v3.26.1
Segment Information
 6 Months Ended
Jun. 27, 2026
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 Electrical Group.  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, 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.

As disclosed in “Note 3 – Acquisitions and Dispositions,” during the first quarter of 2026 the Company sold the outstanding membership interests of Sherwood and recognized a $41.4 million gain. The gain is reported within Corporate and Eliminations. The results of Sherwood, prior to the sale, were included within the Industrial Metals segment.

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 June 27, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$794,194 $— $— $794,194 
Brass rod, forgings, wire and cable— 326,879 — 326,879 
OEM components, tube and assemblies— 11,193 39,134 50,327 
Valves and plumbing specialties152,381 — — 152,381 
Flex duct and other HVAC components— — 105,818 105,818 
Other— 16,926 — 16,926 
 $946,575 $354,998 $144,952 $1,446,525 
Intersegment sales(18,602)
Net sales$1,427,923 

For the Quarter Ended June 28, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$615,352 $— $— $615,352 
Brass rod, forgings, wire and cable— 233,756 — 233,756 
OEM components, tube and assemblies— 20,723 37,381 58,104 
Valves and plumbing specialties128,123 — — 128,123 
Flex duct and other HVAC components— — 100,134 100,134 
Other— 16,119 — 16,119 
 $743,475 $270,598 $137,515 $1,151,588 
Intersegment sales(13,415)
Net sales$1,138,173 
Disaggregation of revenue from contracts with customers (continued):

For the Six Months Ended June 27, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$1,414,946 $— $— $1,414,946 
Brass rod, forgings, wire and cable— 624,386 — 624,386 
OEM components, tube and assemblies— 22,127 72,576 94,703 
Valves and plumbing specialties292,157 — — 292,157 
Flex duct and other HVAC components— — 196,141 196,141 
Other— 29,762 — 29,762 
 $1,707,103 $676,275 $268,717 $2,652,095 
Intersegment sales(31,167)
Net sales$2,620,928 

For the Six Months Ended June 28, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Tube and fittings$1,141,148 $— $— $1,141,148 
Brass rod, forgings, wire and cable— 453,037 — 453,037 
OEM components, tube and assemblies— 38,938 68,641 107,579 
Valves and plumbing specialties242,010 — — 242,010 
Flex duct and other HVAC components— — 191,981 191,981 
Other— 30,536 — 30,536 
$1,383,158 $522,511 $260,622 $2,166,291 
Intersegment sales(27,953)
Net sales$2,138,338 
Summarized segment information is as follows:

For the Quarter Ended June 27, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
External net sales$935,580 $349,179 $143,164 $1,427,923 
Internal net sales10,995 5,819 1,788 18,602 
946,575 354,998 144,952 1,446,525 
Less: (1)
Manufacturing costs (2)
664,137 302,554 94,689 1,061,380 
Sales and marketing expense8,408 1,975 4,076 14,459 
Distribution expense11,270 525 476 12,271 
Other segment items (3)
14,414 7,157 3,128 24,699 
Segment operating income248,346 42,787 42,583 333,716 
Reconciliation of segment operating income:
Corporate expenses
(23,742)
Interest expense(134)
Interest income10,978 
Unrealized gains on short-term investments6,545 
Other expense, net(1,127)
Income before income taxes$326,236 
(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 disposal of assets, impairment charges, and gains on insurance proceeds (as applicable).
Segment information (continued):

For the Quarter Ended June 28, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
External net sales$735,194 $265,808 $137,171 $1,138,173 
Internal net sales8,281 4,790 344 13,415 
743,475 270,598 137,515 1,151,588 
Less: (1)
Manufacturing costs (2)
495,170 230,058 85,967 811,195 
Sales and marketing expense8,053 1,336 3,661 13,050 
Distribution expense11,370 742 550 12,662 
Other segment items (3)
(21,414)7,852 4,709 (8,853)
Segment operating income250,296 30,610 42,628 323,534 
Reconciliation of segment operating income:
Corporate expenses(19,366)
Interest expense(17)
Interest income8,222 
Unrealized gains on short-term investments13,212 
Other expense, net(1,142)
Income before income taxes$324,443 
Segment information (continued):

For the Six Months Ended June 27, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
External net sales$1,688,132 $666,007 $266,789 $2,620,928 
Internal net sales18,971 10,268 1,928 31,167 
1,707,103 676,275 268,717 2,652,095 
Less: (1)
Manufacturing costs (2)
1,171,350 569,004 177,921 1,918,275 
Sales and marketing expense17,011 3,879 7,502 28,392 
Distribution expense22,406 1,040 967 24,413 
Other segment items (3)
30,980 15,294 6,365 52,639 
Segment operating income465,356 87,058 75,962 628,376 
Reconciliation of segment operating income:
Corporate expenses(47,581)
Gain on sale of business41,407 
Interest expense(134)
Interest income22,848 
Unrealized gains on short-term investments4,508 
Other expense, net(2,359)
Income before income taxes$647,065 
Segment information (continued):

For the Six Months Ended June 28, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
External net sales$1,364,553 $513,598 $260,187 $2,138,338 
Internal net sales18,605 8,913 435 27,953 
1,383,158 522,511 260,622 2,166,291 
Less: (1)
Manufacturing costs (2)
957,635 441,799 165,963 1,565,397 
Sales and marketing expense16,307 2,560 6,970 25,837 
Distribution expense22,524 1,446 1,022 24,992 
Other segment items (3)
(21,768)16,012 8,415 2,659 
Segment operating income408,460 60,694 78,252 547,406 
Reconciliation of segment operating income:
Corporate expenses(36,976)
Interest expense(42)
Interest income18,123 
Unrealized gains on short-term investments8,202 
Other expense, net(1,050)
Income before income taxes$535,663 

Other segment disclosures:

For the Quarter Ended June 27, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and UnallocatedTotal
Depreciation and amortization (4)
$6,348 $8,183 $1,749 $1,055 $17,335 
Loss on disposal of assets, net65 — 122 — 187 
Expenditures for long-lived assets (including those resulting from business acquisitions)27,817 11,251 2,708 — 41,776 
Segment assets1,638,676 968,876 275,046 1,374,670 4,257,268 
(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 June 28, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and UnallocatedTotal
Depreciation and amortization (4)
$6,071 $8,446 $1,726 $1,662 $17,905 
(Gain) loss on disposal of assets, net(1,347)(3)1,013 — (337)
Gain on insurance proceeds(36,278)— — — (36,278)
Expenditures for long-lived assets (including those resulting from business acquisitions)4,629 8,446 1,024 — 14,099 
Segment assets1,301,336 864,235 270,291 1,051,580 3,487,442 

For the Six Months Ended June 27, 2026
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and UnallocatedTotal
Depreciation and amortization$11,950 $16,491 $3,428 $2,118 $33,987 
Loss on disposal of assets, net1,590 8 122 — $1,720 
Asset impairments2,653 — — — 2,653 
Gain on sale of business— — — (41,407)(41,407)
Expenditures for long-lived assets (including those resulting from business acquisitions)32,484 22,185 4,343 — 59,012 

For the Six Months Ended June 28, 2025
(In thousands)Piping SystemsIndustrial MetalsClimateCorporate and UnallocatedTotal
Depreciation and amortization$11,490 $16,802 $3,418 $3,318 $35,028 
(Gain) loss on disposal of assets, net(15,809)(3)1,010 — (14,802)
Gain on insurance proceeds(36,278)— — — (36,278)
Expenditures for long-lived assets (including those resulting from business acquisitions)12,023 16,231 2,437 — 30,691