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Segment Information
 6 Months Ended
Jun. 28, 2025
Notes To Financial Statements [Abstract]  
Segment Information Segment Information
An operating segment is defined as a component of an enterprise, which has discrete financial information that is evaluated regularly. The company determined that its Chief Executive Officer is the Chief Operating Decision Maker (the "CODM"), who possesses the ultimate authority with respect to assessment of performance, allocation of resources, and all strategic actions of the company. In performing this responsibility, the CODM regularly reviews key internal management reports, financial information including forecasts, and quarterly results, which are prepared at the operating segment level.

In accordance with ASC 280-10, Segment Reporting, the company operates in three reportable operating segments defined by management reporting structure and operating activities. The company’s reportable segments are: (i) the Commercial Foodservice Equipment Group, (ii) the Food Processing Equipment Group, and (iii) the Residential Kitchen Equipment Group.

Adjusted EBITDA is the profitability metric reported to the CODM for the purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The company defines Adjusted EBITDA as operating income less depreciation, intangible amortization, restructuring, acquisition related adjustments, impairments, stock compensation and other non-recurring items, which management considers to be outside core operating results. The CODM reviews this metric regularly to compare the profitability of segments, identify trends, and evaluate which segments require additional resources or strategic adjustments. The CODM uses Adjusted EBITDA to support the allocation of resources predominantly in the annual budget and forecasting process. The company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business.

Management believes that inter-segment sales are made at established arm's length transfer prices. All inter-segment transactions are eliminated and values are presented net of eliminations. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Additional detail about each of the reportable segments and its corporate income and expenses is set forth below:

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.

See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances.
Net Sales Summary
(dollars in thousands)
 Three Months EndedSix Months Ended
 Jun 28, 2025Jun 29, 2024Jun 28, 2025Jun 29, 2024
 SalesPercentSalesPercentSalesPercentSalesPercent
Business Segments:    
Commercial Foodservice$580,605 59.4 %$609,811 61.5 %$1,143,322 60.7 %$1,191,224 62.1 %
Food Processing216,195 22.1 188,972 19.1 384,101 20.4 360,586 18.8 
Residential Kitchen181,059 18.5 192,763 19.4 357,063 18.9 366,662 19.1 
    Total$977,859 100.0 %$991,546 100.0 %$1,884,486 100.0 %$1,918,472 100.0 %
The following table summarizes the results of operations for the company's business segments(1) (dollars in thousands):
 Commercial
 Foodservice		Food ProcessingResidential Kitchen
Corporate
and Other(2)
Total
Three Months Ended June 28, 2025    
Net sales$580,605 $216,195 $181,059 $— $977,859 
Cost of sales346,454 135,279 125,869 (1,034)606,568 
Other segment items (3)
77,603 35,070 36,587 21,838 171,098 
Segment adjusted EBITDA (4)
156,548 45,846 18,603 (20,804)200,193 
Depreciation expense (5)
6,911 3,095 4,294 698 14,998 
Amortization expense (6)
10,952 2,629 1,835 1,776 17,192 
Net capital expenditures8,464 6,432 6,335 (312)20,919 
Six Months Ended June 28, 2025
Net sales$1,143,322 $384,101 $357,063 $— $1,884,486 
Cost of sales676,899 242,232 248,519 (388)1,167,262 
Other segment items (3)
158,468 65,957 69,325 41,201 334,951 
Segment adjusted EBITDA (4)
307,955 75,912 39,219 (40,813)382,273 
Depreciation expense (5)
13,541 5,986 8,304 1,523 29,354 
Amortization expense (6)
22,246 5,543 3,619 3,573 34,981 
Net capital expenditures15,203 25,723 13,587 138 54,651 
Total assets3,620,651 1,310,279 1,994,994 409,959 7,335,883 
Three Months Ended June 29, 2024    
Net sales$609,811 $188,972 $192,763 $— $991,546 
Cost of sales362,173 114,869 135,763 (901)611,904 
Other segment items (3)
76,057 28,425 39,496 19,276 163,254 
Segment adjusted EBITDA (4)
171,581 45,678 17,504 (18,375)216,388 
Depreciation expense (5)
6,704 2,478 3,969 430 13,581 
Amortization expense (6)
12,729 1,760 1,799 1,778 18,066 
Net capital expenditures4,199 2,545 3,760 433 10,937 
Six Months Ended June 29, 2024 
Net sales$1,191,224 $360,586 $366,662 $— $1,918,472 
Cost of sales715,747 219,971 258,504 (1,750)1,192,472 
Other segment items (3)
151,962 55,119 79,452 37,294 323,827 
Segment adjusted EBITDA (4)
323,515 85,496 28,706 (35,544)402,173 
Depreciation expense (5)
13,521 4,713 7,774 846 26,854 
Amortization expense (6)
26,323 3,714 3,601 3,564 37,202 
Net capital expenditures10,254 4,391 9,019 1,016 24,680 
Total assets3,632,701 1,057,852 1,939,941 395,289 7,025,783 
(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 consist of selling, general and administrative expenses. Other segment items excludes the impact of depreciation, intangible amortization, restructuring, 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)Excludes the impacts mentioned in Other segment items. 
(5)Includes depreciation on right of use assets.
(6)Includes amortization of deferred financing costs and Convertible Notes issuance costs.


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:
Three Months EndedSix Months Ended
 Jun 28, 2025Jun 29, 2024Jun 28, 2025Jun 29, 2024
Adjusted EBITDA$200,193 $216,388 $382,273 $402,173 
Less: Other segment operating expenses (1)
44,801 40,680 86,283 89,332 
Income from operations155,392 175,708 295,990 312,841 
Interest expense and deferred financing amortization, net19,844 24,566 38,208 50,840 
Net periodic pension benefit (other than service cost & curtailment)(1,580)(3,690)(3,077)(7,368)
Other expense (income), net4,134 56 6,408 (244)
Earnings before income taxes132,994 154,776 254,451 269,613 
Provision for income taxes27,038 39,381 56,143 67,650 
Net earnings$105,956 $115,395 $198,308 $201,963 

(1)  Consists of the impact of depreciation, intangible amortization, restructuring, 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.
Geographic Information
Long-lived assets, not including goodwill and other intangibles (in thousands):
 Jun 28, 2025Jun 29, 2024
United States and Canada$515,738 $497,504 
Asia38,567 39,772 
Europe and Middle East305,153 210,869 
Latin America10,503 11,613 
Total international$354,223 $262,254 
 $869,961 $759,758