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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jul. 01, 2017
[1]
Jun. 30, 2018
Jul. 01, 2017
Income Statement [Abstract]        
Net sales $ 662,773 $ 614,266 $ 1,302,833 $ 1,192,186 [1]
Cost of goods sold 563,820 524,311 1,109,490 1,012,738 [1]
Depreciation and amortization 9,006 8,595 18,462 16,950 [1]
Selling, general, and administrative expense 38,428 36,299 72,485 71,873 [1]
(Gain) loss on sale of assets (409) (1,631) 3,060 (1,631)
Operating income 51,928 46,692 99,336 92,256 [1]
Interest expense (6,073) (6,442) (11,982) (8,973) [1]
Other income, net 586 342 1,146 936 [1]
Income before income taxes 46,441 40,592 88,500 84,219 [1]
Income tax expense (12,411) (12,650) (19,806) (24,579) [1]
Loss from unconsolidated affiliates, net of foreign tax (148) (109) (10,468) (1,352) [1],[2]
Consolidated net income 33,882 27,833 58,226 [1] 58,288 [1],[2]
Net income attributable to noncontrolling interests (700) (200) (916) (668) [1]
Net income attributable to Mueller Industries, Inc. $ 33,182 $ 27,633 $ 57,310 $ 57,620 [1]
Weighted average shares for basic earnings per share (in shares) 56,797 56,906 56,848 56,843 [1]
Effect of dilutive stock-based awards (in shares) 514 511 516 585 [1]
Adjusted weighted average shares for diluted earnings per share (in shares) 57,311 57,417 57,364 57,428 [1]
Basic earnings per share (in dollars per share) $ 0.58 $ 0.49 $ 1.01 $ 1.01 [1]
Diluted earnings per share (in dollars per share) 0.58 0.48 1.00 1.00 [1]
Dividends per share (in dollars per share) $ 0.1 $ 0.1 $ 0.2 $ 8.2 [1]
[1] The Condensed Consolidated Statements of Income for the quarter and six months ended July 1, 2017 have 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 six months ended July 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.