Mueller Industries, Inc.

MUELLER INDUSTRIES
2024 Annual Report
2025 Proxy Statement
Q

MUELLER  
INDUSTRIES, INC. 
RESULTS AT A GLANCE
SUMMARY OF OPERATIONS
(Dollars in thousands except per share data)
2024 
($)
2023 
($)
2022 
($)
2021 
($)
2020 
($)
Net sales
 3,768,766 
 3,420,345 
 3,982,455 
 3,769,345 
 2,398,043 
Operating income
 770,389 
 756,053 
 877,149 
 655,845 
 245,838 
Net income
 604,879 
 602,897 
 658,316 
 468,520 
 139,493 
Adjusted EBITDA(1)
 817,742 
 778,662 
 914,507 
 645,535 
 272,399 
Diluted earnings per share
 5.31 
 5.30 
 5.82 
 4.12 
 1.24 
Dividends per share
 0.80 
 0.60 
 0.50 
 0.26 
 0.20 
SUMMARY OF CASH FLOW
Cash Flow from Operations
 645,908 
 672,766 
 723,943 
 311,701 
 245,073 
Capital Expenditures
 80,203 
 54,025 
 37,639 
 31,833 
 43,885 
Free-Cash Flow(2) 
 565,705 
 618,741 
 686,304 
 279,868 
 201,188 
SIGNIFICANT YEAR-END DATA
Cash, cash equivalents and ST investments 
 1,059,103 
 1,269,039 
 678,881 
 87,924 
 119,075 
Total Assets 
 3,290,906 
 2,759,301 
 2,242,399 
 1,728,936 
 1,528,568 
Total Debt 
 1,094 
 981 
 2,029 
 1,875 
 327,876 
Ratio of current assets to current liabilities
 5.1 to 1 
 6.4 to 1 
 4.4 to 1 
 2.7 to 1 
 2.4 to 1 
Book value per share(3) 
 24.38 
 20.48 
 15.71 
 10.67 
6.81 
2024 HIGHLIGHTS
30.0%
18.0%
28.9%
0.0%
10.0%
5.0%
15.0%
20.0%
25.0%
2020
27.7%
2024
2023
2022
2021
GROSS MARGIN
22.0%
28.1%
$700
$600
$500
$(2.1)
$400
$300
$200
$100
$800
$0
2020
2024
2023
2022
2021
FREE CASH FLOW
$ millions
$201.2
$279.9
$565.7
$618.7
$686.3
(1)	 Adjusted EBITDA is a non-GAAP financial measure. See Appendix A for a reconciliation of Adjusted EBITDA to our results reported under GAAP.
(2)	 Free cash flow is a non-GAAP financial measure, which represents cash flow from operations minus capital expenditures. Both cash flow from operations and 
capital expenditures presented above are as reported in the Company’s Annual Reports on Form 10-K for the years presented.
(3)	 Adjusted for the two-for-one stock split that occurred on October 20, 2023.
Q

Dear Stockholders:
As you may recall, in early 2019, we announced our 2024 
Strategic Plan (“the Plan”) with an ambitious goal of doubling 
our earnings over a six-year period. Now that the final year of that 
effort is behind us, I would be remiss if I did not begin this report 
by acknowledging the outstanding performance and dedication 
of our valued team. In 2024, we increased our earnings over the 
2018 baseline by nearly 450%, well exceeding our Plan goal 
by over 2x. This remarkable achievement is a testament to our 
team’s ability to execute no matter the challenges, along with our 
deep and disciplined commitment to the core operating principles 
by which we drive our business.
During the past six years, we successfully positioned the business 
for sustained growth with a rigorous focus on improving our gross 
margin. Driven by our commitment to be a leading low-cost 
producer, we focused on rationalizing and consolidating volumes 
into our most flexible and efficient operations, which has yielded 
considerable cost reductions. In addition, we intensified our efforts 
to enhance our product portfolio with higher value-added content 
to provide downstream leverage to our core mill businesses. 
Acquisitions were another key strategic priority of our Plan. This 
was particularly evident in our Climate segment, where, among 
other efforts, we leveraged our market-leading position in the 
HVAC channel to expand into the flexible duct business. The 
result was a staggering 700% growth in earnings for that segment 
during the Plan period. 
Importantly, our team achieved these results despite an array 
of challenges in recent years, from the COVID pandemic to the 
separate devastating impacts of a fire and tornado at two key 
manufacturing facilities. The perseverance and resilience of our 
team was genuinely inspiring and instrumental in helping us 
achieve these incredible results.
2024 in Review
In 2024, we reported $604.9 million in net income on $3.8 billion 
in sales. We generated approximately $646 million in cash from 
operations and concluded the year with over $1.0 billion in cash, 
net of debt. Remarkably, we achieved these results despite 
deploying over $600 million in cash on acquisitions during the 
year. Our balance sheet remains rock solid, and we have ample 
liquidity to continue executing our strategic growth priorities. Most 
recently, we were very pleased to announce a 25% increase in 
our regular dividend to $1.00 per share on an annual basis, the 
fifth consecutive year in which we have increased our dividend 
by a double-digit percentage.
REGULAR DIVIDENDS PER SHARE
(all data adjusted for the two-for-one stock split in 2023)
$-
*announced
$0.50
$0.10
$0.20
$0.30
$0.40
$1.10
$1.00
$0.90
$0.80
$0.70
$0.60
$0.50
2020
2024
2025*
2023
2022
2021
$0.26
$0.60
$0.20
$1.00 
$0.80
Notably, our strong results in 2024 came against a backdrop of 
subdued business conditions. In particular, building construction 
activity was restrained by persistent inflation and high interest 
rates. In the U.S., by far our primary market, new home starts 
and total home sales declined. Residential construction spending 
trended downward, while non-residential building construction 
improved slightly. Internationally, markets performed much worse, 
with construction spending confidence declining throughout most 
of the year. Specifically, GDP growth in Europe, Canada and the 
UK, all markets in which we operate and distribute products, 
was at or below 1%.
	
z MESSAGE FROM 
OUR CHAIRMAN
Q

Despite the conditions, we continued to expand our business. 
We completed two important acquisitions in 2024. The first, 
Nehring Electrical Works, our largest acquisition to date, provides 
an exciting platform for long-term growth in the dynamic energy 
transmission and electrification markets. Nehring is a recognized 
and trusted supplier of high-quality wire and cable products to 
numerous utilities, municipalities, telecommunications and electrical 
distribution companies throughout the U.S. Importantly, its 
operational culture was highly aligned with Mueller’s, and it affords 
us the ability to leverage our proven metals and extrusion expertise. 
In the last few months, we hit the ground running and have already 
committed substantial capital to expand Nehring’s product offerings 
and pursue more efficient technologies in its core business.
Our second and most recent acquisition, Elkhart Products 
Corporation (EPC), provides us not only with an immediate 
opportunity to integrate and optimize our existing copper fittings 
manufacturing platform, but also the ability to relocate some of our 
global joining systems production to the U.S. We believe that joining 
systems technologies carry tremendous growth potential, and the 
acquisition of EPC is one important building block in our efforts.
In summary, we made significant progress in 2024 across all of 
our key strategic priorities and are well-positioned as we head 
into 2025.
Outlook
As 2025 gets underway, we are kicking off the first year of our new 
2030 Strategic Plan. Once again, we have set ambitious goals. We 
are optimistic that business conditions will ultimately improve. Here 
in the U.S., we expect that the new administration’s priorities to 
ignite growth and reduce regulatory restrictions will spur an increase 
in activity sooner than in most other markets. As the U.S. markets 
begin to get their footing, we believe the global markets in which 
we operate will improve. 
Our solid balance sheet will be further fortified by our expected 
strong cash generation. We have ample capacity to support 
our next phase of reinvestments to reduce operational costs 
and pursue acquisitions that complement our existing portfolio, 
leverage our expertise in non-ferrous metals manufacturing, or, like 
the Nehring acquisition, propel us into new and important growth 
sectors. We do not rest on our laurels, and recognize that our 
long-term success requires us to continually adapt and refine the 
business. Our capacity to evolve while steadfastly adhering to our 
core operating principles has brought the Company to where it is 
today, and it will carry us into the future.
Above all, the fundamental strength of Mueller Industries lies in our 
incredibly talented and dedicated employees, who show up every 
day with an unrelenting commitment to continuous improvement. 
We are grateful not only to them, but to our valued customers and 
shareholders who have long been essential to our success.
Very truly yours,
Greg Christopher
Chairman & CEO 
Q

PURPOSE
To vote on three proposals:
1.	 To elect eight directors, each to serve on the Company’s 
Board of Directors (the “Board”), until the next annual 
meeting of stockholders (tentatively scheduled for May 7, 
2026), or until his or her successor is elected and qualified;
2.	 To consider and act upon a proposal to approve the 
appointment of Ernst & Young LLP, independent registered 
public accountants, as auditors of the Company for the 
fiscal year ending December 27, 2025;
3.	 To conduct an advisory vote on the compensation of the 
Company’s named executive officers (“NEOs”); and
To conduct and transact such other business as may 
properly be brought before the Annual Meeting and 
any adjournment thereof.
RECORD DATE
Only stockholders of record at the close of business on 
March 13, 2025, will be entitled to notice of and vote at the 
Annual Meeting or any adjournment(s) thereof. A complete 
list of stockholders entitled to vote at the Annual Meeting will 
be prepared and maintained at the Company’s corporate 
headquarters at 150 Schilling Boulevard, Suite 100, Collierville, 
Tennessee 38017. This list will be available for inspection by 
stockholders of record during normal business hours for a 
period of at least 10 days prior to the Annual Meeting.
/s/ Christopher J. Miritello
Christopher J. Miritello
Corporate Secretary
March 27, 2025 
NOTICE
of Annual Meeting 
of Stockholders
THURSDAY, MAY 8, 2025
8:00 A.M., Central Time 
150 Schilling Boulevard 
Collierville, Tennessee 38017 
REVIEW YOUR PROXY STATEMENT 
AND VOTE IN ONE OF FOUR WAYS:
BY INTERNET
http://www.proxyvote.com
BY TELEPHONE
Call the telephone number on your proxy card.
BY MAIL
Mark, date, sign and return your 
proxy card in the enclosed envelope
IN PERSON
Attend the Annual meeting at the 
Company’s headquarters.
It is important that your shares be represented at the 
Annual Meeting regardless of the size of your holdings. 
Whether or not you intend to be present at the meeting in 
person, we urge you to mark, date and sign the enclosed 
proxy card and return it in the enclosed self-addressed 
envelope, which requires no postage if mailed in the 
United States.
Q

6
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
TABLE OF CONTENTS
PROXY SUMMARY
7
INFORMATION ABOUT VOTING AND THE  
ANNUAL MEETING
7
2024 PERFORMANCE
8
ANNUAL MEETING OF STOCKHOLDERS
8
AGENDA AND VOTING MATTERS 
8
PROPOSAL 1: ELECTION OF DIRECTORS
10
PROPOSAL 2: RATIFICATION OF INDEPENDENT AUDITORS 10
PROPOSAL 3: ADVISORY VOTE TO APPROVE 
COMPENSATION OF NEOs
11
PROPOSAL 1: ELECTION OF DIRECTORS
12
SELECTING NOMINEES TO THE BOARD
12
DIRECTOR NOMINEE BIOGRAPHIES
13
CORPORATE GOVERNANCE
15
GOVERNANCE HIGHLIGHTS
15
DIRECTOR INDEPENDENCE
15
BOARD OF DIRECTORS AND ITS COMMITTEES
16
BOARD’S ROLE IN RISK OVERSIGHT
17
STANDARDS OF CONDUCT
17
COMMUNICATION WITH THE BOARD OF DIRECTORS
18
RELATED PARTY TRANSACTIONS
18
CORPORATE SUSTAINABILITY
19
2024 DIRECTOR COMPENSATION
20
ELEMENTS OF DIRECTOR COMPENSATION
20
2024 NON-EMPLOYEE DIRECTOR COMPENSATION
21
STOCK OWNERSHIP POLICY FOR DIRECTORS
21
PROPOSAL 2: APPOINTMENT OF INDEPENDENT 
REGISTERED PUBLIC ACCOUNTING FIRM
22
REPORT OF THE AUDIT COMMITTEE OF THE  
BOARD OF DIRECTORS
23
PROPOSAL 3: ADVISORY VOTE ON APPROVAL  
OF THE COMPENSATION OF THE COMPANY’S  
NAMED EXECUTIVE OFFICERS
24
COMPENSATION DISCUSSION AND ANALYSIS
25
EXECUTIVE SUMMARY
25
DETERMINATION OF EXECUTIVE COMPENSATION
27
ELEMENTS OF COMPENSATION
27
COMPENSATION RISK MANAGEMENT
32
COMPENSATION AND PERSONNEL  
DEVELOPMENT COMMITTEE REPORT
33
COMPENSATION COMMITTEE INTERLOCKS AND  
INSIDER PARTICIPATION
33
EXECUTIVE COMPENSATION TABLES
34
SUMMARY COMPENSATION TABLE FOR 2024
34
2024 GRANTS OF PLAN-BASED AWARDS TABLE
35
OUTSTANDING EQUITY AWARDS AT FISCAL  
2024 YEAR-END
37
2024 STOCK VESTED AND OPTIONS EXERCISED
38
POTENTIAL PAYMENTS UPON TERMINATION OF 
EMPLOYMENT OR CHANGE IN CONTROL  
AS OF THE END OF 2024
39
PAY VERSUS PERFORMANCE TABLE
40
PRINCIPAL STOCKHOLDERS
43
BENEFICIAL OWNERSHIP OF COMMON STOCK 
BY INSIDERS
44
DELINQUENT SECTION 16(a) REPORTS
45
ADDITIONAL MATTERS
46
VOTING SECURITIES
46
STOCKHOLDER NOMINATIONS FOR BOARD  
MEMBERSHIP AND OTHER PROPOSALS FOR  
THE 2026 ANNUAL MEETING
46
OTHER INFORMATION
47
NOTICE REGARDING THE AVAILABILITY OF PROXY 
MATERIALS FOR THE 2025 ANNUAL MEETING  
TO BE HELD ON MAY 8, 2025
48
HOUSEHOLDING OF ANNUAL MEETING MATERIALS
48
Q

7
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z PROXY SUMMARY
THIS SUMMARY HIGHLIGHTS SELECTED INFORMATION IN THIS PROXY STATEMENT. PLEASE REVIEW THE ENTIRE PROXY 
STATEMENT AND OUR ANNUAL REPORT ON FORM 10-K BEFORE VOTING YOUR SHARES.
	
— INFORMATION ABOUT VOTING AND THE ANNUAL MEETING
We are providing you with these proxy materials in connection with the solicitation by the Board of Directors of Mueller Industries, 
Inc. (the “Company”) of proxies for our 2025 Annual Meeting of Stockholders (the “Annual Meeting”), which will be held at 8:00 A.M. 
Central time on Thursday, May 8, 2025, at our corporate headquarters located at 150 Schilling Boulevard, Collierville, Tennessee 38017.
Notice of the availability of this Proxy Statement, together with the Company’s Annual Report for the fiscal year ended December 28, 
2024, is first being mailed to stockholders on or about March 27, 2025. Pursuant to rules adopted by the Securities and Exchange 
Commission, the Company is providing access to its proxy materials over the Internet at http://www.proxyvote.com.
When a proxy card is returned properly signed, the shares represented thereby will be voted in accordance with the stockholder’s 
directions appearing on the card. If the proxy card is signed and returned without directions, the shares will be voted for the nominees 
named herein and in accordance with the recommendations of the Company’s Board of Directors as set forth herein. A stockholder 
giving a proxy may revoke it at any time before it is voted at the Annual Meeting by giving written notice to the secretary of the Annual 
Meeting or by casting a ballot at the Annual Meeting. Votes cast by proxy or in person at the Annual Meeting will be tabulated by 
election inspectors appointed for the Annual Meeting. The election inspectors will also determine whether a quorum is present. The 
holders of a majority of the shares of common stock, $.01 par value per share (“Common Stock”), outstanding and entitled to vote 
who are present either in person or represented by proxy will constitute a quorum for the Annual Meeting.
The cost of soliciting proxies will be borne by the Company. In addition to solicitation by mail, directors, officers and employees of the 
Company may solicit proxies by telephone or otherwise. The Company will reimburse brokers or other persons holding stock in their 
names or in the names of their nominees for their charges and expenses in forwarding proxies and proxy material to the beneficial 
owners of such stock.
Record Date: March 13, 2025
Q

8
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
PROXY SUMMARY
2024 Performance
	
— 2024 PERFORMANCE
$500
$1,000
$900
$800
$700
$600
$400
$300
$200
$100
Operating Income
Adj. Operating Income
Adjusted EBITDA
2020
2024
2023
2022
2021
OPERATING PERFORMANCE
$ millions
$-
$-
$1.00
$2.00
$3.00
$7.00
$6.00
$5.00
$4.00
2020
2024
2023
2022
2021
$1.24
$4.12
$5.82
$5.30
$5.31
REPORTED DILUTED EPS
(adjusted for two-for-one stock split in 2023)
	
— ANNUAL MEETING OF STOCKHOLDERS
Date and Time:
Place:
Record Date:
Thursday, May 8, 2025 
8:00 A.M., Central Time
150 Schilling Boulevard
Collierville, Tennessee 38017
March 13, 2025
	
— AGENDA AND VOTING MATTERS 
We are asking you to vote on the following proposals at the Annual Meeting:
Proposal
Board Recommendation
Page Reference
Proposal 1 – Election of Directors
FOR each nominee
12
Proposal 2 – Approval of Auditor
FOR
22
Proposal 3 – Say-on-Pay
FOR
24
Q

9
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
PROXY SUMMARY
Agenda and Voting Matters
Set forth below is a summary of the voting requirements and related matters for each of the proposals:
Proposal
Voting Options
Vote Required to  
Adopt the Proposal
Effect of  
Abstentions
Effect of  
“Broker Non-Votes”(1)
Election of Directors
For or withhold 
on each nominee
Directors are elected by a plurality of the votes cast, 
which means that the individuals who receive the 
greatest number of votes cast “For” are elected as 
directors up to the maximum number of directors to 
be chosen at the Annual Meeting.(2)
No effect
No effect
Appointment
of Ernst & Young as auditors for 
2025 fiscal year
For, against, 
or abstain
The affirmative vote of a majority of the outstanding 
shares of the Company present in person or by proxy 
at the Annual Meeting and entitled to vote thereon.
Treated as 
votes against
Brokers expected 
to have discretion 
to vote
Advisory vote on the 
compensation of the Company’s 
named executive officers
For, against, 
or abstain
The affirmative vote of a majority of the outstanding 
shares of the Company present in person or by proxy 
at the Annual Meeting and entitled to vote thereon.
Treated as 
votes against
No effect
(1)	 A broker non-vote generally occurs when a broker is not permitted to vote on a matter without instructions from a customer having beneficial ownership in 
the securities and has not received such instructions. Broker non-votes will not be counted as shares entitled to vote on the relevant  proposal.
(2)	 The Board of Directors has adopted a majority vote policy in uncontested elections. The election of directors solicited by the Proxy Statement is an 
uncontested election. In the event that a nominee for election in an uncontested election receives a greater number of votes “Withheld” for his or her election 
than votes “For” such election, such nominee will tender an irrevocable resignation to the Nominating and Governance Committee, which will decide 
whether to accept or reject the resignation and submit such recommendation for prompt consideration by the Board of Directors no later than ninety (90) 
days following the uncontested election.
Q

10
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
PROXY SUMMARY
Proposal 1: Election of Directors
	
— PROPOSAL 1: ELECTION OF DIRECTORS
The following table provides summary information about each director nominee. The Board of Directors believes that these nominees 
reflect an appropriate composition to effectively oversee the performance of management in the execution of the Company’s strategy, 
and as such, recommends a vote “for” each of the eight nominees listed below.
Name
Age
Director 
Since
Primary Occupation
Independence
Committee 
Memberships
Current Other 
Public Boards
Gregory L. Christopher
Chairman and Chief Executive Officer
63
2010
Chief Executive Officer, 
Mueller Industries, Inc.
N
None
None
Elizabeth Donovan
72
2019
Retired, Chicago Board  
Options Exchange
Y
N*, C
None
William C. Drummond
71
2022
Principal, The Marston Group PLC
Y
A
None
Gary S. Gladstein
80
2000
Private Investor, Consultant
Y
C
None
Scott J. Goldman
72
2008
Chief Executive Officer,  
TextPower, Inc.
Y
C*
None
John B. Hansen
78
2014
Retired Executive Vice President, 
Mueller Industries, Inc.
Y
A*
None
Terry Hermanson
Lead Independent Director  
since January 1, 2019
82
2003
Chairman, Mr. Christmas Inc.
Y
N
None
Charles P. Herzog, Jr.
67
2017
Co-Founder and Principal,  
Atadex LLC & Vypin LLC
Y
A, N
None
A = Audit Committee
C = Compensation and Personnel Development Committee
N = Nominating and Governance Committee
* = Chair
Director Experiences and Skills
Financial Reporting
International Business
Manufacturing/Industries
Supply Chain/Logistics
Technology/Cybersecurity
Equity Markets/Securities
	
— PROPOSAL 2: RATIFICATION OF INDEPENDENT AUDITORS
We ask our stockholders to approve the selection of Ernst & Young LLP (“EY”) as our independent registered public accounting firm for 
the fiscal year ending December 28, 2024. Below is summary information about fees paid to EY for services provided in 2024 and 2023:
2024
2023
Audit Fees
$	
4,477,344 $	
3,504,288
Audit-Related Fees
$	
220,728 $	
71,234
Tax Fees
$	
515,302 $	
494,663
All Other Fees
—
—
$	
5,213,374 $	
4,070,185
Q

11
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
PROXY SUMMARY
Proposal 3: Advisory Vote to Approve Compensation of NEOs
	
— PROPOSAL 3: ADVISORY VOTE TO APPROVE 
COMPENSATION OF NEOs
We are seeking your advisory vote to approve the compensation 
of our named executive officers as disclosed in this proxy 
statement. Our executive officers are responsible for achieving 
long-term strategic goals, and as such, their compensation 
is weighted toward rewarding long-term value creation for 
stockholders. Beyond base salary and traditional benefits, 
we maintain an annual cash incentive compensation program 
that is driven by a pay-for-performance philosophy and based 
on ambitious performance targets both at the Company and 
business line levels. We also maintain a long-term equity incentive 
compensation program, the primary objective of which is to 
motivate and retain top talent — a particularly vital goal given the 
uniquely competitive industry in which we operate. Accordingly, 
we utilize a combination of extended time-vesting schedules and 
performance-based vesting criteria to encourage executives and 
associates alike to enjoy lengthy tenures at the Company, develop 
industry expertise and relationships, ensure sound transition and 
succession planning, and drive our long-term success.
Our emphasis on a pay for performance compensation model is 
best illustrated in the following charts, which show that in 2024, a 
substantial majority of our NEOs’ overall compensation — consisting 
of target long-term and short-term incentive compensation 
combined — is performance-based or “at risk.”
CEO
7%
Base Salary
93%
AT-RISK
COMPENSATION
59%
Long-Term
Incentive
34%
Annual Incentive
OTHER NEOs
10%
Base Salary
39%
Annual Incentive
51%
Long-Term
Incentive
90%
AT-RISK
COMPENSATION
Q

12
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z PROPOSAL 1:
	
z ELECTION OF DIRECTORS
Eight director nominees will be elected at the Annual Meeting, 
each to serve until the next annual meeting (tentatively scheduled 
for May 7, 2026), or until the election and qualification of 
their successors. At the recommendation of the Nominating 
and Governance Committee, the Board has nominated the 
following persons to serve as directors for the term beginning 
at the Annual Meeting: Gregory L. Christopher, Elizabeth 
Donovan, William C. Drummond, Gary S. Gladstein, Scott J. 
Goldman, John B. Hansen, Terry Hermanson and Charles P. 
Herzog, Jr. (collectively, the “Nominees”).
Directors are elected by a plurality of the votes cast, which means 
that the individuals who receive the greatest number of votes 
cast “For” are elected as directors up to the maximum number of 
directors to be chosen at the Annual Meeting. Consequently, any 
shares not voted “For” a particular director (whether as a result of 
a direction to withhold or a broker non-vote) will not be counted 
in such director’s favor.
The Board of Directors has adopted a majority vote policy in 
uncontested elections. An uncontested election means any 
stockholders meeting called for purposes of electing any director(s) 
in which (i) the number of director nominees for election is equal 
to the number of positions on the Board of Directors to be filled 
through the election to be conducted at such meeting, and/or 
(ii) proxies are being solicited for the election of directors solely 
by the Company.
The election of directors solicited by this Proxy Statement is an 
uncontested election. In the event that a nominee for election in an 
uncontested election receives a greater number of votes “Withheld” 
for his or her election than votes “For” such election, such nominee 
will tender an irrevocable resignation to the Nominating and 
Governance Committee, which will decide whether to accept 
or reject the resignation and submit such recommendation for 
prompt consideration by the Board of Directors no later than ninety 
(90) days following the uncontested election.
	
— SELECTING NOMINEES TO THE BOARD
The Nominating and Governance Committee considers, among 
other things, the following criteria in selecting and reviewing 
director nominees:
	
z personal and professional integrity, and the highest ethical 
standards;
	
z skills, business experience and industry knowledge useful to 
the oversight of the Company based on the perceived needs 
of the Company and the Board at any given time;
	
z the ability and willingness to devote the required amount of time 
to the Company’s affairs, including attendance at Board and 
committee meetings;
	
z the interest, capacity and willingness to serve the long-term 
interests of the Company; and
	
z the lack of any personal or professional relationships that would 
adversely affect a candidate’s ability to serve the best interests 
of the Company and its stockholders.
The Nominating and Governance Committee also assesses 
the contributions of the Company’s incumbent directors in 
connection with their potential re-nomination. In identifying and 
recommending director nominees, the Committee members 
consider such factors as they determine appropriate, including 
recommendations made by the Board of Directors.
As reflected in its formal charter, the Nominating and Governance 
Committee considers the diversity of the Company’s Board and 
employees to be a tremendous asset. The Company is committed 
to maintaining a highly qualified and diverse Board, and as such, 
all candidates are considered regardless of their age, gender, race, 
color of skin, ethnic origin, political affiliation, religious preference, 
sexual orientation, country of origin, disability or any other category.
Through Charter amendments enacted in February 2023, 
the Nominating and Governance Committee reaffirmed its 
commitment to including, in each search, qualified candidates 
who reflect diverse backgrounds, including diversity of gender 
and race. Moreover, the Committee will consider all candidates 
irrespective of whether their backgrounds includes work in the 
corporate, academic, government or non-profit sectors. These 
efforts to promote diversity are assessed annually to assure that 
the Board contains a balanced and effective mix of individuals 
capable of advancing the Company’s long-term interests.
The Nominating and Governance Committee does not consider 
individuals nominated by stockholders for election to the Board. 
The Board believes that this is an appropriate policy because the 
Q

13
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
ELECTION OF DIRECTORS
Director Nominee Biographies
Company’s Restated Certificate of Incorporation and Amended 
and Restated By-laws (“Bylaws”) allow a qualifying stockholder to 
nominate an individual for election to the Board, said nomination 
of which can be brought directly before a meeting of stockholders. 
Procedures and deadlines for doing so are set forth in the 
Company’s Bylaws, the applicable provisions of which may be 
obtained, without charge, on the Company’s website or upon 
written request to the Secretary of the Company at the address 
set forth herein.
The presiding officer of the meeting may refuse to acknowledge 
the nomination of any person not made in compliance 
with the procedures set forth in the Bylaws. See “Stockholder 
Nominations for Board Membership and Other Proposals for 2025 
Annual Meeting.”
	
— DIRECTOR NOMINEE BIOGRAPHIES
✔
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE THEIR SHARES FOR 
EACH OF THE NOMINEES.
GREGORY L. CHRISTOPHER
Chairman of the Board and Chief Executive Officer
Age 63
Director Since 
2010
Mr. Christopher has served as Chairman of the Board of Directors since January 1, 2016. Mr. Christopher has served as 
Chief Executive Officer of the Company since October 30, 2008. Prior to that, he served as the Company’s Chief Operating 
Officer and President of the Standard Products Division.
ELIZABETH DONOVAN
Age 72
Director Since 
2019
Ms. Donovan was an early member, and at the time, one of the few women on the Chicago Board Options Exchange. She 
subsequently became an independent broker representing major institutional options orders and has been retired from 
employment for more than five years.
Ms. Donovan was nominated to serve as a director of the Company because of her knowledge of market dynamics and 
institutional trading practices, knowledge acquired through her 18-year tenure as a fiduciary representative amidst an array 
of market conditions. She currently serves as Chairwoman of the Nominating and Governance Committee, and is also a 
member of the Compensation and Personnel Development Committee.
WILLIAM C. DRUMMOND
Age 71
Director Since 
2022
Mr. Drummond, a Certified Public Accountant, has served as a Principal of The Marston Group PLC, a CPA and advisory 
firm, since 2013. Prior to that, he was a Partner at Ernst & Young LLP (“EY”).
Mr. Drummond was nominated to serve as a director of the Company because of his strength in the area of accounting, 
combined with his financial acumen, and his knowledge of and experience with tax and audit matters. He currently serves 
on the Audit Committee.
GARY S. GLADSTEIN
Age 80
Director Since 
2000
Mr. Gladstein served as Chairman of the Board of Directors of the Company from 2013 to 2015, and was previously a 
director of the Company from 1990 to 1994. Mr. Gladstein is currently an independent investor and consultant. From the 
beginning of 2000 to August 31, 2004, Mr. Gladstein was a Senior Consultant at Soros Fund Management. He was a partner 
and Chief Operating Officer at Soros Fund Management from 1985 until his retirement at the end of 1999. During the past 
five years, Mr. Gladstein also served as a director of Inversiones y Representaciones Sociedad Anónima, Darien Rowayton 
Bank and a number of private companies.
Mr. Gladstein was nominated to serve as a director of the Company because of his financial and accounting expertise, 
combined with his years of experience providing strategic advisory services to complex organizations. In addition, having 
been a member of the compensation, audit and other committees of public company boards, Mr. Gladstein is deeply familiar 
with corporate governance issues. He currently serves on the Compensation and Personnel Development Committee.
Q

14
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
ELECTION OF DIRECTORS
Director Nominee Biographies
SCOTT J. GOLDMAN
Age 72
Director Since 
2008
For 12 years, Mr. Goldman has served as Chief Executive Officer of TextPower, Inc., which provides software-integrated text 
messaging alerts to utilities, municipalities and courts. He holds multiple patents for cybersecurity-related authentication 
technologies and speaks, writes and educates executives about cybersecurity matters. He has assisted Fortune 
1000 companies in licensing, developing, building and operating wireless technologies and systems around the world.
Mr. Goldman was nominated to serve as a director of the Company because of his extensive experience with cybersecurity, 
advanced technologies and global market strategies. He currently serves as Chairman of the Compensation and Personnel 
Development Committee.
JOHN B. HANSEN
Age 78
Director Since 
2014
Prior to his retirement as an Executive Vice President of the Company in 2014, Mr. Hansen served the Company in a variety 
of roles, including President-Plumbing Business, President-Manufacturing Operations and Senior Vice President – Strategy 
and Industry Relations. 
Mr. Hansen was nominated to serve as a director because of his extensive industry experience and deep knowledge of the 
Company, its full array of operations and the global markets it serves. He currently serves as Chairman of the Audit Committee.
TERRY HERMANSON 
Lead Independent Director
Age 82
Director Since 
2003
Mr. Hermanson has been the principal of Mr. Christmas Incorporated, a wholesale merchandising company, since 1978, 
and presently serves as its Chairman.
Mr. Hermanson was nominated to serve as a director of the Company because of his extensive experience in manufacturing, 
importing, sales, international business and strategic planning. In addition to serving as Lead Independent Director, 
Mr. Hermanson is also a member of the Nominating and Governance Committee.
CHARLES P. HERZOG, JR.
Age 67
Director Since 
2017
Since 2010, Mr. Herzog has been a principal at Atadex LLC, a firm he co-founded. He co-founded a second firm, Vypin 
LLC, in 2016. Atadex and Vypin provide advanced technological and data delivery solutions to support the transportation 
logistics industry.
Mr. Herzog was nominated to serve as a director of the Company based on his extensive knowledge of the transportation 
logistics industry, and the developing technologies that support it. He currently serves as a member of the Audit Committee 
and the Nominating and Governance Committee.
Q

15
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z CORPORATE GOVERNANCE
	
— GOVERNANCE HIGHLIGHTS
Our Board of Directors’ commitment to sound governance practices is embodied in its Corporate Governance Guidelines, which are 
periodically reviewed in light of evolving trends, regulations and related disclosure requirements. These practices include the following:
Board Independence
	
z Seven of our eight director nominees are independent.
	
z Our CEO is our only management director.
Board Composition
	
z All Board members are elected annually.
	
z The Board annually evaluates its performance and the performance of its committees.
Board Committees
	
z We have three committees: Audit; Compensation and Personnel Development; and Nominating and 
Governance.
	
z All committees are composed entirely of independent directors.
Leadership Structure
	
z Our Board has a Lead Independent Director who liaises between our CEO & Chairman and other directors.
	
z Among other duties, our Lead Independent Director chairs executive sessions of our independent directors.
Environmental, Social & 
Governance (ESG) Oversight
	
z Our Nominating & Governance Committee oversees our ESG program, and delegates such 
responsibilities to other committees, subcommittees or the full Board of Directors as necessary.
Open Communication
	
z We encourage open communication and strong working relationships among the Lead Independent 
Director, Chairman and other directors.
	
z Our directors have direct access to management.
Stock Ownership
	
z Our directors are subject to stock ownership requirements.
	
— DIRECTOR INDEPENDENCE
In order for a director to qualify as “independent,” our Board 
of Directors must affirmatively determine, consistent with 
NYSE rules, that the director has no material relationship with 
the Company that would impair the director’s independence. 
Our Board of Directors undertook its annual review of 
director independence in February 2025. In applying the 
NYSE standards for independence, and after considering all 
relevant facts and circumstances, the Board of Directors has 
affirmatively determined that all directors, with the exception of 
Mr. Christopher, are “independent.” In the course of the Board 
of Directors’ determination regarding the independence of each 
non-management director, the Board considered for:
	
z Mr. Drummond, the fact that although he was previously a 
partner with EY, the Company’s independent auditing firm, he 
retired from EY in 2012, and the Company has received written 
confirmation from EY that (i) all independence issues related to his 
service on the Company’s Board of Directors have been resolved, 
(ii) Mr. Drummond would not be receiving any unfunded retirement 
benefits from EY, and (iii) all other non-pension related financial 
ties and firm amenities had been settled.
	
z Mr. Hansen, the fact that while he was previously an executive 
officer of the Company (until his retirement on April 30, 2014), 
more than five years have lapsed since the termination of his 
employment relationship with the Company.
Q

16
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
CORPORATE GOVERNANCE
Board of Directors and its Committees
	
— BOARD OF DIRECTORS AND ITS COMMITTEES
The Board of Directors and its committees meet regularly 
throughout the year, and may also hold special meetings and 
act by written consent from time to time. In 2024, the Board of 
Directors held four regularly scheduled meetings and one special 
meeting. During this time, our directors attended 100% of our 
Board of Directors meetings and meetings of the committees on 
which they served.
Three standing committees have been convened to assist the 
Board of Directors with various functions: the Audit Committee, 
the Compensation and Personnel Development Committee, and 
the Nominating and Governance Committee. Each committee 
operates pursuant to a formal charter that may be obtained, free 
of charge, at the Company’s website at www.muellerindustries. 
com, or by requesting a print copy from our Corporate Secretary 
at the address listed herein.
AUDIT COMMITTEE
Current Members:
John B. Hansen 
(Chairman)
William C. Drummond
Charles P. Herzog, Jr.
Meetings in 
2024: 6
The Audit Committee assists the Board of Directors in fulfilling its oversight functions with respect to matters involving 
financial reporting, independent and internal audit processes, disclosure controls and procedures, internal controls over 
financial reporting, related-party transactions, employee complaints, cybersecurity and risk management. In particular, 
the Audit Committee is responsible for:
	
z appointing, retaining, compensating and evaluating the Company’s independent auditors;
	
z reviewing and discussing with management and the independent auditors the Company’s annual and quarterly
financial statements, and accounting policies;
	
z reviewing the effectiveness of the Company’s internal audit procedures and personnel;
	
z reviewing, evaluating and assessing the Company’s risk management programs, including with respect to
cybersecurity;
	
z reviewing the Company’s policies and procedures for compliance with disclosure requirements concerning conflicts of
interest and the prevention of unethical, questionable or illegal payments; and
	
z making such other reports and recommendations to the Board of Directors as it deems appropriate.
The Board of Directors has determined that each Audit Committee member meets the standards for independence 
required by the New York Stock Exchange (the “NYSE”) and applicable SEC rules. Moreover, it has determined (i) that 
all members of the Audit Committee are financially literate; and (ii) that William C. Drummond possesses accounting 
and related financial management expertise within the meaning of the listing standards of the NYSE, and therefore 
is an audit committee financial expert within the meaning of applicable SEC rules. In accordance with the rules and 
regulations of the SEC, the above paragraph regarding the independence of the members of the Audit Committee 
shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C of 
the Exchange Act or to the liabilities of Section 18 of the Exchange Act and shall not be deemed to be incorporated 
by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange 
Act, notwithstanding any general incorporation by reference of this Proxy Statement into any other filed document.
COMPENSATION AND PERSONNEL DEVELOPMENT COMMITTEE
Current Members:
Scott J. Goldman 
(Chairman)
Elizabeth Donovan
Gary S. Gladstein
Meetings in 
2024: 3
The Compensation and Personnel Development Committee has oversight responsibility with respect to compensation 
and various other human capital related issues. Pursuant to its charter, the Committee is responsible for, among other 
things:
	
z providing assistance to the Board of Directors in discharging the Board of Directors’ responsibilities related to
executive and employee compensation and benefits; management organization; employee recruitment, engagement
and retention; training and talent development; performance evaluation; succession planning; workplace culture; and
employee health and safety; and
	
z making such recommendations to the Board of Directors as it deems appropriate.
NOMINATING AND GOVERNANCE COMMITTEE
Current Members:
Elizabeth Donovan 
(Chairwoman)
Terry Hermanson
Charles P. Herzog, Jr.
Meetings in 
2024: 2
The Nominating and Governance Committee is responsible for:
	
z recommending director nominees to the Board of Directors;
	
z recommending committee assignments and responsibilities to the Board of Directors;
	
z overseeing the evaluation of the Board of Directors and management effectiveness;
	
z developing and recommending to the Board of Directors corporate governance guidelines;
	
z reviewing the Company’s implementation of procedures for identifying, assessing, monitoring, managing and reporting
on the environmental, social and governance (ESG) risks and opportunities related to the Company’s business; and
	
z delegating responsibilities to other Board Committees, subcommittees or the full Board as it deems appropriate,
including with respect to ESG matters.
Q

17
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
CORPORATE GOVERNANCE
Standards of Conduct
	
— BOARD’S ROLE IN RISK OVERSIGHT
The Board of Directors is actively involved in oversight of risks that could affect the Company. These efforts can be summarized 
as follows: 
Board of Directors
Oversees the full range of generalized risks affecting the Company, including strategic, reputational and
operational risks, combined with the risk management activities of management and the Board Committees
Audit Committee
Oversees risk management
processes related to financial
reporting, internal controls
and financial risks, including
cybersecurity
Compensation and
Personnel Development
Committee
Nominating
and Governance
Committee
Oversees risks related to
Board composition and
succession, as well as
environmental, social,
and governance
(ESG) matters
Management
Handles day-to-day risk management at the Company 
Oversees risks related to
compensation and other human
capital related policies and 
practices, including the attraction, 
development and retention of 
organizational talent, workplace 
culture and other
management succession risks
	
— STANDARDS OF CONDUCT
The Board of Directors has adopted various policies, including 
a comprehensive set of Corporate Governance Guidelines, by 
which the Company is governed. These policies are designed to 
promote sound corporate governance and prudent stewardship 
of the Company, both by the Board of Directors and management.
Anti-Pledging Policy
The Corporate Governance Guidelines prohibit the future pledging 
of the Company’s common stock as security under any obligation 
by our directors and executive officers. 
Insider Trading and Anti-Hedging 
Policy
The Company maintains a policy that mandates compliance with 
insider trading laws and institutes safeguards to mitigate the risk 
of insider trading. Further, the Corporate Governance Guidelines 
prohibit any director, officer or employee of the Company from 
engaging in short sales, transactions in derivative securities 
(including put and call options), or other forms of hedging and 
monetization transactions, such as zero-cost collars, equity 
swaps, exchange funds and forward sale contracts, that allow 
the holder to limit or eliminate the risk of a decrease in the value 
of the Company’s securities.
Recovery Policy
In November 2023, the Board of Directors approved an enhanced 
policy for the recovery of erroneously awarded compensation 
(“Recovery Policy”), which is published on the Company’s website 
and is intended to satisfy the requirements under applicable law 
and NYSE listing rules. The Recovery Policy provides that if the 
Company is required to restate its financial results due to material 
noncompliance with any financial reporting requirements under 
the securities laws, the Company shall promptly take action to 
recoup from any current or former executive officer any incentive-
based compensation received in excess of what would have been 
received based on the Company’s restated financial results, as 
Q

18
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
CORPORATE GOVERNANCE
Communication with the Board of Directors
determined by the Compensation and Personnel Development 
Committee. The Company’s right of recoupment pursuant to the 
Recovery Policy applies to all incentive-based compensation 
received during the three-year period preceding the earlier of 
(i) date on which the Company concludes (or reasonably should 
have concluded) that it is required to prepare an accounting 
restatement, or (ii) the date a legally authorized body directs 
the Company to prepare such restatement. Executive officers 
subject to the Recovery Policy include, the Company’s NEOs 
and controller, business unit presidents and vice presidents, and 
any other officers or members of management who perform 
policy-making functions. The Company may not indemnify 
any executive officer for the loss of any erroneously awarded 
incentive-compensation that is repaid, returned or recovered under 
the terms of the Recovery Policy. Compensation earned prior 
to October 2, 2023 remains subject to the Company’s previous 
recovery policy under its Corporate Governance Guidelines.
Code of Business Conduct and Ethics
The Company has adopted a Code of Business Conduct 
and Ethics, which is designed to help officers, directors and 
employees resolve ethical issues in an increasingly complex 
business environment. The Code of Business Conduct and 
Ethics is applicable to all of the Company’s officers, directors and 
employees, including the Company’s principal executive officer, 
principal financial officer, principal accounting officer or controller 
and other persons performing similar functions. The Code of 
Business Conduct and Ethics covers topics, including but not 
limited to, conflicts of interest, confidentiality of information and 
compliance with laws and regulations.
Director Responsibilities
It is the duty of the Board of Directors to serve as prudent fiduciaries 
for stockholders and to oversee the management of the Company’s 
business. Accordingly, the Corporate Governance Guidelines 
include specifications for director qualification and responsibility, 
attendance, access to officers and employees, compensation, 
orientation, continuing education and self-evaluation.
The Company’s policy is that all members of the Board of 
Directors attend annual meetings of stockholders, except where 
the failure to attend is due to unavoidable circumstances or 
conflicts discussed in advance with the Chairman of the Board. 
All members of the Board of Directors attended the 2023 annual 
meeting of stockholders in person.
Where to Find Our Key Governance Policies: The Corporate 
Governance Guidelines and Code of Business Conduct and 
Ethics can be obtained free of charge from the Company’s 
website at www.muellerindustries.com, or may be requested 
in print by any stockholder.
	
— COMMUNICATION WITH THE BOARD OF DIRECTORS
Any stockholder or interested party who wishes to communicate 
with the Board of Directors, or specific individual directors, including 
the non-management directors as a group, may do so by directing 
a written request addressed to such directors or director in care 
of the Chairman of the Nominating and Governance Committee, 
Mueller Industries, Inc., 150 Schilling Boulevard, Suite 100, 
Collierville, Tennessee 38017. Communication(s) directed to the 
Chairman will be relayed to him, except to the extent that it is 
deemed unnecessary or inappropriate to do so pursuant to the 
procedures established by a majority of the independent directors. 
Communications directed to non-management directors will be 
relayed to the intended director except to the extent that doing 
so would be contrary to the instructions of the non-management 
directors. Any communication so withheld will nevertheless be 
made available to any non-management director who wishes to 
review it.
	
— RELATED PARTY TRANSACTIONS
Related party transactions may present potential or actual conflicts 
of interest, and create the appearance that Company decisions 
are based on considerations other than the best interests of the 
Company and its stockholders. Management carefully reviews 
all proposed related party transactions (if any), other than routine 
banking transactions, to determine if the transaction is on terms 
comparable to those that could be obtained in an arms-length 
transaction with an unrelated third party. Management reports 
to the Audit Committee, and then to the Board of Directors 
on all proposed material related party transactions. Upon the 
presentation of a proposed related party transaction to the Audit 
Committee or the Board of Directors, the related party is excused 
from participation in discussion and voting on the matter.
Q

19
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
CORPORATE GOVERNANCE
Corporate Sustainability
	
— CORPORATE SUSTAINABILITY
The Company assesses and manages environmental, social and 
governance (“ESG”) considerations that may be material to the 
long-term sustainability of our business. Pursuant to its charter, 
the Nominating and Governance Committee is responsible for 
reviewing and discussing with management the Company’s 
implementation of procedures for identifying, assessing, 
monitoring, managing and reporting on the ESG and sustainability 
risks and opportunities related to the Company’s business. In so 
doing, it may form subcommittees or delegate responsibility to 
other Board Committees or the full Board of Directors as it deems 
appropriate. Among other matters, we focus on such issues 
as workplace health and safety, environmental stewardship, 
business ethics and compliance, supply chain management 
and the development of human capital. We also focus outwardly 
on the communities in which we operate, including through a 
foundation that makes charitable contributions to various causes 
and organizations. ESG-related risks and opportunities are integral 
to our strategic decision-making. Such matters are addressed 
by senior management and subject to the oversight of the 
Nominating and Governance Committee and the full Board of 
Directors. The Company also prioritizes the enhanced reporting 
and disclosure of the ESG-related risks and opportunities relating 
to its business and associated metrics. The Company publishes 
an annual Sustainability Report. The report is available on the 
Company’s website at www.muellerindustries.com/sustainability.
Q

20
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z 2024 DIRECTOR COMPENSATION
	
— ELEMENTS OF DIRECTOR COMPENSATION
Our non-employee director compensation for 2024 was awarded in a combination of cash and equity, as shown below:*
Annual fee for the Lead  
Independent Director
For serving as Lead Independent Director, Mr. Hermanson received an annual fee of $90,000.
Annual fee for other directors
All other non-employee directors received an annual fee of $80,000.
Meeting fees
	
z $3,000 per Audit Committee meeting attended. 
	
z $1,500 per Compensation and Personnel Development Committee, or Nominating and 
Governance Committee meeting attended.
Annual fees for Committee
Chairs
	
z $25,000 for the Audit Committee Chair.
	
z $10,000 each for the chairs of the Compensation and Personnel Development and Nominating 
and Governance Committees.
Annual equity award
	
z All non-employee directors were granted 2,733 shares of stock on May 9, 2024 (which had an 
aggregate value of approximately $160,000 as of the grant date).
* In his capacity as Chairman of the Board of Directors, Mr. Christopher received neither a retainer nor any meeting fees.
In addition, each director received reimbursement for such director’s expenses incurred in connection with any such Board or Committee 
meeting, and each Committee fee was paid whether or not such committee meeting was held in conjunction with a Board of 
Directors meeting. 
Q

21
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
2024 DIRECTOR COMPENSATION
Stock Ownership Policy for Directors
	
— 2024 NON-EMPLOYEE DIRECTOR COMPENSATION
The table below summarizes the total compensation we paid to our non-employee directors for the fiscal year ended December 28, 2024.
Name
Fees Earned or 
Paid in Cash 
($)
Stock 
Awards 
($)(1)
Total 
($)
Elizabeth Donovan
93,000
160,031
253,031
William C. Drummond
98,000
160,031
258,031
Gary S. Gladstein
84,500
160,031
244,531
Scott J. Goldman
84,500
160,031
244,531
John B. Hansen
126,000
160,031
286,031
Terry Hermanson
94,500
160,031
254,531
Charles P. Herzog, Jr.
98,000
160,031
258,031
(1)	 Represents the aggregate grant date fair value of awards granted to our directors in 2024, as determined under Financial Accounting Standards Board 
Accounting Standards Codification 718. For information on the valuation assumptions with respect to awards made, refer to Note 18 - Stock-Based 
Compensation to the Company’s Consolidated Financial Statements filed with its Annual Report on Form 10-K for the fiscal year ended December 28, 
2024. The amounts above reflect the Company’s aggregate expense for these awards and do not necessarily correspond to the actual value that will be 
recognized by the directors.
	
— STOCK OWNERSHIP POLICY FOR DIRECTORS
To further align the Company’s goal of aligning directors’ 
economic interests with those of stockholders, the Company 
has adopted stock ownership guidelines for its non-employee 
directors recommending that they hold equity interests of the 
Company (including vested and unvested interests, provided that 
with respect to options, only vested options that are exercisable 
within 60 days of the applicable measurement date will be 
counted) with a value equal to three times the annual cash director 
fee payable to each such director. All directors are expected to 
comply with the stock ownership guidelines within five years of 
being elected to the Board of Directors, and current directors 
should comply as soon as practicable. Director compliance with 
the stock ownership guidelines is monitored on an ongoing basis 
by the Company’s General Counsel.
Q

22
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z PROPOSAL 2:
	
z APPOINTMENT OF INDEPENDENT 
REGISTERED PUBLIC 
ACCOUNTING FIRM
The Audit Committee has reappointed Ernst & Young LLP (“EY”) 
to audit and certify the Company’s financial statements for the 
fiscal year ended December 28, 2024, subject to ratification by 
the Company’s stockholders, which requires the affirmative vote 
of a majority of the outstanding shares of the Company present in 
person or by proxy at the Annual Meeting. If the appointment of 
EY is not so ratified, the Audit Committee will reconsider its action 
and will appoint auditors for the 2025 fiscal year without further 
stockholder action. Notwithstanding, the Audit Committee may at 
any time in the future in its discretion reconsider the appointment 
without submitting the matter to a vote of stockholders. 
Representatives of EY are expected to attend the Annual Meeting 
to answer questions and make a statement if they so choose.
Fees for EY’s audit and other services for each of the two fiscal years ended December 28, 2024 and December 30, 2023 are set 
forth below:
2024
2023
Audit Fees
(professional services rendered for the audit of (i) the Company’s consolidated annual and 
interim/quarterly financial statements, and (ii) internal controls over financial reporting)
$  4,477,344
$  3,504,288
Audit-Related Fees
(assurance and other services, including international accounting and reporting compliance)
$  220,728
$        71,234
Tax Fees
(tax compliance, advice and planning)
$  515,302
$      494,663
All Other Fees
—
—
$5,213,374
$4,070,185
The Audit Committee’s policy is to pre-approve all audit and 
non-audit services provided by the independent auditors. 
Pre-approval is generally provided for up to one year, and any 
such pre-approval is detailed as to the particular service or 
category of services. The Audit Committee has delegated pre-
approval authority to its Chairman when expedition of services 
is necessary. The independent auditors and management are 
required periodically to report to the full Audit Committee regarding 
the extent of services provided by the independent auditors in 
accordance with this pre-approval, and the fees for the services 
performed to date. All of the services provided by the independent 
auditors during fiscal years 2024 and 2023, respectively, under 
the categories Audit Fees, Audit-Related Fees, Tax Fees and All 
Other Fees described above were pre-approved.
✔
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE THEIR SHARES FOR THE 
APPROVAL OF ERNST & YOUNG LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.
Q

23
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
z REPORT OF THE AUDIT
COMMITTEE OF THE BOARD
OF DIRECTORS
The Audit Committee oversees the Company’s financial reporting 
process on behalf of the Board of Directors. Management has the 
primary responsibility for the financial statements and the reporting 
process, including the systems of internal controls. In fulfilling 
its oversight responsibilities, the Audit Committee reviewed the 
audited financial statements in the Annual Report on Form 10-K 
with management, including a discussion of the quality, not just 
the acceptability, of the accounting principles, the reasonableness 
of significant judgments and the clarity of disclosures in the 
financial statements.
The Audit Committee reviewed with the independent auditors, 
who are responsible for expressing an opinion on the conformity 
of those audited financial statements with generally accepted 
accounting principles, their judgments as to the quality, not just 
the acceptability, of the Company’s accounting principles and 
such other matters as are required to be discussed with the Audit 
Committee under Public Company Accounting Oversight Board’s 
(PCAOB) Auditing Standard No. 1301. In addition, the Audit 
Committee discussed with the independent auditors the auditors’ 
independence from management and the Company, including the 
matters in the written disclosures required by Public Company 
Accounting Oversight Board’s Rule 3526, and considered the 
compatibility of non-audit services provided by the independent 
auditors with the auditor’s independence.
The Audit Committee discussed with the Company’s internal 
and independent auditors the overall scope and plans for their 
respective audits. The Audit Committee meets with the internal 
and independent auditors, with and without management present, 
to discuss the results of their examinations, their evaluations of 
the Company’s internal controls, and the overall quality of the 
Company’s financial reporting.
In reliance on the reviews and discussions referred to above, the 
Audit Committee recommended to the Board of Directors (and 
the Board of Directors has approved) that the audited financial 
statements be included in the Company’s Annual Report on 
Form 10-K for the year ended December 28, 2024 for filing with 
the SEC. The Audit Committee and the Board has re-appointed, 
subject to stockholder approval, Ernst & Young LLP, independent 
auditors, to audit the consolidated financial statements of the 
Company for the fiscal year ending December 27, 2025.
The Audit Committee is governed by a formal charter which can be 
accessed from the Company’s website at www.muellerindustries. 
com, or may be requested in print by any stockholder. The 
members of the Audit Committee are considered independent 
because they satisfy the independence requirements for 
Board members prescribed by the NYSE listing standards and 
Rule 10A-3 of the Exchange Act.
John B. Hansen, Chairman
William C. Drummond
Charles P. Herzog, Jr.
(1)
This Section is not “soliciting material,” is not deemed “filed” with the SEC and is not to be incorporated by reference in any filing of the Company
under the Securities Act or the Exchange Act, whether made before or after the date hereof, and irrespective of any general incorporation language
in any such filing.
Q

24
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z PROPOSAL 3:
	
z ADVISORY VOTE ON APPROVAL 
OF THE COMPENSATION OF THE 
COMPANY’S NAMED EXECUTIVE 
OFFICERS
In accordance with Section 14A of the Exchange Act, stockholders 
are being asked to vote on an advisory, non-binding basis, on 
the compensation of the Company’s named executive officers. 
Specifically, the following resolution will be submitted for a 
stockholder vote at the Annual Meeting, the approval of which 
will require the affirmative vote of a majority of the outstanding 
shares of the Company present in person or by proxy at the 
Annual Meeting and entitled to vote thereon:
“RESOLVED, that the stockholders of the Company 
approve, on an advisory basis, the compensation of 
the Company’s named executive officers listed in the 
2024 Summary Compensation Table included in the 
proxy statement for the 2025 Annual Meeting, as such 
compensation is disclosed pursuant to Item 402 of 
Regulation S-K in this proxy statement under the section 
titled “Compensation Discussion and Analysis,” as well 
as the compensation tables and other narrative executive 
compensation disclosures thereafter.”
Although the stockholder vote is not binding on either the Board 
of Directors or the Company, the views of stockholders on these 
matters are valued and will be considered in addressing future 
compensation policies and decisions.
The Company’s Compensation and Personnel Development 
Committee is comprised of knowledgeable and experienced 
independent directors, who are committed to regular review 
and effective oversight of our compensation programs. The 
Company’s executive compensation program is grounded in 
a pay for performance philosophy, and accordingly, has been 
designed to motivate the Company’s key employees to achieve 
the Company’s strategic and financial goals, and to support 
the creation of long-term value for stockholders. Moreover, given 
the particularly competitive markets in which we operate and the 
nature of our business, a principal goal underlying the Company’s 
long-term incentive compensation program specifically is the 
long-term retention and motivation of critical executives and 
business leaders, to ensure that the Company will continue to 
benefit from an exceptionally strong leadership team that will 
be well positioned to develop sound transition and succession 
plans for its key executives as such needs arise in the future. The 
Company’s success depends upon their leadership, judgment 
and experience, and as such, our compensation program is 
designed to promote their enduring commitment to the Company. 
We encourage stockholders to read the Executive Compensation 
section of this proxy statement, including the Compensation 
Discussion and Analysis (CD&A) and compensation tables, for 
a more detailed discussion of the Company’s compensation 
programs and policies, and how they are appropriate and effective 
in promoting growth, creating value, and retaining key members 
of our team.
✔
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE THEIR SHARES FOR THE 
APPROVAL, ON AN ADVISORY BASIS, OF THE COMPENSATION OF THE COMPANY’S NAMED EXECUTIVE OFFICERS.
Q

25
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z COMPENSATION DISCUSSION 
AND ANALYSIS
	
— EXECUTIVE SUMMARY
This Compensation Discussion and Analysis (“CD&A”) provides an overview of how our named executive officers were compensated 
in 2024, as well as how this compensation furthers our established compensation philosophy and objectives.
Our Named Executive Officers
The Company’s NEOs for fiscal year 2024 were:
GREGORY L. CHRISTOPHER
Chief Executive Officer & 
Chairman
JEFFREY A. MARTIN
Executive Vice President, 
Chief Financial Officer & Treasurer
STEFFEN SIGLOCH 
Chief Manufacturing Officer
CHRISTOPHER J. MIRITELLO
Executive Vice President, 
General Counsel & Secretary
Our Compensation Philosophy and 
Guiding Principles
We believe in a pay for performance philosophy, such that a 
material portion of a named executive officer’s compensation 
is dependent upon both the short-term and long-term strategic 
and financial performance of the Company, considered in light 
of general economic and specific Company, industry, and 
competitive conditions. For 2024, we continued to reward named 
executive officers in a manner consistent with this philosophy 
by setting annual incentive targets based on the Company’s 
achievement of certain levels of operating income. While also 
rooted in a pay for performance philosophy, our long-term equity 
incentive compensation program is focused primarily on promoting 
retention of key executives and business leaders. We believe that 
our long-term equity incentive compensation program serves as 
a valuable tool for recruitment and retention in our industry, where 
the competition for leadership talent is a foremost concern, as 
well as for ensuring sound and smooth succession and transition 
planning for our NEOs. Accordingly, we continued to grant equity 
awards, such that any long-term compensation opportunity will 
be directly tied to stock performance, and will only be received 
by key executives and business leaders who remain with and 
make long-term commitments to the Company’s success. 
The Compensation and Personnel Development Committee 
(hereinafter referred to as “the Committee” for purposes of this 
CD&A section) evaluates, on an annual basis, the overall structure 
and design of our program, and believes it has and continues to 
reflect the best balance of the Company’s priorities.
EXECUTIVE SUMMARY
25
DETERMINATION OF EXECUTIVE COMPENSATION
27
ELEMENTS OF COMPENSATION
27
COMPENSATION RISK MANAGEMENT
32
TABLE OF CONTENTS
Q

26
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
COMPENSATION DISCUSSION AND ANALYSIS
Executive Summary
OUR COMPENSATION PHILOSOPHY AND GUIDING PRINCIPLES
ALIGN  
COMPENSATION 
WITH  
SHAREHOLDER  
INTEREST
PAY FOR  
PERFORMANCE
ATTRACT 
AND RETAIN 
TALENT
TRANSPARENCY 
AND  
SIMPLICITY  
OF DESIGN
We emphasize long-term 
stockholder value creation by 
utilizing performance-based 
restricted stock units and stock 
options to deliver long-term 
compensation incentives  
while minimizing risk-taking 
behaviors that could undermine 
long-term objectives.
The attraction and retention of 
key executives and business 
leaders is a core objective 
of our long-term incentive 
compensation program. In 
addition to performance-based 
criterion, our equity awards  
vest on longer time horizons  
to incentivize key executives  
to make longstanding 
commitments to the Company.
Each executive has clear 
performance expectations 
and must contribute to  
the overall success of the 
Company, as opposed to 
solely objectives within 
his or her primary  
area of responsibility.
The three main elements 
of our compensation 
program — base salary, 
annual cash incentive 
compensation and  
long-term equity incentive 
compensation — reflects an 
appropriate blend of goals 
and are based on easily 
understood objectives.
Our Compensation Practices At a Glance
Our pay and equity programs are designed to align executives’ interests with those of our stockholders, and to motivate and retain 
critical leaders. Below is a snapshot of our compensation practices:
WHAT WE DO
WHAT WE DON’T DO
We maintain a fully independent Compensation and 
Personnel Development Committee.
We do not provide for single trigger severance upon a 
change in control.
A higher percentage of our executives’ compensation is 
variable rather than fixed.
We do not permit gross-up payments to cover excise taxes.
We utilize varying performance metrics under our 
short-term and long-term incentive plans.
We do not permit the pledging or hedging of our common 
stock.
Our annual incentive program is based on earnings 
performance and capped for maximum payouts.
We do not support compensation programs or policies that 
reward material or excessive risk taking.
Our equity awards include extended vesting schedules and 
performance-based criteria.
We do not maintain any supplemental executive retirement 
plans.
We have a recovery policy applicable to all senior 
employees, including all NEOs, our controller, all president 
and vice president level personnel, and any other 
employees involved in policymaking functions.
2024 Say-on-Pay Vote and 
Stockholder Engagement
At our 2024 Annual Meeting, we held our annual non-binding 
stockholder advisory vote on executive compensation. 
Approximately 94% of our shares voted (excluding abstentions 
and broker non-votes) were in favor of the compensation of our 
named executive officers as disclosed in the proxy statement for 
the 2024 Annual Meeting.
We were gratified by the level of stockholder support received in 
2024 for our non-binding stockholder advisory vote on executive 
compensation, and believe it reflected our continued efforts to 
engage with stockholders on executive compensation matters.
As in prior years, the Committee will consider the outcome of this 
year’s stockholder advisory vote on executive compensation as it 
makes future compensation decisions.
Q

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MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
COMPENSATION DISCUSSION AND ANALYSIS
Elements of Compensation
	
— DETERMINATION OF EXECUTIVE COMPENSATION
Guided by the philosophy and design outlined above, the 
Committee determines the compensation of our CEO. In turn, 
our CEO makes recommendations to the Committee regarding 
all components of our other NEOs’ compensation, including 
base salary, annual cash incentive compensation, and long-term 
equity incentive compensation. The Committee considers and 
acts upon those recommendations in setting the compensation 
of our other NEOs.
In determining compensation, we generally do not rely upon 
hierarchical or seniority-based levels or guidelines, nor did the 
Committee formally benchmark executive compensation (or any 
component thereof) against any particular peer group. Instead, 
we utilize a more flexible approach that allows us to adapt 
components and levels of compensation to motivate and reward 
individual executives within the context of our broader strategic 
and financial goals. This requires that we consider subjective 
factors including, but not limited to the following:
	
z The nature of the executive’s position;
	
z The performance record of the executive, combined with the 
value of the executive’s skills and capabilities in supporting the 
long-term performance of the Company;
	
z The Company’s overall operational and financial performance; 
and
	
z Whether each executive’s total compensation potential and 
structure is sufficient to ensure the retention of the executive 
officer when considering the compensation potential that may 
be available elsewhere.
In making compensation decisions, the Committee relies on the 
members’ general knowledge of our industry, supplemented by 
advice from our CEO based on his knowledge of our industry 
and the markets in which we participate. From time to time, we 
conduct informal analyses of compensation practices and our 
Compensation and Personnel Development Committee may 
review broad-based third-party surveys to obtain a general 
understanding of current compensation practices.
The Committee has chosen incentive operating income targets 
as the metric to measure performance for each NEO. Our NEOs’ 
compensation is based upon their oversight of and responsibility 
for the entire Company. As such, it is reflective of the scope and 
breadth of their management responsibility, and the performance 
of the Company on a consolidated basis. 
	
— ELEMENTS OF COMPENSATION
As outlined below, our compensation program for our NEOs is 
comprised of three primary elements: (i) base salary and traditional 
benefits, (ii) annual incentive compensation, and (iii) long-term 
equity incentive compensation. Each element plays an integral role 
in our overall compensation strategy. Moreover, the Committee 
has approved certain executive perquisites and post-employment 
change-in-control compensation to our NEOs for purposes of 
motivating them and retaining their services.
Element of Compensation
Purpose/Description
Form/Timing of Payment
Base Salary and traditional 
benefits
To provide a base level of compensation for services 
performed, to encourage the continued service of our 
executive officers and to attract additional talented 
executive officers when necessary
Cash / throughout the fiscal year
Annual Incentive 
Compensation
To attract, motivate and reward executives to achieve 
and surpass key performance target goals
Cash / typically in February based upon the prior 
fiscal year’s performance
Long-Term Equity Incentive 
Compensation
To attract, motivate and reward executives to increase 
stockholder value, and encourage them to make 
long-term commitments to serve the Company
Restricted stock with performance and time 
vesting criterion / following the release of second 
quarter earnings
Q

28
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
COMPENSATION DISCUSSION AND ANALYSIS
Elements of Compensation
Pay-for-Performance and At-Risk Compensation
CEO
7%
Base Salary
93%
AT-RISK
COMPENSATION
59%
Long-Term
Incentive
34%
Annual Incentive
OTHER NEOs
10%
Base Salary
39%
Annual Incentive
51%
Long-Term
Incentive
90%
AT-RISK
COMPENSATION
Base Salary and Traditional Benefits
Base salaries paid to our NEOs are set forth in the “Summary 
Compensation Table for 2024.” Base salary adjustments are 
determined by making reasoned subjective determinations about 
current economic conditions such as general wage inflation as 
well as the executive’s qualifications, experience, responsibilities, 
and past performance. In addition to base salaries, we provide 
traditional benefits such as group health, disability, and life 
insurance benefits, as well as matching contributions to our 
401(k) plan. As noted in the “Summary Compensation Table for 
2024,” certain of our NEOs received base salary increases during 
2024, and the Committee also awarded discretionary bonuses 
of $300,000 and $200,000 respectively to Messrs. Martin 
and Miritello in 2024. This compensation was awarded by the 
Committee in recognition of the NEO’s continued contributions 
to the Company’s performance, expanded responsibilities, and 
outstanding leadership.
Annual Incentive Compensation
Each of our NEOs received annual incentive compensation 
for 2024 based upon the actual performance of the Company 
relative to the performance targets (as described below), which 
were established by the Committee on February 1, 2024. The 
table below shows the target annual incentive award for each 
of our NEOs.
For 2024, the amount of incentive compensation payable to each of our named executive officers was calculated as follows: 
BASE SALARY
ANNUAL INCENTIVE
INCENTIVE GRADE 
LEVEL FACTOR
PERFORMANCE
FACTOR
X
X
=
INCENTIVE GRADE LEVEL FACTOR
Set forth below are the incentive grade level factors for each of our NEOs:
NEO
Multiple of Base Salary
Mr. Christopher
125%
Mr. Martin
90%
Mr. Sigloch 
90% 
Mr. Miritello
90% 
Q

29
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
COMPENSATION DISCUSSION AND ANALYSIS
Elements of Compensation
PERFORMANCE FACTOR
Set forth below are the corresponding payout percentages tied to various levels of achievement above or below pre-approved primary 
operating income performance targets. To promote alignment between pay and performance, incentive compensation amounts are 
not paid to NEOs when the achievement level of the operating income performance target is less than 96%.
Performance to Target(1)
Payout Percentage
96%
80%
100%
100%
104%
135%
106%
185%
109%
270%
112%
350%
115%
400%
(1)	 Performance to target percentages have been rounded to the nearest whole percent for purposes of this table.
The performance factor applicable to each of the NEOs was determined based on the achievement level of the consolidated Company 
incentive operating income target, as shown in the following table:
Name
Incentive Operating 
Income Performance Criteria(1)
Incentive 
Operating 
Income 
Performance 
Target(2)
Weighting
Performance
2024
Achievement 
Level Over 
Primary Target
2024 
Performance 
Factor
Gregory L. Christopher
Consolidated Company
$625 million
100%
$757.7 million
121%
400%
Jeffrey A. Martin
Consolidated Company
$625 million
100%
$757.7 million
121%
400%
Steffen Sigloch
Consolidated Company
$625 million
100%
$757.7 million
121%
400%
Christopher J. Miritello
Consolidated Company
$625 million
100%
$757.7 million
121%
400%
(1)	 Incentive operating income is the performance criteria metric used for all bonus plans. Incentive operating income includes adjustments to operating 
income as presented in the Company’s audited financial statements for purposes of defining the performance criteria, such as: (i) certain standard 
adjustments made annually, including expenses associated with phantom shares granted to personnel in our European businesses and FIFO variances; 
and (ii) certain adjustments made when applicable, including impairment charges, certain gains or losses on the sale of assets, certain gains stemming 
from claim recoveries, consolidation related expenses and purchase accounting adjustments.
(2)	 The performance targets applicable to our NEOs were established by the Committee on February 1, 2024, and continue the Company’s longstanding 
approach of establishing ambitious performance goals that would motivate and incentivize our NEOs to deliver value to our stockholders throughout the 
Company’s fiscal year.
Q

30
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
COMPENSATION DISCUSSION AND ANALYSIS
Elements of Compensation
2024 NEO ANNUAL INCENTIVE CALCULATIONS
As a result of 2024 performance, the annual incentive payments for the NEOs were calculated as follows:
MR. CHRISTOPHER
TARGET
AWARD(1)
$1,842,308
X
=
WEIGHTED
PERFORMANCE FACTOR
400%
ANNUAL INCENTIVE PAYOUT
AS A % OF BASE SALARY
500%
MR. MARTIN
TARGET
AWARD(1)
$422,368
X
=
WEIGHTED
PERFORMANCE FACTOR
400%
ANNUAL INCENTIVE PAYOUT
AS A % OF BASE SALARY
360%
MR. SIGLOCH
TARGET
AWARD(1)
$338,355
X
=
WEIGHTED
PERFORMANCE FACTOR
400%
ANNUAL INCENTIVE PAYOUT
AS A % OF BASE SALARY
360%
MR. MIRITELLO
TARGET
AWARD(1)
$332,340
X
=
WEIGHTED
PERFORMANCE FACTOR
400%
ANNUAL INCENTIVE PAYOUT
AS A % OF BASE SALARY
360%
(1)	 The target award is determined by multiplying the NEO’s base earnings by the applicable incentive grade level factor. 
Long-Term Equity Incentive Compensation 
Program
OVERVIEW 
Our long-term equity-based incentive compensation program 
serves three goals:
1.	 Aligning our NEOs’ financial interests with the interests of our 
stockholders;
2.	 Retaining the services of talented and seasoned executives, 
motivating them to make deep, long-term commitments to 
the Company, and ensuring sound and smooth succession 
and transition planning for the Company and our NEOs; and
3.	 Rewarding our NEOs for advancing our long-term financial 
success and increasing stockholder value.
The Committee has made the retention of executives and key 
employees a particular focus of the long-term equity incentive 
compensation program in recent years.
The Committee has decided that the best way to meet the 
objectives of our long-term incentive program is to award 
a combination of performance-based restricted stock and 
time-based restricted stock, allocated as shown below. In 2024, 
to reaffirm the alignment of pay and performance, the Committee 
chose to award only performance-based restricted stock to our 
NEOs, which, provided performance criteria are met, will cliff vest 
after a period of three years for Messrs. Christopher, Martin and 
Sigloch, and five years for Mr. Miritello.
NEO (INCLUDING CEO) LONG-TERM EQUITY MIX
100%
Performance-
based Restricted
Stock 
The Committee believes that the extended and cliff vesting 
schedules and performance criteria described below will motivate 
our NEOs and key employees to remain with the Company and 
make long-term contributions to stockholder value generation.
Q

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MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
COMPENSATION DISCUSSION AND ANALYSIS
Elements of Compensation
VESTING SCHEDULE FOR PERFORMANCE-BASED 
RESTRICTED STOCK
To foster executive retention, 100% of the regular annual equity 
awards given to NEOs in 2024, all of which are performance-
based, will cliff vest after a period of three years (or five years for 
Mr. Miritello). The Committee elected to use a long-term vesting 
schedule to promote executive retention in our competitive industry 
and to incentivize performance. However, given the importance of 
long-term equity incentive awards in our compensation program, 
the Committee provided for accelerated vesting of unvested 
shares of restricted stock in the event of death, disability or 
a change in control (as explained in more detail in the “2024 
Grant of Plan Based Awards” and “Potential Payments Upon 
Termination of Employment or Change in Control as of the End of 
2024” Tables). The Committee believes that accelerated vesting 
would be appropriate in those circumstances to encourage our 
executives to focus on the potential benefits of a change in control 
transaction for our stockholders without harboring concerns for 
their financial security.
2024 PERFORMANCE-BASED RESTRICTED STOCK AWARDS
(100% of total NEO awards)
YEAR
2
YEAR
1
YEAR
3
AUGUST 5, 2024 
AWARD GRANTED
DECEMBER 26, 2026
PERFORMANCE 
PERIOD ENDS
JULY 30, 2027 
VESTING(1)
DECEMBER 31, 2023
PERFORMANCE PERIOD 
BEGINS
(1)	 Mr. Miritello’s 2024 performance-based restricted stock award has a five-year vesting term and is therefore scheduled to vest on July 30, 2029.
PERFORMANCE CRITERIA FOR PERFORMANCE-BASED 
RESTRICTED STOCK
Of the annual equity awards granted to our NEOs in 2024, 
100% are performance-based, and vesting is contingent upon 
the Company’s performance as measured by an adjusted 
earnings before interest, taxes, depreciation and amortization 
(EBITDA) metric. This single metric was utilized in 2024 to 
prioritize management’s enhanced attention to earnings and 
cash flow. Specifically, utilizing this metric ensures that annual 
performance-based awards to these NEOs will only vest based 
upon the achievement of specified earnings growth targets over 
a three-year performance period, which for the 2024 grants, was 
December 31, 2023 to December 26, 2026. For this purpose, 
the adjusted EBITDA metric means the total adjusted EBITDA 
achieved by the Company during the three-year performance 
period, as compared with a cumulative adjusted EBITDA target 
of $1.44 billion.
The degree to which the annual equity awards granted to our 
NEOs vest is contingent upon the Company’s actual performance 
as compared with the adjusted EBITDA target. The table below 
illustrates the applicable achievement levels and corresponding 
vesting percentages based upon the adjusted EBITDA metric. 
If the achievement percentage is less than 80%, the vesting 
percentage is 0%. Moreover, if the achievement percentage is 
between the specified levels, the vesting percentage is determined 
by linear interpolation.
ADJUSTED EBITDA METRIC
Achievement Percentage
Vesting Percentage
80%
80%
100%
100%
110%
200%
To be clear, the adjusted EBITDA target established for our 
annual equity grants is just one of a number of different, yet 
complementary performance metrics utilized by the Company 
in its efforts to design an overall compensation program that 
is appropriately balanced and furthers its underlying aims. For 
example, the Company’s performance-based compensation 
program also incorporates the ambitious short and long-term 
operating targets that underlie the Company’s annual cash 
incentive compensation program and reflect the Company’s 
long-term aspirations for strategic growth.
The Company has traditionally maintained, and will continue to 
maintain lofty expectations and goals with respect to stockholder 
value creation. Nevertheless, given the primary retention aim of the 
long-term equity incentive compensation program, the Committee 
has concluded that the performance-based criterion for the equity 
awards granted to our NEOs are appropriate in the context of our 
well-balanced overall executive compensation program.
TIMING OF LONG-TERM EQUITY AWARD GRANTS
Long-term equity incentive awards to our Chief Executive Officer 
and other NEOs are traditionally granted annually, and are based 
on the determinations of the Committee. Our Chief Executive 
Officer makes recommendations to the Committee regarding 
awards for other NEOs and members of the management team. 
The NEOs received their annual grants on August 5, 2024. 
In granting long-term equity awards to our NEOs, the Committee 
applied no set formula for allocating awards, and instead made 
reasoned, subjective determinations based upon their performance, 
the importance of retaining their services, and their role in helping 
us achieve our long-term goals. In 2024, we awarded annual grants 
to our NEOs reserving an aggregate of 299,000 shares (assuming 
the maximum performance threshold is met).
Q

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MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
COMPENSATION DISCUSSION AND ANALYSIS
Compensation Risk Management
While we do not have a formal policy with respect to the timing 
of awards of stock options, stock appreciation rights, or similar 
option-like instruments, we do not typically grant, and since 2022 
have not granted, such awards (other than a limited number of 
stock appreciation grants that we make from time to time to 
certain non-executive employees who are located outside of the 
United States, due to local law considerations). In the event we 
determine to grant new awards of stock options or similar awards 
in the future, the Committee will evaluate the appropriate steps to 
take in relation to the foregoing. We have not timed the release of 
material non-public information for purposes of affecting the value 
of executive compensation.
Perquisites
We offer perquisites to our NEOs, which we view as an added 
element of our executive compensation program designed not 
only to attract, retain and reward our NEOs, but also to facilitate 
the performance of their duties on behalf of the Company. The 
perquisites we provided to our NEOs in fiscal year 2024 are 
set forth in the “Summary Compensation Table for 2024”, and 
included, among others, estate and tax planning, personal use 
of our Company airplane, and reimbursement of the income 
tax liabilities associated with certain perquisites. Estate and tax 
planning is provided to certain NEOs to complement our various 
compensation elements for the purpose of ensuring the NEOs 
understand the complexity of the long-term equity incentives 
and are thereby able to maximize the value of such benefits. We 
maintain a Company-owned airplane primarily to provide efficient 
transportation for executives, employees and customers to our 
geographically dispersed operations. From time to time, when 
our plane is not being used for business purposes, we allow our 
Chief Executive Officer to use the plane for personal travel. We 
have also provided executive physicals as a risk management 
tool and to ensure our NEOs are mindful of their personal health. 
Certain club memberships are provided, and serve the primary 
aim of facilitating networking with business clients.
	
— COMPENSATION RISK MANAGEMENT
In connection with its continued appraisal of our compensation program, management, with oversight from the Committee, reviews our 
compensation policies and practices, and the overall compensation program with respect to our risk management practices and any 
potential risk-taking incentives. This assessment includes a review of the primary elements of our compensation in light of potential risks:
COMPENSATION PROGRAM RISK CONSIDERATIONS
Pay Mix
	
z Compensation program includes an appropriately balanced mix of short and long-term 
incentives, which mitigates the risk of undue focus on short-term targets while rewarding 
performance in areas that are key to our long-term success.
	
z Base salaries are set at competitive levels to promote stability and give executives an element 
of compensation that is not at risk.
Performance Metrics and Goals
	
z Distinct performance metrics are used in both our short-term and long-term incentive plans. 
	
z Our annual incentive compensation program includes a payout scale (and cap) reflective 
of a pay for performance philosophy.
Long-term Incentives
	
z Our long-term equity incentive program is designed to retain key executives and business 
leaders and to align their interests with those of our stockholders.
As previously detailed (see pages 17–18), the Company has adopted a series of policies, including bans on pledging and hedging, 
and a Recovery Policy, to further mitigate risk taking behaviors. Beyond our Company Recovery Policy, which applies to all President 
and Vice President-level executives, our CEO and CFO are subject to clawback provisions under the Sarbanes Oxley Act of 2002. For 
these reasons, we believe that our compensation policies and practices are not likely to have a material adverse effect on the Company.
Tax Considerations
Section 162(m) of the Internal Revenue Code (the “Code”) 
generally disallows a tax deduction to public companies for 
compensation in excess of $1,000,000 paid to certain executive 
officers, subject historically to an exception for qualifying 
“performance-based compensation.” The Tax Cuts and Jobs 
Act, enacted on December 22, 2017, substantially modified 
Section 162(m) of the Code and, among other things, eliminated 
the performance-based exception to the $1,000,000 deduction 
limit and expanded the scope of the executive officers who are 
subject to Section 162(m) of the Code.
To maintain flexibility in compensating executive officers in a 
manner designed to promote varying corporate goals in the best 
interest of the company, we consider the impact of Section 162(m) 
of the Code when determining executive compensation, but we 
do not limit our actions with respect to executive compensation 
to preserve deductibility under Section 162(m) of the Code if we 
determine that doing so is in the best interests of the Company 
and its stockholders.
Q

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MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z COMPENSATION AND PERSONNEL 
DEVELOPMENT COMMITTEE 
REPORT
The Compensation and Personnel Development Committee has reviewed and discussed with the Company’s management the 
Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K. Based on such review and discussions, the 
Compensation and Personnel Development Committee recommended to the Board of Directors that the Compensation Discussion 
and Analysis be included in this Proxy Statement.
Scott J. Goldman, Chairman
Elizabeth Donovan
Gary S. Gladstein
	
— COMPENSATION COMMITTEE INTERLOCKS AND INSIDER 
PARTICIPATION
During fiscal year 2024, Messrs. Gladstein, Goldman, and Hermanson served on the Compensation and Personnel Development 
Committee. No member of the Committee was, during fiscal year 2024, an officer or employee of the Company or was formerly an 
officer of the Company. In addition, no member of the Committee, during fiscal year 2024, had any relationship requiring disclosure 
by the Company as a related party transaction under Item 404 of Regulation S-K. No executive officer of the Company served on any 
board of directors or compensation committee of any other company for which any of the Company’s directors served as an executive 
officer at any time during fiscal year 2024.
Q

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MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z EXECUTIVE COMPENSATION 
TABLES
	
— SUMMARY COMPENSATION TABLE FOR 2024
The following table shows compensation of our principal executive officer, our principal financial officer, and other named executive 
officers for the 2024, 2023, and 2022 fiscal years, as applicable.
Name and  
Principal Position 
Year 
Salary 
($) 
Bonus 
($) 
Stock 
Awards 
($)(1) 
Non-Equity 
Incentive Plan 
Compensation 
($) 
All Other 
Compensation 
($) 
Total 
($) 
Gregory L. Christopher
Chief Executive Officer & 
Chairman
2024
1,473,846(2)
—
12,903,000
7,369,231
1,040,824(4)
22,786,901
2023
 1,450,000
—
10,161,450 
7,250,000
602,933
19,464,383
2022
1,450,000
—
25,825,500
7,250,000
468,579
34,994,079
Jeffrey A. Martin
EVP, Chief Financial Officer  
& Treasurer
2024
469,298(2)
300,000(3)
3,612,840
1,689,473
230,111(5)
6,301,722
2023
434,808
—
2,709,720
1,565,307
130,052
4,839,887
2022
425,000
—
3,244,560
1,530,000
149,207
5,348,767
Steffen Sigloch
Chief Manufacturing Officer
2024
375,950(2)
—
1,612,875
1,353,420
211,864(6)
3,554,109
2023
367,527
—
2,107,560
1,323,097
 143,328
3,941,512
2022
365,000
—
2,974,180
1,314,000
181,918
4,835,098
Christopher J. Miritello
EVP, General Counsel & Secretary
2024
369,267(2)
200,000(3)
1,161,270
1,329,361
78,040(7)
3,137,938
2023
 359,266
—
903,240
1,293,358
 42,360
2,598,224
2022
356,796
—
1,013,925
1,266,061
37,434
2,674,216
(1)	 This column represents the aggregate grant date fair value of awards granted to our NEOs computed in accordance with Financial Accounting Standards 
Board Accounting Standards Codification 718 and assuming, for purposes of any awards subject to performance-based vesting criteria, the probable 
outcome of the performance conditions. For information on the valuation assumptions with respect to these awards, refer to Note 18 - Stock-Based 
Compensation to the Company’s Consolidated Financial Statements filed with its Annual Report on Form 10-K for the fiscal year ended December 28, 
2024. The amounts above reflect the Company’s aggregate expense for these awards and do not necessarily correspond to the actual value the named 
executive officers will recognize.
(2)	 Effective November 1, 2024, Mr. Christopher’s base salary was increased by 13.8%, and effective October 7, 2024, Messrs. Martin and Miritello’s base 
salaries were increased by 2% and 2.5% respectively. The increases were awarded on account of these NEOs’ continued contributions to the Company’s 
performance, their expanded responsibilities and additional workload in connection with Company initiatives and tenure. Mr. Christopher’s most recent 
prior base salary increase was in 2021. Mr. Sigloch’s base salary remained unchanged in 2024. 
(3)	 The Committee awarded discretionary bonuses of $300,000 and $200,000 respectively to Messrs. Martin and Miritello in recognition of their outstanding 
leadership, particularly with respect to the successful execution of certain M&A initiatives in 2024.
(4)	 Mr. Christopher’s other compensation includes $873,700 in dividends on restricted stock that vested in 2024. Other compensation also includes $18,315 
in premiums on a life insurance policy maintained on his behalf; a $35,462 reimbursement of the income tax liabilities associated with certain perquisites; 
$43,634 in club memberships; $5,153 in personal tax and estate planning; and a $13,800 matching contribution to the Company’s 401(k) plan. In 
addition, Mr. Christopher’s other compensation includes the incremental cost of $50,760 incurred by the Company in connection with Mr. Christopher’s 
personal use of the Company aircraft, calculated based on the cost of fuel, crew travel, trip-related maintenance and other similar variable costs. Fixed 
costs, which do not change based on usage, are excluded as the Company’s aircraft is used predominantly for business purposes.
(5)	 Mr. Martin’s other compensation includes $206,396 in dividends on restricted stock that vested in 2024. Other compensation also includes $8,370 in club 
memberships; $1,545 in personal tax and estate planning; and a $13,800 matching contribution to the Company’s 401(k) plan.
(6)	 Mr. Sigloch’s other compensation includes $198,064 in dividends on restricted stock that vested in 2024. Other compensation also includes a $13,800 
matching contribution to the Company’s 401(k) plan.
(7)	 Mr. Miritello’s other compensation includes $64,240 in dividends on restricted stock that vested in 2024. Other compensation also includes a $13,800 
matching contribution to the Company’s 401(k) plan.
Q

35
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
EXECUTIVE COMPENSATION TABLES
2024 Grants of Plan-Based Awards Table
	
— 2024 GRANTS OF PLAN-BASED AWARDS TABLE
The following table sets forth summary information regarding all grants of plan-based awards made to our named executive officers 
for the fiscal year ended December 28, 2024. All equity awards were granted to our NEOs on August 5, 2024.
Name
Grant Date
Estimated Future Payouts
Under Non-Equity Incentive
Plan Awards(1) 
Estimated Future Payouts
Under Equity Incentive
Plan Awards(2) 
All Other 
Stock Awards: 
Number of 
Shares of Stock 
or Units 
(#)
Grant Date 
Fair Value of 
Stock Awards 
($) 
Threshold 
($)
Target 
($) 
Maximum 
($)
Threshold 
(#) 
Target 
(#) 
Maximum 
(#) 
Gregory L. Christopher
—
1,473,846
1,842,308
7,369,231
—
—
—
—
—
8/5/2024
—
—
—
80,000
100,000
200,000
—
12,903,000
Jeffrey A. Martin
—
337,895
422,368
1,689,473
—
—
—
—
—
8/5/2024
—
—
—
22,400
28,000
56,000
—
3,612,840
Steffen Sigloch
—
270,684
338,355
1,353,420
—
—
—
—
—
8/5/2024
—
—
—
10,000
12,500
25,000
—
1,612,875
Christopher J. Miritello
—
265,872
332,340
1,329,361
—
—
—
—
—
8/5/2024
—
—
—
7,200
9,000
18,000
—
1,161,270
(1)	 Represents the right to annual cash incentive awards that could have been earned based on performance in 2024. These columns show rights to awards that 
were possible at the threshold, target and maximum levels of performance for each NEO in 2024, determined by multiplying each NEO’s actual base salary paid 
during 2024, by the NEO’s incentive grade level factor, and then by a performance factor of 80% for the threshold level (for 96% achievement of the applicable 
performance criteria), 100% for the target level (for 100% achievement of the applicable performance criteria), and capped at 400%.
(2)	 The vesting of shares of performance-based restricted stock granted to our NEOs on August 5, 2024 is conditioned upon the Company’s actual performance 
as compared with an adjusted EBITDA performance metric over a three-year reference period (December 31, 2023 to December 26, 2026). This column 
represents the aggregate grant date fair value of the awards granted to our NEOs computed in accordance with Financial Accounting Standards Board 
Accounting Standards Codification 718 and assuming the threshold, target and maximum performance condition are achieved as of such date. If 80% of 
the adjusted EBITDA target is met, the threshold number of shares are eligible for vesting on the Vesting Date (July 30, 2027 for Messrs. Christopher, Martin 
and Sigloch, and July 30, 2029 for Mr. Miritello). If 110% of the adjusted EBITDA target is met, the maximum number of shares are eligible for vesting on 
the Vesting Date. For more information on the performance-based criteria, please see the section entitled “Performance Criteria for Performance-Based 
Restricted Stock.”
Narrative Disclosure to Summary 
Compensation Table and Grant of 
Plan Based Awards Table
Employment Agreement with Mr. Christopher
On March 15, 2018, we entered into an indefinite term employment 
agreement (the “Employment Agreement”) with Mr. Christopher, 
pursuant to which he will continue to serve as the Company’s 
CEO, reporting directly to the Board. The Employment Agreement 
replaced Mr. Christopher’s prior employment agreement and, 
in so doing, eliminated the “single-trigger” severance to which 
Mr. Christopher would have been entitled upon the occurrence of 
a change in control of the Company.
The Employment Agreement provides that Mr. Christopher will 
receive a base salary of not less than $1,100,000 per year and will 
be eligible to receive an annual bonus award. For each fiscal year, 
Mr. Christopher’s target annual bonus will be 125% of his base 
salary upon achievement of target performance levels, and he will 
be eligible for a maximum annual bonus of 250% of base salary 
when performance equals or exceeds 125% of the applicable 
performance objectives. The actual annual bonus payable to 
Mr. Christopher will be based upon the actual level of achievement 
of annual Company and individual performance objectives for the 
applicable year, as determined by the Committee. In addition, 
during the term of Mr. Christopher’s employment, the Company 
will maintain a term life insurance policy for him with a face value of 
at least $5 million, and Mr. Christopher will have the right to name 
the beneficiary of such term life insurance policy.
In the event that Mr. Christopher’s employment is terminated for 
any reason (other than by the Company for “cause” (as defined 
in the Employment Agreement)), he will, subject to his execution 
of a general release in favor of the Company and his continued 
compliance with certain restrictive covenants (the “Conditions”), 
be entitled to receive the following: (i) any accrued but unpaid 
compensation and benefits; (ii) any unpaid annual bonus with 
respect to the previously completed fiscal year; (iii) subject to 
achievement of the applicable performance objectives for the fiscal 
year in which the termination occurs, payment of a prorated annual 
bonus for such fiscal year; and (iv) continued medical, dental and 
hospitalization coverage (or payment in lieu of coverage if coverage 
is not permitted by applicable law or the terms of the applicable 
plan) for Mr. Christopher, his spouse and covered dependents 
until the latest of Mr. Christopher’s 70th birthday, his spouse’s 70th 
birthday, and the 3rd anniversary of such termination.
Q

36
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
EXECUTIVE COMPENSATION TABLES
2024 Grants of Plan-Based Awards Table
Additionally, if Mr. Christopher’s employment is terminated by 
the Company without “cause” or by Mr. Christopher for “good 
reason” (as defined in the Employment Agreement), and there 
has not been a “change in control” (as defined in the Employment 
Agreement) in the past 24 months, Mr. Christopher will, subject 
to the Conditions, be entitled to (i) continued payment of his 
base salary for 36 months; and (ii) an amount equal to 3 times 
Mr. Christopher’s target annual bonus in respect of the fiscal year 
in which such termination occurs (or prior fiscal year, if greater), 
such amount to be paid in equal installments over the 3-year 
period following such termination at the same time such amounts 
would otherwise have been paid had no termination occurred. 
If Mr. Christopher’s employment is terminated by the Company 
without “cause” or by Mr. Christopher for “good reason” within 24 
months of a “change in control,” Mr. Christopher will, subject to 
the Conditions, be entitled to (i) payment of his base salary for 36 
months in a lump sum on the first regularly-scheduled payroll date 
following the 60th day following such termination; and (ii) an amount 
equal to 3 times Mr. Christopher’s target annual bonus in respect 
of the fiscal year in which such termination occurs (or prior fiscal 
year, if greater), paid in a lump sum on the first regularly-scheduled 
payroll date following the 60th day following such termination. The 
Employment Agreement does not provide for any “single-trigger” 
severance payments or benefits.
The Employment Agreement does not provide any gross-up or tax 
assistance on the severance benefits. Instead, the Employment 
Agreement contains a “modified cutback” provision, which would 
act to reduce the benefits payable to Mr. Christopher to the extent 
necessary to avoid a “golden parachute excise tax,” but only if 
such reduction would result in Mr. Christopher retaining a larger 
after-tax amount.
Mr. Christopher is subject to certain restrictive covenants during 
the term of his employment and thereafter, including customary 
non-compete restrictions that apply for one year post-termination 
and customary non-solicitation restrictions with respect to 
current and prospective employees that apply for one year 
post-termination. In addition, during the term of his employment 
and for one year thereafter, Mr. Christopher is prohibited from 
contacting any customer or prospective customer of the Company, 
or any representative of the same, for the purpose of providing any 
service or product competitive with any service or product sold or 
provided by the Company.
Change in Control Agreements with Messrs. 
Martin, Sigloch and Miritello
On July 26, 2016, the Company entered into change in control 
agreements with certain key members of the management team, 
including Messrs. Martin and Sigloch. The Company entered into 
a substantially similar change in control agreement with Mr. Miritello 
on January 3, 2017. Pursuant to those agreements, if, upon or 
within two years following a “change in control”, the executive’s 
employment is terminated by the Company without “cause” (other 
than on account of death or “disability”), or by the executive for 
“good reason”, subject to execution of a general release of claims, 
the executive will be entitled to: (i) an amount equal to two times the 
executive’s base salary (as in effect immediately prior to the change in 
control or, if greater, the date of such termination); and (ii) an amount 
equal to two times the average annual bonus paid to the executive 
(including, for this purpose only, any amounts deferred) in respect of 
the three calendar years immediately preceding the calendar year 
in which the change in control occurs (or the three calendar years 
immediately preceding the calendar year of such termination, if 
greater). On February 22, 2022, the Company entered into amended 
change in control agreements with Messrs. Martin and Miritello, 
pursuant to which, if, upon or within three years following a “change in 
control”, the executive’s employment is terminated by the Company 
without “cause” (other than on account of death or “disability”), 
or by the executive for “good reason”, subject to execution of a 
general release of claims, each executive is entitled to three times 
the executive’s base salary and three times the executive’s average 
annual bonus, as outlined in the foregoing. The terms “change in 
control” and “cause” are defined in the 2014 Incentive Plan and the 
term “good reason” is defined in each executive’s change in control 
agreement, as amended. The Company entered into a substantially 
similar amended change in control agreement with Mr. Sigloch 
on July 18, 2022. The agreements also provide that for two years 
following termination under the circumstances described above, 
each of Messrs. Martin, Sigloch and Miritello will receive (subject 
to the executive’s election of COBRA continuation coverage under 
the Company’s group health plan) continued coverage under the 
Company’s group health plan at the Company’s cost (or at the 
direction of the Company, reimbursement for COBRA premiums) 
for two years following such termination.
Further, the amended agreements with Messrs. Martin and Miritello 
provide that if either executive is terminated without “cause,” 
notwithstanding the non-occurrence of a “change in control,” he is 
entitled to (i) an amount equal to two times the executive’s base salary 
(as in effect immediately prior to the date of such termination); and 
(ii) an amount equal to two times the average annual bonus paid to 
the executive (including, for this purpose only, any amounts deferred) 
in respect of the three calendar years immediately preceding the 
calendar year in which such termination occurs.
2024 and 2019 Incentive Plans
In 2024, we maintained the 2024 Incentive Plan (the “2024 Plan”) 
and 2019 Incentive Plan (the “2019 Plan” and together with the 
2024 Plan, the “Plans”), which were approved by our stockholders 
at our Annual Meetings held in May 2024 and May 2019 respectively. 
The Committee administers the Plans and is authorized to, among 
other things, designate participants, grant awards, including 
cash-based awards that historically were intended to qualify as 
performance-based compensation for purposes of Section 162(m) 
of the Internal Revenue Code, determine the number of shares of 
Common Stock to be covered by awards and determine the terms 
and conditions of any awards, and construe and interpret the Plans 
and award agreements issued pursuant thereto. The 2024 Plan 
reserved 3,000,000 shares of our Common Stock for issuance, 
subject to any change in the outstanding Common Stock or the 
capital structure of the Company or any other similar corporate 
transaction or event. The 2019 Plan originally reserved 2,000,000 
shares of our Common Stock for issuance. Reserved but then 
unissued shares under the 2019 Plan were subsequently adjusted 
in light of the Board-approved two-for-one stock split that occurred 
on October 20, 2023, and remain available for issuance pursuant 
to awards under the 2019 Plan.
Q

37
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
EXECUTIVE COMPENSATION TABLES
Outstanding Equity Awards at Fiscal 2024 Year-End
	
— OUTSTANDING EQUITY AWARDS AT FISCAL 2024 YEAR-END
The following table sets forth summary information regarding the outstanding equity awards held by our named executive officers as 
of December 28, 2024. All outstanding equity awards granted prior to October 20, 2023 have been adjusted to reflect the two-for-one 
stock split that occurred on that date.
Option Awards(1)
Stock Awards
Name
Grant Date
Number of 
Securities 
Underlying 
Unexercised 
Options (#) 
Exercisable
Number of 
Securities 
Underlying 
Unexercised 
Options (#) 
Unexercisable 
Option 
Exercise 
Price 
($) 
Option 
Expiration 
Date 
Number of 
Shares or 
Units of Stock 
That Have 
Not Vested 
(#) 
Market 
Value of 
Shares or 
Units of 
Stock That 
Have Not 
Vested 
($) 
Equity 
Incentive 
Plan Awards: 
Number of 
Unearned 
Shares, Units 
or Other 
Rights That 
Have Not 
Vested 
(#)(2)
Equity Incentive 
Plan Awards: 
Market or 
Payout Value 
of Unearned 
Shares, Units, 
or Other Rights 
That Have Not 
Vested 
($) 
Gregory 
Christopher
08/07/2020(3)
—
—
—
—
36,000
2,878,560
—
—
08/08/2022
—
—
—
—
300,000
23,988,000
—
—
11/09/2022(4)
—
—
—
—
500,000
39,980,000
—
—
10/26/2023
—
—
—
—
—
—
270,000
21,589,200
08/05/2024
—
—
—
—
—
—
200,000
15,992,000
Jeffrey 
Martin
08/07/2020(5)
—
—
—
—
12,000
959,520
—
—
08/08/2022
—
—
—
—
96,000
7,676,160
—
—
10/26/2023
—
—
—
—
—
—
72,000
5,757,120
08/05/2024
—
—
—
—
—
—
56,000
4,477,760
Steffen 
Sigloch
08/07/2020(6)
—
—
—
—
24,000
1,919,040
—
—
08/08/2022
—
—
—
—
88,000
7,036,480
—
—
10/26/2023
—
—
—
—
—
—
56,000
4,477,760
08/05/2024
—
—
—
—
—
—
25,000
1,999,000
Christopher J. 
Miritello
09/14/2015
5,330
—
$12.29 09/14/2025
—
—
—
—
08/07/2020(6)
—
—
—
—
8,000
639,680
—
—
08/08/2022
—
—
—
—
30,000
2,398,800
—
—
10/26/2023
—
—
—
—
—
—
24,000
1,919,040
08/05/2024
—
—
—
—
—
—
18,000
1,439,280
(1)	 The options granted to Mr. Miritello in 2015 are fully vested. All outstanding vested options are exercisable until they expire on the tenth anniversary 
of the grant date, subject to earlier cancellation. All outstanding options were adjusted (i) in March 2017 due to payment of a special dividend, and 
(ii) subsequently adjusted in October 2023 in connection with a two-for-one stock split approved by our Board of Directors. The amount of outstanding 
options and the exercise prices shown in the above table are post-adjustments.
(2)	 The vesting of shares of performance-based restricted stock granted to our NEOs in 2022-2024 is conditioned upon the Company’s actual performance 
as compared with an adjusted EBITDA target. For the 2022 grants, the vesting date, subject to the achievement of the performance condition, is July 30, 
2025, and the reference period was from December 26, 2021 to December 28, 2024. For the 2023 grants, the vesting date, subject to the achievement of 
the performance condition, is July 30, 2026 (for Messrs. Christopher, Martin and Sigloch) or July 30, 2028 (for Mr. Miritello), and the reference period is from 
January 1, 2023 to December 27, 2025. For the 2024 grants, the vesting date subject to the achievement of the performance condition, is July 30, 2027 
(for Messrs. Christopher, Martin and Sigloch) or July 30, 2029 (for Mr. Miritello), and the reference period is from December 31, 2023 to December 26, 2026. 
For more information on the performance-based criteria for the 2024 grants, please see the section entitled “Performance Criteria for Performance-Based 
Restricted Stock.” To the extent the Company’s actual performance during the applicable reference period exceeds the performance condition, our NEOs 
are eligible to receive a maximum award of up to 200% of the shares granted (i.e., for achievement of 110% of the adjusted EBITDA target). With respect 
to the 2022 grants, the values reflected in this table are based on actual performance during the reference period (which resulted in achievement of the 
maximum award amount). Otherwise, the values reflected in this table reflect the Company’s current estimate that the maximum awards will be achieved. 
The performance-based restricted stock grants described above are subject to earlier vesting in connection with a change in control or a termination of 
employment due to death or disability. If the acceleration event occurs prior to the end of an applicable reference period, the maximum award amount will vest.
(3)	 Shares of time-based restricted stock granted to Mr. Christopher in 2020 vested or will vest 30% on each of the third and fourth anniversaries of the vesting 
commencement date (July 30 of the year of grant), and 40% on the fifth anniversary of the vesting commencement date, in each case, subject to earlier 
vesting in connection with a change in control or a termination of employment due to death or disability.
Q

38
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
EXECUTIVE COMPENSATION TABLES
2024 Stock Vested and Options Exercised
(4)	 The vesting of this one-time restricted stock grant to Mr. Christopher is conditioned upon the Company’s actual performance as compared with an 
adjusted EBITDA target. The vesting date, subject to the achievement of the performance condition, is December 31, 2027, and the reference period is 
from December 26, 2021 to December 28, 2024. To the extent the Company’s actual performance during the applicable reference period exceeded the 
performance condition, Mr. Christopher is eligible to receive a maximum award of up to 200% of the shares granted. The values reflected in this table are based 
on actual performance during the reference period (which resulted in achievement of the maximum award amount). The performance-based restricted stock 
grants described above are subject to earlier vesting in connection with a change in control, or a termination of employment due to death or disability.
(5)	 Shares of time-based restricted stock vested or will vest 30% on each of July 30, 2023, and July 30, 2024, and 40% on July 30, 2025, subject to earlier 
vesting in connection with a change in control or a termination of employment due to death or disability.
(6)	 Shares of time-based restricted stock will vest 100% on July 30, 2025, subject to earlier vesting in connection with a change in control or a termination of 
employment due to death or disability.
	
— 2024 STOCK VESTED AND OPTIONS EXERCISED
The following table sets forth the value realized by each of our named executive officers as a result of the vesting of restricted stock 
and exercise of stock options during the fiscal year ended December 28, 2024.
Option Awards
Stock Awards
Name
Number of Shares 
Acquired on Exercise 
(#)
Value Realized on 
Exercise 
($)(1)
Number of Shares 
Acquired on Vesting 
(#)
Value Realized 
on Vesting 
($)(2)
Gregory L. Christopher
—
—
515,000
33,472,520
Jeffrey A. Martin
—
—
122,600
8,329,496
Steffen Sigloch
—
—
118,400
7,887,784
Christopher J. Miritello
10,000
779,500
38,000
2,557,930
(1)	 The amounts shown in the Value Realized on Exercise Column equals the number of options exercised multiplied by the market value of the Company’s 
stock on the exercise date less the option exercise price.
(2)	 The amounts shown in the Value Realized on Vesting Column equal the number of shares vested multiplied by the market value of the Company’s stock 
on the vesting date.
Q

39
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
EXECUTIVE COMPENSATION TABLES
Potential Payments Upon Termination of Employment or Change in Control as of the End of 2024
	
— POTENTIAL PAYMENTS UPON TERMINATION OF 
EMPLOYMENT OR CHANGE IN CONTROL AS OF THE END 
OF 2024
Pursuant to the employment agreement with our CEO, and the 
equity award and change in control agreements with our other 
named executive officers, upon a change in control or certain 
terminations of employment, our named executive officers are 
entitled to payments of compensation and benefits and/or 
accelerated vesting of equity awards, in each case as described 
below. The table below reflects the amount of compensation and 
benefits payable to each named executive officer in the event 
of (i) a change in control, (ii) an involuntary termination without 
cause or a resignation for good reason (specifically, for Messrs. 
Martin, Sigloch and Miritello, the occurrence of such a termination 
upon or within two years following a change in control), and (iii) a 
termination by reason of death or disability. The named executive 
officers are not entitled to any payments in connection with a 
termination for cause.
The amounts shown assume the applicable triggering event 
occurred on December 28, 2024, and are estimates of the 
amounts that would be paid to the named executive officers upon 
the occurrence of such triggering event.
Name
Triggering Event
Salary & 
Bonus 
($)
Benefits 
($)
Accelerated 
Vesting of Equity 
Awards 
($)
Total 
($)
Gregory L. 
Christopher
Termination Without Cause or for Good Reason
18,506,731(1)
237,790(3)
—
18,744,521
Termination Due to Death or Disability
7,369,231(2)
237,790(3)
106,103,120(4) 113,710,141
Change in Control
—
—
106,103,120(4) 106,103,120
Termination Without Good Reason
—
237,790(3)
—
237,790
Jeffrey A. Martin
Termination Without Cause or for Good Reason 
following a Change in Control
4,343,553(5)
39,299(5)
19,146,880(4)
23,529,732
Termination Due to Death or Disability
—
—
19,146,880(4)
19,146,880
Change in Control
—
—
19,146,880(4)
19,146,880
Steffen Sigloch
Termination Without Cause or for Good Reason 
following a Change in Control
3,412,245(5)
39,299(5)
15,694,920(4)
19,146,464
Termination Due to Death or Disability
—
—
15,694,920(4)
15,694,920
Change in Control
—
—
15,694,920(4)
15,694,920
Christopher J. 
Miritello
Termination Without Cause or for Good Reason 
following a Change in Control
3,479,228(5)
14,601(5)
6,494,380(4)
9,988,210
Termination Due to Death or Disability
—
—
6,494,380(4)
6,494,380
Change in Control
—
—
6,494,380(4)
6,494,380
(1)	 Includes the value of continuation of base salary and annual incentive compensation (determined based upon Mr. Christopher’s 2024 target bonus) for 
three years post-termination. Also includes the value of a pro-rata bonus for the year of termination, determined based on actual performance, which is 
payable upon a termination for any reason (other than by the Company for cause). The pro-rata bonus amount listed represents Mr. Christopher’s 2024 
bonus paid pursuant to our 2024 annual incentive program. If Mr. Christopher is terminated without cause or resigns for good reason during the 24-month 
period following a change in control, the amounts will be paid in a lump sum within 60 days following termination. For additional details on the payments 
and benefits that may become payable to Mr. Christopher on a qualifying termination, and Mr. Christopher’s material ongoing obligations to the Company 
following such qualifying termination, see the summary of Mr. Christopher’s employment agreement contained in the “Narrative Disclosure to Summary 
Compensation Table and Grant of Plan Based Awards Table” above.
(2)	 Includes the value of a pro-rata bonus for the year of termination. The pro-rata bonus amount listed represents Mr. Christopher’s 2024 bonus paid pursuant to our 
2024 annual incentive program.
(3)	 Includes the value of continued participation in the Company’s benefit plans following termination of employment until Mr. Christopher’s spouse’s 70th birthday, 
which Mr. Christopher is entitled to following a termination for any reason (other than by the Company for cause).
(4)	 Includes the value of accelerated vesting of unvested shares of restricted stock as of December 28, 2024, based on a per share value of $79.96, which value 
equals the market value of the Company’s stock on such date. Unvested shares of restricted stock granted to NEOs will vest automatically in connection with 
a termination due to death or disability or a change in control (with unvested shares of performance-based restricted stock vesting at maximum levels if the 
acceleration event occurs prior to the end of the applicable reference period). Mr. Christopher is also entitled to accelerated vesting of certain of his awards upon 
an involuntary termination without cause or a resignation for good reason. Payments to which named executive officers are entitled upon the accelerated vesting 
of restricted stock included payments associated with declared dividends and interest.
(5)	 Includes the value of: (i) two times the executive’s base salary as in effect on December 28, 2024; (ii) two times the average annual bonus actually paid to the 
executive for the three calendar years preceding December 28, 2024; and (iii) the value of continued participation in the Company’s group health plan for a period 
of two years. All amounts are payable on an involuntary termination without cause or upon a resignation by the executive for good reason that occurs upon or 
within two years following a change in control. As of December 28, 2024, Messrs. Martin, Sigloch and Miritello were not entitled to any amounts in connection with 
such an involuntary termination occurring outside of this two-year, post-change in control window. For additional details on the payments and benefits that may 
become payable to Messrs. Martin, Sigloch and Miritello on a qualifying termination and the NEOs’ material ongoing obligations to the Company following such 
qualifying termination, see the summary of the change in control agreements contained in the “Narrative Disclosure to Summary Compensation Table and Grant 
of Plan Based Awards Table” above.
Q

40
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
EXECUTIVE COMPENSATION TABLES
Pay Versus Performance Table
	
— PAY VERSUS PERFORMANCE TABLE
Value of Initial Fixed $100 
Investment Based on:
Year (a)
Summary 
Compensation 
Table Total for 
PEO ($)
(b)
Compensation 
Actually 
Paid to 
PEO ($)
(c)
Average 
Summary 
Compensation 
Total for 
Non-PEO 
NEOs ($) 
(d)
Average 
Compensation 
Actually Paid 
to Non-PEO 
NEOs ($)
(e)
Total 
Shareholder 
Return ($) 
(f)
Dow Jones 
US Building 
Materials 
& Fixtures 
Index 
($) 
(g)
Net 
Income 
($ 000’s)
(h)
Operating 
Income 
($000’s)
(i)
2024
22,786,901
71,942,284
4,331,256
11,277,634
172
119
604,879
770,389
2023
19,464,383
51,277,489
3,793,208
8,362,951
161
137
602,897
756,053
2022
34,994,079
39,921,017
4,286,027
5,542,672
104
74
658,316
877,149
2021
10,841,767
21,073,541
2,482,800
4,483,255
170 
144
468,520
655,845
2020
7,233,148
8,624,330
1,729,569
2,019,211
112
126
139,493
245,838
Column (b). Reflects compensation amounts reported in the “Summary Compensation Table” for our CEO, Mr. Christopher, for the respective years shown.
Column (c). “Compensation actually paid” to our CEO in each year from 2020-2024 reflects the respective amounts set forth in column (b) of the table above, 
adjusted as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts are paid in cash once 
the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in column (b) of the above do not reflect the 
actual amount of compensation earned by or paid to our CEO during the applicable year. For information regarding the decisions made by our Compensation 
and Personnel Development Committee with respect to the CEO’s compensation for each fiscal year, please see the Compensation Discussion and Analysis 
sections of the proxy statements reporting pay for the fiscal years covered in the table above.
Year
2020
2021
2022
2023
2024
CEO
Mr. Christopher
Mr. Christopher
Mr. Christopher
Mr. Christopher Mr. Christopher
SCT Total Compensation ($)
7,233,148
10,841,767
34,994,079
19,464,383
22,786,901
Less: Stock and Option Award Values Reported in SCT for the 
Covered Year ($)
(2,220,750)
(3,259,125)
(25,825,500)
(10,161,450)
(12,903,000)
Plus: Fair Value for Stock and Option Awards Granted in the 
Covered Year ($)
2,638,875
4,425,375
23,595,500
12,866,850
16,079,000
Change in Fair Value of Outstanding Unvested Stock and Option 
Awards from Prior Years ($)
1,152,600
8,483,199
6,564,886
25,375,159
36,818,739
Change in Fair Value of Stock and Option Awards from Prior Years 
that Vested in the Covered Year ($)
(179,543)
582,325
592,052
3,732,547
9,160,644
Less: Fair Value of Stock and Option Awards Forfeited during the 
Covered Year ($)
—
—
—
—
—
Less: Aggregate Change in Actuarial Present Value of Accumulated 
Benefit Under Pension Plans ($)
—
—
—
—
—
Plus: Aggregate Service Cost and Prior Service Cost for Pension 
Plans ($)
—
—
—
—
—
Compensation Actually Paid ($)
8,624,330
21,073,541
39,921,017
51,277,489
71,942,284
Equity Valuations: For 2022-2024, performance-based restricted share unit grant date fair values are calculated using the average high/low stock price as 
of the date of grant assuming maximum performance. For 2021 and 2020, performance-based restricted share unit grant date fair values are calculated 
using the average high/low stock price as of the date of grant assuming target performance. Adjustments have been made using the stock price and 
performance accrual modifier as of year-end and as of the date of vest. Time-vested restricted share unit grant date fair values are calculated using the 
average high/low stock price as of date of grant. Adjustments have been made using the average high/low stock price as of year-end and as of each date 
of vest.
Column (d). The following non-CEO NEOs are included in the average figures shown for each year from 2020-2024: Messrs. Martin, Sigloch and Miritello.
Column (e). Average “compensation actually paid” for our non-CEO NEOs in each year from 2020-2024 reflects the respective amounts set forth in column 
(d) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. For awards with dividend rights, these amounts 
are paid in cash once the underlying award vests, and are incorporated as applicable in the table below. The dollar amounts reflected in column (d) of the 
above do not reflect the actual amount of compensation earned by or paid to our non-CEO NEOs during the applicable year. For information regarding 
the decisions made by our Compensation and Personnel Development Committee with respect to our non-CEO NEOs’ compensation for each fiscal year, 
please see the Compensation Discussion and Analysis sections of the proxy statements reporting pay for the fiscal years covered in the table above.
Q

41
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
EXECUTIVE COMPENSATION TABLES
Pay Versus Performance Table
Year
2020 Average
2021 Average
2022 Average
2023 Average
2024 Average
Non-CEO NEOs
See column (d) 
note
See column (d) 
note
See column (d) 
note
See column (d) 
note
See column (d) 
note
SCT Total Compensation ($)
1,729,569
2,482,800
4,286,027
3,793,208
4,331,256
Less: Stock and Option Award Values Reported in SCT for the 
Covered Year $)
(503,370)
(753,220)
(2,410,888)
(1,906,840)
(2,128,995)
Plus: Fair Value for Stock and Option Awards Granted in the 
Covered Year ($)
598,118
1,022,753
2,109,505
2,414,520
2,653,035
Change in Fair Value of Outstanding Unvested Stock and Option 
Awards from Prior Years ($)
203,627
1,511,873
1,481,643
3,362,068
4,549,633
Change in Fair Value of Stock and Option Awards from Prior Years 
that Vested in the Covered Year ($)
(8,733)
219,049
76,385
699,995
1,872,705
Less: Fair Value of Stock and Option Awards Forfeited during the 
Covered Year ($)
—
—
—
—
—
Less: Aggregate Change in Actuarial Present Value of Accumulated 
Benefit Under Pension Plans ($)
—
—
—
—
—
Plus: Aggregate Service Cost and Prior Service Cost for Pension 
Plans ($)
—
—
—
—
—
Compensation Actually Paid ($)
2,019,211
4,483,255
5,542,672
8,362,951
11,277,634
Equity Valuations: See method as described in Column (c) note.
Column (f). For the relevant fiscal year, represents the cumulative total shareholder return (TSR) of the Company for the measurement periods ending on 
December 28, 2024, December 30, 2023, December 31, 2022, December 25, 2021 and December 26, 2020, respectively.
Column (g). For the relevant fiscal year, represents the TSR of the Dow Jones U.S. Building Materials & Fixtures index ending on each of December 28, 
2024, December 30, 2023, December 31, 2022, December 25,2021 and December 26, 2020.
Column (h). Reflects “Net Income” in the Company’s Consolidated Income Statements included in the Company’s Annual Reports for the measurement 
periods ending on December 28, 2024, December 30, 2023, December 31, 2022, December 25, 2021 and December 26, 2020, respectively.
Column (i). The Company-selected measure is operating income.
Relationship between Pay and Performance
Below are graphs showing the relationship of “compensation actually paid” (CAP) to our CEO and other NEOs in year from 
2020-2024 to (i) TSR of both the Company and the Dow Jones U.S. Building Materials & Fixtures index, (ii) the Company’s net 
income, and (iii) the Company’s operating income.
2023
2024
2021
2022
2020
8.6
21.1
71.9
51.3
51.3
170
144
112
126
TSR Indexed to $100 per Share
CEO CAP vs. TSR
$0
$50
$100
$150
$200
CEO Pay
COMPANY TSR
Peer TSR
$24
$0
$8
$16
$80
$32
$40
$48
$56
$64
$72
Pay in $ Millions
104
172
161
74
137
119
39.9
Pay in $ Millions
AVERAGE NEO CAP vs. TSR
$0
$50
$100
$150
$200
AVERAGE NEO PAY
COMPANY TSR
Peer TSR 
TSR Indexed to $100 per Share
144
170
172
161
126
112
74
119
137
104
2.0
4.5
5.5
11.3
8.4
$3
$2
$0
$1
$12
$11
$10
$4
$6
$7
$8
$9
$5
2023
2024
2021
2022
2020
Q

42
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
EXECUTIVE COMPENSATION TABLES
Pay Versus Performance Table
CEO PAY
COMPANY NET INCOME
8.6
21.1
39.9
71.9
51.3
468.5
658.3
Net Income in $ millions
CEO CAP vs. Net Income
$0
$400
$500
$600
$700
$300
$200
$100
Pay in $ Millions
139.5
602.9
604.9
2023
2024
2021
2022
2020
$24
$0
$8
$16
$80
$32
$40
$48
$56
$64
$72
Net Income in $ millions
AVERAGE NEO CAP vs. Net Income
$700
$600
$500
$400
$300
$200
$100
$0
AVERAGE NEO PAY
COMPANY NET INCOME
Pay in $ Millions
468.5
139.5
658.3
604.9
602.9
2.0
4.5
8.4
11.3
5.5
$3
$2
$0
$1
$12
$11
$10
$4
$6
$7
$8
$9
$5
2023
2024
2021
2022
2020
CEO CAP vs. Operating Income
$900
$800
$600
$700
$500
$400
$300
$200
$100
$0
Pay in $ Millions
Operating Income in $ millions
8.6
21.1
39.9
51.3
71.9
655.8
245.8
877.1
756.1
770.4
CEO PAY
COMPANY OPERATING INCOME
2023
2024
2021
2022
2020
$24
$0
$8
$16
$80
$32
$40
$48
$56
$64
$72
AVERAGE NEO CAP vs. Operating Income
AVERAGE NEO PAY
COMPANY OPERATING INCOME
Operating Income in $ millions
$900
$700
$600
$800
$500
$400
$300
$200
$100
$0
Pay in $ Millions
655.8
245.8
877.1
770.4
756.1
2.0
4.5
8.4
11.3
5.5
$3
$2
$0
$1
$12
$11
$10
$4
$6
$7
$8
$9
$5
2023
2024
2021
2022
2020
Pay Ratio
In 2024, the total compensation of Mr. Christopher, our Chief 
Executive Officer, was $22,786,901 as reported in the “Summary 
Compensation Table for 2024.” Based on the methodology 
described below, we determined that the median employee in 
terms of total 2024 compensation of all of our employees (other 
than Mr. Christopher) received an estimated $42,953 in total 
compensation for 2024. Therefore, the estimated ratio of 2024 
total compensation of Mr. Christopher to the median employee 
was 531:1.
In general, we offer employees base salary, company retirement 
plan contributions, the opportunity to receive incentive awards for 
performance, and other benefits. In accordance with SEC rules, 
the median employee compensation provided above reflects 
company retirement plan contributions, incentive awards for 2024 
performance and other benefits, but does not reflect benefits 
relating to group life or health plans generally available to all 
salaried employees.
To determine median employee compensation, we took the 
following steps:
	
z We identified our employee population as of December 28, 2024, 
which consisted of approximately 5,168 employees.
	
z For each employee (other than Mr. Christopher), we determined 
the sum of his or her base salary for 2024, and incentive awards 
for 2024. Comparing the sums, we identified an employee whose 
compensation best reflects the Company employees’ median 
2024 compensation, considering whether their compensation 
likely would reflect median employee compensation in 
future years.
	
z In accordance with SEC rules, we then determined that 
employee’s 2024 total compensation was $42,953 using the 
approach required by the SEC when calculating our named 
executive officers’ compensation, as reported in the Summary 
Compensation Table.
Q

43
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z PRINCIPAL STOCKHOLDERS
As of March 13, 2025, the following parties were known by the Company to be the “beneficial owner” of more than five percent of 
the Common Stock:
Name and Address of Beneficial Owner
Shares Beneficially Owned
Percent of Class(1)
Blackrock, Inc. 
14,549,612(2)
13.1%
50 Hudson Yards
New York, NY 10001
The Vanguard Group, Inc.
12,299,997(3)
11.1%
100 Vanguard Blvd.
Malvern, PA 19355
First Trust Portfolios, L.P.
7,085,950(4)
6.4%
120 East Liberty Drive, Suite 400
Wheaton, IL 60187 
(1)	 Based on 110,756,256 shares of Common Stock outstanding as of March 13, 2025.
(2)	 This information is based on a Schedule 13G/A filed by BlackRock, Inc. with the Securities and Exchange Commission (“SEC”) on February 5, 2025. 
BlackRock filed this Schedule 13G/A on its own behalf and on behalf of certain of its subsidiaries. The Schedule 13G/A reported that BlackRock has sole 
voting and dispositive power with respect to 14,346,300 and 14,549,612, respectively, of the shares shown.
(3)	 This information is based on a Schedule 13G/A filed by The Vanguard Group, Inc. (“VGI”) with the SEC on February 13, 2024. According to the 
Schedule 13G/A, VGI has sole dispositive power with respect to 12,055,121 of the shares shown. VGI also has shared voting power with respect to 
140,700 of the shares shown, and shared dispositive power with respect to 244,876 of the shares shown.
(4)	 The information is based on a Schedule 13G jointly filed by affiliates First Trust Portfolios, L.P and First Trust Advisors L.P., along with their general partner, 
The Charger Corporation, on January 10, 2024. The Schedule 13G reported that the reporting parties have shared voting and dispositive power with 
respect to 5,908,227 and 7,085,950 respectively, of the shares shown. The Schedule 13G also reported that First Trust Portfolios, L.P. acts as sponsor of 
certain unit investment trusts that hold shares of the Company, and that First Trust Advisors L.P. acts as the portfolio supervisor of those trusts. According 
to the Schedule 13G, none of the reporting parties has the power the vote the shares of the Company held by those unit investment trusts. Those shares 
are purportedly voted by the trustee of such trusts so as to ensure that the shares are ordinarily voted as closely as possible, in the same manner and in 
the same general proportion as are the shares held by other owners.
Q

44
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z BENEFICIAL OWNERSHIP OF 
COMMON STOCK BY INSIDERS
The following table sets forth, as of the close of business on 
March 13, 2025, information about the approximately 2.7% of 
shares of Common Stock (calculated based on 110,756,256 
shares outstanding) beneficially owned by each of the Company’s 
current directors, nominees for director, executive officers and 
NEOs, as determined in accordance with Rule 13d-3 of the 
Exchange Act. The NEOs are those individuals set forth in the 
“Summary Compensation Table for 2024” included herein. Unless 
otherwise indicated, all directors, nominees for director, and NEOs 
have sole voting and investment power with respect to the shares of 
Common Stock reported. Other than with respect to our directors 
(whose biographical information is set forth under “Proposal 1: 
Election of Directors – Director Nominee Biographies”), the table 
and the accompanying footnotes set forth the foregoing persons’ 
current positions with the Company, principal occupations and 
employment over the preceding five years, age and directorships 
held in certain other publicly-owned companies.
Principal Occupation, Employment, etc.
Common Stock 
Beneficially Owned 
as of March 13, 2025 
Percent of Class
Chairman and Chief Executive Officer
Gregory L. Christopher(1)
1,462,431
1.3%
Independent Directors
Elizabeth Donovan(2)
56,733
*
William C. Drummond
15,133
*
Gary S. Gladstein(3)
359,873
*
Scott J. Goldman(4)
105,876
*
John B. Hansen(5)
118,914
*
Terry Hermanson
110,082
*
Charles P. Herzog, Jr.(6)
70,319
*
Section 16 Officers
Jeffrey A. Martin
342,958
*
Executive Vice President, Chief Financial Officer and Treasurer since February 14, 2013; age 58(7) 
Christopher J. Miritello
123,871
*
Executive Vice President, General Counsel and Secretary since January 1, 2017; age 42(8)
Steffen Sigloch
179,128
*
Chief Manufacturing Officer since May 4, 2017; age 56(9)
SECTION 16 OFFICERS AND DIRECTORS AS A GROUP
2,945,318
2.7%**
*	
Less than 1%
**	
Includes 186,664 shares of Common Stock which are subject to currently exercisable stock options and 947,500 shares of non-vested restricted stock 
held by executive officers and directors of the Company.
(1)	 The number of shares of Common Stock beneficially owned by Mr. Christopher includes (i) 671,000 shares of non-vested restricted stock (some of 
which have the potential to vest at 200%), (ii) 140,000 shares owned by a trust in which his wife is beneficiary, (iii) 144,520 shares owned by a trust in 
which he is beneficiary and (iv) 13,600 shares of Common Stock which are owned by Mr. Christopher’s children.
(2)	 The number of shares of Common Stock beneficially owned by Ms. Donovan includes (i) 28,000 shares of Common Stock which are subject to 
currently exercisable stock options, and (ii) 4,000 shares of Common stock which are owned by Ms. Donovan’s spouse.
(3)	 The number of shares of Common Stock beneficially owned by Mr. Gladstein includes (i) 59,556 shares of Common Stock which are subject to currently 
exercisable stock options, and (ii) 290,206 shares of Common Stock, which are owned by a trust of which he is beneficiary.
(4)	 The number of shares of Common Stock beneficially owned by Mr. Goldman includes (i) 49,778 shares of Common Stock which are subject to currently 
exercisable stock options.
(5)	 The number of shares of Common Stock beneficially owned by Mr. Hansen includes (i) 8,000 shares of Common Stock which are subject to currently 
exercisable stock options, and (ii) 16,000 shares of Common Stock owned by a trust where his wife and children serve as beneficiaries.
(6)	 The number of shares of Common Stock beneficially owned by Mr. Herzog includes (i) 36,000 shares of Common Stock which are subject to currently 
exercisable stock options, (ii) 8,000 shares of Common Stock owned by a trust of which his children are beneficiaries, and (iii) 8,586 shares of Common 
Stock owned by a trust of which his is beneficiary.
Q

45
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
BENEFICIAL OWNERSHIP OF COMMON STOCK BY INSIDERS
Delinquent Section 16(a) Reports
(7)	 Mr. Martin served (i) as Interim Chief Financial Officer of the Company from October 26, 2012 until February 14, 2013, (ii) as Vice President - Corporate 
Development of the Company from January 11, 2011 until October 26, 2012, (iii) as Vice President-Finance & Corporate Development from August 1, 
2008 until January 11, 2011, and (iv) as Vice President-Operations, Standard Products Division prior to August 1, 2008. The number of shares of Common 
Stock beneficially owned by Mr. Martin includes 124,000 shares of non-vested restricted stock (some of which have the potential to vest at 200%).
(8)	 Mr. Miritello served as Deputy General Counsel of the Company from September 15, 2015 to December 31, 2016. Prior to joining the Company, he 
was associated with the New York office of Willkie Farr & Gallagher LLP. The number of shares of Common Stock owned by Mr. Miritello includes 
(i) 5,330 shares of Common Stock which are subject to currently exercisable stock options and (ii) 44,000 shares of non-vested restricted stock (some 
of which have the potential to vest at 200%).
(9)	 Mr. Sigloch served as (i) President – Piping Systems North America of the Company from May 5, 2016 until May 4, 2017; (ii) President – Extruded 
Products of the Company from January 1, 2013 until May 5, 2016, (iii) Corporate Vice President – Engineering and Manufacturing of the Company from 
January 1, 2012 until January 1, 2013, and (iv) Vice President – Engineering and Manufacturing of Mueller Europe, Ltd, from July 1, 2011 until January 1, 
2012. Prior to joining the Company on July 1, 2011, Mr. Sigloch served as Chief Executive Officer of Wieland Copper Products, LLC. Mr. Sigloch served 
as Chairman of the Copper & Brass Fabricators Council, Inc. from March 2017 to March 2019. He has served as Chairman of the Copper Development 
Association, Inc. since December 2024, and has also been elected to serve as Chairman of the International Wrought Copper Council starting in 
May 2025. The number of shares of Common Stock beneficially owned by Mr. Sigloch includes 108,500 shares of non-vested restricted stock (some of 
which have the potential to vest at 200%).
	
— DELINQUENT SECTION 16(a) REPORTS
Based solely upon its review of Forms 3 and 4 received by it, and written representations from certain reporting persons about whether 
any Form 5 filings were required, the Company believes that during 2024, all filing requirements applicable to its officers, directors and 
ten percent stockholders were complied with.
Q

46
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z ADDITIONAL MATTERS
	
— VOTING SECURITIES
At the close of business on the Record Date, there were 
110,756,256 shares of Common Stock outstanding, which are the 
only shares entitled to be voted at the Annual Meeting. Each share 
of Common Stock is entitled to one vote. Only stockholders of 
record at the close of business on the Record Date will be entitled 
to notice of, and to vote at, the Annual Meeting. The Bylaws do 
not provide for cumulative voting for the election of directors.
On September 26, 2023, our Board of Directors authorized and 
approved a two-for-one stock split (“Stock Split”) in the form of a 
stock dividend of one share of the Company’s Common Stock for 
every one share of Common Stock issued and outstanding as of 
the close of business on October 6, 2023. The distributions of the 
aforementioned stock dividend (and/or cash in lieu of fractional 
shares) was effected on October 20, 2023. In connection with the 
Stock Split, and in accordance with the Company’s outstanding 
stock option plans and agreements, the Company adjusted the 
shares subject to and the per share exercise price with respect to 
outstanding options. These adjustments resulted in the number of 
shares subject to each outstanding option and an adjustment to 
the option purchase price designed to maintain the option holders’ 
intrinsic value following the Stock Split. References in this Proxy 
Statement to beneficial stock ownership or outstanding options 
for periods following October 20, 2023 reflect the equitable 
adjustments made to stock beneficially owned (including options 
outstanding) as of October 6, 2023. References in this Proxy 
Statement to stock or option awards issued prior to October 6, 
2023 have also been equitably adjusted to reflect the Stock Split.
	
— STOCKHOLDER NOMINATIONS FOR BOARD MEMBERSHIP 
AND OTHER PROPOSALS FOR THE 2026 ANNUAL MEETING
It is anticipated that the next Annual Meeting after the one 
scheduled for May 8, 2025 will be held on or about May 7, 2026. 
The Company’s Bylaws require that, for nominations of directors or 
other business to be properly brought before an Annual Meeting, 
written notice of such nomination or proposal for other business 
must be furnished to the Company. Such notice must contain certain 
information concerning the nominating or proposing stockholder 
and information concerning the nominee and must be furnished 
by the stockholder (who must be entitled to vote at the meeting) to 
the Secretary of the Company, in the case of the Annual Meeting 
to be held in 2026, no earlier than December 9, 2025 and no later 
than January 8, 2026. Such notice must contain the information 
required by our Bylaws, including the information required by Rule 
14a-19 of the Exchange Act in the case of a stockholder who 
intends to solicit proxies in support of director nominees other 
than the Company’s nominees (unless such solicitation would not 
be subject to Rule 14a-19 under the Exchange Act). A copy of 
the applicable provisions of the Bylaws may be obtained by any 
stockholder, without charge, upon written request to the Secretary 
of the Company at the address set forth below.
In addition to the foregoing, and in accordance with the rules of 
the SEC, in order for a stockholder proposal, relating to a proper 
subject, to be considered for inclusion in the Company’s proxy 
statement and form of proxy relating to the Annual Meeting to be 
held in 2026, such proposal must be received by the Secretary of 
the Company by November 27, 2025 in the form required under 
and subject to the other requirements of the applicable rules of the 
SEC. If the date of the Annual Meeting to be held in 2025 is changed 
to a date more than 30 days earlier or later than May 7, 2026, the 
Company will inform the stockholders in a timely fashion of such 
change and the date by which proposals of stockholders must be 
received for inclusion in the proxy materials. Any such proposal 
should be submitted by certified mail, return receipt requested, or 
other means, including electronic means, that allow the stockholder 
to prove the date of delivery.
If a stockholder intends to present a proposal at the 2026 
Annual Meeting without any discussion of the proposal in our 
proxy statement, and the stockholder does not notify us of 
such proposal on or before February 10, 2026 as required by 
SEC Rule 14a-4(c)(1), then proxies received by us for the 2025 
Annual Meeting will be voted by the persons named as such 
proxies in their discretion with respect to such proposal. Notice 
of any such proposal is to be sent to the address set forth below.
Q

47
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
	
z OTHER INFORMATION
If any matter not described herein should properly come before 
the Annual Meeting, the persons named in the proxy will vote 
the shares represented by them as they deem appropriate. 
At the date of this Proxy Statement, the Company knew of no 
other matters which might be presented for stockholder action 
at the Annual Meeting.
Consolidated financial statements for the Company are included 
in the Annual Report to Stockholders for the year ended 
December 28, 2024 that accompanies this Proxy Statement. These 
financial statements are also on file with the SEC, 100 F Street, 
N.E., Washington, D.C. 20549 and with the NYSE. The Company’s 
SEC filings are also available at the Company’s website at 
www.muellerindustries.com or the SEC’s website at 
www.sec.gov.
A COPY OF THE COMPANY’S ANNUAL REPORT 
ON FORM 10-K AS FILED FOR THE YEAR ENDED 
DECEMBER 28, 2024 (EXCLUDING EXHIBITS) OR, AS NOTED 
HEREIN, ANY OF THE COMPANY’S BOARD COMMITTEE 
CHARTERS, CORPORATE GOVERNANCE GUIDELINES, OR 
CODE OF ETHICS WILL BE FURNISHED, WITHOUT CHARGE, 
BY WRITING TO CHRISTOPHER J. MIRITELLO, CORPORATE 
SECRETARY, MUELLER INDUSTRIES, INC., AT THE COMPANY’S 
PRINCIPAL PLACE OF BUSINESS (150 SCHILLING BOULEVARD, 
SUITE 100, COLLIERVILLE, TENNESSEE 38017). UPON RECEIPT 
BY WRITING TO THE FOREGOING ADDRESS, THE COMPANY 
WILL ALSO FURNISH ANY OTHER EXHIBIT OF THE ANNUAL 
REPORT ON FORM 10-K UPON ADVANCE PAYMENT OF THE 
REASONABLE OUT-OF-POCKET EXPENSES OF THE COMPANY 
RELATED TO THE COMPANY’S FURNISHING OF SUCH EXHIBIT.
Q

48
MUELLER INDUSTRIES ● 2025 PROXY STATEMENT
Other Information
Notice Regarding the Availability of Proxy Materials for the 2025 Annual Meeting to be Held on May 8, 2025
	
— NOTICE REGARDING THE AVAILABILITY OF PROXY 
MATERIALS FOR THE 2025 ANNUAL MEETING TO BE HELD 
ON MAY 8, 2025
The Proxy Statement and Annual Report are available at: 
http://www.proxyvote.com.
You will need the Control Number included on your proxy card. 
For the date, time, and location of the Annual General Meeting, 
please refer to “Solicitation of Proxies.” For information on how 
to attend and vote in person at the Annual General Meeting, 
an identification of the matters to be voted upon at the Annual 
General Meeting and the Board’s recommendations regarding 
those matters, please refer to “Solicitation of Proxies,” “Election of 
Directors,” “Appointment of Independent Registered Accounting 
Firm”, and “Approval of the Compensation of the Company’s 
Named Executive Officers.”
	
— HOUSEHOLDING OF ANNUAL MEETING MATERIALS
The SEC has enacted a rule that allows multiple investors residing 
at the same address the convenience of receiving a single copy 
of annual reports, proxy statements, prospectuses and other 
disclosure documents if they consent to do so. This is known as 
“Householding.” Please note, if you do not respond, Householding 
will start 60 days after the mailing of this notice. We will allow 
Householding only upon certain conditions. Some of those 
conditions are:
	
z You agree to or do not object to the Householding of your 
materials,
	
z You have the same last name and exact address as another 
investor(s).
If these conditions are met, and SEC regulations allow, 
your household will receive a single copy of annual reports, proxy 
statements, prospectuses and other disclosure documents.
You may revoke a prior Householding consent at any time by 
contacting Broadridge, either by calling toll-free at (800) 542‑1061, 
or by writing to Broadridge, Householding Department, 
51 Mercedes Way, Edgewood, New York, 11717. We will remove 
you from the Householding program within 30 days of receipt of 
your response, following which you will receive an individual copy 
of our disclosure document.
By order of the Board of Directors
Christopher J. Miritello 
Corporate Secretary
Q

2024 FORM 10-K
Q

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
MUELLER INDUSTRIES, INC. 
(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).
Q

MUELLER INDUSTRIES, INC.
_____________________
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.
____________________
TABLE OF CONTENTS
Page
Part I
Item 1.
Business 
3
Item 1A.
Risk Factors
6
Item 1B.
Unresolved Staff Comments
9
Item 1C.
Cybersecurity
10
Item 2.
Properties
11
Item 3.
Legal Proceedings
12
Item 4.
Mine Safety Disclosures
12
Part II
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases 
of Equity Securities
13
Item 6.
Reserved
15
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
15
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
15
Item 8.
Financial Statements and Supplementary Data
15
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
15
Item 9A.
Controls and Procedures
16
Item 9B.
Other Information
20
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
20
Part III
Item 10.
Directors, Executive Officers and Corporate Governance
20
Item 11.
Executive Compensation
20
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related 
Stockholder Matters
21
Item 13.
Certain Relationships and Related Transactions, and Director Independence
21
Item 14.
Principal Accountant Fees and Services
21
Part IV
Item 15.
Exhibits, Financial Statement Schedules
22
Item 16.
Form 10-K Summary 
24
Signatures
25
Index to Consolidated Financial Statements
F-1
2
Q

PART I
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 
3
Q

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. 
4
Q

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, 
5
Q

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.
6
Q

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 
7
Q

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.
8
Q

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.
9
Q

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 
10
Q

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.
Piping Systems Segment
Fulton, MS
778,065
Manufacturing, Packaging, & Distribution
Owned
Bilston, England
402,500
Manufacturing
Owned
Wynne, AR
400,000
Manufacturing & Distribution
Owned
Yangju City, Gyeonggi Province, South Korea
343,909
Manufacturing
Owned
Woodbridge, NJ
247,000
Distribution
Leased
Elkhart, IN
220,000
Manufacturing
Owned
London, Ontario, Canada
200,400
Manufacturing
Owned
Wynne, AR
180,000
Distribution
Owned
Covington, TN
159,500
Manufacturing
Owned
Monterrey, Mexico
152,000
Manufacturing & Distribution
Leased
Monterrey, Mexico
132,000
Manufacturing
Leased
Fayetteville, AR
110,000
Manufacturing
Owned
Ennis, TX
109,700
Distribution
Leased
University Park, IL
90,100
Distribution
Leased
Ansonia, CT
 
89,396
Manufacturing & Distribution
Owned
Kansas City, MO
85,000
Distribution
Leased
St. Thomas, Ontario, Canada
73,124
Distribution
Leased
Shelby, OH
61,750
Distribution
Leased
Ontario, CA
54,209
Distribution
Leased
Jacksonville, FL
 
48,000
Distribution
Leased
Al Hidd, Kingdom of Bahrain
22,500
Manufacturing & Distribution
Owned
Guadalajara, Mexico
861
Distribution
Leased
Industrial Metals Segment
DeKalb, IL
593,000
Manufacturing & Distribution
Owned
Port Huron, MI
450,000
Manufacturing
Owned
 New Market, VA
413,120
Manufacturing & Distribution
Owned
Location of Facility
Building 
Space 
(Sq. Ft.)
Primary Use
Owned or 
Leased
11
Q

Brooklyn, OH
163,200
Manufacturing
Leased
Marysville, MI
81,500
Manufacturing
Owned
Brighton, MI
 
65,000
Machining
Leased
DeKalb, IL
18,000
Manufacturing & Distribution
Leased
Climate Segment
 
 
 
Plainville, GA
313,835
Manufacturing & Distribution
Owned
Fort Worth, TX
266,485
Manufacturing
Owned
Phoenix, AZ
250,250
Manufacturing & Distribution
Owned
 Olive Branch, MS
205,264
Manufacturing & Distribution
Owned
Tampa, FL
202,614
Manufacturing & Distribution
Owned
Cartersville, GA
193,541
Manufacturing
Leased
Crawsfordville, IN
153,600
Manufacturing & Distribution
Owned
Fort Worth, TX
153,374
Manufacturing
Owned
Bluffs, IL
150,000
Manufacturing
Owned
Vineland, NJ
136,000
Manufacturing & Distribution
Owned
Sanger, CA
127,390
Manufacturing & Distribution
Leased
Sacramento, CA
121,240
Manufacturing & Distribution
Owned
Fort Worth, TX
103,125
Manufacturing & Distribution
Owned
Hickory, NC
100,000
Manufacturing
Owned
Hartsville, TN
92,000
Manufacturing
Owned
Houston, TX
72,000
Manufacturing & Distribution
Owned
Guadalupe, Mexico
67,411
Manufacturing & Distribution
Leased
Baltimore, MD
62,500
Manufacturing & Distribution
Owned
Springdale, AR
59,400
Manufacturing & Distribution
Leased
Hartsville, TN
45,000
Distribution
Leased
Lawrenceville, GA
42,000
Manufacturing
Leased
Xinbei District, Changzhou, China
 
33,940
Manufacturing
Leased
Hartsville, TN
4,000
Distribution
Leased
Location of Facility
Building 
Space 
(Sq. Ft.)
Primary Use
Owned or 
Leased
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.
12
Q

PART II
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.
13
Q

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 
14
Q

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.
15
Q

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.
16
Q

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.
17
Q

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.
18
Q

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
February 26, 2025
19
Q

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.
PART III
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.
20
Q

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
 
422 $ 
15.39  
4,053 
Equity compensation plans not approved by security holders
 
—  
—  
— 
Total
 
422 $ 
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.
21
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PART IV
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
4.1
Certain 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. 
22
Q

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).
101.CAL 
XBRL Taxonomy Extension Calculation Linkbase
101.DEF 
XBRL Taxonomy Extension Definition Linkbase 
101.INS 
XBRL Instance Document
101.LAB 
XBRL Taxonomy Extension Label Linkbase 
101.PRE 
XBRL Presentation Linkbase Document
101.SCH 
XBRL Taxonomy Extension Schema 
23
Q

ITEM 16.
Form 10-K Summary
None.
24
Q

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.
MUELLER INDUSTRIES, INC.
 
/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
February 26, 2025
/s/ Terry Hermanson
Lead Independent Director
February 26, 2025
Terry Hermanson
 
 
/s/ Elizabeth Donovan
Director
February 26, 2025
Elizabeth Donovan
/s/ William C. Drummond
Director
February 26, 2025
William C. Drummond
/s/ Gary S. Gladstein
Director
February 26, 2025
Gary S. Gladstein
 
 
/s/ Scott J. Goldman
Director
February 26, 2025
Scott J. Goldman
 
 
/s/ John B. Hansen
Director
February 26, 2025
John B. Hansen
 
 
/s/ Charles P. Herzog, Jr.
Director
February 26, 2025
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
February 26, 2025
 
Jeffrey A. Martin
 
 
Chief Financial Officer and Treasurer
 
 
(Principal Financial and Accounting Officer)
 
 
 
 
 
/s/ Anthony J. Steinriede
February 26, 2025
 
Anthony J. Steinriede
 
 
Vice President – Corporate Controller
 
25
Q

MUELLER INDUSTRIES, INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 
 
Financial Review
F-2
 
 
Consolidated Statements of Income for the years ended December 28, 2024, December 30, 
2023, and December 31, 2022
F-16
 
 
Consolidated Statements of Comprehensive Income for the years ended December 28, 2024, 
December 30, 2023, and December 31, 2022
F-17
 
 
Consolidated Balance Sheets for the years ended December 28, 2024 and December 30, 2023
F-18
 
 
Consolidated Statements of Cash Flows for the years ended December 28, 2024, December 30, 
2023, and December 31, 2022
F-20
 
 
Consolidated Statements of Changes in Equity for the years ended December 28, 2024, 
December 30, 2023, and December 31, 2022
F-22
 
 
Notes to Consolidated Financial Statements
F-24
 
 
Report of Independent Registered Public Accounting Firm Ernst & Young LLP (PCAOB ID: 
42)
F-62
 
 
FINANCIAL STATEMENT SCHEDULE
 
Schedule for the years ended December 28, 2024, December 30, 2023, and December 31, 2022
 
 
Valuation and Qualifying Accounts (Schedule II)
F-64
 
 
F-1
Q

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 
F-2
Q

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
(In thousands)
2024
2023
2024 vs. 2023
Net sales
$ 
3,768,766 $ 
3,420,345 
 10.2 %
Operating income
 
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:
F-3
Q

Average Copper Price per Pound
Comex
Q1 
2022
Q2 
2022
Q3 
2022
Q4
2022
Q1 
2023
Q2 
2023
Q3 
2023
Q4
2023
Q1 
2024
Q2 
2024
Q3 
2024
Q4
2024
$3.40
$3.60
$3.80
$4.00
$4.20
$4.40
$4.60
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:
(In thousands)
2024
2023
Cost of goods sold
$ 
2,724,328 $ 
2,433,511 
Depreciation and amortization
 
53,133  
39,954 
Selling, general, and administrative expense
 
226,696  
208,172 
Gain on sale of businesses
 
—  
(4,137) 
Gain on sale of assets, net
 
(5,780)  
— 
Impairment charges
 
—  
6,258 
Gain on insurance settlement
 
—  
(19,466) 
Operating expenses
$ 
2,998,377 $ 
2,664,292 
 
2024
2023
Cost of goods sold
 72.3 %
 71.1 %
Depreciation and amortization
 1.4 
 1.2 
Selling, general, and administrative expense
 6.0 
 6.1 
Gain on sale of businesses
 — 
 (0.1) 
Gain on sale of assets, net
 (0.2) 
 — 
Impairment charges
 — 
 0.2 
Gain on insurance settlement
 — 
 (0.6) 
Operating expenses
 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.  
F-4
Q

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.
F-5
Q

Piping Systems Segment
The following table compares summary operating results for 2024 and 2023 for the businesses comprising our Piping Systems 
segment:
 
 
 
Percent 
Change
(In thousands)
2024
2023
2024 vs. 2023
Net sales
$ 
2,514,096 $ 
2,382,573 
 5.5 %
Operating income
 
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:
(In thousands)
2024
2023
Cost of goods sold
$ 
1,781,155 $ 
1,686,792 
Depreciation and amortization
 
20,048  
20,461 
Selling, general, and administrative expense
 
95,185  
99,823 
Loss on sale of assets, net
 
257  
— 
Impairment charges
 
—  
6,258 
Operating expenses
$ 
1,896,645 $ 
1,813,334 
 
2024
2023
Cost of goods sold
 70.8 %
 70.8 %
Depreciation and amortization
 0.8 
 0.9 
Selling, general, and administrative expense
 3.8 
 4.2 
Loss on sale of assets, net
 — 
 — 
Impairment charges
 — 
 0.3 
Operating expenses
 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.
F-6
Q

  
Industrial Metals Segment
The following table compares summary operating results for 2024 and 2023 for the businesses comprising our Industrial Metals 
segment:
 
 
 
Percent 
Change
(In thousands)
2024
2023
2024 vs. 2023
Net sales
$ 
818,439 $ 
577,875 
 41.6 %
Operating income
 
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:
(In thousands)
2024
2023
Cost of goods sold
$ 
685,732 $ 
480,510 
Depreciation and amortization
 
21,511  
7,273 
Selling, general, and administrative expense
 
18,636  
13,713 
Operating expenses
$ 
725,879 $ 
501,496 
 
2024
2023
Cost of goods sold
 83.8 %
 83.2 %
Depreciation and amortization
 2.6 
 1.3 
Selling, general, and administrative expense
 2.3 
 2.4 
Operating expenses
 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.  
F-7
Q

Climate Segment
The following table compares summary operating results for 2024 and 2023 for the businesses comprising our Climate 
segment:
 
 
 
Percent 
Change
(In thousands)
2024
2023
2024 vs. 2023
Net sales
$488,446
$500,790
(2.5)%
Operating income
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:
(In thousands)
2024
2023
Cost of goods sold
$ 
311,572 $ 
311,875 
Depreciation and amortization
 
6,535  
7,567 
Selling, general, and administrative expense
 
28,756  
28,950 
Gain on sale of assets, net
 
(4,471)  
— 
Gain on insurance settlement
$ 
— $ 
(19,466) 
Operating expenses
$ 
342,392 $ 
328,926 
 
2024
2023
Cost of goods sold
 63.8 %
 62.3 %
Depreciation and amortization
 1.3 
 1.5 
Selling, general, and administrative expense
 5.9 
 5.8 
Gain on sale of assets, net
 (0.9) 
 — 
Gain on insurance settlement
 — 
 (3.9) 
Operating expenses
 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.  
F-8
Q

LIQUIDITY AND CAPITAL RESOURCES
The following table presents selected financial information for 2024 and 2023:
(In thousands)
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
 
113  
(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. 
F-9
Q

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.
F-10
Q

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 
F-11
Q

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.
F-12
Q

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.
F-13
Q

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 
F-14
Q

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.
F-15
Q

MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 28, 2024, December 30, 2023, and December 31, 2022 
(In thousands, except per share data)
2024
2023
2022
Net sales
$ 
3,768,766 $ 
3,420,345 $ 
3,982,455 
Cost of goods sold
 
2,724,328  
2,433,511  
2,864,862 
Depreciation and amortization
 
53,133  
39,954  
43,731 
Selling, general, and administrative expense
 
226,696  
208,172  
203,086 
Gain on sale of businesses
 
—  
(4,137)  
— 
Gain on sale of assets, net
 
(5,780)  
—  
(6,373) 
Impairment charges
 
—  
6,258  
— 
Gain on insurance settlement
 
—  
(19,466)  
— 
Operating income
 
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
 
914  
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 
Income before income taxes
 
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 
Consolidated net income
 
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 
See accompanying notes to consolidated financial statements.
F-16
Q

MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Years Ended December 28, 2024, December 30, 2023, and December 31, 2022 
(In thousands)
2024
2023
2022
Consolidated net income
$ 
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)  
683 
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)  
917  
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 
See accompanying notes to consolidated financial statements.
F-17
Q

MUELLER INDUSTRIES, INC.
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 
Inventories
 
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 
F-18
Q

MUELLER INDUSTRIES, INC.
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 $ 
796 
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
 
—  
185 
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 
See accompanying notes to consolidated financial statements.
F-19
Q

MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 28, 2024, December 30, 2023, and December 31, 2022 
Operating activities:
 
 
 
Consolidated net income
$ 
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
 
243  
870  
357 
(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)  
— 
Gain on insurance settlement
 
—  
(19,466)  
— 
Stock-based compensation expense
 
26,787  
23,131  
17,801 
Provision for doubtful accounts receivable
 
1,147  
(84)  
323 
Gain on disposals of assets
 
(5,780)  
(1)  
(6,373) 
Gain on sale of businesses
 
—  
(4,137)  
— 
Unrealized gain on short-term investments
 
(549)  
(24,765)  
— 
Impairment charges
 
—  
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 
Inventories
 
(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 
(In thousands)
2024
2023
2022
F-20
Q

MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued)
Years Ended December 28, 2024, December 30, 2023, and December 31, 2022 
Investing activities:
Proceeds from sale of assets, net of cash transferred
$ 
12,005 $ 
279 $ 
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
 
397  
(30)  
67 
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 
(In thousands)
2024
2023
2022
See accompanying notes to consolidated financial statements.
F-21
Q

MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Years Ended December 28, 2024, December 30, 2023, and December 31, 2022 
 
2024
2023
2022
(In thousands) 
Shares
Amount
Shares
Amount
Shares
Amount
Common stock:
 
 
 
 
 
 
Balance at beginning of year
 
160,366 $ 
1,604  
160,366 $ 
802  
160,366 $ 
802 
Issuance of shares under two-for-one 
stock split
 
—  
—  
—  
802  
—  
— 
Balance at end of year
 
160,366 $ 
1,604  
160,366 $ 
1,604  
160,366 $ 
802 
Additional paid-in capital:
 
 
 
 
 
 
Balance at beginning of year
 
$ 
312,171 
 
$ 
297,270 
 
$ 
286,208 
Acquisition of shares under 
incentive stock option plans
 
 
338 
 
 
786 
 
 
830 
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) 
Balance at end of year
 
$ 
330,532 
 
$ 
312,171 
 
$ 
297,270 
Retained earnings: 
 
 
 
 
 
 
Balance at beginning of year
 
$ 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) 
Balance at end of year
 
$ 3,107,838 
 
$ 2,594,300 
 
$ 2,059,796 
Accumulated other comprehensive 
loss:
 
 
 
 
 
 
Balance at beginning of year
 
$ 
(47,221) 
 
$ 
(64,175) 
 
$ 
(53,347) 
Total other comprehensive (loss) 
income attributable to Mueller 
Industries, Inc.
 
 
(33,058) 
 
 
16,954 
 
 
(10,828) 
Balance at end of year
 
$ 
(80,279) 
 
$ 
(47,221) 
 
$ 
(64,175) 
F-22
Q

MUELLER INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(continued)
Years Ended December 28, 2024, December 30, 2023, and December 31, 2022 
 
2024
2023
2022
(In thousands)
Shares
Amount
Shares
Amount
Shares
Amount
Treasury stock:
 
 
 
 
 
 
Balance at beginning of year
 
46,208 $ (523,409)  
46,363 $ (502,779)  
45,774 $ (470,034) 
Issuance of shares under incentive 
stock option plans
 
184  
(23,204)  
57  
(9,541)  
(153)  
(2,260) 
Repurchase of common stock
 
929  
(48,681)  
516  
(19,303)  
1,438  
(38,054) 
Issuance of restricted stock
 
(706)  
8,764  
(728)  
8,214  
(696)  
7,569 
Balance at end of year
 
46,615 $ (586,530)  
46,208 $ (523,409)  
46,363 $ (502,779) 
Noncontrolling interests:
 
 
 
 
 
 
Balance at beginning of year
 
$ 
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) 
 
 
781 
 
 
(3,447) 
Balance at end of year
 
$ 
31,243 
 
$ 
21,271 
 
$ 
23,050 
See accompanying notes to consolidated financial statements.
F-23
Q

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 
F-24
Q

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.
Inventories
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 
F-25
Q

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.
F-26
Q

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.
F-27
Q

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.
F-28
Q

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.   
F-29
Q

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.
F-30
Q

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
Net sales
$ 
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.
F-31
Q

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.
(In thousands)
Elkhart
Nehring
Total consideration
$ 
38,158 $ 
569,171 
Allocated to:
Accounts receivable
 
10,827  
41,666 
Inventories
 
18,720  
38,803 
Other current assets
 
356  
960 
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.
F-32
Q

The following details the total intangible assets identified in the allocation of the purchase price at the respective acquisition 
dates:
(In thousands)
Estimated 
Useful Life
Nehring
Intangible asset type:
Customer relationships
20 years
$ 
208,080 
Non-compete agreements
5 years
 
700 
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
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.
F-33
Q

Industrial Metals
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
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
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
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) 
Net sales
$ 
3,768,766 
F-34
Q

Disaggregation of revenue from contracts with customers (continued):
 
For the Year Ended December 30, 2023
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
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) 
Net sales
$ 
3,420,345 
 
For the Year Ended December 31, 2022
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
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) 
Net sales
$ 
3,982,455 
F-35
Q

Summarized segment information is as follows:
For the Year Ended December 28, 2024
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
Total
External net sales
$ 
2,477,729 $ 
803,277 $ 
487,760 $ 
3,768,766 
Internal net sales
 
36,367  
15,162  
686  
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
 
3,768,766 
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
 
914 
Environmental expense
 
(2,218) 
Gain on extinguishment of NMTC liability
 
1,265 
Other expense, net
 
(2,946) 
Income before income taxes
$ 
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).
F-36
Q

Segment information (continued):
For the Year Ended December 30, 2023
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
Total
External net sales
$ 
2,355,516 $ 
564,115 $ 
500,714 $ 
3,420,345 
Internal net sales
 
27,057  
13,760  
76  
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
 
3,420,345 
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 
Income before income taxes
$ 
845,232 
F-37
Q

Segment information (continued):
For the Year Ended December 31, 2022
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
Total
External net sales
$ 
2,706,065 $ 
627,270 $ 
649,120 $ 
3,982,455 
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
 
3,982,455 
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 
Income before income taxes
$ 
876,031 
Other segment disclosures:
For the Year Ended December 28, 2024
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
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
 
257  
—  
(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.
F-38
Q

Other segment disclosures (continued):
For the Year Ended December 30, 2023
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
Corporate 
and 
Unallocated
Total
Depreciation and amortization (4)
$ 
20,461 $ 
7,273 $ 
7,567 $ 
4,653 $ 
39,954 
Gain on sale of businesses
 
—  
—  
—  
(4,137)  
(4,137) 
Impairment charges
 
6,258  
—  
—  
—  
6,258 
Gain on insurance settlement
 
—  
—  
(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
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
Corporate 
and 
Unallocated
Total
Depreciation and amortization (4)
$ 
22,193 $ 
7,647 $ 
9,174 $ 
4,717 $ 
43,731 
Gain on sale of assets, net
 
—  
—  
—  
(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:
(In thousands)
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
$ 
3,768,766 $ 
3,420,345 $ 
3,982,455 
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 
F-39
Q

Note 4 – Cash, Cash Equivalents, and Restricted Cash
(In thousands)
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
 
102  
102 
Total cash, cash equivalents, and restricted cash
$ 
1,038,895 $ 
1,174,223 
Note 5 – Inventories
(In thousands)
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) 
Inventories
$ 
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
(In thousands)
2024
2023
2022
Net periodic benefit (cost) income
$ 
(299) $ 
765 $ 
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.
F-40
Q

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
(In thousands)
Balance Sheet 
Location
2024
2023
Balance Sheet 
Location
2024
2023
 
 
 
 
 
 
Commodity contracts - 
gains
Other current 
assets
$ 
235 $ 
589 
Other current 
liabilities
$ 
42 $ 
16 
Commodity contracts - 
losses
Other current 
assets
 
(62)  
(281) 
Other current 
liabilities
 
(405)  
(383) 
Total derivatives (1)
 
$ 
173 $ 
308  
$ 
(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:
(In thousands)
Location
2024
2023
 
 
 
Undesignated derivatives:
 
 
 
Loss on commodity contracts (nonqualifying)
Cost of goods sold
$ 
(2,305) $ 
(1,071) 
F-41
Q

The following tables summarize amounts recognized in and reclassified from AOCI during the period:
 
For the Year Ended December 28, 2024
(In thousands)
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
$ 
168 Cost of goods sold
$ 
(586) 
Other
 
14 Other
 
— 
Total
$ 
182 Total
$ 
(586) 
 
For the Year Ended December 30, 2023
(In thousands)
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 Cost of goods sold
$ 
(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
F-42
Q

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
(In thousands)
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:
(In thousands)
Amount
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
(In thousands)
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.  
F-43
Q

Note 10 – Goodwill and Other Intangible Assets
Goodwill
The changes in the carrying amount of goodwill by segment were as follows:
(In thousands)
Piping 
Systems
Industrial 
Metals
Climate
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  
1  
19,565  
157,588 
Reductions (1)
 
(7,007)  
—  
—  
(7,007) 
Currency translation
 
1,239  
—  
—  
1,239 
Balance at December 30, 2023:
 
132,254  
1  
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.
F-44
Q

Other Intangible Assets
The carrying amount of intangible assets at December 28, 2024 was as follows:
 
(In thousands)
Gross 
Carrying 
Amount
Accumulated 
Amortization
Net Carrying 
Amount
Customer relationships
$ 
259,831 $ 
(25,403) $ 
234,428 
Non-compete agreements
 
2,847  
(2,229)  
618 
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:
 
(In thousands)
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:
(In thousands)
Amount
 
 
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.
F-45
Q

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.
F-46
Q

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:
 
Pension Benefits
Other Benefits
(In thousands)
2024
2023
2024
2023
Change in benefit obligation:
 
 
 
 
Obligation at beginning of year
$ 
54,435 $ 
50,761 $ 
9,557 $ 
9,240 
Service cost
 
—  
—  
202  
183 
Interest cost
 
2,337  
2,454  
497  
439 
Actuarial (gain) loss
 
(5,245)  
1,508  
(604)  
(105) 
Plan amendments/transference
 
—  
—  
—  
101 
Benefit payments
 
(3,263)  
(3,582)  
(664)  
(686) 
Foreign currency translation adjustment
 
(487)  
3,294  
(671)  
385 
Obligation at end of year
 
47,777  
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)  
410  
—  
— 
Employer contributions
 
—  
—  
664  
686 
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) 
F-47
Q

The following represents amounts recognized in AOCI (before the effect of income taxes):
 
 
Pension Benefits
Other Benefits
(In thousands)
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:
 
Pension Benefits
Other Benefits
(In thousands)
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:
(In thousands)
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
 
132  
—  
897 
Net periodic benefit cost (income)
$ 
112 $ 
(806) $ 
(1,399) 
Other benefits:
 
 
 
Service cost
$ 
202 $ 
183 $ 
291 
Interest cost
 
497  
439  
346 
Amortization of prior service credit
 
(1)  
(2)  
(198) 
Amortization of net gain
 
(391)  
(449)  
(220) 
Curtailment gain
 
—  
—  
(1,756) 
Net periodic benefit cost (income)
$ 
307 $ 
171 $ 
(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.
 
F-48
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The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows:
 
Pension Benefits
Other Benefits
 
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:
 
Pension Benefits
Other Benefits
 
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.
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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
 5 %
 99 %
Buy-in contract
 94 
 — 
Cash and equivalents (includes money market funds)
 1 
 1 
Total
 100 %
 100 %
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
(In thousands)
Level 1
Level 2
Level 3
Total
Cash and money market funds
$ 
682 $ 
— $ 
— $ 
682 
Pooled liability investments
 
—  
2,581  
—  
2,581 
Buy-in contract
 
—  
—  
47,777  
47,777 
Total
$ 
682 $ 
2,581 $ 
47,777 $ 
51,040 
 
 
Fair Value Measurements at December 30, 2023
(In thousands)
Level 1
Level 2
Level 3
Total
Cash and money market funds
$ 
502 $ 
— $ 
— $ 
502 
Pooled liability investments
 
—  
62,369  
—  
62,369 
Total
$ 
502 $ 
62,369 $ 
— $ 
62,871 
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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:
(In thousands)
Buy-In 
Contract
 
 
Balance, December 30, 2023
$ 
— 
Purchases
 
47,777 
 
 
Balance, December 28, 2024
$ 
47,777 
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:
(In thousands)
Pension 
Benefits
Other 
Benefits
2025
$ 
3,612 $ 
926 
2026
 
3,742  
951 
2027
 
3,875  
772 
2028
 
4,015  
833 
2029
 
4,159  
760 
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 
F-51
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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 
F-52
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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 
F-53
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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 
F-54
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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.
F-55
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Note 16 – Income Taxes
The components of income before income taxes were taxed under the following jurisdictions:
(In thousands)
2024
2023
2022
Domestic
$ 
672,625 $ 
722,153 $ 
737,538 
Foreign
 
147,837  
123,079  
138,493 
Income before income taxes
$ 
820,462 $ 
845,232 $ 
876,031 
 
Income tax expense consists of the following:
(In thousands)
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  
270  
(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:
(In thousands)
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  
206 
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.
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Q

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:
(In thousands)
2024
2023
Deferred tax assets:
 
 
Inventories
$ 
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.
F-57
Q

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)
Shares
Weighted 
Average 
Exercise Price
Shares
Weighted 
Average Grant 
Date Fair 
Value
Shares
Weighted 
Average Grant 
Date Fair 
Value
Beginning of period
 
626 $ 
14.78  
664 $ 
20.51  
1,902 $ 
27.63 
Granted
 
— 
N/A
 
71  
62.91  
370  
64.52 
Added by 
Performance Factor
 
— 
N/A  
— 
N/A  
283  
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
 
422 $ 
15.39  
455 $ 
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 
F-58
Q

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.
F-59
Q

The following table provides changes in AOCI by component, net of taxes and noncontrolling interest (amounts in parentheses 
indicate debits to AOCI):
(In thousands)
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)  
917  
19,726 
Amounts reclassified from AOCI
 
—  
(2,419)  
(353)  
—  
(2,772) 
Balance at December 30, 2023
 
(48,076)  
213  
(2,630)  
3,272  
(47,221) 
Other comprehensive (loss) income 
before reclassifications
 
(27,850)  
182  
(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
(In thousands)
2024
2023
2022
Affected Line Item
Unrealized losses (gains) 
on derivatives: 
 
 
 
       
Commodity contracts
$ 
(745) $ 
(3,109) $ 
9,891 Cost of goods sold
 
 
159  
690  
(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
 
 
57  
98  
332 Income tax expense
 
$ 
(203) $ 
(353) $ 
(945) Net of tax and noncontrolling interests
F-60
Q

Note 20 – Quarterly Financial Information (Unaudited) (1) 
(In thousands, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2024
 
 
 
 
Net sales
$ 
849,654 $ 
997,745 $ 
997,831 $ 
923,536 
Gross profit (2)
 
240,951  
272,755  
275,362  
255,370 
Consolidated net income
 
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
 
 
 
 
Net sales
$ 
971,192 $ 
896,984 $ 
819,792 $ 
732,377 
Gross profit (2)
 
292,394  
257,712  
240,734  
195,994 
Consolidated net income
 
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.
F-61
Q

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.
F-62
Q

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
February 26, 2025
F-63
Q

MUELLER INDUSTRIES, INC.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Years Ended December 28, 2024, December 30, 2023, and December 31, 2022 
  
 
 
Additions
 
 
(In thousands)
Balance at 
beginning of 
year
Charged to 
costs and 
expenses
Other 
additions
Deductions
Balance at 
end 
of year
2024
 
 
 
 
 
Allowance for doubtful accounts
$ 
2,830 $ 
1,147 $ 
5 
$ 
258 $ 
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) $ 
227 
$ 
— $ 
2,830 
Environmental reserves
$ 
20,534 $ 
652 $ 
— 
$ 
2,246 $ 
18,940 
Valuation allowance for deferred tax 
assets
$ 
21,504 $ 
4,939 $ 
267 
$ 
3,632 $ 
23,078 
 
2022
 
 
 
 
 
Allowance for doubtful accounts
$ 
2,590 $ 
323 $ 
— 
$ 
226 $ 
2,687 
Environmental reserves
$ 
27,426 $ 
1,367 $ 
— 
$ 
8,259 $ 
20,534 
Valuation allowance for deferred tax 
assets
$ 
26,624 $ 
(1,648) $ 
509 
$ 
3,981 $ 
21,504 
F-64
Q

APPENDIX A
MUELLER INDUSTRIES, INC.
RECONCILIATION OF OPERATING INCOME AS REPORTED TO NON-GAAP FINANCIAL MEASURES
2024
2023
2022
2021
2020
Operating income
$
770,389 
$
 756,053 
$
 877,149 
$
 655,845 $
 245,838 
Litigation settlement, net
 — 
 — 
—
—
 (22,053)
Gain on sale of businesses & assets
 (5,780)
 (4,137)
 (6,373)
 (58,529)
— 
Gain on insurance settlement
—
 (19,466)
—
—
—
Impairment loss
—
 6,258 
—
 2,829 
 3,771 
ADJUSTED OPERATING INCOME
 764,609 
 738,708 
 870,776 
 600,145 
 227,556 
Operating income
 770,389
 756,053 
 877,149 
 655,845 
 245,838 
Depreciation and amortization
 53,133
 39,954 
 43,731 
 45,390 
 44,843 
EBITDA
 823,522 
 796,007 
 920,880 
 701,235 
 290,681 
Litigation settlement, net
—
—
—
—
 (22,053)
Gain on sale of businesses & assets
 (5,780)
 (4,137)
 (6,373)
 (58,529)
 — 
Gain on insurance settlement
—
 (19,466)
 — 
 — 
—
Impairment loss
—
 6,258 
—
 2,829 
 3,771 
ADJUSTED EBITDA
$
817,742 
$
 778,662 
$
 914,507 
$
 645,535 $
 272,399 
Accounts Receivable
450,113
 351,561 
 380,352 
 471,859 
 357,532 
Inventory
 462,279
 380,248 
 448,919 
 430,244 
 315,002 
Accounts Payable
 (173,743)
 (120,485)
 (128,000)
 (180,793)
 (147,741)
NET WORKING CAPITAL
$
738,649 
$
 611,324 
$
 701,271 
$
 721,310 $
 524,793 
Q

ANNUAL MEETING
The Annual Meeting of Stockholders will be held at the Company’s 
headquarters at 150 Schilling Boulevard, Collierville, TN 38017, 
8:00 a.m. local time (CDT), May 8, 2025.
CAPITAL STOCK INFORMATION
The Company declared and paid a quarterly cash dividend of 
20 cents per common share in each quarter of 2024. Payment of 
dividends in the future is dependent upon our financial condition, 
cash flows, capital requirements, and other factors.
COMMON STOCK
As of February 20, 2025, the number of holders of record of 
Mueller’s common stock was approximately 526.
NEW YORK STOCK EXCHANGE
On February 20, 2025, the closing price for Mueller’s common 
stock on the New York Stock Exchange was $80.58.
FORM 10-K
The Company’s Annual Report on Form 10-K is available on 
the Company’s website at www.muellerindustries.com or upon 
written request:
c/o Mueller Industries, Inc. 
Attention: Investor Relations 
150 Schilling Blvd., Suite 100 
Collierville, TN 38017
NYSE CERTIFICATIONS
The Company submitted an unqualified Section 12(a) CEO 
Certification to the NYSE in 2024. The Company filed with the 
SEC the CEO/CFO Certifications required under Section 302 of 
the Sarbanes-Oxley Act as an exhibit to the Company’s Annual 
Report on Form 10-K for 2024 and 2023.
MARKET FOR MUELLER INDUSTRIES 
SECURITIES
Common stock is traded on the NYSE (MLI).
TRANSFER AGENT, REGISTRAR  
& PAYING AGENT
To notify the Company of address changes, lost certificates, 
dividend payments, or account consolidations, security holders 
should contact:
Equiniti Trust Company, LLC 
Shareholder Services Department 
55 Challenger Road, 2nd Floor 
Ridgefield Park, NJ 07660 
Toll Free: (800) 937-5449 
Local & International: (718) 921-8124 
Email: HelpAST@equiniti.com 
Website: https://equiniti.com/us/ast-access/
BOARD OF DIRECTORS
Gregory L. Christopher, Chairman 
Terry Hermanson, Lead Independent Director 
Elizabeth Donovan 
William C. Drummond 
Gary S. Gladstein 
Scott J. Goldman 
John B. Hansen 
Charles P. Herzog, Jr. 
Q

150 Schilling Blvd., Suite 100
Collierville, Tennessee 38017
(901) 753-3200
muellerindustries.com
© 2025 Mueller Industries
Q