Revenue Recognition Revenue Recognition

9 Months Ended

Sep. 27, 2025

Revenue Recognition [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue Recognition

Disaggregation of Revenue

The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):

	Commercial  Foodservice		Food Processing		Residential Kitchen		Total
Three Months Ended September 27, 2025
United States and Canada	$	433,705	$	120,827	$	110,781	$	665,313
Asia	53,904		8,338		4,500		66,742
Europe and Middle East	95,349		52,730		57,067		205,146
Latin America	23,043		19,458		2,429		44,930
Total	$	606,001	$	201,353	$	174,777	$	982,131
Nine Months Ended September 27, 2025
United States and Canada	$	1,260,140	$	338,940	$	334,754	$	1,933,834
Asia	154,454		19,498		10,506		184,458
Europe and Middle East	273,644		172,641		180,660		626,945
Latin America	61,085		54,375		5,920		121,380
Total	$	1,749,323	$	585,454	$	531,840	$	2,866,617
Three Months Ended September 28, 2024
United States and Canada	$	418,398	$	104,508	$	112,912	$	635,818
Asia	53,057		8,105		5,994		67,156
Europe and Middle East	93,058		51,716		52,952		197,726
Latin America	27,204		13,545		1,360		42,109
Total	$	591,717	$	177,874	$	173,218	$	942,809
Nine Months Ended September 28, 2024
United States and Canada	$	1,285,806	$	317,711	$	344,731	$	1,948,248
Asia	159,838		22,022		12,433		194,293
Europe and Middle East	266,121		159,563		176,577		602,261
Latin America	71,175		39,164		6,140		116,479
Total	$	1,782,940	$	538,460	$	539,881	$	2,861,281

Contract Balances

Contract assets primarily relate to the company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Accounts receivable are not considered contract assets under the revenue standard as contract assets are conditioned upon the company's future satisfaction of a performance obligation. Accounts receivable, in contracts, are unconditional rights to consideration.

Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized.

The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands):

	Sep 27, 2025		Dec 28, 2024
Contract assets	$	64,879	$	68,025
Contract liabilities	$	176,896	$	120,503
Non-current contract liabilities	$	21,607	$	19,930

During the nine months period ended September 27, 2025, the company reclassified $41.2 million to receivables, which was included in the contract asset balance at the beginning of the period. During the nine months period ended September 27, 2025, the company recognized revenue of $90.1 million, which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $124.6 million during the nine months period ended September 27, 2025. Additions to contract liabilities include $20.5 million related to companies acquired during the nine months period ended September 27, 2025.

Remaining Performance Obligations

Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the nine months period ended September 27, 2025.