Segment Information

12 Months Ended

Dec. 31, 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
2022
Net sales	$	2,410,266	$	574,465	$	1,048,122	$	—	$	4,032,853
Income (loss) from operations (3)	549,764		106,231		127,948		(144,339)		639,604
Depreciation expense (4)	24,432		5,912		13,596		679		44,619
Amortization expense (5)	55,506		13,400		17,376		7,159		93,441
Net capital expenditures	28,735		13,940		20,604		4,010		67,289
Total assets	3,789,437		982,605		1,972,351		130,473		6,874,866
Long-lived assets (6)	319,337		83,490		151,499		108,478		662,804
2021
Net sales	$	2,032,761	$	480,746	$	737,285	$	—	$	3,250,792
Income (loss) from operations (3,7,8)	423,121		94,414		124,701		(12,244)		629,992
Depreciation expense (4)	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 (3,8)	239,625		78,008		67,046		(60,248)		324,431
Depreciation expense (4)	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

(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 are included in operating income of the segment to which they pertain. See note 12 for further details.

(4)Includes depreciation on right of use assets.

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

(8)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.

Geographic Information

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

	2022		2021		2020
United States and Canada	$	471,375	$	379,431	$	332,854
Asia	35,965		17,818		19,646
Europe and Middle East	142,326		152,384		188,448
Latin America	13,138		8,034		6,391
Total International	191,429		178,236		214,485
	$	662,804	$	557,667	$	547,339