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10-Q Filing

MUELLER INDUSTRIES INC CIK: 89439 Q1 2015
Filing Information
Form Type 10-Q
Accession Number 0000089439-15-000013
Period End Date 20150331
Filing Date 20150423
Fiscal Year 2015
Fiscal Period Q1
XBRL Instance mli-20150328.xml
Filing Contents
Balance Sheet 84 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $311.80M USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $565.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $352.13M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $326.89M USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $666.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $233.47M USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $565 in 2015 and $666 in 2014 AccountsReceivableNetCurrent $275.06M USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $565 in 2015 and $666 in 2014 AccountsReceivableNetCurrent $307.98M USD Point-in-time
Inventories InventoryNet $246.40M USD Point-in-time
Inventories InventoryNet $256.58M USD Point-in-time
Other current assets OtherAssetsCurrent $57.43M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $1.00 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $1.00 USD Point-in-time
Other current assets OtherAssetsCurrent $59.86M USD Point-in-time
Total current assets AssetsCurrent $941.21M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 5.00M shares Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 5.00M shares Point-in-time
Total current assets AssetsCurrent $941.13M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $245.91M USD Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $244.91M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Goodwill Goodwill $102.58M USD Point-in-time
Goodwill Goodwill $102.91M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Other assets OtherAssetsNoncurrent $36.21M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Other assets OtherAssetsNoncurrent $38.06M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 80.18M shares Point-in-time
Total assets Assets $1.33B USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 80.18M shares Point-in-time
Total assets Assets $1.32B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 56.90M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 56.94M shares Point-in-time
Current portion of debt DebtCurrent $31.68M USD Point-in-time
Current portion of debt DebtCurrent $36.19M USD Point-in-time
Accounts payable AccountsPayableCurrent $100.81M USD Point-in-time
Accounts payable AccountsPayableCurrent $100.73M USD Point-in-time
Accrued wages and other employee costs EmployeeRelatedLiabilitiesCurrent $41.59M USD Point-in-time
Accrued wages and other employee costs EmployeeRelatedLiabilitiesCurrent $30.07M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $61.60M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $59.55M USD Point-in-time
Total current liabilities LiabilitiesCurrent $224.16M USD Point-in-time
Total current liabilities LiabilitiesCurrent $238.07M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $205.00M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $205.25M USD Point-in-time
Pension liabilities PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $18.46M USD Point-in-time
Pension liabilities PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $20.07M USD Point-in-time
Postretirement benefits other than pensions OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent $21.37M USD Point-in-time
Postretirement benefits other than pensions OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent $21.49M USD Point-in-time
Environmental reserves AccruedEnvironmentalLossContingenciesNoncurrent $21.83M USD Point-in-time
Environmental reserves AccruedEnvironmentalLossContingenciesNoncurrent $21.84M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $23.10M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $24.56M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $3.11M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.39M USD Point-in-time
Total liabilities Liabilities $517.03M USD Point-in-time
Total liabilities Liabilities $532.66M USD Point-in-time
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding PreferredStockValue - USD Point-in-time
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding PreferredStockValue - USD Point-in-time
Common stock - $.01 par value; shares authorized 100,000,000; issued 80,183,004; outstanding 56,943,098 in 2015 and 56,901,445 in 2014 CommonStockValue $802.00K USD Point-in-time
Common stock - $.01 par value; shares authorized 100,000,000; issued 80,183,004; outstanding 56,943,098 in 2015 and 56,901,445 in 2014 CommonStockValue $802.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $269.64M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $268.57M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.01B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $992.80M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-10.79M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-10.82M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-49.43M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-42.92M USD Point-in-time
Treasury common stock, at cost TreasuryStockValue $457.10M USD Point-in-time
Treasury common stock, at cost TreasuryStockValue $456.65M USD Point-in-time
Total Mueller Industries, Inc. stockholders' equity StockholdersEquity $774.86M USD Point-in-time
Total Mueller Industries, Inc. stockholders' equity StockholdersEquity $762.15M USD Point-in-time
Noncontrolling interest MinorityInterest $32.94M USD Point-in-time
Noncontrolling interest MinorityInterest $33.28M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $807.80M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $795.43M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.33B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.32B USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueGoodsNet $537.24M USD 1 Quarter
Net sales SalesRevenueGoodsNet $574.37M USD 1 Quarter
Cost of goods sold CostOfGoodsSold $460.83M USD 1 Quarter
Cost of goods sold CostOfGoodsSold $495.78M USD 1 Quarter
Depreciation and amortization OtherDepreciationAndAmortization $7.85M USD 1 Quarter
Depreciation and amortization OtherDepreciationAndAmortization $8.11M USD 1 Quarter
Selling, general, and administrative expense SellingGeneralAndAdministrativeExpense $32.18M USD 1 Quarter
Selling, general, and administrative expense SellingGeneralAndAdministrativeExpense $32.83M USD 1 Quarter
Operating income OperatingIncomeLoss $38.31M USD 1 Quarter
Operating income OperatingIncomeLoss $35.72M USD 1 Quarter
Interest expense InterestExpense $2.08M USD 1 Quarter
Interest expense InterestExpense $1.03M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $105.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $88.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $37.37M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $33.75M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $11.41M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $12.41M USD 1 Quarter
Consolidated net income ProfitLoss $24.95M USD 1 Quarter
Consolidated net income ProfitLoss $22.34M USD 1 Quarter
Net income attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $362.00K USD 1 Quarter
Net income attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $248.00K USD 1 Quarter
Net income attributable to Mueller Industries, Inc. NetIncomeLoss $21.98M USD 1 Quarter
Net income attributable to Mueller Industries, Inc. NetIncomeLoss $24.71M USD 1 Quarter
Weighted average shares for basic earnings per share (in shares) WeightedAverageNumberOfSharesOutstandingBasic 56.19M shares 1 Quarter
Weighted average shares for basic earnings per share (in shares) WeightedAverageNumberOfSharesOutstandingBasic 55.92M shares 1 Quarter
Effect of dilutive stock-based awards (in shares) WeightedAverageNumberDilutedSharesOutstandingAdjustment 731,000.00 shares 1 Quarter
Effect of dilutive stock-based awards (in shares) WeightedAverageNumberDilutedSharesOutstandingAdjustment 853,000.00 shares 1 Quarter
Adjusted weighted average shares for diluted earnings per share (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 56.77M shares 1 Quarter
Adjusted weighted average shares for diluted earnings per share (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 56.92M shares 1 Quarter
Basic earnings per share (in dollars per share) EarningsPerShareBasic $0.44 USD 1 Quarter
Basic earnings per share (in dollars per share) EarningsPerShareBasic $0.39 USD 1 Quarter
Diluted earnings per share (in dollars per share) EarningsPerShareDiluted $0.39 USD 1 Quarter
Diluted earnings per share (in dollars per share) EarningsPerShareDiluted $0.44 USD 1 Quarter
Dividends per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.07 USD 1 Quarter
Dividends per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.07 USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Consolidated net income ProfitLoss $24.95M USD 1 Quarter
Consolidated net income ProfitLoss $22.34M USD 1 Quarter
Depreciation and amortization Depreciation $8.02M USD 1 Quarter
Depreciation and amortization Depreciation $8.16M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $1.35M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $1.19M USD 1 Quarter
Loss (gain) on disposal of properties GainLossOnSaleOfPropertyPlantEquipment $-1.00K USD 1 Quarter
Loss (gain) on disposal of properties GainLossOnSaleOfPropertyPlantEquipment $1.41M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-570.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-1.48M USD 1 Quarter
Income tax benefit from exercise of stock options ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $69.00K USD 1 Quarter
Income tax benefit from exercise of stock options ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $156.00K USD 1 Quarter
Receivables IncreaseDecreaseInAccountsReceivable $49.48M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsReceivable $36.69M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-7.53M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $10.05M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $14.47M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-9.26M USD 1 Quarter
Current liabilities IncreaseDecreaseInOperatingLiabilities $-7.39M USD 1 Quarter
Current liabilities IncreaseDecreaseInOperatingLiabilities $-1.34M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-989.00K USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-131.00K USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-245.00K USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-398.00K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $3.89M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-44.67M USD 1 Quarter
Acquisition of business PaymentsToAcquireBusinessesNetOfCashAcquired $30.14M USD 1 Quarter
Acquisition of business PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $9.20M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $7.39M USD 1 Quarter
Net (deposits into) withdrawals from restricted cash IncreaseDecreaseInRestrictedCash $-1.77M USD 1 Quarter
Net (deposits into) withdrawals from restricted cash IncreaseDecreaseInRestrictedCash $12.59M USD 1 Quarter
Proceeds from the sales of assets ProceedsFromSaleOfPropertyPlantAndEquipment $492.00K USD 1 Quarter
Proceeds from the sales of assets ProceedsFromSaleOfPropertyPlantAndEquipment $4.83M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-19.49M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-32.73M USD 1 Quarter
Repayments of long-term debt RepaymentsOfLongTermDebt $250.00K USD 1 Quarter
Repayments of long-term debt RepaymentsOfLongTermDebt $250.00K USD 1 Quarter
Dividends paid to stockholders of Mueller Industries, Inc. PaymentsOfDividends $4.22M USD 1 Quarter
Dividends paid to stockholders of Mueller Industries, Inc. PaymentsOfDividends $4.20M USD 1 Quarter
Repayment of debt by joint venture, net ProceedsFromRepaymentsOfDebt $-3.82M USD 1 Quarter
Repayment of debt by joint venture, net ProceedsFromRepaymentsOfDebt $-1.41M USD 1 Quarter
Issuance of debt ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities $4.37M USD 1 Quarter
Issuance of debt ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities - USD 1 Quarter
Net cash used to settle stock-based awards EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards $93.00K USD 1 Quarter
Net cash used to settle stock-based awards EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards $224.00K USD 1 Quarter
Income tax benefit from exercise of stock options ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $69.00K USD 1 Quarter
Income tax benefit from exercise of stock options ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $156.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-8.12M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-1.10M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $-1.52M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $179.00K USD 1 Quarter
Decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-78.33M USD 1 Quarter
Decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-25.24M USD 1 Quarter
Cash and cash equivalents at the beginning of the period CashAndCashEquivalentsAtCarryingValue $311.80M USD Point-in-time
Cash and cash equivalents at the beginning of the period CashAndCashEquivalentsAtCarryingValue $352.13M USD Point-in-time
Cash and cash equivalents at the beginning of the period CashAndCashEquivalentsAtCarryingValue $326.89M USD Point-in-time
Cash and cash equivalents at the beginning of the period CashAndCashEquivalentsAtCarryingValue $233.47M USD Point-in-time
Cash and cash equivalents at the end of the period CashAndCashEquivalentsAtCarryingValue $311.80M USD Point-in-time
Cash and cash equivalents at the end of the period CashAndCashEquivalentsAtCarryingValue $352.13M USD Point-in-time
Cash and cash equivalents at the end of the period CashAndCashEquivalentsAtCarryingValue $326.89M USD Point-in-time
Cash and cash equivalents at the end of the period CashAndCashEquivalentsAtCarryingValue $233.47M USD Point-in-time
Comprehensive Income 22 line items
Line Item Tag Value Unit Period
Net change with respect to derivative instruments and hedging activities, tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax $-274.00K USD 1 Quarter
Net change with respect to derivative instruments and hedging activities, tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax $-590.00K USD 1 Quarter
Consolidated net income ProfitLoss $24.95M USD 1 Quarter
Consolidated net income ProfitLoss $22.34M USD 1 Quarter
Net actuarial loss on pension and postretirement obligations, tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax $501.00K USD 1 Quarter
Net actuarial loss on pension and postretirement obligations, tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax $-28.00K USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $1.17M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-8.40M USD 1 Quarter
Net change with respect to derivative instruments and hedging activities, net of tax of $274 in 2015 and $590 in 2014 OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent $-1.12M USD 1 Quarter
Net change with respect to derivative instruments and hedging activities, net of tax of $274 in 2015 and $590 in 2014 OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent $-198.00K USD 1 Quarter
Net actuarial loss on pension and postretirement obligations, net of tax of $(501) in 2015 and $28 in 2014 OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax $-3.00K USD 1 Quarter
Net actuarial loss on pension and postretirement obligations, net of tax of $(501) in 2015 and $28 in 2014 OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax $-1.42M USD 1 Quarter
Other, net OtherComprehensiveIncomeOtherNetOfTax $-27.00K USD 1 Quarter
Other, net OtherComprehensiveIncomeOtherNetOfTax $-15.00K USD 1 Quarter
Total other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $39.00K USD 1 Quarter
Total other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-7.21M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $15.13M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $24.99M USD 1 Quarter
Comprehensive loss (income) attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-345.00K USD 1 Quarter
Comprehensive loss (income) attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $253.00K USD 1 Quarter
Comprehensive income attributable to Mueller Industries, Inc. ComprehensiveIncomeNetOfTax $15.47M USD 1 Quarter
Comprehensive income attributable to Mueller Industries, Inc. ComprehensiveIncomeNetOfTax $24.74M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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