Revenue Recognition Revenue Recognition

3 Months Ended

Apr. 04, 2026

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 Group recognizes revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under our 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		Total
Three Months Ended April 4, 2026
United States and Canada	$	448,280	$	115,042	$	563,322
Asia	46,727		10,870		57,597
Europe and Middle East	97,616		71,868		169,484
Latin America	22,913		26,592		49,505
Total	$	615,536	$	224,372	$	839,908
Three Months Ended March 29, 2025
United States and Canada	$	413,860	$	93,163	$	507,023
Asia	48,715		3,704		52,419
Europe and Middle East	82,051		54,688		136,739
Latin America	18,091		16,351		34,442
Total	$	562,717	$	167,906	$	730,623

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):

	Apr 4, 2026		Jan 3, 2026
Contract assets	$	40,565	$	57,039
Contract liabilities	177,712		168,381
Non-current contract liabilities	21,068		20,987

During the three month period ended April 4, 2026, the company reclassified $17.7 million to receivables, which was included in the contract asset balance at the beginning of the period. During the three month period ended April 4, 2026, the company recognized revenue of $46.5 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 $62.3 million during the three month period ended April 4, 2026.

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 three month period ended April 4, 2026.