Middleby Corp Files 10-Q, Details Financials

TL;DR

**MIDDLEBY CORP 10-Q FILED: Equity accounts updated as of Q2 2024. Check financials.**

AI Summary

Middleby Corp filed its 10-Q for the period ending June 29, 2024, reporting on its financial performance. The filing details various financial statement data, including common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income as of March 30, 2024, and June 29, 2024. Specific dollar amounts and dates are provided for these balance sheet items.

Why It Matters

This filing provides investors and analysts with a detailed look at Middleby Corp's financial health and changes in its equity accounts during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine financial filing (10-Q) that provides standard financial reporting and does not indicate any immediate or unusual risks.

Key Numbers

• 20240629 — Period End Date (The 10-Q covers financial data up to this date.)
• 20240808 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• MIDDLEBY Corp (company) — Filer of the 10-Q
• 0000769520 (company) — Central Index Key for Middleby Corp
• 20240629 (date) — Period of report for the 10-Q
• 20240808 (date) — Filing date of the 10-Q

FAQ

Filing Documents

• midd-20240629.htm (10-Q) — 1241KB
• midd-ex311x20246292410xq.htm (EX-31.1) — 9KB
• midd-ex312x20246292410xq.htm (EX-31.2) — 9KB
• midd-ex321x20246292410xq.htm (EX-32.1) — 5KB
• midd-ex322x20246292410xq.htm (EX-32.2) — 4KB
• 0000769520-24-000034.txt ( ) — 7355KB
• midd-20240629.xsd (EX-101.SCH) — 56KB
• midd-20240629_cal.xml (EX-101.CAL) — 60KB
• midd-20240629_def.xml (EX-101.DEF) — 312KB
• midd-20240629_lab.xml (EX-101.LAB) — 567KB
• midd-20240629_pre.xml (EX-101.PRE) — 428KB
• midd-20240629_htm.xml (XML) — 1243KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited) CONDENSED CONSOLIDATED BALANCE SHEETS as of JUNE 29, 2024 and DECEMBER 30, 2023 1 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three and six months ended JUNE 29, 2024 and JULY 1, 2023 2 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY for the three and six months ended JUNE 29, 2024 and JULY 1, 2023 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the six months ended JUNE 29, 2024 and JULY 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 30

Controls and Procedures

Item 4. Controls and Procedures 31

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 32

Exhibits

Item 6. Exhibits 33

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 Jun 29, 2024 Dec 30, 2023 Current assets: Cash and cash equivalents $ 459,457 $ 247,496 Accounts receivable, net of reserve for doubtful accounts of $ 23,125 and $ 23,464 624,622 644,576 Inventories, net 920,096 935,867 Prepaid expenses and other 125,656 112,690 Prepaid taxes 13,508 25,230 Total current assets 2,143,339 1,965,859 Property, plant and equipment, net of accumulated depreciation of $ 361,614 and $ 339,528 504,661 510,898 Goodwill 2,471,721 2,486,310 Other intangibles, net of amortization of $ 605,458 and $ 574,079 1,650,965 1,693,076 Long-term deferred tax assets 6,814 7,945 Pension benefits assets 47,343 38,535 Other assets 200,940 204,069 Total assets $ 7,025,783 $ 6,906,692 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 44,250 $ 44,822 Accounts payable 238,733 227,080 Accrued expenses 573,880 579,192 Total current liabilities 856,863 851,094 Long-term debt 2,359,996 2,380,373 Long-term deferred tax liability 193,512 216,143 Accrued pension benefits 11,841 12,128 Other non-current liabilities 181,660 197,065 Stockholders' equity: Preferred stock, $ 0.01 par value; nonvoting; 2,000,000 shares authorized; none issued — — Common stock, $ 0.01 par value; 64,223,584 and 63,942,340 shares issued in 2024 and 2023, respectively 148 148 Paid-in capital 500,686 479,216 Treasury stock, at cost; 10,455,077 and 10,338,922 shares in 2024 and 2023, respectively ( 924,002 ) ( 906,031 ) Retained earnings 4,101,717 3,899,754 Accumulated other comprehensive loss ( 256,638 ) ( 223,198 ) Total stockholders' equity 3,421,911 3,249,889 Total liabilities and stockholders' equity $ 7,025,783 $ 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