XML 26 R8.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Dec. 26, 2020
Operating activities:      
Consolidated net income $ 662,820 $ 475,124 $ 143,649
Reconciliation of consolidated net income to net cash provided by operating activities:      
Depreciation 38,157 39,120 38,715
Amortization of intangibles 5,574 6,270 6,128
Amortization of debt issuance costs 357 265 319
(Income) loss from unconsolidated affiliates (10,111) 157 10,219
Insurance proceeds - noncapital related 1,646 0 0
Redemption premium 0 5,674 0
Stock-based compensation expense 17,801 9,822 8,570
Provision for doubtful accounts receivable 323 1,216 1,208
Non-cash pension plan termination expense 0 0 11,642
(Gain) loss on disposals of assets (6,373) (769) 132
Gain on sale of businesses 0 (57,760) 0
Impairment charges 0 2,829 3,771
Deferred income tax (benefit) expense (3,880) 7,413 (4,046)
Changes in assets and liabilities, net of effects of businesses acquired and sold:      
Receivables 82,713 (124,708) (76,404)
Inventories (24,189) (119,514) 5,207
Other assets (8,971) 919 20,609
Current liabilities (26,633) 73,755 74,097
Other liabilities (7,564) (5,467) (1,142)
Other, net 2,273 (2,645) 2,399
Net cash provided by operating activities 723,943 311,701 245,073
Investing activities:      
Proceeds from sale of assets, net of cash transferred 7,850 2,302 181
Purchase of short-term investments (217,863) 0 0
Acquisition of businesses, net of cash acquired 0 (30,206) (72,648)
Proceeds from sale of business, net of cash sold 0 81,884 0
Capital expenditures (37,639) (31,833) (43,885)
Payment received for (issuance of) notes receivable 0 8,539  
Payment received for (issuance of) notes receivable     (9,270)
Insurance proceeds - capital related 3,354 0 0
Dividends from unconsolidated affiliates 2,295 0 0
Investments in unconsolidated affiliates 0 (1,613) 0
Net cash (used in) provided by investing activities (242,003) 29,073 (125,622)
Financing activities:      
Dividends paid to stockholders of Mueller Industries, Inc. (55,787) (29,137) (22,341)
Dividends paid to noncontrolling interests (7,248) (9,722) 0
Issuance of long-term debt 0 595,000 190,038
Repayments of long-term debt (204) (920,610) (246,898)
Issuance (repayment) of debt by consolidated joint ventures, net 67 (5,113) (259)
Repurchase of common stock (38,054) (4,864) (5,574)
Payment of contingent consideration 0 (1,250) (7,000)
Net cash (used) received to settle stock-based awards (1,429) 85 (230)
Debt issuance costs 0 (1,111) 0
Net cash used in financing activities (102,655) (376,722) (92,264)
Effect of exchange rate changes on cash (4,365) (1,052) 2,147
Increase (decrease) in cash, cash equivalents, and restricted cash 374,920 (37,000) 29,334
Cash, cash equivalents, and restricted cash at the beginning of the year 90,376 127,376 98,042
Cash, cash equivalents, and restricted cash at the end of the year $ 465,296 $ 90,376 $ 127,376