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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 27, 2020Commission file number1-6770
mli-20200627_g1.jpg
MUELLER INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware25-0790410
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
150 Schilling BoulevardSuite 100 
ColliervilleTennessee38017
(Address of principal executive offices)(Zip Code)
(901) 753-3200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockMLINYSE
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  

The number of shares of the Registrant’s common stock outstanding as of July 17, 2020 was 56,791,916.



MUELLER INDUSTRIES, INC.

FORM 10-Q

For the Quarterly Period Ended June 27, 2020
As used in this report, the terms “Company,” “Mueller,” and “Registrant” mean Mueller Industries, Inc. and its consolidated subsidiaries taken as a whole, unless the context indicates otherwise.

INDEX
  Page Number
 
   
  
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
   
2


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Quarter EndedFor the Six Months Ended
(In thousands, except per share data)June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net sales$500,168  $666,394  $1,103,087  $1,278,175  
Cost of goods sold403,159  563,948  911,874  1,075,341  
Depreciation and amortization11,097  10,478  22,136  21,033  
Selling, general, and administrative expense33,616  40,446  76,368  81,099  
Asset impairments    3,035    
Litigation settlement, net    (21,933)   
Operating income52,296  51,522  111,607  100,702  
Interest expense(4,973) (7,033) (10,352) (13,987) 
Other income, net2,834  462  3,112  290  
Income before income taxes50,157  44,951  104,367  87,005  
Income tax expense(13,029) (10,432) (27,173) (19,978) 
Loss from unconsolidated affiliates, net of foreign tax(8,641) (5,843) (14,756) (21,212) 
Consolidated net income28,487  28,676  62,438  45,815  
Net income attributable to noncontrolling interests(531) (690) (2,067) (2,106) 
Net income attributable to Mueller Industries, Inc.$27,956  $27,986  $60,371  $43,709  
Weighted average shares for basic earnings per share55,723  55,753  55,799  55,741  
Effect of dilutive stock-based awards471  561  527  543  
Adjusted weighted average shares for diluted earnings per share
56,194  56,314  56,326  56,284  
Basic earnings per share$0.50  $0.50  $1.08  $0.78  
Diluted earnings per share$0.50  $0.50  $1.07  $0.78  
Dividends per share$0.10  $0.10  $0.20  $0.20  

See accompanying notes to condensed consolidated financial statements.


3


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 For the Quarter EndedFor the Six Months Ended
(In thousands)June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Consolidated net income$28,487  $28,676  $62,438  $45,815  
Other comprehensive (loss) income, net of tax:    
Foreign currency translation421  (2,977) (20,834) 3,080  
Net change with respect to derivative instruments and hedging activities, net of tax of $(970), $253, $(10), and $(90)
3,398  (929) 41  328  
Net change in pension and postretirement obligation adjustments, net of tax of $375, $(198), $132, and $(91)
(1,284) 676  (545) 430  
Attributable to unconsolidated affiliates, net of tax of $810, $(68), $262, and $(81)
(2,790) 234  (903) 281  
Total other comprehensive (loss) income, net(255) (2,996) (22,241) 4,119  
Consolidated comprehensive income28,232  25,680  40,197  49,934  
Comprehensive loss (income) attributable to noncontrolling interests90  433  (855) (1,187) 
Comprehensive income attributable to Mueller Industries, Inc.$28,322  $26,113  $39,342  $48,747  

See accompanying notes to condensed consolidated financial statements.




4


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)June 27,
2020
December 28,
2019
Assets  
Current assets:  
Cash and cash equivalents
$123,610  $97,944  
Accounts receivable, less allowance for doubtful accounts of $2,205 in 2020 and $770 in 2019
273,710  269,943  
Inventories
244,414  292,107  
Other current assets
28,957  33,778  
Total current assets670,691  693,772  
Property, plant, and equipment, net362,785  363,128  
Operating lease right-of-use assets17,172  26,922  
Goodwill, net153,335  153,276  
Intangible assets, net63,004  60,082  
Investments in unconsolidated affiliates32,443  48,363  
Other assets23,960  25,397  
Total assets$1,323,390  $1,370,940  
Liabilities  
Current liabilities:  
Current portion of debt
$6,543  $7,530  
Accounts payable
93,579  85,644  
Accrued wages and other employee costs
40,409  41,673  
Current portion of operating lease liabilities
4,623  5,250  
Other current liabilities
84,110  94,190  
Total current liabilities229,264  234,287  
Long-term debt, less current portion323,114  378,724  
Pension liabilities5,819  9,126  
Postretirement benefits other than pensions12,179  13,082  
Environmental reserves19,776  19,972  
Deferred income taxes19,635  21,094  
Noncurrent operating lease liabilities13,009  22,388  
Other noncurrent liabilities10,390  10,131  
Total liabilities633,186  708,804  
Equity  
Mueller Industries, Inc. stockholders' equity:  
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding
    
Common stock - $.01 par value; shares authorized 100,000,000; issued 80,183,004; outstanding 56,791,916 in 2020 and 56,949,246 in 2019
802  802  
Additional paid-in capital
281,856  278,609  
Retained earnings
951,992  903,070  
Accumulated other comprehensive loss
(89,799) (68,770) 
Treasury common stock, at cost
(474,170) (470,243) 
Total Mueller Industries, Inc. stockholders' equity670,681  643,468  
Noncontrolling interests19,523  18,668  
Total equity690,204  662,136  
Commitments and contingencies    
Total liabilities and equity$1,323,390  $1,370,940  

See accompanying notes to condensed consolidated financial statements.
5


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 For the Six Months Ended
(In thousands)June 27, 2020June 29, 2019
Cash flows from operating activities  
Consolidated net income$62,438  $45,815  
Reconciliation of consolidated net income to net cash provided by operating activities:  
Depreciation and amortization22,296  21,192  
Stock-based compensation expense4,198  4,302  
Provision for doubtful accounts receivable1,850  (100) 
Loss from unconsolidated affiliates14,756  21,212  
Gain on disposals of properties(9) (37) 
Impairment charges3,035    
Deferred income tax expense (benefit)764  (67) 
Changes in assets and liabilities, net of effects of business acquired:  
Receivables(11,212) (42,045) 
Inventories43,263  30,080  
Other assets3,967  (4,617) 
Current liabilities(277) (9,735) 
Other liabilities(5,369) (1,485) 
Other, net3,082  (532) 
Net cash provided by operating activities142,782  63,983  
Cash flows from investing activities  
Capital expenditures(22,215) (13,034) 
Acquisition of business, net of cash acquired(15,415) 3,465  
Investments in unconsolidated affiliates  (10,500) 
Proceeds from sales of assets1  351  
Net cash used in investing activities(37,629) (19,718) 
Cash flows from financing activities  
Dividends paid to stockholders of Mueller Industries, Inc.(11,168) (11,151) 
Repurchase of common stock(5,574) (1,763) 
Issuance of long-term debt110,015  100,638  
Repayments of long-term debt(166,021) (110,914) 
Repayment of debt by consolidated joint ventures, net(471) (4,132) 
Net cash received (used) to settle stock-based awards696  (127) 
Net cash used in financing activities(72,523) (27,449) 
Effect of exchange rate changes on cash(6,160) 118  
Increase in cash, cash equivalents, and restricted cash26,470  16,934  
Cash, cash equivalents, and restricted cash at the beginning of the period98,042  77,138  
Cash, cash equivalents, and restricted cash at the end of the period$124,512  $94,072  

See accompanying notes to condensed consolidated financial statements.
6


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
For the Quarter EndedFor the Six Months Ended
(In thousands)June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Common stock:    
Balance at beginning of period$802  $802  $802  $802  
Balance at end of period$802  $802  $802  $802  
Additional paid-in capital:    
Balance at beginning of period$280,197  $278,800  $278,609  $276,849  
Issuance of shares under incentive stock option plans(270) (227) (667) (283) 
Stock-based compensation expense2,213  2,295  4,198  4,302  
Issuance of restricted stock(284) (242) (284) (242) 
Balance at end of period$281,856  $280,626  $281,856  $280,626  
Retained earnings:     
Balance at beginning of period$929,810  $834,798  $903,070  $824,737  
Net income attributable to Mueller Industries, Inc.27,956  27,986  60,371  43,709  
Dividends paid or payable to stockholders of Mueller Industries, Inc.(5,774) (5,663) (11,449) (11,325) 
Balance at end of period$951,992  $857,121  $951,992  $857,121  
Accumulated other comprehensive loss:    
Balance at beginning of period$(90,165) $(72,881) $(68,770) $(79,792) 
Total other comprehensive income (loss) attributable to Mueller Industries, Inc.366  (1,873) (21,029) 5,038  
Balance at end of period$(89,799) $(74,754) $(89,799) $(74,754) 
7


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(In thousands)For the Quarter EndedFor the Six Months Ended
June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Treasury stock:    
Balance at beginning of period$(474,957) $(476,121) $(470,243) $(474,240) 
Issuance of shares under incentive stock option plans503  274  1,363  156  
Repurchase of common stock    (5,574) (1,763) 
Issuance of restricted stock284  323  284  323  
Balance at end of period$(474,170) $(475,524) $(474,170) $(475,524) 
Noncontrolling interests:    
Balance at beginning of period$19,613  $16,524  $18,668  $14,904  
Net income attributable to noncontrolling interests531  690  2,067  2,106  
Foreign currency translation(621) (1,123) (1,212) (919) 
Balance at end of period$19,523  $16,091  $19,523  $16,091  
See accompanying notes to condensed consolidated financial statements.

8


MUELLER INDUSTRIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

General

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted.  Results of operations for the interim periods presented are not necessarily indicative of results which may be expected for any other interim period or for the year as a whole.  This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K, including the annual financial statements incorporated therein.

The accompanying unaudited interim financial statements include all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented herein. 

Note 1 – Recent Accounting Standards

Adopted

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Disclosure Framework- Measurement of Credit Losses on Financial Instruments. The ASU significantly changes the current incurred credit loss model under U.S. GAAP, which delays the recognition of credit losses until it is probable a loss has been incurred, to a current expected credit losses model which requires immediate recognition of management estimates of credit losses. The Company adopted the ASU during the first quarter of 2020 using a retrospective approach. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. For employers that sponsor defined benefit pension and/or other postretirement benefit plans, the ASU eliminates requirements for certain disclosures that are no longer considered cost beneficial, requires new disclosures related to the weighted-average interest crediting rate for cash balance plans and explanations for significant gains and losses related to changes in benefit obligations, and clarifies the requirements for entities that provide aggregate disclosures for two or more plans. The Company adopted the ASU during the first quarter of 2020 using a retrospective approach. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU eliminates requirements to disclose the amount and reasons for transfers between level 1 and level 2 of the fair value hierarchy, but requires public companies to disclose changes in unrealized gains and losses for the period included in other comprehensive income (OCI) for recurring level 3 fair value measurements or instruments held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for level 3 fair value measurements. The Company adopted the ASU during the first quarter of 2020. The guidance on changes in unrealized gains and losses for the period included in OCI for recurring level 3 measurements, the range and weighted average of significant unobservable inputs used to develop level 3 fair value measurements, and the narrative description of measurement uncertainty is applied prospectively. All other amendments are applied retrospectively. The adoption of the ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Note 2 – 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 result from the assumed exercise of outstanding stock options and vesting of restricted stock awards, computed using the treasury stock method. Approximately eight thousand and nine thousand stock-based awards were excluded from the computation of diluted earnings per share for the quarters ended June 27, 2020 and June 29, 2019, respectively, because they were antidilutive.


9


Note 3 – Acquisitions

Shoals Tubular, Inc.

On January 17, 2020, the Company entered into a stock purchase agreement pursuant to which the Company acquired all of the outstanding stock of Shoals Tubular, Inc. (STI) for approximately $15.4 million, net of working capital adjustments. The total purchase price consisted of $15.4 million in cash at closing. STI is a manufacturer of brazed manifolds, headers, and distributor assemblies used primarily by manufacturers of residential heating and air conditioning units. The acquired business is reported within and complements the Company’s existing businesses in the Climate segment.

The fair value of the tangible assets acquired totaled $6.2 million, consisting primarily of property, plant, and equipment of $3.7 million, inventories of $1.8 million, and accounts receivable of $0.7 million. The fair value of the liabilities assumed totaled $0.2 million, consisting primarily of accounts payable. Of the remaining purchase price, $9.4 million was allocated to tax-deductible goodwill and intangible assets. The purchase price allocation is provisional as of June 27, 2020 and subject to change upon completion of the final valuation of the long-lived assets and working capital during the measurement period.

Note 4 – Segment Information

Each of the Company’s reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows:

Piping Systems

Piping Systems is composed of the following operating segments: Domestic Piping Systems Group, Great Lakes Copper, Heatlink Group, Die-Mold, European Operations, Trading Group, and Jungwoo-Mueller (the Company’s South Korean joint venture).  The Domestic Piping Systems Group manufactures copper tube, fittings, and line sets.  These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide.   Outside the U.S., Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. Heatlink Group produces a complete line of products for PEX plumbing and radiant systems in Canada and sells these products in Canada and the U.S. 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. European Operations manufacture 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.  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 & Copper Bar Products, Impacts & Micro Gauge, and Brass Value-Added Products.  These businesses manufacture brass rod, impact extrusions, and forgings, 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, Fabricated Tube Products, Westermeyer, Turbotec, ATCO, Linesets, Inc., and STI.  These domestic businesses manufacture and fabricate valves, assemblies, high pressure components, coaxial heat exchangers, insulated HVAC flexible duct systems, line sets, brazed manifolds, headers, and distributor assemblies primarily for the heating, ventilation, air-conditioning, and refrigeration markets in the U.S.

10


Summarized segment information is as follows:

 For the Quarter Ended June 27, 2020
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$334,040  $88,619  $86,107  $(8,598) $500,168  
Cost of goods sold272,271  75,274  64,540  (8,926) 403,159  
Depreciation and amortization5,456  1,995  2,757  889  11,097  
Selling, general, and administrative expense15,239  2,477  6,457  9,443  33,616  
Operating income41,074  8,873  12,353  (10,004) 52,296  
Interest expense    (4,973) 
Other income, net    2,834  
Income before income taxes    $50,157  

 For the Quarter Ended June 29, 2019
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and EliminationsTotal
Net sales$425,865  $147,719  $96,081  $(3,271) $666,394  
Cost of goods sold364,332  127,950  74,849  (3,183) 563,948  
Depreciation and amortization5,652  1,838  2,128  860  10,478  
Selling, general, and administrative expense19,985  3,020  6,069  11,372  40,446  
Operating income35,896  14,911  13,035  (12,320) 51,522  
Interest expense    (7,033) 
Other income, net    462  
Income before income taxes    $44,951