10-Q Filing

MIDDLEBY CORP CIK: 769520 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000769520-14-000004`
Period End Date	20140331
Filing Date	20140508
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	midd-20140329.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 34 Cash Flow Statement 56

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.99M	USD	Point-in-time
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$8.12M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$75.89M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$73.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.05M	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.89M	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $8,117 and $6,987	`AccountsReceivableNetCurrent`	$205.26M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $8,117 and $6,987	`AccountsReceivableNetCurrent`	$224.19M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventories, net	`InventoryNet`	$220.12M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventories, net	`InventoryNet`	$260.48M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$32.32M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$32.86M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	47.50M	shares	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$24.20M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	47.50M	shares	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$801.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.91M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$50.34M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.79M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$48.49M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.82M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.66M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$629.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$545.73M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $75,893 and $73,329	`PropertyPlantAndEquipmentNet`	$127.24M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $75,893 and $73,329	`PropertyPlantAndEquipmentNet`	$125.46M	USD	Point-in-time
Goodwill	`Goodwill`	$687.96M	USD	Point-in-time
Goodwill	`Goodwill`	$701.84M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$447.94M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$445.81M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$1.64M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$2.87M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.47M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.80M	USD	Point-in-time
Total assets	`Assets`	$1.92B	USD	Point-in-time
Total assets	`Assets`	$1.82B	USD	Point-in-time
Total assets	`Assets`	$1.70B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.41M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$6.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$96.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$100.70M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$213.46M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$193.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$300.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$311.38M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$648.54M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$570.19M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$61.43M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$71.71M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$38.48M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$37.85M	USD	Point-in-time
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 47,500,000 shares authorized; 23,906,472 and 23,786,203 shares issued in 2014 and 2013, respectively	`CommonStockValue`	$144.00K	USD	Point-in-time
Common stock, $0.01 par value; 47,500,000 shares authorized; 23,906,472 and 23,786,203 shares issued in 2014 and 2013, respectively	`CommonStockValue`	$144.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$268.23M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$295.21M	USD	Point-in-time
Treasury stock, at cost; 4,816,912 and 4,661,701 shares in 2014 and 2013, respectively	`TreasuryStockValue`	$151.74M	USD	Point-in-time
Treasury stock, at cost; 4,816,912 and 4,661,701 shares in 2014 and 2013, respectively	`TreasuryStockValue`	$196.03M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$730.35M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$763.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.85M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$856.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$838.35M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.82B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.92B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$372.48M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$327.45M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$229.50M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$206.18M	USD	1 Quarter
Gross profit	`GrossProfit`	$121.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$142.98M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$46.97M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$36.15M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$40.07M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$42.92M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$42.20M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$55.93M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$3.43M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$3.99M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-213.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-865.00K	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$51.08M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$38.55M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$17.64M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$12.65M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$33.45M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$25.90M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$1.41	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$1.78	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.39	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.78	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.39M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.82M	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	223,000.00	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	1,000.00	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.62M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.82M	shares	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$35.23M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$21.08M	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$33.45M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$25.90M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.52M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.02M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$2.96M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$1.94M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$12.80M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$1.11M	USD	1 Quarter
Unrealized loss/(gain) on derivative financial instruments	`UnrealizedGainLossOnDerivatives`	$-5.00K	USD	1 Quarter
Unrealized loss/(gain) on derivative financial instruments	`UnrealizedGainLossOnDerivatives`	$31.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$8.60M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$15.79M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$5.64M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$13.23M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$21.87M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.47M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-941.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.42M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-26.52M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-2.23M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.53M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.56M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.92M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.23M	USD	1 Quarter
Purchase of trade name	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of trade name	`PaymentsToAcquireIntangibleAssets`	$5.00M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-48.96M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-381.76M	USD	1 Quarter
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$378.50M	USD	1 Quarter
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$78.40M	USD	1 Quarter
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$-47.00K	USD	1 Quarter
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$5.46M	USD	1 Quarter
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-5.00K	USD	1 Quarter
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-9.00K	USD	1 Quarter
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$44.28M	USD	1 Quarter
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$1.09M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$11.00K	USD	1 Quarter
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.09M	USD	1 Quarter
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$25.04M	USD	1 Quarter
Net proceeds from stock issuances	`ProceedsFromIssuanceOfCommonStock`	$13.00K	USD	1 Quarter
Net proceeds from stock issuances	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$64.61M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$378.45M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-817.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$55.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$9.40M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.16M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$39.05M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$43.77M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$34.37M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$36.89M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$39.05M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$43.77M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$34.37M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$36.89M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.