10-Q Filing

MIDDLEBY CORP CIK: 769520 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0000769520-16-000016`
Period End Date	20160630
Filing Date	20160811
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	midd-20160702.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 70 Cash Flow Statement 57

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$74.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$55.53M	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`	$43.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$38.59M	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $9,350 and $8,839	`AccountsReceivableNetCurrent`	$282.53M	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 $9,350 and $8,839	`AccountsReceivableNetCurrent`	$316.80M	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`	$389.88M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$46.01M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$39.80M	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 Taxes	`PrepaidTaxes`	$8.27M	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
Prepaid Taxes	`PrepaidTaxes`	$11.43M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.19M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$51.72M	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.09M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$834.99M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.86M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$795.16M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.82M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $102,138 and $100,345	`PropertyPlantAndEquipmentNet`	$216.10M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $102,138 and $100,345	`PropertyPlantAndEquipmentNet`	$199.75M	USD	Point-in-time
Goodwill	`Goodwill`	$1.05B	USD	Point-in-time
Goodwill	`Goodwill`	$983.34M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$749.43M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$792.95M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$11.34M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$11.44M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$24.35M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$22.03M	USD	Point-in-time
Total assets	`Assets`	$2.93B	USD	Point-in-time
Total assets	`Assets`	$2.16B	USD	Point-in-time
Total assets	`Assets`	$2.76B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$53.76M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$32.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$158.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$157.76M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$305.52M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$320.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$509.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$517.39M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$734.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$862.57M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$67.43M	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`	$166.86M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$32.48M	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`	$339.01M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$328.69M	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`	$1.24B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.12B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-91.65M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-76.41M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.28B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.17B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.93B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.76B	USD	Point-in-time

Income Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$580.46M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$842.89M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$1.10B	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$436.29M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$666.54M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$512.44M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$346.95M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$263.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$233.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$430.27M	USD	2 Qtrs
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`	$92.44M	USD	2 Qtrs
Selling and distribution expenses	`SellingExpense`	$111.71M	USD	2 Qtrs
Selling and distribution expenses	`SellingExpense`	$58.02M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$42.72M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$81.99M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$57.17M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$113.28M	USD	2 Qtrs
Restructuring Charges	`RestructuringCharges`	$6.08M	USD	2 Qtrs
Restructuring Charges	`RestructuringCharges`	$7.00M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$149.94M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$83.36M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$111.91M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$198.29M	USD	2 Qtrs
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$6.06M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$7.80M	USD	2 Qtrs
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$4.05M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$11.34M	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$366.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$4.64M	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$3.84M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-4.20M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$109.69M	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`	$191.59M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$45.45M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$36.80M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$25.41M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$64.16M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$92.50M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$72.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$127.43M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$54.27M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.95	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$1.62	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$1.28	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$2.23	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$2.23	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.95	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.28	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.62	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.96M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.94M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	57.02M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	57.04M	shares	2 Qtrs
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	1,000.00	shares	2 Qtrs
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	2,000.00	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	0.00	shares	2 Qtrs
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	0.00	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	57.02M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	57.04M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.94M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.97M	shares	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$61.15M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$83.23M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$112.19M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$54.39M	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$92.50M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$72.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$127.43M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$54.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.24M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.93M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.16M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.31M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$5.37M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$6.20M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$7.40M	USD	2 Qtrs
Non-cash share-based compensation	`ShareBasedCompensation`	$11.16M	USD	2 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$8.59M	USD	2 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.64M	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$16.75M	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.27M	USD	2 Qtrs
Inventories, net	`IncreaseDecreaseInInventories`	$26.70M	USD	2 Qtrs
Inventories, net	`IncreaseDecreaseInInventories`	$23.36M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.57M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-14.95M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.24M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$36.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-34.10M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-3.86M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$108.76M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$95.68M	USD	2 Qtrs
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.11M	USD	2 Qtrs
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.68M	USD	2 Qtrs
Payments to Acquire Businesses, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$76.19M	USD	2 Qtrs
Payments to Acquire Businesses, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$209.10M	USD	Point-in-time
Payments to Acquire Businesses, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$212.02M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-225.13M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-87.88M	USD	2 Qtrs
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$128.50M	USD	2 Qtrs
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$-24.50M	USD	2 Qtrs
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$26.16M	USD	2 Qtrs
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$1.52M	USD	2 Qtrs
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-17.00K	USD	2 Qtrs
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-18.00K	USD	2 Qtrs
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$4.42M	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
ExcessTaxDetrimentShareBasedCompensationFinancingActivities	`ExcessTaxDetrimentShareBasedCompensationFinancingActivities`	$833.00K	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`	$149.40M	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-814.00K	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.44M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$18.50M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.36M	USD	2 Qtrs
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$74.03M	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`	$43.95M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$38.59M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$74.03M	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`	$43.95M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$38.59M	USD	Point-in-time

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