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Segment Information
 9 Months Ended
Oct. 03, 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 one reportable operating segment defined by management reporting structure and operating activities. The company’s reportable segment, the Commercial Foodservice Equipment Group, manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry.
Adjusted EBITDA is the profitability metric reported to the CODM for purposes of making decisions about resource allocation and assessing performance. 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 evaluate segment profitability and identify trends. 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 the company's operating performance to that of other companies in its industry because this measure generally illustrates the underlying performance of the business.
The following table summarizes the results of operations for the company's business segment(1) (in thousands):
Commercial Foodservice
Corporate and Other(2)
Total
Three Months Ended October 3, 2026
Net sales$652,575 $— $652,575 
Cost of sales403,539 (635)402,904 
Other segment items(3)
75,698 18,189 93,887 
Segment adjusted EBITDA(4)
173,338 (17,554)155,784 
Depreciation expense(5)
7,485 444 7,929 
Amortization expense(6)
11,285 625 11,910 
Net capital expenditures5,391 410 5,801 
Nine Months Ended October 3, 2026
Net sales$1,898,724 $— $1,898,724 
Cost of sales1,155,445 (518)1,154,927 
Other segment items(3)
249,015 54,988 304,003 
Segment adjusted EBITDA(4)
494,264 (54,470)439,794 
Depreciation expense(5)
22,031 1,536 23,567 
Amortization expense(6)
32,466 1,876 34,342 
Net capital expenditures17,528 838 18,366 
Three Months Ended September 27, 2025
Net sales$606,001 $— $606,001 
Cost of sales367,878 147 368,025 
Other segment items(3)
76,501 19,244 95,745 
Segment adjusted EBITDA(4)
161,622 (19,391)142,231 
Depreciation expense(5)
7,095 551 7,646 
Amortization expense(6)
10,657 2,067 12,724 
Net capital expenditures7,016 267 7,283 
Nine Months Ended September 27, 2025
Net sales$1,749,323 $— $1,749,323 
Cost of sales1,044,777 (241)1,044,536 
Other segment items(3)
234,902 58,801 293,703 
Segment adjusted EBITDA(4)
469,644 (58,560)411,084 
Depreciation expense(5)
20,636 2,074 22,710 
Amortization expense(6)
32,903 5,640 38,543 
Net capital expenditures22,219 405 22,624 
(1)Non-operating expenses are not allocated to the reportable Commercial Foodservice segment. Non-operating expenses consist of interest expense and deferred financing amortization, net periodic pension benefit, income taxes, equity in losses of affiliate and other income and expense items outside of income from operations.
(2)Includes corporate and other general company operations.
(3)Other segment items 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, impairments 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 and nine month period ended September 27, 2025, Convertible Notes issuance costs.
A reconciliation of Adjusted EBITDA to Net earnings from continuing operations is as follows (in thousands):
Three Months EndedNine Months Ended
Oct 3, 2026Sep 27, 2025Oct 3, 2026Sep 27, 2025
Adjusted EBITDA$155,784 $142,231 $439,794 $411,084 
Less: Other segment operating expenses(1)
57,058 18,440 110,058 64,220 
Income from continuing operations98,726 123,791 329,736 346,864 
Interest expense and deferred financing amortization, net22,875 25,299 73,898 64,371 
Net periodic pension benefit(2,449)(1,597)(7,306)(4,714)
Other expense/(income), net1,101 (2,026)(4,972)11,890 
Earnings from continuing operations before income taxes77,199 102,115 268,116 275,317 
Provision for income taxes19,167 23,131 68,362 63,617 
Earnings from continuing operations before equity in net losses of affiliate58,032 78,984 199,754 211,700 
Equity in losses of affiliate, net of tax(38,664)— (67,559)— 
Net earnings from continuing operations$19,368 $78,984 $132,195 $211,700 
(1)Consists of the impact of depreciation, intangible amortization, restructuring, stock compensation, impairments 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):
Oct 3, 2026Jan 3, 2026
Commercial Foodservice$3,546,821 $3,569,952 
Corporate and Other(1)
383,816 2,745,214 
Total$3,930,637 $6,315,166 
(1)Includes corporate and other general company assets and assets of discontinued operations.
Geographic Information
The following table summarizes long-lived assets, excluding goodwill and other intangibles, by geographical location (in thousands):
Oct 3, 2026Jan 3, 2026
United States and Canada$453,353 $311,296 
Europe and Middle East169,879 168,708 
Asia35,654 33,558 
Latin America10,186 10,988 
Total International215,719 213,254 
Total long-lived assets - continuing operations669,072 524,550 
Non-current assets of discontinued operations— 862,705 
Total long-lived assets$669,072 $1,387,255 
Number of Reportable Segments 1