# EDGAR Filing Document

**Accession Number:** 0000089439
**File Stem:** 0000089439-26-000002
**Filing Date:** 2026-2
**Character Count:** 20135
**Document Hash:** 011dcd24593d3db1c851dc1da0a5b4b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000089439-26-000002.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0000089439-26-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260203

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MUELLER INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000089439
- **STANDARD INDUSTRIAL CLASSIFICATION:** ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 250790410
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1227

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06770
- **FILM NUMBER:** 26590508

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 100
- **STREET 2:** 150 SCHILLING BOULEVARD
- **CITY:** COLLIERVILLE
- **STATE:** TN
- **ZIP:** 38017
- **BUSINESS PHONE:** (901)753-3200

**MAIL ADDRESS:**
- **STREET 1:** SUITE 100
- **STREET 2:** 150 SCHILLING BOULEVARD
- **CITY:** COLLIERVILLE
- **STATE:** TN
- **ZIP:** 38017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHARON STEEL CORP
- **DATE OF NAME CHANGE:** 19910103

?xml version='1.0' encoding='ASCII'? mli-20260203

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 3, 2026

![muellernewsnipa02.jpg](mli-20260203_g1.jpg)

**<u>MUELLER INDUSTRIES INC.</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **<u>Delaware</u>** | **<u>1-6770</u>** | **<u>25-0790410</u>** |
| (State or other jurisdiction | (Commission File | (IRS Employer |
| of incorporation) | Number) | Identification No.) |

---

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| | | |
|:---|:---|:---|
| **<u>150 Schilling Boulevard</u>** | **<u>Suite 100</u>** | |
| **<u>Collierville</u>** | **<u>Tennessee</u>** | **<u>38017</u>** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

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| | | |
|:---|:---|:---|
| Registrant's telephone number, including area code: | **<u>(901)</u>** | **<u>753-3200</u>** |

---

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| | |
|:---|:---|
| Registrant's Former Name or Address, if changed since last report: | **<u>N/A</u>** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

<u>Title of each class</u> <u>Trading Symbol</u> <u>Name of exchange on which registered</u> <br> Common Stock MLI NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

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On February 3, 2026, the Registrant issued a press release announcing earnings for the quarter and year ended December 27, 2025. A copy of the press release announcing the fourth quarter and fiscal 2025 earnings is attached as Exhibit 99.1.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits

 99.1 Press release dated February 3, 2026 reporting fourth quarter and fiscal 2025 earnings.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | MUELLER INDUSTRIES, INC. | MUELLER INDUSTRIES, INC. |
| | By: | /s/ Anthony J. Steinriede |
| | Name: | Anthony J. Steinriede |
| | Title: | Vice President - Corporate Controller |
| Date: February 3, 2026 |  |  |

---

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**Exhibit Index**

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | <u>[Press release dated, February](exhibit991q42025earningsre.htm)[3](exhibit991q42025earningsre.htm)[, 202](exhibit991q42025earningsre.htm)[6](exhibit991q42025earningsre.htm)</u> |

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## Exhibit 99.1

![muellerlogoa03.jpg](muellerlogoa03.jpg)

**Mueller Industries, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results**

COLLIERVILLE, Tenn., February 3, 2026 -- Mueller Industries, Inc. (NYSE: MLI) today reported fourth quarter and full year results for 2025.

*For the Fourth Quarter 2025 versus Fourth Quarter 2024:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$962.4 million vs. $923.5 million, up 4.2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$172.0 million vs. $170.3 million, up 1.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$153.7 million vs. $137.7 million, up 11.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted EPS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.38 vs. $1.21, up 14.0%.

*For the Full Year 2025 versus the Full Year 2024:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.2 billion vs. $3.8 billion, up 10.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$958.5 million vs. $770.4 million, up 24.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$765.2 million vs. $604.9 million, up 26.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted EPS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.86 vs. $5.31, up 29.2%.

Financial and Operating Commentary for the Fourth Quarter of 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• COMEX copper averaged $5.13 per pound during the quarter, 22% higher than the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased by $38.9 million. The increase was attributable to higher net selling prices due to rising raw material costs, but offset by lower unit volumes, primarily in our core copper and brass products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin was impacted by an $18.2 million unrealized loss recorded on open hedge contracts, which resulted from the rapid rise in copper prices during the last two weeks of the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company generated $141.2 million of cash from operations during the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-end cash and short-term investments totaled $1.39 billion, and our current ratio is 5.9 to 1.

Regarding the results, Greg Christopher, Mueller's CEO said, "Our fourth quarter capped a year in which every quarter marked an improvement over the prior year period. Those results culminated in the highest annual operating and net income in our Company's history, a particularly noteworthy achievement given that market conditions worsened compared to 2024, not to mention the disruption and costs that tariffs imposed on several of our businesses."

He added, "We remain excited about our Company's future. Although we do not expect market conditions to abruptly rebound in 2026, we nonetheless anticipate considerable improvements as the year progresses. This past year, we completed several operational improvement initiatives that will deliver financial benefits in 2026. We have absorbed the impact of changes in tariff and trade policies, and will continue to adapt as such policies evolve. Moreover, we continue to have opportunities to invest in and

------

improve each of our business platforms. We have a strong balance sheet, no debt and the necessary capital not only to support these priorities, but also to pursue strategic acquisition opportunities when they arise."

*Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.* 

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company's SEC filings. The words "outlook," "estimate," "project," "intend," "expect," "believe," "target," "encourage," "anticipate," "appear," and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

CONTACT <br>Jeffrey A. Martin <br>(901) 753-3226

------

**MUELLER INDUSTRIES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Quarter Ended | For the Quarter Ended | For the Year Ended | For the Year Ended |
| *(In thousands, except per share data)* | December 27, 2025 | December 28, 2024 | December 27, 2025 | December 28, 2024 |
| Net sales | $962385 | $923536 | $4178547 | $3768766 |
| Cost of goods sold | 714556 | 668166 | 2966083 | 2724328 |
| Depreciation and amortization | 16926 | 22236 | 68561 | 53133 |
| Selling, general, and administrative expense | 56413 | 64703 | 248651 | 226696 |
| Loss (gain) on disposal of assets, net | 776 | (1827) | (25878) | (5780) |
| Impairment charges | 1717 |  | 3735 |  |
| Gain on insurance proceeds |  |  | (41147) |  |
| Operating income | 171997 | 170258 | 958542 | 770389 |
| Interest expense | (60) | (75) | (108) | (410) |
| Interest income | 12123 | 10695 | 41068 | 53468 |
| Realized and unrealized gains on short-term investments | 12622 | 385 | 18547 | 914 |
| Gain on extinguishment of NMTC liability |  | 1265 |  | 1265 |
| Environmental expense | (847) | (542) | (2151) | (2218) |
| Pension plan termination expense |  |  | (4830) |  |
| Other income (expense), net | 413 | (3774) | 1294 | (2946) |
| Income before income taxes | 196248 | 178212 | 1012362 | 820462 |
| Income tax expense | (43115) | (45670) | (247351) | (205076) |
| Income from unconsolidated affiliates, net of foreign tax | 2439 | 8061 | 8579 | 2156 |
| Consolidated net income | 155572 | 140603 | 773590 | 617542 |
| Net income attributable to noncontrolling interests | (1860) | (2951) | (8399) | (12663) |
| Net income attributable to Mueller Industries, Inc. | $153712 | $137652 | $765191 | $604879 |
| Weighted average shares for basic earnings per share | 109302 | 111545 | 109475 | 111385 |
| Effect of dilutive stock-based awards | 1721 | 2415 | 2017 | 2580 |
| Adjusted weighted average shares for diluted earnings per share | 111023 | 113960 | 111492 | 113965 |
| Basic earnings per share | $1.41 | $1.23 | $6.99 | $5.43 |
| Diluted earnings per share | $1.38 | $1.21 | $6.86 | $5.31 |
| Dividends per share | $0.25 | $0.20 | $1.00 | $0.80 |

---

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**MUELLER INDUSTRIES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | For the Quarter Ended | For the Quarter Ended | For the Year Ended | For the Year Ended |
| *(In thousands)* | December 27, 2025 | December 28, 2024 | December 27, 2025 | December 28, 2024 |
| Summary Segment Data: |  |  |  |  |
| Net sales: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Piping Systems Segment | $607165 | $592834 | $2708727 | $2514096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Metals Segment | 252179 | 229017 | 1023629 | 818439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Climate Segment | 110642 | 112622 | 497929 | 488446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elimination of intersegment sales | (7601) | (10937) | (51738) | (52215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | $962385 | $923536 | $4178547 | $3768766 |
| Operating income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Piping Systems Segment | $147697 | $148912 | $772316 | $617451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Metals Segment | 13426 | 14399 | 105048 | 92560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Climate Segment | 27901 | 33718 | 145053 | 146054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unallocated expenses | (17027) | (26771) | (63875) | (85676) |
| Operating income | $171997 | $170258 | $958542 | $770389 |

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**MUELLER INDUSTRIES, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| *(In thousands)* | December 27, 2025 | December 28, 2024 |
| **ASSETS** |  |  |
| Cash and cash equivalents | $1367003 | $1037229 |
| Short-term investments | 22733 | 21874 |
| Accounts receivable, net | 475566 | 450113 |
| Inventories | 510463 | 462279 |
| Other current assets | 69980 | 40734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2445745 | 2012229 |
| Property, plant, and equipment, net | 536466 | 515131 |
| Operating lease right-of-use assets | 27211 | 32702 |
| Other assets | 723607 | 730844 |
|  | $3733029 | $3290906 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current portion of debt | $— | $1094 |
| Accounts payable | 180577 | 173743 |
| Current portion of operating lease liabilities | 8520 | 8117 |
| Other current liabilities | 224037 | 215033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 413134 | 397987 |
| Pension and postretirement liabilities | 8393 | 11199 |
| Environmental reserves | 15684 | 15423 |
| Deferred income taxes | 31640 | 25742 |
| Noncurrent operating lease liabilities | 18970 | 24547 |
| Other noncurrent liabilities | 9302 | 11600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 497123 | 486498 |
| Total Mueller Industries, Inc. stockholders' equity | 3209966 | 2773165 |
| Noncontrolling interests | 25940 | 31243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 3235906 | 2804408 |
|  | $3733029 | $3290906 |

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**MUELLER INDUSTRIES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | For the Year Ended | For the Year Ended |
| *(In thousands)* | December 27, 2025 | December 28, 2024 |
| **Cash flows from operating activities** |  |  |
| Consolidated net income | $773590 | $617542 |
| Reconciliation of consolidated net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 68561 | 53376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 26764 | 26787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts receivable | 143 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated affiliates | (8579) | (2156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from unconsolidated affiliates | 6824 | 4769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains on short-term investments | (1852) | (549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposals of assets, net | (25878) | (5780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds - noncapital related | 15469 | 18900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of securities | (16695) | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on insurance proceeds | (41147) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 3735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of NMTC liability |  | (1265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | 6565 | (867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (4636) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of effects of businesses acquired: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | (19093) | (56565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (40428) | (32768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (16377) | (1046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities | 35078 | 24360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (5363) | (1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (1237) | 1533 |
| Net cash provided by operating activities | $755444 | $645908 |
| **Cash flows from investing activities** |  |  |
| Proceeds from sale of assets, net of cash transferred | $38508 | $12005 |
| Purchase of short-term investments | (70748) | (21325) |
| Purchase of long-term investments | (781) | (6785) |
| Proceeds from the sale of securities | 88436 | 98465 |
| Acquisition of businesses, net of cash acquired |  | (602692) |
| Capital expenditures | (68805) | (80203) |
| Insurance proceeds - capital related | 4531 | 6100 |
| Payment received for (issuance of) notes receivable with unconsolidated affiliates | 1250 | (3800) |
| Investment received from noncontrolling interests | 600 |  |
| Investments in unconsolidated affiliates | (17902) | (8700) |
| Net cash used in investing activities | $(24911) | $(606935) |

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**MUELLER INDUSTRIES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | For the Year Ended | For the Year Ended |
| *(In thousands)* | December 27, 2025 | December 28, 2024 |
| **Cash flows from financing activities** |  |  |
| Dividends paid to stockholders of Mueller Industries, Inc. | $(109050) | $(89107) |
| Dividends paid to noncontrolling interests | (12240) |  |
| Repayments of long-term debt | (185) | (222) |
| Issuance of debt by consolidated joint ventures, net |  | 397 |
| Repurchase of common stock | (243615) | (48681) |
| Net cash used to settle stock-based awards | (29528) | (22865) |
| Net cash used in financing activities | $(394618) | $(160478) |
| Effect of exchange rate changes on cash | 10347 | (13823) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 346262 | (135328) |
| Cash, cash equivalents, and restricted cash at the beginning of the year | 1038895 | 1174223 |
| Cash, cash equivalents, and restricted cash at the end of the year | $1385157 | $1038895 |

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