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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Apr. 01, 2017
[2]
Cash flows from operating activities    
Consolidated net income [1] $ 24,344 $ 30,455
Reconciliation of consolidated net income to net cash used in operating activities:    
Depreciation and amortization 9,536 8,419
Stock-based compensation expense 1,912 1,736
Loss from unconsolidated affiliates 10,320 1,243 [1]
Gain on disposals of properties (676) (16)
Gain on sales of securities 0 (254)
Impairment charge 3,469 0
Deferred income taxes (940) (80)
Changes in assets and liabilities:    
Receivables (72,843) (53,756)
Inventories 3,504 (6,991)
Other assets 20,967 1,205
Current liabilities (23,898) 8,215
Other liabilities (1,845) (668)
Other, net (365) (930)
Net cash used in operating activities (26,515) (11,422)
Cash flows from investing activities    
Capital expenditures (5,517) (7,345)
Acquisition of businesses, net of cash acquired (12,466) 0
Investment in unconsolidated affiliates (609) 0
Proceeds from sales of assets 708 192
Proceeds from sales of securities 0 1,444
Net cash used in investing activities (17,884) (5,709)
Cash flows from financing activities    
Dividends paid to stockholders of Mueller Industries, Inc. (5,679) (179,848)
Repurchase of common stock (6,575) 0
Issuance of long-term debt 41,754 0
Repayments of long-term debt (15,903) (306)
Repayment of debt by consolidated joint ventures, net (3,342) (7,367)
Net cash received (used) to settle stock-based awards 50 (870)
Net cash provided by (used in) financing activities 10,305 (188,391)
Effect of exchange rate changes on cash 1,289 2,499
Decrease in cash, cash equivalents, and restricted cash (32,805) (203,023)
Cash, cash equivalents, and restricted cash at the beginning of the period 126,563 360,469
Cash, cash equivalents, and restricted cash at the end of the period $ 93,758 $ 157,446
[1] The Condensed Consolidated Statement of Income for the quarter ended April 1, 2017 has been adjusted to reflect the adoption of ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The components of net periodic benefit cost (income) other than the service cost component are included in other income, net in the Condensed Consolidated Statements of Income. Refer to Note 1 for further discussion.
[2] The Condensed Consolidated Statement of Cash Flows for the quarter ended April 1, 2017 has been adjusted to reflect the adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The Condensed Consolidated Statements of Cash Flows reflects the changes during the periods in the total of cash, cash equivalents, and restricted cash. Therefore, restricted cash activity is included with cash when reconciling the beginning-of-period and end-of-period total amounts shown. Refer to Note 1 for further discussion.