MUELLER INDUSTRIES INC
For the period ended Mar 29, 2025. Filed Apr 23, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 29, 2025 · Filed Apr 23, 2025
MLI$52.96+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-28; filed 2024-10-23.
0000089439-24-000061
Item 2. – Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-29; filed 2025-04-23.
0000089439-25-000019
Item 2. – Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 69 previous paragraphs and 56 current paragraphs.
26 unchanged; 28 reworded; 2 added; 15 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
The following table compares summary operating results for the first quarters of 2025 and 2024:
Current report
Cost of goods sold increased in the first quarter of 2025 primarily due to the increase in raw material costs. Gross margin as a percentage of sales was 27.2 percent compared with 28.4 percent in the prior year quarter. Depreciation and amortization increased during the first quarter of 2025 primarily as a result of incremental expenses associated with the acquisition of Nehring. Selling, general, and administrative expense increased in the first quarter of 2025 primarily as a result of (i) costs of $5.2 million related to a recent product launch, (ii) incremental expenses of $4.3 million associated with Nehring and Elkhart, (iii) higher employment costs, including incentive compensation, of $2.1 million, (iv) higher sales and marketing costs of $1.0 million, and (v) higher repairs and maintenance of $0.9 million. In addition, during the first quarter of 2025 we recognized net gains on the sale of assets of $14.5 million.
Removed paragraphs (15)
Previous report
The following table compares summary operating results for the first nine months of 2024 and 2023:
Previous report
The increase in net sales during the first nine months of 2024 was primarily due to (i) sales of $122.7 million recorded by Nehring, (ii) higher net selling prices of $66.4 million in our core product lines, and (iii) sales of $10.3 million recorded by Elkhart. These increases were partially offset by (i) a decrease in sales of $15.9 million as a result of the disposition of Heatlink Group during the third quarter of 2023, (ii) lower unit sales volume of $15.4 million in our core product lines, and (iii) a decrease in sales of $10.8 million in our non-core product lines.
Previous report
Q3 2024 compared to Q3 2023
Previous report
Cost of goods sold increased in the third quarter of 2024 primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 27.6 percent compared with 29.4 percent in the prior year quarter. Depreciation and amortization increased during the third quarter of 2024 primarily as a result of incremental expenses associated with the acquisition of Nehring. Selling, general, and administrative expense increased in the third quarter of 2024 primarily as a result of (i) higher employment costs, including incentive compensation, of $7.9 million, (ii) incremental expenses of $3.9 million associated with the acquisitions of Nehring and Elkhart, and (iii) higher taxes and insurance of $1.0 million. These increases were partially offset by (i) higher foreign currency transaction gains of $0.7 million and (ii) lower repairs and maintenance of $0.4 million. In addition, during the third quarter of 2024, we recognized a gain of $2.7 million on the sale of a building. During the third quarter of 2023, we recognized fixed asset impairment charges on idled equipment of $5.9 million and a gain on the sale of Heatlink Group of $4.1 million.
Previous report
During the third quarter of 2024 and 2023, we recognized net income of $3.2 million and net losses of $2.4 million, respectively, on our investments in unconsolidated affiliates.
Previous report
YTD 2024 compared to YTD 2023
Previous report
Cost of goods sold increased in the first nine months of 2024 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 29.4 percent in the prior year. Depreciation and amortization increased slightly in the first nine months of 2024 as a result of incremental expenses associated with the acquisition of Nehring, largely offset by several long-lived assets becoming fully depreciated and as a result of long-lived assets sold with Heatlink Group. Selling, general, and administrative expense increased in the first nine months of 2024 primarily as a result of (i) incremental expenses of $4.6 million associated with the acquisitions of Nehring and Elkhart, (ii) higher employment costs, including incentive compensation, of $3.4 million, (iii) higher legal and professional fees of $2.8 million, (iv) higher taxes and insurance of $2.4 million, and (v) higher product liability costs of $1.1 million. These increases were partially offset by (i) higher foreign currency transaction gains of $7.7 million and (ii) the absence of expenses associated with Heatlink Group of $2.7 million. In addition, during the first nine months of 2024, we recognized net gains of $4.0 million on the sale of assets. During the first nine months of 2023, we settled the insurance claim related to the August 2022 fire at our Bluffs, Illinois manufacturing operation and recognized a $19.5 million gain. We also recognized fixed asset impairment charges on idled equipment of $5.9 million and a gain on the sale of Heatlink Group of $4.1 million.
Previous report
Interest expense was consistent with the first nine months of 2023. Interest income was higher during the first nine months of 2024 primarily as a result of (i) the purchase of short-term investments throughout 2023 and 2024 and (ii) higher rates on deposits. During the first nine months of 2024 and 2023, we recognized realized and unrealized gains on short-term investments of $0.5 million and $20.4 million, respectively. We recognized other expense, net, of $0.8 million in the first nine months of 2024 compared to other income, net, of $2.1 million in the first nine months of 2023. This change was primarily due to (i) a gain for an indemnification settlement related to one of our foreign benefits plans recognized during the first nine months of 2023 and (ii) higher environmental remediation costs at our non-operating properties during the first nine months of 2024.
Previous report
Our effective tax rate for the first nine months of 2024 was 25 percent compared with 26 percent for the same period last year. The items impacting the effective tax rate are primarily related to (i) the provision for state income taxes, net of the federal benefit, of $18.4 million and (ii) the effect of foreign tax rates higher than statutory tax rates and other foreign items of $5.7 million.
Previous report
For the first nine months of 2023, the items impacting the effective tax rate were primarily related to (i) the provision for state income taxes, net of the federal benefit, of $21.5 million and (ii) the effect of foreign tax rates higher than statutory tax rates of $10.7 million. These were partially offset by other adjustments of $2.0 million.
Previous report
Net sales during the first nine months of 2024 increased primarily as a result of (i) higher net selling prices in the segment’s core product lines of $51.4 million, (ii) an increase in sales of $13.5 million in the segment’s non-core product lines, and (iii) sales of $10.3 million recorded by Elkhart. These increases were partially offset by (i) lower unit sales volume of $16.2 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 during the third quarter of 2023.
Previous report
The increase in cost of goods sold during the first nine months of 2024 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 28.5 percent compared with 29.6 percent in the prior year. Depreciation and amortization decreased in the first nine months of 2024 primarily as a result of depreciation and amortization of the 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 the first nine months of 2024 primarily as a result of (i) higher foreign currency transaction gains of $7.5 million, (ii) the absence of expenses associated with Heatlink Group of $2.7 million, and (iii) lower employment costs, including incentive compensation and healthcare, of $2.6 million. These decreases were partially offset by (i) incremental expenses of $1.6 million associated with the acquisition of Elkhart, (ii) higher professional fees of $1.3 million, (iii) higher travel and entertainment of $0.7 million, and (iv) higher taxes and insurance of $0.4 million.
Previous report
The increase in net sales during the first nine months of 2024 was primarily due to (i) sales of $122.7 million recorded by Nehring and (ii) higher net selling prices of $15.0 million in the segment’s core product lines. These increases were slightly offset by a decrease in sales of $2.6 million in the segment’s non-core product lines.
Previous report
The increase in cost of goods sold during the first nine months of 2024 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 16.8 percent compared with 17.0 percent in the prior year. Depreciation and amortization increased during the first nine months of 2024 primarily as a result of incremental expenses associated with the acquisition of Nehring. Selling, general, and administrative expense increased during the first nine months of 2024 primarily as a result of incremental expenses of $3.0 million associated with the acquisition of Nehring, partially offset by lower legal and professional fees of $0.8 million.
Previous report
Cost of goods sold decreased during the first nine months of 2024 primarily due to factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 36.3 percent compared with 39.0 percent in the prior year. Depreciation and amortization decreased for the first nine months of 2024 as a result of several long-lived assets becoming fully depreciated. Selling, general, and administrative expense decreased slightly for the first nine months of 2024 primarily as a result of lower employment costs of $0.8 million. In addition, during the first nine months of 2024 the segment recognized a gain of $2.7 million on the sale of a building. During the first nine months of 2023, we settled the insurance claim related to the August 2022 fire at our Bluffs, Illinois manufacturing operation and recognized a $19.5 million gain.
Reworded paragraphs (28)
Previous wording
According to the U.S. Census Bureau, the September 2024 seasonally adjusted annual rate of new housing starts was 1.35 million, compared to the September 2023 rate of 1.36 million. The average 30-year fixed mortgage ratewas 6.75 percent for the first nine months of 2024 and 6.81 percent for the twelve months ended December 2023. The private non-residential construction sector includes offices, industrial, health care, and retail projects. According to the U.S. Census Bureau, the seasonally adjusted annual value of private nonresidential construction put in placewas $742.2 billion in August 2024 compared to the August 2023 rate of $716.7 billion.
Current wording
According to the U.S. Census Bureau, the March 2025 seasonally adjusted annual rate of new housing starts was 1.32 million, compared to the March 2024 rate of 1.30 million. The average 30-year fixed mortgage ratewas 6.83 percent for the first quarter of 2025 and 6.72 percent for the year ended December 2024. The private non-residential construction sector includes offices, industrial, health care, and retail projects. According to the U.S. Census Bureau, the seasonally adjusted annual value of private nonresidential construction put in placewas $757.5 billion in February 2025 compared to the February 2024 rate of $739.3 billion.
Previous wording
The increase in net sales during the third quarter of 2024 was primarily due to (i) sales of $92.1 million recorded by Nehring, acquired in fiscal June 2024, (ii) higher net selling prices of $53.3 million in our core product lines, primarily copper tube and brass rod, (iii) an increase in sales of $18.5 million in our non-core product lines, (iv) sales of $10.3 million recorded by Elkhart, acquired in fiscal August 2024, and (v) higher unit sales volume of $3.8 million in our core product lines.
Current wording
The increase in net sales during the first quarter of 2025 was primarily due to (i) sales of $103.7 million recorded by Nehring, acquired in fiscal June 2024, (ii) higher net selling prices of $66.9 million in our core product lines, primarily copper tube and brass rod, related to the rise in raw material costs, (iii) sales of $16.6 million recorded by Elkhart, acquired in fiscal August 2024, and (iv) an increase in sales of $6.3 million in our non-core product lines. These increases were partially offset by lower unit sales volume of $43.0 million in our core product lines.
Previous wording
Interest expense and interest income were consistent with the third quarter of 2023. During the third quarter of 2024, we recognized unrealized gains on short-term investments of$0.2 million. During the third quarter of 2023, we recognized unrealized losses on short-term investments of $2.4 million. Other expense, net, was consistent with the third quarter of 2023.
Current wording
Interest expense was consistent with the first quarter of 2024. Interest income decreased during the first quarter of 2025 primarily as a result of lower average cash balances and lower interest rates. During the first quarter of 2025, we recognized unrealized losses on short-term investments of $5.0 million. During the first quarter of 2024, we recognized gains on the sale of short-term investments of $0.4 million. Other income, net, was consistent with the first quarter of 2024.
Previous wording
Our effective tax rate for the third quarter of 2024 was 23 percent compared with 27 percent for the same period last year. The items impacting the effective tax rate were (i) increases related to the provision for state income taxes, net of the federal benefit, of $6.5 million, (ii) the effect of foreign tax rates higher than statutory tax rates and other foreign items of $1.8 million, and (iii) other adjustments of $5.0 million. These were partially offset by decreases related to equity compensation of $9.9 million.
Current wording
Our effective tax rate for the first quarter of 2025 was 24 percent compared with 26 percent for the same period last year. The items impacting the effective tax rate were (i) increases related to the provision for state income taxes, net of the federal benefit, of $6.8 million and (ii) the effect of foreign tax rates higher than statutory tax rates and other foreign items of $2.1 million. These were partially offset by decreases to other items of $1.9 million.
Previous wording
For the third quarter of 2023, the difference between the effective tax rate and the amount computed using the U.S. federal statutory rate was primarily attributable to (i) increases related to the provision for state income taxes, net of the federal benefit, of $6.5 million and (ii)the effect of foreign tax rates higher than statutory tax rates and other foreign items of $6.1 million. These were partially offset by other adjustments of$1.5 million.
Current wording
For the first quarter of 2024, the difference between the effective tax rate and the amount computed using the U.S. federal statutory rate was primarily attributable to (i) increases related to the provision for state income taxes, net of the federal benefit, of $5.9 million, (ii)the effect of foreign tax rates higher than statutory tax rates and other foreign items of $1.5 million, and (iii) other items of$2.1 million.
Previous wording
During the first nine months of 2024 and 2023, we recognized net losses of $5.9 million and $2.7 million, respectively, on our investments in unconsolidated affiliates.
Current wording
During the first quarters of 2025 and 2024, we recognized netlosses of $0.5 million and $8.0 million, respectively, on our investments in unconsolidated affiliates.
Previous wording
The following table compares summary operating results for the first nine months of 2024 and 2023 for the businesses comprising our Piping Systems segment:
Current wording
The following table compares summary operating results for the first quarters of 2025 and 2024 for the businesses comprising our Piping Systems segment:
Previous wording
The increase in net sales during the third quarter of 2024 was primarily attributable to (i) higher net selling prices in the segment’s core product lines, primarily copper tube, of $45.9 million, (ii) an increase in sales of $10.4 million in the segment’s non-core product lines, (iii) sales of $10.3 million recorded by Elkhart, and (iv) higher unit sales volume of $6.2 million in the segment’s core product lines.
Current wording
The increase in net sales during the first quarter of 2025 was primarily attributable to (i) higher net selling prices in the segment’s core product lines, primarily copper tube, of $54.5 million and (ii) sales of $16.6 million recorded by Elkhart. These increases were partially offset by (i) lower unit sales volume of $20.4 million in the segment’s core product lines and (ii) a decrease in sales of $1.3 million in the segment’s non-core product lines.
Previous wording
The increase in cost of goods sold during the third quarter of 2024 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 29.7 percent compared with 30.5 percent in the prior year quarter. Depreciation and amortization was consistent with the third quarter of 2023. Selling, general, and administrative expense increased for the third quarter of 2024 primarily as a result of (i) higher employment costs, including incentive compensation and healthcare, of $2.2 million, (ii) incremental expenses of $1.6 million associated with the acquisition of Elkhart, and (iii) higher professional fees of $0.3 million. These increases were partially offset by higher foreign currency transaction gains of $0.9 million. In addition, during the third quarter of 2023, the segment recognized fixed asset impairment charges on idled equipment of $5.9 million.
Current wording
The increase in cost of goods sold during the first quarter of 2025 was primarily due to the increase in raw material costs. Gross margin as a percentage of sales was 28.4 percent compared with 28.7 percent in the prior year quarter. Depreciation and amortization was consistent with the first quarter of 2024. Selling, general, and administrative expense increased for the first quarter of 2025 primarily as a result of (i) costs of $5.2 million related to a recent product launch, (ii) higher employment costs, including incentive compensation, of $1.8 million, (iii) incremental expenses of $1.1 million associated with Elkhart, (iv) higher sales and marketing costs of $0.9 million, and (v) higher repairs and maintenance of $0.8 million. In addition, during the first quarter of 2025 the segment recognized net gains on the sale of assets of $14.5 million.
Previous wording
The following table compares summary operating results for the first nine months of 2024 and 2023 for the businesses comprising our Industrial Metals segment:
Current wording
The following table compares summary operating results for the first quarters of 2025 and 2024 for the businesses comprising our Industrial Metals segment:
Previous wording
The increase in net sales during the third quarter of 2024 was primarily due to (i) sales of $92.1 million recorded by Nehring and (ii) higher net selling prices of $7.4 million in the segment’s core product lines, primarily brass rod. These increases were partially offset by lower unit sales volume of $2.4 million in the segment’s core product lines.
Current wording
The increase in net sales during the first quarter of 2025 was primarily due to (i) sales of $103.7 million recorded by Nehring and (ii) higher net selling prices of $12.3 million in the segment’s core product lines, primarily brass rod. These increases were partially offset by lower unit sales volume of $22.6 million in the segment’s core product lines.
Previous wording
The increase in cost of goods sold during the third quarter of 2024 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 14.1 percent compared with 15.5 percent in the prior year quarter. Depreciation and amortization increased during the third quarter of 2024 primarily as a result of incremental expenses associated with the acquisition of Nehring. Selling, general, and administrative expense increased for the third quarter of 2024 primarily as a result of incremental expenses of $2.3 million associated with the acquisition of Nehring, partially offset by lower legal and professional fees of $0.6 million.
Current wording
The increase in cost of goods sold during the first quarter of 2025 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 17.6 percent compared with 18.9 percent in the prior year quarter. Depreciation and amortization increased during the first quarter of 2025 primarily as a result of incremental expenses associated with the acquisition of Nehring. Selling, general, and administrative expense increased for the first quarter of 2025 primarily as a result of incremental expenses of $2.9 million associated with Nehring.
Previous wording
The following table compares summary operating results for the first nine months of 2024 and 2023 for the businesses comprising our Climate segment:
Current wording
The following table compares summary operating results for the first quarters of 2025 and 2024 for the businesses comprising our Climate segment:
Previous wording
Sales for the third quarter of 2024 increased primarily as a result of an increase in volume and price in certain product lines. Sales for the first nine months of 2024 decreased 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.
Current wording
Sales for the first quarter of 2025 increased primarily as a result of an increase in volume in certain product lines.
Previous wording
Cost of goods sold increased during the third quarter of 2024 primarily due to factors noted above regarding the change in net sales. Gross margin as a percentage of sales was consistent with the prior year quarter. Depreciation and amortization and selling, general, and administrative expense were consistent with the third quarter of 2023. In addition, during the third quarter of 2024, the segment recognized a gain of $2.7 million on the sale of a building.
Current wording
Cost of goods sold increased during the first quarter of 2025 primarily due to factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 36.2 percent compared with 35.3 percent in the prior year quarter. Depreciation and amortization and selling, general, and administrative expense were consistent with the first quarter of 2024.
Previous wording
The following table presents selected financial information for the first nine months of 2024 and 2023:
Current wording
The following table presents selected financial information for the first quarters of 2025 and 2024:
Previous wording
During the nine months ended September 30, 2023, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $490.4 million (ii) a decrease in inventories of $53.4 million, and (iii) 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 $31.1 million and (ii) stock-based compensation expense of $17.3 million. These increases were largely offset by (i) an increase in accounts receivable of $36.9 million, (ii) unrealized gains on short-term investments of $18.4 million, (iii) the gain related to the settlement of the insurance claim for the August 2022 fire in Bluffs, Illinois of $19.5 million, (iv) a decrease in current liabilities of $25.5 million, and (v) an increase in other assets of $12.9 million.
Current wording
During the quarter ended March 29, 2025, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $159.3 million, (ii) an increase in current liabilities of $57.7 million, and (iii) dividends from unconsolidated affiliates of $2.8 million. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $17.1 million, (ii) stock-based compensation expense of $6.2 million, and (iii) unrealized losses on short-term investments of $5.0 million. These increases were partially offset by (i) an increase in accounts receivable of $101.5 million, (ii) an increase in inventories of $18.5 million, and (iii) gains on the sale of properties of $14.5 million.
Previous wording
During the nine months ended September 28, 2024, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $476.9 million, (ii) a decrease in inventories of $34.0 million, (iii) an increase in current liabilities of $25.3 million, (iv) non-capital related insurance proceeds of $15.0 million for the March 2023 tornado in Covington, Tennessee, and (v) dividends from unconsolidated affiliates of $4.1 million. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $31.1 million, (ii) stock-based compensation expense of $20.0 million, and (iii) losses from unconsolidated affiliates of $5.9 million. These increases were partially offset by (i) an increase in accounts receivable of $99.3 million and (ii) gains on the sale of properties of $4.0 million.
Current wording
During the quarter ended March 30, 2024, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $141.7 million, (ii) an increase in current liabilities of $33.9 million, (iii) a decrease in inventories of $22.5 million, (iv) non-capital related insurance proceeds of $15.0 million for the March 2023 tornado in Covington, Tennessee, and (v) a decrease in other assets of $12.0 million. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $9.3 million, (ii) losses from unconsolidated affiliates of$8.0 million, and (iii) stock-based compensation expense of $6.2 million. These increases were partially offset by an increase in accounts receivable of $75.2 million.
Previous wording
The major components of net cash used in investing activities during the nine months ended September 28, 2024 included (i) $602.7 million for the acquisitions of Nehring and Elkhart, net of cash acquired, (ii) capital expenditures of $51.3 million, (iii) investments in unconsolidated affiliates of $8.7 million, (iv) the purchase of long-term investments of $8.0 million, (v) the purchase of short-term investments of $4.3 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 and (ii) proceeds from the sale of properties of $9.0 million.
Current wording
The major components of net cash used in investing activities during the quarter ended March 29, 2025 included (i) the purchase of short-term investments of $26.6 million and (ii) capital expenditures of $16.6 million. These uses were partially offset by proceeds from the sale of assets of $19.7 million.
Previous wording
The major components of net cash provided by investing activities during the nine months ended September 30, 2023 included (i) proceeds from the maturity of short-term investments of $217.9 million and (ii) insurance proceeds of $24.6 million for property and equipment related to the fire at the Bluffs, Illinois and the tornado at the 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 $39.5 million.
Current wording
The major components of net cash provided by investing activities during the quarter ended March 30, 2024 included (i) proceeds from the sale of securities of$96.5 million and (ii) proceeds from the sale of properties of $2.9 million. These sources were partially offset by (i) capital expenditures of $16.4 million and (ii) the issuance of notes receivable of$12.5 million.
Previous wording
For the nine months ended September 30, 2023, net cash used in financing activities consisted primarily of (i) $50.1 million used for the payment of regular quarterly dividends to stockholders of the Company, (ii) $19.3 million used to repurchase common stock, and (iii) $9.1 million net cash used to settle stock-based awards.
Current wording
For the quarter ended March 29, 2025, net cash used in financing activities consisted primarily of (i) $243.6 million used to repurchase common stock of the Company, (ii) $27.3 million used for the payment of regular quarterly dividends to stockholders of the Company, (iii) $12.2 million used for the payment of dividends to noncontrolling interests, and (iv) $4.5 million net cash used to settle stock-based awards.
Previous wording
For the nine months ended September 28, 2024, net cash used in financing activities consisted primarily of (i) $66.8 million used for the payment of regular quarterly dividends to stockholders of the Company, (ii) $48.7 million used to repurchase common stock, and (iii) $22.9 million net cash used to settle stock-based awards.
Current wording
For the quarter ended March 30, 2024, net cash used in financing activities consisted primarily of (i) $27.9 million used to repurchase common stock, (ii) $22.3 million used for the payment of regular quarterly dividends to stockholders of the Company, and (iii) $2.5 million net cash used to settle stock-based awards.
Previous wording
As of September 28, 2024, we had $969.6 million of cash on hand and $371.2 million available to be drawn under the Credit Agreement. Our current ratio was 4.9 to 1.
Current wording
As of March 29, 2025, we had$830.1 million of cash onhand and $371.2 million available to be drawn under the Credit Agreement. Our current ratio was 4.3 to 1.
Previous wording
We have significant environmental remediation obligations which we expect to pay over future years. Cash used for environmental remediation activities was approximately $1.6 million during the first nine months of 2024. We expect to spend approximately $3.9 million over the next twelve months for ongoing environmental remediation activities.
Current wording
We have significant environmental remediation obligations which we expect to pay over future years. Cash used for environmental remediation activities was approximately $0.3 million during the first quarter of 2025. We expect to spend approximately $3.2 million over the next twelve months for ongoing environmental remediation activities.
Previous wording
The Company declared a quarterly cash dividend of 20.0 cents per common share during first, second, and third quarters of 2024, and 15.0 cents per common share during the first, second, and third quarters of 2023, respectively. Payment of dividends in the future is dependent upon our financial condition, cash flows, capital requirements, earnings, and other factors.
Current wording
The Company declared a quarterly cash dividend of 25.0 cents and 20.0 cents per common share during the first quarters of 2025 and 2024, respectively. Payment of dividends in the future is dependent upon our financial condition, cash flows, capital requirements, earnings, and other factors.
Previous wording
As of September 28, 2024, the Company’s total debt was $0.9 million or less than one percent of its total capitalization.
Current wording
As of March 29, 2025, the Company’s total debt was $0.1 million or less than one percent of its total capitalization.
Previous wording
The Company’s Credit Agreement provides for an unsecured $400.0 million revolving credit facility, which matures March 31, 2026. There were no borrowings outstanding under the Credit Agreement as of September 28, 2024. The Credit Agreement backed approximately $28.8 million in letters of credit at the end of the third quarter of 2024.
Current wording
The Company’s Credit Agreement provides for an unsecured $400.0 million revolving credit facility, which matures March 31, 2026. There were no borrowings outstanding under the Credit Agreement as of March 29, 2025. The Credit Agreement backed approximately $28.8 million in letters of credit at the end of the first quarter of 2025.
Previous wording
The 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. 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. We may hold any shares repurchased in treasury or use a portion of the repurchased shares for our stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through September 28, 2024, the Company has repurchased approximately 15.9 million shares under this authorization.
Current wording
The 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. 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. We may hold any shares repurchased in treasury or use a portion of the repurchased shares for our stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through March 29, 2025, the Company has repurchased approximately 19.0 million shares under this authorization. See Part II., Item 2. below for information about the Company’s share repurchases during the quarter ended March 29, 2025.