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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 30, 2023
Sep. 24, 2022
Income Statement [Abstract]        
Net sales $ 819,792 $ 944,830 $ 2,687,968 $ 3,104,874
Cost of goods sold 579,058 678,637 1,897,128 2,244,062
Depreciation and amortization 9,631 10,850 30,704 32,993
Selling, general, and administrative expense 48,295 50,178 156,988 146,590
Gain on sale of assets 0 0 0 (5,507)
Gain on sale of business (4,137) 0 (4,137) 0
Asset impairments 5,934 0 5,934 0
Gain on insurance settlement 0 0 (19,466) 0
Operating income 181,011 205,165 620,817 686,736
Interest expense (230) (361) (508) (666)
Interest income 10,599 1,356 24,566 1,619
Unrealized gain on short-term investments (2,371) 0 18,449 0
Other (expense) income, net (44) (326) 4,033 2,394
Income before income taxes 188,965 205,834 667,357 690,083
Income tax expense (50,843) (51,035) (174,322) (173,524)
(Loss) income from unconsolidated affiliates, net of foreign tax (2,413) 1,014 (2,682) 6,026
Consolidated net income 135,709 155,813 490,353 522,585
Net income attributable to noncontrolling interests (3,000) (1,271) (6,694) (3,175)
Net income attributable to Mueller Industries, Inc. $ 132,709 $ 154,542 $ 483,659 $ 519,410
Weighted average shares for basic earnings per share (in shares) [1] 111,416 111,178 111,374 111,650
Effect of dilutive stock-based awards (in shares) [1] 2,452 1,670 2,182 1,592
Adjusted weighted average shares for diluted earnings per share (in shares) [1] 113,868 112,848 113,556 113,242
Basic earnings per share (in dollars per share) [1] $ 1.19 $ 1.39 $ 4.34 $ 4.65
Diluted earnings per share (in dollars per share) [1] 1.17 1.37 4.26 4.59
Dividends per share (in dollars per share) [1] $ 0.150 $ 0.125 $ 0.450 $ 0.375
[1] Adjusted retroactively to reflect the two-for-one stock split that occurred on October 20, 2023. Refer to Note 2 - Earnings per Common Share for additional information.