10-Q Filing

MIDDLEBY CORP CIK: 769520 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000769520-19-000008`
Period End Date	20190331
Filing Date	20190509
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	midd-20190330.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 36 Cash Flow Statement 58 Stockholders Equity 15

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$13.84M	USD	Point-in-time
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$13.61M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$174.64M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$167.74M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$284.87M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$268.41M	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$103.29M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$81.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$71.70M	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $13,844 and $13,608	`AccountsReceivableNetCurrent`	$398.66M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $13,844 and $13,608	`AccountsReceivableNetCurrent`	$388.33M	USD	Point-in-time
Inventories, net	`InventoryNet`	$580.17M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00B	shares	Point-in-time
Inventories, net	`InventoryNet`	$521.81M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	95.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.59B	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$50.94M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$54.34M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.60B	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.93B	shares	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$7.09M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.89B	shares	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$18.48M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.06B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.11B	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $174,640 and $167,737	`PropertyPlantAndEquipmentNet`	$318.21M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $174,640 and $167,737	`PropertyPlantAndEquipmentNet`	$314.57M	USD	Point-in-time
Goodwill	`Goodwill`	$1.74B	USD	Point-in-time
Goodwill	`Goodwill`	$1.74B	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$1.36B	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$1.37B	USD	Point-in-time
Long-term deferred tax assets	`DeferredIncomeTaxAssetsNet`	$30.56M	USD	Point-in-time
Long-term deferred tax assets	`DeferredIncomeTaxAssetsNet`	$32.19M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$118.08M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$37.23M	USD	Point-in-time
Total assets	`Assets`	$4.69B	USD	Point-in-time
Total assets	`Assets`	$3.43B	USD	Point-in-time
Total assets	`Assets`	$4.55B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$3.21M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$3.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$188.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$194.91M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$367.45M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$363.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$558.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$561.56M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.89B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.89B	USD	Point-in-time
Deferred Tax Liabilities, Net, Noncurrent	`DeferredTaxLiabilitiesNoncurrent`	$113.90M	USD	Point-in-time
Deferred Tax Liabilities, Net, Noncurrent	`DeferredTaxLiabilitiesNoncurrent`	$115.94M	USD	Point-in-time
Liability, Defined Benefit Pension Plan, Noncurrent	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$253.23M	USD	Point-in-time
Liability, Defined Benefit Pension Plan, Noncurrent	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$253.12M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$142.04M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$69.71M	USD	Point-in-time
Common stock, $0.01 par value; 62,597,716 and 62,592,707 shares issued in 2019 and 2018, respectively	`CommonStockValue`	$145.00K	USD	Point-in-time
Common stock, $0.01 par value; 62,597,716 and 62,592,707 shares issued in 2019 and 2018, respectively	`CommonStockValue`	$145.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$377.42M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$378.49M	USD	Point-in-time
Treasury stock, at cost; 6,933,618 and 6,889,241 shares in 2019 and 2018	`TreasuryStockValue`	$450.39M	USD	Point-in-time
Treasury stock, at cost; 6,933,618 and 6,889,241 shares in 2019 and 2018	`TreasuryStockValue`	$445.12M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.08B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.01B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-276.48M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-280.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.36B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.67B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.44B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.73B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.69B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.55B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue from Contract with Customer, Excluding Assessed Tax	`RevenueFromContractWithCustomerExcludingAssessedTax`	$686.80M	USD	1 Quarter
Revenue from Contract with Customer, Excluding Assessed Tax	`RevenueFromContractWithCustomerExcludingAssessedTax`	$584.80M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$373.17M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$429.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$211.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$257.31M	USD	1 Quarter
Selling, General and Administrative Expense	`SellingGeneralAndAdministrativeExpense`	$122.95M	USD	1 Quarter
Selling, General and Administrative Expense	`SellingGeneralAndAdministrativeExpense`	$155.91M	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$342.00K	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$1.69M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$101.06M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$86.99M	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`	$20.52M	USD	1 Quarter
Net Periodic Benefit Cost, Other Components	`NetPeriodicBenefitCostOtherComponents`	$-9.71M	USD	1 Quarter
Net Periodic Benefit Cost, Other Components	`NetPeriodicBenefitCostOtherComponents`	$-7.76M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$1.41M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-1.17M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$89.72M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$86.70M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$21.28M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$20.70M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$69.01M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$65.42M	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$1.18	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$1.24	USD	1 Quarter
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$1.24	USD	1 Quarter
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$1.18	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	55.60M	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`	55.60M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	55.57M	shares	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$84.90M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$65.07M	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax`	$1.76M	USD	1 Quarter
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax`	$1.38M	USD	1 Quarter
Unrealized (loss) gain on interest rate swap, tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$-3.18M	USD	1 Quarter
Unrealized (loss) gain on interest rate swap, tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$1.70M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$69.01M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$65.42M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$25.51M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$20.02M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$1.07M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$145.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$984.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.57M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-1.04M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-11.74M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$54.53M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$9.13M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-7.04M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-19.33M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.40M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.57M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-31.45M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-51.24M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$33.95M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.75M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.10M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.66M	USD	1 Quarter
Purchase of tradename	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of tradename	`PaymentsToAcquireIntangibleAssets`	$5.40M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$29.46M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$12.40M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.49M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-51.52M	USD	1 Quarter
Proceeds under Credit Facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$103.96M	USD	1 Quarter
Proceeds under Credit Facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$234.34M	USD	1 Quarter
Repayments under Credit Facility	`RepaymentsOfLinesOfCredit`	$102.11M	USD	1 Quarter
Repayments under Credit Facility	`RepaymentsOfLinesOfCredit`	$215.86M	USD	1 Quarter
Net repayments under international credit facilities	`ProceedsFromRepaymentsOfOtherDebt`	$-72.00K	USD	1 Quarter
Net repayments under international credit facilities	`ProceedsFromRepaymentsOfOtherDebt`	$-114.00K	USD	1 Quarter
Net repayments under other debt arrangement	`ProceedsFromRepaymentsOfNotesPayable`	$-175.00K	USD	1 Quarter
Net repayments under other debt arrangement	`ProceedsFromRepaymentsOfNotesPayable`	$-3.00K	USD	1 Quarter
Payments of deferred purchase price	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Payments of deferred purchase price	`ProceedsFromPaymentsForOtherFinancingActivities`	$-446.00K	USD	1 Quarter
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$5.27M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.11M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.36M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$164.00K	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`	$9.51M	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`	$103.29M	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`	$81.21M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$71.70M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$103.29M	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`	$81.21M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$71.70M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance, Beginning	`StockholdersEquity`	$1.36B	USD	Point-in-time
Balance, Beginning	`StockholdersEquity`	$1.67B	USD	Point-in-time
Balance, Beginning	`StockholdersEquity`	$1.44B	USD	Point-in-time
Balance, Beginning	`StockholdersEquity`	$1.73B	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$69.01M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$65.42M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$21.80M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$10.68M	USD	1 Quarter
Change in unrecognized pension benefit costs, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$8.87M	USD	1 Quarter
Change in unrecognized pension benefit costs, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$5.26M	USD	1 Quarter
Unrealized gain on interest rate swaps, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-9.37M	USD	1 Quarter
Unrealized gain on interest rate swaps, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$6.55M	USD	1 Quarter
Stock compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$145.00K	USD	1 Quarter
Stock compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.07M	USD	1 Quarter
Purchase of treasury stock	`TreasuryStockValueAcquiredCostMethod`	$5.27M	USD	1 Quarter

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