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Segment Information
 3 Months Ended
Apr. 04, 2026
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 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 FoodserviceFood Processing
Corporate and Other(2)
Total
Three Months Ended April 4, 2026
Net sales$615,536 $224,372 $— $839,908 
Cost of sales369,164 146,964 590 516,718 
Other segment items(3)
87,972 35,985 18,610 142,567 
Segment adjusted EBITDA(4)
158,400 41,423 (19,200)180,623 
Depreciation expense(5)
7,244 3,705 551 11,500 
Amortization expense(6)
10,623 2,721 625 13,969 
Net capital expenditures4,214 3,329 396 7,939 
Three Months Ended March 29, 2025 
Net sales$562,717 $167,906 $— $730,623 
Cost of sales330,445 106,953 647 438,045 
Other segment items(3)
80,842 30,889 19,362 131,093 
Segment adjusted EBITDA(4)
151,430 30,064 (20,009)161,485 
Depreciation expense(5)
6,630 2,891 825 10,346 
Amortization expense(6)
11,294 2,914 1,797 16,005 
Net capital expenditures6,739 19,291 450 26,480 
(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 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, for the three month period ended March 29, 2025, Convertible Notes issuance costs.
A reconciliation of Adjusted EBITDA to net earnings from continuing operations is as follows (in thousands):
Three Months Ended
 Apr 4, 2026Mar 29, 2025
Adjusted EBITDA$180,623 $161,485 
Less: Other segment operating expenses(1)
47,269 31,964 
Income from continuing operations133,354 129,521 
Interest expense and deferred financing amortization, net25,480 18,821 
Net periodic pension benefit (other than service cost & curtailment)(2,429)(1,516)
Other (income)/expense, net(2,621)960 
Earnings from continuing operations before income taxes112,924 111,256 
Provision for income taxes27,640 26,193 
Net earnings from continuing operations$85,284 $85,063 
(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.
The following table summarizes total assets by segment (in thousands):
Apr 4, 2026Jan 3, 2026
Commercial Foodservice$3,598,918 $3,569,952 
Food Processing1,388,981 1,438,433 
Corporate and Other(1)
434,088 1,306,781 
Total$5,421,987 $6,315,166 
(1)Includes corporate and other general company assets and assets held for sale - discontinued operations.
Geographic Information
Long-lived assets, excluding goodwill and other intangibles, is as follows (in thousands):
Apr 4, 2026Jan 3, 2026
United States and Canada$633,890 $407,979 
Asia35,968 36,994 
Europe and Middle East253,452 254,687 
Latin America11,803 12,022 
Total International301,223 303,703 
Total long-lived assets$935,113 $711,682 
Number of Reportable Segments 2