Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Mar. 02, 2015 | Jun. 30, 2014 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 3-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MIDD | ||
Entity Registrant Name | MIDDLEBY CORP | ||
Entity Central Index Key | 769520 | ||
Current Fiscal Year End Date | -2 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 57,271,680 | ||
Entity Public Float | $4,626,148,051 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $43,945 | $36,894 |
Accounts receivable, net | 229,875 | 205,264 |
Inventory, Net | 255,776 | 220,116 |
Prepaid expenses and other | 27,980 | 32,322 |
Prepaid Taxes | 5,538 | 801 |
Current deferred taxes | 51,017 | 50,337 |
Total current assets | 614,131 | 545,734 |
Property, plant and equipment, net | 129,697 | 125,457 |
Goodwill | 808,491 | 687,955 |
Other intangibles | 492,031 | 447,944 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 2,925 | 1,641 |
Long-term deferred liability | 2,925 | 1,641 |
Other assets | 18,856 | 10,475 |
Total assets | 2,066,131 | 1,819,206 |
Current liabilities: | ||
Current maturities of long-term debt | 9,402 | 1,408 |
Accounts payable | 98,327 | 96,518 |
Accrued expenses | 220,585 | 213,459 |
Total current liabilities | 328,314 | 311,385 |
Long-term debt | 588,765 | 570,190 |
Long-term deferred tax liability | 88,800 | 61,433 |
Other non-current liabilities | 53,492 | 37,851 |
Stockholders' equity: | ||
Common stock, $0.01 par value, 62,088,592 and 62,035,207 shares issued in 2014 and 2013, respectively | 144 | 144 |
Paid-in capital | 310,409 | 268,229 |
Treasury stock at cost; 4,816,912 and 4,661,701 shares in 2014 and 2013, respectively | -196,026 | -151,743 |
Retained earnings | 923,664 | 730,352 |
Accumulated other comprehensive loss | -31,431 | -8,635 |
Total stockholders' equity | 1,006,760 | 838,347 |
Total liabilities and stockholders' equity | $2,066,131 | $1,819,206 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
Preferred stock, par value (in usd per share) | $0.01 | $0.01 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in usd per share) | $0.01 | $0.01 |
Common stock, shares issued | 62,088,592 | 62,035,207 |
Treasury Stock, Shares | 4,816,912 | 4,661,701 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||
Net sales | $1,636,538 | $1,428,685 | $1,038,174 | ||
Cost of sales | 995,953 | 878,674 | 635,185 | ||
Gross profit | 640,585 | 550,011 | 402,989 | ||
Selling and distribution expenses | 182,578 | 155,639 | 106,129 | ||
General and administrative expenses | 164,094 | 149,910 | 108,776 | ||
Gain (Loss) Related to Litigation Settlement | 6,519 | 0 | 0 | ||
Income from operations | 300,432 | 244,462 | 188,084 | [1] | |
Net interest expense and deferred financing amortization, net | 15,592 | 15,901 | 9,238 | ||
Other expense (income), net | 4,050 | 2,780 | 4,406 | ||
Earnings before income taxes | 280,790 | 225,781 | 174,440 | ||
Provision for income taxes | 87,478 | 71,853 | 53,743 | ||
Net earnings | $193,312 | $153,928 | $120,697 | ||
Net earnings per share: | |||||
Basic (in usd per share) | $3.41 | $2.76 | [2] | $2.22 | |
Diluted (in usd per share) | $3.40 | $2.74 | [2] | $2.20 | |
Weighted average number of shares | |||||
Basic (in shares) | 56,764 | 55,831 | 54,377 | ||
Dilutive common stock equivalents (in shares) | 20 | 317 | 430 | ||
Diluted (in shares) | 56,784 | 56,148 | 54,807 | ||
[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] | Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Gain (Loss) Related to Litigation Settlement | $6,519 | $0 | $0 |
Net earnings | 193,312 | 153,928 | 120,697 |
Other comprehensive income: | |||
Foreign currency translation adjustments | -18,770 | -530 | 5,873 |
Pension liability adjustment, net of tax | -4,420 | 3,477 | 2,018 |
Unrealized gain on interest rate swaps, net of tax | 394 | 817 | 244 |
Comprehensive income | $170,516 | $157,692 | $128,832 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(loss) [Member] |
In Thousands, unless otherwise specified | ||||||
Balance, Beginning at Dec. 29, 2012 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | $153,928 | $0 | $0 | $0 | $153,928 | $0 |
Currency translation adjustments | -530 | 0 | 0 | 0 | 0 | -530 |
Change in unrecognized pension benefit costs, net of tax of 2010: $105, 2011: $3,200, 2012: $(137) | 3,477 | 0 | 0 | 0 | 0 | 3,477 |
Unrealized gain on interest rate swap, net of tax of 2010: $(342), 2011: $437, 2012: $(149) | 817 | 0 | 0 | 0 | 0 | 817 |
Exercise of stock options | 3,842 | 3 | 3,839 | 0 | 0 | 0 |
Stock compensation | 11,862 | 0 | 11,862 | 0 | 0 | 0 |
Tax benefit on stock compensation | 19,315 | 0 | 19,315 | 0 | 0 | 0 |
Purchase of treasury stock | -4,391 | 0 | 0 | -4,391 | 0 | 0 |
Balance, Ending at Dec. 28, 2013 | 838,347 | 144 | 268,229 | -151,743 | 730,352 | -8,635 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 193,312 | 0 | 0 | 0 | 193,312 | 0 |
Currency translation adjustments | -18,770 | 0 | 0 | 0 | 0 | -18,770 |
Change in unrecognized pension benefit costs, net of tax of 2010: $105, 2011: $3,200, 2012: $(137) | -4,420 | 0 | 0 | 0 | 0 | -4,420 |
Unrealized gain on interest rate swap, net of tax of 2010: $(342), 2011: $437, 2012: $(149) | 394 | 0 | 0 | 0 | 0 | 394 |
Stock compensation | 16,690 | 0 | 16,690 | 0 | 0 | 0 |
Tax benefit on stock compensation | 25,490 | 0 | 25,490 | 0 | 0 | 0 |
Purchase of treasury stock | -44,283 | 0 | 0 | -44,283 | 0 | 0 |
Balance, Ending at Jan. 03, 2015 | $1,006,760 | $144 | $310,409 | ($196,026) | $923,664 | ($31,431) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Change in unrecognized pension benefit costs, tax | ($2,234) | $3,302 | ($137) |
Unrealized (loss) gain on interest rate swap, tax | $263 | $545 | ($149) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Cash flows from operating activities-- | |||
Net earnings | $193,312 | $153,928 | $120,697 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation and amortization | 41,252 | 43,164 | 26,903 |
Non-cash share-based compensation | 16,690 | 11,862 | 11,984 |
Deferred taxes | 15,341 | -2,975 | -83 |
Changes in assets and liabilities, net of acquisitions | |||
Accounts receivable, net | -20,577 | -17,524 | -3,880 |
Inventories, net | -2,064 | -19,819 | -19,026 |
Prepaid expenses and other assets | -384 | -7,768 | -7,198 |
Accounts payable | -7,872 | -9,248 | 2,684 |
Accrued expenses and other liabilities | -1,816 | -5,462 | -3,735 |
Net cash provided by operating activities | 233,882 | 146,158 | 128,346 |
Cash flows from investing activities-- | |||
Additions to property and equipment | -13,143 | -14,640 | -7,652 |
Proceeds from Sale of Property Held-for-sale | 0 | 7,000 | 0 |
Payments to Acquire Intangible Assets | 0 | -5,000 | 0 |
Net cash (used in) investing activities | -233,058 | -474,190 | -69,895 |
Cash flows from financing activities-- | |||
Net proceeds under current revolving credit facilities | 18,900 | 312,100 | 256,500 |
Net (repayments) proceeds under previous revolving credit facilities | 0 | 0 | -309,400 |
Net (repayments) proceeds under foreign bank loan | 8,815 | -632 | -4,771 |
Repayments of Notes Payable | -35 | -32 | 350 |
Repurchase of treasury stock | -44,283 | -4,391 | -20,670 |
Debt issuance costs | 0 | 0 | -5,862 |
Excess tax benefit related to share-based compensation | 25,490 | 19,315 | 16,108 |
Net proceeds from stock issuances | 0 | 3,842 | 2,804 |
Net cash (used in) provided by financing activities | 8,887 | 330,202 | -64,941 |
Effect of exchange rates on cash and cash equivalents | -2,660 | 358 | 640 |
Changes in cash and cash equivalents-- | |||
Net (decrease) increase in cash and cash equivalents | 7,051 | 2,528 | -5,850 |
Cash and cash equivalents at beginning of year | 36,894 | 34,366 | 40,216 |
Cash and cash equivalents at end of quarter | 43,945 | 36,894 | 34,366 |
ULine [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Net of Cash Acquired | 142,033 | 0 | 0 |
Cooktek L L C [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Gross | 0 | 817 | 335 |
Danfotech Inc [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 361 |
Fr Drake Companys [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 403 |
Baker [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Gross | 0 | 0 | 10,250 |
Stewart [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -1,303 | 27,756 |
Nieco [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | -23,860 |
Viking Range Corporation [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 361,731 | 0 |
Distributors [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Gross | 0 | 14,916 | 0 |
Celfrost [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Gross | 356 | 11,246 | 0 |
Wunder-Bar [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Net of Cash Acquired | -1,285 | -74,143 | 0 |
Market Forge Industries, Inc [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Gross | 10,240 | 0 | 0 |
Distributors 2014 [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Gross | 38,485 | 0 | 0 |
PES [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Gross | 15,000 | 0 | 0 |
Concordia [Member] | |||
Cash flows from investing activities-- | |||
Payments to Acquire Businesses, Net of Cash Acquired | $12,516 | $0 | $0 |
STATEMENTS_OF_COMPREHENSIVE_IN
STATEMENTS OF COMPREHENSIVE INCOME - Parnthetical (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Change in unrecognized pension benefit costs, tax | ($2,234) | $3,302 | ($137) |
Unrealized (loss) gain on interest rate swap, tax | $263 | $545 | ($149) |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Jan. 03, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS |
The Middleby Corporation (the "company") is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The company manufactures and assembles this equipment at twenty-six U.S. and ten international manufacturing facilities. The company operates in three business segments: 1) the Commercial Foodservice Equipment Group, 2) the Food Processing Equipment Group and 3) the Residential Kitchen Equipment Group. | |
The Commercial Foodservice Equipment Group has a broad portfolio of cooking and warming equipment, which enables it to serve virtually any cooking or warming application within a commercial kitchen or foodservice operation. This cooking and warming equipment is used across all types of foodservice operations, including quick-service restaurants, full-service restaurants, convenience stores, retail outlets, hotels and other institutions. The products offered by this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, warming equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, professional refrigerators, coldrooms, ice machines, freezers and beverage dispensing equipment. | |
The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing pre-cooked meat products, such as hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies and bread. Through its broad line of products, the company is able to deliver a wide array of cooking solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated solutions that provide a food processing operation a uniquely integrated solution providing for the highest level of food quality, product consistency, and reduced operating costs resulting from increased product yields, increased capacity and greater throughput and reduced labor costs though automation. The products offered by this group include a wide array of cooking and baking solutions including, batch ovens, baking ovens, proofing ovens, conveyor ovens, continuous processing ovens, frying systems and automated thermal processing systems. The company also provides a comprehensive portfolio of complementary food preparation equipment such as grinders, slicers, emulsifiers, mixers, blenders, battering equipment, breading equipment, water cutting systems, food presses, and forming equipment, as well as a variety of food safety, food handling, freezing and packaging equipment. This portfolio of equipment can be integrated to provide customers a highly efficient and customized solution. | |
The Residential Kitchen Equipment Group has a broad portfolio of innovative and professional-style residential kitchen equipment. The products offered by this group include ranges, ovens, refrigerators, dishwashers, microwaves, cooktops, warming equipment, ventilation equipment, ice machines and outdoor equipment. |
Acquisitions_and_Purchase_Acco
Acquisitions and Purchase Accounting | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Acquisitions and Purchase Accounting | ACQUISITIONS AND PURCHASE ACCOUNTING | |||||||||||
The company operates in a highly fragmented industry and has completed numerous acquisitions over the past several years as a component of its growth strategy. The company has acquired industry leading brands and technologies to position itself as a leader in the commercial foodservice equipment, food processing equipment and residential kitchen equipment industries. | ||||||||||||
The company has accounted for all business combinations using the acquisition method to record a new cost basis for the assets acquired and liabilities assumed. The difference between the purchase price and the fair value of the assets acquired and liabilities assumed has been recorded as goodwill in the financial statements. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition. | ||||||||||||
Baker | ||||||||||||
On March 14, 2012, the company completed its acquisition of certain assets of Turkington USA, LLC (now known as Baker Thermal Solutions "Baker"), a manufacturer of automated baking ovens for the food processing industry, for a purchase price of approximately $10.3 million. | ||||||||||||
The final allocation of cash paid for the Baker acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Mar 14, 2012 | Measurement Period Adjustments | (as adjusted) | ||||||||||
14-Mar-12 | ||||||||||||
Current assets | $ | 4,617 | $ | (2,236 | ) | $ | 2,381 | |||||
Property, plant and equipment | 221 | — | 221 | |||||||||
Goodwill | 5,797 | 1,481 | 7,278 | |||||||||
Other intangibles | — | 750 | 750 | |||||||||
Current liabilities | (385 | ) | 5 | (380 | ) | |||||||
Net assets acquired and liabilities assumed | $ | 10,250 | $ | — | $ | 10,250 | ||||||
The goodwill is subject to the non-amortization provisions of ASC 350 "Intangibles - Goodwill and Other." Other intangibles includes $0.8 million allocated to customer relationships, which are being amortized over 5 years. Goodwill of Baker is allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
Stewart | ||||||||||||
On September 5, 2012, the company completed its acquisition of certain assets of Stewart Systems Global, LLC ("Stewart"), a manufacturer of automated proofing and oven baking systems for the food processing industry, for a purchase price of approximately $27.8 million. An additional payment is also payable upon the achievement of certain financial targets. During the second quarter of 2013, the company finalized the working capital provision provided by the purchase agreement resulting in a refund from the seller of $1.3 million. Subsequent to the acquisition of Stewart, the company purchased intangible assets from a third party company previously associated with Stewart. These assets consist of the trade name, Spooner Vicars, and have been allocated to Stewart. | ||||||||||||
The final allocation of cash paid for the Stewart acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Sept 5, 2012 | Measurement Period Adjustments | (as adjusted) Sept 5, 2012 | ||||||||||
Cash | $ | — | $ | 244 | $ | 244 | ||||||
Current assets | 11,839 | (1,922 | ) | 9,917 | ||||||||
Property, plant and equipment | 653 | 583 | 1,236 | |||||||||
Goodwill | 17,886 | (2,140 | ) | 15,746 | ||||||||
Other intangibles | 6,850 | 4,030 | 10,880 | |||||||||
Current liabilities | (5,228 | ) | (1,511 | ) | (6,739 | ) | ||||||
Other non-current liabilities | (4,000 | ) | (587 | ) | (4,587 | ) | ||||||
Consideration paid at closing | $ | 28,000 | $ | (1,303 | ) | $ | 26,697 | |||||
Contingent consideration | 4,000 | 587 | 4,587 | |||||||||
Net assets acquired and liabilities assumed | $ | 32,000 | $ | (716 | ) | $ | 31,284 | |||||
The goodwill and $4.6 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $5.9 million allocated to customer relationships and $0.4 million allocated to backlog, which are being amortized over periods of 5 years and 6 months, respectively. Goodwill and other intangibles of Stewart are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
The Stewart purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2015 if Stewart exceeds certain sales and earnings targets for fiscal 2014. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $4.6 million. | ||||||||||||
Nieco | ||||||||||||
On October 31, 2012, the company completed its acquisition of all of the capital stock of Nieco Corporation, ("Nieco"), a leading manufacturer of automated broilers for the commercial foodservice industry, for a purchase price of approximately $23.9 million, net of cash acquired. An additional payment is also payable upon the achievement of certain financial targets. During the second quarter of 2013, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price. | ||||||||||||
The final allocation of cash paid for the Nieco acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Oct 31, 2012 | Measurement Period Adjustments | (as adjusted) | ||||||||||
31-Oct-12 | ||||||||||||
Cash | $ | 140 | $ | — | $ | 140 | ||||||
Current assets | 4,011 | — | 4,011 | |||||||||
Property, plant and equipment | 268 | — | 268 | |||||||||
Goodwill | 18,855 | (3,473 | ) | 15,382 | ||||||||
Other intangibles | 5,620 | 4,060 | 9,680 | |||||||||
Current liabilities | (1,836 | ) | — | (1,836 | ) | |||||||
Other non-current liabilities | (3,058 | ) | (587 | ) | (3,645 | ) | ||||||
Consideration paid at closing | $ | 24,000 | $ | — | $ | 24,000 | ||||||
Contingent consideration | 3,058 | 587 | 3,645 | |||||||||
Net assets acquired and liabilities assumed | $ | 27,058 | $ | 587 | $ | 27,645 | ||||||
The goodwill and $3.1 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $6.5 million allocated to customer relationships and $0.1 million allocated to backlog, which are being amortized over periods of 4 years and 3 months, respectively. Goodwill and other intangibles of Nieco are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
The Nieco purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2015 if Nieco exceeds certain sales and earnings targets for fiscal 2013 and 2014. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $3.6 million. | ||||||||||||
Viking | ||||||||||||
On December 31, 2012 (subsequent to the 2012 fiscal year end), the company completed its acquisition of all of the capital stock of Viking Range Corporation ("Viking"), a leading manufacturer of kitchen equipment for the residential market, for a purchase price of approximately $361.7 million, net of cash acquired. During the third quarter of 2013, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $11.2 million. | ||||||||||||
The final allocation of cash paid for the Viking acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Dec 31, 2012 | Measurement Period Adjustments | (as adjusted) Dec 31, 2012 | ||||||||||
Cash | $ | 6,900 | $ | (121 | ) | $ | 6,779 | |||||
Current assets | 40,794 | (2,385 | ) | 38,409 | ||||||||
Property, plant and equipment | 76,693 | (20,446 | ) | 56,247 | ||||||||
Goodwill | 144,833 | (32,752 | ) | 112,081 | ||||||||
Other intangibles | 152,500 | 44,500 | 197,000 | |||||||||
Other assets | 12,604 | 865 | 13,469 | |||||||||
Current liabilities | (52,202 | ) | (886 | ) | (53,088 | ) | ||||||
Other non-current liabilities | (2,386 | ) | (1 | ) | (2,387 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 379,736 | $ | (11,226 | ) | $ | 368,510 | |||||
The goodwill and $151.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $44.0 million allocated to customer relationships and $2.0 million allocated to backlog which are being amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of Viking are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Certain acquired assets included in other assets were classified as held for sale at the date of acquisition and were sold during the second quarter of 2013. | ||||||||||||
Viking Distributors 2013 | ||||||||||||
Subsequent to the acquisition of Viking, the company, through Viking, purchased certain assets of four of Viking's former distributors ("Viking Distributors 2013"). The aggregate purchase price of these transactions as of June 29, 2013 was approximately $23.6 million. This included $8.7 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. | ||||||||||||
The final allocation of cash paid for the Viking Distributors 2013 is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Jun 29, 2013 | Measurement Period Adjustments | (as adjusted) Jun 29, 2013 | ||||||||||
Current assets | $ | 21,390 | $ | (3,599 | ) | $ | 17,791 | |||||
Property, plant and equipment | 1,318 | — | 1,318 | |||||||||
Goodwill | 1,709 | 3,599 | 5,308 | |||||||||
Current liabilities | (804 | ) | — | (804 | ) | |||||||
Net assets acquired and liabilities assumed | $ | 23,613 | $ | — | $ | 23,613 | ||||||
Forgiveness of liabilities owed to Viking | (8,697 | ) | — | (8,697 | ) | |||||||
Consideration paid at closing | $ | 14,916 | $ | — | $ | 14,916 | ||||||
The goodwill is subject to the non-amortization provisions of ASC 350. Goodwill of these Distributor 2013 purchases is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
Celfrost | ||||||||||||
On October 15, 2013, the company completed its acquisition of substantially all of the assets of Celfrost Innovations Pvt. Ltd. ("Celfrost"), a preferred commercial foodservice equipment supplier in India with a broad line of cold side products such as professional refrigerators, coldrooms, ice machines and freezers marketed under the Celfrost brand for a purchase price of approximately $11.2 million. An additional deferred payment of $0.4 million was made in the fourth quarter of 2014 as provided for in the purchase agreement. Additional deferred payments of approximately $0.7 million in aggregate are also due to the seller in equal installments on the second and third anniversary of the acquisition. | ||||||||||||
The final allocation of cash paid for the Celfrost acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Oct 15, 2013 | Measurement Period Adjustments | (as adjusted) Oct 15, 2013 | ||||||||||
Current assets | $ | 5,638 | $ | (124 | ) | $ | 5,514 | |||||
Property, plant and equipment | 182 | — | 182 | |||||||||
Goodwill | 5,943 | 1,718 | 7,661 | |||||||||
Other intangibles | 4,333 | — | 4,333 | |||||||||
Other assets | 4 | — | 4 | |||||||||
Current liabilities | (3,979 | ) | (1,594 | ) | (5,573 | ) | ||||||
Other non-current liabilities | (875 | ) | — | (875 | ) | |||||||
Consideration paid at closing | $ | 11,246 | $ | — | $ | 11,246 | ||||||
Deferred payments | 1,067 | — | 1,067 | |||||||||
Net assets acquired and liabilities assumed | $ | 12,313 | $ | — | $ | 12,313 | ||||||
The goodwill and $2.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.9 million allocated to customer relationships and $0.1 million allocated to backlog which are being amortized over periods of 7 years and 3 months, respectively. Goodwill and other intangibles of Celfrost are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
Wunder-Bar | ||||||||||||
On December 17, 2013, the company completed its acquisition of all of the capital stock of Automatic Bar Controls, Inc. ("Wunder-Bar") a leading manufacturer of beverage dispensing systems for the commercial foodservice industry, for a purchase price of approximately $74.1 million, net of cash acquired. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.1 million. In 2014, the company purchased additional assets related to Wunder-Bar for approximately $0.8 million. An additional deferred payment of $0.6 million is also payable to the seller pursuant to the purchase agreement. | ||||||||||||
The final allocation of cash paid for the Wunder-Bar acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Dec 17, 2013 | Measurement Period Adjustments | (as adjusted) Dec 17, 2013 | ||||||||||
Cash | $ | 857 | $ | — | $ | 857 | ||||||
Current deferred tax asset | 50 | 188 | 238 | |||||||||
Current assets | 13,127 | 656 | 13,783 | |||||||||
Property, plant and equipment | 1,735 | (312 | ) | 1,423 | ||||||||
Goodwill | 45,056 | (3,251 | ) | 41,805 | ||||||||
Other intangibles | 30,000 | 3,060 | 33,060 | |||||||||
Other assets | — | 290 | 290 | |||||||||
Current liabilities | (5,013 | ) | 865 | (4,148 | ) | |||||||
Long-term deferred tax liability | (10,811 | ) | (1,280 | ) | (12,091 | ) | ||||||
Other non-current liabilities | (1 | ) | (365 | ) | (366 | ) | ||||||
Consideration paid at closing | $ | 75,000 | $ | (149 | ) | $ | 74,851 | |||||
Additional assets acquired post closing | — | 848 | 848 | |||||||||
Deferred payments | — | 586 | 586 | |||||||||
Net assets acquired and liabilities assumed | $ | 75,000 | $ | 1,285 | $ | 76,285 | ||||||
The current deferred tax assets and long term deferred tax liabilities amounted to $0.2 million and $12.1 million, respectively. These net assets are comprised of $0.2 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $12.1 million of deferred tax liabilities related to difference between the book and tax basis of identifiable intangible assets. | ||||||||||||
The goodwill and $12.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $20.2 million allocated to customer relationships and $0.2 million allocated to backlog which is to be amortized over a period of 14 years and 3 months, respectively. Goodwill and other intangibles of Wunder-Bar are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. | ||||||||||||
Market Forge | ||||||||||||
On January 7, 2014, the company completed its acquisition of certain assets of Market Forge Industries, Inc. (“Market Forge”), a leading manufacturer of steam cooking equipment for the commercial foodservice industry, for a purchase price of approximately $7.0 million. During the first quarter of 2014, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.2 million. Additional deferred payments of $3.0 million in aggregate were paid to the seller during the second and third quarters of 2014. An additional payment is also due upon the achievement of certain financial targets. | ||||||||||||
The final allocation of cash paid for the Market Forge acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Jan 7, 2014 | Measurement Period Adjustments | (as adjusted) Jan 7, 2014 | ||||||||||
Current assets | $ | 2,051 | $ | (100 | ) | $ | 1,951 | |||||
Property, plant and equipment | 120 | — | 120 | |||||||||
Goodwill | 5,252 | 654 | 5,906 | |||||||||
Other intangibles | 4,191 | — | 4,191 | |||||||||
Current liabilities | (4,374 | ) | (554 | ) | (4,928 | ) | ||||||
Consideration paid at closing | $ | 7,240 | $ | — | $ | 7,240 | ||||||
Deferred payments | 3,000 | — | 3,000 | |||||||||
Contingent consideration | 1,374 | 126 | 1,500 | |||||||||
Net assets acquired and liabilities assumed | $ | 11,614 | $ | 126 | $ | 11,740 | ||||||
The goodwill and $2.9 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.1 million allocated to customer relationships, $0.2 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 4 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Market Forge are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
The Market Forge purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2015 if Market Forge exceeds certain sales targets for fiscal 2014. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $1.5 million. | ||||||||||||
Viking Distributors 2014 | ||||||||||||
The company, through Viking, purchased certain assets of two of Viking's former distributors ("Viking Distributors 2014"). The aggregate purchase price of these transactions as of January 31, 2014 was approximately $44.5 million. This included $6.0 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. | ||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | ||||||||||||
(as initially reported) Jan 31, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Jan 31, 2014 | ||||||||||
Current assets | $ | 35,909 | $ | (8,101 | ) | $ | 27,808 | |||||
Property, plant and equipment | 2,000 | (291 | ) | 1,709 | ||||||||
Goodwill | 7,552 | 8,647 | 16,199 | |||||||||
Current liabilities | (1,005 | ) | (255 | ) | (1,260 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 44,456 | $ | — | $ | 44,456 | ||||||
Forgiveness of liabilities owed to Viking | (5,971 | ) | — | (5,971 | ) | |||||||
Consideration paid at closing | $ | 38,485 | $ | — | $ | 38,485 | ||||||
The goodwill is subject to the non-amortization provisions of ASC 350 and is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. This asset is expected to be deductible for tax purposes. | ||||||||||||
The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition dates. | ||||||||||||
Processing Equipment Solutions | ||||||||||||
On March 31, 2014, the company completed its acquisition of substantially all of the assets of Processing Equipment Solutions, Inc. ("PES"), a leading manufacturer of water jet cutting equipment for the food processing industry, for a purchase price of approximately $15.0 million. An additional payment is also due upon the achievement of certain financial targets. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price. | ||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | ||||||||||||
(as initially reported) Mar 31, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Mar 31, 2014 | ||||||||||
Current assets | $ | 2,211 | $ | (153 | ) | $ | 2,058 | |||||
Property, plant and equipment | 3,493 | — | 3,493 | |||||||||
Goodwill | 10,792 | 269 | 11,061 | |||||||||
Other intangibles | 1,600 | — | 1,600 | |||||||||
Other assets | 21 | — | 21 | |||||||||
Current liabilities | (3,117 | ) | (116 | ) | (3,233 | ) | ||||||
Consideration paid at closing | $ | 15,000 | $ | — | $ | 15,000 | ||||||
Contingent consideration | 2,301 | 116 | 2,417 | |||||||||
Net assets acquired and liabilities assumed | $ | 17,301 | $ | 116 | $ | 17,417 | ||||||
The goodwill is subject to the non-amortization provisions of ASC 350. Other intangibles includes $0.9 million allocated to customer relationships, $0.6 million allocated to developed technology and $0.1 million allocated to backlog, which are being amortized over periods of 3 years, 7 years and 3 months, respectively. Goodwill and other intangibles of PES are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
The PES purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if PES exceeds certain sales targets for fiscal 2014, 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.4 million. | ||||||||||||
The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | ||||||||||||
Concordia | ||||||||||||
On September 8, 2014, the company completed its acquisition of all of the capital stock of Concordia Coffee Company, Inc. ("Concordia"), a leading manufacturer of automated and self-service coffee and espresso machines for the commercial foodservice industry, for a purchase price of approximately $12.5 million, net of cash acquired. An additional payment is also due upon the achievement of certain financial targets. The purchase price is subject to adjustment based upon a working capital provision with the purchase agreement. The company expects to finalize this in the first quarter of 2015. | ||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | ||||||||||||
(as initially reported) Sep 8, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Sep 8, 2014 | ||||||||||
Cash | $ | 345 | $ | — | $ | 345 | ||||||
Current deferred tax asset | — | 424 | 424 | |||||||||
Current assets | 3,767 | (489 | ) | 3,278 | ||||||||
Goodwill | 11,255 | (4,594 | ) | 6,661 | ||||||||
Other intangibles | 4,500 | — | 4,500 | |||||||||
Long-term deferred tax asset | — | 1,981 | 1,981 | |||||||||
Current liabilities | (2,296 | ) | 16 | (2,280 | ) | |||||||
Other non-current liabilities | (4,710 | ) | 2,662 | (2,048 | ) | |||||||
Consideration paid at closing | $ | 12,861 | $ | — | $ | 12,861 | ||||||
Contingent consideration | 4,710 | (2,662 | ) | 2,048 | ||||||||
Net assets acquired and liabilities assumed | $ | 17,571 | $ | (2,662 | ) | $ | 14,909 | |||||
The current and long term deferred tax assets amounted to $0.4 million and $2.0 million, respectively. These net assets are comprised of $3.5 million related to federal net operating loss carry forwards, $0.5 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $1.6 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal net operating loss carry forwards are subject to carry forward limitations for income tax purposes. | ||||||||||||
The goodwill and $3.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $0.8 million allocated to customer relationships and $0.7 million allocated to developed technology, which are each being amortized over a period of 5 years. Goodwill and other intangibles of Concordia are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. | ||||||||||||
The Concordia purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if Concordia exceeds certain sales targets for fiscal 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.0 million. | ||||||||||||
The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | ||||||||||||
U-Line | ||||||||||||
On November 5, 2014, the company completed its acquisition of all of the capital stock of U-Line Corporation ("U-Line"), a leading manufacturer of premium residential built-in modular ice making, refrigeration and wine preservation products for the residential industry, for a purchase price of approximately $142.0 million, net of cash acquired. | ||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | ||||||||||||
(as initially reported) Nov 5, 2014 | ||||||||||||
Cash | $ | 12,764 | ||||||||||
Current deferred tax asset | 657 | |||||||||||
Current assets | 12,237 | |||||||||||
Property, plant and equipment | 3,376 | |||||||||||
Other intangibles | 57,500 | |||||||||||
Goodwill | 89,501 | |||||||||||
Current liabilities | (6,032 | ) | ||||||||||
Long-term deferred tax liabilty | (13,095 | ) | ||||||||||
Other non-current liabilities | (2,111 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 154,797 | ||||||||||
The current deferred tax assets and long term deferred tax liabilities amounted to $0.7 million and $13.1 million, respectively. These net assets are comprised of $3.8 million related to federal and state net operating loss carry forwards, $1.3 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $17.5 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal and state net operating loss carry forwards are subject to carry forward limitations for income tax purposes. | ||||||||||||
The goodwill and $40.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $17.5 million allocated to customer relationships, which are being amortized over a period of 7 years. Goodwill and other intangibles of U-Line are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. | ||||||||||||
The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | ||||||||||||
Pro forma financial information | ||||||||||||
In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the years ended January 3, 2015 and December 28, 2013, assumes the 2014 acquisitions of Market Forge, PES, Concordia and U-Line and the 2013 acquisitions of Celfrost and Wunder-Bar were completed on December 30, 2012 (first day of fiscal year 2013). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): | ||||||||||||
January 3, 2015 | December 28, 2013 | |||||||||||
Net sales | $ | 1,703,119 | $ | 1,563,415 | ||||||||
Net earnings | 199,354 | 162,224 | ||||||||||
Net earnings per share: | ||||||||||||
Basic | 3.54 | 2.91 | ||||||||||
Diluted | 3.54 | 2.89 | ||||||||||
The supplemental pro forma financial information presented above has been prepared for comparative purposes and is not necessarily indicative of either the results of operations that would have occurred had the acquisitions of these companies been effective on December 30, 2012 nor are they indicative of any future results. Also, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate Celfrost, Wunder-Bar, Market Forge, PES, Concordia and U-Line. |
Stock_Split_Notes
Stock Split (Notes) | 12 Months Ended |
Jan. 03, 2015 | |
Stock Split [Abstract] | |
stock dividend [Text Block] | STOCK SPLIT |
In June 2014, the company’s Board of Directors approved a three-for-one split of the company’s common stock in the form of a stock dividend. The stock dividend was paid on June 27, 2014 to shareholders of record as of June 16, 2014. The company’s stock began trading on a split-adjusted basis on June 27, 2014. The stock split effectively tripled the number of shares outstanding at June 27, 2014. All references in the accompanying condensed consolidated financial statements and notes thereto to net earnings per share and the number of shares have been adjusted to reflect this stock split. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||
(a) | Basis of Presentation | |||||||||||||||||||
The consolidated financial statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. Significant items that are subject to such estimates and judgments include allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves and post-retirement obligations. On an ongoing basis, the company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. | ||||||||||||||||||||
The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2014, 2013, and 2012 ended on January 3, 2015, December 28, 2013 and December 29, 2012, respectively, and included 53, 52 and 52 weeks, respectively. | ||||||||||||||||||||
Certain prior year amounts have been reclassified to be consistent with current year presentation. | ||||||||||||||||||||
(b) | Cash and Cash Equivalents | |||||||||||||||||||
The company considers all short-term investments with original maturities of three months or less when acquired to be cash equivalents. The company’s policy is to invest its excess cash in interest-bearing deposits with major banks that are subject to minimal credit and market risk. | ||||||||||||||||||||
(c) | Accounts Receivable | |||||||||||||||||||
Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $9.1 million and $7.0 million at January 3, 2015 and December 28, 2013, respectively. At January 3, 2015, all accounts receivable are expected to be collected within one year. | ||||||||||||||||||||
(d) Inventories | ||||||||||||||||||||
Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventories at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $30.2 million in 2014 and $22.3 million in 2013 and represented approximately 12% and 10% of the total inventory in each respective year. The amount of LIFO reserve at January 3, 2015 and December 28, 2013 was not material. Costs for all other inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. Inventories at January 3, 2015 and December 28, 2013 are as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Raw materials and parts | $ | 126,121 | $ | 110,310 | ||||||||||||||||
Work in process | 17,828 | 20,448 | ||||||||||||||||||
Finished goods | 111,827 | 89,358 | ||||||||||||||||||
$ | 255,776 | $ | 220,116 | |||||||||||||||||
(e) | Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment are carried at cost as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Land | $ | 10,642 | $ | 10,289 | ||||||||||||||||
Building and improvements | 84,777 | 80,051 | ||||||||||||||||||
Furniture and fixtures | 28,597 | 23,476 | ||||||||||||||||||
Machinery and equipment | 88,679 | 84,970 | ||||||||||||||||||
212,695 | 198,786 | |||||||||||||||||||
Less accumulated depreciation | (82,998 | ) | (73,329 | ) | ||||||||||||||||
$ | 129,697 | $ | 125,457 | |||||||||||||||||
Property, plant and equipment are depreciated or amortized on a straight-line basis over their useful lives based on management's estimates of the period over which the assets will be utilized to benefit the operations of the company. The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes. The company periodically reviews these lives relative to physical factors, economic factors and industry trends. If there are changes in the planned use of property and equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of increased depreciation and amortization expense in future periods. | ||||||||||||||||||||
Following is a summary of the estimated useful lives: | ||||||||||||||||||||
Description | Life | |||||||||||||||||||
Building and improvements | 20 to 40 years | |||||||||||||||||||
Furniture and fixtures | 3 to 7 years | |||||||||||||||||||
Machinery and equipment | 3 to 10 years | |||||||||||||||||||
Depreciation expense amounted to $15.5 million, $13.5 million and $8.7 million in fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Expenditures which significantly extend useful lives are capitalized. Maintenance and repairs are charged to expense as incurred. Asset impairments are recorded whenever events or changes in circumstances indicate that the recorded value of an asset is greater than the sum of its expected future undiscounted cash flows. | ||||||||||||||||||||
(f) | Goodwill and Other Intangibles | |||||||||||||||||||
In accordance with ASC 350 “Goodwill-Intangibles and Other”, the company’s goodwill and other indefinite lived intangibles are reviewed for impairment annually on the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of goodwill and other indefinite lived intangibles, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings. | ||||||||||||||||||||
Goodwill is allocated to the business segments as follows (in thousands): | ||||||||||||||||||||
Commercial | Food | Residential Kitchen | Total | |||||||||||||||||
Foodservice | Processing | |||||||||||||||||||
Balance as of December 29, 2012 | $ | 397,246 | $ | 128,765 | $ | — | $ | 526,011 | ||||||||||||
Goodwill acquired during the year | 50,999 | — | 115,762 | 166,761 | ||||||||||||||||
Measurement period adjustments to goodwill acquired in prior year | (3,473 | ) | 56 | — | (3,417 | ) | ||||||||||||||
Exchange effect | (451 | ) | (949 | ) | — | (1,400 | ) | |||||||||||||
Balance as of December 28, 2013 | $ | 444,321 | $ | 127,872 | $ | 115,762 | $ | 687,955 | ||||||||||||
Goodwill acquired during the year | 12,567 | 11,061 | 105,700 | 129,328 | ||||||||||||||||
Measurement period adjustments to goodwill acquired in prior year | (1,533 | ) | — | 1,627 | 94 | |||||||||||||||
Exchange effect | (4,465 | ) | (4,421 | ) | (8,886 | ) | ||||||||||||||
Balance as of January 3, 2015 | $ | 450,890 | $ | 134,512 | $ | 223,089 | $ | 808,491 | ||||||||||||
The company has not recognized any goodwill impairments and therefore no accumulated impairment loss. | ||||||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||||
January 3, 2015 | December 28, 2013 | |||||||||||||||||||
Estimated | Gross | Accumulated | Estimated | Gross | Accumulated | |||||||||||||||
Weighted Avg | Carrying | Amortization | Weighted Avg | Carrying | Amortization | |||||||||||||||
Remaining | Amount | Remaining | Amount | |||||||||||||||||
Life | Life | |||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Customer lists | 4.7 | $ | 167,278 | $ | (84,312 | ) | 5.1 | $ | 144,298 | $ | (61,506 | ) | ||||||||
Backlog | 0 | 11,178 | (11,178 | ) | 0 | 10,851 | (10,851 | ) | ||||||||||||
Developed technology | 4.6 | 19,786 | (16,356 | ) | 3.9 | 17,888 | (14,993 | ) | ||||||||||||
$ | 198,242 | $ | (111,846 | ) | $ | 173,037 | $ | (87,350 | ) | |||||||||||
Indefinite-lived assets: | ||||||||||||||||||||
Trademarks and tradenames | $ | 405,635 | $ | 362,257 | ||||||||||||||||
The aggregate intangible amortization expense was $24.6 million, $28.5 million and $17.0 million in 2014, 2013 and 2012, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands): | ||||||||||||||||||||
2015 | $ | 21,454 | ||||||||||||||||||
2016 | 18,304 | |||||||||||||||||||
2017 | 14,032 | |||||||||||||||||||
2018 | 12,678 | |||||||||||||||||||
2019 | 4,969 | |||||||||||||||||||
Thereafter | 14,959 | |||||||||||||||||||
$ | 86,396 | |||||||||||||||||||
(g) | Accrued Expenses | |||||||||||||||||||
Accrued expenses consist of the following at January 3, 2015 and December 28, 2013, respectively: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Accrued payroll and related expenses | $ | 50,844 | $ | 56,544 | ||||||||||||||||
Accrued customer rebates | 32,357 | 26,947 | ||||||||||||||||||
Accrued warranty | 28,786 | 20,826 | ||||||||||||||||||
Advanced customer deposits | 20,367 | 31,276 | ||||||||||||||||||
Accrued product liability and workers compensation | 14,582 | 15,355 | ||||||||||||||||||
Product recall | 12,125 | 2,480 | ||||||||||||||||||
Accrued agent commission | 11,207 | 9,767 | ||||||||||||||||||
Contingent consideration | 9,200 | 8,628 | ||||||||||||||||||
Accrued sales and other tax | 7,660 | 5,762 | ||||||||||||||||||
Accrued professional services | 7,053 | 7,441 | ||||||||||||||||||
Other accrued expenses | 26,404 | 28,433 | ||||||||||||||||||
$ | 220,585 | $ | 213,459 | |||||||||||||||||
(h) | Litigation Matters | |||||||||||||||||||
From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any such matter will have a material adverse effect on its financial condition, results of operations or cash flows of the company. | ||||||||||||||||||||
(i) | Accumulated Other Comprehensive Income | |||||||||||||||||||
The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Unrecognized pension benefit costs, net of tax | $ | (6,540 | ) | $ | (2,120 | ) | ||||||||||||||
Unrealized loss on interest rate swap, net of tax | (236 | ) | (630 | ) | ||||||||||||||||
Currency translation adjustments | (24,655 | ) | (5,885 | ) | ||||||||||||||||
$ | (31,431 | ) | $ | (8,635 | ) | |||||||||||||||
(j) | Fair Value Measures | |||||||||||||||||||
ASC 820 “Fair Value Measurements and Disclosures” defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels: | ||||||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities | ||||||||||||||||||||
Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. | ||||||||||||||||||||
Level 3 – Unobservable inputs based on our own assumptions | ||||||||||||||||||||
The company’s financial assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at January 3, 2015 and December 28, 2013 are as follows (in thousands): | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | Total | |||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
As of January 3, 2015 | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Pension Plans | $ | 27,647 | $ | 1,234 | — | $ | 28,881 | |||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Interest rate swaps | — | $ | 810 | — | $ | 810 | ||||||||||||||
Contingent consideration | — | — | $ | 14,558 | $ | 14,558 | ||||||||||||||
As of December 28, 2013 | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Pension Plans | $ | 27,875 | $ | 621 | — | $ | 28,496 | |||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Interest rate swaps | — | $ | 1,471 | — | $ | 1,471 | ||||||||||||||
Contingent consideration | — | — | $ | 9,084 | $ | 9,084 | ||||||||||||||
The contingent consideration as of January 3, 2015 relates to the earnout provisions recorded in conjunction with the acquisitions of Stewart, Nieco, Spooner Vicars, Market Forge, PES and Concordia. | ||||||||||||||||||||
The contingent consideration as of December 28, 2013 relates to the earnout provisions recorded in conjunction with the acquisitions of Stewart, Nieco and Spooner Vicars. | ||||||||||||||||||||
The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreements. On a quarterly basis the company assesses the projected results for each of the acquisitions in comparison to the earnout targets and adjusts the liability accordingly. | ||||||||||||||||||||
(k) | Foreign Currency | |||||||||||||||||||
Foreign currency transactions are accounted for in accordance with ASC 830 “Foreign Currency Translation”. The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur. These transactions amounted to a loss of $3.6 million, $3.1 million and $3.7 million in 2014, 2013 and 2012, respectively, and are included in other expense on the statements of earnings. | ||||||||||||||||||||
(l) | Revenue Recognition | |||||||||||||||||||
At the Commercial Foodservice Equipment Group and Residential Kitchen Equipment Group, the company recognizes revenue on the sale of its products where title transfers and when risk of loss has passed to the customer, which occurs at the time of shipment, and collectibility is reasonably assured. The sale prices of the products sold are fixed and determinable at the time of shipment. Sales are reported net of sales returns, sales incentives and cash discounts based on prior experience and other quantitative and qualitative factors. | ||||||||||||||||||||
At the Food Processing Equipment Group, the company enters into long-term sales contracts for certain products. Revenue under these long-term sales contracts is recognized using the percentage of completion method defined within ASC 605-35 “Construction-Type and Production-Type Contracts” due to the length of time to fully manufacture and assemble the equipment. The company measures revenue recognized based on the ratio of actual labor hours incurred in relation to the total estimated labor hours to be incurred related to the contract. Because estimated labor hours to complete a project are based upon forecasts using the best available information, the actual hours may differ from original estimates. Under ASC 605, the company records the asset for revenue recognized but not yet billed on contracts accounted for under the percentage of completion method in Prepaid Expenses and Other on the consolidated balance sheets. For 2014 and 2013, the amount of this asset was $12.7 million and $17.2 million, respectively. The percentage of completion method of accounting for these contracts most accurately reflects the status of these uncompleted contracts in the company's financial statements and most accurately measures the matching of revenues with expenses. At the time a loss on a contract becomes known, the amount of the estimated loss is recognized in the consolidated financial statements. | ||||||||||||||||||||
(m) | Shipping and Handling Costs | |||||||||||||||||||
Shipping and handling costs are included in cost of products sold. | ||||||||||||||||||||
(n) | Warranty Costs | |||||||||||||||||||
In the normal course of business the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. | ||||||||||||||||||||
A rollforward of the warranty reserve for the fiscal years 2014 and 2013 are as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Beginning balance | $ | 20,826 | $ | 17,593 | ||||||||||||||||
Warranty reserve related to acquisitions | 2,450 | 9,617 | ||||||||||||||||||
Warranty expense | 44,547 | 36,360 | ||||||||||||||||||
Warranty claims paid | (39,037 | ) | (42,744 | ) | ||||||||||||||||
Ending balance | $ | 28,786 | $ | 20,826 | ||||||||||||||||
(o) | Research and Development Costs | |||||||||||||||||||
Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. These costs were $22.6 million, $21.4 million, and $14.1 million in fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
(p) Non-Cash Share-Based Compensation | ||||||||||||||||||||
The company estimates the fair value of restricted share grants and stock options at the time of grant and recognizes compensation costs over the vesting period of the awards and options. Non-cash share-based compensation expense of $16.7 million, $11.9 million and $12.0 million was recognized for fiscal 2014, 2013 and 2012, respectively, associated with restricted share grants. The company recorded a related tax benefit of $6.3 million, $4.4 million and $4.6 million in fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
As of January 3, 2015, there was $16.0 million of total unrecognized compensation cost related to nonvested restricted share grant compensation arrangements, which will be recognized over a weighted average life of 2.0 years. | ||||||||||||||||||||
Share grant awards not subject to market conditions for vesting are valued at the closing share price of the company’s stock as of the date of the grant. There were no restricted share grant awards in 2013 or 2012. The company issued 369,807 restricted share grant awards in 2014 with a fair value of $32.5 million. Share grant awards issued in 2014 are performance based and were not subject to market conditions. The fair value of $87.80 per share for the awards for 2014 represent the closing share price of the company’s stock as of the date of grant. | ||||||||||||||||||||
(q) | Earnings Per Share | |||||||||||||||||||
“Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities. | ||||||||||||||||||||
The company’s potentially dilutive securities consist of shares issuable on exercise of outstanding options and vesting of restricted stock grants computed using the treasury method and amounted to 20,000, 317,000, and 430,000 for fiscal 2014, 2013 and 2012, respectively. There were no anti-dilutive equity awards excluded from common stock equivalents for 2014, 2013 or 2012. | ||||||||||||||||||||
(r) | Consolidated Statements of Cash Flows | |||||||||||||||||||
Cash paid for interest was $14.8 million, $14.1 million and $8.0 million in fiscal 2014, 2013 and 2012, respectively. Cash payments totaling $43.5 million, $49.5 million, and $49.0 million were made for income taxes during fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
(s) | New Accounting Pronouncements | |||||||||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, “Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. This update changes the criteria for determining which disposals can be presented as discontinued operations and requires expanded disclosures. Under ASU No. 2014-08, a disposal of a component of an entity or group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued. The company is evaluating the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. | ||||||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This update amends the current guidance on revenue recognition related to contracts with customers. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2016. Early adoption is not permitted. This update provides for two transition methods to the new guidance: a full retrospective or a modified retrospective adoption. The company is evaluating the transition methods and the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. | ||||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. This update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for annual and corresponding interim reporting periods beginning on or after December 15, 2015. Early adoption is permitted. The company is evaluating the impact the application of this ASU will have, if any, on the company’s financial position, results of operations and cash flows. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Financing Arrangements | FINANCING ARRANGEMENTS | |||||||||||||||
The following is a summary of long-term debt at January 3, 2015 and December 28, 2013: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(dollars in thousands) | ||||||||||||||||
Senior secured revolving credit line | $ | 587,500 | $ | 568,600 | ||||||||||||
Foreign loans | 10,384 | 2,680 | ||||||||||||||
Other debt arrangement | 283 | 318 | ||||||||||||||
Total debt | $ | 598,167 | $ | 571,598 | ||||||||||||
Less current maturities of long-term debt | 9,402 | 1,408 | ||||||||||||||
Long-term debt | $ | 588,765 | $ | 570,190 | ||||||||||||
On August 7, 2012, the company entered into a senior secured multi-currency credit facility. Terms of the company’s senior credit agreement provide for $1.0 billion of availability under a revolving credit line. As of January 3, 2015, the company had $587.5 million of borrowings outstanding under this facility. The company also had $11.3 million in outstanding letters of credit as of January 3, 2015, which reduces the borrowing availability under the revolving credit line. Remaining borrowing availability under this facility was $401.2 million at January 3, 2015. | ||||||||||||||||
At January 3, 2015, borrowings under the senior secured credit facility are assessed at an interest rate of 1.25% above LIBOR for long-term borrowings or at the higher of the Prime rate and the Federal Funds Rate. At January 3, 2015 the average interest rate on the senior debt amounted to 1.42%. The interest rates on borrowings under the senior secured credit facility may be adjusted quarterly based on the company’s indebtedness ratio on a rolling four-quarter basis. Additionally, a commitment fee based upon the indebtedness ratio is charged on the unused portion of the revolving credit line. This variable commitment fee amounted to 0.25% as of January 3, 2015. | ||||||||||||||||
In August 2006, the company completed its acquisition of Houno A/S in Denmark. This acquisition was funded in part with locally established debt facilities with borrowings in Danish Krone. These facilities included a revolving credit facility and term loan. At January 3, 2015 these facilities amounted to $3.4 million in U.S. dollars, including $2.2 million outstanding under a revolving credit facility and $1.2 million under a term loan. The interest rate on the revolving credit facility is assessed at 1.25% above Euro LIBOR, which amounted to 3.05% on January 3, 2015. At January 3, 2015, the interest rate assessed on the term loan was 4.55%. The term loan matures in 2022. | ||||||||||||||||
In April 2008, the company completed its acquisition of Giga Grandi Cucine S.r.l in Italy. This acquisition was funded in part with locally established debt facilities with borrowings denominated in Euro. At January 3, 2015 these facilities amounted to $0.6 million in U.S. dollars. The interest rate on the credit facilities is variable based on the three-month Euro LIBOR. At January 3, 2015, the average interest rate on these facilities was approximately 3.36%. The facilities are secured by outstanding accounts receivable collectible within six months. | ||||||||||||||||
In October 2013, the company completed its acquisition of substantially all of the assets of Celfrost Innovations Pvt. Ltd. in India. At the time of the acquisition a local credit facility, denominated in Indian Rupee, was established to fund local working capital needs. At January 3, 2015, the facility amounted to $2.7 million in U.S. dollars. At January 3, 2015, borrowings under the facility were assessed at an interest rate at 1.25% above the Reserve Bank of India's base rate for long-term borrowings. At January 3, 2015, the average interest rate on this facility was approximately 10.75%. | ||||||||||||||||
In March 2014, Cozzini do Brazil LTDA entered into a local credit facility, denominated in Brazilian Real, to fund local working capital needs. At January 3, 2015, the facility amounted to $3.7 million in U.S. dollars and was assessed at an interest rate of 1.50% above the Brazilian central bank CDI Rate. At January 3, 2015, the interest rate assessed on this facility was 11.57%. This local credit facility matures on March 28, 2015. | ||||||||||||||||
The company’s debt is reflected on the balance sheet at cost. Based on current market conditions, the company believes its interest rate margins on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. However, as the interest rate margin is based upon numerous factors, including but not limited to the credit rating of the borrower, the duration of the loan, the structure and restrictions under the debt agreement, current lending policies of the counterparty, and the company’s relationships with its lenders, there is no readily available market data to ascertain the current market rate for an equivalent debt instrument. As a result, the current interest rate margin is based upon the company’s best estimate based upon discussions with its lenders. | ||||||||||||||||
The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the company’s senior revolving credit facility in August 2017. Although borrowings could be materially greater or less than the current amount of borrowings outstanding at the end of the period, it is not practical to estimate the amounts that may be outstanding during future periods. The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands): | ||||||||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Total debt | $ | 598,167 | $ | 598,167 | $ | 571,598 | $ | 571,598 | ||||||||
The company believes that its current capital resources, including cash and cash equivalents, cash generated from operations, funds available from its current lenders and access to the credit and capital markets will be sufficient to finance its operations, debt service obligations, capital expenditures, product development and expenditures for the foreseeable future. | ||||||||||||||||
The company has historically entered into interest rate swap agreements to effectively fix the interest rate on a portion of its outstanding debt. The agreements swap one-month LIBOR for fixed rates. As of January 3, 2015, the company had the following interest rate swaps in effect: | ||||||||||||||||
Fixed | ||||||||||||||||
Notional | Interest | Effective | Maturity | |||||||||||||
Amount | Rate | Date | Date | |||||||||||||
25,000,000 | 2.52 | % | 2/23/11 | 2/23/16 | ||||||||||||
15,000,000 | 1.185 | % | 9/12/11 | 9/12/16 | ||||||||||||
10,000,000 | 0.498 | % | 2/11/13 | 7/11/15 | ||||||||||||
15,000,000 | 0.458 | % | 2/11/13 | 10/11/15 | ||||||||||||
25,000,000 | 0.635 | % | 2/11/13 | 8/11/16 | ||||||||||||
25,000,000 | 0.789 | % | 2/11/13 | 3/11/17 | ||||||||||||
25,000,000 | 0.803 | % | 2/11/13 | 5/11/17 | ||||||||||||
35,000,000 | 0.88 | % | 2/11/13 | 7/11/17 | ||||||||||||
10,000,000 | 1.48 | % | 9/11/13 | 7/11/17 | ||||||||||||
15,000,000 | 0.92 | % | 3/11/14 | 7/11/17 | ||||||||||||
25,000,000 | 0.95 | % | 3/11/14 | 7/11/17 | ||||||||||||
The terms of the senior secured credit facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; and enter into certain transactions with affiliates; and require, among other things, a maximum ratio of indebtedness to EBITDA of 3.5 and a fixed charge coverage ratio (as defined in the senior secured credit facility) of 1.25. The senior secured credit facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material domestic subsidiaries. The senior secured credit facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the Company guarantee or any subsidiary guaranty; and a change of control of the company. The credit agreement also provides that if a material adverse change in the company’s business operations or conditions occurs, the lender could declare an event of default. Under terms of the agreement, a material adverse effect is defined as (a) a material adverse change in, or a material adverse effect upon, the operations, business properties, condition (financial and otherwise) or prospects of the company and its subsidiaries taken as a whole; (b) a material impairment of the ability of the company to perform under the loan agreements and to avoid any event of default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the company of any loan document. A material adverse effect is determined on a subjective basis by the company's creditors. At January 3, 2015, the company was in compliance with all covenants pursuant to its borrowing agreements. | ||||||||||||||||
The aggregate amount of debt payable during each of the next five years is as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 9,402 | ||||||||||||||
2016 | 587,862 | |||||||||||||||
2017 | 114 | |||||||||||||||
2018 | 114 | |||||||||||||||
2019 and thereafter | 675 | |||||||||||||||
$ | 598,167 | |||||||||||||||
Common_and_Preferred_Stock_Not
Common and Preferred Stock (Notes) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Common and Preferred Stock | COMMON AND PREFERRED STOCK | |||||||||||
(a) Shares Authorized and Issued | ||||||||||||
At January 3, 2015 and December 28, 2013, the company had 95,000,000 and 47,500,000 shares, respectively, of common stock and 2,000,000 shares of non-voting preferred stock authorized. At the 2014 annual meeting shareholders voted in favor of amending the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock from 47,500,000 to 95,000,000. At January 3, 2015 and December 28, 2013, there were 57,271,680 and 57,373,506, respectively, shares of common stock outstanding. | ||||||||||||
(b) Treasury Stock | ||||||||||||
In July 1998, the company's Board of Directors adopted a stock repurchase program and during 1998 authorized the purchase of common shares in open market purchases. During 2013, the company's Board of Directors authorized the purchase of additional common shares in open market purchases. As of December 28, 2013, the total number of shares authorized for repurchase under the program is 4,570,266. As of January 3, 2015, 1,914,867 shares had been purchased under the 1998 stock repurchase program and 2,655,399 remain authorized for repurchase. | ||||||||||||
At January 3, 2015, the company had a total of 4,816,912 shares in treasury amounting to $196.0 million. | ||||||||||||
(c) Share-Based Awards | ||||||||||||
The company maintains several stock incentive plans under which the company's Board of Directors issues stock options and makes restricted share grants to key employees. Stock options issued under the plans provide key employees with rights to purchase shares of common stock at specified exercise prices. Options may be exercised upon certain vesting requirements being met, but expire to the extent unexercised within a maximum of ten years from the date of grant. Restricted share grants issued to employees are transferable upon certain vesting requirements being met. | ||||||||||||
• | 2007 Stock Incentive Plan (the "2007 Plan"), as amended on May 7, 2009. Effective August 11, 2011 and in accordance with plan parameters, the company is no longer permitted to make grants under the 2007 Plan. Accordingly, zero additional shares are available for issuance under the 2007 Plan. | |||||||||||
As of January 3, 2015, a total of 2,683,554 share-based awards have been issued under the 2007 Plan. This includes 2,672,667 restricted share grants, of which 16,800 remain outstanding and unvested. This also includes 10,887 stock options, of which 2,124 have been exercised, 7,791 have been forfeited and zero remain outstanding. | ||||||||||||
• | 2011 Stock Incentive Plan (the "2011 Plan"), as created on April 1, 2011, under which the company's Board of Directors issues stock grants to key employees. A maximum amount of 1,650,000 shares can be issued under the 2011 Plan. Stock grants issued to employees are transferable upon certain vesting requirements. | |||||||||||
As of January 3, 2015, a total of 369,807 share-based awards have been issued under the 2011 Plan. This includes 369,807 restricted share grants, all of which remain outstanding and unvested. | ||||||||||||
A summary of the company’s nonvested restricted share grant activity for fiscal years ended January 3, 2015 and December 28, 2013 is as follows: | ||||||||||||
Shares | Weighted | |||||||||||
Average | ||||||||||||
Grant-Date | ||||||||||||
Fair Value | ||||||||||||
Nonvested shares at December 29, 2012 | 1,274,745 | $ | 29.24 | |||||||||
Granted | — | — | ||||||||||
Vested | (109,971 | ) | 14.2 | |||||||||
Forfeited | — | — | ||||||||||
Nonvested shares at December 28, 2013 | 1,164,774 | $ | 29.89 | |||||||||
Granted | 369,807 | 87.8 | ||||||||||
Vested | (1,141,974 | ) | 29.12 | |||||||||
Forfeited | (6,000 | ) | 29.99 | |||||||||
Nonvested shares at January 3, 2015 | 386,607 | $ | 85.28 | |||||||||
Additional information related to the share based compensation is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Intrinsic value of options exercised | $ | — | $ | 80,528 | $ | 42,208 | ||||||
Cash received from exercise | — | 3,842 | 2,804 | |||||||||
Tax benefit from option exercises | — | 20,196 | 14,149 | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
Earnings before taxes is summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Domestic | $ | 240,936 | $ | 195,435 | $ | 157,471 | ||||||
Foreign | 39,854 | 30,346 | 16,969 | |||||||||
Total | $ | 280,790 | $ | 225,781 | $ | 174,440 | ||||||
The provision for income taxes is summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Federal | $ | 69,536 | $ | 60,232 | $ | 42,660 | ||||||
State and local | 9,316 | 3,248 | 7,216 | |||||||||
Foreign | 8,626 | 8,373 | 3,867 | |||||||||
Total | $ | 87,478 | $ | 71,853 | $ | 53,743 | ||||||
Current | $ | 72,137 | $ | 74,828 | $ | 53,826 | ||||||
Deferred | 15,341 | (2,975 | ) | (83 | ) | |||||||
Total | $ | 87,478 | $ | 71,853 | $ | 53,743 | ||||||
Reconciliation of the differences between income taxes computed at the federal statutory rate to the effective rate are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes, net of federal benefit | 2.2 | 0.9 | 2.7 | |||||||||
Tax relief for U.S. manufacturers | (2.3 | ) | (2.6 | ) | (2.4 | ) | ||||||
Permanent book vs. tax differences | (2.0 | ) | (1.2 | ) | (1.6 | ) | ||||||
Foreign tax rate differentials | (1.9 | ) | (1.0 | ) | (1.5 | ) | ||||||
Reserve adjustments and other | 0.2 | 0.7 | (1.4 | ) | ||||||||
Consolidated effective tax | 31.2 | % | 31.8 | % | 30.8 | % | ||||||
At January 3, 2015 and December 28, 2013, the company had recorded the following deferred tax assets and liabilities: | ||||||||||||
2014 | 2013 | |||||||||||
(dollars in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Federal net operating loss carryforwards | $ | 7,020 | $ | 6,382 | ||||||||
Compensation related | 17,092 | 25,321 | ||||||||||
Accrued retirement benefits | 8,211 | 6,234 | ||||||||||
Inventory reserves | 6,503 | 5,971 | ||||||||||
Product liability and workers compensation reserves | 7,810 | 7,902 | ||||||||||
Warranty reserves | 9,191 | 7,139 | ||||||||||
Receivable related reserves | 3,277 | 2,222 | ||||||||||
UNICAP | 3,727 | 5,123 | ||||||||||
State net operating loss carryforwards | 2,731 | 785 | ||||||||||
Interest rate swap | 157 | 419 | ||||||||||
Other | 18,154 | 12,091 | ||||||||||
Gross deferred tax assets | 83,873 | 79,589 | ||||||||||
Valuation allowance | — | (466 | ) | |||||||||
Deferred tax assets | $ | 83,873 | $ | 79,123 | ||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | $ | (111,501 | ) | $ | (82,188 | ) | ||||||
Foreign tax earnings repatriation | (3,029 | ) | (2,552 | ) | ||||||||
LIFO reserves | (90 | ) | (22 | ) | ||||||||
Depreciation | (1,366 | ) | (1,724 | ) | ||||||||
Other | (2,745 | ) | (2,092 | ) | ||||||||
Deferred tax liabilities | $ | (118,731 | ) | $ | (88,578 | ) | ||||||
Net deferred tax assets (liabilities) | $ | (34,858 | ) | $ | (9,455 | ) | ||||||
Current deferred asset | $ | 51,017 | $ | 50,337 | ||||||||
Long-term deferred asset | 2,925 | 1,641 | ||||||||||
Long-term deferred liability | (88,800 | ) | (61,433 | ) | ||||||||
Net deferred tax assets (liabilities) | $ | (34,858 | ) | $ | (9,455 | ) | ||||||
On September 13, 2013, the Internal Revenue Service issued Treasury Decision 9636, which enacted final Tangible Property Regulations (TPR) under Internal Revenue Code (IRC) Section 162 and IRC Section 263(a), which prescribe the capitalization treatment of certain repair costs, asset betterments and other costs which could affect temporary deferred taxes. The company has evaluated the tangible property regulations and has determined the regulations will not have a material impact on the company’s consolidated results of operations, cash flows or financial position. | ||||||||||||
The company does not provide for deferred taxes and foreign withholding taxes on the remaining undistributed earnings of certain international subsidiaries of approximately $86.1 million and $57.8 million as of January 3, 2015 and December 28, 2013, respectively, as these earnings are considered permanently invested. Upon repatriation of these earnings to the U.S. in the form of dividends or otherwise, the company may be subject to U.S. income taxes and foreign withholding taxes. The actual U.S. tax cost would depend on income tax laws and circumstances at the time of distribution. Determination of the related tax liability is not practicable because of the complexities associated with the hypothetical calculation. | ||||||||||||
As of January 3, 2015, the company has federal and state income tax net operating loss carryforwards of approximately $22.8 million which are subject to annual utilization limitations pursuant to Internal Revenue Code Section 382. If not utilized, the federal and state net operating loss carryforwards will expire at various dates beginning 2019 through 2034. | ||||||||||||
Although the company believes its tax returns are correct, the final determination of tax examinations may be different than what was reported on the tax returns. In the opinion of management, adequate tax provisions have been made for the years subject to examination. | ||||||||||||
As of January 3, 2015, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $12.5 million (of which $12.2 million would impact the effective tax rate if recognized) plus approximately $1.7 million of accrued interest and $3.0 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. Interest recognized in fiscal years 2014, 2013 and 2012 was $(0.3) million, $0.4 million and $(0.2) million, respectively. Penalties recognized in fiscal years 2014, 2013 and 2012 was $1.1 million, $0.2 million and $(0.4) million, respectively. | ||||||||||||
The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 29, 2012, December 28, 2013 and January 3, 2015 (dollars in thousands): | ||||||||||||
Balance at December 31, 2011 | $ | 15,591 | ||||||||||
Increases to current year tax positions | 1,572 | |||||||||||
Increase to prior year tax positions | 84 | |||||||||||
Decrease to prior year tax positions | (1,289 | ) | ||||||||||
Settlements | (3,836 | ) | ||||||||||
Balance at December 29, 2012 | $ | 12,122 | ||||||||||
Increases to current year tax positions | 1,718 | |||||||||||
Increase to prior year tax positions | 2 | |||||||||||
Decrease to prior year tax positions | (532 | ) | ||||||||||
Settlements | — | |||||||||||
Lapse of statute of limitations | (583 | ) | ||||||||||
Balance at December 28, 2013 | $ | 12,727 | ||||||||||
Increases to current year tax positions | 3,270 | |||||||||||
Increase to prior year tax positions | 1,105 | |||||||||||
Decrease to prior year tax positions | (189 | ) | ||||||||||
Settlements | (4,092 | ) | ||||||||||
Lapse of statute of limitations | (347 | ) | ||||||||||
Balance at January 3, 2015 | $ | 12,474 | ||||||||||
The company operates in multiple taxing jurisdictions; both within the United States and outside of the United States, and faces audits from various tax authorities. The company remains subject to examination until the statute of limitations expires for the respective tax jurisdiction. Within specific countries, the company and its operating subsidiaries may be subject to audit by various tax authorities and may be subject to different statute of limitations expiration dates. | ||||||||||||
It is reasonably possible that the amounts of unrecognized tax benefits associated with state, federal and foreign tax positions may decrease over the next twelve months due to expiration of a statute or completion of an audit. The company believes that it is reasonably possible that $0.6 million of its remaining unrecognized tax benefits may be recognized by the end of 2015 as a result of settlements with taxing authorities or lapses of statutes of limitations. | ||||||||||||
A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: | ||||||||||||
United States – federal | 2012 – 2014 | |||||||||||
United States – states | 2004 – 2014 | |||||||||||
Australia | 2011 – 2014 | |||||||||||
Brazil | 2010 – 2014 | |||||||||||
Canada | 2009 – 2014 | |||||||||||
China | 2005 – 2014 | |||||||||||
Czech Republic | 2013 – 2014 | |||||||||||
Denmark | 2011 – 2014 | |||||||||||
France | 2011 – 2014 | |||||||||||
Germany | 2012 – 2014 | |||||||||||
India | 2013 – 2014 | |||||||||||
Italy | 2010 – 2014 | |||||||||||
Luxembourg | 2011 – 2014 | |||||||||||
Mexico | 2009 – 2014 | |||||||||||
Philippines | 2011 – 2014 | |||||||||||
South Korea | 2009 – 2011 | |||||||||||
Spain | 2009 – 2014 | |||||||||||
Taiwan | 2008 – 2012 | |||||||||||
United Kingdom | 2011 – 2014 |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||
Jan. 03, 2015 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Financial Instruments | FINANCIAL INSTRUMENTS | |||||||||
ASC 815 “Derivatives and Hedging” requires an entity to recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If the derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a hedge's change in fair value will be immediately recognized in earnings. | ||||||||||
(a) | Foreign Exchange | |||||||||
The company periodically enters into derivative instruments, principally forward contracts to reduce exposures pertaining to fluctuations in foreign exchange rates. The fair value of these forward contracts was a loss of $0.2 million at the end of the year. | ||||||||||
(b) | Interest Rate | |||||||||
The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of January 3, 2015, the fair value of these instruments was a liability of $0.8 million. The change in fair value of these swap agreements in 2014 was a gain of $0.4 million, net of taxes. | ||||||||||
A summary of the company’s interest rate swaps is as follows: | ||||||||||
Twelve Months Ended | ||||||||||
Location | 3-Jan-15 | 28-Dec-13 | ||||||||
(dollars in thousands) | ||||||||||
Fair value | Other liabilities | $ | (810 | ) | $ | (1,471 | ) | |||
Amount of gain/(loss) recognized in other comprehensive income | Other comprehensive income | $ | (1,494 | ) | $ | (644 | ) | |||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | Interest expense | $ | (2,151 | ) | $ | (2,006 | ) | |||
Gain/(loss) recognized in income (ineffective portion) | Other expense | $ | 4 | $ | 20 | |||||
Interest rate swaps are subject to default risk to the extent the counterparty is unable to satisfy its settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions that are counterparties to such swap agreements and assesses their creditworthiness prior to entering into the interest rate swap agreements and throughout the term. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreement. |
Lease_Commitments
Lease Commitments | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Lease Commitments | LEASE COMMITMENTS | |||
The company leases warehouse space, office facilities and equipment under operating leases, which expire in fiscal 2015 and thereafter. Future minimum payment obligations under these leases are as follows: | ||||
Total Operating Lease | ||||
Commitments | ||||
2015 | $ | 14,062 | ||
2016 | 9,435 | |||
2017 | 6,954 | |||
2018 | 4,402 | |||
2019 | 3,227 | |||
2020 and thereafter | 10,023 | |||
$ | 48,103 | |||
Rental expense pertaining to the operating leases was $14.9 million, $11.0 million, and $8.8 million in fiscal 2014, 2013 and 2012 respectively. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||||||||||
The company operates in three reportable operating segments defined by management reporting structure and operating activities. | ||||||||||||||||||||
The Commercial Foodservice Equipment Group manufactures, sells, and distributes cooking equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in California, Illinois, Michigan, New Hampshire, North Carolina, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Italy, the Philippines and the United Kingdom. Principal product lines of this group include conveyor ovens, ranges, steamers, convection ovens, combi-ovens, broilers and steam cooking equipment, induction cooking systems, baking and proofing ovens, charbroilers, catering equipment, fryers, toasters, hot food servers, food warming equipment, griddles, coffee and beverage dispensing equipment, professional refrigerators, coldrooms, ice machines, freezers and kitchen processing and ventilation equipment. These products are sold and marketed under the brand names: Anets, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Doyon, Frifri, Giga, Holman, Houno, IMC, Jade, Lang, Lincat, MagiKitch’n, Market Forge, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, Southbend, Star, Toastmaster, TurboChef, Viking, Wells and Wunder-Bar. | ||||||||||||||||||||
The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. This business segment has manufacturing operations in Georgia, Illinois, Iowa, North Carolina, Texas, Virginia, Wisconsin, Australia, France and Germany. Principal product lines of this group include batch ovens, belt ovens, continuous processing ovens, frying systems, automated thermal processing systems, automated loading and unloading systems, meat presses, breading, battering, mixing, water cutting systems, forming, grinding and slicing equipment, food suspension, reduction and emulsion systems, defrosting equipment, packaging and food safety equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Cozzini, Danfotech, Drake, Maurer-Atmos, MP Equipment, RapidPak, Spooner Vicars and Stewart Systems. | ||||||||||||||||||||
The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. This business segment has manufacturing facilities in Mississippi and Wisconsin. Principal product lines of this group are ranges, ovens, refrigerators, dishwashers, microwaves, cooktops and outdoor equipment. These products are sold and marketed under the brand names of Brigade, Jade, TurboChef, U-Line and Viking. | ||||||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker evaluates individual segment performance based on operating income. Management believes that intersegment sales are made at established arm's length transfer prices. | ||||||||||||||||||||
The following table summarizes the results of operations for the company’s business segments(1,2) (dollars in thousands): | ||||||||||||||||||||
Commercial | Food | Residential Kitchen | Corporate | Total | ||||||||||||||||
Foodservice | Processing | and Other(3) | ||||||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 1,041,228 | $ | 322,783 | $ | 272,527 | $ | — | $ | 1,636,538 | ||||||||||
Operating income | 269,559 | 67,395 | 14,585 | (51,107 | ) | 300,432 | ||||||||||||||
Depreciation and amortization expense | 19,661 | 6,601 | 13,356 | 1,634 | 41,252 | |||||||||||||||
Net capital expenditures | 6,752 | 4,487 | 1,811 | 93 | 13,143 | |||||||||||||||
Total assets | 1,053,921 | 304,241 | 636,680 | 71,289 | 2,066,131 | |||||||||||||||
Long-lived assets | 50,211 | 19,627 | 71,500 | 10,140 | 151,478 | |||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 895,494 | $ | 301,522 | $ | 231,669 | $ | — | $ | 1,428,685 | ||||||||||
Operating income | 234,190 | 49,528 | 10,815 | (50,071 | ) | 244,462 | ||||||||||||||
Depreciation and amortization expense | 18,787 | 8,387 | 14,148 | 1,842 | 43,164 | |||||||||||||||
Net capital expenditures | 7,227 | 3,140 | 4,090 | 183 | 14,640 | |||||||||||||||
Total assets | 1,000,065 | 303,289 | 441,299 | 74,553 | 1,819,206 | |||||||||||||||
Long-lived assets | 47,490 | 12,475 | 60,570 | 17,038 | 137,573 | |||||||||||||||
2012 | ||||||||||||||||||||
Net sales | $ | 786,391 | $ | 251,783 | $ | — | $ | — | $ | 1,038,174 | ||||||||||
Operating income | 194,573 | 39,924 | — | (46,413 | ) | 188,084 | ||||||||||||||
Depreciation and amortization expense | 17,920 | 7,366 | — | 1,617 | 26,903 | |||||||||||||||
Net capital expenditures | 3,834 | 3,829 | — | (11 | ) | 7,652 | ||||||||||||||
Total assets | 880,333 | 291,913 | — | 72,034 | 1,244,280 | |||||||||||||||
Long-lived assets | 45,240 | 11,074 | — | 16,012 | 72,326 | |||||||||||||||
-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 | Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets. | |||||||||||||||||||
-3 | Includes corporate and other general company assets and operations. | |||||||||||||||||||
Geographic Information | ||||||||||||||||||||
Long-lived assets, not including goodwill and other intangibles (in thousands): | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
United States and Canada | $ | 127,308 | $ | 115,162 | $ | 48,516 | ||||||||||||||
Asia | 5,714 | 5,133 | 3,391 | |||||||||||||||||
Europe and Middle East | 16,739 | 15,762 | 19,198 | |||||||||||||||||
Latin America | 1,717 | 1,516 | 1,221 | |||||||||||||||||
Total international | 24,170 | 22,411 | 23,810 | |||||||||||||||||
$ | 151,478 | $ | 137,573 | $ | 72,326 | |||||||||||||||
Net sales (in thousands): | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
United States and Canada | $ | 1,139,034 | $ | 1,049,280 | $ | 711,241 | ||||||||||||||
Asia | 171,995 | 109,599 | 91,021 | |||||||||||||||||
Europe and Middle East | 222,974 | 187,381 | 167,840 | |||||||||||||||||
Latin America | 102,535 | 82,425 | 68,072 | |||||||||||||||||
Total international | 497,504 | 379,405 | 326,933 | |||||||||||||||||
$ | 1,636,538 | $ | 1,428,685 | $ | 1,038,174 | |||||||||||||||
Employee_Retirement_Plans
Employee Retirement Plans | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Retirement Plans | EMPLOYEE RETIREMENT PLANS | ||||||||||||||||
(a)Pension Plans | |||||||||||||||||
The company maintains a non-contributory defined benefit plan for its union employees at the Elgin, Illinois facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2002, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2002 upon reaching retirement age. | |||||||||||||||||
The company maintains a non-contributory defined benefit plan for its employees at the Smithville, Tennessee facility, which was acquired as part of the Star acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age. | |||||||||||||||||
The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility, which was acquired as part of the Lincat acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 prior to Middleby’s acquisition of the company. No further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age. | |||||||||||||||||
The company also maintains a retirement benefit agreement with its Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the Chairman’s final base salary. | |||||||||||||||||
A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands): | |||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||
Elgin | Smithville | Wrexham | Chairman Plan | ||||||||||||||
Plan | Plan | Plan | |||||||||||||||
Net Periodic Pension Cost: | |||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 447 | |||||||||
Interest cost | 183 | 690 | 639 | 416 | |||||||||||||
Expected return on assets | (215 | ) | (584 | ) | (996 | ) | — | ||||||||||
Amortization of net loss (gain) | 64 | 303 | — | (413 | ) | ||||||||||||
Pension settlement | — | — | — | — | |||||||||||||
$ | 32 | $ | 409 | $ | (357 | ) | $ | 450 | |||||||||
Change in Benefit Obligation: | |||||||||||||||||
Benefit obligation – beginning of year | $ | 4,134 | $ | 14,799 | $ | 15,745 | $ | 8,815 | |||||||||
Service cost | — | — | — | 447 | |||||||||||||
Interest on benefit obligations | 183 | 690 | 639 | 416 | |||||||||||||
Actuarial loss | 654 | 3,780 | 1,273 | 859 | |||||||||||||
Pension settlement | — | — | — | — | |||||||||||||
Net benefit payments | (222 | ) | (648 | ) | (634 | ) | — | ||||||||||
Exchange effect | — | — | (909 | ) | — | ||||||||||||
Benefit obligation – end of year | $ | 4,749 | $ | 18,621 | $ | 16,114 | $ | 10,537 | |||||||||
Change in Plan Assets: | |||||||||||||||||
Plan assets at fair value – beginning of year | $ | 3,722 | $ | 9,602 | $ | 15,172 | $ | — | |||||||||
Company contributions | — | 913 | 511 | — | |||||||||||||
Investment gain | 51 | 157 | 1,133 | — | |||||||||||||
Benefit payments and plan expenses | (222 | ) | (648 | ) | (634 | ) | — | ||||||||||
Exchange effect | — | — | (876 | ) | — | ||||||||||||
Plan assets at fair value – end of year | $ | 3,551 | $ | 10,024 | $ | 15,306 | $ | — | |||||||||
Funded Status: | |||||||||||||||||
Unfunded benefit obligation | $ | (1,198 | ) | $ | (8,597 | ) | $ | (808 | ) | $ | (10,537 | ) | |||||
Amounts recognized in balance sheet at year end: | |||||||||||||||||
Other non-current liabilities | $ | (1,198 | ) | $ | (8,597 | ) | $ | (808 | ) | $ | (10,537 | ) | |||||
Pre-tax components in accumulated other comprehensive income: | |||||||||||||||||
Net actuarial loss (gain) | $ | 1,673 | $ | 8,029 | $ | 2,188 | $ | (1,672 | ) | ||||||||
Net prior service cost | — | — | — | — | |||||||||||||
Net transaction (asset) obligations | — | — | — | — | |||||||||||||
Total amount recognized | $ | 1,673 | $ | 8,029 | $ | 2,188 | $ | (1,672 | ) | ||||||||
Accumulated Benefit Obligation | $ | 4,749 | $ | 18,621 | $ | 16,114 | $ | 7,197 | |||||||||
Salary growth rate | n/a | n/a | n/a | 10 | % | ||||||||||||
Assumed discount rate | 3.8 | % | 3.8 | % | 3.6 | % | 3.8 | % | |||||||||
Expected return on assets | 6 | % | 6 | % | 6.3 | % | n/a | ||||||||||
Fiscal Year 2013 | |||||||||||||||||
Elgin | Smithville | Wrexham | Chairman | ||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||
Net Periodic Pension Cost: | |||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 929 | |||||||||
Interest cost | 175 | 643 | 635 | 360 | |||||||||||||
Expected return on assets | (209 | ) | (529 | ) | (819 | ) | — | ||||||||||
Amortization of net loss (gain) | 154 | 519 | — | (145 | ) | ||||||||||||
Pension settlement | — | — | — | — | |||||||||||||
$ | 120 | $ | 633 | $ | (184 | ) | $ | 1,144 | |||||||||
Change in Benefit Obligation: | |||||||||||||||||
Benefit obligation – beginning of year | $ | 4,862 | $ | 16,070 | $ | 15,462 | $ | 8,993 | |||||||||
Service cost | — | — | — | 929 | |||||||||||||
Interest on benefit obligations | 175 | 643 | 635 | 360 | |||||||||||||
Actuarial (gain) | (675 | ) | (1,282 | ) | (7 | ) | (1,467 | ) | |||||||||
Pension settlement | — | — | — | — | |||||||||||||
Net benefit payments | (228 | ) | (632 | ) | (716 | ) | — | ||||||||||
Exchange effect | — | — | 371 | — | |||||||||||||
Benefit obligation – end of year | $ | 4,134 | $ | 14,799 | $ | 15,745 | $ | 8,815 | |||||||||
Change in Plan Assets: | |||||||||||||||||
Plan assets at fair value – beginning of year | $ | 3,503 | $ | 8,781 | $ | 12,997 | $ | — | |||||||||
Company contributions | 128 | 649 | 526 | — | |||||||||||||
Investment gain | 319 | 804 | 2,054 | — | |||||||||||||
Benefit payments and plan expenses | (228 | ) | (632 | ) | (716 | ) | — | ||||||||||
Exchange effect | — | — | 311 | — | |||||||||||||
Plan assets at fair value – end of year | $ | 3,722 | $ | 9,602 | $ | 15,172 | $ | — | |||||||||
Funded Status: | |||||||||||||||||
Unfunded benefit obligation | $ | (412 | ) | $ | (5,197 | ) | $ | (573 | ) | $ | (8,815 | ) | |||||
Amounts recognized in balance sheet at year end: | |||||||||||||||||
Other non-current liabilities | $ | (412 | ) | $ | (5,197 | ) | $ | (573 | ) | $ | (8,815 | ) | |||||
Pre-tax components in accumulated other comprehensive income: | |||||||||||||||||
Net actuarial loss (gain) | $ | 918 | $ | 4,125 | $ | 1,116 | $ | (2,944 | ) | ||||||||
Net prior service cost | — | — | — | — | |||||||||||||
Net transaction (asset) obligations | — | — | — | — | |||||||||||||
Total amount recognized | $ | 918 | $ | 4,125 | $ | 1,116 | $ | (2,944 | ) | ||||||||
Accumulated Benefit Obligation | $ | 4,134 | $ | 14,799 | $ | 15,745 | $ | 5,473 | |||||||||
Salary growth rate | n/a | n/a | n/a | 10 | % | ||||||||||||
Assumed discount rate | 4.7 | % | 4.7 | % | 4.4 | % | 4.7 | % | |||||||||
Expected return on assets | 6 | % | 6 | % | 7 | % | n/a | ||||||||||
The company has engaged non-affiliated third party professional investment advisors to assist the company to develop its investment policy and establish asset allocations. The company's overall investment objective is to provide a return, that along with company contributions, is expected to meet future benefit payments. Investment policy is established in consideration of anticipated future timing of benefit payments under the plans. The anticipated duration of the investment and the potential for investment losses during that period are carefully weighed against the potential for appreciation when making investment decisions. The company routinely monitors the performance of investments made under the plans and reviews investment policy in consideration of changes made to the plans or expected changes in the timing of future benefit payments. | |||||||||||||||||
The assets of the plans were invested in the following classes of securities (none of which were securities of the company): | |||||||||||||||||
Elgin Plan | |||||||||||||||||
Target Allocation | Percentage of Plan Assets | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Equity | 48 | % | 48 | % | 56 | % | |||||||||||
Fixed income | 40 | 36 | 32 | ||||||||||||||
Money market | 4 | 4 | 2 | ||||||||||||||
Other (real estate investment trusts & commodities contracts) | 8 | 12 | 10 | ||||||||||||||
100 | % | 100 | % | 100 | % | ||||||||||||
Smithville Plan | |||||||||||||||||
Target Allocation | Percentage of Plan Assets | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Equity | 48 | % | 48 | % | 54 | % | |||||||||||
Fixed income | 40 | 36 | 32 | ||||||||||||||
Money market | 4 | 4 | 4 | ||||||||||||||
Other (real estate investment trusts & commodities contracts) | 8 | 12 | 10 | ||||||||||||||
100 | % | 100 | % | 100 | % | ||||||||||||
Wrexham Plan | |||||||||||||||||
Target Allocation | Percentage of Plan Assets | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Equity | 50 | % | 72 | % | 76 | % | |||||||||||
Fixed income | 50 | 24 | 23 | ||||||||||||||
Money market | — | 4 | 1 | ||||||||||||||
Other (real estate investment trusts & commodities contracts) | — | — | — | ||||||||||||||
100 | % | 100 | % | 100 | % | ||||||||||||
In accordance with ASC 820 “Fair Value Measurements and Disclosures”, the company has measured its defined benefit pension plans at fair value. The following tables summarize the basis used to measure the pension plans’ assets at fair value as of January 3, 2015 (in thousands): | |||||||||||||||||
Elgin Plan | |||||||||||||||||
Asset Category | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Short Term Investment Fund (a) | $ | 121 | $ | — | $ | 121 | $ | — | |||||||||
Equity Securities: | |||||||||||||||||
Large Cap | 813 | 813 | — | — | |||||||||||||
Mid Cap | 100 | 100 | — | — | |||||||||||||
Small Cap | 100 | 100 | — | — | |||||||||||||
International | 686 | 686 | — | — | |||||||||||||
Fixed Income: | |||||||||||||||||
Government/Corporate | 1,074 | 1,074 | — | — | |||||||||||||
High Yield | 216 | 216 | — | — | |||||||||||||
Alternative: | |||||||||||||||||
Global Real Estate Investment Trust | 314 | 314 | — | — | |||||||||||||
Commodities Contracts | 127 | 127 | — | — | |||||||||||||
Total | $ | 3,551 | $ | 3,430 | $ | 121 | $ | — | |||||||||
(a) | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. | ||||||||||||||||
Smithville Plan | |||||||||||||||||
Asset Category | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Short Term Investment Fund (a) | $ | 446 | $ | — | $ | 446 | $ | — | |||||||||
Equity Securities: | |||||||||||||||||
Large Cap | 2,297 | 2,297 | — | — | |||||||||||||
Mid Cap | 268 | 268 | — | — | |||||||||||||
Small Cap | 281 | 281 | — | — | |||||||||||||
International | 1,923 | 1,923 | — | — | |||||||||||||
Fixed Income: | |||||||||||||||||
Government/Corporate | 3,058 | 3,058 | — | — | |||||||||||||
High Yield | 599 | 599 | — | — | |||||||||||||
Alternative: | |||||||||||||||||
Global Real Estate Investment Trust | 830 | 830 | — | — | |||||||||||||
Commodities Contracts | 322 | 322 | — | — | |||||||||||||
Total | $ | 10,024 | $ | 9,578 | $ | 446 | $ | — | |||||||||
(a) | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. | ||||||||||||||||
Wrexham Plan | |||||||||||||||||
Asset Category | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Short Term Investment Fund (a) | $ | 667 | $ | — | $ | 667 | $ | — | |||||||||
Equity Securities: | |||||||||||||||||
UK | 5,109 | 5,109 | — | — | |||||||||||||
International | |||||||||||||||||
Developed | 4,827 | 4,827 | — | — | |||||||||||||
Emerging | 487 | 487 | — | — | |||||||||||||
Global | 602 | 602 | — | — | |||||||||||||
Fixed Income: | |||||||||||||||||
Government/Corporate | 2,113 | 2,113 | — | — | |||||||||||||
Aggregate | 358 | 358 | — | — | |||||||||||||
Index Linked | 1,143 | 1,143 | — | — | |||||||||||||
Total | $ | 15,306 | $ | 14,639 | $ | 667 | $ | — | |||||||||
(a) | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. | ||||||||||||||||
The fair value of the Level 1 assets is based on observable, quoted market prices of the identical underlying security in an active market. The fair value of the Level 2 assets is primarily based on market observable inputs to quoted market prices, benchmark yields and broker/dealer quotes. Level 3 inputs, as applicable, represent unobservable inputs that reflect assumptions developed by management to measure assets at fair value. | |||||||||||||||||
The expected return on assets is developed in consideration of the anticipated duration of investment period for assets held by the plan, the allocation of assets in the plan, and the historical returns for plan assets. | |||||||||||||||||
Estimated future benefit payments under the plans are as follows (dollars in thousands): | |||||||||||||||||
Elgin | Smithville | Wrexham | Chairman | ||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||
2015 | $ | 282 | $ | 674 | $ | 623 | $ | — | |||||||||
2016 | 280 | 693 | 662 | — | |||||||||||||
2017 | 278 | 707 | 701 | — | |||||||||||||
2018 | 278 | 726 | 740 | 733 | |||||||||||||
2019 through 2024 | 1,628 | 4,837 | 5,300 | 4,399 | |||||||||||||
Contributions to the Chairman plan are based upon actual retirement benefits at the Chairman's retirement. Contributions under the Smithville and Elgin plans are funded in accordance with provisions of The Employee Retirement Income Security Act of 1974. Expected contributions to the Smithville and Wrexham plans to be made in 2015 are $0.8 million and $0.4 million, respectively. | |||||||||||||||||
(b) | 401K Savings Plans | ||||||||||||||||
As of January 3, 2015, the company maintained two separate defined contribution 401K savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. | |||||||||||||||||
In conjunction with the freeze on future benefits under the defined benefit plan for union employees at the Elgin, Illinois facility, the company established a 401K savings plan for this group of employees. The company makes contributions to this plan in accordance with its agreement with the union. These contributions amounted to $0.1 million for fiscal 2014 and less than $0.1 million for fiscal 2013 and 2012. There were no other profit sharing contributions to the 401K savings plans for 2014, 2013 and 2012. |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Data (Unaudited) | QUARTERLY DATA (UNAUDITED) | ||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 372,478 | $ | 424,776 | $ | 404,289 | $ | 434,995 | $ | 1,636,538 | |||||||||||
Gross profit | 142,976 | 166,174 | 162,380 | 169,055 | 640,585 | ||||||||||||||||
Income from operations | 55,933 | 75,739 | 86,465 | 82,295 | 300,432 | ||||||||||||||||
Net earnings | $ | 33,445 | $ | 48,405 | $ | 59,713 | $ | 51,749 | $ | 193,312 | |||||||||||
Basic earnings per share (1) | $ | 0.59 | $ | 0.85 | $ | 1.05 | $ | 0.91 | $ | 3.41 | |||||||||||
Diluted earnings per share (1) | $ | 0.59 | $ | 0.85 | $ | 1.05 | $ | 0.91 | $ | 3.4 | |||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 327,451 | $ | 363,801 | $ | 360,013 | $ | 377,420 | $ | 1,428,685 | |||||||||||
Gross profit | 121,268 | 136,574 | 141,438 | 150,731 | 550,011 | ||||||||||||||||
Income from operations | 42,195 | 60,325 | 67,488 | 74,454 | 244,462 | ||||||||||||||||
Net earnings | $ | 25,902 | $ | 37,163 | $ | 40,942 | $ | 49,921 | $ | 153,928 | |||||||||||
Basic earnings per share (1) | $ | 0.47 | $ | 0.67 | $ | 0.73 | $ | 0.89 | $ | 2.76 | |||||||||||
Diluted earnings per share (1) | $ | 0.47 | $ | 0.67 | $ | 0.73 | $ | 0.87 | $ | 2.74 | |||||||||||
-1 | Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
Acquisition_Integration_Initia
Acquisition Integration Initiatives (Notes) | 12 Months Ended | ||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ACQUISITION INTEGRATION INITIATIVES | ||||||||||||||||||||
During the first quarter of 2013, the company made decisions and took action to improve certain of the operations of Viking, purchased on December 31, 2012. These initiatives included organizational restructuring and headcount reductions, consolidation and disposition of certain facilities and business operations, and discontinuation of certain products. The company recorded expense in the amount of $7.1 million and $9.1 million in fiscal 2014 and 2013, respectively, included within general and administrative expenses in the consolidated statements of earnings for 2014 and 2013 for these initiatives. The costs and corresponding reserve balances are summarized as follows (in thousands): | |||||||||||||||||||||
Severance/Benefits | Inventory/Product | Facilities/Operations | Other | Total | |||||||||||||||||
Expenses | $ | 5,963 | $ | 1,203 | $ | 1,466 | $ | 469 | $ | 9,101 | |||||||||||
Payments | (4,344 | ) | (619 | ) | (1,389 | ) | (361 | ) | (6,713 | ) | |||||||||||
Balance as of December 28, 2013 | $ | 1,619 | $ | 584 | $ | 77 | $ | 108 | $ | 2,388 | |||||||||||
Expenses | 3,776 | (151 | ) | 3,457 | (4 | ) | 7,078 | ||||||||||||||
Payments | (5,248 | ) | (433 | ) | (3,534 | ) | (67 | ) | (9,282 | ) | |||||||||||
Balance as of January 3, 2015 | $ | 147 | $ | — | $ | — | $ | 37 | $ | 184 | |||||||||||
The company anticipates that all obligations will be satisfied by the end of the first quarter of 2015. As of January 3, 2015, the company believes the remaining reserve balance is adequate to cover the remaining costs identified. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Jan. 03, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENTS |
On January 7, 2015, subsequent to the company's fiscal 2014 year end, the company completed its acquisition of the stock of Desmon S.p.A. ("Desmon"), a leading manufacturer of chilling and freezing technologies for the foodservice industry, located in Nusco, Italy, for a purchase price of approximately $14.5 million. The product offerings of Desmon include blast chillers and refrigerators for the commercial foodservice industry. Desmon has annual revenues of approximately $15.0 million. | |
On January 30, 2015, subsequent to the company's fiscal 2014 year end, the company completed its acquisition of substantially all of the assets of J. Goldstein & Co. Pty. Ltd. and Eswood Australia Pty. Ltd. (collectively, "Goldstein Eswood"), a leading manufacturers of equipment for the commercial foodservice industry, located in Smithfield, Australia, for a purchase price of approximately $26.4 million. The product offerings of Goldstein Eswood include ranges, ovens, griddles, fryers and warming equipment. Goldstein Eswood has annual revenues of approximately $25.0 million. | |
On February 10, 2015, subsequent to the company's fiscal 2014 year end, the company completed its acquisition of certain assets of Marsal and Sons, Inc. ("Marsal"), a leading manufacturer of deck ovens for the commercial foodservice industry for a purchase price of approximately $5.5 million. The product offerings of Marsal include deck ovens and refrigeration tables. Marsal has annual revenues of approximately $5.0 million. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||
FOR THE FISCAL YEARS ENDED JANUARY 3, 2015, DECEMBER 28, 2013 | ||||||||||||||||
AND DECEMBER 29, 2012 | ||||||||||||||||
Balance | Additions/ | Write-Offs | Balance | |||||||||||||
Beginning | (Recoveries) | During the | At End | |||||||||||||
Of Period | Charged | the Period | Of Period | |||||||||||||
to Expense | ||||||||||||||||
Allowance for doubtful accounts; deducted from accounts receivable on the balance sheets- | ||||||||||||||||
2014 | $ | 6,987,000 | $ | 3,075,000 | $ | (971,000 | ) | $ | 9,091,000 | |||||||
2013 | $ | 6,377,000 | $ | 1,571,000 | $ | (961,000 | ) | $ | 6,987,000 | |||||||
2012 | $ | 6,878,000 | $ | 1,382,000 | $ | (1,883,000 | ) | $ | 6,377,000 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Jan. 03, 2015 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation | Basis of Presentation | ||
The consolidated financial statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. Significant items that are subject to such estimates and judgments include allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves and post-retirement obligations. On an ongoing basis, the company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. | |||
Fiscal Period | The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2014, 2013, and 2012 ended on January 3, 2015, December 28, 2013 and December 29, 2012, respectively, and included 53, 52 and 52 weeks, respectively. | ||
Certain prior year amounts have been reclassified to be consistent with current year presentation. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
The company considers all short-term investments with original maturities of three months or less when acquired to be cash equivalents. The company’s policy is to invest its excess cash in interest-bearing deposits with major banks that are subject to minimal credit and market risk. | |||
Accounts Receivable | Accounts Receivable | ||
Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $9.1 million and $7.0 million at January 3, 2015 and December 28, 2013, respectively. At January 3, 2015, all accounts receivable are expected to be collected within one year. | |||
Inventories | Inventories | ||
Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventories at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $30.2 million in 2014 and $22.3 million in 2013 and represented approximately 12% and 10% of the total inventory in each respective year. The amount of LIFO reserve at January 3, 2015 and December 28, 2013 was not material. Costs for all other inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. | |||
Property, Plant and Equipment | Property, plant and equipment are depreciated or amortized on a straight-line basis over their useful lives based on management's estimates of the period over which the assets will be utilized to benefit the operations of the company. The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes. The company periodically reviews these lives relative to physical factors, economic factors and industry trends. If there are changes in the planned use of property and equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of increased depreciation and amortization expense in future periods. | ||
Following is a summary of the estimated useful lives: | |||
Description | Life | ||
Building and improvements | 20 to 40 years | ||
Furniture and fixtures | 3 to 7 years | ||
Machinery and equipment | 3 to 10 years | ||
Expenditures which significantly extend useful lives are capitalized. Maintenance and repairs are charged to expense as incurred. Asset impairments are recorded whenever events or changes in circumstances indicate that the recorded value of an asset is greater than the sum of its expected future undiscounted cash flows. | |||
Goodwill and Other Intangibles | Goodwill and Other Intangibles | ||
In accordance with ASC 350 “Goodwill-Intangibles and Other”, the company’s goodwill and other indefinite lived intangibles are reviewed for impairment annually on the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of goodwill and other indefinite lived intangibles, the company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors. Estimates of future cash flows are judgments based on the company’s experience and knowledge of operations. These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends. If the company’s estimates or the underlying assumptions change in the future, the company may be required to record impairment charges. Any such charge could have a material adverse effect on the company’s reported net earnings. | |||
Litigation Matters | Litigation Matters | ||
From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any such matter will have a material adverse effect on its financial condition, results of operations or cash flows of the company. | |||
Fair Value Measures | Fair Value Measures | ||
ASC 820 “Fair Value Measurements and Disclosures” defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels: | |||
Level 1 – Quoted prices in active markets for identical assets or liabilities | |||
Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. | |||
Level 3 – Unobservable inputs based on our own assumptions | |||
Foreign Currency | Foreign Currency | ||
Foreign currency transactions are accounted for in accordance with ASC 830 “Foreign Currency Translation”. The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur. | |||
Revenue Recognition | Revenue Recognition | ||
At the Commercial Foodservice Equipment Group and Residential Kitchen Equipment Group, the company recognizes revenue on the sale of its products where title transfers and when risk of loss has passed to the customer, which occurs at the time of shipment, and collectibility is reasonably assured. The sale prices of the products sold are fixed and determinable at the time of shipment. Sales are reported net of sales returns, sales incentives and cash discounts based on prior experience and other quantitative and qualitative factors. | |||
At the Food Processing Equipment Group, the company enters into long-term sales contracts for certain products. Revenue under these long-term sales contracts is recognized using the percentage of completion method defined within ASC 605-35 “Construction-Type and Production-Type Contracts” due to the length of time to fully manufacture and assemble the equipment. The company measures revenue recognized based on the ratio of actual labor hours incurred in relation to the total estimated labor hours to be incurred related to the contract. Because estimated labor hours to complete a project are based upon forecasts using the best available information, the actual hours may differ from original estimates. Under ASC 605, the company records the asset for revenue recognized but not yet billed on contracts accounted for under the percentage of completion method in Prepaid Expenses and Other on the consolidated balance sheets. For 2014 and 2013, the amount of this asset was $12.7 million and $17.2 million, respectively. The percentage of completion method of accounting for these contracts most accurately reflects the status of these uncompleted contracts in the company's financial statements and most accurately measures the matching of revenues with expenses. At the time a loss on a contract becomes known, the amount of the estimated loss is recognized in the consolidated financial statements. | |||
Shipping and Handling Costs | Shipping and Handling Costs | ||
Shipping and handling costs are included in cost of products sold. | |||
Warranty Costs | Warranty Costs | ||
In the normal course of business the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. | |||
Research and Development Costs | Research and Development Costs | ||
Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. | |||
Non-Cash Share-Based Compensation | Share grant awards not subject to market conditions for vesting are valued at the closing share price of the company’s stock as of the date of the grant. There were no restricted share grant awards in 2013 or 2012. | ||
Non-Cash Share-Based Compensation | |||
The company estimates the fair value of restricted share grants and stock options at the time of grant and recognizes compensation costs over the vesting period of the awards and options. | |||
Earnings Per Share | Earnings Per Share | ||
“Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities. | |||
New Accounting Pronouncements | New Accounting Pronouncements |
Aqcuisitions_and_Purchase_Acco
Aqcuisitions and Purchase Accounting (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisition Pro Forma Information | Viking Distributors 2013 | |||||||||||
Subsequent to the acquisition of Viking, the company, through Viking, purchased certain assets of four of Viking's former distributors ("Viking Distributors 2013"). The aggregate purchase price of these transactions as of June 29, 2013 was approximately $23.6 million. This included $8.7 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. | ||||||||||||
The final allocation of cash paid for the Viking Distributors 2013 is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Jun 29, 2013 | Measurement Period Adjustments | (as adjusted) Jun 29, 2013 | ||||||||||
Current assets | $ | 21,390 | $ | (3,599 | ) | $ | 17,791 | |||||
Property, plant and equipment | 1,318 | — | 1,318 | |||||||||
Goodwill | 1,709 | 3,599 | 5,308 | |||||||||
Current liabilities | (804 | ) | — | (804 | ) | |||||||
Net assets acquired and liabilities assumed | $ | 23,613 | $ | — | $ | 23,613 | ||||||
Forgiveness of liabilities owed to Viking | (8,697 | ) | — | (8,697 | ) | |||||||
Consideration paid at closing | $ | 14,916 | $ | — | $ | 14,916 | ||||||
The goodwill is subject to the non-amortization provisions of ASC 350. Goodwill of these Distributor 2013 purchases is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
Celfrost | ||||||||||||
On October 15, 2013, the company completed its acquisition of substantially all of the assets of Celfrost Innovations Pvt. Ltd. ("Celfrost"), a preferred commercial foodservice equipment supplier in India with a broad line of cold side products such as professional refrigerators, coldrooms, ice machines and freezers marketed under the Celfrost brand for a purchase price of approximately $11.2 million. An additional deferred payment of $0.4 million was made in the fourth quarter of 2014 as provided for in the purchase agreement. Additional deferred payments of approximately $0.7 million in aggregate are also due to the seller in equal installments on the second and third anniversary of the acquisition. | ||||||||||||
The final allocation of cash paid for the Celfrost acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Oct 15, 2013 | Measurement Period Adjustments | (as adjusted) Oct 15, 2013 | ||||||||||
Current assets | $ | 5,638 | $ | (124 | ) | $ | 5,514 | |||||
Property, plant and equipment | 182 | — | 182 | |||||||||
Goodwill | 5,943 | 1,718 | 7,661 | |||||||||
Other intangibles | 4,333 | — | 4,333 | |||||||||
Other assets | 4 | — | 4 | |||||||||
Current liabilities | (3,979 | ) | (1,594 | ) | (5,573 | ) | ||||||
Other non-current liabilities | (875 | ) | — | (875 | ) | |||||||
Consideration paid at closing | $ | 11,246 | $ | — | $ | 11,246 | ||||||
Deferred payments | 1,067 | — | 1,067 | |||||||||
Net assets acquired and liabilities assumed | $ | 12,313 | $ | — | $ | 12,313 | ||||||
The goodwill and $2.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.9 million allocated to customer relationships and $0.1 million allocated to backlog which are being amortized over periods of 7 years and 3 months, respectively. Goodwill and other intangibles of Celfrost are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
Wunder-Bar | ||||||||||||
On December 17, 2013, the company completed its acquisition of all of the capital stock of Automatic Bar Controls, Inc. ("Wunder-Bar") a leading manufacturer of beverage dispensing systems for the commercial foodservice industry, for a purchase price of approximately $74.1 million, net of cash acquired. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $0.1 million. In 2014, the company purchased additional assets related to Wunder-Bar for approximately $0.8 million. An additional deferred payment of $0.6 million is also payable to the seller pursuant to the purchase agreement. | ||||||||||||
The final allocation of cash paid for the Wunder-Bar acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Dec 17, 2013 | Measurement Period Adjustments | (as adjusted) Dec 17, 2013 | ||||||||||
Cash | $ | 857 | $ | — | $ | 857 | ||||||
Current deferred tax asset | 50 | 188 | 238 | |||||||||
Current assets | 13,127 | 656 | 13,783 | |||||||||
Property, plant and equipment | 1,735 | (312 | ) | 1,423 | ||||||||
Goodwill | 45,056 | (3,251 | ) | 41,805 | ||||||||
Other intangibles | 30,000 | 3,060 | 33,060 | |||||||||
Other assets | — | 290 | 290 | |||||||||
Current liabilities | (5,013 | ) | 865 | (4,148 | ) | |||||||
Long-term deferred tax liability | (10,811 | ) | (1,280 | ) | (12,091 | ) | ||||||
Other non-current liabilities | (1 | ) | (365 | ) | (366 | ) | ||||||
Consideration paid at closing | $ | 75,000 | $ | (149 | ) | $ | 74,851 | |||||
Additional assets acquired post closing | — | 848 | 848 | |||||||||
Deferred payments | — | 586 | 586 | |||||||||
Net assets acquired and liabilities assumed | $ | 75,000 | $ | 1,285 | $ | 76,285 | ||||||
The current deferred tax assets and long term deferred tax liabilities amounted to $0.2 million and $12.1 million, respectively. These net assets are comprised of $0.2 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $12.1 million of deferred tax liabilities related to difference between the book and tax basis of identifiable intangible assets. | ||||||||||||
The goodwill and $12.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $20.2 million allocated to customer relationships and $0.2 million allocated to backlog which is to be amortized over a period of 14 years and 3 months, respectively. Goodwill and other intangibles of Wunder-Bar are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. | ||||||||||||
Market Forge | ||||||||||||
On January 7, 2014, the company completed its acquisition of certain assets of Market Forge Industries, Inc. (“Market Forge”), a leading manufacturer of steam cooking equipment for the commercial foodservice industry, for a purchase price of approximately $7.0 million. During the first quarter of 2014, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.2 million. Additional deferred payments of $3.0 million in aggregate were paid to the seller during the second and third quarters of 2014. An additional payment is also due upon the achievement of certain financial targets. | ||||||||||||
The final allocation of cash paid for the Market Forge acquisition is summarized as follows (in thousands): | ||||||||||||
(as initially reported) Jan 7, 2014 | Measurement Period Adjustments | (as adjusted) Jan 7, 2014 | ||||||||||
Current assets | $ | 2,051 | $ | (100 | ) | $ | 1,951 | |||||
Property, plant and equipment | 120 | — | 120 | |||||||||
Goodwill | 5,252 | 654 | 5,906 | |||||||||
Other intangibles | 4,191 | — | 4,191 | |||||||||
Current liabilities | (4,374 | ) | (554 | ) | (4,928 | ) | ||||||
Consideration paid at closing | $ | 7,240 | $ | — | $ | 7,240 | ||||||
Deferred payments | 3,000 | — | 3,000 | |||||||||
Contingent consideration | 1,374 | 126 | 1,500 | |||||||||
Net assets acquired and liabilities assumed | $ | 11,614 | $ | 126 | $ | 11,740 | ||||||
The goodwill and $2.9 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.1 million allocated to customer relationships, $0.2 million allocated to developed technology and less than $0.1 million allocated to backlog, which are to be amortized over periods of 4 years, 5 years and 3 months, respectively. Goodwill and other intangibles of Market Forge are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
The Market Forge purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2015 if Market Forge exceeds certain sales targets for fiscal 2014. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $1.5 million. | ||||||||||||
Viking Distributors 2014 | ||||||||||||
The company, through Viking, purchased certain assets of two of Viking's former distributors ("Viking Distributors 2014"). The aggregate purchase price of these transactions as of January 31, 2014 was approximately $44.5 million. This included $6.0 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. | ||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | ||||||||||||
(as initially reported) Jan 31, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Jan 31, 2014 | ||||||||||
Current assets | $ | 35,909 | $ | (8,101 | ) | $ | 27,808 | |||||
Property, plant and equipment | 2,000 | (291 | ) | 1,709 | ||||||||
Goodwill | 7,552 | 8,647 | 16,199 | |||||||||
Current liabilities | (1,005 | ) | (255 | ) | (1,260 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 44,456 | $ | — | $ | 44,456 | ||||||
Forgiveness of liabilities owed to Viking | (5,971 | ) | — | (5,971 | ) | |||||||
Consideration paid at closing | $ | 38,485 | $ | — | $ | 38,485 | ||||||
The goodwill is subject to the non-amortization provisions of ASC 350 and is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. This asset is expected to be deductible for tax purposes. | ||||||||||||
The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition dates. | ||||||||||||
Processing Equipment Solutions | ||||||||||||
On March 31, 2014, the company completed its acquisition of substantially all of the assets of Processing Equipment Solutions, Inc. ("PES"), a leading manufacturer of water jet cutting equipment for the food processing industry, for a purchase price of approximately $15.0 million. An additional payment is also due upon the achievement of certain financial targets. During the third quarter of 2014, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price. | ||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | ||||||||||||
(as initially reported) Mar 31, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Mar 31, 2014 | ||||||||||
Current assets | $ | 2,211 | $ | (153 | ) | $ | 2,058 | |||||
Property, plant and equipment | 3,493 | — | 3,493 | |||||||||
Goodwill | 10,792 | 269 | 11,061 | |||||||||
Other intangibles | 1,600 | — | 1,600 | |||||||||
Other assets | 21 | — | 21 | |||||||||
Current liabilities | (3,117 | ) | (116 | ) | (3,233 | ) | ||||||
Consideration paid at closing | $ | 15,000 | $ | — | $ | 15,000 | ||||||
Contingent consideration | 2,301 | 116 | 2,417 | |||||||||
Net assets acquired and liabilities assumed | $ | 17,301 | $ | 116 | $ | 17,417 | ||||||
The goodwill is subject to the non-amortization provisions of ASC 350. Other intangibles includes $0.9 million allocated to customer relationships, $0.6 million allocated to developed technology and $0.1 million allocated to backlog, which are being amortized over periods of 3 years, 7 years and 3 months, respectively. Goodwill and other intangibles of PES are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | ||||||||||||
The PES purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if PES exceeds certain sales targets for fiscal 2014, 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.4 million. | ||||||||||||
The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | ||||||||||||
Concordia | ||||||||||||
On September 8, 2014, the company completed its acquisition of all of the capital stock of Concordia Coffee Company, Inc. ("Concordia"), a leading manufacturer of automated and self-service coffee and espresso machines for the commercial foodservice industry, for a purchase price of approximately $12.5 million, net of cash acquired. An additional payment is also due upon the achievement of certain financial targets. The purchase price is subject to adjustment based upon a working capital provision with the purchase agreement. The company expects to finalize this in the first quarter of 2015. | ||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | ||||||||||||
(as initially reported) Sep 8, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Sep 8, 2014 | ||||||||||
Cash | $ | 345 | $ | — | $ | 345 | ||||||
Current deferred tax asset | — | 424 | 424 | |||||||||
Current assets | 3,767 | (489 | ) | 3,278 | ||||||||
Goodwill | 11,255 | (4,594 | ) | 6,661 | ||||||||
Other intangibles | 4,500 | — | 4,500 | |||||||||
Long-term deferred tax asset | — | 1,981 | 1,981 | |||||||||
Current liabilities | (2,296 | ) | 16 | (2,280 | ) | |||||||
Other non-current liabilities | (4,710 | ) | 2,662 | (2,048 | ) | |||||||
Consideration paid at closing | $ | 12,861 | $ | — | $ | 12,861 | ||||||
Contingent consideration | 4,710 | (2,662 | ) | 2,048 | ||||||||
Net assets acquired and liabilities assumed | $ | 17,571 | $ | (2,662 | ) | $ | 14,909 | |||||
The current and long term deferred tax assets amounted to $0.4 million and $2.0 million, respectively. These net assets are comprised of $3.5 million related to federal net operating loss carry forwards, $0.5 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $1.6 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal net operating loss carry forwards are subject to carry forward limitations for income tax purposes. | ||||||||||||
The goodwill and $3.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $0.8 million allocated to customer relationships and $0.7 million allocated to developed technology, which are each being amortized over a period of 5 years. Goodwill and other intangibles of Concordia are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. | ||||||||||||
The Concordia purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarter of 2017 if Concordia exceeds certain sales targets for fiscal 2015 and 2016. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $2.0 million. | ||||||||||||
The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | ||||||||||||
U-Line | ||||||||||||
On November 5, 2014, the company completed its acquisition of all of the capital stock of U-Line Corporation ("U-Line"), a leading manufacturer of premium residential built-in modular ice making, refrigeration and wine preservation products for the residential industry, for a purchase price of approximately $142.0 million, net of cash acquired. | ||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | ||||||||||||
(as initially reported) Nov 5, 2014 | ||||||||||||
Cash | $ | 12,764 | ||||||||||
Current deferred tax asset | 657 | |||||||||||
Current assets | 12,237 | |||||||||||
Property, plant and equipment | 3,376 | |||||||||||
Other intangibles | 57,500 | |||||||||||
Goodwill | 89,501 | |||||||||||
Current liabilities | (6,032 | ) | ||||||||||
Long-term deferred tax liabilty | (13,095 | ) | ||||||||||
Other non-current liabilities | (2,111 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 154,797 | ||||||||||
The current deferred tax assets and long term deferred tax liabilities amounted to $0.7 million and $13.1 million, respectively. These net assets are comprised of $3.8 million related to federal and state net operating loss carry forwards, $1.3 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts, net of $17.5 million of deferred tax liabilities related to the difference between the book and tax basis of identifiable intangible assets. Federal and state net operating loss carry forwards are subject to carry forward limitations for income tax purposes. | ||||||||||||
The goodwill and $40.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles includes $17.5 million allocated to customer relationships, which are being amortized over a period of 7 years. Goodwill and other intangibles of U-Line are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. | ||||||||||||
The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | ||||||||||||
Pro forma financial information | ||||||||||||
In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the years ended January 3, 2015 and December 28, 2013, assumes the 2014 acquisitions of Market Forge, PES, Concordia and U-Line and the 2013 acquisitions of Celfrost and Wunder-Bar were completed on December 30, 2012 (first day of fiscal year 2013). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): | ||||||||||||
Baker [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Baker acquisition is summarized as follows (in thousands): | |||||||||||
(as initially reported) Mar 14, 2012 | Measurement Period Adjustments | (as adjusted) | ||||||||||
14-Mar-12 | ||||||||||||
Current assets | $ | 4,617 | $ | (2,236 | ) | $ | 2,381 | |||||
Property, plant and equipment | 221 | — | 221 | |||||||||
Goodwill | 5,797 | 1,481 | 7,278 | |||||||||
Other intangibles | — | 750 | 750 | |||||||||
Current liabilities | (385 | ) | 5 | (380 | ) | |||||||
Net assets acquired and liabilities assumed | $ | 10,250 | $ | — | $ | 10,250 | ||||||
Stewart [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (in thousands): | |||||||||||
(as initially reported) Sept 5, 2012 | Measurement Period Adjustments | (as adjusted) Sept 5, 2012 | ||||||||||
Cash | $ | — | $ | 244 | $ | 244 | ||||||
Current assets | 11,839 | (1,922 | ) | 9,917 | ||||||||
Property, plant and equipment | 653 | 583 | 1,236 | |||||||||
Goodwill | 17,886 | (2,140 | ) | 15,746 | ||||||||
Other intangibles | 6,850 | 4,030 | 10,880 | |||||||||
Current liabilities | (5,228 | ) | (1,511 | ) | (6,739 | ) | ||||||
Other non-current liabilities | (4,000 | ) | (587 | ) | (4,587 | ) | ||||||
Consideration paid at closing | $ | 28,000 | $ | (1,303 | ) | $ | 26,697 | |||||
Contingent consideration | 4,000 | 587 | 4,587 | |||||||||
Net assets acquired and liabilities assumed | $ | 32,000 | $ | (716 | ) | $ | 31,284 | |||||
Nieco [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (in thousands): | |||||||||||
(as initially reported) Oct 31, 2012 | Measurement Period Adjustments | (as adjusted) | ||||||||||
31-Oct-12 | ||||||||||||
Cash | $ | 140 | $ | — | $ | 140 | ||||||
Current assets | 4,011 | — | 4,011 | |||||||||
Property, plant and equipment | 268 | — | 268 | |||||||||
Goodwill | 18,855 | (3,473 | ) | 15,382 | ||||||||
Other intangibles | 5,620 | 4,060 | 9,680 | |||||||||
Current liabilities | (1,836 | ) | — | (1,836 | ) | |||||||
Other non-current liabilities | (3,058 | ) | (587 | ) | (3,645 | ) | ||||||
Consideration paid at closing | $ | 24,000 | $ | — | $ | 24,000 | ||||||
Contingent consideration | 3,058 | 587 | 3,645 | |||||||||
Net assets acquired and liabilities assumed | $ | 27,058 | $ | 587 | $ | 27,645 | ||||||
Viking Range Corporation [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Viking acquisition is summarized as follows (in thousands): | |||||||||||
(as initially reported) Dec 31, 2012 | Measurement Period Adjustments | (as adjusted) Dec 31, 2012 | ||||||||||
Cash | $ | 6,900 | $ | (121 | ) | $ | 6,779 | |||||
Current assets | 40,794 | (2,385 | ) | 38,409 | ||||||||
Property, plant and equipment | 76,693 | (20,446 | ) | 56,247 | ||||||||
Goodwill | 144,833 | (32,752 | ) | 112,081 | ||||||||
Other intangibles | 152,500 | 44,500 | 197,000 | |||||||||
Other assets | 12,604 | 865 | 13,469 | |||||||||
Current liabilities | (52,202 | ) | (886 | ) | (53,088 | ) | ||||||
Other non-current liabilities | (2,386 | ) | (1 | ) | (2,387 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 379,736 | $ | (11,226 | ) | $ | 368,510 | |||||
Distributors [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Viking Distributors 2013 is summarized as follows (in thousands): | |||||||||||
(as initially reported) Jun 29, 2013 | Measurement Period Adjustments | (as adjusted) Jun 29, 2013 | ||||||||||
Current assets | $ | 21,390 | $ | (3,599 | ) | $ | 17,791 | |||||
Property, plant and equipment | 1,318 | — | 1,318 | |||||||||
Goodwill | 1,709 | 3,599 | 5,308 | |||||||||
Current liabilities | (804 | ) | — | (804 | ) | |||||||
Net assets acquired and liabilities assumed | $ | 23,613 | $ | — | $ | 23,613 | ||||||
Forgiveness of liabilities owed to Viking | (8,697 | ) | — | (8,697 | ) | |||||||
Consideration paid at closing | $ | 14,916 | $ | — | $ | 14,916 | ||||||
Celfrost [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Celfrost acquisition is summarized as follows (in thousands): | |||||||||||
(as initially reported) Oct 15, 2013 | Measurement Period Adjustments | (as adjusted) Oct 15, 2013 | ||||||||||
Current assets | $ | 5,638 | $ | (124 | ) | $ | 5,514 | |||||
Property, plant and equipment | 182 | — | 182 | |||||||||
Goodwill | 5,943 | 1,718 | 7,661 | |||||||||
Other intangibles | 4,333 | — | 4,333 | |||||||||
Other assets | 4 | — | 4 | |||||||||
Current liabilities | (3,979 | ) | (1,594 | ) | (5,573 | ) | ||||||
Other non-current liabilities | (875 | ) | — | (875 | ) | |||||||
Consideration paid at closing | $ | 11,246 | $ | — | $ | 11,246 | ||||||
Deferred payments | 1,067 | — | 1,067 | |||||||||
Net assets acquired and liabilities assumed | $ | 12,313 | $ | — | $ | 12,313 | ||||||
Wunder-Bar [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The final allocation of cash paid for the Wunder-Bar acquisition is summarized as follows (in thousands): | |||||||||||
(as initially reported) Dec 17, 2013 | Measurement Period Adjustments | (as adjusted) Dec 17, 2013 | ||||||||||
Cash | $ | 857 | $ | — | $ | 857 | ||||||
Current deferred tax asset | 50 | 188 | 238 | |||||||||
Current assets | 13,127 | 656 | 13,783 | |||||||||
Property, plant and equipment | 1,735 | (312 | ) | 1,423 | ||||||||
Goodwill | 45,056 | (3,251 | ) | 41,805 | ||||||||
Other intangibles | 30,000 | 3,060 | 33,060 | |||||||||
Other assets | — | 290 | 290 | |||||||||
Current liabilities | (5,013 | ) | 865 | (4,148 | ) | |||||||
Long-term deferred tax liability | (10,811 | ) | (1,280 | ) | (12,091 | ) | ||||||
Other non-current liabilities | (1 | ) | (365 | ) | (366 | ) | ||||||
Consideration paid at closing | $ | 75,000 | $ | (149 | ) | $ | 74,851 | |||||
Additional assets acquired post closing | — | 848 | 848 | |||||||||
Deferred payments | — | 586 | 586 | |||||||||
Net assets acquired and liabilities assumed | $ | 75,000 | $ | 1,285 | $ | 76,285 | ||||||
Market Forge [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (in thousands): | |||||||||||
(as initially reported) Jan 7, 2014 | Measurement Period Adjustments | (as adjusted) Jan 7, 2014 | ||||||||||
Current assets | $ | 2,051 | $ | (100 | ) | $ | 1,951 | |||||
Property, plant and equipment | 120 | — | 120 | |||||||||
Goodwill | 5,252 | 654 | 5,906 | |||||||||
Other intangibles | 4,191 | — | 4,191 | |||||||||
Current liabilities | (4,374 | ) | (554 | ) | (4,928 | ) | ||||||
Consideration paid at closing | $ | 7,240 | $ | — | $ | 7,240 | ||||||
Deferred payments | 3,000 | — | 3,000 | |||||||||
Contingent consideration | 1,374 | 126 | 1,500 | |||||||||
Net assets acquired and liabilities assumed | $ | 11,614 | $ | 126 | $ | 11,740 | ||||||
Distributors 2014 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||
(as initially reported) Jan 31, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Jan 31, 2014 | ||||||||||
Current assets | $ | 35,909 | $ | (8,101 | ) | $ | 27,808 | |||||
Property, plant and equipment | 2,000 | (291 | ) | 1,709 | ||||||||
Goodwill | 7,552 | 8,647 | 16,199 | |||||||||
Current liabilities | (1,005 | ) | (255 | ) | (1,260 | ) | ||||||
Net assets acquired and liabilities assumed | $ | 44,456 | $ | — | $ | 44,456 | ||||||
Forgiveness of liabilities owed to Viking | (5,971 | ) | — | (5,971 | ) | |||||||
Consideration paid at closing | $ | 38,485 | $ | — | $ | 38,485 | ||||||
PES [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||
(as initially reported) Mar 31, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Mar 31, 2014 | ||||||||||
Current assets | $ | 2,211 | $ | (153 | ) | $ | 2,058 | |||||
Property, plant and equipment | 3,493 | — | 3,493 | |||||||||
Goodwill | 10,792 | 269 | 11,061 | |||||||||
Other intangibles | 1,600 | — | 1,600 | |||||||||
Other assets | 21 | — | 21 | |||||||||
Current liabilities | (3,117 | ) | (116 | ) | (3,233 | ) | ||||||
Consideration paid at closing | $ | 15,000 | $ | — | $ | 15,000 | ||||||
Contingent consideration | 2,301 | 116 | 2,417 | |||||||||
Net assets acquired and liabilities assumed | $ | 17,301 | $ | 116 | $ | 17,417 | ||||||
Concordia [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||
(as initially reported) Sep 8, 2014 | Preliminary Measurement Period Adjustments | (as adjusted) Sep 8, 2014 | ||||||||||
Cash | $ | 345 | $ | — | $ | 345 | ||||||
Current deferred tax asset | — | 424 | 424 | |||||||||
Current assets | 3,767 | (489 | ) | 3,278 | ||||||||
Goodwill | 11,255 | (4,594 | ) | 6,661 | ||||||||
Other intangibles | 4,500 | — | 4,500 | |||||||||
Long-term deferred tax asset | — | 1,981 | 1,981 | |||||||||
Current liabilities | (2,296 | ) | 16 | (2,280 | ) | |||||||
Other non-current liabilities | (4,710 | ) | 2,662 | (2,048 | ) | |||||||
Consideration paid at closing | $ | 12,861 | $ | — | $ | 12,861 | ||||||
Contingent consideration | 4,710 | (2,662 | ) | 2,048 | ||||||||
Net assets acquired and liabilities assumed | $ | 17,571 | $ | (2,662 | ) | $ | 14,909 | |||||
ULine [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||
(as initially reported) Nov 5, 2014 | ||||||||||||
Cash | $ | 12,764 | ||||||||||
Current deferred tax asset | 657 | |||||||||||
Current assets | 12,237 | |||||||||||
Property, plant and equipment | 3,376 | |||||||||||
Other intangibles | 57,500 | |||||||||||
Goodwill | 89,501 | |||||||||||
Current liabilities | (6,032 | ) | ||||||||||
Long-term deferred tax liabilty | (13,095 | ) | ||||||||||
Other non-current liabilities | (2,111 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 154,797 | ||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Schedule of Inventory, Current | Inventories at January 3, 2015 and December 28, 2013 are as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Raw materials and parts | $ | 126,121 | $ | 110,310 | ||||||||||||||||
Work in process | 17,828 | 20,448 | ||||||||||||||||||
Finished goods | 111,827 | 89,358 | ||||||||||||||||||
$ | 255,776 | $ | 220,116 | |||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment are carried at cost as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Land | $ | 10,642 | $ | 10,289 | ||||||||||||||||
Building and improvements | 84,777 | 80,051 | ||||||||||||||||||
Furniture and fixtures | 28,597 | 23,476 | ||||||||||||||||||
Machinery and equipment | 88,679 | 84,970 | ||||||||||||||||||
212,695 | 198,786 | |||||||||||||||||||
Less accumulated depreciation | (82,998 | ) | (73,329 | ) | ||||||||||||||||
$ | 129,697 | $ | 125,457 | |||||||||||||||||
Schedule Of Useful Lives For Property Plant Equipment | Following is a summary of the estimated useful lives: | |||||||||||||||||||
Description | Life | |||||||||||||||||||
Building and improvements | 20 to 40 years | |||||||||||||||||||
Furniture and fixtures | 3 to 7 years | |||||||||||||||||||
Machinery and equipment | 3 to 10 years | |||||||||||||||||||
Schedule of Goodwill | Goodwill is allocated to the business segments as follows (in thousands): | |||||||||||||||||||
Commercial | Food | Residential Kitchen | Total | |||||||||||||||||
Foodservice | Processing | |||||||||||||||||||
Balance as of December 29, 2012 | $ | 397,246 | $ | 128,765 | $ | — | $ | 526,011 | ||||||||||||
Goodwill acquired during the year | 50,999 | — | 115,762 | 166,761 | ||||||||||||||||
Measurement period adjustments to goodwill acquired in prior year | (3,473 | ) | 56 | — | (3,417 | ) | ||||||||||||||
Exchange effect | (451 | ) | (949 | ) | — | (1,400 | ) | |||||||||||||
Balance as of December 28, 2013 | $ | 444,321 | $ | 127,872 | $ | 115,762 | $ | 687,955 | ||||||||||||
Goodwill acquired during the year | 12,567 | 11,061 | 105,700 | 129,328 | ||||||||||||||||
Measurement period adjustments to goodwill acquired in prior year | (1,533 | ) | — | 1,627 | 94 | |||||||||||||||
Exchange effect | (4,465 | ) | (4,421 | ) | (8,886 | ) | ||||||||||||||
Balance as of January 3, 2015 | $ | 450,890 | $ | 134,512 | $ | 223,089 | $ | 808,491 | ||||||||||||
Schedule Of Intangible Assets By Major Class | Intangible assets consist of the following (in thousands): | |||||||||||||||||||
January 3, 2015 | December 28, 2013 | |||||||||||||||||||
Estimated | Gross | Accumulated | Estimated | Gross | Accumulated | |||||||||||||||
Weighted Avg | Carrying | Amortization | Weighted Avg | Carrying | Amortization | |||||||||||||||
Remaining | Amount | Remaining | Amount | |||||||||||||||||
Life | Life | |||||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Customer lists | 4.7 | $ | 167,278 | $ | (84,312 | ) | 5.1 | $ | 144,298 | $ | (61,506 | ) | ||||||||
Backlog | 0 | 11,178 | (11,178 | ) | 0 | 10,851 | (10,851 | ) | ||||||||||||
Developed technology | 4.6 | 19,786 | (16,356 | ) | 3.9 | 17,888 | (14,993 | ) | ||||||||||||
$ | 198,242 | $ | (111,846 | ) | $ | 173,037 | $ | (87,350 | ) | |||||||||||
Indefinite-lived assets: | ||||||||||||||||||||
Trademarks and tradenames | $ | 405,635 | $ | 362,257 | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets is as follows (in thousands): | |||||||||||||||||||
2015 | $ | 21,454 | ||||||||||||||||||
2016 | 18,304 | |||||||||||||||||||
2017 | 14,032 | |||||||||||||||||||
2018 | 12,678 | |||||||||||||||||||
2019 | 4,969 | |||||||||||||||||||
Thereafter | 14,959 | |||||||||||||||||||
$ | 86,396 | |||||||||||||||||||
Schedule of Accrued Liabilities | Accrued expenses consist of the following at January 3, 2015 and December 28, 2013, respectively: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Accrued payroll and related expenses | $ | 50,844 | $ | 56,544 | ||||||||||||||||
Accrued customer rebates | 32,357 | 26,947 | ||||||||||||||||||
Accrued warranty | 28,786 | 20,826 | ||||||||||||||||||
Advanced customer deposits | 20,367 | 31,276 | ||||||||||||||||||
Accrued product liability and workers compensation | 14,582 | 15,355 | ||||||||||||||||||
Product recall | 12,125 | 2,480 | ||||||||||||||||||
Accrued agent commission | 11,207 | 9,767 | ||||||||||||||||||
Contingent consideration | 9,200 | 8,628 | ||||||||||||||||||
Accrued sales and other tax | 7,660 | 5,762 | ||||||||||||||||||
Accrued professional services | 7,053 | 7,441 | ||||||||||||||||||
Other accrued expenses | 26,404 | 28,433 | ||||||||||||||||||
$ | 220,585 | $ | 213,459 | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Unrecognized pension benefit costs, net of tax | $ | (6,540 | ) | $ | (2,120 | ) | ||||||||||||||
Unrealized loss on interest rate swap, net of tax | (236 | ) | (630 | ) | ||||||||||||||||
Currency translation adjustments | (24,655 | ) | (5,885 | ) | ||||||||||||||||
$ | (31,431 | ) | $ | (8,635 | ) | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The company’s financial assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at January 3, 2015 and December 28, 2013 are as follows (in thousands): | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | Total | |||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
As of January 3, 2015 | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Pension Plans | $ | 27,647 | $ | 1,234 | — | $ | 28,881 | |||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Interest rate swaps | — | $ | 810 | — | $ | 810 | ||||||||||||||
Contingent consideration | — | — | $ | 14,558 | $ | 14,558 | ||||||||||||||
As of December 28, 2013 | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Pension Plans | $ | 27,875 | $ | 621 | — | $ | 28,496 | |||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Interest rate swaps | — | $ | 1,471 | — | $ | 1,471 | ||||||||||||||
Contingent consideration | — | — | $ | 9,084 | $ | 9,084 | ||||||||||||||
Schedule of Product Warranty Liability | A rollforward of the warranty reserve for the fiscal years 2014 and 2013 are as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Beginning balance | $ | 20,826 | $ | 17,593 | ||||||||||||||||
Warranty reserve related to acquisitions | 2,450 | 9,617 | ||||||||||||||||||
Warranty expense | 44,547 | 36,360 | ||||||||||||||||||
Warranty claims paid | (39,037 | ) | (42,744 | ) | ||||||||||||||||
Ending balance | $ | 28,786 | $ | 20,826 | ||||||||||||||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Schedule of Long-term Debt Instruments | The following is a summary of long-term debt at January 3, 2015 and December 28, 2013: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(dollars in thousands) | ||||||||||||||||
Senior secured revolving credit line | $ | 587,500 | $ | 568,600 | ||||||||||||
Foreign loans | 10,384 | 2,680 | ||||||||||||||
Other debt arrangement | 283 | 318 | ||||||||||||||
Total debt | $ | 598,167 | $ | 571,598 | ||||||||||||
Less current maturities of long-term debt | 9,402 | 1,408 | ||||||||||||||
Long-term debt | $ | 588,765 | $ | 570,190 | ||||||||||||
Carrying Value And Fair Value Of Long Term Debt, Disclosure | The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands): | |||||||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Total debt | $ | 598,167 | $ | 598,167 | $ | 571,598 | $ | 571,598 | ||||||||
Schedule of Interest Rate Derivatives | As of January 3, 2015, the company had the following interest rate swaps in effect: | |||||||||||||||
Fixed | ||||||||||||||||
Notional | Interest | Effective | Maturity | |||||||||||||
Amount | Rate | Date | Date | |||||||||||||
25,000,000 | 2.52 | % | 2/23/11 | 2/23/16 | ||||||||||||
15,000,000 | 1.185 | % | 9/12/11 | 9/12/16 | ||||||||||||
10,000,000 | 0.498 | % | 2/11/13 | 7/11/15 | ||||||||||||
15,000,000 | 0.458 | % | 2/11/13 | 10/11/15 | ||||||||||||
25,000,000 | 0.635 | % | 2/11/13 | 8/11/16 | ||||||||||||
25,000,000 | 0.789 | % | 2/11/13 | 3/11/17 | ||||||||||||
25,000,000 | 0.803 | % | 2/11/13 | 5/11/17 | ||||||||||||
35,000,000 | 0.88 | % | 2/11/13 | 7/11/17 | ||||||||||||
10,000,000 | 1.48 | % | 9/11/13 | 7/11/17 | ||||||||||||
15,000,000 | 0.92 | % | 3/11/14 | 7/11/17 | ||||||||||||
25,000,000 | 0.95 | % | 3/11/14 | 7/11/17 | ||||||||||||
Schedule of Maturities of Long-term Debt | The aggregate amount of debt payable during each of the next five years is as follows: | |||||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 9,402 | ||||||||||||||
2016 | 587,862 | |||||||||||||||
2017 | 114 | |||||||||||||||
2018 | 114 | |||||||||||||||
2019 and thereafter | 675 | |||||||||||||||
$ | 598,167 | |||||||||||||||
Common_and_Preferred_Stock_Tab
Common and Preferred Stock (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the company’s nonvested restricted share grant activity for fiscal years ended January 3, 2015 and December 28, 2013 is as follows: | |||||||||||
Shares | Weighted | |||||||||||
Average | ||||||||||||
Grant-Date | ||||||||||||
Fair Value | ||||||||||||
Nonvested shares at December 29, 2012 | 1,274,745 | $ | 29.24 | |||||||||
Granted | — | — | ||||||||||
Vested | (109,971 | ) | 14.2 | |||||||||
Forfeited | — | — | ||||||||||
Nonvested shares at December 28, 2013 | 1,164,774 | $ | 29.89 | |||||||||
Granted | 369,807 | 87.8 | ||||||||||
Vested | (1,141,974 | ) | 29.12 | |||||||||
Forfeited | (6,000 | ) | 29.99 | |||||||||
Nonvested shares at January 3, 2015 | 386,607 | $ | 85.28 | |||||||||
Schedule of Share-based Compensation, Activity | Additional information related to the share based compensation is as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Intrinsic value of options exercised | $ | — | $ | 80,528 | $ | 42,208 | ||||||
Cash received from exercise | — | 3,842 | 2,804 | |||||||||
Tax benefit from option exercises | — | 20,196 | 14,149 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Earnings Before Taxes | Earnings before taxes is summarized as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Domestic | $ | 240,936 | $ | 195,435 | $ | 157,471 | ||||||
Foreign | 39,854 | 30,346 | 16,969 | |||||||||
Total | $ | 280,790 | $ | 225,781 | $ | 174,440 | ||||||
Schedule of Provision of Taxes | The provision for income taxes is summarized as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Federal | $ | 69,536 | $ | 60,232 | $ | 42,660 | ||||||
State and local | 9,316 | 3,248 | 7,216 | |||||||||
Foreign | 8,626 | 8,373 | 3,867 | |||||||||
Total | $ | 87,478 | $ | 71,853 | $ | 53,743 | ||||||
Current | $ | 72,137 | $ | 74,828 | $ | 53,826 | ||||||
Deferred | 15,341 | (2,975 | ) | (83 | ) | |||||||
Total | $ | 87,478 | $ | 71,853 | $ | 53,743 | ||||||
Schedule of Effective Income Tax Reconciliation | Reconciliation of the differences between income taxes computed at the federal statutory rate to the effective rate are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes, net of federal benefit | 2.2 | 0.9 | 2.7 | |||||||||
Tax relief for U.S. manufacturers | (2.3 | ) | (2.6 | ) | (2.4 | ) | ||||||
Permanent book vs. tax differences | (2.0 | ) | (1.2 | ) | (1.6 | ) | ||||||
Foreign tax rate differentials | (1.9 | ) | (1.0 | ) | (1.5 | ) | ||||||
Reserve adjustments and other | 0.2 | 0.7 | (1.4 | ) | ||||||||
Consolidated effective tax | 31.2 | % | 31.8 | % | 30.8 | % | ||||||
Schedule of Deferred Assets and Liabilities | At January 3, 2015 and December 28, 2013, the company had recorded the following deferred tax assets and liabilities: | |||||||||||
2014 | 2013 | |||||||||||
(dollars in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Federal net operating loss carryforwards | $ | 7,020 | $ | 6,382 | ||||||||
Compensation related | 17,092 | 25,321 | ||||||||||
Accrued retirement benefits | 8,211 | 6,234 | ||||||||||
Inventory reserves | 6,503 | 5,971 | ||||||||||
Product liability and workers compensation reserves | 7,810 | 7,902 | ||||||||||
Warranty reserves | 9,191 | 7,139 | ||||||||||
Receivable related reserves | 3,277 | 2,222 | ||||||||||
UNICAP | 3,727 | 5,123 | ||||||||||
State net operating loss carryforwards | 2,731 | 785 | ||||||||||
Interest rate swap | 157 | 419 | ||||||||||
Other | 18,154 | 12,091 | ||||||||||
Gross deferred tax assets | 83,873 | 79,589 | ||||||||||
Valuation allowance | — | (466 | ) | |||||||||
Deferred tax assets | $ | 83,873 | $ | 79,123 | ||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | $ | (111,501 | ) | $ | (82,188 | ) | ||||||
Foreign tax earnings repatriation | (3,029 | ) | (2,552 | ) | ||||||||
LIFO reserves | (90 | ) | (22 | ) | ||||||||
Depreciation | (1,366 | ) | (1,724 | ) | ||||||||
Other | (2,745 | ) | (2,092 | ) | ||||||||
Deferred tax liabilities | $ | (118,731 | ) | $ | (88,578 | ) | ||||||
Net deferred tax assets (liabilities) | $ | (34,858 | ) | $ | (9,455 | ) | ||||||
Current deferred asset | $ | 51,017 | $ | 50,337 | ||||||||
Long-term deferred asset | 2,925 | 1,641 | ||||||||||
Long-term deferred liability | (88,800 | ) | (61,433 | ) | ||||||||
Net deferred tax assets (liabilities) | $ | (34,858 | ) | $ | (9,455 | ) | ||||||
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 29, 2012, December 28, 2013 and January 3, 2015 (dollars in thousands): | |||||||||||
Balance at December 31, 2011 | $ | 15,591 | ||||||||||
Increases to current year tax positions | 1,572 | |||||||||||
Increase to prior year tax positions | 84 | |||||||||||
Decrease to prior year tax positions | (1,289 | ) | ||||||||||
Settlements | (3,836 | ) | ||||||||||
Balance at December 29, 2012 | $ | 12,122 | ||||||||||
Increases to current year tax positions | 1,718 | |||||||||||
Increase to prior year tax positions | 2 | |||||||||||
Decrease to prior year tax positions | (532 | ) | ||||||||||
Settlements | — | |||||||||||
Lapse of statute of limitations | (583 | ) | ||||||||||
Balance at December 28, 2013 | $ | 12,727 | ||||||||||
Increases to current year tax positions | 3,270 | |||||||||||
Increase to prior year tax positions | 1,105 | |||||||||||
Decrease to prior year tax positions | (189 | ) | ||||||||||
Settlements | (4,092 | ) | ||||||||||
Lapse of statute of limitations | (347 | ) | ||||||||||
Balance at January 3, 2015 | $ | 12,474 | ||||||||||
Summary of Income Tax Examinations | A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: | |||||||||||
United States – federal | 2012 – 2014 | |||||||||||
United States – states | 2004 – 2014 | |||||||||||
Australia | 2011 – 2014 | |||||||||||
Brazil | 2010 – 2014 | |||||||||||
Canada | 2009 – 2014 | |||||||||||
China | 2005 – 2014 | |||||||||||
Czech Republic | 2013 – 2014 | |||||||||||
Denmark | 2011 – 2014 | |||||||||||
France | 2011 – 2014 | |||||||||||
Germany | 2012 – 2014 | |||||||||||
India | 2013 – 2014 | |||||||||||
Italy | 2010 – 2014 | |||||||||||
Luxembourg | 2011 – 2014 | |||||||||||
Mexico | 2009 – 2014 | |||||||||||
Philippines | 2011 – 2014 | |||||||||||
South Korea | 2009 – 2011 | |||||||||||
Spain | 2009 – 2014 | |||||||||||
Taiwan | 2008 – 2012 | |||||||||||
United Kingdom | 2011 – 2014 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||
Jan. 03, 2015 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | A summary of the company’s interest rate swaps is as follows: | |||||||||
Twelve Months Ended | ||||||||||
Location | 3-Jan-15 | 28-Dec-13 | ||||||||
(dollars in thousands) | ||||||||||
Fair value | Other liabilities | $ | (810 | ) | $ | (1,471 | ) | |||
Amount of gain/(loss) recognized in other comprehensive income | Other comprehensive income | $ | (1,494 | ) | $ | (644 | ) | |||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | Interest expense | $ | (2,151 | ) | $ | (2,006 | ) | |||
Gain/(loss) recognized in income (ineffective portion) | Other expense | $ | 4 | $ | 20 | |||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payment obligations under these leases are as follows: | |||
Total Operating Lease | ||||
Commitments | ||||
2015 | $ | 14,062 | ||
2016 | 9,435 | |||
2017 | 6,954 | |||
2018 | 4,402 | |||
2019 | 3,227 | |||
2020 and thereafter | 10,023 | |||
$ | 48,103 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table summarizes the results of operations for the company’s business segments(1,2) (dollars in thousands): | |||||||||||||||||||
Commercial | Food | Residential Kitchen | Corporate | Total | ||||||||||||||||
Foodservice | Processing | and Other(3) | ||||||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 1,041,228 | $ | 322,783 | $ | 272,527 | $ | — | $ | 1,636,538 | ||||||||||
Operating income | 269,559 | 67,395 | 14,585 | (51,107 | ) | 300,432 | ||||||||||||||
Depreciation and amortization expense | 19,661 | 6,601 | 13,356 | 1,634 | 41,252 | |||||||||||||||
Net capital expenditures | 6,752 | 4,487 | 1,811 | 93 | 13,143 | |||||||||||||||
Total assets | 1,053,921 | 304,241 | 636,680 | 71,289 | 2,066,131 | |||||||||||||||
Long-lived assets | 50,211 | 19,627 | 71,500 | 10,140 | 151,478 | |||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 895,494 | $ | 301,522 | $ | 231,669 | $ | — | $ | 1,428,685 | ||||||||||
Operating income | 234,190 | 49,528 | 10,815 | (50,071 | ) | 244,462 | ||||||||||||||
Depreciation and amortization expense | 18,787 | 8,387 | 14,148 | 1,842 | 43,164 | |||||||||||||||
Net capital expenditures | 7,227 | 3,140 | 4,090 | 183 | 14,640 | |||||||||||||||
Total assets | 1,000,065 | 303,289 | 441,299 | 74,553 | 1,819,206 | |||||||||||||||
Long-lived assets | 47,490 | 12,475 | 60,570 | 17,038 | 137,573 | |||||||||||||||
2012 | ||||||||||||||||||||
Net sales | $ | 786,391 | $ | 251,783 | $ | — | $ | — | $ | 1,038,174 | ||||||||||
Operating income | 194,573 | 39,924 | — | (46,413 | ) | 188,084 | ||||||||||||||
Depreciation and amortization expense | 17,920 | 7,366 | — | 1,617 | 26,903 | |||||||||||||||
Net capital expenditures | 3,834 | 3,829 | — | (11 | ) | 7,652 | ||||||||||||||
Total assets | 880,333 | 291,913 | — | 72,034 | 1,244,280 | |||||||||||||||
Long-lived assets | 45,240 | 11,074 | — | 16,012 | 72,326 | |||||||||||||||
-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 | Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets. | |||||||||||||||||||
-3 | Includes corporate and other general company assets and operations. | |||||||||||||||||||
Schedule of Entity-Wide Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | Long-lived assets, not including goodwill and other intangibles (in thousands): | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
United States and Canada | $ | 127,308 | $ | 115,162 | $ | 48,516 | ||||||||||||||
Asia | 5,714 | 5,133 | 3,391 | |||||||||||||||||
Europe and Middle East | 16,739 | 15,762 | 19,198 | |||||||||||||||||
Latin America | 1,717 | 1,516 | 1,221 | |||||||||||||||||
Total international | 24,170 | 22,411 | 23,810 | |||||||||||||||||
$ | 151,478 | $ | 137,573 | $ | 72,326 | |||||||||||||||
Schedule of Entity-Wide Information, Revenue from External Customers by Products and Services | Net sales (in thousands): | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
United States and Canada | $ | 1,139,034 | $ | 1,049,280 | $ | 711,241 | ||||||||||||||
Asia | 171,995 | 109,599 | 91,021 | |||||||||||||||||
Europe and Middle East | 222,974 | 187,381 | 167,840 | |||||||||||||||||
Latin America | 102,535 | 82,425 | 68,072 | |||||||||||||||||
Total international | 497,504 | 379,405 | 326,933 | |||||||||||||||||
$ | 1,636,538 | $ | 1,428,685 | $ | 1,038,174 | |||||||||||||||
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands): | ||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||
Elgin | Smithville | Wrexham | Chairman Plan | ||||||||||||||
Plan | Plan | Plan | |||||||||||||||
Net Periodic Pension Cost: | |||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 447 | |||||||||
Interest cost | 183 | 690 | 639 | 416 | |||||||||||||
Expected return on assets | (215 | ) | (584 | ) | (996 | ) | — | ||||||||||
Amortization of net loss (gain) | 64 | 303 | — | (413 | ) | ||||||||||||
Pension settlement | — | — | — | — | |||||||||||||
$ | 32 | $ | 409 | $ | (357 | ) | $ | 450 | |||||||||
Change in Benefit Obligation: | |||||||||||||||||
Benefit obligation – beginning of year | $ | 4,134 | $ | 14,799 | $ | 15,745 | $ | 8,815 | |||||||||
Service cost | — | — | — | 447 | |||||||||||||
Interest on benefit obligations | 183 | 690 | 639 | 416 | |||||||||||||
Actuarial loss | 654 | 3,780 | 1,273 | 859 | |||||||||||||
Pension settlement | — | — | — | — | |||||||||||||
Net benefit payments | (222 | ) | (648 | ) | (634 | ) | — | ||||||||||
Exchange effect | — | — | (909 | ) | — | ||||||||||||
Benefit obligation – end of year | $ | 4,749 | $ | 18,621 | $ | 16,114 | $ | 10,537 | |||||||||
Change in Plan Assets: | |||||||||||||||||
Plan assets at fair value – beginning of year | $ | 3,722 | $ | 9,602 | $ | 15,172 | $ | — | |||||||||
Company contributions | — | 913 | 511 | — | |||||||||||||
Investment gain | 51 | 157 | 1,133 | — | |||||||||||||
Benefit payments and plan expenses | (222 | ) | (648 | ) | (634 | ) | — | ||||||||||
Exchange effect | — | — | (876 | ) | — | ||||||||||||
Plan assets at fair value – end of year | $ | 3,551 | $ | 10,024 | $ | 15,306 | $ | — | |||||||||
Funded Status: | |||||||||||||||||
Unfunded benefit obligation | $ | (1,198 | ) | $ | (8,597 | ) | $ | (808 | ) | $ | (10,537 | ) | |||||
Amounts recognized in balance sheet at year end: | |||||||||||||||||
Other non-current liabilities | $ | (1,198 | ) | $ | (8,597 | ) | $ | (808 | ) | $ | (10,537 | ) | |||||
Pre-tax components in accumulated other comprehensive income: | |||||||||||||||||
Net actuarial loss (gain) | $ | 1,673 | $ | 8,029 | $ | 2,188 | $ | (1,672 | ) | ||||||||
Net prior service cost | — | — | — | — | |||||||||||||
Net transaction (asset) obligations | — | — | — | — | |||||||||||||
Total amount recognized | $ | 1,673 | $ | 8,029 | $ | 2,188 | $ | (1,672 | ) | ||||||||
Accumulated Benefit Obligation | $ | 4,749 | $ | 18,621 | $ | 16,114 | $ | 7,197 | |||||||||
Salary growth rate | n/a | n/a | n/a | 10 | % | ||||||||||||
Assumed discount rate | 3.8 | % | 3.8 | % | 3.6 | % | 3.8 | % | |||||||||
Expected return on assets | 6 | % | 6 | % | 6.3 | % | n/a | ||||||||||
Fiscal Year 2013 | |||||||||||||||||
Elgin | Smithville | Wrexham | Chairman | ||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||
Net Periodic Pension Cost: | |||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 929 | |||||||||
Interest cost | 175 | 643 | 635 | 360 | |||||||||||||
Expected return on assets | (209 | ) | (529 | ) | (819 | ) | — | ||||||||||
Amortization of net loss (gain) | 154 | 519 | — | (145 | ) | ||||||||||||
Pension settlement | — | — | — | — | |||||||||||||
$ | 120 | $ | 633 | $ | (184 | ) | $ | 1,144 | |||||||||
Change in Benefit Obligation: | |||||||||||||||||
Benefit obligation – beginning of year | $ | 4,862 | $ | 16,070 | $ | 15,462 | $ | 8,993 | |||||||||
Service cost | — | — | — | 929 | |||||||||||||
Interest on benefit obligations | 175 | 643 | 635 | 360 | |||||||||||||
Actuarial (gain) | (675 | ) | (1,282 | ) | (7 | ) | (1,467 | ) | |||||||||
Pension settlement | — | — | — | — | |||||||||||||
Net benefit payments | (228 | ) | (632 | ) | (716 | ) | — | ||||||||||
Exchange effect | — | — | 371 | — | |||||||||||||
Benefit obligation – end of year | $ | 4,134 | $ | 14,799 | $ | 15,745 | $ | 8,815 | |||||||||
Change in Plan Assets: | |||||||||||||||||
Plan assets at fair value – beginning of year | $ | 3,503 | $ | 8,781 | $ | 12,997 | $ | — | |||||||||
Company contributions | 128 | 649 | 526 | — | |||||||||||||
Investment gain | 319 | 804 | 2,054 | — | |||||||||||||
Benefit payments and plan expenses | (228 | ) | (632 | ) | (716 | ) | — | ||||||||||
Exchange effect | — | — | 311 | — | |||||||||||||
Plan assets at fair value – end of year | $ | 3,722 | $ | 9,602 | $ | 15,172 | $ | — | |||||||||
Funded Status: | |||||||||||||||||
Unfunded benefit obligation | $ | (412 | ) | $ | (5,197 | ) | $ | (573 | ) | $ | (8,815 | ) | |||||
Amounts recognized in balance sheet at year end: | |||||||||||||||||
Other non-current liabilities | $ | (412 | ) | $ | (5,197 | ) | $ | (573 | ) | $ | (8,815 | ) | |||||
Pre-tax components in accumulated other comprehensive income: | |||||||||||||||||
Net actuarial loss (gain) | $ | 918 | $ | 4,125 | $ | 1,116 | $ | (2,944 | ) | ||||||||
Net prior service cost | — | — | — | — | |||||||||||||
Net transaction (asset) obligations | — | — | — | — | |||||||||||||
Total amount recognized | $ | 918 | $ | 4,125 | $ | 1,116 | $ | (2,944 | ) | ||||||||
Accumulated Benefit Obligation | $ | 4,134 | $ | 14,799 | $ | 15,745 | $ | 5,473 | |||||||||
Salary growth rate | n/a | n/a | n/a | 10 | % | ||||||||||||
Assumed discount rate | 4.7 | % | 4.7 | % | 4.4 | % | 4.7 | % | |||||||||
Expected return on assets | 6 | % | 6 | % | 7 | % | n/a | ||||||||||
Schedule of Allocation of Plan Assets | The assets of the plans were invested in the following classes of securities (none of which were securities of the company): | ||||||||||||||||
Elgin Plan | |||||||||||||||||
Target Allocation | Percentage of Plan Assets | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Equity | 48 | % | 48 | % | 56 | % | |||||||||||
Fixed income | 40 | 36 | 32 | ||||||||||||||
Money market | 4 | 4 | 2 | ||||||||||||||
Other (real estate investment trusts & commodities contracts) | 8 | 12 | 10 | ||||||||||||||
100 | % | 100 | % | 100 | % | ||||||||||||
Smithville Plan | |||||||||||||||||
Target Allocation | Percentage of Plan Assets | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Equity | 48 | % | 48 | % | 54 | % | |||||||||||
Fixed income | 40 | 36 | 32 | ||||||||||||||
Money market | 4 | 4 | 4 | ||||||||||||||
Other (real estate investment trusts & commodities contracts) | 8 | 12 | 10 | ||||||||||||||
100 | % | 100 | % | 100 | % | ||||||||||||
Wrexham Plan | |||||||||||||||||
Target Allocation | Percentage of Plan Assets | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Equity | 50 | % | 72 | % | 76 | % | |||||||||||
Fixed income | 50 | 24 | 23 | ||||||||||||||
Money market | — | 4 | 1 | ||||||||||||||
Other (real estate investment trusts & commodities contracts) | — | — | — | ||||||||||||||
100 | % | 100 | % | 100 | % | ||||||||||||
Pension Plans Fair Value Of Investments | The following tables summarize the basis used to measure the pension plans’ assets at fair value as of January 3, 2015 (in thousands): | ||||||||||||||||
Elgin Plan | |||||||||||||||||
Asset Category | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Short Term Investment Fund (a) | $ | 121 | $ | — | $ | 121 | $ | — | |||||||||
Equity Securities: | |||||||||||||||||
Large Cap | 813 | 813 | — | — | |||||||||||||
Mid Cap | 100 | 100 | — | — | |||||||||||||
Small Cap | 100 | 100 | — | — | |||||||||||||
International | 686 | 686 | — | — | |||||||||||||
Fixed Income: | |||||||||||||||||
Government/Corporate | 1,074 | 1,074 | — | — | |||||||||||||
High Yield | 216 | 216 | — | — | |||||||||||||
Alternative: | |||||||||||||||||
Global Real Estate Investment Trust | 314 | 314 | — | — | |||||||||||||
Commodities Contracts | 127 | 127 | — | — | |||||||||||||
Total | $ | 3,551 | $ | 3,430 | $ | 121 | $ | — | |||||||||
(a) | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. | ||||||||||||||||
Smithville Plan | |||||||||||||||||
Asset Category | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Short Term Investment Fund (a) | $ | 446 | $ | — | $ | 446 | $ | — | |||||||||
Equity Securities: | |||||||||||||||||
Large Cap | 2,297 | 2,297 | — | — | |||||||||||||
Mid Cap | 268 | 268 | — | — | |||||||||||||
Small Cap | 281 | 281 | — | — | |||||||||||||
International | 1,923 | 1,923 | — | — | |||||||||||||
Fixed Income: | |||||||||||||||||
Government/Corporate | 3,058 | 3,058 | — | — | |||||||||||||
High Yield | 599 | 599 | — | — | |||||||||||||
Alternative: | |||||||||||||||||
Global Real Estate Investment Trust | 830 | 830 | — | — | |||||||||||||
Commodities Contracts | 322 | 322 | — | — | |||||||||||||
Total | $ | 10,024 | $ | 9,578 | $ | 446 | $ | — | |||||||||
(a) | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. | ||||||||||||||||
Wrexham Plan | |||||||||||||||||
Asset Category | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Short Term Investment Fund (a) | $ | 667 | $ | — | $ | 667 | $ | — | |||||||||
Equity Securities: | |||||||||||||||||
UK | 5,109 | 5,109 | — | — | |||||||||||||
International | |||||||||||||||||
Developed | 4,827 | 4,827 | — | — | |||||||||||||
Emerging | 487 | 487 | — | — | |||||||||||||
Global | 602 | 602 | — | — | |||||||||||||
Fixed Income: | |||||||||||||||||
Government/Corporate | 2,113 | 2,113 | — | — | |||||||||||||
Aggregate | 358 | 358 | — | — | |||||||||||||
Index Linked | 1,143 | 1,143 | — | — | |||||||||||||
Total | $ | 15,306 | $ | 14,639 | $ | 667 | $ | — | |||||||||
(a) | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. | ||||||||||||||||
Schedule of Expected Benefit Payments | Estimated future benefit payments under the plans are as follows (dollars in thousands): | ||||||||||||||||
Elgin | Smithville | Wrexham | Chairman | ||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||
2015 | $ | 282 | $ | 674 | $ | 623 | $ | — | |||||||||
2016 | 280 | 693 | 662 | — | |||||||||||||
2017 | 278 | 707 | 701 | — | |||||||||||||
2018 | 278 | 726 | 740 | 733 | |||||||||||||
2019 through 2024 | 1,628 | 4,837 | 5,300 | 4,399 | |||||||||||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total Year | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 372,478 | $ | 424,776 | $ | 404,289 | $ | 434,995 | $ | 1,636,538 | |||||||||||
Gross profit | 142,976 | 166,174 | 162,380 | 169,055 | 640,585 | ||||||||||||||||
Income from operations | 55,933 | 75,739 | 86,465 | 82,295 | 300,432 | ||||||||||||||||
Net earnings | $ | 33,445 | $ | 48,405 | $ | 59,713 | $ | 51,749 | $ | 193,312 | |||||||||||
Basic earnings per share (1) | $ | 0.59 | $ | 0.85 | $ | 1.05 | $ | 0.91 | $ | 3.41 | |||||||||||
Diluted earnings per share (1) | $ | 0.59 | $ | 0.85 | $ | 1.05 | $ | 0.91 | $ | 3.4 | |||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 327,451 | $ | 363,801 | $ | 360,013 | $ | 377,420 | $ | 1,428,685 | |||||||||||
Gross profit | 121,268 | 136,574 | 141,438 | 150,731 | 550,011 | ||||||||||||||||
Income from operations | 42,195 | 60,325 | 67,488 | 74,454 | 244,462 | ||||||||||||||||
Net earnings | $ | 25,902 | $ | 37,163 | $ | 40,942 | $ | 49,921 | $ | 153,928 | |||||||||||
Basic earnings per share (1) | $ | 0.47 | $ | 0.67 | $ | 0.73 | $ | 0.89 | $ | 2.76 | |||||||||||
Diluted earnings per share (1) | $ | 0.47 | $ | 0.67 | $ | 0.73 | $ | 0.87 | $ | 2.74 | |||||||||||
-1 | Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
Acquisition_Integration_Initia1
Acquisition Integration Initiatives (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | The costs and corresponding reserve balances are summarized as follows (in thousands): | ||||||||||||||||||||
Severance/Benefits | Inventory/Product | Facilities/Operations | Other | Total | |||||||||||||||||
Expenses | $ | 5,963 | $ | 1,203 | $ | 1,466 | $ | 469 | $ | 9,101 | |||||||||||
Payments | (4,344 | ) | (619 | ) | (1,389 | ) | (361 | ) | (6,713 | ) | |||||||||||
Balance as of December 28, 2013 | $ | 1,619 | $ | 584 | $ | 77 | $ | 108 | $ | 2,388 | |||||||||||
Expenses | 3,776 | (151 | ) | 3,457 | (4 | ) | 7,078 | ||||||||||||||
Payments | (5,248 | ) | (433 | ) | (3,534 | ) | (67 | ) | (9,282 | ) | |||||||||||
Balance as of January 3, 2015 | $ | 147 | $ | — | $ | — | $ | 37 | $ | 184 | |||||||||||
Nature_of_Operations_Details
Nature of Operations (Details) | 12 Months Ended |
Jan. 03, 2015 | |
segment | |
Regulatory Assets [Line Items] | |
Number of operating segments | 3 |
United States [Member] | |
Regulatory Assets [Line Items] | |
Number of manufacturing plants | 26 |
International [Member] | |
Regulatory Assets [Line Items] | |
Number of manufacturing plants | 10 |
Acquisitions_and_Purchase_Acco1
Acquisitions and Purchase Accounting - Additional Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Feb. 10, 2015 | Jan. 30, 2015 | Jan. 07, 2015 | Mar. 14, 2012 | Jan. 03, 2015 | Sep. 05, 2012 | Oct. 31, 2012 | Dec. 31, 2012 | Jun. 29, 2013 | Oct. 15, 2013 | Dec. 17, 2013 | Jan. 07, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Sep. 08, 2014 | Nov. 05, 2014 | Dec. 28, 2013 | |
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | $5,500,000 | $26,400,000 | $14,500,000 | ||||||||||||||
Baker [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 10,300,000 | ||||||||||||||||
Other intangibles | 750,000 | ||||||||||||||||
Baker [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 800,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 5 years | ||||||||||||||||
Stewart [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 27,800,000 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability | 4,600,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 31,284,000 | ||||||||||||||||
Refund received in relation to working capital adjustment | 1,300,000 | ||||||||||||||||
Stewart [Member] | Food Processing Group [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 5,900,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 5 years | ||||||||||||||||
Stewart [Member] | Food Processing Group [Member] | Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 400,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 6 months | ||||||||||||||||
Stewart [Member] | Trade Names [Member] | Food Processing Group [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 4,600,000 | ||||||||||||||||
Nieco [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 23,900,000 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability | 3,600,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 27,645,000 | ||||||||||||||||
Nieco [Member] | Commercial Foodservice Equipment Group [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 6,500,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 4 years | ||||||||||||||||
Nieco [Member] | Commercial Foodservice Equipment Group [Member] | Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 100,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 3 months | ||||||||||||||||
Nieco [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 3,100,000 | ||||||||||||||||
Viking Range Corporation [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 361,700,000 | ||||||||||||||||
Refund received in relation to working capital adjustment | 11,200,000 | ||||||||||||||||
Viking Range Corporation [Member] | Residential Kitchen [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 44,000,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 6 years | ||||||||||||||||
Viking Range Corporation [Member] | Residential Kitchen [Member] | Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 2,000,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 3 months | ||||||||||||||||
Viking Range Corporation [Member] | Trade Names [Member] | Residential Kitchen [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 151,000,000 | ||||||||||||||||
Distributors [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 23,600,000 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 8,697,000 | 8,697,000 | |||||||||||||||
Celfrost [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 11,200,000 | ||||||||||||||||
Other intangibles | 4,333,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 12,313,000 | ||||||||||||||||
Celfrost [Member] | Commercial Foodservice Equipment Group [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 1,900,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 7 years | ||||||||||||||||
Celfrost [Member] | Commercial Foodservice Equipment Group [Member] | Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 100,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 3 months | ||||||||||||||||
Celfrost [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 2,300,000 | ||||||||||||||||
Wunder-Bar [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 74,100,000 | ||||||||||||||||
Other intangibles | 33,060,000 | ||||||||||||||||
Long term deferred tax liability | -12,091,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 76,285,000 | ||||||||||||||||
Refund received in relation to working capital adjustment | 100,000 | ||||||||||||||||
Wunder-Bar [Member] | Book And Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Deferred tax liability, net | 200,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current | 200,000 | ||||||||||||||||
Long term deferred tax liability | 12,100,000 | ||||||||||||||||
Wunder-Bar [Member] | Book And Tax Basis Difference [Member] | Intangible Assets [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Deferred tax liability, net | 12,100,000 | ||||||||||||||||
Wunder-Bar [Member] | Commercial Foodservice Equipment Group [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 20,200,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 14 years | ||||||||||||||||
Wunder-Bar [Member] | Commercial Foodservice Equipment Group [Member] | Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 200,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 3 months | ||||||||||||||||
Wunder-Bar [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 12,700,000 | ||||||||||||||||
Market Forge [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 7,000,000 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability | 1,500,000 | ||||||||||||||||
Business Acquisition, Additional Payment Due | 200,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 11,740,000 | ||||||||||||||||
Payments for Previous Acquisition | 3,000,000 | ||||||||||||||||
Market Forge [Member] | Commercial Foodservice Equipment Group [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 1,100,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 4 years | ||||||||||||||||
Market Forge [Member] | Commercial Foodservice Equipment Group [Member] | Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 100,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 3 months | ||||||||||||||||
Market Forge [Member] | Commercial Foodservice Equipment Group [Member] | Developed Technology Rights [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 200,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 5 years | ||||||||||||||||
Market Forge [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 2,900,000 | ||||||||||||||||
Distributors 2014 [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 44,500,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 44,456,000 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 5,971,000 | ||||||||||||||||
PES [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 15,000,000 | ||||||||||||||||
Other intangibles | 1,600,000 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability | 2,400,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 17,417,000 | ||||||||||||||||
PES [Member] | Food Processing Group [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 900,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 3 years | ||||||||||||||||
PES [Member] | Food Processing Group [Member] | Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 100,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 3 months | ||||||||||||||||
PES [Member] | Food Processing Group [Member] | Developed Technology Rights [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 600,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 7 years | ||||||||||||||||
Concordia [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 12,500,000 | ||||||||||||||||
Other intangibles | 4,500,000 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability | 2,000,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 1,981,000 | ||||||||||||||||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 3,500,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 14,909,000 | ||||||||||||||||
Concordia [Member] | Book And Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Deferred tax liability, net | 500,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current | 400,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 2,000,000 | ||||||||||||||||
Concordia [Member] | Book And Tax Basis Difference [Member] | Intangible Assets [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Deferred tax liability, net | 1,600,000 | ||||||||||||||||
Concordia [Member] | Commercial Foodservice Equipment Group [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 800,000 | ||||||||||||||||
Acquisition, other intangibles, amortization period | 5 years | ||||||||||||||||
Concordia [Member] | Commercial Foodservice Equipment Group [Member] | Developed Technology Rights [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 700,000 | ||||||||||||||||
Concordia [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 3,000,000 | ||||||||||||||||
ULine [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition payment (refund) | 142,000,000 | ||||||||||||||||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 3,800,000 | ||||||||||||||||
ULine [Member] | Book And Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Deferred tax liability, net | 1,300,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current | 700,000 | ||||||||||||||||
Long term deferred tax liability | 13,100,000 | ||||||||||||||||
ULine [Member] | Book And Tax Basis Difference [Member] | Intangible Assets [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Deferred tax liability, net | 17,500,000 | ||||||||||||||||
ULine [Member] | Residential Kitchen [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 17,500,000 | ||||||||||||||||
ULine [Member] | Trade Names [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquisition, other intangibles, amortization period | 7 years | ||||||||||||||||
ULine [Member] | Trade Names [Member] | Residential Kitchen [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 40,000,000 | ||||||||||||||||
Scenario, Adjustment [Member] | Baker [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 750,000 | ||||||||||||||||
Scenario, Adjustment [Member] | Stewart [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Net assets acquired and liabilities assumed | -716,000 | ||||||||||||||||
Scenario, Adjustment [Member] | Nieco [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Net assets acquired and liabilities assumed | 587,000 | ||||||||||||||||
Scenario, Adjustment [Member] | Distributors [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 0 | ||||||||||||||||
Scenario, Adjustment [Member] | Celfrost [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 0 | ||||||||||||||||
Net assets acquired and liabilities assumed | 0 | ||||||||||||||||
Scenario, Adjustment [Member] | Wunder-Bar [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 3,060,000 | ||||||||||||||||
Long term deferred tax liability | -1,280,000 | ||||||||||||||||
Net assets acquired and liabilities assumed | 1,285,000 | ||||||||||||||||
Scenario, Adjustment [Member] | Market Forge [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Net assets acquired and liabilities assumed | 126,000 | ||||||||||||||||
Scenario, Adjustment [Member] | Distributors 2014 [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Net assets acquired and liabilities assumed | 0 | ||||||||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 0 | ||||||||||||||||
Scenario, Adjustment [Member] | PES [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 0 | ||||||||||||||||
Net assets acquired and liabilities assumed | 116,000 | ||||||||||||||||
Scenario, Adjustment [Member] | Concordia [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Other intangibles | 0 | ||||||||||||||||
Net assets acquired and liabilities assumed | ($2,662,000) |
Acquisitions_and_Purchase_Acco2
Acquisitions and Purchase Accounting - Baker Acquisition (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | Mar. 14, 2012 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $808,491 | $687,955 | $526,011 | |
Baker [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 2,381 | |||
Property, plant and equipment | 221 | |||
Goodwill | 7,278 | |||
Other intangibles | 750 | |||
Current liabilities | -380 | |||
Net assets acquired and liabilities assumed | 10,250 | |||
Baker [Member] | Measurement Period Adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | -2,236 | |||
Property, plant and equipment | 0 | |||
Goodwill | 1,481 | |||
Other intangibles | 750 | |||
Current liabilities | 5 | |||
Net assets acquired and liabilities assumed | 0 | |||
Baker [Member] | as initially reported [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 4,617 | |||
Property, plant and equipment | 221 | |||
Goodwill | 5,797 | |||
Other intangibles | 0 | |||
Current liabilities | -385 | |||
Net assets acquired and liabilities assumed | $10,250 |
Acquisitions_and_Purchase_Acco3
Acquisitions and Purchase Accounting - Stewart Acquisition (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | Sep. 05, 2012 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $808,491 | $687,955 | $526,011 | |
Contingent consideration | 9,200 | 8,628 | ||
Stewart [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 244 | |||
Current assets | 9,917 | |||
Property, plant and equipment | 1,236 | |||
Goodwill | 15,746 | |||
Other intangibles | 10,880 | |||
Current liabilities | 6,739 | |||
Other non-current liabilities | 4,587 | |||
Consideration paid at closing | 26,697 | |||
Contingent consideration | 4,587 | |||
Net assets acquired and liabilities assumed | 31,284 | |||
Stewart [Member] | as initially reported [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 0 | |||
Current assets | 11,839 | |||
Property, plant and equipment | 653 | |||
Goodwill | 17,886 | |||
Other intangibles | 6,850 | |||
Current liabilities | 5,228 | |||
Other non-current liabilities | 4,000 | |||
Consideration paid at closing | 28,000 | |||
Contingent consideration | 4,000 | |||
Net assets acquired and liabilities assumed | 32,000 | |||
Stewart [Member] | Scenario, Adjustment [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 244 | |||
Current assets | -1,922 | |||
Property, plant and equipment | 583 | |||
Goodwill | -2,140 | |||
Other intangibles | 4,030 | |||
Current liabilities | 1,511 | |||
Other non-current liabilities | 587 | |||
Consideration paid at closing | -1,303 | |||
Contingent consideration | 587 | |||
Net assets acquired and liabilities assumed | ($716) |
Acquisitions_and_Purchase_Acco4
Acquisitions and Purchase Accounting - Nieco Acquisition (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $808,491 | $687,955 | $526,011 | |
Contingent consideration | 9,200 | 8,628 | ||
Nieco [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 140 | |||
Current assets | 4,011 | |||
Property, plant and equipment | 268 | |||
Goodwill | 15,382 | |||
Other intangibles | 9,680 | |||
Current liabilities | 1,836 | |||
Other non-current liabilities | 3,645 | |||
Consideration paid at closing | 24,000 | |||
Contingent consideration | 3,645 | |||
Net assets acquired and liabilities assumed | 27,645 | |||
as initially reported [Member] | Nieco [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 140 | |||
Current assets | 4,011 | |||
Property, plant and equipment | 268 | |||
Goodwill | 18,855 | |||
Other intangibles | 5,620 | |||
Current liabilities | 1,836 | |||
Other non-current liabilities | 3,058 | |||
Consideration paid at closing | 24,000 | |||
Contingent consideration | 3,058 | |||
Net assets acquired and liabilities assumed | 27,058 | |||
Scenario, Adjustment [Member] | Nieco [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 0 | |||
Current assets | 0 | |||
Property, plant and equipment | 0 | |||
Goodwill | -3,473 | |||
Other intangibles | 4,060 | |||
Current liabilities | 0 | |||
Other non-current liabilities | 587 | |||
Consideration paid at closing | 0 | |||
Contingent consideration | 587 | |||
Net assets acquired and liabilities assumed | $587 |
Acquisitions_and_Purchase_Acco5
Acquisitions and Purchase Accounting - Viking Range Acquisition (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $808,491 | $687,955 | $526,011 | |
Viking Range Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 6,779 | |||
Current assets | 38,409 | |||
Property, plant and equipment | 56,247 | |||
Goodwill | 112,081 | |||
Other intangibles | 197,000 | |||
Other assets | 13,469 | |||
Current liabilities | 53,088 | |||
Other non-current liabilities | 2,387 | |||
Net assets acquired and liabilities assumed | 368,510 | |||
as initially reported [Member] | Viking Range Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 6,900 | |||
Current assets | 40,794 | |||
Property, plant and equipment | 76,693 | |||
Goodwill | 144,833 | |||
Other intangibles | 152,500 | |||
Other assets | 12,604 | |||
Current liabilities | 52,202 | |||
Other non-current liabilities | 2,386 | |||
Net assets acquired and liabilities assumed | 379,736 | |||
Scenario, Adjustment [Member] | Viking Range Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | -121 | |||
Current assets | -2,385 | |||
Property, plant and equipment | -20,446 | |||
Goodwill | -32,752 | |||
Other intangibles | 44,500 | |||
Other assets | 865 | |||
Current liabilities | 886 | |||
Other non-current liabilities | 1 | |||
Net assets acquired and liabilities assumed | ($11,226) |
Acquisitions_and_Purchase_Acco6
Acquisitions and Purchase Accounting - Distributors Acquisition (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $808,491 | $687,955 | $526,011 |
Distributors [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 5,308 | ||
Current assets | 17,791 | ||
Property, plant and equipment | 1,318 | ||
Current liabilities | 804 | ||
Net assets acquired and liabilities assumed | 23,613 | ||
Forgiveness of liabilities owed to Viking | 8,697 | 8,697 | |
Consideration paid at closing | 14,916 | ||
as initially reported [Member] | Distributors [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,709 | ||
Current assets | 21,390 | ||
Property, plant and equipment | 1,318 | ||
Current liabilities | 804 | ||
Net assets acquired and liabilities assumed | 23,613 | ||
Forgiveness of liabilities owed to Viking | 8,697 | ||
Consideration paid at closing | 14,916 | ||
Scenario, Adjustment [Member] | Distributors [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 3,599 | ||
Current assets | -3,599 | ||
Property, plant and equipment | 0 | ||
Current liabilities | 0 | ||
Net assets acquired and liabilities assumed | 0 | ||
Forgiveness of liabilities owed to Viking | 0 | ||
Consideration paid at closing | $0 |
Acquisitions_and_Purchase_Acco7
Acquisitions and Purchase Accounting - Celfrost Acquisition (Details) (USD $) | 0 Months Ended | |||
Oct. 15, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | |
Business Acquisition [Line Items] | ||||
Goodwill | $808,491,000 | $687,955,000 | $526,011,000 | |
Celfrost [Member] | ||||
Business Acquisition [Line Items] | ||||
AdditonalPaymentstoAcquireBusinessses | 400,000 | |||
Current assets | 5,514,000 | |||
Property, plant and equipment | 182,000 | |||
Goodwill | 7,661,000 | |||
Other intangibles | 4,333,000 | |||
Other assets | 4,000 | |||
Current liabilities | -5,573,000 | |||
Other non-current liabilities | -875,000 | |||
Consideration paid at closing | 11,246,000 | |||
Deferred payments | 1,067,000 | |||
Net assets acquired and liabilities assumed | 12,313,000 | |||
DeferredPaymentstoAcquireBusinesses | 700,000 | |||
as initially reported [Member] | Celfrost [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 5,638,000 | |||
Property, plant and equipment | 182,000 | |||
Goodwill | 5,943,000 | |||
Other intangibles | 4,333,000 | |||
Other assets | 4,000 | |||
Current liabilities | 3,979,000 | |||
Other non-current liabilities | 875,000 | |||
Consideration paid at closing | 11,246,000 | |||
Deferred payments | 1,067,000 | |||
Net assets acquired and liabilities assumed | 12,313,000 | |||
Scenario, Adjustment [Member] | Celfrost [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | -124,000 | |||
Property, plant and equipment | 0 | |||
Goodwill | 1,718,000 | |||
Other intangibles | 0 | |||
Other assets | 0 | |||
Current liabilities | -1,594,000 | |||
Consideration paid at closing | 0 | |||
Deferred payments | 0 | |||
Net assets acquired and liabilities assumed | $0 |
Acquisitions_and_Purchase_Acco8
Acquisitions and Purchase Accounting - Wunder-Bar Acquisition (Details) (USD $) | 0 Months Ended | |||
Dec. 17, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | |
Business Acquisition [Line Items] | ||||
Goodwill | $808,491,000 | $687,955,000 | $526,011,000 | |
Wunder-Bar [Member] | ||||
Business Acquisition [Line Items] | ||||
AdditonalPaymentstoAcquireBusinessses | 600,000 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 100,000 | |||
BusinessCombinationsAdditionalAssetsPurchased | 800,000 | |||
Cash | 857,000 | |||
Current deferred tax asset | 238,000 | |||
Current assets | 13,783,000 | |||
Property, plant and equipment | 1,423,000 | |||
Goodwill | 41,805,000 | |||
Other intangibles | 33,060,000 | |||
Other assets | 290,000 | |||
Current liabilities | -4,148,000 | |||
Long-term deferred tax liability | 12,091,000 | |||
Other non-current liabilities | -366,000 | |||
Business Acquisition, Deferred Payments | -586,000 | |||
Net assets acquired and liabilities assumed | 76,285,000 | |||
as initially reported [Member] | ||||
Business Acquisition [Line Items] | ||||
Current deferred tax asset | 50,000 | |||
as initially reported [Member] | Wunder-Bar [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 857,000 | |||
Current assets | 13,127,000 | |||
Property, plant and equipment | 1,735,000 | |||
Goodwill | 45,056,000 | |||
Other intangibles | 30,000,000 | |||
Other assets | 0 | |||
Current liabilities | 5,013,000 | |||
Long-term deferred tax liability | -10,811,000 | |||
Other non-current liabilities | 1,000 | |||
Business Acquisition, Deferred Payments | 0 | |||
Net assets acquired and liabilities assumed | 75,000,000 | |||
Scenario, Adjustment [Member] | Wunder-Bar [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 0 | |||
Current deferred tax asset | 188,000 | |||
Current assets | 656,000 | |||
Property, plant and equipment | -312,000 | |||
Goodwill | -3,251,000 | |||
Other intangibles | 3,060,000 | |||
Other assets | 290,000 | |||
Current liabilities | 865,000 | |||
Long-term deferred tax liability | 1,280,000 | |||
Other non-current liabilities | -365,000 | |||
Business Acquisition, Deferred Payments | -586,000 | |||
Net assets acquired and liabilities assumed | $1,285,000 |
Acquisitions_and_Purchase_Acco9
Acquisitions and Purchase Accounting - Market Forge Acquisition (Details) (USD $) | 0 Months Ended | |||||||
In Thousands, unless otherwise specified | Feb. 10, 2015 | Jan. 30, 2015 | Jan. 07, 2015 | Oct. 15, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | Jan. 07, 2014 |
Business Acquisition [Line Items] | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $5,500 | $26,400 | $14,500 | |||||
Goodwill | 808,491 | 687,955 | 526,011 | |||||
Contingent consideration | 9,200 | 8,628 | ||||||
Market Forge [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 7,000 | |||||||
Current assets | 1,951 | |||||||
Property, plant and equipment | 120 | |||||||
Goodwill | 5,906 | |||||||
Other intangibles | 4,191 | |||||||
Current liabilities | -4,928 | |||||||
Consideration paid at closing | 7,240 | |||||||
Deferred payments | 3,000 | |||||||
Contingent consideration | 1,500 | |||||||
Net assets acquired and liabilities assumed | 11,740 | |||||||
as initially reported [Member] | Market Forge [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Current assets | 2,051 | |||||||
Property, plant and equipment | 120 | |||||||
Goodwill | 5,252 | |||||||
Other intangibles | 4,191 | |||||||
Current liabilities | -4,374 | |||||||
Consideration paid at closing | 7,240 | |||||||
Deferred payments | 3,000 | |||||||
Contingent consideration | 1,374 | |||||||
Net assets acquired and liabilities assumed | 11,614 | |||||||
Scenario, Adjustment [Member] | Market Forge [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Current assets | -100 | |||||||
Property, plant and equipment | 0 | |||||||
Goodwill | 654 | |||||||
Other intangibles | 0 | |||||||
Current liabilities | -554 | |||||||
Consideration paid at closing | 0 | |||||||
Deferred payments | 0 | |||||||
Contingent consideration | 126 | |||||||
Net assets acquired and liabilities assumed | $126 |
Recovered_Sheet1
Acquisitions and Purchase Accounting - Vikings Distributors 2014 (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $808,491 | $687,955 | $526,011 | |
Distributors [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 5,308 | |||
Current assets | 17,791 | |||
Property, plant and equipment | 1,318 | |||
Current liabilities | 804 | |||
Forgiveness of liabilities owed to Viking | 8,697 | 8,697 | ||
Consideration paid at closing | 14,916 | |||
Distributors 2014 [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 27,808 | |||
Property, plant and equipment | 1,709 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 16,199 | |||
Current liabilities | -1,260 | |||
Net assets acquired and liabilities assumed | 44,456 | |||
Forgiveness of liabilities owed to Viking | 5,971 | |||
Consideration paid at closing | 38,485 | |||
as initially reported [Member] | Distributors [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 1,709 | |||
Current assets | 21,390 | |||
Property, plant and equipment | 1,318 | |||
Current liabilities | 804 | |||
Forgiveness of liabilities owed to Viking | 8,697 | |||
Consideration paid at closing | 14,916 | |||
as initially reported [Member] | Distributors 2014 [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 35,909 | |||
Property, plant and equipment | 2,000 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 7,552 | |||
Current liabilities | -1,005 | |||
Net assets acquired and liabilities assumed | 44,456 | |||
Forgiveness of liabilities owed to Viking | 5,971 | |||
Consideration paid at closing | 38,485 | |||
Scenario, Adjustment [Member] | Distributors [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 3,599 | |||
Current assets | -3,599 | |||
Property, plant and equipment | 0 | |||
Current liabilities | 0 | |||
Forgiveness of liabilities owed to Viking | 0 | |||
Consideration paid at closing | 0 | |||
Scenario, Adjustment [Member] | Distributors 2014 [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | -8,101 | |||
Property, plant and equipment | -291 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 8,647 | |||
Current liabilities | -255 | |||
Net assets acquired and liabilities assumed | 0 | |||
Forgiveness of liabilities owed to Viking | 0 | |||
Consideration paid at closing | $0 |
Recovered_Sheet2
Acquisitions and Purchase Accounting - Processing Equipment Solutions (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Mar. 31, 2014 | Sep. 08, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Contingent consideration | $9,200 | $8,628 | ||
PES [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 2,058 | |||
Property, plant and equipment | 3,493 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 11,061 | |||
Other intangibles | 1,600 | |||
Other assets | 21 | |||
Current liabilities | -3,233 | |||
Consideration paid at closing | 15,000 | |||
Contingent consideration | 2,417 | |||
Net assets acquired and liabilities assumed | 17,417 | |||
as initially reported [Member] | PES [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 2,211 | |||
Property, plant and equipment | 3,493 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 10,792 | |||
Other intangibles | 1,600 | |||
Other assets | 21 | |||
Current liabilities | -3,117 | |||
Consideration paid at closing | 15,000 | |||
Contingent consideration | 2,301 | |||
Net assets acquired and liabilities assumed | 17,301 | |||
Scenario, Adjustment [Member] | PES [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | -153 | |||
Property, plant and equipment | 0 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 269 | |||
Other intangibles | 0 | |||
Other assets | 0 | |||
Current liabilities | -116 | |||
Consideration paid at closing | 0 | |||
Contingent consideration | 116 | |||
Net assets acquired and liabilities assumed | $116 |
Recovered_Sheet3
Acquisitions and Purchase Accounting - Concordia (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Sep. 08, 2014 | Dec. 17, 2013 |
Business Acquisition [Line Items] | ||||
Contingent consideration | $9,200,000 | $8,628,000 | ||
Concordia [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 345,000 | |||
Current deferred tax asset | 424,000 | |||
Current assets | 3,278,000 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 6,661,000 | |||
Other intangibles | 4,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 1,981,000 | |||
Current liabilities | -2,280,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -2,048,000 | |||
Consideration paid at closing | 12,861,000 | |||
Contingent consideration | 2,048,000 | |||
Net assets acquired and liabilities assumed | 14,909,000 | |||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 3,500,000 | |||
as initially reported [Member] | ||||
Business Acquisition [Line Items] | ||||
Current deferred tax asset | 50,000 | |||
as initially reported [Member] | Concordia [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 345,000 | |||
Current deferred tax asset | 0 | |||
Current assets | 3,767,000 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 11,255,000 | |||
Other intangibles | 4,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 0 | |||
Current liabilities | -2,296,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -4,710,000 | |||
Consideration paid at closing | 12,861,000 | |||
Contingent consideration | 4,710,000 | |||
Net assets acquired and liabilities assumed | 17,571,000 | |||
Scenario, Adjustment [Member] | Concordia [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 0 | |||
Current deferred tax asset | 424,000 | |||
Current assets | -489,000 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | -4,594,000 | |||
Other intangibles | 0 | |||
Current liabilities | 16,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 2,662,000 | |||
Consideration paid at closing | 0 | |||
Contingent consideration | -2,662,000 | |||
Net assets acquired and liabilities assumed | ($2,662,000) |
Recovered_Sheet4
Acquisitions and Purchase Accounting - ULine (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | Dec. 17, 2013 | Nov. 05, 2014 |
In Thousands, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $808,491 | $687,955 | $526,011 | ||
as initially reported [Member] | |||||
Business Acquisition [Line Items] | |||||
Current deferred tax asset | 50 | ||||
as initially reported [Member] | ULine [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | 12,764 | ||||
Current deferred tax asset | 657 | ||||
Current assets | 12,237 | ||||
Property, plant and equipment | 3,376 | ||||
Other intangibles | 57,500 | ||||
Goodwill | 89,501 | ||||
Current liabilities | -6,032 | ||||
Long term deferred tax liability | -13,095 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -2,111 | ||||
Consideration paid at closing | $154,797 |
Recovered_Sheet5
Acquisitions and Purchase Accounting - Pro Forma Information (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Business Combinations [Abstract] | ||
Net sales | $1,703,119 | $1,563,415 |
Net earnings | $199,354 | $162,224 |
Basic | $3.54 | $2.91 |
Diluted | $3.54 | $2.89 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 29, 2014 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Significant Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts | $9,100,000 | $7,000,000 | ||
LIFO Inventory Amount | 30,200,000 | 22,300,000 | ||
Percentage of LIFO Inventory | 11.80% | 10.10% | ||
Depreciation | 15,500,000 | 13,500,000 | 8,700,000 | |
Finite-Lived Intangible Assets, Amortization Expense | 24,600,000 | 28,500,000 | 17,000,000 | |
Foreign Currency Transaction Gain (Loss), before Tax | 3,600,000 | 3,100,000 | -3,700,000 | |
Costs in Excess of Billings on Uncompleted Contracts or Programs | 12,700,000 | 17,200,000 | ||
Research and Development Expense | 22,600,000 | 21,400,000 | 14,100,000 | |
Share-based Compensation | 16,690,000 | 11,862,000 | 11,984,000 | |
Tax benefit | 6,300,000 | 4,400,000 | 4,600,000 | |
Total unrecognized compensation | 16,000,000 | |||
Weighted average life | 1 year 11 months 23 days | |||
Weighted average number diluted shares outstanding (shares) | 20,000 | 317,000 | 430,000 | |
Interest Paid | 14,800,000 | 14,100,000 | 8,000,000 | |
Income Taxes Paid | 43,500,000 | 49,500,000 | 49,000,000 | |
Restricted Stock [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 369,807 | |||
Fair value of grants issued during the period | $32,500,000 | $0 | ||
Grant awards issued (shares) | 369,807 | 0 | ||
Grant awards, fair value per share at date of grant (usd per share) | $87.80 | $0 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Inventories (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Raw materials and parts | $126,121 | $110,310 |
Work in process | 17,828 | 20,448 |
Finished goods | 111,827 | 89,358 |
Inventory, Gross | $255,776 | $220,116 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Property Plant and Equipment (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Land | $10,642 | $10,289 |
Building and improvements | 84,777 | 80,051 |
Furniture and fixtures | 28,597 | 23,476 |
Machinery and equipment | 88,679 | 84,970 |
Property, pland and equipment, gross | 212,695 | 198,786 |
Less accumulated depreciation | -82,998 | -73,329 |
Property, plant and equipment, net | $129,697 | $125,457 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details) | 12 Months Ended |
Jan. 03, 2015 | |
Minimum [Member] | Building and Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Minimum [Member] | Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Minimum [Member] | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Maximum [Member] | Building and Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Maximum [Member] | Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Maximum [Member] | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Changes in the Carrying Amount of Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 |
Goodwill [Roll Forward] | |||
Balance beginning of period | $687,955 | $526,011 | |
Goodwill, Acquired During Period | 129,328 | 166,761 | |
Measurement period adjustments to goodwill acquired in prior year | 94 | -3,417 | |
Goodwill Translation Accounting Adjustments | 8,886 | 1,400 | |
Balance end of period | 808,491 | 687,955 | 526,011 |
Commercial Foodservice Equipment Group [Member] | |||
Goodwill [Roll Forward] | |||
Balance beginning of period | 444,321 | 397,246 | |
Goodwill, Acquired During Period | 12,567 | 50,999 | |
Measurement period adjustments to goodwill acquired in prior year | -1,533 | -3,473 | |
Goodwill Translation Accounting Adjustments | 4,465 | 451 | |
Balance end of period | 450,890 | 444,321 | 397,246 |
Food Processing Group [Member] | |||
Goodwill [Roll Forward] | |||
Balance beginning of period | 127,872 | 128,765 | |
Goodwill, Acquired During Period | 11,061 | 0 | |
Measurement period adjustments to goodwill acquired in prior year | 0 | 56 | |
Goodwill Translation Accounting Adjustments | 4,421 | 949 | |
Balance end of period | 134,512 | 127,872 | 128,765 |
Residential Kitchen [Member] | |||
Goodwill [Roll Forward] | |||
Balance beginning of period | 115,762 | 0 | |
Goodwill, Acquired During Period | 105,700 | 115,762 | |
Measurement period adjustments to goodwill acquired in prior year | 1,627 | 0 | |
Goodwill Translation Accounting Adjustments | 0 | ||
Balance end of period | $223,089 | $115,762 | $0 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying amount | $198,242 | $173,037 |
Accumulated Amortization | -111,846 | -87,350 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Weighted Avg Remaining LIfe | 4 years 8 months 12 days | 5 years 1 month 6 days |
Gross Carrying amount | 167,278 | 144,298 |
Accumulated Amortization | -84,312 | -61,506 |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Weighted Avg Remaining LIfe | 0 days | 0 days |
Gross Carrying amount | 11,178 | 10,851 |
Accumulated Amortization | -11,178 | -10,851 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Weighted Avg Remaining LIfe | 4 years 7 months 6 days | 3 years 10 months 24 days |
Gross Carrying amount | 19,786 | 17,888 |
Accumulated Amortization | -16,356 | -14,993 |
Tradenames And Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $405,635 | $362,257 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Estimated Future Amortization Expense of Intagible Assets (Details) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Accounting Policies [Abstract] | |
2013 | $21,454 |
2014 | 18,304 |
2015 | 14,032 |
2016 | 12,678 |
2017 | 4,969 |
Thereafter | 14,959 |
Future amortization expense, net | $86,396 |
Recovered_Sheet6
Summary of Significant Accounting Policies - Accrued Expenses (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Accrued payroll and related expenses | $50,844 | $56,544 |
Advanced customer deposits | 20,367 | 31,276 |
Accrued customer rebates | 32,357 | 26,947 |
Accrued warranty | 28,786 | 20,826 |
Accrued product liability and workers compensation | 14,582 | 15,355 |
midd_AccruedProductRecall | 12,125 | 2,480 |
Accrued agent commission | 11,207 | 9,767 |
Contingent consideration | 9,200 | 8,628 |
Accrued professional services | 7,053 | 7,441 |
Sales and Excise Tax Payable, Current | 7,660 | 5,762 |
Other accrued expenses | 26,404 | 28,433 |
Accrued expenses | $220,585 | $213,459 |
Recovered_Sheet7
Summary of Significant Accounting Policies - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Unrecognized pension benefit costs, net of tax | ($6,540) | ($2,120) |
Unrealized loss on interest rate swap, net of tax | -236 | -630 |
Currency translation adjustments | -24,655 | -5,885 |
Accumulated other comprehensive income (loss), net of tax | ($31,431) | ($8,635) |
Recovered_Sheet8
Summary of Significant Accounting Policies - Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Heirarchy (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | $27,647 | $27,875 |
Pension Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 1,234 | 621 |
Pension Plans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Pension Plans [Member] | Total [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 28,881 | 28,496 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 810 | 1,471 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Interest Rate Swap [Member] | Total [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 810 | 1,471 |
Contingent Consideration [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Contingent Consideration [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 14,558 | 9,084 |
Contingent Consideration [Member] | Total [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | $14,558 | $9,084 |
Recovered_Sheet9
Summary of Significant Accounting Policies - Rollforward of the Warranty Reserve (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $20,826 | $17,593 | |
Warranty reserve related to acquisitions | 2,450 | 9,617 | |
Warranty expense | 44,547 | 36,360 | |
Warranty claims paid | -39,037 | -42,744 | |
Ending balance | $28,786 | $20,826 | $17,593 |
Financing_Arrangements_Additio
Financing Arrangements - Additional Information (Details) (USD $) | 12 Months Ended | |
Jan. 03, 2015 | Dec. 28, 2013 | |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $1,000,000,000 | |
Senior secured revolving credit line | 587,500,000 | 568,600,000 |
Letters of credit outstanding | 11,300,000 | |
Remaining borrowing capacity | 401,200,000 | |
Credit facility, average interest rate | 1.42% | |
Variable commitment fee | 0.25% | |
Carrying Value | 598,167,000 | 571,598,000 |
Credit facility, additional interest rate above LIBOR | 1.25% | |
Ratio of indebtedness to net capital | 0 | |
Fixed charge coverage ratio | 0 | |
Houno A/S [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 3,400,000 | |
Long-term line of credit | 2,200,000 | |
Carrying Value | 1,200,000 | |
Credit facility, additional interest rate above LIBOR | 1.25% | |
Interest rate at period end | 3.05% | |
Maturity date | 2022 | |
Interest rate at end of period, debt | 4.55% | |
Acquisition of Giga [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 600,000 | |
Credit facility, average interest rate | 3.36% | |
Celfrost [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 2,700,000 | |
Line of Credit Facility, Interest Rate Description | 0.0125 | |
Credit facility, average interest rate | 10.75% | |
Cozzini Inc [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $3,700,000 | |
Line of Credit Facility, Interest Rate Description | 0.015 | |
Credit facility, average interest rate | 11.57% |
Financing_Arrangements_Schedul
Financing Arrangements - Schedule of Long-Term Debt (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Senior secured revolving credit line | $587,500 | $568,600 |
Other debt arrangement | 283 | 318 |
Total debt | 598,167 | 571,598 |
Less: Current maturities of long-term debt | 9,402 | 1,408 |
Long-term debt | 588,765 | 570,190 |
Foreign loans [Member] | ||
Debt Instrument [Line Items] | ||
Foreign loans | $10,384 | $2,680 |
Financing_Arrangements_Level_2
Financing Arrangements - Level 2 Measurements (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Total debt | $598,167 | $571,598 |
Total debt, fair value | $598,167 | $571,598 |
Financing_Arrangements_Interes
Financing Arrangements - Interest Rate Swaps (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 03, 2015 |
Interest Rate Swap 1 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 2.52% |
Effective Date | 23-Feb-11 |
Maturity Date | 23-Feb-16 |
Derivative, Notional Amount | $25,000,000 |
Interest Rate Swap 2 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 1.19% |
Effective Date | 12-Sep-11 |
Maturity Date | 12-Sep-16 |
Derivative, Notional Amount | 15,000,000 |
Interest Rate Swap 3 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 0.50% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Jul-15 |
Derivative, Notional Amount | 10,000,000 |
Interest Rate Swap 4 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 0.46% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Oct-15 |
Derivative, Notional Amount | 15,000,000 |
Interest Rate Swap 5 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 0.64% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Aug-16 |
Derivative, Notional Amount | 25,000,000 |
Interest Rate Swap 6 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 0.79% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Mar-17 |
Derivative, Notional Amount | 25,000,000 |
Interest Rate Swap 7 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 0.80% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-May-17 |
Derivative, Notional Amount | 25,000,000 |
Interest Rate Swap 8 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 0.88% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Jul-17 |
Derivative, Notional Amount | 35,000,000 |
Interest Rate Swap 9 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 1.48% |
Effective Date | 11-Sep-13 |
Maturity Date | 11-Jul-17 |
Derivative, Notional Amount | 10,000,000 |
interest rate swap 10 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 0.90% |
Effective Date | 11-Mar-14 |
Maturity Date | 11-Jul-17 |
Derivative, Notional Amount | 15,000,000 |
interest rate swap 11 [Member] | |
Debt Instrument [Line Items] | |
Fixed Interest Rate | 1.00% |
Effective Date | 11-Mar-14 |
Maturity Date | 11-Jul-17 |
Derivative, Notional Amount | $25,000,000 |
Financing_Arrangements_Schedul1
Financing Arrangements - Schedule of Future Aggregate Debt Payable (Details) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2013 | $9,402 |
2014 | 587,862 |
2015 | 114 |
2016 | 114 |
2017 and thereafter | 675 |
Total Debt Payable | $598,167 |
Common_and_Preferred_Stock_Nar
Common and Preferred Stock - Narrative (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | Aug. 11, 2011 |
Common stock authorized (shares) | 95,000,000 | 47,500,000 | ||
Preferred stock authorized (shares) | 2,000,000 | |||
Common stock outstanding (shares) | 57,271,680 | 57,373,506 | ||
Shares authorized under stock repurchase program (shares) | 4,570,266 | |||
Number of shares repurchased (shares) | 1,914,867 | |||
Remaining number of shares authorized to be repurchased (shares) | 2,655,399 | |||
Treasury Stock, Shares | 4,816,912 | 4,661,701 | ||
Treasury stock, value | $196,026 | $151,743 | ||
Expiration term | 10 years | |||
Shares forfeited (shares) | 7,791 | |||
Restricted Stock [Member] | ||||
Nonvested number of shares (shares) | 386,607 | 1,164,774 | 1,274,745 | |
Stock Incentive Plan 2007 [Member] | ||||
Number of shares authorized (shares) | 0 | |||
Number of shares granted, cumulative (shares) | 2,683,554 | |||
Stock Incentive Plan 2007 [Member] | Restricted Stock [Member] | ||||
Number of shares granted, cumulative (shares) | 2,672,667 | |||
Nonvested number of shares (shares) | 16,800 | |||
Stock Incentive Plan 2007 [Member] | Stock Options [Member] | ||||
Number of shares granted, cumulative (shares) | 10,887 | |||
Shares exercised, cumulative number (shares) | 2,124 | |||
Outstanding number of options (shares) | 0 | |||
Stock Incentive Plan 2011 [Member] | ||||
Number of shares authorized (shares) | 1,650,000 | |||
Number of shares granted, cumulative (shares) | 369,807 |
Common_and_Preferred_Stock_Sum
Common and Preferred Stock - Summary of Nonvested Restricted Share Grant Activity Under 1998 and 2007 Stock Incentive Plans and Related Information (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Jan. 01, 2011 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Nonvested shares, beginning balance (shares) | 1,164,774 | 1,274,745 | |
Granted (shares) | 369,807 | 0 | |
Vested (shares) | -1,141,974 | -109,971 | |
Forfeited (shares) | -6,000 | 0 | |
Nonvested shares, ending balance (shares) | 386,607 | 1,164,774 | 1,274,745 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Nonvested shares, beginning balance (usd per share) | $85.28 | $29.89 | $29.24 |
Granted (usd per share) | $87.80 | $0 | |
Vested (usd per share) | $29.12 | $14.20 | |
Forfeited (usd per share) | $29.99 | $0 | |
Nonvested shares, ending balance (usd per share) | $85.28 | $29.89 | $29.24 |
Common_and_Preferred_Stock_Add
Common and Preferred Stock - Additional Information Related to Share Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Intrinsic value of options excercised | $0 | $80,528 | $42,208 |
Cash received from exercise | 0 | 3,842 | 2,804 |
Tax benefit from options exercises | $0 | $20,196 | $14,149 |
Income_Taxes_Summary_of_Earnin
Income Taxes - Summary of Earnings Before Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | $240,936 | $195,435 | $157,471 |
Foreign | 39,854 | 30,346 | 16,969 |
Total | $280,790 | $225,781 | $174,440 |
Income_Taxes_Summary_of_Provis
Income Taxes - Summary of Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal | $69,536 | $60,232 | $42,660 |
State and local | 9,316 | 3,248 | 7,216 |
Foreign | 8,626 | 8,373 | 3,867 |
Total | 87,478 | 71,853 | 53,743 |
Current | 72,137 | 74,828 | 53,826 |
Deferred | $15,341 | ($2,975) | ($83) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Differences Between Income Taxes Computed at the Federal Statutory Rate to the Effective Rate (Details) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.20% | 0.90% | 2.70% |
Tax relief for U.S. manufacturers | -2.30% | -2.60% | -2.40% |
Permanent book vs. tax differences | -2.00% | -1.20% | -1.60% |
Foreign tax rate differentials | -1.90% | -1.00% | -1.50% |
Reserve adjustments and other | 0.20% | 0.70% | -1.40% |
Consolidated effective tax | 31.20% | 31.80% | 30.80% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Federal net operating loss carryforwards | $7,020 | $6,382 |
Compensation related | 17,092 | 25,321 |
Accrued retirement benefits | 8,211 | 6,234 |
Inventory reserves | 6,503 | 5,971 |
Product liability and workers compensation reserves | 7,810 | 7,902 |
Warranty reserves | 9,191 | 7,139 |
Receivable related reserves | 3,277 | 2,222 |
UNICAP | 3,727 | 5,123 |
State net operating loss carryforwards | 2,731 | 785 |
Interest rate swap | 157 | 419 |
Other | 18,154 | 12,091 |
Gross deferred tax assets | 83,873 | 79,589 |
Valuation allowance | 0 | -466 |
Deferred tax assets | 83,873 | 79,123 |
Deferred tax liabilities: | ||
Intangible assets | -111,501 | -82,188 |
Foreign tax earnings repatriation | -3,029 | -2,552 |
LIFO reserves | -90 | -22 |
Depreciation | -1,366 | -1,724 |
Other | -2,745 | -2,092 |
Deferred tax liabilities | -118,731 | -88,578 |
Net deferred tax assets (liabilities) | -34,858 | -9,455 |
Current deferred asset | 51,017 | 50,337 |
Long-term deferred liability | 2,925 | 1,641 |
Deferred Tax Liabilities, Net, Noncurrent | ($88,800) | ($61,433) |
Income_Taxes_Summary_of_Activi
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | Jan. 02, 2010 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $600,000 | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Balance, Beginning Period | 12,727,000 | 12,122,000 | 15,591,000 | ||
Increases to current year tax positions | 3,270,000 | 1,718,000 | 1,572,000 | ||
Increase to prior year tax positions | 1,105,000 | 2,000 | 84,000 | ||
Decrease to prior year tax positions | -189,000 | -532,000 | -1,289,000 | ||
Lapse of statute of limitations | -4,092,000 | 0 | -3,836,000 | ||
Lapse of statute of limitations | 347,000 | 583,000 | |||
Balance, Ending Period | $12,474,000 | $12,727,000 | $12,122,000 | $15,591,000 |
Income_Taxes_Summary_of_Tax_Ye
Income Taxes - Summary of Tax Years that Remain Subject to Examination in the Company's Major Tax Jurisdiction (Details) | 12 Months Ended |
Jan. 03, 2015 | |
United States [Member] | Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2012 b 2014 |
United States [Member] | States [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2004 b 2014 |
Australia [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2011 b 2014 |
Brazil [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2010 b 2014 |
Canada [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2009 b 2014 |
China [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2005 b 2014 |
Czech Republic, Koruny | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2013 b 2014 |
Denmark [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2011 b 2014 |
France [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2011 b 2014 |
Germany [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2012 b 2014 |
INDIA | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2013 b 2014 |
Italy [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2010 b 2014 |
Luxembourg [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2011 b 2014 |
Mexico [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2009 b 2014 |
Philippines [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2011 b 2014 |
South Korea [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2009 b 2011 |
Spain [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2009 b 2014 |
Taiwan [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2008 b 2012 |
United Kingdom [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax examination, years subject to examination | 2011 b 2014 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | Jan. 02, 2010 | |
Income Tax Disclosure [Abstract] | |||||
Undistributed earnings of certain international subsidiaries from which deferred taxes and foreign withholding taxes are not provided | $86,100,000 | $57,800,000 | |||
Unrecognized tax benefits rleated to federal, state and foreign taxes | 12,474,000 | 12,727,000 | 12,122,000 | 15,591,000 | |
Unrecognized tax benefits related to federal, state and foreign taxes that would impact the effective tax rate if recognized | 12,200,000 | ||||
Unrecognized tax benefits, accured interest | 1,700,000 | ||||
Unrecognized tax benefits, penalties | 3,000,000 | ||||
Unrecognized tax benefits, interest recognized | -300,000 | 400,000 | -200,000 | ||
Unrecognized tax benefits, penalties recognized | $1,100,000 | $200,000 | ($400,000) |
Income_Taxes_Net_Operating_Los
Income Taxes - Net Operating Losses (Details) (Federal And State Jurisdiction [Member], USD $) | Jan. 03, 2015 |
In Millions, unless otherwise specified | |
Federal And State Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $22.80 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 03, 2015 |
Derivatives, Fair Value [Line Items] | |
Credit facility, additional interest rate above LIBOR | 1.25% |
Credit facility, average interest rate | 1.42% |
Variable commitment fee | 0.25% |
Maximum borrowing capacity | $1,000 |
Interest rate derivative liabilities, at fair value | 0.8 |
Foreign Exchange Forward [Member] | |
Derivatives, Fair Value [Line Items] | |
Foreign Currency Derivatives at Fair Value, Net | -0.2 |
Maximum [Member] | |
Derivatives, Fair Value [Line Items] | |
Increase (decrease) in fair value of interest rate fair value jedging instruments | ($0.40) |
Financial_Instruments_Schedule
Financial Instruments - Schedule of Interest Rate Swaps (Details) (Interest Rate Swap [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Other Comprehensive Income (Loss) [Member] | ||
Derivative [Line Items] | ||
Gain/(loss) recognized in accumulated other comprehensive income | ($1,494) | ($644) |
Interest Expense [Member] | ||
Derivative [Line Items] | ||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | -2,151 | -2,006 |
Other Expense [Member] | ||
Derivative [Line Items] | ||
Gain/(loss) recognized in income (ineffective portion) | 4 | 20 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value | ($810) | ($1,471) |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
2013 | $14,062,000 | ||
2014 | 9,435,000 | ||
2015 | 6,954,000 | ||
2016 | 4,402,000 | ||
2017 | 3,227,000 | ||
2018 and thereafter | 10,023,000 | ||
Future minimum payments due | 48,103,000 | ||
Operating Leases, Rent Expense, Net | $14,900,000 | $11,000,000 | $8,800,000 |
Segment_Information_Results_of
Segment Information - Results of Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net sales | $434,995 | $404,289 | $424,776 | $372,478 | $377,420 | $360,013 | $363,801 | $327,451 | $1,636,538 | $1,428,685 | $1,038,174 | |||||||
Operating Income (Loss) | 82,295 | 86,465 | 75,739 | 55,933 | 74,454 | 67,488 | 60,325 | 42,195 | 300,432 | 244,462 | 188,084 | [1] | ||||||
Depreciation and amortization | 41,252 | 43,164 | 26,903 | |||||||||||||||
Net capital expenditures | 13,143 | 14,640 | 7,652 | |||||||||||||||
Total assets | 2,066,131 | 1,819,206 | 2,066,131 | 1,819,206 | 1,244,280 | |||||||||||||
Long-lived assets | 151,478 | [2] | 137,573 | [2] | 151,478 | [2] | 137,573 | [2] | 72,326 | [2] | ||||||||
Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net sales | 1,041,228 | 895,494 | 786,391 | |||||||||||||||
Operating Income (Loss) | 269,559 | 234,190 | 194,573 | |||||||||||||||
Depreciation and amortization | 19,661 | 18,787 | 17,920 | |||||||||||||||
Net capital expenditures | 6,752 | 7,227 | 3,834 | |||||||||||||||
Total assets | 1,053,921 | 1,000,065 | 1,053,921 | 1,000,065 | 880,333 | |||||||||||||
Long-lived assets | 50,211 | [2] | 47,490 | [2] | 50,211 | [2] | 47,490 | [2] | 45,240 | [2] | ||||||||
Food Processing Group [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net sales | 322,783 | 301,522 | 251,783 | |||||||||||||||
Operating Income (Loss) | 67,395 | 49,528 | 39,924 | |||||||||||||||
Depreciation and amortization | 6,601 | 8,387 | 7,366 | |||||||||||||||
Net capital expenditures | 4,487 | 3,140 | 3,829 | |||||||||||||||
Total assets | 304,241 | 303,289 | 304,241 | 303,289 | 291,913 | |||||||||||||
Long-lived assets | 19,627 | [2] | 12,475 | [2] | 19,627 | [2] | 12,475 | [2] | 11,074 | [2] | ||||||||
Residential Kitchen [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net sales | 272,527 | 231,669 | 0 | |||||||||||||||
Operating Income (Loss) | 14,585 | 10,815 | 0 | |||||||||||||||
Depreciation and amortization | 13,356 | 14,148 | 0 | |||||||||||||||
Net capital expenditures | 1,811 | 4,090 | 0 | |||||||||||||||
Total assets | 636,680 | 441,299 | 636,680 | 441,299 | 0 | |||||||||||||
Long-lived assets | 71,500 | 60,570 | 71,500 | 60,570 | 0 | |||||||||||||
Corporate and Other [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net sales | 0 | 0 | 0 | [3] | ||||||||||||||
Operating Income (Loss) | -51,107 | -50,071 | -46,413 | [3] | ||||||||||||||
Depreciation and amortization | 1,634 | 1,842 | 1,617 | [3] | ||||||||||||||
Net capital expenditures | 93 | 183 | -11 | [3] | ||||||||||||||
Total assets | 71,289 | 74,553 | 71,289 | 74,553 | 72,034 | [3] | ||||||||||||
Long-lived assets | $10,140 | [2],[3] | $17,038 | [2],[3] | $10,140 | [2],[3] | $17,038 | [2],[3] | $16,012 | [2],[3] | ||||||||
[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] | . | |||||||||||||||||
[3] | Includes corporate and other general company assets and operations. |
Segment_Information_Longlived_
Segment Information - Long-lived assets (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 31, 2010 | |||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | $151,478 | [1] | $137,573 | [1] | $72,326 | [1] |
United States And Canada [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 48,516 | [1] | ||||
Asia [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 3,391 | [1] | ||||
Europe And Middle East [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 19,198 | [1] | ||||
Latin America [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 1,221 | [1] | ||||
Total International [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 24,170 | [1] | 22,411 | [1] | 23,810 | [1] |
Asia [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 5,714 | 5,133 | ||||
United States And Canada [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 127,308 | 115,162 | ||||
Latin America [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | 1,717 | 1,516 | ||||
Europe And Middle East [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Long-lived assets | $16,739 | $15,762 | ||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjMzYThiMzJkYjNlNzQwNGVhMGE0MzhkZmM1NDMzMGVhfFRleHRTZWxlY3Rpb246QTE2QzNGQTA2NjI3MkM2MjYwMTVDRUMwOTYwNzY5NEYM} |
Segment_Information_Net_Sales_
Segment Information - Net Sales (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $434,995 | $404,289 | $424,776 | $372,478 | $377,420 | $360,013 | $363,801 | $327,451 | $1,636,538 | $1,428,685 | $1,038,174 |
United States And Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 711,241 | ||||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 91,021 | ||||||||||
Europe And Middle East [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 167,840 | ||||||||||
Latin America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 68,072 | ||||||||||
Total International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 497,504 | 379,405 | 326,933 | ||||||||
Europe And Middle East [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 222,974 | 187,381 | |||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 171,995 | 109,599 | |||||||||
United States And Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,139,034 | 1,049,280 | |||||||||
Latin America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $102,535 | $82,425 |
Segment_Information_Segment_In
Segment Information Segment Information - Narrative (Details) | 12 Months Ended |
Jan. 03, 2015 | |
segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Employee_Retirement_Plans_Summ
Employee Retirement Plans Summary of the Plans' Net Periodic Pension Cost, Benefit Obligations, Funded Status, and Net Balance Sheet Position (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 31, 2010 |
Elgin Plan [Member] | |||
Net Periodic Pension Cost: | |||
Service cost | $0 | $0 | |
Interest cost | 183 | 175 | |
Expected return on assets | -215 | -209 | |
Amortization of net loss (gain) | 64 | 154 | |
Amortization of net loss (gain) | 0 | 0 | |
Net periodic benefit cost | 32 | 120 | |
Change in Benefit Obligation: | |||
Benefit obligation b beginning of year | 4,134 | 4,862 | |
Service cost | 0 | 0 | |
Interest cost | 183 | 175 | |
Actuarial loss | 654 | -675 | |
Pension settlement | 0 | 0 | |
Net benefit payments | -222 | -228 | |
Benefit obligation b end of year | 4,749 | 4,134 | 4,862 |
Change in Plan Assets: | |||
Plan assets at fair value b beginning of year | 3,722 | 3,503 | |
Company contributions | 0 | 128 | |
Investment gain | 51 | 319 | |
Benefit payments and plan expenses | -222 | -228 | |
Plan assets at fair value b end of year | 3,551 | 3,722 | 3,503 |
Funded Status: | |||
Unfunded benefit obligation | -1,198 | -412 | |
Amounts recognized in balance sheet at year end: | |||
Other non-current liabilities | -1,198 | -412 | |
Pre-tax components in accumulated other comprehensive income: | |||
Net actuarial loss (gain) | 1,673 | 918 | |
Net prior service cost | 0 | 0 | |
Net transaction (asset) obligations | 0 | 0 | |
Total amount recognized | 1,673 | 918 | |
Accumulated Benefit Obligation | 4,749 | 4,134 | |
Assumed discount rate | 3.80% | 4.70% | |
Expected return on assets | 6.00% | 6.00% | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |
Smithville Plan [Member] | |||
Net Periodic Pension Cost: | |||
Service cost | 0 | 0 | |
Interest cost | 690 | 643 | |
Expected return on assets | -584 | -529 | |
Amortization of net loss (gain) | 303 | 519 | |
Amortization of net loss (gain) | 0 | 0 | |
Net periodic benefit cost | 409 | 633 | |
Change in Benefit Obligation: | |||
Benefit obligation b beginning of year | 14,799 | 16,070 | |
Service cost | 0 | 0 | |
Interest cost | 690 | 643 | |
Actuarial loss | 3,780 | -1,282 | |
Pension settlement | 0 | 0 | |
Net benefit payments | -648 | -632 | |
Benefit obligation b end of year | 18,621 | 14,799 | 16,070 |
Change in Plan Assets: | |||
Plan assets at fair value b beginning of year | 9,602 | 8,781 | |
Company contributions | 913 | 649 | |
Investment gain | 157 | 804 | |
Benefit payments and plan expenses | -648 | -632 | |
Plan assets at fair value b end of year | 10,024 | 9,602 | 8,781 |
Funded Status: | |||
Unfunded benefit obligation | -8,597 | -5,197 | |
Amounts recognized in balance sheet at year end: | |||
Other non-current liabilities | -8,597 | -5,197 | |
Pre-tax components in accumulated other comprehensive income: | |||
Net actuarial loss (gain) | 8,029 | 4,125 | |
Net prior service cost | 0 | 0 | |
Net transaction (asset) obligations | 0 | 0 | |
Total amount recognized | 8,029 | 4,125 | |
Accumulated Benefit Obligation | 18,621 | 14,799 | |
Assumed discount rate | 3.80% | 4.70% | |
Expected return on assets | 6.00% | 6.00% | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |
Wrexham Plan [Member] | |||
Net Periodic Pension Cost: | |||
Service cost | 0 | 0 | |
Interest cost | 639 | 635 | |
Expected return on assets | -996 | -819 | |
Amortization of net loss (gain) | 0 | 0 | |
Amortization of net loss (gain) | 0 | 0 | |
Net periodic benefit cost | -357 | -184 | |
Change in Benefit Obligation: | |||
Benefit obligation b beginning of year | 15,745 | 15,462 | |
Service cost | 0 | 0 | |
Interest cost | 639 | 635 | |
Actuarial loss | 1,273 | -7 | |
Pension settlement | 0 | 0 | |
Net benefit payments | -634 | -716 | |
Benefit obligation b end of year | 16,114 | 15,745 | 15,462 |
Change in Plan Assets: | |||
Plan assets at fair value b beginning of year | 15,172 | 12,997 | |
Company contributions | 511 | 526 | |
Investment gain | 1,133 | 2,054 | |
Benefit payments and plan expenses | -634 | -716 | |
Plan assets at fair value b end of year | 15,306 | 15,172 | 12,997 |
Funded Status: | |||
Unfunded benefit obligation | -808 | -573 | |
Amounts recognized in balance sheet at year end: | |||
Other non-current liabilities | -808 | -573 | |
Pre-tax components in accumulated other comprehensive income: | |||
Net actuarial loss (gain) | 2,188 | 1,116 | |
Net prior service cost | 0 | 0 | |
Net transaction (asset) obligations | 0 | 0 | |
Total amount recognized | 2,188 | 1,116 | |
Accumulated Benefit Obligation | 16,114 | 15,745 | |
Assumed discount rate | 3.60% | 4.40% | |
Expected return on assets | 6.30% | 7.00% | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | -909 | 371 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -876 | 311 | |
Directors Plans [Member] | |||
Net Periodic Pension Cost: | |||
Service cost | 447 | 929 | |
Interest cost | 416 | 360 | |
Expected return on assets | 0 | 0 | |
Amortization of net loss (gain) | -413 | -145 | |
Amortization of net loss (gain) | 0 | 0 | |
Net periodic benefit cost | 450 | 1,144 | |
Change in Benefit Obligation: | |||
Benefit obligation b beginning of year | 8,815 | 8,993 | |
Service cost | 447 | 929 | |
Interest cost | 416 | 360 | |
Actuarial loss | 859 | -1,467 | |
Pension settlement | 0 | 0 | |
Net benefit payments | 0 | 0 | |
Benefit obligation b end of year | 10,537 | 8,815 | 8,993 |
Change in Plan Assets: | |||
Plan assets at fair value b beginning of year | 0 | 0 | |
Company contributions | 0 | 0 | |
Investment gain | 0 | 0 | |
Benefit payments and plan expenses | 0 | 0 | |
Plan assets at fair value b end of year | 0 | 0 | 0 |
Funded Status: | |||
Unfunded benefit obligation | -10,537 | -8,815 | |
Amounts recognized in balance sheet at year end: | |||
Other non-current liabilities | -10,537 | -8,815 | |
Pre-tax components in accumulated other comprehensive income: | |||
Net actuarial loss (gain) | -1,672 | -2,944 | |
Net prior service cost | 0 | 0 | |
Net transaction (asset) obligations | 0 | 0 | |
Total amount recognized | -1,672 | -2,944 | |
Accumulated Benefit Obligation | 7,197 | 5,473 | |
Salary growth rate | 10.00% | 10.00% | |
Assumed discount rate | 3.80% | 4.70% | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | $0 | $0 |
Employee_Retirement_Plans_Asse
Employee Retirement Plans Assets of Plans Invested in Classes of Securities (Details) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 31, 2012 | |
Elgin Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 100.00% | ||
Percentage of Plan Assets | 100.00% | 100.00% | |
Smithville Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 100.00% | ||
Percentage of Plan Assets | 100.00% | 100.00% | |
Wrexham Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 100.00% | ||
Percentage of Plan Assets | 100.00% | 100.00% | |
Equity [Member] | Elgin Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 48.00% | ||
Percentage of Plan Assets | 48.00% | 56.00% | |
Equity [Member] | Smithville Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 48.00% | ||
Percentage of Plan Assets | 48.00% | 54.00% | |
Equity [Member] | Wrexham Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 50.00% | ||
Percentage of Plan Assets | 72.00% | 76.00% | |
Fixed Income [Member] | Elgin Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 40.00% | ||
Percentage of Plan Assets | 36.00% | 32.00% | |
Fixed Income [Member] | Smithville Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 40.00% | ||
Percentage of Plan Assets | 36.00% | 32.00% | |
Fixed Income [Member] | Wrexham Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 50.00% | ||
Percentage of Plan Assets | 24.00% | 23.00% | |
Money Market [Member] | Elgin Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 4.00% | ||
Percentage of Plan Assets | 4.00% | 2.00% | |
Money Market [Member] | Smithville Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 4.00% | ||
Percentage of Plan Assets | 4.00% | 4.00% | |
Money Market [Member] | Wrexham Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0.00% | ||
Percentage of Plan Assets | 4.00% | 1.00% | |
Other (real estate & commodities) [Member] | Elgin Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 8.00% | ||
Percentage of Plan Assets | 12.00% | 10.00% | |
Other (real estate & commodities) [Member] | Smithville Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 8.00% | ||
Percentage of Plan Assets | 12.00% | 10.00% | |
Other (real estate & commodities) [Member] | Wrexham Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0.00% | ||
Percentage of Plan Assets | 0.00% | 0.00% |
Employee_Retirement_Plans_Summ1
Employee Retirement Plans Summary of the Basis Used to Measure Pension Plans' Assets at Fair Value (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 31, 2010 | |
In Thousands, unless otherwise specified | ||||
Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | $3,551 | $3,722 | $3,503 | |
Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 10,024 | 9,602 | 8,781 | |
Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 15,306 | 15,172 | 12,997 | |
Total [Member] | Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 3,551 | |||
Total [Member] | Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 10,024 | |||
Total [Member] | Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 15,306 | |||
Total [Member] | Short Term Investment Fund [Member] | Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 121 | [1] | ||
Total [Member] | Short Term Investment Fund [Member] | Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 446 | [1] | ||
Total [Member] | Short Term Investment Fund [Member] | Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 667 | [1] | ||
Total [Member] | Equity Securities [Member] | Elgin Plan [Member] | Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 813 | |||
Total [Member] | Equity Securities [Member] | Elgin Plan [Member] | Mid Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 100 | |||
Total [Member] | Equity Securities [Member] | Elgin Plan [Member] | Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 100 | |||
Total [Member] | Equity Securities [Member] | Elgin Plan [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 686 | |||
Total [Member] | Equity Securities [Member] | Smithville Plan [Member] | Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 2,297 | |||
Total [Member] | Equity Securities [Member] | Smithville Plan [Member] | Mid Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 268 | |||
Total [Member] | Equity Securities [Member] | Smithville Plan [Member] | Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 281 | |||
Total [Member] | Equity Securities [Member] | Smithville Plan [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 1,923 | |||
Total [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Developed Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 4,827 | |||
Total [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Emerging Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 487 | |||
Total [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Global Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 602 | |||
Total [Member] | Equity Securities [Member] | Wrexham Plan [Member] | United Kingdom [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 5,109 | |||
Total [Member] | Fixed Income [Member] | Elgin Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 1,074 | |||
Total [Member] | Fixed Income [Member] | Elgin Plan [Member] | High Yield [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 216 | |||
Total [Member] | Fixed Income [Member] | Smithville Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 3,058 | |||
Total [Member] | Fixed Income [Member] | Smithville Plan [Member] | High Yield [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 599 | |||
Total [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 2,113 | |||
Total [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Aggregate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 358 | |||
Total [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Index Linked [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 1,143 | |||
Total [Member] | Alternative [Member] | Elgin Plan [Member] | Global Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 314 | |||
Total [Member] | Alternative [Member] | Elgin Plan [Member] | Commodities Investment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 127 | |||
Total [Member] | Alternative [Member] | Smithville Plan [Member] | Global Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 830 | |||
Total [Member] | Alternative [Member] | Smithville Plan [Member] | Commodities Investment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 322 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 3,430 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 9,578 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 14,639 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short Term Investment Fund [Member] | Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | [1] | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short Term Investment Fund [Member] | Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | [1] | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short Term Investment Fund [Member] | Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | [1] | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 813 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Mid Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 100 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 100 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Elgin Plan [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 686 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 2,297 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Mid Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 268 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 281 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Smithville Plan [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 1,923 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Developed Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 4,827 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Emerging Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 487 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Global Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 602 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | United Kingdom [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 5,109 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Elgin Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 1,074 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Elgin Plan [Member] | High Yield [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 216 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Smithville Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 3,058 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Smithville Plan [Member] | High Yield [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 599 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 2,113 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Aggregate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 358 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Index Linked [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 1,143 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative [Member] | Elgin Plan [Member] | Global Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 314 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative [Member] | Elgin Plan [Member] | Commodities Investment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 127 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative [Member] | Smithville Plan [Member] | Global Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 830 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative [Member] | Smithville Plan [Member] | Commodities Investment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 322 | |||
Significant Observable Inputs (Level 2) [Member] | Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 121 | |||
Significant Observable Inputs (Level 2) [Member] | Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 446 | |||
Significant Observable Inputs (Level 2) [Member] | Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 667 | |||
Significant Observable Inputs (Level 2) [Member] | Short Term Investment Fund [Member] | Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 121 | [1] | ||
Significant Observable Inputs (Level 2) [Member] | Short Term Investment Fund [Member] | Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 446 | [1] | ||
Significant Observable Inputs (Level 2) [Member] | Short Term Investment Fund [Member] | Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 667 | [1] | ||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Mid Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Elgin Plan [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Mid Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Smithville Plan [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Developed Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Emerging Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Global Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | United Kingdom [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Fixed Income [Member] | Elgin Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Fixed Income [Member] | Elgin Plan [Member] | High Yield [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Fixed Income [Member] | Smithville Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Fixed Income [Member] | Smithville Plan [Member] | High Yield [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Aggregate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Index Linked [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Alternative [Member] | Elgin Plan [Member] | Global Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Alternative [Member] | Elgin Plan [Member] | Commodities Investment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Alternative [Member] | Smithville Plan [Member] | Global Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Observable Inputs (Level 2) [Member] | Alternative [Member] | Smithville Plan [Member] | Commodities Investment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Short Term Investment Fund [Member] | Elgin Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | [1] | ||
Significant Unobservable Inputs (Level 3) [Member] | Short Term Investment Fund [Member] | Smithville Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | [1] | ||
Significant Unobservable Inputs (Level 3) [Member] | Short Term Investment Fund [Member] | Wrexham Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | [1] | ||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Mid Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Elgin Plan [Member] | Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Elgin Plan [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Large Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Mid Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Smithville Plan [Member] | Small Cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Smithville Plan [Member] | International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Developed Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Emerging Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | International Global Markets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Wrexham Plan [Member] | United Kingdom [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income [Member] | Elgin Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income [Member] | Elgin Plan [Member] | High Yield [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income [Member] | Smithville Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income [Member] | Smithville Plan [Member] | High Yield [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Government/Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Aggregate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income [Member] | Wrexham Plan [Member] | Index Linked [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Alternative [Member] | Elgin Plan [Member] | Global Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Alternative [Member] | Elgin Plan [Member] | Commodities Investment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Alternative [Member] | Smithville Plan [Member] | Global Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Alternative [Member] | Smithville Plan [Member] | Commodities Investment [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of pension plan assets | $0 | |||
[1] | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. |
Employee_Retirement_Plans_Esti
Employee Retirement Plans Estimated Future Benefit Payments under the Plans (Details) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Elgin Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2013 | $282 |
2014 | 280 |
2015 | 278 |
2016 | 278 |
2017 through 2022 | 1,628 |
Smithville Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2013 | 674 |
2014 | 693 |
2015 | 707 |
2016 | 726 |
2017 through 2022 | 4,837 |
Wrexham Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2013 | 623 |
2014 | 662 |
2015 | 701 |
2016 | 740 |
2017 through 2022 | 5,300 |
Directors Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2013 | 0 |
2014 | 0 |
2015 | 0 |
2016 | 733 |
2017 through 2022 | $4,399 |
Employee_Retirement_Plans_Addi
Employee Retirement Plans - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined contribution 401K savings plans | 2 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $0.10 | $0.10 | |
Smithville Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contributions to the pension plan | 0.8 | ||
Wrexham Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contributions to the pension plan | 0.4 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by employer to 401K savings plan | $0.10 | $0.10 |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Net sales | $434,995 | $404,289 | $424,776 | $372,478 | $377,420 | $360,013 | $363,801 | $327,451 | $1,636,538 | $1,428,685 | $1,038,174 | ||||||||||
Gross Profit | 169,055 | 162,380 | 166,174 | 142,976 | 150,731 | 141,438 | 136,574 | 121,268 | 640,585 | 550,011 | 402,989 | ||||||||||
Income from operations | 82,295 | 86,465 | 75,739 | 55,933 | 74,454 | 67,488 | 60,325 | 42,195 | 300,432 | 244,462 | 188,084 | [1] | |||||||||
Net earnings | $51,749 | $59,713 | $48,405 | $33,445 | $49,921 | $40,942 | $37,163 | $25,902 | $193,312 | $153,928 | $120,697 | ||||||||||
Basic earnings per share (usd per share) | $0.91 | [2] | $1.05 | [2] | $0.85 | [2] | $0.59 | [2] | $0.89 | [2] | $0.73 | [2] | $0.67 | [2] | $0.47 | [2] | $3.41 | $2.76 | [2] | $2.22 | |
Diluted earnings per share (usd per share) | $0.91 | [2] | $1.05 | [2] | $0.85 | [2] | $0.59 | [2] | $0.87 | [2] | $0.73 | [2] | $0.67 | [2] | $0.47 | [2] | $3.40 | $2.74 | [2] | $2.20 | |
[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] | Sum of quarters may not equal the total for the year due to changes in the number of shares outstanding during the year. |
Acquisition_Integration_Initia2
Acquisition Integration Initiatives (Details) (Residential Kitchen [Member], Viking Range Corporation [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Residential Kitchen [Member] | Viking Range Corporation [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $7,078 | $9,101 |
Acquisition_Integration_Initia3
Acquisition Integration Initiatives Restructuring Charges (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Payments | ($9,282) | ($6,713) |
Balance December 28, 2013 | 184 | 2,388 |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 3,776 | 5,963 |
Payments | -5,248 | -4,344 |
Balance December 28, 2013 | 147 | 1,619 |
Inventory and Product [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | -151 | 1,203 |
Payments | -433 | -619 |
Balance December 28, 2013 | 0 | 584 |
Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 3,457 | 1,466 |
Payments | -3,534 | -1,389 |
Balance December 28, 2013 | 0 | 77 |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | -4 | 469 |
Payments | -67 | -361 |
Balance December 28, 2013 | $37 | $108 |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event (Details) (USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Feb. 10, 2015 | Jan. 30, 2015 | Jan. 07, 2015 |
Subsequent Events [Abstract] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $5.50 | $26.40 | $14.50 |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $5 | $25 | $15 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | Jan. 02, 2010 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance Beginning Of Period | $6,987,000 | $6,377,000 | $6,878,000 | ||
Additions/(Recoveries) Charged to Expense | 3,075,000 | 1,571,000 | 1,382,000 | ||
Write-Offs During the Period | -971,000 | -961,000 | -1,883,000 | ||
Balance At End Of Period | $9,091,000 | $6,987,000 | $6,377,000 | $6,878,000 |
Uncategorized_Items
Uncategorized Items | 1/1/2012 - 12/29/2012 | |||||||||||||||
USD ($) | ||||||||||||||||
[us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue] | 11,984,000 | 0 | 11,984,000 | 0 | 0 | 0 | ||||||||||
[us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation] | 16,108,000 | 0 | 16,108,000 | 0 | 0 | 0 | ||||||||||
[us-gaap_NetIncomeLoss] | 0 | 0 | 0 | 120,697,000 | 0 | |||||||||||
[us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax] | 5,873,000 | 0 | 0 | 0 | 0 | |||||||||||
[us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax] | -2,018,000 | 0 | 0 | 0 | 0 | |||||||||||
[us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax] | 244,000 | 0 | 0 | 0 | 0 | |||||||||||
[us-gaap_StockholdersEquity] | -20,534,000 | 202,321,000 | 137,000 | 455,727,000 | -126,682,000 | -12,399,000 | 233,213,000 | 141,000 | 576,424,000 | -147,352,000 | ||||||
[us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised] | 2,804,000 | 0 | 2,800,000 | 4,000 | 0 | 0 | ||||||||||
[us-gaap_TreasuryStockValueAcquiredCostMethod] | 20,670,000 | 0 | 0 | 0 | 0 | 20,670,000 |