Middleby Corp. Q3 2024 Balance Sheet Update

TL;DR

MIDDLEBY Corp Q3 balance sheet shows changes in equity accounts.

AI Summary

Middleby Corp. reported its third-quarter results for the period ending September 28, 2024. The company's financial statements show various balance sheet items, including common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income as of June 29, 2024, and September 28, 2024. Specific dollar amounts for these accounts are detailed within the filing.

Why It Matters

This filing provides a snapshot of Middleby Corp.'s financial health and capital structure as of the end of the third quarter, which is crucial for investors assessing the company's stability and growth potential.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• N/A — Total Assets (Specific total asset figures are not explicitly stated in the provided snippet, but balance sheet components are detailed.)
• N/A — Total Liabilities (Specific total liability figures are not explicitly stated in the provided snippet.)
• N/A — Total Equity (Equity components like common stock, additional paid-in capital, retained earnings, etc., are detailed, allowing for calculation of total equity.)

Key Players & Entities

• MIDDLEBY Corp (company) — Filer of the 10-Q report
• September 28, 2024 (date) — End of the reporting period
• June 29, 2024 (date) — Previous balance sheet date

FAQ

Filing Documents

• midd-20240928.htm (10-Q) — 1253KB
• midd-ex311x20249282410xq.htm (EX-31.1) — 9KB
• midd-ex312x20249282410xq.htm (EX-31.2) — 9KB
• midd-ex321x20249282410xq.htm (EX-32.1) — 5KB
• midd-ex322x20249282410xq.htm (EX-32.2) — 4KB
• 0000769520-24-000040.txt ( ) — 7483KB
• midd-20240928.xsd (EX-101.SCH) — 56KB
• midd-20240928_cal.xml (EX-101.CAL) — 60KB
• midd-20240928_def.xml (EX-101.DEF) — 314KB
• midd-20240928_lab.xml (EX-101.LAB) — 570KB
• midd-20240928_pre.xml (EX-101.PRE) — 430KB
• midd-20240928_htm.xml (XML) — 1259KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited) CONDENSED CONSOLIDATED BALANCE SHEETS as of SEPTEMBER 28, 2024 and DECEMBER 30, 2023 1 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three and nine months ended SEPTEMBER 28, 2024 and SEPTEMBER 30, 2023 2 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY for the three and nine months ended SEPTEMBER 28, 2024 and SEPTEMBER 30, 2023 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the nine months ended SEPTEMBER 28, 2024 and SEPTEMBER 30, 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 31

Controls and Procedures

Item 4. Controls and Procedures 32

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 33

Exhibits

Item 6. Exhibits 34

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 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 See accompanying notes 1 THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOM

View Full Filing

View this 10-Q filing on SEC EDGAR