XML 20 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jul. 01, 2017
[2]
Cash flows from operating activities    
Consolidated net income [1] $ 58,226 $ 58,288
Reconciliation of consolidated net income to net cash provided by operating activities:    
Depreciation and amortization 18,622 17,093
Stock-based compensation expense 3,906 3,692
Loss from unconsolidated affiliates 10,468 1,352 [1]
Gain on sale of business 0 (1,631)
Loss on disposals of properties 2,646 81
Gain on sales of securities 0 (611)
Impairment charge 0 411
Deferred income taxes (1,260) 3
Changes in assets and liabilities:    
Receivables (90,345) (47,108)
Inventories 33,357 (10,874)
Other assets 12,405 (4,723)
Current liabilities (11,566) (1,262)
Other liabilities (1,361) (1,086)
Other, net 1,121 (1,078)
Net cash provided by operating activities 36,219 12,547
Cash flows from investing activities    
Capital expenditures (10,882) (11,908)
Acquisition of businesses, net of cash acquired (12,467) (18,419)
Proceeds from sale of business, net of cash sold 0 17,483
Investment in unconsolidated affiliates (609) (1,617)
Proceeds from sales of assets 11,376 1,363
Proceeds from sales of securities 0 1,787
Net cash used in investing activities (12,582) (11,311)
Cash flows from financing activities    
Dividends paid to stockholders of Mueller Industries, Inc. (11,360) (185,539)
Dividends paid to noncontrolling interests (592) (2,909)
Repurchase of common stock (6,575) 0
Issuance of long-term debt 193,247 0
Repayments of long-term debt (37,107) (611)
Repayment of debt by consolidated joint ventures, net (3,100) (3,320)
Net cash received (used) to settle stock-based awards 103 (785)
Net cash provided by (used in) financing activities 134,616 (193,164)
Effect of exchange rate changes on cash (368) 3,516
Increase (decrease) in cash, cash equivalents, and restricted cash 157,885 (188,412)
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 $ 284,448 $ 172,057
[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.