Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 28, 2019 | Nov. 04, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 28, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-9973 | |
Entity Registrant Name | THE MIDDLEBY CORPORATION | |
Entity Central Index Key | 0000769520 | |
Current Fiscal Year End Date | --12-28 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | MIDD | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 56,140,851 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | 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 | 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 |
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 |
Deferred Tax Liabilities, Net, Noncurrent | 124,071 | 113,896 |
Liability, Defined Benefit Pension Plan, Noncurrent | 226,074 | 253,119 |
Other non-current liabilities | 181,208 | 69,713 |
Stockholders' equity: | ||
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 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Accounts receivable, reserve for doubtful accounts | $ 16,567 | $ 13,608 |
Property, plant and equipment, accumulated depreciation | 188,979 | 167,737 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 317,458 | $ 268,414 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 95,000,000 | 95,000,000 |
Common stock, shares issued | 63,080,940 | 62,592,707 |
Treasury stock, shares | 6,940,089 | 6,889,241 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 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 Expense | 144,460 | 141,372 | 445,000 | 399,328 | |
Restructuring Charges | 4,223 | 12,111 | 6,806 | 18,245 | |
Income from operations | [1],[2] | 121,345 | 107,677 | 362,013 | 305,979 |
Net interest expense and deferred financing amortization, net | 20,846 | 19,143 | 63,334 | 38,370 | |
Net Periodic Benefit Cost, Other Components | (7,175) | (9,225) | (22,233) | (28,046) | |
Other (income) expense, 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: | |||||
Earnings Per Share, Basic | $ 1.47 | $ 1.31 | $ 4.37 | $ 4 | |
Earnings Per Share, Diluted | $ 1.47 | $ 1.31 | $ 4.37 | $ 4 | |
Weighted average number of shares | |||||
Basic (in shares) | 55,663,000 | 55,577,000 | 55,641,000 | 55,575,000 | |
Dilutive common stock equivalents (in shares) | [3] | 0 | 0 | 0 | 0 |
Diluted (in shares) | 55,663,000 | 55,577,000 | 55,641,000 | 55,575,000 | |
Comprehensive income | $ 55,915 | $ 69,027 | $ 191,876 | $ 212,754 | |
[1] | Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. | ||||
[2] | Restructuring expenses are allocated in operating income by segment. See note 17 for further details. | ||||
[3] | 1 There were no anti-dilutive equity awards excluded from common stock equivalents for any period presented. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Accumulated Defined Benefit Plans Adjustment | Interest Rate SwapRetained Earnings | Interest Rate SwapAccumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |
Balance, Beginning at Dec. 30, 2017 | $ 1,361,148 | $ 145 | $ 374,922 | $ (445,118) | $ 1,697,618 | $ (266,419) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 222,313 | 0 | 0 | 0 | 222,313 | 0 | ||||
Cumulative Effect on Retained Earnings, Net of Tax | Accounting Standards Update 2018-02 | [1] | 0 | 0 | 0 | 0 | (1,132) | 1,132 | |||
Cumulative Effect on Retained Earnings, Net of Tax | Accounting Standards Update 2014-09 | [2] | (4,405) | 0 | 0 | 0 | (4,400) | 0 | |||
Currency translation adjustment | (29,879) | 0 | 0 | 0 | 0 | (29,879) | ||||
Change in unrecognized pension benefit costs, net of tax | 8,173 | |||||||||
Change in unrecognized pension benefit costs, net of tax | Accounting Standards Update 2018-02 | 7,041 | 0 | 0 | 0 | 0 | 7,041 | ||||
Unrealized gain on interest rate swaps, net of tax | 12,147 | 0 | 0 | 0 | 0 | 12,147 | ||||
Stock compensation | 5,268 | 0 | 5,268 | 0 | 0 | 0 | ||||
Balance, Ending at Sep. 29, 2018 | 1,573,633 | 145 | 380,190 | (445,118) | 1,914,394 | (275,978) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Other comprehensive income (loss), adopt of new accounting pronouncement | Accounting Standards Update 2018-02 | [3] | (1,132) | $ 487 | $ (1,619) | ||||||
Balance, Beginning at Jun. 30, 2018 | 1,501,156 | 145 | 376,740 | (445,118) | 1,841,489 | (272,100) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 72,905 | 0 | 0 | 0 | 72,905 | 0 | ||||
Currency translation adjustment | (9,718) | 0 | 0 | 0 | 0 | (9,718) | ||||
Change in unrecognized pension benefit costs, net of tax | 1,674 | 0 | 0 | 0 | 0 | 1,674 | ||||
Unrealized gain on interest rate swaps, net of tax | 4,166 | 0 | 0 | 0 | 0 | 4,166 | ||||
Stock compensation | 3,450 | 0 | 3,450 | 0 | 0 | 0 | ||||
Balance, Ending at Sep. 29, 2018 | 1,573,633 | 145 | 380,190 | (445,118) | 1,914,394 | (275,978) | ||||
Balance, Beginning at Dec. 29, 2018 | 1,665,203 | 145 | 377,419 | (445,118) | 2,009,233 | (276,476) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 243,243 | 0 | 0 | 0 | 243,243 | 0 | ||||
Cumulative Effect on Retained Earnings, Net of Tax | Accounting Standards Update 2018-02 | (1,100) | |||||||||
Cumulative Effect on Retained Earnings, Net of Tax | Accounting Standards Update 2017-12 | [4] | 0 | 0 | 0 | 0 | (11) | 11 | |||
Currency translation adjustment | (27,190) | 0 | 0 | 0 | 0 | (27,190) | ||||
Change in unrecognized pension benefit costs, net of tax | 4,966 | 0 | 0 | 0 | 0 | 4,966 | ||||
Unrealized gain on interest rate swaps, net of tax | (29,143) | |||||||||
Unrealized gain on interest rate swaps, net of tax | Accounting Standards Update 2017-12 | (29,154) | 0 | 0 | 0 | 0 | (29,154) | ||||
Stock compensation | 3,257 | 0 | 3,257 | 0 | 0 | 0 | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 1,850 | 0 | 1,850 | 0 | 0 | 0 | ||||
Purchase of treasury stock | (6,144) | 0 | 0 | (6,144) | 0 | 0 | ||||
Balance, Ending at Sep. 28, 2019 | 1,856,031 | 145 | 382,526 | (451,262) | 2,252,465 | (327,843) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Other comprehensive income (loss), adopt of new accounting pronouncement | $ (500) | |||||||||
Other comprehensive income (loss), adopt of new accounting pronouncement | Accounting Standards Update 2018-02 | $ 1,600 | |||||||||
Balance, Beginning at Jun. 29, 2019 | 1,798,251 | 145 | 380,603 | (451,204) | 2,170,445 | (301,738) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 82,020 | 0 | 0 | 0 | 82,020 | 0 | ||||
Currency translation adjustment | (25,428) | 0 | 0 | 0 | 0 | (25,428) | ||||
Change in unrecognized pension benefit costs, net of tax | 4,975 | 0 | 0 | 0 | 0 | 4,975 | ||||
Unrealized gain on interest rate swaps, net of tax | (5,652) | 0 | 0 | 0 | 0 | (5,652) | ||||
Stock compensation | 1,923 | 0 | 1,923 | 0 | 0 | 0 | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Purchase of treasury stock | (58) | 0 | 0 | (58) | 0 | 0 | ||||
Balance, Ending at Sep. 28, 2019 | $ 1,856,031 | $ 145 | $ 382,526 | $ (451,262) | $ 2,252,465 | $ (327,843) | ||||
[1] | (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] | (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. | |||||||||
[3] | As of December 31, 2017, the company adopted ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". This guidance allowed for the reclassification of $1.1 million of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. | |||||||||
[4] | (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 $0.1 million as an adjustment to the opening balance of retained earnings. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | $ 1,026 | $ 322 | $ 955 | $ 1,432 | ||
Unrealized (loss) gain on interest rate swap, tax | $ (1,867) | $ 1,431 | (9,890) | 4,172 | ||
Accounting Standards Update 2018-02 | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | [1] | 0 | ||||
Accounting Standards Update 2018-02 | Retained Earnings | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 1,100 | 1,132 | [1] | |||
Accounting Standards Update 2014-09 | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | [2] | 4,405 | ||||
Accounting Standards Update 2014-09 | Retained Earnings | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | [2] | $ 4,400 | ||||
[1] | (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] | (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 $4.4 million as an adjustment to the opening balance of retained earnings. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 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 expense | 77,272 | 66,455 |
Operating Lease Right of Use Asset Amortization | 17,246 | 0 |
Non-cash share-based compensation | 3,257 | 5,268 |
Deferred income taxes | 9,931 | 13,312 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | 783 |
Non Cash Restructuring | 0 | 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 and equipment | (33,819) | (32,552) |
Purchase of tradename | 0 | (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) | 0 |
Net cash (used in) 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 (decrease) increase 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 quarter | $ 87,181 | $ 76,588 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 28, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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. 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. |
Acquisitions and Purchase Accou
Acquisitions and Purchase Accounting | 9 Months Ended |
Sep. 28, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | 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. 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 ) (8,292 ) Long term deferred tax liability (340 ) (1,054 ) (1,394 ) Other non-current liabilities (212 ) — (212 ) Net assets acquired and liabilities assumed $ 12,289 $ — $ 12,289 The long term deferred tax liability amounted to $1.4 million . The net liability is comprised of $1.8 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.4 million of deferred tax asset related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $2.1 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $2.6 million allocated to customer relationships and $1.6 million allocated to backlog, which are being amortized over periods of 6 years and up to 1 year, respectively. Goodwill and other intangibles of Ve.Ma.C are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. Firex On April 27, 2018, the company completed its acquisition of all of the capital stock of Firex S.r.l. ("Firex"), a leading manufacturer of steam cooking equipment for the commercial foodservice industry located in Sedico, Italy, for a purchase price of approximately $53.7 million , net of cash acquired. During the third quarter of 2018, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $0.3 million . The final allocation of consideration paid for the Firex acquisition is summarized as follows (in thousands): (as initially reported) April 27, 2018 Measurement Period Adjustments (as adjusted) April 27, 2018 Cash $ 10,652 $ (37 ) $ 10,615 Current assets 7,656 39 7,695 Property, plant and equipment 2,447 — 2,447 Goodwill 36,706 (1,424 ) 35,282 Other intangibles 19,806 2,294 22,100 Current portion of long-term debt (1,210 ) — (1,210 ) Current liabilities (4,099 ) (471 ) (4,570 ) Long term deferred tax liability (4,995 ) (652 ) (5,647 ) Long-term debt (1,069 ) — (1,069 ) Other non-current liabilities (1,318 ) — (1,318 ) Net assets acquired and liabilities assumed $ 64,576 $ (251 ) $ 64,325 The long term deferred tax liability amounted to $5.6 million . The net liability is comprised of $6.1 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.5 million of deferred tax asset related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $10.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $11.3 million allocated to customer relationships and $0.6 million allocated to backlog, which are being amortized over periods of 7 years and 3 months , respectively. Goodwill and other intangibles of Firex are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. Josper On May 10, 2018, the company completed its acquisition of all of the issued share capital of Josper S.A. ("Josper"), a leading manufacturer of charcoal grill and oven cooking equipment for commercial foodservice and residential applications located in Pineda de Mar, Spain, for a purchase price of approximately $39.3 million , net of cash acquired. During the fourth quarter of 2018, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $0.2 million . The final allocation of consideration paid for the Josper acquisition is summarized as follows (in thousands): (as initially reported) May 10, 2018 Measurement Period Adjustments (as adjusted) May 10, 2018 Cash $ 3,308 $ — $ 3,308 Current assets 6,579 13 6,592 Property, plant and equipment 4,739 — 4,739 Goodwill 27,140 (3,345 ) 23,795 Other intangibles 13,136 4,754 17,890 Other assets 2 — 2 Current portion of long-term debt (217 ) — (217 ) Current liabilities (5,146 ) (89 ) (5,235 ) Long-term debt (1,608 ) — (1,608 ) Long term deferred tax liability (2,934 ) (1,579 ) (4,513 ) Other non-current liabilities (2,169 ) — (2,169 ) Consideration paid at closing $ 42,830 $ (246 ) $ 42,584 Contingent consideration 3,454 — 3,454 Net assets acquired and liabilities assumed $ 46,284 $ (246 ) $ 46,038 The long term deferred tax liability amounted to $4.5 million . The net liability is comprised of $4.4 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.1 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $9.5 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $8.3 million allocated to customer relationships and $0.1 million allocated to backlog, which are being amortized over periods of 7 years and 3 months , respectively. Goodwill and other intangibles of Josper are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The Josper purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable in 2019, 2020 and 2021, if Josper exceeds certain earnings targets for the twelve months ended December 31, 2018, December 31, 2019 and December 31, 2020, respectively. The contractual obligation associated with this contingent earnout provision recognized on the acquisition date is $3.5 million . Taylor On June 22, 2018, the company completed its acquisition of all of the capital stock of the Taylor Company ("Taylor"), a world leader in beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines, and automated double-sided grills, located in Rockton, Illinois, for a purchase price of approximately $1.0 billion . During the fourth quarter of 2018, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $11.5 million . The final allocation of consideration paid for the Taylor acquisition is summarized as follows (in thousands): (as initially reported) June 22, 2018 Measurement Period Adjustments (as adjusted) June 22, 2018 Cash $ 2,551 $ 64 $ 2,615 Current assets 71,162 (2,011 ) 69,151 Property, plant and equipment 21,187 (556 ) 20,631 Goodwill 491,339 (120,497 ) 370,842 Other intangibles 484,210 119,550 603,760 Other assets — 361 361 Long-term deferred tax asset — 227 227 Current liabilities (48,417 ) (4,099 ) (52,516 ) Other non-current liabilities (8,161 ) (648 ) (8,809 ) Net assets acquired and liabilities assumed $ 1,013,871 $ (7,609 ) $ 1,006,262 The goodwill and $304.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $290.9 million allocated to customer relationships, $1.7 million of existing developed oven technology, $4.4 million of equipment backlog, and $2.1 million of deferred service backlog, which are being amortized over periods up to 15 years, 5 years, 3 months , and 3 years, respectively. Goodwill and other intangibles of Taylor are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. A significant portion of the assets are expected to be deductible for tax purposes. M-TEK On October 1, 2018, the company completed its acquisition of all of the capital stock of the M-TEK Corporation ("M-TEK"), a leading manufacturer of Modified Atmospheric Packaging (MAP) systems located in Elgin, Illinois, for a purchase price of approximately $20.0 million . During the first quarter of 2019, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the purchase price. The final allocation of consideration paid for the M-TEK acquisition is summarized as follows (in thousands): (as initially reported) October 1, 2018 Measurement Period Adjustments (as adjusted) October 1, 2018 Current assets $ 2,745 $ — $ 2,745 Property, plant and equipment 2,497 — 2,497 Goodwill 11,610 (1,000 ) 10,610 Other intangibles 3,294 1,000 4,294 Current liabilities (144 ) — (144 ) Net assets acquired and liabilities assumed $ 20,002 $ — $ 20,002 The goodwill and $1.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $2.7 million allocated to customer relationships, $0.3 million allocated to developed technology, and $0.3 million allocated to backlog, which are being amortized over periods of 5 years, 5 years and 3 months , respectively. Goodwill and other intangibles of M-TEK are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Crown On December 3, 2018, the company completed its acquisition of all of the capital stock of the Crown Food Service Equipment, Ltd. ("Crown"), a leading design and manufacturer of steam cooking equipment for the commercial foodservice industry located in Toronto, Canada, for a purchase price of approximately $41.8 million , net of cash acquired. During the second quarter of 2019, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $0.2 million . The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially reported) December 3, 2018 Preliminary Measurement Period Adjustments (as adjusted) December 3, 2018 Cash $ 495 $ — $ 495 Current assets 5,045 — 5,045 Property, plant and equipment 8,710 3,658 12,368 Goodwill 31,226 (4,805 ) 26,421 Other intangibles — 2,958 2,958 Current liabilities (2,340 ) (281 ) (2,621 ) Long-term deferred tax liability (668 ) (1,753 ) (2,421 ) Net assets acquired and liabilities assumed $ 42,468 $ (223 ) $ 42,245 The long term deferred tax liability amounted to $2.4 million . The net deferred tax liability is comprised of $0.8 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $1.6 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $3.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Goodwill and other intangibles of Crown are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. This asset is not expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. EVO On December 31, 2018, the company completed its acquisition of all of the capital stock of EVO America, Inc. ("EVO"), a leading design and manufacturer of ventless cooking equipment for the commercial foodservice industry, located near Portland, Oregon, for a purchase price of approximately $12.3 million , net of cash acquired. During the second quarter of 2019, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $0.1 million . The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially reported) December 31, 2018 Preliminary Measurement Period Adjustments (as adjusted) December 31, 2018 Cash $ 162 $ — $ 162 Current assets 1,490 — 1,490 Goodwill 6,896 (53 ) 6,843 Other intangibles 5,081 — 5,081 Current liabilities (518 ) — (518 ) Long-term deferred tax liability (540 ) — (540 ) Other non-current liabilities (12 ) — (12 ) Net assets acquired and liabilities assumed $ 12,559 $ (53 ) $ 12,506 The long term deferred tax liability amounted to $0.5 million . The net deferred tax liability is comprised of $0.6 million of deferred tax liability related to the difference between the book and tax basis on identifiable intangible asset and liability accounts and $0.1 million of deferred tax asset related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $3.0 million of other intangibles associated with the trade name is subject to the non-amortization provisions of ASC 350. Other intangibles also include $1.9 million allocated to customer relationships and $0.2 million allocated to developed technology, which are being amortized over periods of 10 years and 7 years, respectively. Goodwill and other intangibles of EVO are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Cooking Solutions Group On April 1, 2019, the company completed its acquisition of all of the capital stock of Cooking Solutions Group, Inc. ("Cooking Solutions Group") from Standex International Corporation, which consists of the brands APW Wyott, Bakers Pride, BKI and Ultrafryer with locations in Texas, South Carolina and Mexico for a purchase price of approximately $106.1 million . During the third quarter of 2019, the company finalized the working capital provision provided for by the purchase agreement resulting in a payment due seller of $0.1 million . The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially April 1, 2019 Preliminary Measurement (as adjusted) Cash $ 843 $ — $ 843 Current assets 33,666 (751 ) 32,915 Property, plant and equipment 15,959 (52 ) 15,907 Goodwill 31,207 1,167 32,374 Other intangibles 53,450 — 53,450 Current liabilities (15,130 ) (290 ) (15,420 ) Long-term deferred tax liability (13,082 ) — (13,082 ) Net assets acquired and liabilities assumed $ 106,913 $ 74 $ 106,987 The long term deferred tax liability amounted to $13.1 million . The net deferred tax liability is comprised of $13.2 million of deferred tax liability related to the difference between the book and tax basis on identifiable intangible asset and liability accounts and $0.1 million of deferred tax asset related to the difference between the book and tax basis on identifiable tangible assets and liability accounts. The goodwill and $27.1 million of other intangibles associated with the trade name is subject to the non-amortization provisions of ASC 350. Other intangibles also include $24.6 million allocated to customer relationships, $1.5 million allocated to developed technology and $0.3 million allocated to backlog, which are being amortized over periods of 7 years, 5 years and 3 months , respectively. Goodwill and other intangibles of Cooking Solutions Group are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Powerhouse On April 1, 2019, the company completed the acquisition of all of the capital stock of Powerhouse Dynamics, Inc. ("Powerhouse"), a leader in cloud-based IoT solutions for the foodservice industry located near Boston, Massachusetts, for a purchase price of approximately $11.0 million , net of cash acquired. During the third quarter of 2019, the company finalized the working capital provision provided for by the purchase agreement resulting in a payment due seller of $0.1 million . The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially April 1, 2019 Preliminary Measurement (as adjusted) Cash $ 24 $ — $ 24 Current assets 1,351 — 1,351 Property, plant and equipment 14 — 14 Goodwill 5,789 56 5,845 Other intangibles 5,060 — 5,060 Long-term deferred tax asset 1,673 — 1,673 Current liabilities (2,624 ) — (2,624 ) Other non-current liabilities (271 ) — (271 ) Net assets acquired and liabilities assumed $ 11,016 $ 56 $ 11,072 The long term deferred tax asset amounted to $1.7 million and is comprised of tax loss carryforwards. The goodwill is subject to the non-amortization provisions of ASC 350. Other intangibles also include $2.2 million allocated to customer relationships and $2.8 million allocated to developed technology, which are both being amortized over periods of 6 years. Goodwill and other intangibles of Powerhouse are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Ss Brewtech On June 15, 2019, the company completed the acquisition of substantially all of the assets of Ss Brewtech, a market leader in professional craft brewing and beverage equipment based in Santa Ana, California, for a purchase price of approximately $36.8 million , net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. The company expects to finalize this in the fourth quarter of 2019. The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially June 15, 2019 Preliminary Measurement (as adjusted) Cash $ 468 $ (10 ) $ 458 Current assets 3,936 980 4,916 Property, plant and equipment 30 18 48 Goodwill 26,528 (1,005 ) 25,523 Other intangibles 15,318 199 15,517 Long-term deferred tax asset 155 — 155 Current liabilities (3,393 ) (182 ) (3,575 ) Other non-current liabilities (5,768 ) — (5,768 ) Consideration paid at closing $ 37,274 $ — $ 37,274 Deferred payments 2,404 — 2,404 Contingent consideration 4,258 — 4,258 Net assets acquired and liabilities assumed $ 43,936 $ — $ 43,936 The goodwill and $9.3 million of other intangibles associated with the trade name is subject to the non-amortization provisions of ASC 350. Other intangibles also include $5.7 million allocated to customer relationships, $0.5 million allocated to developed technology and $0.1 million allocated to backlog, which are being amortized over periods of 7 years , 6 years and 3 months , respectively. Goodwill and other intangibles of Brewtech are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The Brewtech purchase agreement includes deferred payments and an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. The deferred payments are payable in 2020, 2021 and 2022. The contractual obligation associated with the deferred payments on the acquisition date is $2.4 million . The earnout is payable in 2023, if Brewtech exceeds certain sales and earnings targets for the cumulative three years ended June 15, 2022. The contractual obligation associated with this contingent earnout provision recognized on the acquisition date is $4.3 million . The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Packaging Progressions, Inc. On July 15, 2019, the company completed the acquisition of substantially all of the assets of Packaging Progressions, Inc. ("Pacproinc"), a market leader in automated packaging technologies for customers in the protein and baker segments based in Souderton, Pennsylvania, for a purchase price of approximately $71.7 million , net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. The company expects to finalize this in the fourth quarter of 2019. The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially July 16, 2019 Cash $ 1,524 Current assets 8,426 Property, plant and equipment 7,225 Goodwill 43,629 Other intangibles 21,301 Current liabilities (8,835 ) Net assets acquired and liabilities assumed $ 73,270 The goodwill and $10.3 million of other intangibles associated with the trade name is subject to the non-amortization provisions of ASC 350. Other intangibles also include $9.0 million allocated to customer relationships, $0.8 million allocated to developed technology and $1.2 million allocated to backlog, which are being amortized over periods of 5 years , 7 years and 3 months , respectively. Goodwill and other intangibles of Pacproinc are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Pro Forma Financial Information In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the nine months ended September 28, 2019 and September 29, 2018 , assumes the 2018 acquisitions of Hinds-Bock, Ve.Ma.C, Josper, Firex, Taylor, M-TEK and Crown and the 2019 acquisitions of EVO, Cooking Solutions Group, Powerhouse, Ss Brewtech and Pacproinc were completed on December 31, 2017 (first day of fiscal year 2018). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisitions, amortization of intangibles associated with the acquisitions, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): Nine Months Ended September 28, 2019 September 29, 2018 Net sales $ 2,221,546 $ 2,267,511 Net earnings 247,532 202,971 Net earnings per share: Basic $ 4.45 $ 3.65 Diluted 4.45 3.65 The historical consolidated financial information of the Company and the acquisitions have been adjusted in the pro forma information to give effect to pro forma events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Pro forma data may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate the acquired businesses. |
Litigation Matters
Litigation Matters | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Litigation Matters | Litigation Matters From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any pending litigation will have a material effect on its financial condition, results of operations or cash flows. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 28, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Accounting Pronouncements - Recently Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The amendments under this pronouncement change the way all leases with a duration of one year or more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or operating lease liability. The company adopted this guidance on December 30, 2018 using the modified retrospective method. The company has elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The adoption of this guidance increased total assets and liabilities due to the recognition of right-of-use assets and lease liabilities amounting to approximately $85.0 million . For additional information related to the impact of adopting this guidance, see Note 14 of the Condensed Consolidated Financial Statements. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". The amendments in ASU-12 provide new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments included in the effectiveness is recorded in other comprehensive income (OCI) and amounts deferred in OCI are reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. The adoption of this guidance on December 30, 2018 did not have a material impact on the company's Condensed Consolidated Financial Statements. For additional information related to the impact of adopting this guidance, see Note 13 of the Condensed Consolidated Financial Statements. In June 2018, the FASB issued ASU 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting". The amendments in ASU-08 simplify several aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. The adoption of this guidance on December 30, 2018 did not have an impact on the company's Condensed Consolidated Financial Statements. In August of 2018, the SEC published Final Rule Release No. 33-10532, "Disclosure Update and Simplification." This guidance streamlines disclosure requirements by removing certain redundant topics and is effective for quarterly and annual reports submitted after November 5, 2018. The adoption of this guidance on December 30, 2018 resulted in the presentation and expansion of the company's Condensed Consolidated Statements of Changes in Stockholders' Equity to display quarter-to-quarter details. Accounting Pronouncements - To be adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” and has since modified the standard with several ASUs (collectively, the “new credit loss standard”). The new credit loss standard requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The ASU is effective for annual reporting periods, and interim reporting periods, beginning after December 15, 2019. The company is in the process of assessing the impact on its receivables portfolio, which is the only financial instrument in scope of this standard, control environment and impact the adoption of this ASU will have on the company's Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in ASU-04 simplify the subsequent measurement of goodwill, by removing the second step of the goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This ASU is effective for annual reporting periods, and interim reporting periods, beginning after December 15, 2019. Early adoption is permitted for testing dates after January 1, 2017. The company is evaluating the application of this ASU on the company's annual impairment test. The company does not expect the adoption of this ASU to have a material impact on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement". The amendments in ASU-13 remove, modify and add various disclosure requirements around the topic in order to clarify and improve the cost-benefit nature of disclosures. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2019 with early adoption permitted. The company does not expect the adoption of this ASU to have a material impact on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)". The amendments in ASU-14 remove, modify and add various disclosure requirements around the topic in order to clarify and improve the cost-benefit nature of disclosures. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2020 with early adoption permitted. The amendments must be applied on a retrospective basis for all periods presented. The company is currently evaluating the impacts the adoption of this ASU will have on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)". The amendments in ASU-15 align the requirements for capitalizing implementation costs in a service contract hosting arrangement with those of developing or obtaining internal-use software. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2019 with early adoption permitted. The company does not expect the adoption of this ASU to have a material impact on its Condensed Consolidated Financial Statements. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 28, 2019 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition Disaggregation of Revenue We disaggregate our net sales by reportable operating segment and geographical location as we believe it best depicts how the nature, timing and uncertainty of our net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under our long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes our net sales by reportable operating segment and geographical location (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Three Months Ended September 28, 2019 United States and Canada $ 346,616 $ 57,255 $ 86,859 $ 490,730 Asia 53,463 5,100 1,490 60,053 Europe and Middle East 82,244 21,125 44,395 147,764 Latin America 18,667 5,667 1,133 25,467 Total $ 500,990 $ 89,147 $ 133,877 $ 724,014 Nine Months Ended September 28, 2019 United States and Canada $ 1,004,609 $ 172,944 $ 270,689 $ 1,448,242 Asia 153,787 21,836 4,355 179,978 Europe and Middle East 258,102 67,624 142,016 467,742 Latin America 55,302 17,070 3,486 75,858 Total $ 1,471,800 $ 279,474 $ 420,546 $ 2,171,820 Three Months Ended September 29, 2018 United States and Canada $ 318,962 $ 57,235 $ 98,136 $ 474,333 Asia 50,996 6,464 1,653 59,113 Europe and Middle East 83,763 19,194 51,936 154,893 Latin America 17,877 5,364 1,751 24,992 Total $ 471,598 $ 88,257 $ 153,476 $ 713,331 Nine Months Ended September 29, 2018 United States and Canada $ 863,598 $ 183,476 $ 280,116 $ 1,327,190 Asia 117,987 23,899 5,232 147,118 Europe and Middle East 225,726 44,729 160,810 431,265 Latin America 38,308 18,374 4,004 60,686 Total $ 1,245,619 $ 270,478 $ 450,162 $ 1,966,259 Contract Balances Contract assets primarily relate to the company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Accounts receivable are not considered contract assets under the revenue standard as contract assets are conditioned upon the company's future satisfaction of a performance obligation. Accounts receivable, in contracts, are unconditional rights to consideration. Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized. The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands): Sep 28, 2019 Dec 29, 2018 Contract assets $ 19,342 $ 14,048 Contract liabilities $ 71,394 $ 57,913 Non-current contract liabilities $ 13,017 $ 12,170 During the nine months period ended September 28, 2019 , the company reclassified $8.4 million to receivables, which was included in the contract asset balance at the beginning of the period. During the nine months period ended September 28, 2019 , the company recognized revenue of $51.7 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $70.2 million during the nine months period ended September 28, 2019 . Substantially, all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the nine months period ended September 28, 2019 . |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 28, 2019 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The company reports changes in equity during a period, except those resulting from investments by owners and distributions to owners, in accordance with ASC 220, "Comprehensive Income". Changes in accumulated other comprehensive income (1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total Balance as of December 29, 2018 $ (112,771 ) $ (170,938 ) $ 7,233 $ (276,476 ) Other comprehensive income before reclassification (27,190 ) 4,966 (31,096 ) (53,320 ) Amounts reclassified from accumulated other comprehensive income — — 1,953 1,953 Net current-period other comprehensive income $ (27,190 ) $ 4,966 $ (29,143 ) $ (51,367 ) Balance as of September 28, 2019 $ (139,961 ) $ (165,972 ) $ (21,910 ) $ (327,843 ) Balance as of December 30, 2017 $ (69,721 ) $ (203,063 ) $ 6,365 $ (266,419 ) Adoption of ASU 2018-02 (2) — (487 ) 1,619 1,132 Other comprehensive income before reclassification (29,879 ) 8,660 10,299 (10,920 ) Amounts reclassified from accumulated other comprehensive income — — 229 229 Net current-period other comprehensive income $ (29,879 ) $ 8,173 $ 12,147 $ (9,559 ) Balance as of September 29, 2018 $ (99,600 ) $ (194,890 ) $ 18,512 $ (275,978 ) (1) As of September 28, 2019 pension and interest rate swap amounts are net of tax of $(35.8) million and $(7.3) million , respectively. During the nine months ended September 28, 2019 , the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $1.0 million and $(9.9) million , respectively. As of September 29, 2018 pension and interest rate swap amounts are net of tax of $(41.7) million and $6.8 million , respectively. During the nine months ended September 29, 2018 , the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $1.9 million and $2.6 million , respectively. (2) As of December 31, 2017, the company adopted ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". This guidance allowed for the reclassification of $1.1 million of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. Components of other comprehensive income were as follows (in thousands): Three Months Ended Nine Months Ended Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018 Net earnings $ 82,020 $ 72,905 $ 243,243 $ 222,313 Currency translation adjustment (25,428 ) (9,718 ) (27,190 ) (29,879 ) Pension liability adjustment, net of tax 4,975 1,674 4,966 8,173 Unrealized gain on interest rate swaps, net of tax (5,652 ) 4,166 (29,143 ) 12,147 Comprehensive income $ 55,915 $ 69,027 $ 191,876 $ 212,754 |
Inventories
Inventories | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Inventories | Inventories Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. Inventories at September 28, 2019 and December 29, 2018 are as follows (in thousands): Sep 28, 2019 Dec 29, 2018 Raw materials and parts $ 275,657 $ 245,976 Work-in-process 72,230 51,164 Finished goods 266,215 224,670 $ 614,102 $ 521,810 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill for the nine months ended September 28, 2019 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 29, 2018 $ 1,102,067 $ 219,054 $ 422,054 $ 1,743,175 Goodwill acquired during the year 71,763 43,629 — 115,392 Measurement period adjustments to goodwill acquired in prior year (27,863 ) (3,722 ) — (31,585 ) Exchange effect (8,092 ) (2,710 ) (6,821 ) (17,623 ) Balance as of September 28, 2019 $ 1,137,875 $ 256,251 $ 415,233 $ 1,809,359 |
Intangibles (Notes)
Intangibles (Notes) | 9 Months Ended |
Sep. 28, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangibles Intangible assets consist of the following (in thousands): September 28, 2019 December 29, 2018 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer lists 9.3 $ 714,398 $ (268,653 ) 9.5 $ 644,145 $ (222,661 ) Backlog 1.7 29,075 (27,697 ) 2.8 27,065 (24,755 ) Developed technology 4.8 29,709 (21,108 ) 5.9 39,624 (20,998 ) $ 773,182 $ (317,458 ) $ 710,834 $ (268,414 ) Indefinite-lived assets: Trademarks and tradenames $ 984,697 $ 918,604 The aggregate intangible amortization expense was $17.3 million and $17.6 million for the third quarter periods ended September 28, 2019 and September 29, 2018 , respectively. The aggregate intangible amortization expense was $48.1 million and $38.8 million for the nine months period ended September 28, 2019 and September 29, 2018 , respectively. The estimated future amortization expense of intangible assets is as follows (in thousands): Twelve Month Period coinciding with the end of our Fiscal Third Quarter Amortization Expense 2020 $ 66,374 2021 62,474 2022 59,370 2023 52,902 2024 43,887 Thereafter 170,717 $ 455,724 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 28, 2019 | |
Disclosure Accrued Expenses [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following (in thousands): Sep 28, 2019 Dec 29, 2018 Accrued payroll and related expenses $ 75,602 $ 74,952 Contract liabilities 71,394 57,913 Accrued warranty 67,612 59,451 Accrued customer rebates 42,698 45,740 Accrued short-term leases 23,070 — Accrued sales and other tax 17,853 19,452 Accrued product liability and workers compensation 14,651 16,284 Accrued professional fees 14,461 17,313 Accrued agent commission 14,268 11,969 Other accrued expenses 59,133 64,372 $ 400,742 $ 367,446 |
Warranty Costs
Warranty Costs | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Warranty Costs | Warranty Costs In the normal course of business, the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, actual claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. A rollforward of the warranty reserve is as follows (in thousands): Nine Months Ended Sep 28, 2019 Balance as of December 29, 2018 $ 59,451 Warranty reserve related to acquisitions 7,246 Warranty expense 51,733 Warranty claims (50,818 ) Balance as of September 28, 2019 $ 67,612 |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Financing Arrangements | Financing Arrangements Sep 28, 2019 Dec 29, 2018 (in thousands) Senior secured revolving credit line $ 1,953,873 $ 1,887,764 Foreign loans 5,358 4,166 Other debt arrangement — 175 Total debt 1,959,231 1,892,105 Less: Current maturities of long-term debt 3,331 3,207 Long-term debt 1,955,900 1,888,898 On July 28, 2016, the company entered into an amended and restated five-year $2.5 billion multi-currency senior secured revolving credit agreement (the "Credit Facility"). On December 18, 2018, the company entered into an amendment to the Credit Facility, increasing the revolving commitments under the Credit Facility by $500.0 million to a total of $3.0 billion . As of September 28, 2019 , the company had $2.0 billion of borrowings outstanding under the Credit Facility, including $1.9 billion of borrowings in U.S. Dollars and $42.4 million of borrowings denominated in Euro. The company also had $11.4 million in outstanding letters of credit as of September 28, 2019 , which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under this facility was $1.0 billion at September 28, 2019 . At September 28, 2019 , borrowings under the Credit Facility accrued interest at a rate of 1.625% above LIBOR per annum or 0.625% above the highest of the prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.00% . The average interest rate per annum on the debt under the Credit Facility was equal to 3.66% at the end of the period. The interest rates on borrowings under the Credit Facility may be adjusted quarterly based on the company’s Funded Debt less Unrestricted Cash to Pro Forma EBITDA (the “Leverage Ratio”) on a rolling four-quarter basis. Additionally, a commitment fee based upon the Leverage Ratio is charged on the unused portion of the commitments under the Credit Facility. This variable commitment fee was equal to 0.25% per annum as of September 28, 2019 . In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At September 28, 2019 , these foreign credit facilities amounted to $5.4 million in U.S. Dollars with a weighted average per annum interest rate of approximately 5.42% . The company’s debt is reflected on the balance sheet at cost. The company believes its interest rate margins on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. The interest rate margin is based on the company's Leverage Ratio. The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior secured revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the company’s Credit Facility in July 2021. Although borrowings could be materially greater or less than the current amount of borrowings outstanding at the end of the period, it is not practical to estimate the amounts that may be outstanding during future periods. The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands): Sep 28, 2019 Dec 29, 2018 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 1,959,231 $ 1,959,231 $ 1,892,105 $ 1,892,105 The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At September 28, 2019 , the company had outstanding floating-to-fixed interest rate swaps totaling $51.0 million notional amount carrying an average interest rate of 1.27% maturing in less than 12 months and $948.0 million notional amount carrying an average interest rate of 2.22% that mature in more than 12 months but less than 72 months. The company believes that its current capital resources, including cash and cash equivalents, cash expected to be generated from operations, funds available from its current lenders and access to the credit and capital markets will be sufficient to finance its operations, debt service obligations, capital expenditures, product development and expenditures for the foreseeable future. The terms of the Credit Facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and requires, among other things, the company to satisfy certain financial covenants: (i) a minimum Interest Coverage Ratio (as defined in the Credit Facility) of 3.00 to 1.00 and (ii) a maximum Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBITDA (each as defined in the Credit Facility) of 3.50 to 1.00 , which may be adjusted to 4.00 to 1.00 for a four consecutive fiscal quarter period in connection with certain qualified acquisitions, subject to the terms and conditions contained in the Credit Facility. The Credit Facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material foreign and domestic subsidiaries. The Credit Facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. At September 28, 2019 , the company was in compliance with all covenants pursuant to its borrowing agreements. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Financial Instruments | Financial Instruments ASC 815 “Derivatives and Hedging” requires an entity to recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If a derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in the fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated comprehensive income until the hedged item is recognized in earnings. On December 30, 2018, the company adopted the new accounting standard ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" using the modified retrospective method. Prior to the adoption of ASU 2017-12, the ineffective portion of a hedge's change in fair value was recognized in earnings. Upon adoption of ASU 2017-12, the company no longer recognizes hedge ineffectiveness in our Condensed Consolidated Statements of Comprehensive Income, but instead recognizes the entire change in the fair value of the hedge contract in other accumulated comprehensive income. Foreign Exchange : The company uses foreign currency forward, foreign exchange swaps and option purchase and sales contracts to hedge its exposure to changes in foreign currency exchange rates. The company’s primary hedging activities are to mitigate its exposure to changes in exchange rates on intercompany and third party trade receivables and payables. The company does not currently enter into derivative financial instruments for speculative purposes. In managing its foreign currency exposures, the company identifies and aggregates naturally occurring offsetting positions and then hedges residual balance sheet exposures. The fair value of the forward and option contracts was a loss of $0.1 million at the end of the third quarter of 2019 . Interest Rate: The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of September 28, 2019 , the fair value of these instruments was a liability of $29.7 million . The change in fair value of these swap agreements in the first nine months of 2019 was a loss of $29.1 million , net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Balance Sheet Presentation Sep 28, 2019 Dec 29, 2018 Fair value Other assets $ 1,384 $ 13,487 Fair value Other non-current liabilities $ 31,065 $ 4,125 The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Nine Months Ended Presentation of Gain/(loss) Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ (7,114 ) $ 5,389 $ (37,090 ) $ 16,347 Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 403 $ (7 ) $ 1,953 $ 229 Gain/(loss) recognized in income (ineffective portion) Other expense $ — $ 214 $ — $ 101 Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions that are counterparties to such swap agreements and assesses their creditworthiness prior to entering into the interest rate swap agreements and throughout the term. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreements. |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | 14) Leases Accounting Policy On December 30, 2018, the company adopted the new accounting standard ASU No. 2016-02, "Leases" (ASC 842) using the modified retrospective method and elected to use the effective date as the date of initial application on transition. The company has elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The adoption of ASC 842 represents a change in accounting principle that changes the way all leases with a duration of one year or more are treated. Under this guidance, lessees are required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or operating lease liability. The company determines if an arrangement is a lease at inception of a contract. Additionally, the guidance requires additional disclosure to enable users of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The most material impact of the new standard is the recognition of new right-of-use (ROU) assets and lease liabilities on the Condensed Consolidated Balance Sheet for operating leases. Operating lease ROU assets are included in other assets and operating lease liabilities are included accrued expenses and other non-current liabilities. The lease liabilities are measured based upon the present value of minimum future payments and the ROU assets to be recognized will be equal to lease liabilities, adjusted for prepaid and accrued rent balances. Leases The company leases warehouse space, office facilities and equipment under operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company's lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for these leases is recognized on a straight-line basis over the term of the lease. The company has operating lease costs of $7.6 million and $22.9 million for the three and nine months ended September 28, 2019 , respectively, including short-term lease expense and variable lease costs, which were immaterial in the quarter. Leases (in thousands) September 28, 2019 Operating lease right-of-use assets $ 98,690 Operating Lease Liability: Current 23,070 Non-current 75,986 Total Liability $ 99,056 Total Lease Commitments (in thousands) Operating Leases Remainder of 2019 $ 6,792 2020 24,956 2021 21,755 2022 16,990 2023 11,678 2024 and thereafter 32,632 Total future lease commitments 114,803 Less imputed interest 15,747 Total $ 99,056 Other Lease Information (in thousands, except lease term and discount rate) Three Months Ended September 28, 2019 Nine Months Ended September 28, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,605 $ 18,905 Right-of-use assets obtained in exchange for lease obligations: Operating leases 10,001 23,993 September 28, 2019 Weighted-average remaining lease terms leases - Operating 6.2 years Weighted-average discount rate - Operating 3.4 % |
Segment Information
Segment Information | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Segment Information | Segment Information The company operates in three reportable operating segments defined by management reporting structure and operating activities. The Commercial Foodservice Equipment Group manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in Arkansas, California, Illinois, Massachusetts, Michigan, New Hampshire, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Estonia, Italy, Mexico, the Philippines, Poland, Sweden and the United Kingdom. Principal product lines of this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers, and soft serve ice cream, coffee, and beverage dispensing equipment. These products are sold and marketed under the brand names: Anets, APW Wyott, Bakers Pride, Beech, BKI, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Crown, Desmon, Doyon, Eswood, EVO, Firex, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Jade, JoeTap, Josper, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, SiteSage, Southbend, Star, Sveba Dahlen, Ss Brewtech, Taylor, Toastmaster, TurboChef, Ultrafryer, Varimixer, Wells and Wunder-Bar. The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. This business segment has manufacturing operations in Georgia, Illinois, Iowa, North Carolina, Oklahoma, Pennsylvania, Texas, Virginia, Washington, Wisconsin, Denmark, France, Germany, India and the United Kingdom. Principal product lines of this group include batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems , grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, filling and depositing solutions , forming equipment, automated loading and unloading systems, food safety, food handling, freezing, defrosting and packaging equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Burford, Cozzini, CVP Systems, Danfotech, Drake, Emico, Glimek, Hinds-Bock, Maurer-Atmos, MP Equipment, M-TEK, Pacpro, RapidPak, Scanico, Spooner Vicars, Stewart Systems, Thurne and Ve.Ma.C. The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. This business segment has manufacturing facilities in California, Michigan, Mississippi, Oregon, Wisconsin, France, Ireland, Romania and the United Kingdom. Principal product lines of this group are ranges, cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, wine coolers, ice machines, ventilation equipment and outdoor equipment . These products are sold and marketed under the brand names: AGA, AGA Cookshop, Brigade, EVO, Fired Earth, Heartland, La Cornue, Leisure Sinks, Lynx, Marvel, Mercury, Rangemaster, Rayburn, Redfyre, Sedona, Stanley, TurboChef, U-Line and Viking. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker evaluates individual segment performance based on operating income. Net Sales Summary (dollars in thousands) Three Months Ended Nine Months Ended Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 500,990 69.2 % $ 471,598 66.1 % $ 1,471,800 67.8 % $ 1,245,619 63.3 % Food Processing 89,147 12.3 88,257 12.4 279,474 12.9 270,478 13.8 Residential Kitchen 133,877 18.5 153,476 21.5 420,546 19.3 450,162 22.9 Total $ 724,014 100.0 % $ 713,331 100.0 % $ 2,171,820 100.0 % $ 1,966,259 100.0 % The following table summarizes the results of operations for the company's business segments (in thousands): Commercial Foodservice Food Processing Residential Kitchen Corporate and Other (1) Total Three Months Ended September 28, 2019 Net sales $ 500,990 $ 89,147 $ 133,877 $ — $ 724,014 Income (loss) from operations (2)(3) 105,099 13,349 17,850 (14,953 ) 121,345 Depreciation and amortization expense 17,643 3,774 5,310 410 27,137 Net capital expenditures 5,852 3,212 3,125 — 12,189 Nine Months Ended September 28, 2019 Net sales $ 1,471,800 $ 279,474 $ 420,546 $ — $ 2,171,820 Income (loss) from operations (2)(3) 313,482 44,477 57,220 (53,166 ) 362,013 Depreciation and amortization expense 50,233 9,721 16,005 1,313 77,272 Net capital expenditures 19,065 5,289 7,061 2,404 33,819 Total assets $ 3,162,315 $ 606,186 $ 1,129,935 $ 30,092 $ 4,928,528 Three Months Ended September 29, 2018 Net sales $ 471,598 $ 88,257 $ 153,476 $ — $ 713,331 Income (loss) from operations (2)(3) 102,091 13,831 9,489 (17,734 ) 107,677 Depreciation and amortization expense 17,558 2,209 7,606 460 27,833 Net capital expenditures 7,665 318 1,779 (1,418 ) 8,344 Nine Months Ended September 29, 2018 Net sales $ 1,245,619 $ 270,478 $ 450,162 $ — $ 1,966,259 Income (loss) from operations (2)(3) 284,645 39,157 32,598 (50,421 ) 305,979 Depreciation and amortization expense 32,907 9,385 22,767 1,396 66,455 Net capital expenditures 16,371 7,274 9,421 (514 ) 32,552 Total assets $ 2,907,387 $ 492,151 $ 1,111,546 $ 67,525 $ 4,578,609 (1) Includes corporate and other general company assets and operations. (2) Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. (3) Restructuring expenses are allocated in operating income by segment. See note 17 for further details. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands): Sep 28, 2019 Sep 29, 2018 United States and Canada $ 309,117 $ 268,952 Asia 21,668 12,291 Europe and Middle East 139,486 119,732 Latin America 8,030 654 Total international $ 169,184 $ 132,677 $ 478,301 $ 401,629 |
Employee Retirement Plans
Employee Retirement Plans | 9 Months Ended |
Sep. 28, 2019 | |
Employee Retirement Plans [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans (a) Pension Plans U.S. Plans: The company maintains a non-contributory defined benefit plan for its union employees at the Elgin, Illinois facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2002, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2002 upon reaching retirement age. The company maintains a non-contributory defined benefit plan for its employees at the Smithville, Tennessee facility, which was acquired as part of the Star acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age. The company also maintains a retirement benefit agreement with its former Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the former Chairman’s final base salary. Non-U.S. Plans: The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility, which was acquired as part of the Lincat acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 prior to Middleby’s acquisition of the company. No further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age. The company maintains several pension plans related to AGA and its subsidiaries (collectively, the "AGA Group"), the most significant being the Aga Rangemaster Group Pension Scheme in the United Kingdom. Membership in the plan on a defined benefit basis of pension provision was closed to new entrants in 2001. The plan became open to new entrants on a defined contribution basis of pension provision in 2002, but was generally closed to new entrants on this basis during 2014. The other, much smaller, defined benefit pension plans operating within the AGA Group cover employees in France, Ireland and the United Kingdom. All pension plan assets are held in separate trust funds although the net defined benefit pension obligations are included in the company's consolidated balance sheet. The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands): Three Months Ended Nine Months Ended Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018 Net Periodic Pension Benefit: Service cost $ 593 $ 915 $ 1,839 $ 2,849 Interest cost 7,995 7,756 24,776 24,147 Expected return on assets (16,118 ) (18,062 ) (49,948 ) (56,235 ) Amortization of net (gain) loss 149 967 462 3,011 Amortization of prior service cost (credit) 614 — 1,904 — Curtailment loss (gain) 185 136 573 1,100 Pension settlement gain — (22 ) — (69 ) $ (6,582 ) $ (8,310 ) $ (20,394 ) $ (25,197 ) The pension costs for all other plans of the company were not material during the period. The service cost component is recognized within Selling, general and administrative expenses and the non-operating components of pension benefit are included within Net periodic pension benefit (other than service cost) in the Condensed Consolidated Statements of Comprehensive Income. (b) Defined Contribution Plans The company maintains two separate defined contribution savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintains defined contribution plans for its United Kingdom based employees. |
Restructuring (Notes)
Restructuring (Notes) | 9 Months Ended |
Sep. 28, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Commercial Foodservice Equipment Group: During the three months period ended September 28, 2019 , the company undertook cost reduction initiatives related to the Commercial Foodservice Equipment Group. These actions, which are not material to the company's operations, resulted in a charge of $2.1 million in the three months ended September 28, 2019 primarily for severance related to headcount reductions and facility consolidations. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The company estimates that these restructuring initiatives will result in future cost savings of approximately $10.0 million to $15.0 million annually. The realization of the savings will primarily begin in fiscal 2020 as additional restructuring costs will be incurred in the fourth quarter as these actions are completed. At September 28, 2019 , the restructuring obligations accrued for these initiatives are immaterial and will be completed by first quarter of fiscal year 2020. Residential Kitchen Equipment Group: Since the 2015 acquisition of the AGA Group, the company undertook various acquisition integration initiatives including organizational restructuring, headcount reductions and consolidation and disposition of certain facilities and business operations, including the impairment of equipment and facilities. Most recently during 2018, the company undertook additional restructuring efforts related to Grange, a non-core business within the AGA Group, and elected to cease its operations. This process was largely completed in the fourth quarter of 2018. Related to the AGA Group, the company recorded additional expense primarily related to headcount reductions of $0.7 million and $2.4 million in the three and nine months ended September 28, 2019 , respectively. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The cumulative expenses incurred to date for these initiatives is approximately $58.1 million . The primary realization of the cost savings began in 2017 and 2018 related to compensation and facility costs of approximately $20.0 million annually. At September 28, 2019 , the restructuring obligations accrued for these initiatives are immaterial and will be completed by the end of fiscal year 2019. Additionally, during the three months period ended September 28, 2019 , the company incurred $1.3 million of restructuring costs, primarily for severance related to headcount reductions and facility consolidations. These expenses are also reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The company estimates that these restructuring initiatives will result in future cost savings of approximately $3.0 million annually. The realization of the savings will primarily begin in fiscal 2020 as additional restructuring costs will be incurred in the fourth quarter as these actions are completed. At September 28, 2019 , the restructuring obligations accrued for these initiatives are immaterial and will be completed by first quarter of fiscal year 2020. The restructuring expenses for the Food Processing Equipment Group and Corporate were not material during the period. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 | 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. |
Non-Cash Share-Based Compensation | 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 |
Income Tax Contingencies | 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% |
Fair Value Measures | 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. |
Leases (Policies)
Leases (Policies) | 9 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | On December 30, 2018, the company adopted the new accounting standard ASU No. 2016-02, "Leases" (ASC 842) using the modified retrospective method and elected to use the effective date as the date of initial application on transition. The company has elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The adoption of ASC 842 represents a change in accounting principle that changes the way all leases with a duration of one year or more are treated. Under this guidance, lessees are required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or operating lease liability. The company determines if an arrangement is a lease at inception of a contract. Additionally, the guidance requires additional disclosure to enable users of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The most material impact of the new standard is the recognition of new right-of-use (ROU) assets and lease liabilities on the Condensed Consolidated Balance Sheet for operating leases. Operating lease ROU assets are included in other assets and operating lease liabilities are included accrued expenses and other non-current liabilities. The lease liabilities are measured based upon the present value of minimum future payments and the ROU assets to be recognized will be equal to lease liabilities, adjusted for prepaid and accrued rent balances. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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 |
Acquisitions and Purchase Acc_2
Acquisitions and Purchase Accounting (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following pro forma results include adjustments to reflect additional interest expense to fund the acquisitions, amortization of intangibles associated with the acquisitions, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): Nine Months Ended September 28, 2019 September 29, 2018 Net sales $ 2,221,546 $ 2,267,511 Net earnings 247,532 202,971 Net earnings per share: Basic $ 4.45 $ 3.65 Diluted 4.45 3.65 |
Hinds-Bock | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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 |
VeMaC | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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 ) (8,292 ) Long term deferred tax liability (340 ) (1,054 ) (1,394 ) Other non-current liabilities (212 ) — (212 ) Net assets acquired and liabilities assumed $ 12,289 $ — $ 12,289 |
Firex | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of consideration paid for the Firex acquisition is summarized as follows (in thousands): (as initially reported) April 27, 2018 Measurement Period Adjustments (as adjusted) April 27, 2018 Cash $ 10,652 $ (37 ) $ 10,615 Current assets 7,656 39 7,695 Property, plant and equipment 2,447 — 2,447 Goodwill 36,706 (1,424 ) 35,282 Other intangibles 19,806 2,294 22,100 Current portion of long-term debt (1,210 ) — (1,210 ) Current liabilities (4,099 ) (471 ) (4,570 ) Long term deferred tax liability (4,995 ) (652 ) (5,647 ) Long-term debt (1,069 ) — (1,069 ) Other non-current liabilities (1,318 ) — (1,318 ) Net assets acquired and liabilities assumed $ 64,576 $ (251 ) $ 64,325 |
Josper | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | (in thousands): (as initially reported) May 10, 2018 Measurement Period Adjustments (as adjusted) May 10, 2018 Cash $ 3,308 $ — $ 3,308 Current assets 6,579 13 6,592 Property, plant and equipment 4,739 — 4,739 Goodwill 27,140 (3,345 ) 23,795 Other intangibles 13,136 4,754 17,890 Other assets 2 — 2 Current portion of long-term debt (217 ) — (217 ) Current liabilities (5,146 ) (89 ) (5,235 ) Long-term debt (1,608 ) — (1,608 ) Long term deferred tax liability (2,934 ) (1,579 ) (4,513 ) Other non-current liabilities (2,169 ) — (2,169 ) Consideration paid at closing $ 42,830 $ (246 ) $ 42,584 Contingent consideration 3,454 — 3,454 Net assets acquired and liabilities assumed $ 46,284 $ (246 ) $ 46,038 |
Taylor | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of consideration paid for the Taylor acquisition is summarized as follows (in thousands): (as initially reported) June 22, 2018 Measurement Period Adjustments (as adjusted) June 22, 2018 Cash $ 2,551 $ 64 $ 2,615 Current assets 71,162 (2,011 ) 69,151 Property, plant and equipment 21,187 (556 ) 20,631 Goodwill 491,339 (120,497 ) 370,842 Other intangibles 484,210 119,550 603,760 Other assets — 361 361 Long-term deferred tax asset — 227 227 Current liabilities (48,417 ) (4,099 ) (52,516 ) Other non-current liabilities (8,161 ) (648 ) (8,809 ) Net assets acquired and liabilities assumed $ 1,013,871 $ (7,609 ) $ 1,006,262 |
M-TEK | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of consideration paid for the M-TEK acquisition is summarized as follows (in thousands): (as initially reported) October 1, 2018 Measurement Period Adjustments (as adjusted) October 1, 2018 Current assets $ 2,745 $ — $ 2,745 Property, plant and equipment 2,497 — 2,497 Goodwill 11,610 (1,000 ) 10,610 Other intangibles 3,294 1,000 4,294 Current liabilities (144 ) — (144 ) Net assets acquired and liabilities assumed $ 20,002 $ — $ 20,002 |
Crown | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially reported) December 3, 2018 Preliminary Measurement Period Adjustments (as adjusted) December 3, 2018 Cash $ 495 $ — $ 495 Current assets 5,045 — 5,045 Property, plant and equipment 8,710 3,658 12,368 Goodwill 31,226 (4,805 ) 26,421 Other intangibles — 2,958 2,958 Current liabilities (2,340 ) (281 ) (2,621 ) Long-term deferred tax liability (668 ) (1,753 ) (2,421 ) Net assets acquired and liabilities assumed $ 42,468 $ (223 ) $ 42,245 |
EVO | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially reported) December 31, 2018 Preliminary Measurement Period Adjustments (as adjusted) December 31, 2018 Cash $ 162 $ — $ 162 Current assets 1,490 — 1,490 Goodwill 6,896 (53 ) 6,843 Other intangibles 5,081 — 5,081 Current liabilities (518 ) — (518 ) Long-term deferred tax liability (540 ) — (540 ) Other non-current liabilities (12 ) — (12 ) Net assets acquired and liabilities assumed $ 12,559 $ (53 ) $ 12,506 |
Cooking Solutions Group | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially April 1, 2019 Preliminary Measurement (as adjusted) Cash $ 843 $ — $ 843 Current assets 33,666 (751 ) 32,915 Property, plant and equipment 15,959 (52 ) 15,907 Goodwill 31,207 1,167 32,374 Other intangibles 53,450 — 53,450 Current liabilities (15,130 ) (290 ) (15,420 ) Long-term deferred tax liability (13,082 ) — (13,082 ) Net assets acquired and liabilities assumed $ 106,913 $ 74 $ 106,987 |
Powerhouse | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially April 1, 2019 Preliminary Measurement (as adjusted) Cash $ 24 $ — $ 24 Current assets 1,351 — 1,351 Property, plant and equipment 14 — 14 Goodwill 5,789 56 5,845 Other intangibles 5,060 — 5,060 Long-term deferred tax asset 1,673 — 1,673 Current liabilities (2,624 ) — (2,624 ) Other non-current liabilities (271 ) — (271 ) Net assets acquired and liabilities assumed $ 11,016 $ 56 $ 11,072 |
Brewtech | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially June 15, 2019 Preliminary Measurement (as adjusted) Cash $ 468 $ (10 ) $ 458 Current assets 3,936 980 4,916 Property, plant and equipment 30 18 48 Goodwill 26,528 (1,005 ) 25,523 Other intangibles 15,318 199 15,517 Long-term deferred tax asset 155 — 155 Current liabilities (3,393 ) (182 ) (3,575 ) Other non-current liabilities (5,768 ) — (5,768 ) Consideration paid at closing $ 37,274 $ — $ 37,274 Deferred payments 2,404 — 2,404 Contingent consideration 4,258 — 4,258 Net assets acquired and liabilities assumed $ 43,936 $ — $ 43,936 |
PacProInc | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): (as initially July 16, 2019 Cash $ 1,524 Current assets 8,426 Property, plant and equipment 7,225 Goodwill 43,629 Other intangibles 21,301 Current liabilities (8,835 ) Net assets acquired and liabilities assumed $ 73,270 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue We disaggregate our net sales by reportable operating segment and geographical location as we believe it best depicts how the nature, timing and uncertainty of our net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under our long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes our net sales by reportable operating segment and geographical location (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Three Months Ended September 28, 2019 United States and Canada $ 346,616 $ 57,255 $ 86,859 $ 490,730 Asia 53,463 5,100 1,490 60,053 Europe and Middle East 82,244 21,125 44,395 147,764 Latin America 18,667 5,667 1,133 25,467 Total $ 500,990 $ 89,147 $ 133,877 $ 724,014 Nine Months Ended September 28, 2019 United States and Canada $ 1,004,609 $ 172,944 $ 270,689 $ 1,448,242 Asia 153,787 21,836 4,355 179,978 Europe and Middle East 258,102 67,624 142,016 467,742 Latin America 55,302 17,070 3,486 75,858 Total $ 1,471,800 $ 279,474 $ 420,546 $ 2,171,820 Three Months Ended September 29, 2018 United States and Canada $ 318,962 $ 57,235 $ 98,136 $ 474,333 Asia 50,996 6,464 1,653 59,113 Europe and Middle East 83,763 19,194 51,936 154,893 Latin America 17,877 5,364 1,751 24,992 Total $ 471,598 $ 88,257 $ 153,476 $ 713,331 Nine Months Ended September 29, 2018 United States and Canada $ 863,598 $ 183,476 $ 280,116 $ 1,327,190 Asia 117,987 23,899 5,232 147,118 Europe and Middle East 225,726 44,729 160,810 431,265 Latin America 38,308 18,374 4,004 60,686 Total $ 1,245,619 $ 270,478 $ 450,162 $ 1,966,259 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands): Sep 28, 2019 Dec 29, 2018 Contract assets $ 19,342 $ 14,048 Contract liabilities $ 71,394 $ 57,913 Non-current contract liabilities $ 13,017 $ 12,170 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive income (1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total Balance as of December 29, 2018 $ (112,771 ) $ (170,938 ) $ 7,233 $ (276,476 ) Other comprehensive income before reclassification (27,190 ) 4,966 (31,096 ) (53,320 ) Amounts reclassified from accumulated other comprehensive income — — 1,953 1,953 Net current-period other comprehensive income $ (27,190 ) $ 4,966 $ (29,143 ) $ (51,367 ) Balance as of September 28, 2019 $ (139,961 ) $ (165,972 ) $ (21,910 ) $ (327,843 ) Balance as of December 30, 2017 $ (69,721 ) $ (203,063 ) $ 6,365 $ (266,419 ) Adoption of ASU 2018-02 (2) — (487 ) 1,619 1,132 Other comprehensive income before reclassification (29,879 ) 8,660 10,299 (10,920 ) Amounts reclassified from accumulated other comprehensive income — — 229 229 Net current-period other comprehensive income $ (29,879 ) $ 8,173 $ 12,147 $ (9,559 ) Balance as of September 29, 2018 $ (99,600 ) $ (194,890 ) $ 18,512 $ (275,978 ) |
Schedule of Comprehensive Income (Loss) | Components of other comprehensive income were as follows (in thousands): Three Months Ended Nine Months Ended Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018 Net earnings $ 82,020 $ 72,905 $ 243,243 $ 222,313 Currency translation adjustment (25,428 ) (9,718 ) (27,190 ) (29,879 ) Pension liability adjustment, net of tax 4,975 1,674 4,966 8,173 Unrealized gain on interest rate swaps, net of tax (5,652 ) 4,166 (29,143 ) 12,147 Comprehensive income $ 55,915 $ 69,027 $ 191,876 $ 212,754 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Schedule of Inventory, Current | Inventories at September 28, 2019 and December 29, 2018 are as follows (in thousands): Sep 28, 2019 Dec 29, 2018 Raw materials and parts $ 275,657 $ 245,976 Work-in-process 72,230 51,164 Finished goods 266,215 224,670 $ 614,102 $ 521,810 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended September 28, 2019 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 29, 2018 $ 1,102,067 $ 219,054 $ 422,054 $ 1,743,175 Goodwill acquired during the year 71,763 43,629 — 115,392 Measurement period adjustments to goodwill acquired in prior year (27,863 ) (3,722 ) — (31,585 ) Exchange effect (8,092 ) (2,710 ) (6,821 ) (17,623 ) Balance as of September 28, 2019 $ 1,137,875 $ 256,251 $ 415,233 $ 1,809,359 |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization expense of intangible assets is as follows (in thousands): Twelve Month Period coinciding with the end of our Fiscal Third Quarter Amortization Expense 2020 $ 66,374 2021 62,474 2022 59,370 2023 52,902 2024 43,887 Thereafter 170,717 $ 455,724 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets consist of the following (in thousands): September 28, 2019 December 29, 2018 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer lists 9.3 $ 714,398 $ (268,653 ) 9.5 $ 644,145 $ (222,661 ) Backlog 1.7 29,075 (27,697 ) 2.8 27,065 (24,755 ) Developed technology 4.8 29,709 (21,108 ) 5.9 39,624 (20,998 ) $ 773,182 $ (317,458 ) $ 710,834 $ (268,414 ) Indefinite-lived assets: Trademarks and tradenames $ 984,697 $ 918,604 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Disclosure Accrued Expenses [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consist of the following (in thousands): Sep 28, 2019 Dec 29, 2018 Accrued payroll and related expenses $ 75,602 $ 74,952 Contract liabilities 71,394 57,913 Accrued warranty 67,612 59,451 Accrued customer rebates 42,698 45,740 Accrued short-term leases 23,070 — Accrued sales and other tax 17,853 19,452 Accrued product liability and workers compensation 14,651 16,284 Accrued professional fees 14,461 17,313 Accrued agent commission 14,268 11,969 Other accrued expenses 59,133 64,372 $ 400,742 $ 367,446 |
Warranty Costs (Tables)
Warranty Costs (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Product Warranty Table Disclosure | A rollforward of the warranty reserve is as follows (in thousands): Nine Months Ended Sep 28, 2019 Balance as of December 29, 2018 $ 59,451 Warranty reserve related to acquisitions 7,246 Warranty expense 51,733 Warranty claims (50,818 ) Balance as of September 28, 2019 $ 67,612 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Schedule of Long-term Debt Instruments | Sep 28, 2019 Dec 29, 2018 (in thousands) Senior secured revolving credit line $ 1,953,873 $ 1,887,764 Foreign loans 5,358 4,166 Other debt arrangement — 175 Total debt 1,959,231 1,892,105 Less: Current maturities of long-term debt 3,331 3,207 Long-term debt 1,955,900 1,888,898 |
Carrying Value And Fair Value Of Long Term Debt, Disclosure | The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands): Sep 28, 2019 Dec 29, 2018 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 1,959,231 $ 1,959,231 $ 1,892,105 $ 1,892,105 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Balance Sheet Presentation Sep 28, 2019 Dec 29, 2018 Fair value Other assets $ 1,384 $ 13,487 Fair value Other non-current liabilities $ 31,065 $ 4,125 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Nine Months Ended Presentation of Gain/(loss) Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ (7,114 ) $ 5,389 $ (37,090 ) $ 16,347 Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 403 $ (7 ) $ 1,953 $ 229 Gain/(loss) recognized in income (ineffective portion) Other expense $ — $ 214 $ — $ 101 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Operating Leases | Leases (in thousands) September 28, 2019 Operating lease right-of-use assets $ 98,690 Operating Lease Liability: Current 23,070 Non-current 75,986 Total Liability $ 99,056 |
Total Lease Commitments | Total Lease Commitments (in thousands) Operating Leases Remainder of 2019 $ 6,792 2020 24,956 2021 21,755 2022 16,990 2023 11,678 2024 and thereafter 32,632 Total future lease commitments 114,803 Less imputed interest 15,747 Total $ 99,056 |
Other Lease Information | Other Lease Information (in thousands, except lease term and discount rate) Three Months Ended September 28, 2019 Nine Months Ended September 28, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,605 $ 18,905 Right-of-use assets obtained in exchange for lease obligations: Operating leases 10,001 23,993 September 28, 2019 Weighted-average remaining lease terms leases - Operating 6.2 years Weighted-average discount rate - Operating 3.4 % |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Notes To Financial Statements [Abstract] | |
Net Sales Summary By Segment | Net Sales Summary (dollars in thousands) Three Months Ended Nine Months Ended Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 500,990 69.2 % $ 471,598 66.1 % $ 1,471,800 67.8 % $ 1,245,619 63.3 % Food Processing 89,147 12.3 88,257 12.4 279,474 12.9 270,478 13.8 Residential Kitchen 133,877 18.5 153,476 21.5 420,546 19.3 450,162 22.9 Total $ 724,014 100.0 % $ 713,331 100.0 % $ 2,171,820 100.0 % $ 1,966,259 100.0 % |
Schedule of Segment Reporting Information, by Segment | The following table summarizes the results of operations for the company's business segments (in thousands): Commercial Foodservice Food Processing Residential Kitchen Corporate and Other (1) Total Three Months Ended September 28, 2019 Net sales $ 500,990 $ 89,147 $ 133,877 $ — $ 724,014 Income (loss) from operations (2)(3) 105,099 13,349 17,850 (14,953 ) 121,345 Depreciation and amortization expense 17,643 3,774 5,310 410 27,137 Net capital expenditures 5,852 3,212 3,125 — 12,189 Nine Months Ended September 28, 2019 Net sales $ 1,471,800 $ 279,474 $ 420,546 $ — $ 2,171,820 Income (loss) from operations (2)(3) 313,482 44,477 57,220 (53,166 ) 362,013 Depreciation and amortization expense 50,233 9,721 16,005 1,313 77,272 Net capital expenditures 19,065 5,289 7,061 2,404 33,819 Total assets $ 3,162,315 $ 606,186 $ 1,129,935 $ 30,092 $ 4,928,528 Three Months Ended September 29, 2018 Net sales $ 471,598 $ 88,257 $ 153,476 $ — $ 713,331 Income (loss) from operations (2)(3) 102,091 13,831 9,489 (17,734 ) 107,677 Depreciation and amortization expense 17,558 2,209 7,606 460 27,833 Net capital expenditures 7,665 318 1,779 (1,418 ) 8,344 Nine Months Ended September 29, 2018 Net sales $ 1,245,619 $ 270,478 $ 450,162 $ — $ 1,966,259 Income (loss) from operations (2)(3) 284,645 39,157 32,598 (50,421 ) 305,979 Depreciation and amortization expense 32,907 9,385 22,767 1,396 66,455 Net capital expenditures 16,371 7,274 9,421 (514 ) 32,552 Total assets $ 2,907,387 $ 492,151 $ 1,111,546 $ 67,525 $ 4,578,609 (1) Includes corporate and other general company assets and operations. (2) Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. |
Schedule of Entity-Wide Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | Long-lived assets, not including goodwill and other intangibles (in thousands): Sep 28, 2019 Sep 29, 2018 United States and Canada $ 309,117 $ 268,952 Asia 21,668 12,291 Europe and Middle East 139,486 119,732 Latin America 8,030 654 Total international $ 169,184 $ 132,677 $ 478,301 $ 401,629 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Employee Retirement Plans [Abstract] | |
Schedule of Costs of Retirement Plans [Table Text Block] | The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands): Three Months Ended Nine Months Ended Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018 Net Periodic Pension Benefit: Service cost $ 593 $ 915 $ 1,839 $ 2,849 Interest cost 7,995 7,756 24,776 24,147 Expected return on assets (16,118 ) (18,062 ) (49,948 ) (56,235 ) Amortization of net (gain) loss 149 967 462 3,011 Amortization of prior service cost (credit) 614 — 1,904 — Curtailment loss (gain) 185 136 573 1,100 Pension settlement gain — (22 ) — (69 ) $ (6,582 ) $ (8,310 ) $ (20,394 ) $ (25,197 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Non-cash share-based compensation expense | $ 2,000 | $ 3,500 | $ 3,257 | $ 5,268 |
Provision for income taxes | $ 24,210 | $ 25,114 | $ 78,158 | $ 72,971 |
Effective Income Tax Rate Reconciliation, Percent | 24.30% | 24.70% | ||
Interest paid | $ 61,700 | $ 35,900 | ||
Income tax payments | $ 65,700 | $ 61,300 |
Financial Assets and Liabilitie
Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - Fair Value, Measurements, Recurring - USD ($) | Sep. 28, 2019 | Dec. 29, 2018 |
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | $ 1,384,000 | $ 13,487,000 |
Financial Liabilities | 31,065,000 | 4,125,000 |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 7,340,000 | 3,566,000 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 1,384,000 | 13,487,000 |
Financial Liabilities | 31,065,000 | 4,125,000 |
Fair Value, Inputs, Level 2 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | |
Financial Liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | $ 7,340,000 | $ 3,566,000 |
Acquisitions and Purchase Acc_3
Acquisitions and Purchase Accounting Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 |
Acquisitions and Purchase Acc_4
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Hinds Bock (Details) - USD ($) $ in Thousands | Feb. 16, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 | Apr. 03, 2018 |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | |||
Goodwill | 1,809,359 | $ 1,743,175 | |||
Hinds-Bock | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 25,400 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 5 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 5,298 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,557 | ||||
Goodwill | 11,520 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,200 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 115 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,265) | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 25,430 | ||||
Business Combination, Provisional Information Adjustment, Working Capital | 400 | ||||
Customer Relationships | Hinds-Bock | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,700 | ||||
Backlog | Hinds-Bock | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 600 | ||||
Food Processing Group | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 256,251 | $ 219,054 | |||
Food Processing Group | Customer Relationships | Hinds-Bock | |||||
Business Acquisition [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | ||||
Food Processing Group | Backlog | Hinds-Bock | |||||
Business Acquisition [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | ||||
Trade Names | Food Processing Group | Hinds-Bock | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,900 | ||||
Previously Reported | Hinds-Bock | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 5 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 5,301 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,557 | ||||
Goodwill | 12,686 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 8,081 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (3,800) | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 25,830 | ||||
Scenario, Adjustment | Hinds-Bock | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (3) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | ||||
Goodwill | (1,166) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,119 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 115 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | $ (465) | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ (400) |
Acquisitions and Purchase Acc_5
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Ve.Ma.C (Details) - USD ($) $ in Thousands | Apr. 03, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
VeMaC | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1,833 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 10,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 10,722 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 389 | |||
Goodwill | 4,772 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,360 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 12 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (1,901) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (8,292) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (1,394) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (212) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 12,289 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (1,800) | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 400 | |||
Food Processing Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 256,251 | $ 219,054 | ||
Food Processing Group | Trade Names | VeMaC | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,100 | |||
Customer Relationships | Food Processing Group | VeMaC | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,600 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||
Backlog | Food Processing Group | VeMaC | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,600 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | |||
Previously Reported | VeMaC | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1,833 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 10,722 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 389 | |||
Goodwill | 7,278 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,584 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 12 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (1,901) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (8,076) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (340) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (212) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 12,289 | |||
Scenario, Adjustment | VeMaC | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | (2,506) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,776 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (216) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (1,054) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 0 |
Acquisitions and Purchase Acc_6
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed (Firex) (Details) - USD ($) $ in Thousands | Apr. 27, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
Firex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 10,615 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 53,700 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 7,695 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,447 | |||
Goodwill | 35,282 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 22,100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (1,210) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,570) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (5,647) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,069) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,318) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 64,325 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 6,100 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 500 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,137,875 | $ 1,102,067 | ||
Trade Names | Commercial Foodservice Equipment Group | Firex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 10,200 | |||
Customer Relationships | Commercial Foodservice Equipment Group | Firex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 11,300 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Backlog | Commercial Foodservice Equipment Group | Firex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 600 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Scenario, Adjustment | Firex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ (37) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 39 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | (1,424) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,294 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (471) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (652) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | (251) | |||
Previously Reported | Firex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 10,652 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 7,656 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,447 | |||
Goodwill | 36,706 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,806 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (1,210) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,099) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (4,995) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,069) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,318) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 64,576 | |||
Business Combination, Provisional Information Adjustment, Working Capital | $ 300 |
Acquisitions and Purchase Acc_7
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - Josper (Details) - USD ($) $ in Thousands | May 10, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
Josper | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 3,308 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 39,300 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 6,592 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,739 | |||
Goodwill | 23,795 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (17,890) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (217) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (5,235) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,608) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 4,513 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,169) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 42,584 | |||
Business Combination, Contingent Consideration, Liability | 3,454 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 46,038 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (4,400) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (100) | |||
Business Combination, Provisional Information Adjustment, Working Capital | 200 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,137,875 | $ 1,102,067 | ||
Commercial Foodservice Equipment Group | Trade Names | Josper | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (9,500) | |||
Backlog | Commercial Foodservice Equipment Group | Josper | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ (100) | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Customer Relationships | Commercial Foodservice Equipment Group | Josper | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ (8,300) | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Previously Reported | Josper | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 3,308 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 6,579 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,739 | |||
Goodwill | 27,140 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (13,136) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (217) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (5,146) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,608) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 2,934 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,169) | |||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 42,830 | |||
Business Combination, Contingent Consideration, Liability | 3,454 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 46,284 | |||
Scenario, Adjustment | Josper | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 13 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | (3,345) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (4,754) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (89) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 1,579 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (246) | |||
Business Combination, Contingent Consideration, Liability | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ (246) |
Acquisitions and Purchase Acc_8
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - Taylor (Details) - USD ($) $ in Thousands | Jun. 22, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
Taylor | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,615 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 69,151 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20,631 | |||
Goodwill | 370,842 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 603,760 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 361 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (52,516) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 227 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (8,809) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (1,006,262) | |||
Business Combination, Provisional Information Adjustment, Working Capital | 11,500 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,137,875 | $ 1,102,067 | ||
Commercial Foodservice Equipment Group | Customer Relationships | Taylor | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 290,900 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||
Commercial Foodservice Equipment Group | Oven developed technology | Taylor | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,700 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Commercial Foodservice Equipment Group | Backlog | Taylor | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,400 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||
Commercial Foodservice Equipment Group | Order or Production Backlog | Taylor | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,100 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Commercial Foodservice Equipment Group | Trade Names | Taylor | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 304,700 | |||
Previously Reported | Taylor | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,551 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 71,162 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 21,187 | |||
Goodwill | 491,339 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 484,210 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (48,417) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (8,161) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,013,871 | |||
Scenario, Adjustment | Taylor | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 64 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (2,011) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (556) | |||
Goodwill | (120,497) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 119,550 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 361 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,099) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 227 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (648) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ (7,609) |
Acquisitions and Purchase Acc_9
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - MTek (Details) - USD ($) $ in Thousands | Oct. 01, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Current Fiscal Year End Date | --12-28 | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
M-TEK | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 20,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,294 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 2,745 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,497 | |||
Goodwill | 10,610 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (144) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 20,002 | |||
Food Processing Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 256,251 | $ 219,054 | ||
Customer Relationships | Food Processing Group | M-TEK | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,700 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Developed Technology Rights | Food Processing Group | M-TEK | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 300 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Backlog | Food Processing Group | M-TEK | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 300 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Previously Reported | M-TEK | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,294 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 2,745 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,497 | |||
Goodwill | 11,610 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (144) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 20,002 | |||
Scenario, Adjustment | M-TEK | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | (1,000) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 0 | |||
Trade Names | Food Processing Group | M-TEK | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,000 |
Acquisitions and Purchase Ac_10
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - Crown (Details) - USD ($) $ in Thousands | Dec. 03, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
Crown | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 495 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 41,800 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 5,045 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12,368 | |||
Goodwill | 26,421 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,621) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (2,421) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 42,245 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (800) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (1,600) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,958 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 200 | |||
Previously Reported | Crown | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 495 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 5,045 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,710 | |||
Goodwill | 31,226 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,340) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (668) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 42,468 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||
Scenario, Adjustment | Crown | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,658 | |||
Goodwill | (4,805) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (281) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (1,753) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (223) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,958 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,137,875 | $ 1,102,067 | ||
Trade Names | Commercial Foodservice Equipment Group | Crown | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,000 |
Acquisitions and Purchase Ac_11
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - EVO (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
EVO | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 12,300 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 162 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,490 | |||
Goodwill | 6,843 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,081 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (518) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (540) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 600 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (12) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12,506 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 100 | |||
Previously Reported | EVO | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 162 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,490 | |||
Goodwill | 6,896 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,081 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (518) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (540) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (12) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12,559 | |||
Scenario, Adjustment | EVO | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||
Goodwill | (53) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (53) | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,137,875 | $ 1,102,067 | ||
Commercial Foodservice Equipment Group | Trade Names | EVO | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,000 | |||
Customer Relationships | Commercial Foodservice Equipment Group | EVO | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,900 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Developed Technology Rights | Commercial Foodservice Equipment Group | EVO | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 200 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years |
Acquisitions and Purchase Ac_12
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Cooking Solutions Group (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 106,100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 843 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 32,915 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,907 | |||
Goodwill | 32,374 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,450 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (15,420) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 13,082 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 106,987 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 13,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 100 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 100 | |||
Previously Reported | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 843 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 33,666 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,959 | |||
Goodwill | 31,207 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,450 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (15,130) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 13,082 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 106,913 | |||
Scenario, Adjustment | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (751) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (52) | |||
Goodwill | 1,167 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (290) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 74 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,137,875 | $ 1,102,067 | ||
Trade Names | Commercial Foodservice Equipment Group | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 27,100 | |||
Customer Relationships | Commercial Foodservice Equipment Group | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 24,600 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Developed Technology Rights | Commercial Foodservice Equipment Group | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,500 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Order or Production Backlog | Commercial Foodservice Equipment Group | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 300 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Ac_13
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - Powerhouse (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
Powerhouse | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 11,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 24 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,351 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14 | |||
Goodwill | 5,845 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,060 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,624) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 1,673 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (271) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 11,072 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 100 | |||
Powerhouse | Previously Reported | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 24 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,351 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14 | |||
Goodwill | 5,789 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,060 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,624) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 1,673 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (271) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 11,016 | |||
Powerhouse | Scenario, Adjustment | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | 56 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 56 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,137,875 | $ 1,102,067 | ||
Customer Relationships | Commercial Foodservice Equipment Group | Powerhouse | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,200 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||
Developed Technology Rights | Commercial Foodservice Equipment Group | Powerhouse | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,800 |
Acquisitions and Purchase Ac_14
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - Brewtech (Details) - USD ($) $ in Thousands | Jun. 15, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | $ 1,809,359 | $ 1,743,175 | ||
Document Period End Date | Sep. 28, 2019 | |||
Brewtech | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 458 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 36,800 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 4,916 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 48 | |||
Goodwill | 25,523 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,517 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (3,575) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 155 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (5,768) | |||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 37,274 | |||
Business Combination, Deferred Payments, Liability | 2,404 | |||
Business Combination, Contingent Consideration, Liability | 4,258 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 43,936 | |||
Previously Reported | Brewtech | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 468 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 3,936 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 30 | |||
Goodwill | 26,528 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,318 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (3,393) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 155 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (5,768) | |||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 37,274 | |||
Business Combination, Deferred Payments, Liability | 2,404 | |||
Business Combination, Contingent Consideration, Liability | 4,258 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 43,936 | |||
Scenario, Adjustment | Brewtech | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | (10) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 980 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 18 | |||
Goodwill | (1,005) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 199 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (182) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 0 | |||
Business Combination, Deferred Payments, Liability | 0 | |||
Business Combination, Contingent Consideration, Liability | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,137,875 | $ 1,102,067 | ||
Trade Names | Commercial Foodservice Equipment Group | Brewtech | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,300 | |||
Customer Relationships | Commercial Foodservice Equipment Group | Brewtech | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 5,700 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Developed Technology Rights | Commercial Foodservice Equipment Group | Brewtech | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 500 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||
Order or Production Backlog | Commercial Foodservice Equipment Group | Brewtech | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 100 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Ac_15
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - Pacproinc (Details) - USD ($) $ in Thousands | Jul. 15, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 238,974 | $ 1,147,738 | ||
Goodwill | 1,809,359 | $ 1,743,175 | ||
PacProInc | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 71,700 | |||
Previously Reported | PacProInc | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1,524 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 8,426 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,225 | |||
Goodwill | 43,629 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 21,301 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (8,835) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 73,270 | |||
Food Processing Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 256,251 | $ 219,054 | ||
Food Processing Group | Trade Names | PacProInc | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 10,300 | |||
Food Processing Group | Customer Relationships | PacProInc | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 9,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Food Processing Group | Developed Technology Rights | PacProInc | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 800 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Food Processing Group | Order or Production Backlog | PacProInc | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,200 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Ac_16
Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 2,221,546 | $ 2,267,511 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 247,532 | $ 202,971 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 4.45 | $ 3.65 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 4.45 | $ 3.65 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards Recently Issued Accounting Standards (Details) $ in Millions | 9 Months Ended |
Sep. 28, 2019USD ($) | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 85 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 724,014 | $ 713,331 | $ 2,171,820 | $ 1,966,259 |
United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 490,730 | 474,333 | 1,448,242 | 1,327,190 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 60,053 | 59,113 | 179,978 | 147,118 |
Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 147,764 | 154,893 | 467,742 | 431,265 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,467 | 24,992 | 75,858 | 60,686 |
Commercial Foodservice Equipment Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 500,990 | 471,598 | 1,471,800 | 1,245,619 |
Commercial Foodservice Equipment Group | United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 346,616 | 318,962 | 1,004,609 | 863,598 |
Commercial Foodservice Equipment Group | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 53,463 | 50,996 | 153,787 | 117,987 |
Commercial Foodservice Equipment Group | Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 82,244 | 83,763 | 258,102 | 225,726 |
Commercial Foodservice Equipment Group | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,667 | 17,877 | 55,302 | 38,308 |
Residential Kitchen | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 133,877 | 153,476 | 420,546 | 450,162 |
Residential Kitchen | United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 86,859 | 98,136 | 270,689 | 280,116 |
Residential Kitchen | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,490 | 1,653 | 4,355 | 5,232 |
Residential Kitchen | Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 44,395 | 51,936 | 142,016 | 160,810 |
Residential Kitchen | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,133 | 1,751 | 3,486 | 4,004 |
Food Processing Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 89,147 | 88,257 | 279,474 | 270,478 |
Food Processing Group | United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 57,255 | 57,235 | 172,944 | 183,476 |
Food Processing Group | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,100 | 6,464 | 21,836 | 23,899 |
Food Processing Group | Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,125 | 19,194 | 67,624 | 44,729 |
Food Processing Group | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,667 | $ 5,364 | $ 17,070 | $ 18,374 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019 | Dec. 29, 2018 | |
Revenue Recognition [Abstract] | ||
Contract with Customer, Asset, Net, Current | $ 19,342 | $ 14,048 |
Contract liabilities | 71,394 | 57,913 |
Contract with Customer, Liability, Noncurrent | 13,017 | $ 12,170 |
Contract with Customer, Asset, Reclassified to Receivable | 8,400 | |
Contract with Customer, Liability, Revenue Recognized | 51,700 | |
Increase (Decrease) in Deferred Revenue and Customer Advances and Deposits | $ 70,200 |
Other Comprehensive Income Chan
Other Comprehensive Income Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | ||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (276,476) | $ (266,419) | |||
Currency Translation Adjustment | $ (25,428) | $ (9,718) | (27,190) | (29,879) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (53,320) | (10,920) | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 1,953 | 229 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (51,367) | (9,559) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (327,843) | (275,978) | (327,843) | (275,978) | |
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax | (35,800) | (41,700) | (35,800) | (41,700) | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax | (7,300) | 6,800 | (7,300) | 6,800 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 1,000 | 1,900 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (9,900) | 2,600 | |||
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (112,771) | (69,721) | |||
Currency Translation Adjustment | (27,190) | (29,879) | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (27,190) | (29,879) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (139,961) | (99,600) | (139,961) | (99,600) | |
Accumulated Defined Benefit Plans Adjustment | |||||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | |||||
Other comprehensive income (loss), adopt of new accounting pronouncement | 500 | ||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (170,938) | (203,063) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 4,966 | 8,660 | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 4,966 | 8,173 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (165,972) | (194,890) | (165,972) | (194,890) | |
Interest Rate Swap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 7,233 | 6,365 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (31,096) | 10,299 | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 1,953 | 229 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (29,143) | 12,147 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (21,910) | 18,512 | $ (21,910) | 18,512 | |
Accounting Standards Update 2018-02 | |||||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | |||||
Other comprehensive income (loss), adopt of new accounting pronouncement | [1] | 1,132 | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Stranded Tax Effects Reclassified from OCI to Retained Earnings | $ 1,100 | 1,100 | |||
Accounting Standards Update 2018-02 | Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | |||||
Other comprehensive income (loss), adopt of new accounting pronouncement | [1] | 0 | |||
Accounting Standards Update 2018-02 | Accumulated Defined Benefit Plans Adjustment | |||||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | |||||
Other comprehensive income (loss), adopt of new accounting pronouncement | [1] | (487) | |||
Accounting Standards Update 2018-02 | Interest Rate Swap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | |||||
Other comprehensive income (loss), adopt of new accounting pronouncement | [1] | $ 1,619 | |||
[1] | As of December 31, 2017, the company adopted ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". This guidance allowed for the reclassification of $1.1 million of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. |
Other Comprehensive Income Comp
Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 82,020 | $ 72,905 | $ 243,243 | $ 222,313 |
Currency Translation Adjustment | (25,428) | (9,718) | (27,190) | (29,879) |
Change in unrecognized pension benefit costs, net of tax | 4,975 | 1,674 | 4,966 | 8,173 |
Unrealized gain on interest rate swaps, net of tax | (5,652) | 4,166 | (29,143) | 12,147 |
Comprehensive income | $ 55,915 | $ 69,027 | $ 191,876 | $ 212,754 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 275,657 | $ 245,976 |
Inventory, Work in Process, Net of Reserves | 72,230 | 51,164 |
Inventory, Finished Goods, Net of Reserves | 266,215 | 224,670 |
Inventories, net | $ 614,102 | $ 521,810 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 28, 2019USD ($) | |
Goodwill [Line Items] | |
Balance beginning of period | $ 1,743,175 |
Goodwill acquired during the year | 115,392 |
Measurement period adjustments to goodwill acquired in prior year | (31,585) |
Exchange effect | (17,623) |
Balance end of period | 1,809,359 |
Commercial Foodservice Equipment Group | |
Goodwill [Line Items] | |
Balance beginning of period | 1,102,067 |
Goodwill acquired during the year | 71,763 |
Measurement period adjustments to goodwill acquired in prior year | (27,863) |
Exchange effect | (8,092) |
Balance end of period | 1,137,875 |
Food Processing Group | |
Goodwill [Line Items] | |
Balance beginning of period | 219,054 |
Goodwill acquired during the year | 43,629 |
Measurement period adjustments to goodwill acquired in prior year | (3,722) |
Exchange effect | (2,710) |
Balance end of period | 256,251 |
Residential Kitchen | |
Goodwill [Line Items] | |
Balance beginning of period | 422,054 |
Goodwill acquired during the year | 0 |
Measurement period adjustments to goodwill acquired in prior year | 0 |
Exchange effect | (6,821) |
Balance end of period | $ 415,233 |
Intangibles (Details)
Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 66,374 | $ 66,374 | |||
Amortization of Intangible Assets | 17,300 | $ 17,600 | 48,100 | $ 38,800 | |
Finite-Lived Intangible Assets, Gross | 773,182 | 773,182 | $ 710,834 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (317,458) | (317,458) | (268,414) | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 62,474 | 62,474 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 59,370 | 59,370 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 52,902 | 52,902 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 43,887 | 43,887 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 170,717 | 170,717 | |||
Finite-Lived Intangible Assets, Net | 455,724 | $ 455,724 | |||
Customer Lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years 3 months 18 days | 9 years 6 months | |||
Finite-Lived Intangible Assets, Gross | 714,398 | $ 714,398 | 644,145 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (268,653) | $ (268,653) | (222,661) | ||
Backlog | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 1 year 8 months 12 days | 2 years 9 months 18 days | |||
Finite-Lived Intangible Assets, Gross | 29,075 | $ 29,075 | 27,065 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (27,697) | $ (27,697) | (24,755) | ||
Developed Technology Rights | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years 9 months 18 days | 5 years 10 months 24 days | |||
Finite-Lived Intangible Assets, Gross | 29,709 | $ 29,709 | 39,624 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (21,108) | (21,108) | (20,998) | ||
Tradenames And Trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 984,697 | $ 984,697 | $ 918,604 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Disclosure Accrued Expenses [Abstract] | ||
Accrued payroll and related expenses | $ 75,602 | $ 74,952 |
Contract liabilities | 71,394 | 57,913 |
Accrued warranty | 67,612 | 59,451 |
Accrued customer rebates | 42,698 | 45,740 |
Accrued short-term leases | 23,070 | 0 |
Accrued sales and other tax | 17,853 | 19,452 |
Accrued Product Liability And Workers Compensation Liability Current | 14,651 | 16,284 |
Accrued professional services | 14,461 | 17,313 |
Accrued agent commission | 14,268 | 11,969 |
Other accrued expenses | 59,133 | 64,372 |
Accrued expenses | $ 400,742 | $ 367,446 |
Rollforward of Warranty Reserve
Rollforward of Warranty Reserve (Details) $ in Thousands | 9 Months Ended |
Sep. 28, 2019USD ($) | |
Disclosure Rollforward Of Warranty Reserve [Abstract] | |
Beginning balance | $ 59,451 |
Warranty reserve related to acquisitions | 7,246 |
Warranty expense | 51,733 |
Warranty claims | (50,818) |
Ending balance | $ 67,612 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019 | Dec. 29, 2018 | |
Debt Disclosure [Line Items] | ||
Senior secured revolving credit line | $ 1,953,873 | $ 1,887,764 |
Other Long-term Debt | 0 | 175 |
Total debt | 1,959,231 | 1,892,105 |
Less: Current maturities of long-term debt | 3,331 | 3,207 |
Long-term debt | 1,955,900 | 1,888,898 |
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | |
Line of Credit Facility, Increase (Decrease), Net | 500,000 | |
Line of Credit Facility, Potential Additional Borrowing Capacity | 3,000,000 | |
Line of Credit Facility, Outstanding Amount, USD Borrowings | 1,900,000 | |
Line of Credit Facility, Outstanding Amount, EUR Borrowings | 42,400 | |
Letters of Credit Outstanding, Amount | 11,400 | |
Line of Credit Facility, Remaining Borrowing Capacity | 1,000,000 | |
Line of credit, Current and Noncurrent, Foreign | $ 5,400 | |
Line of Credit Facility, Interest Rate at Period End | 5.42% | |
Foreign | ||
Debt Disclosure [Line Items] | ||
Foreign loans | $ 5,358 | $ 4,166 |
Carrying Value and Estimated Ag
Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Disclosure Carrying Value And Estimated Aggregate Fair Value Of Debt [Abstract] | ||
Carrying Value | $ 1,959,231 | $ 1,892,105 |
Fair Value | $ 1,959,231 | $ 1,892,105 |
Financing Arrangements Addition
Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019 | Dec. 29, 2018 | |
Debt Disclosure [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |
Credit facility, outstanding | 1,953,873 | $ 1,887,764 |
Letters of Credit Outstanding, Amount | 11,400 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000,000 | |
Credit facility, additional interest rate above LIBOR | 1.625% | |
Debt Instrument Interest Additional Interest Above LIBOR Rate Alternative | 0.625% | |
Debt Instrument Interest Additional Interest Above Fed Funds Rate | 0.50% | |
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |
Credit facility, average interest rate | 3.66% | |
Variable commitment fee | 0.25% | |
Line of credit, Current and Noncurrent, Foreign | $ 5,400 | |
Line of Credit Facility, Interest Rate at Period End | 5.42% | |
Derivative Notional Amount, NonCurrent | $ 948,000 | |
Fixed Interest Rate | 2.22% | |
Debt Instrument, Interest Coverage Ratio Range, Low | 300.00% | |
Debt Instrument, Interest Coverage Ratio Range, High | 100.00% | |
Debt Instrument, Leverage Ratio Range, Low | 350.00% | |
Debt Instrument, Leverage Ratio Range, High | 100.00% | |
Debt Instrument, Qualified Leverage Ratio Range, Low | 400.00% | |
Debt Instrument, Qualified Leverage Ratio Range, High | 100.00% | |
maturity less than 12 months [Member] | ||
Debt Disclosure [Line Items] | ||
Derivative Notional Amount, NonCurrent | $ 51,000 | |
Fixed Interest Rate | 1.27% |
Summary of Fair Value of Intere
Summary of Fair Value of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Other Noncurrent Assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 1,384 | $ 13,487 |
Other Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value | $ (31,065) | $ (4,125) |
Impact on Earnings from Interes
Impact on Earnings from Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (7,114) | $ 5,389 | $ (37,090) | $ 16,347 |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | 403 | (7) | 1,953 | 229 |
Other Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 214 | $ 0 | $ 101 |
Financial Instruments Additiona
Financial Instruments Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 28, 2019USD ($) | |
Derivative [Line Items] | |
Fair value of interest rate swaps liability | $ 29.7 |
Loss in fair value of interest rate swaps | 29.1 |
Foreign Exchange Forward | |
Derivative [Line Items] | |
Derivative, Fair Value, Net | $ (0.1) |
Leases Operating Leases (Detail
Leases Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 28, 2019 | Sep. 28, 2019 | Dec. 29, 2018 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 7,600 | $ 22,900 | |
Operating Lease, Right-of-Use Asset | 98,690 | 98,690 | |
Operating Lease, Liability, Current | 23,070 | 23,070 | $ 0 |
Operating Lease, Liability, Noncurrent | 75,986 | 75,986 | |
Operating Lease, Liability | $ 99,056 | $ 99,056 |
Leases Lease Commitments (Detai
Leases Lease Commitments (Details) $ in Thousands | Sep. 28, 2019USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 6,792 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 24,956 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 21,755 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 16,990 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 11,678 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 32,632 |
Lessee, Operating Lease, Liability, Payments, Due | 114,803 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 15,747 |
Operating Lease, Liability | $ 99,056 |
Leases Other Lease Information
Leases Other Lease Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 28, 2019USD ($) | Sep. 28, 2019USD ($) | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 6,605 | $ 18,905 |
Additions to ROU assets obtained from new operating lease liabilities | $ 10,001 | $ 23,993 |
Weighted-average remaining lease terms leases - Operating | 6 years 2 months 12 days | 6 years 2 months 12 days |
Weighted-average discount rate - Operating | 3.40% | 3.40% |
Net Sales Summary (Details)
Net Sales Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 724,014 | $ 713,331 | $ 2,171,820 | $ 1,966,259 | |
Percent | 100.00% | 100.00% | 100.00% | 100.00% | |
Income from operations | [1],[2] | $ 121,345 | $ 107,677 | $ 362,013 | $ 305,979 |
Depreciation and amortization expense | 27,137 | 27,833 | 77,272 | 66,455 | |
Capital Expenditures Net | 12,189 | 8,344 | 33,819 | 32,552 | |
Commercial Foodservice Equipment Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 500,990 | $ 471,598 | $ 1,471,800 | $ 1,245,619 | |
Percent | 69.20% | 66.10% | 67.80% | 63.30% | |
Income from operations | [1],[2] | $ 105,099 | $ 102,091 | $ 313,482 | $ 284,645 |
Depreciation and amortization expense | 17,643 | 17,558 | 50,233 | 32,907 | |
Capital Expenditures Net | 5,852 | 7,665 | 19,065 | 16,371 | |
Food Processing Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 89,147 | $ 88,257 | $ 279,474 | $ 270,478 | |
Percent | 12.30% | 12.40% | 12.90% | 13.80% | |
Income from operations | [1],[2] | $ 13,349 | $ 13,831 | $ 44,477 | $ 39,157 |
Depreciation and amortization expense | 3,774 | 2,209 | 9,721 | 9,385 | |
Capital Expenditures Net | 3,212 | 318 | 5,289 | 7,274 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Income from operations | [1],[2],[3] | (14,953) | (17,734) | (53,166) | (50,421) |
Depreciation and amortization expense | [3] | 410 | 460 | 1,313 | 1,396 |
Capital Expenditures Net | [3] | 0 | (1,418) | 2,404 | (514) |
Residential Kitchen | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 133,877 | $ 153,476 | $ 420,546 | $ 450,162 | |
Percent | 18.50% | 21.50% | 19.30% | 22.90% | |
Income from operations | [1],[2] | $ 17,850 | $ 9,489 | $ 57,220 | $ 32,598 |
Depreciation and amortization expense | 5,310 | 7,606 | 16,005 | 22,767 | |
Capital Expenditures Net | 3,125 | 1,779 | 7,061 | 9,421 | |
United States and Canada | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 490,730 | 474,333 | 1,448,242 | 1,327,190 | |
United States and Canada | Commercial Foodservice Equipment Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 346,616 | 318,962 | 1,004,609 | 863,598 | |
United States and Canada | Food Processing Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 57,255 | 57,235 | 172,944 | 183,476 | |
United States and Canada | Residential Kitchen | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 86,859 | 98,136 | 270,689 | 280,116 | |
Asia | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 60,053 | 59,113 | 179,978 | 147,118 | |
Asia | Commercial Foodservice Equipment Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 53,463 | 50,996 | 153,787 | 117,987 | |
Asia | Food Processing Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,100 | 6,464 | 21,836 | 23,899 | |
Asia | Residential Kitchen | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,490 | 1,653 | 4,355 | 5,232 | |
Europe and Middle East | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 147,764 | 154,893 | 467,742 | 431,265 | |
Europe and Middle East | Commercial Foodservice Equipment Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 82,244 | 83,763 | 258,102 | 225,726 | |
Europe and Middle East | Food Processing Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,125 | 19,194 | 67,624 | 44,729 | |
Europe and Middle East | Residential Kitchen | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 44,395 | 51,936 | 142,016 | 160,810 | |
Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,467 | 24,992 | 75,858 | 60,686 | |
Latin America | Commercial Foodservice Equipment Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,667 | 17,877 | 55,302 | 38,308 | |
Latin America | Food Processing Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,667 | 5,364 | 17,070 | 18,374 | |
Latin America | Residential Kitchen | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,133 | $ 1,751 | $ 3,486 | $ 4,004 | |
[1] | Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. | ||||
[2] | Restructuring expenses are allocated in operating income by segment. See note 17 for further details. | ||||
[3] | Includes corporate and other general company assets and operations. |
Summary of Results of Operation
Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 | ||
Segment Reporting Information [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 724,014 | $ 713,331 | $ 2,171,820 | $ 1,966,259 | ||
Income from operations | [1],[2] | 121,345 | 107,677 | 362,013 | 305,979 | |
Depreciation and amortization expense | 27,137 | 27,833 | 77,272 | 66,455 | ||
Capital Expenditures Net | 12,189 | 8,344 | 33,819 | 32,552 | ||
Total assets | 4,928,528 | 4,578,609 | 4,928,528 | 4,578,609 | $ 4,549,781 | |
Commercial Foodservice Equipment Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 500,990 | 471,598 | 1,471,800 | 1,245,619 | ||
Income from operations | [1],[2] | 105,099 | 102,091 | 313,482 | 284,645 | |
Depreciation and amortization expense | 17,643 | 17,558 | 50,233 | 32,907 | ||
Capital Expenditures Net | 5,852 | 7,665 | 19,065 | 16,371 | ||
Total assets | 3,162,315 | 2,907,387 | 3,162,315 | 2,907,387 | ||
Food Processing Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 89,147 | 88,257 | 279,474 | 270,478 | ||
Income from operations | [1],[2] | 13,349 | 13,831 | 44,477 | 39,157 | |
Depreciation and amortization expense | 3,774 | 2,209 | 9,721 | 9,385 | ||
Capital Expenditures Net | 3,212 | 318 | 5,289 | 7,274 | ||
Total assets | 606,186 | 492,151 | 606,186 | 492,151 | ||
Residential Kitchen | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 133,877 | 153,476 | 420,546 | 450,162 | ||
Income from operations | [1],[2] | 17,850 | 9,489 | 57,220 | 32,598 | |
Depreciation and amortization expense | 5,310 | 7,606 | 16,005 | 22,767 | ||
Capital Expenditures Net | 3,125 | 1,779 | 7,061 | 9,421 | ||
Total assets | 1,129,935 | 1,111,546 | 1,129,935 | 1,111,546 | ||
Corporate and Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | ||
Income from operations | [1],[2],[3] | (14,953) | (17,734) | (53,166) | (50,421) | |
Depreciation and amortization expense | [3] | 410 | 460 | 1,313 | 1,396 | |
Capital Expenditures Net | [3] | 0 | (1,418) | 2,404 | (514) | |
Total assets | [3] | $ 30,092 | $ 67,525 | $ 30,092 | $ 67,525 | |
[1] | Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. | |||||
[2] | Restructuring expenses are allocated in operating income by segment. See note 17 for further details. | |||||
[3] | Includes corporate and other general company assets and operations. |
Long-Lived Assets by Major Geog
Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Sep. 29, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 478,301 | $ 401,629 |
United States and Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 309,117 | 268,952 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 21,668 | 12,291 |
Europe and Middle East | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 139,486 | 119,732 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 8,030 | 654 |
Total International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 169,184 | $ 132,677 |
Employee Retirement Plans Addit
Employee Retirement Plans Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019USD ($) | Sep. 29, 2018USD ($) | Sep. 28, 2019USD ($)plan | Sep. 29, 2018USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net Periodic Benefit Cost, Other Components | $ 7,175 | $ 9,225 | $ 22,233 | $ 28,046 |
Number of defined contribution 401K savings plans | plan | 2 | |||
Non-US Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 593 | 915 | $ 1,839 | 2,849 |
Interest cost | 7,995 | 7,756 | 24,776 | 24,147 |
Expected return on assets | (16,118) | (18,062) | (49,948) | (56,235) |
Amortization of net (gain) loss | 149 | 967 | 462 | 3,011 |
Amortization of prior service cost (credit) | 614 | 0 | 1,904 | 0 |
Curtailment loss (gain) | 185 | 136 | 573 | 1,100 |
Pension settlement gain | 0 | (22) | 0 | (69) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (6,582) | $ (8,310) | $ (20,394) | $ (25,197) |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 4,223 | $ 12,111 | $ 6,806 | $ 18,245 |
Commercial Foodservice Equipment Group | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 2,100 | |||
Residential Kitchen | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 1,300 | |||
Effects on Future Earnings, Restructuring | 3,000 | 3,000 | ||
AGA Group | Residential Kitchen | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 700 | 2,400 | ||
Restructuring Charges, Cumulative | 58,100 | |||
Effects on Future Earnings, Restructuring | 20,000 | 20,000 | ||
Minimum | Commercial Foodservice Equipment Group | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effects on Future Earnings, Restructuring | 10,000 | 10,000 | ||
Maximum | Commercial Foodservice Equipment Group | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effects on Future Earnings, Restructuring | $ 15,000 | $ 15,000 |