MIDDLEBY Corp
For the period ended Dec 28, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
MIDD$138.27+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash flows from operating activities— | |||
| Net earnings | $428,433 | $400,882 | $436,569 |
| Adjustments to reconcile net earnings to net cash provided by operating activities | |||
| Depreciation and amortization | 127,174 | 132,604 | 138,061 |
| Non-cash share-based compensation | 36,151 | 51,047 | 58,368 |
| Deferred income taxes | 35,877 | (2,405) | (6,642) |
| Net periodic pension benefit (other than service costs) | (14,897) | (9,071) | (42,681) |
| Gain on sale of plant | (1,139) | — | — |
| Impairments | 38,637 | 78,114 | — |
| Other non-cash items | 645 | 1,529 | (12,127) |
| Changes in assets and liabilities, net of acquisitions | |||
| Accounts receivable, net | 11,976 | (4,624) | (28,392) |
| Inventories, net | 95,407 | 157,868 | (196,313) |
| Prepaid expenses and other assets | (45,462) | (17,081) | (5,201) |
| Accounts payable | (21,935) | (49,369) | (47,742) |
| Accrued expenses and other liabilities | (4,051) | (110,704) | 38,652 |
| Net cash provided by operating activities | 686,816 | 628,790 | 332,552 |
| Cash flows from investing activities— | |||
| Net additions to property, plant and equipment | (49,310) | (85,179) | (67,289) |
| Proceeds from sale of property, plant and equipment | 2,507 | — | — |
| Purchase of intangible assets | (80) | (1,805) | (2,233) |
| Acquisitions, net of cash acquired | (111,652) | (68,758) | (278,797) |
| Net cash used in investing activities | (158,535) | (155,742) | (348,319) |
| Cash flows from financing activities— | |||
| Proceeds under Credit Facility | — | 640,200 | 1,870,000 |
| Repayments under Credit Facility | (32,813) | (948,496) | (1,555,250) |
| Premiums paid for capped call | — | — | (9,655) |
| Net repayments under foreign bank loan | (2,193) | (166) | (24,470) |
| Payments of deferred purchase price | (3,878) | (7,701) | (7,930) |
| Repurchase of treasury stock | (34,660) | (74,565) | (264,777) |
| Other, net | (224) | (211) | (287) |
| Net cash (used in) provided by financing activities | (73,768) | (390,939) | 7,631 |
| Effect of exchange rates on cash and cash equivalents | (12,476) | 3,386 | (10,225) |
| Changes in cash and cash equivalents— | |||
| Net increase (decrease) in cash and cash equivalents | 442,037 | 85,495 | (18,361) |
| Cash and cash equivalents at beginning of year | 247,496 | 162,001 | 180,362 |
| Cash and cash equivalents at end of year | $689,533 | $247,496 | $162,001 |
| Non-cash investing and financing activities: | |||
| Stock issuance related to acquisition and purchase of intangible assets | 4,810 | 19,794 | — |
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