Delaware | 36-3352497 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
1400 Toastmaster Drive, Elgin, Illinois | 60120 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common stock, par value $0.01 per share | The NASDAQ Stock Market LLC |
Large accelerated filer x | Accelerated filer ¨ | Non-accelerated filer ¨ | Smaller reporting company ¨ |
Page | ||
PART I | ||
Item 1. | Business | |
Item 1A. | Risk Factors | |
Item 1B. | Unresolved Staff Comments | |
Item 2. | Properties | |
Item 3. | Legal Proceedings | |
Item 4. | Mine Safety Issues | |
PART II | ||
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |
Item 6. | Selected Financial Data | |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 7A. | Quantitative and Qualitative Disclosure about Market Risk | |
Item 8. | Financial Statements and Supplementary Data | |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |
Item 9A. | Controls and Procedures | |
Item 9B. | Other Information | |
PART III | ||
Item 10. | Directors, Executive Officers and Corporate Governance | |
Item 11. | Executive Compensation | |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
Item 13. | Certain Relationships and Related Transactions, and Director Independence | |
Item 14. | Principal Accountant Fees and Services | |
PART IV | ||
Item 15. | Exhibits and Financial Statement Schedule |
• | October 2013: The company acquired substantially all of the assets of Celfrost Innovations Pvt. Ltd. (“Celfrost”), a preferred commercial foodservice equipment supplier in India with a broad line of cold side products such as professional refrigerators, coldrooms, ice machines and freezers marketed under the Celfrost brand for a purchase price of approximately $11.2 million. |
• | December 2013: The company acquired all of the capital stock of Automatic Bar Controls, Inc. ("Wunder-Bar"), a leading manufacturer of beverage dispensing systems for the commercial foodservice industry for approximately $74.1 million. |
• | January 2014: The company acquired certain assets of Market Forge Industries, Inc. ("Market Forge"), a leading manufacturer of steam cooking equipment for the commercial foodservice industry for approximately $7.0 million. |
• | September 2014: The company acquired all of the capital stock of Concordia Coffee Company, Inc. ("Concordia"), a leading manufacturer of automated and self-service coffee and espresso machines for the commercial foodservice industry, for a purchase price of approximately $12.5 million, net of cash acquired. |
• | January 2015: The company acquired all of the capital stock of Desmon Food Service Equipment Company ("Desmon"), a leading manufacturer of blast chillers and refrigeration for the commercial foodservice industry, located in Nusco, Italy, for a purchase price of approximately $13.5 million. |
• | January 2015: The company acquired substantially all of the assets of J. Goldstein & Co. Pty. Ltd. ("Goldstein") and Eswood Australia Pty. Ltd. ("Eswood" and together with Goldstein, "Goldstein Eswood"). Goldstein is a leading manufacturer of cooking equipment including ranges, ovens, griddles, fryers and warning equipment and Eswood is a leading manufacturer of dishwashing equipment, both for the commercial foodservice in industry, located in Smithfield, Australia, for a purchase price of approximately $27.4 million. |
• | February 2015: The company acquired certain assets of Marsal & Sons, Inc ("Marsal"), a leading manufacturer of deck ovens for the commercial foodservice industry, for a purchase price of approximately $5.5 million. |
• | May 2015: The company acquired certain assets of the Induc Commercial Electronics Co. Ltd. ("Induc"), a leading manufacturer of induction cooking equipment for the commercial foodservice industry, located in Qingdoa, China, for a purchase price of approximately $10.6 million. |
• | March 2014: The company acquired substantially all of the assets of Processing Equipment Solutions, Inc. ("PES"), a leading manufacturer of water jet cutting equipment for the food processing industry, for a purchase price of approximately $15.0 million. PES product offerings include the IntelliJet™ and MegaJet™ line of water cutting systems, meat presses and fillet systems. |
• | April 2015: The company acquired certain assets of the High Speed Slicing business unit of Marel ("Thurne"), a leading manufacturer of slicing equipment for the food processing industry, located in Norwich, United Kingdom, for a purchase price of approximately $12.6 million. |
• | January 2013: The company acquired all of the capital stock of Viking Range Corporation (“Viking”), a leading manufacturer of premium residential cooking ranges, ovens and kitchen appliances, for approximately $361.7 million. |
• | April - June 2013: The company, through Viking, purchased certain assets of four of Viking's former distributors ("Viking Distributors 2013"). The aggregate purchase price of these transactions was approximately $23.6 million. |
• | January 2014: The company, through Viking, purchased certain assets of two of Viking's former distributors ("Viking Distributors 2014"). The aggregate purchase price of these transactions was approximately $44.5 million. |
• | November 2014: The company acquired all of the capital stock of U-Line Corporation ("U-Line"), a leading manufacturer of premium residential built-in modular ice making, refrigeration and wine preservation market for the residential industry, for a purchase price of approximately $142.0 million. |
• | September 2015: The company acquired all of the capital stock of AGA Rangemaster Group plc ("AGA") a leading manufacturer of residential kitchen equipment including cookers, ranges, ovens and refrigeration located in Leamington Spa, the United Kingdom, for a purchase price of approximately $201.0 million. |
• | December 2015: The company acquired all of the capital stock of Lynx Grills, Inc ("Lynx"), a leading manufacturer of premium residential outdoor equipment for a purchase price of approximately $83.8 million. |
• | the company may be unable to obtain additional financing for working capital, capital expenditures, acquisitions and other general corporate purposes; |
• | a significant portion of the company’s cash flow from operations must be dedicated to debt service, which reduces the amount of cash the company has available for other purposes; |
• | the company may be more vulnerable in the event of a downturn in the company’s business or general economic and industry conditions; |
• | the company may be disadvantaged competitively by its potential inability to adjust to changing market conditions, as a result of its significant level of indebtedness; and |
• | the company may be restricted in its ability to make strategic acquisitions and to pursue new business opportunities. |
• | pay dividends; |
• | incur additional indebtedness; |
• | create liens on the company’s assets; |
• | engage in new lines of business; |
• | make investments; |
• | make capital expenditures and enter into leases; and |
• | acquire or dispose of assets. |
• | inability to operate acquired businesses or utilize acquired technologies profitably; |
• | diversion of management’s attention from other business concerns; |
• | potential assumption of unknown material liabilities; |
• | failure to achieve financial or operating objectives; |
• | unanticipated costs relating to acquisitions or to the integration of the acquired businesses; |
• | loss of customers, suppliers, or key employees; and |
• | the impact on the company's internal controls and compliance with the regulatory requirements under the Sarbanes-Oxley Act of 2002. |
• | extensive regulations and oversight, tariffs and other trade barriers; |
• | reduced protection for intellectual property rights; |
• | difficulties in staffing and managing foreign operations; |
• | potentially adverse tax consequences; |
• | limitations on ownership and on repatriation of earnings; |
• | transportation delays and interruptions; |
• | political, social, and economic instability and disruptions; |
• | labor unrests; |
• | the lengthy, unpredictable sales cycle for commercial foodservice equipment, food processing equipment and residential kitchen equipment group; |
• | the level of market acceptance of new or enhanced versions of the company’s products; |
• | the company's failure to meet the performance estimates of securities analysts; |
• | changes in buy/sell recommendations by securities analysts; |
• | fluctuations in our operating results; |
• | substantial sales of the company's common stock |
• | general stock market conditions; or |
• | other economic or external factors. |
Location | Principal Function | Square Footage | Owned/ Leased | Lease Expiration | |||||
Commercial Foodservice: | |||||||||
Brea, CA | Manufacturing, Warehousing and Offices | 80,700 | Leased | September 2018 | |||||
Vacaville, CA | Manufacturing, Warehousing and Offices | 39,500 | Leased | April 2016 | |||||
Windsor, CA | Manufacturing, Warehousing and Offices | 75,000 | Leased | October 2017 | |||||
Elgin, IL | Manufacturing, Warehousing and Offices | 207,000 | Owned | N/A | |||||
Mundelein, IL | Manufacturing, Warehousing and Offices | 70,000 | Owned | N/A | |||||
Menominee, MI | Manufacturing, Warehousing and Offices | 60,000 | Owned | N/A | |||||
St. Louis, MO | Offices | 46,900 | Leased | August 2017 | |||||
Bow, NH | Manufacturing, Warehousing and Offices | 100,000 | Owned | N/A | |||||
Pembroke, NH | Warehousing | 111,900 | Leased | July 2024 | |||||
Fuquay-Varina, NC | Manufacturing, Warehousing and Offices | 138,900 | Owned | N/A | |||||
Cookeville, TN | Manufacturing, Warehousing and Offices | 90,000 | Leased | March 2016 | |||||
Smithville, TN | Manufacturing, Warehousing and Offices | 268,000 | Owned | N/A | |||||
Carrollton, TX | Manufacturing, Warehousing and Offices | 132,400 | Leased | August 2022 | |||||
Burlington, VT | Manufacturing, Warehousing and Offices | 135,400 | Owned | N/A | |||||
Essex Junction, VT | Manufacturing, Warehousing and Offices | 100,000 | Leased | June 2024 | |||||
Redmond, WA | Manufacturing, Warehousing and Offices | 42,400 | Leased | May 2022 | |||||
New South Wales, Australia | Manufacturing, Warehousing and Offices | 204,900 | Owned | N/A | |||||
Qingdao, China | Manufacturing, Warehousing and Offices | 5,200 | Leased | May 2020 | |||||
Shanghai, China | Manufacturing, Warehousing and Offices | 74,000 | Leased | April 2016 | |||||
Randers, Denmark | Manufacturing, Warehousing and Offices | 79,400 | Owned | N/A | |||||
Nusco, Italy | Manufacturing, Warehousing and Offices | 24,200 | Owned | N/A | |||||
Scandicco, Italy | Manufacturing, Warehousing and Offices | 41,400 | Leased | April 2025 | |||||
Laguna, the Philippines | Manufacturing, Warehousing and Offices | 109,900 | Owned | N/A | |||||
Lincoln, the United Kingdom | Manufacturing, Warehousing and Offices | 100,000 | Owned | N/A | |||||
Warwickshire, the United Kingdom | Manufacturing, Warehousing and Offices | 12,000 | Owned | N/A | |||||
Wrexham, the United Kingdom | Manufacturing, Warehousing and Offices | 62,600 | Owned | N/A | |||||
Food Processing: | |||||||||
Gainesville, GA | Manufacturing, Warehousing and Offices | 106,000 | Owned | N/A | |||||
Chicago, IL | Manufacturing, Warehousing and Offices | 64,400 | Leased | December 2016 | |||||
Algona, IA | Manufacturing, Warehousing and Offices | 70,100 | Owned | N/A | |||||
Clayton, NC | Manufacturing, Warehousing and Offices | 65,300 | Leased | October 2019 | |||||
Plano, TX | Manufacturing, Warehousing and Offices | 133,300 | Leased | April 2022 | |||||
Waynesboro, VA | Manufacturing, Warehousing and Offices | 26,400 | Owned | N/A | |||||
Waynesboro, VA | Manufacturing, Warehousing and Offices | 11,500 | Leased | July 2017 | |||||
Lodi, WI | Manufacturing, Warehousing and Offices | 114,600 | Owned | N/A | |||||
Mauron, France | Manufacturing, Warehousing and Offices | 98,000 | Leased | April 2016 | |||||
Reichenau, Germany | Manufacturing, Warehousing and Offices | 57,900 | Leased | December 2021 | |||||
Norwich, the United Kingdom | Manufacturing, Warehousing and Offices | 39,200 | Owned | N/A |
Location | Principal Function | Square Footage | Owned/ Leased | Lease Expiration | |||||
Residential Kitchen: | |||||||||
Baldwin Park, CA | Warehousing and Offices | 61,400 | Leased | April 2017 | |||||
Downey, CA | Manufacturing, Warehousing and Offices | 122,500 | Leased | December 2019 | |||||
Suwanne, GA | Warehousing and Offices | 142,000 | Leased | January 2018 | |||||
Greenville, MI | Manufacturing, Warehousing and Offices | 225,000 | Owned | N/A | |||||
Greenwood, MS | Manufacturing, Warehousing and Offices * | 738,000 | Owned | N/A | |||||
Brown Deer, WI | Manufacturing, Warehousing and Offices | 144,800 | Leased | May 2017 | |||||
Rosyl St Pierre, France | Manufacturing and Warehousing | 40,900 | Owned | N/A | |||||
Saint Ouen L'aumone, France | Manufacturing and Warehousing | 30,400 | Leased | April 2021 | |||||
Saint Symphorien, France | Manufacturing and Warehousing | 155,000 | Owned | N/A | |||||
Waterford, Ireland | Manufacturing, Warehousing and Offices | 55,000 | Leased | July 2027 | |||||
Adderbury, the United Kingdom | Warehousing and Offices | 81,000 | Leased | August 2020 | |||||
Coalbrookdale, the United Kingdom | Manufacturing and Offices | 153,100 | Owned | N/A | |||||
Ketley, the United Kingdom | Manufacturing and Offices | 217,300 | Owned | N/A | |||||
Leamington Spa, the United Kingdom | Manufacturing and Offices | 270,200 | Owned | N/A | |||||
Leamington Spa, the United Kingdom | Warehousing and Offices | 100,300 | Leased | August 2019 | |||||
Nottingham, the United Kingdom | Manufacturing and Offices | 153,100 | Owned | N/A | |||||
Gee Targu Mures, Romania | Manufacturing and Warehousing | 48,000 | Owned | N/A |
Closing Share Price | |||||||
High | Low | ||||||
Fiscal 2015 | |||||||
First quarter | $ | 109.00 | $ | 93.34 | |||
Second quarter | 114.75 | 100.98 | |||||
Third quarter | 124.08 | 102.71 | |||||
Fourth quarter | 120.33 | 102.65 | |||||
Fiscal 2014 | |||||||
First quarter | $ | 99.92 | $ | 79.30 | |||
Second quarter | 91.37 | 72.52 | |||||
Third quarter | 91.85 | 71.77 | |||||
Fourth quarter | 99.93 | 79.66 |
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | Maximum Number of Shares that May Yet be Purchased Under the Plan or Program (1) | |||||||||
October 4 to October 31, 2015 | — | $ | — | — | 2,610,047 | |||||||
November 1 to November 28, 2015 | — | — | — | 2,610,047 | ||||||||
November 29 to January 2, 2016 | — | — | — | 2,610,047 | ||||||||
Year ended January 2, 2016 | — | $ | — | — | 2,610,047 |
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Income Statement Data: | |||||||||||||||||||
Net sales | $ | 1,826,598 | $ | 1,636,538 | $ | 1,428,685 | $ | 1,038,174 | $ | 855,907 | |||||||||
Cost of sales | 1,120,093 | 995,953 | 878,674 | 635,185 | 511,770 | ||||||||||||||
Gross profit | 706,505 | 640,585 | 550,011 | 402,989 | 344,137 | ||||||||||||||
Selling and distribution expenses | 193,353 | 182,578 | 155,639 | 106,129 | 91,113 | ||||||||||||||
General and administrative expenses | 181,795 | 157,016 | 140,809 | 108,776 | 104,314 | ||||||||||||||
Restructuring expenses | 28,754 | 7,078 | 9,101 | — | — | ||||||||||||||
Gain on litigation settlement | — | (6,519 | ) | — | — | — | |||||||||||||
Income from operations | 302,603 | 300,432 | 244,462 | 188,084 | 148,710 | ||||||||||||||
Net interest expense and deferred financing amortization, net | 16,967 | 15,592 | 15,901 | 9,238 | 8,503 | ||||||||||||||
Other expense (income), net | 4,469 | 4,050 | 2,780 | 4,406 | (241 | ) | |||||||||||||
Earnings before income taxes | 281,167 | 280,790 | 225,781 | 174,440 | 140,448 | ||||||||||||||
Provision for income taxes | 89,557 | 87,478 | 71,853 | 53,743 | 44,975 | ||||||||||||||
Net earnings | $ | 191,610 | $ | 193,312 | $ | 153,928 | $ | 120,697 | $ | 95,473 | |||||||||
Net earnings per share: | |||||||||||||||||||
Basic | $ | 3.36 | $ | 3.41 | $ | 2.76 | $ | 2.22 | $ | 1.77 | |||||||||
Diluted | $ | 3.36 | $ | 3.40 | $ | 2.74 | $ | 2.20 | $ | 1.75 | |||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||
Basic | 56,951 | 56,764 | 55,831 | 54,377 | 53,993 | ||||||||||||||
Diluted | 56,973 | 56,784 | 56,148 | 54,807 | 54,686 | ||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Working capital (3) | $ | 285,191 | $ | 285,817 | $ | 234,349 | $ | 170,167 | $ | (182,234 | ) | ||||||||
Total assets | 2,761,151 | 2,066,131 | 1,819,206 | 1,244,280 | 1,146,512 | ||||||||||||||
Total debt | 766,061 | 598,167 | 571,598 | 260,070 | 317,335 | ||||||||||||||
Stockholders' equity | 1,166,830 | 1,006,760 | 838,347 | 650,027 | 510,969 |
(1) | The company's fiscal year ends on the Saturday nearest to December 31. |
(2) | The company has acquired numerous businesses in the periods presented. Please see Footnote 2 in the Notes to Consolidated Financial Statements for further information. |
(3) | In 2011, the company's senior secured revolving credit line was classified as a current liability due to the maturity date being within twelve months of the financial statement date. |
• | changing market conditions; |
• | volatility in earnings resulting from goodwill impairment losses, which may occur irregularly and in varying amounts; |
• | variability in financing costs; |
• | quarterly variations in operating results; |
• | dependence on key customers; |
• | risks associated with the company's foreign operations, including market acceptance and demand for the company's products and the company's ability to manage the risk associated with the exposure to foreign currency exchange rate fluctuations; |
• | the company's ability to protect its trademarks, copyrights and other intellectual property; |
• | the impact of competitive products and pricing; |
• | the state of the residential construction, housing and home improvement markets; |
• | the state of the credit markets, including mortgages, home equity loans and consumer credit; |
• | the company's ability to maintain and grow the Viking reputation and brand image; |
• | intense competition in the company's business segments including the impact of both new and established global competitors; |
• | unfavorable tax law changes and tax authority rulings; |
• | cybersecurity attacks and other breaches in security; |
• | the continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions; |
• | the timely development and market acceptance of the company's products; and |
• | the availability and cost of raw materials. |
Fiscal Year Ended(1) | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||
Sales | Percent | Sales | Percent | Sales | Percent | |||||||||||||||
Business Segments: | ||||||||||||||||||||
Commercial Foodservice | $ | 1,121,046 | 61.4 | % | $ | 1,041,228 | 63.6 | % | $ | 895,494 | 62.7 | % | ||||||||
Food Processing | 297,712 | 16.3 | 322,783 | 19.7 | 301,522 | 21.1 | ||||||||||||||
Residential Kitchen | 407,840 | 22.3 | 272,527 | 16.7 | 231,669 | 16.2 | ||||||||||||||
Total | $ | 1,826,598 | 100.0 | % | $ | 1,636,538 | 100.0 | % | $ | 1,428,685 | 100.0 | % |
(1) | The company's fiscal year ends on the Saturday nearest to December 31. |
Fiscal Year Ended(1) | ||||||||
2015 | 2014 | 2013 | ||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | ||
Cost of sales | 61.3 | 60.9 | 61.5 | |||||
Gross profit | 38.7 | 39.1 | 38.5 | |||||
Selling, general and administrative expenses | 20.6 | 20.7 | 20.8 | |||||
Restructuring expenses | 1.6 | 0.4 | 0.6 | |||||
Gain on litigation settlement | — | (0.4 | ) | — | ||||
Income from operations | 16.5 | 18.4 | 17.1 | |||||
Interest expense and deferred financing amortization, net | 0.9 | 1.0 | 1.1 | |||||
Other expense, net | 0.2 | 0.3 | 0.2 | |||||
Earnings before income taxes | 15.4 | 17.1 | 15.8 | |||||
Provision for income taxes | 4.9 | 5.3 | 5.0 | |||||
Net earnings | 10.5 | % | 11.8 | % | 10.8 | % |
(1) | The company's fiscal year ends on the Saturday nearest to December 31. |
• | Net sales of the Commercial Foodservice Equipment Group increased by $79.8 million or 7.7% to $1,121.0 million in fiscal 2015, as compared to $1,041.2 million in fiscal 2014. Net sales from the acquisitions of Concordia, Desmon, Goldstein Eswood, Marsal and Induc which were acquired on September 8, 2014, January 7, 2015, January 30, 2015, February 10, 2015 and May 30, 2015, respectively, accounted for an increase of $42.3 million during fiscal 2015. Excluding the impact of acquisitions, net sales of the Commercial Foodservice Equipment Group increased $37.5 million, or 3.6%, as compared to the prior year. On a constant currency basis, organic net sales increased 6.3% at the Commercial Foodservice Equipment Group. Domestically, the company realized a sales increase of $59.0 million, or 8.1%, to $783.8 million, as compared to $724.8 million in the prior year. This includes an increase of $11.4 million from recent acquisitions. Excluding the acquisitions, the net increase of $47.6 million, or 6.6%, in domestic sales includes continued growth with customer initiatives to improve efficiencies in restaurant operations by adopting new cooking and warming technologies. International sales increased $20.8 million, or 6.6%, to $337.2 million, as compared to $316.4 million in the prior year. This includes the increase of $30.9 million from the recent acquisitions, offset by $28.2 million related to the unfavorable impact of exchange rates. The change in both domestic and international net sales also includes the favorable impact of increased prices over the prior year, which is estimated to have increased net sales by 2% to 3% as compared to the prior year. |
• | Net sales of the Food Processing Equipment Group decreased by $25.1 million or 7.8% to $297.7 million in fiscal 2015, as compared to $322.8 million in fiscal 2014. Net sales from the acquisitions of PES and Thurne which were acquired on March 31, 2014, and April 7, 2015, respectively, accounted for an increase of $19.2 million. Excluding the impact of these acquisitions, net sales of the Food Processing Equipment Group decreased $44.3 million, or 13.7%. On a constant currency basis, organic net sales decreased 8.3% at the Food Processing Equipment Group. Domestically, the company realized a sales increase of $41.7 million, or 27.0%, to $196.4 million, as compared to $154.7 million in the prior year. This includes an increase of $18.0 million from recent acquisitions. Excluding the acquisitions, the net increase of $23.7 million, or 15.3%. International sales decreased $66.8 million, or 39.7%, to $101.3 million, as compared to $168.1 million in the prior year. This includes the increase of $1.2 million from the recent acquisitions. The decrease in sales reflects a $17.4 million unfavorable impact of foreign exchange rates, challenging economic conditions in certain international markets and the timing of large orders associated with this business, impacting the growth in comparative periods. Although total net sales in this segment declined during the year, backlog increased to $108.5 million at the end of fiscal 2015 from $67.7 million at the end of fiscal 2014 as incoming orders exceeded shipments during the year due to the timing of certain large orders. Due to the nature of competitive bidding on large jobs and variability of equipment mix in comparison to the prior year, the impact of price changes are not estimated to be a significant or meaningful factor in the change in net sales from the prior year. |
• | Net sales of the Residential Kitchen Equipment Group increased by $135.3 million or 49.7% to $407.8 million in fiscal 2015, as compared to $272.5 million in fiscal 2014. Net sales from the acquisitions of U-Line, AGA and Lynx which were acquired on November 5, 2014, September 23, 2015 and December 15, 2015, respectively, accounted for an increase of $169.8 million. Excluding the impact of these acquisitions, net sales of the Residential Kitchen Equipment Group decreased $34.5 million, or 12.7%. On a constant currency basis, organic net sales decreased 11.6% at the Residential Kitchen Equipment Group. Domestically, the company also realized a sales increase of $35.0 million, or 13.5%, to $294.6 million, as compared to $259.6 million in the prior year. This includes an increase of $66.4 million from recent acquisitions. Excluding the acquisitions, the net sales decreased $31.4 million, or 12.1%. International sales increased $100.3 million, or 777.5%, to $113.2 million, as compared to $12.9 million in the prior year. This includes the increase of $103.4 million from the recent acquisitions, offset by $2.9 million related to the unfavorable impact of exchange rates. Organic sales growth for the year was adversely impacted by the announced recall of Viking product in 2015. Additionally, sales were impacted by the discontinuation of certain non-Viking manufactured products sold by the Distributors in 2014, resulting in comparatively lower sales in 2015 and lack of product availability related to the transition and initial production startup for a new line of Viking refrigeration in the first half of 2015. The net organic decrease in sales is net of price increases, which are estimated to have added approximately 2% to net sales in comparison to the prior year. |
• | Gross profit at the Commercial Foodservice Equipment Group increased by $28.7 million, or 6.7%, to $457.9 million in fiscal 2015 as compared to $429.2 million in fiscal 2014. The gross margin rate declined to 40.8% as compared to 41.2% in the prior year. Gross profit from the acquisitions of Concordia, Desmon, Goldstein Eswood, Marsal and Induc accounted for approximately $15.4 million of the increase in gross profit during fiscal 2015. Excluding the recent acquisitions, the gross profit increased by approximately $13.3 million on the higher sales volumes. The gross margin rate was slightly less than the prior year reflecting the impact of sales mix, including the effect of lower margins at recent acquisitions. |
• | Gross profit at the Food Processing Equipment Group decreased by $6.0 million, or 4.9%, to $116.1 million in fiscal 2015 as compared to $122.1 million in fiscal 2014. The gross margin rate increased to 39.0% in fiscal 2015 as compared to 37.8% in fiscal 2014. Gross profit from the acquisitions of PES and Thurne accounted for approximately $6.1 million of the increase in gross profit during fiscal 2015. Excluding the recent acquisitions, the gross profit decreased by approximately $12.1 million on lower sales volumes. However, the gross margin rate improved as the company realized the favorable impact of ongoing integration initiatives related to recent acquisitions. |
• | Gross profit at the Residential Kitchen Equipment Group increased by $40.3 million, or 44.5%, to $130.9 million in fiscal 2015 as compared to $90.6 million in fiscal 2014. Gross profit from the acquisition of U-Line, AGA and Lynx accounted for approximately $53.9 million of the increase in gross profit during fiscal 2015. Excluding the recent acquisitions, the gross profit decreased by approximately $13.6 million on lower sales volumes offsetting price increases. The gross margin rate declined to 32.1% in fiscal 2015 as compared to 33.2% in fiscal 2014, due to the impact of lower gross margins at the recent acquisitions offsetting improved margins at Viking related to ongoing initiatives related to profitability improvement. |
• | Net sales of the Commercial Foodservice Equipment Group increased by $145.7 million or 16.3% to $1,041.2 million in fiscal 2014, as compared to $895.5 million in fiscal 2013. Net sales from the acquisitions of Celfrost, Wunder-Bar, Market Forge and Concordia which were acquired on October 15, 2013, December 17, 2013, January 7, 2014 and September 8, 2014, respectively, accounted for an increase of $66.2 million during fiscal 2014. Excluding the impact of acquisitions, net sales of the Commercial Foodservice Equipment Group increased $79.5 million, or 8.9%, as compared to the prior year. International sales increased $57.6 million, or 22.3%, to $316.4 million, as compared to $258.8 million in the prior year. This includes the increase of $27.4 million from the recent acquisitions. Excluding acquisitions, the net increase of $30.2 million, or 11.7%, in international sales reflects strong growth in emerging markets due to expansion of restaurant chains. Domestically, the company also realized a sales increase of $88.1 million, or 13.8%, to $724.8 million, as compared to $636.7 million in the prior year. This includes an increase of $38.8 million from recent acquisitions. Excluding the acquisitions, the net increase of $49.3 million, or 7.7%, in domestic sales includes continued growth with customer initiatives to improve efficiencies in restaurant operations by adopting new cooking and warming technologies. |
• | Net sales of the Food Processing Equipment Group increased by $21.3 million or 7.1% to $322.8 million in fiscal 2014, as compared to $301.5 million in fiscal 2013. Net sales from the acquisition of PES which was acquired on March 31, 2014, accounted for an increase of $10.0 million. Excluding the impact of this acquisition, net sales of the Food Processing Equipment Group increased $11.3 million, or 3.7%. The increase in sales reflects expansion of food processing operations to support growing global demand and initiatives to upgrade food processing operations to more efficient and cost effective equipment. |
• | Net sales of the Residential Kitchen Equipment Group increased by $40.8 million or 17.6% to $272.5 million in fiscal 2014, as compared to $231.7 million in fiscal 2013. Net sales from the acquisition of U-Line which was acquired on November 5, 2014, accounted for an increase of $11.1 million. Excluding the impact of this acquisition, net sales of the Residential Kitchen Equipment Group increased $29.7 million or 12.8%. Sales were favorably impacted by distributor acquisitions which included the additional sales markup on Viking product sales reported by the acquired distributors. |
• | Gross profit at the Commercial Foodservice Equipment Group increased by $56.7 million, or 15.2%, to $429.2 million in fiscal 2014 as compared to $372.5 million in fiscal 2013. The gross margin rate declined to 41.2% as compared to 41.6% in the prior year. Gross profit from the acquisitions of Celfrost, Wunder-Bar, Market Forge and Concordia accounted for approximately $24.4 million of the increase in gross profit during fiscal 2014. Excluding the recent acquisitions, the gross profit increased by approximately $32.3 million on the higher sales volumes. |
• | Gross profit at the Food Processing Equipment Group increased by $20.3 million, or 19.9%, to $122.1 million in fiscal 2014 as compared to $101.8 million in fiscal 2013. The gross margin rate increased to 37.8% in fiscal 2014 as compared to 33.8% in fiscal 2013. Gross profit from the acquisition of PES accounted for approximately $4.8 million of the increase in gross profit during fiscal 2014. Excluding the recent acquisitions, the gross profit increased by approximately $15.5 million as the company realized the favorable impact of ongoing integration initiatives from previously acquired companies. |
• | Gross profit at the Residential Kitchen Equipment Group increased by $12.0 million, or 15.3%, to $90.6 million in fiscal 2014 as compared to $78.6 million in fiscal 2013. The gross margin rate declined to 33.2% in fiscal 2014 as compared to 33.9% in fiscal 2013. Gross profit from the acquisition of U-Line accounted for approximately $3.6 million of the increase in gross profit during fiscal 2014. Excluding the recent acquisitions, the gross profit increased by approximately $8.4 million. |
Amounts Due Sellers From Acquisition | Debt | Estimated Interest on Debt | Operating Leases | Total Contractual Cash Obligations | |||||||||||||||
Less than 1 year | $ | 6,508 | $ | 32,059 | $ | 22,055 | $ | 24,493 | $ | 85,115 | |||||||||
1-3 years | 3,521 | 733,417 | 16,233 | 32,460 | 785,631 | ||||||||||||||
4-5 years | 2,742 | 204 | 104 | 22,331 | 25,381 | ||||||||||||||
After 5 years | 381 | 4 | 26,159 | 26,544 | |||||||||||||||
$ | 12,771 | $ | 766,061 | $ | 38,396 | $ | 105,443 | $ | 922,671 |
Variable Rate Debt | |||
2016 | $ | 32,059 | |
2017 | 733,315 | ||
2018 | 102 | ||
2019 | 102 | ||
2019 and thereafter | 483 | ||
$ | 766,061 |
Fixed | ||||||||
Notional | Interest | Effective | Maturity | |||||
Amount | Rate | Date | Date | |||||
25,000,000 | 2.520 | % | 2/23/2011 | 2/23/2016 | ||||
15,000,000 | 1.185 | % | 9/12/2011 | 9/12/2016 | ||||
25,000,000 | 0.635 | % | 2/11/2013 | 8/11/2016 | ||||
25,000,000 | 0.789 | % | 2/11/2013 | 3/11/2017 | ||||
25,000,000 | 0.803 | % | 2/11/2013 | 5/11/2017 | ||||
35,000,000 | 0.880 | % | 2/11/2013 | 7/11/2017 | ||||
10,000,000 | 1.480 | % | 9/11/2013 | 7/11/2017 | ||||
15,000,000 | 0.920 | % | 3/11/2014 | 7/11/2017 | ||||
25,000,000 | 0.950 | % | 3/11/2014 | 7/11/2017 |
Page | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets | |
Consolidated Statements of Earnings | |
Consolidated Statements of Comprehensive Income | |
Consolidated Statements of Changes in Stockholders’ Equity | |
Consolidated Statements of Cash Flows | |
Notes to Consolidated Financial Statements | |
The following consolidated financial statement schedule is included in response to Item 15 | |
Schedule II - Valuation and Qualifying Accounts and Reserves |
2015 | 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 55,528 | $ | 43,945 | |||
Accounts receivable, net | 282,534 | 229,875 | |||||
Inventories, net | 354,150 | 255,776 | |||||
Prepaid expenses and other | 39,801 | 27,980 | |||||
Prepaid taxes | 11,426 | 5,538 | |||||
Deferred taxes | 51,723 | 51,017 | |||||
Total current assets | 795,162 | 614,131 | |||||
Property, plant and equipment, net | 199,750 | 129,697 | |||||
Goodwill | 983,339 | 808,491 | |||||
Other intangibles, net | 749,430 | 492,031 | |||||
Long-term deferred tax assets | 11,438 | 2,925 | |||||
Other assets | 22,032 | 18,856 | |||||
Total assets | $ | 2,761,151 | $ | 2,066,131 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $ | 32,059 | $ | 9,402 | |||
Accounts payable | 157,758 | 98,327 | |||||
Accrued expenses | 320,154 | 220,585 | |||||
Total current liabilities | 509,971 | 328,314 | |||||
Long-term debt | 734,002 | 588,765 | |||||
Long-term deferred tax liability | 113,010 | 88,800 | |||||
Accrued pension benefits | 207,564 | 21,140 | |||||
Other non-current liabilities | 29,774 | 32,352 | |||||
Stockholders' equity: | |||||||
Preferred stock, $0.01 par value; none issued | — | — | |||||
Common stock, $0.01 par value, 62,168,346 and 62,088,592 shares issued in 2015 and 2014, respectively | 144 | 144 | |||||
Paid-in capital | 328,686 | 310,409 | |||||
Treasury stock at cost; 4,862,264 and 4,816,912 shares in 2015 and 2014, respectively | (200,862 | ) | (196,026 | ) | |||
Retained earnings | 1,115,274 | 923,664 | |||||
Accumulated other comprehensive loss | (76,412 | ) | (31,431 | ) | |||
Total stockholders' equity | 1,166,830 | 1,006,760 | |||||
Total liabilities and stockholders' equity | $ | 2,761,151 | $ | 2,066,131 |
2015 | 2014 | 2013 | |||||||||
Net sales | $ | 1,826,598 | $ | 1,636,538 | $ | 1,428,685 | |||||
Cost of sales | 1,120,093 | 995,953 | 878,674 | ||||||||
Gross profit | 706,505 | 640,585 | 550,011 | ||||||||
Selling and distribution expenses | 193,353 | 182,578 | 155,639 | ||||||||
General and administrative expenses | 181,795 | 157,016 | 140,809 | ||||||||
Restructuring expenses | 28,754 | 7,078 | 9,101 | ||||||||
Gain on litigation settlement | — | (6,519 | ) | — | |||||||
Income from operations | 302,603 | 300,432 | 244,462 | ||||||||
Interest expense and deferred financing amortization, net | 16,967 | 15,592 | 15,901 | ||||||||
Other expense, net | 4,469 | 4,050 | 2,780 | ||||||||
Earnings before income taxes | 281,167 | 280,790 | 225,781 | ||||||||
Provision for income taxes | 89,557 | 87,478 | 71,853 | ||||||||
Net earnings | $ | 191,610 | $ | 193,312 | $ | 153,928 | |||||
Net earnings per share: | |||||||||||
Basic | $ | 3.36 | $ | 3.41 | $ | 2.76 | |||||
Diluted | $ | 3.36 | $ | 3.40 | $ | 2.74 | |||||
Weighted average number of shares | |||||||||||
Basic | 56,951 | 56,764 | 55,831 | ||||||||
Dilutive common stock equivalents | 22 | 20 | 317 | ||||||||
Diluted | 56,973 | 56,784 | 56,148 |
2015 | 2014 | 2013 | |||||||||
Net earnings | $ | 191,610 | $ | 193,312 | $ | 153,928 | |||||
Other comprehensive income: | |||||||||||
Foreign currency translation adjustments | (28,187 | ) | (18,770 | ) | (530 | ) | |||||
Pension liability adjustment, net of tax | (17,039 | ) | (4,420 | ) | 3,477 | ||||||
Unrealized gain on interest rate swaps, net of tax | 245 | 394 | 817 | ||||||||
Comprehensive income | $ | 146,629 | $ | 170,516 | $ | 157,692 |
Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income/(loss) | Total Stockholders' Equity | ||||||||||||||||||
Balance, December 29, 2012 | $ | 141 | $ | 233,213 | $ | (147,352 | ) | $ | 576,424 | $ | (12,399 | ) | $ | 650,027 | |||||||||
Net earnings | — | — | — | 153,928 | — | 153,928 | |||||||||||||||||
Currency translation adjustments | — | — | — | — | (530 | ) | (530 | ) | |||||||||||||||
Change in unrecognized pension benefit costs, net of tax of $(137) | — | — | — | — | 3,477 | 3,477 | |||||||||||||||||
Unrealized gain on interest rate swap, net of tax of $(149) | — | — | — | — | 817 | 817 | |||||||||||||||||
Exercise of stock options | 3 | 3,839 | — | — | — | 3,842 | |||||||||||||||||
Stock compensation | — | 11,862 | — | — | — | 11,862 | |||||||||||||||||
Tax benefit on stock compensation | — | 19,315 | — | — | — | 19,315 | |||||||||||||||||
Purchase of treasury stock | — | — | (4,391 | ) | — | — | (4,391 | ) | |||||||||||||||
Balance, December 28, 2013 | $ | 144 | $ | 268,229 | $ | (151,743 | ) | $ | 730,352 | $ | (8,635 | ) | $ | 838,347 | |||||||||
Net earnings | — | — | — | 193,312 | — | 193,312 | |||||||||||||||||
Currency translation adjustments | — | — | — | — | (18,770 | ) | (18,770 | ) | |||||||||||||||
Change in unrecognized pension benefit costs, net of tax of $3,302 | — | — | — | — | (4,420 | ) | (4,420 | ) | |||||||||||||||
Unrealized gain on interest rate swap, net of tax of $545 | — | — | — | — | 394 | 394 | |||||||||||||||||
Stock compensation | — | 16,690 | — | — | — | 16,690 | |||||||||||||||||
Tax benefit on stock compensation | — | 25,490 | — | — | — | 25,490 | |||||||||||||||||
Purchase of treasury stock | — | — | (44,283 | ) | — | — | (44,283 | ) | |||||||||||||||
Balance, January 3, 2015 | $ | 144 | $ | 310,409 | $ | (196,026 | ) | $ | 923,664 | $ | (31,431 | ) | $ | 1,006,760 | |||||||||
Net earnings | — | — | — | 191,610 | — | 191,610 | |||||||||||||||||
Currency translation adjustments | — | — | — | — | (28,187 | ) | (28,187 | ) | |||||||||||||||
Change in unrecognized pension benefit costs, net of tax of $(3,740) | — | — | — | — | (17,039 | ) | (17,039 | ) | |||||||||||||||
Unrealized gain on interest rate swap, net of tax of $163 | — | — | — | — | 245 | 245 | |||||||||||||||||
Stock compensation | — | 15,863 | — | — | — | 15,863 | |||||||||||||||||
Tax benefit on stock compensation | — | 2,414 | — | — | — | 2,414 | |||||||||||||||||
Purchase of treasury stock | — | — | (4,836 | ) | — | — | (4,836 | ) | |||||||||||||||
Balance, January 2, 2016 | $ | 144 | $ | 328,686 | $ | (200,862 | ) | $ | 1,115,274 | $ | (76,412 | ) | $ | 1,166,830 |
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities— | |||||||||||
Net earnings | $ | 191,610 | $ | 193,312 | $ | 153,928 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 54,074 | 41,252 | 43,164 | ||||||||
Non-cash share-based compensation | 15,864 | 16,690 | 11,862 | ||||||||
Deferred income taxes | 1,919 | 15,341 | (2,975 | ) | |||||||
Changes in assets and liabilities, net of acquisitions | |||||||||||
Accounts receivable, net | 17,112 | (20,577 | ) | (17,524 | ) | ||||||
Inventories, net | 7,826 | (2,064 | ) | (19,819 | ) | ||||||
Prepaid expenses and other assets | (5,685 | ) | (384 | ) | (7,768 | ) | |||||
Accounts payable | (18,036 | ) | (7,872 | ) | (9,248 | ) | |||||
Accrued expenses and other liabilities | (15,092 | ) | (1,816 | ) | (5,462 | ) | |||||
Net cash provided by operating activities | 249,592 | 233,882 | 146,158 | ||||||||
Cash flows from investing activities— | |||||||||||
Additions to property and equipment | (22,362 | ) | (13,143 | ) | (14,640 | ) | |||||
Sale of asset | — | — | 7,000 | ||||||||
Acquisitions, net of cash acquired | (348,625 | ) | (219,915 | ) | (466,550 | ) | |||||
Net cash used in investing activities | (370,987 | ) | (233,058 | ) | (474,190 | ) | |||||
Cash flows from financing activities— | |||||||||||
Net proceeds under revolving credit facilities | 145,500 | 18,900 | 312,100 | ||||||||
Net (repayments) proceeds under foreign bank loan | (6,058 | ) | 8,815 | (632 | ) | ||||||
Net (repayments) proceeds under other debt arrangement | (262 | ) | (35 | ) | (32 | ) | |||||
Repurchase of treasury stock | (4,836 | ) | (44,283 | ) | (4,391 | ) | |||||
Excess tax benefit related to share-based compensation | 2,414 | 25,490 | 19,315 | ||||||||
Net proceeds from stock issuances | — | — | 3,842 | ||||||||
Net cash provided by financing activities | 136,758 | 8,887 | 330,202 | ||||||||
Effect of exchange rates on cash and cash equivalents | (3,780 | ) | (2,660 | ) | 358 | ||||||
Changes in cash and cash equivalents— | |||||||||||
Net increase in cash and cash equivalents | 11,583 | 7,051 | 2,528 | ||||||||
Cash and cash equivalents at beginning of year | 43,945 | 36,894 | 34,366 | ||||||||
Cash and cash equivalents at end of year | $ | 55,528 | $ | 43,945 | $ | 36,894 |
(1) | NATURE OF OPERATIONS |
(as initially reported) Dec 31, 2012 | Measurement Period Adjustments | (as adjusted) Dec 31, 2012 | |||||||||
Cash | $ | 6,900 | $ | (121 | ) | $ | 6,779 | ||||
Current assets | 40,794 | (2,385 | ) | 38,409 | |||||||
Property, plant and equipment | 76,693 | (20,446 | ) | 56,247 | |||||||
Goodwill | 144,833 | (32,752 | ) | 112,081 | |||||||
Other intangibles | 152,500 | 44,500 | 197,000 | ||||||||
Other assets | 12,604 | 865 | 13,469 | ||||||||
Current liabilities | (52,202 | ) | (886 | ) | (53,088 | ) | |||||
Other non-current liabilities | (2,386 | ) | (1 | ) | (2,387 | ) | |||||
Net assets acquired and liabilities assumed | $ | 379,736 | $ | (11,226 | ) | $ | 368,510 |
(as initially reported) Jun 29, 2013 | Measurement Period Adjustments | (as adjusted) Jun 29, 2013 | |||||||||
Current assets | $ | 21,390 | $ | (3,599 | ) | $ | 17,791 | ||||
Property, plant and equipment | 1,318 | — | 1,318 | ||||||||
Goodwill | 1,709 | 3,599 | 5,308 | ||||||||
Current liabilities | (804 | ) | — | (804 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 23,613 | $ | — | $ | 23,613 | |||||
Forgiveness of liabilities owed to Viking | (8,697 | ) | — | (8,697 | ) | ||||||
Consideration paid at closing | $ | 14,916 | $ | — | $ | 14,916 |
(as initially reported) Oct 15, 2013 | Measurement Period Adjustments | (as adjusted) Oct 15, 2013 | |||||||||
Current assets | $ | 5,638 | $ | (124 | ) | $ | 5,514 | ||||
Property, plant and equipment | 182 | — | 182 | ||||||||
Goodwill | 5,943 | 1,718 | 7,661 | ||||||||
Other intangibles | 4,333 | — | 4,333 | ||||||||
Other assets | 4 | — | 4 | ||||||||
Current liabilities | (3,979 | ) | (1,594 | ) | (5,573 | ) | |||||
Other non-current liabilities | (875 | ) | — | (875 | ) | ||||||
Consideration paid at closing | $ | 11,246 | $ | — | $ | 11,246 | |||||
Deferred payments | 1,067 | — | 1,067 | ||||||||
Net assets acquired and liabilities assumed | $ | 12,313 | $ | — | $ | 12,313 |
(as initially reported) Dec 17, 2013 | Measurement Period Adjustments | (as adjusted) Dec 17, 2013 | |||||||||
Cash | $ | 857 | $ | — | $ | 857 | |||||
Current deferred tax asset | 50 | 188 | 238 | ||||||||
Current assets | 13,127 | 656 | 13,783 | ||||||||
Property, plant and equipment | 1,735 | (312 | ) | 1,423 | |||||||
Goodwill | 45,056 | (3,251 | ) | 41,805 | |||||||
Other intangibles | 30,000 | 3,060 | 33,060 | ||||||||
Other assets | — | 290 | 290 | ||||||||
Current liabilities | (5,013 | ) | 865 | (4,148 | ) | ||||||
Long-term deferred tax liability | (10,811 | ) | (1,280 | ) | (12,091 | ) | |||||
Other non-current liabilities | (1 | ) | (365 | ) | (366 | ) | |||||
Consideration paid at closing | $ | 75,000 | $ | (149 | ) | $ | 74,851 | ||||
Additional assets acquired post closing | — | 848 | 848 | ||||||||
Deferred payments | — | 586 | 586 | ||||||||
Net assets acquired and liabilities assumed | $ | 75,000 | $ | 1,285 | $ | 76,285 |
(as initially reported) Jan 7, 2014 | Measurement Period Adjustments | (as adjusted) Jan 7, 2014 | |||||||||
Current assets | $ | 2,051 | $ | (100 | ) | $ | 1,951 | ||||
Property, plant and equipment | 120 | — | 120 | ||||||||
Goodwill | 5,252 | 654 | 5,906 | ||||||||
Other intangibles | 4,191 | — | 4,191 | ||||||||
Current liabilities | (4,374 | ) | (554 | ) | (4,928 | ) | |||||
Consideration paid at closing | $ | 7,240 | $ | — | $ | 7,240 | |||||
Deferred payments | 3,000 | — | 3,000 | ||||||||
Contingent consideration | 1,374 | 126 | 1,500 | ||||||||
Net assets acquired and liabilities assumed | $ | 11,614 | $ | 126 | $ | 11,740 |
(as initially reported) Jan 31, 2014 | Measurement Period Adjustments | (as adjusted) Jan 31, 2014 | |||||||||
Current assets | $ | 35,909 | $ | (8,101 | ) | $ | 27,808 | ||||
Property, plant and equipment | 2,000 | (291 | ) | 1,709 | |||||||
Goodwill | 7,552 | 8,647 | 16,199 | ||||||||
Current liabilities | (1,005 | ) | (255 | ) | (1,260 | ) | |||||
Net assets acquired and liabilities assumed | $ | 44,456 | $ | — | $ | 44,456 | |||||
Forgiveness of liabilities owed to Viking | (5,971 | ) | — | (5,971 | ) | ||||||
Consideration paid at closing | $ | 38,485 | $ | — | $ | 38,485 |
(as initially reported) Mar 31, 2014 | Measurement Period Adjustments | (as adjusted) Mar 31, 2014 | |||||||||
Current assets | $ | 2,211 | $ | (153 | ) | $ | 2,058 | ||||
Property, plant and equipment | 3,493 | — | 3,493 | ||||||||
Goodwill | 10,792 | 332 | 11,124 | ||||||||
Other intangibles | 1,600 | 18 | 1,618 | ||||||||
Other assets | 21 | (21 | ) | — | |||||||
Current liabilities | (816 | ) | — | (816 | ) | ||||||
Consideration paid at closing | $ | 15,000 | $ | — | $ | 15,000 | |||||
Contingent consideration | 2,301 | 176 | 2,477 | ||||||||
Net assets acquired and liabilities assumed | $ | 17,301 | $ | 176 | $ | 17,477 |
(as initially reported) Sep 8, 2014 | Measurement Period Adjustments | (as adjusted) Sep 8, 2014 | |||||||||
Cash | $ | 345 | $ | — | $ | 345 | |||||
Current deferred tax asset | — | 726 | 726 | ||||||||
Current assets | 3,767 | (497 | ) | 3,270 | |||||||
Goodwill | 11,255 | (5,720 | ) | 5,535 | |||||||
Other intangibles | 4,500 | (1,200 | ) | 3,300 | |||||||
Long-term deferred tax asset | — | 3,264 | 3,264 | ||||||||
Current liabilities | (2,296 | ) | (842 | ) | (3,138 | ) | |||||
Other non-current liabilities | (4,710 | ) | 4,189 | (521 | ) | ||||||
Consideration paid at closing | $ | 12,861 | $ | (80 | ) | $ | 12,781 | ||||
Contingent consideration | 4,710 | (4,189 | ) | 521 | |||||||
Net assets acquired and liabilities assumed | $ | 17,571 | $ | (4,269 | ) | $ | 13,302 |
(as initially reported) Nov 5, 2014 | Measurement Period Adjustments | (as adjusted) Nov 5, 2014 | |||||||||
Cash | $ | 12,764 | $ | — | $ | 12,764 | |||||
Current deferred tax asset | 657 | 114 | 771 | ||||||||
Current assets | 12,237 | — | 12,237 | ||||||||
Property, plant and equipment | 3,376 | — | 3,376 | ||||||||
Goodwill | 89,501 | (8,000 | ) | 81,501 | |||||||
Other intangibles | 57,500 | 17,700 | 75,200 | ||||||||
Current liabilities | (6,032 | ) | (1,973 | ) | (8,005 | ) | |||||
Long-term deferred tax liability | (13,095 | ) | (4,657 | ) | (17,752 | ) | |||||
Other non-current liabilities | (2,111 | ) | (3,459 | ) | (5,570 | ) | |||||
Net assets acquired and liabilities assumed | $ | 154,797 | $ | (275 | ) | $ | 154,522 |
(as initially reported) Jan 7, 2015 | Measurement Period Adjustments | (as adjusted) Jan 7, 2015 | |||||||||
Cash | $ | 441 | $ | (12 | ) | $ | 429 | ||||
Current deferred tax asset | 535 | — | 535 | ||||||||
Current assets | 8,639 | (1,105 | ) | 7,534 | |||||||
Property, plant and equipment | 7,989 | — | 7,989 | ||||||||
Goodwill | 7,175 | 53 | 7,228 | ||||||||
Other intangibles | 3,129 | (899 | ) | 2,230 | |||||||
Current liabilities | (8,668 | ) | 998 | (7,670 | ) | ||||||
Long-term deferred tax liability | (2,389 | ) | 282 | (2,107 | ) | ||||||
Other non-current liabilities | (2,463 | ) | 269 | (2,194 | ) | ||||||
Consideration paid at closing | $ | 14,388 | $ | (414 | ) | $ | 13,974 | ||||
Contingent consideration | 2,416 | (269 | ) | 2,147 | |||||||
Net assets acquired and liabilities assumed | $ | 16,804 | $ | (683 | ) | $ | 16,121 |
(as initially reported) Jan 30, 2015 | Measurement Period Adjustments | (as adjusted) Jan 30, 2015 | |||||||||
Current assets | $ | 8,036 | $ | — | $ | 8,036 | |||||
Property, plant and equipment | 8,690 | — | 8,690 | ||||||||
Goodwill | 8,493 | (2,727 | ) | 5,766 | |||||||
Other intangibles | 5,648 | 3,113 | 8,761 | ||||||||
Current liabilities | (1,806 | ) | (202 | ) | (2,008 | ) | |||||
Other non-current liabilities | (1,655 | ) | (184 | ) | (1,839 | ) | |||||
Consideration paid at closing | $ | 27,406 | $ | — | $ | 27,406 | |||||
Contingent consideration | 1,655 | 183 | 1,838 | ||||||||
Net assets acquired and liabilities assumed | $ | 29,061 | $ | 183 | $ | 29,244 |
(as initially reported) Feb 10, 2015 | Measurement Period Adjustments | (as adjusted) Feb 10, 2015 | |||||||||
Current assets | $ | 455 | $ | — | $ | 455 | |||||
Property, plant and equipment | 201 | (6 | ) | 195 | |||||||
Goodwill | 3,012 | 6 | 3,018 | ||||||||
Other intangibles | 2,027 | — | 2,027 | ||||||||
Current liabilities | (195 | ) | — | (195 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 5,500 | $ | — | $ | 5,500 |
(as initially reported) Apr 7, 2015 | Preliminary Measurement Period Adjustments | (as adjusted) Apr 7, 2015 | |||||||||
Current assets | $ | 3,419 | $ | (275 | ) | $ | 3,144 | ||||
Property, plant and equipment | 3,334 | — | 3,334 | ||||||||
Goodwill | 609 | 2,378 | 2,987 | ||||||||
Other intangibles | 3,625 | (2,024 | ) | 1,601 | |||||||
Current liabilities | (1,115 | ) | — | (1,115 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 9,872 | $ | 79 | $ | 9,951 |
(as initially reported) May 30, 2015 | Preliminary Measurement Period Adjustments | (as adjusted) May 30, 2015 | |||||||||
Current assets | $ | 1,705 | $ | (342 | ) | $ | 1,363 | ||||
Property, plant and equipment | 536 | 255 | 791 | ||||||||
Goodwill | 13,496 | (476 | ) | 13,020 | |||||||
Other intangibles | 1,500 | (300 | ) | 1,200 | |||||||
Other assets | 32 | (32 | ) | — | |||||||
Current liabilities | (854 | ) | 854 | — | |||||||
Other non-current liabilities | (5,793 | ) | 41 | (5,752 | ) | ||||||
Consideration paid at closing | $ | 10,622 | $ | — | $ | 10,622 | |||||
Deferred payment | 1,516 | (125 | ) | 1,391 | |||||||
Contingent consideration | 4,276 | 84 | 4,360 | ||||||||
Net assets acquired and liabilities assumed | $ | 16,414 | $ | (41 | ) | $ | 16,373 |
(as initially reported) Sep 23, 2015 | Preliminary Measurement Period Adjustments | (as adjusted) Sep 23, 2015 | |||||||||
Cash | $ | 15,316 | $ | 984 | $ | 16,300 | |||||
Current assets | 163,216 | (9,723 | ) | 153,493 | |||||||
Property, plant and equipment | 61,423 | (2,688 | ) | 58,735 | |||||||
Goodwill | 144,645 | (20,373 | ) | 124,272 | |||||||
Other intangibles | 190,000 | 30,000 | 220,000 | ||||||||
Deferred tax asset | 5,306 | (5,306 | ) | — | |||||||
Other assets | 1,573 | 289 | 1,862 | ||||||||
Current portion long-term debt | (30,703 | ) | — | (30,703 | ) | ||||||
Current liabilities | (147,279 | ) | (5,726 | ) | (153,005 | ) | |||||
Long term debt | (138 | ) | — | (138 | ) | ||||||
Long-term deferred tax liability | — | (143 | ) | (143 | ) | ||||||
Other non-current liabilities | (202,312 | ) | 12,686 | (189,626 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 201,047 | $ | — | $ | 201,047 |
(as initially reported) Dec 15, 2015 | |||
Cash | $ | 276 | |
Current deferred tax asset | 467 | ||
Current assets | 18,630 | ||
Property, plant and equipment | 1,690 | ||
Goodwill | 42,502 | ||
Other intangibles | 39,800 | ||
Other assets | 130 | ||
Current liabilities | (6,208 | ) | |
Long term deferred tax liability | (12,589 | ) | |
Other non-current liabilities | (666 | ) | |
Net assets acquired and liabilities assumed | $ | 84,032 |
January 2, 2016 | January 3, 2015 | ||||||
Net sales | $ | 2,157,396 | $ | 1,863,518 | |||
Net earnings | 185,624 | 201,366 | |||||
Net earnings per share: | |||||||
Basic | 3.26 | 3.55 | |||||
Diluted | 3.26 | 3.55 |
(a) | Basis of Presentation |
(b) | Cash and Cash Equivalents |
(c) | Accounts Receivable |
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Raw materials and parts | $ | 180,262 | $ | 126,121 | |||
Work in process | 34,771 | 17,828 | |||||
Finished goods | 139,117 | 111,827 | |||||
$ | 354,150 | $ | 255,776 |
(e) | Property, Plant and Equipment |
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Land | $ | 18,401 | $ | 10,642 | |||
Building and improvements | 108,210 | 84,777 | |||||
Furniture and fixtures | 52,738 | 28,597 | |||||
Machinery and equipment | 120,746 | 88,679 | |||||
300,095 | 212,695 | ||||||
Less accumulated depreciation | (100,345 | ) | (82,998 | ) | |||
$ | 199,750 | $ | 129,697 |
Description | Life | |
Building and improvements | 20 to 40 years | |
Furniture and fixtures | 3 to 7 years | |
Machinery and equipment | 3 to 10 years |
(f) | Goodwill and Other Intangibles |
Commercial Foodservice | Food Processing | Residential Kitchen | Total | ||||||||||||
Balance as of December 28, 2013 | $ | 444,321 | $ | 127,872 | $ | 115,762 | $ | 687,955 | |||||||
Goodwill acquired during the year | 12,567 | 11,061 | 105,700 | 129,328 | |||||||||||
Measurement period adjustments to goodwill acquired in prior year | (1,533 | ) | — | 1,627 | 94 | ||||||||||
Exchange effect | (4,465 | ) | (4,421 | ) | — | (8,886 | ) | ||||||||
Balance as of January 3, 2015 | $ | 450,890 | $ | 134,512 | $ | 223,089 | $ | 808,491 | |||||||
Goodwill acquired during the year | 29,032 | 2,987 | 166,774 | 198,793 | |||||||||||
Measurement period adjustments to goodwill acquired in prior year | (1,126 | ) | 63 | (8,000 | ) | (9,063 | ) | ||||||||
Exchange effect | (5,669 | ) | (3,470 | ) | (5,743 | ) | (14,882 | ) | |||||||
Balance as of January 2, 2016 | $ | 473,127 | $ | 134,092 | $ | 376,120 | $ | 983,339 |
January 2, 2016 | January 3, 2015 | ||||||||||||||||||
Estimated Weighted Avg Remaining Life | Gross Carrying Amount | Accumulated Amortization | Estimated Weighted Avg Remaining Life | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||
Amortized intangible assets: | |||||||||||||||||||
Customer lists | 6.1 | $ | 264,373 | $ | (109,096 | ) | 4.7 | $ | 167,278 | $ | (84,312 | ) | |||||||
Backlog | 0.3 | 13,763 | (12,963 | ) | 0.0 | 11,178 | (11,178 | ) | |||||||||||
Developed technology | 3.8 | 20,868 | (17,220 | ) | 4.6 | 19,786 | (16,356 | ) | |||||||||||
$ | 299,004 | $ | (139,279 | ) | $ | 198,242 | $ | (111,846 | ) | ||||||||||
Indefinite-lived assets: | |||||||||||||||||||
Trademarks and tradenames | $ | 589,705 | $ | 405,635 |
2016 | $ | 31,649 | |
2017 | 26,647 | ||
2018 | 25,410 | ||
2019 | 19,362 | ||
2020 | 16,779 | ||
Thereafter | 39,878 | ||
$ | 159,725 |
(g) | Accrued Expenses |
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Accrued payroll and related expenses | $ | 65,623 | $ | 50,844 | |||
Advanced customer deposits | 57,595 | 20,367 | |||||
Accrued customer rebates | 45,154 | 32,357 | |||||
Accrued warranty | 37,901 | 28,786 | |||||
Accrued sales and other tax | 13,537 | 7,660 | |||||
Accrued product liability and workers compensation | 11,635 | 14,582 | |||||
Accrued agent commission | 9,948 | 11,207 | |||||
Product recall | 7,786 | 12,125 | |||||
Accrued professional services | 7,019 | 7,053 | |||||
Restructuring | 6,266 | 37 | |||||
Other accrued expenses | 57,690 | 35,567 | |||||
$ | 320,154 | $ | 220,585 |
(h) | Litigation Matters |
(i) | Accumulated Other Comprehensive Income |
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Unrecognized pension benefit costs, net of tax | $ | (23,579 | ) | $ | (6,540 | ) | |
Unrealized loss on interest rate swap, net of tax | 9 | (236 | ) | ||||
Currency translation adjustments | (52,842 | ) | (24,655 | ) | |||
$ | (76,412 | ) | $ | (31,431 | ) |
(j) | Fair Value Measures |
Fair Value Level 1 | Fair Value Level 2 | Fair Value Level 3 | Total | ||||||||||||
As of January 2, 2016 | |||||||||||||||
Financial Assets: | |||||||||||||||
Pension Plans | $ | 785,034 | $ | 518,576 | — | $ | 1,303,610 | ||||||||
Financial Liabilities: | |||||||||||||||
Interest rate swaps | — | $ | 412 | — | $ | 412 | |||||||||
Contingent consideration | — | — | $ | 11,065 | $ | 11,065 | |||||||||
As of January 3, 2015 | |||||||||||||||
Financial Assets: | |||||||||||||||
Pension Plans | $ | 27,647 | $ | 1,234 | — | $ | 28,881 | ||||||||
Financial Liabilities: | |||||||||||||||
Interest rate swaps | — | $ | 810 | — | $ | 810 | |||||||||
Contingent consideration | — | — | $ | 14,558 | $ | 14,558 |
(k) | Foreign Currency |
(l) | Revenue Recognition |
(m) | Shipping and Handling Costs |
(n) | Warranty Costs |
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Beginning balance | $ | 28,786 | $ | 20,826 | |||
Warranty reserve related to acquisitions | 5,815 | 2,450 | |||||
Warranty expense | 45,994 | 44,547 | |||||
Warranty claims paid | (42,694 | ) | (39,037 | ) | |||
Ending balance | $ | 37,901 | $ | 28,786 |
(o) | Research and Development Costs |
(q) | Earnings Per Share |
(r) | Consolidated Statements of Cash Flows |
(s) | New Accounting Pronouncements |
(5) | FINANCING ARRANGEMENTS |
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Senior secured revolving credit line | $ | 733,000 | $ | 587,500 | |||
Foreign loans | 32,813 | 10,384 | |||||
Other debt arrangement | 248 | 283 | |||||
Total debt | $ | 766,061 | $ | 598,167 | |||
Less current maturities of long-term debt | 32,059 | 9,402 | |||||
Long-term debt | $ | 734,002 | $ | 588,765 |
January 2, 2016 | January 3, 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Total debt | $ | 766,061 | $ | 766,061 | $ | 598,167 | $ | 598,167 |
Fixed | ||||||||
Notional | Interest | Effective | Maturity | |||||
Amount | Rate | Date | Date | |||||
25,000,000 | 2.520 | % | 2/23/2011 | 2/23/2016 | ||||
15,000,000 | 1.185 | % | 9/12/2011 | 9/12/2016 | ||||
25,000,000 | 0.635 | % | 2/11/2013 | 8/11/2016 | ||||
25,000,000 | 0.789 | % | 2/11/2013 | 3/11/2017 | ||||
25,000,000 | 0.803 | % | 2/11/2013 | 5/11/2017 | ||||
35,000,000 | 0.880 | % | 2/11/2013 | 7/11/2017 | ||||
10,000,000 | 1.480 | % | 9/11/2013 | 7/11/2017 | ||||
15,000,000 | 0.920 | % | 3/11/2014 | 7/11/2017 | ||||
25,000,000 | 0.950 | % | 3/11/2014 | 7/11/2017 |
(in thousands) | |||
2016 | $ | 32,059 | |
2017 | 733,315 | ||
2018 | 102 | ||
2019 | 102 | ||
2019 and thereafter | 483 | ||
$ | 766,061 |
• | 2007 Stock Incentive Plan (the "2007 Plan"), as amended on May 7, 2009. Effective August 11, 2011 and in accordance with plan parameters, the company is no longer permitted to make grants under the 2007 Plan. Accordingly, zero additional shares are available for issuance under the 2007 Plan. |
• | 2011 Stock Incentive Plan (the "2011 Plan"), as created on April 1, 2011, under which the company's Board of Directors issues stock grants to key employees. A maximum amount of 1,650,000 shares can be issued under the 2011 Plan. Stock grants issued to employees are transferable upon certain vesting requirements. |
Shares | Weighted Average Grant-Date Fair Value | |||||
Nonvested shares at December 28, 2013 | 1,164,774 | $ | 29.89 | |||
Granted | 369,807 | 87.80 | ||||
Vested | (1,141,974 | ) | 29.12 | |||
Forfeited | (6,000 | ) | 29.99 | |||
Nonvested shares at January 3, 2015 | 386,607 | $ | 85.25 | |||
Granted | 100,704 | 107.81 | ||||
Vested | (125,457 | ) | 83.93 | |||
Forfeited | (20,950 | ) | 80.29 | |||
Nonvested shares at January 2, 2016 | 340,904 | $ | 94.86 |
2015 | 2014 | 2013 | |||||||||
(dollars in thousands) | |||||||||||
Intrinsic value of options exercised | $ | — | $ | — | $ | 80,528 | |||||
Cash received from exercise | — | — | 3,842 | ||||||||
Tax benefit from option exercises | — | — | 20,196 |
2015 | 2014 | 2013 | |||||||||
(dollars in thousands) | |||||||||||
Domestic | $ | 266,831 | $ | 240,936 | $ | 195,435 | |||||
Foreign | 14,336 | 39,854 | 30,346 | ||||||||
Total | $ | 281,167 | $ | 280,790 | $ | 225,781 |
2015 | 2014 | 2013 | |||||||||
(dollars in thousands) | |||||||||||
Federal | $ | 78,617 | $ | 69,536 | $ | 60,232 | |||||
State and local | 9,515 | 9,316 | 3,248 | ||||||||
Foreign | 1,425 | 8,626 | 8,373 | ||||||||
Total | $ | 89,557 | $ | 87,478 | $ | 71,853 | |||||
Current | $ | 87,638 | $ | 72,137 | $ | 74,828 | |||||
Deferred | 1,919 | 15,341 | (2,975 | ) | |||||||
Total | $ | 89,557 | $ | 87,478 | $ | 71,853 |
2015 | 2014 | 2013 | ||||||
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State taxes, net of federal benefit | 2.1 | 2.2 | 0.9 | |||||
U.S. domestic manufacturers deduction | (2.6 | ) | (2.3 | ) | (2.6 | ) | ||
Permanent book vs. tax differences | (1.1 | ) | (2.0 | ) | (1.2 | ) | ||
Foreign tax rate differentials | (2.1 | ) | (1.9 | ) | (1.0 | ) | ||
Reserve adjustments and other | 0.6 | 0.2 | 0.7 | |||||
Consolidated effective tax | 31.9 | % | 31.2 | % | 31.8 | % |
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Deferred tax assets: | |||||||
Federal net operating loss carryforwards | $ | 13,416 | $ | 7,020 | |||
Compensation related | 19,160 | 17,092 | |||||
Accrued retirement benefits | 43,930 | 8,211 | |||||
Inventory reserves | 8,183 | 6,503 | |||||
Product liability and workers compensation reserves | 5,811 | 7,810 | |||||
Warranty reserves | 9,252 | 9,191 | |||||
Receivable related reserves | 3,069 | 3,277 | |||||
UNICAP | 3,520 | 3,727 | |||||
State net operating loss carryforwards | 1,483 | 2,731 | |||||
Foreign net operating loss carryforwards | 17,549 | — | |||||
Interest rate swap | — | 157 | |||||
Other | 32,347 | 18,154 | |||||
Gross deferred tax assets | 157,720 | 83,873 | |||||
Valuation allowance | (20,395 | ) | — | ||||
Deferred tax assets | $ | 137,325 | $ | 83,873 | |||
Deferred tax liabilities: | |||||||
Intangible assets | $ | (182,471 | ) | $ | (111,501 | ) | |
Foreign tax earnings repatriation | (1,363 | ) | (3,029 | ) | |||
LIFO reserves | (93 | ) | (90 | ) | |||
Depreciation | (551 | ) | (1,366 | ) | |||
Interest rate swap | (6 | ) | — | ||||
Other | (2,690 | ) | (2,745 | ) | |||
Deferred tax liabilities | $ | (187,174 | ) | $ | (118,731 | ) | |
Net deferred tax assets (liabilities) | $ | (49,849 | ) | $ | (34,858 | ) | |
Current deferred asset | $ | 51,723 | $ | 51,017 | |||
Long-term deferred asset | 11,438 | 2,925 | |||||
Long-term deferred liability | (113,010 | ) | (88,800 | ) | |||
Net deferred tax assets (liabilities) | $ | (49,849 | ) | $ | (34,858 | ) |
Balance at December 28, 2013 | $ | 12,727 | |
Increases to current year tax positions | 3,270 | ||
Increase to prior year tax positions | 1,105 | ||
Decrease to prior year tax positions | (189 | ) | |
Settlements | (4,092 | ) | |
Lapse of statute of limitations | (347 | ) | |
Balance at January 3, 2015 | $ | 12,474 | |
Increases to current year tax positions | 3,089 | ||
Increase to prior year tax positions | 116 | ||
Decrease to prior year tax positions | (755 | ) | |
Settlements | — | ||
Lapse of statute of limitations | (505 | ) | |
Balance at January 2, 2016 | $ | 14,419 |
United States – federal | 2012 – 2015 |
United States – states | 2006 – 2015 |
Australia | 2011 – 2015 |
Brazil | 2011 – 2015 |
Canada | 2009 – 2015 |
China | 2006 – 2015 |
Czech Republic | 2013 – 2015 |
Denmark | 2012 – 2015 |
France | 2011 – 2015 |
Germany | 2013 – 2015 |
India | 2013 – 2015 |
Ireland | 2009 – 2015 |
Italy | 2011 – 2015 |
Luxembourg | 2011 – 2015 |
Mexico | 2010 – 2015 |
Netherlands | 2004 – 2015 |
Philippines | 2012 – 2015 |
Romania | 2006 – 2015 |
South Korea | 2010 – 2015 |
Spain | 2011 – 2015 |
Sweden | 2009 – 2015 |
Switzerland | 2008 – 2015 |
Taiwan | 2010 – 2015 |
United Kingdom | 2003 – 2015 |
(8) | FINANCIAL INSTRUMENTS |
(a) | Foreign Exchange |
(b) | Interest Rate |
Twelve Months Ended | |||||||||
Location | Jan 2, 2016 | Jan 3, 2015 | |||||||
(dollars in thousands) | |||||||||
Fair value | Other liabilities | $ | (412 | ) | $ | (810 | ) | ||
Amount of gain/(loss) recognized in other comprehensive income | Other comprehensive income | $ | (1,502 | ) | $ | (1,494 | ) | ||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | Interest expense | $ | (1,909 | ) | $ | (2,151 | ) | ||
Gain/(loss) recognized in income (ineffective portion) | Other expense | $ | 9 | $ | 4 |
(9) | LEASE COMMITMENTS |
Total Operating Lease Commitments | |||
2016 | $ | 24,493 | |
2017 | 19,583 | ||
2018 | 12,877 | ||
2019 | 12,961 | ||
2020 | 9,370 | ||
2021 and thereafter | 26,159 | ||
$ | 105,443 |
Commercial Foodservice | Food Processing | Residential Kitchen | Corporate and Other(3) | Total | |||||||||||||||
2015 | |||||||||||||||||||
Net sales | $ | 1,121,046 | $ | 297,712 | $ | 407,840 | $ | — | $ | 1,826,598 | |||||||||
Operating income | 296,061 | 64,650 | 4,653 | (62,761 | ) | 302,603 | |||||||||||||
Depreciation and amortization expense | 17,117 | 5,839 | 29,515 | 1,603 | 54,074 | ||||||||||||||
Net capital expenditures | 12,123 | 2,164 | 7,935 | 140 | 22,362 | ||||||||||||||
Total assets | 1,115,840 | 308,677 | 1,250,503 | 86,131 | 2,761,151 | ||||||||||||||
Long-lived assets | 61,835 | 20,307 | 129,751 | 21,327 | 233,220 | ||||||||||||||
2014 | |||||||||||||||||||
Net sales | $ | 1,041,228 | $ | 322,783 | $ | 272,527 | $ | — | $ | 1,636,538 | |||||||||
Operating income | 269,559 | 67,395 | 14,585 | (51,107 | ) | 300,432 | |||||||||||||
Depreciation and amortization expense | 19,661 | 6,601 | 13,356 | 1,634 | 41,252 | ||||||||||||||
Net capital expenditures | 6,752 | 4,487 | 1,811 | 93 | 13,143 | ||||||||||||||
Total assets | 1,053,921 | 304,241 | 636,680 | 71,289 | 2,066,131 | ||||||||||||||
Long-lived assets | 50,211 | 19,627 | 71,500 | 10,140 | 151,478 | ||||||||||||||
2013 | |||||||||||||||||||
Net sales | $ | 895,494 | $ | 301,522 | $ | 231,669 | $ | — | $ | 1,428,685 | |||||||||
Operating income | 234,190 | 49,528 | 10,815 | (50,071 | ) | 244,462 | |||||||||||||
Depreciation and amortization expense | 18,787 | 8,387 | 14,148 | 1,842 | 43,164 | ||||||||||||||
Net capital expenditures | 7,227 | 3,140 | 4,090 | 183 | 14,640 | ||||||||||||||
Total assets | 1,000,065 | 303,289 | 441,299 | 74,553 | 1,819,206 | ||||||||||||||
Long-lived assets | 47,490 | 12,475 | 60,570 | 17,038 | 137,573 |
(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) | Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets. |
(3) | Includes corporate and other general company assets and operations. |
2015 | 2014 | 2013 | |||||||||
(dollars in thousands) | |||||||||||
United States and Canada | $ | 149,299 | $ | 127,308 | $ | 115,162 | |||||
Asia | 17,336 | 5,714 | 5,133 | ||||||||
Europe and Middle East | 65,581 | 16,739 | 15,762 | ||||||||
Latin America | 1,004 | 1,717 | 1,516 | ||||||||
Total international | 83,921 | 24,170 | 22,411 | ||||||||
$ | 233,220 | $ | 151,478 | $ | 137,573 |
2015 | 2014 | 2013 | |||||||||
(dollars in thousands) | |||||||||||
United States and Canada | $ | 1,274,907 | $ | 1,139,034 | $ | 1,049,280 | |||||
Asia | 165,541 | 171,995 | 109,599 | ||||||||
Europe and Middle East | 319,387 | 222,974 | 187,381 | ||||||||
Latin America | 66,763 | 102,535 | 82,425 | ||||||||
Total international | 551,691 | 497,504 | 379,405 | ||||||||
$ | 1,826,598 | $ | 1,636,538 | $ | 1,428,685 |
Fiscal 2015 | Fiscal 2014 | ||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||
Net Periodic Pension Cost: | |||||||||||||||
Service cost | $ | 505 | $ | 1,216 | $ | 447 | $ | — | |||||||
Interest cost | 1,286 | 12,992 | 1,289 | 639 | |||||||||||
Expected return on assets | (844 | ) | (20,547 | ) | (799 | ) | (996 | ) | |||||||
Amortization of net loss (gain) | 694 | — | (46 | ) | — | ||||||||||
Curtailment loss | — | 3,202 | — | — | |||||||||||
Pension settlement | — | — | — | — | |||||||||||
$ | 1,641 | $ | (3,137 | ) | $ | 891 | $ | (357 | ) | ||||||
Change in Benefit Obligation: | |||||||||||||||
Benefit obligation – beginning of year | $ | 33,907 | $ | 16,114 | $ | 27,748 | $ | 15,745 | |||||||
Benefit obligation – acquisition | 2,988 | 1,495,089 | — | — | |||||||||||
Service cost | 505 | 1,216 | 447 | — | |||||||||||
Interest on benefit obligations | 1,286 | 12,992 | 1,289 | 639 | |||||||||||
Employee contributions | — | 182 | — | — | |||||||||||
Actuarial (gain) loss | (2,960 | ) | 8,668 | 5,293 | 1,273 | ||||||||||
Pension settlement | — | — | — | — | |||||||||||
Net benefit payments | (922 | ) | (24,179 | ) | (870 | ) | (634 | ) | |||||||
Curtailment loss | — | 3,202 | — | — | |||||||||||
Exchange effect | — | (36,914 | ) | — | (909 | ) | |||||||||
Benefit obligation – end of year | $ | 34,804 | $ | 1,476,370 | $ | 33,907 | $ | 16,114 | |||||||
Change in Plan Assets: | |||||||||||||||
Plan assets at fair value – beginning of year | $ | 13,575 | $ | 15,306 | $ | 13,324 | $ | 15,172 | |||||||
Plan assets at fair value – acquisition | 2,943 | 1,305,506 | — | — | |||||||||||
Company contributions | 881 | 16,950 | 913 | 511 | |||||||||||
Investment (loss) gain | (590 | ) | 6,173 | 208 | 1,133 | ||||||||||
Employee contributions | — | 182 | — | — | |||||||||||
Benefit payments and plan expenses | (922 | ) | (24,179 | ) | (870 | ) | (634 | ) | |||||||
Exchange effect | — | (32,215 | ) | — | (876 | ) | |||||||||
Plan assets at fair value – end of year | $ | 15,887 | $ | 1,287,723 | $ | 13,575 | $ | 15,306 | |||||||
Funded Status: | |||||||||||||||
Unfunded benefit obligation | $ | (18,917 | ) | $ | (188,647 | ) | $ | (20,332 | ) | $ | (808 | ) | |||
Amounts recognized in balance sheet at year end: | |||||||||||||||
Accrued pension benefits | $ | (18,917 | ) | $ | (188,647 | ) | $ | (20,332 | ) | $ | (808 | ) | |||
Pre-tax components in accumulated other comprehensive income: | |||||||||||||||
Net actuarial loss | $ | 5,811 | $ | 20,457 | $ | 8,030 | $ | 2,188 | |||||||
Net prior service cost | — | — | — | — | |||||||||||
Net transaction (asset) obligations | — | — | — | — | |||||||||||
Total amount recognized | $ | 5,811 | $ | 20,457 | $ | 8,030 | $ | 2,188 | |||||||
Accumulated Benefit Obligation | $ | 33,080 | $ | 1,475,631 | $ | 30,567 | $ | 16,114 | |||||||
Salary growth rate | n/a | 0.4 | % | n/a | n/a | ||||||||||
Assumed discount rate | 4.1 | % | 3.7 | % | 3.8 | % | 3.6 | % | |||||||
Expected return on assets | 5.6 | % | 6.2 | % | 6.0 | % | 6.3 | % |
Target Allocation | Percentage of Plan Assets | |||||||
2015 | 2014 | |||||||
Equity | 45 | % | 43 | % | 48 | % | ||
Fixed income | 45 | 46 | 36 | |||||
Money market | 3 | 4 | 4 | |||||
Other (real estate investment trusts & commodities contracts) | 7 | 7 | 12 | |||||
100 | % | 100 | % | 100 | % |
Target Allocation | Percentage of Plan Assets | |||||||
2015 | 2014 | |||||||
Equity | 16 | % | 19 | % | 72 | % | ||
Fixed income | 45 | 44 | 24 | |||||
Alternatives/Other | 28 | 20 | — | |||||
Real Estate | 11 | 12 | — | |||||
Cash and cash equivalents | — | 5 | 4 | |||||
100 | % | 100 | % | 100 | % |
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Short Term Investment Fund (a) | $ | 1,371 | $ | — | $ | 1,371 | $ | — | ||||||||
Equity Securities: | ||||||||||||||||
Large Cap | 3,402 | 3,149 | 253 | — | ||||||||||||
Mid Cap | 437 | 383 | 54 | — | ||||||||||||
Small Cap | 575 | 383 | 192 | — | ||||||||||||
International | 2,298 | 2,291 | 7 | — | ||||||||||||
Fixed Income: | ||||||||||||||||
Government/Corporate | 4,831 | 4,311 | 520 | — | ||||||||||||
High Yield | 819 | 778 | 41 | — | ||||||||||||
Alternative: | ||||||||||||||||
Global Real Estate Investment Trust | 1,773 | 771 | 1,002 | — | ||||||||||||
Commodities Contracts | 381 | 381 | — | — | ||||||||||||
Total | $ | 15,887 | $ | 12,447 | $ | 3,440 | $ | — |
(a) | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. |
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Cash and cash equivalents | $ | 73,005 | $ | 64,651 | $ | 8,354 | $ | — | ||||||||
Equity Securities: | ||||||||||||||||
UK | 91,269 | 91,075 | 194 | — | ||||||||||||
International: | ||||||||||||||||
Developed | 147,278 | 144,864 | 2,414 | — | ||||||||||||
Emerging | 6,375 | 6,375 | — | — | ||||||||||||
Unquoted/Private Equity | 759 | 759 | — | — | ||||||||||||
Fixed Income: | ||||||||||||||||
Government/Corporate: | ||||||||||||||||
UK | 168,708 | 118,332 | 50,376 | — | ||||||||||||
International | 126,735 | 67,217 | 59,518 | — | ||||||||||||
Index Linked | 258,502 | 258,502 | — | — | ||||||||||||
Other | 3,518 | 3,518 | — | — | ||||||||||||
Convertible Bonds | 1,471 | 1,471 | — | — | ||||||||||||
Real Estate: | ||||||||||||||||
Direct | 140,764 | — | 140,764 | — | ||||||||||||
Indirect | 13,617 | 177 | 13,440 | — | ||||||||||||
Hedge Fund Strategy: | ||||||||||||||||
Equity Long/Short | 80,230 | — | 80,230 | — | ||||||||||||
Arbitrage & Event | 92,635 | — | 92,635 | — | ||||||||||||
Directional Trading & Fixed Income | 55,424 | 3,584 | 51,840 | — | ||||||||||||
Cash & Other | 2,557 | — | 2,557 | — | ||||||||||||
Direct Sourcing | 1,655 | — | 1,655 | — | ||||||||||||
Leveraged Loans | 10,824 | — | 10,824 | — | ||||||||||||
Alternative/Other | 12,397 | 12,062 | 335 | — | ||||||||||||
$ | 1,287,723 | $ | 772,587 | $ | 515,136 | $ | — |
U.S. Plans | Non-U.S. Plans | ||||||
2016 | $ | 1,184 | $ | 63,628 | |||
2017 | 1,203 | 65,323 | |||||
2018 | 1,907 | 66,322 | |||||
2019 | 1,909 | 68,185 | |||||
2020 through 2025 | 11,913 | 427,101 |
(b) | Defined Contribution Plans |
1st | 2nd | 3rd | 4th | Total Year | ||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||||||
2015 | ||||||||||||||||||||
Net sales | $ | 406,596 | $ | 436,291 | $ | 449,004 | $ | 534,707 | $ | 1,826,598 | ||||||||||
Gross profit | 157,562 | 172,889 | 177,182 | 198,872 | 706,505 | |||||||||||||||
Income from operations | 66,580 | 83,360 | 80,030 | 72,633 | 302,603 | |||||||||||||||
Net earnings | $ | 38,231 | $ | 54,267 | $ | 48,825 | $ | 50,287 | $ | 191,610 | ||||||||||
Basic earnings per share (1) | $ | 0.67 | $ | 0.95 | $ | 0.86 | $ | 0.88 | $ | 3.36 | ||||||||||
Diluted earnings per share (1) | $ | 0.67 | $ | 0.95 | $ | 0.86 | $ | 0.88 | $ | 3.36 | ||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 372,478 | $ | 424,776 | $ | 404,289 | $ | 434,995 | $ | 1,636,538 | ||||||||||
Gross profit | 142,976 | 166,174 | 162,380 | 169,055 | 640,585 | |||||||||||||||
Income from operations | 55,933 | 75,739 | 86,465 | 82,295 | 300,432 | |||||||||||||||
Net earnings | $ | 33,445 | $ | 48,405 | $ | 59,713 | $ | 51,749 | $ | 193,312 | ||||||||||
Basic earnings per share (1) | $ | 0.59 | $ | 0.85 | $ | 1.05 | $ | 0.91 | $ | 3.41 | ||||||||||
Diluted earnings per share (1) | $ | 0.59 | $ | 0.85 | $ | 1.05 | $ | 0.91 | $ | 3.40 |
(1) | Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
Severance/Benefits | Inventory/Product | Facilities/Operations | Other | Total | ||||||||||||||||
Expenses | $ | 5,963 | $ | 1,203 | $ | 1,466 | $ | 469 | $ | 9,101 | ||||||||||
Payments | (4,344 | ) | (619 | ) | (1,389 | ) | (361 | ) | (6,713 | ) | ||||||||||
Balance as of December 28, 2013 | $ | 1,619 | $ | 584 | $ | 77 | $ | 108 | $ | 2,388 | ||||||||||
Expenses | 3,776 | (151 | ) | 3,457 | (4 | ) | 7,078 | |||||||||||||
Payments | (5,248 | ) | (433 | ) | (3,534 | ) | (67 | ) | (9,282 | ) | ||||||||||
Balance as of January 3, 2015 | $ | 147 | $ | — | $ | — | $ | 37 | $ | 184 | ||||||||||
Expenses | 18,142 | — | 7,248 | 108 | 25,498 | |||||||||||||||
Payments | (2,628 | ) | — | (2,606 | ) | (25 | ) | (5,259 | ) | |||||||||||
Balance as of January 2, 2016 | $ | 15,661 | $ | — | $ | 4,642 | $ | 120 | $ | 20,423 |
Balance Beginning Of Period | Additions/ (Recoveries) Charged to Expense | Write-Offs During the the Period | Balance At End Of Period | ||||||||||||
Allowance for doubtful accounts; deducted from accounts receivable on the balance sheets- | |||||||||||||||
2015 | $ | 9,091,000 | $ | 1,108,900 | $ | (1,361,400 | ) | $ | 8,838,500 | ||||||
2014 | $ | 6,987,000 | $ | 3,075,000 | $ | (971,000 | ) | $ | 9,091,000 | ||||||
2013 | $ | 6,377,000 | $ | 1,571,000 | $ | (961,000 | ) | $ | 6,987,000 |
Balance Beginning Of Period | Additions/ (Recoveries) Charged to Expense(1) | Write-Offs During the the Period | Balance At End Of Period | ||||||||||||
Valuation allowance - Deferred tax assets | |||||||||||||||
2015 | $ | — | $ | 20,395,200 | $ | — | $ | 20,395,200 |
(i) | pertain to the maintenance of records that in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; |
(ii) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of our management and directors; and |
(iii) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
(a) | 1. Financial Statements |
3. | Exhibits |
3.1 | Restated Certificate of Incorporation of The Middleby Corporation (effective as of May 13, 2005), incorporated by reference to the company's Form 8-K, Exhibit 3.1, dated April 29, 2005, filed on May 17, 2005. |
3.2 | Third Amended and Restated Bylaws of The Middleby Corporation (effective as of May 14, 2013), incorporated by reference to the company's Form 8-K, Exhibit 3.1, dated May 14, 2013, filed on May 17, 2013. |
3.3 | Certificate of Amendment to the Restated Certificate of Incorporation of The Middleby Corporation (effective as of May 3, 2007), incorporated by reference to the company’s Form 8-K, Exhibit 3.1, dated May 3, 2007, filed on May 3, 2007. |
3.4 | Certificate of Amendment to the Restated Certificate of Incorporation of The Middleby Corporation (effective as of May 8, 2014), incorporated by reference to the company's Form 8-K, Exhibit 3.1, dated May 6, 2014, filed on May 8, 2014. |
4.1 | Certificate of Designations dated October 30, 1987, and specimen stock certificate relating to the company Preferred Stock, incorporated by reference from the company’s Form 10-K, Exhibit (4), for the fiscal year ended December 31, 1988, filed on March 15, 1989. |
10.1 | Fifth Amended and Restated Credit Agreement, dated as of August 7, 2012 among Middleby Marshall Inc., The Middleby Corporation, the subsidiary borrowers named therein, the lenders named therein, and Bank of America, N.A., as administrative agent for the lenders, incorporated by reference to the company's Form 8-K, Exhibit 10.1, filed on August 9, 2012. |
10.2* | Amended 1998 Stock Incentive Plan, dated December 15, 2003, incorporated by reference to the company’s Form 10-K, Exhibit 10.21, for the fiscal year ended January 3, 2004, filed on April 2, 2004. |
10.3* | Employment Agreement of Selim A. Bassoul dated December 23, 2004, incorporated by reference to the company's Form 8-K Exhibit 10.1, dated December 23, 2004, filed on December 28, 2004. |
10.4* | Employment Agreement by and between The Middleby Corporation and Timothy J. FitzGerald, dated March 21, 2013, incorporated by reference to the company's Form 8-K Exhibit 10.1, dated March 21, 2013, filed on March 25, 2013. |
10.5* | Form of The Middleby Corporation 1998 Stock Incentive Plan Restricted Stock Agreement, incorporated by reference to the company's Form 8-K Exhibit 10.2, dated March 7, 2005, filed on March 8, 2005. |
10.6* | Amendment to The Middleby Corporation 1998 Stock Incentive Plan, effective as of January 1, 2005, incorporated by reference to the company's Form 8-K Exhibit 10.2, dated April 29, 2005, filed on May 17, 2005. |
10.7* | Revised Form of Restricted Stock Agreement for The Middleby Corporation 1998 Stock Incentive Plan, , incorporated by reference to the company’s Form 8-K, Exhibit 10.1, dated March 8, 2007, filed on March 14, 2007. |
10.8* | Employment Agreement by and between The Middleby Corporation and Selim A. Bassoul, dated as of January 25, 2013, incorporated by reference to the company's Form 8-K Exhibit 10.1, dated January 25, 2013, filed on January 28, 2013. |
10.9* | The Middleby Corporation 2011 Long-Term Incentive Plan, incorporated by reference to Appendix A to the company’s definitive proxy statement filed with the Securities and Exchange Commission on April 1, 2011. |
10.10* | The Middleby Corporation Value Creation Incentive Plan, incorporated by reference to Appendix B to the company’s definitive proxy statement filed with the Securities and Exchange Commission on April 1, 2011. |
10.11* | Form of Restricted Performance Stock Agreement for The Middleby Corporation 2011 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.1 to the company's Form 8-K, dated February 24, 2014, filed on March 3, 2014. |
21 | List of subsidiaries. |
23.1 | Consent of Ernst & Young LLP. |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. |
32.1 | Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | Certification of Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | Financial statements on Form 10-K for the year ended January 2, 2016, filed on March 2, 2016, formatted in Extensive Business Reporting Language (XBRL); (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of earnings, (iii) consolidated statements of cash flows, (iv) notes to the consolidated financial statements. |
* | Designates management contract or compensation plan. |
(c) | See the financial statement schedule included under Item 8. |
BY: | /s/ Timothy J. FitzGerald | |
Timothy J. FitzGerald | ||
Vice President, | ||
Chief Financial Officer |
Signatures | Title | |
PRINCIPAL EXECUTIVE OFFICER | ||
/s/ Selim A. Bassoul | Chairman of the Board, President, | |
Selim A. Bassoul | Chief Executive Officer and Director | |
PRINCIPAL FINANCIAL AND | ||
ACCOUNTING OFFICER | ||
/s/ Timothy J. FitzGerald | Vice President, Chief Financial | |
Timothy J. FitzGerald | Officer, Principal Financial Officer and Principal | |
Accounting Officer | ||
DIRECTORS | ||
/s/ Robert Lamb | Director | |
Robert Lamb | ||
/s/ John R. Miller, III | Director | |
John R. Miller, III | ||
/s/ Gordon O'Brien | Director | |
Gordon O'Brien | ||
/s/ Philip G. Putnam | Director | |
Philip G. Putnam | ||
/s/ Cathy L. McCarthy | Director | |
Cathy L. McCarthy | ||
/s/ Sarah Palisi Chapin | Director | |
Sarah Palisi Chapin |
Subsidiaries of The Middleby Corporation(1) | |
State/Country of | |
Name of Subsidiary | Incorporation/Organization |
AGA Rangemaster Group PLC | United Kingdom |
AGA Rangemaster Ltd | United Kingdom |
AGA Rangemaster Properties Ltd | United Kingdom |
AGA Rayburn Ltd | United Kingdom |
Alkar Holdings, Inc. | Wisconsin |
Alkar-RapidPak, Inc. | Wisconsin |
Anetsberger, LLC | Delaware |
ARG Corporate Services Ltd | United Kingdom |
Armor Inox Holding France S.A.S. | France |
Armor Inox Production S.a.r.l. | France |
Armor Inox S.A. | France |
Armor Inox Services S.A.S. | France |
Armor Inox UK Ltd | United Kingdom |
Armor Inox USA LLC | Delaware |
Auto-Bake Acquisition Pty. Ltd | Australia |
Auto-Bake Pty Ltd | Australia |
Automatic Bar Controls, Inc. | Delaware |
Baker Thermal Solutions LLC | Delaware |
Beech Ovens LLC | Delaware |
Beech Ovens Pty Ltd | Australia |
Blodgett Holdings, Inc. | Delaware |
Britannia Kitchen Ventilation | United Kingdom |
Carter-Hoffmann LLC | Delaware |
Catering Equipment Industry srl | Italy |
Cloverleaf Properties, Inc. | Vermont |
Concordia Coffee Company, Inc. | Washington |
CookTek Induction Systems, LLC | Delaware |
Cozzini do Brasil Ltda | Brazil |
Cozzini Middleby de Mexico, S. de R.L.de C.V. | Mexico |
Cozzini Middleby Europe, S.r.l. | Italy |
Cozzini, LLC | Delaware |
Cranmore Property Ltd | United Kingdom |
Danfotech Holdings, LLC | Delaware |
Danfotech Inc. | Missouri |
Desmon S.p.A. | Italy |
Divertimenti Ltd | United Kingdom |
Doyon Acquisition Company, LLC | Delaware |
Doyon Equipment Inc. | Canada |
Eswood Australia Pty Ltd | Australia |
F.R. Drake Company | Delaware |
Fab-Asia Inc. | Philippines |
Fired Earth Ltd | United Kingdom |
G.S. Blodgett Corporation | Vermont |
Giga Grandi Cucine S.r.l. | Italy |
Goldstein Eswood Commercial Cooking Pty Ltd | Australia |
Goldstein Properties Pty Ltd | Australia |
Grange Eastern Europe Inc. | Romania |
Grange Furniture Canada (1989) Ltd | Canada |
Grange Furniture Inc. | Delaware |
Grange Luxembourg SARL | Luxembourg |
Grange SAS | France |
Heartland Appliances Inc. | Canada |
Holman Cooking Equipment Inc. | Delaware |
Houno A/S | Denmark |
Houno Holdings LLC | Delaware |
Imperial Machine Company Ltd | United Kingdom |
J. Goldstein & Co. Pty Ltd | Australia |
Jade Range LLC | Delaware |
LA Cornue SAS | France |
Lincat Group PLC | United Kingdom |
Lincat Limited. | United Kingdom |
Lynx Grills Inc | Delaware |
Lynx Holdco Inc | Delaware |
MagiKitch'n Inc. | Pennsylvania |
Maurer-Atmos Middleby GmbH | Germany |
Middleby Advantage, LLC | Delaware |
Middleby Asia Ltd | Hong Kong |
Middleby Australia Pty Ltd | Australia |
Middleby Canada Company | Canada |
Middleby Celfrost Innovations Pvt Ltd | India |
Middleby China Corporation | Peoples Republic of China |
Middleby Cooking System Manufacturing (Shanghai) Corporation | Peoples Republic of China |
Middleby Cozzini Brasil Equipamentos, Ltda | Brazil |
Middleby Espana SLU | Spain |
Middleby Europe SL | Spain |
Middleby Holding UK Ltd | United Kingdom |
Middleby India Engineering Pvt Ltd | India |
Middleby Induction China Corporation | Peoples Republic of China |
Middleby Lux Holdings SCS | Luxembourg |
Middleby Luxembourg S.a.r.l. | Luxembourg |
Middleby Marshall Holding, LLC | Delaware |
Middleby Marshall, Inc. | Delaware |
Middleby Nationals Sales LLC | Delaware |
Middleby Philippines Corporation | Philippines |
Middleby UK Ltd | United Kingdom |
Middleby UK Residential Holdings | United Kingdom |
Middleby Worldwide Mexico SA de CV | Mexico |
Middleby Worldwide Philippines | Philippines |
Middleby Worldwide Services SA de CV | Mexico |
Middleby Worldwide, Inc. | Florida |
Middleby XME S.L.U. | Spain |
MP Equipment LLC | Delaware |
New Star International Holdings, Inc. | Delaware |
Nieco Corporation | California |
Northland Corporation | Michigan |
Peak Drink Dispense Ltd | United Kingdom |
Perfect Fry LLC | Delaware |
Pitco Frialator, Inc. | New Hampshire |
Star International Holdings, Inc. | Delaware |
Star Manufacturing International Inc. | Delaware |
Stewart Systems Baking, LLC | Delaware |
The Alluvian Spa, LLC | Mississppi |
The Alluvian, LLC | Mississppi |
The Piper Doyon Group, Inc. | Wisconsin |
Thurne-Middleby Ltd | United Kingdom |
TMC Lux Holdings Sarl | Luxembourg |
TMC Lux Sarl | Luxembourg |
TMC Scots Holdings LP | United Kingdom |
TMC Scottish Private Ltd | United Kingdom |
TurboChef Technologies Europe, Ltd | United Kingdom |
TurboChef Technologies Inc. | Delaware |
ULC Holding Company | Delaware |
U-Line Corporation | Wisconsin |
Viking Cooking Schools, LLC | Mississppi |
Viking Culinary Group, LLC | Mississppi |
Viking Range Brasil Participacoes Ltda | Brazil |
Viking Range Corporation do Brasil Importacao e Comercio Ltda | Brazil |
Viking Range, LLC | Delaware |
Waterford Stanley Ltd | Ireland |
Wells Bloomfield LLC | Delaware |
Wunder-Bar Europe S.r.o. | Czech Republic |
Wunder-Bar Holdings, Inc. | Delaware |
Wunder-Bar International, Inc. | California |
(1) Certain subsidiaries have been omitted as allowed. | |
(1) | Registration Statement (Form S-8 No. 333-176233) pertaining to the 2011 Long-Term Incentive Plan of The Middleby Corporation, |
(2) | Registration Statement (Form S-8 No. 333-162957) pertaining to the Turbochef Technologies 1994 Stock Option Plan, |
(3) | Registration Statement (Form S-8 No. 333-142588) pertaining to the 2007 Stock Incentive Plan of The Middleby Corporation and |
(4) | Registration Statement (Form S-8 No. 333-128304) pertaining to the 1998 Stock Incentive Plan, 1989 Stock Incentive Plan, 2003 Directors’ Option Plan, 2000 Directors Option Plan, and 1996 Directors’ Option Plan of The Middleby Corporation; |
1. | I have reviewed this Annual Report on Form 10-K of The Middleby Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting. |
/s/ Selim A. Bassoul |
Selim A. Bassoul |
Chairman, President and |
Chief Executive Officer of The Middleby Corporation |
1. | I have reviewed this Annual Report on Form 10-K of The Middleby Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting. |
/s/ Timothy J. FitzGerald |
Timothy J. FitzGerald |
Chief Financial Officer of The Middleby Corporation |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
(2) | The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Registrant. |
/s/ Selim A. Bassoul |
Selim A. Bassoul |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
(2) | The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Registrant. |
/s/ Timothy J. FitzGerald |
Timothy J. FitzGerald |
Document and Entity Information - USD ($) |
12 Months Ended | |
---|---|---|
Jan. 02, 2016 |
Jun. 30, 2015 |
|
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Jan. 02, 2016 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | MIDD | |
Entity Registrant Name | MIDDLEBY CORP | |
Entity Central Index Key | 0000769520 | |
Current Fiscal Year End Date | --01-02 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 57,306,082 | |
Entity Public Float | $ 6,303,148,519 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jan. 02, 2016 |
Jan. 03, 2015 |
---|---|---|
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 62,168,346 | 62,035,207 |
Treasury Stock, Shares | 4,862,264 | 4,816,912 |
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|||||||
Net sales | $ 1,826,598 | $ 1,636,538 | $ 1,428,685 | ||||||
Cost of sales | 1,120,093 | 995,953 | 878,674 | ||||||
Gross profit | 706,505 | 640,585 | 550,011 | ||||||
Selling and distribution expenses | 193,353 | 182,578 | 155,639 | ||||||
General and administrative expenses | 181,795 | 157,016 | 140,809 | ||||||
Restructuring Charges | 28,754 | 7,078 | 9,101 | ||||||
Gain (Loss) Related to Litigation Settlement | 0 | 6,519 | 0 | ||||||
Income from operations | 302,603 | 300,432 | 244,462 | [1] | |||||
Net interest expense and deferred financing amortization, net | 16,967 | 15,592 | 15,901 | ||||||
Other expense, net | 4,469 | 4,050 | 2,780 | ||||||
Earnings before income taxes | 281,167 | 280,790 | 225,781 | ||||||
Provision for income taxes | 89,557 | 87,478 | 71,853 | ||||||
Net earnings | $ 191,610 | $ 193,312 | $ 153,928 | ||||||
Net earnings per share: | |||||||||
Basic (in usd per share) | $ 3.36 | $ 3.41 | [2] | $ 2.76 | |||||
Diluted (in usd per share) | $ 3.36 | $ 3.40 | [2] | $ 2.74 | |||||
Weighted average number of shares | |||||||||
Basic (in shares) | 56,951 | 56,764 | 55,831 | ||||||
Dilutive common stock equivalents (in shares) | 22 | 20 | 317 | ||||||
Diluted (in shares) | 56,973 | 56,784 | 56,148 | ||||||
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
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Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
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Statement of Comprehensive Income [Abstract] | |||
Gain (Loss) Related to Litigation Settlement | $ 0 | $ 6,519 | $ 0 |
Net earnings | 191,610 | 193,312 | 153,928 |
Other comprehensive income: | |||
Foreign currency translation adjustments | (28,187) | (18,770) | (530) |
Pension liability adjustment, net of tax | (17,039) | (4,420) | 3,477 |
Unrealized gain on interest rate swaps, net of tax | 245 | 394 | 817 |
Comprehensive income | $ 146,629 | $ 170,516 | $ 157,692 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
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Change in unrecognized pension benefit costs, tax | $ (2,234) | $ 3,302 | $ (137) |
Unrealized (loss) gain on interest rate swap, tax | $ 263 | $ 545 | $ (149) |
STATEMENTS OF COMPREHENSIVE INCOME - Parnthetical (Parentheticals) - USD ($) $ in Thousands |
12 Months Ended | ||
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Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
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Change in unrecognized pension benefit costs, tax | $ (2,234) | $ 3,302 | $ (137) |
Unrealized (loss) gain on interest rate swap, tax | $ 263 | $ 545 | $ (149) |
Nature of Operations |
12 Months Ended |
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Jan. 02, 2016 | |
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 twenty-six U.S. and twenty-two 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 cooking and warming equipment, which enables it to serve virtually any cooking or warming application within a commercial kitchen or foodservice operation. This cooking and warming 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, warming equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, professional refrigerators, coldrooms, ice machines, freezers and beverage dispensing equipment. 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 though automation. The products offered by this group include a wide array of cooking and baking solutions, including batch ovens, baking ovens, proofing ovens, conveyor 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, emulsifiers, mixers, blenders, battering equipment, breading equipment, water cutting systems, food presses, and forming equipment, as well as a variety of food safety, food handling, freezing 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, refrigerators, wine coolers, ice machines, warming equipment, ventilation equipment, ice machines and outdoor equipment. |
Acquisitions and Purchase Accounting |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Purchase Accounting | 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 results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition. Viking On December 31, 2012 (subsequent to the 2012 fiscal year end), the company completed its acquisition of all of the capital stock of Viking Range Corporation ("Viking"), a leading manufacturer of kitchen equipment for the residential market, for a purchase price of approximately $361.7 million, net of cash acquired. During the third quarter of 2013, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $11.2 million. The final allocation of cash paid for the Viking acquisition is summarized as follows (in thousands):
The goodwill and $151.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350 "Intangibles - Goodwill and Other." Other intangibles also includes $44.0 million allocated to customer relationships and $2.0 million allocated to backlog which are being amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of Viking are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Certain acquired assets included in other assets were classified as held for sale at the date of acquisition and were sold during the second quarter of 2013. Viking Distributors 2013 Subsequent to the acquisition of Viking, the company, through Viking, purchased certain assets of four of Viking's former distributors ("Viking Distributors 2013"). The aggregate purchase price of these transactions as of June 29, 2013 was approximately $23.6 million. This included $8.7 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. The final allocation of cash paid for the Viking Distributors 2013 is summarized as follows (in thousands):
The goodwill is subject to the non-amortization provisions of ASC 350 and is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Celfrost On October 15, 2013, the company completed its acquisition of substantially all of the assets of Celfrost Innovations Pvt. Ltd. ("Celfrost"), a preferred commercial foodservice equipment supplier in India with a broad line of cold side products such as professional refrigerators, coldrooms, ice machines and freezers marketed under the Celfrost brand for a purchase price of approximately $11.2 million. Additional deferred payments totaling $0.8 million were made in the fourth quarter of 2014 and 2015, as provided for in the purchase agreement. Additional deferred payments of approximately $0.3 million in aggregate are also due to the seller in equal installments on the second and third anniversary of the acquisition. The final allocation of cash paid for the Celfrost acquisition is summarized as follows (in thousands):
The goodwill and $2.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.9 million allocated to customer relationships and $0.1 million allocated to backlog which are being amortized over periods of 7 years and 3 months, respectively. Goodwill and other intangibles of Celfrost are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Wunder-Bar On December 17, 2013, the company completed its acquisition of all of the capital stock of Automatic Bar Controls, Inc. ("Wunder-Bar") a leading manufacturer of beverage dispensing systems for the commercial foodservice industry, for a purchase price of approximately $74.1 million, net of cash acquired. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.1 million. In 2014, the company purchased additional assets related to Wunder-Bar for approximately $0.8 million. An additional deferred payment of $0.6 million is also payable to the seller pursuant to the purchase agreement. The final allocation of cash paid for the Wunder-Bar acquisition is summarized as follows (in thousands):
The current deferred tax assets and long term deferred tax liabilities amounted to $0.2 million and $12.1 million, respectively. These net assets are comprised of $0.2 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $12.1 million of deferred tax liabilities related to difference between the book and tax basis of identifiable intangible assets. The goodwill and $12.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $20.2 million allocated to customer relationships and $0.2 million allocated to backlog which are to be amortized over a period of 14 years and 3 months, respectively. Goodwill and other intangibles of Wunder-Bar are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. Market Forge On January 7, 2014, the company completed its acquisition of certain assets of Market Forge Industries, Inc. (“Market Forge”), a leading manufacturer of steam cooking equipment for the commercial foodservice industry, for a purchase price of approximately $7.0 million. During the first quarter of 2014, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.2 million. Additional deferred payments of $3.0 million in aggregate were paid to the seller during the second and third quarters of 2014. An additional contingent payment of $1.5 million was paid to the seller during the first quarter of 2015 upon the achievement of certain financial targets for the fiscal year 2014. The final allocation of cash paid for the Market Forge acquisition is summarized as follows (in thousands):
The goodwill and $2.9 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.1 million allocated to customer relationships, $0.2 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 4 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Market Forge are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Viking Distributors 2014 The company, through Viking, purchased certain assets of two of Viking's former distributors ("Viking Distributors 2014"). The aggregate purchase price of these transactions as of January 31, 2014 was approximately $44.5 million. This included $6.0 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. The final allocation of cash paid for the Viking Distributors 2014 acquisition is summarized as follows (in thousands):
The goodwill is subject to the non-amortization provisions of ASC 350 and is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Processing Equipment Solutions On March 31, 2014, the company completed its acquisition of substantially all of the assets of Processing Equipment Solutions, Inc. ("PES"), a leading manufacturer of water jet cutting equipment for the food processing industry, for a purchase price of approximately $15.0 million. An additional payment is also due upon the achievement of certain financial targets. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price. The final allocation of cash paid for the PES acquisition is summarized as follows (in thousands):
The goodwill is subject to the non-amortization provisions of ASC 350. Other intangibles includes $1.0 million allocated to customer relationships, $0.6 million allocated to developed technology and less than $0.1 million allocated to backlog, which are being amortized over periods of 5 years, 5 years and 3 months, respectively. Goodwill and other intangibles of PES are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The PES purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if PES exceeds certain sales targets for fiscal 2014, 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.5 million. Concordia On September 8, 2014, the company completed its acquisition of all of the capital stock of Concordia Coffee Company, Inc. ("Concordia"), a leading manufacturer of automated and self-service coffee and espresso machines for the commercial foodservice industry, for a purchase price of approximately $12.5 million, net of cash acquired. An additional payment is also due upon the achievement of certain financial targets. During the first quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.1 million. The final allocation of cash paid for the Concordia acquisition is summarized as follows (in thousands):
The current and long term deferred tax assets amounted to $0.7 million and $3.3 million, respectively. These net assets are comprised of $4.1 million related to federal net operating loss carry forwards, $1.1 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $1.2 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal net operating loss carry forwards are subject to carry forward limitations for income tax purposes. The goodwill and $1.1 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $2.2 million allocated to customer relationships, which is being amortized over a period of 10 years. Goodwill and other intangibles of Concordia are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The Concordia purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if Concordia exceeds certain sales targets for fiscal 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $0.5 million. U-Line On November 5, 2014, the company completed its acquisition of all of the capital stock of U-Line Corporation ("U-Line"), a leading manufacturer of premium residential built-in modular ice making, refrigeration and wine preservation products for the residential industry, for a purchase price of approximately $142.0 million, net of cash acquired. During the first quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.3 million. The final allocation of cash paid for the U-Line acquisition is summarized as follows (in thousands):
The current deferred tax assets and long term deferred tax liabilities amounted to $0.8 million and $17.8 million, respectively. These net assets are comprised of $5.7 million related to federal and state net operating loss carry forwards, $1.5 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $24.2 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal and state net operating loss carry forwards are subject to carry forward limitations for income tax purposes. The goodwill and $52.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $20.7 million allocated to customer relationships and $1.8 million allocated to backlog, which are being amortized over a period of 6 years and 5 months, respectively. Goodwill and other intangibles of U-Line are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. Desmon On January 7, 2015, the company completed its acquisition of all of the capital stock of Desmon Food Service Equipment Company ("Desmon"), a leading manufacturer of blast chillers and refrigeration for the commercial foodservice industry located in Nusco, Italy, for a purchase price of approximately $13.5 million, net of cash acquired. An additional payment is also due upon the achievement of certain financial targets. During the fourth quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.4 million. The final allocation of cash paid for the Desmon acquisition is summarized as follows (in thousands):
The current deferred tax assets and long term deferred tax liabilities amounted to $0.5 million and $2.1 million, respectively. These net liabilities are comprised of $0.7 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets, $1.1 million of liabilities arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $0.2 million of assets related to foreign net operating loss carry forwards. The goodwill and $1.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.6 million allocated to customer relationships and $0.3 million allocated to developed technology, which are to be amortized over periods of 9 years and 7 years, respectively. Goodwill and other intangibles of Desmon are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The Desmon purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the second quarter of each of the fiscal years 2016, 2017 and 2018, respectively, if Desmon exceeds certain sales targets for fiscal 2015, 2016 and 2017, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.1 million. Goldstein Eswood On January 30, 2015, the company completed its acquisition of substantially all of the assets of J. Goldstein & Co. Pty. Ltd. ("Goldstein") and Eswood Australia Pty. Ltd. ("Eswood" and together with Goldstein, "Goldstein Eswood") for a purchase price of approximately $27.4 million. Goldstein is a leading manufacturer of cooking equipment including ranges, ovens, griddles, fryers and warming equipment and Eswood is a leading manufacturer of dishwashing equipment, both for the commercial foodservice industry and located in Smithfield, Australia. An additional payment is also due upon the achievement of certain financial targets. During the third quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price. The final allocation of cash paid for the Goldstein acquisition is summarized as follows (in thousands):
The goodwill and $2.8 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $5.9 million allocated to customer relationships, and less than $0.1 million allocated to backlog, which are to be amortized over periods of 7 years and 3 months, respectively. Goodwill and other intangibles of Goldstein Eswood are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The Goldstein Eswood purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the second quarter of each of the fiscal years 2016 and 2017, respectively, if Goldstein Eswood exceeds certain sales targets for fiscal 2015 and 2016, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $1.8 million. Marsal On February 10, 2015, the company completed its acquisition of certain assets of Marsal & Sons, Inc. ("Marsal"), a leading manufacturer of deck ovens for the commercial foodservice industry, for a purchase price of approximately $5.5 million. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. During the second quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the purchase price. The final allocation of cash paid for the Marsal acquisition is summarized as follows (in thousands) :
The goodwill and $1.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.5 million allocated to customer relationships, $0.1 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 4 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Marsal are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Thurne On April 7, 2015, the company completed its acquisition of certain assets of the High Speed Slicing business unit of Marel ("Thurne"), a leading manufacturer of slicing equipment for the food processing industry located in Norwich, United Kingdom, for a purchase price of approximately $12.6 million. During the second quarter of 2015, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $2.7 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):
The goodwill and $0.4 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.6 million allocated to customer relationships, $0.6 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 9 years, 7 years, and 3 months, respectively. Goodwill and other intangibles of Thurne are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Induc On May 30, 2015, the company completed its acquisition of certain assets of the Induc Commercial Electronics Co. Ltd. ("Induc"), a leading manufacturer of induction cooking equipment for the commercial foodservice industry located in Qingdao, China, for a purchase price of approximately $10.6 million. An additional deferred payment of approximately $1.4 million is also due to the seller on the second anniversary of the acquisition. An additional payment is also due upon the achievement of certain financial targets. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. The company expects to finalize this in the first quarter of 2016. 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):
The goodwill and $0.5 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.7 million allocated to customer relationships, which is to be amortized over a period of 9 years, Goodwill and other intangibles of Induc are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The Induc purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of each of the fiscal years 2018, 2019 and 2020, respectively, if Induc exceeds certain sales and earnings targets for fiscal 2017, 2018 and 2019, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $4.4 million. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. AGA On September 23, 2015, the company completed its acquisition of all of the capital stock of AGA Rangemaster Group plc ("AGA") a leading manufacturer of residential kitchen equipment including cookers, ranges, ovens and refrigeration for a purchase price of approximately $184.7 million, net of cash acquired. AGA is headquartered in Leamington Spa, United Kingdom. Additionally, the company incurred $7.3 million of transaction expenses, which are reflected in the general and administrative expenses in the consolidated statements of earnings for such period. During the fourth quarter of 2015, the company completed the purchase of the minority interest of an AGA subsidiary for approximately $4.3 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):
The long-term deferred tax liabilities amounted to $0.1 million. These net liabilities are comprised of $33.6 million of assets related to pension liabilities, $0.9 million of assets related to foreign net operating loss, $1.7 million of assets related to federal net operating loss carry forwards and $5.2 million of assets related to the difference between the book and tax basis of tangible assets and liability accounts, net of $41.5 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Net operating loss carryforwards are subject to carryforward limitations. The goodwill and $145.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $75.0 million allocated to customer relationships, which is to be amortized over a period of 8 years. Goodwill and other intangibles of AGA are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The company estimated the fair value of the assets and liabilities of AGA on a preliminary basis at the time of acquisition based on third-party appraisals used to assist in determining the fair market value for acquired tangible and intangible assets. Changes to these allocations will occur as additional information becomes available. The company is in the process of obtaining third-party valuations related to the fair value of tangible and intangible assets, in addition to determining and recording the tax effects of the transaction to include all assets/liabilities since those are recorded at fair value. Acquired goodwill represents the premium paid over the fair value of assets acquired and liabilities assumed. Lynx On December 15, 2015, the company completed its acquisition of all of the capital stock of Lynx Grills, Inc. ("Lynx"), a leading manufacturer of premium residential outdoor equipment located in Downey, California, for a purchase price of approximately $83.8 million, net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. The company expects to finalize this in the second quarter of 2016. 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):
The current deferred tax assets and long term deferred tax liabilities amounted to $0.5 million and $12.6 million, respectively. These net liabilities are comprised of $14.0 million of deferred tax liabilities related to the difference between book and tax basis of identifiable intangible assets, net of $1.6 million related to federal and state net operating loss carryforwards and $0.3 million of assets arising from the difference between the book and tax basis of tangible assets and liability accounts. Federal and state net operating loss carryforwards are subject to carryforward limitations. The goodwill and $30.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $9.0 million allocated to customer relationships and $0.8 million allocated to backlog, which is to be amortized over a period of 5 years and 3 months respectively. Goodwill and other intangibles of Lynx are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Pro forma financial information In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the years ended January 2, 2016 and January 3, 2015, assumes the 2015 acquisitions of Desmon, Goldstein Eswood, Marsal, Induc, Thurne, AGA and Lynx and the 2014 acquisitions of PES, Concordia and U-Line were completed on December 29, 2013 (first day of fiscal 2014). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data):
The supplemental pro forma financial information presented above has been prepared for comparative purposes and is not necessarily indicative of either the results of operations that would have occurred had the acquisitions of these companies been effective on December 29, 2013, nor are they indicative of any future results. Also, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate PES, Concordia, U-Line, Desmon, Marsal, Goldstein Eswood, Thurne, Induc, AGA and Lynx. |
Stock Split (Notes) |
12 Months Ended |
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Jan. 02, 2016 | |
Stock Split [Abstract] | |
stock dividend [Text Block] | STOCK SPLIT In June 2014, the company’s Board of Directors approved a three-for-one split of the company’s common stock in the form of a stock dividend. The stock dividend was paid on June 27, 2014 to shareholders of record as of June 16, 2014. The company’s stock began trading on a split-adjusted basis on June 27, 2014. The stock split effectively tripled the number of shares outstanding at June 27, 2014. All references in the accompanying condensed consolidated financial statements and notes thereto to net earnings per share and the number of shares have been adjusted to reflect this stock split. |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 2015, 2014, and 2013 ended on January 2, 2016, January 3, 2015 and December 28, 2013, respectively, and included 52, 53 and 52 weeks, respectively. Certain prior year amounts have been reclassified to be consistent with current year presentation, including restructuring expenses previously classified in general and administrative expenses.
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, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $8.8 million and $9.1 million at January 2, 2016 and January 3, 2015, respectively. At January 2, 2016, 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 market. Costs for inventories at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $35.6 million in 2015 and $30.2 million in 2014 and represented approximately 10.1% and 11.8% of the total inventory in each respective year. The amount of LIFO reserve at January 2, 2016 and January 3, 2015 was not material. Costs for all other 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 January 2, 2016 and January 3, 2015 are as follows:
Property, plant and equipment are carried at cost as follows:
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:
Depreciation expense amounted to $25.5 million, $15.5 million and $13.5 million in fiscal 2015, 2014 and 2013, 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.
In accordance with ASC 350 “Goodwill-Intangibles and Other”, the company’s goodwill and other indefinite lived intangibles are reviewed for impairment annually on the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of goodwill and other indefinite lived intangibles, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings. Goodwill is allocated to the business segments as follows (in thousands):
The company has not recognized any goodwill impairments and therefore no accumulated impairment loss. Intangible assets consist of the following (in thousands):
The aggregate intangible amortization expense was $27.4 million, $24.6 million and $28.5 million in 2015, 2014 and 2013, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):
Accrued expenses consist of the following at January 2, 2016 and January 3, 2015, respectively:
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.
The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets:
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 January 2, 2016 and January 3, 2015 are as follows (in thousands):
The contingent consideration as of January 2, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of Spooner Vicars, PES, Desmon, Goldstein and Induc. The contingent consideration as of January 3, 2015 relates to the earnout provisions recorded in conjunction with the acquisitions of Stewart, Nieco and Spooner Vicars, Market Forge, PES and Concordia. 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.
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 loss of $6.8 million, $3.6 million and $3.1 million in 2015, 2014 and 2013, respectively, and are included in other expense on the statements of earnings.
At the Commercial Foodservice Equipment Group and Residential Kitchen Equipment Group, the company recognizes revenue on the sale of its products where title transfers and when risk of loss has passed to the customer, which occurs at the time of shipment, and collectibility is reasonably assured. The sale prices of the products sold are fixed and determinable at the time of shipment. Sales are reported net of sales returns, sales incentives and cash discounts based on prior experience and other quantitative and qualitative factors. At the Food Processing Equipment Group, the company enters into long-term sales contracts for certain products. Revenue under these long-term sales contracts is recognized using the percentage of completion method defined within ASC 605-35 “Construction-Type and Production-Type Contracts” due to the length of time to fully manufacture and assemble the equipment. The company measures revenue recognized based on the ratio of actual labor hours incurred in relation to the total estimated labor hours to be incurred related to the contract. Because estimated labor hours to complete a project are based upon forecasts using the best available information, the actual hours may differ from original estimates. Under ASC 605, the company records the asset for revenue recognized but not yet billed on contracts accounted for under the percentage of completion method in Prepaid Expenses and Other on the consolidated balance sheets. For 2015 and 2014, the amount of this asset was $13.0 million and $12.7 million, respectively. The percentage of completion method of accounting for these contracts most accurately reflects the status of these uncompleted contracts in the company's financial statements and most accurately measures the matching of revenues with expenses. At the time a loss on a contract becomes known, the amount of the estimated loss is recognized in the consolidated financial statements.
Shipping and handling costs are included in cost of products sold.
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 2015 and 2014 are as follows:
Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. These costs were $22.4 million, $22.6 million and $21.4 million in fiscal 2015, 2014 and 2013, respectively. (p) 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 $15.9 million, $16.7 million and $11.9 million was recognized for fiscal 2015, 2014 and 2013, respectively, associated with restricted share grants. The company recorded a related tax benefit of $6.0 million, $4.6 million and $4.4 million in fiscal 2015, 2014 and 2013, respectively. As of January 2, 2016, there was $9.3 million of total unrecognized compensation cost related to nonvested restricted share grant compensation arrangements, which will be recognized over a weighted average life of 0.8 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. There were no restricted share grant awards in 2013 or 2012. The company issued 100,704 and 369,807 restricted share grant awards in 2015 and 2014, respectively with a fair value of $10.9 million and 32.5 million, respectively. Share grant awards issued in 2015 and 2014 are performance based and were not subject to market conditions. The fair value of $107.81 and $87.80 per share for the awards for 2015 and 2014, respectively, represent the closing share price of the company’s stock as of the date of grant.
“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 22,000, 20,000, and 317,000 for fiscal 2015, 2014 and 2013, respectively. There were no anti-dilutive equity awards excluded from common stock equivalents for 2015, 2014 or 2013.
Cash paid for interest was $14.8 million, $14.8 million and $14.1 million in fiscal 2015, 2014 and 2013, respectively. Cash payments totaling $94.6 million, $43.5 million, and $49.5 million were made for income taxes during fiscal 2015, 2014 and 2013, respectively.
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, “Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. This update changes the criteria for determining which disposals can be presented as discontinued operations and requires expanded disclosures. Under ASU No. 2014-08, a disposal of a component of an entity or group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2014. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This update amends the current guidance on revenue recognition related to contracts with customers. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015 the FASB decided to delay the effective date of the new revenue standard to be effective for interim and annual periods beginning on or after December 15, 2017 for public companies and December 15, 2018 for private companies. Companies may elect to adopt the standard at the original effective date for public entities, that is, for interim and annual periods beginning on or after December 15, 2016, but not earlier. The guidance can be applied using one of two retrospective application methods. The company is evaluating the impact of adopting this new standard on the consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation”. This update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The company is evaluating the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items". This update eliminates the concept of extraordinary items from the current guidance. This update is effective for annual and corresponding interim reporting periods beginning after December 15, 2015. Early adoption is permitted provided the guidance is applied from the beginning of the fiscal year of adoption. Retrospective application is encouraged for all prior periods presented in the financial statements. The company is evaluating the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. The standard is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The company does not expect the adoption of this standard to have a material impact on its consolidated balance sheets. In April 2015, the FASB issued ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets". This ASU is intended to provide a practical expedient for the measurement date of defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not fall on a calendar month-end (e.g., companies with a 52/53-week fiscal year) to measure pension and post-retirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year-end. The FASB also provided a similar practical expedient for interim remeasurements for significant events. This ASU requires perspective application and is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. The company is evaluating the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest” which relates to the presentation of debt issuance costs. This standard clarifies the guidance set forth in FASB ASU 2015-03, which required that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The new pronouncement clarifies that debt issuance costs related to line-of-credit arrangements could continue to be presented as an asset and be subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the arrangement. The company does not expect the adoption of this standard to have a material impact on its consolidated balance sheets. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which is intended to simplify the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. Application of the standard, which should be applied prospectively, is required for the annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The company is currently evaluating the impact the new standard will have on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The company does not expect the adoption of this standard to have a material impact on its financial condition, results of operations or cash flows. In November 2015, the FASB issued ASU 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The amendments in ASU 2015-17 simplify the accounting for, and presentation of, deferred taxes by eliminating the need to separately classify the current amount of deferred tax assets or liabilities. Instead, aggregated deferred tax assets and liabilities are classified and reported as non-current assets or liabilities. The update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been issued. The company is currently evaluating the impact the new standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". The amendments under this pronouncement will change the way all leases with a duration of one year of more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee’s right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee’s obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, those that contain provisions similar to capitalized leases, are amortized like capital leases are under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The company is currently evaluating the impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and on its consolidated financial statements. |
Financing Arrangements |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Arrangements | FINANCING ARRANGEMENTS The following is a summary of long-term debt at January 2, 2016 and January 3, 2015:
On August 7, 2012, the company entered into a senior secured multi-currency credit facility. Terms of the company’s senior credit agreement provide for $1.0 billion of availability under a revolving credit line. As of January 2, 2016, the company had $733.0 million of borrowings outstanding under this facility. The company also had $6.9 million in outstanding letters of credit as of January 2, 2016, which reduces the borrowing availability under the revolving credit line. Remaining borrowing availability under this facility was $260.1 million at January 2, 2016. At January 2, 2016, borrowings under the senior secured credit facility are assessed at an interest rate of 1.50% above LIBOR for long-term borrowings or at the higher of the Prime rate and the Federal Funds Rate. At January 2, 2016 the average interest rate on the senior debt amounted to 1.87%. The interest rates on borrowings under the senior secured credit facility may be adjusted quarterly based on the company’s indebtedness ratio on a rolling four-quarter basis. Additionally, a commitment fee based upon the indebtedness ratio is charged on the unused portion of the revolving credit line. This variable commitment fee amounted to 0.25% as of January 2, 2016. In September 2015, the company completed its acquisition of Aga Rangemaster Group plc in the United Kingdom. At the time of acquisition, credit facilities denominated in British Pounds, Euro and U.S. dollars, had been established to fund local working capital needs. At January 2, 2016, these credit facilities amounted to $24.7 million in U.S. dollars. At January 2, 2016, the average interest rate assessed on these facilities was approximately 1.98%. In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At January 2, 2016, these foreign credit facilities amounted to $8.1 million in U.S. dollars with a weighted average interest rate of approximately 9.0%. The company’s debt is reflected on the balance sheet at cost. Based on current market conditions, 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. However, as the interest rate margin is based upon numerous factors, including but not limited to the credit rating of the borrower, the duration of the loan, the structure and restrictions under the debt agreement, current lending policies of the counterparty, and the company’s relationships with its lenders, there is no readily available market data to ascertain the current market rate for an equivalent debt instrument. As a result, the current interest rate margin is based upon the company’s best estimate based upon discussions with its lenders. 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 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 senior revolving credit facility in August 2017. 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):
The company has historically entered into interest rate swap agreements to effectively fix the interest rate on a portion of its outstanding debt. The agreements swap one-month LIBOR for fixed rates. As of January 2, 2016, the company had the following interest rate swaps in effect:
The terms of the senior secured credit facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; and enter into certain transactions with affiliates; and require, among other things, a maximum ratio of indebtedness to EBITDA of 3.5 and a fixed charge coverage ratio (as defined in the senior secured credit facility) of 1.25. The senior secured credit facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material domestic subsidiaries. The senior secured credit facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the Company guarantee or any subsidiary guaranty; and a change of control of the company. The credit agreement also provides that if a material adverse change in the company’s business operations or conditions occurs, the lender could declare an event of default. Under terms of the agreement, a material adverse effect is defined as (a) a material adverse change in, or a material adverse effect upon, the operations, business properties, condition (financial and otherwise) or prospects of the company and its subsidiaries taken as a whole; (b) a material impairment of the ability of the company to perform under the loan agreements and to avoid any event of default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the company of any loan document. A material adverse effect is determined on a subjective basis by the company's creditors. At January 2, 2016, 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 is as follows:
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Common and Preferred Stock (Notes) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common and Preferred Stock | COMMON AND PREFERRED STOCK (a) Shares Authorized and Issued At January 2, 2016 and January 3, 2015, the company had 95,000,000 shares of common stock and 2,000,000 shares of non-voting preferred stock authorized. At January 2, 2016 and January 3, 2015, there were 57,306,082 and 57,271,680, respectively, shares of common stock outstanding. (b) Treasury Stock In July 1998, the company's Board of Directors adopted a stock repurchase program and during 1998 authorized the purchase of common shares in open market purchases. During 2013, the company's Board of Directors authorized the purchase of additional common shares in open market purchases. As of December 28, 2013, the total number of shares authorized for repurchase under the program is 4,570,266. As of January 2, 2016, 1,960,219 shares had been purchased under the 1998 stock repurchase program and 2,610,047 remain authorized for repurchase. At January 2, 2016, the company had a total of 4,862,264 shares in treasury amounting to $200.9 million. (c) Share-Based Awards The company maintains several stock incentive plans under which the company's Board of Directors issues stock options and makes restricted share grants to key employees. Stock options issued under the plans provided key employees with rights to purchase shares of common stock at specified exercise prices. Options were exercised upon certain vesting requirements being met, but expired to the extent unexercised within a maximum of ten years from the date of grant. Restricted share grants issued to employees are transferable upon certain vesting requirements being met.
As of January 2, 2016, a total of 2,683,554 share-based awards have been issued under the 2007 Plan. This includes 2,672,667 restricted share grants, of which 7,200 remain outstanding and unvested. This also includes 10,887 stock options, of which 2,124 have been exercised, 7,791 have been forfeited and zero remain outstanding.
As of January 2, 2016, a total of 470,511 share-based awards have been issued under the 2011 Plan. This includes 470,511 restricted share grants, of which 333,704 remain outstanding and unvested. A summary of the company’s nonvested restricted share grant activity for fiscal years ended January 2, 2016 and January 3, 2015 is as follows:
Additional information related to the share based compensation is as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES Earnings before taxes is summarized as follows:
The provision for income taxes is summarized as follows:
Reconciliation of the differences between income taxes computed at the federal statutory rate to the effective rate are as follows:
At January 2, 2016 and January 3, 2015, the company had recorded the following deferred tax assets and liabilities:
The company does not provide for deferred taxes and foreign withholding taxes on the remaining undistributed earnings of certain international subsidiaries of approximately $104.5 million and $86.1 million as of January 2, 2016 and January 3, 2015, respectively, as these earnings are considered permanently invested. Upon repatriation of these earnings to the U.S. in the form of dividends or otherwise, the company may be subject to U.S. income taxes and foreign withholding taxes. The actual U.S. tax cost would depend on income tax laws and circumstances at the time of distribution. Determination of the related tax liability is not practicable because of the complexities associated with the hypothetical calculation. As of January 2, 2016, the company has U.S. federal and foreign income tax net operating loss carryforwards of approximately $38.3 million and $67.1 million, respectively. If not utilized, the federal and state net operating loss carryforwards will expire at various dates beginning 2024 through 2035. The foreign net operating losses have no expiration period. Certain of these carryforwards are subject to limitations on use due to tax rules affecting acquired tax attributes, loss sharing between group members, and business profitability, and therefore the company has established tax-effected valuation allowances against these tax benefits. The valuation allowances that the company has provided against the deferred tax assets, primarily related to the acquisition of AGA in 2015 in the amount of $20.4 million. The company will continue to maintain a valuation allowance on certain deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the company determines that these deferred tax assets are more likely than not realizable. As of January 2, 2016, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $14.4 million (of which $14.1 million would impact the effective tax rate if recognized) plus approximately $1.9 million of accrued interest and $3.8 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. Interest recognized in fiscal years 2015, 2014 and 2013 was $0.3 million, $(0.3) million and $0.4 million, respectively. Penalties recognized in fiscal years 2015, 2014 and 2013 was $0.8 million, $1.1 million and $0.2 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 28, 2013, January 3, 2015 and January 2, 2016 (dollars in thousands):
The company operates in multiple taxing jurisdictions; both within the United States and outside of the United States, and faces audits from various tax authorities. The company remains subject to examination until the statute of limitations expires for the respective tax jurisdiction. Within specific countries, the company and its operating subsidiaries may be subject to audit by various tax authorities and may be subject to different statute of limitations expiration dates. 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 $1.6 million of its remaining unrecognized tax benefits may be recognized by the end of 2016 as a result of settlements with taxing authorities or lapses of statutes of limitations. A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are:
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Financial Instruments |
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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 the derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a hedge's change in fair value will be immediately recognized in earnings.
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 a gain of $0.8 million at the end of the year.
The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of January 2, 2016, the fair value of these instruments was a liability of $0.4 million. The change in fair value of these swap agreements in 2015 was a gain of $0.2 million, net of taxes. A summary of the company’s interest rate swaps is as follows:
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. |
Lease Commitments |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease Commitments | LEASE COMMITMENTS The company leases warehouse space, office facilities and equipment under operating leases, which expire in fiscal 2016 and thereafter. Future minimum payment obligations under these leases are as follows:
Rental expense pertaining to the operating leases was $17.6 million, $14.9 million and $11.0 million in fiscal 2015, 2014 and 2013 respectively. |
Segment Information |
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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 California, Illinois, Michigan, New Hampshire, North Carolina, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Italy, the Philippines and the United Kingdom. Principal product lines of this group include conveyor ovens, ranges, steamers, convection ovens, combi-ovens, broilers and steam cooking equipment, induction cooking systems, baking and proofing ovens, charbroilers, catering equipment, fryers, toasters, hot food servers, food warming equipment, griddles, coffee and beverage dispensing equipment, professional refrigerators, coldrooms, ice machines, freezers and kitchen processing and ventilation equipment. These products are sold and marketed under the brand names: Anets, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Desmon, Doyon, Eswood, Frifri, Giga, Goldstein, Holman, Houno, IMC, Induc, Jade, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, Southbend, Star, Toastmaster, TurboChef, 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, Texas, Virginia, Wisconsin, France, Germany and the United Kingdom. Principal product lines of this group include batch ovens, belt ovens, continuous processing ovens, frying systems, automated thermal processing systems, automated loading and unloading systems, meat presses, breading, battering, mixing, water cutting systems, forming, grinding and slicing equipment, food suspension, reduction and emulsion systems, defrosting equipment, packaging and food safety equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Cozzini, Danfotech, Drake, Maurer-Atmos, MP Equipment, RapidPak, Spooner Vicars, Stewart Systems and Thurne. 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, Romania and the United Kingdom. Principal product lines of this group are ranges, cookers, ovens, refrigerators, dishwashers, microwaves, cooktops and outdoor equipment. These products are sold and marketed under the brand names of Brigade, Divertimenti, Falcon, Fired Earth, Grange, 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(1,2) (dollars in thousands):
Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands):
Net sales (in thousands):
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Employee Retirement Plans |
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Compensation and Retirement Disclosure [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 Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the Chairman’s final base salary using a weighted average rate of increase in future compensation levels of 10.0%. Non-U.S. Plans: The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility, which was acquired as part of the Lincat acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 prior to Middleby’s acquisition of the company. No further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age. The company maintains several pension plans related to AGA and its subsidiaries (collectively, the "AGA Group"), the most significant being the Aga Rangemaster Group Pension Scheme, 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, Ireland and the United Kingdom. All pension plan assets are held in separate trust funds although the net defined benefit pension obligations are included in the company's consolidated balance sheet. A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands):
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:
Non-U.S. Plans:
In accordance with ASC 820 “Fair Value Measurements and Disclosures”, the company has measured its defined benefit pension plans at fair value. The following tables summarize the basis used to measure the pension plans’ assets at fair value as of January 2, 2016 (in thousands): U.S. Plans:
Non-U.S. Plans:
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):
Expected contributions to the U.S. Plans and Non-US Plans to be made in 2016 are $0.9 million and $18.7 million, respectively.
As of January 2, 2016, the company maintained two separate defined contribution 401K savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintains defined contribution plans for its U.K. based employees. |
Quarterly Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) | QUARTERLY DATA (UNAUDITED)
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Acquisition Integration Initiatives (Notes) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | During the fiscal year 2015, the company incurred restructuring charges relative to each of its business segments. The costs and corresponding reserve balances (by segment) are summarized as follows (in thousands): Commercial Foodservice Equipment Group: During the third quarter of 2015, the company closed one manufacturing facility within the Commercial Foodservice Equipment Group and transferred production to another existing manufacturing facility within the company. This action, which is not material to the company’s operations, resulted in a charge of $0.9 million for severance and lease costs in restructuring expenses in the consolidated statements of earnings for the year ended, January 2, 2016. The company estimates that these restructuring initiatives will result in future cost savings of approximately $1.0 million annually, beginning in fiscal year 2016 and no significant future costs related to this action are expected. Food Processing Equipment Group: During the third quarter of 2015, the company closed one manufacturing facility within the Food Processing Equipment Group and transferred production to another existing manufacturing facility within the company. This action, which is not material to the company’s operations, resulted in a charge of $2.4 million for severance and lease costs in restructuring expenses and $0.2 million in cost of sales in the consolidated statements of earnings for the year ended, January 2, 2016. The company estimates that these restructuring initiatives will result in future cost savings of approximately $3.5 million annually, beginning in fiscal year 2016 and no significant future costs related to this action are expected. Residential Kitchen Equipment Group: During the fiscal years 2015 and 2014, the company has taken actions to improve the operations of Viking within the Residential Kitchen Equipment Group. Additionally, during the fourth quarter of 2015, the company undertook acquisition integration initiatives related to AGA within the Residential Kitchen Equipment Group. These initiatives included organizational restructuring and headcount reductions, consolidation and disposition of certain facilities and business operations. The company recorded expense in the amount of $25.5 million, $7.1 million and $9.1 million, respectively in the years ended January 2, 2016, January 3, 2015 and December 28, 2013, respectively. This expense is reflected in restructuring expenses in the consolidated statements of earnings for such periods. The company estimates that these restructuring initiatives will result in future cost savings of approximately $24.1 million annually, beginning in fiscal year 2015, primarily related to compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be satisfied by the end of fiscal of 2016. The lease obligations extend through July 2020.
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Schedule II - Valuation and Qualifying Accounts and Reserves |
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Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE FISCAL YEARS ENDED JANUARY 2, 2016, JANUARY 3, 2015 AND DECEMBER 28, 2013
(1) Reserve related to the acquisition of AGA. |
Summary of Significant Accounting Policies (Policies) |
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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. |
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Fiscal Period | The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2015, 2014, and 2013 ended on January 2, 2016, January 3, 2015 and December 28, 2013, respectively, and included 52, 53 and 52 weeks, respectively. Certain prior year amounts have been reclassified to be consistent with current year presentation, including restructuring expenses previously classified in general and administrative expenses. |
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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. |
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Accounts Receivable | Accounts Receivable Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $8.8 million and $9.1 million at January 2, 2016 and January 3, 2015, respectively. At January 2, 2016, all accounts receivable are expected to be collected within one year. |
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Inventories | Inventories Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventories at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $35.6 million in 2015 and $30.2 million in 2014 and represented approximately 10.1% and 11.8% of the total inventory in each respective year. The amount of LIFO reserve at January 2, 2016 and January 3, 2015 was not material. Costs for all other 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. |
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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:
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. |
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Goodwill and Other Intangibles | Goodwill and Other Intangibles In accordance with ASC 350 “Goodwill-Intangibles and Other”, the company’s goodwill and other indefinite lived intangibles are reviewed for impairment annually on the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of goodwill and other indefinite lived intangibles, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings. |
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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. |
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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 |
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Foreign Currency | 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. |
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Revenue Recognition | Revenue Recognition At the Commercial Foodservice Equipment Group and Residential Kitchen Equipment Group, the company recognizes revenue on the sale of its products where title transfers and when risk of loss has passed to the customer, which occurs at the time of shipment, and collectibility is reasonably assured. The sale prices of the products sold are fixed and determinable at the time of shipment. Sales are reported net of sales returns, sales incentives and cash discounts based on prior experience and other quantitative and qualitative factors. At the Food Processing Equipment Group, the company enters into long-term sales contracts for certain products. Revenue under these long-term sales contracts is recognized using the percentage of completion method defined within ASC 605-35 “Construction-Type and Production-Type Contracts” due to the length of time to fully manufacture and assemble the equipment. The company measures revenue recognized based on the ratio of actual labor hours incurred in relation to the total estimated labor hours to be incurred related to the contract. Because estimated labor hours to complete a project are based upon forecasts using the best available information, the actual hours may differ from original estimates. Under ASC 605, the company records the asset for revenue recognized but not yet billed on contracts accounted for under the percentage of completion method in Prepaid Expenses and Other on the consolidated balance sheets. For 2015 and 2014, the amount of this asset was $13.0 million and $12.7 million, respectively. The percentage of completion method of accounting for these contracts most accurately reflects the status of these uncompleted contracts in the company's financial statements and most accurately measures the matching of revenues with expenses. At the time a loss on a contract becomes known, the amount of the estimated loss is recognized in the consolidated financial statements. |
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Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in cost of products sold. |
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Warranty Costs | Warranty Costs In the normal course of business the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. |
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Research and Development Costs | 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. |
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Non-Cash Share-Based Compensation | 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. 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. There were no restricted share grant awards in 2013 or 2012. |
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Earnings Per Share | 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. |
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New Accounting Pronouncements | New Accounting Pronouncements |
Aqcuisitions and Purchase Accounting (Tables) |
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Schedule of Business Acquisition Pro Forma Information | Viking Distributors 2013 Subsequent to the acquisition of Viking, the company, through Viking, purchased certain assets of four of Viking's former distributors ("Viking Distributors 2013"). The aggregate purchase price of these transactions as of June 29, 2013 was approximately $23.6 million. This included $8.7 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. The final allocation of cash paid for the Viking Distributors 2013 is summarized as follows (in thousands):
The goodwill is subject to the non-amortization provisions of ASC 350 and is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Celfrost On October 15, 2013, the company completed its acquisition of substantially all of the assets of Celfrost Innovations Pvt. Ltd. ("Celfrost"), a preferred commercial foodservice equipment supplier in India with a broad line of cold side products such as professional refrigerators, coldrooms, ice machines and freezers marketed under the Celfrost brand for a purchase price of approximately $11.2 million. Additional deferred payments totaling $0.8 million were made in the fourth quarter of 2014 and 2015, as provided for in the purchase agreement. Additional deferred payments of approximately $0.3 million in aggregate are also due to the seller in equal installments on the second and third anniversary of the acquisition. The final allocation of cash paid for the Celfrost acquisition is summarized as follows (in thousands):
The goodwill and $2.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.9 million allocated to customer relationships and $0.1 million allocated to backlog which are being amortized over periods of 7 years and 3 months, respectively. Goodwill and other intangibles of Celfrost are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Wunder-Bar On December 17, 2013, the company completed its acquisition of all of the capital stock of Automatic Bar Controls, Inc. ("Wunder-Bar") a leading manufacturer of beverage dispensing systems for the commercial foodservice industry, for a purchase price of approximately $74.1 million, net of cash acquired. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.1 million. In 2014, the company purchased additional assets related to Wunder-Bar for approximately $0.8 million. An additional deferred payment of $0.6 million is also payable to the seller pursuant to the purchase agreement. The final allocation of cash paid for the Wunder-Bar acquisition is summarized as follows (in thousands):
The current deferred tax assets and long term deferred tax liabilities amounted to $0.2 million and $12.1 million, respectively. These net assets are comprised of $0.2 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $12.1 million of deferred tax liabilities related to difference between the book and tax basis of identifiable intangible assets. The goodwill and $12.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $20.2 million allocated to customer relationships and $0.2 million allocated to backlog which are to be amortized over a period of 14 years and 3 months, respectively. Goodwill and other intangibles of Wunder-Bar are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. Market Forge On January 7, 2014, the company completed its acquisition of certain assets of Market Forge Industries, Inc. (“Market Forge”), a leading manufacturer of steam cooking equipment for the commercial foodservice industry, for a purchase price of approximately $7.0 million. During the first quarter of 2014, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.2 million. Additional deferred payments of $3.0 million in aggregate were paid to the seller during the second and third quarters of 2014. An additional contingent payment of $1.5 million was paid to the seller during the first quarter of 2015 upon the achievement of certain financial targets for the fiscal year 2014. The final allocation of cash paid for the Market Forge acquisition is summarized as follows (in thousands):
The goodwill and $2.9 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.1 million allocated to customer relationships, $0.2 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 4 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Market Forge are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Viking Distributors 2014 The company, through Viking, purchased certain assets of two of Viking's former distributors ("Viking Distributors 2014"). The aggregate purchase price of these transactions as of January 31, 2014 was approximately $44.5 million. This included $6.0 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. The final allocation of cash paid for the Viking Distributors 2014 acquisition is summarized as follows (in thousands):
The goodwill is subject to the non-amortization provisions of ASC 350 and is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Processing Equipment Solutions On March 31, 2014, the company completed its acquisition of substantially all of the assets of Processing Equipment Solutions, Inc. ("PES"), a leading manufacturer of water jet cutting equipment for the food processing industry, for a purchase price of approximately $15.0 million. An additional payment is also due upon the achievement of certain financial targets. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price. The final allocation of cash paid for the PES acquisition is summarized as follows (in thousands):
The goodwill is subject to the non-amortization provisions of ASC 350. Other intangibles includes $1.0 million allocated to customer relationships, $0.6 million allocated to developed technology and less than $0.1 million allocated to backlog, which are being amortized over periods of 5 years, 5 years and 3 months, respectively. Goodwill and other intangibles of PES are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The PES purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if PES exceeds certain sales targets for fiscal 2014, 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.5 million. Concordia On September 8, 2014, the company completed its acquisition of all of the capital stock of Concordia Coffee Company, Inc. ("Concordia"), a leading manufacturer of automated and self-service coffee and espresso machines for the commercial foodservice industry, for a purchase price of approximately $12.5 million, net of cash acquired. An additional payment is also due upon the achievement of certain financial targets. During the first quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.1 million. The final allocation of cash paid for the Concordia acquisition is summarized as follows (in thousands):
The current and long term deferred tax assets amounted to $0.7 million and $3.3 million, respectively. These net assets are comprised of $4.1 million related to federal net operating loss carry forwards, $1.1 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $1.2 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal net operating loss carry forwards are subject to carry forward limitations for income tax purposes. The goodwill and $1.1 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $2.2 million allocated to customer relationships, which is being amortized over a period of 10 years. Goodwill and other intangibles of Concordia are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The Concordia purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if Concordia exceeds certain sales targets for fiscal 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $0.5 million. U-Line On November 5, 2014, the company completed its acquisition of all of the capital stock of U-Line Corporation ("U-Line"), a leading manufacturer of premium residential built-in modular ice making, refrigeration and wine preservation products for the residential industry, for a purchase price of approximately $142.0 million, net of cash acquired. During the first quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.3 million. The final allocation of cash paid for the U-Line acquisition is summarized as follows (in thousands):
The current deferred tax assets and long term deferred tax liabilities amounted to $0.8 million and $17.8 million, respectively. These net assets are comprised of $5.7 million related to federal and state net operating loss carry forwards, $1.5 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $24.2 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal and state net operating loss carry forwards are subject to carry forward limitations for income tax purposes. The goodwill and $52.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $20.7 million allocated to customer relationships and $1.8 million allocated to backlog, which are being amortized over a period of 6 years and 5 months, respectively. Goodwill and other intangibles of U-Line are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. Desmon On January 7, 2015, the company completed its acquisition of all of the capital stock of Desmon Food Service Equipment Company ("Desmon"), a leading manufacturer of blast chillers and refrigeration for the commercial foodservice industry located in Nusco, Italy, for a purchase price of approximately $13.5 million, net of cash acquired. An additional payment is also due upon the achievement of certain financial targets. During the fourth quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.4 million. The final allocation of cash paid for the Desmon acquisition is summarized as follows (in thousands):
The current deferred tax assets and long term deferred tax liabilities amounted to $0.5 million and $2.1 million, respectively. These net liabilities are comprised of $0.7 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets, $1.1 million of liabilities arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $0.2 million of assets related to foreign net operating loss carry forwards. The goodwill and $1.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.6 million allocated to customer relationships and $0.3 million allocated to developed technology, which are to be amortized over periods of 9 years and 7 years, respectively. Goodwill and other intangibles of Desmon are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The Desmon purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the second quarter of each of the fiscal years 2016, 2017 and 2018, respectively, if Desmon exceeds certain sales targets for fiscal 2015, 2016 and 2017, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.1 million. Goldstein Eswood On January 30, 2015, the company completed its acquisition of substantially all of the assets of J. Goldstein & Co. Pty. Ltd. ("Goldstein") and Eswood Australia Pty. Ltd. ("Eswood" and together with Goldstein, "Goldstein Eswood") for a purchase price of approximately $27.4 million. Goldstein is a leading manufacturer of cooking equipment including ranges, ovens, griddles, fryers and warming equipment and Eswood is a leading manufacturer of dishwashing equipment, both for the commercial foodservice industry and located in Smithfield, Australia. An additional payment is also due upon the achievement of certain financial targets. During the third quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price. The final allocation of cash paid for the Goldstein acquisition is summarized as follows (in thousands):
The goodwill and $2.8 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $5.9 million allocated to customer relationships, and less than $0.1 million allocated to backlog, which are to be amortized over periods of 7 years and 3 months, respectively. Goodwill and other intangibles of Goldstein Eswood are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The Goldstein Eswood purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the second quarter of each of the fiscal years 2016 and 2017, respectively, if Goldstein Eswood exceeds certain sales targets for fiscal 2015 and 2016, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $1.8 million. Marsal On February 10, 2015, the company completed its acquisition of certain assets of Marsal & Sons, Inc. ("Marsal"), a leading manufacturer of deck ovens for the commercial foodservice industry, for a purchase price of approximately $5.5 million. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. During the second quarter of 2015, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the purchase price. The final allocation of cash paid for the Marsal acquisition is summarized as follows (in thousands) :
The goodwill and $1.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.5 million allocated to customer relationships, $0.1 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 4 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Marsal are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Thurne On April 7, 2015, the company completed its acquisition of certain assets of the High Speed Slicing business unit of Marel ("Thurne"), a leading manufacturer of slicing equipment for the food processing industry located in Norwich, United Kingdom, for a purchase price of approximately $12.6 million. During the second quarter of 2015, the company finalized the working capital provision provided for by the purchase agreement resulting in a refund from the seller of $2.7 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):
The goodwill and $0.4 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.6 million allocated to customer relationships, $0.6 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 9 years, 7 years, and 3 months, respectively. Goodwill and other intangibles of Thurne are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Induc On May 30, 2015, the company completed its acquisition of certain assets of the Induc Commercial Electronics Co. Ltd. ("Induc"), a leading manufacturer of induction cooking equipment for the commercial foodservice industry located in Qingdao, China, for a purchase price of approximately $10.6 million. An additional deferred payment of approximately $1.4 million is also due to the seller on the second anniversary of the acquisition. An additional payment is also due upon the achievement of certain financial targets. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. The company expects to finalize this in the first quarter of 2016. 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):
The goodwill and $0.5 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $0.7 million allocated to customer relationships, which is to be amortized over a period of 9 years, Goodwill and other intangibles of Induc are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. The Induc purchase agreement includes an earnout provision providing for a contingent payment due to the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of each of the fiscal years 2018, 2019 and 2020, respectively, if Induc exceeds certain sales and earnings targets for fiscal 2017, 2018 and 2019, respectively. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $4.4 million. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. AGA On September 23, 2015, the company completed its acquisition of all of the capital stock of AGA Rangemaster Group plc ("AGA") a leading manufacturer of residential kitchen equipment including cookers, ranges, ovens and refrigeration for a purchase price of approximately $184.7 million, net of cash acquired. AGA is headquartered in Leamington Spa, United Kingdom. Additionally, the company incurred $7.3 million of transaction expenses, which are reflected in the general and administrative expenses in the consolidated statements of earnings for such period. During the fourth quarter of 2015, the company completed the purchase of the minority interest of an AGA subsidiary for approximately $4.3 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):
The long-term deferred tax liabilities amounted to $0.1 million. These net liabilities are comprised of $33.6 million of assets related to pension liabilities, $0.9 million of assets related to foreign net operating loss, $1.7 million of assets related to federal net operating loss carry forwards and $5.2 million of assets related to the difference between the book and tax basis of tangible assets and liability accounts, net of $41.5 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Net operating loss carryforwards are subject to carryforward limitations. The goodwill and $145.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $75.0 million allocated to customer relationships, which is to be amortized over a period of 8 years. Goodwill and other intangibles of AGA are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The company estimated the fair value of the assets and liabilities of AGA on a preliminary basis at the time of acquisition based on third-party appraisals used to assist in determining the fair market value for acquired tangible and intangible assets. Changes to these allocations will occur as additional information becomes available. The company is in the process of obtaining third-party valuations related to the fair value of tangible and intangible assets, in addition to determining and recording the tax effects of the transaction to include all assets/liabilities since those are recorded at fair value. Acquired goodwill represents the premium paid over the fair value of assets acquired and liabilities assumed. Lynx On December 15, 2015, the company completed its acquisition of all of the capital stock of Lynx Grills, Inc. ("Lynx"), a leading manufacturer of premium residential outdoor equipment located in Downey, California, for a purchase price of approximately $83.8 million, net of cash acquired. The purchase price is subject to adjustment based upon a working capital provision provided by the purchase agreement. The company expects to finalize this in the second quarter of 2016. 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):
The current deferred tax assets and long term deferred tax liabilities amounted to $0.5 million and $12.6 million, respectively. These net liabilities are comprised of $14.0 million of deferred tax liabilities related to the difference between book and tax basis of identifiable intangible assets, net of $1.6 million related to federal and state net operating loss carryforwards and $0.3 million of assets arising from the difference between the book and tax basis of tangible assets and liability accounts. Federal and state net operating loss carryforwards are subject to carryforward limitations. The goodwill and $30.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $9.0 million allocated to customer relationships and $0.8 million allocated to backlog, which is to be amortized over a period of 5 years and 3 months respectively. Goodwill and other intangibles of Lynx are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Pro forma financial information In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the years ended January 2, 2016 and January 3, 2015, assumes the 2015 acquisitions of Desmon, Goldstein Eswood, Marsal, Induc, Thurne, AGA and Lynx and the 2014 acquisitions of PES, Concordia and U-Line were completed on December 29, 2013 (first day of fiscal 2014). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): |
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GoldsteinEswood [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Goldstein acquisition is summarized as follows (in thousands):
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Marsal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Marsal acquisition is summarized as follows (in thousands) :
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Thurne [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 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):
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Induc [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 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):
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Viking Range Corporation [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Viking acquisition is summarized as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Viking Distributors 2013 is summarized as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Celfrost [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Celfrost acquisition is summarized as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wunder-Bar [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Wunder-Bar acquisition is summarized as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Forge [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributors 2014 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PES [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concordia [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ULine [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Desmon [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Desmon acquisition is summarized as follows (in thousands):
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Aga [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 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):
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Lynx [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 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):
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Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Inventories at January 2, 2016 and January 3, 2015 are as follows:
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Property, Plant and Equipment | Property, plant and equipment are carried at cost as follows:
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Schedule Of Useful Lives For Property Plant Equipment | Following is a summary of the estimated useful lives:
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Schedule of Goodwill | Goodwill is allocated to the business segments as follows (in thousands):
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Schedule Of Intangible Assets By Major Class | Intangible assets consist of the following (in thousands):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets is as follows (in thousands):
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Schedule of Accrued Liabilities | Accrued expenses consist of the following at January 2, 2016 and January 3, 2015, respectively:
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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:
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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 January 2, 2016 and January 3, 2015 are as follows (in thousands):
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Schedule of Product Warranty Liability | A rollforward of the warranty reserve for the fiscal years 2015 and 2014 are as follows:
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Financing Arrangements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The following is a summary of long-term debt at January 2, 2016 and January 3, 2015:
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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):
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Schedule of Interest Rate Derivatives | As of January 2, 2016, the company had the following interest rate swaps in effect:
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Schedule of Maturities of Long-term Debt | The aggregate amount of debt payable during each of the next five years is as follows:
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Common and Preferred Stock (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 January 2, 2016 and January 3, 2015 is as follows:
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Schedule of Share-based Compensation, Activity | Additional information related to the share based compensation is as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Before Taxes | Earnings before taxes is summarized as follows:
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Schedule of Provision of Taxes | The provision for income taxes is summarized as follows:
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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:
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Schedule of Deferred Assets and Liabilities | At January 2, 2016 and January 3, 2015, the company had recorded the following deferred tax assets and liabilities:
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Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 28, 2013, January 3, 2015 and January 2, 2016 (dollars in thousands):
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Summary of Income Tax Examinations | A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are:
|
Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Lease Commitments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payment obligations under these leases are as follows:
|
Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table summarizes the results of operations for the company’s business segments(1,2) (dollars in thousands):
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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):
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Schedule of Entity-Wide Information, Revenue from External Customers by Products and Services | Net sales (in thousands):
|
Employee Retirement Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 02, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [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):
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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:
Non-U.S. Plans:
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Pension Plans Fair Value Of Investments | The following tables summarize the basis used to measure the pension plans’ assets at fair value as of January 2, 2016 (in thousands): U.S. Plans:
Non-U.S. Plans:
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Schedule of Expected Benefit Payments | Estimated future benefit payments under the plans are as follows (dollars in thousands):
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Quarterly Data (Unaudited) (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
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Acquisition Integration Initiatives (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | Commercial Foodservice Equipment Group: During the third quarter of 2015, the company closed one manufacturing facility within the Commercial Foodservice Equipment Group and transferred production to another existing manufacturing facility within the company. This action, which is not material to the company’s operations, resulted in a charge of $0.9 million for severance and lease costs in restructuring expenses in the consolidated statements of earnings for the year ended, January 2, 2016. The company estimates that these restructuring initiatives will result in future cost savings of approximately $1.0 million annually, beginning in fiscal year 2016 and no significant future costs related to this action are expected. Food Processing Equipment Group: During the third quarter of 2015, the company closed one manufacturing facility within the Food Processing Equipment Group and transferred production to another existing manufacturing facility within the company. This action, which is not material to the company’s operations, resulted in a charge of $2.4 million for severance and lease costs in restructuring expenses and $0.2 million in cost of sales in the consolidated statements of earnings for the year ended, January 2, 2016. The company estimates that these restructuring initiatives will result in future cost savings of approximately $3.5 million annually, beginning in fiscal year 2016 and no significant future costs related to this action are expected. Residential Kitchen Equipment Group: During the fiscal years 2015 and 2014, the company has taken actions to improve the operations of Viking within the Residential Kitchen Equipment Group. Additionally, during the fourth quarter of 2015, the company undertook acquisition integration initiatives related to AGA within the Residential Kitchen Equipment Group. These initiatives included organizational restructuring and headcount reductions, consolidation and disposition of certain facilities and business operations. The company recorded expense in the amount of $25.5 million, $7.1 million and $9.1 million, respectively in the years ended January 2, 2016, January 3, 2015 and December 28, 2013, respectively. This expense is reflected in restructuring expenses in the consolidated statements of earnings for such periods. The company estimates that these restructuring initiatives will result in future cost savings of approximately $24.1 million annually, beginning in fiscal year 2015, primarily related to compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be satisfied by the end of fiscal of 2016. The lease obligations extend through July 2020.
|
Nature of Operations (Details) |
12 Months Ended |
---|---|
Jan. 02, 2016
segment
| |
Regulatory Assets [Line Items] | |
Number of operating segments | 3 |
United States [Member] | |
Regulatory Assets [Line Items] | |
Number of manufacturing plants | 26 |
International [Member] | |
Regulatory Assets [Line Items] | |
Number of manufacturing plants | 22 |
Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
|
Business Combinations [Abstract] | ||
Net sales | $ 2,157,396 | $ 1,863,518 |
Net earnings | $ 185,624 | $ 201,366 |
Basic | $ 3.26 | $ 3.55 |
Diluted | $ 3.26 | $ 3.55 |
Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands |
Jan. 02, 2016 |
Jan. 03, 2015 |
---|---|---|
Accounting Policies [Abstract] | ||
Raw materials and parts | $ 180,262 | $ 126,121 |
Work in process | 34,771 | 17,828 |
Finished goods | 139,117 | 111,827 |
Inventory, Gross | $ 354,150 | $ 255,776 |
Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands |
Jan. 02, 2016 |
Jan. 03, 2015 |
---|---|---|
Accounting Policies [Abstract] | ||
Land | $ 18,401 | $ 10,642 |
Building and improvements | 108,210 | 84,777 |
Furniture and fixtures | 52,738 | 28,597 |
Machinery and equipment | 120,746 | 88,679 |
Property, pland and equipment, gross | 300,095 | 212,695 |
Less accumulated depreciation | (100,345) | (82,998) |
Property, plant and equipment, net | $ 199,750 | $ 129,697 |
Summary of Significant Accounting Policies - Estimated Future Amortization Expense of Intagible Assets (Details) $ in Thousands |
Jan. 02, 2016
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
2013 | $ 31,649 |
2014 | 26,647 |
2015 | 25,410 |
2016 | 19,362 |
2017 | 16,779 |
Thereafter | 39,878 |
Future amortization expense, net | $ 159,725 |
Summary of Significant Accounting Policies - Accrued Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Accounting Policies [Abstract] | |||
Accrued payroll and related expenses | $ 65,623 | $ 50,844 | |
Advanced customer deposits | 57,595 | 20,367 | |
Accrued customer rebates | 45,154 | 32,357 | |
Accrued warranty | 37,901 | 28,786 | |
Accrued product liability and workers compensation | 11,635 | 14,582 | |
midd_AccruedProductRecall | 7,786 | 12,125 | |
Accrued agent commission | 9,948 | 11,207 | |
Business Combination, Contingent Consideration | 7,019 | 7,053 | |
Accured Restructuring Liabilities, Current | 6,266 | 37 | |
Restructuring Charges | 28,754 | 7,078 | $ 9,101 |
Sales and Excise Tax Payable, Current | 13,537 | 7,660 | |
Other accrued expenses | 57,690 | 35,567 | |
Accrued expenses | $ 320,154 | $ 220,585 |
Summary of Significant Accounting Policies - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
Jan. 02, 2016 |
Jan. 03, 2015 |
---|---|---|
Accounting Policies [Abstract] | ||
Unrecognized pension benefit costs, net of tax | $ (23,579) | $ (6,540) |
Unrealized loss on interest rate swap, net of tax | 9 | (236) |
Currency translation adjustments | (52,842) | (24,655) |
Accumulated other comprehensive income (loss), net of tax | $ (76,412) | $ (31,431) |
Summary of Significant Accounting Policies - Rollforward of the Warranty Reserve (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 28,786 | $ 20,826 |
Warranty reserve related to acquisitions | 5,815 | 2,450 |
Warranty expense | 45,994 | 44,547 |
Warranty claims paid | (42,694) | (39,037) |
Ending balance | $ 37,901 | $ 28,786 |
Financing Arrangements - Additional Information (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 02, 2016
USD ($)
|
Jan. 03, 2015
USD ($)
|
|
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,000,000 | |
Senior secured revolving credit line | 733,000 | $ 587,500 |
Letters of credit outstanding | 6,900 | |
Remaining borrowing capacity | $ 260,100 | |
Credit facility, average interest rate | 1.87% | |
Variable commitment fee | 0.25% | |
Long-term line of credit | $ 733,000 | 587,500 |
Carrying Value | $ 766,061 | $ 598,167 |
Credit facility, additional interest rate above LIBOR | 1.50% | |
Interest rate at period end | 9.00% | |
Line of credit, Current and Noncurrent, Foreign | $ 8,100 | |
Ratio of indebtedness to net capital | 0 | |
Fixed charge coverage ratio | 0 |
Financing Arrangements - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jan. 02, 2016 |
Jan. 03, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Interest rate at period end | 9.00% | |
Senior secured revolving credit line | $ 733,000 | $ 587,500 |
Other debt arrangement | 248 | 283 |
Total debt | 766,061 | 598,167 |
Less: Current maturities of long-term debt | 32,059 | 9,402 |
Long-term debt | 734,002 | 588,765 |
Foreign loans [Member] | ||
Debt Instrument [Line Items] | ||
Foreign loans | 32,813 | $ 10,384 |
Aga [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit, Current | $ 24,700 | |
Interest rate at period end | 1.98% |
Financing Arrangements - Level 2 Measurements (Details) - USD ($) $ in Thousands |
Jan. 02, 2016 |
Jan. 03, 2015 |
---|---|---|
Debt Disclosure [Abstract] | ||
Total debt | $ 766,061 | $ 598,167 |
Total debt, fair value | $ 766,061 | $ 598,167 |
Financing Arrangements - Schedule of Future Aggregate Debt Payable (Details) $ in Thousands |
Jan. 02, 2016
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2013 | $ 32,059 |
2014 | 733,315 |
2015 | 102 |
2016 | 102 |
2017 and thereafter | 483 |
Total Debt Payable | $ 766,061 |
Common and Preferred Stock - Summary of Nonvested Restricted Share Grant Activity Under 1998 and 2007 Stock Incentive Plans and Related Information (Details) - Restricted Stock [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Nonvested shares, beginning balance (shares) | 386,607 | 1,164,774 | |
Granted (shares) | 100,704 | 369,807 | |
Vested (shares) | (125,457) | (1,141,974) | |
Forfeited (shares) | (20,950) | (6,000) | |
Nonvested shares, ending balance (shares) | 340,904 | 386,607 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Nonvested shares, beginning balance (usd per share) | $ 94.86 | $ 85.25 | $ 29.89 |
Granted (usd per share) | 107.81 | 87.80 | |
Vested (usd per share) | 83.93 | 29.12 | |
Forfeited (usd per share) | 80.29 | 29.99 | |
Nonvested shares, ending balance (usd per share) | $ 94.86 | $ 85.25 |
Common and Preferred Stock - Additional Information Related to Share Based Compensation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Intrinsic value of options excercised | $ 0 | $ 0 | $ 80,528 |
Cash received from exercise | 0 | 0 | 3,842 |
Tax benefit from options exercises | $ 0 | $ 0 | $ 20,196 |
Income Taxes - Summary of Earnings Before Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 266,831 | $ 240,936 | $ 195,435 |
Foreign | 14,336 | 39,854 | 30,346 |
Total | $ 281,167 | $ 280,790 | $ 225,781 |
Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Federal | $ 78,617 | $ 69,536 | $ 60,232 |
State and local | 9,515 | 9,316 | 3,248 |
Foreign | 1,425 | 8,626 | 8,373 |
Total | 89,557 | 87,478 | 71,853 |
Current | 87,638 | 72,137 | 74,828 |
Deferred | $ 1,919 | $ 15,341 | $ (2,975) |
Income Taxes - Reconciliation of Differences Between Income Taxes Computed at the Federal Statutory Rate to the Effective Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.10% | 2.20% | 0.90% |
U.S. domestic manufacturers deduction | (2.60%) | (2.30%) | (2.60%) |
Permanent book vs. tax differences | (1.10%) | (2.00%) | (1.20%) |
Foreign tax rate differentials | (2.10%) | (1.90%) | (1.00%) |
Reserve adjustments and other | 0.60% | 0.20% | 0.70% |
Consolidated effective tax | 31.90% | 31.20% | 31.80% |
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
|
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 1,600 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance, Beginning Period | 12,474 | $ 12,727 |
Increases to current year tax positions | 3,089 | 3,270 |
Increase to prior year tax positions | 116 | 1,105 |
Decrease to prior year tax positions | (755) | (189) |
Lapse of statute of limitations | 0 | (4,092) |
Lapse of statute of limitations | 505 | 347 |
Balance, Ending Period | $ 14,419 | $ 12,474 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Valuation Allowance | $ 20,395 | $ 0 | |
Undistributed earnings of certain international subsidiaries from which deferred taxes and foreign withholding taxes are not provided | 104,500 | 86,100 | |
Unrecognized tax benefits rleated to federal, state and foreign taxes | 14,419 | 12,474 | $ 12,727 |
Unrecognized tax benefits related to federal, state and foreign taxes that would impact the effective tax rate if recognized | 14,100 | ||
Unrecognized tax benefits, accured interest | 1,900 | ||
Unrecognized tax benefits, penalties | 3,800 | ||
Unrecognized tax benefits, interest recognized | 300 | (300) | 400 |
Unrecognized tax benefits, penalties recognized | $ 800 | $ 1,100 | $ 200 |
Income Taxes - Net Operating Losses (Details) - USD ($) $ in Millions |
Jan. 02, 2016 |
Dec. 28, 2013 |
---|---|---|
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 38.3 | $ 67.1 |
Financial Instruments - Additional Information (Details) $ in Millions |
12 Months Ended |
---|---|
Jan. 02, 2016
USD ($)
| |
Derivatives, Fair Value [Line Items] | |
Credit facility, additional interest rate above LIBOR | 1.50% |
Credit facility, average interest rate | 1.87% |
Variable commitment fee | 0.25% |
Maximum borrowing capacity | $ 1,000.0 |
Interest rate derivative liabilities, at fair value | 0.4 |
Foreign Exchange Forward [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair value of forward contracts | (0.8) |
Maximum [Member] | |
Derivatives, Fair Value [Line Items] | |
Increase (decrease) in fair value of interest rate fair value jedging instruments | $ (0.2) |
Financial Instruments - Schedule of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
|
Other Comprehensive Income (Loss) [Member] | ||
Derivative [Line Items] | ||
Gain/(loss) recognized in accumulated other comprehensive income | $ (1,502) | $ (1,494) |
Interest Expense [Member] | ||
Derivative [Line Items] | ||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | (1,909) | (2,151) |
Other Expense [Member] | ||
Derivative [Line Items] | ||
Gain/(loss) recognized in income (ineffective portion) | 9 | 4 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value | $ (412) | $ (810) |
Lease Commitments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
2013 | $ 24,493 | ||
2014 | 19,583 | ||
2015 | 12,877 | ||
2016 | 12,961 | ||
2017 | 9,370 | ||
2018 and thereafter | 26,159 | ||
Future minimum payments due | 105,443 | ||
Operating Leases, Rent Expense, Net | $ 17,600 | $ 14,900 | $ 11,000 |
Segment Information - Results of Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2016 |
Oct. 03, 2015 |
Jul. 04, 2015 |
Apr. 04, 2015 |
Jan. 03, 2015 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
Dec. 29, 2012 |
Jan. 01, 2011 |
||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales | $ 534,707 | $ 449,004 | $ 436,291 | $ 406,596 | $ 434,995 | $ 404,289 | $ 424,776 | $ 372,478 | $ 1,826,598 | $ 1,636,538 | $ 1,428,685 | |||||||||||
Operating Income (Loss) | 72,633 | $ 80,030 | $ 83,360 | $ 66,580 | 82,295 | 86,465 | $ 75,739 | $ 55,933 | 302,603 | 300,432 | 244,462 | [1] | ||||||||||
Depreciation and amortization | 54,074 | 41,252 | 43,164 | |||||||||||||||||||
Net capital expenditures | 22,362 | 13,143 | 14,640 | |||||||||||||||||||
Total assets | 2,761,151 | 2,066,131 | 2,066,131 | 2,761,151 | 2,066,131 | $ 1,819,206 | ||||||||||||||||
Long-lived assets | [2] | 233,220 | 233,220 | 151,478 | 137,573 | |||||||||||||||||
Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales | 1,121,046 | 1,041,228 | 895,494 | |||||||||||||||||||
Operating Income (Loss) | 296,061 | 269,559 | 234,190 | |||||||||||||||||||
Depreciation and amortization | 17,117 | 19,661 | 18,787 | |||||||||||||||||||
Net capital expenditures | 12,123 | 6,752 | 7,227 | |||||||||||||||||||
Total assets | 1,115,840 | 1,053,921 | 1,115,840 | 1,000,065 | ||||||||||||||||||
Long-lived assets | [2] | 61,835 | 61,835 | 50,211 | 47,490 | |||||||||||||||||
Food Processing Group [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales | 297,712 | 322,783 | 301,522 | |||||||||||||||||||
Operating Income (Loss) | 64,650 | 67,395 | 49,528 | |||||||||||||||||||
Depreciation and amortization | 5,839 | 6,601 | 8,387 | |||||||||||||||||||
Net capital expenditures | 2,164 | 4,487 | 3,140 | |||||||||||||||||||
Total assets | 308,677 | 304,241 | 308,677 | 303,289 | ||||||||||||||||||
Long-lived assets | [2] | 20,307 | 20,307 | 19,627 | 12,475 | |||||||||||||||||
Residential Kitchen [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales | 407,840 | 272,527 | 231,669 | |||||||||||||||||||
Operating Income (Loss) | 4,653 | 14,585 | 10,815 | |||||||||||||||||||
Depreciation and amortization | 29,515 | 13,356 | 14,148 | |||||||||||||||||||
Net capital expenditures | 7,935 | 1,811 | 4,090 | |||||||||||||||||||
Total assets | 1,250,503 | 636,680 | 1,250,503 | $ 441,299 | ||||||||||||||||||
Long-lived assets | 129,751 | 129,751 | 71,500 | $ 60,570 | ||||||||||||||||||
Corporate and Other [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales | 0 | 0 | 0 | [3] | ||||||||||||||||||
Operating Income (Loss) | (62,761) | (51,107) | (50,071) | [3] | ||||||||||||||||||
Depreciation and amortization | 1,603 | 1,634 | 1,842 | [3] | ||||||||||||||||||
Net capital expenditures | 140 | 93 | 183 | [3] | ||||||||||||||||||
Total assets | $ 86,131 | $ 71,289 | $ 86,131 | 74,553 | [3] | |||||||||||||||||
Long-lived assets | [2],[3] | $ 21,327 | $ 21,327 | $ 10,140 | $ 17,038 | |||||||||||||||||
|
Segment Information - Net Sales (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2016 |
Oct. 03, 2015 |
Jul. 04, 2015 |
Apr. 04, 2015 |
Jan. 03, 2015 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 534,707 | $ 449,004 | $ 436,291 | $ 406,596 | $ 434,995 | $ 404,289 | $ 424,776 | $ 372,478 | $ 1,826,598 | $ 1,636,538 | $ 1,428,685 |
United States And Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,049,280 | ||||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 109,599 | ||||||||||
Europe And Middle East [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 187,381 | ||||||||||
Latin America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 82,425 | ||||||||||
Total International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 551,691 | 497,504 | $ 379,405 | ||||||||
Europe And Middle East [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 319,387 | 222,974 | |||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 165,541 | 171,995 | |||||||||
United States And Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,274,907 | 1,139,034 | |||||||||
Latin America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 66,763 | $ 102,535 |
Segment Information Segment Information - Narrative (Details) |
12 Months Ended |
---|---|
Jan. 02, 2016
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
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 | |
---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | $ 1,305,506 | $ 0 |
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 2,988 | |
Change in Benefit Obligation: | ||
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | 3,202 | |
Amounts recognized in balance sheet at year end: | ||
Accrued pension benefits | $ (207,564) | $ (21,140) |
Non US Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.40% | |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | $ 0 | |
Defined Benefit Plan, Contributions by Plan Participants | $ 182 | 0 |
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 1,495,089 | 0 |
Net Periodic Pension Cost: | ||
Service cost | 1,216 | 0 |
Interest cost | 12,992 | 639 |
Expected return on assets | (20,547) | (996) |
Amortization of net loss (gain) | 0 | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 3,202 | |
Amortization of net loss (gain) | 0 | 0 |
Net periodic benefit cost | (3,137) | (357) |
Change in Benefit Obligation: | ||
Benefit obligation – beginning of year | 16,114 | 15,745 |
Service cost | 1,216 | 0 |
Interest cost | 12,992 | 639 |
Actuarial loss | 8,668 | 1,273 |
Pension settlement | 0 | 0 |
Net benefit payments | (24,179) | (634) |
Benefit obligation – end of year | 1,476,370 | 16,114 |
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | 0 | |
Change in Plan Assets: | ||
Plan assets at fair value – beginning of year | 15,306 | 15,172 |
Company contributions | 16,950 | 511 |
Investment gain | 6,173 | 1,133 |
Benefit payments and plan expenses | (24,179) | (634) |
Plan assets at fair value – end of year | 1,287,723 | 15,306 |
Funded Status: | ||
Unfunded benefit obligation | (188,647) | (808) |
Amounts recognized in balance sheet at year end: | ||
Accrued pension benefits | (188,647) | (808) |
Pre-tax components in accumulated other comprehensive income: | ||
Net actuarial loss (gain) | 20,457 | 2,188 |
Net prior service cost | 0 | |
Net transaction (asset) obligations | 0 | |
Total amount recognized | 20,457 | 2,188 |
Accumulated Benefit Obligation | $ 1,475,631 | $ 16,114 |
Assumed discount rate | 3.70% | 3.60% |
Expected return on assets | 6.20% | 6.30% |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | $ (36,914) | $ (909) |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | $ (32,215) | $ (876) |
USPlans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 10.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | $ 2,943 | |
Defined Benefit Plan, Contributions by Plan Participants | 0 | $ 0 |
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 0 | |
Net Periodic Pension Cost: | ||
Service cost | 505 | 447 |
Interest cost | 1,286 | 1,289 |
Expected return on assets | (844) | (799) |
Amortization of net loss (gain) | 694 | (46) |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 |
Amortization of net loss (gain) | 0 | 0 |
Net periodic benefit cost | 1,641 | 891 |
Change in Benefit Obligation: | ||
Benefit obligation – beginning of year | 33,907 | 27,748 |
Service cost | 505 | 447 |
Interest cost | 1,286 | 1,289 |
Actuarial loss | (2,960) | 5,293 |
Pension settlement | 0 | 0 |
Net benefit payments | (922) | (870) |
Benefit obligation – end of year | 34,804 | 33,907 |
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | 0 | 0 |
Change in Plan Assets: | ||
Plan assets at fair value – beginning of year | 13,575 | 13,324 |
Company contributions | 881 | 913 |
Investment gain | (590) | 208 |
Benefit payments and plan expenses | (922) | (870) |
Plan assets at fair value – end of year | 15,887 | 13,575 |
Funded Status: | ||
Unfunded benefit obligation | (18,917) | (20,332) |
Amounts recognized in balance sheet at year end: | ||
Accrued pension benefits | (18,917) | (20,332) |
Pre-tax components in accumulated other comprehensive income: | ||
Net actuarial loss (gain) | 5,811 | 8,030 |
Net prior service cost | 0 | 0 |
Net transaction (asset) obligations | 0 | 0 |
Total amount recognized | 5,811 | 8,030 |
Accumulated Benefit Obligation | $ 33,080 | $ 30,567 |
Assumed discount rate | 4.10% | 3.80% |
Expected return on assets | 5.60% | 6.00% |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | $ 0 | $ 0 |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | $ 0 | $ 0 |
Money Market Instruments [Member] | Non US Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 28.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | 0.00% |
Money Market Instruments [Member] | USPlans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 3.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 4.00% |
Other (real estate & commodities) [Member] | Non US Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 11.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 12.00% | 0.00% |
Other (real estate & commodities) [Member] | USPlans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 7.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 7.00% | 12.00% |
Cash and Cash Equivalents [Member] | Non US Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 4.00% |
Employee Retirement Plans Assets of Plans Invested in Classes of Securities (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
||||
USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 15,887 | $ 13,575 | $ 13,324 | |||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |||||
Percentage of Plan Assets | 100.00% | 100.00% | ||||
Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,287,723 | $ 15,306 | $ 15,172 | |||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |||||
Percentage of Plan Assets | 100.00% | 100.00% | ||||
Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | |||||
Percentage of Plan Assets | 43.00% | 48.00% | ||||
Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 16.00% | |||||
Percentage of Plan Assets | 19.00% | 72.00% | ||||
Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | |||||
Percentage of Plan Assets | 46.00% | 36.00% | ||||
Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | |||||
Percentage of Plan Assets | 44.00% | 24.00% | ||||
Money Market Instruments [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 3.00% | |||||
Percentage of Plan Assets | 4.00% | 4.00% | ||||
Money Market Instruments [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 28.00% | |||||
Percentage of Plan Assets | 20.00% | 0.00% | ||||
Other (real estate & commodities) [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 7.00% | |||||
Percentage of Plan Assets | 7.00% | 12.00% | ||||
Other (real estate & commodities) [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 11.00% | |||||
Percentage of Plan Assets | 12.00% | 0.00% | ||||
Cash and Cash Equivalents [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |||||
Percentage of Plan Assets | 5.00% | 4.00% | ||||
Fair Value, Inputs, Level 1 [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 12,447 | |||||
Fair Value, Inputs, Level 1 [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 772,587 | |||||
Fair Value, Inputs, Level 1 [Member] | Short Term Investment Fund [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U K Market [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 91,075 | |||||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, International, Developed [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 144,864 | |||||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, international, Emerging [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,375 | |||||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Unquoted Private Equity [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 759 | |||||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Short Term Investment Fund [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 64,651 | |||||
Fair Value, Inputs, Level 1 [Member] | U S Large Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,149 | |||||
Fair Value, Inputs, Level 1 [Member] | U S Mid Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 383 | |||||
Fair Value, Inputs, Level 1 [Member] | U S Small Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 383 | |||||
Fair Value, Inputs, Level 1 [Member] | International Equity Securities [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,291 | |||||
Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member] | Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,311 | |||||
Fair Value, Inputs, Level 1 [Member] | High Yield Fixed Income [Member] | Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 778 | |||||
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds [Member] | Alternative Investment [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 771 | |||||
Fair Value, Inputs, Level 1 [Member] | Commodities Investment [Member] | Leveraged Loans [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 381 | |||||
Fair Value, Inputs, Level 1 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 12,062 | |||||
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds,Indirect [Domain] | Real Estate Funds [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 177 | |||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income, Government/Corporate, U K [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 118,332 | |||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income, Government/Corporate, International [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 67,217 | |||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 258,502 | |||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income, Government/Corporate, Other [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,518 | |||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income,Convertible Bonds [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,471 | |||||
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds, Direct [Member] | Real Estate Funds [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Hedge Funds, Equity [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Hedge Fund, Arbitrage&Event [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,584 | |||||
Fair Value, Inputs, Level 1 [Member] | Hedge Fund, Cash & Other [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Hedge Fund, Direct Sourcing [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,440 | |||||
Fair Value, Inputs, Level 2 [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 515,136 | |||||
Fair Value, Inputs, Level 2 [Member] | Short Term Investment Fund [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 1,371 | ||||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, U K Market [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 194 | |||||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, International, Developed [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,414 | |||||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, international, Emerging [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, Unquoted Private Equity [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | Short Term Investment Fund [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 8,354 | |||||
Fair Value, Inputs, Level 2 [Member] | U S Large Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 253 | |||||
Fair Value, Inputs, Level 2 [Member] | U S Mid Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 54 | |||||
Fair Value, Inputs, Level 2 [Member] | U S Small Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 192 | |||||
Fair Value, Inputs, Level 2 [Member] | International Equity Securities [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | |||||
Fair Value, Inputs, Level 2 [Member] | US Government Corporations and Agencies Securities [Member] | Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 520 | |||||
Fair Value, Inputs, Level 2 [Member] | High Yield Fixed Income [Member] | Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 41 | |||||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | Alternative Investment [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,002 | |||||
Fair Value, Inputs, Level 2 [Member] | Commodities Investment [Member] | Leveraged Loans [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 10,824 | |||||
Fair Value, Inputs, Level 2 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 335 | |||||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds,Indirect [Domain] | Real Estate Funds [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 13,440 | |||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income, Government/Corporate, U K [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 50,376 | |||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income, Government/Corporate, International [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 59,518 | |||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income, Government/Corporate, Other [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income,Convertible Bonds [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds, Direct [Member] | Real Estate Funds [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 140,764 | |||||
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Equity [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 80,230 | |||||
Fair Value, Inputs, Level 2 [Member] | Hedge Fund, Arbitrage&Event [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 92,635 | |||||
Fair Value, Inputs, Level 2 [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 51,840 | |||||
Fair Value, Inputs, Level 2 [Member] | Hedge Fund, Cash & Other [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,557 | |||||
Fair Value, Inputs, Level 2 [Member] | Hedge Fund, Direct Sourcing [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,655 | |||||
Fair Value, Inputs, Level 3 [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Short Term Investment Fund [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, U K Market [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, International, Developed [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, international, Emerging [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, Unquoted Private Equity [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | Short Term Investment Fund [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | U S Large Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | U S Mid Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | U S Small Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | International Equity Securities [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | US Government Corporations and Agencies Securities [Member] | Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | High Yield Fixed Income [Member] | Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | Alternative Investment [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Commodities Investment [Member] | Leveraged Loans [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Commodities Investment [Member] | Alternative Investment [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds,Indirect [Domain] | Real Estate Funds [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income, Government/Corporate, U K [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income, Government/Corporate, International [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income, Government/Corporate, Other [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income,Convertible Bonds [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds, Direct [Member] | Real Estate Funds [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Equity [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Hedge Fund, Arbitrage&Event [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Hedge Fund, Cash & Other [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Hedge Fund, Direct Sourcing [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||||
Estimate of Fair Value Measurement [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 15,887 | |||||
Estimate of Fair Value Measurement [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,287,723 | |||||
Estimate of Fair Value Measurement [Member] | Short Term Investment Fund [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 1,371 | ||||
Estimate of Fair Value Measurement [Member] | Equity Securities, U K Market [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 91,269 | |||||
Estimate of Fair Value Measurement [Member] | Equity Securities, International, Developed [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 147,278 | |||||
Estimate of Fair Value Measurement [Member] | Equity Securities, international, Emerging [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,375 | |||||
Estimate of Fair Value Measurement [Member] | Equity Securities, Unquoted Private Equity [Member] | Equity [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 759 | |||||
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | Short Term Investment Fund [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 73,005 | |||||
Estimate of Fair Value Measurement [Member] | U S Large Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,402 | |||||
Estimate of Fair Value Measurement [Member] | U S Mid Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 437 | |||||
Estimate of Fair Value Measurement [Member] | U S Small Cap [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 575 | |||||
Estimate of Fair Value Measurement [Member] | International Equity Securities [Member] | Equity [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,298 | |||||
Estimate of Fair Value Measurement [Member] | US Government Corporations and Agencies Securities [Member] | Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,831 | |||||
Estimate of Fair Value Measurement [Member] | High Yield Fixed Income [Member] | Fixed Income [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 819 | |||||
Estimate of Fair Value Measurement [Member] | Real Estate Funds [Member] | Alternative Investment [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,773 | |||||
Estimate of Fair Value Measurement [Member] | Commodities Investment [Member] | Leveraged Loans [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 10,824 | |||||
Estimate of Fair Value Measurement [Member] | Commodities Investment [Member] | Alternative Investment [Member] | USPlans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 381 | |||||
Estimate of Fair Value Measurement [Member] | Commodities Investment [Member] | Alternative Investment [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 12,397 | |||||
Estimate of Fair Value Measurement [Member] | Real Estate Funds,Indirect [Domain] | Real Estate Funds [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 13,617 | |||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Government/Corporate, U K [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 168,708 | |||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Government/Corporate, International [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 126,735 | |||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 258,502 | |||||
Estimate of Fair Value Measurement [Member] | Fixed Income, Government/Corporate, Other [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,518 | |||||
Estimate of Fair Value Measurement [Member] | Fixed Income,Convertible Bonds [Member] | Fixed Income [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,471 | |||||
Estimate of Fair Value Measurement [Member] | Real Estate Funds, Direct [Member] | Real Estate Funds [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 140,764 | |||||
Estimate of Fair Value Measurement [Member] | Hedge Funds, Equity [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 80,230 | |||||
Estimate of Fair Value Measurement [Member] | Hedge Fund, Arbitrage&Event [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 92,635 | |||||
Estimate of Fair Value Measurement [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 55,424 | |||||
Estimate of Fair Value Measurement [Member] | Hedge Fund, Cash & Other [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,557 | |||||
Estimate of Fair Value Measurement [Member] | Hedge Fund, Direct Sourcing [Member] | Hedge Funds, Multi-strategy [Member] | Non US Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,655 | |||||
|
Employee Retirement Plans Summary of the Basis Used to Measure Pension Plans' Assets at Fair Value (Details) - Non US Plans [Member] - USD ($) $ in Thousands |
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,287,723 | $ 15,306 | $ 15,172 |
Estimate of Fair Value Measurement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,287,723 | ||
Estimate of Fair Value Measurement [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Funds, Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 80,230 | ||
Estimate of Fair Value Measurement [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Arbitrage&Event [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 92,635 | ||
Estimate of Fair Value Measurement [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 55,424 | ||
Estimate of Fair Value Measurement [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Cash & Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,557 | ||
Estimate of Fair Value Measurement [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Direct Sourcing [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,655 | ||
Estimate of Fair Value Measurement [Member] | Leveraged Loans [Member] | Commodities Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,824 | ||
Estimate of Fair Value Measurement [Member] | Short Term Investment Fund [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 73,005 | ||
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Equity Securities, U K Market [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 91,269 | ||
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Equity Securities, International, Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 147,278 | ||
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Equity Securities, Unquoted Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 759 | ||
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Equity Securities, international, Emerging [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,375 | ||
Estimate of Fair Value Measurement [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,518 | ||
Estimate of Fair Value Measurement [Member] | Fixed Income [Member] | Fixed Income,Convertible Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,471 | ||
Estimate of Fair Value Measurement [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 258,502 | ||
Estimate of Fair Value Measurement [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 126,735 | ||
Estimate of Fair Value Measurement [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, U K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 168,708 | ||
Estimate of Fair Value Measurement [Member] | Alternative Investment [Member] | Commodities Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,397 | ||
Estimate of Fair Value Measurement [Member] | Real Estate Funds [Member] | Real Estate Funds, Direct [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 140,764 | ||
Estimate of Fair Value Measurement [Member] | Real Estate Funds [Member] | Real Estate Funds,Indirect [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13,617 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 772,587 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Funds, Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Arbitrage&Event [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,584 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Cash & Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Direct Sourcing [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Leveraged Loans [Member] | Commodities Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short Term Investment Fund [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 64,651 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Equity Securities, U K Market [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 91,075 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Equity Securities, International, Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 144,864 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Equity Securities, Unquoted Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 759 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Equity Securities, international, Emerging [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,375 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,518 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Fixed Income,Convertible Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,471 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 258,502 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 67,217 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, U K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 118,332 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative Investment [Member] | Commodities Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,062 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate Funds [Member] | Real Estate Funds, Direct [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate Funds [Member] | Real Estate Funds,Indirect [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 177 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 515,136 | ||
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Funds, Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 80,230 | ||
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Arbitrage&Event [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 92,635 | ||
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 51,840 | ||
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Cash & Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,557 | ||
Fair Value, Inputs, Level 2 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Direct Sourcing [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,655 | ||
Fair Value, Inputs, Level 2 [Member] | Leveraged Loans [Member] | Commodities Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,824 | ||
Fair Value, Inputs, Level 2 [Member] | Short Term Investment Fund [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8,354 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Equity Securities, U K Market [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 194 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Equity Securities, International, Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,414 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Equity Securities, Unquoted Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Equity Securities, international, Emerging [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Fixed Income,Convertible Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 59,518 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, U K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 50,376 | ||
Fair Value, Inputs, Level 2 [Member] | Alternative Investment [Member] | Commodities Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 335 | ||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | Real Estate Funds, Direct [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 140,764 | ||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | Real Estate Funds,Indirect [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13,440 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Funds, Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Arbitrage&Event [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Directional Trading&Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Cash & Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Hedge Funds, Multi-strategy [Member] | Hedge Fund, Direct Sourcing [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Leveraged Loans [Member] | Commodities Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Short Term Investment Fund [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Equity Securities, U K Market [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Equity Securities, International, Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Equity Securities, Unquoted Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Equity Securities, international, Emerging [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Fixed Income,Convertible Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, Index Linked [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income [Member] | Fixed Income, Government/Corporate, U K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Alternative Investment [Member] | Commodities Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | Real Estate Funds, Direct [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | Real Estate Funds,Indirect [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 |
Employee Retirement Plans Estimated Future Benefit Payments under the Plans (Details) $ in Thousands |
12 Months Ended |
---|---|
Jan. 02, 2016
USD ($)
| |
USPlans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 900 |
2013 | 1,184 |
2014 | 1,203 |
2015 | 1,907 |
2016 | 1,909 |
2017 through 2022 | 11,913 |
Non US Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 18,700 |
2013 | 63,628 |
2014 | 65,323 |
2015 | 66,322 |
2016 | 68,185 |
2017 through 2022 | $ 427,101 |
Employee Retirement Plans - Additional Information (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016
plan
|
Jan. 03, 2015
USD ($)
|
Dec. 28, 2013
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined contribution 401K savings plans | plan | 2 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by employer to 401K savings plan | $ | $ 0.1 | $ 0.1 | |
USPlans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 10.00% |
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2016 |
Oct. 03, 2015 |
Jul. 04, 2015 |
Apr. 04, 2015 |
Jan. 03, 2015 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Net sales | $ 534,707 | $ 449,004 | $ 436,291 | $ 406,596 | $ 434,995 | $ 404,289 | $ 424,776 | $ 372,478 | $ 1,826,598 | $ 1,636,538 | $ 1,428,685 | ||||||||||||||
Gross Profit | 198,872 | 177,182 | 172,889 | 157,562 | 169,055 | 162,380 | 166,174 | 142,976 | 706,505 | 640,585 | 550,011 | ||||||||||||||
Income from operations | 72,633 | 80,030 | 83,360 | 66,580 | 82,295 | 86,465 | 75,739 | 55,933 | 302,603 | 300,432 | 244,462 | [1] | |||||||||||||
Net earnings | $ 50,287 | $ 48,825 | $ 54,267 | $ 38,231 | $ 51,749 | $ 59,713 | $ 48,405 | $ 33,445 | $ 191,610 | $ 193,312 | $ 153,928 | ||||||||||||||
Basic earnings per share (usd per share) | $ 0.88 | [2] | $ 0.86 | [2] | $ 0.95 | [2] | $ 0.67 | [2] | $ 0.91 | [2] | $ 1.05 | [2] | $ 0.85 | [2] | $ 0.59 | [2] | $ 3.36 | $ 3.41 | [2] | $ 2.76 | |||||
Diluted earnings per share (usd per share) | $ 0.88 | [2] | $ 0.86 | [2] | $ 0.95 | [2] | $ 0.67 | [2] | $ 0.91 | [2] | $ 1.05 | [2] | $ 0.85 | [2] | $ 0.59 | [2] | $ 3.36 | $ 3.40 | [2] | $ 2.74 | |||||
|
Acquisition Integration Initiatives (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 28,754 | $ 7,078 | $ 9,101 |
Residential Kitchen [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 25,500 | $ 7,100 | $ 9,100 |
Acquisition Integration Initiatives Restructuring Charges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 28,754 | $ 7,078 | $ 9,101 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,776 | ||
Payments | (5,248) | ||
Inventory and Product [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (151) | ||
Payments | (433) | ||
Balance December 28, 2013 | 584 | ||
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,457 | ||
Payments | (3,534) | ||
Balance December 28, 2013 | 77 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (4) | ||
Payments | (67) | ||
Commercial Foodservice Equipment Group [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 900 | ||
Effects on Future Earnings, Restructuring | 1,000 | ||
Food Processing Group [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2,400 | ||
Other Restructuring Costs | 200 | ||
Effects on Future Earnings, Restructuring | 3,500 | ||
Residential Kitchen [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 25,500 | 7,100 | 9,100 |
Effects on Future Earnings, Restructuring | 24,100 | ||
Residential Kitchen [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 18,142 | 5,963 | |
Payments | (2,628) | (4,344) | |
Balance December 28, 2013 | 15,661 | 147 | 1,619 |
Residential Kitchen [Member] | Inventory and Product [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 1,203 | |
Payments | 0 | (619) | |
Balance December 28, 2013 | 0 | 0 | |
Residential Kitchen [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 7,248 | 1,466 | |
Payments | (2,606) | (1,389) | |
Balance December 28, 2013 | 4,642 | 0 | |
Residential Kitchen [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 108 | 469 | |
Payments | (25) | (361) | |
Balance December 28, 2013 | 120 | 37 | 108 |
Residential Kitchen [Member] | Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 25,498 | 7,078 | 9,101 |
Payments | (5,259) | (9,282) | (6,713) |
Balance December 28, 2013 | $ 20,423 | $ 184 | $ 2,388 |
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 02, 2016 |
Jan. 03, 2015 |
Dec. 28, 2013 |
|
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning Of Period | $ 9,091,000 | $ 6,987,000 | $ 6,377,000 |
Additions/(Recoveries) Charged to Expense | 1,108,900 | 3,075,000 | 1,571,000 |
Write-Offs During the Period | (1,361,400) | (971,000) | (961,000) |
Balance At End Of Period | $ 8,838,500 | $ 9,091,000 | $ 6,987,000 |
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