10-Q Filing

MIDDLEBY CORP CIK: 769520 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000769520-18-000006`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	midd-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 36 Cash Flow Statement 50

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$13.41M	USD	Point-in-time
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$13.18M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$150.87M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$142.28M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$207.33M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$218.45M	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00B	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00B	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$68.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$76.58M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$103.29M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00B	shares	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $13,414 and $13,182	`AccountsReceivableNetCurrent`	$331.61M	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $13,414 and $13,182	`AccountsReceivableNetCurrent`	$328.42M	USD	Point-in-time
Inventories, net	`InventoryNet`	$424.64M	USD	Point-in-time
Inventories, net	`InventoryNet`	$459.15M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.62B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.60B	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.89B	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$48.46M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$55.43M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.89B	shares	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$33.75M	USD	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$17.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$931.89M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$959.65M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $150,869 and $142,278	`PropertyPlantAndEquipmentNet`	$296.47M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $150,869 and $142,278	`PropertyPlantAndEquipmentNet`	$281.92M	USD	Point-in-time
Goodwill	`Goodwill`	$1.29B	USD	Point-in-time
Goodwill	`Goodwill`	$1.26B	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$780.43M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$787.51M	USD	Point-in-time
Long-term deferred tax assets	`DeferredIncomeTaxAssetsNet`	$46.28M	USD	Point-in-time
Long-term deferred tax assets	`DeferredIncomeTaxAssetsNet`	$44.56M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$36.11M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$43.07M	USD	Point-in-time
Total assets	`Assets`	$3.43B	USD	Point-in-time
Total assets	`Assets`	$2.94B	USD	Point-in-time
Total assets	`Assets`	$3.34B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$5.11M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$5.15M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$145.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$146.33M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$305.13M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$322.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$455.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$473.65M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.02B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.04B	USD	Point-in-time
Deferred Tax Liabilities, Net, Noncurrent	`DeferredTaxLiabilitiesNoncurrent`	$87.81M	USD	Point-in-time
Deferred Tax Liabilities, Net, Noncurrent	`DeferredTaxLiabilitiesNoncurrent`	$91.43M	USD	Point-in-time
Liability, Defined Benefit Pension Plan, Noncurrent	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$334.51M	USD	Point-in-time
Liability, Defined Benefit Pension Plan, Noncurrent	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$338.84M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$56.46M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$58.85M	USD	Point-in-time
Common stock, $0.01 par value; 62,599,365 and 62,619,865 shares issued in 2018 and 2017, respectively	`CommonStockValue`	$145.00K	USD	Point-in-time
Common stock, $0.01 par value; 62,599,365 and 62,619,865 shares issued in 2018 and 2017, respectively	`CommonStockValue`	$145.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$374.92M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$375.07M	USD	Point-in-time
Treasury stock, at cost; 6,889,241 and 6,889,241 shares in 2018 and 2017, respectively	`TreasuryStockValue`	$445.12M	USD	Point-in-time
Treasury stock, at cost; 6,889,241 and 6,889,241 shares in 2018 and 2017, respectively	`TreasuryStockValue`	$445.12M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.70B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.76B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-266.42M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-246.94M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.36B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.44B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.43B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.34B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$530.30M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$584.80M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$320.85M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$373.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$209.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$211.63M	USD	1 Quarter
Selling, General and Administrative Expense	`SellingGeneralAndAdministrativeExpense`	$114.98M	USD	1 Quarter
Selling, General and Administrative Expense	`SellingGeneralAndAdministrativeExpense`	$122.95M	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$1.69M	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$1.73M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$86.99M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$92.74M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$8.82M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$5.80M	USD	1 Quarter
Net Periodic Benefit Cost, Other Components	`NetPeriodicBenefitCostOtherComponents`	$-8.34M	USD	1 Quarter
Net Periodic Benefit Cost, Other Components	`NetPeriodicBenefitCostOtherComponents`	$-9.71M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-1.17M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-1.87M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$86.70M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$93.41M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$22.70M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$21.28M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$65.42M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$70.70M	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$1.24	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$1.18	USD	1 Quarter
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$1.18	USD	1 Quarter
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$1.24	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	57.10M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	55.57M	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`	55.57M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	57.10M	shares	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$79.51M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$84.90M	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$65.42M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$70.70M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$20.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.06M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$145.00K	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$3.55M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$15.29M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$2.57M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-19.42M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-1.04M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$24.09M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$9.13M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.40M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-19.33M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.20M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.40M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-42.44M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-51.24M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.75M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$46.88M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.28M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.66M	USD	1 Quarter
Payments to Acquire Intangible Assets	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Payments to Acquire Intangible Assets	`PaymentsToAcquireIntangibleAssets`	$5.40M	USD	1 Quarter
Payments to Acquire Businesses, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$2.70M	USD	1 Quarter
Payments to Acquire Businesses, Net of Cash Acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$29.46M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-51.52M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.97M	USD	1 Quarter
Proceeds from (Repayments of) Lines of Credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$18.48M	USD	1 Quarter
Proceeds from (Repayments of) Lines of Credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-3.13M	USD	1 Quarter
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$-1.16M	USD	1 Quarter
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$-114.00K	USD	1 Quarter
Proceeds from (Repayments of) Notes Payable	`ProceedsFromRepaymentsOfNotesPayable`	$-3.00K	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`	-	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.36M	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`	$1.12M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.04M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.09M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.64M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$68.48M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$89.65M	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`	$103.29M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$68.48M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$89.65M	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`	$103.29M	USD	Point-in-time

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