XML 26 R13.htm IDEA: XBRL DOCUMENT v3.24.3
Segment Information
 9 Months Ended
Sep. 28, 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, Precision Tube, and Nehring (acquired in fiscal June 2024).  These businesses manufacture brass rod, impact extrusions, forgings, specialty copper, copper alloy, and aluminum tube, as well as a wide variety of end products including plumbing brass, automotive components, valves, fittings, gas assemblies, and high-quality wire and cable solutions.  These products are manufactured in the U.S. and sold primarily to OEMs and utilities in the U.S., many of which are in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, energy, telecommunication, and electrical transmission and distribution 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 September 28, 2024
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$653,884 $238,014 $128,482 $(22,549)$997,831 
Cost of goods sold459,818 204,406 81,579 (23,334)722,469 
Depreciation and amortization5,082 3,976 1,650 1,002 11,710 
Selling, general, and administrative expense25,383 5,435 7,152 21,649 59,619 
Gain on sale of assets— — (2,667)— (2,667)
Operating income163,601 24,197 40,768 (21,866)206,700 
Interest expense    (113)
Interest income11,145 
Realized and unrealized gains on short-term investments164 
Other expense, net    (122)
Income before income taxes    $217,774 
Segment information (continued):

 For the Quarter Ended September 30, 2023
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$568,151 $141,012 $119,949 $(9,320)$819,792 
Cost of goods sold394,736 119,108 76,133 (10,919)579,058 
Depreciation and amortization5,025 1,835 1,618 1,153 9,631 
Selling, general, and administrative expense21,847 3,848 7,352 15,248 48,295 
Gain on sale of business— — — (4,137)(4,137)
Asset impairments5,934 — — — 5,934 
Operating income140,609 16,221 34,846 (10,665)181,011 
Interest expense    (230)
Interest income10,599 
Realized and unrealized losses on short-term investments(2,368)
Other expense, net    (47)
Income before income taxes    $188,965 

For the Nine Months Ended September 28, 2024
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$1,932,521 $589,422 $375,824 $(52,537)$2,845,230 
Cost of goods sold1,381,585 490,275 239,461 (55,159)2,056,162 
Depreciation and amortization14,574 8,264 4,891 3,168 30,897 
Selling, general, and administrative expense67,542 12,722 21,803 59,926 161,993 
Loss (gain) on sale of assets281 — (2,667)(1,567)(3,953)
Operating income468,539 78,161 112,336 (58,905)600,131 
Interest expense(335)
Interest income42,773 
Realized and unrealized gains on short-term investments529 
Other expense, net(848)
Income before income taxes$642,250 
Segment information (continued):

For the Nine Months Ended September 30, 2023
( In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$1,868,635 $452,512 $396,857 $(30,036)$2,687,968 
Cost of goods sold1,315,212 375,375 242,009 (35,468)1,897,128 
Depreciation and amortization15,835 5,411 5,973 3,485 30,704 
Selling, general, and administrative expense76,049 10,319 22,440 48,180 156,988 
Gain on sale of business— — — (4,137)(4,137)
Asset impairments5,934 — — — 5,934 
Gain on insurance settlement— — (19,466)— (19,466)
Operating income455,605 61,407 145,901 (42,096)620,817 
Interest expense(508)
Interest income24,566 
Realized and unrealized gains on short-term investments20,362 
Other income, net2,120 
Income before income taxes$667,357 

The following table presents total assets attributable to each segment:

(In thousands)September 28,
2024		December 30, 2023
Segment assets:
Piping Systems$1,139,615 $1,029,821 
Industrial Metals811,792 157,761 
Climate268,534 252,561 
General Corporate986,191 1,319,158 
$3,206,132 $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 September 28, 2024
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$541,568 $— $— $541,568 
Brass rod, forgings, wire and cable— 209,257 — 209,257 
OEM components, tube and assemblies— 17,775 30,169 47,944 
Valves and plumbing specialties112,316 — — 112,316 
Flex duct and other HVAC components— — 98,313 98,313 
Other— 10,982 — 10,982 
 653,884 238,014 128,482 1,020,380 
Intersegment sales(22,549)
Net sales$997,831 

For the Quarter Ended September 30, 2023
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$457,164 $— $— $457,164 
Brass rod and forgings— 112,164 — 112,164 
OEM components, tube and assemblies— 18,823 29,293 48,116 
Valves and plumbing specialties110,987 — — 110,987 
Flex duct and other HVAC components— — 90,656 90,656 
Other— 10,025 — 10,025 
 568,151 141,012 119,949 829,112 
Intersegment sales(9,320)
Net sales$819,792 
Disaggregation of revenue from contracts with customers (continued):

For the Nine Months Ended September 28, 2024
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$1,588,893 $— $— $1,588,893 
Brass rod, forgings, wire and cable— 495,612 — 495,612 
OEM components, tube & assemblies— 57,150 90,755 147,905 
Valves and plumbing specialties343,628 — — 343,628 
Flex duct and other HVAC components— — 285,069 285,069 
Other— 36,660 — 36,660 
 1,932,521 589,422 375,824 2,897,767 
Intersegment sales(52,537)
Net sales$2,845,230 

For the Nine Months Ended September 30, 2023
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$1,520,104 $— $— $1,520,104 
Brass rod and forgings— 356,067 — 356,067 
OEM components, tube & assemblies— 62,405 95,702 158,107 
Valves and plumbing specialties348,531 — — 348,531 
Flex duct and other HVAC components— — 301,155 301,155 
Other— 34,040 — 34,040 
1,868,635 452,512 396,857 2,718,004 
Intersegment sales(30,036)
Net sales$2,687,968