Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 28, 2019

Accounting Policies [Abstract]

Schedule of Inventory, Current

Inventories at December 28, 2019 and December 29, 2018 are as follows (in thousands):

	2019		2018
Raw materials and parts	$	277,394	$	245,976
Work in process	58,663		51,164
Finished goods	249,642		224,670
	$	585,699	$	521,810

Property, Plant and Equipment

Property, plant and equipment are carried at cost as follows (in thousands):

	2019			2018
Land	$	43,467		$	32,523
Building and improvements	229,025			196,743
Furniture and fixtures	67,992			64,586
Machinery and equipment	209,290			188,454
	549,774			482,306
Less accumulated depreciation	(197,629		)	(167,737		)
	$	352,145		$	314,569

Schedule Of Useful Lives For Property Plant Equipment

Following is a summary of the estimated useful lives:

Description	Life
Building and improvements	20 to 40 years
Furniture and fixtures	3 to 7 years
Machinery and equipment	3 to 10 years

Schedule of Goodwill

Goodwill is allocated to the business segments as follows (in thousands):

	Commercial Foodservice			Food Processing			Residential Kitchen			Total
Balance as of December 30, 2017	$	631,451		$	198,278		$	435,081		$	1,264,810
Goodwill acquired during the year	487,032			30,624			—			517,656
Measurement period adjustments to goodwill acquired in prior year	(1,559		)	(5,679		)	—			(7,238		)
Exchange effect	(14,857		)	(4,169		)	(13,027		)	(32,053		)
Balance as of December 29, 2018	$	1,102,067		$	219,054		$	422,054		$	1,743,175
Goodwill acquired during the year	81,339			43,613			9,503			134,455
Measurement period adjustments to goodwill acquired in prior year	(27,929		)	(3,722		)	—			(31,651		)
Exchange effect	(1,925		)	(1,266		)	6,959			3,768
Balance as of December 28, 2019	$	1,153,552		$	257,679		$	438,516		$	1,849,747

Schedule Of Intangible Assets By Major Class

Intangible assets consist of the following (in thousands):

	December 28, 2019						December 29, 2018
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization			Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationships	9.2	$	717,397	$	(283,846	)	9.5	$	644,145	$	(222,661	)
Backlog	1.3	29,426		(28,283		)	2.8	27,065		(24,755		)
Developed technology	5.2	32,999		(21,378		)	5.9	39,624		(20,998		)
		$	779,822	$	(333,507	)		$	710,834	$	(268,414	)
Indefinite-lived assets:
Trademarks and tradenames		$	997,066					$	918,604

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated future amortization expense of intangible assets is as follows (in thousands):

2020	$	66,177
2021	62,246
2022	57,921
2023	51,916
2024	40,456
2025 and thereafter	167,599
	$	446,315

Schedule of Accrued Liabilities

Accrued expenses consist of the following at December 28, 2019 and December 29, 2018, respectively (in thousands):

 

	2019		2018
Accrued payroll and related expenses	$	81,541	$	74,952
Contract liabilities	74,511		57,913
Accrued warranty	66,374		59,451
Accrued customer rebates	51,709		45,740
Accrued short-term leases	21,827		—
Accrued sales and other tax	19,862		19,452
Accrued product liability and workers compensation	15,164		16,284
Accrued agent commission	13,816		11,969
Accrued professional fees	13,368		17,313
Other accrued expenses	58,378		64,372
	$	416,550	$	367,446

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets (in thousands):

	2019			2018
Unrecognized pension benefit costs, net of tax of ($48,633) and ($36,719)	$	(228,336	)	$	(170,938	)
Unrealized gain on interest rate swap, net of tax of ($5,973) and $2,543	(16,892		)	7,233
Currency translation adjustments	(105,705		)	(112,771		)
	$	(350,933	)	$	(276,476	)

Changes in accumulated other comprehensive income (loss) ⁽¹⁾ were as follows (in thousands):

	Currency Translation Adjustment			Pension Benefit Costs			Unrealized Gain/(Loss) Interest Rate Swap			Total
Balance as of December 30, 2017	$	(69,721	)	$	(203,063	)	$	6,365		$	(266,419	)
Adoption of ASU 2018-02 (2)	—			(487		)	1,619			1,132
Other comprehensive income before reclassification	(43,050		)	29,527			(1,166		)	(14,689		)
Amounts reclassified from accumulated other comprehensive income	—			3,085			415			3,500
Net current-period other comprehensive income	$	(43,050	)	$	32,125		$	868		$	(10,057	)
Balance as of December 29, 2018	$	(112,771	)	$	(170,938	)	$	7,233		$	(276,476	)
Adoption of ASU 2017-12 (3)	—			—			11			11
Other comprehensive income before reclassification	7,066			(59,238		)	(25,392		)	(77,564		)
Amounts reclassified from accumulated other comprehensive income	—			1,840			1,256			3,096
Net current-period other comprehensive income	$	7,066		$	(57,398	)	$	(24,125	)	$	(74,457	)
Balance as of December 28, 2019	$	(105,705	)	$	(228,336	)	$	(16,892	)	$	(350,933	)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The company’s financial assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at December 28, 2019 and December 29, 2018 are as follows (in thousands):

	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of December 28, 2019
Financial Assets:
Interest rate swaps	$	—	$	1,830	$	—	$	1,830
Financial Liabilities:
Interest rate swaps	$	—	$	25,120	$	—	$	25,120
Contingent consideration	$	—	$	—	$	6,697	$	6,697
Foreign exchange derivative contracts	$	—	$	901	$	—	$	901
As of December 29, 2018
Financial Assets:
Interest rate swaps	$	—	$	13,487	$	—	$	13,487
Financial Liabilities:
Interest rate swaps	$	—	$	4,125	$	—	$	4,125
Contingent consideration	$	—	$	—	$	3,566	$	3,566
Foreign exchange derivative contracts	$	—	$	854	$	—	$	854

Schedule of Product Warranty Liability

A rollforward of the warranty reserve for the fiscal years 2019 and 2018 are as follows (in thousands):

	2019			2018
Beginning balance	$	59,451		$	52,834
Warranty reserve related to acquisitions	7,353			5,884
Warranty expense	68,842			62,314
Warranty claims paid	(69,272		)	(61,581		)
Ending balance	$	66,374		$	59,451