Mueller Industries (MLI) 10-Q 24 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 30, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
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		113,597,003
Entity Central Index Key	0000089439
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
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. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Net sales		$ 849,654	$ 971,192
Cost of goods sold		608,703	678,798
Depreciation and amortization		9,169	10,657
Selling, general, and administrative expense		48,357	52,631
Operating income		183,425	229,106
Interest expense		(115)	(143)
Interest income		17,245	6,235
Realized gains on short-term investments		365	1,910
Other income, net		630	326
Income before income taxes		201,550	237,434
Income tax expense		(51,834)	(61,357)
Loss from unconsolidated affiliates, net of foreign tax		(8,007)	(984)
Consolidated net income		141,709	175,093
Net income attributable to noncontrolling interests		(3,346)	(1,854)
Net income attributable to Mueller Industries, Inc.		$ 138,363	$ 173,239
Weighted average shares for basic earnings per share (in shares)	[1]	111,416	111,386
Effect of dilutive stock-based awards (in shares)	[1]	2,729	1,414
Adjusted weighted average shares for diluted earnings per share (in shares)	[1]	114,145	112,800
Basic earnings per share (in dollars per share)	[1]	$ 1.24	$ 1.56
Diluted earnings per share (in dollars per share)	[1]	1.21	1.54
Dividends per share (in dollars per share)	[1]	$ 0.20	$ 0.15
[1] Adjusted retroactively to reflect the two-for-one stock split that occurred on October 20, 2023. Refer to Note 2 - Earnings per Common Share for additional information.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 141,709	$ 175,093
Other comprehensive (loss) income, net of tax:
Foreign currency translation	(4,155)	10,251
Net change with respect to derivative instruments and hedging activities, net of tax of $(93) and $(272)	327	954
Net change in pension and postretirement obligation adjustments, net of tax of $(17) and $11	36	(8)
Attributable to unconsolidated affiliates, net of tax of $395 and $(373)	(1,362)	1,285
Net current-period other comprehensive (loss) income	(5,154)	12,482
Consolidated comprehensive income	136,555	187,575
Comprehensive income attributable to noncontrolling interests	(2,725)	(2,112)
Comprehensive income attributable to Mueller Industries, Inc.	$ 133,830	$ 185,463

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Comprehensive Income [Abstract]
Net change with respect to derivative instruments and hedging activities, tax (expense) benefit	$ (93)	$ (272)
Net actuarial loss on pension and postretirement obligations, tax benefit (expense)	17	(11)
Attributable to unconsolidated affiliates, tax benefit (expense)	$ 395	$ (373)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 1,357,952	$ 1,170,893
Short-term investments	0	98,146
Accounts receivable, less allowance for doubtful accounts of $2,698 in 2024 and $2,830 in 2023	424,406	351,561
Inventories	356,869	380,248
Other current assets	45,379	39,173
Total current assets	2,184,606	2,040,021
Property, plant, and equipment, net	390,517	385,165
Operating lease right-of-use assets	33,819	35,170
Goodwill, net	151,246	151,820
Intangible assets, net	44,721	46,208
Investments in unconsolidated affiliates	71,648	83,436
Other assets	17,685	17,481
Total assets	2,894,242	2,759,301
Current liabilities:
Current portion of debt	705	796
Accounts payable	160,133	120,485
Accrued wages and other employee costs	29,954	55,644
Current portion of operating lease liabilities	8,072	7,893
Other current liabilities	162,417	132,320
Total current liabilities	361,281	317,138
Long-term debt, less current portion	130	185
Pension liabilities	2,144	2,832
Postretirement benefits other than pensions	9,217	9,230
Environmental reserves	14,919	15,030
Deferred income taxes	22,687	19,134
Noncurrent operating lease liabilities	25,451	26,683
Other noncurrent liabilities	10,043	10,353
Total liabilities	445,872	400,585
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 250,000,000; issued 160,366,008; outstanding 113,597,003 in 2024 and 114,157,918 in 2023	1,604	1,604
Additional paid-in capital	318,684	312,171
Retained earnings	2,709,950	2,594,300
Accumulated other comprehensive loss	(51,754)	(47,221)
Treasury common stock, at cost	(554,110)	(523,409)
Total Mueller Industries, Inc. stockholders' equity	2,424,374	2,337,445
Noncontrolling interests	23,996	21,271
Total equity	2,448,370	2,358,716
Commitments and contingencies	0	0
Total liabilities and equity	$ 2,894,242	$ 2,759,301

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Allowance for doubtful accounts	$ 2,698	$ 2,830
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)	250,000,000	250,000,000
Common stock, shares issued (in shares)	160,366,008	160,366,008
Common stock, shares outstanding (in shares)	113,597,003	114,157,918

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities
Consolidated net income	$ 141,709	$ 175,093
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization	9,250	10,746
Stock-based compensation expense	6,231	5,637
Provision for doubtful accounts receivable	1	(15)
Loss from unconsolidated affiliates	8,007	984
Dividends from unconsolidated affiliates	2,024	0
Insurance proceeds - noncapital related	15,000	0
Gain on disposals of properties	(1,567)	(115)
Gain on sales of securities	(365)	0
Deferred income tax expense	940	372
Changes in assets and liabilities, net of effects of business sold:
Receivables	(75,200)	(111,547)
Inventories	22,502	(581)
Other assets	11,984	(17,950)
Current liabilities	33,948	50,842
Other liabilities	(907)	(2,275)
Other, net	68	427
Net cash provided by operating activities	173,625	111,618
Cash flows from investing activities
Capital expenditures	(16,406)	(7,556)
Insurance proceeds - capital related	0	8,000
Proceeds from the sale of securities	0	50,000
Proceeds from the sale of securities	96,465	0
Issuance of notes receivable	(12,500)	0
Proceeds from sales of assets	2,878	118
Dividends from unconsolidated affiliates	0	644
Net cash provided by investing activities	70,437	51,206
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	(22,255)	(16,729)
Repurchase of common stock	(27,930)	0
Repayments of debt	(56)	(56)
(Repayment) issuance of debt by consolidated joint ventures, net	(77)	297
Net cash used to settle stock-based awards	(2,489)	(2,611)
Net cash used in financing activities	(52,807)	(19,099)
Effect of exchange rate changes on cash	(670)	2,573
Increase in cash, cash equivalents, and restricted cash	190,585	146,298
Cash, cash equivalents, and restricted cash at the beginning of the period	1,174,223	465,296
Cash, cash equivalents, and restricted cash at the end of the period	$ 1,364,808	$ 611,594

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. 31, 2022		$ 802	$ 297,270	$ 2,059,796	$ (64,175)	$ (502,779)	$ 23,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition 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 (loss) income attributable to Mueller Industries, Inc.	12,482				12,224
Acquisition 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		802	303,133	2,215,939	(51,951)	(505,616)	25,162
Balance at beginning of period at Dec. 30, 2023	2,358,716	1,604	312,171	2,594,300	(47,221)	(523,409)	21,271
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of shares under incentive stock option plans			282
Stock-based compensation expense			6,231
Net income attributable to Mueller Industries, Inc.	138,363			138,363
Dividends paid or payable to stockholders of Mueller Industries, Inc.				(22,713)
Total other comprehensive (loss) income attributable to Mueller Industries, Inc.	(5,154)				(4,533)
Acquisition of shares under incentive stock option plans						(2,771)
Repurchase of common stock						(27,930)
Net income attributable to noncontrolling interests	(3,346)						3,346
Foreign currency translation	(4,155)						(621)
Balance at end of period at Mar. 30, 2024	$ 2,448,370	$ 1,604	$ 318,684	$ 2,709,950	$ (51,754)	$ (554,110)	$ 23,996

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Mar. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	Recent Accounting Standards Adopted In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 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 was effective for fiscal years beginning after December 15, 2023 for public entities. The guidance requires prospective adoption, and early adoption was permitted. The Company adopted the ASU during the first quarter of 2024. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Issued In March 2024, the Securities and Exchange Commission issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of, among other things: material climate-related risks, activities to mitigate or adapt to such risks, governance and management of such risks, and material greenhouse gas (GHG) emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The rules will become effective on a phased-in timeline in fiscal years beginning in 2025. The Company is in the process of analyzing the impact of the rules on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The new guidance primarily enhances and expands both the income tax rate reconciliation disclosure and the income taxes paid disclosure. The ASU is effective for annual periods beginning after December 15, 2024 for public entities on a prospective basis. Early adoption is permitted. The Company is in the process of analyzing the impact of the standard on its disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new guidance requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The guidance requires retrospective adoption, and early adoption is permitted. The Company is in the process of analyzing the impact of the standard on its disclosures.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 30, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic per share amounts have been computed based on the average number of common shares outstanding. Diluted per share amounts reflect the increase in average common shares outstanding that would re sult from the assumed exercise of outstanding stock options and vesting of restricted and performance stock awards, computed using the treasury stock method.

Disposition

Disposition	3 Months Ended
	Mar. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Disposition	Disposition Heatlink Group 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. Effective July 3, 2023, the Company transferred 100 percent of the outstanding shares of Heatlink Group, Inc. and Heatlink Group USA, LLC for an additional 11 percent equity interest in the limited liability company. 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. and was included in the Piping Systems segment. Heatlink Group reported net sales of $7.7 million and operating income of $0.9 million in the first quarter of 2023. As a result of the transaction, the Company recognized a gain of $4.1 million in the third quarter of 2023 based on the excess of the fair value of the consideration received (the 11 percent equity interest) over the carrying value of Heatlink Group. The Company equally weighted an income discounted cash flow approach and market comparable companies approach using an EBITDA multiple to determine the fair value of the consideration received of $26.0 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 30, 2024
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, 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. 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 March 30, 2024 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 590,168 $ 156,067 $ 116,810 $ (13,391) $ 849,654 Cost of goods sold 420,941 126,604 75,591 (14,433) 608,703 Depreciation and amortization 4,560 1,920 1,595 1,094 9,169 Selling, general, and administrative expense 21,987 3,272 7,049 16,049 48,357 Operating income 142,680 24,271 32,575 (16,101) 183,425 Interest expense (115) Interest income 17,245 Realized gains on short-term investments 365 Other income, net 630 Income before income taxes $ 201,550 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 Realized gains on short-term investments 1,910 Other income, net 326 Income before income taxes $ 237,434 The following table presents total assets attributable to each segment: (In thousands) March 30, December 30, 2023 Segment assets: Piping Systems $ 1,057,983 $ 1,029,821 Industrial Metals 178,903 157,761 Climate 255,798 252,561 General Corporate 1,401,558 1,319,158 $ 2,894,242 $ 2,759,301 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 30, 2024 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 478,476 $ — $ — $ 478,476 Brass rod and forgings — 124,059 — 124,059 OEM components, tube & assemblies — 18,957 30,017 48,974 Valves and plumbing specialties 111,692 — — 111,692 Flex duct and other HVAC components — — 86,793 86,793 Other — 13,051 — 13,051 590,168 156,067 116,810 863,045 Intersegment sales (13,391) Net sales $ 849,654 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

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash (In thousands) March 30, December 30, Cash & cash equivalents $ 1,357,952 $ 1,170,893 Restricted cash included within other current assets 6,754 3,228 Restricted cash included within other assets 102 102 Total cash, cash equivalents, and restricted cash $ 1,364,808 $ 1,174,223 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. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories (In thousands) March 30, December 30, Raw materials and supplies $ 101,540 $ 111,843 Work-in-process 62,956 61,793 Finished goods 205,410 220,629 Valuation reserves (13,037) (14,017) Inventories $ 356,869 $ 380,248

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments Short-Term Investments The fair value of short-term investments at December 30, 2023, consisting of marketable securities, approximates the carrying value on that date. These marketable securities are stated at fair value and 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 March 30, 2024, the Company held open futures contracts to purchase approximately $16.9 million of copper over the next 12 months related to fixed price sales orders. The fair value of those futures contracts was a $492 thousand 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 30, 2024, this amount was approximately $384 thousand 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 30, 2024, the Company held $106.3 million open futures contracts to sell copper over the next six months related to copper inventory. The fair value of those futures contracts was a $2.3 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 30, December 30, Balance Sheet Location March 30, December 30, Commodity contracts - gains Other current assets $ 588 $ 589 Other current liabilities $ 53 $ 16 Commodity contracts - losses Other current assets (6) (281) Other current liabilities (2,423) (383) Total derivatives (1) $ 582 $ 308 $ (2,370) $ (367) (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 30, 2024 April 1, Undesignated derivatives: Gain (loss) on commodity contracts (nonqualifying) Cost of goods sold 488 (2,484) The following tables summarize amounts recognized in and reclassified from AOCI during the period: For the Quarter Ended March 30, 2024 (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 $ 667 Cost of goods sold $ (373) Other 33 Other — Total $ 700 Total $ (373) 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) 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 30, 2024 and December 30, 2023, the Company had recorded restricted cash in other current assets of $6.6 million and $3.2 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. 30, 2024
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 Company’s net loss from unconsolidated affiliates, net of foreign tax, for the quarters ended March 30, 2024 and April 1, 2023 included losses of $10.3 million and $2.4 million , respectively, for Tecumseh. During the first quarter of 2024, the Company advanced Tecumseh $12.5 million. Retail Distribution The Company owns a 28 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 net loss from unconsolidated affiliates, net of foreign tax, for the quarters ended March 30, 2024 and April 1, 2023

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 30, 2024
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 30, 2024 April 1, Pension benefits: Interest cost $ 581 $ 594 Expected return on plan assets (604) (841) Amortization of net loss 33 — Net periodic benefit cost (income) $ 10 $ (247) Other benefits: Service cost $ 54 $ 51 Interest cost 131 128 Amortization of prior service credit (1) (1) Amortization of net gain (97) (97) Net periodic benefit cost $ 87 $ 81 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. 30, 2024
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. Approximately 1,371 properties were to be remediated. In August 2023, EPA issued a five-year review indicating that the cleanup of approximately 300 remaining residential properties would be completed in 2026. A record of decision concerning the cleanup is scheduled for May 2025. 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 $2.2 million over the next 13 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 March 30, 2024, 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 subsequently answered plaintiff’s amended complaint, but has filed a motion for partial judgment on the pleadings which remains pending. 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 $0.4 million over the next two years. United States Department of Commerce Antidumping Review On December 24, 2008, the Department of Commerce (DOC) initiated an antidumping administrative review of the antidumping duty order covering circular welded non-alloy steel pipe and tube from Mexico for the November 1, 2007 through October 31, 2008 period of review. The DOC selected Mueller Comercial as a respondent in the review. On April 19, 2010, the DOC published the final results of the review and assigned Mueller Comercial an antidumping duty rate of 48.33 percent. On May 25, 2010, the Company appealed the final results to the U.S. Court of International Trade (CIT). On December 16, 2011, the CIT issued a decision remanding the Department’s final results. While the matter was still pending, the Company and the United States reached an agreement to settle the appeal. Subject to the conditions of the agreement, the Company anticipated that certain of its subsidiaries would incur antidumping duties on subject imports made during the period of review and, as such, established a reserve for this matter. After the lapse of the statutory period of time during which U.S. Customs and Border Protection (CBP) was required, but failed, to liquidate the entries at the settled rate, the Company released the reserve. Between October 30, 2015 and November 27, 2015, CBP sent a series of invoices to Southland Pipe Nipples Co., Inc. (Southland), requesting payment of approximately $3.0 million in duties and interest in connection with 795 import entries made during the November 1, 2007 through October 31, 2008 period. On January 26, 2016 and January 27, 2016, Southland filed protests with CBP in connection with these invoices, noting that CBP’s asserted claims were not made in accordance with applicable law, including statutory provisions governing deemed liquidation. The Company believes in the merits of the legal objections raised in Southland’s protests, and CBP’s response to Southland’s protests is currently pending. Given the procedural posture and issues raised by this legal dispute, the Company cannot estimate the amount of potential duty liability, if any, that may result from CBP’s asserted claims. 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 30, 2024 were $28.9 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the first quarter of 2024 was 26 percent compared with 26 percent for the same period last year. The primary items impacting the effective tax rate for the first quarter of 2024 were increases related to the provision for state income taxes, net of the federal benefit, of $5.9 million, the effect of foreign tax rates higher than statutory tax rates and other foreign adjustments of $1.5 million, and other items of $2.1 million. The 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 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 2020 and all subsequent years. The statutes of limitations for most state returns are open for 2020 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. The international tax framework introduced by the Organisation for Economic Co-operation and Development under its Pillar Two initiative includes a global minimum tax of 15 percent. Legislation adopting these provisions has been enacted in certain jurisdictions where the Company operates and is effective for the Company's 2024 fiscal year. The Company has assessed this legislation and the Pillar Two provisions do not have a material impact on the Company’s tax expense.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 30, 2024
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 30, 2024 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 30, 2023 $ (48,076) $ 213 $ (2,630) $ 3,272 $ (47,221) Other comprehensive (loss) income before reclassifications (3,534) 700 82 (1,362) (4,114) Amounts reclassified from AOCI — (373) (46) — (419) Net current-period other comprehensive (loss) income (3,534) 327 36 (1,362) (4,533) Balance as of March 30, 2024 $ (51,610) $ 540 $ (2,594) $ 1,910 $ (51,754) 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) Reclassification adjustments out of AOCI were as follows: Amount reclassified from AOCI For the Quarter Ended (In thousands) March 30, 2024 April 1, Affected line item Unrealized gains on derivative commodity contracts $ (393) $ (2,551) Cost of goods sold 20 562 Income tax expense $ (373) $ (1,989) Net of tax and noncontrolling interests Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans $ (65) $ (98) Other income, net 19 25 Income tax expense $ (46) $ (73) Net of tax and noncontrolling interests

Insurance Claims

Insurance Claims	3 Months Ended
	Mar. 30, 2024
Insurance [Abstract]
Insurance Claims	Insurance Claim 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. 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 March 30, 2024, the Company has received advances totaling $25.0 million from the insurance company for this claim, of which $15.0 million was received during 2024. These advances, net of the book value of damaged inventories, equipment, and buildings and direct cleanup and other out of pocket costs t otaled $14.0 million, c lassified as other current liabilities on the Condensed Consolidated Balance Sheet at March 30, 2024.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On April 19, 2024, the Company entered into a definitive agreement to acquire Nehring Electrical Works Company and certain of its affiliated companies (collectively, “Nehring”) for approximately $575.0 million, subject to customary purchase price adjustments, plus an additional $25.0 million earn out. Nehring produces high-quality wire and cable solutions for the utility, telecommunication, electrical distribution, and OEM markets. The acquisition, which will be funded with cash on hand, is expected to close during the second quarter of 2024, subject to regulatory approval and customary closing conditions. For the twelve months ended December 31, 2023, Nehring’s annual net sales were approximately $400.0 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Pay vs Performance Disclosure
Net income attributable to Mueller Industries, Inc.	$ 138,363	$ 173,239

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	3 Months Ended
	Mar. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Adopted and Issued Accounting Standards	Adopted In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 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 was effective for fiscal years beginning after December 15, 2023 for public entities. The guidance requires prospective adoption, and early adoption was permitted. The Company adopted the ASU during the first quarter of 2024. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Issued In March 2024, the Securities and Exchange Commission issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of, among other things: material climate-related risks, activities to mitigate or adapt to such risks, governance and management of such risks, and material greenhouse gas (GHG) emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The rules will become effective on a phased-in timeline in fiscal years beginning in 2025. The Company is in the process of analyzing the impact of the rules on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The new guidance primarily enhances and expands both the income tax rate reconciliation disclosure and the income taxes paid disclosure. The ASU is effective for annual periods beginning after December 15, 2024 for public entities on a prospective basis. Early adoption is permitted. The Company is in the process of analyzing the impact of the standard on its disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new guidance requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The guidance requires retrospective adoption, and early adoption is permitted. The Company is in the process of analyzing the impact of the standard on its disclosures.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	Summarized segment information is as follows: For the Quarter Ended March 30, 2024 (In thousands) Piping Systems Industrial Metals Climate Corporate and Eliminations Total Net sales $ 590,168 $ 156,067 $ 116,810 $ (13,391) $ 849,654 Cost of goods sold 420,941 126,604 75,591 (14,433) 608,703 Depreciation and amortization 4,560 1,920 1,595 1,094 9,169 Selling, general, and administrative expense 21,987 3,272 7,049 16,049 48,357 Operating income 142,680 24,271 32,575 (16,101) 183,425 Interest expense (115) Interest income 17,245 Realized gains on short-term investments 365 Other income, net 630 Income before income taxes $ 201,550 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 Realized gains on short-term investments 1,910 Other income, net 326 Income before income taxes $ 237,434 The following table presents total assets attributable to each segment: (In thousands) March 30, December 30, 2023 Segment assets: Piping Systems $ 1,057,983 $ 1,029,821 Industrial Metals 178,903 157,761 Climate 255,798 252,561 General Corporate 1,401,558 1,319,158 $ 2,894,242 $ 2,759,301
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 March 30, 2024 (In thousands) Piping Systems Industrial Metals Climate Total Tube and fittings $ 478,476 $ — $ — $ 478,476 Brass rod and forgings — 124,059 — 124,059 OEM components, tube & assemblies — 18,957 30,017 48,974 Valves and plumbing specialties 111,692 — — 111,692 Flex duct and other HVAC components — — 86,793 86,793 Other — 13,051 — 13,051 590,168 156,067 116,810 863,045 Intersegment sales (13,391) Net sales $ 849,654 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

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	(In thousands) March 30, December 30, Cash & cash equivalents $ 1,357,952 $ 1,170,893 Restricted cash included within other current assets 6,754 3,228 Restricted cash included within other assets 102 102 Total cash, cash equivalents, and restricted cash $ 1,364,808 $ 1,174,223
Schedule of Restrictions on Cash and Cash Equivalents	(In thousands) March 30, December 30, Cash & cash equivalents $ 1,357,952 $ 1,170,893 Restricted cash included within other current assets 6,754 3,228 Restricted cash included within other assets 102 102 Total cash, cash equivalents, and restricted cash $ 1,364,808 $ 1,174,223

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	(In thousands) March 30, December 30, Raw materials and supplies $ 101,540 $ 111,843 Work-in-process 62,956 61,793 Finished goods 205,410 220,629 Valuation reserves (13,037) (14,017) Inventories $ 356,869 $ 380,248

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 30, 2024
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 March 30, December 30, Balance Sheet Location March 30, December 30, Commodity contracts - gains Other current assets $ 588 $ 589 Other current liabilities $ 53 $ 16 Commodity contracts - losses Other current assets (6) (281) Other current liabilities (2,423) (383) Total derivatives (1) $ 582 $ 308 $ (2,370) $ (367) (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 30, 2024 April 1, Undesignated derivatives: Gain (loss) on commodity contracts (nonqualifying) Cost of goods sold 488 (2,484)
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 March 30, 2024 (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 $ 667 Cost of goods sold $ (373) Other 33 Other — Total $ 700 Total $ (373) 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)

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Mar. 30, 2024
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) March 30, 2024 April 1, Pension benefits: Interest cost $ 581 $ 594 Expected return on plan assets (604) (841) Amortization of net loss 33 — Net periodic benefit cost (income) $ 10 $ (247) Other benefits: Service cost $ 54 $ 51 Interest cost 131 128 Amortization of prior service credit (1) (1) Amortization of net gain (97) (97) Net periodic benefit cost $ 87 $ 81

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 30, 2024
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 30, 2024 (In thousands) Cumulative Translation Adjustment Unrealized Gain (Loss) on Derivatives Pension/OPEB Liability Adjustment Attributable to Unconsol. Affiliates Total Balance as of December 30, 2023 $ (48,076) $ 213 $ (2,630) $ 3,272 $ (47,221) Other comprehensive (loss) income before reclassifications (3,534) 700 82 (1,362) (4,114) Amounts reclassified from AOCI — (373) (46) — (419) Net current-period other comprehensive (loss) income (3,534) 327 36 (1,362) (4,533) Balance as of March 30, 2024 $ (51,610) $ 540 $ (2,594) $ 1,910 $ (51,754) 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)
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 30, 2024 April 1, Affected line item Unrealized gains on derivative commodity contracts $ (393) $ (2,551) Cost of goods sold 20 562 Income tax expense $ (373) $ (1,989) Net of tax and noncontrolling interests Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans $ (65) $ (98) Other income, net 19 25 Income tax expense $ (46) $ (73) Net of tax and noncontrolling interests

Earnings per Common Share (Deta

Earnings per Common Share (Details)	Sep. 26, 2023 shares	Mar. 30, 2024 shares	Dec. 30, 2023 shares	Sep. 25, 2023 shares
Earnings Per Share [Abstract]
Common stock, shares authorized (in shares)	250,000,000	250,000,000	250,000,000	100,000,000
Stock split conversion ratio	2
Dividend issued	1

Disposition (Details)

Disposition (Details) - USD ($) $ in Millions		3 Months Ended
	Jul. 03, 2023	Mar. 30, 2024	Sep. 02, 2021
Heatlink Group, Inc. | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Exchange
Business Acquisition [Line Items]
Ownership interest transferred (as a percent)	100%
Net sales of disposed of business		$ 7.7
Operating income		0.9
Gain (loss) on disposal of businesses		$ 4.1
Consideration for sale of businesses	$ 26
Retail Distribution Business
Business Acquisition [Line Items]
Ownership interest acquired (as a percent)	11%		17%

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Summary of segment information [Abstract]
Net sales	$ 849,654	$ 971,192
Cost of goods sold	608,703	678,798
Depreciation and amortization	9,169	10,657
Selling, general, and administrative expense	48,357	52,631
Operating income	183,425	229,106
Interest expense	(115)	(143)
Interest income	17,245	6,235
Realized gains on short-term investments	365	1,910
Other income, net	630	326
Income before income taxes	201,550	237,434
Assets	2,894,242		$ 2,759,301
Operating Segments
Summary of segment information [Abstract]
Net sales	863,045	980,667
Operating Segments | Piping Systems
Summary of segment information [Abstract]
Net sales	590,168	662,479
Cost of goods sold	420,941	467,610
Depreciation and amortization	4,560	5,558
Selling, general, and administrative expense	21,987	25,457
Operating income	142,680	163,854
Assets	1,057,983		1,029,821
Operating Segments | Industrial Metals
Summary of segment information [Abstract]
Net sales	156,067	165,234
Cost of goods sold	126,604	133,170
Depreciation and amortization	1,920	1,772
Selling, general, and administrative expense	3,272	3,077
Operating income	24,271	27,215
Assets	178,903		157,761
Operating Segments | Climate
Summary of segment information [Abstract]
Net sales	116,810	152,954
Cost of goods sold	75,591	88,812
Depreciation and amortization	1,595	2,153
Selling, general, and administrative expense	7,049	8,001
Operating income	32,575	53,988
Assets	255,798		252,561
Corporate and Eliminations
Summary of segment information [Abstract]
Net sales	(13,391)	(9,475)
Cost of goods sold	(14,433)	(10,794)
Depreciation and amortization	1,094	1,174
Selling, general, and administrative expense	16,049	16,096
Operating income	(16,101)	$ (15,951)
Assets	$ 1,401,558		$ 1,319,158

Segment Information - Schedul_2

Segment Information - Schedule of Disaggregation of Revenue From Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 849,654	$ 971,192
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	863,045	980,667
Operating Segments | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	590,168	662,479
Operating Segments | Industrial Metals
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	156,067	165,234
Operating Segments | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	116,810	152,954
Operating Segments | Tube and fittings
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	478,476	544,228
Operating Segments | Tube and fittings | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	478,476	544,228
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	124,059	130,340
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	124,059	130,340
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	48,974	55,911
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	18,957	22,509
Operating Segments | OEM components, tube & assemblies | Climate
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	30,017	33,402
Operating Segments | Valves and plumbing specialties
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	111,692	118,251
Operating Segments | Valves and plumbing specialties | Piping Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	111,692	118,251
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	86,793	119,552
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	86,793	119,552
Operating Segments | Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	13,051	12,385
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	13,051	12,385
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	$ (13,391)	$ (9,475)

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Schedule of Cash and Cash Equivalents and Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,357,952	$ 1,170,893
Restricted cash included within other current assets	6,754	3,228
Restricted cash included within other assets	102	102
Total cash, cash equivalents, and restricted cash	$ 1,364,808	$ 1,174,223	$ 611,594	$ 465,296

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 101,540	$ 111,843
Work-in-process	62,956	61,793
Finished goods	205,410	220,629
Valuation reserves	(13,037)	(14,017)
Inventories	$ 356,869	$ 380,248

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Derivative [Line Items]
Restricted cash in other current assets as collateral related to open derivative contracts	$ 6,600,000	$ 3,200,000
Commodity contracts
Derivative [Line Items]
Deferred net losses, net of tax, included in AOCI	384,000
Cash Flow Hedging | Commodity contracts | Long
Derivative [Line Items]
Open option contracts written, at fair value	$ 16,900,000
Time period for open copper future contract purchases	12 months
Fair value of future contracts with net gain (loss) position	$ 492,000
Fair Value Hedging | Commodity contracts | Short
Derivative [Line Items]
Fair value of future contracts with net gain (loss) position	(2,300,000)
Open future contracts to sell copper	$ 106,300,000
Time period for open copper future contract sales	6 months

Financial Instruments - Schedul

Financial Instruments - Schedule of Derivative Instruments Designated as Cash Flow Hedges Reflected in the Financial Statements (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Derivatives, Fair Value [Line Items]
Total derivative assets	$ 582	$ 308
Total derivative liabilities	(2,370)	(367)
Other current assets | Commodity contracts
Derivatives, Fair Value [Line Items]
Other current assets: Gain positions	588	589
Other current assets: Loss positions	(6)	(281)
Other current liabilities | Commodity contracts
Derivatives, Fair Value [Line Items]
Other current liability: Gain positions	53	16
Other current liability: Loss positions	$ (2,423)	$ (383)

Financial Instruments - Sched_2

Financial Instruments - Schedule of Fair Value Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Commodity contracts | Cost of goods sold | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity contracts (nonqualifying)	$ 488	$ (2,484)

Financial Instruments - Sched_3

Financial Instruments - Schedule of Activities Related to Derivative Instruments Classified as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in AOCI (Effective Portion), Net of Tax	$ 327	$ 954
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in AOCI (Effective Portion), Net of Tax	700	2,943
Gain Reclassified from AOCI (Effective Portion), Net of Tax	(373)	(1,989)
Commodity contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in AOCI (Effective Portion), Net of Tax	667	2,969
Commodity contracts | Cash Flow Hedging | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCI (Effective Portion), Net of Tax	(373)	(1,989)
Other | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in AOCI (Effective Portion), Net of Tax	33	(26)
Gain Reclassified from AOCI (Effective Portion), Net of Tax	$ 0	$ 0

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Schedule of Equity Method Investments [Line Items]
Net income	$ 141,709	$ 175,093
Retail Distribution Business
Schedule of Equity Method Investments [Line Items]
Net income	2,300	1,400
Tecumseh Products Holdings LLC
Schedule of Equity Method Investments [Line Items]
Net income	(10,300)	$ (2,400)
Advances to affiliates	$ 12,500
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	28%

Benefit Plans - Schedule of Com

Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Pension Benefits
Components of net periodic benefit cost (income) [Abstract]
Interest cost	$ 581	$ 594
Expected return on plan assets	(604)	(841)
Amortization of net loss (gain)	33	0
Net periodic benefit cost	10	(247)
Other Benefits
Components of net periodic benefit cost (income) [Abstract]
Interest cost	131	128
Amortization of net loss (gain)	(97)	(97)
Service cost	54	51
Amortization of prior service credit	(1)	(1)
Net periodic benefit cost	$ 87	$ 81

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 ($) smelter_site ft	Jan. 31, 2018 USD ($) potentially_responsible_party unilateralAdministrativeOrder	Nov. 27, 2015 USD ($)	Aug. 31, 2015 mining_site	Mar. 30, 2024 USD ($) smelter_site property potentially_responsible_party	Oct. 31, 2008 import_entry	Dec. 25, 2021 USD ($)	Dec. 31, 2018 potentially_responsible_party	Nov. 08, 2016 USD ($)	Apr. 19, 2010
Loss Contingencies [Line Items]
Term of guarantees						1 year
Payments required to be made under guarantees, maximum						$ 28.9
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 | 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 former smelter sites | smelter_site		3				3
Number of parties involved in settlement negotiations | potentially_responsible_party									2
Southeast Kansas Sites - Lanyon | Operating Properties
Loss Contingencies [Line Items]
Number of properties in remediation | property						1,371
Number of surrounding properties | property						300
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						13 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						2.2
Lead Refinery NPL Site
Loss Contingencies [Line Items]
Number of UAOs | unilateralAdministrativeOrder			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						2 years
Mueller Copper Tube Products, Inc. | Operating Properties | Minimum
Loss Contingencies [Line Items]
Estimated remediation costs						$ 0.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	26%	26%
Provision for state income taxes, net of federal benefits	$ 5.9	$ 7.8
Effect of foreign tax rates differential	1.5	2.1
Offset by other adjustments	$ 2.1
Other items		$ 1.6

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in AOCI by Component, Net of Taxes and Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	$ 2,358,716
Net current-period other comprehensive (loss) income	(5,154)	$ 12,482
Balance at end of period	2,448,370
Total
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(47,221)	(64,175)
Other comprehensive (loss) income before reclassifications	(4,114)	14,286
Amounts reclassified from AOCI	(419)	(2,062)
Net current-period other comprehensive (loss) income	(4,533)	12,224
Balance at end of period	(51,754)	(51,951)
Cumulative Translation Adjustment
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(48,076)	(69,238)
Other comprehensive (loss) income before reclassifications	(3,534)	9,993
Amounts reclassified from AOCI	0	0
Net current-period other comprehensive (loss) income	(3,534)	9,993
Balance at end of period	(51,610)	(59,245)
Unrealized Gain (Loss) on Derivatives
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	213	1,486
Other comprehensive (loss) income before reclassifications	700	2,943
Amounts reclassified from AOCI	(373)	(1,989)
Net current-period other comprehensive (loss) income	327	954
Balance at end of period	540	2,440
Pension/OPEB Liability Adjustment
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	(2,630)	1,222
Other comprehensive (loss) income before reclassifications	82	65
Amounts reclassified from AOCI	(46)	(73)
Net current-period other comprehensive (loss) income	36	(8)
Balance at end of period	(2,594)	1,214
Attributable to Unconsol. Affiliates
Changes in accumulated other comprehensive income [Roll Forward]
Balance at beginning of period	3,272	2,355
Other comprehensive (loss) income before reclassifications	(1,362)	1,285
Amounts reclassified from AOCI	0	0
Net current-period other comprehensive (loss) income	(1,362)	1,285
Balance at end of period	$ 1,910	$ 3,640

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassification Adjustments Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	$ 51,834	$ 61,357
Net of tax and noncontrolling interests	(138,363)	(173,239)
Other income, net	(630)	(326)
Unrealized gains on derivative commodity contracts | Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold	(393)	(2,551)
Income tax expense	20	562
Net of tax and noncontrolling interests	(373)	(1,989)
Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans | Amount reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	19	25
Net of tax and noncontrolling interests	(46)	(73)
Other income, net	$ (65)	$ (98)

Insurance Claims (Details)

Insurance Claims (Details) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Insurance [Abstract]
Insurance advances	$ 25
Proceeds from insurance settlement received	15
Insurance advances, net	$ 14

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Apr. 19, 2024	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Subsequent Event [Line Items]
Net sales		$ 849,654	$ 971,192
Nehring Electrical Works Company
Subsequent Event [Line Items]
Net sales				$ 400,000
Subsequent Event | Nehring Electrical Works Company
Subsequent Event [Line Items]
Definitive agreement to acquire Nehring, amount	$ 575,000
Contingent earn out	$ 25,000