MUELLER INDUSTRIES INCMLI
MUELLER INDUSTRIES INC Segments Disclosure
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 15 – Commitments & Contingencies,” during 2025 the Company recorded gains of $41.1 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at its Covington, Tennessee manufacturing operation. In addition, the Company recognized net gains on the disposal of assets of $15.0 million and fixed asset impairment charges on idled equipment of $2.0 million. These items were reported within the Piping Systems segment.
As disclosed in “Note 2 – Acquisitions & Dispositions,” during 2023 the Company exchanged the outstanding common stock of Heatlink Group for an additional equity interest in a limited liability company in the retail distribution business, resulting in the deconsolidation of Heatlink Group and the recognition of a $4.1 million gain. This gain is reported within Corporate and Eliminations. The results of Heatlink Group, prior to deconsolidation, were included within the Piping Systems segment.
Industrial Metals
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.
During 2025, the segment recognized fixed asset impairment charges on idled equipment of $1.7 million.
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 2025, the segment recognized net losses on the disposal of assets of $1.0 million. 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 2025, 2024, and 2023, 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 27, 2025 | ||||||||||||||||||||||||||
| (In thousands) | Piping Systems | Industrial Metals | Climate | Total | ||||||||||||||||||||||
| Tube and fittings | $ | 2,216,968 | $ | — | $ | — | $ | 2,216,968 | ||||||||||||||||||
| Brass rod, forgings, wire and cable | — | 886,575 | — | 886,575 | ||||||||||||||||||||||
| OEM components, tube & assemblies | — | 77,967 | 131,750 | 209,717 | ||||||||||||||||||||||
| Valves and plumbing specialties | 491,758 | — | — | 491,758 | ||||||||||||||||||||||
| Flex duct and other HVAC components | — | — | 366,179 | 366,179 | ||||||||||||||||||||||
| Other | — | 59,088 | — | 59,088 | ||||||||||||||||||||||
| $ | 2,708,726 | $ | 1,023,630 | $ | 497,929 | $ | 4,230,285 | |||||||||||||||||||
| Intersegment sales | (51,738) | |||||||||||||||||||||||||
| Net sales | $ | 4,178,547 | ||||||||||||||||||||||||
| 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, tube & assemblies | — | 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 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Summarized segment information is as follows:
| For the Year Ended December 27, 2025 | ||||||||||||||||||||||||||
| (In thousands) | Piping Systems | Industrial Metals | Climate | Total | ||||||||||||||||||||||
| External net sales | $ | 2,676,106 | $ | 1,005,634 | $ | 496,807 | $ | 4,178,547 | ||||||||||||||||||
| Internal net sales | 32,620 | 17,996 | 1,122 | 51,738 | ||||||||||||||||||||||
| 2,708,726 | 1,023,630 | 497,929 | 4,230,285 | |||||||||||||||||||||||
| Reconciliation of net sales: | ||||||||||||||||||||||||||
| Elimination of intersegment net sales | (51,738) | |||||||||||||||||||||||||
| Total net sales | 4,178,547 | |||||||||||||||||||||||||
Less: (1) | ||||||||||||||||||||||||||
Manufacturing costs (2) | 1,862,246 | 877,057 | 321,372 | 3,060,675 | ||||||||||||||||||||||
| Sales and marketing expense | 31,058 | 5,856 | 13,778 | 50,692 | ||||||||||||||||||||||
| Distribution expense | 44,332 | 2,414 | 1,995 | 48,741 | ||||||||||||||||||||||
Other segment items (3) | (1,226) | 33,255 | 15,731 | 47,760 | ||||||||||||||||||||||
| Segment operating income | 772,316 | 105,048 | 145,053 | 1,022,417 | ||||||||||||||||||||||
| Reconciliation of segment operating income: | ||||||||||||||||||||||||||
| Corporate expenses | (63,875) | |||||||||||||||||||||||||
| Interest expense | (108) | |||||||||||||||||||||||||
| Interest income | 41,068 | |||||||||||||||||||||||||
| Realized and unrealized gains on short-term investments | 18,547 | |||||||||||||||||||||||||
| Environmental expense | (2,151) | |||||||||||||||||||||||||
| Pension plan termination expense | (4,830) | |||||||||||||||||||||||||
| Other income, net | 1,294 | |||||||||||||||||||||||||
| Income before income taxes | $ | 1,012,362 | ||||||||||||||||||||||||
(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 proceeds (as applicable). | ||||||||||||||||||||||||||
Segment information (continued):
| 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 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Other segment disclosures:
| For the Year Ended December 27, 2025 | ||||||||||||||||||||||||||||||||
| (In thousands) | Piping Systems | Industrial Metals | Climate | Corporate and Unallocated | Total | |||||||||||||||||||||||||||
Depreciation and amortization (4) | $ | 22,657 | $ | 33,699 | $ | 6,741 | $ | 5,464 | $ | 68,561 | ||||||||||||||||||||||
| (Gain) loss on disposal of assets, net | (14,990) | (33) | 1,010 | (11,865) | (25,878) | |||||||||||||||||||||||||||
| Impairment charges | 2,018 | 1,717 | — | — | 3,735 | |||||||||||||||||||||||||||
| Gain on insurance proceeds | (41,147) | — | — | — | (41,147) | |||||||||||||||||||||||||||
| Expenditures for long-lived assets (including those resulting from business acquisitions) | 26,142 | 34,249 | 8,414 | — | 68,805 | |||||||||||||||||||||||||||
| Segment assets | 1,226,524 | 849,049 | 265,445 | 1,392,011 | 3,733,029 | |||||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||||||||||
| 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 disposal 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 | |||||||||||||||||||||||||||
| 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 proceeds | — | — | (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 | |||||||||||||||||||||||||||
Summarized geographic information is as follows:
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net sales: | ||||||||||||||||||||
| United States | $ | 3,285,448 | $ | 2,826,574 | $ | 2,572,141 | ||||||||||||||
| United Kingdom | 283,279 | 280,726 | 270,128 | |||||||||||||||||
| Canada | 347,742 | 344,614 | 339,682 | |||||||||||||||||
| Asia and the Middle East | 186,619 | 231,092 | 153,816 | |||||||||||||||||
| Mexico | 75,459 | 85,760 | 84,578 | |||||||||||||||||
| Total net sales | $ | 4,178,547 | $ | 3,768,766 | $ | 3,420,345 | ||||||||||||||
| Long-lived assets: | 2025 | 2024 | 2023 | |||||||||||||||||
| United States | $ | 431,345 | $ | 412,294 | $ | 273,604 | ||||||||||||||
| United Kingdom | 38,327 | 37,876 | 40,045 | |||||||||||||||||
| Canada | 18,527 | 15,597 | 18,152 | |||||||||||||||||
| Asia and the Middle East | 46,707 | 48,115 | 50,725 | |||||||||||||||||
| Mexico | 1,560 | 1,249 | 2,639 | |||||||||||||||||
| Total long-lived assets | $ | 536,466 | $ | 515,131 | $ | 385,165 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.