MIDDLEBY Corp
For the period ended Dec 30, 2023. Filed Feb 28, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
MIDD$138.27+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows from operating activities— | |||
| Net earnings | $400,882 | $436,569 | $488,492 |
| Adjustments to reconcile net earnings to net cash provided by operating activities | |||
| Depreciation and amortization | 132,604 | 138,061 | 125,243 |
| Non-cash share-based compensation | 51,047 | 58,368 | 42,330 |
| Deferred income taxes | (2,405) | (6,642) | 6,863 |
| Net periodic pension benefit (other than service costs) | (9,071) | (42,681) | (45,066) |
| Gain on sale of plant | — | — | (763) |
| Impairments | 78,114 | — | — |
| Non-cash restructuring | — | — | 1,924 |
| Other non-cash items | 1,529 | (12,127) | (11,805) |
| Changes in assets and liabilities, net of acquisitions | |||
| Accounts receivable, net | (4,624) | (28,392) | (93,988) |
| Inventories, net | 157,868 | (196,313) | (198,264) |
| Prepaid expenses and other assets | (17,081) | (5,201) | 10,853 |
| Accounts payable | (49,369) | (47,742) | 61,336 |
| Accrued expenses and other liabilities | (110,704) | 38,652 | 36,244 |
| Net cash provided by operating activities | 628,790 | 332,552 | 423,399 |
| Cash flows from investing activities— | |||
| Net additions to property, plant and equipment | (85,179) | (67,289) | (46,551) |
| Proceeds from sale of property, plant and equipment | — | — | 6,290 |
| Purchase of intangible assets | (1,805) | (2,233) | (5,000) |
| Acquisitions, net of cash acquired | (68,758) | (278,797) | (963,600) |
| Net cash used in investing activities | (155,742) | (348,319) | (1,008,861) |
| Cash flows from financing activities— | |||
| Proceeds under Credit Facility | 640,200 | 1,870,000 | 1,739,101 |
| Repayments under Credit Facility | (948,496) | (1,555,250) | (1,135,058) |
| Premiums paid for capped call | — | (9,655) | (54,553) |
| Net (repayments) proceeds under foreign bank loan | (166) | (24,470) | (2,030) |
| Payments of deferred purchase price | (7,701) | (7,930) | (5,861) |
| Repurchase of treasury stock | (74,565) | (264,777) | (29,265) |
| Debt issuance costs | — | — | (9,242) |
| Other, net | (211) | (287) | (303) |
| Net cash (used in) provided by financing activities | (390,939) | 7,631 | 502,789 |
| Effect of exchange rates on cash and cash equivalents | 3,386 | (10,225) | (5,068) |
| Changes in cash and cash equivalents— | |||
| Net increase (decrease) in cash and cash equivalents | 85,495 | (18,361) | (87,741) |
| Cash and cash equivalents at beginning of year | 162,001 | 180,362 | 268,103 |
| Cash and cash equivalents at end of year | $247,496 | $162,001 | $180,362 |
| Non-cash investing and financing activities: | |||
| Stock issuance related to acquisition and purchase of intangible assets | 19,794 | — | 2,522 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.