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CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
12 Months Ended
Jan. 01, 2022
Jan. 02, 2021
Dec. 28, 2019
Net sales $ 3,250,792 $ 2,513,257 $ 2,959,446
Cost of Sales 2,055,932 1,631,209 1,855,949
Gross profit 1,194,860 882,048 1,103,497
Selling, General and Administrative Expense 667,976 531,897 593,813
Restructuring Charges 7,655 12,375 10,480
Merger termination fee (110,000) 0 0
Gain (Loss) Related to Litigation Settlement 0 0 (14,839)
Gain (Loss) on Disposition of Assets (763) (1,982) 0
Impairments 0 15,327 0
Income from operations [2] 629,992 [1],[3] 324,431 [1] 514,043
Net interest expense and deferred financing amortization, net 57,157 78,617 82,609
Net Periodic Benefit Cost, Other Than Service Cost & Curtailment (45,066) (39,996) (29,722)
Curtailment loss 0 14,682 865
Other (income) expense, net (1,603) 3,071 (2,328)
Earnings before income taxes 619,504 268,057 462,619
Provision for income taxes 131,012 60,763 110,379
Net earnings $ 488,492 $ 207,294 $ 352,240
Net earnings per share:      
Basic (in usd per share) $ 8.85 $ 3.76 $ 6.33
Diluted (in usd per share) $ 8.62 $ 3.76 $ 6.33
Weighted average number of shares      
Basic (in shares) 55,216,000 55,093,000 55,647,000
Dilutive common stock equivalents (in shares) 1,449,000 43,000 9,000
Diluted (in shares) 56,665,000 55,136,000 55,656,000
[1] 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.
[2] 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
[3] Termination fee from Welbilt merger is included in Corporate and Other.