Segment Information (Tables)

12 Months Ended

Dec. 28, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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
2024
Net sales	$	2,419,236	$	731,003	$	724,923	$	—	$	3,875,162
Cost of sales	1,460,903		440,358		506,372		(2,840)		2,404,793
Other segment items (3,4)	294,375		103,382		144,961		61,356		604,074
Segment adjusted EBITDA (5)	663,958		187,263		73,590		(58,516)		866,295
Depreciation expense (6)	28,621		9,386		15,847		1,755		55,609
Amortization expense (7)	49,133		8,091		7,214		7,127		71,565
Net capital expenditures	23,220		12,636		12,514		940		49,310
Total assets	3,657,431		1,142,875		1,930,705		552,140		7,283,151
Long-lived assets (8)	338,989		133,994		272,644		78,222		823,849
2023
Net sales	$	2,521,471	$	720,618	$	794,516	$	—	$	4,036,605
Cost of sales	1,510,920		446,239		544,532		852		2,502,543
Other segment items (3)	311,131		95,044		154,139		73,354		633,668
Segment adjusted EBITDA (5)	699,420		179,335		95,845		(74,206)		900,394
Depreciation expense (6)	27,323		7,949		13,637		1,507		50,416
Amortization expense (7)	56,728		9,271		9,052		7,137		82,188
Net capital expenditures	39,272		14,999		25,960		4,948		85,179
Total assets	3,751,746		1,009,857		1,941,204		203,885		6,906,692
Long-lived assets (8)	340,375		98,920		227,131		95,021		761,447
2022
Net sales	$	2,394,762	$	589,969	$	1,048,122	$	—	$	4,032,853
Cost of sales	1,485,321		377,389		722,358		1,231		2,586,299
Other segment items (3)	282,385		82,437		146,675		81,649		593,146
Segment adjusted EBITDA (5)	627,056		130,143		179,089		(82,880)		853,408
Depreciation expense (6)	24,299		6,045		13,596		679		44,619
Amortization expense (7)	54,872		14,034		17,376		7,159		93,441
Net capital expenditures	28,718		13,957		20,604		4,010		67,289
Total assets	3,788,245		983,797		1,972,351		130,473		6,874,866
Long-lived assets (8)	318,457		84,370		151,499		108,478		662,804

(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)Other segment items for each reportable segment includes operating expenses, which primarily consists of selling, general and administrative expenses. Other segment items excludes the impact of depreciation, intangible amortization, restructuring, impairments, stock compensation and other items that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.

(4)Gain on sale of plant is included in Food Processing.

(5)Excludes the impacts mentioned in Other segment items. 

(6)Includes depreciation on right of use assets.

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

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

A reconciliation of our segment information for earnings before income taxes to the corresponding amounts in the Consolidated Statements of Earnings is shown in the table below for the periods presented:

	2024		2023		2022
Adjusted EBITDA	$	866,295	$	900,394	$	853,408
Less: Other segment operating expenses (1)	210,107		265,526		213,804
Income from operations	656,188		634,868		639,604
Interest expense and deferred financing amortization, net	92,229		120,348		88,977
Net periodic pension benefit (other than service cost & curtailment)	(14,897)		(9,071)		(42,681)
Other expense, net	1,536		4,213		28,893
Earnings before income taxes	577,320		519,378		564,415
Provision for income taxes	148,887		118,496		127,846
Net earnings	$	428,433	$	400,882	$	436,569

(1)  Consists of the impact of depreciation, intangible amortization, restructuring, impairments, stock compensation and other items that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.

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):

	2024		2023		2022
United States and Canada	$	511,454	$	502,479	$	471,375
Asia	37,610		40,849		35,965
Europe and Middle East	264,337		205,621		142,326
Latin America	10,448		12,498		13,138
Total International	312,395		258,968		191,429
	$	823,849	$	761,447	$	662,804