Company Quick10K Filing
Middleby
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 56 $7,407
10-Q 2019-11-07 Quarter: 2019-09-28
10-Q 2019-08-08 Quarter: 2019-06-29
10-Q 2019-05-09 Quarter: 2019-03-30
10-K 2019-02-27 Annual: 2018-12-29
10-Q 2018-11-08 Quarter: 2018-09-29
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-30
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-10 Quarter: 2017-07-01
10-Q 2017-05-11 Quarter: 2017-04-01
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-10 Quarter: 2016-10-01
10-Q 2016-08-11 Quarter: 2016-07-02
10-Q 2016-05-12 Quarter: 2016-04-02
10-K 2016-03-02 Annual: 2016-01-02
10-Q 2015-11-12 Quarter: 2015-10-03
10-Q 2015-08-13 Quarter: 2015-07-04
10-Q 2015-05-14 Quarter: 2015-04-04
10-K 2015-03-04 Annual: 2015-01-03
10-Q 2014-11-06 Quarter: 2014-09-27
10-Q 2014-08-07 Quarter: 2014-06-28
10-Q 2014-05-08 Quarter: 2014-03-29
10-K 2014-02-26 Annual: 2013-12-28
10-Q 2013-11-07 Quarter: 2013-09-28
10-Q 2013-08-08 Quarter: 2013-06-29
10-Q 2013-05-09 Quarter: 2013-03-30
10-K 2013-02-27 Annual: 2012-12-29
10-Q 2012-11-08 Quarter: 2012-09-29
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-10 Quarter: 2011-10-01
10-Q 2011-08-11 Quarter: 2011-07-02
10-Q 2011-05-12 Quarter: 2011-04-02
10-K 2011-03-02 Annual: 2011-01-01
10-Q 2010-11-12 Quarter: 2010-10-02
10-Q 2010-08-12 Quarter: 2010-07-03
10-Q 2010-05-13 Quarter: 2010-04-03
10-K 2010-03-03 Annual: 2010-01-02
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-08-06 Officers, Exhibits
8-K 2019-05-29 Shareholder Vote
8-K 2019-05-08 Earnings
8-K 2019-04-11 Officers, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2019-02-16 Officers, Regulation FD, Exhibits
8-K 2018-12-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-07-16 Officers
8-K 2018-06-22 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-05-19 Regulation FD, Exhibits
8-K 2018-05-18 Regulation FD, Exhibits
8-K 2018-05-18 Enter Agreement, Exhibits
8-K 2018-05-09 Earnings, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-02-19 Officers, Exhibits
MIDD 2019-09-28
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 midd-ex311x201992819x1.htm
EX-31.2 midd-ex312x201992819x1.htm
EX-32.1 midd-ex321x201992819x1.htm
EX-32.2 midd-ex322x201992819x1.htm

Middleby Earnings 2019-09-28

MIDD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NDSN 8,489 3,492 1,945 2,178 1,181 321 540 9,713 54% 18.0 9%
CGNX 8,102 1,350 158 798 589 208 246 8,013 74% 32.6 15%
NSYS 7,976 65 46 114 12 -2 1 7,979 10% 6,896.7 -3%
ST 7,948 6,852 4,235 3,476 1,218 562 753 10,453 35% 13.9 8%
MIDD 7,407 4,887 3,088 2,918 1,086 329 619 9,321 37% 15.0 7%
WWD 7,266 4,016 2,311 2,883 542 267 562 8,216 19% 14.6 7%
GDI 7,082 4,594 2,809 2,651 996 259 418 8,396 38% 20.1 6%
PNR 6,254 4,170 2,363 2,940 1,034 369 485 7,400 35% 15.3 9%
OC 6,254 10,183 5,778 7,127 1,624 515 1,275 9,564 23% 7.5 5%
AGCO 6,018 8,415 5,286 9,225 2,033 376 789 7,116 22% 9.0 4%

Document
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UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 10-Q 
 
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 28, 2019
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File No. 1-9973
 
THE MIDDLEBY CORPORATION
(Exact name of registrant as specified in its charter)  
Delaware
36-3352497
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification Number)
 
 
 
1400 Toastmaster Drive,
Elgin,
Illinois
60120
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(847)
741-3300
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No o   
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x   No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “accelerated filer, large accelerated filer, smaller reporting and emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
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
Nasdaq Global Market
As of November 4, 2019, there were 56,140,851 shares of the registrant's common stock outstanding.




THE MIDDLEBY CORPORATION
 
QUARTER ENDED SEPTEMBER 28, 2019
  
INDEX
DESCRIPTION
PAGE
PART I.  FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS as of SEPTEMBER 28, 2019 and DECEMBER 29, 2018
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three and nine months ended SEPTEMBER 28, 2019 and SEPTEMBER 29, 2018
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY for the three and nine months ended SEPTEMBER 28, 2019 and SEPTEMBER 29, 2018
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the nine months ended SEPTEMBER 28, 2019 and SEPTEMBER 29, 2018
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
Item 2.
 
 
 
Item 6.




PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)
(Unaudited)
 
ASSETS
Sep 28, 2019

 
Dec 29, 2018

Current assets:
 

 
 

Cash and cash equivalents
$
87,181

 
$
71,701

Accounts receivable, net of reserve for doubtful accounts of $16,567 and $13,608
417,622

 
398,660

Inventories, net
614,102

 
521,810

Prepaid expenses and other
63,344

 
50,940

Prepaid taxes
18,198

 
18,483

Total current assets
1,200,447

 
1,061,594

Property, plant and equipment, net of accumulated depreciation of $188,979 and $167,737
342,971

 
314,569

Goodwill
1,809,359

 
1,743,175

Other intangibles, net of amortization of $317,458 and $268,414
1,440,421

 
1,361,024

Long-term deferred tax assets
26,541

 
32,188

Other assets
108,789

 
37,231

Total assets
$
4,928,528

 
$
4,549,781

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
 

Current liabilities:
 

 
 

Current maturities of long-term debt
$
3,331

 
$
3,207

Accounts payable
181,171

 
188,299

Accrued expenses
400,742

 
367,446

Total current liabilities
585,244

 
558,952

Long-term debt
1,955,900

 
1,888,898

Long-term deferred tax liability
124,071

 
113,896

Accrued pension benefits
226,074

 
253,119

Other non-current liabilities
181,208

 
69,713

Stockholders' equity:
 

 
 

Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued

 

Common stock, $0.01 par value; 63,080,940 and 62,592,707 shares issued in 2019 and 2018, respectively
145

 
145

Paid-in capital
382,526

 
377,419

Treasury stock, at cost; 6,940,089 and 6,889,241 shares in 2019 and 2018
(451,262
)
 
(445,118
)
Retained earnings
2,252,465

 
2,009,233

Accumulated other comprehensive loss
(327,843
)
 
(276,476
)
Total stockholders' equity
1,856,031

 
1,665,203

Total liabilities and stockholders' equity
$
4,928,528

 
$
4,549,781

 


See accompanying notes

1



THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
 
 
 
Three Months Ended
 
Nine Months Ended
 
Sep 28, 2019

 
Sep 29, 2018

 
Sep 28, 2019

 
Sep 29, 2018

Net sales
$
724,014

 
$
713,331

 
$
2,171,820

 
$
1,966,259

Cost of sales
453,986

 
452,171

 
1,358,001

 
1,242,707

Gross profit
270,028

 
261,160

 
813,819

 
723,552

Selling, general and administrative expenses
144,460

 
141,372

 
445,000

 
399,328

Restructuring expenses
4,223

 
12,111

 
6,806

 
18,245

Income from operations
121,345

 
107,677

 
362,013

 
305,979

Interest expense and deferred financing amortization, net
20,846

 
19,143

 
63,334

 
38,370

Net periodic pension benefit (other than service costs)
(7,175
)
 
(9,225
)
 
(22,233
)
 
(28,046
)
Other expense (income), net
1,444

 
(260
)
 
(489
)
 
371

Earnings before income taxes
106,230

 
98,019

 
321,401

 
295,284

Provision for income taxes
24,210

 
25,114

 
78,158

 
72,971

Net earnings
$
82,020

 
$
72,905

 
$
243,243

 
$
222,313

 
 
 
 
 
 
 
 
Net earnings per share:
 

 
 

 
 
 
 
Basic
$
1.47

 
$
1.31

 
$
4.37

 
$
4.00

Diluted
$
1.47

 
$
1.31

 
$
4.37

 
$
4.00

Weighted average number of shares
 

 
 

 
 
 
 
Basic
55,663

 
55,577

 
55,641

 
55,575

Dilutive common stock equivalents1

 

 

 

Diluted
55,663

 
55,577

 
55,641

 
55,575

Comprehensive income
$
55,915

 
$
69,027

 
$
191,876

 
$
212,754

 

















1There were no anti-dilutive equity awards excluded from common stock equivalents for any period presented.

See accompanying notes

2



THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(amounts in thousands)
(Unaudited)
 
Common
Stock

 
Paid-in
Capital

 
Treasury
Stock

 
Retained
Earnings

 
Accumulated
Other
Comprehensive
Income/(loss)

 
Total
Stockholders'
Equity

Balance, June 29, 2019
$
145

 
$
380,603

 
$
(451,204
)
 
$
2,170,445

 
$
(301,738
)
 
$
1,798,251

Net earnings

 

 

 
82,020

 

 
82,020

Currency translation adjustments

 

 

 

 
(25,428
)
 
(25,428
)
Change in unrecognized pension benefit costs, net of tax of $1,026

 

 

 

 
4,975

 
4,975

Unrealized loss on interest rate swap, net of tax of $(1,867)

 

 

 

 
(5,652
)
 
(5,652
)
Stock compensation

 
1,923

 

 

 

 
1,923

Stock issuance

 

 

 

 

 

Purchase of treasury stock

 

 
(58
)
 

 

 
(58
)
Balance, September 28, 2019
$
145

 
$
382,526

 
$
(451,262
)
 
$
2,252,465

 
$
(327,843
)
 
$
1,856,031

 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 29, 2018
$
145

 
$
377,419

 
$
(445,118
)
 
$
2,009,233

 
$
(276,476
)
 
$
1,665,203

Net earnings

 

 

 
243,243

 

 
243,243

Adoption of ASU 2017-12 (1)

 

 

 
(11
)
 
11

 

Currency translation adjustments

 

 

 

 
(27,190
)
 
(27,190
)
Change in unrecognized pension benefit costs, net of tax of $955

 

 

 

 
4,966

 
4,966

Unrealized loss on interest rate swap, net of tax of $(9,890)

 

 

 

 
(29,154
)
 
(29,154
)
Stock compensation

 
3,257

 

 

 

 
3,257

Stock issuance

 
1,850

 

 

 

 
1,850

Purchase of treasury stock

 

 
(6,144
)
 

 

 
(6,144
)
Balance, September 28, 2019
$
145

 
$
382,526

 
$
(451,262
)
 
$
2,252,465

 
$
(327,843
)
 
$
1,856,031


(1) As of December 30, 2018, the company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" using the modified retrospective method. The adoption of this guidance resulted in the recognition of less than $0.1 million as an adjustment to the opening balance of retained earnings.












See accompanying notes


3



THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(amounts in thousands)
(Unaudited)
 
Common
Stock

 
Paid-in
Capital

 
Treasury
Stock

 
Retained
Earnings

 
Accumulated
Other
Comprehensive
Income/(loss)

 
Total
Stockholders'
Equity

Balance, June 30, 2018
$
145

 
$
376,740

 
$
(445,118
)
 
$
1,841,489

 
$
(272,100
)
 
$
1,501,156

Net earnings

 

 

 
72,905

 

 
72,905

Currency translation adjustments

 

 

 

 
(9,718
)
 
(9,718
)
Change in unrecognized pension benefit costs, net of tax of $322

 

 

 

 
1,674

 
1,674

Unrealized gain on interest rate swap, net of tax of $1,431

 

 

 

 
4,166

 
4,166

Stock compensation

 
3,450

 

 

 

 
3,450

Balance, September 29, 2018
$
145

 
$
380,190

 
$
(445,118
)
 
$
1,914,394

 
$
(275,978
)
 
$
1,573,633

 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 30, 2017
$
145

 
$
374,922

 
$
(445,118
)
 
$
1,697,618

 
$
(266,419
)
 
$
1,361,148

Net earnings

 

 

 
222,313

 

 
222,313

Adoption of ASU 2018-02 (1)

 

 

 
(1,132
)
 
1,132

 

Adoption of ASU 2014-09 (2)

 

 

 
(4,405
)
 

 
(4,405
)
Currency translation adjustments

 

 

 

 
(29,879
)
 
(29,879
)
Change in unrecognized pension benefit costs, net of tax of $1,432

 

 

 

 
7,041

 
7,041

Unrealized gain on interest rate swap, net of tax of $4,172

 

 

 

 
12,147

 
12,147

Stock compensation

 
5,268

 

 

 

 
5,268

Balance, September 29, 2018
$
145

 
$
380,190

 
$
(445,118
)
 
$
1,914,394

 
$
(275,978
)
 
$
1,573,633


(1) As of December 31, 2017, the company adopted ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The adoption of this guidance resulted in the reclassification of $1.1 million, including $1.6 million related to interest rate swap and $(0.5) million related to pensions, of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings.
(2) As of December 31, 2017, the company adopted ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) using the modified retrospective method to contracts that were not completed as of December 30, 2017. The adoption of this guidance resulted in the recognition of $4.4 million as an adjustment to the opening balance of retained earnings.









See accompanying notes


4



THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
 
Nine Months Ended
 
Sep 28, 2019

 
Sep 29, 2018

Cash flows from operating activities--
 

 
 

Net earnings
$
243,243

 
$
222,313

Adjustments to reconcile net earnings to net cash provided by operating activities--
 

 
 

Depreciation and amortization
77,272

 
66,455

Operating lease asset amortization
17,246

 

Non-cash share-based compensation
3,257

 
5,268

Deferred income taxes
9,931

 
13,312

Impairment of property, plant and equipment

 
783

Non-cash restructuring

 
5,179

Changes in assets and liabilities, net of acquisitions
 

 
 

Accounts receivable, net
(1,116
)
 
(38,936
)
Inventories, net
(65,864
)
 
(25,604
)
Prepaid expenses and other assets
4,369

 
10,400

Accounts payable
(17,659
)
 
24,625

Accrued expenses and other liabilities
(40,935
)
 
(31,748
)
Net cash provided by operating activities
229,744

 
252,047

Cash flows from investing activities--
 

 
 

Additions to property, plant and equipment
(33,819
)
 
(32,552
)
Purchase of tradename

 
(5,399
)
Acquisitions, net of cash acquired
(238,974
)
 
(1,147,738
)
Net cash used in investing activities
(272,793
)
 
(1,185,689
)
Cash flows from financing activities--
 

 
 

Proceeds under Credit Facility
444,451

 
1,520,225

Repayments under Credit Facility
(375,188
)
 
(588,911
)
Net proceeds (repayments) under international credit facilities
319

 
(6,997
)
Net repayments under other debt arrangement
(175
)
 
(3
)
Payments of deferred purchase price
(1,648
)
 
(692
)
Repurchase of treasury stock
(6,144
)
 

Net cash provided by financing activities
61,615

 
923,622

Effect of exchange rates on cash and cash equivalents
(3,086
)
 
(3,046
)
Changes in cash and cash equivalents--
 

 
 

Net increase (decrease) in cash and cash equivalents
15,480

 
(13,066
)
Cash and cash equivalents at beginning of year
71,701

 
89,654

Cash and cash equivalents at end of period
$
87,181

 
$
76,588

 

See accompanying notes

5



THE MIDDLEBY CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 28, 2019
(Unaudited)
1)
Summary of Significant Accounting Policies
A)
Basis of Presentation
The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2018 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2019
In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of September 28, 2019 and December 29, 2018, the results of operations for the three and nine months ended September 28, 2019 and September 29, 2018, cash flows for the nine months ended September 28, 2019 and September 29, 2018 and statement of stockholders' equity for the three and nine months ended September 28, 2019 and September 29, 2018.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates.
B)
Non-Cash Share-Based Compensation
The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $2.0 million and $3.5 million for the three months period ended September 28, 2019 and September 29, 2018, respectively. Non-cash share-based compensation expense was $3.3 million and $5.3 million for the nine months period ended September 28, 2019 and September 29, 2018, respectively.
C)
Income Taxes
A tax provision of $78.2 million, at an effective rate of 24.3%, was recorded during the nine months period ended September 28, 2019, as compared to a $73.0 million tax provision at a 24.7% in the prior year period. The effective rates in 2019 and 2018 are higher than the federal tax rate of 21% primarily due to state taxes and foreign tax rate differentials.
D)
Fair Value Measures 
Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.
Level 3 – Unobservable inputs based on our own assumptions.

6



The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands):
 
Fair Value
Level 1
 
Fair Value
Level 2
 
Fair Value
Level 3
 
Total
As of September 28, 2019
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
    Interest rate swaps
$

 
$
1,384

 
$

 
$
1,384

 
 
 
 
 
 
 
 
Financial Liabilities:
 
 
 
 
 
 
 
    Interest rate swaps
$

 
$
31,065

 
$

 
$
31,065

    Contingent consideration
$

 
$

 
$
7,340

 
$
7,340

 
 
 
 
 
 
 
 
As of December 29, 2018
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
    Interest rate swaps
$

 
$
13,487

 
$

 
$
13,487

 
 
 
 
 
 
 
 
Financial Liabilities:
 
 
 
 
 
 
 
    Interest rate swaps
$

 
$
4,125

 
$

 
$
4,125

    Contingent consideration
$

 
$

 
$
3,566

 
$
3,566


The contingent consideration as of September 28, 2019 relates to the earnout provision recorded in conjunction with the acquisitions of Josper S.A. ("Josper") and Ss Brewtech. The contingent consideration as of December 29, 2018 relates to the earnout provision recorded in conjunction with the acquisition of Josper.
The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreement. On a quarterly basis, the company assesses the projected results for each acquired business in comparison to the earnout targets and adjusts the liability accordingly.
E)    Consolidated Statements of Cash Flows
Cash paid for interest was $61.7 million and $35.9 million for the nine months ended September 28, 2019 and September 29, 2018, respectively. Cash payments totaling $65.7 million and $61.3 million were made for income taxes for the nine months ended September 28, 2019 and September 29, 2018, respectively.

7



2)
Acquisitions and Purchase Accounting
The company operates in a highly fragmented industry and has completed numerous acquisitions over the past several years as a component of its growth strategy. The company has acquired industry leading brands and technologies to position itself as a leader in the commercial foodservice equipment, food processing equipment and residential kitchen equipment industries.
The company has accounted for all business combinations using the acquisition method to record a new cost basis for the assets acquired and liabilities assumed. For the company's acquisitions, goodwill is calculated as the difference between the acquisition fair value of the consideration transferred and the fair value of the net assets acquired, and represents future economic benefits, including synergies, and assembled workforce, that are expected to be achieved as a result of the acquisition. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition.
The following represents the company's more significant acquisitions in 2019 and 2018. The company also made smaller acquisitions not listed below which are individually and collectively immaterial.
Hinds-Bock
On February 16, 2018, the company completed its acquisition of all of the capital stock of Hinds-Bock Corporation ("Hinds-Bock"), a leading manufacturer of solutions for filling and depositing bakery and food product located in Bothell, Washington, for a purchase price of $25.4 million, net of cash acquired. During the third quarter of 2018, the company finalized the working capital provision provided by the purchase agreement resulting in a refund from the seller of $0.4 million.
The final allocation of consideration paid for the Hinds-Bock acquisition is summarized as follows (in thousands):
 
(as initially reported) February 16, 2018
 
Measurement Period Adjustments
 
(as adjusted) February 16, 2018
Cash
$
5

 
$

 
$
5

Current assets
5,301

 
(3
)
 
5,298

Property, plant and equipment
3,557

 

 
3,557

Goodwill
12,686

 
(1,166
)
 
11,520

Other intangibles
8,081

 
1,119

 
9,200

Long term deferred tax asset

 
115

 
115

Current liabilities
(3,800
)
 
(465
)
 
(4,265
)
 
 
 
 
 
 
Net assets acquired and liabilities assumed
$
25,830

 
$
(400
)
 
$
25,430


The goodwill and $4.9 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350 "Intangibles - Goodwill and Other". Other intangibles also include $3.7 million allocated to customer relationships and $0.6 million allocated to backlog, which are being amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of Hinds-Bock are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes.






8



Ve.Ma.C
On April 3, 2018, the company completed its acquisition of all of the capital stock of Ve.Ma.C S.r.l. ("Ve.Ma.C"), a leading designer and manufacturer of handling, automation and robotics solutions for protein food processing lines located in Castelnuovo Rangone, Italy, for a purchase price of approximately $10.5 million, net of cash acquired. During the third quarter of 2018, the company finalized the working capital provision provided by the purchase agreement, resulting in no additional payment by either party.
The final allocation of consideration paid for the Ve.Ma.C acquisition is summarized as follows (in thousands):
 
(as initially reported) April 3, 2018
 
Measurement Period Adjustments
 
(as adjusted) April 3, 2018
Cash
$
1,833

 
$

 
$
1,833

Current assets
10,722

 

 
10,722

Property, plant and equipment
389

 

 
389

Goodwill
7,278

 
(2,506
)
 
4,772

Other intangibles
2,584

 
3,776

 
6,360

Other assets
12

 

 
12

Current portion of long-term debt
(1,901
)
 

 
(1,901
)
Current liabilities
(8,076
)
 
(216
)
 
(