Segment Information

12 Months Ended

Jan. 01, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The company operates in three reportable operating segments defined by management reporting structure and operating activities. The Commercial Foodservice Equipment Group manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker evaluates individual segment performance based on operating income. Management believes that intersegment sales are made at established arm's length transfer prices.

The following table summarizes the results of operations for the company’s business segments(1) (dollars in thousands): 

	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)		Total
2021
Net sales	$	2,032,761	$	480,746	$	737,285	$	—	$	3,250,792
Income (loss) from operations(3,4,7)	423,121		94,414		124,701		(12,244)		629,992
Depreciation expense	23,814		5,601		12,655		611		42,681
Amortization expense (5)	56,910		7,247		11,628		6,777		82,562
Net capital expenditures	26,507		9,111		9,232		1,701		46,551
Total assets	3,522,630		637,252		2,153,758		69,958		6,383,598
Long-lived assets (6)	292,593		54,934		169,028		41,112		557,667
2020
Net sales	$	1,510,279	$	437,272	$	565,706	$	—	$	2,513,257
Income (loss) from operations (3,7)	239,625		78,008		67,046		(60,248)		324,431
Depreciation expense	21,768		5,507		11,691		120		39,086
Amortization expense (5)	51,985		7,319		9,657		2,485		71,446
Net capital expenditures	25,463		3,427		4,801		1,158		34,849
Total assets	3,249,441		617,171		1,221,229		114,633		5,202,474
Long-lived assets (6)	279,481		55,069		192,940		19,849		547,339
2019
Net sales	$	1,984,345	$	400,951	$	574,150	$	—	$	2,959,446
Income (loss) from operations (3,8)	429,946		68,935		89,312		(74,150)		514,043
Depreciation expense	21,054		4,944		11,742		112		37,852
Amortization expense (5)	45,906		8,162		9,896		1,612		65,576
Net capital expenditures	29,353		6,683		9,168		1,405		46,609
Total assets	3,188,304		621,619		1,157,211		35,009		5,002,143
Long-lived assets (6)	261,466		57,403		176,834		4,116		499,819

(1)Non-operating expenses are not allocated to the reportable segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations.

(2)Includes corporate and other general company assets and operations.

(3)Restructuring expenses and impairments are included in operating income of the segment to which they pertain. See note 3(f) and 12 for further details.

(4)Termination fee from Welbilt merger is included in Corporate and Other.

(5)Includes amortization of deferred financing costs and Convertible Notes issuance costs.

(6)Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets.

(7)Gain on sale of plant is included in Commercial Foodservice and Residential Kitchen for 2021 and Gain on sale of plant is included in Commercial Foodservice for 2020.

(8)Gain on litigation settlement is included in Residential Kitchen.

Geographic Information

Long-lived assets, not including goodwill and other intangibles (in thousands):

	2021		2020		2019
United States and Canada	$	359,215	$	331,688	$	305,207
Asia	32,986		28,018		22,312
Europe and Middle East	157,432		181,242		165,781
Latin America	8,034		6,391		6,519
Total International	198,452		215,651		194,612
	$	557,667	$	547,339	$	499,819