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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 29, 2018
Sep. 30, 2017
[1]
Sep. 29, 2018
Sep. 30, 2017
[1]
Income Statement [Abstract]        
Net sales $ 645,958 $ 550,363 $ 1,948,791 $ 1,742,549
Cost of goods sold 566,956 471,262 1,676,446 1,484,000
Depreciation and amortization 10,619 8,266 29,081 25,216
Selling, general, and administrative expense 38,889 33,214 112,077 104,676
Asset impairments 0 0 0 411 [2]
(Gain) loss on sale of assets (2,691) 140 (334) (1,491)
Insurance recovery (1,486) 0 (1,486) 0 [2]
Operating income 33,671 37,481 133,007 129,737
Interest expense (6,746) (5,237) (18,728) (14,210)
Other income (expense), net 411 (380) 1,557 556
Income before income taxes 27,336 31,864 115,836 116,083
Income tax expense (3,373) (8,716) (23,179) (33,295)
Loss from unconsolidated affiliates, net of foreign tax (3,100) (394) (13,568) (1,746) [2]
Consolidated net income 20,863 22,754 79,089 81,042 [2]
Net income attributable to noncontrolling interests (571) (496) (1,487) (1,164)
Net income attributable to Mueller Industries, Inc. $ 20,292 $ 22,258 $ 77,602 $ 79,878
Weighted average shares for basic earnings per share (in shares) 56,877 56,987 56,858 56,891
Effect of dilutive stock-based awards (in shares) 540 456 524 542
Adjusted weighted average shares for diluted earnings per share (in shares) 57,417 57,443 57,382 57,433
Basic earnings per share (in dollars per share) $ 0.36 $ 0.39 $ 1.36 $ 1.40
Diluted earnings per share (in dollars per share) 0.35 0.39 1.35 1.39
Dividends per share (in dollars per share) $ 0.1 $ 0.1 $ 0.3 $ 8.3
[1] The Condensed Consolidated Statements of Income for the quarter and nine months ended September 30, 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 (expense), 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 nine months ended September 30, 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.