10-Q Filing

MIDDLEBY CORP CIK: 769520 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000769520-17-000006`
Period End Date	20170331
Filing Date	20170511
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	midd-20170401.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 34 Cash Flow Statement 52

Balance Sheet 75 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`	$83.00M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$85.84M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$55.68M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$76.58M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$68.48M	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $12,638 and $12,600	`AccountsReceivableNetCurrent`	$307.44M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $12,638 and $12,600	`AccountsReceivableNetCurrent`	$325.87M	USD	Point-in-time
Inventories, net	`InventoryNet`	$368.24M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventories, net	`InventoryNet`	$396.19M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$42.70M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$49.95M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00M	shares	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$6.40M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00M	shares	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$7.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$811.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$837.42M	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
Treasury stock, shares	`TreasuryStockShares`	4.82M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $124,809 and $119,435	`PropertyPlantAndEquipmentNet`	$224.84M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $124,809 and $119,435	`PropertyPlantAndEquipmentNet`	$221.57M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.86M	shares	Point-in-time
Goodwill	`Goodwill`	$1.10B	USD	Point-in-time
Goodwill	`Goodwill`	$1.09B	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$696.17M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$691.49M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$51.70M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$46.86M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$43.27M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$43.57M	USD	Point-in-time
Total assets	`Assets`	$2.78B	USD	Point-in-time
Total assets	`Assets`	$2.94B	USD	Point-in-time
Total assets	`Assets`	$2.92B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$5.88M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$146.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$145.85M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$299.19M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$335.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$449.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$488.41M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$726.24M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$723.75M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$88.22M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$77.76M	USD	Point-in-time
Defined Benefit Pension Plan, Liabilities, Noncurrent	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$320.02M	USD	Point-in-time
Defined Benefit Pension Plan, Liabilities, Noncurrent	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$322.99M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$36.42M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$37.42M	USD	Point-in-time
Common stock, $0.01 par value; 95,000,000 shares authorized; 0 and 62,445,315 shares issued in 2017 and 2016, respectively	`CommonStockValue`	$144.00K	USD	Point-in-time
Common stock, $0.01 par value; 95,000,000 shares authorized; 0 and 62,445,315 shares issued in 2017 and 2016, respectively	`CommonStockValue`	$144.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$358.84M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$355.29M	USD	Point-in-time
Treasury stock, at cost; 0 and 4,905,549 shares in 2017 and 2016, respectively	`TreasuryStockValue`	$229.93M	USD	Point-in-time
Treasury stock, at cost; 0 and 4,905,549 shares in 2017 and 2016, respectively	`TreasuryStockValue`	$205.28M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.47B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.40B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-275.51M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-284.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.32B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.27B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.94B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.92B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$516.36M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$530.30M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$319.58M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$320.85M	USD	1 Quarter
Gross profit	`GrossProfit`	$209.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$196.77M	USD	1 Quarter
Selling, General and Administrative Expense	`SellingGeneralAndAdministrativeExpense`	$109.79M	USD	1 Quarter
Selling, General and Administrative Expense	`SellingGeneralAndAdministrativeExpense`	$106.65M	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$606.00K	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$1.73M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$86.38M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$101.08M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$5.28M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$5.80M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$800.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-1.87M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$93.41M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$81.90M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$27.36M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$22.70M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$70.70M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$54.54M	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$0.96	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$1.24	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$0.96	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.24	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	57.05M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	57.10M	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	0.00	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`	57.10M	shares	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$57.80M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$79.51M	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$70.70M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$54.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.93M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.06M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$3.55M	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`	$15.29M	USD	1 Quarter
Excess Tax Benefit from Share-based Compensation, Operating Activities	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	1 Quarter
Excess Tax Benefit from Share-based Compensation, Operating Activities	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-19.42M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$19.58M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$12.80M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$24.09M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.40M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.16M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.20M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.24M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-36.55M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-42.44M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$46.88M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.51M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.28M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.69M	USD	1 Quarter
Payments to Acquire Businesses, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Payments to Acquire Businesses, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$2.70M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.69M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.97M	USD	1 Quarter
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$-3.13M	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`	$-1.16M	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`	$-8.00K	USD	1 Quarter
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$24.64M	USD	1 Quarter
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$4.42M	USD	1 Quarter
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-834.00K	USD	1 Quarter
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.95M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-28.94M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$289.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.12M	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`	$8.09M	USD	1 Quarter
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 beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$76.58M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$68.48M	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
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$76.58M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$68.48M	USD	Point-in-time

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