<SEC-DOCUMENT>0000089439-16-000056.txt : 20161003
<SEC-HEADER>0000089439-16-000056.hdr.sgml : 20161003
<ACCEPTANCE-DATETIME>20160829110234
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000089439-16-000056
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUELLER INDUSTRIES INC
		CENTRAL INDEX KEY:			0000089439
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				250790410
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 150
		STREET 2:		8285 TOURNAMENT DRIVE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38125
		BUSINESS PHONE:		(901)753-3200

	MAIL ADDRESS:	
		STREET 1:		SUITE 150
		STREET 2:		8285 TOURNAMENT DRIVE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHARON STEEL CORP
		DATE OF NAME CHANGE:	19910103
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mueller Industries, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8285 Tournament Drive, Suite 150</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Memphis, TN 38125</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">August 29, 2016</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>Via EDGAR</u></div>

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<div>Mr. John Cash</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounting Branch Chief</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">United States Securities and Exchange Commission</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Washington, DC&#160; 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dear Mr. Cash:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We have reviewed your letter dated August 16, 2016.&#160; Below are the staff's comments, followed by our responses, which are numbered to correspond with the numbers set forth in the staff's comment letter:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>Definitive Proxy Statement on Schedule 14A</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>Compensation Discussion and Analysis, page 21</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>Annual Incentive Compensation, page 26</u></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">In future filings, please disclose the adjustments to operating income that were used for the calculation of the actual amount of annual bonuses awarded to your named executive officers.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">Company Response:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt">Your comment is noted, and in future filings, we will include the requested disclosures regarding any adjustments to operating income that may be used for purposes of calculating the actual amount of any annual bonuses awarded to our named executive officers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">In future filings, please clarify how performance factors based on achievements between 80% of target and 100% of target, and 100% of target and 125% of target, are calculated.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">Company Response:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt">Your comment is noted, and in future filings, we will include the requested disclosures regarding the calculation of any performance factors that are used in calculating any annual bonuses awarded to our named executive officers.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>Form 10-Q for the Fiscal Quarter Ended April 2, 2016</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><u>Item 2.&#160; Management's Discussion and Analysis of Financial Condition and Results of Operations, page 16</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt"><u>General Overview, page 16</u></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Please expand your disclosure in future filings to more fully describe the changes to your management reporting structure, as well as the reason the Chief Operating Decision Maker has determined that managing the business and allocating resources with three segments better supports your business strategy.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">Company Response:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt">Your comment is noted, and future filings, will include language similar to the following:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">"The changes to the reporting structure resulted from management's decision to operationally separate certain businesses, including by appointing separate management teams, in order to enhance the level of focus on those businesses.&#160; In addition, as a result of several acquisitions, management believes it is now appropriate to separate certain businesses with similar characteristics that had been aggregated within the previously disclosed OEM segment, and to create the Climate segment."</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">Please tell us if and how the change in your management reporting structure impacted your reporting units and the reassignment of goodwill.&#160; Refer to ASC 350-20-35-45.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">Company Response:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt">As a result of the change in our management reporting structure as described above, components that were previously aggregated and disclosed as the Standard Products Division (SPD) reporting unit in accordance with ASC subtopic 350-20 were reorganized into separate operating segments as defined by ASC 280.&#160; As such, there was a change in the composition of our reporting units as previously identified and disclosed. The former SPD reporting unit was comprised of the B&amp;K component (now reported in the Trading Group operating segment) and the Mueller Distribution Group component (now reported in the Domestic Piping Systems Group operating segment).&#160;&#160; Therefore, in accordance with ASC 350-20-55-8, we identified two new reporting units, B&amp;K and Mueller Distribution Group.&#160; In accordance with ASC 350-20-35-45, we reassigned the goodwill previously attributable to the former SPD reporting unit proportionally to the B&amp;K and Mueller Distribution Group reporting units using a relative fair value allocation approach based on the estimated fair values of the new reporting units on the date of change.&#160; There was no impairment of goodwill for the respective reporting units before or after the aforementioned change.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt">In addition, the Company acknowledges that:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">the company is responsible for the adequacy and accuracy of the disclosure in the filings;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">If you have any further questions or require additional information, you may connect me by telephone at (901) 753-3226, or you may contact Anthony Steinriede, Vice President-Controller, at (901) 753-3227.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Sincerely,</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/<font style="FONT-VARIANT: small-caps"> Jeffrey A. Martin</font></u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Chief Financial Officer</div>

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