Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | ||||
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: |
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
DESCRIPTION | PAGE | |||||||
PART I. FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS as of JUNE 27, 2020 and DECEMBER 28, 2019 | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three and six months ended JUNE 27, 2020 and JUNE 29, 2019 | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY for the three and six months ended JUNE 27, 2020 and JUNE 29, 2019 | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the six months ended JUNE 27, 2020 and JUNE 29, 2019 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1.A | ||||||||
Item 2. | ||||||||
Item 6. |
ASSETS | Jun 27, 2020 | Dec 28, 2019 | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of reserve for doubtful accounts of $ | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other | |||||||||||
Prepaid taxes | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | |||||||||||
Goodwill | |||||||||||
Other intangibles, net of amortization of $ | |||||||||||
Long-term deferred tax assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term deferred tax liability | |||||||||||
Accrued pension benefits | |||||||||||
Other non-current liabilities | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Paid-in capital | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Jun 27, 2020 | Jun 29, 2019 | Jun 27, 2020 | Jun 29, 2019 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Restructuring expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense and deferred financing amortization, net | |||||||||||||||||||||||
Net periodic pension benefit (other than service costs) | ( | ( | ( | ( | |||||||||||||||||||
Other expense (income), net | ( | ( | |||||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of shares | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Dilutive common stock equivalents | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income/(loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
Balance, March 28, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
Currency translation adjustments | |||||||||||||||||||||||||||||||||||
Change in unrecognized pension benefit costs, net of tax of $( | ( | ( | |||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swap, net of tax of $( | ( | ( | |||||||||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||||||||
Stock issuance | |||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Balance, June 27, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Balance, December 28, 2019 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
Currency translation adjustments | ( | ( | |||||||||||||||||||||||||||||||||
Change in unrecognized pension benefit costs, net of tax of $ | |||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swap, net of tax of $( | ( | ( | |||||||||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||||||||
Stock issuance | |||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Balance, June 27, 2020 | $ | $ | $ | ( | $ | $ | ( | $ |
Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income/(loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
Balance, March 30, 2019 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
Currency translation adjustments | ( | ( | |||||||||||||||||||||||||||||||||
Change in unrecognized pension benefit costs, net of tax of $ | |||||||||||||||||||||||||||||||||||
Unrealized gain on interest rate swap, net of tax of $( | ( | ( | |||||||||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||||||||
Stock issuance | |||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Balance, June 29, 2019 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Balance, December 29, 2018 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
Adoption of ASU 2017-12 (1) | ( | ||||||||||||||||||||||||||||||||||
Currency translation adjustments | ( | ( | |||||||||||||||||||||||||||||||||
Change in unrecognized pension benefit costs, net of tax of $( | ( | ( | |||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swap, net of tax of $( | ( | ( | |||||||||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||||||||
Stock issuance | |||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Balance, June 29, 2019 | $ | $ | $ | ( | $ | $ | ( | $ |
Six Months Ended | |||||||||||
Jun 27, 2020 | Jun 29, 2019 | ||||||||||
Cash flows from operating activities-- | |||||||||||
Net earnings | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities-- | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash share-based compensation | |||||||||||
Deferred income taxes | |||||||||||
Net periodic pension benefit (other than service costs) | ( | ( | |||||||||
Changes in assets and liabilities, net of acquisitions | |||||||||||
Accounts receivable, net | |||||||||||
Inventories, net | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Accrued expenses and other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities-- | |||||||||||
Net additions to property, plant and equipment | ( | ( | |||||||||
Proceeds on sale of property, plant and equipment | |||||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities-- | |||||||||||
Proceeds under Credit Facility | |||||||||||
Repayments under Credit Facility | ( | ( | |||||||||
Net proceeds under international credit facilities | |||||||||||
Net repayments under other debt arrangement | ( | ( | |||||||||
Payments of deferred purchase price | ( | ( | |||||||||
Repurchase of treasury stock | ( | ( | |||||||||
Debt issuance costs | ( | ||||||||||
Net cash provided by financing activities | |||||||||||
Effect of exchange rates on cash and cash equivalents | ( | ( | |||||||||
Changes in cash and cash equivalents-- | |||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of year | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Fair Value Level 1 | Fair Value Level 2 | Fair Value Level 3 | Total | ||||||||||||||||||||
As of June 27, 2020 | |||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
Contingent consideration | $ | $ | $ | $ | |||||||||||||||||||
Foreign exchange derivative contracts | $ | ||||||||||||||||||||||
As of December 28, 2019 | |||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
Contingent consideration | $ | $ | $ | $ | |||||||||||||||||||
Foreign exchange derivative contracts | $ | $ | $ | $ |
(as initially reported) April 1, 2019 | Measurement Period Adjustments | (as adjusted) April 1, 2019 | |||||||||||||||
Cash | $ | $ | $ | ||||||||||||||
Current assets | ( | ||||||||||||||||
Property, plant and equipment | ( | ||||||||||||||||
Goodwill | |||||||||||||||||
Other intangibles | ( | ||||||||||||||||
Other assets | |||||||||||||||||
Current liabilities | ( | ( | ( | ||||||||||||||
Long-term deferred tax liability | ( | ( | |||||||||||||||
Other non-current liabilities | ( | ( | |||||||||||||||
Net assets acquired and liabilities assumed | $ | $ | $ |
Preliminary Opening Balance Sheet | Preliminary Measurement Period Adjustments | Adjusted Opening Balance Sheet | |||||||||||||||
Cash | $ | $ | ( | $ | |||||||||||||
Current assets | |||||||||||||||||
Property, plant and equipment | ( | ||||||||||||||||
Goodwill | ( | ||||||||||||||||
Other intangibles | |||||||||||||||||
Long-term deferred tax asset | |||||||||||||||||
Other assets | |||||||||||||||||
Current liabilities | ( | ( | ( | ||||||||||||||
Other non-current liabilities | ( | ( | ( | ||||||||||||||
Consideration paid at closing | $ | $ | ( | $ | |||||||||||||
Deferred payments | |||||||||||||||||
Contingent consideration | |||||||||||||||||
Net assets acquired and liabilities assumed | $ | $ | $ |
Preliminary Opening Balance Sheet | Measurement Period Adjustments | Adjusted Opening Balance Sheet | |||||||||||||||
Cash | $ | $ | $ | ||||||||||||||
Current assets | ( | ||||||||||||||||
Property, plant and equipment | ( | ||||||||||||||||
Goodwill | |||||||||||||||||
Other intangibles | |||||||||||||||||
Other assets | |||||||||||||||||
Current liabilities | ( | ( | |||||||||||||||
Other non-current liabilities | ( | ( | |||||||||||||||
Consideration paid at closing | $ | $ | $ | ||||||||||||||
Deferred payments | |||||||||||||||||
Contingent consideration | |||||||||||||||||
Net assets acquired and liabilities assumed | $ | $ | $ |
Six Months Ended | |||||||||||
June 27, 2020 | June 29, 2019 | ||||||||||
Net sales | $ | $ | |||||||||
Net earnings | |||||||||||
Net earnings per share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
Commercial Foodservice | Food Processing | Residential Kitchen | Total | ||||||||||||||||||||
Three Months Ended June 27, 2020 | |||||||||||||||||||||||
United States and Canada | $ | $ | $ | $ | |||||||||||||||||||
Asia | |||||||||||||||||||||||
Europe and Middle East | |||||||||||||||||||||||
Latin America | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Six Months Ended June 27, 2020 | |||||||||||||||||||||||
United States and Canada | $ | $ | $ | $ | |||||||||||||||||||
Asia | |||||||||||||||||||||||
Europe and Middle East | |||||||||||||||||||||||
Latin America | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 29, 2019 | |||||||||||||||||||||||
United States and Canada | $ | $ | $ | $ | |||||||||||||||||||
Asia | |||||||||||||||||||||||
Europe and Middle East | |||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Six Months Ended June 29, 2019 | |||||||||||||||||||||||
United States and Canada | $ | $ | $ | $ | |||||||||||||||||||
Asia | |||||||||||||||||||||||
Europe and Middle East | |||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Jun 27, 2020 | Dec 28, 2019 | ||||||||||
Contract assets | $ | $ | |||||||||
Contract liabilities | $ | $ | |||||||||
Non-current contract liabilities | $ | $ |
Currency Translation Adjustment | Pension Benefit Costs | Unrealized Gain/(Loss) Interest Rate Swap | Total | ||||||||||||||||||||
Balance as of December 28, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income before reclassification | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||||||||
Net current-period other comprehensive income | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Balance as of June 27, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Balance as of December 29, 2018 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Adoption of ASU 2017-12 (2) | |||||||||||||||||||||||
Other comprehensive income before reclassification | ( | ( | ( | ( | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | |||||||||||||||||||||
Net current-period other comprehensive income | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Balance as of June 29, 2019 | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Jun 27, 2020 | Jun 29, 2019 | Jun 27, 2020 | Jun 29, 2019 | ||||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||||||||
Pension liability adjustment, net of tax | ( | ( | |||||||||||||||||||||
Unrealized loss on interest rate swaps, net of tax | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Jun 27, 2020 | Dec 28, 2019 | ||||||||||
Raw materials and parts | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
$ | $ |
Commercial Foodservice | Food Processing | Residential Kitchen | Total | ||||||||||||||||||||
Balance as of December 28, 2019 | $ | $ | $ | $ | |||||||||||||||||||
Goodwill acquired during the year | |||||||||||||||||||||||
Measurement period adjustments to goodwill acquired in prior year | ( | ( | ( | ||||||||||||||||||||
Exchange effect | ( | ( | ( | ||||||||||||||||||||
Balance as of June 27, 2020 | $ | $ | $ | $ |
June 27, 2020 | December 28, 2019 | ||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Backlog | ( | ( | |||||||||||||||||||||||||||||||||
Developed technology | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||
Indefinite-lived assets: | |||||||||||||||||||||||||||||||||||
Trademarks and tradenames | $ | $ |
Twelve Month Period coinciding with the end of the company's Fiscal Second Quarter | Amortization Expense | |||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
$ |
Jun 27, 2020 | Dec 28, 2019 | ||||||||||
Contract liabilities | $ | $ | |||||||||
Accrued warranty | |||||||||||
Accrued payroll and related expenses | |||||||||||
Accrued short-term leases | |||||||||||
Accrued customer rebates | |||||||||||
Accrued sales and other tax | |||||||||||
Accrued product liability and workers compensation | |||||||||||
Accrued professional fees | |||||||||||
Accrued agent commission | |||||||||||
Other accrued expenses | |||||||||||
$ | $ |
Six Months Ended | |||||
Jun 27, 2020 | |||||
Balance as of December 28, 2019 | $ | ||||
Warranty reserve related to acquisitions | |||||
Warranty expense | |||||
Warranty claims | ( | ||||
Balance as of June 27, 2020 | $ |
Jun 27, 2020 | Dec 28, 2019 | ||||||||||
(in thousands) | |||||||||||
Senior secured revolving credit line | $ | $ | |||||||||
Term loan facility | |||||||||||
Foreign loans | |||||||||||
Other debt arrangement | |||||||||||
Total debt | |||||||||||
Less: Current maturities of long-term debt | |||||||||||
Long-term debt |
Jun 27, 2020 | Dec 28, 2019 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Condensed Consolidated Balance Sheet Presentation | Jun 27, 2020 | Dec 28, 2019 | |||||||||||||||
Fair value | Other assets | $ | $ | ||||||||||||||
Fair value | Accrued expenses | $ | $ | ||||||||||||||
Fair value | Other non-current liabilities | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Presentation of Gain/(loss) | Jun 27, 2020 | Jun 29, 2019 | Jun 27, 2020 | Jun 29, 2019 | |||||||||||||||||||||||||
Gain/(loss) recognized in accumulated other comprehensive income | Other comprehensive income | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | Interest expense | $ | ( | $ | $ | ( | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Jun 27, 2020 | Jun 29, 2019 | Jun 27, 2020 | Jun 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Sales | Percent | Sales | Percent | Sales | Percent | Sales | Percent | ||||||||||||||||||||||||||||||||||||||||
Business Segments: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Foodservice | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Food Processing | |||||||||||||||||||||||||||||||||||||||||||||||
Residential Kitchen | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | % | $ | % | $ | % | $ | % |
Commercial Foodservice | Food Processing | Residential Kitchen | Corporate and Other (1) | Total | |||||||||||||||||||||||||
Three Months Ended June 27, 2020 | |||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Income (loss) from operations (2)(3) | ( | ||||||||||||||||||||||||||||
Depreciation expense | |||||||||||||||||||||||||||||
Amortization expense (4) | |||||||||||||||||||||||||||||
Net capital expenditures | |||||||||||||||||||||||||||||
Six Months Ended June 27, 2020 | |||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Income (loss) from operations (2)(3) | ( | ||||||||||||||||||||||||||||
Depreciation expense | |||||||||||||||||||||||||||||
Amortization expense (4) | |||||||||||||||||||||||||||||
Net capital expenditures | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three Months Ended June 29, 2019 | |||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Income (loss) from operations (2)(3) | ( | ||||||||||||||||||||||||||||
Depreciation expense | |||||||||||||||||||||||||||||
Amortization expense (4) | |||||||||||||||||||||||||||||
Net capital expenditures | |||||||||||||||||||||||||||||
Six Months Ended June 29, 2019 | |||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Income (loss) from operations (2)(3) | ( | ||||||||||||||||||||||||||||
Depreciation expense | |||||||||||||||||||||||||||||
Amortization expense (4) | |||||||||||||||||||||||||||||
Net capital expenditures | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ |
Jun 27, 2020 | Jun 29, 2019 | ||||||||||
United States and Canada | $ | $ | |||||||||
Asia | |||||||||||
Europe and Middle East | |||||||||||
Latin America | |||||||||||
Total international | $ | $ | |||||||||
$ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Jun 27, 2020 | Jun 29, 2019 | Jun 27, 2020 | Jun 29, 2019 | |||||||||||||||||||||||
Net Periodic Pension Benefit: | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of net (gain) loss | ||||||||||||||||||||||||||
Amortization of prior service cost (credit) | ||||||||||||||||||||||||||
Curtailment loss (gain) | ||||||||||||||||||||||||||
$ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Jun 27, 2020 | Jun 29, 2019 | Jun 27, 2020 | Jun 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Sales | Percent | Sales | Percent | Sales | Percent | Sales | Percent | ||||||||||||||||||||||||||||||||||||||||
Business Segments: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Foodservice | $ | 267,500 | 56.7 | % | $ | 513,279 | 67.4 | % | $ | 710,624 | 61.8 | % | $ | 970,810 | 67.1 | % | |||||||||||||||||||||||||||||||
Food Processing | 101,563 | 21.5 | 97,853 | 12.9 | 205,829 | 17.9 | 190,327 | 13.1 | |||||||||||||||||||||||||||||||||||||||
Residential Kitchen | 102,914 | 21.8 | 149,872 | 19.7 | 232,983 | 20.3 | 286,669 | 19.8 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 471,977 | 100.0 | % | $ | 761,004 | 100.0 | % | $ | 1,149,436 | 100.0 | % | $ | 1,447,806 | 100.0 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Jun 27, 2020 | Jun 29, 2019 | Jun 27, 2020 | Jun 29, 2019 | ||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of sales | 67.6 | 62.4 | 64.9 | 62.4 | |||||||||||||||||||
Gross profit | 32.4 | 37.6 | 35.1 | 37.6 | |||||||||||||||||||
Selling, general and administrative expenses | 23.7 | 19.0 | 22.3 | 20.8 | |||||||||||||||||||
Restructuring | 0.5 | 0.3 | 0.3 | 0.2 | |||||||||||||||||||
Income from operations | 8.2 | 18.3 | 12.5 | 16.6 | |||||||||||||||||||
Interest expense and deferred financing amortization, net | 4.6 | 2.9 | 3.3 | 2.9 | |||||||||||||||||||
Net periodic pension benefit (other than service costs) | (2.1) | (1.0) | (1.7) | (1.0) | |||||||||||||||||||
Other expense (income), net | 0.1 | (0.1) | 0.3 | (0.1) | |||||||||||||||||||
Earnings before income taxes | 5.6 | 16.5 | 10.6 | 14.8 | |||||||||||||||||||
Provision for income taxes | 1.2 | 4.4 | 2.5 | 3.7 | |||||||||||||||||||
Net earnings | 4.4 | % | 12.1 | % | 8.1 | % | 11.1 | % |
Twelve Month Period coinciding with the end of the company's Fiscal Second Quarter | Variable Rate Debt | |||||||
2021 | $ | 23,971 | ||||||
2022 | 19,144 | |||||||
2023 | 18,918 | |||||||
2024 | 18,847 | |||||||
2025 and thereafter | 2,316,036 | |||||||
$ | 2,396,916 |
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) | ||||||||||||||||||||
March 29 to April 25, 2020 | — | $ | — | — | 1,476,835 | ||||||||||||||||||
April 26 to May 23, 2020 | — | — | — | 1,476,835 | |||||||||||||||||||
May 24 to June 27, 2020 | — | — | — | 1,476,835 | |||||||||||||||||||
Quarter ended June 27, 2020 | — | $ | — | — | 1,476,835 |
Exhibits – The following exhibits are filed herewith: | |||||
Exhibit 31.1 – | |||||
Exhibit 31.2 – | |||||
Exhibit 32.1 – | |||||
Exhibit 32.2 – | |||||
Exhibit 101 – | Financial statements on Form 10-Q for the quarter ended June 27, 2020, filed on August 6, 2020, formatted in Inline Extensive Business Reporting Language (iXBRL); (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of earnings, (iii) condensed statements of cash flows, (iv) notes to the condensed consolidated financial statements. | ||||
Exhibit 104 – | Cover Page Interactive Data File (formatted as Inline Extensive Business Reporting Language (iXBRL) and contained in Exhibit 101). |
THE MIDDLEBY CORPORATION | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | August 6, 2020 | By: | /s/ Bryan E. Mittelman | |||||||||||
Bryan E. Mittelman | ||||||||||||||
Chief Financial Officer |
/s/ Timothy J. FitzGerald | ||
Timothy J. FitzGerald | ||
Chief Executive Officer of The Middleby Corporation |
/s/ Bryan E. Mittelman | ||
Bryan E. Mittelman | ||
Chief Financial Officer of The Middleby Corporation |
/s/ Timothy J. FitzGerald | ||
Timothy J. FitzGerald |
/s/ Bryan E. Mittelman | ||
Bryan E. Mittelman |
Other Comprehensive Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Other Comprehensive Income Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income The company reports changes in equity during a period, except those resulting from investments by owners and distributions to owners, in accordance with ASC 220, "Comprehensive Income". Changes in accumulated other comprehensive income(1) were as follows (in thousands):
(1) As of June 27, 2020, pension and interest rate swap amounts are net of tax of $(46.0) million and $(16.2) million, respectively. During the six months ended June 27, 2020, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $2.6 million and $(10.3) million, respectively. As of June 29, 2019 pension and interest rate swap amounts are net of tax of $(36.8) million and $(5.5) million, respectively. During the six months ended June 29, 2019, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $(0.1) million and $(8.0) million, respectively. (2) As of December 30, 2018, the company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" using the modified retrospective method. The adoption of this guidance resulted in the recognition of less than $0.1 million as an adjustment to the opening balance of retained earnings. Components of other comprehensive income were as follows (in thousands):
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
|||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 471,977 | $ 761,004 | $ 1,149,436 | $ 1,447,806 | ||||
Cost of sales | 318,851 | 474,525 | 746,120 | 904,015 | ||||
Gross profit | 153,126 | 286,479 | 403,316 | 543,791 | ||||
Selling, General and Administrative Expense | 111,824 | 144,631 | 255,766 | 300,540 | ||||
Restructuring Charges | 2,184 | 2,241 | 3,018 | 2,583 | ||||
Income from operations | [1],[2] | 39,118 | 139,607 | 144,532 | 240,668 | |||
Net interest expense and deferred financing amortization, net | 21,750 | 21,968 | 37,463 | 42,488 | ||||
Net Periodic Benefit Cost, Other Components | (9,766) | (7,297) | (19,855) | (15,058) | ||||
Other (income) expense, net | 382 | (520) | 3,708 | (1,933) | ||||
Earnings before income taxes | 26,752 | 125,456 | 123,216 | 215,171 | ||||
Provision for income taxes | 5,590 | 33,246 | 28,275 | 53,948 | ||||
Net earnings | $ 21,162 | $ 92,210 | $ 94,941 | $ 161,223 | ||||
Net earnings per share: | ||||||||
Earnings Per Share, Basic | $ 0.39 | $ 1.66 | $ 1.72 | $ 2.90 | ||||
Earnings Per Share, Diluted | $ 0.39 | $ 1.66 | $ 1.72 | $ 2.90 | ||||
Weighted average number of shares | ||||||||
Basic (in shares) | 54,935,000 | 55,660,000 | 55,165,000 | 55,630,000 | ||||
Dilutive common stock equivalents (in shares) | 22,000 | 0 | 12,000 | 0 | ||||
Diluted (in shares) | 54,957,000 | 55,660,000 | 55,177,000 | 55,630,000 | ||||
Comprehensive income | $ 35,862 | $ 70,895 | $ 50,314 | $ 135,961 | ||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
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Cash flows from operating activities-- | ||
Net earnings | $ 94,941 | $ 161,223 |
Adjustments to reconcile net earnings to net cash provided by operating activities-- | ||
Depreciation and amortization expense | 54,210 | 50,135 |
Non-cash share-based compensation | 9,122 | 1,334 |
Deferred income taxes | 11,975 | 10,057 |
Net Periodic Benefit Cost, Other Components | (19,855) | (15,058) |
Changes in assets and liabilities, net of acquisitions | ||
Accounts receivable, net | 137,208 | 934 |
Inventories, net | (11,398) | (65,154) |
Prepaid expenses and other assets | 13,707 | (8,255) |
Accounts payable | (54,169) | (4,561) |
Accrued expenses and other liabilities | (70,981) | (29,065) |
Net cash provided by operating activities | 164,760 | 101,590 |
Cash flows from investing activities-- | ||
Additions to property and equipment | (22,712) | (21,630) |
Proceeds from Sale of Property, Plant, and Equipment | 9,381 | 0 |
Acquisitions, net of cash acquired | (29,850) | (167,089) |
Net cash (used in) investing activities | (43,181) | (188,719) |
Cash flows from financing activities-- | ||
Proceeds under Credit Facility | 2,547,306 | 313,107 |
Repayments under Credit Facility | 2,025,355 | 209,484 |
Net proceeds under international credit facilities | 2,989 | 254 |
Net repayments under other debt arrangement | (23) | (175) |
Payments of deferred purchase price | (2,145) | (446) |
Repurchase of treasury stock | (76,849) | (6,086) |
Payments of Debt Issuance Costs | 7,592 | 0 |
Net cash (used in) provided by financing activities | 438,331 | 97,170 |
Effect of exchange rates on cash and cash equivalents | (4,690) | (55) |
Changes in cash and cash equivalents-- | ||
Net (decrease) increase in cash and cash equivalents | 555,220 | 9,986 |
Cash and cash equivalents at beginning of year | 94,500 | 71,701 |
Cash and cash equivalents at end of quarter | $ 649,720 | $ 81,687 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies a)Basis of Presentation The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2019 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2020. In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of June 27, 2020 and December 28, 2019, the results of operations for the three and six months ended June 27, 2020 and June 29, 2019, cash flows for the six months ended June 27, 2020 and June 29, 2019 and statement of stockholders' equity for the three and six months ended June 27, 2020 and June 29, 2019. Certain prior year amounts have been reclassified to be consistent with current year presentation, including classifying the non-operating components of pension benefit as an individual adjustment within the operating activities on the Consolidated Statements of Cash Flows. Previously the amounts were reported as changes in accrued expenses and other liabilities. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates. b)Non-Cash Share-Based Compensation The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $5.0 million and $0.3 million for the three months period ended June 27, 2020 and June 29, 2019, respectively. Non-cash share-based compensation expense was $9.1 million and $1.3 million for the six months period ended June 27, 2020 and June 29, 2019, respectively. c)Income Taxes A tax provision of $5.6 million, at an effective rate of 20.9% was recorded during the three months period ended June 27, 2020, as compared to a $33.2 million tax provision at an effective rate of 26.5% in the prior year period. A tax provision of $28.3 million, at an effective rate of 22.9%, was recorded during the six months period ended June 27, 2020, as compared to a $53.9 million tax provision at a 25.1% effective rate in the prior year period. The effective tax rates in 2020 are lower than the comparable prior year rates primarily due to a reduction in non-deductible costs. d)Fair Value Measures Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 – Unobservable inputs based the company's own assumptions. The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands):
The contingent consideration as of June 27, 2020 and December 28, 2019, relates to the earnout provisions recorded in conjunction with various purchase agreements. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreement. On a quarterly basis, the company assesses the projected results for each acquired business in comparison to the earnout targets and adjusts the liability accordingly. E) Consolidated Statements of Cash Flows Cash paid for interest was $32.9 million and $42.0 million for the six months ended June 27, 2020 and June 29, 2019, respectively. Cash payments totaling $8.0 million and $41.3 million were made for income taxes for the six months ended June 27, 2020 and June 29, 2019, respectively.
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Acquisitions and Purchase Accounting |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | Acquisitions and Purchase Accounting The company operates in a highly fragmented industry and has completed numerous acquisitions over the past several years as a component of its growth strategy. The company has acquired industry leading brands and technologies to position itself as a leader in the commercial foodservice equipment, food processing equipment and residential kitchen equipment industries. The company has accounted for all business combinations using the acquisition method to record a new cost basis for the assets acquired and liabilities assumed. The difference between the purchase price and the fair value of the assets acquired and liabilities assumed has been recorded as goodwill in the financial statements. The company also recognizes identifiable intangible assets, primarily trade names and customer relationships, at their fair value using a discounted cash flow model. The significant assumptions used to estimate the value of the intangible assets include revenue growth rates, projected profit margins, discount rates, royalty rates, and customer attrition rates. These significant assumptions are forward-looking and could be affected by future economic and market conditions. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition. The following represents the company's significant acquisitions in 2020 and 2019 as well as summarized information on various acquisitions that were not individually material. The company also made smaller acquisitions not presented below which are individually and collectively immaterial. Cooking Solutions Group On April 1, 2019, the company completed its acquisition of all of the capital stock of Cooking Solutions Group, Inc. ("Cooking Solutions Group") from Standex International Corporation, which consists of the brands APW Wyott, Bakers Pride, BKI and Ultrafryer with locations in Texas, South Carolina and Mexico for a purchase price of approximately $106.1 million, net of cash acquired. During the third quarter of 2019, the company finalized the working capital provision provided for by the purchase agreement resulting in a payment due to the sellers of $0.1 million. The final allocation of consideration paid for the Cooking Solutions Group acquisition is summarized as follows (in thousands):
The long-term deferred tax liability amounted to $10.5 million. The net deferred tax liability is comprised of $11.6 million of deferred tax liability related to the difference between the book and tax basis on identifiable intangible asset and liability accounts and $1.1 million of deferred tax asset related to the difference between the book and tax basis on identifiable tangible assets and liability accounts. The goodwill and $24.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $22.5 million allocated to customer relationships and $0.4 million allocated to backlog, which are being amortized over periods of 9 years and 3 months, respectively. Goodwill and other intangibles of Cooking Solutions Group are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. Other 2019 Acquisitions During 2019, the company completed various other acquisitions that were not individually material. The estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2019 acquisitions and are summarized as follows (in thousands):
The long-term deferred tax asset amounted to $2.7 million. The net deferred tax asset is comprised of $2.9 million of deferred tax asset related to tax loss carryforwards, $1.0 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.8 million of deferred tax asset related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $32.7 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $28.8 million allocated to customer relationships, $10.3 million allocated to developed technology and $1.4 million allocated to backlog, which are being amortized over periods of 2 to 10 years, 5 to 7 years, and 3 months, respectively. Goodwill of $42.6 million and other intangibles of $35.5 million of the companies are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $34.9 million and other intangibles of $30.1 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $12.8 million and other intangibles of $7.6 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $79.5 million and intangibles of $62.6 million are expected to be deductible for tax purposes. Two purchase agreements include deferred payments and earnout provisions providing for contingent payments due to the sellers to the extent certain financial targets are exceeded. The deferred payments are payable between 2020 and 2022. The contractual obligations associated with the deferred payments on the acquisition dates amount to $2.4 million. The earnouts are payable between 2021 and 2030, if the companies exceed certain sales and earnings targets. The contractual obligations associated with the contingent earnout provisions recognized on the acquisition dates amount to $7.0 million. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for various 2019 acquisitions. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocations during 2020. 2020 Acquisitions As of June 27, 2020, the company has completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the acquisitions and are summarized as follows (in thousands):
The goodwill and $9.0 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $5.3 million allocated to customer relationships, $0.2 million allocated to developed technology and $2.0 million allocated to backlog, which are being amortized over periods of 7 years, 7 years, and 9 months, respectively. Goodwill of $13.1 million and other intangibles of $16.5 million of the companies are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes and are expected to be deductible for tax purposes. One purchase agreement includes a deferred payment and earnout provision providing for contingent payments due to the sellers to the extent certain financial targets are exceeded. The deferred payment is payable during 2020. The contractual obligation associated with the deferred payments on the acquisition date is $1.3 million. The earnout is payable in 2023, if the company exceeds certain sales and earnings targets. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $1.8 million. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for substantially all 2020 acquisitions to date. 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 six months ended June 27, 2020 and June 29, 2019, assumes the 2019 and 2020 acquisitions described above were completed on December 30, 2018 (first day of fiscal year 2019). The following pro forma results include adjustments to reflect 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 historical consolidated financial information of the Company and the acquisitions have been adjusted in the pro forma information to give effect to pro forma events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Pro forma data may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate the acquired businesses.
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Litigation Matters |
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Jun. 27, 2020 | |
Notes To Financial Statements [Abstract] | |
Litigation Matters | Litigation MattersFrom time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any pending litigation will have a material effect on its financial condition, results of operations or cash flows. |
Recently Issued Accounting Standards |
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Jun. 27, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Accounting Pronouncements - Recently Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, and has since modified the standard with several ASUs (collectively, the “new credit loss standard”). The new credit loss standard requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The company adopted the new standard as of December 29, 2019 (first day of fiscal year 2020) using the modified retrospective approach. As a result of the company's assessment process on its receivables and contract assets portfolio, which is the only financial instrument in scope of this standard, the adoption of this guidance did not have a material impact on the company's Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in ASU-04 simplify the subsequent measurement of goodwill, by removing the second step of the goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value. The new guidance does not amend the optional qualitative assessment of goodwill impairment. The company adopted this guidance on December 29, 2019 on a prospective basis. The adoption of this guidance did not have an impact on the company's Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement". The amendments in ASU-13 remove, modify and add various disclosure requirements around fair value measurement in order to clarify and improve the cost-benefit nature of disclosures. The company adopted this guidance on December 29, 2019 on a prospective basis. The adoption of this guidance did not have an impact on the company's Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)". The amendments in ASU-15 align the requirements for capitalizing implementation costs in a service contract hosting arrangement with those of developing or obtaining internal-use software. The company adopted this guidance on December 29, 2019 on a prospective basis. The adoption of this guidance did not have an impact on the company's Condensed Consolidated Financial Statements. Accounting Pronouncements - To be adopted In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)". The amendments in ASU-14 remove, modify and add various disclosure requirements around the topic in order to clarify and improve the cost-benefit nature of disclosures. This guidance is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2020 with early adoption permitted. The amendments must be applied on a retrospective basis for all periods presented. The company is currently evaluating the impacts the adoption of this guidance will have on its Condensed Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)", which removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This guidance is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2020 with early adoption permitted. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings in the period of adoption. The company is currently evaluating the impacts the adoption of this guidance will have on its Condensed Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting". Subject to meeting certain criteria, ASU 2020-04 provides optional expedients and exceptions to applying contract modification accounting under existing generally accepted accounting principles, for contracts that are modified to address the expected phase out of the London Inter-bank Offered Rate (“LIBOR”) by the end of 2021. Some of the Company’s contracts with respect to its borrowings and interest rate swap contracts already contain comparable alternative reference rates that would automatically take effect upon the phasing out of LIBOR, while for others, the company anticipates negotiating comparable replacement rates with its counterparties. This guidance is effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The company is currently evaluating the impacts the adoption of this guidance will have on its Condensed Consolidated Financial Statements.
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Revenue Recognition Revenue Recognition (Notes) |
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Revenue from Contract with Customer [Text Block] | Revenue Recognition Disaggregation of Revenue The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):
Contract Balances Contract assets primarily relate to the company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Accounts receivable are not considered contract assets under the revenue standard as contract assets are conditioned upon the company's future satisfaction of a performance obligation. Accounts receivable, in contracts, are unconditional rights to consideration. Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized. The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands):
During the six months period ended June 27, 2020, the company reclassified $9.5 million to receivables, which was included in the contract asset balance at the beginning of the period. During the six months period ended June 27, 2020, the company recognized revenue of $47.1 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $66.5 million during the six months period ended June 27, 2020. The increase in contract liabilities primarily relates to companies acquired during the six months period ended June 27, 2020. Substantially, all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the six months period ended June 27, 2020.
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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 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 June 27, 2020 and December 28, 2019 are as follows (in thousands):
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Goodwill |
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Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill Changes in the carrying amount of goodwill for the six months ended June 27, 2020 are as follows (in thousands):
The company continues to monitor the global outbreak of the COVID-19 pandemic to assess the outlook for demand of its products and the impact on its business and financial performance. The potential impact of the COVID-19 pandemic on demand, production levels, and its operating results in the short-term is uncertain, but the company remains committed to the strategic actions necessary to realize long-term revenue and cash flow growth rates. The potential negative demand effect on revenues is also uncertain given the volatile environment, but demand and production levels are anticipated to recover. As a result of the company's analysis, and in consideration of the totality of events and circumstances, there were no triggering events requiring an interim goodwill impairment assessment identified during the six months period ended June 27, 2020. Additionally, for the assessment of indefinite-life intangible assets other than goodwill, primarily trademarks and trade names, the company identified several trademarks and trade names with indicators of potential risk for impairment and performed quantitative assessments. The fair values of the trademarks tested exceeded their carrying values by more than 10%. As a result, no impairment charges for goodwill and indefinite-lived intangible assets were recorded during the six months period ended June 27, 2020.
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Intangibles (Notes) |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | Intangibles Intangible assets consist of the following (in thousands):
The aggregate intangible amortization expense was $17.6 million and $14.7 million for the three months period ended June 27, 2020 and June 29, 2019, respectively. The aggregate intangible amortization expense was $34.5 million and $30.8 million for the six months period ended June 27, 2020 and June 29, 2019, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):
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Accrued Expenses |
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Disclosure Accrued Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following (in thousands):
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Warranty Costs |
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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, actual claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. A rollforward of the warranty reserve is as follows (in thousands):
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Financing Arrangements |
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Financing Arrangements | Financing Arrangements
On January 31, 2020, the company entered into an amended and restated five-year, $3.5 billion multi-currency senior secured credit agreement (the "Credit Facility"). The Credit Facility amends the company's pre-existing $3.0 billion credit facility, which had an original maturity of July 2021. The Credit Facility consists of (i) a $750.0 million term loan facility and (ii) a $2.75 billion multi-currency revolving credit facility, with the potential under certain circumstances, to increase the amount of the credit facility to up to a total of $4.0 billion (plus additional amounts, subject to compliance with a senior secured net leverage ratio). The Credit Facility matures on January 31, 2025. The term loan facility will amortize in equal quarterly installments due on the last day of each fiscal quarter, commencing with the first full fiscal quarter after January 31, 2020, in an aggregate annual amount equal to 2.50% of the original aggregate principal amount of the term loan facility, with the balance, plus any accrued interest, due and payable on January 31, 2025. As of June 27, 2020, the company had $2.4 billion of borrowings outstanding under the revolving credit facility, including $1.6 billion of borrowings in U.S. Dollars, $52.0 million of borrowings denominated in British Pounds, and $750.0 million outstanding under the term loan. The company also had $13.6 million in outstanding letters of credit as of June 27, 2020, which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under this facility was $1.1 billion at June 27, 2020. At June 27, 2020, borrowings under the Credit Facility accrued interest at a rate of 1.625% above LIBOR per annum or 0.625% above the highest of the prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.00%. The average interest rate per annum, inclusive of hedging instruments, on the debt under the Credit Facility was equal to 2.98% at the end of the period. The interest rates on borrowings under the Credit Facility may be adjusted quarterly based on the company’s Funded Debt less Unrestricted Cash to Pro Forma EBITDA (the “Leverage Ratio”) on a rolling four-quarter basis. Additionally, a commitment fee based upon the Leverage Ratio is charged on the unused portion of the commitments under the Credit Facility. This variable commitment fee was equal to 0.25% per annum as of June 27, 2020. The term loan facility had an average interest rate per annum, inclusive of hedging instruments, of 2.05% as of June 27, 2020. In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At June 27, 2020, these foreign credit facilities amounted to $5.8 million in U.S. Dollars with a weighted average per annum interest rate of approximately 6.26%. The company’s debt is reflected on the balance sheet at cost. The company believes its interest rate margins on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. The interest rate margin is based on the company's Leverage Ratio. The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior secured revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the Credit Facility in January 2025. Although borrowings could be materially greater or less than the current amount of borrowings outstanding at the end of the period, it is not practical to estimate the amounts that may be outstanding during future periods. The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands):
The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At June 27, 2020, the company had outstanding floating-to-fixed interest rate swaps totaling $51.0 million notional amount carrying an average interest rate of 1.27% maturing in less than 12 months and $1,062.0 million notional amount carrying an average interest rate of 2.02% that mature in more than 12 months but less than 84 months. The terms of the Credit Facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and requires, among other things, the company to satisfy certain financial covenants: (i) a minimum Interest Coverage Ratio (as defined in the Credit Facility) of 3.00 to 1.00 and (ii) a maximum Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBITDA (each as defined in the Credit Facility) of 4.00 to 1.00, which may be adjusted to 4.50 to 1.00 for a four consecutive fiscal quarter period in connection with certain qualified acquisitions, subject to the terms and conditions contained in the Credit Facility. The Credit Facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material foreign and domestic subsidiaries. The Credit Facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. At June 27, 2020, the company was in compliance with all covenants pursuant to its borrowing agreements. The company has run various scenarios to estimate the impact of the COVID-19 pandemic and continues to believe that its future cash generated from operations, together with its capacity under its Credit Facility and its cash on hand, will provide adequate resources to meet its working capital needs and cash requirements for at least the next 12 months. The company expects to be in compliance with the financial covenants in its Credit Facility; however, given the uncertainty of conditions for the remainder of 2020, the company will aggressively monitor and assess whether compliance is at substantial risk and may warrant further actions with banking partners. The company believes any necessary actions would result in the ability to achieve subsequent compliance and avoidance of default under its borrowing agreements.
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Financial Instruments |
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Financial Instruments | Financial Instruments ASC 815 “Derivatives and Hedging” requires an entity to recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If a derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in the fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated comprehensive income until the hedged item is recognized in earnings. Foreign Exchange: The company uses foreign currency forward, foreign exchange swaps and option purchase and sales contracts to hedge its exposure to changes in foreign currency exchange rates. The company’s primary hedging activities are to mitigate its exposure to changes in exchange rates on intercompany and third party trade receivables and payables. The company does not currently enter into derivative financial instruments for speculative purposes. In managing its foreign currency exposures, the company identifies and aggregates naturally occurring offsetting positions and then hedges residual balance sheet exposures. The fair value of the forward and option contracts was a loss of $1.0 million at the end of the second quarter of 2020. Interest Rate: The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of June 27, 2020, the fair value of these instruments was a liability of $61.4 million. The change in fair value of these swap agreements in the first six months of 2020 was a loss of $27.9 million, net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands):
The impact on earnings from interest rate swaps was as follows (in thousands):
Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions that are counterparties to such swap agreements and assesses their creditworthiness prior to entering into the interest rate swap agreements and throughout the term. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreements.
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Segment Information |
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Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The company operates in three reportable operating segments defined by management reporting structure and operating activities. The Commercial Foodservice Equipment Group manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in Arkansas, California, Illinois, Massachusetts, Michigan, New Hampshire, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Estonia, Italy, Mexico, the Philippines, Poland, Sweden and the United Kingdom. Principal product lines of this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers, and soft serve ice cream, coffee, and beverage dispensing equipment. These products are sold and marketed under the brand names: Anets, APW Wyott, Bakers Pride, Beech, BKI, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Crown, Desmon, Deutsche, Doyon, Eswood, EVO, Firex, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Jade, JoeTap, Josper, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, RAM, SiteSage, Southbend, Star, Sveba Dahlen, Ss Brewtech, Synesso, Taylor, Toastmaster, TurboChef, Ultrafryer, Varimixer, Wells and Wunder-Bar. The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. This business segment has manufacturing operations in Georgia, Illinois, Iowa, North Carolina, Oklahoma, Pennsylvania, Texas, Virginia, Washington, Wisconsin, Denmark, France, Germany, India and the United Kingdom. Principal product lines of this group include batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems, grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, filling and depositing solutions, forming equipment, automated loading and unloading systems, food safety, food handling, freezing, defrosting and packaging equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Burford, Cozzini, CVP Systems, Danfotech, Drake, Emico, Glimek, Hinds-Bock, Maurer-Atmos, MP Equipment, M-TEK, Pacpro, RapidPak, Scanico, Spooner Vicars, Stewart Systems, Thurne and Ve.Ma.C. The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. This business segment has manufacturing facilities in California, Michigan, Mississippi, Oregon, Wisconsin, France, Ireland, Romania and the United Kingdom. Principal product lines of this group are ranges, cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, wine coolers, ice machines, ventilation equipment and outdoor equipment. These products are sold and marketed under the brand names: AGA, AGA Cookshop, Brava, Brigade, EVO, Fired Earth, Heartland, La Cornue, Leisure Sinks, Lynx, Marvel, Mercury, Rangemaster, Rayburn, Redfyre, Sedona, Stanley, TurboChef, U-Line and Viking. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker evaluates individual segment performance based on operating income. Net Sales Summary (dollars in thousands)
The following table summarizes the results of operations for the company's business segments (in thousands):
(1)Includes corporate and other general company assets and operations. (2)Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. (3)Restructuring expenses are allocated in operating income by segment. See note 16 for further details. (4)Includes amortization of deferred financing costs. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands):
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Employee Retirement Plans |
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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. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age. The company also maintains a retirement benefit agreement with its former Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the former Chairman’s final base salary. Non-U.S. Plans: The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 prior to Middleby’s acquisition of the company. No further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age. The company maintains several pension plans related to AGA and its subsidiaries (collectively, the "AGA Group"), the most significant being the Aga Rangemaster Group Pension Scheme in the United Kingdom. Membership in the plan on a defined benefit basis of pension provision was closed to new entrants in 2001.The plan became open to new entrants on a defined contribution basis of pension provision in 2002, but was generally closed to new entrants on this basis during 2014. The other, much smaller, defined benefit pension plans operating within the AGA Group cover employees in France and the United Kingdom. All pension plan assets are held in separate trust funds although the net defined benefit pension obligations are included in the company's consolidated balance sheet. The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands):
The pension costs for all other plans of the company were not material during the period. The service cost component is recognized within Selling, general and administrative expenses and the non-operating components of pension benefit are included within Net periodic pension benefit (other than service cost) in the Condensed Consolidated Statements of Comprehensive Income. (b)Defined Contribution Plans The company maintains two separate defined contribution savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintains defined contribution plans for its United Kingdom based employees.
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Restructuring (Notes) |
6 Months Ended |
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Jun. 27, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | Restructuring During fiscal 2019, the company undertook cost reduction initiatives related to the Commercial Foodservice Equipment Group including headcount reductions and facility consolidations. These actions resulted in an additional charge of $0.5 million in the three months ended March 28, 2020. During the three months ended June 27, 2020, there were no additional expenses incurred with respect to such cost reduction initiatives taken during fiscal 2019. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. At June 27, 2020, the restructuring obligations for these initiatives were substantially completed with no future expenses expected. During the three months ended June 27, 2020, due to the COVID-19 pandemic, the company began cost reduction initiatives primarily related to headcount reductions within the Commercial Foodservice Equipment Group. These actions resulted in an additional charge of $1.6 million in the three months ended June 27, 2020. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The company estimates that these restructuring initiatives, will result in future cost savings of less than $5.0 million annually. At June 27, 2020, the restructuring obligations accrued for these initiatives are immaterial. The restructuring expenses for the other segments of the company were not material during the period.
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Share Repurchases (Notes) |
6 Months Ended |
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Jun. 27, 2020 | |
Text Block [Abstract] | |
Treasury Stock [Text Block] | Share Repurchases On November 7, 2017, the company's Board of Directors approved a stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock in open market purchase transactions. For the six months ended June 27, 2020, the company repurchased 896,965 shares of its common stock under the program for $69.7 million, including applicable commissions, which represented an average price of $77.70. As of June 27, 2020, 1,023,165 shares had been purchased under the 2017 stock repurchase program. The company also treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. For the six months ended June 27, 2020, the company repurchased 106,935 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $7.1 million. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 27, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2019 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2020. In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of June 27, 2020 and December 28, 2019, the results of operations for the three and six months ended June 27, 2020 and June 29, 2019, cash flows for the six months ended June 27, 2020 and June 29, 2019 and statement of stockholders' equity for the three and six months ended June 27, 2020 and June 29, 2019.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates. |
Non-Cash Share-Based Compensation | Non-Cash Share-Based CompensationThe company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. |
Income Tax Contingencies | Income TaxesA tax provision of $5.6 million, at an effective rate of 20.9% was recorded during the three months period ended June 27, 2020, as compared to a $33.2 million tax provision at an effective rate of 26.5% in the prior year period. A tax provision of $28.3 million, at an effective rate of 22.9%, was recorded during the six months period ended June 27, 2020, as compared to a $53.9 million tax provision at a 25.1% effective rate in the prior year period. The effective tax rates in 2020 are lower than the comparable prior year rates primarily due to a reduction in non-deductible costs. |
Fair Value Measures | Fair Value Measures Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 – Unobservable inputs based the company's own assumptions.
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Revenue Recognition Revenue Recognition (Policies) |
6 Months Ended |
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Jun. 27, 2020 | |
Revenue Recognition [Abstract] | |
Revenue [Policy Text Block] | disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands):
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Acquisitions and Purchase Accounting Acquisition and Purchase Accounting (Tables) |
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information | The following pro forma results include adjustments to reflect 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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Cooking Solutions Group | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The final allocation of consideration paid for the Cooking Solutions Group acquisition is summarized as follows (in thousands):
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2019 Acquisitions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2019 acquisitions and are summarized as follows (in thousands):
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2020 Acquisitions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the acquisitions and are summarized as follows (in thousands):
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Revenue Recognition Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):
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Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands):
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Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Other Comprehensive Income Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive income(1) were as follows (in thousands):
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Schedule of Comprehensive Income (Loss) | Components of other comprehensive income were as follows (in thousands):
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Inventories at June 27, 2020 and December 28, 2019 are as follows (in thousands):
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Goodwill (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill for the six months ended June 27, 2020 are as follows (in thousands):
The company continues to monitor the global outbreak of the COVID-19 pandemic to assess the outlook for demand of its products and the impact on its business and financial performance. The potential impact of the COVID-19 pandemic on demand, production levels, and its operating results in the short-term is uncertain, but the company remains committed to the strategic actions necessary to realize long-term revenue and cash flow growth rates. The potential negative demand effect on revenues is also uncertain given the volatile environment, but demand and production levels are anticipated to recover. As a result of the company's analysis, and in consideration of the totality of events and circumstances, there were no triggering events requiring an interim goodwill impairment assessment identified during the six months period ended June 27, 2020. Additionally, for the assessment of indefinite-life intangible assets other than goodwill, primarily trademarks and trade names, the company identified several trademarks and trade names with indicators of potential risk for impairment and performed quantitative assessments. The fair values of the trademarks tested exceeded their carrying values by more than 10%. As a result, no impairment charges for goodwill and indefinite-lived intangible assets were recorded during the six months period ended June 27, 2020.
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Intangibles (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets consist of the following (in thousands):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization expense of intangible assets is as follows (in thousands):
|
Accrued Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Accrued Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued expenses consist of the following (in thousands):
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Warranty Costs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Table Disclosure | A rollforward of the warranty reserve is as follows (in thousands):
|
Financing Arrangements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments |
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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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Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the company’s fair value of interest rate swaps (in thousands):
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The impact on earnings from interest rate swaps was as follows (in thousands):
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales Summary By Segment | Net Sales Summary (dollars in thousands)
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Schedule of Segment Reporting Information, by Segment | The following table summarizes the results of operations for the company's business segments (in thousands):
(1)Includes corporate and other general company assets and operations. (2)Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations.
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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):
|
Employee Retirement Plans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 27, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Retirement Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands):
|
Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
|
Accounting Policies [Abstract] | ||||
Non-cash share-based compensation expense | $ 5,000 | $ 300 | $ 9,122 | $ 1,334 |
Provision for income taxes | $ 5,590 | $ 33,246 | $ 28,275 | $ 53,948 |
Effective Income Tax Rate Reconciliation, Percent | 20.90% | 26.50% | 22.90% | 25.10% |
Interest paid | $ 32,900 | $ 42,000 | ||
Income tax payments | $ 8,000 | $ 41,300 |
Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - Fair Value, Measurements, Recurring - USD ($) |
Jun. 27, 2020 |
Dec. 28, 2019 |
---|---|---|
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | $ 1,830,000 | |
Financial Liabilities | $ 61,433,000 | 25,120,000 |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 10,880,000 | 6,697,000 |
Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 1,036,000 | 901,000 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | |
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 1,830,000 | |
Financial Liabilities | 61,433,000 | 25,120,000 |
Fair Value, Inputs, Level 2 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 1,036,000 | 901,000 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | |
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 10,880,000 | 6,697,000 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | $ 0 | $ 0 |
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Cooking Solutions Group (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Apr. 01, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
Dec. 28, 2019 |
|
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 29,850 | $ 167,089 | ||
Goodwill | 1,841,684 | $ 1,849,747 | ||
Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 106,100 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 843 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 32,041 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,901 | |||
Goodwill | 37,537 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 47,600 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,470 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (16,713) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (10,529) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 11,600 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,163) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 106,987 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 1,100 | |||
Cooking Solutions Group | Initial accounting | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 843 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 33,666 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,959 | |||
Goodwill | 31,207 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,450 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (15,130) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (13,082) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 106,913 | |||
Cooking Solutions Group | Measurement period adjustment | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (1,625) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (58) | |||
Goodwill | 6,330 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (5,850) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,470 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (1,583) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 2,553 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,163) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 74 | |||
Commercial Foodservice Equipment Group | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,163,920 | $ 1,153,552 | ||
Trade Names | Commercial Foodservice Equipment Group | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 24,700 | |||
Customer Relationships | Commercial Foodservice Equipment Group | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 22,500 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |||
Backlog | Commercial Foodservice Equipment Group | Cooking Solutions Group | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 400 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - 2019 Acquisitions (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 27, 2020 |
Dec. 28, 2019 |
|
Business Acquisition [Line Items] | ||
Goodwill | $ 1,841,684 | $ 1,849,747 |
Commercial Foodservice Equipment Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 1,163,920 | 1,153,552 |
Food Processing Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 249,347 | 257,679 |
Residential Kitchen | ||
Business Acquisition [Line Items] | ||
Goodwill | 428,417 | $ 438,516 |
2019 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,673 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 22,541 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,754 | |
Goodwill | 90,288 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 73,219 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 2,716 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 991 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (20,785) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (9,399) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 170,998 | |
Business Combination, Deferred Payments, Liability | 2,404 | |
Business Combination, Contingent Consideration, Liability | 6,958 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 180,360 | |
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 2,900 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 1,000 | |
Deferred Tax Assets, Tax Deferred Expense, Other | 800 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 79,500 | |
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount | 62,600 | |
2019 Acquisitions | Initial accounting | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,683 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 21,525 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,920 | |
Goodwill | 99,838 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 64,019 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 1,288 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 137 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (20,437) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (6,170) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 171,803 | |
Business Combination, Deferred Payments, Liability | 2,404 | |
Business Combination, Contingent Consideration, Liability | 4,258 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 178,465 | |
2019 Acquisitions | Measurement period adjustment | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | (10) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,016 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (166) | |
Goodwill | (9,550) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,200 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 1,428 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 854 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (348) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (3,229) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | (805) | |
Business Combination, Deferred Payments, Liability | 0 | |
Business Combination, Contingent Consideration, Liability | 2,700 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 1,895 | |
2019 Acquisitions | Commercial Foodservice Equipment Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 42,600 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 35,500 | |
2019 Acquisitions | Food Processing Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 34,900 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 30,100 | |
2019 Acquisitions | Residential Kitchen | ||
Business Acquisition [Line Items] | ||
Goodwill | 12,800 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7,600 | |
Tradenames And Trademarks | 2019 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 32,700 | |
Customer Relationships | 2019 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 28,800 | |
Customer Relationships | 2019 Acquisitions | Minimum | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |
Customer Relationships | 2019 Acquisitions | Maximum | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Developed Technology Rights | 2019 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 10,300 | |
Developed Technology Rights | 2019 Acquisitions | Minimum | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |
Developed Technology Rights | 2019 Acquisitions | Maximum | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |
Backlog | 2019 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,400 | |
Backlog | 2019 Acquisitions | Minimum | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - 2020 Acquisitions (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 27, 2020 |
Dec. 28, 2019 |
|
Business Acquisition [Line Items] | ||
Goodwill | $ 1,841,684 | $ 1,849,747 |
2020 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,347 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 18,370 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 791 | |
Goodwill | 13,109 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 16,484 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,708 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (17,378) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (3,070) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 32,361 | |
Business Combination, Deferred Payments, Liability | 1,250 | |
Business Combination, Contingent Consideration, Liability | 1,774 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 35,385 | |
2020 Acquisitions | Initial accounting | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,347 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 31,089 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,032 | |
Goodwill | 12,776 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 16,484 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,708 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (30,005) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (3,070) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 32,361 | |
Business Combination, Deferred Payments, Liability | 1,250 | |
Business Combination, Contingent Consideration, Liability | 1,774 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 35,385 | |
2020 Acquisitions | Measurement period adjustment | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (12,719) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (241) | |
Goodwill | 333 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 12,627 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 0 | |
Business Combination, Deferred Payments, Liability | 0 | |
Business Combination, Contingent Consideration, Liability | 0 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |
Tradenames And Trademarks | 2020 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,000 | |
Customer Relationships | 2020 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,300 | |
Developed Technology Rights | 2020 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 200 | |
Backlog | 2020 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,000 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 months | |
Maximum | Customer Relationships | 2020 Acquisitions | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |
Maximum | Developed Technology Rights | 2020 Acquisitions | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |
Commercial Foodservice Equipment Group | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 1,163,920 | $ 1,153,552 |
Commercial Foodservice Equipment Group | 2020 Acquisitions | ||
Business Acquisition [Line Items] | ||
Goodwill | 13,100 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 16,500 |
Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
|
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 1,151,957 | $ 1,520,365 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 96,987 | $ 147,786 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 1.76 | $ 2.66 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.76 | $ 2.66 |
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 471,977 | $ 761,004 | $ 1,149,436 | $ 1,447,806 |
United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 350,385 | 516,290 | 814,851 | 957,512 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,558 | 61,552 | 80,699 | 119,925 |
Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 80,462 | 158,849 | 223,006 | 319,978 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,572 | 24,313 | 30,880 | 50,391 |
Commercial Foodservice Equipment Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 267,500 | 513,279 | 710,624 | 970,810 |
Commercial Foodservice Equipment Group | United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 195,899 | 357,718 | 502,409 | 657,993 |
Commercial Foodservice Equipment Group | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,548 | 52,031 | 65,072 | 100,324 |
Commercial Foodservice Equipment Group | Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 39,852 | 85,962 | 119,584 | 175,858 |
Commercial Foodservice Equipment Group | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,201 | 17,568 | 23,559 | 36,635 |
Food Processing Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 101,563 | 97,853 | 205,829 | 190,327 |
Food Processing Group | United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,762 | 58,100 | 145,644 | 115,689 |
Food Processing Group | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,110 | 8,054 | 13,749 | 16,736 |
Food Processing Group | Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,104 | 25,881 | 38,451 | 46,499 |
Food Processing Group | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,587 | 5,818 | 7,985 | 11,403 |
Residential Kitchen | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 102,914 | 149,872 | 232,983 | 286,669 |
Residential Kitchen | United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 81,724 | 100,472 | 166,798 | 183,830 |
Residential Kitchen | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 900 | 1,467 | 1,878 | 2,865 |
Residential Kitchen | Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,506 | 47,006 | 64,971 | 97,621 |
Residential Kitchen | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (1,216) | $ 927 | $ (664) | $ 2,353 |
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 27, 2020 |
Dec. 28, 2019 |
|
Revenue Recognition [Abstract] | ||
Contract with Customer, Asset, Net, Current | $ 25,394 | $ 22,675 |
Contract liabilities | 81,504 | 74,511 |
Contract with Customer, Liability, Noncurrent | 11,305 | $ 12,870 |
Contract with Customer, Asset, Reclassified to Receivable | 9,500 | |
Contract with Customer, Liability, Revenue Recognized | 47,100 | |
Contract with Customer, Liability, Increase for Contract Acquired during the Period | 66,500 | |
Capitalized Contract Cost, Impairment Loss | $ 0 |
Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Dec. 28, 2019 |
|||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning of Period | $ (350,933) | $ (276,476) | |||
Other comprehensive income before reclassification | (49,888) | (23,723) | |||
Amounts reclassified from accumulated other comprehensive income | 5,261 | (1,550) | |||
Net current-period other comprehensive income | (44,627) | (25,262) | |||
End of Period | (395,560) | (301,738) | |||
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax | (46,000) | $ (36,800) | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax | (16,200) | $ (5,500) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (10,300) | (8,000) | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 2,600 | (100) | |||
Accounting Standards Update 2017-12 | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Adoption of ASU 2017-12 (2) | [1] | 11 | |||
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning of Period | (105,705) | (112,771) | |||
Other comprehensive income before reclassification | (29,064) | (1,762) | |||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |||
Net current-period other comprehensive income | (29,064) | (1,762) | |||
End of Period | (134,769) | (114,533) | |||
Accumulated Translation Adjustment [Member] | Accounting Standards Update 2017-12 | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Adoption of ASU 2017-12 (2) | [1] | 0 | |||
Accumulated Defined Benefit Plans Adjustment | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning of Period | (228,336) | (170,938) | |||
Other comprehensive income before reclassification | (12,317) | 9 | |||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |||
Net current-period other comprehensive income | 12,317 | (9) | |||
End of Period | (216,019) | (170,947) | |||
Accumulated Defined Benefit Plans Adjustment | Accounting Standards Update 2017-12 | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Adoption of ASU 2017-12 (2) | [1] | 0 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Interest Rate Swap | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning of Period | (16,892) | 7,233 | |||
Other comprehensive income before reclassification | (33,141) | (21,952) | |||
Amounts reclassified from accumulated other comprehensive income | 5,261 | (1,550) | |||
Net current-period other comprehensive income | (27,880) | (23,491) | |||
End of Period | $ (44,772) | (16,258) | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Interest Rate Swap | Accounting Standards Update 2017-12 | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Adoption of ASU 2017-12 (2) | [1] | $ 11 | |||
|
Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
|
Disclosure Other Comprehensive Income Additional Information [Abstract] | ||||
Net earnings | $ 21,162 | $ 92,210 | $ 94,941 | $ 161,223 |
Currency Translation Adjustment | 19,852 | (12,445) | (29,064) | (1,762) |
Change in unrecognized pension benefit costs, net of tax | (2,491) | 5,254 | 12,317 | (9) |
Unrealized gain on interest rate swaps, net of tax | (2,661) | (14,124) | (27,880) | (23,491) |
Comprehensive income | $ 35,862 | $ 70,895 | $ 50,314 | $ 135,961 |
Inventories (Details) - USD ($) $ in Thousands |
Jun. 27, 2020 |
Dec. 28, 2019 |
---|---|---|
Notes To Financial Statements [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 300,792 | $ 277,394 |
Inventory, Work in Process, Net of Reserves | 61,856 | 58,663 |
Inventory, Finished Goods, Net of Reserves | 245,836 | 249,642 |
Inventories, net | $ 608,484 | $ 585,699 |
Changes in Carrying Amount of Goodwill (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 27, 2020
USD ($)
| |
Goodwill [Line Items] | |
Balance beginning of period | $ 1,849,747 |
Goodwill acquired during the year | 13,109 |
Measurement period adjustments to goodwill acquired in prior year | (5,451) |
Goodwill, Foreign Currency Translation Gain (Loss) | (15,721) |
Balance end of period | 1,841,684 |
Goodwill, Impairment Loss | 0 |
Commercial Foodservice Equipment Group | |
Goodwill [Line Items] | |
Balance beginning of period | 1,153,552 |
Goodwill acquired during the year | 13,109 |
Measurement period adjustments to goodwill acquired in prior year | (55) |
Goodwill, Foreign Currency Translation Gain (Loss) | (2,686) |
Balance end of period | 1,163,920 |
Food Processing Group | |
Goodwill [Line Items] | |
Balance beginning of period | 257,679 |
Goodwill acquired during the year | 0 |
Measurement period adjustments to goodwill acquired in prior year | (8,732) |
Goodwill, Foreign Currency Translation Gain (Loss) | 400 |
Balance end of period | 249,347 |
Residential Kitchen | |
Goodwill [Line Items] | |
Balance beginning of period | 438,516 |
Goodwill acquired during the year | 0 |
Measurement period adjustments to goodwill acquired in prior year | 3,336 |
Goodwill, Foreign Currency Translation Gain (Loss) | (13,435) |
Balance end of period | $ 428,417 |
Intangibles (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
Dec. 28, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 793,246 | $ 793,246 | $ 779,822 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (368,647) | (368,647) | (333,507) | ||
Amortization of Intangible Assets | 17,600 | $ 14,700 | 34,500 | $ 30,800 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 66,606 | 66,606 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 61,875 | 61,875 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 56,171 | 56,171 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 48,743 | 48,743 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 37,113 | 37,113 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 154,091 | 154,091 | |||
Finite-Lived Intangible Assets, Net | 424,599 | $ 424,599 | |||
Customer Lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years 9 months 18 days | 9 years 2 months 12 days | |||
Finite-Lived Intangible Assets, Gross | 727,586 | $ 727,586 | 717,397 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (315,960) | $ (315,960) | (283,846) | ||
Backlog | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 months 6 days | 1 year 3 months 18 days | |||
Finite-Lived Intangible Assets, Gross | 31,336 | $ 31,336 | 29,426 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (29,541) | $ (29,541) | (28,283) | ||
Developed Technology Rights | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years 3 months 18 days | 5 years 2 months 12 days | |||
Finite-Lived Intangible Assets, Gross | 34,324 | $ 34,324 | 32,999 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (23,146) | (23,146) | (21,378) | ||
Tradenames And Trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 1,005,203 | $ 1,005,203 | $ 997,066 |
Accrued Expenses (Details) - USD ($) $ in Thousands |
Jun. 27, 2020 |
Dec. 28, 2019 |
---|---|---|
Disclosure Accrued Expenses [Abstract] | ||
Contract liabilities | $ 81,504 | $ 74,511 |
Accrued payroll and related expenses | 57,607 | 81,541 |
Accrued warranty | 62,494 | 66,374 |
Accrued customer rebates | 22,372 | 51,709 |
Accrued short-term leases | 22,830 | 21,827 |
Accrued Product Liability And Workers Compensation Liability Current | 13,029 | 15,164 |
Accrued agent commission | 9,657 | 13,816 |
Accrued agent commission | 13,653 | 19,862 |
Accrued professional services | 12,864 | 13,368 |
Other accrued expenses | 59,577 | 58,378 |
Accrued expenses | $ 355,587 | $ 416,550 |
Rollforward of Warranty Reserve (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 27, 2020
USD ($)
| |
Disclosure Rollforward Of Warranty Reserve [Abstract] | |
Beginning balance | $ 66,374 |
Warranty reserve related to acquisitions | 1,335 |
Warranty expense | 23,351 |
Warranty claims | (28,566) |
Ending balance | $ 62,494 |
Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 27, 2020 |
Dec. 28, 2019 |
---|---|---|
Debt Disclosure [Line Items] | ||
Senior secured revolving credit line | $ 1,640,996 | $ 1,869,402 |
Term loan facility | 750,000 | 0 |
Other Long-term Debt | 94 | 116 |
Total debt | 2,396,916 | 1,873,140 |
Less: Current maturities of long-term debt | 23,971 | 2,894 |
Long-term debt | 2,372,945 | 1,870,246 |
Foreign | ||
Debt Disclosure [Line Items] | ||
Foreign loans | $ 5,826 | $ 3,622 |
Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands |
Jun. 27, 2020 |
Dec. 28, 2019 |
---|---|---|
Disclosure Carrying Value And Estimated Aggregate Fair Value Of Debt [Abstract] | ||
Carrying Value | $ 2,396,916 | $ 1,873,140 |
Fair Value | $ 2,396,916 | $ 1,873,140 |
Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jan. 31, 2020 |
Jun. 27, 2020 |
Dec. 28, 2019 |
|
Debt Disclosure [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,500,000 | ||
Line of Credit Facility, Replaced Facility | 3,000,000 | ||
Term loan facility | 750,000 | $ 0 | |
Long-term Line of Credit, Revolving Credit Facility | $ 2,750,000 | ||
Line of Credit Facility, Potential Additional Borrowing Capacity | $ 4,000,000 | ||
Term loan facility amortization rate | 2.50% | ||
Credit facility, outstanding | 2,400,000 | ||
Line of Credit Facility, Outstanding Amount, USD Borrowings | 1,600,000 | ||
Line of Credit Facility, Amount Outstanding, EUR Borrowings | 52,000 | ||
Letters of Credit Outstanding, Amount | 13,600 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,100,000 | ||
Credit facility, additional interest rate above LIBOR | 1.625% | ||
Debt Instrument Interest Additional Interest Above LIBOR Rate Alternative | 0.625% | ||
Debt Instrument Interest Additional Interest Above Fed Funds Rate | 0.50% | ||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | ||
Credit facility, average interest rate | 2.98% | ||
Variable commitment fee | 0.25% | ||
Term loan facility average interest rate | 2.05% | ||
Line of credit, Current and Noncurrent, Foreign | $ 5,800 | ||
Line of Credit Facility, Interest Rate at Period End | 6.26% | ||
Derivative Notional Amount, Current | $ 51,000 | ||
Derivative Notional Amount, NonCurrent | $ 1,062,000 | ||
Derivative Fixed Interest Rate, Current | 1.27% | ||
Debt Instrument, Interest Coverage Ratio Range, Low | 300.00% | ||
Derivative Fixed Interest Rate, Noncurrent | 2.02% | ||
Debt Instrument, Interest Coverage Ratio Range, High | 100.00% | ||
Debt Instrument, Leverage Ratio Range, Low | 400.00% | ||
Debt Instrument, Leverage Ratio Range, High | 100.00% | ||
Debt Instrument, Qualified Leverage Ratio Range, Low | 450.00% | ||
Debt Instrument, Qualified Leverage Ratio Range, High | 100.00% |
Summary of Fair Value of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Thousands |
Jun. 27, 2020 |
Dec. 28, 2019 |
---|---|---|
Other Noncurrent Assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 0 | $ 1,830 |
Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | 1,067 | 0 |
Other Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value | $ (60,366) | $ (25,120) |
Impact on Earnings from Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
|
Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (7,619) | $ (18,187) | $ (43,404) | $ (29,976) |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | $ (3,994) | $ 784 | $ (5,261) | $ 1,550 |
Financial Instruments Additional Information (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 27, 2020
USD ($)
| |
Derivative [Line Items] | |
Fair value of interest rate swaps liability | $ 61.4 |
Loss in fair value of interest rate swaps | 27.9 |
Foreign Exchange Forward | |
Derivative [Line Items] | |
Derivative, Fair Value, Net | $ (1.0) |
Net Sales Summary (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 471,977 | $ 761,004 | $ 1,149,436 | $ 1,447,806 | |||||||||
Percent | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||
Income from operations | [1],[2] | $ 39,118 | $ 139,607 | $ 144,532 | $ 240,668 | ||||||||
Depreciation and amortization expense | 54,210 | 50,135 | |||||||||||
Capital Expenditures Net | 4,150 | 13,535 | 13,331 | 21,630 | |||||||||
Commercial Foodservice Equipment Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 267,500 | $ 513,279 | $ 710,624 | $ 970,810 | |||||||||
Percent | 56.70% | 67.40% | 61.80% | 67.10% | |||||||||
Income from operations | [1],[2] | $ 26,974 | $ 111,572 | $ 115,581 | $ 208,383 | ||||||||
Capital Expenditures Net | 2,806 | 7,240 | 7,492 | 13,213 | |||||||||
Food Processing Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 101,563 | $ 97,853 | $ 205,829 | $ 190,327 | |||||||||
Percent | 21.50% | 12.90% | 17.90% | 13.10% | |||||||||
Income from operations | [1],[2] | $ 19,583 | $ 18,542 | $ 34,941 | $ 31,128 | ||||||||
Capital Expenditures Net | 594 | 1,376 | 2,423 | 2,077 | |||||||||
Corporate and Other | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||||||||
Income from operations | [1],[2],[3] | (13,965) | (11,106) | (25,224) | (38,213) | ||||||||
Capital Expenditures Net | 0 | 2,404 | [3] | 121 | [3] | 2,404 | [3] | ||||||
Residential Kitchen | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 102,914 | $ 149,872 | $ 232,983 | $ 286,669 | |||||||||
Percent | 21.80% | 19.70% | 20.30% | 19.80% | |||||||||
Income from operations | [1],[2] | $ 6,526 | $ 20,599 | $ 19,234 | $ 39,370 | ||||||||
Capital Expenditures Net | 750 | 2,515 | 3,295 | 3,936 | |||||||||
United States and Canada | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 350,385 | 516,290 | 814,851 | 957,512 | |||||||||
United States and Canada | Commercial Foodservice Equipment Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 195,899 | 357,718 | 502,409 | 657,993 | |||||||||
United States and Canada | Food Processing Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,762 | 58,100 | 145,644 | 115,689 | |||||||||
United States and Canada | Residential Kitchen | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 81,724 | 100,472 | 166,798 | 183,830 | |||||||||
Asia | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,558 | 61,552 | 80,699 | 119,925 | |||||||||
Asia | Commercial Foodservice Equipment Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,548 | 52,031 | 65,072 | 100,324 | |||||||||
Asia | Food Processing Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,110 | 8,054 | 13,749 | 16,736 | |||||||||
Asia | Residential Kitchen | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 900 | 1,467 | 1,878 | 2,865 | |||||||||
Europe and Middle East | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 80,462 | 158,849 | 223,006 | 319,978 | |||||||||
Europe and Middle East | Commercial Foodservice Equipment Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 39,852 | 85,962 | 119,584 | 175,858 | |||||||||
Europe and Middle East | Food Processing Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,104 | 25,881 | 38,451 | 46,499 | |||||||||
Europe and Middle East | Residential Kitchen | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,506 | 47,006 | 64,971 | 97,621 | |||||||||
Latin America | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,572 | 24,313 | 30,880 | 50,391 | |||||||||
Latin America | Commercial Foodservice Equipment Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,201 | 17,568 | 23,559 | 36,635 | |||||||||
Latin America | Food Processing Group | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,587 | 5,818 | 7,985 | 11,403 | |||||||||
Latin America | Residential Kitchen | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (1,216) | $ 927 | $ (664) | $ 2,353 | |||||||||
|
Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
Dec. 28, 2019 |
||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 471,977 | $ 761,004 | $ 1,149,436 | $ 1,447,806 | ||||||||||||
Income from operations | [1],[2] | 39,118 | 139,607 | 144,532 | 240,668 | |||||||||||
Depreciation | 9,468 | 9,522 | 18,698 | 18,538 | ||||||||||||
Amortization of Intangible Assets and Debt Issuance Costs | [3] | 18,143 | 15,099 | 35,512 | 31,597 | |||||||||||
Capital Expenditures Net | 4,150 | 13,535 | 13,331 | 21,630 | ||||||||||||
Total assets | 5,414,701 | 4,886,669 | 5,414,701 | 4,886,669 | $ 5,002,143 | |||||||||||
Commercial Foodservice Equipment Group | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 267,500 | 513,279 | 710,624 | 970,810 | ||||||||||||
Income from operations | [1],[2] | 26,974 | 111,572 | 115,581 | 208,383 | |||||||||||
Depreciation | 5,307 | 5,382 | 10,207 | 10,301 | ||||||||||||
Amortization of Intangible Assets and Debt Issuance Costs | [3] | 12,894 | 11,028 | 25,334 | 22,289 | |||||||||||
Capital Expenditures Net | 2,806 | 7,240 | 7,492 | 13,213 | ||||||||||||
Total assets | 3,149,853 | 3,190,584 | 3,149,853 | 3,190,584 | ||||||||||||
Food Processing Group | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 101,563 | 97,853 | 205,829 | 190,327 | ||||||||||||
Income from operations | [1],[2] | 19,583 | 18,542 | 34,941 | 31,128 | |||||||||||
Depreciation | 1,363 | 1,199 | 2,699 | 2,340 | ||||||||||||
Amortization of Intangible Assets and Debt Issuance Costs | [3] | 2,000 | 1,224 | 3,700 | 3,607 | |||||||||||
Capital Expenditures Net | 594 | 1,376 | 2,423 | 2,077 | ||||||||||||
Total assets | 617,638 | 528,008 | 617,638 | 528,008 | ||||||||||||
Residential Kitchen | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 102,914 | 149,872 | 232,983 | 286,669 | ||||||||||||
Income from operations | [1],[2] | 6,526 | 20,599 | 19,234 | 39,370 | |||||||||||
Depreciation | 2,794 | 2,892 | 5,777 | 5,800 | ||||||||||||
Amortization of Intangible Assets and Debt Issuance Costs | [3] | 2,737 | 2,444 | 5,457 | 4,895 | |||||||||||
Capital Expenditures Net | 750 | 2,515 | 3,295 | 3,936 | ||||||||||||
Total assets | 1,119,685 | 1,136,859 | 1,119,685 | 1,136,859 | ||||||||||||
Corporate and Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | ||||||||||||
Income from operations | [1],[2],[4] | (13,965) | (11,106) | (25,224) | (38,213) | |||||||||||
Depreciation | [4] | 4 | 49 | 15 | 97 | |||||||||||
Amortization of Intangible Assets and Debt Issuance Costs | [3],[4] | 512 | 403 | 1,021 | 806 | |||||||||||
Capital Expenditures Net | 0 | 2,404 | [4] | 121 | [4] | 2,404 | [4] | |||||||||
Total assets | [4] | $ 527,525 | $ 31,218 | $ 527,525 | $ 31,218 | |||||||||||
|
Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands |
Jun. 27, 2020 |
Dec. 28, 2019 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 491,949 | $ 477,219 |
United States and Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 309,764 | 280,360 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 21,935 | 14,219 |
Europe and Middle East | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 154,020 | 175,745 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 6,230 | 6,895 |
Total International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 182,185 | $ 196,859 |
Employee Retirement Plans Additional Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 27, 2020
USD ($)
|
Jun. 29, 2019
USD ($)
|
Jun. 27, 2020
USD ($)
plan
|
Jun. 29, 2019
USD ($)
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net Periodic Benefit Cost, Other Components | $ 9,766 | $ 7,297 | $ 19,855 | $ 15,058 |
Number of defined contribution 401K savings plans | plan | 2 | |||
Non-US Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 624 | 620 | $ 1,269 | 1,246 |
Interest cost | 6,212 | 8,349 | 12,630 | 16,781 |
Expected return on assets | (17,405) | (16,832) | (35,387) | (33,830) |
Amortization of net (gain) loss | 810 | 156 | 1,647 | 313 |
Amortization of prior service cost (credit) | 617 | 642 | 1,255 | 1,290 |
Curtailment loss (gain) | 0 | 388 | 0 | 388 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (9,142) | $ (6,677) | $ (18,586) | $ (13,812) |
Restructuring (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 27, 2020 |
Mar. 28, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 2,184 | $ 2,241 | $ 3,018 | $ 2,583 | |
Covid-19 | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 1,600 | ||||
Effects on Future Earnings, Restructuring | $ 5,000 | $ 5,000 | |||
Commercial Foodservice Equipment Group | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 500 |
Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 27, 2020 |
Jun. 29, 2019 |
Jun. 27, 2020 |
Jun. 29, 2019 |
Nov. 07, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Repurchased During Period, Shares | 896,965 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 77.70 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,249 | $ 818 | $ 76,849 | $ 6,086 | |
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Treasury Stock, Shares, Acquired | 106,935 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 7,100 | ||||
2017 Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,500,000 | ||||
Stock Repurchased During Period, Value | $ 69,700 | ||||
Share Repurchase Program, Number of Shares Repurchased | 1,023,165 | 1,023,165 |
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