10-Q Filing

MIDDLEBY CORP CIK: 769520 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000769520-16-000013`
Period End Date	20160331
Filing Date	20160512
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	midd-20160402.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 36 Cash Flow Statement 48

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.18M	USD	Point-in-time
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.09M	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
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.95M	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$54.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$55.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$55.68M	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 $9,758 and $8,839	`AccountsReceivableNetCurrent`	$282.53M	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $9,758 and $8,839	`AccountsReceivableNetCurrent`	$300.91M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventories, net	`InventoryNet`	$354.15M	USD	Point-in-time
Inventories, net	`InventoryNet`	$367.64M	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
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$43.60M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$39.80M	USD	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$6.21M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00M	shares	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$11.43M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$51.90M	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$51.72M	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
Total current assets	`AssetsCurrent`	$825.95M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.82M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.86M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$795.16M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $102,849 and $100,345	`PropertyPlantAndEquipmentNet`	$199.75M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $102,849 and $100,345	`PropertyPlantAndEquipmentNet`	$199.08M	USD	Point-in-time
Goodwill	`Goodwill`	$983.34M	USD	Point-in-time
Goodwill	`Goodwill`	$984.00M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$749.43M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$734.79M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$10.83M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$11.44M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$22.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$23.29M	USD	Point-in-time
Total assets	`Assets`	$2.76B	USD	Point-in-time
Total assets	`Assets`	$2.14B	USD	Point-in-time
Total assets	`Assets`	$2.78B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$32.06M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$57.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$157.76M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$156.18M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$320.15M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$300.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$513.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$509.97M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$734.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$706.07M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$121.67M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$113.01M	USD	Point-in-time
Defined Benefit Pension Plan, Liabilities, Noncurrent	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$207.56M	USD	Point-in-time
Defined Benefit Pension Plan, Liabilities, Noncurrent	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$182.34M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$30.28M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$29.77M	USD	Point-in-time
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,445,315 and 62,168,346 shares issued in 2016 and 2015, respectively	`CommonStockValue`	$144.00K	USD	Point-in-time
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,445,315 and 62,168,346 shares issued in 2016 and 2015, respectively	`CommonStockValue`	$144.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$328.69M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$332.81M	USD	Point-in-time
Treasury stock, at cost; 4,905,549 and 4,862,264 shares in 2016 and 2015, respectively	`TreasuryStockValue`	$200.86M	USD	Point-in-time
Treasury stock, at cost; 4,905,549 and 4,862,264 shares in 2016 and 2015, respectively	`TreasuryStockValue`	$205.28M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.12B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.17B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-76.41M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-73.15M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.17B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.22B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.78B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.76B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$406.60M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$516.36M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$249.03M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$319.58M	USD	1 Quarter
Gross profit	`GrossProfit`	$196.77M	USD	1 Quarter
Gross profit	`GrossProfit`	$157.56M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$53.69M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$47.11M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$39.27M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$56.10M	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$4.60M	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$606.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$86.38M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$66.58M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$3.75M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$5.28M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-4.56M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$800.00K	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$58.27M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$81.90M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$20.04M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$27.36M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$54.54M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$38.23M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.96	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.67	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.67	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.96	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.92M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	57.05M	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	1,000.00	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	0.00	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	57.05M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.92M	shares	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$22.08M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$57.80M	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$54.54M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$38.23M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.93M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.23M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$2.03M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$4.96M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$9.09M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$2.98M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$5.21M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$19.58M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$15.02M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$12.80M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.16M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.19M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.33M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.24M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-21.00M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-36.55M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.76M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.51M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.69M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.12M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-52.62M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.69M	USD	1 Quarter
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$41.50M	USD	1 Quarter
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$-28.00M	USD	1 Quarter
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$432.00K	USD	1 Quarter
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$26.31M	USD	1 Quarter
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-9.00K	USD	1 Quarter
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-9.00K	USD	1 Quarter
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$4.42M	USD	1 Quarter
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$4.84M	USD	1 Quarter
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.40M	USD	1 Quarter
ExcessTaxDetrimentShareBasedCompensationFinancingActivities	`ExcessTaxDetrimentShareBasedCompensationFinancingActivities`	$834.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$39.49M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.95M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-316.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$289.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$153.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$10.31M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$43.95M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$54.26M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$55.53M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$55.68M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$43.95M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$54.26M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$55.53M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$55.68M	USD	Point-in-time

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