MIDDLEBY Corp
For the period ended Sep 28, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2024 · Filed Nov 7, 2024
MIDD$136.50+4.9%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Financial Statements (unaudited)
Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)
| ASSETS | Sep 28, 2024 | Dec 30, 2023 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $606,004 | $247,496 |
| Accounts receivable, net of reserve for doubtful accounts of $24,053 and $23,464 | 614,976 | 644,576 |
| Inventories, net | 905,865 | 935,867 |
| Prepaid expenses and other | 134,364 | 112,690 |
| Prepaid taxes | 30,401 | 25,230 |
| Total current assets | 2,291,610 | 1,965,859 |
| Property, plant and equipment, net of accumulated depreciation of $377,548 and $339,528 | 510,555 | 510,898 |
| Goodwill | 2,506,810 | 2,486,310 |
| Other intangibles, net of amortization of $625,286 and $574,079 | 1,650,962 | 1,693,076 |
| Long-term deferred tax assets | 6,915 | 7,945 |
| Pension benefits assets | 54,887 | 38,535 |
| Other assets | 179,342 | 204,069 |
| Total assets | $7,201,081 | $6,906,692 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Current maturities of long-term debt | $44,058 | $44,822 |
| Accounts payable | 214,699 | 227,080 |
| Accrued expenses | 555,955 | 579,192 |
| Total current liabilities | 814,712 | 851,094 |
| Long-term debt | 2,361,252 | 2,380,373 |
| Long-term deferred tax liability | 241,107 | 216,143 |
| Accrued pension benefits | 11,665 | 12,128 |
| Other non-current liabilities | 179,404 | 197,065 |
| Stockholders' equity: | ||
| Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued | — | — |
| Common stock, $0.01 par value; 64,227,987 and 63,942,340 shares issued in 2024 and 2023, respectively | 148 | 148 |
| Paid-in capital | 509,355 | 479,216 |
| Treasury stock, at cost; 10,456,948 and 10,338,922 shares in 2024 and 2023, respectively | (924,289) | (906,031) |
| Retained earnings | 4,215,883 | 3,899,754 |
| Accumulated other comprehensive loss | (208,156) | (223,198) |
| Total stockholders' equity | 3,592,941 | 3,249,889 |
| Total liabilities and stockholders' equity | $7,201,081 | $6,906,692 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands, Except Per Share Data)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| Sep 28, 2024 | Sep 30, 2023 | Sep 28, 2024 | Sep 30, 2023 | |
| Net sales | $942,809 | $980,651 | $2,861,281 | $3,028,029 |
| Cost of sales | 587,375 | 605,329 | 1,779,847 | 1,880,736 |
| Gross profit | 355,434 | 375,322 | 1,081,434 | 1,147,293 |
| Selling, general and administrative expenses | 179,476 | 196,433 | 584,108 | 615,361 |
| Restructuring expenses | 2,519 | 4,448 | 11,046 | 11,698 |
| Income from operations | 173,439 | 174,441 | 486,280 | 520,234 |
| Interest expense and deferred financing amortization, net | 21,399 | 31,080 | 72,239 | 92,071 |
| Net periodic pension benefit (other than service costs) | (3,876) | (2,103) | (11,244) | (6,929) |
| Other expense (income), net | 1,239 | 1,072 | 995 | 2,642 |
| Earnings before income taxes | 154,677 | 144,392 | 424,290 | 432,450 |
| Provision for income taxes | 40,511 | 35,742 | 108,161 | 107,861 |
| Net earnings | $114,166 | $108,650 | $316,129 | $324,589 |
| Net earnings per share: | ||||
| Basic | $2.12 | $2.03 | $5.88 | $6.06 |
| Diluted | $2.11 | $2.01 | $5.84 | $5.99 |
| Weighted average number of shares | ||||
| Basic | 53,770 | 53,588 | 53,730 | 53,569 |
| Dilutive common stock equivalents | 267 | 569 | 438 | 623 |
| Diluted | 54,037 | 54,157 | 54,168 | 54,192 |
| Comprehensive income | $162,648 | $76,504 | $331,171 | $317,203 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(amounts in thousands)
| CommonStock | Paid-inCapital | TreasuryStock | RetainedEarnings | AccumulatedOtherComprehensiveIncome/(loss) | TotalStockholders'Equity | |
|---|---|---|---|---|---|---|
| Balance, June 29, 2024 | $148 | $500,686 | $(924,002) | $4,101,717 | $(256,638) | $3,421,911 |
| Net earnings | — | — | — | 114,166 | — | 114,166 |
| Currency translation adjustments | — | — | — | — | 67,366 | 67,366 |
| Change in unrecognized pension benefit costs, net of tax of $464 | — | — | — | — | (5,711) | (5,711) |
| Unrealized loss on interest rate swap, net of tax of $(4,120) | — | — | — | — | (13,173) | (13,173) |
| Stock compensation | — | 8,669 | — | — | — | 8,669 |
| Purchase of treasury stock | — | — | (287) | — | — | (287) |
| Balance, September 28, 2024 | $148 | $509,355 | $(924,289) | $4,215,883 | $(208,156) | $3,592,941 |
| Balance, December 30, 2023 | $148 | $479,216 | $(906,031) | $3,899,754 | $(223,198) | $3,249,889 |
| Net earnings | — | — | — | 316,129 | — | 316,129 |
| Currency translation adjustments | — | — | — | — | 31,352 | 31,352 |
| Change in unrecognized pension benefit costs, net of tax of $800 | — | — | — | — | (4,136) | (4,136) |
| Unrealized loss on interest rate swap, net of tax of $(4,976) | — | — | — | — | (12,174) | (12,174) |
| Stock compensation | — | 30,139 | — | — | — | 30,139 |
| Purchase of treasury stock | — | — | (18,258) | — | — | (18,258) |
| Balance, September 28, 2024 | $148 | $509,355 | $(924,289) | $4,215,883 | $(208,156) | $3,592,941 |
| CommonStock | Paid-inCapital | TreasuryStock | RetainedEarnings | AccumulatedOtherComprehensiveIncome/(loss) | TotalStockholders'Equity | |
|---|---|---|---|---|---|---|
| Balance, July 1, 2023 | $148 | $444,290 | $(906,011) | $3,714,811 | $(253,712) | $2,999,526 |
| Net earnings | — | — | — | 108,650 | — | 108,650 |
| Currency translation adjustments | — | — | — | — | (36,602) | (36,602) |
| Change in unrecognized pension benefit costs, net of tax of $367 | — | — | — | — | 4,436 | 4,436 |
| Unrealized gain on interest rate swap, net of tax of $7 | — | — | — | — | 20 | 20 |
| Stock compensation | — | 13,175 | — | — | — | 13,175 |
| Stock issuance | — | 6,010 | — | — | — | 6,010 |
| Balance, September 30, 2023 | $148 | $463,475 | $(906,011) | $3,823,461 | $(285,858) | $3,095,215 |
| Balance, December 31, 2022 | $147 | $408,376 | $(831,176) | $3,498,872 | $(278,472) | $2,797,747 |
| Net earnings | — | — | — | 324,589 | — | 324,589 |
| Currency translation adjustments | — | — | — | — | (4,751) | (4,751) |
| Change in unrecognized pension benefit costs, net of tax of $461 | — | — | — | — | (544) | (544) |
| Unrealized loss on interest rate swap, net of tax of $(731) | — | — | — | — | (2,091) | (2,091) |
| Stock compensation | — | 35,305 | — | — | — | 35,305 |
| Stock issuance | 1 | 19,794 | — | — | — | 19,795 |
| Purchase of treasury stock | — | — | (74,835) | — | — | (74,835) |
| Balance, September 30, 2023 | $148 | $463,475 | $(906,011) | $3,823,461 | $(285,858) | $3,095,215 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
| Nine Months Ended | ||
|---|---|---|
| Sep 28, 2024 | Sep 30, 2023 | |
| Cash flows from operating activities-- | ||
| Net earnings | $316,129 | $324,589 |
| Adjustments to reconcile net earnings to net cash provided by operating activities-- | ||
| Depreciation and amortization | 94,836 | 99,058 |
| Non-cash share-based compensation | 30,139 | 35,305 |
| Deferred income taxes | 27,659 | (6,553) |
| Net periodic pension benefit (other than service costs) | (11,244) | (6,929) |
| Other non-cash items | 661 | (684) |
| Changes in assets and liabilities, net of acquisitions | ||
| Accounts receivable, net | 31,354 | (430) |
| Inventories, net | 33,045 | 66,973 |
| Prepaid expenses and other assets | (20,073) | (2,481) |
| Accounts payable | (13,706) | (49,188) |
| Accrued expenses and other liabilities | (41,718) | (86,557) |
| Net cash provided by operating activities | 447,082 | 373,103 |
| Cash flows from investing activities-- | ||
| Net additions to property, plant and equipment | (36,169) | (69,645) |
| Purchase of intangible assets | (80) | (1,805) |
| Acquisitions, net of cash acquired | (7,750) | (67,774) |
| Net cash used in investing activities | (43,999) | (139,224) |
| Cash flows from financing activities-- | ||
| Proceeds under Credit Facility | — | 565,200 |
| Repayments under Credit Facility | (21,875) | (711,692) |
| Net repayments under foreign bank loan | (1,611) | (495) |
| Payments of deferred purchase price | (3,878) | (4,079) |
| Repurchase of treasury stock | (18,258) | (74,544) |
| Other, net | (167) | (158) |
| Net cash used in financing activities | (45,789) | (225,768) |
| Effect of exchange rates on cash and cash equivalents | 1,214 | (2,923) |
| Changes in cash and cash equivalents-- | ||
| Net increase (decrease) in cash and cash equivalents | 358,508 | 5,188 |
| Cash and cash equivalents at beginning of year | 247,496 | 162,001 |
| Cash and cash equivalents at end of period | $606,004 | $167,189 |
| Non-cash investing and financing activities: | ||
| Stock issuance related to acquisition and purchase of intangible assets | $— | $19,795 |
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