Subsequent Events

12 Months Ended

Dec. 28, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On February 12, 2020, Mueller Copper Tube Company, a wholly owned subsidiary of the Company, collected approximately $21.9 million related to its claim under the Deepwater Horizon Economic and Property Damage Settlement Program, which as previously reported by the Company, was originally approved in November 2018, subject to appeal. The collected amount represents settlement proceeds received after the payment of fees and expenses.

On January 17, 2020, the Company entered into a stock purchase agreement pursuant to which the Company acquired all of the outstanding stock of Shoals Tubular, Inc. (STI) for approximately $15.4 million, net of working capital adjustments. STI is a manufacturer of brazed manifolds, headers, and distributor assemblies used primarily by manufactures of residential heating and air conditioning units. STI will be reported with and complements the Company’s existing business in its Climate segment.

In January 2020, the Company completed the purchase of its corporate headquarters located in Collierville, TN for $10.6 million. In 2019, the building was leased and was included in the operating lease right-of-use assets line item in the Consolidated Balance Sheet. In 2020, it will be included in property, plant, and equipment, net. The corporate headquarters lease represents $9.3 million and $9.5 million of the total operating lease right-of-use-assets and related lease liabilities at year-end. Remaining lease payments under the previous agreement were $14.5 million at the end of 2019 and are included in the operating lease maturities table in “Note 8 – Leases.”