UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 28, 2024

 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ______ to ______

 Commission file number 1-6770

 (Exact name of registrant as specified in its charter)

 Delaware
 25-0790410

 (State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)

 150 Schilling Boulevard
 Suite 100

 Collierville
 Tennessee
 38017

 (Address of principal executive offices)
 (Zip Code)

 Registrant's telephone number, including area code: ( 901) 753-3200
 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class
 Trading Symbol
 Name of each exchange on which registered

 Common Stock, $0.01 Par Value
 MLI
 New York Stock Exchange

 Indicate by check mark whether the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

 Indicate by a check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes No

 Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

 The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the Registrant's most recently completed second fiscal quarter was $ 6,322,607,148.

 The number of shares of the Registrant's common stock outstanding as of February 19, 2025 was 113,267,514 excluding 47,098,494 treasury shares.

 DOCUMENTS INCORPORATED BY REFERENCE
 Portions of the following document are incorporated by reference into this Report: Registrant's Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders, scheduled to be mailed on or about March 27, 2025 (Part III).

 _____________________

 As used in this report, the terms "we," "us," "our," "Company," "Mueller," and "Registrant" mean Mueller Industries, Inc. and its consolidated subsidiaries taken as a whole, unless the context indicates otherwise.

 ____________________

 Page

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 Reserved

 Item 7.

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

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

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

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits, Financial Statement Schedules

 Item 16.

 Form 10-K Summary

 Signatures

 Index to Consolidated Financial Statements

 ITEM 1.
 BUSINESS

 Introduction

 Mueller Industries, Inc. (the Company) is a leading manufacturer of copper, brass, and aluminum 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; insulated flexible duct systems; and high-quality wire and cable solutions. 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 composed of Domestic Piping Systems Group, Great Lakes Copper (Great Lakes), European Operations, Trading Group, Jungwoo Metal Ind. Co., LTD (Jungwoo-Mueller), and Mueller Middle East WLL (Mueller Middle East).

 The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, line sets, and pipe nipples, and resells steel pipe, brass and plastic plumbing valves, malleable iron fittings and faucets, and plumbing specialties. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Our copper tube ranges in size from 1/8 inch to 8 1/8 inch diameter and is sold in various straight lengths and coils. We are a market leader in the plumbing, air-conditioning and refrigeration service tube markets and we also supply a variety of water tube in straight lengths and coils used for plumbing applications in virtually every type of construction project. Our copper fittings, line sets, and related components are produced for the plumbing and heating industry to be used in water distribution systems, heating systems, air-conditioning, and refrigeration applications, and drainage, waste, and vent systems.

 Great Lakes manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. European Operations manufactures copper tube in the United Kingdom, which is sold throughout Europe. The Trading Group manufactures steel pipe nipples and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products to plumbing wholesalers, distributors to the manufactured housing and recreational vehicle industries, and building materials retailers in North America. Jungwoo-Mueller, our South Korean joint venture, manufactures copper-based joining products that are sold worldwide. Mueller Middle East, our Bahraini joint venture, manufactures copper tube and serves markets in the Middle East and Northern Africa.

 We acquired Kessler Sales and Distribution on August 2, 2020 and Elkhart Products Corporation on August 2, 2024, and increased our equity interest in Mueller Middle East to 55 percent on December 7, 2021. These acquisitions complement our existing businesses in the Piping Systems segment.

 We disposed of Die-Mold on September 2, 2021 and Heatlink Group on July 3, 2023 in a contribution agreement with a limited liability company operating in the retail distribution business. Die-Mold manufactured PEX and other plumbing-related fittings

 and plastic injection tooling in Canada and sold these products in Canada and the U.S. Heatlink Group manufactured a complete line of products for PEX plumbing and radiant systems in Canada and sold these products in Canada and the U.S.

 The segment sells products to wholesalers in the plumbing and refrigeration markets, distributors to the manufactured housing and recreational vehicle industries, building material retailers, and air-conditioning original equipment manufacturers (OEMs). It markets primarily through its own sales and distribution organization, which maintains sales offices and distribution centers throughout the United States and in Canada, Mexico, Great Britain, South Korea, and the Middle East. Additionally, products are sold and marketed through a complement of agents, which, when combined with our sales organization, provide the Company broad geographic market representation.

 We compete with various companies, depending on the product line. In the U.S. copper tube business, domestic competition includes Cerro Flow Products LLC, and Cambridge-Lee Industries LLC (a subsidiary of Industrias Unidas S.A. de C.V.), as well as many actual and potential foreign competitors. In the European copper tube business, we compete with several European-based manufacturers of copper tube as well as other foreign-based manufacturers. In the Canadian copper tube business, our competitors include foreign-based manufacturers. In the copper fittings market, our domestic competitors include NIBCO, Inc. We also compete with several foreign manufacturers. Additionally, our copper tube and fittings businesses compete with a large number of manufacturers of substitute products made from other metals and plastic.

 Industrial Metals Segment

 The Industrial Metals segment is composed of Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, Precision Tube, and Nehring Electrical Works Company (Nehring).

 Brass Rod manufactures a broad range of brass rod and shapes in a variety of standard and lead-free alloys sold primarily to OEMs in the industrial, HVAC, plumbing, and refrigeration industries. We extrude brass, bronze, and copper alloy rod in sizes ranging from 3/8 inches to 4 inches in diameter. These alloys are used in applications that require a high degree of machinability, wear and corrosion resistance, as well as electrical conductivity.

 Impacts & Micro Gauge manufactures cold-form aluminum and copper products for automotive, industrial, and recreational components, as well as high-volume machining of aluminum, steel, brass, and cast iron impacts and castings for automotive applications. It sells its products primarily to OEMs in the U.S., serving the automotive, military ordnance, aerospace, and general manufacturing industries. Typical applications for impacts are high strength ordnance, high-conductivity electrical components, builders' hardware, hydraulic systems, automotive parts, and other uses where toughness must be combined with varying complexities of design and finish.

 Brass Value-Added Products manufactures brass and aluminum forgings; brass, aluminum, and stainless steel valves; fluid control solutions; and gas train assembles. Our forgings are used in a wide variety of products, including automotive components, brass fittings, industrial machinery, valve bodies, gear blanks, and computer hardware. Our valves, fluid control systems, and gas train assemblies are used in the compressed gas, pharmaceutical, construction, and gas appliance markets.

 Precision Tube manufactures specialty copper, copper alloy, and aluminum tube.

 Nehring manufactures and markets wire and cable products to the utility, municipal, telecommunication, electrical distribution, and OEM markets in the U.S. It offers bare and insulated copper and aluminum wire, aluminum-clad steel, copper-clad steel, building wire, underground power cable, ground rod, and medium voltage cable products.

 We acquired Nehring on May 28, 2024. This business provides the Company a substantial platform for expansion in the energy infrastructure space and is reported in the Industrial Metals segment. We disposed of our Copper Bar business on October 25, 2021.

 The segment sells its products primarily to domestic OEMs in the industrial, construction, HVAC, plumbing, refrigeration, utility, telecommunication, and electrical distribution markets. The total amount of order backlog for the Industrial Metals Segment as of December 28, 2024 was not significant.

 Competitors, primarily in the brass rod market, include Wieland Chase, LLC, a subsidiary of Wieland-Werke AG, and several foreign manufacturers.

 Climate Segment

 The Climate segment is composed of Refrigeration Products, Westermeyer Industries, Inc. (Westermeyer), Turbotec Products, Inc. (Turbotec), Flex Duct, and Linesets, Inc.

 Refrigeration Products designs and manufactures valves, protection devices, and brass fittings for various OEMs in the commercial HVAC and refrigeration markets. Westermeyer designs, manufactures, and distributes high-pressure components and accessories for the air-conditioning and refrigeration markets. Turbotec manufactures coaxial heat exchangers and twisted tubes for the HVAC, geothermal, refrigeration, swimming pool heat pump, marine, ice machine, commercial boiler, and heat reclamation markets. Flex Duct, which consists of ATCO Rubber Products, Inc. (ATCO) and H&C Flex, manufactures and distributes insulated HVAC flexible duct systems.

 We acquired Shoals Tubular, Inc. (Shoals) on January 17, 2020 and H&C Flex on January 29, 2021. These acquisitions complement our existing businesses in the Climate segment.

 We disposed of Fabricated Tube Products and Shoals on July 28, 2021. Fabricated Tube Products manufactured tubular assemblies and fabrications for OEMs in the HVAC and refrigeration markets; Shoals manufactured brazed manifolds, headers, and distributor assemblies.

 The segment sells predominantly to wholesalers and OEMs in the HVAC and refrigeration markets in the U.S. The total amount of order backlog for the Climate segment as of December 28, 2024 was not significant.

 Human Capital Resources

 As of December 28, 2024, the Company employed approximately 5,168 employees, of which approximately 1,793 were represented by various unions. Those union contracts will expire as follows:

 Location
 Expiration Date

 Port Huron, Michigan (Local 218 IAM)
 May 3, 2026

 Wynne, Arkansas (MCTP)
 November 30, 2029

 Port Huron, Michigan (Local 44 UAW)
 May 4, 2025

 Wynne, Arkansas (B&K LLC)
 August 5, 2029

 Fulton, Mississippi
 October 2, 2025

 University Park, Illinois
 May 31, 2028

 Woodbridge, New Jersey
 April 30, 2025

 Elkhart, Indiana
 November 22, 2025

 DeKalb, Illinois
 June 5, 2027

 The union agreements at the Company's U.K. and Mexico operations are renewed annually. The Company expects to renew its union contracts without material disruption to its operations. We consider our relationship with our employees to be good.

 Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing, and integrating our existing and additional employees. The principal purposes of our equity incentive plans are to attract, retain, and motivate selected employees and directors through the granting of stock-based compensation awards. The health and safety of our employees is our high priority and in particular, in response to the COVID-19 pandemic. We have taken additional measures to limit possible infections at the workplace.

 Furthermore, we expect that our employees and members of our Board of Directors will conduct themselves ethically and properly as a matter of course and comply with the guidelines set forth on our Code of Business Conduct and Ethics.

 Raw Material and Energy Availability

 A substantial portion of our base metal requirements (primarily copper) is normally obtained through short-term supply contracts with competitive pricing provisions (for cathode) and the open market (for scrap). Other raw materials used in the production of brass, including brass scrap, zinc, tin, and lead are obtained from zinc and lead producers, open-market dealers,

 and customers with brass process scrap. Raw materials used in the fabrication of aluminum are purchased in the open market from major producers.

 Adequate supplies of raw material have historically been available to us from primary producers, metal brokers, and scrap dealers. Sufficient energy in the form of natural gas, fuel oils, and electricity is available to operate our production facilities. While temporary shortages of raw material and fuels may occur occasionally, to date they have not materially hampered our operations.

 Our copper tube facilities can accommodate both refined copper and certain grades of copper scrap as the primary feedstock. The Company has commitments from refined copper producers for a portion of its metal requirements for 2025. Adequate quantities of copper are currently available. While we will continue to react to market developments, resulting pricing volatility or supply disruptions, if any, could nonetheless adversely affect the Company.

 Environmental Proceedings

 Compliance with environmental laws and regulations is a matter of high priority for the Company. Mueller's provision for environmental matters related to all properties was $1.8 million for 2024, $0.7 million for 2023, and $1.4 million for 2022. The reserve for environmental matters was $18.4 million at December 28, 2024 and $18.9 million at December 30, 2023. Environmental expenses related to non-operating properties are presented below operating income in the Consolidated Statements of Income, and costs related to operating properties are included in cost of goods sold. We currently anticipate that we will need to make expenditures of approximately $5.1 million for compliance activities related to existing environmental matters during the next three fiscal years.

 For a description of material pending environmental proceedings, see " Note 15 – Commitments and Contingencies " in the Notes to Consolidated Financial Statements, which is incorporated herein by reference.

 Other Business Factors

 Our business is not materially dependent on patents, trademarks, licenses, franchises, or concessions held. In addition, expenditures for Company-sponsored research and development activities were not material during 2024, 2023, or 2022. No material portion of our business involves governmental contracts.

 Seasonality

 Our net sales typically moderate in the fourth quarter as a result of the seasonal construction markets and customer shutdowns for holidays, year-end plant maintenance, and physical inventory counts. Also, our working capital typically increases in the first quarter in preparation for the construction season.

 SEC Filings

 We make available through our internet website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (SEC). To retrieve any of this information, you may access our internet home page at www.muellerindustries.com, select Investors, and then select SEC Filings.

 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, and aluminum) 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. Tariffs impact the total cost of our products and the components and raw materials that go into manufacturing them. The new, substantial tariff increases on imports in the United States from Canada and Mexico (in addition to China) announced on February 1, 2025, should they be implemented and sustained for an extended period of time, could adversely impact the gross margin the Company earns on its products. 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. The Company is prepared to proactively work with its supply chain to mitigate the cost impact and pass increases in costs to its customers, to the extent possible, when they occur, but 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.

 Economic conditions in the housing and commercial construction industries, as well as inflation and changes in interest rates, could have a material adverse impact on our business, financial condition, and results of operations.

 Our business is sensitive to changes in general economic conditions, particularly in the housing and commercial construction industries. Prices for our products are affected by overall supply and demand in the market for our products and for our competitors' products. In particular, market prices of building products historically have been volatile and cyclical, and we may be unable to control the timing and extent of pricing changes for our products. Prolonged periods of weak demand or excess supply in any of our businesses could negatively affect our revenues and margins and could result in a material adverse impact on our business, financial condition, and results of operations.

 The markets that we serve, including, in particular, the housing and commercial construction industries, are significantly affected by movements in interest rates and the availability of credit. Significantly higher interest rates could have a material adverse effect on our business, financial condition, and results of operations.

 Our businesses are also affected by a variety of other factors beyond our control, including, but not limited to, employment levels, foreign currency exchange rates, consumer confidence, the imposition of tariffs that make it more costly to source raw materials, and unforeseen inflationary pressures. In the last year, inflationary pressures have increased. Although we generally attempt to pass along higher raw material costs to our customers in the form of price increases, there can be a delay between an increase in our raw material costs and our ability to raise the prices of our products and new and changing laws or tariffs, regulations, executive orders, and enforcement priorities may impact customer budgets and create uncertainty about how such laws and regulations will be interpreted and applied, which may impact customer demand. Additionally, we may not be able to increase the prices of our products due to other factors including competitive pricing pressure. If the Company is unable to offset significant cost increases through customer price increases, productivity improvements, cost reduction or other programs, Mueller's business, operating results or financial condition could be materially adversely affected.

 Since we operate in a variety of geographic areas, our businesses are subject to the economic conditions in each such area. General economic downturns or localized downturns in the regions where we have operations could have a material adverse effect on our business, financial condition, and results of operations. Additionally, the impact of economic conditions on the operations or liquidity of any party with which we conduct our business, including our suppliers and customers, may adversely impact our business.

 Our exposure to exchange rate fluctuations on cross border transactions and the translation of local currency results into U.S. dollars could have an adverse impact on our results of operations or financial position.

 We conduct our business through subsidiaries in several different countries and export our products to many countries. Fluctuations in currency exchange rates could have a significant impact on the competitiveness of our products as well as the reported results of our operations, which are presented in U.S. dollars. A portion of our products are manufactured in or acquired from suppliers located in lower cost regions. Cross border transactions, both with external parties and intercompany relationships, result in increased exposure to foreign exchange fluctuations. The strengthening of the U.S. dollar

 could expose our U.S. based businesses to competitive threats from lower cost producers in other countries such as China. Lastly, our sales are translated into U.S. dollars for reporting purposes. The strengthening of the U.S. dollar could result in unfavorable translation effects when the results of foreign operations are translated into U.S. dollars. Accordingly, significant changes in exchange rates, particularly the British pound sterling, Mexican peso, Canadian dollar, and the South Korean won, could have an adverse impact on our results of operations or financial position.

 Market and Competition Risks

 Competitive conditions, including the impact of imports and substitute products and technologies, could have a material adverse effect on the demand for our products as well as our margins and profitability.

 The markets we serve are competitive across all product lines. Some consolidation of customers has occurred and may continue, which could shift buying power to customers. In some cases, customers have moved production to low-cost countries such as China, or sourced components from there, which has reduced demand in North America for some of the products we manufacture. These conditions could have a material adverse impact on our ability to maintain margins and profitability. The potential threat of imports and substitute products is based upon many factors, including raw material prices, distribution costs, foreign exchange rates, production costs, and the development of emerging technologies and applications. The end use of alternative import and/or substitute products could have a material adverse effect on our business, financial condition, and results of operations. Likewise, the development of new technologies and applications could result in lower demand for our products and have a material adverse effect on our business.

 Litigation and Regulatory Risks

 We are subject to claims, litigation, and regulatory proceedings that could have a material adverse effect on us.

 We are, from time-to-time, involved in various claims, litigation matters, and regulatory proceedings. These matters may include contract disputes, personal injury claims, environmental claims and administrative actions, Occupational Safety and Health Administration inspections or proceedings, other tort claims, employment and tax matters and other litigation including class actions that arise in the ordinary course of our business. Although we intend to defend these matters vigorously, we cannot predict with certainty the outcome or effect of any claim or other litigation matter, and there can be no assurance as to the ultimate outcome of any litigation or regulatory proceeding. Litigation and regulatory proceedings may have a material adverse effect on us because of potential adverse outcomes, defense costs, the diversion of our management's resources, availability of insurance coverage and other factors.

 We are subject to environmental, health, and safety laws and regulations and future compliance may have a material adverse effect on our results of operations, financial position, or cash flows.

 The nature of our operations exposes us to the risk of liabilities and claims with respect to environmental, health, and safety matters. While we have established accruals intended to cover the cost of environmental remediation at contaminated sites, the actual cost is difficult to determine and may exceed our estimated reserves. Further, changes to, or more rigorous enforcement or stringent interpretation of environmental or health and safety laws could require significant incremental costs to maintain compliance. Recent and pending climate change regulation and initiatives on the state, regional, federal, and international levels may require certain of our facilities to reduce GHG emissions. While not reasonably estimable at this time, this could require capital expenditures for environmental control facilities and/or the purchase of GHG emissions credits in the coming years. In addition, with respect to environmental matters, future claims may be asserted against us for, among other things, past acts or omissions at locations operated by predecessor entities, or alleging damage or injury or seeking other relief in connection with environmental matters associated with our operations. Future liabilities, claims, and compliance costs may have a material adverse effect on us because of potential adverse outcomes, defense costs, diversion of our resources, availability of insurance coverage, and other factors. The overall impact of these requirements on our operations could increase our costs and diminish our ability to compete with products that are produced in countries without such rigorous standards; the long run impact could negatively impact our results and have a material adverse effect on our business.

 Operational Risks

 A strike, other work stoppage or business interruption, or our inability to renew collective bargaining agreements on favorable terms, could impact our cost structure and our ability to operate our facilities and produce our products, which could have an adverse effect on our results of operations.

 We have a number of employees who are covered by collective bargaining or similar agreements. If we are unable to negotiate acceptable new agreements with the unions representing our employees upon expiration of existing contracts, we could experience strikes or other work stoppages. Strikes or other work stoppages could cause a significant disruption of operations at our facilities, which could have an adverse impact on us. New or renewal agreements with unions representing our employees could call for higher wages or benefits paid to union members, which would increase our operating costs and could adversely affect our profitability. Higher costs and/or limitations on our ability to operate our facilities and manufacture our products resulting from increased labor costs, strikes or other work stoppages could have a material adverse effect on our results of operations.

 In addition, unexpected interruptions in our operations or those of our customers or suppliers due to such causes as weather-related events or acts of God, such as earthquakes, could have an adverse effect on our results of operations. For example, the Environmental Protection Agency has found that global climate change would be expected to increase the severity and possibly the frequency of severe weather patterns such as hurricanes. Although the financial impact of such future events is not reasonably estimable at this time, should they occur, our operations in certain coastal and flood-prone areas or operations of our customers and suppliers could be adversely affected.

 If we do not successfully execute or effectively operate, integrate, leverage and grow acquired businesses, our financial results may suffer.

 Our strategy for long-term growth, productivity and profitability depends in part on our ability to make prudent strategic acquisitions and to realize the benefits we expect when we make those acquisitions. In furtherance of this strategy, over the past several years, we have acquired businesses in Europe, Canada, South Korea, the Middle East, and the United States.
 While we currently anticipate that our past and future acquisitions will enhance our value proposition to customers and improve our long-term profitability, there can be no assurance that we will realize our expectations within the time frame we have established, if at all, or that we can continue to support the value we allocate to these acquired businesses, including their goodwill or other intangible assets.

 We may be subject to risks relating to our information technology systems.

 We rely on information technology systems to process, transmit and store electronic information and manage and operate our business. The incidence of cyber attacks, computer hacking, computer viruses, worms, and other disruptive software, denial of service attacks, and other malicious cyber activities are on the rise worldwide. A breach of our information technology systems or those of our commercial partners could expose us, our customers, our suppliers, and our employees to risks of misuse or improper disclosure of data, business information (including intellectual property) and other confidential information. We operate globally, and the legal rules governing data storage and transfers are often complex, unclear, and changing. A breach could also result in manipulation and destruction of data, production downtimes and operations disruptions. Any such breaches or events could expose us to legal liability and adversely affect our reputation, competitive position, business or results of operations.

 General Risk Factors

 The unplanned departure of key personnel could disrupt our business.

 We depend on the continued efforts of our senior management. The unplanned loss of key personnel, or the inability to hire and retain qualified executives, could negatively impact our ability to manage our business.

 ITEM 1B.
 UNRESOLVED STAFF COMMENTS

 None.

 ITEM 1C.
 CYBERSECURITY

 Risk Management and Strategy

 Our business operations depend on the availability, integrity and secure processing, storage, and transmission of confidential and sensitive information, digitally and through interconnected systems, including those of our vendors, service providers and other third parties on which we rely. Consequently, we maintain a formal data protection program, including physical, technical and administrative safeguards, to prevent and mitigate the risks posed by cybersecurity threats and incidents and to identify, analyze, address, mitigate and remediate those incidents that do occur. As part of our program:

 • we regularly review and update at least annually our standard policies and procedures related to information technology and analyze those policies against the standards and controls that we believe are most relevant to our Company set by organizations such as the National Institute of Standards and Technology (NIST) cybersecurity framework and the International Organization for Standardization (ISO);
 • we maintain a dedicated cybersecurity team under the direction of our Chief Information Officer (CIO), who has expertise related to data and network security, data governance and risk management;
 • we regularly test our internal IT controls;
 • we regularly conduct internal vulnerability assessments as well as third-party penetration tests;
 • we maintain, and we require our third-party service providers to maintain, security controls designed to ensure the confidentiality, integrity, and availability of our information systems and the confidential and sensitive information we maintain and process, or which is processed on our behalf;
 • all employees are required to complete periodic trainings that cover security and privacy best practices and company policies; and
 • we have prepared and regularly review and test our business continuity, disaster recovery and other back-up plans, including as they relate to cybersecurity incidents.

 In connection with the design, implementation and testing of our cybersecurity program, we also work, as appropriate, with our accountants, independent assessors, legal counsel and other consultants.

 We have an incident reporting and escalation process that we believe to be effective in detecting and analyzing cyber incidents as they occur to determine appropriate response action and reporting, including the materiality of any such incidents to our financial condition and operations. This process includes:

 • continual monitoring of our systems and logs by both internal and outsourced staff;
 • immediate escalation to and review by our CIO of certain signals, including evidence of external threat actors, ransomware attacks, data exfiltration, identity compromise or unusual requests from management or certain departments;
 • if deemed appropriate, reporting by our CIO to the Company's senior leadership, which based on the circumstances, may include executive officers and representatives of our accounting, human resources, finance, information technology and legal functions, and consultation with internal and external legal counsel, for further review and determination of the scope and materiality of the incident or incidents, including whether public disclosure is appropriate or required; and
 • informing our Board of Directors (the "Board") of significant or material cybersecurity incidents, as appropriate.

 While we, our customers and our vendors are regularly exposed to malicious technology-related events and threats, none of these threats or incidents, either individually or in the aggregate of related occurrences, have materially affected the Company in the period covered by this report. In determining materiality, cybersecurity incidents are reviewed not only for potential financial impacts, which could include potential legal and regulatory penalties, stolen assets or funds, system damage, forensic and remediation costs, lost customer revenue or litigation costs, but also the breadth and sensitivity of data exposure, data exfiltration, impacts on the ability to operate our business or provide our services, customer dissatisfaction, and loss of investor confidence.

 Governance

 Our Board actively oversees our risk management activities both directly and through its committees and considers various risk topics throughout the year, including cybersecurity and information security risk management and controls. As part of its oversight function, the Audit Committee of the Board oversees the Company's risk assessment and risk management policies, including related to cybersecurity and the data protection program, and performs an annual review and assessment of the

 primary operational and regulatory risks facing the Company, their relative magnitude and management's plan for mitigating these risks. At least annually, our CIO reports to the Audit Committee with a comprehensive report addressing a broad range of topics, including significant cybersecurity incidents that have occurred since the last update, the status of projects and initiatives to update our cybersecurity policies and practices, and ongoing efforts to prevent, detect, and respond to internal and external critical threats.

 Our senior management is responsible for assessing and managing the Company's various exposures to risk, including those related to cybersecurity, on a day-to-day basis, including the identification of risks through a robust enterprise risk management framework and the creation of appropriate risk management programs and policies to address such risks. Our CIO has primary responsibility for managing our cybersecurity program and efforts. Our internal audit team is responsible for the testing and audit of our information-technology internal controls.

 We believe our information technology team to be well-qualified in this area. These qualifications include professional experience in the field and recent participation in IT and cybersecurity programs organized by leading institutions with expertise in the field.

 ITEM 2.
 PROPERTIES

 Information pertaining to our major operating facilities is included below. Except as noted, we own all of the principal properties. Our plants are in satisfactory condition and are suitable for the purpose for which they were designed and are now being used.

 Location of Facility
 Building Space
(Sq. Ft.)
 Primary Use
 Owned or Leased

 Piping Systems Segment

 Fulton, MS
 778,065
 Manufacturing, Packaging, & Distribution
 Owned

 Bilston, England
 402,500
 Owned

 Wynne, AR
 400,000
 Owned

 Yangju City, Gyeonggi Province, South Korea
 343,909
 Owned

 Woodbridge, NJ
 247,000

 Elkhart, IN
 220,000
 Owned

 London, Ontario, Canada
 200,400
 Owned

 Wynne, AR
 180,000
 Owned

 Covington, TN
 159,500
 Owned

 Monterrey, Mexico
 152,000

 Monterrey, Mexico
 132,000

 Fayetteville, AR
 110,000
 Owned

 Ennis, TX
 109,700

 University Park, IL
 90,100

 Ansonia, CT

 89,396
 Owned

 Kansas City, MO
 85,000

 St. Thomas, Ontario, Canada
 73,124

 Shelby, OH
 61,750

 Ontario, CA
 54,209

 Jacksonville, FL

 48,000

 Al Hidd, Kingdom of Bahrain
 22,500
 Owned

 Guadalajara, Mexico

 Industrial Metals Segment

 DeKalb, IL
 593,000
 Owned

 Port Huron, MI
 450,000
 Owned

 New Market, VA
 413,120
 Owned

 Location of Facility
 Building Space
(Sq. Ft.)
 Primary Use
 Owned or Leased

 Brooklyn, OH
 163,200

 Marysville, MI
 81,500
 Owned

 Brighton, MI

 65,000
 Machining

 DeKalb, IL
 18,000

 Climate Segment

 Plainville, GA
 313,835
 Owned

 Fort Worth, TX
 266,485
 Owned

 Phoenix, AZ
 250,250
 Owned

 Olive Branch, MS
 205,264
 Owned

 Tampa, FL
 202,614
 Owned

 Cartersville, GA
 193,541

 Crawsfordville, IN
 153,600
 Owned

 Fort Worth, TX
 153,374
 Owned

 Bluffs, IL
 150,000
 Owned

 Vineland, NJ
 136,000
 Owned

 Sanger, CA
 127,390

 Sacramento, CA
 121,240
 Owned

 Fort Worth, TX
 103,125
 Owned

 Hickory, NC
 100,000
 Owned

 Hartsville, TN
 92,000
 Owned

 Houston, TX
 72,000
 Owned

 Guadalupe, Mexico
 67,411

 Baltimore, MD
 62,500
 Owned

 Springdale, AR
 59,400

 Hartsville, TN
 45,000

 Lawrenceville, GA
 42,000

 Xinbei District, Changzhou, China

 33,940

 Hartsville, TN
 4,000

 ITEM 3.
 LEGAL PROCEEDINGS

 The Company is involved in certain litigation as a result of claims that arose in the ordinary course of business. Additionally, we may realize the benefit of certain legal claims and litigation in the future; these gain contingencies are not recognized in the Consolidated Financial Statements.

 For a description of material pending legal proceedings, see " Note 15 – Commitments and Contingencies " in the Notes to Consolidated Financial Statements, which is incorporated herein by reference.

 ITEM 4.
 MINE SAFETY DISCLOSURES

 Not applicable.

 ITEM 5.
 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 Our common stock is listed on the New York Stock Exchange (NYSE) under the symbol "MLI." As of February 19, 2025, the number of holders of record of Mueller's common stock was 526.

 During fiscal year 2023, we paid a quarterly cash dividend of $0.15 per share of common stock. During fiscal year 2024, we paid a quarterly cash dividend of $0.20 per share of common stock.

 Payment of dividends in the future is dependent upon the Company's financial condition, cash flows, capital requirements, earnings, and other factors.

 See " Part III, Item 12, Equity Compensation Plan Information " for information regarding securities authorized for issuance under the Company's equity compensation plans.

 Issuer Purchases of Equity Securities

 The Company's Board of Directors has extended, until July 2026, the authorization to repurchase up to 40 million shares of the Company's common stock through open market transactions or through privately negotiated transactions. The Company may cancel, suspend, or extend the time period for the purchase of shares at any time. Any repurchases will be funded primarily through existing cash and cash from operations. The Company may hold any shares repurchased in treasury or use a portion of the repurchased shares for its stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through December 28, 2024, the Company has repurchased approximately 15.9 million shares under this authorization. Below is a summary of the Company's stock repurchases for the quarter ended December 28, 2024.

 (a)
 Total Number of Shares Purchased (1)

 (b)
Average Price Paid per Share
 (c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
 (d)
 Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2)

 September 29, 2024 – October 26, 2024
 —
 $
 —
 —
 24,075,033

 October 27, 2024 – November 23, 2024
 10,154
 38.49
 —
 24,075,033

 November 24, 2024 – December 28, 2024
 —
 —
 —
 24,075,033

 Total
 10,154
 —

 (1) Includes shares tendered to the Company by holders of stock-based awards in payment of the purchase price and/or withholding taxes upon exercise and/or vesting. Also includes shares resulting from restricted stock forfeitures at the average cost of treasury stock.
 (2) Shares available to be purchased under the Company's 40 million share repurchase authorization until July 2026. The extension of the authorization was announced on October 23, 2024.

 Company Stock Performance

 The following graph compares total stockholder return since December 28, 2019 to the Dow Jones U.S. Total Return Index (Total Return Index) and the Dow Jones U.S. Building Materials & Fixtures Index (Building Materials Index). Total return values for the Total Return Index, the Building Materials Index and the Company were calculated based on cumulative total return values assuming reinvestment of regular quarterly dividends paid by the Company.

 2019
 2020
 2021
 2022
 2023
 2024

 Mueller Industries, Inc.
 100.00
 111.55
 189.04
 193.75
 314.55
 540.44

 Dow Jones U.S. Total Return Index
 100.00
 120.40
 152.31
 122.76
 155.32
 193.29

 Dow Jones U.S. Building Materials & Fixtures Index
 100.00
 124.08
 185.73
 134.84
 189.28
 224.90

 ITEM 6.
 RESERVED

 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 is contained under the caption "Financial Review" submitted as a separate section of this Annual Report on Form 10-K commencing on page F-2.

 ITEM 7A.
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 Quantitative and qualitative disclosures about market risk are contained under the caption "Financial Review" submitted as a separate section of this Annual Report on Form 10-K commencing on page F-2.

 ITEM 8.
 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Financial Statements required by this item are contained in a separate section of this Annual Report on Form 10-K commencing on page F-16.

 ITEM 9.
 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 None.

 ITEM 9A.
 CONTROLS AND PROCEDURES

 Evaluation of Disclosure Controls and Procedures

 The Company maintains disclosure controls and procedures designed to ensure information required to be disclosed in Company reports filed under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in Company reports filed under the Exchange Act is accumulated and communicated to management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures pursuant to Rule 13a-15(e) of the Exchange Act as of December 28, 2024. Based on that evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures are effective as of December 28, 2024 to ensure that information required to be disclosed in Company reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to management, including the Company's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 Management's Report on Internal Control over Financial Reporting

 The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Pursuant to the rules and regulations of the SEC, internal control over financial reporting is a process designed by, or under the supervision of, the Company's principal executive and principal financial officers, and effected by the Company's Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States and includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the Company's assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of the Company's management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements. Due to inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time.

 The Company acquired Nehring Electrical Works Company and Elkhart Products Corporation during 2024 and has excluded these businesses from management's assessment of internal controls. The value of total assets and net assets for these businesses at year-end represents 20 percent and 22 percent of the Company's consolidated total assets and consolidated net assets, respectively, at December 28, 2024. Net sales and net income from the dates of acquisition represent 7 percent and 2 percent, respectively, of the consolidated net sales and net income of the Company for 2024. Accordingly, these acquired businesses are not included in the scope of this report.

 As required by Rule 13a-15(c) under the Exchange Act, the Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's internal control over financial reporting as of December 28, 2024 based on the control criteria established in a report entitled Internal Control—Integrated Framework, (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on such evaluation, management has concluded that our internal control over financial reporting was effective as of December 28, 2024.

 Ernst & Young LLP, the independent registered public accounting firm that audited the Company's financial statements included in this Annual Report on Form 10-K, has issued an attestation report on the Company's internal control over financial reporting, which is included herein.

 Changes in Internal Control Over Financial Reporting

 There were no changes in the Company's internal control over financial reporting during the Company's fiscal quarter ended December 28, 2024, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

 Report of Independent Registered Public Accounting Firm

 To the Stockholders and the Board of Directors of Mueller Industries, Inc.

 Opinion on Internal Control over Financial Reporting

 We have audited Mueller Industries, Inc.'s internal control over financial reporting as of December 28, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Mueller Industries, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 28, 2024, based on the COSO criteria.

 As indicated in the accompanying Management's Report on Internal Control over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Nehring Electrical Works Company and Elkhart Products Corporation, which are included in the 2024 consolidated financial statements of the Company and constituted 20% and 22% of total and net assets, respectively, as of December 28, 2024 and 7% and 2% of revenues and net income, respectively, for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Nehring Electrical Works Company or Elkhart Products Corporation.

 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 28, 2024 and December 30, 2023, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 28, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated February 26, 2025 expressed an unqualified opinion thereon.

 Basis for Opinion

 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

 Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 Definition and Limitations of Internal Control Over Financial Reporting

 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 Memphis, Tennessee

 ITEM 9B.
 OTHER INFORMATION

 On October 30, 2024, Steffen Sigloch, Chief Manufacturing Officer, entered into a 10b5-1 sales plan (the Sales Plan) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Sales Plan provides for the sale of up to an aggregate of 101,235 shares of the Company's common stock beneficially owned by Mr. Sigloch during the term of the Sales Plan and will be in effect until the earlier of (1) September 3, 2026 or (2) the date on which an aggregate of 101,235 shares of the Company's common stock have been sold under the Sales Plan.

 ITEM 9C.
 DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 Not applicable.

 ITEM 10.
 DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

 The information required by Item 10 is contained under the captions "Beneficial Ownership of Common Stock by Insiders," "Corporate Governance," "Report of the Audit Committee of the Board of Directors," and "Delinquent Section 16(a) Reports" in the Company's Proxy Statement for its 2025 Annual Meeting of Stockholders to be filed with the SEC on or about March 27, 2025, which is incorporated herein by reference.

 The Company has adopted a Code of Business Conduct and Ethics that applies to its chief executive officer, chief financial officer, and other financial executives. We have also made the Code of Business Conduct and Ethics available on the Company's website at www.muellerindustries.com.

 The Company's Insider Trading Policy governing, among other things, the purchase, sale, and/or other disposition of its securities by directors, officers and employees of the Company is reasonably designed to promote compliance with insider trading laws, rules and regulations, and New York Stock Exchange listing standards. This policy is included as Exhibit 19 to this Annual Report on Form 10-K.

 ITEM 11.
 EXECUTIVE COMPENSATION

 The information required by Item 11 is contained under the captions "Compensation Discussion and Analysis," "Executive Compensation Tables," "2024 Director Compensation," and "Corporate Governance" in the Company's Proxy Statement for its 2025 Annual Meeting of Stockholders to be filed with the SEC on or about March 27, 2025, which is incorporated herein by reference.

 ITEM 12.
 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 Equity Compensation Plan Information

 The following table discloses information regarding the securities to be issued and the securities remaining available for issuance under the Registrant's stock-based incentive plans as of December 28, 2024 (shares in thousands):

 (a)
 (b)
 (c)

 Plan category
 Number of securities to be issued upon exercise of outstanding options, warrants, and rights
 Weighted average exercise price of outstanding options, warrants, and rights
 Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))

 Equity compensation plans approved by security holders
 $
 15.39
 4,053

 Equity compensation plans not approved by security holders
 —
 —
 —

 Total
 $
 15.39
 4,053

 Other information required by Item 12 is contained under the captions "Principal Stockholders" and "Beneficial Ownership of Common Stock by Insiders" in the Company's Proxy Statement for its 2025 Annual Meeting of Stockholders to be filed with the SEC on or about March 27, 2025, which is incorporated herein by reference.

 ITEM 13.
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 The information required by Item 13 is contained under the caption "Corporate Governance" in the Company's Proxy Statement for its 2025 Annual Meeting of Stockholders to be filed with the SEC on or about March 27, 2025, which is incorporated herein by reference.

 ITEM 14.
 PRINCIPAL ACCOUNTING FEES AND SERVICES

 The information required by Item 14 is contained under the caption "Appointment of Independent Registered Public Accounting Firm" in the Company's Proxy Statement for its 2025 Annual Meeting of Stockholders to be filed with the SEC on or about March 27, 2025, which is incorporated herein by reference.

 ITEM 15.
 EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 (a)The following documents are filed as part of this report:

 1.Financial Statements: the financial statements, notes, and report of independent registered public accounting firm described in Item 8 of this Annual Report on Form 10-K are contained in a separate section of this Annual Report on Form 10-K commencing on page F-1.

 2.Financial Statement Schedule: the financial statement schedule described in Item 8 of this report is contained in a separate section of this Annual Report on Form 10-K commencing on page F-1.

 3.Exhibits:
 Certificate of Incorporation and Bylaws
 a. Restated Certificate of Incorporation of the Registrant dated February 8, 2007 (Incorporated herein by reference to Exhibit 3.1 of the Registrant's Annual Report on Form 10-K, dated February 28, 2007, for the fiscal year ended December 30, 2006).
 b. Certificate of Amendment of the Restated Certificate of Incorporation of the Registrant dated September 26, 2023 (Incorporated herein by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K, dated September 27, 2023).
 c. Amended and Restated By-laws of the Registrant, effective as of February 17, 2023 (Incorporated herein by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K, dated February 21, 2023).
 Long-Term Debt Instruments
 4.1Certain instruments with respect to long-term debt of the Registrant have not been filed as Exhibits to this Report since the total amount of securities authorized under any such instruments does not exceed 10 percent of the total assets of the Registrant and its subsidiaries on a consolidated basis. The Registrant agrees to furnish a copy of each such instrument upon request of the SEC.
 4.2 Description of securities
 Consulting, Employment, and Compensatory Plan Agreements
 10.1 Mueller Industries, Inc. 2009 Stock Incentive Plan (Incorporated by reference from Appendix I to the Company's 2009 Definitive Proxy Statement with respect to the Company's 2009 Annual Meeting of Stockholders, as filed with the Securities and Exchange Commission on March 26, 2009).
 10.2 Mueller Industries, Inc. 2014 Stock Incentive Plan (Incorporated by reference from Appendix I to the Company's 2014 Definitive Proxy Statement with respect to the Company's 2014 Annual Meeting of Stockholders, as filed with the Securities and Exchange Commission on March 19, 2014).
 10.3 Amendment to the Mueller Industries, Inc. 2009 Stock Incentive Plan, dated July 11, 2011 (Incorporated herein by reference to Exhibit 10.17 of the Registrant's Annual Report on Form 10-K, dated February 28, 2012, for the fiscal year ended December 31, 2011).
 10.4 2019 Incentive Plan (Incorporated by reference to Annex 1 to the Company's definitive proxy statement filed with the SEC on March 28, 2019).
 10.5 2024 Incentive Plan (Incorporated by reference to Annex 1 to the Company's definitive proxy statement filed with the SEC on March 28, 2024).
 10.6 Mueller Industries, Inc. 2011 Annual Bonus Plan (Incorporated herein by reference to Exhibit 10.18 of the Registrant's Annual Report on Form 10-K, dated February 28, 2012, for the fiscal year ended December 31, 2011).
 10.7 Summary description of the Registrant's 2025 incentive plan for certain key employees.

 10.8 Change in Control Agreement, effective July 26, 2016 by and between the Registrant and Steffen Sigloch (Incorporated herein by reference to Exhibit 10.8 of the Registrant's Quarterly Report on Form 10-Q, for the period ended July 2, 2016, dated July 28, 2016).
 10.9 Employment Agreement, dated as of March 15, 2018, by and between Mueller Industries, Inc. and Gregory L. Christopher (Incorporated herein by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K, dated March 19, 2018).
 10.10 Change in Control Agreement, effective February 22, 2022 by and between the Registrant and Jeffrey A. Martin (Incorporated herein by reference to Exhibit 10.13 of the Registrant's Annual Report on Form 10-K, for the period ended December 25, 2021, dated February 23, 2022).
 10.11 Change in Control Agreement, effective February 22, 2022 by and between the Registrant and Christopher J. Miritello (Incorporated herein by reference to Exhibit 10.14 of the Registrant's Annual Report on Form 10-K, for the period ended December 25, 2021, dated February 23, 2022).
 Financing Agreements
 10.12 Credit Agreement, dated as of March 31, 2021, among the Company (as borrower), Bank of America, N.A. (as administrative agent), and certain lenders named therein (Incorporated herein by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K, dated April 5, 2021).
 Purchase Agreements
 10.13 Equity Purchase Agreement by and among Unified Wire & Cable LLC, Conex Cable, LLC, Nehring Electrical Works Company, Express Wire and Cable Distributors, Inc., Wurlizter Dietz Property LLC, Peace Road Properties, LLC and Locust Properties, LLC, the Sellers named therein, Mueller Industries, Inc., and Raymond Hott, as Representative of the Sellers, dated as of April 19, 2024 (Incorporated herein by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K, dated April 23, 2024).
 Other Exhibits
 19.0 Insider Trading Policy of the Registrant (Incorporated herein by reference to Exhibit 99.1 of the Registrant's Annual Report on Form 10-K, for the period ended December 31, 2022, dated February 28, 2023).
 21.0 Subsidiaries of the Registrant.
 23.0 Consent of Independent Registered Public Accounting Firm.
 31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
 31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
 32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 97.0 Clawback Policy of the Registrant (Incorporated herein by reference to Exhibit 97 of the Registrant's Annual Report on Form 10-K, for the period ended December 30, 2023, dated February 28, 2024).

 ITEM 16.
 Form 10-K Summary

 None.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 26, 2025.

 /s/ Gregory L. Christopher

 Gregory L. Christopher, Chief Executive Officer
(Principal Executive Officer) and Chairman of the Board

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

 Signature
 Title
 Date

 /s/ Gregory L. Christopher
 Gregory L. Christopher

 Chief Executive Officer (Principal Executive Officer) and Chairman of the Board

 /s/ Terry Hermanson

 Lead Independent Director

 Terry Hermanson

 /s/ Elizabeth Donovan

 Elizabeth Donovan

 /s/ William C. Drummond

 William C. Drummond

 /s/ Gary S. Gladstein

 Gary S. Gladstein

 /s/ Scott J. Goldman

 Scott J. Goldman

 /s/ John B. Hansen

 John B. Hansen

 /s/ Charles P. Herzog, Jr.

 Charles P. Herzog, Jr.

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

 Signature and Title
 Date

 /s/ Jeffrey A. Martin

 Jeffrey A. Martin

 Chief Financial Officer and Treasurer

 (Principal Financial and Accounting Officer)

 /s/ Anthony J. Steinriede

 Anthony J. Steinriede

 Vice President – Corporate Controller

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 Financial Review

 Consolidated Statements of Income for the years ended December 28, 2024, December 30, 2023, and December 31, 2022

 Consolidated Statements of Comprehensive Income for the years ended December 28, 2024, December 30, 2023, and December 31, 2022

 Consolidated Balance Sheets for the years ended December 28, 2024 and December 30, 2023

 Consolidated Statements of Cash Flows for the years ended December 28, 2024, December 30, 2023, and December 31, 2022

 Consolidated Statements of Changes in Equity for the years ended December 28, 2024, December 30, 2023, and December 31, 2022

 Notes to Consolidated Financial Statements

 Report of Independent Registered Public Accounting Firm Ernst & Young LLP (PCAOB ID: 42)

 FINANCIAL STATEMENT SCHEDULE

 Schedule for the years ended December 28, 2024, December 30, 2023, and December 31, 2022

 Valuation and Qualifying Accounts (Schedule II)

 FINANCIAL REVIEW

 The Financial Review section of our Annual Report on Form 10-K consists of the following: Management's Discussion and Analysis of Results of Operations and Financial Condition (MD&A), the Consolidated Financial Statements, and Other Financial Information, all of which include information about our significant accounting policies, practices, and the transactions that impact our financial results. The following MD&A describes the principal factors affecting the results of operations, liquidity and capital resources, contractual cash obligations, and the critical accounting estimates of the Company. The following discussion compares our results for the year ended December 28, 2024 to the year ended December 30, 2023. The discussion comparing our results for the year ended December 30, 2023 to the year ended December 31, 2022 is included within the MD&A in our 2023 Annual Report on Form 10-K and is incorporated herein by reference. The discussion in the Financial Review section should be read in conjunction with the other sections of this Annual Report, particularly " Item 1: Business " and our other detailed discussion of risk factors included in this MD&A.

 OVERVIEW

 We are a leading manufacturer of copper, brass, and aluminum products. The range of products we manufacture is broad: copper tube and fittings; line sets; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; refrigeration valves and fittings; compressed gas valves; pressure vessels; steel nipples; insulated flexible duct systems; and high-quality wire and cable solutions. We also resell brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. Mueller's operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China.

 Each of the reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows:

 • Piping Systems: The Piping Systems segment is composed of Domestic Piping Systems Group, Great Lakes Copper, European Operations, Trading Group, Jungwoo-Mueller (our South Korean joint venture), and Mueller Middle East (our Bahraini joint venture). The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. European Operations manufacture copper tube in the United Kingdom, which is sold throughout Europe. The Trading Group manufactures pipe nipples and sources products for import distribution in North America. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. Mueller Middle East manufactures copper tube and serves markets in the Middle East and Northern Africa. The Piping Systems segment sells products to wholesalers in the plumbing and refrigeration markets, distributors to the manufactured housing and recreational vehicle industries, building material retailers, and air-conditioning original equipment manufacturers (OEMs).

 • Industrial Metals: The Industrial Metals segment is composed of Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, Precision Tube, and Nehring Electrical Works Company (Nehring). The segment manufactures and sells brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; gas valves and assemblies; specialty copper, copper alloy, and aluminum tube; and high-quality wire and cable solutions. The segment manufactures and sells its products primarily to domestic OEMs in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, energy, telecommunication, and electrical transmission and distribution markets.

 • Climate: The Climate segment is composed of Refrigeration Products, Westermeyer, Turbotec, Flex Duct (ATCO and H&C Flex), and Linesets, Inc. The segment manufactures and sells refrigeration valves and fittings, high pressure components, coaxial heat exchangers, insulated HVAC flexible duct systems, and line sets. The segment sells its products primarily to the heating, ventilation, air-conditioning, and refrigeration markets in the U.S.

 New housing starts and commercial construction are important determinants of our sales to the heating, ventilation, and air-conditioning, 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.

 According to the U.S. Census Bureau, actual housing starts in the U.S. were 1.36 million in 2024 compared to 1.42 million in 2023. The average 30-year fixed mortgage rate was approximately 6.72 percent in 2024 and 6.81 percent in 2023. The private

 nonresidential construction sector, includes offices, industrial, health care, and retail projects. According to the U.S. Census Bureau, the value of private nonresidential construction put in place was $743.8 billion in 2024 and $706.1 billion in 2023.

 Profitability of certain of our product lines depends upon the "spreads" between the cost of raw material and the selling prices of our products. The open market prices for copper cathode and copper and brass scrap, for example, influence the selling price of copper tube and brass rod, two principal products manufactured by the Company. We attempt to minimize the effects on profitability from fluctuations in material costs by passing through these costs to our customers; however margins of our businesses that account for inventory on a FIFO basis may be impacted in periods of significant fluctuations in material costs. Our earnings and cash flow are dependent upon these spreads that fluctuate based upon market conditions.

 Earnings and profitability are also impacted by unit volumes that are subject to market trends, such as substitute products, imports, technologies, and market share. We intensively manage our pricing structure while attempting to maximize profitability. From time-to-time, this practice results in lost sales opportunities and lower volume. For plumbing systems, plastics are the primary substitute product; these products represent an increasing share of consumption. For certain air-conditioning and refrigeration applications, aluminum-based systems are the primary substitution threat. We cannot predict the acceptance or the rate of switching that may occur. U.S. consumption of copper tube and brass rod is still predominantly supplied by U.S. manufacturers. In recent years, brass rod consumption in the U.S. has declined due to the outsourcing of many manufactured products to offshore regions.

 RESULTS OF OPERATIONS

 Consolidated Results

 The following table compares summary operating results for 2024 and 2023:

 Percent Change

 2024
 2023
 2024 vs. 2023

 $
 $
 10.2
 %

 770,389
 756,053
 1.9

 Net income
 604,879
 602,897
 0.3

 The increase in net sales in 2024 was primarily due to (i) sales of $220.7 million recorded by Nehring, acquired in fiscal June 2024, (ii) higher net selling prices of $139.9 million in our core product lines, primarily copper tube, line sets, and brass rod, (iii) sales of $26.2 million recorded by Elkhart, acquired in fiscal August 2024, and (iv) an increase in sales of $5.9 million in our non-core product lines. These increases were partially offset by (i) lower unit sales volume of $28.3 million in our core product lines and (ii) a decrease in sales of $15.9 million as a result of the disposition of Heatlink Group during 2023.

 Net selling prices generally fluctuate with changes in raw material costs. Changes in raw material costs are generally passed through to customers by adjustments to selling prices. The following graph shows the Comex average copper price per pound by quarter for the most recent three-year period:

 The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for 2024 and 2023:

 2024
 2023

 $
 2,724,328
 $
 2,433,511

 53,133
 39,954

 226,696
 208,172

 —
 (4,137)

 (5,780)
 —

 —
 6,258

 —
 (19,466)

 $
 2,998,377
 $
 2,664,292

 2024
 2023

 72.3
 %
 71.1
 %

 1.4
 1.2

 6.0
 6.1

 —
 (0.1)

 (0.2)
 —

 —
 0.2

 —
 (0.6)

 79.5
 %
 77.9
 %

 The increase in cost of goods sold in 2024 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 27.7 percent compared with 28.9 percent in the prior year.

 Depreciation and amortization increased in 2024 primarily as a result of incremental expenses associated with the acquisition of Nehring.

 Selling, general, and administrative expenses increased in 2024 primarily due to (i) total incremental expenses of $14.4 million associated with the acquisitions of Nehring and Elkhart, (ii) higher employment costs of $5.8 million, (iii) higher legal and professional fees of $3.7 million, (iv) higher product liability costs of $2.6 million, (v) higher taxes and insurance costs of $2.5 million, (vi) an increase in bad debt expense of $1.4 million, (vii) higher supplies and utilities costs of $1.1 million, and (viii) higher travel and entertainment expense of $1.1 million. These increases were partially offset by (i) higher foreign currency transaction gains of $11.6 million and (ii) the absence of expenses associated with Heatlink Group of $2.7 million.

 During 2024, we recognized net gains on the sale of assets of $5.8 million.

 During 2023, we settled the insurance claim related to the August 2022 fire at our Bluff, Illinois manufacturing operation and recognized a $19.5 million gain. We also recognized fixed asset impairment charges on idled equipment of $6.3 million and a gain on the sale of Heatlink Group of $4.1 million.

 Interest expense in 2024 was consistent with 2023. Interest income was higher in 2024 than in 2023 primarily as a result of (i) higher average cash balances in 2024 and (ii) higher rates on deposits and short-term investments.

 During 2024, we recognized realized and unrealized gains on short-term investments of $0.9 million compared to $41.9 million in 2023. These gains were lower in 2024 due to the sale of the short-term investments during the first quarter of 2024.

 During 2024, we recognized a gain of $1.3 million for the extinguishment of a New Markets Tax Credit liability compared to $7.5 million in 2023.

 Environmental expense for our non-operating properties was higher in 2024 primarily as a result of higher remediation costs.

 In 2024, we recognized other expense, net, of $2.9 million compared to other income, net, of $3.6 million in 2023. This change was primarily due to (i) net losses of $2.4 million on foreign currency hedges recognized in 2024, (ii) investment expenses of $1.6 million recognized in 2024, (iii) a $1.4 million gain for an indemnification settlement related to a foreign benefit plan recognized in 2023, and (iv) higher net periodic benefit costs of $1.1 million in 2024.

 Income tax expense was $205.1 million in 2024, representing an effective tax rate of 25.0 percent. This rate was higher than what would be computed using the U.S. statutory federal rate primarily due to (i) the provision for state and local income taxes, net of the federal benefit, of $19.8 million, (ii) the effect of foreign statutory rates different from the U.S. federal rate and other foreign adjustments of $9.3 million, (iii) the impact of investments in unconsolidated affiliates of $2.1 million, and (iv) other adjustments of $1.5 million.

 Income tax expense was $220.8 million in 2023, representing an effective tax rate of 26.1 percent. This rate was higher than what would be computed using the U.S. statutory federal rate primarily due to (i) the provision for state and local income taxes, net of the federal benefit, of $25.5 million, (ii) the effect of foreign statutory rates different from the U.S. federal rate and other foreign adjustments of $14.5 million, (iii) other adjustments of $2.0 million, and (iv) the impact of investments in unconsolidated affiliates of $1.2 million.

 During 2024, we recognized net income of $2.2 million on our investments in unconsolidated affiliates, net of foreign tax, compared to net losses of $14.8 million in 2023. The net income on these investments for 2024 included losses of $9.5 million for Tecumseh and income of $11.7 million for the retail distribution business. The net losses on these investments for 2023 included losses of $22.7 million for Tecumseh, which included a reserve of $11.6 million recorded for a pending legal matter, and income of $7.9 million for the retail distribution business.

 Piping Systems Segment

 The following table compares summary operating results for 2024 and 2023 for the businesses comprising our Piping Systems segment:

 Percent Change

 2024
 2023
 2024 vs. 2023

 $
 2,514,096
 $
 2,382,573
 5.5
 %

 617,451
 569,239
 8.5

 The increase in net sales in 2024 was primarily attributable to (i) higher net selling prices of $115.2 million in the segment's core product lines, primarily copper tube, (ii) sales of $26.2 million recorded by Elkhart, and (iii) an increase in sales of $19.3 million in the segment's non-core product lines. These increases were partially offset by (i) lower unit sales volume of $22.6 million in the segment's core product lines and (ii) a decrease in sales of $15.9 million as a result of the disposition of Heatlink Group.

 The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for 2024 and 2023:

 2024
 2023

 $
 1,781,155
 $
 1,686,792

 20,048
 20,461

 95,185
 99,823

 Loss on sale of assets, net
 —

 —
 6,258

 $
 1,896,645
 $
 1,813,334

 2024
 2023

 70.8
 %
 70.8
 %

 0.8
 0.9

 3.8
 4.2

 Loss on sale of assets, net
 —
 —

 —
 0.3

 75.4
 %
 76.2
 %

 Gross margin as a percentage of sales was 29.2 percent, consistent with the prior year. The increase in cost of goods sold in 2024 was primarily due to the factors noted above regarding the change in net sales.

 Depreciation and amortization decreased slightly in 2024 primarily as a result of several long-lived assets becoming fully depreciated and as a result of long-lived assets sold with Heatlink Group.

 Selling, general, and administrative expense decreased for 2024 primarily as a result of (i) higher foreign currency transaction gains of $11.2 million and (ii) the absence of expenses associated with Heatlink Group of $2.7 million. These decreases were partially offset by (i) incremental expenses of $2.8 million associated with the acquisition of Elkhart, (ii) higher legal and professional fees of $1.8 million, and (iii) an increase in bad debt expense of $1.4 million.

 During 2023, the segment recognized fixed asset impairment charges on idled equipment of $6.3 million.

 Industrial Metals Segment

 The following table compares summary operating results for 2024 and 2023 for the businesses comprising our Industrial Metals segment:

 Percent Change

 2024
 2023
 2024 vs. 2023

 $
 818,439
 $
 577,875
 41.6
 %

 92,560
 76,379
 21.2

 The increase in net sales in 2024 was primarily due to (i) sales of $220.7 million recorded by Nehring and (ii) higher net selling prices of $24.7 million in the segment's core product lines, primarily brass rod. These increases were slightly offset by lower unit sales volume of $5.7 million in the segment's core product lines.

 The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for 2024 and 2023:

 2024
 2023

 $
 685,732
 $
 480,510

 21,511
 7,273

 18,636
 13,713

 $
 725,879
 $
 501,496

 2024
 2023

 83.8
 %
 83.2
 %

 2.6
 1.3

 2.3
 2.4

 88.7
 %
 86.9
 %

 Gross margin as a percentage of sales was 16.2 percent compared with 16.8 percent in the prior year. The increase in cost of goods sold in 2024 was primarily due to the factors noted above regarding the change in net sales.

 Depreciation and amortization increased in 2024 as a result of incremental expenses associated with the acquisition of Nehring.

 Selling, general, and administrative expense increased in 2024 primarily as a result of incremental expenses of $5.8 million associated with the acquisition of Nehring, partially offset by lower legal and professional fees of $0.9 million.

 Climate Segment

 The following table compares summary operating results for 2024 and 2023 for the businesses comprising our Climate segment:

 Percent Change

 2024
 2023
 2024 vs. 2023

 $488,446
 $500,790
 (2.5)%

 146,054
 171,864
 (15.0)

 Net sales decreased for 2024 primarily as a result of reduced demand, particularly for products utilized in residential construction, and a decrease in volume and price in certain product lines.

 The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for 2024 and 2023:

 2024
 2023

 $
 311,572
 $
 311,875

 6,535
 7,567

 28,756
 28,950

 (4,471)
 —

 $
 —
 $
 (19,466)

 $
 342,392
 $
 328,926

 2024
 2023

 63.8
 %
 62.3
 %

 1.3
 1.5

 5.9
 5.8

 (0.9)
 —

 —
 (3.9)

 70.1
 %
 65.7
 %

 Cost of goods sold decreased in 2024, consistent with factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 36.2 percent compared with 37.7 percent in the prior year.

 Depreciation and amortization decreased in 2024 as a result of several long-lived assets becoming fully depreciated.

 Selling, general, and administrative expenses were consistent with the prior year.

 During 2024, the segment recognized net gains of $4.5 million on the sale of two buildings. During 2023, the segment settled the insurance claim related to the August 2022 fire at its Bluff, Illinois manufacturing operation and recognized a $19.5 million gain.

 LIQUIDITY AND CAPITAL RESOURCES

 The following table presents selected financial information for 2024 and 2023:

 2024
 2023

 Increase (decrease) in:

 Cash, cash equivalents, and restricted cash
 $
 (135,328)
 $
 708,927

 Short-term investments
 (76,272)
 (119,717)

 Property, plant, and equipment, net
 129,966
 5,215

 Goodwill and intangible assets, net
 419,494
 (14,345)

 Total debt
 (1,048)

 Working capital, net of cash and current debt
 25,321
 (173,365)

 Net cash provided by operating activities
 645,908
 672,766

 Net cash (used in) provided by investing activities
 (606,935)
 135,080

 Net cash used in financing activities
 (160,478)
 (104,509)

 Cash Provided by Operating Activities

 During 2024, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $617.5 million, (ii) an increase in current liabilities of $24.4 million, (iii) non-capital related insurance proceeds of $18.9 million for the March 2023 tornado in Covington, Tennessee, and (iv) dividends from unconsolidated affiliates of $4.8 million. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $53.4 million and (ii) stock-based compensation expense of $26.8 million. These increases were partially offset by (i) an increase in accounts receivable of $56.6 million, (ii) an increase in inventories of $32.8 million, and (iii) gains of the sale of properties of $5.8 million.

 During 2023, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $609.6 million, (ii) a decrease in inventories of $67.9 million, (iii) a decrease in accounts receivable of $30.9 million, and (iv) non-capital related insurance proceeds of $9.9 million for the August 2022 fire in Bluffs, Illinois. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $40.8 million, (ii) stock-based compensation expense of $23.1 million, and (iii) income from unconsolidated affiliates of $14.8 million. These cash increases were largely offset by (i) a decrease in current liabilities of $40.6 million, (ii) unrealized gains on short-term investments of $24.8 million, (iii) an increase in other assets of $20.7 million, (iv) the gain related to the settlement of the insurance claim for the August 2022 fire in Bluffs, Illinois of $19.5 million, and (v) the gain on the sale of securities of $17.1 million.

 Cash (Used in) Provided by Investing Activities

 The major components of net cash used in investing activities in 2024 included (i) $602.7 million for the acquisitions of Nehring and Elkhart, net of cash acquired, (ii) capital expenditures of $80.2 million, (iii) the purchase of short-term investments of $21.3 million, (iv) investments in unconsolidated affiliates of $8.7 million, (v) the purchase of long-term investments of $6.8 million, and (vi) the issuance of notes receivable of $3.8 million. These uses were partially offset by (i) proceeds from the sale of securities of $98.5 million, (ii) proceeds from the sale of properties of $12.0 million, and (iii) insurance proceeds of $6.1 million for property and equipment related to the tornado at our Covington, Tennessee manufacturing operations.

 The major components of net cash provided by investing activities in 2023 included (i) proceeds from the maturity of short-term investments of $217.9 million, (ii) proceeds from the sale of securities of $55.5 million, and (iii) insurance proceeds of $24.6 million for property and equipment related to the fire at our Bluff, Illinois facility and the tornado at our Covington, Tennessee manufacturing operations. These sources were partially offset by (i) the purchase of short-term investments of $106.2 million and (ii) capital expenditures of $54.0 million.

 Cash Used in Financing Activities

 For 2024, net cash used in financing activities consisted primarily of (i) $89.1 million used for the payment of regular quarterly dividends to stockholders of the Company, (ii) $48.7 million used for the repurchase of common stock, and (iii) $22.9 million used to settle stock-based awards.

 For 2023, net cash used in financing activities consisted primarily of (i) $66.9 million used for the payment of regular quarterly dividends to stockholders of the Company, (ii) $19.3 million used for the repurchase of common stock, (iii) $9.3 million used for the payment of dividends to noncontrolling interests, and (iv) $8.8 million used to settle stock-based awards.

 Liquidity and Outlook

 We believe that cash provided by operations, funds available under the Credit Agreement, and cash on hand will be adequate to meet our liquidity needs, including working capital, capital expenditures, and debt payment obligations. Our current ratio was 5.1 to 1 as of December 28, 2024.

 As of December 28, 2024, $183.0 million of our cash and cash equivalents were held by foreign subsidiaries. The Company continues to assert that a portion of the undistributed earnings of its foreign subsidiaries are permanently reinvested. No taxes have been accrued with respect to these undistributed earnings or any additional outside basis differences. The Company has accrued appropriate taxes for any undistributed earnings that are not considered permanently reinvested.

 We believe that cash held domestically, funds available through the Credit Agreement, and cash generated from U.S. based operations will be adequate to meet the future needs of our U.S. based operations.

 Fluctuations in the cost of copper and other raw materials affect the Company's liquidity. Changes in material costs directly impact components of working capital, primarily inventories, accounts receivable, and accounts payable. The price of copper has fluctuated significantly and averaged approximately $4.22 in 2024, $3.86 in 2023, and $4.01 in 2022.

 We have significant environmental remediation obligations which we expect to pay over future years. Approximately $2.3 million was spent during 2024 for environmental matters. As of December 28, 2024, we expect to spend $3.2 million in 2025, $1.2 million in 2026, $0.7 million in 2027, $0.8 million in 2028, $0.8 million in 2029, and $11.7 million thereafter for ongoing projects.

 Cash used to fund pension and other postretirement benefit obligations was $0.7 million in 2024 and $0.7 million in 2023. We anticipate making contributions of approximately $0.9 million to these plans in 2025.

 The Company declared and paid a quarterly cash dividend of 12.5 cents per common share during each quarter of 2022, 15.0 cents per common share during each quarter of 2023, and 20.0 cents per common share during each quarter of 2024. Payment of dividends in the future is dependent upon our financial condition, cash flows, capital requirements, and other factors.

 Capital Expenditures

 During 2024 our capital expenditures were $80.2 million. We anticipate investing approximately $70.0 million to $80.0 million for capital expenditures in 2025.

 Long-Term Debt

 The Company's Credit Agreement provides for an unsecured $400.0 million revolving credit facility, which matures on March 31, 2026. Funds borrowed under the Credit Agreement may be used for working capital purposes and other general corporate purposes. In addition, the Credit Agreement provides a sublimit of $50.0 million for the issuance of letters of credit, a sublimit of $35.0 million for loans and letters of credit made in certain foreign currencies, and a swing line loan sublimit of $25.0 million. Outstanding letters of credit and foreign currency loans reduce borrowing availability under the Credit Agreement. There were no borrowings outstanding under the Credit Agreement at December 28, 2024.

 Jungwoo-Mueller has several secured revolving credit arrangements with a total borrowing capacity of KRW 18.0 billion (or approximately $12.8 million). Borrowings are secured by the real property and equipment of Jungwoo-Mueller. There were no borrowings outstanding at Jungwoo-Mueller as of December 28, 2024.

 As of December 28, 2024, the Company's total debt was $1.1 million or less than 1 percent of its total capitalization.

 Covenants contained in the Company's financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios. As of December 28, 2024, we were in compliance with all of our debt covenants.

 Share Repurchase Program
 The Company's Board of Directors has extended, until July 2026, its authorization to repurchase up to 40 million shares of the Company's common stock through open market transactions or through privately negotiated transactions. We may cancel, suspend, or extend the time period for the repurchase of shares at any time. Any repurchases will be funded primarily through existing cash and cash from operations. The Company may hold any shares repurchased in treasury or use a portion of the repurchased shares for stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through December 28, 2024, the Company had repurchased approximately 15.9 million shares under this authorization.

 CONTRACTUAL CASH OBLIGATIONS

 The following table presents payments due by the Company under contractual obligations with minimum firm commitments as of December 28, 2024:

 Payments Due by Year

 (In millions)
 Total
 2025
 2026-2027
 2028-2029
 Thereafter

 Total debt
 $
 1.1
 $
 1.1
 $
 —
 $
 —
 $
 —

 Operating and capital leases
 36.0
 9.3
 15.7
 7.4
 3.6

 Heavy machinery and equipment
 20.1
 18.9
 0.6
 0.6
 —

 Purchase commitments (1)

 1,147.9
 1,146.4
 0.6
 0.5
 0.4

 Transition tax on accumulated foreign earnings
 1.9
 1.9
 —
 —
 —

 Total contractual cash obligations
 $
 1,207.0
 $
 1,177.6
 $
 16.9
 $
 8.5
 $
 4.0

 (1)This includes contractual supply commitments totaling $1.05 billion at year-end prices; these contracts contain variable pricing based on Comex and the London Metals Exchange quoted prices. These commitments are for purchases of raw materials, primarily copper cathode and brass scrap, that are expected to be consumed in the ordinary course of business.

 The above obligations will be satisfied with existing cash, funds available under the Credit Agreement, and cash generated by operations. The Company has no off-balance sheet financing arrangements.

 MARKET RISKS

 The Company is exposed to market risks from changes in raw material and energy costs, interest rates, and foreign currency exchange rates. To reduce such risks, we may periodically use financial instruments. Hedging transactions are authorized and executed pursuant to policies and procedures. Further, we do not buy or sell financial instruments for trading purposes. A discussion of the Company's accounting for derivative instruments and hedging activities is included in " Note 1 - Summary of Significant Accounting Policies " in the Notes to Consolidated Financial Statements.

 Cost and Availability of Raw Materials and Energy

 Raw materials, primarily copper and brass, represent the largest component of the Company's variable costs of production. The cost of these materials is subject to global market fluctuations caused by factors beyond our control. Significant increases in the cost of metal, to the extent not reflected in prices for our finished products, or the lack of availability could materially and adversely affect our business, results of operations and financial condition.

 The Company occasionally enters into forward fixed-price arrangements with certain customers. We may utilize futures contracts to hedge risks associated with these forward fixed-price arrangements. We may also utilize futures contracts to manage price risk associated with inventory. Depending on the nature of the hedge, changes in the fair value of the futures contracts will either be offset against the change in fair value of the inventory through earnings or recognized as a component of accumulated other comprehensive income (AOCI) in equity and reflected in earnings upon the sale of inventory. Periodic value

 fluctuations of the contracts generally offset the value fluctuations of the underlying fixed-price transactions or inventory. At December 28, 2024, we held open futures contracts to purchase approximately $25.1 million of copper over the next 12 months related to fixed-price sales orders and to sell approximately $4.0 million of copper over the next seven months related to copper inventory.

 We may enter into futures contracts or forward fixed-price arrangements with certain vendors to manage price risk associated with natural gas purchases. The effective portion of gains and losses with respect to positions are deferred in equity as a component of AOCI and reflected in earnings upon consumption of natural gas. Periodic value fluctuations of the futures contracts generally offset the value fluctuations of the underlying natural gas prices. There were no open futures contracts to purchase natural gas at December 28, 2024.

 Interest Rates

 The Company had no variable-rate debt outstanding at December 28, 2024 and December 30, 2023. At this borrowing level, a hypothetical 10 percent increase in interest rates would have had an insignificant unfavorable impact on our pre-tax earnings and cash flows. The primary interest rate exposure on variable-rate debt is based on the Secured Overnight Financing Rate (SOFR).

 Foreign Currency Exchange Rates

 Foreign currency exposures arising from transactions include firm commitments and anticipated transactions denominated in a currency other than an entity's functional currency. The Company and its subsidiaries generally enter into transactions denominated in their respective functional currencies. We may utilize certain futures or forward contracts with financial institutions to hedge foreign currency transactional exposures. Gains and losses with respect to these positions are deferred in equity as a component of AOCI and reflected in earnings upon collection of receivables or payment of commitments. At December 28, 2024, we had open forward contracts with a financial institution to sell approximately 5.2 million euros, 44.0 million Swedish kronor, and 11.1 million Norwegian kroner through April 2025.

 The Company's primary foreign currency exposure arises from foreign-denominated revenues and profits and their translation into U.S. dollars. The primary currencies to which we are exposed include the Canadian dollar, the British pound sterling, the Mexican peso, the South Korean won, and the Bahraini dinar. The Company generally views its investments in foreign subsidiaries with a functional currency other than the U.S. dollar as long-term. As a result, we generally do not hedge these net investments. The net investment in foreign subsidiaries translated into U.S. dollars using the year-end exchange rates was $326.4 million at December 28, 2024 and $270.8 million at December 30, 2023. The potential loss in value of the Company's net investment in foreign subsidiaries resulting from a hypothetical 10 percent adverse change in quoted foreign currency exchange rates at December 28, 2024 and December 30, 2023 amounted to $32.6 million and $27.1 million, respectively. This change would be reflected in the foreign currency translation component of AOCI in the equity section of our Consolidated Balance Sheets until the foreign subsidiaries are sold or otherwise disposed.

 We have significant investments in foreign operations whose functional currency is the British pound sterling, the Mexican peso, the Canadian dollar, the South Korean won, and the Bahraini dinar. In 2024, the value of the British pound decreased approximately one percent, the Mexican peso decreased approximately 18 percent, the Canadian dollar decreased approximately eight percent, and the South Korean won decreased approximately 13 percent relative to the U.S. dollar. The Bahraini dinar is pegged to the U.S. dollar. The resulting net foreign currency translation losses were included in calculating net other comprehensive income for the year ended December 28, 2024 and were recorded as a component of AOCI.

 CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 The Company's accounting policies are more fully described in " Note 1 - Summary of Significant Accounting Policies " in the Notes to Consolidated Financial Statements. As disclosed in Note 1, the preparation of financial statements in conformity with general accepted accounting principles in the United States requires management to make estimates and assumptions about future events that affect amounts reported in the financial statements and accompanying notes. Actual results could differ significantly from those estimates. Management believes the following discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of the Company's financial condition and results of operations and require management's most difficult, subjective, and complex judgments.

 Impairment of Goodwill

 As of December 28, 2024, we had $311.2 million of recorded goodwill from our business acquisitions, representing the excess of the purchase price over the fair value of the net assets we have acquired.

 Goodwill is subject to impairment testing, which is performed annually as of the first day of the fourth quarter unless circumstances indicate the need to accelerate the timing of the tests. These circumstances include a significant change in the business climate, operating performance indicators, competition, or sale or disposition of a significant portion of one of our businesses. In our evaluation of goodwill impairment, we perform a qualitative assessment at the reporting unit level that requires management judgment and the use of estimates to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, management compares the fair value of a reporting unit with its carrying amount and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit.

 We identify reporting units by evaluating components of our operating segments and combining those components with similar economic characteristics. Reporting units with significant recorded goodwill include Domestic Piping Systems, B&K LLC, Great Lakes, European Operations, Nehring Electrical Works, and Flex Duct.

 The fair value of each reporting unit is estimated using a combination of the income and market approaches, incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Estimates used by management can significantly affect the outcome of the impairment test. Changes in forecasted operating results and other assumptions could materially affect these estimates.

 The accounting guidance allows us to first assess qualitative factors to determine whether additional indefinite-lived intangible asset impairment testing, including goodwill, is required. We utilized this qualitative assessment in the annual goodwill impairment testing for all reporting units, except the European Operations and Nehring Electrical Works reporting units, in the fourth quarter of 2024. Based on the qualitative assessment, the Company concluded that it was more likely than not that the fair value of those reporting units exceeded their respective carrying values. The Company chose to perform a quantitative impairment analysis in the fourth quarter of 2024 for its European Operations and Nehring Electrical Works reporting units. As a result of these quantitative analyses no impairment loss was recognized for the goodwill of the respective reporting units.

 Based on the September 29, 2024 quantitative assessment of goodwill, there was one reporting unit with a carrying value of goodwill of $146.1 million in which the fair value exceeded the carrying value of the reporting unit by 10 percent or less.

 Management believes the future sales growth and EBITDA margins in the long-range plan and the discount rate used in the valuations requires use of judgment. If any of the Company's reporting units do not meet their long-range plan estimates or discount rates increase significantly, the Company could be required to perform an interim goodwill impairment analysis and record impairment charges in future periods. The assumptions used for the reporting unit with fair values exceeding carrying values of 10 percent or less are more sensitive to future performance and will be monitored accordingly.

 Business Combinations

 We allocate the consideration of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the consideration over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third-party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the acquisition date. As necessary, we may engage third-party specialists to assist in the estimation of fair value for certain liabilities. We adjust the preliminary purchase price allocation, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed.

 Our acquisition accounting methodology contains uncertainties because it requires management to make assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities. Management estimates the fair value of assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows and market multiple analyses. Unanticipated events or circumstances may occur which could affect the accuracy of our fair value estimates, including assumptions regarding industry economic factors and business strategies.

 If actual results are materially different than the assumptions we used to determine fair value of the assets and liabilities acquired through a business combination, it is possible that adjustments to the carrying values of such assets and liabilities will have an impact on our net earnings.

 Environmental Reserves

 We recognize an environmental reserve when it is probable that a loss is likely to occur and the amount of the loss is reasonably estimable. We estimate the duration and extent of our remediation obligations based upon reports of outside consultants, internal and third-party estimates and analyses of cleanup costs and ongoing monitoring costs, communications with regulatory agencies, and changes in environmental law. If we were to determine that our estimates of the duration or extent of our environmental obligations were no longer accurate, we would adjust our environmental reserve accordingly in the period that such determination is made. Estimated future expenditures for environmental remediation are not discounted to their present value.

 Environmental expenses that relate to ongoing operations are included as a component of cost of goods sold. Environmental expenses related to non-operating properties are presented below operating income in the Consolidated Statements of Income.

 Income Taxes

 We estimate total income tax expense based on domestic and international statutory income tax rates in the tax jurisdictions where we operate, permanent differences between financial reporting and tax reporting, and available credits and incentives.

 Deferred income tax assets and liabilities are recognized for the future tax effects of temporary differences between the treatment of certain items for financial statement and tax purposes using tax rates in effect for the years in which the differences are expected to reverse. Realization of certain components of deferred tax assets is dependent upon the occurrence of future events.

 Valuation allowances are recorded when, in the opinion of management, it is more likely than not that all or a portion of the deferred tax assets will not be realized. These valuation allowances can be impacted by changes in tax laws, changes to statutory tax rates, and future taxable income levels, and are based on our judgment, estimates, and assumptions. In the event we were to determine that we would not be able to realize all or a portion of the net deferred tax assets in the future, we would increase the valuation allowance through a charge to income tax expense in the period that such determination is made. Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future, in excess of the net carrying amounts, we would decrease the recorded valuation allowance through a decrease to income tax expense in the period that such determination is made.

 We record liabilities for known or anticipated tax issues based on our analysis of whether, and the extent to which, additional taxes will be due. These unrecognized tax benefits are retained until the associated uncertainty is resolved. Tax benefits for uncertain tax positions that are recognized in the Consolidated Financial Statements are measured as the largest amount of benefit, determined on a cumulative probability basis, that is more likely than not to be realized upon ultimate settlement. To the extent we prevail in matters for which a liability for an uncertain tax position is established or are required to pay amounts in excess of the liability, our effective tax rate in a given period may be materially affected.

 New Accounting Pronouncements

 See " Note 1 – Summary of Significant Accounting Policies " in our Consolidated Financial Statements.

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

 This Annual Report contains various forward-looking statements and includes assumptions concerning the Company's operations, future results, and prospects. These forward-looking statements are based on current expectations and are subject to risk and uncertainties, and may be influenced by factors that could cause actual outcomes and results to be materially different from those predicted. The forward-looking statements reflect knowledge and information available as of the date of preparation of the Annual Report, and the Company undertakes no obligation to update these forward-looking statements. We identify the forward-looking statements by using the words "anticipates," "believes," "expects," "intends" or similar expressions in such statements.

 In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary statement identifying important economic, political, and technological factors, among others, which

 could cause actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. In addition to those factors discussed under "Risk Factors" in this Annual Report on Form 10-K, such factors include: (i) the current and projected future business environment, including interest rates and capital and consumer spending; (ii) the domestic housing and commercial construction industry environment; (iii) availability and price fluctuations in commodities (including copper, natural gas, and other raw materials); (iv) competitive factors and competitor responses to the Company's initiatives; (v) stability of government laws and regulations, including taxes; (vi) availability of financing; and (vii) continuation of the environment to make acquisitions, domestic and foreign, including regulatory requirements and market values of candidates.

 CONSOLIDATED STATEMENTS OF INCOME

 (In thousands, except per share data)
 2024
 2023
 2022

 $
 $
 $

 2,724,328
 2,433,511
 2,864,862

 53,133
 39,954
 43,731

 226,696
 208,172
 203,086

 —
 ( 4,137)
 —

 ( 5,780)
 —
 ( 6,373)

 —
 6,258
 —

 —
 ( 19,466)
 —

 770,389
 756,053
 877,149

 Interest expense
 ( 410)
 ( 1,221)
 ( 810)

 Interest income
 53,468
 38,208
 6,457

 Realized and unrealized gains on short-term investments
 41,865
 2,918

 Gain on extinguishment of NMTC liability
 1,265
 7,534
 —

 Environmental expense
 ( 2,218)
 ( 825)
 ( 1,298)

 Pension plan termination expense
 —
 —
 ( 13,100)

 Other (expense) income, net
 ( 2,946)
 3,618
 4,715

 820,462
 845,232
 876,031

 Income tax expense
 ( 205,076)
 ( 220,762)
 ( 223,322)

 Income (loss) from unconsolidated affiliates, net of foreign tax
 2,156
 ( 14,821)
 10,111

 617,542
 609,649
 662,820

 Net income attributable to noncontrolling interests
 ( 12,663)
 ( 6,752)
 ( 4,504)

 Net income attributable to Mueller Industries, Inc.
 $
 604,879
 $
 602,897
 $
 658,316

 Weighted average shares for basic earnings per share
 111,385
 111,420
 111,558

 Effect of dilutive stock-based awards
 2,580
 2,242
 1,552

 Adjusted weighted average shares for diluted earnings per share
 113,965
 113,662
 113,110

 Basic earnings per share
 $
 5.43
 $
 5.41
 $
 5.90

 Diluted earnings per share
 $
 5.31
 $
 5.30
 $
 5.82

 Dividends per share
 $
 0.80
 $
 0.60
 $
 0.50

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 2024
 2023
 2022

 $
 617,542
 $
 609,649
 $
 662,820

 Other comprehensive (loss) income, net of tax:

 Foreign currency translation
 ( 30,541)
 21,943
 ( 30,382)

 Net change with respect to derivative instruments and hedging activities, net of tax of $ 117, $ 373, and $( 200)

 ( 404)
 ( 1,273)

 Net change in pension and postretirement obligation adjustments, net of tax of $ 1,235, $ 1,308, and $( 4,381)

 ( 3,652)
 ( 3,852)
 12,722

 Attributable to unconsolidated affiliates, net of tax of $ 334, $( 266), and $( 784)

 ( 1,152)
 2,702

 Total other comprehensive (loss) income, net
 ( 35,749)
 17,735
 ( 14,275)

 Consolidated comprehensive income
 581,793
 627,384
 648,545

 Comprehensive income attributable to noncontrolling interests
 ( 9,972)
 ( 7,533)
 ( 1,057)

 Comprehensive income attributable to Mueller Industries, Inc.
 $
 571,821
 $
 619,851
 $
 647,488

 CONSOLIDATED BALANCE SHEETS
 As of December 28, 2024 and December 30, 2023

 (In thousands, except share data)
 2024
 2023

 Assets

 Current assets:

 Cash and cash equivalents
 $
 1,037,229
 $
 1,170,893

 Short-term investments
 21,874
 98,146

 Accounts receivable, less allowance for doubtful accounts of $ 3,724 in 2024 and $ 2,830 in 2023

 450,113
 351,561

 462,279
 380,248

 Other current assets
 40,734
 39,173

 Total current assets
 2,012,229
 2,040,021

 Property, plant, and equipment, net
 515,131
 385,165

 Operating lease right-of-use assets
 32,702
 35,170

 Goodwill, net
 311,165
 151,820

 Intangible assets, net
 306,357
 46,208

 Investment in unconsolidated affiliates
 88,037
 83,436

 Other noncurrent assets
 25,285
 17,481

 Total Assets
 $
 3,290,906
 $
 2,759,301

 CONSOLIDATED BALANCE SHEETS

 (continued)

 As of December 28, 2024 and December 30, 2023

 (In thousands, except share data)
 2024
 2023

 Liabilities

 Current liabilities:

 Current portion of debt
 $
 1,094
 $

 Accounts payable
 173,743
 120,485

 Accrued wages and other employee costs
 60,136
 55,644

 Current portion of operating lease liabilities
 8,117
 7,893

 Other current liabilities
 154,897
 132,320

 Total current liabilities
 397,987
 317,138

 Long-term debt, less current portion
 —

 Pension liabilities
 3,059
 2,832

 Postretirement benefits other than pensions
 8,140
 9,230

 Environmental reserves
 15,423
 15,030

 Deferred income taxes
 25,742
 19,134

 Noncurrent operating lease liabilities
 24,547
 26,683

 Other noncurrent liabilities
 11,600
 10,353

 Total liabilities
 486,498
 400,585

 Equity

 Mueller Industries, Inc. stockholders' equity:

 Preferred stock - $ 1.00 par value; shares authorized 5,000,000; none outstanding

 —
 —

 Common stock - $.01 par value; shares authorized 250,000,000; issued 160,366,008; outstanding 113,751,127 in 2024 and 114,157,918 in 2023

 1,604
 1,604

 Additional paid-in capital
 330,532
 312,171

 Retained earnings
 3,107,838
 2,594,300

 Accumulated other comprehensive loss
 ( 80,279)
 ( 47,221)

 Treasury common stock, at cost
 ( 586,530)
 ( 523,409)

 Total Mueller Industries, Inc. stockholders' equity
 2,773,165
 2,337,445

 Noncontrolling interests
 31,243
 21,271

 Total equity
 2,804,408
 2,358,716

 Commitments and contingencies
 —
 —

 Total Liabilities and Equity
 $
 3,290,906
 $
 2,759,301

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 2024
 2023
 2022

 Operating activities:

 $
 617,542
 $
 609,649
 $
 662,820

 Reconciliation of consolidated net income to net cash provided by operating activities:

 Depreciation
 39,200
 34,949
 38,157

 Amortization of intangibles
 13,933
 5,005
 5,574

 Amortization of debt issuance costs

 (Income) loss from unconsolidated affiliates
 ( 2,156)
 14,821
 ( 10,111)

 Dividends from unconsolidated affiliates
 4,769
 —
 —

 Insurance proceeds - noncapital related
 18,900
 9,854
 1,646

 Gain on sale of securities
 ( 365)
 ( 17,100)
 —

 —
 ( 19,466)
 —

 Stock-based compensation expense
 26,787
 23,131
 17,801

 Provision for doubtful accounts receivable
 1,147
 ( 84)

 Gain on disposals of assets
 ( 5,780)
 ( 1)
 ( 6,373)

 —
 ( 4,137)
 —

 Unrealized gain on short-term investments
 ( 549)
 ( 24,765)
 —

 —
 6,258
 —

 Gain on extinguishment of NMTC liability
 ( 1,265)
 ( 7,534)
 —

 Deferred income tax (benefit) expense
 ( 867)
 4,790
 ( 3,880)

 Changes in assets and liabilities, net of effects of businesses acquired:

 Receivables
 ( 56,565)
 30,915
 82,713

 ( 32,768)
 67,903
 ( 24,189)

 Other assets
 ( 1,046)
 ( 20,700)
 ( 8,971)

 Current liabilities
 24,360
 ( 40,606)
 ( 26,633)

 Other liabilities
 ( 1,145)
 ( 3,497)
 ( 7,564)

 Other, net
 1,533
 2,511
 2,273

 Net cash provided by operating activities
 $
 645,908
 $
 672,766
 $
 723,943

 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (continued)

 2024
 2023
 2022

 Investing activities:

 Proceeds from sale of assets, net of cash transferred
 $
 12,005
 $
 $
 7,850

 Purchase of short-term investments
 ( 21,325)
 ( 106,231)
 ( 217,863)

 Purchase of long-term investments
 ( 6,785)
 —
 —

 Acquisition of businesses, net of cash acquired
 ( 602,692)
 —
 —

 Capital expenditures
 ( 80,203)
 ( 54,025)
 ( 37,639)

 Issuance of notes receivable with unconsolidated affiliates
 ( 3,800)
 —
 —

 Insurance proceeds - capital related
 6,100
 24,646
 3,354

 Proceeds from the sale of securities
 98,465
 55,454
 —

 Proceeds from the maturity of short-term investments
 —
 217,863
 —

 Dividends from unconsolidated affiliates
 —
 1,093
 2,295

 Investments in unconsolidated affiliates
 ( 8,700)
 ( 3,999)
 —

 Net cash (used in) provided by investing activities
 $
 ( 606,935)
 $
 135,080
 $
 ( 242,003)

 Financing activities:

 Dividends paid to stockholders of Mueller Industries, Inc.
 $
 ( 89,107)
 $
 ( 66,868)
 $
 ( 55,787)

 Dividends paid to noncontrolling interests
 —
 ( 9,312)
 ( 7,248)

 Repayments of long-term debt
 ( 222)
 ( 241)
 ( 204)

 Issuance (repayment) of debt by consolidated joint ventures, net
 ( 30)

 Repurchase of common stock
 ( 48,681)
 ( 19,303)
 ( 38,054)

 Net cash used to settle stock-based awards
 ( 22,865)
 ( 8,755)
 ( 1,429)

 Net cash used in financing activities
 $
 ( 160,478)
 $
 ( 104,509)
 $
 ( 102,655)

 Effect of exchange rate changes on cash
 ( 13,823)
 5,590
 ( 4,365)

 (Decrease) increase in cash, cash equivalents, and restricted cash
 ( 135,328)
 708,927
 374,920

 Cash, cash equivalents, and restricted cash at the beginning of the year
 1,174,223
 465,296
 90,376

 Cash, cash equivalents, and restricted cash at the end of the year
 $
 1,038,895
 $
 1,174,223
 $
 465,296

 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 2024
 2023
 2022

 Common stock:

 $
 1,604
 $
 $

 Issuance of shares under two-for-one stock split
 —
 —
 —
 —
 —

 $
 1,604
 $
 1,604
 $

 Additional paid-in capital:

 $
 312,171

 $
 297,270

 $
 286,208

 Acquisition of shares under incentive stock option plans

 Stock-based compensation expense

 26,787

 23,131

 17,801

 Issuance of shares under two-for-one stock split

 —

 ( 802)

 —

 Issuance of restricted stock

 ( 8,764)

 ( 8,214)

 ( 7,569)

 $
 330,532

 $
 312,171

 $
 297,270

 Retained earnings:

 $
 2,594,300

 $
 2,059,796

 $
 1,458,489

 Net income attributable to Mueller Industries, Inc.

 604,879

 602,897

 658,316

 Dividends paid or payable to stockholders of Mueller Industries, Inc.

 ( 91,341)

 ( 68,393)

 ( 57,009)

 $
 3,107,838

 $
 2,594,300

 $
 2,059,796

 Accumulated other comprehensive loss:

 $
 ( 47,221)

 $
 ( 64,175)

 $
 ( 53,347)

 Total other comprehensive (loss) income attributable to Mueller Industries, Inc.

 ( 33,058)

 16,954

 ( 10,828)

 $
 ( 80,279)

 $
 ( 47,221)

 $
 ( 64,175)

 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 (continued)

 2024
 2023
 2022

 Treasury stock:

 46,208
 $
 ( 523,409)
 46,363
 $
 ( 502,779)
 45,774
 $
 ( 470,034)

 Issuance of shares under incentive stock option plans
 ( 23,204)
 ( 9,541)
 ( 153)
 ( 2,260)

 Repurchase of common stock
 ( 48,681)
 ( 19,303)
 1,438
 ( 38,054)

 Issuance of restricted stock
 ( 706)
 8,764
 ( 728)
 8,214
 ( 696)
 7,569

 46,615
 $
 ( 586,530)
 46,208
 $
 ( 523,409)
 46,363
 $
 ( 502,779)

 Noncontrolling interests:

 $
 21,271

 $
 23,050

 $
 34,845

 Purchase of Mueller Middle East
 —
 —
 ( 5,604)

 Dividends paid to noncontrolling interests

 —

 ( 9,312)

 ( 7,248)

 Net income attributable to noncontrolling interests

 12,663

 6,752

 4,504

 Foreign currency translation

 ( 2,691)

 ( 3,447)

 $
 31,243

 $
 21,271

 $
 23,050

 Notes to Consolidated Financial Statements

 Note 1 – Summary of Significant Accounting Policies

 Nature of Operations

 The principal business of Mueller Industries, Inc. is the manufacture and sale of 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; insulated flexible duct systems; and high-quality wire and cable solutions. The Company also resells brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. The Company markets its products to the HVAC, plumbing, refrigeration, hardware, and other industries. Mueller's operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China.

 Fiscal Years

 The Company's fiscal year ends on the last Saturday of December and consisted of 52 weeks in 2024 and 2023, and 53 weeks in 2022. These dates were December 28, 2024, December 30, 2023, and December 31, 2022.

 Basis of Presentation

 The Consolidated Financial Statements include the accounts of Mueller Industries, Inc. and its majority-owned subsidiaries. The noncontrolling interests represent a private ownership interest of 40 percent of Jungwoo Metal Ind. Co., LTD (Jungwoo-Mueller) and 45 percent of Mueller Middle East WLL (Mueller Middle East). The Company records the results of Jungwoo-Mueller one month in arrears in the Consolidated Financial Statements.

 Certain prior year balances have been reclassified to conform to current year presentation.

 Common Stock Split

 On September 26, 2023, the Company's shareholders approved an amendment to the Company's Restated Certificate of Incorporation to increase the total number of authorized shares of Common Stock from 100,000,000 to 250,000,000. Subsequently, the Company's Board of Directors announced a two -for-one stock split of its common stock effected in the form of a stock dividend of one share for each outstanding share. The record date for the stock split was October 6, 2023, and the additional shares were distributed on October 20, 2023. Shares authorized in prior periods are not adjusted. All other references to share and per share amounts presented in the Consolidated Financial Statements and this Annual Report on Form 10-K have been adjusted retroactively to reflect the stock split.

 Revenue Recognition

 Given the nature of the Company's business and product offerings, sales transactions with customers are generally comprised of a single performance obligation that involves delivery of the products identified in the contracts with customers. Performance obligations are generally satisfied at the point in time of shipment and payment is generally due within 60 days. Variable consideration is estimated for future rebates on certain product lines and product returns. The Company records variable consideration as an adjustment to the transaction price in the period it is incurred. Since variable consideration is settled within a short period of time, the time value of money is not significant. The cost of shipping product to customers is expensed as incurred as a component of cost of goods sold.

 The Company's Domestic Piping Systems Group engages in certain transactions where it acts as an agent. Revenue from these transactions is recorded on a net basis.

 See " Note 3 – Segment Information " for additional information on disaggregation of revenue from contracts with customers.

 Acquisitions

 Accounting for acquisitions requires the Company to recognize separately from goodwill the assets acquired and liabilities assumed at their acquisition date fair values. Goodwill is measured as the excess of the purchase price over the net amount allocated to the identifiable assets acquired and liabilities assumed. While management uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and

 subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. The operating results generated by the acquired businesses are included in the Consolidated Statements of Income from their respective dates of acquisition. Acquisition related costs are expensed as incurred. See " Note 2 – Acquisitions & Dispositions " for additional information.

 Cash Equivalents and Restricted Cash

 Temporary investments with original maturities of three months or less are considered to be cash equivalents. These investments are stated at cost. At December 28, 2024 and December 30, 2023, temporary investments consisted of money market mutual funds, commercial paper, bank repurchase agreements, and U.S. and foreign government securities totaling approximately $ 776.6 million and $ 1.01 billion, respectively.

 Amounts included in restricted cash relate to required deposits in brokerage accounts that facilitate the Company's hedging activities as well as imprest funds for the Company's self-insured workers' compensation program. See " Note 4 – Cash, Cash Equivalents, and Restricted Cash " for additional information.

 Short-Term Investments

 The fair value of short-term investments at December 28, 2024 and December 30, 2023, consisting of marketable securities, approximates the carrying value on that date. These marketable securities are stated at fair value and classified as level 1 within the fair value hierarchy. This classification is defined as a fair value determined using observable inputs that reflect quoted prices in active markets for identical assets.

 During 2024, the Company recognized gains of $ 0.9 million on short-term investments, of which $ 0.4 million was realized on the sale of marketable securities and the remaining $ 0.5 million represents unrealized gains relating to the excess fair value over the related cost basis of the marketable securities as of December 28, 2024. During 2023, the Company recognized gains of $ 41.9 million on short-term investments, of which $ 17.1 million was realized on the sale of marketable securities and the remaining $ 24.8 million represented unrealized gains relating to the excess fair value over the related cost basis of the marketable securities as of December 30, 2023.

 Allowance for Doubtful Accounts

 The Company routinely grants credit to many of its customers without collateral. The risk of credit loss in trade receivables is substantially mitigated by the credit evaluation process. The Company provides an allowance for receivables that may not be fully collected. In circumstances where the Company is aware of a customer's inability to meet their financial obligations (e.g., bankruptcy filings or substantial credit rating downgrades), it records an allowance for doubtful accounts against amounts due to reduce the net recognized receivable to the amount it believes most likely will be collected. For all other customers, the Company recognizes an allowance for doubtful accounts based on its historical collection experience and the impact of current economic conditions. If circumstances change (e.g., greater than expected defaults or an unexpected material change in a major customer's ability to meet their financial obligations), the Company could change its estimate of the recoverability of amounts due by a material amount. Historically, credit losses have been within management's expectations. The balance for uncollectible accounts was $ 3.7 million and $ 2.8 million as of December 28, 2024 and December 30, 2023, respectively.

 The Company's inventories are valued at the lower-of-cost-or-market. The material component of its U.S. copper tube and copper fittings inventories is valued on a LIFO basis and the non-material components of U.S. copper tube and copper fittings inventories are valued on a FIFO basis. The material component of its U.K. and Canadian copper tube inventories are valued on a FIFO basis. The material component of its brass rod, forgings, wire, and cable inventories are valued on a FIFO basis. Certain inventories are valued on an average cost basis. Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, maintenance, production wages, and transportation costs.

 The market price of copper cathode and scrap is subject to volatility. During periods when open market prices decline below net book value, the Company may need to provide an allowance to reduce the carrying value of its inventory. In addition, certain items in inventory may be considered obsolete and, as such, the Company may establish an allowance to reduce the carrying value of those items to their net realizable value. Changes in these estimates related to the value of inventory, if any, may result in a materially adverse impact on the Company's reported financial position or results of operations. The Company

 recognizes the impact of any changes in estimates, assumptions, and judgments in income in the period in which it is determined. See " Note 5 – Inventories " for additional information.

 Leases

 The Company leases certain manufacturing facilities, distribution centers, office space, and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet; expense for these leases is recognized on a straight line-basis over the term of the lease. Most of the Company's leases include one or more options to renew up to five years and have remaining terms of one to 15 years. These options are not included in the Company's valuation of the right-of-use assets as the Company is not reasonably certain to exercise the options. See " Note 8 – Leases " for additional information.

 Property, Plant, and Equipment

 Property, plant, and equipment is stated at cost less accumulated depreciation. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. Depreciation of buildings, machinery, and equipment is provided on the straight-line method over the estimated useful lives ranging from 20 to 40 years for buildings and five to 20 years for machinery and equipment. Leasehold improvements are amortized over the lesser of their useful life or the remaining lease term.

 The Company continually evaluates these assets to determine whether events or changes in circumstances have occurred that may warrant revision of the estimated useful life or whether the remaining balance should be evaluated for possible impairment. See " Note 9 – Property, Plant, and Equipment, Net " for additional information.

 Goodwill

 Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Several factors give rise to goodwill in business acquisitions, such as the expected benefit from synergies of the combination and the existing workforce of the acquired business. Goodwill is evaluated annually for possible impairment as of the first day of the fourth quarter unless circumstances indicate the need to accelerate the timing of the evaluation. In the evaluation of goodwill impairment, management performs a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, management compares the fair value of a reporting unit with its carrying amount and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit.

 Fair value for the Company's reporting units is determined using a combination of the income and market approaches (level 3 within the fair value hierarchy), incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. The market approach measures the fair value of a business through the analysis of publicly traded companies or recent sales of similar businesses. The income approach uses a discounted cash flow model to estimate the fair value of reporting units based on expected cash flows (adjusted for capital investment required to support operations) and a terminal value. This cash flow stream is discounted to its present value to arrive at a fair value for each reporting unit. Future earnings are estimated using the Company's most recent annual projections, applying a growth rate to future periods. Those projections are directly impacted by the condition of the markets in which the Company's businesses participate. The discount rate selected for the reporting units is generally based on rates of return available for comparable companies at the date of valuation. Fair value determinations may include both internal and third-party valuations. See " Note 10 – Goodwill and Other Intangible Assets " for additional information.

 Intangible Assets

 Intangible assets include customer relationships, trade names, licenses, patents, technology, and other intangible assets acquired during business combinations and are amortized on a straight-line basis with estimated useful lives ranging from three to 20 years. See " Note 10 – Goodwill and Other Intangible Assets " for additional information.

 Investments in Unconsolidated Affiliates

 Tecumseh

 The Company owns a 50 percent interest in an unconsolidated affiliate that acquired Tecumseh Products Company (Tecumseh) and an entity that provides financing to Tecumseh. This investment is recorded using the equity method of accounting, as the Company can exercise significant influence but does not own a majority equity interest or otherwise control the entity. Under the equity method of accounting, this investment is stated at initial cost and is adjusted for subsequent additional investments and the Company's proportionate share of earnings or losses and distributions.

 The Company records its proportionate share of the investee's net income or loss, net of foreign taxes, one quarter in arrears as income (loss) from unconsolidated affiliates, net of foreign tax, in the Consolidated Statements of Income. The Company's proportionate share of the investee's other comprehensive income (loss), net of income taxes, is recorded in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Changes in Equity. The U.S. tax effect of the Company's proportionate share of Tecumseh's income or loss is recorded in income tax expense in the Consolidated Statements of Income.

 Retail Distribution

 The Company owns a 28 percent noncontrolling equity interest in a limited liability company in the retail distribution business. This investment is recorded using the equity method of accounting. The Company records its proportionate share of the investee's net income or loss one month in arrears as income (loss) from unconsolidated affiliates in the Consolidated Statements of Income. The Company's proportionate share of the investee's other comprehensive income (loss), net of income taxes, is recorded in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Changes in Equity.

 The investments in unconsolidated affiliates are assessed periodically for impairment and written down when the carrying amount is not considered fully recoverable. See " Note 11 – Investments in Unconsolidated Affiliates " for additional information.

 Self-Insurance Accruals

 The Company is primarily self-insured for workers' compensation claims and benefits paid under certain employee health care programs. Accruals are primarily based on estimated undiscounted cost of claims, which includes incurred but not reported claims, and are classified as accrued wages and other employee costs.

 Pension Benefit Plans

 The Company sponsors qualified and nonqualified pension benefit plans in certain foreign locations. The Company recognizes the overfunded or underfunded status of the plans as an asset or liability in the Consolidated Balance Sheets with changes in the funded status recorded through comprehensive income in the year in which those changes occur. The obligations for these plans are determined by actuaries and affected by the assumptions, including discount rates, expected long-term return on plan assets for defined benefit pension plans, and certain employee-related factors, such as retirement age and mortality. The Company evaluates its assumptions periodically and makes adjustments as necessary.

 The expected return on plan assets is determined using the market value of plan assets. Differences between assumed and actual returns are amortized to the market value of assets on a straight-line basis over the average remaining service period of the plan participants using the corridor approach. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. These unrecognized gains and losses are amortized when the net gains and losses exceed 10 percent of the greater of the market value of the plan assets or the projected benefit obligation. The amount in excess of the corridor is amortized over the average remaining service period of the plan participants. For 2024, the average remaining service period for the pension plans was 11 years.

 We determine the discount rate (which is required to be the rate at which the projected benefit obligation could be effectively settled as of the measurement date) with the assistance of actuaries, who calculate the yield available on high quality corporate bonds of a term that reflects the maturity and duration of expected benefit payments. See " Note 14 – Benefit Plans " for additional information.

 Environmental Reserves and Environmental Expenses

 The Company recognizes an environmental liability when it is probable the liability exists and the amount is reasonably estimable. The Company estimates the duration and extent of its remediation obligations based upon reports of outside consultants, internal and third-party estimates and analyses of cleanup costs and ongoing monitoring costs, communications with regulatory agencies, and changes in environmental law. If the Company were to determine that its estimates of the duration or extent of its environmental obligations were no longer accurate, it would adjust environmental liabilities accordingly in the period that such determination is made. Estimated future expenditures for environmental remediation are not discounted to their present value.

 Environmental expenses that relate to ongoing operations are included as a component of cost of goods sold. Environmental expenses related to non-operating properties are presented below operating income in the Consolidated Statements of Income. See " Note 15 – Commitments and Contingencies " for additional information.

 Earnings Per Share

 Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share reflects the increase in weighted average common shares outstanding that would result from the assumed exercise of outstanding stock options and vesting of restricted stock awards calculated using the treasury stock method. There were no stock-based awards excluded from the computation of diluted earnings per share for the year ended December 28, 2024 because they were antidilutive. There were approximately 98 thousand stock-based awards excluded from the computation of diluted earnings per share for the years ended December 30, 2023 because they were antidilutive.

 Income Taxes

 Deferred income tax assets and liabilities are recognized when differences arise between the treatment of certain items for financial statement and tax purposes. Realization of certain components of deferred tax assets is dependent upon the occurrence of future events. The Company records valuation allowances to reduce its deferred tax assets to the amount it believes is more likely than not to be realized. These valuation allowances can be impacted by changes in tax laws, changes to statutory tax rates, and future taxable income levels and are based on the Company's judgment, estimates, and assumptions regarding those future events. In the event the Company was to determine that it would not be able to realize all or a portion of the net deferred tax assets in the future, it would increase the valuation allowance through a charge to income tax expense in the period that such determination is made. Conversely, if it was to determine that it would be able to realize its deferred tax assets in the future, in excess of the net carrying amounts, the Company would decrease the recorded valuation allowance through a decrease to income tax expense in the period that such determination is made.

 The Company provides for uncertain tax positions and the related interest and penalties, if any, based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Tax benefits for uncertain tax positions that are recognized in the financial statements are measured as the largest amount of benefit, determined on a cumulative probability basis, that is more likely than not to be realized upon ultimate settlement. To the extent the Company prevails in matters for which a liability for an uncertain tax position is established or is required to pay amounts in excess of the liability, the Company's effective tax rate in a given financial statement period may be affected.

 These estimates are highly subjective and could be affected by changes in business conditions and other factors. Changes in any of these factors could have a material impact on future income tax expense. See " Note 16 – Income Taxes " for additional information.

 Taxes Collected from Customers and Remitted to Governmental Authorities

 Taxes assessed by a governmental authority that are directly imposed on a revenue producing transaction between the Company and its customers, primarily value added taxes in foreign jurisdictions, are accounted for on a net (excluded from revenues and costs) basis.

 Stock-Based Compensation

 The Company has in effect stock incentive plans under which stock-based awards have been granted to certain employees and members of its Board of Directors. Stock-based compensation expense is recognized in the Consolidated Statements of Income as a component of selling, general, and administrative expense based on the grant date fair value of the awards. See " Note 18 – Stock-Based Compensation " for additional information.

 Concentrations of Credit and Market Risk

 Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers comprising the Company's customer base, and their dispersion across different geographic areas and different industries, including HVAC, plumbing, refrigeration, hardware, automotive, OEMs, energy, telecommunication, electrical transmission and distribution, and others.

 The Company minimizes its exposure to base metal price fluctuations through various strategies. Generally, it prices an equivalent amount of copper raw material, under flexible pricing arrangements it maintains with its suppliers, at the time it determines the selling price of finished products to its customers.

 Derivative Instruments and Hedging Activities

 The Company's earnings and cash flows are subject to fluctuations due to changes in commodity prices, foreign currency exchange rates, and interest rates. The Company uses derivative instruments such as commodity futures contracts, foreign currency forward contracts, and interest rate swaps to manage these exposures.

 All derivatives are recognized in the Consolidated Balance Sheets at their fair value. On the date the derivative contract is entered into, it is either a) designated as a hedge of (i) a forecasted transaction or the variability of cash flow to be paid (cash flow hedge) or (ii) the fair value of a recognized asset or liability (fair value hedge), or b) not designated in a hedge accounting relationship, even though the derivative contract was executed to mitigate an economic exposure (economic hedge), as the Company does not enter into derivative contracts for trading purposes. Changes in the fair value of a derivative that is qualified, designated, and highly effective as a cash flow hedge are recorded in stockholders' equity within accumulated other comprehensive income (AOCI), to the extent effective, until they are reclassified to earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of undesignated derivative instruments executed as economic hedges are reported in current earnings.

 The Company documents all relationships between derivative instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as fair value hedges to specific assets and liabilities in the Consolidated Balance Sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow.

 The Company also assesses, both at the hedge's inception and on an ongoing basis, whether the designated derivative instruments that are used in hedging transactions are highly effective in offsetting changes in cash flow or fair values of hedged items. When a derivative instrument is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable of occurring, hedge accounting is discontinued prospectively in accordance with the derecognition criteria for hedge accounting.

 The Company primarily executes derivative contracts with major financial institutions. These counterparties expose the Company to credit risk in the event of non-performance. The amount of such exposure is limited to the fair value of the contract plus the unpaid portion of amounts due to the Company pursuant to terms of the derivative instruments, if any. If a downgrade in the credit rating of these counterparties occurs, management believes that this exposure is mitigated by provisions in the derivative arrangements which allow for the legal right of offset of any amounts due to the Company from the counterparties with any amounts payable to the counterparties by the Company. As a result, management considers the risk of loss from counterparty default to be minimal. See " Note 7 – Derivative Instruments and Hedging Activities " for additional information.

 Fair Value of Financial Instruments

 The carrying amounts for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term maturity of these instruments.

 The fair value of long-term debt at December 28, 2024 approximates the carrying value on that date. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of long-term debt is classified as level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly.

 Foreign Currency Translation

 For foreign subsidiaries for which the functional currency is not the U.S. dollar, balance sheet accounts are translated at exchange rates in effect at the end of the year and income statement accounts are translated at average exchange rates for the year. Translation gains and losses are included in equity as a component of AOCI. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are recognized in selling, general, and administrative expense in the Consolidated Statements of Income. Included in the Consolidated Statements of Income were net transaction gains of $ 7.3 million in 2024, losses of $ 4.4 million in 2023, and gains of $ 1.0 million in 2022.

 Use of and Changes in Estimates

 The preparation of financial statements in conformity with generally accepted accounting principles in the United States (U.S. GAAP) requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include but are not limited to: pension and other postretirement benefit plan obligations, tax liabilities, loss contingencies, litigation claims, environmental reserves, acquisitions, and impairment assessments of long-lived assets (including goodwill).

 Recently Adopted Accounting Standards

 In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new guidance requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The updated guidance requires retrospective adoption, and early adoption was permitted. The Company adopted the ASU during the fourth quarter of 2024 and updated its disclosures accordingly. See " Note 3 – Segment Information " for additional information.

 In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The new guidance was issued to clarify existing guidance measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduce new disclosure requirements for applicable equity securities. The ASU was effective for fiscal years beginning after December 15, 2023 for public entities. The guidance requires prospective adoption, and early adoption was permitted. The Company adopted the ASU during the first quarter of 2023. The adoption of the ASU did not have a material impact on the Company's Consolidated Financial Statements.

 Recently Issued Accounting Standards

 In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance requires disclosure of additional information about specific expense categories. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. The updated guidance requires prospective adoption but may be applied retrospectively, and early adoption is permitted. The Company is in the process of analyzing the impact of the standard on its disclosures.

 In March 2024, the Securities and Exchange Commission issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of, among other things: material climate-related risks, activities to mitigate or adapt to such risks, governance and management of such risks, and material greenhouse gas (GHG) emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The rules will become effective on a phased-in timeline in fiscal years beginning in 2025. The Company is in the process of analyzing the impact of the rules on its disclosures.

 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The new guidance primarily enhances and expands both the income tax rate reconciliation disclosure and the income taxes paid disclosure. The ASU is effective for annual periods beginning after December 15, 2024 for public entities on a prospective basis. Early adoption is permitted. The Company is in the process of analyzing the impact of the standard on its disclosures.

 Note 2 – Acquisitions and Dispositions

 2024 Acquisitions

 Elkhart Products Corporation

 On August 2, 2024, the Company entered into an equity purchase agreement to acquire all of the outstanding shares of Elkhart Products Corporation (Elkhart) for approximately $ 38.2 million in cash at closing, net of cash acquired and working capital adjustments. Elkhart is a U.S. manufacturer of copper solder fittings with two manufacturing locations in Elkhart, Indiana and Fayetteville, Arkansas. The business complements the Company's existing business within the Piping Systems segment where the operating results are included in the Domestic Piping Systems Group.

 The acquisition of Elkhart was not material to the Company's financial position or results of operations; therefore, pro forma operating results and other disclosures related to the acquisition are not presented as the results would not be significantly different than the reported results.

 Nehring Electrical Works Company

 On April 19, 2024, the Company entered into an equity purchase agreement to acquire Nehring Electrical Works Company and certain of its affiliated companies (collectively, "Nehring"). The transaction closed on May 28, 2024, whereby the Company purchased all of the outstanding equity of Nehring for approximately $ 569.2 million, net of working capital adjustments. The total purchase price consisted of $ 564.5 million in cash at closing and a contingent consideration arrangement which requires the Company to pay the sellers up to $ 19.0 million based on EBITDA growth of the acquired business. Nehring produces high-quality wire and cable solutions for the utility, telecommunication, electrical distribution, and OEM markets. Nehring provides the Company a substantial platform for expansion in the energy infrastructure space. The acquired business is reported in the Company's Industrial Metals segment.

 Since the acquisition date, Nehring has reported net sales of $ 220.7 million and operating income of $ 12.4 million. The Company incurred approximately $ 2.7 million of transaction-related expenses which are included in selling, general, and administrative expense in the Consolidated Statement of Income for the year ended December 28, 2024.

 The following table presents pro forma consolidated results of operations as if the Nehring acquisition had occurred at the beginning of 2023. The pro forma information does not purport to be indicative of the results that would have been obtained if the operations had actually been combined during the periods presented, and is not necessarily indicative of operating results to be expected in future periods. The most significant pro forma adjustments to the historical results of operations relate to the application of purchase accounting and the amortization for intangible assets acquired, the financing structure, and estimated income taxes.

 (In thousands, except per share data)
 2024
 2023

 $
 3,903,228
 $
 3,811,909

 Net income
 608,961
 624,683

 Basic earnings per share
 $
 5.47
 $
 5.61

 Diluted earnings per share
 $
 5.34
 $
 5.50

 Purchase Price Allocations

 These acquisitions were accounted for using the acquisition method of accounting whereby the total purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on respective fair values.

 The following table summarizes the allocation of the purchase price to acquire these businesses, which were financed by available cash balances, as well as the assets acquired and liabilities assumed at the respective acquisition dates. The purchase price allocations for both acquisitions are provisional as of December 28, 2024 and subject to change during the measurement periods.

 Elkhart
 Nehring

 Total consideration
 $
 38,158
 $
 569,171

 Allocated to:

 Accounts receivable
 10,827
 41,666

 18,720
 38,803

 Other current assets

 Property, plant, and equipment
 5,916
 98,819

 Tax-deductible goodwill
 15,107
 146,137

 Intangible assets
 —
 271,700

 Total assets acquired
 50,926
 598,085

 Accounts payable
 5,962
 19,569

 Other current liabilities
 6,806
 9,345

 Total liabilities assumed
 12,768
 28,914

 Net assets acquired
 $
 38,158
 $
 569,171

 In determining the fair value of amounts above related to Nehring, the Company utilized various forms of the income, cost and market approaches depending on the asset or liability being valued. The estimation of fair value required judgment related to future net cash flows, discount rates, customer attrition rates, competitive trends, market comparisons and other factors. As a result, the Company utilized third-party valuation specialists to assist in determining the fair value of certain assets. Inputs were generally determined by taking into account independent appraisals and historical data, supplemented by current and anticipated market conditions.

 The amounts in the table above represent the provisional purchase price allocation for the 2024 acquisitions. These purchase price allocations, including the residual amount allocated to goodwill, are based on preliminary information and are subject to change as additional information concerning final asset and liability valuations are obtained and management completes its reassessment of the measurement period procedures based on the results of the preliminary valuation. The purchase price allocation for Elkhart is provisional due to the proximity of the acquisition date to December 28, 2024, and as a result no elements of the purchase price allocation have been finalized. The purchase price allocation for Nehring is provisional with respect to final review of the valuation of the intangible assets, with the other areas of the allocation substantially complete. During the applicable measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date.

 The following details the total intangible assets identified in the allocation of the purchase price at the respective acquisition dates:

 Estimated Useful Life
 Nehring

 Intangible asset type:

 Customer relationships
 20 years
 $
 208,080

 Non-compete agreements
 5 years

 Trade names
 15 years
 54,530

 Certifications
 5 years
 8,390

 Total intangible assets
 $
 271,700

 2023 Disposition

 Heatlink Group

 Effective July 3, 2023, the Company transferred 100 percent of the outstanding shares of Heatlink Group, Inc. and Heatlink Group USA, LLC for an additional 11 percent equity interest in the limited liability company in the retail distribution business. This equity interest, combined with the 17 percent equity interest acquired with the contribution of Die-Mold in 2021, gave the Company a 28 percent equity interest in the limited liability company. Heatlink Group produces a complete line of products for PEX plumbing and radiant systems in Canada and sells these products in Canada and the U.S. and was included in the Piping Systems segment. Heatlink Group reported net sales of $ 15.6 million and operating income of $ 1.7 million for the year ended December 30, 2023 compared to net sales of $ 39.1 million and operating income of $ 7.2 million for the year ended December 31, 2022. As a result of the transaction, the Company recognized a gain of $ 4.1 million in 2023 based on the excess of the fair value of the consideration received (the 11 percent equity interest) over the carrying value of Heatlink Group. The Company equally weighted an income discounted cash flow approach and market comparable companies approach using an EBITDA multiple to determine the fair value of the consideration received of $ 26.0 million, which was recognized within the Investments in unconsolidated affiliates line of the Consolidated Balance Sheet as of December 30, 2023. The excess of the fair value of the deconsolidated subsidiary over its carrying value resulted in the gain.

 Note 3 – Segment Information

 The Company's reportable segments are Piping Systems, Industrial Metals, and Climate. Each of the reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows:

 Piping Systems is composed of the following operating segments: Domestic Piping Systems Group (including Elkhart, acquired in fiscal August 2024), Great Lakes Copper, European Operations, Trading Group, Jungwoo-Mueller (the Company's South Korean joint venture), and Mueller Middle East (the Company's Bahraini joint venture). The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Outside the U.S., Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. European Operations manufactures copper tube in the U.K. which is sold primarily in Europe. The Trading Group manufactures pipe nipples and resells brass and plastic plumbing valves, malleable iron fittings, faucets, and plumbing specialty products in the U.S. and Mexico. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. Mueller Middle East manufactures copper tube and serves markets in the Middle East and Northern Africa. The Piping Systems segment's products are sold primarily to plumbing, refrigeration, and air-conditioning wholesalers, hardware wholesalers and co-ops, building product retailers, and air-conditioning OEMs.

 As disclosed in " Note 2 – Acquisitions & Dispositions," during 2023 the Company exchanged the outstanding common stock of Heatlink Group for an additional equity interest in a limited liability company in the retail distribution business, resulting in the deconsolidation of Heatlink Group and the recognition of a $ 4.1 million gain. This gain is reported within Corporate and Eliminations. The results of Heatlink Group, prior to deconsolidation, were included within the Piping Systems segment.

 Industrial Metals is composed of the following operating segments: Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, Precision Tube, and Nehring (acquired in fiscal June 2024). These businesses manufacture brass rod, impact extrusions and forgings, specialty copper, copper alloy, and aluminum tube, as well as a wide variety of end products including plumbing brass, automotive components, valves, fittings, gas assemblies, and high-quality wire and cable solutions. These products are manufactured in the U.S. and sold primarily to OEMs and utilities in the U.S., many of which are in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, energy, telecommunication, and electrical transmission and distribution markets.

 Climate is composed of the following operating segments: Refrigeration Products, Westermeyer, Turbotec, Flex Duct, and Linesets, Inc. These domestic businesses manufacture and fabricate valves, assemblies, high pressure components, coaxial heat exchangers, insulated HVAC flexible duct systems, and line sets primarily for the heating, ventilation, air-conditioning, and refrigeration markets in the U.S.

 During 2024 the Company sold two buildings, resulting in gains of $ 4.5 million recognized in the segment. During 2023 the Company settled the insurance claim related to the August 2022 fire in its Bluffs, Illinois manufacturing operation, resulting in a gain of $ 19.5 million recognized in the segment.

 The Company's chief operating decision maker (CODM) is the chief executive officer. Performance of segments is generally evaluated by their operating income. Summarized product line, geographic, and segment information is shown in the following tables. Unallocated expenses include general corporate expenses, plus certain charges or credits not included in segment activity. Geographic sales data indicates the location from which products are shipped.

 During 2024, 2023, and 2022, no single customer exceeded 10 percent of worldwide sales.

 The following tables represent a disaggregation of revenue from contracts with customers, along with the reportable segment for each category:

 For the Year Ended December 28, 2024

 Total

 Tube and fittings
 $
 2,063,777
 $
 —
 $
 —
 $
 2,063,777

 Brass rod, forgings, wire and cable
 —
 695,883
 —
 695,883

 OEM components and valves
 —
 73,197
 118,626
 191,823

 Valves and plumbing specialties
 450,319
 —
 —
 450,319

 Flex duct and other HVAC components
 —
 —
 369,820
 369,820

 Other
 —
 49,359
 —
 49,359

 $
 2,514,096
 $
 818,439
 $
 488,446
 $
 3,820,981

 Intersegment sales
 ( 52,215)

 $

 Disaggregation of revenue from contracts with customers (continued):

 For the Year Ended December 30, 2023

 Total

 Tube and fittings
 $
 1,926,975
 $
 —
 $
 —
 $
 1,926,975

 Brass rod and forgings
 —
 454,246
 —
 454,246

 OEM components, tube & assemblies
 —
 79,879
 120,923
 200,802

 Valves and plumbing specialties
 455,598
 —
 —
 455,598

 Flex duct and other HVAC components
 —
 —
 379,867
 379,867

 Other
 —
 43,750
 —
 43,750

 $
 2,382,573
 $
 577,875
 $
 500,790
 $
 3,461,238

 Intersegment sales
 ( 40,893)

 $

 For the Year Ended December 31, 2022

 Total

 Tube and fittings
 $
 2,211,963
 $
 —
 $
 —
 $
 2,211,963

 Brass rod and forgings
 —
 510,865
 —
 510,865

 OEM components, tube & assemblies
 —
 74,647
 121,004
 195,651

 Valves and plumbing specialties
 518,121
 —
 —
 518,121

 Flex duct and other HVAC components
 —
 —
 529,303
 529,303

 Other
 —
 59,177
 —
 59,177

 $
 2,730,084
 $
 644,689
 $
 650,307
 $
 4,025,080

 Intersegment sales
 ( 42,625)

 $

 Summarized segment information is as follows:

 For the Year Ended December 28, 2024

 Total

 External net sales
 $
 2,477,729
 $
 803,277
 $
 487,760
 $

 Internal net sales
 36,367
 15,162
 52,215

 2,514,096
 818,439
 488,446
 3,820,981

 Reconciliation of net sales:

 Elimination of intersegment net sales
 ( 52,215)

 Total net sales

 Less: (1)

 Manufacturing costs (2)

 1,797,203
 697,400
 317,263
 2,811,866

 Sales and marketing expense
 27,605
 3,822
 13,707
 45,134

 Distribution expense
 39,108
 2,237
 2,137
 43,482

 Other segment items (3)

 32,729
 22,420
 9,285
 64,434

 Segment operating income
 617,451
 92,560
 146,054
 856,065

 Reconciliation of segment operating income:

 Corporate expenses
 ( 85,676)

 Interest expense
 ( 410)

 Interest income
 53,468

 Realized and unrealized gains on short-term investments

 Environmental expense
 ( 2,218)

 Gain on extinguishment of NMTC liability
 1,265

 Other expense, net
 ( 2,946)

 $
 820,462

 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

 (2) Manufacturing costs include material, manufacturing conversion costs, and freight.

 (3) Other segment items include administrative employee compensation expense, professional fees, foreign currency exchange gains/losses, other overhead costs, and other items such as gains/losses on sale of assets, impairment charges, and gains on insurance settlements (as applicable).

 Segment information (continued):

 For the Year Ended December 30, 2023

 Total

 External net sales
 $
 2,355,516
 $
 564,115
 $
 500,714
 $

 Internal net sales
 27,057
 13,760
 40,893

 2,382,573
 577,875
 500,790
 3,461,238

 Reconciliation of net sales:

 Elimination of intersegment net sales
 ( 40,893)

 Total net sales

 Less: (1)

 Manufacturing costs (2)

 1,703,161
 487,245
 318,588
 2,508,994

 Sales and marketing expense
 26,549
 2,412
 13,981
 42,942

 Distribution expense
 36,645
 2,331
 2,410
 41,386

 Other segment items (3)

 46,979
 9,508
 ( 6,053)
 50,434

 Segment operating income
 569,239
 76,379
 171,864
 817,482

 Reconciliation of segment operating income:

 Corporate expenses
 ( 61,429)

 Interest expense
 ( 1,221)

 Interest income
 38,208

 Realized and unrealized gains on short-term investments
 41,865

 Environmental expense
 ( 825)

 Gain on extinguishment of NMTC liability
 7,534

 Other income, net
 3,618

 $
 845,232

 Segment information (continued):

 For the Year Ended December 31, 2022

 Total

 External net sales
 $
 2,706,065
 $
 627,270
 $
 649,120
 $

 Internal net sales
 24,019
 17,419
 1,187
 42,625

 2,730,084
 644,689
 650,307
 4,025,080

 Reconciliation of net sales:

 Elimination of intersegment net sales
 ( 42,625)

 Total net sales

 Less: (1)

 Manufacturing costs (2)

 1,960,977
 550,040
 425,236
 2,936,253

 Sales and marketing expense
 24,292
 2,358
 19,131
 45,781

 Distribution expense
 35,772
 2,368
 2,687
 40,827

 Other segment items (3)

 37,981
 7,459
 15,186
 60,626

 Segment operating income
 671,062
 82,464
 188,067
 941,593

 Reconciliation of segment operating income:

 Corporate expenses
 ( 64,444)

 Interest expense
 ( 810)

 Interest income
 6,457

 Realized and unrealized gains on short-term investments
 2,918

 Environmental expense
 ( 1,298)

 Pension plan termination expense
 ( 13,100)

 Other income, net
 4,715

 $
 876,031

 Other segment disclosures:

 For the Year Ended December 28, 2024

 Corporate and Unallocated
 Total

 Depreciation and amortization (4)

 $
 20,048
 $
 21,511
 $
 6,535
 $
 5,039
 $
 53,133

 Loss (gain) on sale of assets, net
 —
 ( 4,471)
 ( 1,566)
 ( 5,780)

 Expenditures for long-lived assets (including those resulting from business acquisitions)
 26,433
 138,211
 8,533
 11,762
 184,939

 Segment assets
 1,167,955
 812,751
 264,738
 1,045,462
 3,290,906

 (4) The amount of depreciation and amortization disclosed by reportable segment is included within the other segment expense captions, such as manufacturing costs or other segment items.

 Other segment disclosures (continued):

 For the Year Ended December 30, 2023

 Corporate and Unallocated
 Total

 Depreciation and amortization (4)

 $
 20,461
 $
 7,273
 $
 7,567
 $
 4,653
 $
 39,954

 —
 —
 —
 ( 4,137)
 ( 4,137)

 6,258
 —
 —
 —
 6,258

 —
 —
 ( 19,466)
 —
 ( 19,466)

 Expenditures for long-lived assets (including those resulting from business acquisitions)
 19,118
 9,406
 15,407
 10,094
 54,025

 Segment assets
 1,029,821
 157,761
 252,561
 1,319,158
 2,759,301

 For the Year Ended December 31, 2022

 Corporate and Unallocated
 Total

 Depreciation and amortization (4)

 $
 22,193
 $
 7,647
 $
 9,174
 $
 4,717
 $
 43,731

 —
 —
 —
 ( 6,373)
 ( 6,373)

 Expenditures for long-lived assets (including those resulting from business acquisitions)
 20,694
 6,905
 2,611
 7,429
 37,639

 Segment assets
 1,088,940
 160,702
 279,940
 712,817
 2,242,399

 Summarized geographic information is as follows:

 2024
 2023
 2022

 Net sales:

 United States
 $
 2,826,574
 $
 2,572,141
 $
 2,965,053

 United Kingdom
 280,726
 270,128
 297,582

 Canada
 344,614
 339,682
 410,679

 Asia and the Middle East
 231,092
 153,816
 217,750

 Mexico
 85,760
 84,578
 91,391

 Total net sales
 $
 $
 $

 Long-lived assets:
 2024
 2023
 2022

 United States
 $
 412,294
 $
 273,604
 $
 266,571

 United Kingdom
 37,876
 40,045
 36,474

 Canada
 15,597
 18,152
 23,354

 Asia and the Middle East
 48,115
 50,725
 51,193

 Mexico
 1,249
 2,639
 2,358

 Total long-lived assets
 $
 515,131
 $
 385,165
 $
 379,950

 Note 4 – Cash, Cash Equivalents, and Restricted Cash

 2024
 2023

 Cash & cash equivalents
 $
 1,037,229
 $
 1,170,893

 Restricted cash included within other current assets
 1,564
 3,228

 Restricted cash included within other assets

 Total cash, cash equivalents, and restricted cash
 $
 1,038,895
 $
 1,174,223

 Note 5 – Inventories

 2024
 2023

 Raw materials and supplies
 $
 147,964
 $
 111,843

 Work-in-process
 74,684
 61,793

 Finished goods
 251,447
 220,629

 Valuation reserves
 ( 11,816)
 ( 14,017)

 $
 462,279
 $
 380,248

 Inventories valued using the LIFO method totaled $ 12.4 million at December 28, 2024 and $ 20.2 million at December 30, 2023. At December 28, 2024 and December 30, 2023, the approximate FIFO cost of such inventories was $ 128.0 million and $ 122.9 million, respectively.

 At the end of 2024 and 2023, the FIFO value of inventories consigned to others was $ 17.1 million and $ 19.8 million, respectively.

 Note 6 – Consolidated Financial Statement Details

 Other Current Liabilities

 Included in other current liabilities as of December 28, 2024 and December 30, 2023 were the following: (i) customer rebates of $ 81.5 million and $ 78.8 million, respectively, (ii) current taxes payable of $ 19.6 million and $ 22.8 million, respectively, and (iii) current environmental liabilities of $ 3.2 million and $ 3.9 million, respectively. In addition, the balance at December 28, 2024 included advances of $ 21.6 million related to the insurance claim for the March 2023 tornado at the Company's Covington, Tennessee manufacturing operation.

 Other Income, Net

 2024
 2023
 2022

 Net periodic benefit (cost) income
 $
 ( 299)
 $
 $
 3,168

 Accounts payable discounts
 1,260
 1,502
 1,609

 Other
 ( 3,907)
 1,351
 ( 62)

 Other (expense) income, net
 $
 ( 2,946)
 $
 3,618
 $
 4,715

 Note 7 – Derivative Instruments and Hedging Activities

 The Company's earnings and cash flows are subject to fluctuations due to changes in commodity prices, foreign currency exchange rates, and interest rates. The Company uses derivative instruments such as commodity futures contracts, foreign currency forward contracts, and interest rate swaps to manage these exposures.

 Commodity Futures Contracts

 Copper and brass represent the largest component of the Company's variable costs of production. The cost of these materials is subject to global market fluctuations caused by factors beyond the Company's control. The Company occasionally enters into forward fixed-price arrangements with certain customers; the risk of these arrangements is generally managed with commodity futures contracts. These futures contracts have been designated as cash flow hedges.

 At December 28, 2024, the Company held open futures contracts to purchase approximately $ 25.1 million of copper over the next 12 months related to fixed price sales orders. The fair value of those futures contracts was a $ 0.4 million net loss position, which was determined by obtaining quoted market prices (level 1 within the fair value hierarchy). In the next 12 months, the Company will reclassify into earnings realized gains or losses relating to cash flow hedges. At December 28, 2024, this amount was approximately $ 0.3 million of deferred net losses, net of tax.

 The Company may also enter into futures contracts to protect the value of inventory against market fluctuations. At December 28, 2024, the Company held open futures contracts to sell approximately $ 4.0 million of copper over the next seven months related to copper inventory. The fair value of those futures contracts was a $ 0.2 million net gain position, which was determined by obtaining quoted market prices (level 1 within the fair value hierarchy).

 The Company presents its derivative assets and liabilities in the Consolidated Balance Sheets on a net basis by counterparty. The following table summarizes the location and fair value of the derivative instruments and disaggregates the net derivative assets and liabilities into gross components on a contract-by-contract basis:

 Asset Derivatives
 Liability Derivatives

 Fair Value

 Fair Value

 Balance Sheet Location
 2024
 2023
 Balance Sheet Location
 2024
 2023

 Commodity contracts - gains

 Other current assets

 $
 $
 Other current liabilities

 $
 $

 Commodity contracts - losses

 Other current assets

 ( 62)
 ( 281)
 Other current liabilities

 ( 405)
 ( 383)

 Total derivatives (1)

 $
 $

 $
 ( 363)
 $
 ( 367)

 (1) Does not include the impact of cash collateral provided to counterparties.

 The following table summarizes the effects of derivative instruments on the Consolidated Statements of Income:

 Location
 2024
 2023

 Undesignated derivatives:

 Loss on commodity contracts (nonqualifying)
 $
 ( 2,305)
 $
 ( 1,071)

 The following tables summarize amounts recognized in and reclassified from AOCI during the period:

 For the Year Ended December 28, 2024

 Gain Recognized in AOCI (Effective Portion), Net of Tax
 Classification Gains (Losses)
 Gain Reclassified from AOCI (Effective Portion), Net of Tax

 Cash flow hedges:

 Commodity contracts
 $
 $
 ( 586)

 Other
 Other
 —

 Total
 $
 Total
 $
 ( 586)

 For the Year Ended December 30, 2023

 Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax
 Classification Gains (Losses)
 Gain Reclassified from AOCI (Effective Portion), Net of Tax

 Cash flow hedges:

 Commodity contracts
 $
 1,180
 $
 ( 2,419)

 Other
 ( 34)
 Other
 —

 Total
 $
 1,146
 Total
 $
 ( 2,419)

 The Company primarily enters into International Swaps and Derivatives Association master netting agreements with major financial institutions that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits the Company or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements generally also provide for net settlement of all outstanding contracts with the counterparty in the case of an event of default or a termination event. The Company does not offset fair value amounts for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral. At December 28, 2024 and December 30, 2023, the Company had recorded restricted cash in other current assets of $ 1.4 million and $ 3.2 million, respectively, as collateral related to open derivative contracts under the master netting arrangements.

 Note 8 – Leases

 The Company leases certain facilities, vehicles, and equipment which expire on various dates through 2041. The following table includes supplemental information with regards to the Company's operating leases:

 (In thousands, except lease term and discount rate)
 2024
 2023

 Operating lease right-of-use assets
 $
 32,702
 $
 35,170

 Current portion of operating lease liabilities
 8,117
 7,893

 Noncurrent operating lease liabilities
 24,547
 26,683

 Total operating lease liabilities
 $
 32,664
 $
 34,576

 Weighted average discount rate
 3.87
 %
 3.55
 %

 Weighted average remaining lease term (in years)
 4.72
 5.24

 Some of the Company's leases include variable lease costs such as taxes, insurance, etc. These costs are immaterial for disclosure.

 The following table presents certain information related to operating lease costs and cash paid during the period:

 For the Year Ended

 December 28, 2024
 December 30, 2023

 Operating lease costs
 $
 10,036
 $
 9,705

 Short term lease costs
 3,512
 3,843

 Total lease costs
 $
 13,548
 $
 13,548

 Cash paid for amounts included in the measurement of lease liabilities
 $
 9,609
 $
 9,276

 Maturities of the Company's operating leases are as follows:

 2025
 $
 9,137

 2026
 8,406

 2027
 7,063

 2028
 4,234

 2029
 3,053

 2030 and thereafter
 3,566

 Total lease payments
 35,459

 Less imputed interest
 ( 2,795)

 Total lease obligations
 32,664

 Less current obligations
 ( 8,117)

 Noncurrent lease obligations
 $
 24,547

 Note 9 – Property, Plant, and Equipment, Net

 2024
 2023

 Land and land improvements
 $
 36,853
 $
 33,127

 Buildings
 258,355
 232,169

 Machinery and equipment
 759,202
 654,079

 Construction in progress
 79,216
 82,552

 1,133,626
 1,001,927

 Less accumulated depreciation
 ( 618,495)
 ( 616,762)

 Property, plant, and equipment, net
 $
 515,131
 $
 385,165

 Depreciation expense for property, plant, and equipment was $ 39.2 million in 2024, $ 34.9 million in 2023, and $ 38.2 million in 2022.

 Note 10 – Goodwill and Other Intangible Assets

 Goodwill

 The changes in the carrying amount of goodwill by segment were as follows:

 Total

 Goodwill
 $
 178,574
 $
 8,854
 $
 21,652
 $
 209,080

 Accumulated impairment charges
 ( 40,552)
 ( 8,853)
 ( 2,087)
 ( 51,492)

 Balance at December 31, 2022:
 138,022
 19,565
 157,588

 Reductions (1)

 ( 7,007)
 —
 —
 ( 7,007)

 Currency translation
 1,239
 —
 —
 1,239

 Balance at December 30, 2023:
 132,254
 19,565
 151,820

 Additions (2)

 15,107
 146,137
 —
 161,244

 Currency translation
 ( 1,899)
 —
 —
 ( 1,899)

 Balance at December 28, 2024:

 Goodwill
 186,014
 154,991
 21,652
 362,657

 Accumulated impairment charges
 ( 40,552)
 ( 8,853)
 ( 2,087)
 ( 51,492)

 Goodwill, net
 $
 145,462
 $
 146,138
 $
 19,565
 $
 311,165

 (1) Includes disposal of Heatlink Group business.

 (2) Includes acquisitions of Nehring and Elkhart businesses.

 Reporting units with recorded goodwill include Domestic Piping Systems Group, B&K LLC, Great Lakes, European Operations, Jungwoo-Mueller, Mueller Middle East, Westermeyer, Flex Duct, and Nehring. Several factors give rise to goodwill in the Company's acquisitions, such as the expected benefit from synergies of the combination and the existing workforce of the acquired businesses.

 For 2024, the Company utilized a qualitative assessment in the annual goodwill impairment testing for all reporting units, except the European Operations and Nehring Electrical Works reporting units. Based on the qualitative assessment, the Company concluded that it was more likely than not that the fair value of those reporting units exceeded their respective carrying values. The Company chose to perform a quantitative impairment analysis in the fourth quarter of 2024 for its European Operations and Nehring Electrical Works reporting units. As a result of these quantitative analyses no impairment loss was recognized for the goodwill of the respective reporting units.

 Other Intangible Assets

 The carrying amount of intangible assets at December 28, 2024 was as follows:

 Gross Carrying Amount
 Accumulated Amortization
 Net Carrying Amount

 Customer relationships
 $
 259,831
 $
 ( 25,403)
 $
 234,428

 Non-compete agreements
 2,847
 ( 2,229)

 Patents and technology
 16,385
 ( 8,915)
 7,470

 Trade names and licenses
 74,816
 ( 10,975)
 63,841

 Other
 1,715
 ( 1,715)
 —

 Other intangible assets
 $
 355,594
 $
 ( 49,237)
 $
 306,357

 The carrying amount of intangible assets at December 30, 2023 was as follows:

 Gross Carrying Amount
 Accumulated Amortization
 Net Carrying Amount

 Customer relationships
 $
 50,009
 $
 ( 17,535)
 $
 32,474

 Non-compete agreements
 2,325
 ( 2,325)
 —

 Patents and technology
 16,681
 ( 8,119)
 8,562

 Trade names and licenses
 12,092
 ( 6,920)
 5,172

 Other
 1,715
 ( 1,715)
 —

 Other intangible assets
 $
 82,822
 $
 ( 36,614)
 $
 46,208

 Amortization expense for intangible assets was $ 13.9 million in 2024, $ 5.0 million in 2023, and $ 5.6 million in 2022. Future amortization expense is estimated as follows:

 2025
 $
 20,419

 2026
 20,281

 2027
 20,280

 2028
 20,042

 2029
 18,743

 Thereafter
 206,592

 Expected amortization expense
 $
 306,357

 Note 11 – Investments in Unconsolidated Affiliates

 Tecumseh

 The Company owns a 50 percent interest in an unconsolidated affiliate that acquired Tecumseh and an entity that provides financing to Tecumseh. Tecumseh is a global manufacturer of hermetically sealed compressors for residential and specialty air conditioning, household refrigerators and freezers, and commercial refrigeration applications, including air conditioning and refrigeration compressors, as well as condensing units, heat pumps, and complete refrigeration systems.

 The Company's net income (loss) from unconsolidated affiliates, net of foreign tax, for 2024, 2023, and 2022 included losses of $ 9.5 million, losses of $ 22.7 million, and income of $ 5.2 million, respectively, for Tecumseh.

 During 2024, the Company advanced Tecumseh $ 12.5 million, which was comprised of a capital contribution of $ 8.7 million and a note receivable of $ 3.8 million. These advances did not change the Company's proportionate ownership in Tecumseh.

 Retail Distribution

 The Company owns a 28 percent noncontrolling equity interest in a limited liability company in the retail distribution business.

 The Company's net income (loss) from unconsolidated affiliates, net of foreign tax, for 2024, 2023, and 2022 included income of $ 11.7 million, $ 7.9 million, and $ 4.9 million, respectively, for the retail distribution business.

 Note 12 – Debt

 Credit Agreement

 The Company's Credit Agreement provides for an unsecured $ 400.0 million revolving credit facility that matures on March 31, 2026. There were no borrowings outstanding under the Credit Agreement as of December 28, 2024 or December 30, 2023. Borrowings under the Revolving Credit Facility bear interest, at the Company's option, at the Eurocurrency Rate which is determined by the underlying currency of the Credit Extension or the Base Rate as defined by the Credit Agreement, plus a variable premium. Advances may be based upon the one, three, or six-month interest period. The variable premium is based upon the Company's debt to total capitalization ratio, and can range from 112.5 to 162.5 basis points for Eurocurrency Rate loans and 12.5 to 62.5 basis points for Base Rate loans. Additionally, a commitment fee is payable quarterly on the total commitment less any outstanding loans or issued letters of credit, and varies from 15.0 to 30.0 basis points based upon the Company's debt to total capitalization ratio. Availability of funds under the Revolving Credit Facility is reduced by the amount of certain outstanding letters of credit, which are used to secure the Company's payment of insurance deductibles, certain retiree health benefits, and other corporate obligations, totaling approximately $ 28.8 million at December 28, 2024. Terms of the letters of credit are generally renewable annually.

 Jungwoo-Mueller

 Jungwoo-Mueller has several secured revolving credit arrangements with a total borrowing capacity of KRW 18.0 billion (or approximately $ 12.8 million). Borrowings are secured by the real property and equipment of Jungwoo-Mueller.

 Covenants contained in the Company's financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios. At December 28, 2024, the Company was in compliance with all debt covenants.

 There was no interest paid in 2024, 2023, or 2022.

 Note 13 – New Markets Tax Credit Transactions

 On October 18, 2016, the Company entered into a financing transaction with Wells Fargo Community Investment Holdings, LLC (Wells Fargo) related to an equipment modernization project at the Company's copper tube and line sets production facilities in Fulton, MS. Wells Fargo made a capital contribution and the Company made a loan to MCTC Investment Fund, LLC (Investment Fund) under a qualified New Markets Tax Credit (NMTC) program. The NMTC program was provided for in the Community Renewal Tax Relief Act of 2000 (CRTR Act) and is intended to induce capital investment in qualified lower income communities. The CRTR Act permits taxpayers to claim credits against their Federal income taxes for up to 39 percent of qualified investments in the equity of community development entities (CDEs). CDEs are privately managed investment institutions that are certified to make qualified low-income community investments.

 In connection with the financing, Wells Fargo contributed to the Investment Fund, and as such, Wells Fargo is entitled to substantially all of the benefits derived from the NMTCs. The Investment Fund then contributed the proceeds to certain CDEs, which, in turn, loaned the funds on similar terms as the Leverage Loan to Mueller Copper Tube Company, Inc. (MCTC), an indirect, wholly-owned subsidiary of the Company. The proceeds of the loans from the CDEs, including loans representing the capital contribution made by Wells Fargo, net of syndication fees, are restricted for use on the modernization project.

 The NMTC is subject to 100 percent recapture for a period of seven years as provided in the Internal Revenue Code. The Company was required to comply with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, require the Company to indemnify Wells Fargo for any loss or recapture of NMTCs related to the financing until such time as the Company's obligation to deliver tax benefits is relieved. This transaction also included a put/call provision whereby the Company may be obligated or entitled to repurchase Wells Fargo's interest in the Investment Fund. The Company previously determined the financing arrangement with the Investment Fund and CDEs is a variable interest entity (VIE), and that it is the primary beneficiary of the VIE and has included the VIE in the Company's Consolidated Financial Statements. In December 2023, Wells Fargo exercised the put option, and as such the Company recognized a gain on the extinguishment of the liability representing Wells Fargo's interest in the Investment Fund of $ 7.5 million. In October 2024, Wells Fargo exercised the put option, and as such the Company recognized a gain on the extinguishment of the liability representing Wells Fargo's interest in the Investment Fund of $ 1.3 million.

 Note 14 – Benefit Plans

 Pension and Other Postretirement Plans

 The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain employees. The information disclosed below does not include the pension plan in South Korea, as it is immaterial to the Company's Consolidated Financial Statements. The following tables provide a reconciliation of the changes in the most significant plans' benefit obligations and the fair value of the plans' assets for 2024 and 2023, and a statement of the plans' aggregate funded status:

 2024
 2023
 2024
 2023

 Change in benefit obligation:

 Obligation at beginning of year
 $
 54,435
 $
 50,761
 $
 9,557
 $
 9,240

 Service cost
 —
 —

 Interest cost
 2,337
 2,454

 Actuarial (gain) loss
 ( 5,245)
 1,508
 ( 604)
 ( 105)

 Plan amendments/transference
 —
 —
 —

 Benefit payments
 ( 3,263)
 ( 3,582)
 ( 664)
 ( 686)

 Foreign currency translation adjustment
 ( 487)
 3,294
 ( 671)

 Obligation at end of year
 54,435
 8,317
 9,557

 Change in fair value of plan assets:

 Fair value of plan assets at beginning of year
 62,871
 62,298
 —
 —

 Actual return on plan assets
 ( 7,788)
 —
 —

 Employer contributions
 —
 —

 Benefit payments
 ( 3,263)
 ( 3,582)
 ( 664)
 ( 686)

 Foreign currency translation adjustment
 ( 780)
 3,745
 —
 —

 Fair value of plan assets at end of year
 51,040
 62,871
 —
 —

 Funded (underfunded) status at end of year
 $
 3,263
 $
 8,436
 $
 ( 8,317)
 $
 ( 9,557)

 The following represents amounts recognized in AOCI (before the effect of income taxes):

 2024
 2023
 2024
 2023

 Unrecognized net actuarial loss (gain)
 $
 12,617
 $
 7,728
 $
 ( 3,863)
 $
 ( 3,863)

 Unrecognized prior service credit
 —
 —
 ( 6)
 ( 5)

 As of December 28, 2024, $ 0.3 million of the actuarial net loss and the prior service credit will, through amortization, be recognized as components of net periodic benefit cost in 2025.

 The aggregate status of all overfunded plans is recognized as an asset and the aggregate status of all underfunded plans is recognized as a liability in the Consolidated Balance Sheets. The amounts recognized as a liability are classified as current or long-term on a plan-by-plan basis. Liabilities are classified as current to the extent the actuarial present value of benefits payable within the next 12 months exceeds the fair value of plan assets, with all remaining amounts classified as long-term.

 As of December 28, 2024 and December 30, 2023, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:

 2024
 2023
 2024
 2023

 Long-term asset
 $
 3,263
 $
 8,436
 $
 —
 $
 —

 Current liability
 $
 —
 $
 —
 $
 ( 926)
 $
 ( 1,041)

 Long-term liability
 —
 —
 ( 7,391)
 ( 8,516)

 Total funded (underfunded) status
 $
 3,263
 $
 8,436
 $
 ( 8,317)
 $
 ( 9,557)

 The components of net periodic benefit cost (income) are as follows:

 2024
 2023
 2022

 Pension benefits:

 Interest cost
 $
 2,337
 $
 2,454
 $
 1,272

 Expected return on plan assets
 ( 2,357)
 ( 3,260)
 ( 3,568)

 Amortization of net loss
 —

 Net periodic benefit cost (income)
 $
 $
 ( 806)
 $
 ( 1,399)

 Other benefits:

 Service cost
 $
 $
 $

 Interest cost

 Amortization of prior service credit
 ( 1)
 ( 2)
 ( 198)

 Amortization of net gain
 ( 391)
 ( 449)
 ( 220)

 Curtailment gain
 —
 —
 ( 1,756)

 Net periodic benefit cost (income)
 $
 $
 $
 ( 1,537)

 The components of net periodic benefit cost (income) other than the service cost component are included in other income, net in the Consolidated Statements of Income.

 The weighted average assumptions used in the measurement of the Company's benefit obligations are as follows:

 2024
 2023
 2024
 2023

 Discount rate
 5.30
 %
 4.40
 %
 6.51
 %
 5.96
 %

 Expected long-term return on plan assets
 5.30
 %
 4.30
 %
 N/A
 N/A

 Rate of compensation increases
 N/A
 N/A
 5.00
 %
 5.00
 %

 Rate of inflation
 3.30
 %
 3.20
 %
 N/A
 N/A

 The weighted average assumptions used in the measurement of the Company's net periodic benefit cost are as follows:

 2024
 2023
 2022
 2024
 2023
 2022

 Discount rate

 4.40
 %
 4.80
 %
 1.90
 %
 5.96
 %
 6.08
 %
 3.73
 %

 Expected long-term return on plan assets

 4.30
 %
 5.51
 %
 4.96
 %
 N/A
 N/A
 N/A

 Rate of compensation increases

 N/A
 N/A
 N/A
 5.00
 %
 5.00
 %
 5.00
 %

 Rate of inflation

 3.20
 %
 3.30
 %
 3.70
 %
 N/A
 N/A
 N/A

 The Company's Mexican postretirement plans use the rate of compensation increase in the benefit formulas. Past service in the Wednesbury Pension Scheme (U.K. pension plan) will be adjusted for the effects of inflation. All other pension and postretirement plans use benefit formulas based on length of service.

 The annual assumed rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) is assumed to range from 5.1 to 9.7 percent for 2025, gradually decrease to 4.1 percent through 2040, and remain at that level thereafter. The health care cost trend rate assumption does not have a significant effect on the amounts reported.

 Pension Assets

 In October 2024, the Trustees of the U.K. pension plan entered into an agreement with Just Retirement Limited to acquire an insurance policy that operates as an investment asset, with the intent of matching the remaining uninsured part of the U.K. pension plan's future cash outflow arising from the accrued pension liabilities of members. Such an arrangement is commonly termed as a "buy-in." The benefit obligation was not transferred to the insurer, and the Company remains responsible for paying pension benefits. The initial value of the asset associated with this contract was equal to the premium paid to secure the contract and is adjusted each reporting period to reflect the estimated fair value of the premium that would be paid for such a contract at that time. The buy-in reduces the U.K. pension plan's value at risk in relation to key risks associated with improved longevity, inflation, and interest rate movements while improving the security to the U.K. pension plan and its members. The Company consequently benefits from the buy-in as it reduces the U.K. pension plan's potential reliance on the Company for future cash funding requirements.

 Following the buy-in, the U.K. pension plan does not need to follow an investment strategy. The discount rate used represents the annualized yield based on a cash flow matched methodology with reference to an AA corporate bond spot curve and having regard to the duration of the U.K. pension plan's liabilities.

 The weighted average asset allocation of the Company's pension fund assets are as follows:

 Pension Plan Assets

 Asset category
 2024
 2023

 Pooled liability investments
 %
 %

 Buy-in contract
 —

 Cash and equivalents (includes money market funds)

 Total
 %
 %

 The Company's investments for its pension plans are reported at fair value. The following methods and assumptions were used to estimate the fair value of the Company's plan asset investments:

 Cash and money market funds – Valued at cost, which approximates fair value.

 Pooled liability investments – These funds are primarily invested in U.K. government bonds and highly rated corporate bonds. The level 2 fair value is determined utilizing observable inputs of the underlying assets.

 Buy-in contract – This consists of a U.K. buy-in insurance contract set to equal an actuarially calculated present value of the underlying liabilities. Its fair value is classified as level 3.

 The following table sets forth by level, within the fair value hierarchy, the assets of the plans at fair value:

 Fair Value Measurements at December 28, 2024

 Level 1
 Level 2
 Level 3
 Total

 Cash and money market funds
 $
 $
 —
 $
 —
 $

 Pooled liability investments
 —
 2,581
 —
 2,581

 Buy-in contract
 —
 —

 Total
 $
 $
 2,581
 $
 $
 51,040

 Fair Value Measurements at December 30, 2023

 Level 1
 Level 2
 Level 3
 Total

 Cash and money market funds
 $
 $
 —
 $
 —
 $

 Pooled liability investments
 —
 62,369
 —
 62,369

 Total
 $
 $
 62,369
 $
 —
 $
 62,871

 The table below reflects the changes in the assets of the plan measured at fair value on a recurring basis using significant unobservable inputs (level 3 of fair value hierarchy) during the year ended December 28, 2024:

 Buy-In Contract

 Balance, December 30, 2023
 $
 —

 Purchases

 Balance, December 28, 2024
 $

 Contributions and Benefit Payments

 The Company does not expect to contribute to the U.K. pension plan, other than to reimburse expenses, and expects to contribute $ 0.9 million to its other postretirement benefit plans in 2025. The Company expects future benefits to be paid from the plans as follows:

 2025
 $
 3,612
 $

 2026
 3,742

 2027
 3,875

 2028
 4,015

 2029
 4,159

 2030-2034
 23,135
 3,876

 Total
 $
 42,538
 $
 8,118

 401(k) Plans

 The Company sponsors voluntary employee savings plans that qualify under Section 401(k) of the Internal Revenue Code of 1986. Compensation expense for the Company's matching contribution to the 401(k) plans was $ 5.0 million in 2024, $ 4.9 million in 2023, and $ 4.9 million in 2022. The Company match is a cash contribution. Participants direct the investment of their account balances by allocating among a range of asset classes including mutual funds (equity, fixed income, and balanced funds) and money market funds. The plans do not allow direct investment in securities issued by the Company.

 Multiemployer Plan

 On August 2, 2024 the Company entered into an equity purchase agreement to acquire all of the outstanding shares of Elkhart. Elkhart contributes to the IAM National Pension Fund (IAM Plan). The Employer Identification Number for this plan is 51-6031295.

 The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: (i) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer stops contributing to the plan, the underfunded obligations of the plan may be borne by the remaining participating employers; (iii) if the Company chooses to stop participating in the plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

 The Company makes contributions to the IAM Plan trusts that cover certain union employees; contributions by employees are not permitted. Contributions to the IAM Plan were approximately $ 0.2 million in 2024. The Company's contributions are less than five percent of total employer contributions made to the IAM Plan indicated in the most recently filed Form 5500.

 Under the Pension Protection Act of 2006, the IAM Plan's actuary must certify the plan's zone status annually. Plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green

 zone are at least 80 percent funded. If a plan is determined to be in endangered status, red zone or yellow zone, the plan's trustees must develop a formal plan of corrective action, a Financial Improvement Plan and/or a Rehabilitation Plan. For 2024, the IAM Plan remained in the red zone due to the trustees' election to voluntarily place the fund in critical status in 2019 to strengthen its funding position. The fund has remained in critical status since that election and is not projected to emerge from critical status in the upcoming year.

 Note 15 – Commitments and Contingencies

 Environmental

 The Company is subject to federal, state, local, and foreign environmental laws and regulations. For all properties, the Company has provided and charged to expense $ 1.8 million in 2024, $ 0.7 million in 2023, and $ 1.4 million in 2022 for pending environmental matters. Environmental reserves totaled $ 18.4 million at December 28, 2024 and $ 18.9 million at December 30, 2023. As of December 28, 2024, the Company expects to spend $ 3.2 million in 2025, $ 1.2 million in 2026, $ 0.7 million in 2027, $ 0.8 million in 2028, $ 0.8 million in 2029, and $ 11.7 million thereafter for ongoing projects.

 Non-operating Properties

 Southeast Kansas Sites

 The Kansas Department of Health and Environment (KDHE) has contacted the Company regarding environmental contamination at three former smelter sites in Kansas (Altoona, East La Harpe, and Lanyon). The Company is not a successor to the companies that operated these smelter sites, but has explored possible settlement with KDHE and other potentially responsible parties (PRP) in order to avoid litigation.

 In February 2022, the Company reached a settlement with another PRP relating to these three sites. Under the terms of that agreement, the Company paid $ 5.6 million, which was previously reserved, in exchange for the other PRP's agreement to conduct or fund any required remediation with the geographic boundaries of the three sites (namely, the parcel(s) on which the former smelters were located), plus coverage of certain off-site areas (namely, contamination that migrated by surface water runoff or air emissions from the Altoona or East La Harpe site, and smelter materials located within 50 feet of the geographic boundary of each site). The settlement does not cover certain matters, including potential liability related to the remediation of the town of Iola which is not estimable at this time. The other PRP has also provided an indemnity that would cover third-party cleanup claims for those sites, subject to a time limit and a cap.

 Altoona. Another PRP conducted a site investigation of the Altoona site under a consent decree with KDHE and submitted a removal site evaluation report recommending a remedy. The remedial design plan, which covers both on-site and certain off-site cleanup costs, was approved by the KDHE in 2016. Construction of the remedy was completed in 2018. Under the terms of the settlement with the other PRP, the Company expects the operations and maintenance costs for this remedy to be paid for entirely by the other PRP.

 East La Harpe. At the East La Harpe site, the Company and two other PRPs conducted a site study evaluation under KDHE supervision and prepared a site cleanup plan approved by KDHE. In December 2018, KDHE provided a draft agreement which contemplates the use of funds KDHE obtained from two other parties (Peabody Energy and Blue Tee) to fund part of the remediation, and removes Blue Tee from the PRPs' agreement with KDHE. Pursuant to the terms of the settlement with the other PRP noted above, the Company expects the remediation to be conducted and paid for entirely by the other PRP, and for that other PRP to negotiate and enter into an agreement with KDHE.

 Lanyon. With respect to the Lanyon Site, in 2016, the Company received a general notice letter from the United States Environmental Protection Agency (EPA) asserting that the Company is a PRP, which the Company has denied. EPA issued an interim record of decision in 2017 and has been remediating properties at the site. According to EPA, 1,371 properties were to be remediated. In August 2023, EPA issued a five-year review indicating that the cleanup of approximately 300 remaining residential properties would be completed in 2026. A record of decision concerning the cleanup is scheduled for May 2025.

 Shasta Area Mine Sites

 Mining Remedial Recovery Company (MRRC), a wholly owned subsidiary, owns certain inactive mines in Shasta County, California. MRRC has continued a program, begun in the late 1980s, of implementing various remedial measures, including sealing mine portals with concrete plugs in portals that were discharging water. The sealing program achieved significant

 reductions in the metal load in discharges from these adits; however, additional reductions are required pursuant to an order issued by the California Regional Water Quality Control Board (QCB). In response to a 1996 QCB Order, MRRC completed a feasibility study in 1997 describing measures designed to mitigate the effects of acid rock drainage. In December 1998, the QCB modified the 1996 order extending MRRC's time to comply with water quality standards. In September 2002, the QCB adopted a new order requiring MRRC to adopt Best Management Practices (BMP) to control discharges of acid mine drainage, and again extended the time to comply with water quality standards until September 2007. During that time, implementation of BMP further reduced impacts of acid rock drainage; however, full compliance has not been achieved. The QCB is presently renewing MRRC's discharge permit and will concurrently issue a new order. It is expected that the new 10 -year permit will include an order requiring continued implementation of BMP through 2034 to address residual discharges of acid rock drainage. At this site, MRRC spent approximately $ 1.3 million from 2022 through 2024 for remediation, and currently estimates that it will spend between approximately $ 13.2 million and $ 14.9 million over the next 30 years and has accrued a reserve at the low end of this range.

 Lead Refinery Site

 U.S.S. Lead Refinery, Inc. (Lead Refinery), a non-operating wholly owned subsidiary of MRRC, has conducted corrective action and interim remedial activities (collectively, Site Activities) at Lead Refinery's East Chicago, Indiana site pursuant to the Resource Conservation and Recovery Act since December 1996. Although the Site Activities have been substantially concluded, Lead Refinery is required to perform monitoring and maintenance-related activities pursuant to a post-closure permit issued by the Indiana Department of Environmental Management effective as of March 2, 2013. Lead Refinery spent approximately $ 0.7 million from 2022 through 2024 with respect to this site. Approximate costs to comply with the post-closure permit, including associated general and administrative costs, are estimated at between $ 2.3 million and $ 2.7 million over the next 12 years. The Company has recorded a reserve at the low end of this range.

 On April 9, 2009, pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the U.S. Environmental Protection Agency (EPA) added the Lead Refinery site and surrounding properties to the National Priorities List (NPL). On July 17, 2009, Lead Refinery received a written notice from the EPA indicating that it may be a PRP under CERCLA due to the release or threat of release of hazardous substances including lead into properties surrounding the Lead Refinery NPL site. The EPA identified two other PRPs in connection with that matter. In November 2012, the EPA adopted a remedy for the surrounding properties and in September 2014, the EPA announced that it had entered into a settlement with the two other PRPs whereby they will pay approximately $ 26.0 million to fund the cleanup of approximately 300 properties surrounding the Lead Refinery NPL site (zones 1 and 3 of operable unit 1) and perform certain remedial action tasks.

 On November 8, 2016, the Company, its subsidiary Arava Natural Resources Company, Inc. (Arava), and Arava's subsidiary MRRC each received general notice letters from the EPA asserting that they may be PRPs in connection with the Lead Refinery NPL site. The Company, Arava, and MRRC have denied liability for any remedial action and response costs associated with the Lead Refinery NPL site.

 In June 2017, the EPA requested that Lead Refinery conduct, and the Company fund, a remedial investigation and feasibility study (RI/FS) of operable unit 2 of the Lead Refinery NPL site pursuant to a proposed administrative settlement agreement and order on consent. The Company and Lead Refinery entered into that agreement in September 2017. The Company has made a capital contribution to Lead Refinery to conduct the RI/FS with respect to operable unit 2 and has provided financial assurance in the amount of $ 1.0 million. The RI/FS remains ongoing, and the Company has reserved currently estimated costs associated with its completion. The EPA has also asserted its position that the Company is a responsible party for the Lead Refinery NPL site, and accordingly is responsible for a share of remedial action and response costs at both operable units 1 and 2 of the site.

 In January 2018, the EPA issued two unilateral administrative orders (UAOs) directing the Company, Lead Refinery, and four other PRPs to conduct soil and interior remediation of certain residences at the Lead Refinery NPL site (zones 2 and 3 of operable unit 1). Subsequent thereto, the Company and Lead Refinery reached agreement with the four other PRPs to implement these two UAOs, with the Company agreeing to pay, on an interim basis, (i) an estimated $ 4.5 million (subject to potential change through a future reallocation process) of the approximately $ 25.0 million the PRPs then estimated it would cost to implement the UAOs, which estimate is subject to change, and (ii) $ 2.0 million relating to past costs incurred by other PRPs for work conducted at the site, as well as the possibility of up to $ 0.7 million in further payments for ongoing work by those PRPs. As of year-end, the Company has made payments of approximately $ 7.6 million related to the aforementioned agreement with the other PRPs. The Company disputes that it was properly named in the UAOs. In March 2022, Lead Refinery entered into an administrative settlement agreement and order on consent with the EPA, along with the four other PRPs, which involves payment of certain past and future costs relating to operable unit 1, in exchange for certain releases and

 contribution protection for the Company, Lead Refinery, and their respective affiliates relating to that operable unit. The settlement became effective in September 2022. The Company reserved $ 3.3 million for this settlement at the end of 2021.

 In March 2018, a group of private plaintiffs sued the Company, Arava, MRRC, and Lead Refinery, along with other defendants, in civil tort action relating to the site. The Company, Arava, and MRRC have been voluntarily dismissed from that litigation without prejudice. In July 2024, Lead Refinery was granted partial judgment on the pleadings with respect to plaintiffs' amended complaint and settled the litigation for a payment of approximately $ 0.1 million.

 At this juncture, the Company is unable to determine the likelihood of a material adverse outcome or the amount or range of a potential loss in excess of the current reserve with respect to any remedial action or other litigation relating to the Lead Refinery NPL site, either at Lead Refinery's former operating site (operable unit 2) or the adjacent residential area (operable unit 1), including, but not limited to, EPA oversight costs for which the EPA may attempt to seek reimbursement from the Company, and past costs for which other PRPs may attempt to seek contribution from the Company.

 Bonita Peak Mining District

 Following an August 2015 spill from the Gold King Mine into the Animas River near Silverton, Colorado, the EPA listed the Bonita Peak Mining District on the NPL. Said listing was finalized in September 2016. The Bonita Peak Mining District encompasses 48 mining sites within the Animas River watershed, including the Sunnyside Mine, the American Tunnel, and the Sunbank Group. On or about July 25, 2017, Washington Mining Company (Washington Mining) (a wholly-owned subsidiary of the Company's wholly-owned subsidiary, Arava), received a general notice letter from the EPA stating that Washington Mining may be a PRP under CERCLA in connection with the Bonita Peak Mining District site and therefore responsible for the remediation of certain portions of the site, along with related costs incurred by the EPA. Shortly thereafter, the Company received a substantively identical letter asserting that it may be a PRP at the site and similarly responsible for the cleanup of certain portions of the site. On or about January 7, 2025, a similar general notice letter from EPA was received by Mining Remedial Recovery Company (MRRC) (also a wholly-owned subsidiary of Arava), stating that MRRC may be a PRP at the site. Collectively, the general notice letters identify three other PRPs at the site, and while the U.S. government and State of Colorado have expressed their interest in discussing potential cost recovery claims against Washington Mining, MRRC and/or the Company in early 2025, at this juncture, no specific actions have yet been required and the Company is unable to determine the likelihood of a materially adverse outcome or the amount or range of a potential loss with respect to any litigation (including any enforcement action by the U.S. or any state) or remedial action related to the Bonita Peak Mining District NPL site.

 Operating Properties

 Mueller Copper Tube Products, Inc.

 In 1999, Mueller Copper Tube Products, Inc. (MCTP), a wholly owned subsidiary, commenced a cleanup and remediation of soil and groundwater at its Wynne, Arkansas plant to remove trichloroethylene, a cleaning solvent formerly used by MCTP. On August 30, 2000, MCTP received approval of its Final Comprehensive Investigation Report and Storm Water Drainage Investigation Report addressing the treatment of soils and groundwater from the Arkansas Department of Environmental Quality (ADEQ). The Company established a reserve for this project in connection with the acquisition of MCTP in 1998. Effective November 17, 2008, MCTP entered into a Settlement Agreement and Administrative Order by Consent to submit a Supplemental Investigation Work Plan (SIWP) and subsequent Final Remediation Work Plan (RWP) for the site. By letter dated January 20, 2010, ADEQ approved the SIWP as submitted, with changes acceptable to the Company. On December 16, 2011, MCTP entered into an amended Administrative Order by Consent to prepare and implement a revised RWP regarding final remediation for the Site. The remediation system was activated in February 2014. Costs to implement the work plans, including associated general and administrative costs, are estimated to approximate $ 0.3 million over the next year.

 United States Department of Commerce Antidumping Review

 On December 24, 2008, the Department of Commerce (DOC) initiated an antidumping administrative review of the antidumping duty order covering circular welded non-alloy steel pipe and tube from Mexico for the November 1, 2007 through October 31, 2008 period of review. The DOC selected Mueller Comercial as a respondent in the review. On April 19, 2010, the DOC published the final results of the review and assigned Mueller Comercial an antidumping duty rate of 48.33 percent. On May 25, 2010, the Company appealed the final results to the U.S. Court of International Trade (CIT). On December 16, 2011, the CIT issued a decision remanding the Department's final results. While the matter was still pending, the Company and the United States reached an agreement to settle the appeal. Subject to the conditions of the agreement, the Company anticipated that certain of its subsidiaries would incur antidumping duties on subject imports made during the period of review

 and, as such, established a reserve for this matter. After the lapse of the statutory period of time during which U.S. Customs and Border Protection (CBP) was required, but failed, to liquidate the entries at the settled rate, the Company released the reserve. Between October 30, 2015 and November 27, 2015, CBP sent a series of invoices to Southland Pipe Nipples Co., Inc. (Southland), requesting payment of approximately $ 3.0 million in duties and interest in connection with 795 import entries made during the November 1, 2007 through October 31, 2008 period. On January 26, 2016 and January 27, 2016, Southland filed protests with CBP in connection with these invoices, noting that CBP's asserted claims were not made in accordance with applicable law, including statutory provisions governing deemed liquidation. The Company believes in the merits of the legal objections raised in Southland's protests, and CBP's response to Southland's protests is currently pending. Given the procedural posture and issues raised by this legal dispute, the Company cannot estimate the amount of potential duty liability, if any, that may result from CBP's asserted claims.

 Guarantees

 Guarantees, in the form of letters of credit, are issued by the Company generally to assure the payment of insurance deductibles, certain retiree health benefits, and debt at certain unconsolidated affiliates. The terms of the guarantees are generally one year but are renewable annually as required. These letters are primarily backed by the Company's revolving credit facility. The maximum payments that the Company could be required to make under its guarantees at December 28, 2024 were $ 28.8 million.

 Insurance Claims

 In August 2022, a portion of the Company's Bluffs, Illinois manufacturing operation was damaged by fire. Certain inventories, production equipment, and building structures were extensively damaged. During the second quarter of 2023, the Company settled the claim with its insurer for total proceeds of $ 29.5 million, net of the deductible of $ 250 thousand. As a result of the settlement with the insurer, all proceeds received and all costs previously deferred (which were recorded as other current liabilities in prior periods) were recognized, resulting in a pre-tax gain of $ 19.5 million in the second quarter of 2023, or 13 cents per diluted share after tax. The Company received proceeds of $ 24.5 million and $ 5.0 million in 2023 and 2022, respectively.

 In March 2023, a portion of the Company's Covington, Tennessee manufacturing operation was damaged by a tornado. The extent of the damage to inventories, production equipment, and building structures is currently being assessed. The total value of the loss, including business interruption, cannot be determined at this time, but is expected to be covered by property and business interruption insurance subject to customary deductibles. Any gain resulting from insurance proceeds for property damage in excess of the net book value of the related property will be recognized in income upon settlement of the claim. In addition, the Company has deferred recognition of direct, identifiable costs associated with this matter. These costs will also be recognized upon settlement of the insurance claim. As of December 28, 2024, the Company has received advances totaling $ 35.0 million from the insurance company for this claim, of which $ 25.0 million was received during 2024. These advances, net of the book value of damaged inventories, equipment, and buildings and direct cleanup and other out of pocket costs totaled $ 21.6 million, are classified as other current liabilities on the Consolidated Balance Sheet at December 28, 2024.

 Other

 The Company is involved in certain litigation as a result of claims that arose in the ordinary course of business, which management believes will not have a material adverse effect on the Company's financial position, results of operations, or cash flows. It may also realize the benefit of certain legal claims and litigation in the future; these gain contingencies are not recognized in the Consolidated Financial Statements.

 Note 16 – Income Taxes

 The components of income before income taxes were taxed under the following jurisdictions:

 2024
 2023
 2022

 Domestic
 $
 672,625
 $
 722,153
 $
 737,538

 Foreign
 147,837
 123,079
 138,493

 $
 820,462
 $
 845,232
 $
 876,031

 Income tax expense consists of the following:

 2024
 2023
 2022

 Current tax expense:

 Federal
 $
 136,248
 $
 144,111
 $
 149,269

 Foreign
 37,269
 39,167
 36,719

 State and local
 32,426
 32,694
 41,214

 Current tax expense
 205,943
 215,972
 227,202

 Deferred tax (benefit) expense:

 Federal
 1,617
 4,806
 ( 3,312)

 Foreign
 3,285
 ( 192)

 State and local
 ( 5,769)
 ( 286)
 ( 376)

 Deferred tax (benefit) expense
 ( 867)
 4,790
 ( 3,880)

 Income tax expense
 $
 205,076
 $
 220,762
 $
 223,322

 The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows:

 2024
 2023
 2022

 Expected income tax expense
 $
 172,297
 $
 177,499
 $
 183,967

 State and local income tax, net of federal benefit
 19,847
 25,542
 32,184

 Effect of foreign statutory rates different from U.S. and other foreign adjustments
 9,308
 14,519
 7,443

 Investment in unconsolidated affiliates
 2,114
 1,226

 Other, net
 1,510
 1,976
 ( 478)

 Income tax expense
 $
 205,076
 $
 220,762
 $
 223,322

 The Company continues to assert that a portion of the undistributed earnings of its foreign subsidiaries are permanently reinvested. No taxes have been accrued with respect to these undistributed earnings or any outside basis differences. The Company has accrued appropriate taxes for any undistributed earnings that are not considered permanently reinvested. The Company has elected to provide for the tax expense related to global intangible low-taxed income (GILTI) in the year the tax is incurred.

 The international tax framework introduced by the Organisation for Economic Co-operation and Development under its Pillar Two initiative includes a global minimum tax of 15 percent. Legislation adopting these provisions has been enacted in certain jurisdictions where the Company operates and is effective for the Company's 2024 fiscal year. The Company has assessed this legislation, and the Pillar Two provisions do not have a material impact on the Company's income tax expense.

 The Company includes interest and penalties related to income tax matters as a component of income tax expense, none of which was material in 2024, 2023, and 2022.

 The statute of limitations is open for the Company's federal tax return for 2021 and all subsequent years. Some state and foreign returns are open for 2021 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.

 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

 2024
 2023

 Deferred tax assets:

 $
 17,296
 $
 19,162

 Other postretirement benefits and accrued items
 16,202
 10,174

 Other reserves
 6,870
 6,956

 Foreign tax attributes
 4,676
 4,862

 State tax attributes, net of federal benefit
 3,932
 6,728

 Stock-based compensation
 5,100
 4,502

 Lease liability
 6,230
 7,354

 Basis difference in unconsolidated affiliates
 11,649
 11,509

 Total deferred tax assets
 71,955
 71,247

 Less valuation allowance
 ( 16,692)
 ( 23,078)

 Deferred tax assets, net of valuation allowance
 55,263
 48,169

 Deferred tax liabilities:

 Property, plant, and equipment
 52,405
 42,980

 Lease asset
 6,670
 7,776

 Other liabilities
 10,198
 10,884

 Total deferred tax liabilities
 69,273
 61,640

 Net deferred tax liabilities
 $
 ( 14,010)
 $
 ( 13,471)

 As of December 28, 2024, the Company had state net operating loss (NOL) carryforwards with potential tax benefits of $ 3.9 million, after consideration of the federal impact, expiring between 2032 and 2036.

 As of December 28, 2024, the Company had other foreign tax attributes with potential tax benefits of $ 3.6 million, which have an unlimited life, and attributes with potential benefits of $ 1.1 million that expire between 2036 and 2040; all of these foreign attributes were fully offset by a valuation allowance. The Company has also recorded a valuation allowance against deferred tax assets related to the basis differences in investments in unconsolidated affiliates.

 Income taxes paid were approximately $ 210.4 million in 2024, $ 219.6 million in 2023, and $ 238.3 million in 2022.

 Note 17 – Equity

 The Company's Board of Directors has extended, until July 2026, its authorization to repurchase up to 40 million shares of the Company's common stock through open market transactions or through privately negotiated transactions. The Company has no obligation to purchase any shares and may cancel, suspend, or extend the time period for the purchase of shares at any time. Any purchases will be funded primarily through existing cash and cash from operations. The Company may hold any shares purchased in treasury or use a portion of the repurchased shares for its stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through December 28, 2024, the Company has repurchased approximately 15.9 million shares under this authorization.

 Note 18 – Stock-Based Compensation

 The Company has in effect stock incentive plans under which stock-based awards have been granted to certain employees and members of its Board of Directors. Under these existing plans, the Company may grant stock options, restricted stock awards, and performance stock awards. Approximately 4.1 million shares were available for future stock incentive awards at December 28, 2024.

 During the years ended December 28, 2024, December 30, 2023, and December 31, 2022, the Company recognized stock-based compensation, as a component of selling, general, and administrative expense, in its Consolidated Statements of Income of $ 26.8 million, $ 23.1 million, and $ 17.8 million, respectively.

 The total compensation expense not yet recognized related to stock incentive awards at December 28, 2024 was $ 54.1 million, with an average expense recognition period of 2.7 years.

 The Company generally issues treasury shares when stock options are exercised, or when restricted stock awards or performance stock awards are granted. A summary of the activity and related information follows:

 Stock Options
 Restricted Stock Awards
 Performance Stock Awards

 (Shares in thousands)

 Weighted Average Exercise Price
 Weighted Average Grant Date Fair Value
 Weighted Average Grant Date Fair Value

 Beginning of period
 $
 14.78
 $
 20.51
 1,902
 $
 27.63

 Granted
 —
 N/A
 62.91
 64.52

 Added by Performance Factor
 —
 N/A
 —
 N/A
 21.73

 Exercised/Released
 ( 204)
 13.52
 ( 273)
 17.51
 ( 806)
 19.59

 Forfeited
 —
 N/A
 ( 7)
 26.39
 ( 10)
 14.61

 End of period
 $
 15.39
 $
 28.83
 1,739
 $
 38.33

 Restricted Stock Awards

 The fair value of each restricted stock award equals the fair value of the Company's stock on the grant date and is amortized into compensation expense on a straight-line or accrual basis over its vesting period based on its vesting schedule. The weighted average grant-date fair value of awards granted during 2024, 2023, and 2022 was $ 62.91, $ 36.88, and $ 31.90, respectively.

 The aggregate intrinsic value of outstanding and unvested awards was $ 36.3 million at December 28, 2024. The total fair value of awards that vested was $ 4.8 million, $ 7.7 million, and $ 4.9 million in 2024, 2023, and 2022, respectively.

 Performance Stock Awards

 Performance stock awards require achievement of certain performance criteria which are predefined by the Compensation Committee of the Board of Directors at the time of grant. The fair value of each performance stock award equals the fair value

 of the Company's stock on the grant date. Performance stock awards are vested and released at the end of the performance period if the predefined performance criteria are achieved.

 For all performance stock awards, in the event the certified results equal the predefined performance criteria, the Company will grant the number of shares equal to the target award. In the event the certified results exceed the predefined performance criteria, additional shares up to the maximum award will be granted. In the event the certified results fall below the predefined performance criteria but above the minimum threshold, a reduced number of shares will be granted. If the certified results fall below the minimum threshold, no shares will be granted.

 In the period it becomes probable that the minimum threshold specified in the award will be achieved, the Company recognizes expense for the proportionate share of the total fair value of the performance stock awards related to the vesting period that has already lapsed for the shares expected to vest and be released. The remaining fair value of the shares expected to vest and be released is expensed on a straight-line basis over the balance of the vesting period. In the event the Company determines it is no longer probable that it will achieve the minimum threshold specified in the award, all of the previously recognized compensation expense is reversed in the period such a determination is made.

 The weighted average grant-date fair value of awards granted during 2024, 2023, and 2022 was $ 64.52, $ 37.63, and $ 32.74, respectively.

 The aggregate intrinsic value of outstanding and unvested awards was $ 139.0 million at December 28, 2024. The total fair value of awards that vested was $ 15.8 million and $ 7.0 million in 2024 and 2023, respectively.

 Stock Options

 Stock options are generally granted to purchase shares of common stock at an exercise price equal to the average of the high and low market price of the Company's stock on the grant date. Generally, the awards vest within five years from the grant date. Any unexercised options expire after not more than ten years. The fair value of each option is estimated as a single award and amortized into compensation expense on a straight-line or accrual basis over its vesting period based on its vesting schedule. There were no stock options granted in 2022, 2023, or 2024.

 The total intrinsic value of stock options exercised was $ 9.4 million, $ 6.5 million, and $ 5.9 million in 2024, 2023, and 2022, respectively. The total fair value of stock options that vested was $ 1.0 million and $ 1.1 million in 2023 and 2022, respectively. No stock options vested in 2024.

 At December 28, 2024, the aggregate intrinsic value of all outstanding and currently exercisable stock options was $ 26.3 million with a weighted average remaining contractual term of 3.1 years and a weighted average exercise price of $ 15.38.

 Note 19 – Accumulated Other Comprehensive Income (Loss)

 AOCI includes certain foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges, adjustments to pension and other post-employment benefit liabilities, and other comprehensive income attributable to unconsolidated affiliates.

 The following table provides changes in AOCI by component, net of taxes and noncontrolling interest (amounts in parentheses indicate debits to AOCI):

 Cumulative Translation Adjustment
 Unrealized Gain (Loss) on Derivatives
 Pension/
OPEB Liability Adjustment
 Attributable to Unconsol. Affiliates
 Total

 Balance at December 31, 2022
 $
 ( 69,238)
 $
 1,486
 $
 1,222
 $
 2,355
 $
 ( 64,175)

 Other comprehensive income (loss) before reclassifications
 21,162
 1,146
 ( 3,499)
 19,726

 Amounts reclassified from AOCI
 —
 ( 2,419)
 ( 353)
 —
 ( 2,772)

 Balance at December 30, 2023
 ( 48,076)
 ( 2,630)
 3,272
 ( 47,221)

 Other comprehensive (loss) income before reclassifications
 ( 27,850)
 ( 3,449)
 ( 1,152)
 ( 32,269)

 Amounts reclassified from AOCI
 —
 ( 586)
 ( 203)
 —
 ( 789)

 Balance at December 28, 2024
 $
 ( 75,926)
 $
 ( 191)
 $
 ( 6,282)
 $
 2,120
 $
 ( 80,279)

 Reclassification adjustments out of AOCI were as follows:

 Amount reclassified from AOCI

 2024
 2023
 2022
 Affected Line Item

 Unrealized losses (gains) on derivatives:

 Commodity contracts
 $
 ( 745)
 $
 ( 3,109)
 $
 9,891

 ( 2,225)
 Income tax expense (benefit)

 $
 ( 586)
 $
 ( 2,419)
 $
 7,666
 Net of tax and noncontrolling interests

 Amortization of net loss (gain) and prior service cost on employee benefit plans
 $
 ( 260)
 $
 ( 451)
 $
 ( 1,277)
 Other (expense) income, net

 Income tax expense

 $
 ( 203)
 $
 ( 353)
 $
 ( 945)
 Net of tax and noncontrolling interests

 Note 20 – Quarterly Financial Information (Unaudited) (1)

 (In thousands, except per share data)
 First
Quarter
 Second
Quarter
 Third
Quarter
 Fourth
Quarter

 2024

 $
 849,654
 $
 997,745
 $
 997,831
 $
 923,536

 Gross profit (2)

 240,951
 272,755
 275,362
 255,370

 141,709
 163,447
 171,783
 140,603

 Net income attributable to Mueller Industries, Inc.
 138,363
 160,165
 168,699
 137,652

 Basic earnings per share
 1.24
 1.44
 1.51
 1.23

 Diluted earnings per share
 1.21
 1.41
 1.48
 1.21

 Dividends per share
 0.20
 0.20
 0.20
 0.20

 2023

 $
 971,192
 $
 896,984
 $
 819,792
 $
 732,377

 Gross profit (2)

 292,394
 257,712
 240,734
 195,994

 175,093
 179,551
 135,709
 119,296

 Net income attributable to Mueller Industries, Inc.
 173,239
 177,711
 132,709
 119,238

 Basic earnings per share
 1.56
 1.60
 1.19
 1.07

 Diluted earnings per share
 1.54
 1.56
 1.17
 1.05

 Dividends per share
 0.15
 0.15
 0.15
 0.15

 (1)The sum of quarterly amounts may not equal the annual amounts reported due to rounding. In addition, the earnings per share amounts are computed independently for each quarter, while the full year is based on the weighted average shares outstanding.
 (2)Gross profit is net sales less cost of goods sold, which excludes depreciation and amortization.

 Note 21 – Related Party Transactions

 The non-controlling interest in the Company's South Korean joint venture owns 100 percent of a copper tube mill which supplies Mueller affiliates. These affiliates purchased $ 19.0 million and $ 15.5 million of product from the supplier in 2024 and 2023, respectively. Payables related to these sales as of December 28, 2024 were $ 0.5 million.

 Report of Independent Registered Public Accounting Firm

 To the Stockholders and the Board of Directors of Mueller Industries, Inc.

 Opinion on the Financial Statements

 We have audited the accompanying consolidated balance sheets of Mueller Industries, Inc. (the Company) as of December 28, 2024 and December 30, 2023, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 28, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 28, 2024 and December 30, 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 28, 2024, in conformity with U.S. generally accepted accounting principles.

 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 28, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 26, 2025 expressed an unqualified opinion thereon.

 Basis for Opinion

 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matter

 The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.

 Valuation of the Customer Relationships and Trade Name Intangible Assets in the Acquisition of Nehring Electrical Works Company

 Description of the Matter
 As disclosed in Notes 1 and 2 to the consolidated financial statements, on May 28, 2024, the Company completed the acquisition of Nehring Electrical Works Company and certain of its affiliated companies (collectively, "Nehring"). The total purchase consideration in connection with the acquisition was $569.2 million, net of working capital adjustments, of which $208.1 million was allocated to customer relationships and $54.5 million was allocated to a trade name. The excess of the purchase price over the estimated fair value of the net assets acquired, including identifiable intangible assets, at the acquisitions date was allocated to goodwill. The Company accounted for this acquisition as a business combination.

Auditing the Company's accounting for its acquisition of Nehring was complex due to the significant estimation uncertainty in determining the fair value of identified intangible assets, which principally consisted of customer relationships and a trade name. The significant estimation uncertainty was primarily due to the sensitivity of the respective fair values to certain underlying assumptions. These significant assumptions used to estimate the value of the customer relationships intangible asset included projected revenue growth rates, EBITA, discount rate, and the pre-tax return on the trade name. Related to the trade name intangible asset, the significant assumption was the royalty rate. These significant assumptions are forward-looking and could be affected by future economic and market conditions.

 How We Addressed the Matter in Our Audit
 We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the Company's accounting for acquisitions. For example, we tested controls over the estimation process supporting the recognition and measurement of the identified intangible assets, including the customer relationships and trade name intangible assets, which encompassed testing controls over management's review of assumptions used in the valuation model as well as the completeness and accuracy of the data used in these fair value estimates.

To test the estimated fair value of the customer relationships and trade name intangible assets, our audit procedures included, among others, evaluating the valuation methodologies used, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data. As it pertains to projected revenue growth rates and EBITA related to the customer relationship asset, we compared the assumptions used by management to past performance of Nehring and forecasted performance of the guideline public companies. We also performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the customer relationships and trade name intangible assets that would result from changes in the significant assumptions. In addition, we involved our valuation specialists to assist with our evaluation of the methodology used by the Company and certain significant assumptions, including the pre-tax return on trade name and discount rate used to value the customer relationship asset and the royalty rate used to value the trade name asset.

 We have served as the Company's auditor since 1991.

 Memphis, Tennessee

 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

 Additions

 Charged to costs and expenses
 Other additions
 Deductions
 Balance at end
of year

 2024

 Allowance for doubtful accounts

 $
 2,830
 $
 1,147
 $
 $
 $
 3,724

 Environmental reserves

 $
 18,940
 $
 1,785
 $
 —
 $
 2,311
 $
 18,414

 Valuation allowance for deferred tax assets

 $
 23,078
 $
 ( 4,931)
 $
 —
 $
 1,455
 $
 16,692

 2023

 Allowance for doubtful accounts

 $
 2,687
 $
 ( 84)
 $
 $
 —
 $
 2,830

 Environmental reserves

 $
 20,534
 $
 $
 —
 $
 2,246
 $
 18,940

 Valuation allowance for deferred tax assets

 $
 21,504
 $
 4,939
 $
 $
 3,632
 $
 23,078

 2022

 Allowance for doubtful accounts

 $
 2,590
 $
 $
 —
 $
 $
 2,687

 Environmental reserves

 $
 27,426
 $
 1,367
 $
 —
 $
 8,259
 $
 20,534

 Valuation allowance for deferred tax assets

 $
 26,624
 $
 ( 1,648)
 $
 $
 3,981
 $
 21,504