Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 28, 2019 | Feb. 24, 2020 | Jun. 29, 2019 | |
Cover page. | |||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 28, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-9973 | ||
Entity Registrant Name | THE MIDDLEBY CORPORATION | ||
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 | ||
Title of 12(b) Security | Common stock, | ||
Trading Symbol | MIDD | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,494,902,608 | ||
Entity Common Stock, Shares Outstanding | 56,189,686 | ||
Entity Central Index Key | 0000769520 | ||
Current Fiscal Year End Date | --12-28 | ||
Document Fiscal Year Focus | 2019 | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Common Stock, Value, Issued | $ 145 | $ 145 |
Current assets: | ||
Cash and cash equivalents | 94,500 | 71,701 |
Accounts Receivable, Net, Current | 447,612 | 398,660 |
Inventory, Net | 585,699 | 521,810 |
Prepaid expenses and other | 61,224 | 50,940 |
Prepaid Taxes | 20,161 | 18,483 |
Total current assets | 1,209,196 | 1,061,594 |
Property, Plant and Equipment, Net | 352,145 | 314,569 |
Goodwill | 1,849,747 | 1,743,175 |
Other intangibles | 1,443,381 | 1,361,024 |
Deferred Income Tax Assets, Net | 36,932 | 32,188 |
Other assets | 110,742 | 37,231 |
Total Assets | 5,002,143 | 4,549,781 |
Current liabilities: | ||
Current maturities of long-term debt | 2,894 | 3,207 |
Accounts payable | 173,693 | 188,299 |
Accrued expenses | 416,550 | 367,446 |
Total current liabilities | 593,137 | 558,952 |
Long-term debt | 1,870,246 | 1,888,898 |
Long-term deferred tax liability | 133,500 | 113,896 |
Liability, Defined Benefit Pension Plan, Noncurrent | 289,086 | 253,119 |
Other non-current liabilities | 169,360 | 69,713 |
Stockholders' equity: | ||
Common Stock, Value, Issued | 145 | 145 |
Paid-in capital | 387,402 | 377,419 |
Treasury Stock, Value | 451,262 | 445,118 |
Retained earnings | 2,361,462 | 2,009,233 |
Accumulated other comprehensive loss | (350,933) | (276,476) |
Total stockholders' equity | 1,946,814 | 1,665,203 |
Total liabilities and stockholders' equity | $ 5,002,143 | $ 4,549,781 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Allowance for Doubtful Accounts Receivable, Current | $ 14,886 | $ 13,608 |
Less accumulated depreciation | (197,629) | (167,737) |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (333,507) | $ (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, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 63,129,775 | 62,592,707 |
Treasury Stock, Shares | 6,940,089 | 6,889,241 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |||||
Net sales | $ 2,959,446 | $ 2,722,931 | $ 2,335,542 | ||||
Cost of Sales | 1,855,949 | 1,718,791 | 1,422,801 | ||||
Gross profit | 1,103,497 | 1,004,140 | 912,741 | ||||
Selling, General and Administrative Expense | 593,813 | 538,842 | 468,219 | ||||
Restructuring Charges | 10,480 | 19,332 | 19,951 | ||||
Gain (Loss) Related to Litigation Settlement | (14,839) | 0 | 0 | ||||
Gain (Loss) on Disposition of Assets | 0 | 0 | (12,042) | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 58,000 | ||||
Income from operations | [2] | 514,043 | [1] | 445,966 | 378,613 | [3],[4] | |
Net interest expense and deferred financing amortization, net | 82,609 | 58,742 | 25,983 | ||||
Net Periodic Benefit Cost, Other Components | (28,857) | (38,114) | (31,728) | ||||
Other (income) expense, net | (2,328) | 1,825 | 829 | ||||
Earnings before income taxes | 462,619 | 423,513 | 383,529 | ||||
Provision for income taxes | 110,379 | 106,361 | 85,401 | ||||
Net earnings | $ 352,240 | $ 317,152 | $ 298,128 | ||||
Net earnings per share: | |||||||
Basic (in usd per share) | $ 6.33 | $ 5.71 | [5] | $ 5.26 | |||
Diluted (in usd per share) | $ 6.33 | $ 5.70 | [5] | $ 5.26 | |||
Weighted average number of shares | |||||||
Basic (in shares) | 55,647,000 | 55,576,000 | 56,715,000 | ||||
Dilutive common stock equivalents (in shares) | 9,000 | 28,000 | 4,000 | ||||
Diluted (in shares) | 55,656,000 | 55,604,000 | 56,719,000 | ||||
[1] | Gain on litigation settlement is included in Residential Kitchen. | ||||||
[2] | Restructuring expenses are included in operating income of the segment to which they pertain. See note 13 for further details. | ||||||
[3] | Impairment of intangible assets is included in Residential Kitchen. | ||||||
[4] | Impairment of intangible assets is included in Residential Kitchen. | ||||||
[5] | Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 352,240 | $ 317,152 | $ 298,128 |
Other comprehensive income: | |||
Foreign currency translation adjustments | 7,066 | (43,050) | 46,690 |
Pension liability adjustment, net of tax | (57,398) | 32,125 | (29,669) |
Unrealized (loss) gain on interest rate swaps, net of tax | (24,125) | 868 | 883 |
Other Comprehensive Income (Loss), Net of Tax | (74,457) | (10,057) | 17,904 |
Comprehensive income | $ 277,783 | $ 307,095 | $ 316,032 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Interest Rate SwapRetained Earnings | Interest Rate SwapAccumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Balance, Beginning at Dec. 31, 2016 | $ 1,265,318 | $ 144 | $ 355,287 | $ (205,280) | $ 1,399,490 | $ (284,323) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings | 298,128 | 0 | 0 | 0 | 298,128 | 0 | |||||||
Currency translation adjustments | 46,690 | 0 | 0 | 0 | 0 | 46,690 | |||||||
Change in unrecognized pension benefit costs, net of tax | (29,669) | 0 | 0 | 0 | 0 | (29,669) | |||||||
Unrealized gain on interest rate swap, net of tax | 883 | 0 | 0 | 0 | 0 | 883 | |||||||
Stock compensation | 6,237 | 0 | 6,237 | 0 | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 13,399 | 1 | 13,398 | 0 | 0 | 0 | |||||||
Purchase of treasury stock | (239,838) | 0 | 0 | (239,838) | 0 | 0 | |||||||
Balance, Ending 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 | 317,152 | 0 | 0 | 0 | 317,152 | 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 | (4,405) | 0 | ||||||
Currency translation adjustments | (43,050) | 0 | 0 | 0 | 0 | (43,050) | |||||||
Change in unrecognized pension benefit costs, net of tax | 32,125 | ||||||||||||
Change in unrecognized pension benefit costs, net of tax | Accounting Standards Update 2018-02 | 32,612 | 0 | 0 | 0 | 0 | 32,612 | |||||||
Unrealized gain on interest rate swap, net of tax | 868 | ||||||||||||
Unrealized gain on interest rate swap, net of tax | Accounting Standards Update 2018-02 | (751) | 0 | 0 | 0 | 0 | (751) | |||||||
Stock compensation | 2,497 | 0 | 2,497 | 0 | 0 | 0 | |||||||
Balance, Ending at Dec. 29, 2018 | 1,665,203 | 145 | 377,419 | (445,118) | 2,009,233 | (276,476) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Adoption of ASU 2018-02 | $ 500 | ||||||||||||
Adoption of ASU 2018-02 | Accounting Standards Update 2018-02 | 1,132 | [3] | (487) | [3] | $ (1,600) | $ 1,619 | [3] | ||||||
Stranded Tax Effects Reclassified from OCI to Retained Earnings | Accounting Standards Update 2018-02 | 1,100 | ||||||||||||
Net earnings | 352,240 | 0 | 0 | 0 | 352,240 | 0 | |||||||
Cumulative Effect on Retained Earnings, Net of Tax | (100) | ||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | Accounting Standards Update 2017-12 | 0 | 0 | 0 | 0 | (11) | 11 | |||||||
Currency translation adjustments | 7,066 | 0 | 0 | 0 | 0 | 7,066 | |||||||
Change in unrecognized pension benefit costs, net of tax | (57,398) | 0 | 0 | 0 | 0 | (57,398) | |||||||
Unrealized gain on interest rate swap, net of tax | (24,125) | ||||||||||||
Unrealized gain on interest rate swap, net of tax | Accounting Standards Update 2017-12 | (24,136) | 0 | 0 | 0 | 0 | (24,136) | |||||||
Stock compensation | 8,133 | 0 | 8,133 | 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 Dec. 28, 2019 | 1,946,814 | $ 145 | $ 387,402 | $ (451,262) | $ 2,361,462 | $ (350,933) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Adoption of ASU 2018-02 | Accounting Standards Update 2017-12 | [4] | $ 11 | $ 0 | $ 11 | |||||||||
[1] | As of December 31, 2017, the company adopted ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The adoption of this guidance resulted in the reclassification of $1.1 million , including $1.6 million related to interest rate swap and $(0.5) million related to pensions, of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. | ||||||||||||
[2] | As of December 31, 2017, the company adopted ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) using the modified retrospective method to contracts that were not completed as of December 30, 2017. The adoption of this guidance resulted in the recognition of $(4.4) million as an adjustment to the opening balance of retained earnings. | ||||||||||||
[3] | 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 of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. | ||||||||||||
[4] | (3) 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 $(0.1) million as an adjustment to the opening balance of retained earnings. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ (11,914) | $ 6,386 | $ (5,588) |
Unrealized (loss) gain on interest rate swap, tax | $ (8,516) | $ (81) | $ 588 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Statement of Cash Flows [Abstract] | |||
Stock Issued During Period, Value, Acquisitions | $ 0 | $ 0 | $ 13,399 |
Cash flows from operating activities-- | |||
Net earnings | 352,240 | 317,152 | 298,128 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation and amortization | 103,428 | 97,238 | 69,774 |
Non-cash share-based compensation | 8,133 | 2,497 | 6,237 |
Deferred income taxes | 22,212 | 20,489 | (14,492) |
Net Periodic Benefit Cost, Other Components | (28,857) | (38,114) | (31,728) |
Gain (Loss) on Disposition of Assets | 0 | 0 | (12,042) |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | 783 | 3,114 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 58,000 |
Non Cash Restructuring | 0 | 5,637 | 0 |
Changes in assets and liabilities, net of acquisitions | |||
Accounts receivable, net | (27,748) | (25,347) | 26,180 |
Inventories, net | (28,288) | (28,378) | (9,744) |
Prepaid expenses and other assets | 5,067 | 18,145 | (34,122) |
Accounts payable | (29,396) | 13,611 | (21,631) |
Accrued expenses and other liabilities | 634 | (14,799) | (33,219) |
Net cash provided by operating activities | 377,425 | 368,914 | 304,455 |
Cash flows from investing activities-- | |||
Additions to property and equipment | (46,609) | (36,040) | (54,493) |
Proceeds from Sale of Property Held-for-sale | 0 | 0 | 14,278 |
Payments to Acquire Intangible Assets | 0 | 5,399 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | (281,058) | (1,197,984) | (305,251) |
Net cash (used in) investing activities | (327,667) | (1,239,423) | (345,466) |
Cash flows from financing activities-- | |||
Proceeds from (Repayments of) Lines of Credit | 543,294 | 1,611,110 | 758,883 |
Repayments of Lines of Credit | (560,363) | (746,281) | (462,112) |
Net (repayments) proceeds under foreign bank loan | (405) | (7,088) | (1,062) |
Repayments of Notes Payable | (179) | (3) | (35) |
Proceeds from (Payments for) Other Financing Activities | (1,648) | (1,234) | 0 |
Repurchase of treasury stock | (6,144) | 0 | (239,838) |
Payments of Debt Issuance Costs | 0 | (375) | 0 |
Net cash (used in) provided by financing activities | (25,445) | 856,129 | 55,836 |
Effect of exchange rates on cash and cash equivalents | (1,514) | (3,573) | 6,344 |
Changes in cash and cash equivalents-- | |||
Net (decrease) increase in cash and cash equivalents | 22,799 | (17,953) | 21,169 |
Cash and cash equivalents at beginning of year | 71,701 | 89,654 | 68,485 |
Cash and cash equivalents at end of quarter | $ 94,500 | $ 71,701 | $ 89,654 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS The Middleby Corporation (the "company") is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The company manufactures and assembles this equipment at thirty-seven U.S. and twenty-eight international manufacturing facilities. The company operates in three business segments: 1) the Commercial Foodservice Equipment Group, 2) the Food Processing Equipment Group and 3) the Residential Kitchen Equipment Group. The Commercial Foodservice Equipment Group has a broad portfolio of foodservice equipment, which enable it to serve virtually any cooking, warming, refrigeration, freezing and beverage application within a commercial kitchen or foodservice operation. This equipment is used across all types of foodservice operations, including quick-service restaurants, full-service restaurants, convenience stores, retail outlets, hotels and other institutions. The products offered by 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, soft serve ice cream equipment, coffee and beverage dispensing equipment, home and professional craft brewing equipment and IoT solutions. The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing pre-cooked meat products, such as hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies and bread. Through its broad line of products, the company is able to deliver a wide array of cooking solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated solutions that provide a food processing operation a uniquely integrated solution providing for the highest level of food quality, product consistency, and reduced operating costs resulting from increased product yields, increased capacity and greater throughput and reduced labor costs through automation. The products offered by this group include a wide array of cooking and baking solutions, including batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems . The company also provides a comprehensive portfolio of complementary food preparation equipment such as 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 , and forming equipment, as well as a variety of automated loading and unloading systems, food safety, food handling, freezing, defrosting and packaging equipment. This portfolio of equipment can be integrated to provide customers a highly efficient and customized solution. The Residential Kitchen Equipment Group has a broad portfolio of innovative and professional-style residential kitchen equipment. The products offered by this group include ranges, cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, wine coolers, ice machines, ventilation equipment and outdoor equipment . |
Acquisitions and Purchase Accou
Acquisitions and Purchase Accounting Acquisition and Purchase Accounting (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Business Acquisition [Line Items] | |
Business Combination Disclosure [Text Block] | 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. The difference between the purchase price and the fair value of the assets acquired and liabilities assumed has been recorded as goodwill in the financial statements. The company also recognizes identifiable intangible assets, primarily trade names and customer relationships, using a discounted cash flow model. The significant assumptions used to estimate the value of the intangible assets include revenue growth rates, projected profit margins, discount rates, royalty rates, and customer attrition rates. These significant assumptions are forward-looking and could be affected by future economic and market conditions. 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 significant acquisitions in 2019 and 2018 as well as summarized information on various acquisitions that were not individually material. The company also made smaller acquisitions not presented below which are individually and collectively immaterial. 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 , 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 $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. 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 , 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 to the sellers 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 (1,325 ) 32,341 Property, plant and equipment 15,959 (243 ) 15,716 Goodwill 31,207 5,327 36,534 Other intangibles 53,450 (5,850 ) 47,600 Other assets — 1,470 1,470 Current liabilities (15,130 ) (368 ) (15,498 ) Long-term deferred tax liability (13,082 ) 2,226 (10,856 ) Other non-current liabilities — (1,163 ) (1,163 ) Net assets acquired and liabilities assumed $ 106,913 $ 74 $ 106,987 The long term deferred tax liability amounted to $10.9 million . The net deferred tax liability is comprised of $11.6 million of deferred tax liability related to the difference between the book and tax basis on identifiable intangible asset and liability accounts and $0.7 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 $24.7 million of other intangibles associated with the trade name is subject to the non-amortization provisions of ASC 350. Other intangibles also include $22.5 million allocated to customer relationships and $0.4 million allocated to backlog, which are being amortized over periods of 9 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 will complete the purchase price allocation in the first quarter of fiscal 2020. Other 2018 Acquisitions During 2018 the company completed various other acquisitions that were not individually material. The final allocation of consideration paid for the other 2018 acquisitions is summarized as follows (in thousands): Preliminary Opening Balance Sheet Measurement Adjusted Opening Balance Sheet Cash $ 16,293 $ (37 ) $ 16,256 Current assets 38,048 115 38,163 Property, plant and equipment 22,340 3,658 25,998 Goodwill 126,647 (14,312 ) 112,335 Other intangibles 46,902 15,900 62,802 Other assets 14 — 14 Current portion of long term debt (3,329 ) — (3,329 ) Current liabilities (23,606 ) (1,521 ) (25,127 ) Long term debt (2,677 ) — (2,677 ) Long-term deferred tax liability (8,937 ) (4,923 ) (13,860 ) Other non-current liabilities (3,699 ) — (3,699 ) Consideration paid at closing $ 207,996 $ (1,120 ) $ 206,876 Contingent consideration 3,454 — 3,454 Net assets acquired and liabilities assumed $ 211,450 $ (1,120 ) $ 210,330 The long term deferred tax liability amounted to $13.9 million . The net deferred tax liability is comprised of $13.1 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.8 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 $30.7 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $28.6 million allocated to customer relationships, $0.3 million allocated to developed technology and $3.3 million allocated to backlog, which are being amortized over periods of 5 to 7 years , 5 years , and 3 months to 1 year , respectively. Goodwill of $85.4 million and other intangibles of $42.9 million of the companies are allocated to the Commercial Foodservice Equipment Group. Goodwill of $26.9 million and other intangibles of $19.9 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Of these assets, goodwill of $22.1 million is expected to be deductible for tax purposes. One purchase agreement includes an earnout provision providing for contingent payments due to the sellers to the extent certain financial targets are exceeded. The earnout is payable between 2020 and 2021, if the company exceeds certain sales and earnings targets. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $3.5 million . Other 2019 Acquisitions During 2019 the company completed various other acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed 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): Preliminary Opening Balance Sheet Measurement Adjusted Opening Balance Sheet Cash $ 2,683 $ (10 ) $ 2,673 Current assets 21,525 980 22,505 Property, plant and equipment 8,920 18 8,938 Goodwill 99,838 (3,096 ) 96,742 Other intangibles 64,019 199 64,218 Long-term deferred tax asset 1,288 1,478 2,766 Other assets 137 854 991 Current liabilities (20,437 ) (535 ) (20,972 ) Other non-current liabilities (6,170 ) (529 ) (6,699 ) Consideration paid at closing $ 171,803 $ (641 ) $ 171,162 Deferred payments 2,404 — 2,404 Contingent consideration 4,258 — 4,258 Net assets acquired and liabilities assumed $ 178,465 $ (641 ) $ 177,824 The long term deferred tax asset amounted to $2.8 million . The net deferred tax asset is comprised of $3.0 million of deferred tax asset related to tax loss carryforwards, $0.9 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets, and $0.7 million of deferred tax asset related to the difference between the book and tax basis on other book to tax differences and liability accounts. The goodwill and $29.6 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $23.9 million allocated to customer relationships, $9.2 million allocated to developed technology and $1.5 million allocated to backlog, which are being amortized over periods of 2 to 10 years , 5 to 7 years , and 3 months , respectively. Goodwill of $43.6 million and other intangibles of $35.2 million of the companies are allocated to the Commercial Foodservice Equipment Group. Goodwill of $43.6 million and other intangibles of $21.3 million are allocated to the Food Processing Equipment Group. Goodwill of $9.5 million and other intangibles of $7.7 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $85.5 million and intangibles of $54.1 million are expected to be deductible for tax purposes. One purchase agreement includes deferred payments and earnout provisions providing for contingent payments due to the sellers to the extent certain financial targets are exceeded. The deferred payments are payable between 2020 and 2022. The contractual obligation associated with the deferred payments on the acquisition date is $2.4 million . The earnout is payable in 2022, if the company exceeds certain sales and earnings targets. The contractual obligation associated with the 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 for substantially all 2019 acquisitions. Thus, the provisional measurements of fair value set forth above are subject to change. The company will complete the purchase price allocations during 2020. Pro Forma Financial Information In accordance with ASC 805 Business Combinations , the following unaudited pro forma results of operations for the twelve months ended December 28, 2019 and December 29, 2018 , assumes the 2018 and 2019 acquisitions 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): Twelve Months Ended December 28, 2019 December 29, 2018 Net sales $ 3,022,279 $ 3,078,487 Net earnings 344,823 285,642 Net earnings per share: Basic $ 6.20 $ 5.14 Diluted $ 6.20 $ 5.14 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The consolidated financial statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. Significant items that are subject to such estimates and judgments include allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves and post-retirement obligations. On an ongoing basis, the company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2019 , 2018 , and 2017 ended on December 28, 2019 , December 29, 2018 and December 30, 2017 , respectively, with each year including 52 weeks. Certain prior year amounts have been reclassified to be consistent with current year presentation, including the non-operating components of pension benefit previously reported in accrued expenses and other liabilities within the changes in assets and liabilities, net of acquisitions to an individual adjustment to reconcile net earnings to cash provided by operating activities on the Consolidated Statements of Cash Flows. (b) Cash and Cash Equivalents The company considers all short-term investments with original maturities of three months or less when acquired to be cash equivalents. The company’s policy is to invest its excess cash in interest-bearing deposits with major banks that are subject to minimal credit and market risk. (c) Accounts Receivable Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $14.9 million and $13.6 million at December 28, 2019 and December 29, 2018 , respectively. At December 28, 2019 , all accounts receivable are expected to be collected within one year. (d) Inventories Inventories are composed of material, labor and overhead and are stated at the lower of cost or net realizable value. 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 December 28, 2019 and December 29, 2018 are as follows (in thousands): 2019 2018 Raw materials and parts $ 277,394 $ 245,976 Work in process 58,663 51,164 Finished goods 249,642 224,670 $ 585,699 $ 521,810 (e) Property, Plant and Equipment Property, plant and equipment are carried at cost as follows (in thousands): 2019 2018 Land $ 43,467 $ 32,523 Building and improvements 229,025 196,743 Furniture and fixtures 67,992 64,586 Machinery and equipment 209,290 188,454 549,774 482,306 Less accumulated depreciation (197,629 ) (167,737 ) $ 352,145 $ 314,569 Property, plant and equipment are depreciated or amortized on a straight-line basis over their useful lives based on management's estimates of the period over which the assets will be utilized to benefit the operations of the company. The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes. The company periodically reviews these lives relative to physical factors, economic factors and industry trends. If there are changes in the planned use of property and equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of increased depreciation and amortization expense in future periods. Following is a summary of the estimated useful lives: Description Life Building and improvements 20 to 40 years Furniture and fixtures 3 to 7 years Machinery and equipment 3 to 10 years Depreciation expense amounted to $37.9 million , $35.8 million and $29.7 million in fiscal 2019 , 2018 and 2017 , respectively. Expenditures which significantly extend useful lives are capitalized. Maintenance and repairs are charged to expense as incurred. Asset impairments are recorded whenever events or changes in circumstances indicate that the recorded value of an asset is greater than the sum of its expected future undiscounted cash flows. (f) Goodwill and Other Intangibles The company’s business acquisitions result in the recognition of goodwill and other intangible assets, which are a significant portion of the company’s total assets. The company recognizes goodwill and other intangible assets under the guidance of ASC Topic 350-10, Intangibles - Goodwill and Other . Goodwill represents the excess of acquisition costs over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Identifiable intangible assets are recognized separately from goodwill and include trademarks and trade names, technology, customer relationships and other specifically identifiable assets. Trademarks and trade names are deemed to be indefinite-lived. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing. The company performs the annual impairment assessment for goodwill and indefinite-lived intangible assets as of first day of the fourth quarter and more frequently if indicators of impairment exist. The goodwill impairment test is performed at the reporting unit level. The company initially performs a qualitative analysis to determine if it is more likely than not that the goodwill balance or indefinite-life intangible asset is impaired. In conducting a qualitative assessment, the Company analyzes a variety of events or factors that may influence the fair value of the reporting unit or indefinite-life intangible, including, but not limited to: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, share price and other relevant factors. If an indicator of impairment is determined from the qualitative analysis, then the company will perform a two-step quantitative analysis. First, the fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the company performs a hypothetical purchase price allocation based on the reporting unit’s fair value to determine the fair value of the reporting unit’s goodwill. Any resulting difference will be a charge to impairment of intangible assets in the Consolidated Statements of Earnings in the period in which the determination is made. Fair value is determined using a combination of present value techniques and market prices of comparable businesses. The company completed its annual impairment test for goodwill as of September 29, 2019. The company performed a qualitative assessment to evaluate goodwill for all reporting units. Based on the qualitative assessment it was determined there was no impairment of goodwill. The company has not recognized any goodwill impairments and therefore no accumulated impairment loss. Goodwill is allocated to the business segments as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 30, 2017 $ 631,451 $ 198,278 $ 435,081 $ 1,264,810 Goodwill acquired during the year 487,032 30,624 — 517,656 Measurement period adjustments to goodwill acquired in prior year (1,559 ) (5,679 ) — (7,238 ) Exchange effect (14,857 ) (4,169 ) (13,027 ) (32,053 ) Balance as of December 29, 2018 $ 1,102,067 $ 219,054 $ 422,054 $ 1,743,175 Goodwill acquired during the year 81,339 43,613 9,503 134,455 Measurement period adjustments to goodwill acquired in prior year (27,929 ) (3,722 ) — (31,651 ) Exchange effect (1,925 ) (1,266 ) 6,959 3,768 Balance as of December 28, 2019 $ 1,153,552 $ 257,679 $ 438,516 $ 1,849,747 Intangible assets consist of the following (in thousands): December 28, 2019 December 29, 2018 Estimated Weighted Avg Remaining Life Gross Carrying Amount Accumulated Amortization Estimated Weighted Avg Remaining Life Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationships 9.2 $ 717,397 $ (283,846 ) 9.5 $ 644,145 $ (222,661 ) Backlog 1.3 29,426 (28,283 ) 2.8 27,065 (24,755 ) Developed technology 5.2 32,999 (21,378 ) 5.9 39,624 (20,998 ) $ 779,822 $ (333,507 ) $ 710,834 $ (268,414 ) Indefinite-lived assets: Trademarks and tradenames $ 997,066 $ 918,604 The company completed its annual impairment for other intangibles as of September 29, 2019. We identified indicators of impairment associated with certain tradenames within the Food Processing and Residential Kitchen reporting units based on the qualitative assessment, which required the completion of a quantitative impairment assessment. The primary indicator of impairment was lower than expected revenue performance in the current year. Based on the results of the quantitative assessment, the company determined there was no impairment of any of the indefinite-lived intangible assets. In performing the quantitative assessment of indefinite-life intangible assets, primarily tradenames, the company estimated the fair value using the relief-from-royalty method which requires assumptions related to projected revenues; assumed royalty rates that could be payable if we did not own the brand; and a market participant discount rate based on a weighted-average cost of capital. The company elected to perform a qualitative assessment on the other indefinite-life intangible assets noting no events that indicated that the fair value was less than carrying value that would require a quantitative impairment assessment. The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management's estimates due to changes in business conditions, operating performance and economic conditions. During 2017 testing, the company determined that the Viking tradename, within the Residential Kitchen Equipment Group, was impaired. The company estimated the fair value of the tradename using a relief from royalty method under the income approach. The decline in fair value of the Viking tradename was primarily the result of weaker than expected revenue performance in 2017 and a corresponding reduction of future revenue expectations. The impairment resulted from the decline in revenues attributable, in part, to the product recall announced in 2015 related to products manufactured prior to the acquisition of Viking. The fair value of the Viking tradename was estimated to be $93.0 million as compared to the carrying value of $151.0 million and resulted in a $58.0 million indefinite-lived intangible asset impairment charge. The aggregate intangible amortization expense was $64.0 million , $60.0 million and $38.6 million in 2019 , 2018 and 2017 , respectively. The estimated future amortization expense of intangible assets is as follows (in thousands): 2020 $ 66,177 2021 62,246 2022 57,921 2023 51,916 2024 40,456 2025 and thereafter 167,599 $ 446,315 (g) Accrued Expenses Accrued expenses consist of the following at December 28, 2019 and December 29, 2018 , respectively (in thousands): 2019 2018 Accrued payroll and related expenses $ 81,541 $ 74,952 Contract liabilities 74,511 57,913 Accrued warranty 66,374 59,451 Accrued customer rebates 51,709 45,740 Accrued short-term leases 21,827 — Accrued sales and other tax 19,862 19,452 Accrued product liability and workers compensation 15,164 16,284 Accrued agent commission 13,816 11,969 Accrued professional fees 13,368 17,313 Other accrued expenses 58,378 64,372 $ 416,550 $ 367,446 (h) 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 such matter will have a material adverse effect on its financial condition, results of operations or cash flows of the company. During the fourth quarter, we reached a settlement with respect to a lawsuit filed by the company arising from a prior acquisition included our Residential Kitchen Equipment Segment. The gain associated with this settlement, which is net of the release of funds in escrow, is reflected in the consolidated statement of earnings. (i) Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets (in thousands): 2019 2018 Unrecognized pension benefit costs, net of tax of ($48,633) and ($36,719) $ (228,336 ) $ (170,938 ) Unrealized gain on interest rate swap, net of tax of ($5,973) and $2,543 (16,892 ) 7,233 Currency translation adjustments (105,705 ) (112,771 ) $ (350,933 ) $ (276,476 ) Changes in accumulated other comprehensive income (loss) (1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total 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 (43,050 ) 29,527 (1,166 ) (14,689 ) Amounts reclassified from accumulated other comprehensive income — 3,085 415 3,500 Net current-period other comprehensive income $ (43,050 ) $ 32,125 $ 868 $ (10,057 ) Balance as of December 29, 2018 $ (112,771 ) $ (170,938 ) $ 7,233 $ (276,476 ) Adoption of ASU 2017-12 (3) — — 11 11 Other comprehensive income before reclassification 7,066 (59,238 ) (25,392 ) (77,564 ) Amounts reclassified from accumulated other comprehensive income — 1,840 1,256 3,096 Net current-period other comprehensive income $ 7,066 $ (57,398 ) $ (24,125 ) $ (74,457 ) Balance as of December 28, 2019 $ (105,705 ) $ (228,336 ) $ (16,892 ) $ (350,933 ) (1) As of December 28, 2019 pension and interest rate swap amounts are net of tax of $(48.6) million and $(6.0) million , respectively. During the twelve months ended December 28, 2019, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $(11.9) million and $(8.5) million , respectively. (2) 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 of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. (3) 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. (j) Fair Value Measures 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 are categorized using the fair value hierarchy at December 28, 2019 and December 29, 2018 are as follows (in thousands): Fair Value Level 1 Fair Value Level 2 Fair Value Level 3 Total As of December 28, 2019 Financial Assets: Interest rate swaps $ — $ 1,830 $ — $ 1,830 Financial Liabilities: Interest rate swaps $ — $ 25,120 $ — $ 25,120 Contingent consideration $ — $ — $ 6,697 $ 6,697 Foreign exchange derivative contracts $ — $ 901 $ — $ 901 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 Foreign exchange derivative contracts $ — $ 854 $ — $ 854 The contingent consideration, as of December 28, 2019 and December 29, 2018 , relates to the earnout provisions recorded in conjunction with various purchase agreements. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreements. On a quarterly basis, the company assesses the projected results for each of the acquisitions in comparison to the earnout targets and adjusts the liability accordingly. (k) Foreign Currency Foreign currency transactions are accounted for in accordance with ASC 830 Foreign Currency Translation . The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur. These transactions amounted to a gain of $0.9 million , and loss of $2.6 million and $2.4 million in 2019 , 2018 and 2017 , respectively, and are included in other expense on the statements of earnings. (l) Shipping and Handling Costs Fees billed to the customer for shipping and handling are classified as a component of net revenues. Shipping and handling costs are included in cost of products sold. (m) 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, 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 for the fiscal years 2019 and 2018 are as follows (in thousands): 2019 2018 Beginning balance $ 59,451 $ 52,834 Warranty reserve related to acquisitions 7,353 5,884 Warranty expense 68,842 62,314 Warranty claims paid (69,272 ) (61,581 ) Ending balance $ 66,374 $ 59,451 (n) Research and Development Costs Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. These costs were $41.2 million , $35.3 million and $29.1 million in fiscal 2019 , 2018 and 2017 , respectively. (o) Non-Cash Share-Based Compensation The company estimates the fair value of restricted share grants and stock options at the time of grant and recognizes compensation costs over the vesting period of the awards and options. Non-cash share-based compensation expense of $8.1 million , $2.5 million and $6.2 million was recognized for fiscal 2019 , 2018 and 2017 , respectively, associated with restricted share grants. The company recorded a related tax benefit of $0.5 million , less than $0.1 million and $2.4 million in fiscal 2019 , 2018 and 2017 , respectively. As of December 28, 2019 , there was $52.3 million of total unrecognized compensation cost related to nonvested restricted share grant compensation arrangements, if all performance conditions are fully achieved. The remaining weighted average life is 1.65 years. Share grant awards not subject to market conditions for vesting are valued at the closing share price of the company’s stock as of the date of the grant. The company issued 537,059 and 132,038 restricted share grant awards in 2019 and 2018 , respectively, with a fair value of $60.8 million and $13.3 million , respectively. Share grant awards issued in 2019 and 2018 are generally performance based and were not subject to market conditions. The fair value of $113.26 and $100.50 per share for the awards for 2019 and 2018 , respectively, represent the closing share price of the company’s stock as of the date of grant. (p) Earnings Per Share “Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities. The company’s potentially dilutive securities consist of shares issuable on exercise of outstanding options and vesting of restricted stock grants computed using the treasury method and amounted to 9,000 , 28,000 , and 4,000 for fiscal 2019 , 2018 and 2017 , respectively. There were no anti-dilutive equity awards excluded from common stock equivalents for 2019 , 2018 or 2017 . (q) Consolidated Statements of Cash Flows Cash paid for interest was $80.9 million , $55.3 million and $25.9 million in fiscal 2019 , 2018 and 2017 , respectively. Cash payments totaling $91.5 million , $79.0 million , and $123.3 million were made for income taxes during fiscal 2019 , 2018 and 2017 , respectively. (r) New Accounting Pronouncements 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 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 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 $96.8 million . For additional information related to the impact of adopting this guidance, see Note 9 of the 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 Consolidated Financial Statements. For additional information related to the impact of adopting this guidance, see Note of the 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 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 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. As a result of the company's assessment process on its receivables and contract assets portfolio, which is the only financial instrument in scope of this standard, the company does not expect this ASU to have a material impact on its 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 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 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 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 Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) which removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2020 with early adoption permitted. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings in the period of adoption. The company is currently evaluating the i mpacts the adoption of this ASU will have on its Consolidated Financial Statements. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION Revenue is recognized when the control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and represents the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The company’s contracts can have multiple performance obligations or just a single performance obligation. For contracts with multiple performance obligations, the contracts transaction price is allocated to each performance obligation using the company’s best estimate of the standalone selling price of each distinct good or service in the contract. Within the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups, the estimated standalone selling price of equipment is based on observable prices. Within the Food Processing Equipment Group, the company estimates the standalone selling price based on expected cost to manufacture the good or complete the service plus an appropriate profit margin. Control may pass to the customer over time or at a point in time. 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. Installation services provided in connection with the delivery of the equipment are also generally recognized as those services are rendered. Over time transfer of control is measured using an appropriate input measure (e.g., costs incurred or direct labor hours incurred in relation to total estimate). These measures include forecasts based on the best information available and therefore reflect the company's judgment to faithfully depict the transfer of the goods. Contract Estimates Accounting for long-term contracts within the Food Processing Equipment group involves the use of various techniques to estimate total contract revenue and costs. For the company’s long-term contracts, estimated profit for the equipment performance obligations is recognized as the equipment is manufactured and assembled. Profit on the equipment performance obligations is estimated as the difference between the total estimated revenue and expected costs to complete a contract. Contract cost estimates are based on labor productivity and availability, the complexity of the work to be performed; the cost and availability of materials and labor, and the performance of subcontractors. Contracts within the Commercial Foodservice and Residential Foodservice Equipment groups may contain variable consideration in the form of volume rebate programs. The company’s estimate of variable consideration is based on its experience with similarly situated customers using the portfolio approach. Adoption of ASC 606 On December 31, 2017, we adopted the new accounting standard 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. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings of $4.4 million . As a result of the adoption of ASC 606, the company has changed its accounting policy for revenue recognition as detailed below. Equipment Under the company’s historical accounting policies, revenue under long-term sales contracts within the Food Processing Equipment Group was recognized using the percentage of completion method. Upon adoption, a number of contracts that were not completed as of December 31, 2017 did not meet the requirements for recognition of revenue over time under ASC 606. As such the revenue was deferred and recognized at a point in time. Installation Services Under the company’s historical accounting policies, the company used the completed contract method for installation services associated with equipment sold within the Food Processing Equipment Group. Under ASC 606, the Company recognizes revenue from installation services over the period the services are rendered. Product Maintenance These services are generally recognized on a straight-line basis, because the customer simultaneously receives and consumes the benefit as we perform the services. Practical Expedients and Policy Elections The company has taken advantage of the following practical expedients: • The company does not disclose information about remaining performance obligations that have original expected durations of one year or less. • The company generally expenses sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses. • As the company’s standard payment terms are less than one year, the company does not assess whether a contract has a significant financing component. The company has made the following accounting policy elections: • The company treats shipping and handling activities performed after the customer obtains control of the good as a contract fulfillment activity. • Sales, use and value added taxes assessed by governmental authorities are excluded from the measurement of the transaction price within the company’s contracts with its customers. 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 Twelve Months Ended December 28, 2019 United States and Canada $ 1,334,776 $ 246,572 $ 362,753 $ 1,944,101 Asia 221,422 31,250 5,760 258,432 Europe and Middle East 349,613 98,814 198,672 647,099 Latin America 78,534 24,315 6,965 109,814 Total $ 1,984,345 $ 400,951 $ 574,150 $ 2,959,446 Twelve Months Ended December 29, 2018 United States and Canada $ 1,176,006 $ 263,743 $ 366,679 $ 1,806,428 Asia 180,409 36,578 7,155 224,142 Europe and Middle East 315,935 64,666 221,126 601,727 Latin America 57,464 24,607 8,563 90,634 Total $ 1,729,814 $ 389,594 $ 603,523 $ 2,722,931 Twelve Months Ended December 30, 2017 United States and Canada $ 968,483 $ 256,739 $ 344,204 $ 1,569,426 Asia 144,702 25,175 8,099 177,976 Europe and Middle East 226,697 42,473 240,456 509,626 Latin America 42,226 28,330 7,958 78,514 Total $ 1,382,108 $ 352,717 $ 600,717 $ 2,335,542 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 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 new 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 Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the 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): December 28, 2019 December 29, 2018 Contract assets $ 22,675 $ 14,048 Contract liabilities $ 74,511 $ 57,913 Non-current contract liabilities $ 12,870 $ 12,170 During the twelve months period ended December 28, 2019 , the company reclassified $9.1 million to accounts receivable which was included in the contract asset balance at the beginning of the period. During the twelve months period ended December 28, 2019 , the company recognized revenue of $51.8 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 $71.4 million during the twelve months period ended December 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 twelve months period ended December 28, 2019 . |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS The following is a summary of long-term debt at December 28, 2019 and December 29, 2018 (in thousands): 2019 2018 Senior secured revolving credit line $ 1,869,402 $ 1,887,764 Foreign loans 3,622 4,166 Other debt arrangement 116 175 Total debt $ 1,873,140 $ 1,892,105 Less current maturities of long-term debt 2,894 3,207 Long-term debt $ 1,870,246 $ 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 . Subsequent to the end of fiscal year December 28, 2019 , the company entered into an amended and restated facility ("Amended Facility"). See Note 14 to the consolidated financial statements for further information. As of December 28, 2019 , the company had $1.9 billion of borrowings outstanding under the Credit Facility, including $1.8 billion of borrowings in U.S. Dollars and $47.9 million of borrowings denominated in Euro. The company also has $13.3 million in outstanding letters of credit as of December 28, 2019 , which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under this facility was $1.1 billion at December 28, 2019 . At December 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 3.37% 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 December 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 December 28, 2019 , these foreign credit facilities amounted to $3.6 million in U.S. Dollars with a weighted average per annum interest rate of approximately 5.18% . 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 January 2025. 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): December 28, 2019 December 29, 2018 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 1,873,140 $ 1,873,140 $ 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 December 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 $897.0 million of notional amount carrying an average interest rate of 2.27% that mature in more than 12 months but less than 72 months. The terms of the Amended 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 Amended 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 Amended Facility) of 4.00 to 1.00 , which may be adjusted to 4.50 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 Amended Facility. The Amended 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 Amended 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 December 28, 2019 , the company was in compliance with all covenants pursuant to its borrowing agreements. The aggregate amount of debt payable during each of the next five years, which includes the amendment and restatement to our multi-currency senior secured credit agreement disclosed in Note 14 to the consolidated financial statements, is as follows (in thousands): 2020 $ 2,894 2021 378 2022 302 2023 82 2024 and thereafter 1,869,484 $ 1,873,140 |
Common and Preferred Stock (Not
Common and Preferred Stock (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Stockholders' Equity Note [Abstract] | |
Common and Preferred Stock | COMMON AND PREFERRED STOCK (a) Shares Authorized At December 28, 2019 and December 29, 2018 , the company had 95,000,000 authorized shares of common stock and 2,000,000 authorized shares of non-voting preferred stock. (b) Treasury Stock In November 2017, the company's Board of Directors approved a stock repurchase program authorizing the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. As of December 28, 2019 , 126,200 shares had been purchased under the 2017 stock repurchase program and 2,373,800 remain authorized for repurchase. (c) Share-Based Awards The company maintains several stock incentive plans under which the company's Board of Directors issues restricted share grants to key employees. Restricted share grants issued to employees are transferable upon certain vesting requirements being met. The 2011 Stock Incentive Plan (the "2011 Plan") was adopted on April 1, 2011, under which the company's Board of Directors issues stock grants to key employees. On July 11, 2017 the company increased the maximum amount of shares reserved for issuance under the 2011 Plan by 1,000,000 . A maximum amount of 2,650,000 shares can be issued under the 2011 Plan. Stock grants issued to employees are transferable upon certain vesting requirements. As of December 28, 2019 , a total of 1,652,175 share-based awards have been issued under the 2011 Plan. This includes 1,652,175 restricted share grants, of which 527,085 remain outstanding and unvested. For fiscal year ended December 28, 2019 , the approximate fair value of shares vested were $16.5 million . A summary of the company’s nonvested restricted share grant activity for fiscal years ended December 28, 2019 and December 29, 2018 is as follows: Shares Weighted Average Grant-Date Fair Value Nonvested shares at December 30, 2017 159,203 $ 104.44 Granted 132,038 100.50 Vested (6,203 ) 126.09 Forfeited (159,196 ) 100.84 Nonvested shares at December 29, 2018 125,842 $ 103.29 Granted 537,059 113.26 Vested (135,816 ) 105.81 Forfeited — — Nonvested shares at December 28, 2019 527,085 $ 112.60 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Earnings before taxes is summarized as follows (in thousands): 2019 2018 2017 Domestic $ 336,688 $ 328,870 $ 290,866 Foreign 125,931 94,643 92,663 Total $ 462,619 $ 423,513 $ 383,529 The provision for income taxes is summarized as follows (in thousands): 2019 2018 2017 Federal $ 69,074 $ 66,359 $ 48,688 State and local 16,203 16,035 9,076 Foreign 25,102 23,967 27,637 Total $ 110,379 $ 106,361 $ 85,401 Current $ 88,167 $ 85,872 $ 99,893 Deferred 22,212 20,489 (14,492 ) Total $ 110,379 $ 106,361 $ 85,401 Reconciliation of the differences between income taxes computed at the federal statutory rate to the effective rate are as follows: 2019 2018 2017 U.S. federal statutory tax rate 21.0 % 21.0 % 35.0 % State taxes, net of federal benefit 3.2 3.0 1.5 U.S. domestic manufacturers deduction — — (2.1 ) Permanent differences 0.6 0.2 (0.7 ) Foreign income tax rate at rates other than U.S. statutory 0.2 1.3 (1.6 ) Tax Cuts and Jobs Act of 2017 deferred tax changes — 0.2 (10.0 ) Tax Cuts and Jobs Act of 2017 transition tax — (0.1 ) 2.0 Change in valuation allowances (1) 0.1 (0.5 ) (2.0 ) Tax on unremitted earnings 0.3 — 1.5 Other (1.5 ) — (1.3 ) Consolidated effective tax 23.9 % 25.1 % 22.3 % (1) Net of changes in related tax attributes. The company’s effective tax rate for 2019 was 23.9% as compared to 25.1% in 2018 . The effective tax rate for 2019 reflects favorable tax adjustments for a refund of foreign taxes, enacted tax rate changes in several foreign jurisdictions and adjustments for the finalization of 2018 tax returns. The effective tax rate is higher than the federal tax rate of 21.0% primarily due to state taxes, non-deductible expenses and foreign tax rate differentials. At December 28, 2019 and December 29, 2018 , the company had recorded the following deferred tax assets and liabilities (in thousands): 2019 2018 Deferred tax assets: Compensation related $ 4,744 $ 3,776 Pension and post-retirement benefits 48,716 41,502 Inventory reserves 15,166 14,441 Accrued liabilities and reserves 17,321 13,835 Warranty reserves 16,550 10,641 Operating lease liability 17,521 — Net operating loss carryforwards 17,873 36,629 Other 22,579 10,531 Gross deferred tax assets 160,470 131,355 Valuation allowance (7,754 ) (26,023 ) Deferred tax assets $ 152,716 $ 105,332 Deferred tax liabilities: Intangible assets $ (203,721 ) $ (167,197 ) Depreciable assets (18,020 ) (13,617 ) Operating lease right-of-use assets (17,542 ) — Other (10,001 ) (6,226 ) Deferred tax liabilities $ (249,284 ) $ (187,040 ) Net deferred tax assets (liabilities) $ (96,568 ) $ (81,708 ) Long-term deferred asset 36,932 32,188 Long-term deferred liability (133,500 ) (113,896 ) Net deferred tax assets (liabilities) $ (96,568 ) $ (81,708 ) The company has recorded tax reserves on undistributed foreign earnings not permanently reinvested of $5.6 million and $4.1 million at December 28, 2019 and December 29, 2018 , respectively. No further provisions were made for income taxes that may result from future remittances of undistributed earnings of foreign subsidiaries that are determined to be permanently reinvested, which were $369.0 million on December 28, 2019 . Determination of the total amount of unrecognized deferred income taxes on undistributed earnings net of foreign subsidiaries is not practicable. The company has a deferred tax asset on net operating loss carryforwards totaling $17.9 million as of December 28, 2019 . These net operating losses are available to reduce future taxable earnings of certain domestic and foreign subsidiaries. United States federal loss carryforwards total $19.5 million of which $13.4 million will expire through 2037 and $6.1 million have no expiration date. State loss carryforwards total $104.4 million and expire through 2039 and international loss carryforwards total $38.2 million and expire through 2038; however, some have no expiration date. Of these carryforwards, $5.2 million are subject to full valuation allowance. During 2019, the company wrote off $18.4 million of deferred tax assets on foreign loss carryforwards that had full valuation allowances. The deferred tax assets were written off as the entities were dissolved or otherwise disposed of during 2019. As of December 28, 2019 , the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $31.6 million (of which $31.2 million would impact the effective tax rate if recognized) plus approximately $5.5 million of accrued interest and $7.2 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. Interest recognized in fiscal years 2019 , 2018 and 2017 was $0.4 million , $0.6 million and $0.7 million , respectively. Penalties recognized in fiscal years 2019 , 2018 and 2017 was $(0.9) million , $0.6 million and $1.3 million , respectively. Although the company believes its tax returns are correct, the final determination of tax examinations may be different than what was reported on the tax returns. In the opinion of management, adequate tax provisions have been made for the years subject to examination. The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 30, 2017 , December 29, 2018 and December 28, 2019 (in thousands): Balance at December 30, 2017 $ 29,930 Increases to current year tax positions 3,912 Increase to prior year tax positions 2,860 Decrease to prior year tax positions (569 ) Lapse of statute of limitations (4,221 ) Balance at December 29, 2018 $ 31,912 Increases to current year tax positions 4,216 Increase to prior year tax positions 254 Lapse of statute of limitations (4,823 ) Balance at December 28, 2019 $ 31,559 It is reasonably possible that the amounts of unrecognized tax benefits associated with state, federal and foreign tax positions may decrease over the next twelve months due to expiration of a statute or completion of an audit. The company believes that it is reasonably possible that $5.3 million of its remaining unrecognized tax benefits may be recognized by the end of 2020 as a result of settlements with taxing authorities or lapses of statutes of limitations. In the normal course of business, income tax authorities in various income tax jurisdictions both in the United States and internationally conduct routine audits of our income tax returns filed in prior years. These audits are generally designed to determine if individual income tax authorities are in agreement with our interpretations of complex tax regulations regarding the allocation of income to the various income tax jurisdictions. Income tax years are open from 2016 through the current year for the United States federal jurisdiction. Income tax years open for our other major jurisdictions range from 2014 through the current year. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [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 Consolidated Statements of Comprehensive Income, but instead recognizes the entire change in the fair value of the hedge contract in other accumulated comprehensive income. (a) Foreign Exchange The company periodically enters into derivative instruments, principally forward contracts to reduce exposures pertaining to fluctuations in foreign exchange rates. The fair value of these forward contracts was an unrealized loss of $0.9 million at the end of the year. (b) 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. The fair value of these instruments was a liability of $23.3 million and an asset of $9.4 million as of December 28, 2019 and December 29, 2018 , respectively. The change in fair value of these swap agreements in 2019 was a loss of $24.1 million , net of taxes. A summary of the company’s interest rate swaps is as follows (in thousands): Twelve Months Ended Location Dec 28, 2019 Dec 29, 2018 Fair value Other assets $ 1,830 $ 13,487 Fair value Other non-current liabilities $ 25,120 $ 4,125 Amount of gain/(loss) recognized in other comprehensive income Other comprehensive income $ (31,396 ) $ (561 ) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 1,256 $ 415 Gain/(loss) recognized in income (ineffective portion) Other expense $ — $ 72 Interest rate swaps are subject to default risk to the extent the counterparty is unable to satisfy its 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 agreement. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [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, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Estonia, Italy, the Philippines, Spain, 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, soft serve ice cream equipment, coffee and beverage dispensing equipment, home and professional craft brewing equipment and IoT solutions. These products are sold and marketed under the brand names: Anets, APW Wyott, Bakers Pride, Beech, BKI, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, Carter-Hoffmann, Celfrost, Concordia, CookTek, Crown, CTX, 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, Powerhouse Dynamics, QualServ, Southbend, Ss Brewtech, Star, Starline, Sveba Dahlen, Synesso, 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, Texas, Virginia, Washington, Wisconsin, Denmark, France, Germany, India, Italy, 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, Pacproinc, 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, Wisconsin, France, Ireland 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, Brava, 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. Management believes that intersegment sales are made at established arm's length transfer prices. The following table summarizes the results of operations for the company’s business segments( 1 ) (dollars in thousands): Commercial Foodservice Food Processing Residential Kitchen Corporate and Other (2) Total 2019 Net sales $ 1,984,345 $ 400,951 $ 574,150 $ — $ 2,959,446 Operating income (3,4) 429,946 68,935 89,312 (74,150 ) 514,043 Depreciation expense 21,054 4,944 11,742 112 37,852 Amortization expense (5) 45,906 8,162 9,896 1,612 65,576 Net capital expenditures 29,353 6,683 9,168 1,405 46,609 Total assets 3,188,304 621,619 1,157,211 35,009 5,002,143 Long-lived assets (6) 261,466 57,403 176,834 4,116 499,819 2018 Net sales $ 1,729,814 $ 389,594 $ 603,523 $ — $ 2,722,931 Operating income (3) 393,380 62,435 53,959 (63,808 ) 445,966 Depreciation expense 17,374 5,207 12,838 363 35,782 Amortization expense (5) 35,224 7,527 17,226 1,479 61,456 Net capital expenditures 17,444 7,373 11,721 (498 ) 36,040 Total assets 2,906,373 513,189 1,089,103 41,116 4,549,781 Long-lived assets (6) 181,636 33,127 146,897 22,328 383,988 2017 Net sales $ 1,382,108 $ 352,717 $ 600,717 $ — $ 2,335,542 Operating income (3,7,8) 357,085 88,121 (377 ) (66,216 ) 378,613 Depreciation expense 12,643 3,677 12,984 406 29,710 Amortization expense (5) 17,338 3,680 17,567 1,479 40,064 Net capital expenditures 41,457 5,519 7,637 (120 ) 54,493 Total assets 1,693,820 450,932 1,140,668 54,293 3,339,713 Long-lived assets (6) 148,565 25,346 167,486 21,191 362,588 (1) Non-operating expenses are not allocated to the reportable 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) Includes corporate and other general company assets and operations. (3) Restructuring expenses are included in operating income of the segment to which they pertain. See note 13 for further details. (4) Gain on litigation settlement is included in Residential Kitchen. (5) Includes amortization of deferred financing costs. (6) Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets. (7) Gain on sale of plant is included in Commercial Foodservice. (8) Impairment of intangible assets is included in Residential Kitchen. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands): 2019 2018 2017 United States and Canada $ 305,207 $ 262,482 $ 221,479 Asia 22,312 12,136 14,033 Europe and Middle East 165,781 108,001 126,264 Latin America 6,519 1,369 812 Total International 194,612 121,506 141,109 $ 499,819 $ 383,988 $ 362,588 |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Dec. 28, 2019 | |
Retirement Benefits [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 Chairman’s final base salary with no increase in compensation. Non-U.S. Plans: The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 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, 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, which covers the majority of employees 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 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. A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands) Fiscal 2019 Fiscal 2018 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net Periodic Pension Cost (Benefit): Service cost $ — $ 2,457 $ 365 $ 3,754 Interest cost 1,253 33,490 1,082 32,173 Expected return on assets (868 ) (67,542 ) (967 ) (75,017 ) Amortization of net loss (gain) 664 721 (129 ) 4,056 Amortization of prior service cost — 2,560 — 437 Curtailment loss — 865 — 906 Pension settlement gain — — — (655 ) $ 1,049 $ (27,449 ) $ 351 $ (34,346 ) Change in Benefit Obligation: Benefit obligation – beginning of year $ 31,559 $ 1,377,575 $ 31,908 $ 1,615,244 Service cost — 2,457 365 3,754 Prior service cost — — — 53,586 Interest on benefit obligations 1,253 33,490 1,082 32,173 Member contributions — 313 — 290 Actuarial loss (gain) 4,173 102,377 (850 ) (163,746 ) Pension settlement gain — — — (873 ) Net benefit payments (1,590 ) (62,355 ) (946 ) (72,095 ) Curtailment loss — 865 — 906 Exchange effect — 46,894 — (91,664 ) Benefit obligation – end of year $ 35,395 $ 1,501,616 $ 31,559 $ 1,377,575 Change in Plan Assets: Plan assets at fair value – beginning of year $ 14,634 $ 1,141,381 $ 16,102 $ 1,296,539 Company contributions 1,191 5,934 877 4,889 Investment gain (loss) 2,509 107,368 (1,399 ) (12,600 ) Member contributions — 313 — 290 Pension settlement loss — — — (161 ) Benefit payments and plan expenses (1,590 ) (62,355 ) (946 ) (72,095 ) Exchange effect — 38,540 — (75,481 ) Plan assets at fair value – end of year $ 16,744 $ 1,231,181 $ 14,634 $ 1,141,381 Funded Status: Unfunded benefit obligation $ (18,651 ) $ (270,435 ) $ (16,925 ) $ (236,194 ) Amounts recognized in balance sheet at year end: Accrued pension benefits $ (18,651 ) $ (270,435 ) $ (16,925 ) $ (236,194 ) Fiscal 2019 Fiscal 2018 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Pre-tax components in accumulated other comprehensive income at period end: Net actuarial loss $ 6,853 $ 270,116 $ 4,985 $ 202,672 Pre-tax components recognized in other comprehensive income for the period: Current year actuarial (gain) loss $ 2,532 $ 69,228 $ 1,516 $ (88,992 ) Actuarial gain (loss) recognized (664 ) (798 ) 129 (4,741 ) Prior service cost — — — 53,586 Prior service cost recognized — (986 ) — (437 ) Pension settlement gain — — — (713 ) Pension settlement gain recognized — — — 654 Total amount recognized $ 1,868 $ 67,444 $ 1,645 $ (40,643 ) Accumulated Benefit Obligation $ 35,395 $ 1,501,616 $ 31,559 $ 1,377,532 Salary growth rate n/a 0.8 % n/a 0.8 % Assumed discount rate 3.0 % 2.0 % 4.1 % 2.7 % Expected return on assets 6.0 % 6.2 % 6.0 % 6.2 % On October 26, 2018, in Lloyds Banking Group Pensions Trustees Limited vs. Lloyds Bank plc and Others , the High Court of Justice in the United Kingdom issued a ruling ("Court Ruling") requiring Lloyds Bank plc to equalize benefits payable to men and women under its U.K. defined benefit pension plan. The Court Ruling noted that the formulas used to determine guaranteed minimum pension (GMP) benefits violated gender-pay equality laws due to differences in the way benefits were calculated for men and women. As a result of this ruling, the U.K. pension plan was required to amend its benefit formulas and account for the higher pension payments resulting from GMP equalization. In accordance with ASC 715, this Court Ruling represents a change to the company's U.K. pension plans resulting in a retroactive increase in benefit levels for plan participants and has been accounted for as a prior service cost deferred in other comprehensive income, to be amortized as a component of net periodic pension benefit in future periods. The U.K. pension plans projected benefit obligation increased $53.6 million as a result of the Court Ruling, subject to potential future adjustments as the calculations by participants are finalized. The company has engaged non-affiliated third party professional investment advisors to assist the company to develop its investment policy and establish asset allocations. The company's overall investment objective is to provide a return, that along with company contributions, is expected to meet future benefit payments. Investment policy is established in consideration of anticipated future timing of benefit payments under the plans. The anticipated duration of the investment and the potential for investment losses during that period are carefully weighed against the potential for appreciation when making investment decisions. The company routinely monitors the performance of investments made under the plans and reviews investment policy in consideration of changes made to the plans or expected changes in the timing of future benefit payments. The assets of the plans were invested in the following classes of securities (none of which were securities of the company): U.S. Plans: Target Allocation Percentage of Plan Assets 2019 2018 Equity 48 % 51 % 42 % Fixed income 40 37 49 Money market 4 2 1 Other (real estate investment trusts & commodities contracts) 8 10 8 100 % 100 % 100 % Non-U.S. Plans: Target Allocation Percentage of Plan Assets 2019 2018 Equity 17 % 22 % 23 % Fixed income 38 39 52 Alternatives/Other 32 22 9 Real Estate 13 13 14 Cash and cash equivalents — 4 2 100 % 100 % 100 % In accordance with ASC 820 Fair Value Measurements and Disclosures , the company has measured its defined benefit pension plans at fair value. In accordance with ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets", the company has elected to measure the pension plan assets and obligations as of the calendar month-end closest to the fiscal year end. The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 28, 2019 and December 29, 2018 (in thousands): U.S. Plans: Fiscal 2019 Fiscal 2018 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Net Asset Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Net Asset Value Short Term Investment Fund (a) $ 347 $ — $ 347 $ 175 $ — $ 175 Equity Securities: Large Cap 3,957 3,957 — 2,615 2,615 — Mid Cap 417 417 — 329 329 — Small Cap 418 418 — 326 326 — International 3,657 3,657 — 2,937 2,937 — Fixed Income: Government/Corporate 4,992 4,992 — 5,994 5,994 — High Yield 1,260 1,260 — 1,102 1,102 — Alternative: Global Real Estate Investment Trust 1,358 1,358 — 591 591 — Commodities Contracts 338 338 — 565 565 — Total $ 16,744 $ 16,397 $ 347 $ 14,634 $ 14,459 $ 175 (a) Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. Non-U.S. Plans: Fiscal 2019 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value Cash and cash equivalents $ 44,748 $ 18,142 $ 2,874 $ — $ 23,732 Equity Securities: UK 101,922 88,830 — — 13,092 International: Developed 165,709 13,170 — — 152,539 Emerging 11,653 650 — — 11,003 Unquoted/Private Equity 123 — — — 123 Fixed Income: Government/Corporate: UK 189,513 14,245 2,867 — 172,401 International 86,208 — — — 86,208 Index Linked 189,463 2,085 — — 187,378 Other 6,367 — — — 6,367 Convertible Bonds 177 — — — 177 Real Estate: Direct 154,494 — 154,494 — — Indirect 8,155 137 7,603 — 415 Hedge Fund Strategy: Equity Long/Short 21,683 — — — 21,683 Arbitrage & Event 29,284 — — — 29,284 Directional Trading & Fixed Income 9,361 — — — 9,361 Cash & Other 163,058 — — — 163,058 Direct Sourcing 2,269 — — — 2,269 Leveraged Loans 21,635 — — — 21,635 Alternative/Other 25,359 1 — — 25,358 Total $ 1,231,181 $ 137,260 $ 167,838 $ — $ 926,083 Fiscal 2018 Asset Category Total Quoted Prices Significant Significant Net Asset Value Cash and cash equivalents $ 28,434 $ 4,325 $ 2,656 $ — $ 21,453 Equity Securities: UK 155,687 78,938 — — 76,749 International: Developed 99,872 14,497 — — 85,375 Emerging 7,488 591 — — 6,897 Unquoted/Private Equity 1,752 — — — 1,752 Fixed Income: Government/Corporate: UK 468,608 11,860 6,779 — 449,969 International 75,980 — — — 75,980 Index Linked 47,873 3,614 — — 44,259 Other 650 — — — 650 Convertible Bonds 188 — — — 188 Real Estate: Direct 148,551 — 148,551 — — Indirect 10,812 188 9,298 — 1,326 Hedge Fund Strategy: Equity Long/Short 73,783 — — — 73,783 Arbitrage & Event 73,261 — — — 73,261 Directional Trading & Fixed Income 44,091 — — — 44,091 Cash & Other 21,719 — — — 21,719 Direct Sourcing 2,289 — — — 2,289 Leveraged Loans 18,295 — — — 18,295 Alternative/Other (137,952 ) 5 — 86 (138,043 ) Total $ 1,141,381 $ 114,018 $ 167,284 $ 86 $ 859,993 The fair value of the Level 1 assets is based on observable, quoted market prices of the identical underlying security in an active market. The fair value of the Level 2 assets is primarily based on market observable inputs to quoted market prices, benchmark yields and broker/dealer quotes. Level 3 inputs, as applicable, represent unobservable inputs that reflect assumptions developed by management to measure assets at fair value. The expected return on assets is developed in consideration of the anticipated duration of investment period for assets held by the plan, the allocation of assets in the plan, and the historical returns for plan assets. Estimated future benefit payments under the plans are as follows (dollars in thousands): U.S. Plans Non-U.S. Plans 2020 $ 1,738 $ 63,856 2021 1,763 65,110 2022 1,776 66,177 2023 1,784 66,332 2024 through 2029 11,267 405,088 Expected contributions to the U.S. Plans and Non-U.S. Plans to be made in 2020 are $1.3 million and $5.8 million , respectively. (b) Defined Contribution Plans As of December 28, 2019 , the company maintained two separate defined contribution 401(k) 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 maintained defined contribution plans for its UK based employees. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | QUARTERLY DATA (UNAUDITED) 1 st 2 nd 3 rd 4 th Total Year (dollars in thousands, except per share data) 2019 Net sales $ 686,802 $ 761,004 $ 724,014 $ 787,626 $ 2,959,446 Gross profit 257,312 286,479 270,028 289,678 1,103,497 Income from operations 101,061 139,607 121,345 152,030 514,043 Net earnings $ 69,013 $ 92,210 $ 82,020 $ 108,997 $ 352,240 Basic earnings per share (1) $ 1.24 $ 1.66 $ 1.47 $ 1.96 $ 6.33 Diluted earnings per share (1) $ 1.24 $ 1.66 $ 1.47 $ 1.96 $ 6.33 2018 Net sales $ 584,800 $ 668,128 $ 713,331 $ 756,672 $ 2,722,931 Gross profit 211,633 250,759 261,160 280,588 1,004,140 Income from operations 86,992 111,310 107,677 139,987 445,966 Net earnings $ 65,420 $ 83,988 $ 72,905 $ 94,839 $ 317,152 Basic earnings per share (1) $ 1.18 $ 1.51 $ 1.31 $ 1.71 $ 5.71 Diluted earnings per share (1) $ 1.18 $ 1.51 $ 1.31 $ 1.70 $ 5.70 (1) Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
Restructuring (Notes)
Restructuring (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Commercial Foodservice Equipment Group: During the fiscal years 2019 and 2018 , the company undertook cost reduction initiatives related to the entire Commercial Foodservice Equipment Group. These actions resulted in a charge of $6.4 million and $3.5 million in the twelve months ended December 28, 2019 and December 29, 2018 , respectively, primarily for severance related to headcount reductions and facility consolidations. These expenses are reflected in restructuring expenses in the Consolidated Statements of Earnings. The company estimates that these restructuring initiatives will result in future cost savings of approximately $10.0 million to $15.0 million annually, beginning in fiscal 2020. At December 28, 2019 , the restructuring obligations accrued for these initiatives are immaterial and will be substantially complete 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. During fiscal 2019, the initiatives within the AGA Group were primarily related to headcount reductions. The company recorded expense of $2.3 million , $15.1 million and $11.9 million , respectively in the years ended December 28, 2019 , December 29, 2018 and December 30, 2017 , respectively. Additionally within the Residential Kitchen Equipment Group, the company incurred restructuring costs, primarily for severance related to headcount reductions and facility consolidations. The company recorded expense of $1.7 million and $1.2 million , respectively in the years ended December 28, 2019 and December 30, 2017 , respectively. These expenses are reflected in restructuring expenses in the Consolidated Statements of Earnings. The cumulative expenses incurred to date for these initiatives is approximately $59.7 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. The company estimates the 2019 restructuring initiatives will result in future cost savings of approximately $3.0 million annually. The restructuring obligations accrued for these initiatives are immaterial and will be paid by the end of fiscal of 2020. The costs and corresponding reserve balances for the Residential Kitchen Equipment Group are summarized as follows (in thousands): Severance/Benefits Facilities/Operations Other Total Balance as of December 31, 2016 $ 5,145 $ 2,032 $ 69 $ 7,246 Expenses 8,662 3,872 601 13,135 Exchange Effect 533 358 11 902 Payments (10,642 ) (4,795 ) (524 ) (15,961 ) Balance as of December 30, 2017 $ 3,698 $ 1,467 $ 157 $ 5,322 Expenses 6,367 3,771 5,001 15,139 Exchange Effect (49 ) (11 ) 23 (37 ) Payments/Utilization (9,150 ) (5,171 ) (4,394 ) (18,715 ) Balance as of December 29, 2018 $ 866 $ 56 $ 787 $ 1,709 Expenses 3,766 684 (476 ) 3,974 Exchange Effect 24 (7 ) (55 ) (38 ) Payments/Utilization (3,990 ) (632 ) (256 ) (4,878 ) Balance as of December 28, 2019 $ 666 $ 101 $ — $ 767 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Subsequent Event [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENT On January 31, 2020, the company entered into an amended and restated five-year, $3.5 billion multi-currency senior secured credit agreement. This facility replaces the company's pre-existing $3.0 billion Credit Facility, which had an original maturity of July 2021. The Amended Facility consists of (i) a $750.0 million term loan facility and (ii) a $2.75 billion multi-currency revolving credit facility, with the potential under certain circumstances, to increase the amount of the credit facility to up to a total of $4.0 billion (plus additional amounts, subject to compliance with a senior secured net leverage ratio). The Amended Facility matures on January 31, 2025. At inception, the Amended Facility bears an interest rate of LIBOR plus a margin of 1.625% , which is adjusted quarterly based upon the company's leverage ratio. The term loan facility will amortize in equal quarterly installments due on the last day of each fiscal quarter, commencing with the first full fiscal quarter after January 31, 2020, in an aggregate annual amount equal to 2.50% of the original aggregate principal amount of the term loan facility, with the balance, plus any accrued interest, due and payable on January 31, 2025. The Amended Facility provides for availability to provide working capital, capital expenditures, to support the issuance of letters of credit and other general corporate purposes. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 28, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE FISCAL YEARS ENDED DECEMBER 28, 2019 , DECEMBER 29, 2018 AND DECEMBER 30, 2017 (amounts in thousands) Balance Beginning Of Period Additions/ (Recoveries) Charged to Expense Other Adjustments (1) Write-Offs During the Period Balance At End Of Period Allowance for doubtful accounts; deducted from accounts receivable on the balance sheets- 2019 $ 13,608 $ 1,941 $ 2,009 $ (2,672 ) $ 14,886 2018 $ 13,182 $ 3,160 $ 1,121 $ (3,855 ) $ 13,608 2017 $ 12,600 $ 2,084 $ 478 $ (1,979 ) $ 13,182 (1) Amounts consist primarily of valuation allowances assumed from acquired companies. Balance Additions/ Write-Offs Balance Valuation allowance - Deferred tax assets 2019 $ 26,023 $ 129 $ (18,398 ) $ 7,754 2018 $ 23,190 $ 2,833 $ — $ 26,023 2017 $ 29,893 $ (6,703 ) $ — $ 23,190 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. Significant items that are subject to such estimates and judgments include allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves and post-retirement obligations. On an ongoing basis, the company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. |
Fiscal Period | The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2019 , 2018 , and 2017 ended on December 28, 2019 , December 29, 2018 and December 30, 2017 , respectively, with each year including 52 weeks. Certain prior year amounts have been reclassified to be consistent with current year presentation, including the non-operating components of pension benefit previously reported in accrued expenses and other liabilities within the changes in assets and liabilities, net of acquisitions to an individual adjustment to reconcile net earnings to cash provided by operating activities on the Consolidated Statements of Cash Flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents The company considers all short-term investments with original maturities of three months or less when acquired to be cash equivalents. The company’s policy is to invest its excess cash in interest-bearing deposits with major banks that are subject to minimal credit and market risk. |
Accounts Receivable | Accounts Receivable Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $14.9 million and $13.6 million at December 28, 2019 and December 29, 2018 , respectively. At December 28, 2019 , all accounts receivable are expected to be collected within one year. |
Inventories | Inventories |
Property, Plant and Equipment | Property, plant and equipment are depreciated or amortized on a straight-line basis over their useful lives based on management's estimates of the period over which the assets will be utilized to benefit the operations of the company. The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes. The company periodically reviews these lives relative to physical factors, economic factors and industry trends. If there are changes in the planned use of property and equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of increased depreciation and amortization expense in future periods. Following is a summary of the estimated useful lives: Description Life Building and improvements 20 to 40 years Furniture and fixtures 3 to 7 years Machinery and equipment 3 to 10 years |
Goodwill and Other Intangibles | Goodwill and Other Intangibles The company’s business acquisitions result in the recognition of goodwill and other intangible assets, which are a significant portion of the company’s total assets. The company recognizes goodwill and other intangible assets under the guidance of ASC Topic 350-10, Intangibles - Goodwill and Other . Goodwill represents the excess of acquisition costs over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Identifiable intangible assets are recognized separately from goodwill and include trademarks and trade names, technology, customer relationships and other specifically identifiable assets. Trademarks and trade names are deemed to be indefinite-lived. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing. The company performs the annual impairment assessment for goodwill and indefinite-lived intangible assets as of first day of the fourth quarter and more frequently if indicators of impairment exist. The goodwill impairment test is performed at the reporting unit level. The company initially performs a qualitative analysis to determine if it is more likely than not that the goodwill balance or indefinite-life intangible asset is impaired. In conducting a qualitative assessment, the Company analyzes a variety of events or factors that may influence the fair value of the reporting unit or indefinite-life intangible, including, but not limited to: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, share price and other relevant factors. |
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 such matter will have a material adverse effect on its financial condition, results of operations or cash flows of the company. |
Fair Value Measures | Fair Value Measures 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 |
Foreign Currency | Foreign Currency Foreign currency transactions are accounted for in accordance with ASC 830 Foreign Currency Translation |
Shipping and Handling Costs | Fees billed to the customer for shipping and handling are classified as a component of net revenues. Shipping and handling costs are included in cost of products sold. |
Warranty Costs | 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, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. |
Research and Development Costs | and Development Costs |
Non-Cash Share-Based Compensation | The company estimates the fair value of restricted share grants and stock options at the time of grant and recognizes compensation costs over the vesting period of the awards and options. |
Earnings Per Share | Per Share “Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities. |
New Accounting Pronouncements | unting Pronouncements 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 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 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 $96.8 million . For additional information related to the impact of adopting this guidance, see Note 9 of the 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 Consolidated Financial Statements. For additional information related to the impact of adopting this guidance, see Note of the 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 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 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. As a result of the company's assessment process on its receivables and contract assets portfolio, which is the only financial instrument in scope of this standard, the company does not expect this ASU to have a material impact on its 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 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 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 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 Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) which removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2020 with early adoption permitted. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings in the period of adoption. The company is currently evaluating the i mpacts the adoption of this ASU will have on its Consolidated Financial Statements. |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 12 Months Ended |
Dec. 28, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue is recognized when the control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and represents the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The company’s contracts can have multiple performance obligations or just a single performance obligation. For contracts with multiple performance obligations, the contracts transaction price is allocated to each performance obligation using the company’s best estimate of the standalone selling price of each distinct good or service in the contract. Within the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups, the estimated standalone selling price of equipment is based on observable prices. Within the Food Processing Equipment Group, the company estimates the standalone selling price based on expected cost to manufacture the good or complete the service plus an appropriate profit margin. Control may pass to the customer over time or at a point in time. 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. Installation services provided in connection with the delivery of the equipment are also generally recognized as those services are rendered. Over time transfer of control is measured using an appropriate input measure (e.g., costs incurred or direct labor hours incurred in relation to total estimate). These measures include forecasts based on the best information available and therefore reflect the company's judgment to faithfully depict the transfer of the goods. Contract Estimates Accounting for long-term contracts within the Food Processing Equipment group involves the use of various techniques to estimate total contract revenue and costs. For the company’s long-term contracts, estimated profit for the equipment performance obligations is recognized as the equipment is manufactured and assembled. Profit on the equipment performance obligations is estimated as the difference between the total estimated revenue and expected costs to complete a contract. Contract cost estimates are based on labor productivity and availability, the complexity of the work to be performed; the cost and availability of materials and labor, and the performance of subcontractors. Contracts within the Commercial Foodservice and Residential Foodservice Equipment groups may contain variable consideration in the form of volume rebate programs. The company’s estimate of variable consideration is based on its experience with similarly situated customers using the portfolio approach. Adoption of ASC 606 On December 31, 2017, we adopted the new accounting standard 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. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings of $4.4 million . As a result of the adoption of ASC 606, the company has changed its accounting policy for revenue recognition as detailed below. Equipment Under the company’s historical accounting policies, revenue under long-term sales contracts within the Food Processing Equipment Group was recognized using the percentage of completion method. Upon adoption, a number of contracts that were not completed as of December 31, 2017 did not meet the requirements for recognition of revenue over time under ASC 606. As such the revenue was deferred and recognized at a point in time. Installation Services Under the company’s historical accounting policies, the company used the completed contract method for installation services associated with equipment sold within the Food Processing Equipment Group. Under ASC 606, the Company recognizes revenue from installation services over the period the services are rendered. Product Maintenance These services are generally recognized on a straight-line basis, because the customer simultaneously receives and consumes the benefit as we perform the services. Practical Expedients and Policy Elections The company has taken advantage of the following practical expedients: • The company does not disclose information about remaining performance obligations that have original expected durations of one year or less. • The company generally expenses sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses. • As the company’s standard payment terms are less than one year, the company does not assess whether a contract has a significant financing component. The company has made the following accounting policy elections: • The company treats shipping and handling activities performed after the customer obtains control of the good as a contract fulfillment activity. • Sales, use and value added taxes assessed by governmental authorities are excluded from the measurement of the transaction price within the company’s contracts with its customers. |
Aqcuisitions and Purchase Accou
Aqcuisitions and Purchase Accounting (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
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 |
Standex | |
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 (1,325 ) 32,341 Property, plant and equipment 15,959 (243 ) 15,716 Goodwill 31,207 5,327 36,534 Other intangibles 53,450 (5,850 ) 47,600 Other assets — 1,470 1,470 Current liabilities (15,130 ) (368 ) (15,498 ) Long-term deferred tax liability (13,082 ) 2,226 (10,856 ) Other non-current liabilities — (1,163 ) (1,163 ) Net assets acquired and liabilities assumed $ 106,913 $ 74 $ 106,987 |
2018 acquisitions | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of consideration paid for the other 2018 acquisitions is summarized as follows (in thousands): Preliminary Opening Balance Sheet Measurement Adjusted Opening Balance Sheet Cash $ 16,293 $ (37 ) $ 16,256 Current assets 38,048 115 38,163 Property, plant and equipment 22,340 3,658 25,998 Goodwill 126,647 (14,312 ) 112,335 Other intangibles 46,902 15,900 62,802 Other assets 14 — 14 Current portion of long term debt (3,329 ) — (3,329 ) Current liabilities (23,606 ) (1,521 ) (25,127 ) Long term debt (2,677 ) — (2,677 ) Long-term deferred tax liability (8,937 ) (4,923 ) (13,860 ) Other non-current liabilities (3,699 ) — (3,699 ) Consideration paid at closing $ 207,996 $ (1,120 ) $ 206,876 Contingent consideration 3,454 — 3,454 Net assets acquired and liabilities assumed $ 211,450 $ (1,120 ) $ 210,330 |
2019 acquisitions | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed 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): Preliminary Opening Balance Sheet Measurement Adjusted Opening Balance Sheet Cash $ 2,683 $ (10 ) $ 2,673 Current assets 21,525 980 22,505 Property, plant and equipment 8,920 18 8,938 Goodwill 99,838 (3,096 ) 96,742 Other intangibles 64,019 199 64,218 Long-term deferred tax asset 1,288 1,478 2,766 Other assets 137 854 991 Current liabilities (20,437 ) (535 ) (20,972 ) Other non-current liabilities (6,170 ) (529 ) (6,699 ) Consideration paid at closing $ 171,803 $ (641 ) $ 171,162 Deferred payments 2,404 — 2,404 Contingent consideration 4,258 — 4,258 Net assets acquired and liabilities assumed $ 178,465 $ (641 ) $ 177,824 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current | Inventories at December 28, 2019 and December 29, 2018 are as follows (in thousands): 2019 2018 Raw materials and parts $ 277,394 $ 245,976 Work in process 58,663 51,164 Finished goods 249,642 224,670 $ 585,699 $ 521,810 |
Property, Plant and Equipment | Property, plant and equipment are carried at cost as follows (in thousands): 2019 2018 Land $ 43,467 $ 32,523 Building and improvements 229,025 196,743 Furniture and fixtures 67,992 64,586 Machinery and equipment 209,290 188,454 549,774 482,306 Less accumulated depreciation (197,629 ) (167,737 ) $ 352,145 $ 314,569 |
Schedule Of Useful Lives For Property Plant Equipment | Following is a summary of the estimated useful lives: Description Life Building and improvements 20 to 40 years Furniture and fixtures 3 to 7 years Machinery and equipment 3 to 10 years |
Schedule of Goodwill | Goodwill is allocated to the business segments as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 30, 2017 $ 631,451 $ 198,278 $ 435,081 $ 1,264,810 Goodwill acquired during the year 487,032 30,624 — 517,656 Measurement period adjustments to goodwill acquired in prior year (1,559 ) (5,679 ) — (7,238 ) Exchange effect (14,857 ) (4,169 ) (13,027 ) (32,053 ) Balance as of December 29, 2018 $ 1,102,067 $ 219,054 $ 422,054 $ 1,743,175 Goodwill acquired during the year 81,339 43,613 9,503 134,455 Measurement period adjustments to goodwill acquired in prior year (27,929 ) (3,722 ) — (31,651 ) Exchange effect (1,925 ) (1,266 ) 6,959 3,768 Balance as of December 28, 2019 $ 1,153,552 $ 257,679 $ 438,516 $ 1,849,747 |
Schedule Of Intangible Assets By Major Class | Intangible assets consist of the following (in thousands): December 28, 2019 December 29, 2018 Estimated Weighted Avg Remaining Life Gross Carrying Amount Accumulated Amortization Estimated Weighted Avg Remaining Life Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Customer relationships 9.2 $ 717,397 $ (283,846 ) 9.5 $ 644,145 $ (222,661 ) Backlog 1.3 29,426 (28,283 ) 2.8 27,065 (24,755 ) Developed technology 5.2 32,999 (21,378 ) 5.9 39,624 (20,998 ) $ 779,822 $ (333,507 ) $ 710,834 $ (268,414 ) Indefinite-lived assets: Trademarks and tradenames $ 997,066 $ 918,604 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets is as follows (in thousands): 2020 $ 66,177 2021 62,246 2022 57,921 2023 51,916 2024 40,456 2025 and thereafter 167,599 $ 446,315 |
Schedule of Accrued Liabilities | Accrued expenses consist of the following at December 28, 2019 and December 29, 2018 , respectively (in thousands): 2019 2018 Accrued payroll and related expenses $ 81,541 $ 74,952 Contract liabilities 74,511 57,913 Accrued warranty 66,374 59,451 Accrued customer rebates 51,709 45,740 Accrued short-term leases 21,827 — Accrued sales and other tax 19,862 19,452 Accrued product liability and workers compensation 15,164 16,284 Accrued agent commission 13,816 11,969 Accrued professional fees 13,368 17,313 Other accrued expenses 58,378 64,372 $ 416,550 $ 367,446 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets (in thousands): 2019 2018 Unrecognized pension benefit costs, net of tax of ($48,633) and ($36,719) $ (228,336 ) $ (170,938 ) Unrealized gain on interest rate swap, net of tax of ($5,973) and $2,543 (16,892 ) 7,233 Currency translation adjustments (105,705 ) (112,771 ) $ (350,933 ) $ (276,476 ) Changes in accumulated other comprehensive income (loss) (1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total 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 (43,050 ) 29,527 (1,166 ) (14,689 ) Amounts reclassified from accumulated other comprehensive income — 3,085 415 3,500 Net current-period other comprehensive income $ (43,050 ) $ 32,125 $ 868 $ (10,057 ) Balance as of December 29, 2018 $ (112,771 ) $ (170,938 ) $ 7,233 $ (276,476 ) Adoption of ASU 2017-12 (3) — — 11 11 Other comprehensive income before reclassification 7,066 (59,238 ) (25,392 ) (77,564 ) Amounts reclassified from accumulated other comprehensive income — 1,840 1,256 3,096 Net current-period other comprehensive income $ 7,066 $ (57,398 ) $ (24,125 ) $ (74,457 ) Balance as of December 28, 2019 $ (105,705 ) $ (228,336 ) $ (16,892 ) $ (350,933 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The company’s financial assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at December 28, 2019 and December 29, 2018 are as follows (in thousands): Fair Value Level 1 Fair Value Level 2 Fair Value Level 3 Total As of December 28, 2019 Financial Assets: Interest rate swaps $ — $ 1,830 $ — $ 1,830 Financial Liabilities: Interest rate swaps $ — $ 25,120 $ — $ 25,120 Contingent consideration $ — $ — $ 6,697 $ 6,697 Foreign exchange derivative contracts $ — $ 901 $ — $ 901 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 Foreign exchange derivative contracts $ — $ 854 $ — $ 854 |
Schedule of Product Warranty Liability | A rollforward of the warranty reserve for the fiscal years 2019 and 2018 are as follows (in thousands): 2019 2018 Beginning balance $ 59,451 $ 52,834 Warranty reserve related to acquisitions 7,353 5,884 Warranty expense 68,842 62,314 Warranty claims paid (69,272 ) (61,581 ) Ending balance $ 66,374 $ 59,451 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | The following table summarizes our net sales by reportable operating segment and geographical location (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Twelve Months Ended December 28, 2019 United States and Canada $ 1,334,776 $ 246,572 $ 362,753 $ 1,944,101 Asia 221,422 31,250 5,760 258,432 Europe and Middle East 349,613 98,814 198,672 647,099 Latin America 78,534 24,315 6,965 109,814 Total $ 1,984,345 $ 400,951 $ 574,150 $ 2,959,446 Twelve Months Ended December 29, 2018 United States and Canada $ 1,176,006 $ 263,743 $ 366,679 $ 1,806,428 Asia 180,409 36,578 7,155 224,142 Europe and Middle East 315,935 64,666 221,126 601,727 Latin America 57,464 24,607 8,563 90,634 Total $ 1,729,814 $ 389,594 $ 603,523 $ 2,722,931 Twelve Months Ended December 30, 2017 United States and Canada $ 968,483 $ 256,739 $ 344,204 $ 1,569,426 Asia 144,702 25,175 8,099 177,976 Europe and Middle East 226,697 42,473 240,456 509,626 Latin America 42,226 28,330 7,958 78,514 Total $ 1,382,108 $ 352,717 $ 600,717 $ 2,335,542 |
Contract with Customer, Asset and Liability | The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands): December 28, 2019 December 29, 2018 Contract assets $ 22,675 $ 14,048 Contract liabilities $ 74,511 $ 57,913 Non-current contract liabilities $ 12,870 $ 12,170 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following is a summary of long-term debt at December 28, 2019 and December 29, 2018 (in thousands): 2019 2018 Senior secured revolving credit line $ 1,869,402 $ 1,887,764 Foreign loans 3,622 4,166 Other debt arrangement 116 175 Total debt $ 1,873,140 $ 1,892,105 Less current maturities of long-term debt 2,894 3,207 Long-term debt $ 1,870,246 $ 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): December 28, 2019 December 29, 2018 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 1,873,140 $ 1,873,140 $ 1,892,105 $ 1,892,105 |
Schedule of Maturities of Long-term Debt | The aggregate amount of debt payable during each of the next five years, which includes the amendment and restatement to our multi-currency senior secured credit agreement disclosed in Note 14 to the consolidated financial statements, is as follows (in thousands): 2020 $ 2,894 2021 378 2022 302 2023 82 2024 and thereafter 1,869,484 $ 1,873,140 |
Common and Preferred Stock (Tab
Common and Preferred Stock (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the company’s nonvested restricted share grant activity for fiscal years ended December 28, 2019 and December 29, 2018 is as follows: Shares Weighted Average Grant-Date Fair Value Nonvested shares at December 30, 2017 159,203 $ 104.44 Granted 132,038 100.50 Vested (6,203 ) 126.09 Forfeited (159,196 ) 100.84 Nonvested shares at December 29, 2018 125,842 $ 103.29 Granted 537,059 113.26 Vested (135,816 ) 105.81 Forfeited — — Nonvested shares at December 28, 2019 527,085 $ 112.60 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings Before Taxes | Earnings before taxes is summarized as follows (in thousands): 2019 2018 2017 Domestic $ 336,688 $ 328,870 $ 290,866 Foreign 125,931 94,643 92,663 Total $ 462,619 $ 423,513 $ 383,529 |
Schedule of Provision of Taxes | The provision for income taxes is summarized as follows (in thousands): 2019 2018 2017 Federal $ 69,074 $ 66,359 $ 48,688 State and local 16,203 16,035 9,076 Foreign 25,102 23,967 27,637 Total $ 110,379 $ 106,361 $ 85,401 Current $ 88,167 $ 85,872 $ 99,893 Deferred 22,212 20,489 (14,492 ) Total $ 110,379 $ 106,361 $ 85,401 |
Schedule of Effective Income Tax Reconciliation | Reconciliation of the differences between income taxes computed at the federal statutory rate to the effective rate are as follows: 2019 2018 2017 U.S. federal statutory tax rate 21.0 % 21.0 % 35.0 % State taxes, net of federal benefit 3.2 3.0 1.5 U.S. domestic manufacturers deduction — — (2.1 ) Permanent differences 0.6 0.2 (0.7 ) Foreign income tax rate at rates other than U.S. statutory 0.2 1.3 (1.6 ) Tax Cuts and Jobs Act of 2017 deferred tax changes — 0.2 (10.0 ) Tax Cuts and Jobs Act of 2017 transition tax — (0.1 ) 2.0 Change in valuation allowances (1) 0.1 (0.5 ) (2.0 ) Tax on unremitted earnings 0.3 — 1.5 Other (1.5 ) — (1.3 ) Consolidated effective tax 23.9 % 25.1 % 22.3 % |
Schedule of Deferred Assets and Liabilities | At December 28, 2019 and December 29, 2018 , the company had recorded the following deferred tax assets and liabilities (in thousands): 2019 2018 Deferred tax assets: Compensation related $ 4,744 $ 3,776 Pension and post-retirement benefits 48,716 41,502 Inventory reserves 15,166 14,441 Accrued liabilities and reserves 17,321 13,835 Warranty reserves 16,550 10,641 Operating lease liability 17,521 — Net operating loss carryforwards 17,873 36,629 Other 22,579 10,531 Gross deferred tax assets 160,470 131,355 Valuation allowance (7,754 ) (26,023 ) Deferred tax assets $ 152,716 $ 105,332 Deferred tax liabilities: Intangible assets $ (203,721 ) $ (167,197 ) Depreciable assets (18,020 ) (13,617 ) Operating lease right-of-use assets (17,542 ) — Other (10,001 ) (6,226 ) Deferred tax liabilities $ (249,284 ) $ (187,040 ) Net deferred tax assets (liabilities) $ (96,568 ) $ (81,708 ) Long-term deferred asset 36,932 32,188 Long-term deferred liability (133,500 ) (113,896 ) Net deferred tax assets (liabilities) $ (96,568 ) $ (81,708 ) |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 30, 2017 , December 29, 2018 and December 28, 2019 (in thousands): Balance at December 30, 2017 $ 29,930 Increases to current year tax positions 3,912 Increase to prior year tax positions 2,860 Decrease to prior year tax positions (569 ) Lapse of statute of limitations (4,221 ) Balance at December 29, 2018 $ 31,912 Increases to current year tax positions 4,216 Increase to prior year tax positions 254 Lapse of statute of limitations (4,823 ) Balance at December 28, 2019 $ 31,559 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | A summary of the company’s interest rate swaps is as follows (in thousands): Twelve Months Ended Location Dec 28, 2019 Dec 29, 2018 Fair value Other assets $ 1,830 $ 13,487 Fair value Other non-current liabilities $ 25,120 $ 4,125 Amount of gain/(loss) recognized in other comprehensive income Other comprehensive income $ (31,396 ) $ (561 ) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 1,256 $ 415 Gain/(loss) recognized in income (ineffective portion) Other expense $ — $ 72 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Leases [Abstract] | |
Operating Leases | Leases (in thousands) December 28, 2019 Operating lease right-of-use assets $ 96,655 Operating Lease Liability: Current 21,827 Non-current 75,018 Total Liability $ 96,845 |
Total Lease Commitments | Total Lease Commitments (in thousands) Operating Leases 2020 $ 24,563 2021 21,424 2022 17,875 2023 12,742 2024 10,134 2025 and thereafter 25,514 Total future lease commitments 112,252 Less imputed interest 15,407 Total $ 96,845 |
Other Lease Information | Other Lease Information (in thousands, except lease term and discount rate) Twelve Months Ended December 28, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 24,794 Right-of-use assets obtained in exchange for lease obligations: Operating leases 25,306 December 28, 2019 Weighted-average remaining lease terms leases - Operating 6.3 years Weighted-average discount rate - Operating 3.4 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table summarizes the results of operations for the company’s business segments( 1 ) (dollars in thousands): Commercial Foodservice Food Processing Residential Kitchen Corporate and Other (2) Total 2019 Net sales $ 1,984,345 $ 400,951 $ 574,150 $ — $ 2,959,446 Operating income (3,4) 429,946 68,935 89,312 (74,150 ) 514,043 Depreciation expense 21,054 4,944 11,742 112 37,852 Amortization expense (5) 45,906 8,162 9,896 1,612 65,576 Net capital expenditures 29,353 6,683 9,168 1,405 46,609 Total assets 3,188,304 621,619 1,157,211 35,009 5,002,143 Long-lived assets (6) 261,466 57,403 176,834 4,116 499,819 2018 Net sales $ 1,729,814 $ 389,594 $ 603,523 $ — $ 2,722,931 Operating income (3) 393,380 62,435 53,959 (63,808 ) 445,966 Depreciation expense 17,374 5,207 12,838 363 35,782 Amortization expense (5) 35,224 7,527 17,226 1,479 61,456 Net capital expenditures 17,444 7,373 11,721 (498 ) 36,040 Total assets 2,906,373 513,189 1,089,103 41,116 4,549,781 Long-lived assets (6) 181,636 33,127 146,897 22,328 383,988 2017 Net sales $ 1,382,108 $ 352,717 $ 600,717 $ — $ 2,335,542 Operating income (3,7,8) 357,085 88,121 (377 ) (66,216 ) 378,613 Depreciation expense 12,643 3,677 12,984 406 29,710 Amortization expense (5) 17,338 3,680 17,567 1,479 40,064 Net capital expenditures 41,457 5,519 7,637 (120 ) 54,493 Total assets 1,693,820 450,932 1,140,668 54,293 3,339,713 Long-lived assets (6) 148,565 25,346 167,486 21,191 362,588 (1) Non-operating expenses are not allocated to the reportable 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) Includes corporate and other general company assets and operations. (3) Restructuring expenses are included in operating income of the segment to which they pertain. See note 13 for further details. (4) Gain on litigation settlement is included in Residential Kitchen. (5) Includes amortization of deferred financing costs. (6) Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets. (7) Gain on sale of plant is included in Commercial Foodservice. (8) Impairment of intangible assets is included in Residential Kitchen. |
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): 2019 2018 2017 United States and Canada $ 305,207 $ 262,482 $ 221,479 Asia 22,312 12,136 14,033 Europe and Middle East 165,781 108,001 126,264 Latin America 6,519 1,369 812 Total International 194,612 121,506 141,109 $ 499,819 $ 383,988 $ 362,588 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands) Fiscal 2019 Fiscal 2018 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net Periodic Pension Cost (Benefit): Service cost $ — $ 2,457 $ 365 $ 3,754 Interest cost 1,253 33,490 1,082 32,173 Expected return on assets (868 ) (67,542 ) (967 ) (75,017 ) Amortization of net loss (gain) 664 721 (129 ) 4,056 Amortization of prior service cost — 2,560 — 437 Curtailment loss — 865 — 906 Pension settlement gain — — — (655 ) $ 1,049 $ (27,449 ) $ 351 $ (34,346 ) Change in Benefit Obligation: Benefit obligation – beginning of year $ 31,559 $ 1,377,575 $ 31,908 $ 1,615,244 Service cost — 2,457 365 3,754 Prior service cost — — — 53,586 Interest on benefit obligations 1,253 33,490 1,082 32,173 Member contributions — 313 — 290 Actuarial loss (gain) 4,173 102,377 (850 ) (163,746 ) Pension settlement gain — — — (873 ) Net benefit payments (1,590 ) (62,355 ) (946 ) (72,095 ) Curtailment loss — 865 — 906 Exchange effect — 46,894 — (91,664 ) Benefit obligation – end of year $ 35,395 $ 1,501,616 $ 31,559 $ 1,377,575 Change in Plan Assets: Plan assets at fair value – beginning of year $ 14,634 $ 1,141,381 $ 16,102 $ 1,296,539 Company contributions 1,191 5,934 877 4,889 Investment gain (loss) 2,509 107,368 (1,399 ) (12,600 ) Member contributions — 313 — 290 Pension settlement loss — — — (161 ) Benefit payments and plan expenses (1,590 ) (62,355 ) (946 ) (72,095 ) Exchange effect — 38,540 — (75,481 ) Plan assets at fair value – end of year $ 16,744 $ 1,231,181 $ 14,634 $ 1,141,381 Funded Status: Unfunded benefit obligation $ (18,651 ) $ (270,435 ) $ (16,925 ) $ (236,194 ) Amounts recognized in balance sheet at year end: Accrued pension benefits $ (18,651 ) $ (270,435 ) $ (16,925 ) $ (236,194 ) Fiscal 2019 Fiscal 2018 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Pre-tax components in accumulated other comprehensive income at period end: Net actuarial loss $ 6,853 $ 270,116 $ 4,985 $ 202,672 Pre-tax components recognized in other comprehensive income for the period: Current year actuarial (gain) loss $ 2,532 $ 69,228 $ 1,516 $ (88,992 ) Actuarial gain (loss) recognized (664 ) (798 ) 129 (4,741 ) Prior service cost — — — 53,586 Prior service cost recognized — (986 ) — (437 ) Pension settlement gain — — — (713 ) Pension settlement gain recognized — — — 654 Total amount recognized $ 1,868 $ 67,444 $ 1,645 $ (40,643 ) Accumulated Benefit Obligation $ 35,395 $ 1,501,616 $ 31,559 $ 1,377,532 Salary growth rate n/a 0.8 % n/a 0.8 % Assumed discount rate 3.0 % 2.0 % 4.1 % 2.7 % Expected return on assets 6.0 % 6.2 % 6.0 % 6.2 % |
Schedule of Allocation of Plan Assets | The assets of the plans were invested in the following classes of securities (none of which were securities of the company): U.S. Plans: Target Allocation Percentage of Plan Assets 2019 2018 Equity 48 % 51 % 42 % Fixed income 40 37 49 Money market 4 2 1 Other (real estate investment trusts & commodities contracts) 8 10 8 100 % 100 % 100 % Non-U.S. Plans: Target Allocation Percentage of Plan Assets 2019 2018 Equity 17 % 22 % 23 % Fixed income 38 39 52 Alternatives/Other 32 22 9 Real Estate 13 13 14 Cash and cash equivalents — 4 2 100 % 100 % 100 % |
Pension Plans Fair Value Of Investments | The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 28, 2019 and December 29, 2018 (in thousands): U.S. Plans: Fiscal 2019 Fiscal 2018 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Net Asset Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Net Asset Value Short Term Investment Fund (a) $ 347 $ — $ 347 $ 175 $ — $ 175 Equity Securities: Large Cap 3,957 3,957 — 2,615 2,615 — Mid Cap 417 417 — 329 329 — Small Cap 418 418 — 326 326 — International 3,657 3,657 — 2,937 2,937 — Fixed Income: Government/Corporate 4,992 4,992 — 5,994 5,994 — High Yield 1,260 1,260 — 1,102 1,102 — Alternative: Global Real Estate Investment Trust 1,358 1,358 — 591 591 — Commodities Contracts 338 338 — 565 565 — Total $ 16,744 $ 16,397 $ 347 $ 14,634 $ 14,459 $ 175 (a) Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. Non-U.S. Plans: Fiscal 2019 Asset Category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value Cash and cash equivalents $ 44,748 $ 18,142 $ 2,874 $ — $ 23,732 Equity Securities: UK 101,922 88,830 — — 13,092 International: Developed 165,709 13,170 — — 152,539 Emerging 11,653 650 — — 11,003 Unquoted/Private Equity 123 — — — 123 Fixed Income: Government/Corporate: UK 189,513 14,245 2,867 — 172,401 International 86,208 — — — 86,208 Index Linked 189,463 2,085 — — 187,378 Other 6,367 — — — 6,367 Convertible Bonds 177 — — — 177 Real Estate: Direct 154,494 — 154,494 — — Indirect 8,155 137 7,603 — 415 Hedge Fund Strategy: Equity Long/Short 21,683 — — — 21,683 Arbitrage & Event 29,284 — — — 29,284 Directional Trading & Fixed Income 9,361 — — — 9,361 Cash & Other 163,058 — — — 163,058 Direct Sourcing 2,269 — — — 2,269 Leveraged Loans 21,635 — — — 21,635 Alternative/Other 25,359 1 — — 25,358 Total $ 1,231,181 $ 137,260 $ 167,838 $ — $ 926,083 Fiscal 2018 Asset Category Total Quoted Prices Significant Significant Net Asset Value Cash and cash equivalents $ 28,434 $ 4,325 $ 2,656 $ — $ 21,453 Equity Securities: UK 155,687 78,938 — — 76,749 International: Developed 99,872 14,497 — — 85,375 Emerging 7,488 591 — — 6,897 Unquoted/Private Equity 1,752 — — — 1,752 Fixed Income: Government/Corporate: UK 468,608 11,860 6,779 — 449,969 International 75,980 — — — 75,980 Index Linked 47,873 3,614 — — 44,259 Other 650 — — — 650 Convertible Bonds 188 — — — 188 Real Estate: Direct 148,551 — 148,551 — — Indirect 10,812 188 9,298 — 1,326 Hedge Fund Strategy: Equity Long/Short 73,783 — — — 73,783 Arbitrage & Event 73,261 — — — 73,261 Directional Trading & Fixed Income 44,091 — — — 44,091 Cash & Other 21,719 — — — 21,719 Direct Sourcing 2,289 — — — 2,289 Leveraged Loans 18,295 — — — 18,295 Alternative/Other (137,952 ) 5 — 86 (138,043 ) Total $ 1,141,381 $ 114,018 $ 167,284 $ 86 $ 859,993 |
Schedule of Expected Benefit Payments | Estimated future benefit payments under the plans are as follows (dollars in thousands): U.S. Plans Non-U.S. Plans 2020 $ 1,738 $ 63,856 2021 1,763 65,110 2022 1,776 66,177 2023 1,784 66,332 2024 through 2029 11,267 405,088 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 1 st 2 nd 3 rd 4 th Total Year (dollars in thousands, except per share data) 2019 Net sales $ 686,802 $ 761,004 $ 724,014 $ 787,626 $ 2,959,446 Gross profit 257,312 286,479 270,028 289,678 1,103,497 Income from operations 101,061 139,607 121,345 152,030 514,043 Net earnings $ 69,013 $ 92,210 $ 82,020 $ 108,997 $ 352,240 Basic earnings per share (1) $ 1.24 $ 1.66 $ 1.47 $ 1.96 $ 6.33 Diluted earnings per share (1) $ 1.24 $ 1.66 $ 1.47 $ 1.96 $ 6.33 2018 Net sales $ 584,800 $ 668,128 $ 713,331 $ 756,672 $ 2,722,931 Gross profit 211,633 250,759 261,160 280,588 1,004,140 Income from operations 86,992 111,310 107,677 139,987 445,966 Net earnings $ 65,420 $ 83,988 $ 72,905 $ 94,839 $ 317,152 Basic earnings per share (1) $ 1.18 $ 1.51 $ 1.31 $ 1.71 $ 5.71 Diluted earnings per share (1) $ 1.18 $ 1.51 $ 1.31 $ 1.70 $ 5.70 (1) Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | The costs and corresponding reserve balances for the Residential Kitchen Equipment Group are summarized as follows (in thousands): Severance/Benefits Facilities/Operations Other Total Balance as of December 31, 2016 $ 5,145 $ 2,032 $ 69 $ 7,246 Expenses 8,662 3,872 601 13,135 Exchange Effect 533 358 11 902 Payments (10,642 ) (4,795 ) (524 ) (15,961 ) Balance as of December 30, 2017 $ 3,698 $ 1,467 $ 157 $ 5,322 Expenses 6,367 3,771 5,001 15,139 Exchange Effect (49 ) (11 ) 23 (37 ) Payments/Utilization (9,150 ) (5,171 ) (4,394 ) (18,715 ) Balance as of December 29, 2018 $ 866 $ 56 $ 787 $ 1,709 Expenses 3,766 684 (476 ) 3,974 Exchange Effect 24 (7 ) (55 ) (38 ) Payments/Utilization (3,990 ) (632 ) (256 ) (4,878 ) Balance as of December 28, 2019 $ 666 $ 101 $ — $ 767 |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Dec. 28, 2019segment | |
Regulatory Assets [Line Items] | |
Number of operating segments | 3 |
United States | |
Regulatory Assets [Line Items] | |
Number of manufacturing plants | 37 |
International | |
Regulatory Assets [Line Items] | |
Number of manufacturing plants | 28 |
Acquisitions and Purchase Acc_2
Acquisitions and Purchase Accounting Acquisition and Purchase Accounting - Taylor (Details) - USD ($) $ in Thousands | Jun. 22, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 281,058 | $ 1,197,984 | $ 305,251 | |
Goodwill | 1,849,747 | 1,743,175 | 1,264,810 | |
Taylor | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,000,000 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 11,500 | |||
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, Deferred Tax Assets Noncurrent | 227 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 52,516 | |||
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 | |||
Scenario, 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, Deferred Tax Assets Noncurrent | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 48,417 | |||
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, Deferred Tax Assets Noncurrent | 227 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 4,099 | |||
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 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,153,552 | $ 1,102,067 | $ 631,451 | |
Customer Relationships | Commercial Foodservice Equipment Group | 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 | |||
Oven developed technology | Commercial Foodservice Equipment Group | 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 | |||
Backlog | Commercial Foodservice Equipment Group | 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 months | |||
Service Backlog | Commercial Foodservice Equipment Group | 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 years | |||
Trade Names | Commercial Foodservice Equipment Group | Taylor | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 304,700 |
Acquisitions and Purchase Acc_3
Acquisitions and Purchase Accounting Acquisition and Purchase Accounting - Cooking Solutions Group (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 281,058 | $ 1,197,984 | $ 305,251 | |
Goodwill | 1,849,747 | 1,743,175 | 1,264,810 | |
Standex | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 106,100 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 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 | 32,341 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,716 | |||
Goodwill | 36,534 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 47,600 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,470 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 15,498 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 10,856 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,163) | |||
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 | 11,600 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 700 | |||
Scenario, Previously Reported | Standex | ||||
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, Other Noncurrent Assets | 0 | |||
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, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 106,913 | |||
Scenario, Adjustment | Standex | ||||
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 | (1,325) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (243) | |||
Goodwill | 5,327 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (5,850) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,470 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 368 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (2,226) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,163) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 74 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,153,552 | $ 1,102,067 | $ 631,451 | |
Commercial Foodservice Equipment Group | Trade Names | Standex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 24,700 | |||
Customer Relationships | Commercial Foodservice Equipment Group | Standex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 22,500 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |||
Backlog | Commercial Foodservice Equipment Group | Standex | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 400 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Acc_4
Acquisitions and Purchase Accounting Acquisition and Purchase Accounting - Other 2018 Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,849,747 | $ 1,743,175 | $ 1,264,810 |
2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 16,256 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 38,163 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 25,998 | ||
Goodwill | 112,335 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 62,802 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 14 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (3,329) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (25,127) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (2,677) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (13,860) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (3,699) | ||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 206,876 | ||
Business Combination, Contingent Consideration, Liability | 3,454 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 210,330 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 22,100 | ||
Scenario, Previously Reported | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 16,293 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 38,048 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22,340 | ||
Goodwill | 126,647 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 46,902 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 14 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (3,329) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (23,606) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (2,677) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (8,937) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (3,699) | ||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 207,996 | ||
Business Combination, Contingent Consideration, Liability | 3,454 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 211,450 | ||
Scenario, Adjustment | 2018 acquisitions | |||
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 | 115 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,658 | ||
Goodwill | (14,312) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,900 | ||
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 | (1,521) | ||
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 Noncurrent | (4,923) | ||
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 | (1,120) | ||
Business Combination, Contingent Consideration, Liability | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | (1,120) | ||
Other Intangible Assets | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (13,100) | ||
Other Tangible Assets | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (800) | ||
Commercial Foodservice Equipment Group | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,153,552 | 1,102,067 | 631,451 |
Commercial Foodservice Equipment Group | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Goodwill | 85,400 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 42,900 | ||
Food Processing Group | |||
Business Acquisition [Line Items] | |||
Goodwill | 257,679 | $ 219,054 | $ 198,278 |
Food Processing Group | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Goodwill | 26,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,900 | ||
Tradenames And Trademarks | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 30,700 | ||
Customer Relationships | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 28,600 | ||
Developed Technology Rights | 2018 acquisitions | |||
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 | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,300 | ||
Minimum | Customer Relationships | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||
Minimum | Backlog | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | ||
Maximum | Customer Relationships | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||
Maximum | Backlog | 2018 acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year |
Acquisitions and Purchase Acc_5
Acquisitions and Purchase Accounting Acquisition and Purchase Accounting - Other 2019 Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,849,747 | $ 1,743,175 | $ 1,264,810 |
2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,673 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 22,505 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,938 | ||
Goodwill | 96,742 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 64,218 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 2,766 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 991 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (20,972) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (6,699) | ||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 171,162 | ||
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 | 177,824 | ||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 3,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (900) | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 700 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 85,500 | ||
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount | 54,100 | ||
Scenario, Previously Reported | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,683 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 21,525 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,920 | ||
Goodwill | 99,838 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 64,019 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 1,288 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 137 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (20,437) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (6,170) | ||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 171,803 | ||
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 | 178,465 | ||
Scenario, Adjustment | 2019 acquisitions | |||
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 | (3,096) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 199 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 1,478 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 854 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (535) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (529) | ||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | (641) | ||
Business Combination, Deferred Payments, Liability | 0 | ||
Business Combination, Contingent Consideration, Liability | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | (641) | ||
Customer Relationships | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 23,900 | ||
Developed Technology Rights | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,200 | ||
Backlog | 2019 acquisitions | |||
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 | 3 months | ||
Tradenames And Trademarks | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 29,600 | ||
Commercial Foodservice Equipment Group | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,153,552 | 1,102,067 | 631,451 |
Commercial Foodservice Equipment Group | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Goodwill | 43,600 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 35,200 | ||
Food Processing Group | |||
Business Acquisition [Line Items] | |||
Goodwill | 257,679 | 219,054 | 198,278 |
Food Processing Group | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Goodwill | 43,600 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 21,300 | ||
Residential Kitchen | |||
Business Acquisition [Line Items] | |||
Goodwill | 438,516 | $ 422,054 | $ 435,081 |
Residential Kitchen | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Goodwill | 9,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 7,700 | ||
Maximum | Customer Relationships | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Maximum | Developed Technology Rights | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||
Minimum | Customer Relationships | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||
Minimum | Developed Technology Rights | 2019 acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Acquisitions and Purchase Acc_6
Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net sales | $ 3,022,279 | $ 3,078,487 |
Net earnings | $ 344,823 | $ 285,642 |
Basic | $ 6.20 | $ 5.14 |
Diluted | $ 6.20 | $ 5.14 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Significant Accounting Policies [Line Items] | |||
Allowance for Doubtful Accounts Receivable, Current | $ 14,886 | $ 13,608 | |
Foreign Currency Transaction Gain (Loss), before Tax | 900 | 2,600 | $ (2,400) |
Research and Development Expense | 41,200 | 35,300 | 29,100 |
Share-based Compensation | 8,133 | 2,497 | 6,237 |
Tax benefit | 500 | $ 100 | $ 2,400 |
Total unrecognized compensation | $ 52,300 | ||
Weighted average life | 1 year 7 months 24 days | ||
Weighted average number diluted shares outstanding (shares) | 9,000 | 28,000 | 4,000 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 80,900 | $ 55,300 | $ 25,900 |
Income Taxes Paid | $ 91,500 | $ 79,000 | $ 123,300 |
Restricted Stock | |||
Significant Accounting Policies [Line Items] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 537,059 | 132,038 | |
Fair value of grants issued during the period | $ 60,800 | $ 13,300 | |
Grant awards, fair value per share at date of grant (usd per share) | $ 113.26 | $ 100.50 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Accounting Policies [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 277,394 | $ 245,976 |
Inventory, Work in Process, Net of Reserves | 58,663 | 51,164 |
Inventory, Finished Goods, Net of Reserves | 249,642 | 224,670 |
Inventory, Net | $ 585,699 | $ 521,810 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accounting Policies [Abstract] | |||
Land | $ 43,467 | $ 32,523 | |
Building and improvements | 229,025 | 196,743 | |
Furniture and fixtures | 67,992 | 64,586 | |
Machinery and equipment | 209,290 | 188,454 | |
Property, pland and equipment, gross | 549,774 | 482,306 | |
Less accumulated depreciation | (197,629) | (167,737) | |
Property, plant and equipment, net | 352,145 | 314,569 | |
Depreciation | $ 37,852 | $ 35,782 | $ 29,710 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 28, 2019 | |
Minimum | Building and Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Minimum | Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Minimum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Maximum | Building and Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Maximum | Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Maximum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, Impairment Loss | $ 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |
Balance beginning of period | 1,743,175 | $ 1,264,810 |
Goodwill, Acquired During Period | 134,455 | 517,656 |
Measurement period adjustments to goodwill acquired in prior year | (31,651) | (7,238) |
Goodwill Translation Accounting Adjustments | (3,768) | 32,053 |
Balance end of period | 1,849,747 | 1,743,175 |
Commercial Foodservice Equipment Group | ||
Goodwill [Roll Forward] | ||
Balance beginning of period | 1,102,067 | 631,451 |
Goodwill, Acquired During Period | 81,339 | 487,032 |
Measurement period adjustments to goodwill acquired in prior year | (27,929) | (1,559) |
Goodwill Translation Accounting Adjustments | 1,925 | 14,857 |
Balance end of period | 1,153,552 | 1,102,067 |
Food Processing Group | ||
Goodwill [Roll Forward] | ||
Balance beginning of period | 219,054 | 198,278 |
Goodwill, Acquired During Period | 43,613 | 30,624 |
Measurement period adjustments to goodwill acquired in prior year | (3,722) | (5,679) |
Goodwill Translation Accounting Adjustments | 1,266 | 4,169 |
Balance end of period | 257,679 | 219,054 |
Residential Kitchen | ||
Goodwill [Roll Forward] | ||
Balance beginning of period | 422,054 | 435,081 |
Goodwill, Acquired During Period | 9,503 | 0 |
Measurement period adjustments to goodwill acquired in prior year | 0 | 0 |
Goodwill Translation Accounting Adjustments | (6,959) | 13,027 |
Balance end of period | $ 438,516 | $ 422,054 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying amount | $ 779,822 | $ 710,834 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (333,507) | (268,414) | |
Indefinite-Lived Intangible Assets, Fair Value | $ 93,000 | ||
Indefinite-Lived Intangible Assets, Carrying Value | 151,000 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 58,000 |
Finite-Lived Intangible Assets, Amortization Expense | $ 64,000 | $ 60,000 | $ 38,600 |
Customer Lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Weighted Avg Remaining LIfe | 9 years 2 months 12 days | 9 years 6 months | |
Gross Carrying amount | $ 717,397 | $ 644,145 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (283,846) | $ (222,661) | |
Service Backlog | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Weighted Avg Remaining LIfe | 1 year 3 months 18 days | 2 years 9 months 18 days | |
Gross Carrying amount | $ 29,426 | $ 27,065 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (28,283) | $ (24,755) | |
Developed Technology Rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Weighted Avg Remaining LIfe | 5 years 2 months 12 days | 5 years 10 months 24 days | |
Gross Carrying amount | $ 32,999 | $ 39,624 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (21,378) | (20,998) | |
Tradenames And Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 997,066 | $ 918,604 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Estimated Future Amortization Expense of Intagible Assets (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Accounting Policies [Abstract] | |
2020 | $ 66,177 |
2021 | 62,246 |
2022 | 57,921 |
2023 | 51,916 |
2024 | 40,456 |
2025 and thereafter | 167,599 |
Future amortization expense, net | $ 446,315 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Accounting Policies [Abstract] | ||
Accrued payroll and related expenses | $ 81,541 | $ 74,952 |
Accrued warranty | 66,374 | 59,451 |
Contract liabilities | 74,511 | 57,913 |
Accrued customer rebates | 51,709 | 45,740 |
Accrued sales and other tax | 19,862 | 19,452 |
Accrued professional fees | 13,368 | 17,313 |
Accrued product liability and workers compensation | 15,164 | 16,284 |
Accrued agent commission | 13,816 | 11,969 |
Accrued short-term leases | 21,827 | 0 |
Other accrued expenses | 58,378 | 64,372 |
Accrued expenses | $ 416,550 | $ 367,446 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 228,336 | $ 170,938 | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (16,892) | 7,233 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (105,705) | (112,771) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (350,933) | (276,476) | $ (266,419) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | (48,600) | 36,719 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (5,973) | 2,543 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (77,564) | (14,689) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,096 | 3,500 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (74,457) | (10,057) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (8,500) | |||
Cumulative Effect on Retained Earnings, Net of Tax | (100) | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (105,705) | (112,771) | (69,721) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 7,066 | (43,050) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 7,066 | (43,050) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (228,336) | (170,938) | (203,063) | |
Adoption of ASU 2018-02 | 500 | |||
Pension liability adjustment, net of tax | (59,238) | 29,527 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,840 | 3,085 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (57,398) | 32,125 | ||
Interest Rate Swap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (16,892) | 7,233 | $ 6,365 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (25,392) | (1,166) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,256 | 415 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (24,125) | 868 | ||
Accounting Standards Update 2018-02 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | [1] | 1,132 | ||
Stranded Tax Effects Reclassified from OCI to Retained Earnings | 1,100 | |||
Cumulative Effect on Retained Earnings, Net of Tax | [2] | 0 | ||
Accounting Standards Update 2018-02 | Retained Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative Effect on Retained Earnings, Net of Tax | [2] | (1,132) | ||
Accounting Standards Update 2018-02 | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | [1] | 0 | ||
Accounting Standards Update 2018-02 | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | [1] | (487) | ||
Accounting Standards Update 2018-02 | Interest Rate Swap | Retained Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | (1,600) | |||
Accounting Standards Update 2018-02 | Interest Rate Swap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | [1] | $ 1,619 | ||
Accounting Standards Update 2017-12 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | [3] | 11 | ||
Cumulative Effect on Retained Earnings, Net of Tax | 0 | |||
Accounting Standards Update 2017-12 | Retained Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative Effect on Retained Earnings, Net of Tax | (11) | |||
Accounting Standards Update 2017-12 | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | [3] | 0 | ||
Accounting Standards Update 2017-12 | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | [3] | 0 | ||
Accounting Standards Update 2017-12 | Interest Rate Swap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of ASU 2018-02 | [3] | $ 11 | ||
[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 of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. | |||
[2] | As of December 31, 2017, the company adopted ASU No. 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. | |||
[3] | (3) 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 $(0.1) million as an adjustment to the opening balance of retained earnings. |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Heirarchy (Details) - Fair Value, Measurements, Recurring - USD ($) | Dec. 28, 2019 | Dec. 29, 2018 |
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | $ 1,830,000 | $ 13,487,000 |
Financial Liabilities | 25,120,000 | 4,125,000 |
Interest Rate Swap | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Financial Liabilities | 0 | 0 |
Interest Rate Swap | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 1,830,000 | 13,487,000 |
Financial Liabilities | 25,120,000 | 4,125,000 |
Interest Rate Swap | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | |
Financial Liabilities | 0 | 0 |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 6,697,000 | 3,566,000 |
Contingent Consideration | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Contingent Consideration | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | |
Contingent Consideration | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 6,697,000 | 3,566,000 |
Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 901,000 | 854,000 |
Foreign Exchange Forward | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Foreign Exchange Forward | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 901,000 | 854,000 |
Foreign Exchange Forward | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | $ 0 | $ 0 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Rollforward of the Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 59,451 | $ 52,834 |
Warranty reserve related to acquisitions | 7,353 | 5,884 |
Warranty expense | 68,842 | 62,314 |
Warranty claims paid | (69,272) | (61,581) |
Ending balance | $ 66,374 | $ 59,451 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) $ in Millions | 12 Months Ended |
Dec. 28, 2019USD ($) | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 96.8 |
Revenue Recognition Effect of A
Revenue Recognition Effect of Adopting ASC 606 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | ||
Effect of Adopting ASC 606 [Line Items] | |||
Cumulative Effect on Retained Earnings, Net of Tax | $ 100 | ||
Accounting Standards Update 2014-09 | |||
Effect of Adopting ASC 606 [Line Items] | |||
Cumulative Effect on Retained Earnings, Net of Tax | [1] | $ 4,405 | |
[1] | 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 $(4.4) million as an adjustment to the opening balance of retained earnings. |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 787,626 | $ 724,014 | $ 761,004 | $ 686,802 | $ 756,672 | $ 713,331 | $ 668,128 | $ 584,800 | $ 2,959,446 | $ 2,722,931 | $ 2,335,542 |
United States And Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,944,101 | 1,806,428 | 1,569,426 | ||||||||
Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 258,432 | 224,142 | 177,976 | ||||||||
Europe And Middle East | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 647,099 | 601,727 | 509,626 | ||||||||
Latin America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 109,814 | 90,634 | 78,514 | ||||||||
Commercial Foodservice Equipment Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,984,345 | 1,729,814 | 1,382,108 | ||||||||
Commercial Foodservice Equipment Group | United States And Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,334,776 | 1,176,006 | 968,483 | ||||||||
Commercial Foodservice Equipment Group | Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 221,422 | 180,409 | 144,702 | ||||||||
Commercial Foodservice Equipment Group | Europe And Middle East | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 349,613 | 315,935 | 226,697 | ||||||||
Commercial Foodservice Equipment Group | Latin America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 78,534 | 57,464 | 42,226 | ||||||||
Food Processing Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 400,951 | 389,594 | 352,717 | ||||||||
Food Processing Group | United States And Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 246,572 | 263,743 | 256,739 | ||||||||
Food Processing Group | Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 31,250 | 36,578 | 25,175 | ||||||||
Food Processing Group | Europe And Middle East | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 98,814 | 64,666 | 42,473 | ||||||||
Food Processing Group | Latin America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 24,315 | 24,607 | 28,330 | ||||||||
Residential Kitchen | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 574,150 | 603,523 | 600,717 | ||||||||
Residential Kitchen | United States And Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 362,753 | 366,679 | 344,204 | ||||||||
Residential Kitchen | Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 5,760 | 7,155 | 8,099 | ||||||||
Residential Kitchen | Europe And Middle East | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 198,672 | 221,126 | 240,456 | ||||||||
Residential Kitchen | Latin America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 6,965 | $ 8,563 | $ 7,958 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Revenue Recognition [Abstract] | ||
Contract assets | $ 22,675 | $ 14,048 |
Contract liabilities | 74,511 | 57,913 |
Non-current contract liabilities | 12,870 | $ 12,170 |
Contract with Customer, Asset, Reclassified to Receivable | 9,100 | |
Contract with Customer, Liability, Revenue Recognized | 51,800 | |
Increase (Decrease) in Deferred Revenue and Customer Advances and Deposits | 71,400 | |
Contract asset impairment | $ 0 |
Financing Arrangements - Schedu
Financing Arrangements - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Debt Instrument [Line Items] | ||
Senior secured revolving credit line | $ 1,869,402 | $ 1,887,764 |
Other debt arrangement | 116 | 175 |
Total debt | 1,873,140 | 1,892,105 |
Less: Current maturities of long-term debt | 2,894 | 3,207 |
Long-term debt | 1,870,246 | 1,888,898 |
Foreign loans [Member] | ||
Debt Instrument [Line Items] | ||
Foreign loans | $ 3,622 | $ 4,166 |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Instrument [Line Items] | ||
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 | |
Long-term line of credit | 1,869,402 | 1,887,764 |
Senior secured revolving credit line | 1,869,402 | $ 1,887,764 |
Line of Credit Facility, Outstanding Amount, USD Borrowings | 1,800,000 | |
Line of Credit Facility, Amount Outstanding, EUR Borrowings | 47,900 | |
Letters of credit outstanding | 13,300 | |
Remaining borrowing capacity | $ 1,100,000 | |
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 | 3.37% | |
Variable commitment fee | 0.25% | |
Line of credit, Current and Noncurrent, Foreign | $ 3,600 | |
Interest rate at period end | 5.18% | |
Derivative Notional Amount, NonCurrent | $ 897,000 | |
Derivative Fixed Interest Rate, NonCurrent | 2.27% | |
Debt Instrument, Interest Coverage Ratio Range, Low | 300.00% | |
Debt Instrument, Interest Coverage Ratio Range, High | 100.00% | |
Debt Instrument, Leverage Ratio Range, Low | 400.00% | |
Debt Instrument, Leverage Ratio Range, High | 100.00% | |
Debt Instrument, Qualified Leverage Ratio Range, Low | 450.00% | |
Debt Instrument, Qualified Leverage Ratio Range, High | 100.00% | |
maturity less than 12 months [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Notional Amount, NonCurrent | $ 51,000 | |
Derivative Fixed Interest Rate, NonCurrent | 1.27% |
Financing Arrangements - Level
Financing Arrangements - Level 2 Measurements (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Debt Disclosure [Abstract] | ||
Total debt | $ 1,873,140 | $ 1,892,105 |
Total debt, fair value | $ 1,873,140 | $ 1,892,105 |
Financing Arrangements - Sche_2
Financing Arrangements - Schedule of Future Aggregate Debt Payable (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 2,894 |
2021 | 378 |
2022 | 302 |
2023 | 82 |
2024 and thereafter | 1,869,484 |
Total Debt Payable | $ 1,873,140 |
Common and Preferred Stock - Na
Common and Preferred Stock - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Common Stock, Shares Authorized | 95,000,000 | 95,000,000 | |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | |
Remaining number of shares authorized to be repurchased (shares) | 2,373,800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 16.5 | ||
Restricted Stock | |||
Nonvested number of shares (shares) | 527,085 | 125,842 | 159,203 |
Stock Incentive Plan 2011 | |||
Number of shares authorized (shares) | 2,650,000 | ||
Number of shares granted, cumulative (shares) | 1,652,175 | ||
Nonvested number of shares (shares) | 527,085 | ||
IncreaseInAuthSharesDuring2017 | Stock Incentive Plan 2011 | |||
Number of shares authorized (shares) | 1,000,000 |
Common and Preferred Stock - Su
Common and Preferred Stock - Summary of Nonvested Restricted Share Grant Activity Under 2011 Stock Incentive Plans and Related Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Nonvested shares, beginning balance (shares) | 125,842 | 159,203 | |
Granted (shares) | 537,059 | 132,038 | |
Vested (shares) | (135,816) | (6,203) | |
Forfeited (shares) | 0 | (159,196) | |
Nonvested shares, ending balance (shares) | 527,085 | 125,842 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Nonvested shares, beginning balance (usd per share) | $ 112.60 | $ 103.29 | $ 104.44 |
Granted (usd per share) | 113.26 | 100.50 | |
Vested (usd per share) | 105.81 | 126.09 | |
Forfeited (usd per share) | 0 | 100.84 | |
Nonvested shares, ending balance (usd per share) | $ 112.60 | $ 103.29 | |
2017 Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,500,000 | ||
Stock Repurchased During Period, Shares | 126,200 |
Income Taxes - Summary of Earni
Income Taxes - Summary of Earnings Before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 336,688 | $ 328,870 | $ 290,866 |
Foreign | 125,931 | 94,643 | 92,663 |
Total | $ 462,619 | $ 423,513 | $ 383,529 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 69,074 | $ 66,359 | $ 48,688 |
State and local | 16,203 | 16,035 | 9,076 |
Foreign | 25,102 | 23,967 | 27,637 |
Total | 110,379 | 106,361 | 85,401 |
Current | 88,167 | 85,872 | 99,893 |
Deferred | $ 22,212 | $ 20,489 | $ (14,492) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Differences Between Income Taxes Computed at the Federal Statutory Rate to the Effective Rate (Details) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 21.00% | 21.00% | 35.00% |
State taxes, net of federal benefit | 3.20% | 3.00% | 1.50% |
U.S. domestic manufacturers deduction | 0.00% | 0.00% | (2.10%) |
Permanent differences | 0.60% | 0.20% | (0.70%) |
Foreign income tax rate at rates other than U.S. statutory | 0.20% | 1.30% | (1.60%) |
Effective Income Tax Rate Reconciliation, Tax Cuts and Job Act of 2017 deferred tax changes | 0.00% | 0.20% | (10.00%) |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017 transition tax | 0.00% | (0.10%) | 2.00% |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 0.10% | (0.50%) | (2.00%) |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 0.30% | 0.00% | 1.50% |
Other | (1.50%) | 0.00% | (1.30%) |
Consolidated effective tax | 23.90% | 25.10% | 22.30% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Deferred tax assets: | ||
Compensation related | $ 4,744 | $ 3,776 |
Pension and post-retirement benefits | 48,716 | 41,502 |
Inventory reserves | 15,166 | 14,441 |
Accrued liabilities and reserves | 17,321 | 13,835 |
Warranty reserves | 16,550 | 10,641 |
Operating lease liability | 17,521 | 0 |
Net operating loss carryforwards | 17,873 | 36,629 |
Other | 22,579 | 10,531 |
Gross deferred tax assets | 160,470 | 131,355 |
Valuation allowance | (7,754) | (26,023) |
Deferred tax assets | 152,716 | 105,332 |
Deferred tax liabilities: | ||
Intangible assets | (203,721) | (167,197) |
Depreciable assets | (18,020) | (13,617) |
Operating lease right-of-use assets | (17,542) | 0 |
Other | (10,001) | (6,226) |
Deferred tax liabilities | (249,284) | (187,040) |
Deferred Income Tax Liabilities, Net | (96,568) | (81,708) |
Long-term deferred liability | 36,932 | 32,188 |
Deferred Tax Liabilities, Net, Noncurrent | $ (133,500) | $ (113,896) |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance, Beginning Period | $ 31,912 | $ 29,930 |
Increases to current year tax positions | 4,216 | 3,912 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 254 | 2,860 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 569 | |
Lapse of statute of limitations | 4,823 | 4,221 |
Balance, Ending Period | $ 31,559 | $ 31,912 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Permanently Reinvested Foreign Earnings | $ 5,600 | $ 4,100 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 369,000 | ||
Operating Loss Carryforwards | 17,873 | 36,629 | |
Deferred Tax Assets, Operating Loss Carryforwards | 19,500 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 13,400 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 6,100 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 104,400 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 38,200 | ||
Deferred Tax Assets, Valuation Allowance | 5,200 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign Write Off | 18,400 | ||
Unrecognized tax benefits rleated to federal, state and foreign taxes | 31,559 | 31,912 | $ 29,930 |
Unrecognized tax benefits related to federal, state and foreign taxes that would impact the effective tax rate if recognized | 31,200 | ||
Unrecognized tax benefits, accured interest | 5,500 | ||
Unrecognized tax benefits, penalties | 7,200 | ||
Unrecognized tax benefits, interest recognized | 400 | 600 | 700 |
Unrecognized tax benefits, penalties recognized | (900) | $ 600 | $ 1,300 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 5,300 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative liabilities, at fair value | $ 23,300 | |
Interest Rate Derivative Assets, at Fair Value | $ 9,400 | |
Increase (decrease) in fair value of interest rate fair value hedging instruments | (24,100) | |
Interest Rate Swap | Other Noncurrent Assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | 1,830 | 13,487 |
Interest Rate Swap | Other Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 25,120 | 4,125 |
Foreign Exchange Forward | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of forward contracts | (900) | |
Other Comprehensive Income (Loss) | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (31,396) | (561) |
Interest Expense | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,256 | 415 |
Other Expense | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 72 |
Lease Commitments Operating Lea
Lease Commitments Operating Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 31,000 | $ 30,200 | $ 27,100 |
Operating Lease, Right-of-Use Asset | 96,655 | ||
Operating Lease, Liability, Current | 21,827 | $ 0 | |
Operating Lease, Liability, Noncurrent | 75,018 | ||
Operating Lease, Liability | $ 96,845 |
Lease Commitments Lease Commitm
Lease Commitments Lease Commitments (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 24,563 |
2021 | 21,424 |
2022 | 17,875 |
2023 | 12,742 |
2024 | 10,134 |
2025 and thereafter | 25,514 |
Total future lease commitments | 112,252 |
Less imputed interest | 15,407 |
Operating Lease, Liability | $ 96,845 |
Lease Commitments Other Lease I
Lease Commitments Other Lease Information (Details) $ in Thousands | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 24,794 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 25,306 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% |
Segment Information Segment Inf
Segment Information Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 28, 2019segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Results o
Segment Information - Results of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net sales | $ 787,626 | $ 724,014 | $ 761,004 | $ 686,802 | $ 756,672 | $ 713,331 | $ 668,128 | $ 584,800 | $ 2,959,446 | $ 2,722,931 | $ 2,335,542 | ||||||
Operating Income (Loss) | 152,030 | $ 121,345 | $ 139,607 | $ 101,061 | 139,987 | $ 107,677 | $ 111,310 | $ 86,992 | 514,043 | [1],[2] | 445,966 | [2] | 378,613 | [2],[3],[4] | |||
Depreciation | 37,852 | 35,782 | 29,710 | ||||||||||||||
Amortization expense (5) | [5] | 65,576 | 61,456 | 40,064 | |||||||||||||
Net capital expenditures | 46,609 | 36,040 | 54,493 | ||||||||||||||
Total assets | 5,002,143 | 4,549,781 | 5,002,143 | 4,549,781 | 3,339,713 | ||||||||||||
Long-lived assets | [6] | 499,819 | 383,988 | 499,819 | 383,988 | 362,588 | |||||||||||
Commercial Foodservice Equipment Group | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net sales | 1,984,345 | 1,729,814 | 1,382,108 | ||||||||||||||
Operating Income (Loss) | [2] | 429,946 | [1] | 393,380 | 357,085 | [3],[4] | |||||||||||
Depreciation | 21,054 | 17,374 | 12,643 | ||||||||||||||
Amortization expense (5) | [5] | 45,906 | 35,224 | 17,338 | |||||||||||||
Net capital expenditures | 29,353 | 17,444 | 41,457 | ||||||||||||||
Total assets | 3,188,304 | 2,906,373 | 3,188,304 | 2,906,373 | 1,693,820 | ||||||||||||
Long-lived assets | 261,466 | [6] | 181,636 | [7] | 261,466 | [6] | 181,636 | [7] | 148,565 | [6] | |||||||
Food Processing Group | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net sales | 400,951 | 389,594 | 352,717 | ||||||||||||||
Operating Income (Loss) | [2] | 68,935 | [1] | 62,435 | 88,121 | [3],[4] | |||||||||||
Depreciation | 4,944 | 5,207 | 3,677 | ||||||||||||||
Amortization expense (5) | [5] | 8,162 | 7,527 | 3,680 | |||||||||||||
Net capital expenditures | 6,683 | 7,373 | 5,519 | ||||||||||||||
Total assets | 621,619 | 513,189 | 621,619 | 513,189 | 450,932 | ||||||||||||
Long-lived assets | 57,403 | [6] | 33,127 | [7] | 57,403 | [6] | 33,127 | [7] | 25,346 | [6] | |||||||
Residential Kitchen | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net sales | 574,150 | 603,523 | 600,717 | ||||||||||||||
Operating Income (Loss) | [2] | 89,312 | [1] | 53,959 | (377) | [3],[4] | |||||||||||
Depreciation | 11,742 | 12,838 | 12,984 | ||||||||||||||
Amortization expense (5) | [5] | 9,896 | 17,226 | 17,567 | |||||||||||||
Net capital expenditures | 9,168 | 11,721 | 7,637 | ||||||||||||||
Total assets | 1,157,211 | 1,089,103 | 1,157,211 | 1,089,103 | 1,140,668 | ||||||||||||
Long-lived assets | 176,834 | [6] | 146,897 | [7] | 176,834 | [6] | 146,897 | [7] | 167,486 | [6] | |||||||
Corporate and Other | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||||
Operating Income (Loss) | [2] | (74,150) | [1] | (63,808) | (66,216) | [3],[4] | |||||||||||
Depreciation | 112 | 363 | 406 | ||||||||||||||
Amortization expense (5) | [5] | 1,612 | 1,479 | 1,479 | |||||||||||||
Net capital expenditures | 1,405 | (498) | (120) | ||||||||||||||
Total assets | 35,009 | 41,116 | 35,009 | 41,116 | 54,293 | ||||||||||||
Long-lived assets | $ 4,116 | [6] | $ 22,328 | [7] | $ 4,116 | [6] | $ 22,328 | [7] | $ 21,191 | [6] | |||||||
[1] | Gain on litigation settlement is included in Residential Kitchen. | ||||||||||||||||
[2] | Restructuring expenses are included in operating income of the segment to which they pertain. See note 13 for further details. | ||||||||||||||||
[3] | Impairment of intangible assets is included in Residential Kitchen. | ||||||||||||||||
[4] | Impairment of intangible assets is included in Residential Kitchen. | ||||||||||||||||
[5] | Includes amortization of deferred financing costs | ||||||||||||||||
[6] | Gain on sale of plant is included in Commercial Foodservice. | ||||||||||||||||
[7] | Includes corporate and other general company assets and operations. |
Segment Information - Long-live
Segment Information - Long-lived assets (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 499,819 | $ 383,988 | $ 362,588 |
United States And Canada | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 221,479 | ||
Asia | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 14,033 | ||
Europe And Middle East | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 126,264 | ||
Latin America | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 812 | ||
Total International | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 194,612 | 121,506 | $ 141,109 |
United States And Canada | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 305,207 | 262,482 | |
Asia | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 22,312 | 12,136 | |
Europe And Middle East | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 165,781 | 108,001 | |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 6,519 | $ 1,369 |
Employee Retirement Plans Summa
Employee Retirement Plans Summary of the Plans' Net Periodic Pension Cost, Benefit Obligations, Funded Status, and Net Balance Sheet Position (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Change in Benefit Obligation: | ||
Curtailment loss | $ 865 | |
Amounts recognized in balance sheet at year end: | ||
Accrued pension benefits | (289,086) | $ (253,119) |
Pre-tax components in accumulated other comprehensive income at period end: | ||
Pension settlement gain recognized | 11,900 | |
Non US Plans | ||
Net Periodic Pension Cost: | ||
Service cost | 2,457 | 3,754 |
Interest cost | 33,490 | 32,173 |
Expected return on assets | (67,542) | (75,017) |
Amortization of net loss (gain) | (721) | (4,056) |
Amortization of prior service cost | 2,560 | 437 |
Curtailment loss | (865) | (906) |
Pension settlement gain | 0 | (655) |
Defined Benefit Plan, Net Periodic Benefit Cost | (27,449) | (34,346) |
Change in Benefit Obligation: | ||
Benefit obligation – beginning of year | 1,377,575 | 1,615,244 |
Service cost | 2,457 | 3,754 |
Prior service cost | 0 | 53,586 |
Interest cost | 33,490 | 32,173 |
Member contributions | 313 | 290 |
Actuarial loss (gain) | 102,377 | (163,746) |
Pension settlement gain | 0 | (873) |
Net benefit payments | (62,355) | (72,095) |
Curtailment loss | 906 | |
Exchange effect | 46,894 | (91,664) |
Benefit obligation – end of year | 1,501,616 | 1,377,575 |
Change in Plan Assets: | ||
Plan assets at fair value – beginning of year | 1,141,381 | 1,296,539 |
Company contributions | 5,934 | 4,889 |
Investment gain (loss) | 107,368 | (12,600) |
Member contributions | 313 | 290 |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | (161) |
Benefit payments and plan expenses | (62,355) | (72,095) |
Exchange effect | 38,540 | (75,481) |
Plan assets at fair value – end of year | 1,231,181 | 1,141,381 |
Funded Status: | ||
Unfunded benefit obligation | (270,435) | (236,194) |
Amounts recognized in balance sheet at year end: | ||
Accrued pension benefits | (270,435) | (236,194) |
Pre-tax components in accumulated other comprehensive income at period end: | ||
Net actuarial loss | 270,116 | 202,672 |
Current year actuarial (gain) loss | 69,228 | (88,992) |
Actuarial gain (loss) recognized | (798) | (4,741) |
Prior service cost | 0 | 53,586 |
Prior service cost recognized | (986) | (437) |
Pension settlement gain | 0 | (713) |
Pension settlement gain recognized | 0 | 654 |
Total amount recognized | (67,444) | 40,643 |
Accumulated Benefit Obligation | $ 1,501,616 | $ 1,377,532 |
Salary growth rate | 0.80% | 0.80% |
Assumed discount rate | 2.00% | 2.70% |
Expected return on assets | 6.20% | 6.20% |
USPlans | ||
Net Periodic Pension Cost: | ||
Service cost | $ 0 | $ 365 |
Interest cost | 1,253 | 1,082 |
Expected return on assets | (868) | (967) |
Amortization of net loss (gain) | (664) | 129 |
Amortization of prior service cost | 0 | 0 |
Curtailment loss | 0 | 0 |
Pension settlement gain | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 1,049 | 351 |
Change in Benefit Obligation: | ||
Benefit obligation – beginning of year | 31,559 | 31,908 |
Service cost | 0 | 365 |
Prior service cost | 0 | 0 |
Interest cost | 1,253 | 1,082 |
Member contributions | 0 | 0 |
Actuarial loss (gain) | 4,173 | (850) |
Pension settlement gain | 0 | 0 |
Net benefit payments | (1,590) | (946) |
Curtailment loss | 0 | 0 |
Exchange effect | 0 | 0 |
Benefit obligation – end of year | 35,395 | 31,559 |
Change in Plan Assets: | ||
Plan assets at fair value – beginning of year | 14,634 | 16,102 |
Company contributions | 1,191 | 877 |
Investment gain (loss) | 2,509 | (1,399) |
Member contributions | 0 | 0 |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 |
Benefit payments and plan expenses | (1,590) | (946) |
Exchange effect | 0 | 0 |
Plan assets at fair value – end of year | 16,744 | 14,634 |
Funded Status: | ||
Unfunded benefit obligation | (18,651) | (16,925) |
Amounts recognized in balance sheet at year end: | ||
Accrued pension benefits | (18,651) | (16,925) |
Pre-tax components in accumulated other comprehensive income at period end: | ||
Net actuarial loss | 6,853 | 4,985 |
Current year actuarial (gain) loss | 2,532 | 1,516 |
Actuarial gain (loss) recognized | (664) | 129 |
Prior service cost | 0 | 0 |
Prior service cost recognized | 0 | 0 |
Pension settlement gain | 0 | 0 |
Pension settlement gain recognized | 0 | 0 |
Total amount recognized | (1,868) | (1,645) |
Accumulated Benefit Obligation | $ 35,395 | $ 31,559 |
Assumed discount rate | 3.00% | 4.10% |
Expected return on assets | 6.00% | 6.00% |
Employee Retirement Plans Sum_2
Employee Retirement Plans Summary classes of security by percentage (Details) | Dec. 28, 2019 | Dec. 29, 2018 |
Non US Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
Non US Plans | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 17.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 22.00% | 23.00% |
Non US Plans | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 38.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 39.00% | 52.00% |
Non US Plans | Money Market Instruments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 32.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 22.00% | 9.00% |
Non US Plans | Other (real estate & commodities) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 13.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 13.00% | 14.00% |
Non US Plans | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 4.00% | 2.00% |
USPlans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
USPlans | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 48.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 51.00% | 42.00% |
USPlans | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 37.00% | 49.00% |
USPlans | Money Market Instruments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 4.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 2.00% | 1.00% |
USPlans | Other (real estate & commodities) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 10.00% | 8.00% |
Employee Retirement Plans Sum_3
Employee Retirement Plans Summary of the Basis Used to Measure Pension Plans' Assets at Fair Value (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
USPlans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 16,744 | $ 14,634 | $ 16,102 | |
Defined Benefit Plan, Net Asset Value of Plan Assets | 347 | 175 | ||
Non US Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,231,181 | 1,141,381 | $ 1,296,539 | |
Defined Benefit Plan, Net Asset Value of Plan Assets | 926,083 | 859,993 | ||
Short Term Investment Fund | USPlans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 347 | 175 | |
Defined Benefit Plan, Net Asset Value of Plan Assets | [1] | 347 | 175 | |
Short Term Investment Fund | Non US Plans | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 44,748 | 28,434 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 23,732 | 21,453 | ||
Equity Securities | USPlans | U S Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 3,957 | 2,615 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Equity Securities | USPlans | U S Mid Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 417 | 329 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Equity Securities | USPlans | U S Small Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 418 | 326 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Equity Securities | USPlans | International Equity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 3,657 | 2,937 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Equity Securities | Non US Plans | Equity Securities, U K Market | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 101,922 | 155,687 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 13,092 | 76,749 | ||
Equity Securities | Non US Plans | Equity Securities, International, Developed | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 165,709 | 99,872 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 152,539 | 85,375 | ||
Equity Securities | Non US Plans | Equity Securities, Unquoted Private Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 123 | 1,752 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 123 | 1,752 | ||
Equity Securities | Non US Plans | Equity Securities, international, Emerging | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 11,653 | 7,488 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 11,003 | 6,897 | ||
Fixed Income | USPlans | Government/Corporate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 4,992 | 5,994 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Fixed Income | USPlans | High Yield Fixed Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,260 | 1,102 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Fixed Income | Non US Plans | Fixed Income, Government/Corporate, Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 6,367 | 650 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 6,367 | 650 | ||
Fixed Income | Non US Plans | Fixed Income,Convertible Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 177 | 188 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 177 | 188 | ||
Fixed Income | Non US Plans | Fixed Income, Government/Corporate, Index Linked | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 189,463 | 47,873 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 187,378 | 44,259 | ||
Fixed Income | Non US Plans | Fixed Income, Government/Corporate, International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 86,208 | 75,980 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 86,208 | 75,980 | ||
Fixed Income | Non US Plans | Fixed Income, Government/Corporate, U K | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 189,513 | 468,608 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 172,401 | 449,969 | ||
Real Estate Funds | Non US Plans | Real Estate Funds, Direct | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 154,494 | 148,551 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Real Estate Funds | Non US Plans | Real Estate Funds,Indirect | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 8,155 | 10,812 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 415 | 1,326 | ||
Hedge Funds, Multi-strategy | Non US Plans | Hedge Funds, Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 21,683 | 73,783 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 21,683 | 73,783 | ||
Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Arbitrage&Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 29,284 | 73,261 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 29,284 | 73,261 | ||
Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Directional Trading&Fixed Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 9,361 | 44,091 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 9,361 | 44,091 | ||
Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Cash & Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 163,058 | 21,719 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 163,058 | 21,719 | ||
Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Direct Sourcing | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 2,269 | 2,289 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 2,269 | 2,289 | ||
Leveraged Loans | Non US Plans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 21,635 | 18,295 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 21,635 | 18,295 | ||
Alternative Investment [Member] | USPlans | Real Estate Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,358 | 591 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Alternative Investment [Member] | USPlans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 338 | 565 | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 0 | 0 | ||
Alternative Investment [Member] | Non US Plans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 25,359 | (137,952) | ||
Defined Benefit Plan, Net Asset Value of Plan Assets | 25,358 | (138,043) | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | USPlans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 16,397 | 14,459 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Non US Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 137,260 | 114,018 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short Term Investment Fund | USPlans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short Term Investment Fund | Non US Plans | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 18,142 | 4,325 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities | USPlans | U S Large Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 3,957 | 2,615 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities | USPlans | U S Mid Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 417 | 329 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities | USPlans | U S Small Cap | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 418 | 326 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities | USPlans | International Equity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 3,657 | 2,937 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities | Non US Plans | Equity Securities, U K Market | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 88,830 | 78,938 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities | Non US Plans | Equity Securities, International, Developed | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 13,170 | 14,497 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities | Non US Plans | Equity Securities, Unquoted Private Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities | Non US Plans | Equity Securities, international, Emerging | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 650 | 591 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income | USPlans | Government/Corporate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 4,992 | 5,994 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income | USPlans | High Yield Fixed Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,260 | 1,102 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income | Non US Plans | Fixed Income,Convertible Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, Index Linked | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 2,085 | 3,614 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, U K | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 14,245 | 11,860 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate Funds | Non US Plans | Real Estate Funds, Direct | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate Funds | Non US Plans | Real Estate Funds,Indirect | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 137 | 188 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy | Non US Plans | Hedge Funds, Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Arbitrage&Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Directional Trading&Fixed Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Cash & Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Direct Sourcing | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Leveraged Loans | Non US Plans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investment [Member] | USPlans | Real Estate Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,358 | 591 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investment [Member] | USPlans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 338 | 565 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investment [Member] | Non US Plans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1 | 5 | ||
Significant Observable Inputs (Level 2) | Non US Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 167,838 | 167,284 | ||
Significant Observable Inputs (Level 2) | Short Term Investment Fund | Non US Plans | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 2,874 | 2,656 | ||
Significant Observable Inputs (Level 2) | Equity Securities | Non US Plans | Equity Securities, U K Market | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Equity Securities | Non US Plans | Equity Securities, International, Developed | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Equity Securities | Non US Plans | Equity Securities, Unquoted Private Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Equity Securities | Non US Plans | Equity Securities, international, Emerging | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Fixed Income | Non US Plans | Fixed Income,Convertible Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, Index Linked | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, U K | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 2,867 | 6,779 | ||
Significant Observable Inputs (Level 2) | Real Estate Funds | Non US Plans | Real Estate Funds, Direct | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 154,494 | 148,551 | ||
Significant Observable Inputs (Level 2) | Real Estate Funds | Non US Plans | Real Estate Funds,Indirect | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 7,603 | 9,298 | ||
Significant Observable Inputs (Level 2) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Funds, Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Arbitrage&Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Directional Trading&Fixed Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Cash & Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Direct Sourcing | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Leveraged Loans | Non US Plans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Observable Inputs (Level 2) | Alternative Investment [Member] | Non US Plans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Non US Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 86 | ||
Significant Unobservable Inputs (Level 3) | Short Term Investment Fund | Non US Plans | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Non US Plans | Equity Securities, U K Market | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Non US Plans | Equity Securities, International, Developed | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Non US Plans | Equity Securities, Unquoted Private Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Non US Plans | Equity Securities, international, Emerging | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Fixed Income | Non US Plans | Fixed Income,Convertible Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, Index Linked | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Fixed Income | Non US Plans | Fixed Income, Government/Corporate, U K | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Real Estate Funds | Non US Plans | Real Estate Funds, Direct | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Real Estate Funds | Non US Plans | Real Estate Funds,Indirect | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Funds, Equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Arbitrage&Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Directional Trading&Fixed Income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Cash & Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Hedge Funds, Multi-strategy | Non US Plans | Hedge Fund, Direct Sourcing | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Leveraged Loans | Non US Plans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Alternative Investment [Member] | Non US Plans | Commodities Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 86 | ||
[1] | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. |
Employee Retirement Plans Estim
Employee Retirement Plans Estimated Future Benefit Payments under the Plans (Details) $ in Thousands | Dec. 28, 2019USD ($) |
USPlans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 1,738 |
2021 | 1,763 |
2022 | 1,776 |
2023 | 1,784 |
2024 through 2029 | 11,267 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 1,300 |
Non US Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 63,856 |
2021 | 65,110 |
2022 | 66,177 |
2023 | 66,332 |
2024 through 2029 | 405,088 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 5,800 |
Employee Retirement Plans - Add
Employee Retirement Plans - Additional Information (Details) | 12 Months Ended |
Dec. 28, 2019plan | |
Retirement Benefits [Abstract] | |
Number of defined contribution 401K savings plans | 2 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Net sales | $ 787,626 | $ 724,014 | $ 761,004 | $ 686,802 | $ 756,672 | $ 713,331 | $ 668,128 | $ 584,800 | $ 2,959,446 | $ 2,722,931 | $ 2,335,542 | |||||||||||
Gross Profit | 289,678 | 270,028 | 286,479 | 257,312 | 280,588 | 261,160 | 250,759 | 211,633 | 1,103,497 | 1,004,140 | 912,741 | |||||||||||
Income from operations | 152,030 | 121,345 | 139,607 | 101,061 | 139,987 | 107,677 | 111,310 | 86,992 | 514,043 | [1],[2] | 445,966 | [2] | 378,613 | [2],[3],[4] | ||||||||
Net earnings | $ 108,997 | $ 82,020 | $ 92,210 | $ 69,013 | $ 94,839 | $ 72,905 | $ 83,988 | $ 65,420 | $ 352,240 | $ 317,152 | $ 298,128 | |||||||||||
Basic earnings per share (usd per share) | $ 1.96 | [5] | $ 1.47 | [5] | $ 1.66 | [5] | $ 1.24 | [5] | $ 1.71 | [5] | $ 1.31 | [5] | $ 1.51 | [5] | $ 1.18 | [5] | $ 6.33 | $ 5.71 | [5] | $ 5.26 | ||
Diluted earnings per share (usd per share) | $ 1.96 | [5] | $ 1.47 | [5] | $ 1.66 | [5] | $ 1.24 | [5] | $ 1.70 | [5] | $ 1.31 | [5] | $ 1.51 | [5] | $ 1.18 | [5] | $ 6.33 | $ 5.70 | [5] | $ 5.26 | ||
[1] | Gain on litigation settlement is included in Residential Kitchen. | |||||||||||||||||||||
[2] | Restructuring expenses are included in operating income of the segment to which they pertain. See note 13 for further details. | |||||||||||||||||||||
[3] | Impairment of intangible assets is included in Residential Kitchen. | |||||||||||||||||||||
[4] | Impairment of intangible assets is included in Residential Kitchen. | |||||||||||||||||||||
[5] | Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
Restructuring Restructuring Cha
Restructuring Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 10,480 | $ 19,332 | $ 19,951 | |
Facility Closing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for Restructuring | 5,171 | 4,795 | ||
Other Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for Restructuring | 4,394 | |||
Commercial Foodservice Equipment Group | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 6,400 | 3,500 | ||
Residential Kitchen | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effects on Future Earnings, Restructuring | 3,000 | |||
Restructuring Charges | 1,700 | 1,200 | ||
Residential Kitchen | Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 666 | 866 | 3,698 | $ 5,145 |
Restructuring Charges | 3,766 | 6,367 | 8,662 | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 24 | (49) | 533 | |
Payments for Restructuring | 3,990 | 9,150 | 10,642 | |
Residential Kitchen | Facility Closing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 101 | 56 | 1,467 | 2,032 |
Restructuring Charges | 684 | 3,771 | 3,872 | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (7) | (11) | 358 | |
Payments for Restructuring | 632 | |||
Residential Kitchen | Other Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 787 | 157 | 69 |
Restructuring Charges | (476) | 5,001 | 601 | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (55) | 23 | 11 | |
Payments for Restructuring | 256 | 524 | ||
Residential Kitchen | Restructuring Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 767 | 1,709 | 5,322 | $ 7,246 |
Restructuring Charges | 3,974 | 15,139 | 13,135 | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (38) | (37) | 902 | |
Payments for Restructuring | 4,878 | 18,715 | 15,961 | |
Residential Kitchen | AGA Group | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges, Cumulative | 59,700 | |||
Effects on Future Earnings, Restructuring | 20,000 | |||
Restructuring Charges | 2,300 | $ 15,100 | $ 11,900 | |
Minimum | Commercial Foodservice Equipment Group | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effects on Future Earnings, Restructuring | 10,000 | |||
Maximum | Commercial Foodservice Equipment Group | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effects on Future Earnings, Restructuring | $ 15,000 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Dec. 28, 2019 | Dec. 29, 2018 |
Subsequent Event [Line Items] | |||
Maximum borrowing capacity | $ 2,500,000 | ||
Line of Credit Facility, Potential Additional Borrowing Capacity | 3,000,000 | ||
Long-term line of credit | $ 1,869,402 | $ 1,887,764 | |
Credit facility, additional interest rate above LIBOR | 1.625% | ||
Line of Credit | |||
Subsequent Event [Line Items] | |||
Maximum borrowing capacity | $ 3,500,000 | ||
Line of Credit Facility, Potential Additional Borrowing Capacity | 4,000,000 | ||
Long-term line of credit | 750,000 | ||
Long-term Line of Credit, Revolving Credit Facility | $ 2,750,000 | ||
Credit facility, additional interest rate above LIBOR | 1.625% | ||
Term loan facility amortization rate | 2.50% |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning Of Period | $ 13,608 | $ 13,182 | $ 12,600 |
Additions/ (Recoveries) Charged to Expense | 1,941 | 3,160 | 2,084 |
Other Adjustments (1) | 2,009 | 1,121 | 478 |
Write-Offs During the Period | (2,672) | (3,855) | (1,979) |
Balance At End Of Period | 14,886 | 13,608 | 13,182 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning Of Period | 26,023 | 23,190 | 29,893 |
Additions/ (Recoveries) Charged to Expense | 129 | 2,833 | (6,703) |
Write-Offs During the Period | (18,398) | 0 | 0 |
Balance At End Of Period | $ 7,754 | $ 26,023 | $ 23,190 |