0001157523-22-001025.txt : 20220804 0001157523-22-001025.hdr.sgml : 20220804 20220804070040 ACCESSION NUMBER: 0001157523-22-001025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220804 DATE AS OF CHANGE: 20220804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDDLEBY Corp CENTRAL INDEX KEY: 0000769520 STANDARD INDUSTRIAL CLASSIFICATION: REFRIGERATION & SERVICE INDUSTRY MACHINERY [3580] IRS NUMBER: 363352497 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09973 FILM NUMBER: 221134561 BUSINESS ADDRESS: STREET 1: 1400 TOASTMASTER DRIVE CITY: ELGIN STATE: IL ZIP: 60120 BUSINESS PHONE: 8477413300 MAIL ADDRESS: STREET 1: 1400 TOASTMASTER DRIVE CITY: ELGIN STATE: IL ZIP: 60120 FORMER COMPANY: FORMER CONFORMED NAME: MIDDLEBY CORP DATE OF NAME CHANGE: 19920703 8-K 1 a52801903.htm THE MIDDLEBY CORPORATION 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2022

THE MIDDLEBY CORPORATION
(Exact Name of Registrant as Specified in its Charter)

Delaware
 001-9973
 36-3352497
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation)
 
 Identification No.)

1400 Toastmaster Drive, Elgin, Illinois 60120
(Address of Principal Executive Offices) (Zip Code)

(847) 741-3300
(Registrant’s telephone number, including area code)

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class
   Trading Symbol(s)
   Name of Each Exchange on Which Registered
Common Stock
  MIDD
  
The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02
Results of Operations and Financial Condition.
 
On August 4, 2022, The Middleby Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended July 2, 2022. A copy of that press release is furnished as Exhibit 99.1 and incorporated herein by reference.

The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K (including the exhibit hereto) shall not be considered "filed" under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered "filed" or incorporated by reference therein.

Item 9.01.
Financial Statements and Exhibits.

    (c)       Exhibits.
     
Exhibit No.
 
Description
     
Exhibit 99.1
  The Middleby Corporation press release dated August 4, 2022.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  THE MIDDLEBY CORPORATION 
     
     
Dated:  August 4, 2022 
By:
/s/ Bryan E. Mittelman  
  Bryan E. Mittelman
  Chief Financial Officer


Exhibit Index



 EX-99.1 2 a52801903_ex991.htm EXHIBIT 99.1
Exhibit 99.1

The Middleby Corporation Reports Second Quarter Results

ELGIN, Ill,--(BUSINESS WIRE)--August 4, 2022--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2022 second quarter of $113.2 million or $2.07 diluted earnings per share on net sales of $1,013.6 million. Adjusted net earnings were $120.8 million or $2.23 adjusted diluted earnings per share. A full reconciliation between GAAP and non-GAAP measures is provided at the end of the press release.

“We posted record quarterly sales and earnings, while facing continued supply chain disruptions impacting production. Our profitability remained strong, despite inflationary pressures that accelerated following the attack on Ukraine. We continued to invest in our manufacturing capabilities to increase throughput and efficiencies, while focusing on raising profitability through evolving our sales mix to favor our more advanced technologies and solutions,” said Tim FitzGerald, CEO of The Middleby Corporation.

“We continue to build upon our three industry leading foodservice businesses with several strategic acquisitions. We added Proxaut, CP Packaging and Colussi Ermes to our Food Processing Group. These companies bring innovative technologies that complement our existing brands and expand our automated and integrated full-line solutions portfolio. In Commercial Foodservice, the addition of South Korean based Icetro further extended our product lineup in frozen beverage and ice making equipment, providing meaningful sales opportunities and operational synergies,” Mr. FitzGerald continues.

“While markets continue to present disruption and uncertainty, we continue to make strategic investments across all three of our business segments and execute on our strategic sales, operating and technology initiatives as we position for long-term profitable growth,” concluded Mr. FitzGerald.

2022 Second Quarter Financial Results

  • Net sales increased 25.3% in the second quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales increased 13.3% in the second quarter over the comparative prior year period, reflecting higher shipments as we realize benefits of investments to increase our production throughput.
  • Organic net sales (a non-GAAP measure) increases were reported for the Commercial Foodservice and Residential Kitchen segments due to improvements in market conditions and consumer demand in the second quarter of 2022. A reconciliation of reported net sales by segment is as follows:

 

Commercial
Foodservice

 

Residential
Kitchen

 

Food
Processing

 

Total
Company

Reported Net Sales Growth

19.8

%

 

64.7

%

 

(4.7

) %

 

25.3

%

Acquisitions

4.0

%

 

56.8

%

 

—

%

 

14.4

%

Foreign Exchange Rates

(1.9

) %

 

(3.5

) %

 

(3.4

) %

 

(2.5

) %

Organic Net Sales Growth (1) (2)

17.7

%

 

11.4

%

 

(1.4

) %

 

13.3

%

(1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates

(2) Totals may be impacted by rounding

  • Foreign exchange losses were approximately $5.7 million in the second quarter, which negatively impacted adjusted earnings per share by $0.08. For the six months period, foreign exchange losses were approximately $9.6 million, which negatively impacted adjusted earnings per share by $0.13.
  • Adjusted EBITDA (a non-GAAP measure) was $210.2 million, in the second quarter of 2022 due to the impact of higher sales volumes and profitability initiatives. A reconciliation of organic adjusted EBITDA (a non-GAAP measure) by segment is as follows:

 

Commercial
Foodservice

 

Residential
Kitchen

 

Food
Processing

 

Total
Company

Adjusted EBITDA

25.4

%

 

18.6

%

 

19.5

%

 

20.7

%

Acquisitions

0.2

%

 

(4.7

) %

 

—

%

 

(1.0

) %

Foreign Exchange Rates

—

%

 

(0.1

) %

 

(0.1

) %

 

(0.1

) %

Organic Adjusted EBITDA (1) (2)

25.2

%

 

23.3

%

 

19.6

%

 

21.8

%

 

 

 

 

 

 

 

 

(1) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates.

(2) Totals may be impacted by rounding

  • Operating cash flows during the second quarter amounted to $104.8 million in comparison to $112.7 million in the prior year period. The total leverage ratio per our credit agreements was 3.1x. The trailing twelve month bank agreement pro-forma EBITDA was $830.4 million.
  • During the second quarter, $69 million of common stock was repurchased and debt increased $92 million related to recent business acquisitions.
  • Cash balances at the end of the quarter were $166.6 million. Net debt, defined as debt excluding the unamortized discount associated with the Convertible Notes less cash, at the end of the 2022 fiscal second quarter amounted to $2.5 billion as compared to $2.3 billion at the end of fiscal 2021. Additionally, our borrowing availability at quarter end was approximately $2.0 billion.

Conference Call

The company has scheduled a conference call to discuss the second quarter results at 11 a.m. Eastern/10 a.m. Central Time on August 4. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (866) 374-5140 or (404) 400-0571 and entering conference code #40393296. The conference call will be available for replay from the company’s website.

Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Supporting the company’s pursuit of the most sophisticated innovation, the state-of-the-art Middleby Innovation Kitchens showcases and demonstrates the most advanced Middleby solutions. In 2022 Middleby was named a World’s Best Employer by Forbes and is a proud philanthropic partner to organizations addressing food insecurity.

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

 

Three Months Ended

 

Six Months Ended

 

2nd Qtr,
2022

 

2nd Qtr,
2021

 

2nd Qtr,
2022

 

2nd Qtr,
2021

Net sales

$

1,013,601

 

 

$

808,773

 

 

$

2,008,277

 

 

$

1,566,831

 

Cost of sales

 

652,859

 

 

 

505,047

 

 

 

1,317,025

 

 

 

987,231

 

 

 

 

 

 

 

 

 

Gross profit

 

360,742

 

 

 

303,726

 

 

 

691,252

 

 

 

579,600

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

189,486

 

 

 

165,711

 

 

 

395,557

 

 

 

320,668

 

Restructuring expenses

 

4,029

 

 

 

1,011

 

 

 

5,904

 

 

 

1,805

 

Loss/(gain) on sale of plant

 

—

 

 

 

287

 

 

 

—

 

 

 

(763

)

Income from operations

 

167,227

 

 

 

136,717

 

 

 

289,791

 

 

 

257,890

 

 

 

 

 

 

 

 

 

Interest expense and deferred financing amortization, net

 

20,842

 

 

 

14,222

 

 

 

38,496

 

 

 

30,289

 

Net periodic pension benefit (other than service costs & curtailment)

 

(10,784

)

 

 

(11,532

)

 

 

(22,300

)

 

 

(22,905

)

Other expense (income), net

 

5,888

 

 

 

(469

)

 

 

9,949

 

 

 

(2,160

)

 

 

 

 

 

 

 

 

Earnings before income taxes

 

151,281

 

 

 

134,496

 

 

 

263,646

 

 

 

252,666

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

38,033

 

 

 

13,911

 

 

 

64,643

 

 

 

42,818

 

 

 

 

 

 

 

 

 

Net earnings

$

113,248

 

 

$

120,585

 

 

$

199,003

 

 

$

209,848

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

2.10

 

 

$

2.18

 

 

$

3.66

 

 

$

3.80

 

 

 

 

 

 

 

 

 

Diluted

$

2.07

 

 

$

2.13

 

 

$

3.59

 

 

$

3.73

 

 

 

 

 

 

 

 

 

Weighted average number of shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

54,033

 

 

 

55,230

 

 

 

54,351

 

 

 

55,222

 

 

 

 

 

 

 

 

 

Diluted

 

54,654

 

 

 

56,673

 

 

 

55,509

 

 

 

56,320

 








 

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

 

Jul 2, 2022

 

Jan 1, 2022

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

$

166,589

 

$

180,362

Accounts receivable, net

 

627,276

 

 

577,142

Inventories, net

 

1,008,920

 

 

837,418

Prepaid expenses and other

 

109,932

 

 

92,269

Prepaid taxes

 

22,543

 

 

19,894

Total current assets

 

1,935,260

 

 

1,707,085

 

 

 

 

Property, plant and equipment, net

 

417,688

 

 

380,980

Goodwill

 

2,221,120

 

 

2,243,469

Other intangibles, net

 

1,805,036

 

 

1,875,377

Long-term deferred tax assets

 

26,306

 

 

33,194

Other assets

 

173,963

 

 

143,493

 

 

 

 

Total assets

$

6,579,373

 

$

6,383,598

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current maturities of long-term debt

$

49,076

 

$

27,293

Accounts payable

 

323,155

 

 

304,740

Accrued expenses

 

604,183

 

 

582,855

Total current liabilities

 

976,414

 

 

914,888

 

 

 

 

Long-term debt

 

2,647,313

 

 

2,387,001

Long-term deferred tax liability

 

199,367

 

 

186,935

Accrued pension benefits

 

176,960

 

 

219,680

Other non-current liabilities

 

161,349

 

 

180,818

 

 

 

 

Stockholders' equity

 

2,417,970

 

 

2,494,276

 

 

 

 

Total liabilities and stockholders' equity

$

6,579,373

 

$

6,383,598




 

THE MIDDLEBY CORPORATION

NON-GAAP SEGMENT INFORMATION (UNAUDITED)

(Amounts in 000’s, Except Percentages)

 

 

 

 

 

 

 

 

 

Commercial
Foodservice

 

Residential
Kitchen

 

Food
Processing

 

Total
Company (1)

Three Months Ended July 2, 2022

 

 

 

 

 

 

 

Net sales

$

609,679

 

 

$

280,009

 

 

$

123,913

 

 

$

1,013,601

 

Segment Operating Income

$

137,344

 

 

$

46,077

 

 

$

18,548

 

 

$

167,227

 

Operating Income % of net sales

 

22.5

%

 

 

16.5

%

 

 

15.0

%

 

 

16.5

%

 

 

 

 

 

 

 

 

Depreciation

 

5,850

 

 

 

3,425

 

 

 

1,299

 

 

 

10,757

 

Amortization

 

13,712

 

 

 

1,030

 

 

 

1,746

 

 

 

16,488

 

Restructuring expenses

 

820

 

 

 

611

 

 

 

2,598

 

 

 

4,029

 

Acquisition related adjustments

 

(3,112

)

 

 

832

 

 

 

—

 

 

 

(2,280

)

Charitable support to Ukraine

 

—

 

 

 

—

 

 

 

—

 

 

 

798

 

Stock compensation

 

—

 

 

 

—

 

 

 

—

 

 

 

13,157

 

Segment adjusted EBITDA

$

154,614

 

 

$

51,975

 

 

$

24,191

 

 

$

210,176

 

Adjusted EBITDA % of net sales

 

25.4

%

 

 

18.6

%

 

 

19.5

%

 

 

20.7

%

 

 

 

 

 

 

 

 

Three Months Ended July 3, 2021

 

 

 

 

 

 

 

Net sales

$

508,778

 

 

$

169,987

 

 

$

130,008

 

 

$

808,773

 

Segment Operating Income

$

109,944

 

 

$

33,910

 

 

$

26,961

 

 

$

136,717

 

Operating Income % of net sales

 

21.6

%

 

 

19.9

%

 

 

20.7

%

 

 

16.9

%

 

 

 

 

 

 

 

 

Depreciation

 

5,993

 

 

 

2,738

 

 

 

1,337

 

 

 

10,167

 

Amortization

 

14,246

 

 

 

1,784

 

 

 

1,834

 

 

 

17,864

 

Restructuring expenses

 

490

 

 

 

348

 

 

 

173

 

 

 

1,011

 

Acquisition related adjustments

 

302

 

 

 

—

 

 

 

—

 

 

 

302

 

Acquisition deal costs

 

—

 

 

 

—

 

 

 

—

 

 

 

10,481

 

Stock compensation

 

—

 

 

 

—

 

 

 

—

 

 

 

9,329

 

Loss/(gain) on sale of plant

 

372

 

 

 

(85

)

 

 

—

 

 

 

287

 

Segment adjusted EBITDA

$

131,347

 

 

$

38,695

 

 

$

30,305

 

 

$

186,158

 

Adjusted EBITDA % of net sales

 

25.8

%

 

 

22.8

%

 

 

23.3

%

 

 

23.0

%

 

 

 

 

 

 

 

 

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $20.6 million and $14.2 million for the three months ended July 2, 2022 and July 3, 2021, respectively.

 

 

THE MIDDLEBY CORPORATION

NON-GAAP SEGMENT INFORMATION (UNAUDITED)

(Amounts in 000’s, Except Percentages)

 

 

 

 

 

 

 

 

 

Commercial
Foodservice

 

Residential
Kitchen

 

Food
Processing

 

Total
Company (1)

Six Months Ended July 2, 2022

 

 

 

 

 

 

 

Net sales

$

1,153,332

 

 

$

611,089

 

 

$

243,856

 

 

$

2,008,277

 

Segment Operating Income

$

247,062

 

 

$

71,023

 

 

$

38,660

 

 

$

289,791

 

Operating Income % of net sales

 

21.4

%

 

 

11.6

%

 

 

15.9

%

 

 

14.4

%

 

 

 

 

 

 

 

 

Depreciation

 

11,722

 

 

 

7,410

 

 

 

2,624

 

 

 

22,129

 

Amortization

 

27,361

 

 

 

19,159

 

 

 

3,533

 

 

 

50,053

 

Restructuring expenses

 

2,271

 

 

 

998

 

 

 

2,635

 

 

 

5,904

 

Acquisition related adjustments

 

(3,092

)

 

 

15,062

 

 

 

—

 

 

 

11,970

 

Charitable support to Ukraine

 

—

 

 

 

—

 

 

 

—

 

 

 

798

 

Stock compensation

 

—

 

 

 

—

 

 

 

—

 

 

 

26,880

 

Segment adjusted EBITDA

$

285,324

 

 

$

113,652

 

 

$

47,452

 

 

$

407,525

 

Adjusted EBITDA % of net sales

 

24.7

%

 

 

18.6

%

 

 

19.5

%

 

 

20.3

%

 

 

 

 

 

 

 

 

Six Months Ended July 3, 2021

 

 

 

 

 

 

 

Net sales

$

989,933

 

 

$

334,396

 

 

$

242,502

 

 

$

1,566,831

 

Segment Operating Income

$

206,260

 

 

$

63,766

 

 

$

46,623

 

 

$

257,890

 

Operating Income % of net sales

 

20.8

%

 

 

19.1

%

 

 

19.2

%

 

 

16.5

%

 

 

 

 

 

 

 

 

Depreciation

 

11,786

 

 

 

5,512

 

 

 

2,652

 

 

 

20,304

 

Amortization

 

29,450

 

 

 

3,556

 

 

 

3,677

 

 

 

36,683

 

Restructuring expenses

 

913

 

 

 

556

 

 

 

336

 

 

 

1,805

 

Facility consolidation related expenses

 

993

 

 

 

—

 

 

 

—

 

 

 

993

 

Acquisition related adjustments

 

737

 

 

 

—

 

 

 

—

 

 

 

737

 

Stock compensation

 

—

 

 

 

—

 

 

 

—

 

 

 

16,938

 

Gain on sale of plant

 

(678

)

 

 

(85

)

 

 

 

 

(763

)

Acquisition deal costs

 

—

 

 

 

—

 

 

 

—

 

 

 

12,821

 

Segment adjusted EBITDA

$

249,461

 

 

$

73,305

 

 

$

53,288

 

 

$

347,408

 

Adjusted EBITDA % of net sales

 

25.2

%

 

 

21.9

%

 

 

22.0

%

 

 

22.2

%

 

 

 

 

 

 

 

 

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $38.9 million and $28.6 million for the six months ended July 2, 2022 and July 3, 2021, respectively.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION (UNAUDITED)

(Amounts in 000’s, Except Percentages)

 

Three Months Ended

 

2nd Qtr, 2022

 

2nd Qtr, 2021

 

$

 

Diluted per
share

 

$

 

Diluted per
share

Net earnings

$

113,248

 

 

$

2.07

 

 

$

120,585

 

 

$

2.13

 

Amortization (1)

 

18,279

 

 

 

0.33

 

 

 

19,443

 

 

 

0.34

 

Restructuring expenses

 

4,029

 

 

 

0.07

 

 

 

1,011

 

 

 

0.02

 

Acquisition related costs

 

(2,280

)

 

 

(0.04

)

 

 

302

 

 

 

0.01

 

Net periodic pension benefit (other than service costs & curtailment)

 

(10,784

)

 

 

(0.20

)

 

 

(11,532

)

 

 

(0.20

)

Loss on sale of plant

 

—

 

 

 

—

 

 

 

287

 

 

 

0.01

 

Charitable support to Ukraine

 

798

 

 

 

0.01

 

 

 

—

 

 

 

—

 

Acquisition deal costs

 

—

 

 

 

—

 

 

 

10,481

 

 

 

0.18

 

Discrete tax adjustments

 

 

 

—

 

 

 

(18,900

)

 

 

(0.33

)

Income tax effect of pre-tax adjustments

 

(2,521

)

 

 

(0.05

)

 

 

(4,898

)

 

 

(0.09

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2)

 

—

 

 

 

0.04

 

 

 

—

 

 

 

0.04

 

Adjusted net earnings

$

120,769

 

 

$

2.23

 

 

$

116,779

 

 

$

2.11

 

 

 

 

 

 

 

 

 

Diluted weighted average number of shares

 

54,654

 

 

 

 

 

56,673

 

 

 

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2)

 

(613

)

 

 

 

 

(1,430

)

 

 

Adjusted diluted weighted average number of shares

 

54,041

 

 

 

 

 

55,243

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

2nd Qtr, 2022

 

2nd Qtr, 2021

 

$

 

Diluted per
share

 

$

 

Diluted per
share

Net earnings

$

199,003

 

 

$

3.59

 

 

$

209,848

 

 

$

3.73

 

Amortization (1)

 

53,649

 

 

 

0.97

 

 

 

39,738

 

 

 

0.71

 

Restructuring expenses

 

5,904

 

 

 

0.11

 

 

 

1,805

 

 

 

0.03

 

Acquisition related costs

 

11,970

 

 

 

0.22

 

 

 

737

 

 

 

0.01

 

Acquisition deal costs

 

—

 

 

 

—

 

 

 

12,821

 

 

 

0.23

 

Facility consolidation related expenses

 

—

 

 

 

—

 

 

 

993

 

 

 

0.02

 

Net periodic pension benefit (other than service costs & curtailment)

 

(22,300

)

 

 

(0.40

)

 

 

(22,905

)

 

 

(0.41

)

Gain on sale of plant

 

—

 

 

 

—

 

 

 

(763

)

 

 

(0.01

)

Charitable support to Ukraine

 

798

 

 

 

0.01

 

 

 

—

 

 

 

—

 

Discrete tax adjustments

 

—

 

 

 

—

 

 

 

(18,900

)

 

 

(0.34

)

Income tax effect of pre-tax adjustments

 

(12,255

)

 

 

(0.22

)

 

 

(7,944

)

 

 

(0.14

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2)

 

—

 

 

 

0.08

 

 

 

—

 

 

 

0.07

 

Adjusted net earnings

$

236,769

 

 

$

4.36

 

 

$

215,430

 

 

$

3.90

 

 

 

 

 

 

 

 

 

Diluted weighted average number of shares

 

55,509

 

 

 

 

 

56,320

 

 

 

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2)

 

(1,151

)

 

 

 

 

(1,087

)

 

 

Adjusted diluted weighted average number of shares

 

54,358

 

 

 

 

 

55,233

 

 

 

(1) Includes amortization of deferred financing costs and convertible notes issuance costs.

(2) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash.

 

Three Months Ended

 

Six Months Ended

 

2nd Qtr, 2022

 

2nd Qtr, 2021

 

2nd Qtr, 2022

 

2nd Qtr, 2021

Net Cash Flows Provided By (Used In):

 

 

 

 

 

 

 

Operating activities

$

104,802

 

 

$

112,686

 

 

$

89,458

 

 

$

172,381

 

Investing activities

 

(83,133

)

 

 

(17,184

)

 

 

(107,259

)

 

 

(24,222

)

Financing activities

 

9,017

 

 

 

(10,446

)

 

 

17,738

 

 

 

(18,731

)

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

 

 

 

 

 

Cash flow from operating activities

$

104,802

 

 

$

112,686

 

 

$

89,458

 

 

$

172,381

 

Less: Capital expenditures, net of sale proceeds

 

(17,636

)

 

 

(7,992

)

 

 

(32,133

)

 

 

(13,363

)

Free cash flow

$

87,166

 

 

$

104,694

 

 

$

57,325

 

 

$

159,018

 

 

 

 

 

 

 

 

 

NON-GAAP FINANCIAL MEASURES

The company supplements its consolidated financial statements presented on a GAAP basis with this non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies.

The company believes that organic net sales growth, non-GAAP adjusted segment EBITDA, adjusted net earnings and adjusted diluted per share measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for business planning purposes. The company also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in its opinion, do not reflect its core operating performance including, for example, intangibles amortization expense, impairment charges, restructuring expenses, and other charges which management considers to be outside core operating results.

The company believes that free cash flow is an important measure of operating performance because it provides management and investors a measure of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, repaying debt and repurchasing our common stock.

The company believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Middleby uses internally for purposes of assessing its core operating performance.

Contacts

Darcy Bretz, Investor and Public Relations, (847) 429-7756
Bryan Mittelman, Chief Financial Officer, (847) 429-7715

EX-101.SCH 3 midd-20220804.xsd XBRL TAXONOMY EXTENSION SCHEMA 000100 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 midd-20220804_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Document Type Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Amendment Flag Document Fiscal Year Focus Document Fiscal Period Focus Document Period End Date Entity Registrant Name Entity Central Index Key Entity File Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Emerging Growth Company Entity Information, Former Legal or Registered Name Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code City Area Code Local Phone Number Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name EX-101.PRE 5 midd-20220804_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 6 R1.htm IDEA: XBRL DOCUMENT v3.22.2
Document and Entity Information
Aug. 04, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 04, 2022
Entity Registrant Name THE MIDDLEBY CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-9973
Entity Tax Identification Number 36-3352497
Entity Address, Address Line One 1400 Toastmaster Drive
Entity Address, City or Town Elgin
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60120
City Area Code 847
Local Phone Number 741-3300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000769520
Title of 12(b) Security Common Stock
Trading Symbol MIDD
Security Exchange Name NASDAQ
Entity Information, Former Legal or Registered Name N/A
XML 7 a52801903_htm.xml IDEA: XBRL DOCUMENT 0000769520 2022-08-04 2022-08-04 false 0000769520 8-K 2022-08-04 THE MIDDLEBY CORPORATION DE 001-9973 36-3352497 1400 Toastmaster Drive Elgin IL 60120 847 741-3300 N/A false false false false Common Stock MIDD NASDAQ false EXCEL 8 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 9 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 FilingSummary.xml IDEA: XBRL DOCUMENT 3.22.2 html 1 23 1 false 0 0 false 0 false false R1.htm 000100 - Document - Document and Entity Information Sheet http://middleby.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports a52801903.htm a52801903_ex991.htm midd-20220804.xsd midd-20220804_lab.xml midd-20220804_pre.xml http://xbrl.sec.gov/dei/2021 true false JSON 13 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "a52801903.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "a52801903.htm" ] }, "labelLink": { "local": [ "midd-20220804_lab.xml" ] }, "presentationLink": { "local": [ "midd-20220804_pre.xml" ] }, "schema": { "local": [ "midd-20220804.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2004/ref-2004-08-10.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-roles-2021-01-31.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-roles-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd", "https://xbrl.sec.gov/country/2021/country-2021.xsd", "https://xbrl.sec.gov/currency/2021/currency-2021.xsd", "https://xbrl.sec.gov/dei/2021/dei-2021.xsd", "https://xbrl.sec.gov/exch/2021/exch-2021.xsd", "https://xbrl.sec.gov/naics/2021/naics-2021.xsd", "https://xbrl.sec.gov/sic/2021/sic-2021.xsd", "https://xbrl.sec.gov/stpr/2021/stpr-2021.xsd" ] } }, "elementCount": 30, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2021": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 23, "memberCustom": 0, "memberStandard": 0, "nsprefix": "midd", "nsuri": "http://middleby.com/20220804", "report": { "R1": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "a52801903.htm", "contextRef": "c20220804to20220804", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "000100 - Document - Document and Entity Information", "role": "http://middleby.com/role/DocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "a52801903.htm", "contextRef": "c20220804to20220804", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2021", "xbrltype": "stringItemType" }, "dei_DocumentFiscalPeriodFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.", "label": "Document Fiscal Period Focus" } } }, "localname": "DocumentFiscalPeriodFocus", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "fiscalPeriodItemType" }, "dei_DocumentFiscalYearFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.", "label": "Document Fiscal Year Focus" } } }, "localname": "DocumentFiscalYearFocus", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "gYearItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine3": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 3 such as an Office Park", "label": "Entity Address, Address Line Three" } } }, "localname": "EntityAddressAddressLine3", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCountry": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "ISO 3166-1 alpha-2 country code.", "label": "Entity Address, Country" } } }, "localname": "EntityAddressCountry", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "countryCodeItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityInformationFormerLegalOrRegisteredName": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Former Legal or Registered Name of an entity", "label": "Entity Information, Former Legal or Registered Name" } } }, "localname": "EntityInformationFormerLegalOrRegisteredName", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_NoTradingSymbolFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a security having no trading symbol.", "label": "No Trading Symbol Flag" } } }, "localname": "NoTradingSymbolFlag", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2021", "presentation": [ "http://middleby.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 14 0001157523-22-001025-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001157523-22-001025-xbrl.zip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end