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Segment Information | 3 Months Ended
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Mar. 29, 2025
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. 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. The Company’s chief operating decision maker (CODM) is the chief executive officer. Performance of segments is generally evaluated by their operating income. Summarized product line and segment information is shown in the following tables. Unallocated expenses include general corporate expenses, plus certain charges or credits not included in segment activity. 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 29, 2025
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Tube and fittings |  | $ | 525,796 |  |  | $ | — |  |  | $ | — |  |  | $ | 525,796 |
Brass rod, forgings, wire and cable |  | — |  |  | 219,281 |  |  | — |  |  | 219,281 |
OEM components, tube and assemblies |  | — |  |  | 18,215 |  |  | 31,260 |  |  | 49,475 |
Valves and plumbing specialties |  | 113,887 |  |  | — |  |  | — |  |  | 113,887 |
Flex duct and other HVAC components |  | — |  |  | — |  |  | 91,847 |  |  | 91,847 |
Other |  | — |  |  | 14,417 |  |  | — |  |  | 14,417 |
|  | 639,683 |  |  | 251,913 |  |  | 123,107 |  |  | 1,014,703 |
Intersegment sales |  |  |  |  |  |  |  | (14,538) |
Net sales |  |  |  |  |  |  |  | $ | 1,000,165 |
|  | 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 and 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 |
Summarized segment information is as follows:
|  | For the Quarter Ended March 29, 2025
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
External net sales |  | $ | 629,359 |  |  | $ | 247,790 |  |  | $ | 123,016 |  |  | $ | 1,000,165 |
Internal net sales |  | 10,324 |  |  | 4,123 |  |  | 91 |  |  | 14,538 |
|  | 639,683 |  |  | 251,913 |  |  | 123,107 |  |  | 1,014,703 |
Reconciliation of net sales: |  |  |  |  |  |  |  |
Elimination of intersegment net sales |  |  |  |  |  |  |  | (14,538) |
Total net sales |  |  |  |  |  |  |  | 1,000,165 |
Less: (1) |  |  |  |  |  |  |  |
Manufacturing costs (2) |  | 462,465 |  |  | 211,741 |  |  | 79,996 |  |  | 754,202 |
Sales and marketing expense |  | 8,254 |  |  | 1,224 |  |  | 3,309 |  |  | 12,787 |
Distribution expense |  | 11,154 |  |  | 704 |  |  | 472 |  |  | 12,330 |
Other segment items (3) |  | (354) |  |  | 8,160 |  |  | 3,706 |  |  | 11,512 |
Segment operating income |  | 158,164 |  |  | 30,084 |  |  | 35,624 |  |  | 223,872 |
Reconciliation of segment operating income: |  |  |  |  |  |  |  |
Corporate expenses |  |  |  |  |  |  |  | (17,610) |
Interest expense |  |  |  |  |  |  |  | (25) |
Interest income |  |  |  |  |  |  |  | 9,901 |
Unrealized losses on short-term investments |  |  |  |  |  |  |  | (5,010) |
Other income, net |  |  |  |  |  |  |  | 92 |
Income before income taxes |  |  |  |  |  |  |  | $ | 211,220 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(2) Manufacturing costs include material, manufacturing conversion costs, and freight.
(3) Other segment items include administrative employee compensation expense, professional fees, foreign currency exchange gains/losses, other overhead costs, and other items such as gains/losses on sale of assets, impairment charges, and gains on insurance settlements (as applicable).
Segment information (continued):
|  | For the Quarter Ended March 30, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
External net sales |  | $ | 579,865 |  |  | $ | 153,151 |  |  | $ | 116,638 |  |  | $ | 849,654 |
Internal net sales |  | 10,303 |  |  | 2,916 |  |  | 172 |  |  | 13,391 |
|  | 590,168 |  |  | 156,067 |  |  | 116,810 |  |  | 863,045 |
Reconciliation of net sales: |  |  |  |  |  |  |  |
Elimination of intersegment net sales |  |  |  |  |  |  |  | (13,391) |
Total net sales |  |  |  |  |  |  |  | 849,654 |
Less: (1) |  |  |  |  |  |  |  |
Manufacturing costs (2) |  | 424,526 |  |  | 128,369 |  |  | 76,975 |  |  | 629,870 |
Sales and marketing expense |  | 6,306 |  |  | 720 |  |  | 3,353 |  |  | 10,379 |
Distribution expense |  | 9,250 |  |  | 583 |  |  | 473 |  |  | 10,306 |
Other segment items (3) |  | 7,406 |  |  | 2,124 |  |  | 3,434 |  |  | 12,964 |
Segment operating income |  | 142,680 |  |  | 24,271 |  |  | 32,575 |  |  | 199,526 |
Reconciliation of segment operating income: |  |  |  |  |  |  |  |
Corporate expenses |  |  |  |  |  |  |  | (16,101) |
Interest expense |  |  |  |  |  |  |  | (115) |
Interest income |  |  |  |  |  |  |  | 17,245 |
Realized gains on short-term investments |  |  |  |  |  |  |  | 365 |
Other income, net |  |  |  |  |  |  |  | 630 |
Income before income taxes |  |  |  |  |  |  |  | $ | 201,550 |
Other segment disclosures:
|  | For the Quarter Ended March 29, 2025
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Unallocated |  | Total
Depreciation and amortization (4) |  | $ | 5,419 |  |  | $ | 8,356 |  |  | $ | 1,692 |  |  | $ | 1,656 |  |  | $ | 17,123 |
Gain on sale of assets, net |  | (14,462) |  |  | — |  |  | (3) |  |  | — |  |  | (14,465) |
Expenditures for long-lived assets (including those resulting from business acquisitions) |  | 7,394 |  |  | 7,785 |  |  | 1,413 |  |  | — |  |  | 16,592 |
Segment assets |  | 1,244,370 |  |  | 862,274 |  |  | 265,861 |  |  | 858,799 |  |  | 3,231,304 |
(4) The amount of depreciation and amortization disclosed by reportable segment is included within the other segment expense captions, such as manufacturing costs or other segment items.
Other segment disclosures (continued):
|  | For the Quarter Ended March 30, 2024
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Corporate and Unallocated |  | Total
Depreciation and amortization (4) |  | $ | 4,560 |  |  | $ | 1,920 |  |  | $ | 1,595 |  |  | $ | 1,094 |  |  | $ | 9,169 |
Expenditures for long-lived assets (including those resulting from business acquisitions) |  | 6,729 |  |  | 1,061 |  |  | 3,415 |  |  | 5,201 |  |  | 16,406 |
Segment assets |  | 1,057,983 |  |  | 178,903 |  |  | 255,798 |  |  | 1,401,558 |  |  | 2,894,242 |

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