MUELLER INDUSTRIES INC
For the period ended Jun 27, 2026. Filed Jul 22, 2026.
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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.
Jun 27, 2026 · Filed Jul 22, 2026
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 2026-03-28; filed 2026-04-22.
0000089439-26-000018
Item 2. – Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-27; filed 2026-07-22.
0000089439-26-000032
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 61 previous paragraphs and 70 current paragraphs.
25 unchanged; 27 reworded; 15 added; 8 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 13 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 (15)
Current report
The following table compares summary operating results for the second quarter and first half of 2026 and 2025:
Current report
The increase in net sales during the first half of 2026 was primarily due to (i) higher net selling prices of $400.7 million in our core product lines, (ii) sales of $62.5 million recorded by Bison, and (iii) an increase in sales of $52.7 million in our non-core product lines. These increases were partially offset by (i) a decrease in sales of $20.3 million as a result of the sale of Sherwood and (ii) lower unit sales volume of $13.0 million in our core product lines.
Current report
Q22026 compared to Q22025
Current report
Interest income was higher in the second quarter of 2026 primarily as a result of higher interest rates. During the second quarters of 2026 and 2025, we recognized unrealized gains on short-term investments of$6.5 million and $13.2 million, respectively. Other expense, net, was consistent with the second quarter of 2025.
Current report
YTD 2026 compared to YTD 2025
Current report
Cost of goods sold increased inthe first half of 2026 primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 28.8 percent compared with 29.2 percent in the prior year. Depreciation and amortization decreased slightly in the first half of 2026 primarily as a result of several long-lived assets becoming fully depreciated and long-lived assets sold with Sherwood, partially offset by incremental expenses associated with the acquisition of Bison. Selling, general, and administrative expense increased in the first half of 2026 primarily as a result of (i) higher employment costs, including incentive compensation, of $8.5 million, (ii) higher legal and professional fees of $5.1 million, and (iii) incremental expenses of $1.4 million associated with Bison. These increases were partially offset by (i) lower product-related costs of $6.1 million, (ii) lower foreign currency transaction losses of $1.7 million, (iii) the absence of $1.0 million of expenses associated with Sherwood, (iv) lower taxes and insurance of $0.9 million, (v) lower sales and marketing costs of $0.6 million, and (vi) lower repairs and maintenance of $0.6 million. In addition, during the first half of 2026 we recognized a gain of $41.4 million on the sale of our Sherwood business as well as fixed asset impairment charges on idled equipment of $2.7 million. During the first half of 2025 we recognized a gain of $36.3 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at our Covington, Tennessee manufacturing operation. Lastly, during the first half of 2026 we recognized net losses on the disposal of assets of $1.7 million, compared to net gains on the disposal of assets of $14.8 million during the first half of 2025.
Current report
For the first half of 2025, the primary item impacting the effective tax rate was an increase related to the provision for state income taxes, net of the federal benefit, of $16.9 million.
Current report
Net sales during the first half of 2026 increased primarily as a result of (i) higher net selling prices in the segment’s core product lines of $285.1 million, (ii) sales of $62.5 million recorded by Bison, and (iii) an increase in sales of $43.5 million in the segment’s non-core product lines. These increases were partially offset by lower unit sales volume of $67.5 million in the segment’s core product lines.
Current report
The increase in cost of goods sold during the second quarter of 2026 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 30.4 percent compared with 34.1 percent in the prior year quarter. Depreciation and amortization increased slightly during the second quarter of 2026 primarily due to incremental expenses associated with the acquisition of Bison. Selling, general, and administrative expense decreased for the second quarter of 2026 primarily as a result of (i) lower foreign currency transaction losses of $2.5 million, (ii) lower product-related costs of $1.4 million, and (iii) lower sales and marketing costs of $0.4 million. These decreases were partially offset by (i) higher employment costs, including incentive compensation, of $1.5 million and (ii) incremental expenses of $1.4 million associated with Bison. In addition, during the second quarter of 2025 the segment recognized net gains on the disposal of assets of $1.3 million and a gain of $36.3 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at our Covington, Tennessee manufacturing operation.
Current report
The increase in net sales during the first half of 2026 was primarily due to (i) higher net selling prices of $115.6 million in the segment’s core product lines, (ii) higher unit sales volume of $54.5 million in the segment’s core product lines, and (iii) an increase in sales of $2.6 million in the segment’s non-core product lines. These increases were partially offset by a decrease in sales of $20.3 million as a result of the sale of Sherwood.
Current report
The change in cost of goods sold during the second quarter of 2026 was primarily due to thefactors noted above regarding the change in net sales. Gross margin as a percentage of sales was 15.9 percent compared with 16.6 percent in the prior year quarter. Depreciation and amortization was consistent with the second quarter of 2025. Selling, general, and administrative expense decreased slightly during the second quarter of 2026 primarily due to (i) the absence of $0.5 million of expenses associated with Sherwood and (ii) lower professional fees of $0.2 million. These decreases were partially offset by higher employment costs of $0.5 million.
Current report
The increase in cost of goods sold during the first half of 2026 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 17.1 percent compared with 17.1 percent in the prior year. Depreciation and amortization decreased during the first half of 2026 primarily as a result of several long-lived assets becoming fully depreciated and long-lived assets sold with Sherwood. Selling, general, and administrative expense increased slightly during the first half of 2026 primarily as a result of (i) higher employment costs of $0.9 million and (ii) higher professional fees of $0.4 million. These increases were largely offset by the absence of $1.0 million of expenses associated with Sherwood.
Current report
Net sales for the second quarter and first half of 2026 increased primarily as a result of higher demand, particularly for products utilized in commercial construction, and an increase in volume and price in certain product lines.
Current report
Cost of goods sold increased during the first half of 2026 primarily due to factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 34.9 percent compared with 37.5 percent in the prior year. Depreciation and amortization was consistent with the first half of 2025. Selling, general, and administrative expense decreased slightly primarily due to lower employment costs of $0.6 million. In addition, during the first half of 2025, the segment recorded a loss on the disposal of assets of $1.0 million.
Current report
As of June 27, 2026, the Company’s total debt was $5.2 million or 0.1 percent of its total capitalization.
Removed paragraphs (8)
Previous report
The following table compares summary operating results for the first quarters of 2026 and 2025:
Previous report
$6.8 million and (ii)the effect of foreign tax rates higher than statutory tax rates and other foreign adjustments of $2.1 million. These were partially offset by other adjustments of$1.9 million.
Previous report
The increase in cost of goods sold during the first quarter of 2026 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 33.9 percent compared with 28.4 percent in the prior year quarter.
Previous report
The change in cost of goods sold during the first quarter of 2026 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 18.4 percent compared with 17.6 percent in the prior year quarter. Depreciation and amortization was consistent with the first quarter of 2025. Selling, general, and administrative expense increased during the first quarter of 2026 primarily due to (i) higher legal and professional fees of $0.6 million and (ii) higher employment costs of $0.4 million. These increases were partially offset bythe absence of $0.5 million of expenses associated with Sherwood.
Previous report
Net sales for the segment were consistent with the first quarter of 2025.
Previous report
On March 30, 2026, the Company entered into a definitive agreement to acquire Bison Metals Technologies LLC for approximately $142.0 million in cash on hand at closing.
Previous report
As of March 28, 2026, the Company had no debt.
Previous report
On March 27, 2026, the Company entered into a new credit agreement to replace its prior Credit Agreement that matured on March 31, 2026. The new credit agreement provides for an unsecured $100.0 million revolving credit facility, which matures March 27, 2031.
Reworded paragraphs (27)
Previous wording
(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 manufactures 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).
Current wording
•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 manufactures 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.
Previous wording
According to the U.S. Census Bureau, the January 2026 seasonally adjusted annual rate of new housing starts was 1.49 million, compared to the March 2025 rate of 1.36 million. The average 30-year fixed mortgage rate was 6.11 percent for the first quarter of 2026 and 6.60 percent for the year ended December 2025. 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 place was $728.2 billion in January 2026 compared to the January 2025 rate of $751.1 billion.
Current wording
According to the U.S. Census Bureau, the June 2026 seasonally adjusted annual rate of new housing starts was 1.43 million, compared to the June 2025 rate of 1.38 million. The average 30-year fixed mortgage rate was 6.28 percent for the first half of 2026 and 6.60 percent for the year ended December 2025. 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 place was $738.7 billion in May 2026 compared to the May 2025 rate of $791.0 billion.
Previous wording
The increase in net sales during the first quarter of 2026 was primarily due to (i) higher net selling prices of $219.1 million in our core product lines, primarily copper tube, brass rod, and high-quality wire and cable, related to the rise in raw material costs, and (ii) an increase in sales of $16.8 million in our non-core product lines. These increases were partially offset by (i) lower unit sales volume of $33.4 million in our core product lines, primarily copper tube, and (ii) a decrease in sales of $9.7 million as a result of the sale of Sherwood during the first quarter of 2026.
Current wording
The increase in net sales during the second quarter of 2026 was primarily due to (i) higher net selling prices of $184.6 million in our core product lines, primarily copper tube, brass rod, and high-quality wire and cable, related to the rise in raw material costs, (ii) sales of $62.5 million recorded by Bison, acquired on March 30, 2026, (iii) an increase in sales of $36.0 million in our non-core product lines, and (iv) higher unit sales volume of $17.4 million in our core product lines, primarily brass rod and high-quality wire and cable. These increases were partially offset by a decrease in sales of $10.7 million as a result of the sale of Sherwood during the first quarter of 2026.
Previous wording
Cost of goods sold increased in the first quarter of 2026 prim arily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 30.0 percent compared with 27.2 percent in the prior year quarter. Depreciation and amortization was consistent with the first quarter of 2025. Selling, general, and administrative expense increased in the first quarter of 2026 primarily as a result of (i) higher employment costs, including incentive compensation, of $6.8 million and (ii) higher legal and professional fees of $3.5 million. These increases were partially offset by (i) lower product-related costs of $4.7 million, (ii) lower taxes and insurance of $0.5 million, (iii) the absence of $0.5 million of expenses associated with Sherwood, and (iv) higher foreign currency transaction gains of $0.4 million. In addition, during the first quarter of 2026, we recognized a gain of $41.4 million on the sale of our Sherwood business as well as fixed asset impairment charges on idled equipment of $2.7 million. During the first quarter of 2026 we recognized net losses on the disposal of assets of $1.5 million, compared to net gains on the disposal of assets of $14.5 million recognized during the first quarter of 2025.
Current wording
Cost of goods sold increased in the second quarter of 2026 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 31.0 percent in the prior year quarter. Depreciation and amortization was consistent with the second quarter of 2025. Selling, general, and administrative expense increased slightly in the second quarter of 2026 primarily as a result of (i) higher employment costs, including incentive compensation, of $1.6 million, (ii) higher legal and professional fees of $1.5 million, and (iii) incremental expenses of $1.4 million associated with Bison. These increases were largely offset by (i) lower product-related costs of $1.4 million, (ii) lower foreign currency transaction losses of $1.2 million, (iii) the absence of $0.5 million of expenses associated with Sherwood, and (iv) lower taxes and insurance of $0.4 million. In addition, during the second quarter of 2025, we recognized a gain of $36.3 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at our Covington, Tennessee manufacturing operation.
Previous wording
Our effective tax rate for the first quarter of 2026 was 25 percent compared with 24 percent for the same period last year. The primary items impacting the effective tax rate were (i) increases related to the provision for state income taxes, net of the federal benefit, of $10.7 million and (ii) the effect of foreign tax rates higher than statutory tax rates and other foreign adjustments of $2.2 million. This was partially offset by decreases to other items of $0.7 million.
Current wording
Our effective tax rate for the second quarter of 2026 was 25 percent compared with 24 percent for the same period last year. The primary items impacting the effective tax rate were (i) increases related to the provision for state income taxes, net of the federal benefit, of $10.9 million and (ii) other items of $3.5 million.
Previous wording
For the first quarter of 2025, 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
Current wording
For the second quarter of 2025, the difference between the effective tax rate and the amount computed using the U.S. federal statutory rate was primarily attributable to the provision for state income taxes, net of the federal benefit, of $10.1 million.
Previous wording
During the first quarters of 2026 and 2025, we recognized netincome of $0.1 million and net losses of $0.5 million, respectively, on our investments in unconsolidated affiliates.
Current wording
During the second quarters of 2026 and 2025, we recognized netincome of $6.9 million and $2.9 million, respectively, on our investments in unconsolidated affiliates.
Previous wording
Interest income was higher in the first quarter of 2026 primarily as a result of higher interest rates. During the first quarter of 2026, we recognized unrealized losses on short-term investments of$2.0 million compared to unrealized losses of $5.0 million in the first quarter of 2025. We recognized other expense, net, of $1.2 million in the first quarter of 2026 compared to other income, net, of $0.1 million in the first quarter of 2025. This change was primarily due to higher environmental remediation expense for our non-operating properties in 2026.
Current wording
Interest income increased during the first half of 2026 primarily as a result of higher interest rates. During the first half of 2026 and 2025, we recognized unrealized gains on short-term investments of $4.5 million and $8.2 million, respectively. Other expense, net, was slightly higher during the first half of 2026 primarily due to higher environmental remediation expense for our non-operating properties.
Previous wording
The following table compares summary operating results for the first quarters of 2026 and 2025 for the businesses comprising our Piping Systems segment:
Current wording
The following table compares summary operating results for the second quarter and first half of 2026 and 2025 for the businesses comprising our Piping Systems segment:
Previous wording
The increase in net sales during the first quarter of 2026 was primarily attributable to (i) higher net selling prices in the segment’s core product lines, primarily copper tube, of $162.6 million and (ii) an increase in sales of $15.4 million in the segment’s non-core product lines. These increases were partially offset by lower unit sales volume of $54.8 million in the segment’s core product lines.
Current wording
The increase in net sales during the second quarter of 2026 was primarily attributable to (i) higher net selling prices in the segment’s core product lines, primarily copper tube, of $125.7 million, (ii) sales of $62.5 million recorded by Bison, and (iii) an increase in sales of $28.1 million in the segment’s non-core product lines. These increases were partially offset by lower unit sales volume of $15.9 million in the segment’s core product lines.
Previous wording
Depreciation and amortization was consistent with the first quarter of 2025. Selling, general, and administrative expense decreased for the first quarter of 2026 primarily as a result of lower product-related costs of $4.7 million, partially offset by higher employment costs, including incentive compensation, of $2.9 million. In addition, during the first quarter of 2026 the segment recognized fixed asset impairment charges on idled equipment of $2.7 million and net losses on the disposal of assets of $1.5 million. During the first quarter of 2025 the segment recognized net gains on the disposal of assets of $14.5 million.
Current wording
The increase in cost of goods sold during the first half of 2026 was primarily due to the factors noted above regarding the change innet sales. Gross margin as a percentage of sales was 31.9 percent compared with 31.4 percent in the prior year. Depreciation and amortization increased slightly in the first half of 2026 as a result of incremental expenses associated with the acquisition of Bison. Selling, general, and administrative expense decreased for the first half of 2026 primarily as a result of (i) lower product-related costs of $6.1 million, (ii) lower foreign currency transaction losses of $2.5 million, (iii) lower sales and marketing costs of $0.8 million, and (iv) lower repairs and maintenance of $0.7 million. These decreases were partially offset by (i) higher employment costs, including incentive compensation, of $4.4 million, (ii) incremental expenses of $1.4 million associated with Bison, and (iii) higher professional fees of $0.7 million. In addition, during the first half of 2026 the segment recognized fixed asset impairment charges on idled equipment of $2.7 million and net losses on the disposal of assets of $1.6 million. During the first half of 2025, the segment recognized net gains on the disposal of assets of $15.8 million and a gain of $36.3 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at our Covington, Tennessee manufacturing operation.
Previous wording
The following table compares summary operating results for the first quarters of 2026 and 2025 for the businesses comprising our Industrial Metals segment:
Current wording
The following table compares summary operating results for the second quarter and first half of 2026 and 2025 for the businesses comprising our Industrial Metals segment:
Previous wording
The increase in net sales during the first quarter of 2026 was primarily due to (i) higher net selling prices of $56.5 million in the segment’s core product lines, primarily brass rod and high-quality wire and cable, and (ii) higher unit sales volume of $21.5 million in the segment’s core product lines. These increases were slightly offset by a decrease in sales of $9.7 million as a result of the sale of Sherwood during the first quarter of 2026.
Current wording
The increase in net sales during the second quarter of 2026 was primarily due to (i) higher net selling prices of $58.9 million in the segment’s core product lines, primarily brass rod and high-quality wire and cable, and (ii) higher unit sales volume of $33.3 million in the segment’s core product lines. These increases were slightly offset by a decrease in sales of $10.7 million as a result of the sale of Sherwood.
Previous wording
The following table compares summary operating results for the first quarters of 2026 and 2025 for the businesses comprising our Climate segment:
Current wording
The following table compares summary operating results for the second quarter and first half of 2026 and 2025 for the businesses comprising our Climate segment:
Previous wording
Cost of goods sold increased during the first quarter of 2026 primarily due to therise in raw material costs. Gross margin as a percentage of sales was 33.9 percent compared with 36.2 percent in the prior year quarter. Depreciation and amortization and selling, general, and administrative expense were consistent with the first quarter of 2025.
Current wording
Cost of goods sold increased during the second quarter of 2026 primarily due to therise in raw material costs. Gross margin as a percentage of sales was 35.7 percent compared with 38.6 percent in the prior year quarter. Depreciation and amortization and selling, general, and administrative expense were consistent with the second quarter of 2025. During the second quarter of 2025, the segment recorded a loss on the disposal of assets of $1.0 million.
Previous wording
The following table presents selected financial information for the first quarters of 2026 and 2025:
Current wording
The following table presents selected financial information for the first half of 2026 and 2025:
Previous wording
During the quarter ended March 28, 2026, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $241.4 million and (ii) an increase in current liabilities of $88.9 million. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $16.7 million and (ii) stock-based compensation expense of $7.3 million. These increases were partially offset by (i) an increase in accounts receivable of $200.2 million, (ii) an increase in inventories of $43.9 million, and (iii) a gain of $41.4 million related to the sale of the Sherwood business.
Current wording
During the six months ended June 27, 2026, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $491.7 million and (ii) an increase in current liabilities of $167.9 million. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $34.0 million and (ii) stock-based compensation expense of $15.8 million. These increases were partially offset by (i) an increase in accounts receivable of $292.2 million, (ii) an increase in inventories of $89.2 million, and (iii) a gain of $41.4 million related to the sale of the Sherwood business.
Previous 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) net gains on the disposal of assets of $14.5 million.
Current wording
During the six months ended June 28, 2025, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $407.8 million, (ii) an increase in current liabilities of $72.3 million, and (iii) non-capital related insurance proceeds of $12.3 million for the March 2023 tornado in Covington, Tennessee. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $35.0 million and (ii) stock-based compensation expense of $13.9 million. These increases were partially offset by (i) an increase in accounts receivable of $134.5 million, (ii) the gain of $36.3 million related to insurance proceeds for the March 2023 tornado in Covington, Tennessee, (iii) an increase in inventories of $41.2 million, (iv) net gains on the disposal of assets of $14.8 million, and (v) unrealized gains on short-term investments of $8.2 million.
Previous wording
The major components of net cash provided by investing activities during the quarter ended March 28, 2026 included proceeds from the sale of the Sherwood business, net of cash sold, of $57.0 million, partially offset by capital expenditures of $17.2 million.
Current wording
The major components of net cash used in investing activities during the six months ended June 27, 2026 included (i) $138.3 million for the purchase of Bison and (ii) capital expenditures of $38.8 million. These uses were partially offset by proceeds from the sale of the Sherwood business, net of cash sold, of $57.0 million.
Previous 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 properties of $19.7 million.
Current wording
The major components of net cash used in investing activities during the six months ended June 28, 2025 included (i) capital expenditures of $30.7 million and (ii) the purchase of short-term investments of $26.6 million. These uses were partially offset by proceeds from the sale of properties of $21.1 million.
Previous wording
For the quarter ended March 28, 2026, net cash used in financing activities consisted primarily of (i) $75.0 million used to repurchase common stock of the Company, (ii) $38.0 million used for the payment of regular quarterly dividends to stockholders of the Company, and (iii) $4.8 million used for the payment of dividends to noncontrolling interests.
Current wording
For the six months ended June 27, 2026, net cash used in financing activities consisted primarily of (i) $76.4 million used to repurchase common stock of the Company, (ii) $76.1 million used for the payment of regular quarterly dividends to stockholders of the Company, and (iii) $5.0 million used for the payment of dividends to noncontrolling interests.
Previous wording
For thequarter 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.
Current wording
For thesix months ended June 28, 2025, net cash used in financing activities consisted primarily of (i) $243.6 million used to repurchase common stock of the Company, (ii) $54.4 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) $4.2 million net cash used to settle stock-based awards.
Previous wording
As of March 28, 2026, we had$1.4 billion of cash onhand and $372.5 million available to be drawn under the Credit Agreement. The Credit Agreement matured on March 31, 2026 and the Company entered into a new credit agreement on March 27, 2026. Under the terms of the new credit agreement, there was$72.5 million available to be drawn. Our current ratio was 5.4 to 1.
Current wording
As of June 27, 2026, we had$1.4 billion of cash onhand and $72.5 million available to be drawn under the Credit Agreement. Our current ratio was 4.8 to 1.
Previous wording
We have significant environmental remediation obligations which we expect to pay over future years. Cash used for environmental remediation acti vities was approximately $1.2 million during the first quarter of 2026. We expect to spend approximately $3.6 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 acti vities was approximately $1.8 million during the first half of 2026. We expect to spend approximately $3.4 million over the next twelve months for ongoing environmental remediation activities.
Previous wording
The Company declared a quarterly cash dividend of 35.0 cents and 25.0 cents per common share during the first quarters of 2026 and 2025, 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 17.5 cents per common share during the first and second quarters of 2026 and 12.5 cents per common share during the first and second quarters of 2025, respectively. Payment of dividends in the future is dependent upon our financial condition, cash flows, capital requirements, earnings, and other factors.
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 March 28, 2026. The Credit Agreement backed approximately $27.5 million in letters of credit at the end of the first quarter of 2026.
Current wording
The Company’s Credit Agreement provides for an unsecured $100.0 million revolving credit facility, which matures March 27, 2031. There were no borrowings outstanding under the Credit Agreement as of June 27, 2026. The Credit Agreement backed approximately $27.5 million in letters of credit at the end of the second quarter of 2026.
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 March 28, 2026, the Company has repurchased approximately 19.6 million shares under this authorization. See Part II., Item 2. below for information about the Company’s share repurchases during the quarter ended March 28, 2026.
Current wording
The Board of Directors has extended, until July 2026, the authorization to repurchase up to 80 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 June 27, 2026, the Company has repurchased approximately 39.2 million shares under this authorization. See Part II., Item 2. below for information about the Company’s share repurchases during the quarter ended June 27, 2026.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
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).
Current report — wording carried from elsewhere
Our effective tax rate for the first half of 2026 was 25 percent compared with 24 percent for the same period last year. The items impacting the effective tax rate were primarily related to (i) the provision for state income taxes, net of the federal benefit, of $21.6 million and (ii) other adjustments of $5.0 million.
Current report — wording carried from elsewhere
During the first half of 2026 and 2025, we recognized netincome of $7.0 million and $2.4 million, respectively, on our investments in unconsolidated affiliates.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•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