Goodwill (Tables)

3 Months Ended

Mar. 29, 2025

Notes To Financial Statements [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the three months ended March 29, 2025 are as follows (in thousands):

	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Balance as of December 28, 2024	$	1,312,085	$	432,161	$	773,976	$	2,518,222
Goodwill acquired during the year	—		—		—		—
Measurement period adjustments to goodwill acquired in prior year	65		577				642
Exchange effect and other	(23,928)		37,184		11,310		24,566
Balance as of March 29, 2025	$	1,288,222	$	469,922	$	785,286	$	2,543,430

See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances.

The company continues to monitor the current domestic and international political environment, including global trade policies and tariff actions to assess the outlook for demand of its products and the impact on its business and financial performance. The potential impact of tariffs on demand, production levels, and its operating results in the short-term is uncertain, but the company remains committed to evaluating opportunities to mitigate potential increased costs and implementing 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.

The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter. The company does not believe there have been any interim indicators of impairment requiring analysis other than at the annual assessment date. This is supported by the review of order rates, backlog levels and financial performance across business segments.