Mueller Industries (MLI) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 01, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 01, 2023
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		56,995,486
Entity Central Index Key	0000089439
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
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
	Apr. 01, 2023	Mar. 26, 2022
Income Statement [Abstract]
Net sales	$ 971,192	$ 1,010,002
Cost of goods sold	678,798	744,511
Depreciation and amortization	10,657	10,841
Selling, general, and administrative expense	52,631	47,456
Gain on sale of assets	0	(5,507)
Operating income	229,106	212,701
Interest expense	(143)	(158)
Interest income	6,235	160
Other income, net	2,236	620
Income before income taxes	237,434	213,323
Income tax expense	(61,357)	(54,199)
(Loss) income from unconsolidated affiliates, net of foreign tax	(984)	124
Consolidated net income	175,093	159,248
Net income attributable to noncontrolling interests	(1,854)	(932)
Net income attributable to Mueller Industries, Inc.	$ 173,239	$ 158,316
Weighted average shares for basic earnings per share (in shares)	55,693	56,100
Effect of dilutive stock-based awards (in shares)	707	810
Adjusted weighted average shares for diluted earnings per share (in shares)	56,400	56,910
Basic earnings per share (in dollars per share)	$ 3.11	$ 2.82
Diluted earnings per share (in dollars per share)	3.07	2.78
Dividends per share (in dollars per share)	$ 0.30	$ 0.25

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 175,093	$ 159,248
Other comprehensive income, net of tax:
Foreign currency translation	10,251	1,213
Net change with respect to derivative instruments and hedging activities, net of tax of $(272) and $(604)	954	2,091
Net change in pension and postretirement obligation adjustments, net of tax of $11 and $(134)	(8)	420
Attributable to unconsolidated affiliates, net of tax of $(373) and $(624)	1,285	2,148
Total other comprehensive income, net	12,482	5,872
Consolidated comprehensive income	187,575	165,120
Comprehensive income attributable to noncontrolling interests	(2,112)	(899)
Comprehensive income attributable to Mueller Industries, Inc.	$ 185,463	$ 164,221

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Comprehensive Income [Abstract]
Net change with respect to derivative instruments and hedging activities, tax (expense) benefit	$ (272)	$ (604)
Net actuarial loss on pension and postretirement obligations, tax benefit (expense)	11	(134)
Attributable to unconsolidated affiliates, tax benefit (expense)	$ (373)	$ (624)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 611,399	$ 461,018
Short-term investments	170,997	217,863
Accounts receivable, less allowance for doubtful accounts of $2,972 in 2023 and $2,687 in 2022	503,369	380,352
Inventories	452,826	448,919
Other current assets	28,420	26,501
Total current assets	1,767,011	1,534,653
Property, plant, and equipment, net	377,324	379,950
Operating lease right-of-use assets	29,897	22,892
Goodwill, net	158,172	157,588
Intangible assets, net	53,859	54,785
Investments in unconsolidated affiliates	72,395	72,364
Other assets	20,963	20,167
Total assets	2,479,621	2,242,399
Current liabilities:
Current portion of debt	1,108	811
Accounts payable	179,244	128,000
Accrued wages and other employee costs	36,689	61,915
Current portion of operating lease liabilities	6,249	4,942
Other current liabilities	183,455	152,627
Total current liabilities	406,745	348,295
Long-term debt, less current portion	1,251	1,218
Pension liabilities	2,115	4,078
Postretirement benefits other than pensions	9,145	8,977
Environmental reserves	16,060	16,380
Deferred income taxes	17,561	16,258
Noncurrent operating lease liabilities	22,773	16,880
Other noncurrent liabilities	16,502	16,349
Total liabilities	492,152	428,435
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 56,990,798 in 2023 and 57,001,617 in 2022	802	802
Additional paid-in capital	303,133	297,270
Retained earnings	2,215,939	2,059,796
Accumulated other comprehensive loss	(51,951)	(64,175)
Treasury common stock, at cost	(505,616)	(502,779)
Total Mueller Industries, Inc. stockholders' equity	1,962,307	1,790,914
Noncontrolling interests	25,162	23,050
Total equity	1,987,469	1,813,964
Commitments and contingencies	0	0
Total liabilities and equity	$ 2,479,621	$ 2,242,399

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Current assets:
Allowance for doubtful accounts	$ 2,972	$ 2,687
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)	56,990,798	57,001,617

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Cash flows from operating activities
Consolidated net income	$ 175,093	$ 159,248
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization	10,746	10,930
Stock-based compensation expense	5,637	2,573
Provision for doubtful accounts receivable	(15)	125
Loss (income) from unconsolidated affiliates	984	(124)
Gain on disposals of properties	(115)	(5,507)
Deferred income tax expense	372	258
Changes in assets and liabilities:
Receivables	(111,547)	(116,610)
Inventories	(581)	(40,803)
Other assets	(17,950)	314
Current liabilities	50,842	54,344
Other liabilities	(2,275)	(1,752)
Other, net	427	(137)
Net cash provided by operating activities	111,618	62,859
Cash flows from investing activities
Capital expenditures	(7,556)	(5,259)
Insurance proceeds - capital related	8,000	0
Proceeds from the maturity of short term investments	50,000	0
Proceeds from sales of assets	118	6,219
Dividends from unconsolidated affiliates	644	959
Net cash provided by investing activities	51,206	1,919
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	(16,729)	0
Repurchase of common stock	0	(3,972)
Repayments of debt	(56)	(56)
Issuance of debt by consolidated joint ventures, net	297	0
Net cash used to settle stock-based awards	(2,611)	(230)
Net cash used in financing activities	(19,099)	(4,258)
Effect of exchange rate changes on cash	2,573	301
Increase in cash, cash equivalents, and restricted cash	146,298	60,821
Cash, cash equivalents, and restricted cash at the beginning of the period	465,296	90,376
Cash, cash equivalents, and restricted cash at the end of the period	$ 611,594	$ 151,197

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. 25, 2021		$ 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
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
Acquisition (issuance) of shares under incentive stock option plans						(252)
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		802	288,802	1,602,496	(47,442)	(474,258)	35,744
Balance at beginning of period at Dec. 31, 2022	1,813,964	802	297,270	2,059,796	(64,175)	(502,779)	23,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition (issuance) of shares under incentive stock option plans			226
Stock-based compensation expense			5,637
Net income attributable to Mueller Industries, Inc.	173,239			173,239
Dividends paid or payable to stockholders of Mueller Industries, Inc.				(17,096)
Total other comprehensive income attributable to Mueller Industries, Inc.	12,482				12,224
Acquisition (issuance) of shares under incentive stock option plans						(2,837)
Repurchase of common stock						0
Net income attributable to noncontrolling interests	(1,854)						1,854
Foreign currency translation	10,251						258
Balance at end of period at Apr. 01, 2023	$ 1,987,469	$ 802	$ 303,133	$ 2,215,939	$ (51,951)	$ (505,616)	$ 25,162

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Apr. 01, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	Recent Accounting Standards Adopted In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-08, Business Combinations (Topic 805): An 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 15, 2022 for public entities. The updated guidance requires prospective adoption, and early adoption is permitted. The Company adopted the ASU during the first quarter of 2023. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Issued In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The new guidance was issued to clarify existing guidance measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduce new disclosure requirements for applicable equity securities. The ASU is effective for fiscal years beginning after December 15, 2023 for public entities. The 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
	Apr. 01, 2023
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.

Segment Information

Segment Information	3 Months Ended
	Apr. 01, 2023
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). 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. The segment manufactures and sells 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 April 1, 2023 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 662,479 $ 165,234 $ 152,954 $ (9,475) $ 971,192 Cost of goods sold 467,610 133,170 88,812 (10,794) 678,798 Depreciation and amortization 5,558 1,772 2,153 1,174 10,657 Selling, general, and administrative expense 25,457 3,077 8,001 16,096 52,631 Operating income 163,854 27,215 53,988 (15,951) 229,106 Interest expense (143) Interest income 6,235 Other income, net 2,236 Income before income taxes $ 237,434 Segment information (continued): 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) Interest income 160 Other income, net 620 Income before income taxes $ 213,323 The following table presents total assets attributable to each segment: (In thousands) April 1, December 31, 2022 Segment assets: Piping Systems $ 1,196,717 $ 1,088,940 Industrial Metals 173,429 160,702 Climate 270,993 279,940 General Corporate 838,482 712,817 $ 2,479,621 $ 2,242,399 The following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category: For the Quarter Ended April 1, 2023 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 544,228 $ — $ — $ 544,228 Brass rod and forgings — 130,340 — 130,340 OEM components, tube & assemblies — 22,509 33,402 55,911 Valves and plumbing specialties 118,251 — — 118,251 Flex duct and other HVAC components — — 119,552 119,552 Other — 12,385 — 12,385 662,479 165,234 152,954 980,667 Intersegment sales (9,475) Net sales $ 971,192 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

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Apr. 01, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (In thousands) April 1, December 31, Cash & cash equivalents $ 611,399 $ 461,018 Restricted cash included within other current assets 93 4,176 Restricted cash included within other assets 102 102 Total cash, cash equivalents, and restricted cash $ 611,594 $ 465,296 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
	Apr. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories (In thousands) April 1, December 31, Raw materials and supplies $ 135,231 $ 133,189 Work-in-process 69,937 64,177 Finished goods 262,315 265,842 Valuation reserves (14,657) (14,289) Inventories $ 452,826 $ 448,919

Financial Instruments

Financial Instruments	3 Months Ended
	Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments Short-Term Investments The fair value of short-term investments at April 1, 2023, consisting of U.S. treasury bills with maturities exceeding three months at the time of purchase, approximates the carrying value on that date. These treasury bills are stated at fair value and are classified as trading securities. The fair value of treasury bills is classified as level 1 within the fair value hierarchy. This classification is defined as a fair value determined using observable inputs that reflect quoted prices in active markets for identical assets. 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 values. 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 April 1, 2023, the Company held open futures contracts to purchase approximately $42.6 million of copper over the next nine months related to fixed price sales orders. The fair value of those futures contracts was a $3.0 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 April 1, 2023, this amount was approximately $2.3 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 April 1, 2023, the Company held no open futures contracts to sell copper. 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 April 1, December 31, Balance Sheet Location April 1, December 31, Commodity contracts - gains Other current assets $ 3,070 $ 3,746 Other current liabilities $ 5 $ — Commodity contracts - losses Other current assets (68) (1,483) Other current liabilities (30) — Total derivatives (1) $ 3,002 $ 2,263 $ (25) $ — (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 April 1, March 26, 2022 Undesignated derivatives: (Loss) gain on commodity contracts (nonqualifying) Cost of goods sold (2,484) 3,425 The following tables summarize amounts recognized in and reclassified from AOCI during the period: For the Quarter Ended April 1, 2023 (In thousands) Gain (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 $ 2,969 Cost of goods sold $ (1,989) Other (26) Other — Total $ 2,943 Total $ (1,989) Amounts recognized in and reclassified from AOCI (continued): 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) 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 April 1, 2023 and December 31, 2022, the Company had recorded restricted cash in other current assets of $0.1 million and $4.0 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
	Apr. 01, 2023
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) and an entity that provides financing to Tecumseh. This investment is 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 entity. Under the equity method of accounting, this investment is stated at initial cost and is adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company records its proportionate share of the investee’s 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 investee’s 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 investee’s net accumulated losses. The following tables present summarized financial information derived from the Company’s equity method investee’s consolidated financial statements, which are prepared in accordance with U.S. GAAP. (In thousands) April 1, December 31, Current assets $ 217,674 $ 248,808 Noncurrent assets 93,532 77,395 Current liabilities 175,645 190,746 Noncurrent liabilities 44,455 43,003 For the Quarter Ended (In thousands) April 1, March 26, 2022 Net sales $ 113,418 $ 125,967 Gross profit 19,816 18,775 Net loss (4,717) (1,206) The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarter ended April 1, 2023 included net losses of $2.4 million for Tecumseh. The Company’s income from unconsolidated affiliates, net of foreign tax, for the quarter ended March 26, 2022 included net losses of $0.6 million for Tecumseh. Retail Distribution The Company owns a 17 percent noncontrolling equity interest in a limited liability company in the retail distribution business. 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 April 1, 2023 included net income of $1.4 million for the retail distribution business. The Company’s income 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
	Apr. 01, 2023
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) April 1, March 26, 2022 Pension benefits: Interest cost $ 594 $ 394 Expected return on plan assets (841) (967) Amortization of net loss — 244 Net periodic benefit income $ (247) $ (329) Other benefits: Service cost $ 51 $ 72 Interest cost 128 103 Amortization of prior service credit (1) (118) Amortization of net gain (97) (58) Net periodic benefit cost (income) $ 81 $ (1) 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
	Apr. 01, 2023
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 within 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. Under the terms of the settlement with the other PRP, the Company expects the operations and maintenance costs for this remedy to be paid for entirely by the other PRP. 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 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. 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, and for the other PRP to negotiate and enter into an agreement with KDHE. 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 continue into 2023. 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 2033 to address residual discharges of acid rock drainage. The Company currently estimates that it will spend between approximately $14.1 million and $16.1 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 $2.4 million over the next 14 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). Subsequent thereto, 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 then estimated it would 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 April 1, 2023, 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. 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 settlement became effective in September 2022. The Company reserved $3.3 million for this settlement at the end 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 it has answered plaintiffs’ amended 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 $0.5 million to $0.7 million over the next three 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 April 1, 2023 were $28.6 million.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the first quarter of 2023 was 26 percent compared with 25 percent for the same period last year. The primary items impacting the effective tax rate for the first quarter of 2023 were increases related to the provision for state income taxes, net of the federal benefit, of $7.8 million, the effect of foreign tax rates higher than statutory tax rates and other foreign adjustments of $2.1 million, and other items of $1.6 million. The 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 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 for 2019 and all subsequent years. The statutes of limitations for most state returns are open for 2019 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
	Apr. 01, 2023
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 April 1, 2023 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 31, 2022 $ (69,238) $ 1,486 $ 1,222 $ 2,355 $ (64,175) Other comprehensive income before reclassifications 9,993 2,943 65 1,285 14,286 Amounts reclassified from AOCI — (1,989) (73) — (2,062) Net current-period other comprehensive income (loss) 9,993 954 (8) 1,285 12,224 Balance as of April 1, 2023 $ (59,245) $ 2,440 $ 1,214 $ 3,640 $ (51,951) 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) Reclassification adjustments out of AOCI were as follows: Amount reclassified from AOCI For the Quarter Ended (In thousands) April 1, March 26, 2022 Affected line item Unrealized gains on derivative commodity contracts $ (2,551) $ (2,224) Cost of goods sold 562 502 Income tax expense $ (1,989) $ (1,722) Net of tax and noncontrolling interests Amortization of net loss and prior service cost on employee benefit plans $ (98) $ 68 Other income, net 25 (5) Income tax expense (benefit) $ (73) $ 63 Net of tax and noncontrolling interests

Insurance Claims

Insurance Claims	3 Months Ended
	Apr. 01, 2023
Insurance [Abstract]
Insurance Claims	Insurance ClaimsIn August 2022, a portion of the Company’s Bluffs, Illinois manufacturing operation was damaged by fire. Certain inventories, production equipment, and building structures were extensively damaged. The total value of the loss, including business interruption, cannot be determined at this time, but is expected to be covered by property and business interruption insurance subject to customary deductibles. Any gain resulting from insurance proceeds for property damage in excess of the net book value of the related property will be recognized in income upon settlement of the claim. In addition, the Company has deferred recognition of direct, identifiable costs associated with this matter. These costs will also be recognized upon settlement of the insurance claim. As of April 1, 2023, the Company has received advances totaling $15.0 million from the insurance company for this claim, of which $10.0 million was received during 2023. These advances, net of the book value of damaged inventories, equipment, and buildings and direct cleanup and other out of pocket costs totaled $3.7 million, classified as other current liabilities on the Condensed Consolidated Balance Sheet at April 1, 2023. In March 2023, a portion of the Company’s Covington, Tennessee manufacturing operation was damaged by a tornado. The extent of the damage to inventories, production equipment, and building structures is currently being assessed. The total value of the loss, including business interruption, cannot be determined at this time, but is expected to be covered by property and business interruption insurance subject to customary deductibles. The Company has recognized an immaterial insurance receivable equal to the net book value of the damaged property. Any gain resulting from insurance proceeds for property damage in excess of the net book value of the related property will be recognized in income upon settlement of the claim.

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	3 Months Ended
	Apr. 01, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Adopted and Issued Accounting Standards	Adopted In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-08, Business Combinations (Topic 805): An 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 15, 2022 for public entities. The updated guidance requires prospective adoption, and early adoption is permitted. The Company adopted the ASU during the first quarter of 2023. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Issued In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The new guidance was issued to clarify existing guidance measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduce new disclosure requirements for applicable equity securities. The ASU is effective for fiscal years beginning after December 15, 2023 for public entities. The 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
	Apr. 01, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	Summarized segment information is as follows: For the Quarter Ended April 1, 2023 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 662,479 $ 165,234 $ 152,954 $ (9,475) $ 971,192 Cost of goods sold 467,610 133,170 88,812 (10,794) 678,798 Depreciation and amortization 5,558 1,772 2,153 1,174 10,657 Selling, general, and administrative expense 25,457 3,077 8,001 16,096 52,631 Operating income 163,854 27,215 53,988 (15,951) 229,106 Interest expense (143) Interest income 6,235 Other income, net 2,236 Income before income taxes $ 237,434 Segment information (continued): 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) Interest income 160 Other income, net 620 Income before income taxes $ 213,323 The following table presents total assets attributable to each segment: (In thousands) April 1, December 31, 2022 Segment assets: Piping Systems $ 1,196,717 $ 1,088,940 Industrial Metals 173,429 160,702 Climate 270,993 279,940 General Corporate 838,482 712,817 $ 2,479,621 $ 2,242,399
Schedule of 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 April 1, 2023 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 544,228 $ — $ — $ 544,228 Brass rod and forgings — 130,340 — 130,340 OEM components, tube & assemblies — 22,509 33,402 55,911 Valves and plumbing specialties 118,251 — — 118,251 Flex duct and other HVAC components — — 119,552 119,552 Other — 12,385 — 12,385 662,479 165,234 152,954 980,667 Intersegment sales (9,475) Net sales $ 971,192 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

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Apr. 01, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	(In thousands) April 1, December 31, Cash & cash equivalents $ 611,399 $ 461,018 Restricted cash included within other current assets 93 4,176 Restricted cash included within other assets 102 102 Total cash, cash equivalents, and restricted cash $ 611,594 $ 465,296
Schedule of Restrictions on Cash and Cash Equivalents	(In thousands) April 1, December 31, Cash & cash equivalents $ 611,399 $ 461,018 Restricted cash included within other current assets 93 4,176 Restricted cash included within other assets 102 102 Total cash, cash equivalents, and restricted cash $ 611,594 $ 465,296

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	(In thousands) April 1, December 31, Raw materials and supplies $ 135,231 $ 133,189 Work-in-process 69,937 64,177 Finished goods 262,315 265,842 Valuation reserves (14,657) (14,289) Inventories $ 452,826 $ 448,919

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Apr. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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 April 1, December 31, Balance Sheet Location April 1, December 31, Commodity contracts - gains Other current assets $ 3,070 $ 3,746 Other current liabilities $ 5 $ — Commodity contracts - losses Other current assets (68) (1,483) Other current liabilities (30) — Total derivatives (1) $ 3,002 $ 2,263 $ (25) $ — (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 April 1, March 26, 2022 Undesignated derivatives: (Loss) gain on commodity contracts (nonqualifying) Cost of goods sold (2,484) 3,425
Schedule 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 April 1, 2023 (In thousands) Gain (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 $ 2,969 Cost of goods sold $ (1,989) Other (26) Other — Total $ 2,943 Total $ (1,989) Amounts recognized in and reclassified from AOCI (continued): 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)

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	3 Months Ended
	Apr. 01, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of 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 investee’s consolidated financial statements, which are prepared in accordance with U.S. GAAP. (In thousands) April 1, December 31, Current assets $ 217,674 $ 248,808 Noncurrent assets 93,532 77,395 Current liabilities 175,645 190,746 Noncurrent liabilities 44,455 43,003 For the Quarter Ended (In thousands) April 1, March 26, 2022 Net sales $ 113,418 $ 125,967 Gross profit 19,816 18,775 Net loss (4,717) (1,206)

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Apr. 01, 2023
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost (Income)	The components of net periodic benefit cost (income) are as follows: For the Quarter Ended (In thousands) April 1, March 26, 2022 Pension benefits: Interest cost $ 594 $ 394 Expected return on plan assets (841) (967) Amortization of net loss — 244 Net periodic benefit income $ (247) $ (329) Other benefits: Service cost $ 51 $ 72 Interest cost 128 103 Amortization of prior service credit (1) (118) Amortization of net gain (97) (58) Net periodic benefit cost (income) $ 81 $ (1)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Apr. 01, 2023
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 April 1, 2023 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 31, 2022 $ (69,238) $ 1,486 $ 1,222 $ 2,355 $ (64,175) Other comprehensive income before reclassifications 9,993 2,943 65 1,285 14,286 Amounts reclassified from AOCI — (1,989) (73) — (2,062) Net current-period other comprehensive income (loss) 9,993 954 (8) 1,285 12,224 Balance as of April 1, 2023 $ (59,245) $ 2,440 $ 1,214 $ 3,640 $ (51,951) 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)
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) April 1, March 26, 2022 Affected line item Unrealized gains on derivative commodity contracts $ (2,551) $ (2,224) Cost of goods sold 562 502 Income tax expense $ (1,989) $ (1,722) Net of tax and noncontrolling interests Amortization of net loss and prior service cost on employee benefit plans $ (98) $ 68 Other income, net 25 (5) Income tax expense (benefit) $ (73) $ 63 Net of tax and noncontrolling interests

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022	Dec. 31, 2022
Summary of segment information [Abstract]
Net sales	$ 971,192	$ 1,010,002
Cost of goods sold	678,798	744,511
Depreciation and amortization	10,657	10,841
Selling, general, and administrative expense	52,631	47,456
Gain on sale of assets	0	5,507
Operating income	229,106	212,701
Interest expense	(143)	(158)
Interest income	6,235	160
Other income, net	2,236	620
Income before income taxes	237,434	213,323
Assets	2,479,621		$ 2,242,399
Operating Segments
Summary of segment information [Abstract]
Net sales	980,667	1,018,364
Operating Segments | Piping Systems
Summary of segment information [Abstract]
Net sales	662,479	703,430
Cost of goods sold	467,610	514,187
Depreciation and amortization	5,558	5,400
Selling, general, and administrative expense	25,457	23,355
Gain on sale of assets		0
Operating income	163,854	160,488
Assets	1,196,717		1,088,940
Operating Segments | Industrial Metals
Summary of segment information [Abstract]
Net sales	165,234	174,312
Cost of goods sold	133,170	145,710
Depreciation and amortization	1,772	1,944
Selling, general, and administrative expense	3,077	3,399
Gain on sale of assets		0
Operating income	27,215	23,259
Assets	173,429		160,702
Operating Segments | Climate
Summary of segment information [Abstract]
Net sales	152,954	140,622
Cost of goods sold	88,812	93,957
Depreciation and amortization	2,153	2,352
Selling, general, and administrative expense	8,001	7,613
Gain on sale of assets		0
Operating income	53,988	36,700
Assets	270,993		279,940
Corporate and Eliminations
Summary of segment information [Abstract]
Net sales	(9,475)	(8,362)
Cost of goods sold	(10,794)	(9,343)
Depreciation and amortization	1,174	1,145
Selling, general, and administrative expense	16,096	13,089
Gain on sale of assets		5,507
Operating income	(15,951)	$ (7,746)
Assets	$ 838,482		$ 712,817

Segment Information - Schedul_2

Segment Information - Schedule of Net Sales by Major Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 971,192	$ 1,010,002
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	980,667	1,018,364
Operating Segments | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	662,479	703,430
Operating Segments | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	165,234	174,312
Operating Segments | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	152,954	140,622
Operating Segments | Tube and fittings
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	544,228	571,510
Operating Segments | Tube and fittings | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	544,228	571,510
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	130,340	136,533
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	130,340	136,533
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	55,911	49,188
Operating Segments | OEM components, tube & assemblies | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	0	0
Operating Segments | OEM components, tube & assemblies | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	22,509	20,096
Operating Segments | OEM components, tube & assemblies | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	33,402	29,092
Operating Segments | Valves and plumbing specialties
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	118,251	131,920
Operating Segments | Valves and plumbing specialties | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	118,251	131,920
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	119,552	111,530
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	119,552	111,530
Operating Segments | Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	12,385	17,683
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	12,385	17,683
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	$ (9,475)	$ (8,362)

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022	Dec. 25, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 611,399	$ 461,018
Restricted cash included within other current assets	93	4,176
Restricted cash included within other assets	102	102
Total cash, cash equivalents, and restricted cash	$ 611,594	$ 465,296	$ 151,197	$ 90,376

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 135,231	$ 133,189
Work-in-process	69,937	64,177
Finished goods	262,315	265,842
Valuation reserves	(14,657)	(14,289)
Inventories	$ 452,826	$ 448,919

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Dec. 31, 2022
Derivative [Line Items]
Restricted cash in other current assets as collateral related to open derivative contracts	$ 0.1	$ 4
Commodity contracts
Derivative [Line Items]
Deferred net gains (losses), net of tax, included in AOCI	2.3
Cash Flow Hedging | Commodity contracts | Long
Derivative [Line Items]
Open option contracts written, at fair value	$ 42.6
Time period for open copper future contract purchases	9 months
Fair value of future contracts with net gain (loss) position	$ 3
Fair Value Hedging | Commodity contracts | Short
Derivative [Line Items]
Open future contracts to sell copper	$ 0

Financial Instruments - Summary

Financial Instruments - Summary of Location and Fair Value (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Total derivative assets	$ 3,002	$ 2,263
Total derivative liabilities	(25)	0
Other current assets | Commodity contracts
Derivatives, Fair Value [Line Items]
Other current assets: Gain positions	3,070	3,746
Other current assets: Loss positions	(68)	(1,483)
Other current liabilities | Commodity contracts
Derivatives, Fair Value [Line Items]
Other current liability: Gain positions	5	0
Other current liability: Loss positions	$ (30)	$ 0

Financial Instruments - Effects

Financial Instruments - Effects of Derivative Instruments on Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Commodity contracts | Cost of goods sold | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain on commodity contracts (nonqualifying)	$ (2,484)	$ 3,425

Financial Instruments - Amounts

Financial Instruments - Amounts Recognized in and Reclassified from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax	$ 954	$ 2,091
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax	2,943	3,813
Gain Reclassified from AOCI (Effective Portion), Net of Tax	(1,989)	(1,722)
Commodity contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax	2,969	3,781
Commodity contracts | Cash Flow Hedging | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCI (Effective Portion), Net of Tax	(1,989)	(1,722)
Other | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax	(26)	32
Gain Reclassified from AOCI (Effective Portion), Net of Tax	$ 0	$ 0

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Schedule of Equity Method Investments [Line Items]
Net loss	$ 175,093	$ 159,248
Retail Distribution Business
Schedule of Equity Method Investments [Line Items]
Net loss	1,400	700
Tecumseh Products Holdings LLC
Schedule of Equity Method Investments [Line Items]
Net loss	$ (2,400)	$ (600)
Tecumseh Products Holdings LLC
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage	50%
Retail Distribution Business
Schedule of Equity Method Investments [Line Items]
Interest in the joint venture, ownership percentage	17%

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliates - Schedule of Summarized Financial Information Derived from Equity Method Investees' Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022	Dec. 31, 2022
Balance sheet data [Abstract]
Current assets	$ 1,767,011		$ 1,534,653
Current liabilities	406,745		348,295
Income Statement [Abstract]
Net sales	971,192	$ 1,010,002
Net loss	175,093	159,248
Tecumseh
Balance sheet data [Abstract]
Current assets	217,674		248,808
Noncurrent assets	93,532		77,395
Current liabilities	175,645		190,746
Noncurrent liabilities	44,455		$ 43,003
Income Statement [Abstract]
Net sales	113,418	125,967
Gross profit	19,816	18,775
Net loss	$ (4,717)	$ (1,206)

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Pension Benefits
Components of net periodic benefit cost (income) [Abstract]
Interest cost	$ 594	$ 394
Expected return on plan assets	(841)	(967)
Amortization of net loss (gain)	0	244
Net periodic benefit income	(247)	(329)
Other Benefits
Components of net periodic benefit cost (income) [Abstract]
Interest cost	128	103
Amortization of net loss (gain)	(97)	(58)
Service cost	51	72
Amortization of prior service credit	(1)	(118)
Net periodic benefit income	$ 81	$ (1)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2022 potentially_responsible_party

Feb. 28, 2022 USD ($) smelter_site ft

Jan. 31, 2018 USD ($) unilateral_administrative_order potentially_responsible_party

Nov. 27, 2015 USD ($)

Aug. 31, 2015 mining_site

Apr. 01, 2023 USD ($) smelter_site property

Oct. 31, 2008 import_entry

Apr. 01, 2023 USD ($)

Apr. 01, 2023 potentially_responsible_party

Apr. 01, 2023 property

Dec. 25, 2021 USD ($)

Nov. 08, 2016 USD ($)

Apr. 19, 2010

Loss Contingencies [Line Items]

Term of guarantees

1 year

Payments required to be made under guarantees, maximum

$ 28.6

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 | import_entry

795

Southeast Kansas Sites

Loss Contingencies [Line Items]

Accrual for environmental loss contingencies, gross

$ 5.6

Geographic boundary of sites | ft

50

Southeast Kansas Sites | Non operating Properties

Loss Contingencies [Line Items]

Number of parties involved in settlement negotiations

3

3

2

Shasta Area Mine Sites | Non operating Properties

Loss Contingencies [Line Items]

Period of permit, implementation of best management practices

10 years

Estimated remediation costs, term

30 years

Shasta Area Mine Sites | Non operating Properties | Minimum

Loss Contingencies [Line Items]

Estimated remediation costs

$ 14.1

Shasta Area Mine Sites | Non operating Properties | Maximum

Loss Contingencies [Line Items]

Estimated remediation costs

$ 16.1

Lead Refinery Site

Loss Contingencies [Line Items]

Financial guarantee

$ 1

Lead Refinery Site | Non operating Properties

Loss Contingencies [Line Items]

Number of parties involved in settlement negotiations | potentially_responsible_party

2

Estimated remediation costs, term

14 years

Amount other PRPs will pay to fund cleanup

$ 26

Number of surrounding properties | property

300

Lead Refinery Site | Non operating Properties | Minimum

Loss Contingencies [Line Items]

Estimated remediation costs

$ 1.6

Lead Refinery Site | Non operating Properties | Maximum

Loss Contingencies [Line Items]

Estimated remediation costs

2.4

Lead Refinery NPL Site

Loss Contingencies [Line Items]

Number of UAOs | unilateral_administrative_order

2

Number of PRPs | potentially_responsible_party

4

4

Environmental reserves

$ 4.5

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

Bonita Peak Mining District

Loss Contingencies [Line Items]

Number of mining sites | mining_site

48

Mueller Copper Tube Products, Inc. | Operating Properties

Loss Contingencies [Line Items]

Estimated remediation costs, term

3 years

Mueller Copper Tube Products, Inc. | Operating Properties | Minimum

Loss Contingencies [Line Items]

Estimated remediation costs

$ 0.5

Mueller Copper Tube Products, Inc. | Operating Properties | Maximum

Loss Contingencies [Line Items]

Estimated remediation costs

$ 0.7

Southeast Kansas Sites - Lanyon | Operating Properties

Loss Contingencies [Line Items]

Number of properties in remediation | property

1,371

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	26%	25%
Provision for state income taxes, net of federal benefits	$ 7.8	$ 7.1
Effect of foreign tax rates differential	2.1	1.7
Other items	$ 1.6	$ 0.6

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
	Apr. 01, 2023	Mar. 26, 2022
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	$ 1,813,964
Other comprehensive income before reclassifications	14,286	$ 7,564
Amounts reclassified from AOCI	(2,062)	(1,659)
Total other comprehensive income, net	12,482	5,872
Balance at end of period	1,987,469
Total
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(64,175)	(53,347)
Total other comprehensive income, net	12,224	5,905
Balance at end of period	(51,951)	(47,442)
Cumulative Translation Adjustment
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(69,238)	(42,303)
Other comprehensive income before reclassifications	9,993	1,246
Amounts reclassified from AOCI	0	0
Total other comprehensive income, net	9,993	1,246
Balance at end of period	(59,245)	(41,057)
Unrealized Gain (Loss) on Derivatives
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	1,486	803
Other comprehensive income before reclassifications	2,943	3,813
Amounts reclassified from AOCI	(1,989)	(1,722)
Total other comprehensive income, net	954	2,091
Balance at end of period	2,440	2,894
Pension/OPEB Liability Adjustment
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	1,222	(11,500)
Other comprehensive income before reclassifications	65	357
Amounts reclassified from AOCI	(73)	63
Total other comprehensive income, net	(8)	420
Balance at end of period	1,214	(11,080)
Attributable to Unconsol. Affiliates
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	2,355	(347)
Other comprehensive income before reclassifications	1,285	2,148
Amounts reclassified from AOCI	0	0
Total other comprehensive income, net	1,285	2,148
Balance at end of period	$ 3,640	$ 1,801

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification Adjustments Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	$ 61,357	$ 54,199
Net of tax and noncontrolling interests	(173,239)	(158,316)
Other income, net	(2,236)	(620)
Unrealized gains on derivative commodity contracts | Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	(2,551)	(2,224)
Income tax expense	562	502
Net of tax and noncontrolling interests	(1,989)	(1,722)
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	25	(5)
Net of tax and noncontrolling interests	(73)	63
Other income, net	$ (98)	$ 68

Insurance Claims (Details)

Insurance Claims (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Insurance [Abstract]
Insurance advances	$ 15
Proceeds from insurance settlement	10
Net book value	$ 3.7