9,699
Net loss	$ (1,206)	$ (3,299)

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Pension Benefits
Components of net periodic benefit cost (income) [Abstract]
Interest cost	$ 394	$ 313
Expected return on plan assets	(967)	(904)
Amortization of net loss (gain)	244	378
Net periodic benefit income	(329)	(213)
Other Benefits
Components of net periodic benefit cost (income) [Abstract]
Interest cost	103	87
Amortization of net loss (gain)	(58)	(31)
Service cost	72	65
Amortization of prior service credit	(118)	(118)
Net periodic benefit income	$ (1)	$ 3

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended			3 Months Ended	12 Months Ended
	Feb. 28, 2022USD ($)MMcf	Jan. 31, 2018USD ($)unilateral_administrative_orderpotentially_responsible_party	Nov. 27, 2015USD ($)	Mar. 26, 2022USD ($)propertysmelter_site	Oct. 31, 2008numberOfImportEntries	Mar. 26, 2022USD ($)	Mar. 26, 2022potentially_responsible_party	Sep. 25, 2021USD ($)	Nov. 08, 2016USD ($)	Apr. 19, 2010
Loss Contingencies [Line Items]
Term of guarantees				1 year
Payments required to be made under guarantees, maximum						$ 28.9
United States Department of Commerce Antidumping Review
Loss Contingencies [Line Items]
Assignment of antidumping duty rate on U.S. imports by Company subsidiaries (as a percent)										48.33%
Payment for interest and duties			$ 3
Number of import entries | numberOfImportEntries					795
Southeast Kansas Sites
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies, gross	$ 5.6
Geographic boundary of sites | MMcf	50
Lead Refinery Site
Loss Contingencies [Line Items]
Financial guarantee									$ 1
Lead Refinery NPL Site
Loss Contingencies [Line Items]
Environmental reserves		$ 4.5
Number of UAOs | unilateral_administrative_order		2
Number of PRPs | potentially_responsible_party		4
Site contingency, total costs		$ 25
Site contingency, amount agreed upon to pay PRPs for past costs		2
Site contingency, additional reimbursement of past costs		$ 0.7
Contingency charge				$ 7.6
Reserve for settlement								$ 3.3
Non operating Properties | Southeast Kansas Sites
Loss Contingencies [Line Items]
Number of parties involved in settlement negotiations				3			2
Non operating Properties | Shasta Area Mine Sites
Loss Contingencies [Line Items]
Period of permit, implementation of Best Management Practices				10 years
Estimated remediation costs, term				30 years
Non operating Properties | Lead Refinery Site
Loss Contingencies [Line Items]
Number of parties involved in settlement negotiations | potentially_responsible_party							2
Estimated remediation costs, term				15 years
Amount other PRPs will pay to fund cleanup				$ 26
Number of surrounding properties | property				300
Non operating Properties | Minimum | Shasta Area Mine Sites
Loss Contingencies [Line Items]
Estimated remediation costs				$ 14
Non operating Properties | Minimum | Lead Refinery Site
Loss Contingencies [Line Items]
Estimated remediation costs				1.6
Non operating Properties | Maximum | Shasta Area Mine Sites
Loss Contingencies [Line Items]
Estimated remediation costs				16
Non operating Properties | Maximum | Lead Refinery Site
Loss Contingencies [Line Items]
Estimated remediation costs				$ 2.3
Operating Properties | Mueller Copper Tube Products, Inc.
Loss Contingencies [Line Items]
Estimated remediation costs, term				4 years
Operating Properties | Minimum | Mueller Copper Tube Products, Inc.
Loss Contingencies [Line Items]
Estimated remediation costs				$ 0.7
Operating Properties | Maximum | Mueller Copper Tube Products, Inc.
Loss Contingencies [Line Items]
Estimated remediation costs				$ 0.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	25.00%	25.00%
Provision for state income taxes, net of federal benefits	$ 7.1	$ 2.4
Effect of foreign tax rates differential	1.7
Other items	$ 0.6	$ 0.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component, Net of Taxes and Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	$ 1,256,963
Total other comprehensive income, net	5,872	$ 6,776
Balance at end of period	1,406,144
Total
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(53,347)	(54,883)
Other comprehensive income before reclassifications	7,564	7,158
Amounts reclassified from AOCI	(1,659)	(803)
Total other comprehensive income, net	5,905	6,355
Balance at end of period	(47,442)	(48,528)
Cumulative Translation Adjustment
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(42,303)	(37,339)
Other comprehensive income before reclassifications	1,246	3,966
Amounts reclassified from AOCI	0	0
Total other comprehensive income, net	1,246	3,966
Balance at end of period	(41,057)	(33,373)
Unrealized Gain (Loss) on Derivatives
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	803	984
Other comprehensive income before reclassifications	3,813	1,488
Amounts reclassified from AOCI	(1,722)	(995)
Total other comprehensive income, net	2,091	493
Balance at end of period	2,894	1,477
Pension/OPEB Liability Adjustment
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(11,500)	(17,203)
Other comprehensive income before reclassifications	357	(283)
Amounts reclassified from AOCI	63	192
Total other comprehensive income, net	420	(91)
Balance at end of period	(11,080)	(17,294)
Attributable to Unconsol. Affiliates
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(347)	(1,325)
Other comprehensive income before reclassifications	2,148	1,987
Amounts reclassified from AOCI	0	0
Total other comprehensive income, net	2,148	1,987
Balance at end of period	$ 1,801	$ 662

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification Adjustments Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	$ 54,199	$ 21,761
Net of tax and noncontrolling interests	(158,316)	(63,107)
Other income, net	(780)	(577)
Unrealized gains on derivative commodity contracts | Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	(2,224)	(248)
Income tax expense	502	68
Net of tax and noncontrolling interests	(1,722)	(180)
Amortization of net loss and prior service cost on employee benefit plans | Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	(5)	(37)
Net of tax and noncontrolling interests	63	192
Other income, net	$ 68	$ 229