$MFP

Middleby Food Processing, Inc.

CIK:0002088281|SEC Filings

CONDENSED COMBINED STATEMENTS OF EARNINGS (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Income Statement [Abstract]
Net sales	$ 245.4	$ 216.7	$ 470.4	$ 385.2
Cost of sales	158.7	135.8	306.3	243.3
Gross profit	86.7	80.9	164.1	141.9
Selling, general and administrative expenses	62.8	54.6	121.9	99.9
Restructuring expenses	0.2	0.0	0.1	0.1
Income from operations	23.7	26.3	42.1	41.9
Interest expense (income), net	0.4	(0.6)	0.4	(1.0)
Other expense (income), net	2.0	(10.6)	1.4	(11.0)
Earnings before income taxes	21.3	37.5	40.3	53.9
Provision for income taxes	10.5	8.4	15.2	12.6
Net earnings	$ 10.8	$ 29.1	$ 25.1	$ 41.3

CONDENSED COMBINED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Cash flows from operating activities:
Net earnings	$ 25.1	$ 41.3
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	13.5	11.8
Non-cash share-based compensation	4.6	1.8
Deferred income taxes	0.9	(1.0)
Other non-cash items	(0.1)	(0.2)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	1.9	5.8
Inventories, net	(16.8)	(16.3)
Prepaid expenses and other assets	0.5	9.1
Accounts payable	(5.4)	5.8
Accrued expenses and other liabilities	15.9	(10.3)
Net cash provided by operating activities	40.1	47.8
Cash flows from investing activities:
Capital expenditures	(6.6)	(25.7)
Proceeds from sale of property, plant and equipment	0.2
Acquisitions, net of cash acquired	(1.1)
Collections of loans to related parties	23.3	3.0
Loans made to related parties	(11.5)	(5.5)
Net cash provided by (used in) investing activities	4.3	(28.2)
Cash flows from financing activities:
Distribution to Parent	(233.0)
Net transfers to Parent as reflected in the Condensed Combined Statements of Cash Flows	(64.8)	(7.3)
Borrowings under revolving credit facility	228.0
Payments of debt issuance costs	(2.9)
Payments of foreign loans	(1.7)	0.0
Payments of deferred purchase price	(7.2)	(4.8)
Payments of finance lease obligations	(0.7)	(0.7)
Other, net	0.0	(1.9)
Net cash used in financing activities	(82.3)	(14.7)
Effect of exchange rates on cash and cash equivalents	(2.5)	8.1
Changes in cash and cash equivalents:
Net (decrease) increase in cash and cash equivalents	(40.4)	13.0
Cash and cash equivalents at beginning of year	90.9	59.2
Cash and cash equivalents at end of period	50.5	72.2
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	$ 5.9	$ 7.5

CONDENSED COMBINED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Current assets:
Cash and cash equivalents	$ 50.5	$ 90.9
Inventories, net	207.1	193.6
Prepaid expenses and other	80.6	79.6
Total current assets	551.8	581.6
Property, plant and equipment, net of accumulated depreciation of $75.1 and $65.8	159.7	163.2
Goodwill	499.3	502.3
Other intangibles, net	165.9	173.3
Long-term deferred tax assets	0.4	1.4
Other assets	29.9	27.5
Total assets	1,407.0	1,461.0
Current liabilities:
Current maturities of long-term debt	4.5	4.8
Accrued expenses	223.3	217.2
Total current liabilities	300.4	301.2
Long-term debt	254.1	28.7
Long-term deferred tax liability	35.1	35.1
Other non-current liabilities	31.9	35.3
Commitments and contingencies (Note 11)
Parent company net investment:
Net Parent Investment (NPI)	820.4	1,088.2
Accumulated other comprehensive loss	(34.9)	(27.5)
Total Parent company net investment	785.5	1,060.7
Total liabilities and Parent company net investment	1,407.0	1,461.0
Nonrelated Party
Current assets:
Accounts receivable, net	212.6	215.3
Current liabilities:
Accounts payable	71.7	77.1
Related Party
Current assets:
Accounts receivable, net	1.0	2.2
Related party loans receivable	0.0	11.7
Current liabilities:
Accounts payable	$ 0.9	$ 2.1