Middleby Corp Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Middleby Corp filed its Q1 2024 10-Q report, detailing financial positions and fair value measurements.</b>

AI Summary

MIDDLEBY Corp (MIDD) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. The filing is a 10-Q report for Middleby Corp, filed on May 9, 2024, covering the period ending March 30, 2024. The company's principal business address is 1400 Toastmaster Drive, Elgin, IL 60120. Middleby Corp was formerly known as Middleby Corp, with a name change date of July 3, 1992. The filing includes financial data related to common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income for various periods. Fair value measurements for recurring items, including interest rate swaps and contingent consideration, are detailed for March 30, 2024.

Why It Matters

For investors and stakeholders tracking MIDDLEBY Corp, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial performance and position of Middleby Corp, crucial for assessing investment value and trends. The detailed breakdown of equity components and fair value measurements offers insights into the company's financial health and risk management strategies.

Risk Assessment

Risk Level: — MIDDLEBY Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any changes in debt levels or operational performance.

Key Numbers

• 2024-03-30 — Report Period End Date (Conformed Period of Report)
• 2024-05-09 — Filing Date (Filed as of Date)
• 1992-07-03 — Former Company Name Change Date (Former Company Name Change Date)

Key Players & Entities

• MIDDLEBY Corp (company) — Filer name
• 0000769520 (company) — Central Index Key
• 3580 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 1400 TOASTMASTER DRIVE (company) — Business Address Street 1
• ELGIN (company) — Business Address City
• IL (company) — Business Address State
• 60120 (company) — Business Address ZIP

FAQ

Industry Context

Middleby Corp operates in the Refrigeration & Service Industry Machinery sector.

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze trends in equity accounts and fair value measurements for insights into financial health.
3. Compare current quarter data with historical filings to identify performance patterns.

Year-Over-Year Comparison

This filing represents the first quarterly report of fiscal year 2024, providing updated financial information compared to the previous fiscal year-end report.

Filing Documents

• midd-20240330.htm (10-Q) — 968KB
• midd-ex311x20243302410xq.htm (EX-31.1) — 9KB
• midd-ex312x20243302410xq.htm (EX-31.2) — 9KB
• midd-ex321x20243302410xq.htm (EX-32.1) — 5KB
• midd-ex322x20243302410xq.htm (EX-32.2) — 4KB
• 0000769520-24-000018.txt (&nbsp;) — 6553KB
• midd-20240330.xsd (EX-101.SCH) — 56KB
• midd-20240330_cal.xml (EX-101.CAL) — 60KB
• midd-20240330_def.xml (EX-101.DEF) — 312KB
• midd-20240330_lab.xml (EX-101.LAB) — 567KB
• midd-20240330_pre.xml (EX-101.PRE) — 426KB
• midd-20240330_htm.xml (XML) — 971KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited) CONDENSED CONSOLIDATED BALANCE SHEETS as of MARCH 30, 2024 and DECEMBER 30, 2023 1 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three months ended MARCH 30, 2024 and APRIL 1, 2023 2 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY for the three months ended MARCH 30, 2024 and APRIL 1, 2023 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the three months ended MARCH 30, 2024 and APRIL 1, 2023 4 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Exhibits

Item 6. Exhibits 31

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share Data) ( Unaudited ) ASSETS Mar 30, 2024 Dec 30, 2023 Current assets: Cash and cash equivalents $ 341,018 $ 247,496 Accounts receivable, net of reserve for doubtful accounts of $ 23,696 and $ 23,464 605,180 644,576 Inventories, net 943,679 935,867 Prepaid expenses and other 116,302 112,690 Prepaid taxes 15,744 25,230 Total current assets 2,021,923 1,965,859 Property, plant and equipment, net of accumulated depreciation of $ 349,673 and $ 339,528 508,140 510,898 Goodwill 2,473,323 2,486,310 Other intangibles, net of amortization of $ 589,530 and $ 574,079 1,669,472 1,693,076 Long-term deferred tax assets 8,033 7,945 Pension benefits assets 42,817 38,535 Other assets 206,697 204,069 Total assets $ 6,930,405 $ 6,906,692 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 44,543 $ 44,822 Accounts payable 233,432 227,080 Accrued expenses 562,908 579,192 Total current liabilities 840,883 851,094 Long-term debt 2,370,107 2,380,373 Long-term deferred tax liability 207,806 216,143 Accrued pension benefits 11,991 12,128 Other non-current liabilities 188,379 197,065 Stockholders' equity: Preferred stock, $ 0.01 par value; nonvoting; 2,000,000 shares authorized; none issued — — Common stock, $ 0.01 par value; 64,210,323 and 63,942,340 shares issued in 2024 and 2023, respectively 148 148 Paid-in capital 493,038 479,216 Treasury stock, at cost; 10,448,781 and 10,338,922 shares in 2024 and 2023, respectively ( 923,026 ) ( 906,031 ) Retained earnings 3,986,322 3,899,754 Accumulated other comprehensive loss ( 245,243 ) ( 223,198 ) Total stockholders' equity 3,311,239 3,249,889 Total liabilities and stockholders' equity $ 6,930,405 $ 6,906,692 See accompanying notes 1 THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOM

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View this 10-Q filing on SEC EDGAR