Middleby Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Middleby Corp has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

MIDDLEBY Corp (MIDD) filed a Annual Report (10-K) with the SEC on February 28, 2024. Middleby Corp filed its 10-K report for the fiscal year ending December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. The company's principal executive offices are located in Elgin, Illinois. Middleby Corp is incorporated in Delaware. The Standard Industrial Classification code for the company is 3580 (Refrigeration & Service Industry Machinery).

Why It Matters

For investors and stakeholders tracking MIDDLEBY Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Middleby Corp's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. As a public company, Middleby Corp is required to disclose detailed financial information and risk factors annually, offering transparency to stakeholders and the market regarding its business activities and potential challenges.

Risk Assessment

Risk Level: medium — MIDDLEBY Corp shows moderate risk based on this filing. The company operates in the Refrigeration & Service Industry Machinery sector, which can be subject to economic cycles and shifts in demand, potentially impacting revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Middleby Corp's performance and outlook.

Key Numbers

• 20231230 — Fiscal Year End (Conformed Period of Report)
• 20240228 — Filed As Of Date (Filing Date)
• 108 — Public Document Count (Number of documents in the filing)
• 001-09973 — SEC File Number (Company's SEC file number)

Key Players & Entities

• MIDDLEBY Corp (company) — Filer name
• 0000769520 (company) — Central Index Key
• 3580 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• ELGIN (company) — Business Address City
• IL (company) — Business Address State
• 60120 (company) — Business Address Zip
• 19920703 (company) — Date of Name Change

FAQ

Industry Context

Middleby Corp operates in the Refrigeration & Service Industry Machinery sector, which involves the manufacturing and distribution of specialized equipment for commercial and residential use.

Regulatory Implications

As a publicly traded company, Middleby Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review Middleby Corp's detailed financial statements for the fiscal year ended December 30, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Compare Middleby Corp's performance and disclosures with industry peers.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share MIDD NASDAQ Global Select Mar
• $397.5 m — or an aggregate purchase price totaling $397.5 million, net of cash acquired. Commerci
• $35.0 billion — equipment market has sales in excess of $35.0 billion. The company believes that continuing g
• $50.0 billion — od processing equipment is in excess of $50.0 billion worldwide. 4 Residential Kitchen Eq
• $250.0 billion — ndustry is estimated to be in excess of $250.0 billion worldwide. Backlog Commercial Foods
• $395.2 million — mercial Foodservice Equipment Group was $395.2 million at December 30, 2023, most all of which
• $750.9 million — odservice Equipment Group's backlog was $750.9 million at December 31, 2022. The acquired Flav
• $0.2 million — and Systems IV businesses accounted for $0.2 million of the backlog. The backlog is not nece
• $250.4 million — the Food Processing Equipment Group was $250.4 million at December 30, 2023, which is expected
• $317.1 million — rocessing Equipment Group's backlog was $317.1 million at December 31, 2022. The acquired Filt
• $0.1 million — mation business accounted for less than $0.1 million of the backlog. Residential Kitchen E
• $112.1 million — Residential Kitchen Equipment Group was $112.1 million at December 30, 2023, all of which is e
• $175.0 million — l Kitchen Equipment Group's backlog was $175.0 million at December 31, 2022. The acquired Trad
• $1.1 million — uired Trade-Wind business accounted for $1.1 million of the backlog. Marketing and Distrib

Filing Documents

• midd-20231230.htm (10-K) — 2536KB
• midd-ex21x2023123023x10k.htm (EX-21) — 93KB
• midd-ex231x2023123023x10k.htm (EX-23.1) — 3KB
• midd-ex311x202312302310xq.htm (EX-31.1) — 9KB
• midd-ex312x202312302310xq.htm (EX-31.2) — 9KB
• midd-ex321x202312302310xq.htm (EX-32.1) — 5KB
• midd-ex322x202312302310xq.htm (EX-32.2) — 4KB
• midd-ex97x2023123023x10k.htm (EX-97) — 19KB
• 0000769520-24-000004.txt (&nbsp;) — 13939KB
• midd-20231230.xsd (EX-101.SCH) — 81KB
• midd-20231230_cal.xml (EX-101.CAL) — 110KB
• midd-20231230_def.xml (EX-101.DEF) — 469KB
• midd-20231230_lab.xml (EX-101.LAB) — 1005KB
• midd-20231230_pre.xml (EX-101.PRE) — 704KB
• midd-20231230_htm.xml (XML) — 2577KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22

Cybersecurity

Item 1C. Cybersecurity 22

Properties

Item 2. Properties 24

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Issues

Item 4. Mine Safety Issues 26 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

[Reserved]

Item 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosure about Market Risk

Item 7A. Quantitative and Qualitative Disclosure about Market Risk 44

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 94

Controls and Procedures

Item 9A. Controls and Procedures 94

Other Information

Item 9B. Other Information 96

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 96

Executive Compensation

Item 11. Executive Compensation 96

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 96

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 96 PART IV

Exhibit and Financial Statement Schedule

Item 15. Exhibit and Financial Statement Schedule 97

Form 10-K Summary

Item 16. Form 10-K Summary 99 PART I

Business

Item 1. Business General The Middleby Corporation, a Delaware corporation ("Middleby" or the "company"), through its operating subsidiary Middleby Marshall Inc., a Delaware corporation ("Middleby Marshall") and its subsidiaries, is a leader in the design, manufacture, marketing, distribution, and service of a broad line of (i) foodservice equipment, integrated IoT solutions and universal controllers used in all types of commercial restaurants and institutional kitchens, (ii) food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and (iii) premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment primarily used in the residential market. Founded in 1888 as a manufacturer of baking ovens, Middleby Marshall Oven Company was acquired in 1983 by TMC Industries Ltd., a publicly traded company that changed its name in 1985 to The Middleby Corporation. The company has established itself as a leading provider of (i) commercial restaurant equipment, (ii) food processing equipment and (iii) residential kitchen equipment as a result of its acquisition of industry leading brands and through the introduction of innovative products within each of these segments. The company's annual reports on Form 10-K, including this Form 10-K, as well as the company's quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available, free of charge, on the company's website, www.middleby.com . These reports are available as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission ("SEC"). Business Segments and Products The company conducts its business through three principal business segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. See Note 10 to the Consolidated Financial Statements

View Full Filing

View this 10-K filing on SEC EDGAR