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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Income Statement [Abstract]        
Net sales $ 896,984 $ 1,150,042 $ 1,868,176 $ 2,160,044
Cost of goods sold 639,272 820,914 1,318,070 1,565,425
Depreciation and amortization 10,416 11,302 21,073 22,143
Selling, general, and administrative expense 56,062 48,956 108,693 96,412
Gain on sale of assets 0 0 0 (5,507)
Gain on insurance settlement (19,466) 0 (19,466) 0
Operating income 210,700 268,870 439,806 481,571
Interest expense (135) (147) (278) (305)
Interest income 7,732 103 13,967 263
Unrealized gain on short-term investments 20,820 0 20,820 0
Other income, net 1,841 2,100 4,077 2,720
Income before income taxes 240,958 270,926 478,392 484,249
Income tax expense (62,122) (68,290) (123,479) (122,489)
Income (loss) from unconsolidated affiliates, net of foreign tax 715 4,888 (269) 5,012
Consolidated net income 179,551 207,524 354,644 366,772
Net income attributable to noncontrolling interests (1,840) (972) (3,694) (1,904)
Net income attributable to Mueller Industries, Inc. $ 177,711 $ 206,552 $ 350,950 $ 364,868
Weighted average shares for basic earnings per share (in shares) 55,660 55,787 55,677 55,943
Effect of dilutive stock-based awards (in shares) 1,340 741 1,023 776
Adjusted weighted average shares for diluted earnings per share (in shares) 57,000 56,528 56,700 56,719
Basic earnings per share (in dollars per share) $ 3.19 $ 3.70 $ 6.30 $ 6.52
Diluted earnings per share (in dollars per share) 3.12 3.65 6.19 6.43
Dividends per share (in dollars per share) $ 0.30 $ 0.25 $ 0.60 $ 0.50