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As Of Filer Filing For·On·As Docs:Size 8/11/22 Middleby Corp. 10-Q 7/02/22 87:9.6M |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 1.97M
2: EX-31.1 Certification -- §302 - SOA'02 HTML 27K
3: EX-31.2 Certification -- §302 - SOA'02 HTML 27K
4: EX-32.1 Certification -- §906 - SOA'02 HTML 24K
5: EX-32.2 Certification -- §906 - SOA'02 HTML 24K
11: R1 Document and Entity Information HTML 75K
12: R2 Condensed Consolidated Balance Sheets HTML 121K
13: R3 Condensed Consolidated Balance Sheets HTML 43K
(Parenthetical)
14: R4 Condensed Consolidated Statements of Comprehensive HTML 106K
Income
15: R5 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN HTML 81K
STOCKHOLDERS' EQUITY Statement
16: R6 Condensed Consolidated Statements of Changes in HTML 44K
Stockholders' Equity (Parenthetical)
17: R7 Condensed Consolidated Statements of Cash Flows HTML 109K
18: R8 Summary of Significant Accounting Policies HTML 61K
19: R9 Acquisitions and Purchase Accounting HTML 135K
20: R10 Litigation Matters HTML 28K
21: R11 Recently Issued Accounting Standards HTML 29K
22: R12 Revenue Recognition Revenue Recognition (Notes) HTML 89K
23: R13 Other Comprehensive Income (Notes) HTML 77K
24: R14 Inventories HTML 31K
25: R15 Goodwill HTML 39K
26: R16 Intangibles (Notes) HTML 53K
27: R17 Accrued Expenses HTML 39K
28: R18 Warranty Costs HTML 30K
29: R19 Financing Arrangements HTML 72K
30: R20 Financial Instruments HTML 46K
31: R21 Segment Information HTML 134K
32: R22 Employee Retirement Plans HTML 46K
33: R23 Share Repurchases (Notes) HTML 26K
34: R24 Subsequent Events HTML 26K
35: R25 Summary of Significant Accounting Policies HTML 39K
(Policies)
36: R26 Revenue Recognition Revenue Recognition (Policies) HTML 25K
37: R27 Summary of Significant Accounting Policies HTML 51K
(Tables)
38: R28 Acquisitions and Purchase Accounting Acquisition HTML 109K
and Purchase Accounting (Tables)
39: R29 Revenue Recognition Revenue Recognition (Tables) HTML 84K
40: R30 Other Comprehensive Income (Tables) HTML 78K
41: R31 Inventories (Tables) HTML 32K
42: R32 Goodwill (Tables) HTML 42K
43: R33 Intangibles (Tables) HTML 55K
44: R34 Accrued Expenses (Tables) HTML 39K
45: R35 Warranty Costs (Tables) HTML 30K
46: R36 Financing Arrangements (Tables) HTML 67K
47: R37 Financial Instruments (Tables) HTML 46K
48: R38 Segment Information (Tables) HTML 129K
49: R39 Employee Retirement Plans (Tables) HTML 42K
50: R40 Summary of Significant Accounting Policies HTML 49K
Additional Information (Detail)
51: R41 Financial Assets and Liabilities that are Measured HTML 50K
At Fair Value and are Categorized Using Fair Value
Hierarchy (Detail)
52: R42 Acquisitions and Purchase Accounting Estimated HTML 86K
Fair Values of Assets Acquired and Liabilities
Assumed - Novy Acquisition (Details)
53: R43 Acquisitions and Purchase Accounting Estimated HTML 102K
Fair Values of Assets Acquired and Liabilities
Assumed - Kamado Joe and Masterbuilt (Details)
54: R44 Acquisitions and Purchase Accounting Estimated HTML 100K
Fair Values of Assets Acquired and Labilities
Assumed - 2021 Acquisitions (Details)
55: R45 Acquisitions and Purchase Accounting Estimated HTML 117K
Fair Value of Assets Acquired and Liabilities
Assumed - 2022 Acquisitions (Details)
56: R46 Acquisitions and Purchase Accounting Acquisitions HTML 32K
and Purchase Accounting - Pro Forma Information
(Details)
57: R47 Revenue Recognition Disaggregation of Revenue HTML 64K
(Details)
58: R48 Revenue Recognition Contract with Customer, Asset HTML 39K
and Liability (Details)
59: R49 Changes in accumulated other comprehensive income HTML 70K
(Details)
60: R50 Components of Other Comprehensive Income (Details) HTML 50K
61: R51 Inventories (Details) HTML 33K
62: R52 Changes in Carrying Amount of Goodwill (Details) HTML 44K
63: R53 Intangibles (Details) HTML 65K
64: R54 Accrued Expenses (Details) HTML 50K
65: R55 Rollforward of Warranty Reserve (Details) HTML 32K
66: R56 Long-Term Debt (Details) HTML 43K
67: R57 Financing Arrangements Additional Information HTML 65K
(Details)
68: R58 Carrying Value and Estimated Aggregate Fair Value HTML 32K
of Debt (Details)
69: R59 Convertible Debt (Details) HTML 32K
70: R60 Convertible Debt Interest Expense (Details) HTML 33K
71: R61 Convertible Debt Additional Information (Details) HTML 26K
72: R62 Capped Call Information (Details) HTML 42K
73: R63 Summary of Fair Value of Interest Rate Swaps HTML 42K
(Details)
74: R64 Impact on Earnings from Interest Rate Swaps HTML 34K
(Details)
75: R65 Financial Instruments Additional Information HTML 31K
(Details)
76: R66 Net Sales Summary (Details) HTML 92K
77: R67 Summary of Results of Operations for Business HTML 75K
Segments (Details)
78: R68 Long-Lived Assets by Major Geographic Region HTML 36K
(Details)
79: R69 Employee Retirement Plans Additional Information HTML 44K
(Details)
80: R70 Share Repurchases (Details) HTML 49K
81: R71 Subsequent Events (Details) HTML 33K
82: R9999 Uncategorized Items - midd-20220702.htm HTML 46K
85: XML IDEA XML File -- Filing Summary XML 156K
83: XML XBRL Instance -- midd-20220702_htm XML 2.90M
84: EXCEL IDEA Workbook of Financial Reports XLSX 160K
7: EX-101.CAL XBRL Calculations -- midd-20220702_cal XML 155K
8: EX-101.DEF XBRL Definitions -- midd-20220702_def XML 838K
9: EX-101.LAB XBRL Labels -- midd-20220702_lab XML 1.51M
10: EX-101.PRE XBRL Presentations -- midd-20220702_pre XML 1.05M
6: EX-101.SCH XBRL Schema -- midd-20220702 XSD 177K
86: JSON XBRL Instance as JSON Data -- MetaLinks 434± 653K
87: ZIP XBRL Zipped Folder -- 0000769520-22-000018-xbrl Zip 421K
| midd-20220702 |
| i ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
| i ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
| i Delaware | i 36-3352497 | ||||
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | ||||
| i 1400 Toastmaster Drive, | i Elgin, | i Illinois | i 60120 | ||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
| Registrant's telephone number, including area code: | i (847) | i 741-3300 | ||||||
| i Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
| Smaller reporting company | i ☐ | Emerging growth company | i ☐ | ||||||||||||||
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
| i Common Stock | i MIDD | i Nasdaq Global Select Market | ||||||
| DESCRIPTION | PAGE | |||||||
| PART I. FINANCIAL INFORMATION | ||||||||
| Item 1. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS as of JULY 2, 2022 and JANUARY 1, 2022 | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three and six months ended JULY 2, 2022 and JULY 3, 2021 | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY for the three and six months ended JULY 2, 2022 and JULY 3, 2021 | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the six months ended JULY 2, 2022 and JULY 3, 2021 | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| PART II. OTHER INFORMATION | ||||||||
| Item 2. | ||||||||
| Item 6. | ||||||||
| ASSETS | Jul 2, 2022 | Jan 1, 2022 | |||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | i 166,589 | $ | i 180,362 | |||||||
Accounts
receivable, net of reserve for doubtful accounts of $ i 18,010 and $ i 18,770 | i 627,276 | i 577,142 | |||||||||
| Inventories, net | i 1,008,920 | i 837,418 | |||||||||
| Prepaid expenses and other | i 109,932 | i 92,269 | |||||||||
| Prepaid taxes | i 22,543 | i 19,894 | |||||||||
| Total current assets | i 1,935,260 | i 1,707,085 | |||||||||
Property,
plant and equipment, net of accumulated depreciation of $ i 278,702 and $ i 266,203
| i 417,688 | i 380,980 | |||||||||
| Goodwill | i 2,221,120 | i 2,243,469 | |||||||||
Other
intangibles, net of amortization of $ i 475,300 and $ i 442,208 | i 1,805,036 | i 1,875,377 | |||||||||
| Long-term deferred tax assets | i 26,306 | i 33,194 | |||||||||
| Other assets | i 173,963 | i 143,493 | |||||||||
| Total assets | $ | i 6,579,373 | $ | i 6,383,598 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current maturities of long-term debt | $ | i 49,076 | $ | i 27,293 | |||||||
| Accounts payable | i 323,155 | i 304,740 | |||||||||
| Accrued expenses | i 604,183 | i 582,855 | |||||||||
| Total current liabilities | i 976,414 | i 914,888 | |||||||||
| Long-term debt | i 2,647,313 | i 2,387,001 | |||||||||
| Long-term deferred tax liability | i 199,367 | i 186,935 | |||||||||
| Accrued pension benefits | i 176,960 | i 219,680 | |||||||||
| Other non-current liabilities | i 161,349 | i 180,818 | |||||||||
| Stockholders' equity: | |||||||||||
Preferred stock, $ i i 0.01 /
par value; nonvoting; i i 2,000,000 /
shares authorized; i i none / issued | i — | i — | |||||||||
Common
stock, $ i i 0.01 / par value; i 63,509,015
and i 63,666,020 shares issued in 2022 and 2021, respectively | i 147 | i 147 | |||||||||
| Paid-in capital | i 376,898 | i 357,309 | |||||||||
Treasury
stock, at cost; i 9,624,778 and i 8,170,276 shares in 2022 and 2021 | ( i 806,008) | ( i 566,399) | |||||||||
| Retained earnings | i 3,261,306 | i 3,062,303 | |||||||||
| Accumulated other comprehensive loss | ( i 414,373) | ( i 359,084) | |||||||||
| Total stockholders' equity | i 2,417,970 | i 2,494,276 | |||||||||
| Total liabilities and stockholders' equity | $ | i 6,579,373 | $ | i 6,383,598 | |||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| Jul 2, 2022 | Jul 3, 2021 | Jul 2, 2022 | Jul 3, 2021 | ||||||||||||||||||||
| Net sales | $ | i 1,013,601 | $ | i 808,773 | $ | i 2,008,277 | $ | i 1,566,831 | |||||||||||||||
| Cost of sales | i 652,859 | i 505,047 | i 1,317,025 | i 987,231 | |||||||||||||||||||
| Gross profit | i 360,742 | i 303,726 | i 691,252 | i 579,600 | |||||||||||||||||||
| Selling, general and administrative expenses | i 189,486 | i 165,711 | i 395,557 | i 320,668 | |||||||||||||||||||
| Restructuring expenses | i 4,029 | i 1,011 | i 5,904 | i 1,805 | |||||||||||||||||||
| Loss (gain) on sale of plant | i — | i 287 | i — | ( i 763) | |||||||||||||||||||
| Income from operations | i 167,227 | i 136,717 | i 289,791 | i 257,890 | |||||||||||||||||||
| Interest expense and deferred financing amortization, net | i 20,842 | i 14,222 | i 38,496 | i 30,289 | |||||||||||||||||||
| Net periodic pension benefit (other than service costs) | ( i 10,784) | ( i 11,532) | ( i 22,300) | ( i 22,905) | |||||||||||||||||||
| Other expense (income), net | i 5,888 | ( i 469) | i 9,949 | ( i 2,160) | |||||||||||||||||||
| Earnings before income taxes | i 151,281 | i 134,496 | i 263,646 | i 252,666 | |||||||||||||||||||
| Provision for income taxes | i 38,033 | i 13,911 | i 64,643 | i 42,818 | |||||||||||||||||||
| Net earnings | $ | i 113,248 | $ | i 120,585 | $ | i 199,003 | $ | i 209,848 | |||||||||||||||
| Net earnings per share: | |||||||||||||||||||||||
| Basic | $ | i 2.10 | $ | i 2.18 | $ | i 3.66 | $ | i 3.80 | |||||||||||||||
| Diluted | $ | i 2.07 | $ | i 2.13 | $ | i 3.59 | $ | i 3.73 | |||||||||||||||
| Weighted average number of shares | |||||||||||||||||||||||
| Basic | i 54,033 | i 55,230 | i 54,351 | i 55,222 | |||||||||||||||||||
| Dilutive common stock equivalents | i 621 | i 1,443 | i 1,158 | i 1,098 | |||||||||||||||||||
| Diluted | i 54,654 | i 56,673 | i 55,509 | i 56,320 | |||||||||||||||||||
| Comprehensive income | $ | i 46,442 | $ | i 121,935 | $ | i 143,714 | $ | i 209,026 | |||||||||||||||
| Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income/(loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
| Balance, April 2, 2022 | $ | i 147 | $ | i 363,741 | $ | ( i 736,412) | $ | i 3,148,058 | $ | ( i 347,567) | $ | i 2,427,967 | |||||||||||||||||||||||
| Net earnings | i — | i — | i — | i 113,248 | i — | i 113,248 | |||||||||||||||||||||||||||||
| Currency translation adjustments | i — | i — | i — | i — | ( i 92,211) | ( i 92,211) | |||||||||||||||||||||||||||||
Change
in unrecognized pension benefit costs, net of tax of $ i 3,088 | i — | i — | i — | i — | i 19,955 | i 19,955 | |||||||||||||||||||||||||||||
Unrealized
gain on interest rate swap, net of tax of $ i 2,923 | i — | i — | i — | i — | i 8,128 | i 8,128 | |||||||||||||||||||||||||||||
Unrealized
loss on certain investments, net of tax of $( i 892) | i — | i — | i — | i — | ( i 2,678) | ( i 2,678) | |||||||||||||||||||||||||||||
| Stock compensation | i — | i 13,157 | i — | i — | i — | i 13,157 | |||||||||||||||||||||||||||||
| Purchase of treasury stock | i — | i — | ( i 69,596) | i — | i — | ( i 69,596) | |||||||||||||||||||||||||||||
| Balance, July 2, 2022 | $ | i 147 | $ | i 376,898 | $ | ( i 806,008) | $ | i 3,261,306 | $ | ( i 414,373) | $ | i 2,417,970 | |||||||||||||||||||||||
| Balance, January 1, 2022 | $ | i 147 | $ | i 357,309 | $ | ( i 566,399) | $ | i 3,062,303 | $ | ( i 359,084) | $ | i 2,494,276 | |||||||||||||||||||||||
| Net earnings | i — | i — | i — | i 199,003 | i — | i 199,003 | |||||||||||||||||||||||||||||
| Currency translation adjustments | i — | i — | i — | i — | ( i 119,402) | ( i 119,402) | |||||||||||||||||||||||||||||
Change
in unrecognized pension benefit costs, net of tax of $ i 4,075 | i — | i — | i — | i — | i 26,199 | i 26,199 | |||||||||||||||||||||||||||||
Unrealized
gain on interest rate swap, net of tax of $ i 13,815 | i — | i — | i — | i — | i 39,244 | i 39,244 | |||||||||||||||||||||||||||||
Unrealized
loss on certain investments, net of tax of $( i 443) | i — | i — | i — | i — | ( i 1,330) | ( i 1,330) | |||||||||||||||||||||||||||||
| Stock compensation | i — | i 26,880 | i — | i — | i — | i 26,880 | |||||||||||||||||||||||||||||
| Purchase of treasury stock | i — | i — | ( i 239,609) | i — | i — | ( i 239,609) | |||||||||||||||||||||||||||||
Purchase
of capped calls, net of tax of $( i 2,364) | i — | ( i 7,291) | i — | i — | i — | ( i 7,291) | |||||||||||||||||||||||||||||
| Balance, July 2, 2022 | $ | i 147 | $ | i 376,898 | $ | ( i 806,008) | $ | i 3,261,306 | $ | ( i 414,373) | $ | i 2,417,970 | |||||||||||||||||||||||
| Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income/(loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
| Balance, April 3, 2021 | $ | i 147 | $ | i 361,487 | $ | ( i 538,896) | $ | i 2,663,074 | $ | ( i 490,600) | $ | i 1,995,212 | |||||||||||||||||||||||
| Net earnings | i — | i — | i — | i 120,585 | i — | i 120,585 | |||||||||||||||||||||||||||||
| Currency translation adjustments | i — | i — | i — | i — | ( i 505) | ( i 505) | |||||||||||||||||||||||||||||
Change
in unrecognized pension benefit costs, net of tax of $ i 254 | i — | i — | i — | i — | i 1,152 | i 1,152 | |||||||||||||||||||||||||||||
Unrealized
gain on interest rate swap, net of tax of $ i 245 | i — | i — | i — | i — | i 703 | i 703 | |||||||||||||||||||||||||||||
| Stock compensation | i — | i 9,329 | i — | i — | i — | i 9,329 | |||||||||||||||||||||||||||||
| Purchase of treasury stock | i — | i — | ( i 600) | i — | i — | ( i 600) | |||||||||||||||||||||||||||||
| Balance, July 3, 2021 | $ | i 147 | $ | i 370,816 | $ | ( i 539,496) | $ | i 2,783,659 | $ | ( i 489,250) | $ | i 2,125,876 | |||||||||||||||||||||||
| Balance, January 2, 2021 | $ | i 147 | $ | i 433,308 | $ | ( i 537,134) | $ | i 2,568,756 | $ | ( i 488,428) | $ | i 1,976,649 | |||||||||||||||||||||||
| Net earnings | i — | i — | i — | i 209,848 | i — | i 209,848 | |||||||||||||||||||||||||||||
Adoption
of 2020-06 (1) | i — | ( i 79,430) | i — | i 5,055 | i — | ( i 74,375) | |||||||||||||||||||||||||||||
| Currency translation adjustments | i — | i — | i — | i — | ( i 11,119) | ( i 11,119) | |||||||||||||||||||||||||||||
Change
in unrecognized pension benefit costs, net of tax of $( i 623) | i — | i — | i — | i — | ( i 2,818) | ( i 2,818) | |||||||||||||||||||||||||||||
Unrealized
gain on interest rate swap, net of tax of $ i 4,572 | i — | i — | i — | i — | i 13,115 | i 13,115 | |||||||||||||||||||||||||||||
| Stock compensation | i — | i 16,938 | i — | i — | i — | i 16,938 | |||||||||||||||||||||||||||||
| Purchase of treasury stock | i — | i — | ( i 2,362) | i — | i — | ( i 2,362) | |||||||||||||||||||||||||||||
| Balance, July 3, 2021 | $ | i 147 | $ | i 370,816 | $ | ( i 539,496) | $ | i 2,783,659 | $ | ( i 489,250) | $ | i 2,125,876 | |||||||||||||||||||||||
| Six Months Ended | |||||||||||
| Jul 2, 2022 | Jul 3, 2021 | ||||||||||
| Cash flows from operating activities-- | |||||||||||
| Net earnings | $ | i 199,003 | $ | i 209,848 | |||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities-- | |||||||||||
| Depreciation and amortization | i 75,777 | i 60,042 | |||||||||
| Non-cash share-based compensation | i 26,880 | i 16,938 | |||||||||
| Deferred income taxes | i 8,119 | ( i 5,997) | |||||||||
| Net periodic pension benefit (other than service costs) | ( i 22,300) | ( i 22,905) | |||||||||
| Gain on sale of plant | i — | ( i 763) | |||||||||
| Other non-cash items | ( i 16,981) | i — | |||||||||
| Changes in assets and liabilities, net of acquisitions | |||||||||||
| Accounts receivable, net | ( i 50,196) | ( i 63,502) | |||||||||
| Inventories, net | ( i 171,899) | ( i 68,049) | |||||||||
| Prepaid expenses and other assets | ( i 11,584) | i 11,702 | |||||||||
| Accounts payable | i 19,530 | i 41,521 | |||||||||
| Accrued expenses and other liabilities | i 33,109 | ( i 6,454) | |||||||||
| Net cash provided by operating activities | i 89,458 | i 172,381 | |||||||||
| Cash flows from investing activities-- | |||||||||||
| Net additions to property, plant and equipment | ( i 32,133) | ( i 19,311) | |||||||||
| Proceeds on sale of property, plant and equipment | i — | i 5,948 | |||||||||
| Purchase of intangible assets | ( i 240) | i — | |||||||||
| Acquisitions, net of cash acquired | ( i 74,886) | ( i 10,859) | |||||||||
| Net cash used in investing activities | ( i 107,259) | ( i 24,222) | |||||||||
| Cash flows from financing activities-- | |||||||||||
| Proceeds under Credit Facility | i 700,000 | i 18,995 | |||||||||
| Repayments under Credit Facility | ( i 426,500) | ( i 29,870) | |||||||||
| Premiums paid for capped call | ( i 9,655) | i — | |||||||||
| Net proceeds under international credit facilities | i 693 | i 169 | |||||||||
| Payments of deferred purchase price | ( i 7,014) | ( i 5,515) | |||||||||
| Repurchase of treasury stock | ( i 239,609) | ( i 2,362) | |||||||||
| Other, net | ( i 177) | ( i 148) | |||||||||
| Net cash provided by (used in) financing activities | i 17,738 | ( i 18,731) | |||||||||
| Effect of exchange rates on cash and cash equivalents | ( i 13,710) | ( i 1,969) | |||||||||
| Changes in cash and cash equivalents-- | |||||||||||
| Net (decrease) increase in cash and cash equivalents | ( i 13,773) | i 127,459 | |||||||||
| Cash and cash equivalents at beginning of year | i 180,362 | i 268,103 | |||||||||
| Cash and cash equivalents at end of period | $ | i 166,589 | $ | i 395,562 | |||||||
| Fair
Value Level 1 | Fair Value Level 2 | Fair Value Level 3 | Total | ||||||||||||||||||||
| As of July 2, 2022 | |||||||||||||||||||||||
| Financial Assets: | |||||||||||||||||||||||
| Interest rate swaps | $ | i — | $ | i 35,069 | $ | i — | $ | i 35,069 | |||||||||||||||
| Financial Liabilities: | |||||||||||||||||||||||
| Contingent consideration | $ | i — | $ | i — | $ | i 29,100 | $ | i 29,100 | |||||||||||||||
| Foreign exchange derivative contracts | $ | i — | $ | i 360 | $ | i — | $ | i 360 | |||||||||||||||
| As of January 1, 2022 | |||||||||||||||||||||||
| Financial Assets: | |||||||||||||||||||||||
| Interest rate swaps | $ | i — | $ | i 3,645 | $ | i — | $ | i 3,645 | |||||||||||||||
| Foreign exchange derivative contracts | $ | i — | $ | i 1,095 | $ | i — | $ | i 1,095 | |||||||||||||||
| Financial Liabilities: | |||||||||||||||||||||||
| Interest rate swaps | $ | i — | $ | i 21,635 | $ | i — | $ | i 21,635 | |||||||||||||||
| Contingent consideration | $ | i — | $ | i — | $ | i 34,983 | $ | i 34,983 | |||||||||||||||
| Preliminary Opening Balance Sheet | Measurement Period Adjustments | Adjusted Opening Balance Sheet | |||||||||||||||
| Cash | $ | i 16,152 | $ | i — | $ | i 16,152 | |||||||||||
| Current assets | i 23,762 | i 234 | i 23,996 | ||||||||||||||
| Property, plant and equipment | i 17,058 | i 4,383 | i 21,441 | ||||||||||||||
| Goodwill | i 142,741 | ( i 6,938) | i 135,803 | ||||||||||||||
| Other intangibles | i 126,557 | i 4,149 | i 130,706 | ||||||||||||||
| Other assets | i 26 | i 173 | i 199 | ||||||||||||||
| Current liabilities | ( i 23,440) | i 182 | ( i 23,258) | ||||||||||||||
| Long-term deferred tax liability | ( i 33,918) | ( i 2,072) | ( i 35,990) | ||||||||||||||
| Other non-current liabilities | ( i 1,930) | ( i 111) | ( i 2,041) | ||||||||||||||
| Net assets acquired and liabilities assumed | $ | i 267,008 | $ | i — | $ | i 267,008 | |||||||||||
| Preliminary Opening Balance Sheet | Preliminary Measurement Period Adjustments | Adjusted Opening Balance Sheet | |||||||||||||||
| Cash | $ | i 5,381 | $ | ( i 70) | $ | i 5,311 | |||||||||||
| Current assets | i 137,826 | ( i 4,707) | i 133,119 | ||||||||||||||
| Property, plant and equipment | i 7,773 | ( i 382) | i 7,391 | ||||||||||||||
| Goodwill | i 110,052 | i 8,793 | i 118,845 | ||||||||||||||
| Other intangibles | i 215,577 | i — | i 215,577 | ||||||||||||||
| Other assets | i 2,143 | ( i 1,174) | i 969 | ||||||||||||||
| Current liabilities | ( i 54,865) | ( i 3,406) | ( i 58,271) | ||||||||||||||
| Long-term deferred tax liability | ( i 15,907) | i — | ( i 15,907) | ||||||||||||||
| Other non-current liabilities | ( i 1,914) | i 946 | ( i 968) | ||||||||||||||
| Net assets acquired and liabilities assumed | $ | i 406,066 | $ | i — | $ | i 406,066 | |||||||||||
| Preliminary Opening Balance Sheet | Preliminary Measurement Period Adjustments | Adjusted Opening Balance Sheet | |||||||||||||||
| Cash | $ | i 6,414 | $ | i — | $ | i 6,414 | |||||||||||
| Current assets | i 76,077 | i 477 | i 76,554 | ||||||||||||||
| Property, plant and equipment | i 19,561 | ( i 187) | i 19,374 | ||||||||||||||
| Goodwill | i 85,270 | i 9,854 | i 95,124 | ||||||||||||||
| Other intangibles | i 158,725 | ( i 9,193) | i 149,532 | ||||||||||||||
| Other assets | i 2,101 | i 31 | i 2,132 | ||||||||||||||
| Current liabilities | ( i 33,910) | i 53 | ( i 33,857) | ||||||||||||||
| Long-term deferred tax asset (liability) | ( i 3,010) | i 3,381 | i 371 | ||||||||||||||
| Other non-current liabilities | ( i 7,092) | ( i 3,397) | ( i 10,489) | ||||||||||||||
| Consideration paid at closing | $ | i 304,136 | $ | i 1,019 | $ | i 305,155 | |||||||||||
| Contingent consideration | i 9,404 | i — | i 9,404 | ||||||||||||||
| Net assets acquired and liabilities assumed | $ | i 313,540 | $ | i 1,019 | $ | i 314,559 | |||||||||||
| Preliminary Opening Balance Sheet | Preliminary Measurement Period Adjustments | Adjusted Opening Balance Sheet | |||||||||||||||
| Cash | $ | i 8,516 | $ | i — | $ | i 8,516 | |||||||||||
| Current assets | i 43,396 | i 18 | i 43,414 | ||||||||||||||
| Property, plant and equipment | i 32,283 | ( i 93) | i 32,190 | ||||||||||||||
| Goodwill | i 16,891 | i 2,123 | i 19,014 | ||||||||||||||
| Other intangibles | i 21,208 | i 1,307 | i 22,515 | ||||||||||||||
| Long-term deferred tax asset | i 426 | i — | i 426 | ||||||||||||||
| Other assets | i 496 | i — | i 496 | ||||||||||||||
| Current portion of long-term debt | ( i 21,934) | i — | ( i 21,934) | ||||||||||||||
| Current liabilities | ( i 11,353) | i 39 | ( i 11,314) | ||||||||||||||
| Long term debt | ( i 4,522) | i — | ( i 4,522) | ||||||||||||||
| Long-term deferred tax liability | ( i 6,890) | i — | ( i 6,890) | ||||||||||||||
| Other non-current liabilities | ( i 628) | ( i 3,394) | ( i 4,022) | ||||||||||||||
| Consideration paid at closing | $ | i 77,889 | $ | i — | $ | i 77,889 | |||||||||||
| Contingent consideration | i — | i 3,394 | i 3,394 | ||||||||||||||
| Net assets acquired and liabilities assumed | $ | i 77,889 | $ | i 3,394 | $ | i 81,283 | |||||||||||
| Six Months Ended | |||||||||||
| July 2, 2022 | July 3, 2021 | ||||||||||
| Net sales | $ | i 2,050,391 | $ | i 1,872,787 | |||||||
| Net earnings | i 228,005 | i 198,626 | |||||||||
| Net earnings per share: | |||||||||||
| Basic | $ | i 4.20 | $ | i 3.60 | |||||||
| Diluted | $ | i 4.11 | $ | i 3.53 | |||||||
| Commercial Foodservice | Food Processing | Residential Kitchen | Total | ||||||||||||||||||||||||||
| Three Months Ended July 2, 2022 | |||||||||||||||||||||||||||||
| United States and Canada | $ | i 454,464 | $ | i 87,873 | $ | i 189,729 | $ | i 732,066 | |||||||||||||||||||||
| Asia | i 45,802 | i 4,114 | i 10,072 | i 59,988 | |||||||||||||||||||||||||
| Europe and Middle East | i 92,328 | i 20,460 | i 78,382 | i 191,170 | |||||||||||||||||||||||||
| Latin America | i 17,085 | i 11,466 | i 1,826 | i 30,377 | |||||||||||||||||||||||||
| Total | $ | i 609,679 | $ | i 123,913 | $ | i 280,009 | $ | i 1,013,601 | |||||||||||||||||||||
| Six Months Ended July 2, 2022 | |||||||||||||||||||||||||||||
| United States and Canada | $ | i 849,279 | $ | i 182,670 | $ | i 419,328 | $ | i 1,451,277 | |||||||||||||||||||||
| Asia | i 93,187 | i 7,857 | i 16,077 | i 117,121 | |||||||||||||||||||||||||
| Europe and Middle East | i 180,603 | i 34,660 | i 171,965 | i 387,228 | |||||||||||||||||||||||||
| Latin America | i 30,263 | i 18,669 | i 3,719 | i 52,651 | |||||||||||||||||||||||||
| Total | $ | i 1,153,332 | $ | i 243,856 | $ | i 611,089 | $ | i 2,008,277 | |||||||||||||||||||||
| Three Months Ended July 3, 2021 | |||||||||||||||||||||||||||||
| United States and Canada | $ | i 359,026 | $ | i 95,484 | $ | i 113,334 | $ | i 567,844 | |||||||||||||||||||||
| Asia | i 47,641 | i 2,453 | i 1,858 | i 51,952 | |||||||||||||||||||||||||
| Europe and Middle East | i 90,751 | i 21,750 | i 53,205 | i 165,706 | |||||||||||||||||||||||||
| Latin America | i 11,360 | i 10,321 | i 1,590 | i 23,271 | |||||||||||||||||||||||||
| Total | $ | i 508,778 | $ | i 130,008 | $ | i 169,987 | $ | i 808,773 | |||||||||||||||||||||
| Six Months Ended July 3, 2021 | |||||||||||||||||||||||||||||
| United States and Canada | $ | i 697,863 | $ | i 175,134 | $ | i 221,908 | $ | i 1,094,905 | |||||||||||||||||||||
| Asia | i 97,360 | i 6,456 | i 4,890 | i 108,706 | |||||||||||||||||||||||||
| Europe and Middle East | i 172,768 | i 42,175 | i 105,049 | i 319,992 | |||||||||||||||||||||||||
| Latin America | i 21,942 | i 18,737 | i 2,549 | i 43,228 | |||||||||||||||||||||||||
| Total | $ | i 989,933 | $ | i 242,502 | $ | i 334,396 | $ | i 1,566,831 | |||||||||||||||||||||
| Jul 2, 2022 | Jan 1, 2022 | ||||||||||
| Contract assets | $ | i 32,678 | $ | i 21,592 | |||||||
| Contract liabilities | $ | i 197,600 | $ | i 133,315 | |||||||
| Non-current contract liabilities | $ | i 11,063 | $ | i 11,602 | |||||||
| Currency Translation Adjustment | Pension Benefit Costs | Unrealized Gain/(Loss) Interest Rate Swap | Unrealized Gain/(Loss) Certain Investments | Total | |||||||||||||||||||||||||
| Balance as of January 1, 2022 | $ | ( i 97,654) | $ | ( i 249,696) | $ | ( i 13,064) | $ | i 1,330 | $ | ( i 359,084) | |||||||||||||||||||
| Other comprehensive income before reclassification | ( i 119,402) | i 26,199 | i 31,427 | ( i 1,330) | ( i 63,106) | ||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income | i — | i — | i 7,817 | i — | i 7,817 | ||||||||||||||||||||||||
| Net current-period other comprehensive income | $ | ( i 119,402) | $ | i 26,199 | $ | i 39,244 | ( i 1,330) | $ | ( i 55,289) | ||||||||||||||||||||
| Balance as of July 2, 2022 | $ | ( i 217,056) | $ | ( i 223,497) | $ | i 26,180 | i — | $ | ( i 414,373) | ||||||||||||||||||||
| Balance as of January 2, 2021 | $ | ( i 49,961) | $ | ( i 400,919) | $ | ( i 37,548) | $ | i — | $ | ( i 488,428) | |||||||||||||||||||
| Other comprehensive income before reclassification | ( i 11,119) | ( i 2,818) | i 2,885 | i — | ( i 11,052) | ||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income | i — | i — | i 10,230 | i — | i 10,230 | ||||||||||||||||||||||||
| Net current-period other comprehensive income | $ | ( i 11,119) | $ | ( i 2,818) | $ | i 13,115 | $ | i — | $ | ( i 822) | |||||||||||||||||||
| Balance as of July 3, 2021 | $ | ( i 61,080) | $ | ( i 403,737) | $ | ( i 24,433) | $ | i — | $ | ( i 489,250) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| Jul 2, 2022 | Jul 3, 2021 | Jul 2, 2022 | Jul 3, 2021 | ||||||||||||||||||||
| Net earnings | $ | i 113,248 | $ | i 120,585 | $ | i 199,003 | $ | i 209,848 | |||||||||||||||
| Currency translation adjustment | ( i 92,211) | ( i 505) | ( i 119,402) | ( i 11,119) | |||||||||||||||||||
| Pension liability adjustment, net of tax | i 19,955 | i 1,152 | i 26,199 | ( i 2,818) | |||||||||||||||||||
| Unrealized gain on interest rate swaps, net of tax | i 8,128 | i 703 | i 39,244 | i 13,115 | |||||||||||||||||||
| Unrealized loss on certain investments, net of tax | ( i 2,678) | i — | ( i 1,330) | i — | |||||||||||||||||||
| Comprehensive income | $ | i 46,442 | $ | i 121,935 | $ | i 143,714 | $ | i 209,026 | |||||||||||||||
| Jul 2, 2022 | Jan 1, 2022 | ||||||||||
| Raw materials and parts | $ | i 548,073 | $ | i 421,361 | |||||||
| Work-in-process | i 80,328 | i 65,581 | |||||||||
| Finished goods | i 380,519 | i 350,476 | |||||||||
| $ | i 1,008,920 | $ | i 837,418 | ||||||||
| Commercial Foodservice | Food Processing | Residential Kitchen | Total | ||||||||||||||||||||
| Balance as of January 1, 2022 | $ | i 1,285,087 | $ | i 250,715 | $ | i 707,667 | $ | i 2,243,469 | |||||||||||||||
| Goodwill acquired during the year | i 5,986 | i 9,966 | i 3,062 | i 19,014 | |||||||||||||||||||
| Measurement
period adjustments to goodwill acquired in prior year | i 935 | i — | i 18,521 | i 19,456 | |||||||||||||||||||
| Exchange effect | ( i 17,834) | ( i 5,313) | ( i 37,672) | ( i 60,819) | |||||||||||||||||||
| Balance as of July 2, 2022 | $ | i 1,274,174 | $ | i 255,368 | $ | i 691,578 | $ | i 2,221,120 | |||||||||||||||
| July 2, 2022 | January 1, 2022 | ||||||||||||||||||||||||||||||||||
| Estimated Weighted Avg Remaining Life | Gross Carrying Amount | Accumulated Amortization | Estimated Weighted Avg Remaining Life | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||||||||||
| Amortized intangible assets: | |||||||||||||||||||||||||||||||||||
| Customer lists | i 7.5 | $ | i 834,765 | $ | ( i 429,322) | i 7.6 | $ | i 863,339 | $ | ( i 411,327) | |||||||||||||||||||||||||
| Backlog | i 0.3 | i 14,678 | ( i 13,646) | i 0.2 | i 13,684 | ( i 929) | |||||||||||||||||||||||||||||
| Developed technology | i 8.5 | i 72,066 | ( i 32,332) | i 8.9 | i 73,461 | ( i 29,952) | |||||||||||||||||||||||||||||
| $ | i 921,509 | $ | ( i 475,300) | $ | i 950,484 | $ | ( i 442,208) | ||||||||||||||||||||||||||||
| Indefinite-lived assets: | |||||||||||||||||||||||||||||||||||
| Trademarks and tradenames | $ | i 1,358,827 | $ | i 1,367,101 | |||||||||||||||||||||||||||||||
| Twelve Month Period coinciding with the end of the company's Fiscal Second Quarter | Amortization Expense | |||||||
| 2023 | $ | i 76,959 | ||||||
| 2024 | i 69,104 | |||||||
| 2025 | i 57,683 | |||||||
| 2026 | i 55,254 | |||||||
| 2027 | i 48,742 | |||||||
| Thereafter | i 138,467 | |||||||
| $ | i 446,209 | |||||||
| Jul 2, 2022 | Jan 1, 2022 | ||||||||||
| Contract liabilities | $ | i 197,600 | $ | i 133,315 | |||||||
| Accrued payroll and related expenses | i 97,273 | i 115,762 | |||||||||
| Accrued warranty | i 79,306 | i 80,215 | |||||||||
| Accrued customer rebates | i 53,174 | i 72,451 | |||||||||
| Accrued short-term leases | i 23,372 | i 22,753 | |||||||||
| Accrued sales and other tax | i 21,303 | i 22,684 | |||||||||
| Accrued professional fees | i 18,150 | i 19,292 | |||||||||
| Accrued agent commission | i 16,930 | i 13,670 | |||||||||
| Accrued product liability and workers compensation | i 10,708 | i 10,952 | |||||||||
| Accrued contingent consideration | i 9,388 | i 18,728 | |||||||||
| Other accrued expenses | i 76,979 | i 73,033 | |||||||||
| $ | i 604,183 | $ | i 582,855 | ||||||||
| Six Months Ended | |||||
| Jul 2, 2022 | |||||
| Balance as of January 1, 2022 | $ | i 80,215 | |||
| Warranty reserve related to acquisitions | i 1,216 | ||||
| Warranty expense | i 34,868 | ||||
| Warranty claims | ( i 36,993) | ||||
| Balance as of July 2, 2022 | $ | i 79,306 | |||
| Jul 2, 2022 | Jan 1, 2022 | ||||||||||
| (in thousands) | |||||||||||
| Senior secured revolving credit line | $ | i 948,875 | $ | i 683,175 | |||||||
| Term loan facility | i 981,346 | i 993,340 | |||||||||
| Convertible senior notes | i 736,131 | i 734,417 | |||||||||
| Foreign loans | i 29,029 | i 2,224 | |||||||||
| Other debt arrangement | i 1,008 | i 1,138 | |||||||||
| Total debt | i 2,696,389 | i 2,414,294 | |||||||||
| Less: Current maturities of long-term debt | i 49,076 | i 27,293 | |||||||||
| Long-term debt | $ | i 2,647,313 | $ | i 2,387,001 | |||||||
| Jul 2, 2022 | Jan 1, 2022 | ||||||||||||||||||||||
| Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
| Total debt excluding convertible senior notes | $ | i 1,960,258 | $ | i 1,966,412 | $ | i 1,679,877 | $ | i 1,686,537 | |||||||||||||||
Jul 2,
2022 | Jan 1, 2022 | ||||||||||||||||
| (in thousands) | |||||||||||||||||
| Principal amounts: | |||||||||||||||||
| Principal | $ | i 747,499 | $ | i 747,500 | |||||||||||||
| Unamortized issuance costs | ( i 11,368) | ( i 13,083) | |||||||||||||||
| Net carrying amount | $ | i 736,131 | $ | i 734,417 | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Jul 2, 2022 | Jul 3, 2021 | Jul 2, 2022 | Jul 3, 2021 | ||||||||||||||||||||
| Contractual interest expense | $ | i 1,868 | $ | i 1,869 | $ | i 3,758 | $ | i 3,759 | |||||||||||||||
| Interest cost related to amortization of issuance costs | i 898 | i 873 | i 1,800 | i 1,756 | |||||||||||||||||||
| Total interest expense | $ | i 2,766 | $ | i 2,742 | $ | i 5,558 | $ | i 5,515 | |||||||||||||||
| Condensed Consolidated Balance Sheet Presentation | Jul 2, 2022 | Jan 1, 2022 | |||||||||||||||
| Fair value | Prepaid expense and other | $ | i 1,448 | $ | i — | ||||||||||||
| Fair value | Other assets | $ | i 33,621 | $ | i 3,645 | ||||||||||||
| Fair value | Accrued expenses | $ | i — | $ | i 1,171 | ||||||||||||
| Fair value | Other non-current liabilities | $ | i — | $ | i 20,464 | ||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| Presentation of Gain/(loss) | Jul 2, 2022 | Jul 3, 2021 | Jul 2, 2022 | Jul 3, 2021 | |||||||||||||||||||||||||
| Gain/(loss) recognized in accumulated other comprehensive income | Other comprehensive income | $ | i 7,195 | $ | ( i 4,259) | $ | i 45,242 | $ | i 7,457 | ||||||||||||||||||||
| Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | Interest expense | $ | ( i 3,856) | $ | ( i 5,207) | $ | ( i 7,817) | $ | ( i 10,230) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| Jul 2, 2022 | Jul 3, 2021 | Jul 2, 2022 | Jul 3, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
| Sales | Percent | Sales | Percent | Sales | Percent | Sales | Percent | ||||||||||||||||||||||||||||||||||||||||
| Business Segments: | |||||||||||||||||||||||||||||||||||||||||||||||
| Commercial Foodservice | $ | i 609,679 | i 60.2 | % | $ | i 508,778 | i 62.9 | % | $ | i 1,153,332 | i 57.5 | % | $ | i 989,933 | i 63.2 | % | |||||||||||||||||||||||||||||||
| Food Processing | i 123,913 | i 12.2 | i 130,008 | i 16.1 | i 243,856 | i 12.1 | i 242,502 | i 15.5 | |||||||||||||||||||||||||||||||||||||||
| Residential Kitchen | i 280,009 | i 27.6 | i 169,987 | i 21.0 | i 611,089 | i 30.4 | i 334,396 | i 21.3 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | i 1,013,601 | i 100.0 | % | $ | i 808,773 | i 100.0 | % | $ | i 2,008,277 | i 100.0 | % | $ | i 1,566,831 | i 100.0 | % | |||||||||||||||||||||||||||||||
| Commercial Foodservice | Food Processing | Residential Kitchen | Corporate and Other (1) | Total | |||||||||||||||||||||||||
| Three Months Ended July 2, 2022 | |||||||||||||||||||||||||||||
| Net sales | $ | i 609,679 | $ | i 123,913 | $ | i 280,009 | $ | i — | $ | i 1,013,601 | |||||||||||||||||||
Income
(loss) from operations (2, 3) | i 137,344 | i 18,548 | i 46,077 | ( i 34,742) | i 167,227 | ||||||||||||||||||||||||
| Depreciation expense | i 5,850 | i 1,299 | i 3,425 | i 183 | i 10,757 | ||||||||||||||||||||||||
Amortization
expense (5) | i 13,712 | i 1,746 | i 1,030 | i 1,790 | i 18,278 | ||||||||||||||||||||||||
| Net capital expenditures | i 7,379 | i 4,062 | i 5,705 | i 490 | i 17,636 | ||||||||||||||||||||||||
| Six Months Ended July 2, 2022 | |||||||||||||||||||||||||||||
| Net sales | $ | i 1,153,332 | $ | i 243,856 | $ | i 611,089 | $ | i — | $ | i 2,008,277 | |||||||||||||||||||
Income
(loss) from operations (2, 3) | i 247,062 | i 38,660 | i 71,023 | ( i 66,954) | i 289,791 | ||||||||||||||||||||||||
| Depreciation expense | i 11,722 | i 2,624 | i 7,410 | i 373 | i 22,129 | ||||||||||||||||||||||||
Amortization
expense (5) | i 27,361 | i 3,533 | i 19,159 | i 3,595 | i 53,648 | ||||||||||||||||||||||||
| Net capital expenditures | i 12,943 | i 7,149 | i 11,246 | i 795 | i 32,133 | ||||||||||||||||||||||||
| Total assets | $ | i 3,720,297 | $ | i 697,738 | $ | i 2,042,631 | $ | i 118,707 | $ | i 6,579,373 | |||||||||||||||||||
| Three Months Ended July 3, 2021 | |||||||||||||||||||||||||||||
| Net sales | $ | i 508,778 | $ | i 130,008 | $ | i 169,987 | $ | i — | $ | i 808,773 | |||||||||||||||||||
Income
(loss) from operations (2, 3, 4) | i 109,944 | i 26,961 | i 33,910 | ( i 34,098) | i 136,717 | ||||||||||||||||||||||||
| Depreciation expense | i 5,993 | i 1,337 | i 2,738 | i 99 | i 10,167 | ||||||||||||||||||||||||
Amortization
expense (5) | i 14,246 | i 1,834 | i 1,784 | i 1,579 | i 19,443 | ||||||||||||||||||||||||
| Net capital expenditures | i 6,013 | i 1,505 | i 2,873 | i 195 | i 10,586 | ||||||||||||||||||||||||
| Six Months Ended July 3, 2021 | |||||||||||||||||||||||||||||
| Net sales | $ | i 989,933 | $ | i 242,502 | $ | i 334,396 | $ | i — | $ | i 1,566,831 | |||||||||||||||||||
Income
(loss) from operations (2, 3, 4) | i 206,260 | i 46,623 | i 63,766 | ( i 58,759) | i 257,890 | ||||||||||||||||||||||||
| Depreciation expense | i 11,786 | i 2,652 | i 5,512 | i 354 | i 20,304 | ||||||||||||||||||||||||
Amortization
expense (5) | i 29,450 | i 3,677 | i 3,556 | i 3,055 | i 39,738 | ||||||||||||||||||||||||
| Net capital expenditures | i 11,208 | i 2,433 | i 5,129 | i 541 | i 19,311 | ||||||||||||||||||||||||
| Total assets | $ | i 3,326,410 | $ | i 631,845 | $ | i 1,243,477 | $ | i 221,051 | $ | i 5,422,783 | |||||||||||||||||||
| Jul 2, 2022 | Jul 3, 2021 | ||||||||||
| United States and Canada | $ | i 430,665 | $ | i 337,375 | |||||||
| Asia | i 35,424 | i 18,262 | |||||||||
| Europe and Middle East | i 140,716 | i 193,821 | |||||||||
| Latin America | i 11,152 | i 8,599 | |||||||||
| Total international | $ | i 187,292 | $ | i 220,682 | |||||||
| $ | i 617,957 | $ | i 558,057 | ||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| Jul 2, 2022 | Jul 3, 2021 | Jul 2, 2022 | Jul 3, 2021 | |||||||||||||||||||||||
| Net Periodic Pension Benefit: | ||||||||||||||||||||||||||
| Service cost | $ | i — | $ | i 196 | $ | i — | $ | i 390 | ||||||||||||||||||
| Interest cost | i 6,281 | i 4,350 | i 12,986 | i 8,640 | ||||||||||||||||||||||
| Expected return on assets | ( i 18,694) | ( i 19,804) | ( i 38,650) | ( i 39,335) | ||||||||||||||||||||||
| Amortization of net loss (gain) | i 904 | i 3,196 | i 1,869 | i 6,348 | ||||||||||||||||||||||
| Amortization of prior service cost (credit) | i 653 | i 726 | i 1,349 | i 1,442 | ||||||||||||||||||||||
| $ | ( i 10,856) | $ | ( i 11,336) | $ | ( i 22,446) | $ | ( i 22,515) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| Jul 2, 2022 | Jul 3, 2021 | Jul 2, 2022 | Jul 3, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
| Sales | Percent | Sales | Percent | Sales | Percent | Sales | Percent | ||||||||||||||||||||||||||||||||||||||||
| Business Segments: | |||||||||||||||||||||||||||||||||||||||||||||||
| Commercial Foodservice | $ | 609,679 | 60.2 | % | $ | 508,778 | 62.9 | % | $ | 1,153,332 | 57.5 | % | $ | 989,933 | 63.2 | % | |||||||||||||||||||||||||||||||
| Food Processing | 123,913 | 12.2 | 130,008 | 16.1 | 243,856 | 12.1 | 242,502 | 15.5 | |||||||||||||||||||||||||||||||||||||||
| Residential Kitchen | 280,009 | 27.6 | 169,987 | 21.0 | 611,089 | 30.4 | 334,396 | 21.3 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,013,601 | 100.0 | % | $ | 808,773 | 100.0 | % | $ | 2,008,277 | 100.0 | % | $ | 1,566,831 | 100.0 | % | |||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| Jul 2, 2022 | Jul 3, 2021 | Jul 2, 2022 | Jul 3, 2021 | ||||||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
| Cost of sales | 64.4 | 62.4 | 65.6 | 63.0 | |||||||||||||||||||
| Gross profit | 35.6 | 37.6 | 34.4 | 37.0 | |||||||||||||||||||
| Selling, general and administrative expenses | 18.7 | 20.5 | 19.7 | 20.5 | |||||||||||||||||||
| Restructuring | 0.4 | 0.1 | 0.3 | 0.1 | |||||||||||||||||||
| Income from operations | 16.5 | 17.0 | 14.4 | 16.4 | |||||||||||||||||||
| Interest expense and deferred financing amortization, net | 2.1 | 1.8 | 1.9 | 1.9 | |||||||||||||||||||
| Net periodic pension benefit (other than service costs) | (1.1) | (1.4) | (1.1) | (1.5) | |||||||||||||||||||
| Other expense (income), net | 0.6 | (0.1) | 0.5 | (0.1) | |||||||||||||||||||
| Earnings before income taxes | 14.9 | 16.7 | 13.1 | 16.1 | |||||||||||||||||||
| Provision for income taxes | 3.8 | 1.7 | 3.2 | 2.7 | |||||||||||||||||||
| Net earnings | 11.1 | % | 15.0 | % | 9.9 | % | 13.4 | % | |||||||||||||||
Twelve Month Period coinciding with the end of the company's Fiscal Second Quarter | Variable
Rate Debt | |||||||
| 2023 | $ | 49,076 | ||||||
| 2024 | 25,590 | |||||||
| 2025 | 24,022 | |||||||
| 2026 | 760,137 | |||||||
| 2027 and thereafter | 1,837,564 | |||||||
| $ | 2,696,389 | |||||||
| Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | Maximum Number of Shares that May Yet be Purchased Under the Plan or Program (1) | ||||||||||||||||||||
| April 3, 2022 to April 30, 2022 | — | $ | — | — | 472,423 | ||||||||||||||||||
| May 1, 2022 to May 28, 2022 | 502,686 | 136.93 | 502,686 | 2,469,737 | |||||||||||||||||||
| May 29, 2022 to July 2, 2022 | — | — | — | 2,469,737 | |||||||||||||||||||
| Quarter ended July 2, 2022 | 502,686 | $ | 136.93 | 502,686 | 2,469,737 | ||||||||||||||||||
| Exhibits: | |||||
| Exhibit 31.1 – | |||||
| Exhibit 31.2 – | |||||
| Exhibit 32.1 – | |||||
| Exhibit 32.2 – | |||||
| Exhibit 101 – | Financial statements on Form 10-Q for the quarter ended July 2, 2022, filed on August 11, 2022, formatted in Inline Extensive Business Reporting Language (iXBRL); (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of earnings, (iii) condensed statements of cash flows, (iv) notes to the condensed consolidated financial statements. | ||||
| Exhibit 104 – | Cover Page Interactive Data File (formatted as Inline Extensive Business Reporting Language (iXBRL) and contained in Exhibit 101). | ||||
| THE MIDDLEBY CORPORATION | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: | August 11, 2022 | By: | ||||||||||||
| Bryan E. Mittelman | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 10/21/26 | ||||
| 12/15/22 | ||||
| 10/1/22 | ||||
| Filed on: | 8/11/22 | |||
| 8/5/22 | ||||
| For Period end: | 7/2/22 | |||
| 5/29/22 | ||||
| 5/28/22 | ||||
| 5/1/22 | ||||
| 4/30/22 | ||||
| 4/3/22 | ||||
| 4/2/22 | 10-Q | |||
| 3/15/22 | ||||
| 1/2/22 | ||||
| 1/1/22 | 10-K | |||
| 12/27/21 | ||||
| 12/15/21 | ||||
| 11/16/21 | ||||
| 9/24/21 | ||||
| 7/12/21 | ||||
| 7/3/21 | 10-Q | |||
| 5/3/21 | ||||
| 4/3/21 | 10-Q | |||
| 1/3/21 | ||||
| 1/2/21 | 10-K, 5 | |||
| 11/7/17 | 8-K | |||
| List all Filings | ||||