Mueller Industries, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mueller Industries, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

MUELLER INDUSTRIES INC (MLI) filed a Annual Report (10-K) with the SEC on February 28, 2024. Filed Form 10-K for the fiscal year ended December 30, 2023. Company name is Mueller Industries Inc., SIC code 3350. Principal business address: 150 Schilling Boulevard, Suite 100, Collierville, TN 38017. Incorporated in Delaware. Fiscal year ends December 30.

Why It Matters

For investors and stakeholders tracking MUELLER INDUSTRIES INC, this filing contains several important signals. This filing provides a comprehensive overview of Mueller Industries' financial health and strategic direction for the past fiscal year. Investors and analysts can use this report to assess the company's performance, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: medium — MUELLER INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information including financial statements, risk factors, and business descriptions, necessitating a thorough review to identify specific material risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Mueller Industries' performance and potential challenges.

Key Numbers

• 20231230 — Fiscal Year End (Conformed period of report)
• 20240228 — Filing Date (Filed as of date)
• 3350 — SIC Code (Standard Industrial Classification)
• 127 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• MUELLER INDUSTRIES INC (company) — Filer name
• MLI (company) — Ticker symbol
• 10-K (filing) — Form type
• 20231230 (date) — Conformed period of report
• 20240228 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• Collierville, TN (location) — Business address city and state
• SHARON STEEL CORP (company) — Former company name

FAQ

Industry Context

Mueller Industries operates in the manufacturing sector, specifically in the rolling, drawing, and extruding of nonferrous metals.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from the previous filing (2022 10-K) is not yet available in this extract.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value MLI New York Stock Exchange
• $0.7 million — l matters related to all properties was $0.7 million for 2023, $1.4 million for 2022, and $5
• $1.4 million — l properties was $0.7 million for 2023, $1.4 million for 2022, and $5.0 million for 2021. Th
• $5.0 million — on for 2023, $1.4 million for 2022, and $5.0 million for 2021. The reserve for environmental
• $18.9 million — e reserve for environmental matters was $18.9 million at December 30, 2023 and $20.5 million
• $20.5 million — $18.9 million at December 30, 2023 and $20.5 million at December 31, 2022. Environmental exp
• $5.2 million — d to make expenditures of approximately $5.2 million for compliance activities related to ex

Filing Documents

• mli-20231230.htm (10-K) — 2598KB
• q42023exhibit42.htm (EX-4.2) — 11KB
• q42023exhibit106.htm (EX-10.6) — 2KB
• q42023exhibit21.htm (EX-21) — 56KB
• q42023exhibit23.htm (EX-23) — 6KB
• q42023exhibit311.htm (EX-31.1) — 17KB
• q42023exhibit312.htm (EX-31.2) — 17KB
• q42023exhibit321.htm (EX-32.1) — 8KB
• q42023exhibit322.htm (EX-32.2) — 8KB
• exhibit970clawbackpolicy.htm (EX-97) — 39KB
• mli-20231230_g1.jpg (GRAPHIC) — 82KB
• mli-20231230_g2.jpg (GRAPHIC) — 8KB
• mli-20231230_g3.jpg (GRAPHIC) — 93KB
• 0000089439-24-000015.txt (&nbsp;) — 15379KB
• mli-20231230.xsd (EX-101.SCH) — 81KB
• mli-20231230_cal.xml (EX-101.CAL) — 148KB
• mli-20231230_def.xml (EX-101.DEF) — 469KB
• mli-20231230_lab.xml (EX-101.LAB) — 1189KB
• mli-20231230_pre.xml (EX-101.PRE) — 801KB
• mli-20231230_htm.xml (XML) — 2702KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 9 Item 1C. Cybersecurity 9 Item 2.

Properties

Properties 11 Item 3.

Legal Proceedings

Legal Proceedings 12 Item 4. Mine Safety Disclosures 12 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 13 Item 6. Reserved 15 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 15 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 15 Item 9A.

Controls and Procedures

Controls and Procedures 16 Item 9B. Other Information 18 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 18 Part III Item 10. Directors, Executive Officers and Corporate Governance 18 Item 11.

Executive Compensation

Executive Compensation 18 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 18 Item 13. Certain Relationships and Related Transactions, and Director Independence 19 Item 14. Principal Accountant Fees and Services 19 Part IV Item 15. Exhibits, Financial Statement Schedules 20 Item 16. Form 10-K Summary 21

Signatures

Signatures 22 Index to Consolidated Financial Statements F- 1 2 PART I

BUSINESS

ITEM 1. BUSINESS Introduction Mueller Industries, Inc. (the Company) is a leading manufacturer of copper, brass, aluminum, and plastic products. The range of products we manufacture is broad: copper tube and fittings; line sets; steel nipples; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; compressed gas valves; refrigeration valves and fittings; pressure vessels; coaxial heat exchangers; and insulated flexible duct systems. We also resell brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. Our operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China. The Company was incorporated in Delaware on October 3, 1990. Each of our reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered. These are the Piping Systems, Industrial Metals, and Climate segments. Certain administrative expenses and expenses related primarily to retiree benefits at inactive operations are combined into the Corporate and Eliminations classification. Financial information concerning segments and geographic information appears under " Note 3 – Segment Information " in the Notes to Consolidated Financial Statements, which is incorporated herein by reference. New housing starts and commercial construction are important determinants of our sales to the heating, ventilation, and air-conditioning (HVAC), refrigeration, and plumbing markets because the principal end use of a significant portion of our products is in the construction of single and multi-family housing and commercial buildings. Repairs and remodeling projects are also important drivers of underlying demand for these products. In addition, our products are used in various transportation, automotive, and industrial applications. Piping Systems Segment The Piping Systems segment is com

RISK FACTORS

ITEM 1A. RISK FACTORS The Company is exposed to risk as it operates its businesses. To provide a framework to understand our operating environment, we are providing a brief explanation of the more significant risks associated with our businesses. Although we have tried to identify and discuss key risk factors, others could emerge in the future. These risk factors should be considered carefully when evaluating the Company and its businesses. Risks Related to the Economy and Other External Factors Increases in costs and the availability of energy and raw materials used in our products could impact our cost of goods sold and our distribution expenses, which could have a material adverse impact on our operating margins. Both the costs of raw materials used in our manufactured products (copper, brass, zinc, aluminum, and plastic resins) and energy costs (electricity, natural gas and fuel) have been volatile during the last several years, which has resulted in changes in production and distribution costs. For example, recent and pending climate change regulation and initiatives on the state, regional, federal, and international levels that have focused on reducing greenhouse gas (GHG) emissions from the energy and utility sectors may affect energy availability and costs in the near future. While we typically attempt to pass costs through to our customers or to modify or adapt our activities to mitigate the impact of increases, we may not be able to do so successfully. Failure to fully pass increases to our customers or to modify or adapt our activities to mitigate the impact could have a material adverse impact on our operating margins. Additionally, if we are for any reason unable to obtain raw materials or energy, our ability to manufacture our products would be impacted, which could have a material adverse impact on our operating margins. 6 Economic conditions in the housing and commercial construction industries, as well as inflation and changes in interes

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View this 10-K filing on SEC EDGAR