Segment Information

12 Months Ended

Jan. 03, 2026

Segment Reporting [Abstract]

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 two reportable operating segments defined by management reporting structure and operating activities. The company’s reportable segments are:

(i)Commercial Foodservice Equipment Group: Manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry

(ii)Food Processing Equipment Group: Manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry

Adjusted EBITDA is the profitability metric reported to the CODM for 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.

The following table summarizes the results of operations for the company’s business segments(1) (in thousands):

	Commercial Foodservice		Food Processing		Corporate and Other(2)		Total
2025
Net sales	$	2,351,047	$	850,155	$	—	$	3,201,202
Cost of sales	1,406,926		541,281		1,080		1,949,287
Other segment items(3)	317,439		137,350		77,636		532,425
Segment adjusted EBITDA(5)	626,682		171,524		(78,716)		719,490
Depreciation expense(6)	28,357		12,755		2,630		43,742
Amortization expense(7)	43,557		11,698		6,308		61,563
Net capital expenditures	28,476		41,449		804		70,729
Total assets	3,569,952		1,438,433		1,306,781		6,315,166
Long-lived assets(8)	365,990		189,130		156,562		711,682
2024
Net sales	$	2,380,384	$	769,855	$	—	$	3,150,239
Cost of sales	1,436,836		464,424		(2,840)		1,898,420
Other segment items(3,4)	289,093		108,627		62,197		459,917
Segment adjusted EBITDA(5)	654,455		196,804		(59,357)		791,902
Depreciation expense(6)	27,794		10,213		1,755		39,762
Amortization expense(7)	49,133		8,091		7,127		64,351
Net capital expenditures	23,034		12,822		834		36,690
Total assets	3,603,768		1,196,649		2,482,734		7,283,151
Long-lived assets(8)	333,385		139,798		1,635,863		2,109,046
2023
Net sales	$	2,485,317	$	756,773	$	—	$	3,242,090
Cost of sales	1,488,685		468,474		853		1,958,012
Other segment items(3)	305,010		101,014		74,269		480,293
Segment adjusted EBITDA(5)	691,622		187,285		(75,122)		803,785
Depreciation expense(6)	26,615		8,659		1,507		36,781
Amortization expense(7)	56,168		9,831		7,137		73,136
Net capital expenditures	37,940		16,332		4,902		59,174
Total assets	3,697,258		1,067,968		2,141,465		6,906,691
Long-lived assets(8)	338,438		104,837		1,654,073		2,097,348

(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 and assets held for sale - discontinued 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, pension benefit assets, other assets and non-current assets held for sale - discontinued operations.

A reconciliation of Adjusted EBITDA to net earnings from continuing operations is as follows (in thousands):

	2025		2024		2023
Adjusted EBITDA	$	719,490	$	791,902	$	803,785
Less: Other segment operating expenses(1)	144,599		147,779		151,358
Income from continuing operations	574,891		644,123		652,427
Interest expense and deferred financing amortization, net	93,828		93,356		121,129
Net periodic pension benefit (other than service cost & curtailment)	(6,294)		(14,872)		(9,040)
Other expense/(income), net	5,082		(458)		4,258
Earnings from continuing operations before income taxes	482,275		566,097		536,080
Provision for income taxes	115,008		145,119		123,076
Net earnings from continuing operations	$	367,267	$	420,978	$	413,004

(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.

Geographic Information

Long-lived assets, excluding goodwill and other intangibles, is as follows (in thousands):

	Jan 3, 2026		Dec 28, 2024
United States and Canada	$	407,979	$	395,448
Asia	36,994		37,600
Europe and Middle East	254,687		184,933
Latin America	12,022		10,245
Total International	303,703		232,778
Total long-lived assets - continuing operations	711,682		628,226
Non-current assets held for sale - discontinued operations	—		1,480,820
Total long-lived assets	$	711,682	$	2,109,046