10-Q Filing

MIDDLEBY CORP CIK: 769520 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0000769520-15-000006`
Period End Date	20150630
Filing Date	20150813
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	midd-20150704.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 68 Cash Flow Statement 56

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.09M	USD	Point-in-time
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.18M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$85.84M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$83.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$38.59M	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
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.95M	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $9,193 and $9,091	`AccountsReceivableNetCurrent`	$239.59M	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $9,193 and $9,091	`AccountsReceivableNetCurrent`	$229.88M	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventories, net	`InventoryNet`	$291.94M	USD	Point-in-time
Inventories, net	`InventoryNet`	$255.78M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$26.18M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$27.98M	USD	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$3.86M	USD	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$5.54M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$53.48M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.19M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.09M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$51.02M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.86M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$653.63M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.82M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$614.13M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $89,644 and $82,998	`PropertyPlantAndEquipmentNet`	$148.84M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $89,644 and $82,998	`PropertyPlantAndEquipmentNet`	$129.70M	USD	Point-in-time
Goodwill	`Goodwill`	$833.38M	USD	Point-in-time
Goodwill	`Goodwill`	$808.49M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$494.33M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$492.03M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$2.92M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$4.77M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$18.86M	USD	Point-in-time
Total assets	`Assets`	$1.93B	USD	Point-in-time
Total assets	`Assets`	$2.07B	USD	Point-in-time
Total assets	`Assets`	$2.16B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$9.40M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$10.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$98.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$109.86M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$220.59M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$221.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$328.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$341.34M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$588.76M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$564.10M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$91.95M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$88.80M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$53.49M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$63.59M	USD	Point-in-time
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,189,296 and 62,088,592 shares issued in 2015 and 2014, respectively	`CommonStockValue`	$144.00K	USD	Point-in-time
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,189,296 and 62,088,592 shares issued in 2015 and 2014, respectively	`CommonStockValue`	$144.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$320.21M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$310.41M	USD	Point-in-time
Treasury stock, at cost; 4,862,264 and 4,816,912 shares in 2015 and 2014, respectively	`TreasuryStockValue`	$200.86M	USD	Point-in-time
Treasury stock, at cost; 4,862,264 and 4,816,912 shares in 2015 and 2014, respectively	`TreasuryStockValue`	$196.03M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$923.66M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.02B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-31.43M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-40.70M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.01B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.09B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.16B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.07B	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$797.25M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$842.89M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$424.78M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$436.29M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$488.10M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$258.60M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$263.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$512.44M	USD	2 Qtrs
Gross profit	`GrossProfit`	$309.15M	USD	2 Qtrs
Gross profit	`GrossProfit`	$166.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$330.45M	USD	2 Qtrs
Gross profit	`GrossProfit`	$172.89M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$45.33M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$48.10M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$92.44M	USD	2 Qtrs
Selling and distribution expenses	`SellingExpense`	$95.07M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$82.41M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$44.20M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$42.33M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$88.07M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$75.74M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$83.36M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$149.94M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$131.67M	USD	2 Qtrs
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$7.80M	USD	2 Qtrs
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$4.17M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$4.05M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$8.16M	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-195.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-1.06M	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-4.20M	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$366.00K	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$137.95M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$79.68M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$71.38M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$122.46M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$45.45M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$22.97M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$40.61M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$25.41M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$48.41M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$81.85M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$92.50M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$54.27M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$1.62	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$1.44	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$0.85	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.95	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.95	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.44	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.85	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.62	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.66M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.87M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.94M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.96M	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	1,000.00	shares	2 Qtrs
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	1,000.00	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	2,000.00	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	1,000.00	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.66M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.87M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.97M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.94M	shares	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$83.23M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$61.15M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$50.04M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$85.26M	USD	2 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$48.41M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$81.85M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$92.50M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$54.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.93M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.16M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$21.31M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.79M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$7.40M	USD	2 Qtrs
Non-cash share-based compensation	`ShareBasedCompensation`	$5.37M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$6.70M	USD	2 Qtrs
Non-cash share-based compensation	`ShareBasedCompensation`	$4.76M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$13.68M	USD	2 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.64M	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$20.30M	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.27M	USD	2 Qtrs
Inventories, net	`IncreaseDecreaseInInventories`	$10.58M	USD	2 Qtrs
Inventories, net	`IncreaseDecreaseInInventories`	$26.70M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-14.95M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.14M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.24M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.82M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-3.86M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-26.66M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$108.76M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$61.67M	USD	2 Qtrs
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.99M	USD	2 Qtrs
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.68M	USD	2 Qtrs
Purchase of trade name	`PaymentsToAcquireIntangibleAssets`	-	USD	2 Qtrs
Payments for (Proceeds from) Previous Acquisition	`PaymentsForProceedsFromPreviousAcquisition`	$1.00M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-87.88M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-67.71M	USD	2 Qtrs
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$-24.50M	USD	2 Qtrs
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$14.40M	USD	2 Qtrs
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$1.52M	USD	2 Qtrs
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$6.67M	USD	2 Qtrs
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-18.00K	USD	2 Qtrs
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-18.00K	USD	2 Qtrs
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$44.28M	USD	2 Qtrs
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$4.84M	USD	2 Qtrs
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.40M	USD	2 Qtrs
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$24.99M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.43M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.75M	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-350.00K	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-814.00K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.36M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.64M	USD	2 Qtrs
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$38.59M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$36.89M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$32.26M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$43.95M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$38.59M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$36.89M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$32.26M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$43.95M	USD	Point-in-time

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