Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 04, 2015 | Aug. 07, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 4, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Middleby Corp | |
Entity Central Index Key | 769,520 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 57,327,032 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 38,586 | $ 43,945 |
Accounts receivable, net of reserve for doubtful accounts of $9,193 and $9,091 | 239,588 | 229,875 |
Inventories, net | 291,936 | 255,776 |
Prepaid expenses and other | 26,175 | 27,980 |
Prepaid Taxes | 3,862 | 5,538 |
Current deferred taxes | 53,482 | 51,017 |
Total current assets | 653,629 | 614,131 |
Property, plant and equipment, net of accumulated depreciation of $89,644 and $82,998 | 148,838 | 129,697 |
Goodwill | 833,382 | 808,491 |
Other intangibles | 494,328 | 492,031 |
Long-term deferred tax assets | 4,773 | 2,925 |
Other assets | 20,998 | 18,856 |
Total assets | 2,155,948 | 2,066,131 |
Current liabilities: | ||
Current maturities of long-term debt | 10,210 | 9,402 |
Accounts payable | 109,860 | 98,327 |
Accrued expenses | 221,272 | 220,585 |
Total current liabilities | 341,342 | 328,314 |
Long-term debt | 564,104 | 588,765 |
Long-term deferred tax liability | 91,954 | 88,800 |
Other non-current liabilities | 63,595 | 53,492 |
Stockholders' equity: | ||
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,189,296 and 62,088,592 shares issued in 2015 and 2014, respectively | 144 | 144 |
Paid-in capital | 320,208 | 310,409 |
Treasury stock, at cost; 4,862,264 and 4,816,912 shares in 2015 and 2014, respectively | (200,862) | (196,026) |
Retained earnings | 1,016,161 | 923,664 |
Accumulated other comprehensive loss | (40,698) | (31,431) |
Total stockholders' equity | 1,094,953 | 1,006,760 |
Total liabilities and stockholders' equity | $ 2,155,948 | $ 2,066,131 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 |
Accounts receivable, reserve for doubtful accounts | $ 9,175 | $ 9,091 |
Property, plant and equipment, accumulated depreciation | $ 85,836 | $ 82,998 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 95,000,000 | 95,000,000 |
Common stock, shares issued | 62,189,296 | 62,088,592 |
Treasury stock, shares | 4,862,264 | 4,816,912 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | ||||
Net sales | [1] | $ 436,291 | $ 424,776 | $ 842,887 | $ 797,254 | ||
Cost of sales | 263,402 | 258,602 | 512,436 | 488,104 | |||
Gross profit | 172,889 | 166,174 | 330,451 | 309,150 | |||
Selling and distribution expenses | 45,332 | 48,102 | 92,441 | 95,072 | |||
General and administrative expenses | 44,197 | 42,333 | 88,070 | 82,406 | |||
Income from operations | 83,360 | [1] | 75,739 | [1] | 149,940 | 131,672 | |
Net interest expense and deferred financing amortization, net | 4,048 | 4,169 | 7,797 | 8,156 | |||
Other (income) expense, net | (366) | 195 | 4,195 | 1,060 | |||
Earnings before income taxes | 79,678 | 71,375 | 137,948 | 122,456 | |||
Provision for income taxes | 25,411 | 22,970 | 45,450 | 40,606 | |||
Net earnings | $ 54,267 | $ 48,405 | $ 92,498 | $ 81,850 | |||
Net earnings per share: | |||||||
Basic (in usd per share) | $ 0.95 | $ 0.85 | $ 1.62 | $ 1.44 | |||
Diluted (in usd per share) | $ 0.95 | $ 0.85 | $ 1.62 | $ 1.44 | |||
Weighted average number of shares | |||||||
Basic (in shares) | 56,963 | 56,866 | 56,940 | 56,661 | |||
Dilutive common stock equivalents (in shares) | 2 | [2] | 1 | [2] | 1 | 1 | |
Diluted (in shares) | 56,965 | 56,867 | 56,941 | 56,662 | |||
Comprehensive income | $ 61,149 | $ 50,038 | $ 83,231 | $ 85,264 | |||
[1] | Non-operating expenses are not allocated to the operating 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] | There were no anti-dilutive equity awards excluded from common stock equivalents for any period presented. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 04, 2015 | Jun. 28, 2014 | |
Cash flows from operating activities-- | ||
Net earnings | $ 92,498 | $ 81,850 |
Adjustments to reconcile net earnings to net cash provided by operating activities-- | ||
Depreciation and amortization | 22,160 | 21,314 |
Non-cash share-based compensation | 7,399 | 6,696 |
Deferred taxes | (1,644) | 13,676 |
Changes in assets and liabilities, net of acquisitions | ||
Accounts receivable, net | (1,271) | (20,297) |
Inventories, net | (26,702) | (10,581) |
Prepaid expenses and other assets | 14,947 | (8,140) |
Accounts payable | 5,236 | 3,818 |
Accrued expenses and other liabilities | (3,863) | (26,663) |
Net cash provided by operating activities | 108,760 | 61,673 |
Cash flows from investing activities-- | ||
Additions to property and equipment | (11,684) | (6,986) |
Purchase of trade name | 0 | |
Payments for (Proceeds from) Previous Acquisition | 1,000 | |
Net cash (used in) investing activities | (87,876) | (67,711) |
Cash flows from financing activities-- | ||
Net (repayments) proceeds under current revolving credit facilities | (24,500) | 14,400 |
Net (repayments) proceeds under foreign bank loan | 1,525 | 6,667 |
Proceeds from (Repayments of) Notes Payable | (18) | (18) |
Repurchase of treasury stock | (4,836) | (44,283) |
Excess tax benefit related to share-based compensation | 2,400 | 24,986 |
Net cash (used in) provided by financing activities | (25,429) | 1,752 |
Effect of exchange rates on cash and cash equivalents | (814) | (350) |
Changes in cash and cash equivalents-- | ||
Net (decrease) increase in cash and cash equivalents | (5,359) | (4,636) |
Cash and cash equivalents at beginning of year | 43,945 | 36,894 |
Cash and cash equivalents at end of quarter | 38,586 | 32,258 |
Stewart [Member] | ||
Cash flows from investing activities-- | ||
Payments for (Proceeds from) Previous Acquisition | 2,500 | |
Payments to Acquire Businesses, Gross | 0 | |
Nieco Corporation [Member] | ||
Cash flows from investing activities-- | ||
Payments for (Proceeds from) Previous Acquisition | 4,200 | |
Payments to Acquire Businesses, Gross | 0 | |
Market Forge Industries, Inc [Member] | ||
Cash flows from investing activities-- | ||
Payments for (Proceeds from) Previous Acquisition | 1,500 | |
Payments to Acquire Businesses, Gross | (7,240) | |
Distributors 2014 [Member] | ||
Cash flows from investing activities-- | ||
Payments to Acquire Businesses, Gross | 0 | (38,485) |
Concordia [Member] | ||
Cash flows from investing activities-- | ||
Payments for (Proceeds from) Previous Acquisition | (80) | |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |
ULine [Member] | ||
Cash flows from investing activities-- | ||
Payments for (Proceeds from) Previous Acquisition | (275) | |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |
Desmon [Member] | ||
Cash flows from investing activities-- | ||
Payments to Acquire Businesses, Gross | 0 | |
Payments to Acquire Businesses, Net of Cash Acquired | (13,947) | |
GoldsteinEswood [Member] | ||
Cash flows from investing activities-- | ||
Payments to Acquire Businesses, Gross | (27,406) | 0 |
Marsal [Member] | ||
Cash flows from investing activities-- | ||
Payments to Acquire Businesses, Gross | (5,500) | 0 |
Thurne [Member] | ||
Cash flows from investing activities-- | ||
Payments to Acquire Businesses, Gross | (9,872) | 0 |
Induc [Member] | ||
Cash flows from investing activities-- | ||
Payments to Acquire Businesses, Gross | $ (10,622) | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 04, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A) Basis of Presentation The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2014 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2015 . In the opinion of management, the financial statements contain all adjustments necessary to present fairly the financial position of the company as of July 4, 2015 and January 3, 2015 , the results of operations for the three and six months ended July 4, 2015 and June 28, 2014 and cash flows for the six months ended July 4, 2015 and June 28, 2014 . Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, 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. Actual results could differ from the company's estimates. B) Non-Cash Share-Based Compensation The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $5.4 million and $4.8 million for the second quarter periods ended July 4, 2015 and June 28, 2014 , respectively. Non-cash share-based compensation expense was $7.4 million and $6.7 million for the six months ended July 4, 2015 and June 28, 2014 , respectively. During the first quarter ended April 4, 2015, the company issued 100,704 restricted shares under its 2011 Stock Incentive Plan. These amounts are contingent on the attainment of certain performance objectives. The aggregate grant-date fair value of these awards was $10.9 million , based on the closing share price of the company's stock at the date of the grant. C) Income Taxes 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. As of July 4, 2015 , the company recognized a tax expense of $1.5 million for unrecognized tax benefits related to current year tax exposures. 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 approximately $0.6 million of its currently remaining unrecognized tax benefits may be recognized over the next twelve months as a result of 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 2005 – 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 2010 – 2014 Philippines 2012 – 2014 South Korea 2010 – 2011 Spain 2010 – 2014 Taiwan 2010 – 2012 United Kingdom 2011 – 2014 D) 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 and are categorized using the fair value hierarchy are as follows (in thousands): Fair Value Level 1 Fair Value Level 2 Fair Value Level 3 Total As of July 4, 2015 Financial Assets: Pension plans $ 27,769 $ 1,193 $ — $ 28,962 Financial Liabilities: Interest rate swaps $ — $ 1,123 $ — $ 1,123 Contingent consideration $ — $ — $ 12,797 $ 12,797 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 The contingent consideration as of July 4, 2015 relates to the earnout provisions recorded in conjunction with the acquisitions of Spooner Vicars, PES, Concordia, Desmon, Goldstein Eswood and Induc. 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 earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings of the acquired businesses, as defined in the respective purchase agreements. On a quarterly basis the company assesses the projected results for each of the acquired businesses in comparison to the earnout targets and adjusts the liability accordingly. E) Consolidated Statements of Cash Flows Cash paid for interest was $6.9 million and $7.8 million for the six months ended July 4, 2015 and June 28, 2014 , respectively. Cash payments totaling $36.2 million and $10.4 million were made for income taxes for the six months ended July 4, 2015 and June 28, 2014 , respectively. |
Stock Split (Notes)
Stock Split (Notes) | 6 Months Ended |
Jul. 04, 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. |
Litigation Matters
Litigation Matters | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
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 pending litigation will have a material effect on its financial condition, results of operations or cash flows. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 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. The adoption of this guidance did not have an impact on the company's financial position, results of operations or 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. This update provides for two transition methods to the new guidance: a full retrospective or a modified retrospective adoption. On April 1, 2015, the FASB proposed deferring the effective date of ASU No. 2014-09, "Revenue from Contracts with Customers" by one year to December 15, 2017 for annual reporting periods beginning after that date and permitting early adoption of the standard but not before the original effective date of December 15, 2016. 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”. 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. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items". This update eliminates the concept of extraordinary items from the current guidance. This update is effective for annual and corresponding interim reporting periods beginning after December 15, 2015. Early adoption is permitted provided the guidance is applied from the beginning of the fiscal year of adoption. Retrospective application is encouraged for all prior periods presented in the financial statements. 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 April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs," which requires debt issuance costs to be recorded as a direct reduction of the debt liability on the balance sheet rather than as an asset. The standard is effective for fiscal years beginning after December 15, 2015 and 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. In April 2015, the FASB issued ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets." This ASU is intended to provide a practical expedient for the measurement date of defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not fall on a calendar month-end (e.g., companies with a 52/53-week fiscal year) to measure pension and post-retirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year-end. The FASB also provided a similar practical expedient for interim remeasurements for significant events. This ASU requires perspective application and is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. 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. |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Other Comprehensive Income | ) Other Comprehensive Income The company reports changes in equity during a period, except those resulting from investments by owners and distributions to owners, in accordance with ASC 220, "Comprehensive Income." Changes in accumulated other comprehensive income(1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total Balance as of January 3, 2015 $ (24,655 ) $ (6,540 ) $ (236 ) $ (31,431 ) Other comprehensive income before reclassification (9,122 ) 25 271 (8,826 ) Amounts reclassified from accumulated other comprehensive income — — (441 ) (441 ) Net current-period other comprehensive income $ (9,122 ) $ 25 $ (170 ) $ (9,267 ) Balance as of July 4, 2015 $ (33,777 ) $ (6,515 ) $ (406 ) $ (40,698 ) (1) All amounts are net of tax. Components of other comprehensive income were as follows (in thousands): Three Months Ended Six Months Ended Jul 4, 2015 Jun 28, 2014 Jul 4, 2015 Jun 28, 2014 Net earnings $ 54,267 $ 48,405 $ 92,498 $ 81,850 Currency translation adjustment 6,669 1,856 (9,122 ) 3,430 Pension liability adjustment, net of tax (89 ) 38 25 (19 ) Unrealized gain on interest rate swaps, net of tax 302 (261 ) (170 ) 3 Comprehensive income $ 61,149 $ 50,038 $ 83,231 $ 85,264 |
Inventories
Inventories | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
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 $33.0 million at July 4, 2015 and $30.2 million at January 3, 2015 and represented approximately 11.3% and 11.8% of the total inventory at each respective period. The amount of LIFO reserve at July 4, 2015 and January 3, 2015 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 July 4, 2015 and January 3, 2015 are as follows: Jul 4, 2015 Jan 3, 2015 (in thousands) Raw materials and parts $ 134,682 $ 126,121 Work-in-process 29,900 17,828 Finished goods 127,354 111,827 $ 291,936 $ 255,776 |
Goodwill
Goodwill | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill for the six months ended July 4, 2015 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of January 3, 2015 $ 450,890 $ 134,512 $ 223,089 $ 808,491 Goodwill acquired during the year 32,819 609 — 33,428 Measurement period adjustments to goodwill acquired in prior year (1,367 ) 63 (275 ) (1,579 ) Exchange effect (4,371 ) (2,587 ) — (6,958 ) Balance as of July 4, 2015 $ 477,971 $ 132,597 $ 222,814 $ 833,382 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jul. 04, 2015 | |
Disclosure Accrued Expenses [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: Jul 4, 2015 Jan 3, 2015 (in thousands) Accrued payroll and related expenses $ 46,245 $ 50,844 Advanced customer deposits 44,794 20,367 Accrued warranty 30,550 28,786 Accrued customer rebates 21,333 32,357 Accrued product liability and workers compensation 14,219 14,582 Product recall 11,325 12,125 Accrued agent commission 10,295 11,207 Accrued professional services 7,234 7,053 Accrued sales and other tax 6,827 7,660 Other accrued expenses 28,450 35,604 $ 221,272 $ 220,585 |
Warranty Costs
Warranty Costs | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
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, actual 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 is as follows: Six Months Ended Jul 4, 2015 (in thousands) Balance as of January 3, 2015 $ 28,786 Warranty reserve related to acquisitions — Warranty expense 22,007 Warranty claims (20,243 ) Balance as of July 4, 2015 $ 30,550 |
Financing Arrangements
Financing Arrangements | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Financing Arrangements | Financing Arrangements Jul 4, 2015 Jan 3, 2015 (in thousands) Senior secured revolving credit line $ 563,000 $ 587,500 Foreign loans 11,049 10,384 Other debt arrangement 265 283 Total debt $ 574,314 $ 598,167 Less: Current maturities of long-term debt 10,210 9,402 Long-term debt $ 564,104 $ 588,765 On August 7, 2012, the company entered into a new 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 July 4, 2015 , the company had $563.0 million of borrowings outstanding under this facility. The company also had $9.9 million in outstanding letters of credit as of July 4, 2015 , which reduces the borrowing availability under the revolving credit line. Remaining borrowing availability under this facility was $427.1 million at July 4, 2015 . At July 4, 2015 , borrowings under the senior secured credit facility were assessed at an interest rate of 1.50% above LIBOR for long-term borrowings or at the higher of the Prime rate and the Federal Funds Rate. At July 4, 2015 the average interest rate on the senior debt amounted to 2.02% . 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 July 4, 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 July 4, 2015 , these facilities amounted to $3.7 million in U.S. dollars, including $2.7 million outstanding under a revolving credit facility and $1.0 million under a term loan. The interest rate on the revolving credit facility is assessed at 1.25% above Euro LIBOR, which amounted to 2.80% on July 4, 2015 . At July 4, 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 July 4, 2015 , these facilities amounted to $1.2 million in U.S. dollars. The interest rate on the credit facilities is variable based on the three-month Euro LIBOR. At July 4, 2015 , the average interest rate on these facilities was approximately 2.56% . 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 July 4, 2015 , the facility amounted to $2.8 million in U.S. dollars. At July 4, 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 July 4, 2015 , the average interest rate on this facility was approximately 10.25% . In March 2014, Cozzini do Brazil LTDA entered into a local credit facility, denominated in Brazilian Real, to fund local working capital needs. At July 4, 2015 , the facility amounted to $3.2 million in U.S. dollars and was assessed an interest rate of 1.50% above the Brazilian central bank CDI Rate. At July 4, 2015 , the interest rate assessed on this facility was 12.30% . This local credit facility matures on March 28, 2016. In January 2015, the company completed its acquisition of Desmon Food Service Equipment Company in Italy. This acquisition was funded in part with locally established debt facilities with borrowings denominated in Euro. At July 4, 2015 , these facilities amounted to $0.2 million in U.S. dollars, including $0.1 million outstanding on a local working capital loan and less than $0.1 million outstanding under a term loan. The interest rate on the working capital loan was 0.50% and the interest rate on the term loan was 1.77% . Both the working capital loan and the term loan mature on December 31, 2016. 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 approximates 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 at July 4, 2015 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): Jul 4, 2015 Jan 3, 2015 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 574,314 $ 574,314 $ 598,167 $ 598,167 The company believes that its current capital resources, including cash and cash equivalents, cash expected to be 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 July 4, 2015 , the company had the following interest rate swaps in effect: Fixed Notional Interest Effective Maturity Amount Rate Date Date $25,000,000 2.520% 2/23/2011 2/23/2016 $15,000,000 1.185% 9/12/2011 9/12/2016 $10,000,000 0.498% 2/11/2013 7/11/2015 $15,000,000 0.458% 2/11/2013 10/11/2015 $25,000,000 0.635% 2/11/2013 8/11/2016 $25,000,000 0.789% 2/11/2013 3/11/2017 $25,000,000 0.803% 2/11/2013 5/11/2017 $35,000,000 0.880% 2/11/2013 7/11/2017 $10,000,000 1.480% 9/11/2013 7/11/2017 $15,000,000 0.920% 3/11/2014 7/11/2017 $25,000,000 0.950% 3/11/2014 7/11/2017 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; 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 July 4, 2015 , the company was in compliance with all covenants pursuant to its borrowing agreements. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [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 a derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in the fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated 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. Foreign Exchange : The company uses foreign currency forward and option contracts with terms of less than one year to hedge its exposure to changes in foreign currency exchange rates. The company’s primary hedging activities are to mitigate its exposure to changes in exchange rates on intercompany and third party trade receivables and payables. The company does not currently enter into derivative financial instruments for speculative purposes. In managing its foreign currency exposures, the company identifies and aggregates naturally occurring offsetting positions and then hedges residual balance sheet exposures. The following table summarizes the forward and option contracts outstanding at July 4, 2015 . The fair value of the forward and option contracts was a gain of $0.3 million at the end of the second quarter of 2015 . Sell Purchase Maturity 6,000,000 Euro Dollars 6,695,460 US Dollars October 2, 2015 6,750,000 Euro Dollars 7,520,850 US Dollars October 2, 2015 6,250,000 Euro Dollars 6,996,563 US Dollars October 2, 2015 12,500,000 Euro Dollars 14,015,000 US Dollars October 2, 2015 3,900,000 British Pounds 5,496,751 Euro Dollars October 2, 2015 5,000,000 British Pounds 7,042,749 Euro Dollars October 2, 2015 5,000,000 British Pounds 7,039,279 Euro Dollars October 2, 2015 7,500,000 AUD Dollars 5,731,500 US Dollars October 2, 2015 15,000,000 AUD Dollars 11,496,000 US Dollars October 2, 2015 7,500,000 AUD Dollars 5,737,500 US Dollars October 2, 2015 5,000,000 AUD Dollars 3,809,000 US Dollars October 2, 2015 3,000,000 AUD Dollars 2,265,000 US Dollars October 2, 2015 7,500,000 CAD Dollars 5,934,953 US Dollars October 2, 2015 7,493,175 US Dollars 6,750,000 Euro Dollars October 2, 2015 1,968,781 Euro Dollars 1,400,000 British Pounds October 2, 2015 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 July 4, 2015 , the fair value of these instruments was a liability of $1.1 million . The change in fair value of these swap agreements in the first six months of 2015 was a gain of $0.3 million , net of taxes. The following tables summarize the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Balance Sheet Presentation Jul 4, 2015 Jan 3, 2015 Fair value Other non-current liabilities $ (1,123 ) $ (810 ) The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Six Months Ended Presentation of Gain/(loss) Jul 4, 2015 Jun 28, 2014 Jul 4, 2015 Jun 28, 2014 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ (4 ) $ (1,008 ) $ (1,301 ) $ (1,111 ) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ (489 ) $ (572 ) $ (974 ) $ (1,115 ) Gain/(loss) recognized in income (ineffective portion) Other expense $ 2 $ (48 ) $ 15 $ (17 ) Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions and assesses its creditworthiness prior to entering into the interest rate swap agreements. 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 agreements. |
Segment Information
Segment Information | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [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, Desmon, Doyon, Eswood, Frifri, Giga, Goldstein, Holman, Houno, IMC, Induc, Jade, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, 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, Germany and the United Kingdom. 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, Stewart Systems and Thurne. 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. Net Sales Summary (dollars in thousands) Three Months Ended Six Months Ended Jul 4, 2015 Jun 28, 2014 Jul 4, 2015 Jun 28, 2014 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 288,831 66.2 % $ 263,899 62.1 % $ 551,047 65.4 % $ 497,949 62.4 % Food Processing 71,913 16.5 89,943 21.2 141,732 16.8 165,529 20.8 Residential Kitchen 75,547 17.3 70,934 16.7 150,108 17.8 133,776 16.8 Total $ 436,291 100.0 % $ 424,776 100.0 % $ 842,887 100.0 % $ 797,254 100.0 % The following table summarizes the results of operations for the company's business segments (1) (in thousands): Commercial Foodservice Food Processing Residential Kitchen Corporate and Other (2) Total Three Months Ended July 4, 2015 Net sales $ 288,831 $ 71,913 $ 75,547 $ — $ 436,291 Income (loss) from operations 77,616 14,176 9,101 (17,533 ) 83,360 Depreciation and amortization expense 5,027 3,545 2,260 96 10,928 Net capital expenditures 3,296 1,782 309 180 5,567 Six Months Ended July 4, 2015 Net sales $ 551,047 $ 141,732 $ 150,108 $ — $ 842,887 Income (loss) from operations 141,342 27,486 14,042 (32,930 ) 149,940 Depreciation and amortization expense 10,293 4,982 6,389 496 22,160 Net capital expenditures 7,920 2,137 1,369 258 11,684 Total assets $ 1,159,298 $ 314,282 $ 629,210 $ 53,158 $ 2,155,948 Three Months Ended June 28, 2014 Net sales $ 263,899 $ 89,943 $ 70,934 $ — $ 424,776 Income (loss) from operations 69,743 16,988 4,787 (15,779 ) 75,739 Depreciation and amortization expense 4,903 2,249 3,232 409 10,793 Net capital expenditures 2,223 1,352 180 — 3,755 Six Months Ended June 28, 2014 Net sales $ 497,949 $ 165,529 $ 133,776 $ — $ 797,254 Income (loss) from operations 124,705 29,110 4,994 (27,137 ) 131,672 Depreciation and amortization expense 9,787 4,370 6,323 834 21,314 Net capital expenditures 4,466 1,801 719 — 6,986 Total assets $ 1,025,374 $ 322,864 $ 496,324 $ 81,537 $ 1,926,099 (1) Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. (2) Includes corporate and other general company assets and operations. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands): Jul 4, 2015 Jun 28, 2014 United States and Canada $ 106,208 $ 129,922 Asia 20,835 5,267 Europe and Middle East 46,165 16,904 Latin America 1,401 1,942 Total international $ 68,401 $ 24,113 $ 174,609 $ 154,035 Net sales (in thousands): Three Months Ended Six Months Ended Jul 4, 2015 Jun 28, 2014 Jul 4, 2015 Jun 28, 2014 United States and Canada $ 327,539 $ 295,374 $ 624,023 $ 554,474 Asia 36,383 46,277 84,912 80,083 Europe and Middle East 57,140 55,436 100,124 115,241 Latin America 15,229 27,689 33,828 47,456 Total international $ 108,752 $ 129,402 $ 218,864 $ 242,780 $ 436,291 $ 424,776 $ 842,887 $ 797,254 |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [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 employees participating in the defined benefit plan were enrolled in a newly established 401K savings plan on July 1, 2002, further described below. 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. The retirement benefits are based upon a percentage of the Chairman’s final base salary. (b) 401K Savings Plans The company maintains 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. The company makes profit sharing contributions to the various plans in accordance with the requirements of the plan. Profit sharing contributions for the Elgin Union 401K savings plans are made in accordance with the agreement. |
Acquisition Integration Initiat
Acquisition Integration Initiatives | 6 Months Ended |
Jul. 04, 2015 | |
Subsequent Events [Abstract] | |
Acquisition Integration Initiatives | 15) Acquisition Integration Initiatives In conjunction with the purchase of Viking on December 31, 2012, the company has taken actions to improve the operations of Viking. In the first quarter of 2015, the company took additional actions related to the operations of the distribution operations of Viking (Viking Distributors 2013 and Viking Distributors 2014), purchased in 2013 and 2014. These combined initiatives included organizational restructuring and headcount reductions, consolidation and disposition of certain facilities and business operations and discontinuation of certain products. During the six months ended July 4, 2015 , the company recorded expense in the amount of $6.1 million for these initiatives, which is reflected in the general and administrative expenses in the consolidated statements of earnings for such period. The costs and corresponding reserve balances are summarized as follows (in thousands): Severance/Benefits Inventory/Product Facilities/Operations Other Total Balance as of January 3, 2015 $ 147 $ — $ — $ 37 $ 184 Expenses 1,779 — 4,307 (9 ) 6,077 Payments (643 ) — (310 ) (3 ) (956 ) Balance as of July 4, 2015 $ 1,283 $ — $ 3,997 $ 25 $ 5,305 |
Sub Event (Notes)
Sub Event (Notes) | 6 Months Ended |
Jul. 04, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event On July 15, 2015, subsequent to the end of the second quarter, the company and Aga Rangemaster Group plc ("Aga") announced the terms of a recommended offer to acquire all of the outstanding shares of Aga in a cash transaction for £1.85 per share. The proposed transaction represents an equity value of approximately £129.2 million or approximately $200 million US Dollars. Aga is a leading manufacturer of equipment including ranges, ovens and refrigeration for the residential kitchen equipment industry and is located in Leamington SPA, the United Kingdom. Aga has annual revenues of approximately $400.0 million US Dollars. The company expects the transaction to be completed in the third quarter of 2015. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 04, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | A) Basis of Presentation The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2014 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2015 . In the opinion of management, the financial statements contain all adjustments necessary to present fairly the financial position of the company as of July 4, 2015 and January 3, 2015 , the results of operations for the three and six months ended July 4, 2015 and June 28, 2014 and cash flows for the six months ended July 4, 2015 and June 28, 2014 . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, 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. Actual results could differ from the company's estimates. |
Non-Cash Share-Based Compensation | B) Non-Cash Share-Based Compensation The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $5.4 million and $4.8 million for the second quarter periods ended July 4, 2015 and June 28, 2014 , respectively. |
Income Tax Contingencies | C) Income Taxes 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. As of July 4, 2015 , the company recognized a tax expense of $1.5 million for unrecognized tax benefits related to current year tax exposures. 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 approximately $0.6 million of its currently remaining unrecognized tax benefits may be recognized over the next twelve months as a result of 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 2005 – 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 2010 – 2014 Philippines 2012 – 2014 South Korea 2010 – 2011 Spain 2010 – 2014 Taiwan 2010 – 2012 United Kingdom 2011 – 2014 |
Fair Value Measures | D) 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 and are categorized using the fair value hierarchy are as follows (in thousands): Fair Value Level 1 Fair Value Level 2 Fair Value Level 3 Total As of July 4, 2015 Financial Assets: Pension plans $ 27,769 $ 1,193 $ — $ 28,962 Financial Liabilities: Interest rate swaps $ — $ 1,123 $ — $ 1,123 Contingent consideration $ — $ — $ 12,797 $ 12,797 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 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Accounting Policies [Abstract] | |
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 2005 – 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 2010 – 2014 Philippines 2012 – 2014 South Korea 2010 – 2011 Spain 2010 – 2014 Taiwan 2010 – 2012 United Kingdom 2011 – 2014 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands): Fair Value Level 1 Fair Value Level 2 Fair Value Level 3 Total As of July 4, 2015 Financial Assets: Pension plans $ 27,769 $ 1,193 $ — $ 28,962 Financial Liabilities: Interest rate swaps $ — $ 1,123 $ — $ 1,123 Contingent consideration $ — $ — $ 12,797 $ 12,797 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 |
Acquisitions and Purchase Accou
Acquisitions and Purchase Accounting (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | 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): July 4, 2015 June 28, 2014 Net sales $ 851,822 $ 836,668 Net earnings 93,678 85,874 Net earnings per share: Basic 1.65 1.52 Diluted 1.65 1.52 |
Thurne [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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) Apr 7, 2015 Current assets $ 3,419 Property, plant and equipment 3,334 Goodwill 609 Other intangibles 3,625 Current liabilities (1,115 ) Net assets acquired and liabilities assumed $ 9,872 |
Desmon [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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 7, 2015 Preliminary Measurement Period Adjustments (as adjusted) Jan 7, 2015 Cash $ 441 $ — $ 441 Current deferred tax asset 535 — 535 Current assets 8,639 (418 ) 8,221 Property, plant and equipment 7,989 — 7,989 Goodwill 7,175 556 7,731 Other intangibles 3,129 — 3,129 Current liabilities (8,668 ) — (8,668 ) Long-term deferred tax liability (2,389 ) — (2,389 ) Other non-current liabilities (2,463 ) (138 ) (2,601 ) Consideration paid at closing $ 14,388 $ — $ 14,388 Contingent consideration 2,416 138 2,554 Net assets acquired and liabilities assumed $ 16,804 $ 138 $ 16,942 |
PES [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of cash paid for the PES acquisition is summarized as follows (in thousands): (as initially reported) Mar 31, 2014 Measurement Period Adjustments (as adjusted) Mar 31, 2014 Current assets $ 2,211 $ (153 ) $ 2,058 Property, plant and equipment 3,493 — 3,493 Goodwill 10,792 332 11,124 Other intangibles 1,600 18 1,618 Other assets 21 (21 ) — Current liabilities (816 ) — (816 ) Other non-current liabilities (2,301 ) (176 ) (2,477 ) Consideration paid at closing $ 15,000 $ — $ 15,000 Contingent consideration 2,301 176 2,477 Net assets acquired and liabilities assumed $ 17,301 $ 176 $ 17,477 |
Viking Range Corporation [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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 | 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 | 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 | 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 | 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 |
Distributors 2014 [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of cash paid for the Viking Distributors 2014 acquisition is summarized as follows (in thousands): (as initially reported) Jan 31, 2014 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 |
Concordia [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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 (508 ) 3,259 Goodwill 11,255 (5,960 ) 5,295 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 ) 3,967 (743 ) Consideration paid at closing $ 12,861 $ (80 ) $ 12,781 Contingent consideration 4,710 (3,967 ) 743 Net assets acquired and liabilities assumed $ 17,571 $ (4,047 ) $ 13,524 |
ULine [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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 Preliminary Measurement Period Adjustments (as adjusted) Nov 5, 2014 Cash $ 12,764 $ — $ 12,764 Current deferred tax asset 657 — 657 Current assets 12,237 — 12,237 Property, plant and equipment 3,376 — 3,376 Goodwill 89,501 (275 ) 89,226 Other intangibles 57,500 — 57,500 Current liabilities (6,032 ) — (6,032 ) Long-term deferred tax liability (13,095 ) — (13,095 ) Other non-current liabilities (2,111 ) — (2,111 ) Net assets acquired and liabilities assumed $ 154,797 $ (275 ) $ 154,522 |
GoldsteinEswood [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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 30, 2015 Preliminary Measurement Period Adjustments (as adjusted) Jan 30, 2015 Current assets $ 8,036 $ — $ 8,036 Property, plant and equipment 8,690 — 8,690 Goodwill 8,493 82 8,575 Other intangibles 5,648 — 5,648 Current liabilities (1,806 ) — (1,806 ) Other non-current liabilities (1,655 ) (82 ) (1,737 ) Consideration paid at closing $ 27,406 $ — $ 27,406 Contingent consideration 1,655 82 1,737 Net assets acquired and liabilities assumed $ 29,061 $ 82 $ 29,143 |
Marsal [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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) Feb 10, 2015 Preliminary Measurement Period Adjustments (as adjusted) Feb 10, 2015 Current assets $ 455 $ — $ 455 Property, plant and equipment 201 (5 ) 196 Goodwill 3,012 5 3,017 Other intangibles 2,027 — 2,027 Current liabilities (195 ) — (195 ) Net assets acquired and liabilities assumed $ 5,500 $ — $ 5,500 |
Induc [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | 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) May 30, 2015 Current assets $ 1,705 Property, plant and equipment 536 Goodwill 13,496 Other intangibles 1,500 Other assets 32 Current liabilities (854 ) Other non-current liabilities (5,793 ) Consideration paid at closing $ 10,622 Deferred payment 1,516 Contingent consideration 4,276 Net assets acquired and liabilities assumed 16,414 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive income(1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total Balance as of January 3, 2015 $ (24,655 ) $ (6,540 ) $ (236 ) $ (31,431 ) Other comprehensive income before reclassification (9,122 ) 25 271 (8,826 ) Amounts reclassified from accumulated other comprehensive income — — (441 ) (441 ) Net current-period other comprehensive income $ (9,122 ) $ 25 $ (170 ) $ (9,267 ) Balance as of July 4, 2015 $ (33,777 ) $ (6,515 ) $ (406 ) $ (40,698 ) |
Schedule of Comprehensive Income (Loss) | Components of other comprehensive income were as follows (in thousands): Three Months Ended Six Months Ended Jul 4, 2015 Jun 28, 2014 Jul 4, 2015 Jun 28, 2014 Net earnings $ 54,267 $ 48,405 $ 92,498 $ 81,850 Currency translation adjustment 6,669 1,856 (9,122 ) 3,430 Pension liability adjustment, net of tax (89 ) 38 25 (19 ) Unrealized gain on interest rate swaps, net of tax 302 (261 ) (170 ) 3 Comprehensive income $ 61,149 $ 50,038 $ 83,231 $ 85,264 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Schedule of Inventory, Current | Inventories at July 4, 2015 and January 3, 2015 are as follows: Jul 4, 2015 Jan 3, 2015 (in thousands) Raw materials and parts $ 134,682 $ 126,121 Work-in-process 29,900 17,828 Finished goods 127,354 111,827 $ 291,936 $ 255,776 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the six months ended July 4, 2015 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of January 3, 2015 $ 450,890 $ 134,512 $ 223,089 $ 808,491 Goodwill acquired during the year 32,819 609 — 33,428 Measurement period adjustments to goodwill acquired in prior year (1,367 ) 63 (275 ) (1,579 ) Exchange effect (4,371 ) (2,587 ) — (6,958 ) Balance as of July 4, 2015 $ 477,971 $ 132,597 $ 222,814 $ 833,382 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Disclosure Accrued Expenses [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consist of the following: Jul 4, 2015 Jan 3, 2015 (in thousands) Accrued payroll and related expenses $ 46,245 $ 50,844 Advanced customer deposits 44,794 20,367 Accrued warranty 30,550 28,786 Accrued customer rebates 21,333 32,357 Accrued product liability and workers compensation 14,219 14,582 Product recall 11,325 12,125 Accrued agent commission 10,295 11,207 Accrued professional services 7,234 7,053 Accrued sales and other tax 6,827 7,660 Other accrued expenses 28,450 35,604 $ 221,272 $ 220,585 |
Warranty Costs (Tables)
Warranty Costs (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Product Warranty Table Disclosure | A rollforward of the warranty reserve is as follows: Six Months Ended Jul 4, 2015 (in thousands) Balance as of January 3, 2015 $ 28,786 Warranty reserve related to acquisitions — Warranty expense 22,007 Warranty claims (20,243 ) Balance as of July 4, 2015 $ 30,550 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Schedule of Long-term Debt Instruments | Jul 4, 2015 Jan 3, 2015 (in thousands) Senior secured revolving credit line $ 563,000 $ 587,500 Foreign loans 11,049 10,384 Other debt arrangement 265 283 Total debt $ 574,314 $ 598,167 Less: Current maturities of long-term debt 10,210 9,402 Long-term debt $ 564,104 $ 588,765 |
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): Jul 4, 2015 Jan 3, 2015 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 574,314 $ 574,314 $ 598,167 $ 598,167 |
Schedule of Interest Rate Derivatives | The agreements swap one-month LIBOR for fixed rates. As of July 4, 2015 , the company had the following interest rate swaps in effect: Fixed Notional Interest Effective Maturity Amount Rate Date Date $25,000,000 2.520% 2/23/2011 2/23/2016 $15,000,000 1.185% 9/12/2011 9/12/2016 $10,000,000 0.498% 2/11/2013 7/11/2015 $15,000,000 0.458% 2/11/2013 10/11/2015 $25,000,000 0.635% 2/11/2013 8/11/2016 $25,000,000 0.789% 2/11/2013 3/11/2017 $25,000,000 0.803% 2/11/2013 5/11/2017 $35,000,000 0.880% 2/11/2013 7/11/2017 $10,000,000 1.480% 9/11/2013 7/11/2017 $15,000,000 0.920% 3/11/2014 7/11/2017 $25,000,000 0.950% 3/11/2014 7/11/2017 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Foreign Exchange Transaction | The fair value of the forward and option contracts was a gain of $0.3 million at the end of the second quarter of 2015 . Sell Purchase Maturity 6,000,000 Euro Dollars 6,695,460 US Dollars October 2, 2015 6,750,000 Euro Dollars 7,520,850 US Dollars October 2, 2015 6,250,000 Euro Dollars 6,996,563 US Dollars October 2, 2015 12,500,000 Euro Dollars 14,015,000 US Dollars October 2, 2015 3,900,000 British Pounds 5,496,751 Euro Dollars October 2, 2015 5,000,000 British Pounds 7,042,749 Euro Dollars October 2, 2015 5,000,000 British Pounds 7,039,279 Euro Dollars October 2, 2015 7,500,000 AUD Dollars 5,731,500 US Dollars October 2, 2015 15,000,000 AUD Dollars 11,496,000 US Dollars October 2, 2015 7,500,000 AUD Dollars 5,737,500 US Dollars October 2, 2015 5,000,000 AUD Dollars 3,809,000 US Dollars October 2, 2015 3,000,000 AUD Dollars 2,265,000 US Dollars October 2, 2015 7,500,000 CAD Dollars 5,934,953 US Dollars October 2, 2015 7,493,175 US Dollars 6,750,000 Euro Dollars October 2, 2015 1,968,781 Euro Dollars 1,400,000 British Pounds October 2, 2015 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables summarize the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Balance Sheet Presentation Jul 4, 2015 Jan 3, 2015 Fair value Other non-current liabilities $ (1,123 ) $ (810 ) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Six Months Ended Presentation of Gain/(loss) Jul 4, 2015 Jun 28, 2014 Jul 4, 2015 Jun 28, 2014 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ (4 ) $ (1,008 ) $ (1,301 ) $ (1,111 ) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ (489 ) $ (572 ) $ (974 ) $ (1,115 ) Gain/(loss) recognized in income (ineffective portion) Other expense $ 2 $ (48 ) $ 15 $ (17 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Notes To Financial Statements [Abstract] | |
Net Sales Summary By Segment | Net Sales Summary (dollars in thousands) Three Months Ended Six Months Ended Jul 4, 2015 Jun 28, 2014 Jul 4, 2015 Jun 28, 2014 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 288,831 66.2 % $ 263,899 62.1 % $ 551,047 65.4 % $ 497,949 62.4 % Food Processing 71,913 16.5 89,943 21.2 141,732 16.8 165,529 20.8 Residential Kitchen 75,547 17.3 70,934 16.7 150,108 17.8 133,776 16.8 Total $ 436,291 100.0 % $ 424,776 100.0 % $ 842,887 100.0 % $ 797,254 100.0 % |
Schedule of Segment Reporting Information, by Segment | The following table summarizes the results of operations for the company's business segments (1) (in thousands): Commercial Foodservice Food Processing Residential Kitchen Corporate and Other (2) Total Three Months Ended July 4, 2015 Net sales $ 288,831 $ 71,913 $ 75,547 $ — $ 436,291 Income (loss) from operations 77,616 14,176 9,101 (17,533 ) 83,360 Depreciation and amortization expense 5,027 3,545 2,260 96 10,928 Net capital expenditures 3,296 1,782 309 180 5,567 Six Months Ended July 4, 2015 Net sales $ 551,047 $ 141,732 $ 150,108 $ — $ 842,887 Income (loss) from operations 141,342 27,486 14,042 (32,930 ) 149,940 Depreciation and amortization expense 10,293 4,982 6,389 496 22,160 Net capital expenditures 7,920 2,137 1,369 258 11,684 Total assets $ 1,159,298 $ 314,282 $ 629,210 $ 53,158 $ 2,155,948 Three Months Ended June 28, 2014 Net sales $ 263,899 $ 89,943 $ 70,934 $ — $ 424,776 Income (loss) from operations 69,743 16,988 4,787 (15,779 ) 75,739 Depreciation and amortization expense 4,903 2,249 3,232 409 10,793 Net capital expenditures 2,223 1,352 180 — 3,755 Six Months Ended June 28, 2014 Net sales $ 497,949 $ 165,529 $ 133,776 $ — $ 797,254 Income (loss) from operations 124,705 29,110 4,994 (27,137 ) 131,672 Depreciation and amortization expense 9,787 4,370 6,323 834 21,314 Net capital expenditures 4,466 1,801 719 — 6,986 Total assets $ 1,025,374 $ 322,864 $ 496,324 $ 81,537 $ 1,926,099 (1) Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. (2) Includes corporate and other general company assets and operations. |
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): Jul 4, 2015 Jun 28, 2014 United States and Canada $ 106,208 $ 129,922 Asia 20,835 5,267 Europe and Middle East 46,165 16,904 Latin America 1,401 1,942 Total international $ 68,401 $ 24,113 $ 174,609 $ 154,035 |
Schedule of Entity-Wide Information, Revenue from External Customers by Products and Services | Net sales (in thousands): Three Months Ended Six Months Ended Jul 4, 2015 Jun 28, 2014 Jul 4, 2015 Jun 28, 2014 United States and Canada $ 327,539 $ 295,374 $ 624,023 $ 554,474 Asia 36,383 46,277 84,912 80,083 Europe and Middle East 57,140 55,436 100,124 115,241 Latin America 15,229 27,689 33,828 47,456 Total international $ 108,752 $ 129,402 $ 218,864 $ 242,780 $ 436,291 $ 424,776 $ 842,887 $ 797,254 |
Acquisition Integration Initi32
Acquisition Integration Initiatives Acquisition Integration Initiatives (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Business Combinations [Abstract] | |
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 Balance as of January 3, 2015 $ 147 $ — $ — $ 37 $ 184 Expenses 1,779 — 4,307 (9 ) 6,077 Payments (643 ) — (310 ) (3 ) (956 ) Balance as of July 4, 2015 $ 1,283 $ — $ 3,997 $ 25 $ 5,305 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | Jan. 03, 2015 | |
Significant Accounting Policies [Line Items] | |||||
Non-cash share-based compensation expense | $ 5,370 | $ 4,758 | $ 7,399 | $ 6,696 | |
Unrecognized tax benefits related to federal, state and foreign taxes | $ 12,500 | ||||
Unrecognized tax benefits related to federal, state and foreign taxes of which would impact the effective tax rate if recognized | 12,200 | ||||
Unrecognized tax benefits, accrued interest | 1,700 | ||||
Unrecognized tax benefits, penalties | $ 3,000 | ||||
Recognized Tax Expense | 1,500 | ||||
Amount of unrecognized tax benefits that may be recognized over the next twelve months | $ 600 | 600 | |||
Interest paid | 6,900 | 7,800 | |||
Income tax payments | $ 36,200 | $ 10,400 | |||
Restricted Stock [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 100,704 | ||||
Grant date fair value | $ 10,900 |
Financial Assets and Liabilitie
Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 |
Pension Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | $ 28,962 | $ 28,881 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 1,123 | 810 |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 12,797 | 14,558 |
Fair Value, Inputs, Level 1 [Member] | Pension Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 27,769 | 27,647 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Pension Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 1,193 | 1,234 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 1,123 | 810 |
Fair Value, Inputs, Level 2 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Pension Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | $ 12,797 | $ 14,558 |
Acquisitions and Purchase Acc35
Acquisitions and Purchase Accounting Additional Information (Details) - USD ($) $ in Thousands | May. 31, 2015 | Apr. 07, 2015 | Feb. 10, 2015 | Jan. 30, 2015 | Jan. 07, 2015 | Nov. 05, 2014 | Sep. 08, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jan. 07, 2014 | Dec. 17, 2013 | Oct. 15, 2013 | Jun. 29, 2013 | Dec. 31, 2012 | Jul. 04, 2015 | Jun. 28, 2014 | May. 30, 2015 | Jun. 28, 2013 |
Concordia [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | $ 3,500 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 12,500 | $ 0 | ||||||||||||||||
Long-term tax asset | 1,981 | |||||||||||||||||
Other intangibles | 4,500 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 700 | |||||||||||||||||
Business Combination, Provisional Information Adjustment, Working Capital | 100 | |||||||||||||||||
Net assets acquired and liabilities assumed | 13,524 | |||||||||||||||||
Concordia [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 0 | |||||||||||||||||
Net assets acquired and liabilities assumed | (4,047) | |||||||||||||||||
Concordia [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term tax asset | 0 | |||||||||||||||||
Other intangibles | 4,500 | |||||||||||||||||
Net assets acquired and liabilities assumed | 17,571 | |||||||||||||||||
Concordia [Member] | Book and Tax Basis Difference [Member] | Intangible Assets [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 1,600 | |||||||||||||||||
Concordia [Member] | Book and Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 500 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current | 400 | |||||||||||||||||
Long-term tax asset | 2,000 | |||||||||||||||||
Concordia [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 800 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
Concordia [Member] | Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 700 | |||||||||||||||||
Concordia [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 3,000 | |||||||||||||||||
ULine [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | $ 13,095 | |||||||||||||||||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 3,800 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 142,000 | $ 0 | ||||||||||||||||
Other intangibles | 57,500 | |||||||||||||||||
Business Combination, Provisional Information Adjustment, Working Capital | 300 | |||||||||||||||||
ULine [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 0 | |||||||||||||||||
Other intangibles | 0 | |||||||||||||||||
ULine [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 13,095 | |||||||||||||||||
Other intangibles | 57,500 | |||||||||||||||||
ULine [Member] | Book and Tax Basis Difference [Member] | Intangible Assets [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 17,500 | |||||||||||||||||
ULine [Member] | Book and Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 13,100 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 1,300 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current | 700 | |||||||||||||||||
ULine [Member] | Customer Relationships [Member] | Residential Kitchen [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 17,500 | |||||||||||||||||
ULine [Member] | Trade Names [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||||||
ULine [Member] | Trade Names [Member] | Residential Kitchen [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 40,000 | |||||||||||||||||
Desmon [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | $ 2,389 | |||||||||||||||||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 200 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 14,400 | $ 13,947 | ||||||||||||||||
Other intangibles | 3,129 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 2,600 | |||||||||||||||||
Net assets acquired and liabilities assumed | 16,942 | |||||||||||||||||
Desmon [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 0 | |||||||||||||||||
Other intangibles | 0 | |||||||||||||||||
Net assets acquired and liabilities assumed | 138 | |||||||||||||||||
Desmon [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 2,389 | |||||||||||||||||
Other intangibles | 3,129 | |||||||||||||||||
Net assets acquired and liabilities assumed | 16,804 | |||||||||||||||||
Desmon [Member] | Book and Tax Basis Difference [Member] | Intangible Assets [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 1,000 | |||||||||||||||||
Desmon [Member] | Book and Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 2,400 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 1,100 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current | 500 | |||||||||||||||||
Desmon [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||||||||||||||
Desmon [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 700 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |||||||||||||||||
Desmon [Member] | Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
Desmon [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 2,200 | |||||||||||||||||
GoldsteinEswood [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 27,400 | |||||||||||||||||
Other intangibles | 5,648 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 1,700 | |||||||||||||||||
Net assets acquired and liabilities assumed | 29,143 | |||||||||||||||||
GoldsteinEswood [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 0 | |||||||||||||||||
Net assets acquired and liabilities assumed | 82 | |||||||||||||||||
GoldsteinEswood [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 5,648 | |||||||||||||||||
Net assets acquired and liabilities assumed | 29,061 | |||||||||||||||||
GoldsteinEswood [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||||||||||||||
GoldsteinEswood [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 1,400 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |||||||||||||||||
GoldsteinEswood [Member] | Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
GoldsteinEswood [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 4,000 | |||||||||||||||||
Market Forge [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 7,000 | |||||||||||||||||
Business Acquisition, Additional Payment Due | 200 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 1,500 | |||||||||||||||||
Net assets acquired and liabilities assumed | 11,740 | |||||||||||||||||
Payments for Previous Acquisition | 3,000 | |||||||||||||||||
Market Forge [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Net assets acquired and liabilities assumed | 126 | |||||||||||||||||
Market Forge [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Net assets acquired and liabilities assumed | 11,614 | |||||||||||||||||
Market Forge [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||||||||||||||
Market Forge [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 1,100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |||||||||||||||||
Market Forge [Member] | Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 200 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
Market Forge [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 2,900 | |||||||||||||||||
Viking Range Corporation [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 361,700 | |||||||||||||||||
Business Combination, Provisional Information Adjustment, Working Capital | 11,200 | |||||||||||||||||
Viking Range Corporation [Member] | Backlog [Member] | Residential Kitchen [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 2,000 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||||||||||||||
Viking Range Corporation [Member] | Customer Relationships [Member] | Residential Kitchen [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 44,000 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||||||||||||||||
Viking Range Corporation [Member] | Trade Names [Member] | Residential Kitchen [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 151,000 | |||||||||||||||||
Distributors [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 23,600 | |||||||||||||||||
Business Combinations, Preexisting Relationship, Liability Forgiveness | $ (8,697) | |||||||||||||||||
Distributors [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combinations, Preexisting Relationship, Liability Forgiveness | 0 | |||||||||||||||||
Distributors [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combinations, Preexisting Relationship, Liability Forgiveness | $ (8,697) | |||||||||||||||||
Celfrost [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 11,200 | |||||||||||||||||
Other intangibles | 4,333 | |||||||||||||||||
Net assets acquired and liabilities assumed | 12,313 | |||||||||||||||||
AdditonalPaymentstoAcquireBusinessses | 400 | |||||||||||||||||
DeferredPaymentstoAcquireBusinesses | 700 | |||||||||||||||||
Celfrost [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 0 | |||||||||||||||||
Net assets acquired and liabilities assumed | 0 | |||||||||||||||||
Celfrost [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 4,333 | |||||||||||||||||
Net assets acquired and liabilities assumed | 12,313 | |||||||||||||||||
Celfrost [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||||||||||||||
Celfrost [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 1,900 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||||||
Celfrost [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 2,300 | |||||||||||||||||
Wunder-Bar [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | $ 12,091 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 74,100 | |||||||||||||||||
Other intangibles | 33,060 | |||||||||||||||||
Business Combination, Provisional Information Adjustment, Working Capital | 100 | |||||||||||||||||
Net assets acquired and liabilities assumed | 76,285 | |||||||||||||||||
BusinessCombinationsAdditionalAssetsPurchased | 800 | |||||||||||||||||
AdditonalPaymentstoAcquireBusinessses | 600 | |||||||||||||||||
Wunder-Bar [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 1,280 | |||||||||||||||||
Other intangibles | 3,060 | |||||||||||||||||
Net assets acquired and liabilities assumed | 1,285 | |||||||||||||||||
Wunder-Bar [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 10,811 | |||||||||||||||||
Other intangibles | 30,000 | |||||||||||||||||
Net assets acquired and liabilities assumed | 75,000 | |||||||||||||||||
Wunder-Bar [Member] | Book and Tax Basis Difference [Member] | Intangible Assets [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 12,100 | |||||||||||||||||
Wunder-Bar [Member] | Book and Tax Basis Difference [Member] | Tangible Assets And Liability Accounts [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Long-term deferred tax liability | 12,100 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 200 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current | 200 | |||||||||||||||||
Wunder-Bar [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 200 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||||||||||||||
Wunder-Bar [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 20,200 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | |||||||||||||||||
Wunder-Bar [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 12,700 | |||||||||||||||||
Distributors 2014 [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 44,500 | |||||||||||||||||
Net assets acquired and liabilities assumed | 44,456 | |||||||||||||||||
Business Combinations, Preexisting Relationship, Liability Forgiveness | (5,971) | |||||||||||||||||
Distributors 2014 [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Net assets acquired and liabilities assumed | 0 | |||||||||||||||||
Business Combinations, Preexisting Relationship, Liability Forgiveness | 0 | |||||||||||||||||
Distributors 2014 [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Net assets acquired and liabilities assumed | 44,456 | |||||||||||||||||
Business Combinations, Preexisting Relationship, Liability Forgiveness | $ (5,971) | |||||||||||||||||
PES [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 15,000 | |||||||||||||||||
Other intangibles | 1,618 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | 2,500 | |||||||||||||||||
Net assets acquired and liabilities assumed | 17,477 | |||||||||||||||||
PES [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 18 | |||||||||||||||||
Net assets acquired and liabilities assumed | 176 | |||||||||||||||||
PES [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 1,600 | |||||||||||||||||
Net assets acquired and liabilities assumed | 17,301 | |||||||||||||||||
PES [Member] | Backlog [Member] | Food Processing | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||||||||||||||
PES [Member] | Customer Relationships [Member] | Food Processing | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 1,000 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
PES [Member] | Developed Technology Rights [Member] | Food Processing | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 600 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
Marsal [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 5,500 | |||||||||||||||||
Other intangibles | 2,027 | |||||||||||||||||
Net assets acquired and liabilities assumed | 5,500 | |||||||||||||||||
Marsal [Member] | Measurement Period Adjustments | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 0 | |||||||||||||||||
Net assets acquired and liabilities assumed | 0 | |||||||||||||||||
Marsal [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 2,027 | |||||||||||||||||
Net assets acquired and liabilities assumed | 5,500 | |||||||||||||||||
Marsal [Member] | Backlog [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||||||||||||||
Marsal [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 500 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |||||||||||||||||
Marsal [Member] | Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 100 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
Marsal [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 1,300 | |||||||||||||||||
Thurne [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 12,700 | |||||||||||||||||
Business Combination, Provisional Information Adjustment, Working Capital | 2,800 | |||||||||||||||||
Thurne [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 3,625 | |||||||||||||||||
Net assets acquired and liabilities assumed | 9,872 | |||||||||||||||||
Thurne [Member] | Customer Relationships [Member] | Food Processing | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 900 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
Thurne [Member] | Backlog [Member] | Food Processing | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 600 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 months | |||||||||||||||||
Thurne [Member] | Developed Technology Rights [Member] | Food Processing | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 200 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
Thurne [Member] | Trade Names [Member] | Food Processing | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 2,000 | |||||||||||||||||
Induc [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 10,600 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 4,300 | |||||||||||||||||
AdditonalPaymentstoAcquireBusinessses | $ 1,500 | |||||||||||||||||
Induc [Member] | as initially reported | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 1,500 | |||||||||||||||||
Net assets acquired and liabilities assumed | 16,414 | |||||||||||||||||
Induc [Member] | Customer Lists [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||||||||
Induc [Member] | Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | 500 | |||||||||||||||||
Induc [Member] | Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other intangibles | $ 1,000 |
Acquisitions and Purchase Acc36
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Viking Acquisition (Details) (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
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 asset | 13,469 | ||
Current liabilities | (53,088) | ||
Other non-current liabilities | (2,387) | ||
Net assets acquired and liabilities assumed | 368,510 | ||
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 asset | 865 | ||
Current liabilities | (886) | ||
Other non-current liabilities | (1) | ||
Net assets acquired and liabilities assumed | (11,226) | ||
as initially reported | 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 asset | 12,604 | ||
Current liabilities | (52,202) | ||
Other non-current liabilities | (2,386) | ||
Net assets acquired and liabilities assumed | $ 379,736 |
Acquisitions and Purchase Acc37
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Distributors Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Jun. 28, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
Distributors [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 17,791 | ||
Property, plant and equipment | 1,318 | ||
Goodwill | 5,308 | ||
Current liabilities | (804) | ||
Net assets acquired and liabilities assumed | 23,613 | ||
Business Combinations, Preexisting Relationship, Liability Forgiveness | (8,697) | ||
Consideration paid at closing | 14,916 | ||
as initially reported | Distributors [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 21,390 | ||
Property, plant and equipment | 1,318 | ||
Goodwill | 1,709 | ||
Current liabilities | (804) | ||
Net assets acquired and liabilities assumed | 23,613 | ||
Business Combinations, Preexisting Relationship, Liability Forgiveness | (8,697) | ||
Consideration paid at closing | 14,916 | ||
Scenario, Adjustment [Member] | Distributors [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | (3,599) | ||
Property, plant and equipment | 0 | ||
Goodwill | 3,599 | ||
Current liabilities | 0 | ||
Net assets acquired and liabilities assumed | 0 | ||
Business Combinations, Preexisting Relationship, Liability Forgiveness | 0 | ||
Consideration paid at closing | $ 0 |
Estimated Fair Values of Assets
Estimated Fair Values of Assets Acquired and Liabilities Assumed for Celfrost Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Oct. 15, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
Celfrost [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 5,514 | ||
Property, plant and equipment | 182 | ||
Goodwill | 7,661 | ||
Other intangibles | 4,333 | ||
Other asset | 4 | ||
Current liabilities | (5,573) | ||
Other non-current liabilities | (875) | ||
Consideration paid at closing | 11,246 | ||
Business Acquisition, Deferred Payments | 1,067 | ||
Net assets acquired and liabilities assumed | 12,313 | ||
Celfrost [Member] | as initially reported | |||
Business Acquisition [Line Items] | |||
Current assets | 5,638 | ||
Property, plant and equipment | 182 | ||
Goodwill | 5,943 | ||
Other intangibles | 4,333 | ||
Other asset | 4 | ||
Current liabilities | (3,979) | ||
Other non-current liabilities | (875) | ||
Consideration paid at closing | 11,246 | ||
Business Acquisition, Deferred Payments | 1,067 | ||
Net assets acquired and liabilities assumed | 12,313 | ||
Celfrost [Member] | Scenario, Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | (124) | ||
Property, plant and equipment | 0 | ||
Goodwill | 1,718 | ||
Other intangibles | 0 | ||
Other asset | 0 | ||
Current liabilities | (1,594) | ||
Other non-current liabilities | 0 | ||
Consideration paid at closing | 0 | ||
Business Acquisition, Deferred Payments | 0 | ||
Net assets acquired and liabilities assumed | $ 0 |
Estimated Fair Values of Asse39
Estimated Fair Values of Assets Acquired and Liabilities Assumed for Wunder Bar Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Dec. 17, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
Wunder-Bar [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 857 | ||
Current deferred tax asset | 238 | ||
Current assets | 13,783 | ||
Property, plant and equipment | 1,423 | ||
Goodwill | 41,805 | ||
Other intangibles | 33,060 | ||
Other asset | 290 | ||
Current liabilities | (4,148) | ||
Long-term deferred tax liability | (12,091) | ||
Other non-current liabilities | (366) | ||
Consideration paid at closing | 74,851 | ||
Business Acquisition, Deferred Payments | 586 | ||
Net assets acquired and liabilities assumed | 76,285 | ||
as initially reported | Wunder-Bar [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 857 | ||
Current deferred tax asset | 50 | ||
Current assets | 13,127 | ||
Property, plant and equipment | 1,735 | ||
Goodwill | 45,056 | ||
Other intangibles | 30,000 | ||
Other asset | 0 | ||
Current liabilities | (5,013) | ||
Long-term deferred tax liability | (10,811) | ||
Other non-current liabilities | (1) | ||
Consideration paid at closing | 75,000 | ||
Business Acquisition, Deferred Payments | 0 | ||
Net assets acquired and liabilities assumed | 75,000 | ||
Scenario, Adjustment [Member] | Wunder-Bar [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 0 | ||
Current deferred tax asset | 188 | ||
Current assets | 656 | ||
Property, plant and equipment | (312) | ||
Goodwill | (3,251) | ||
Other intangibles | 3,060 | ||
Other asset | 290 | ||
Current liabilities | 865 | ||
Long-term deferred tax liability | (1,280) | ||
Other non-current liabilities | (365) | ||
Consideration paid at closing | (149) | ||
Business Acquisition, Deferred Payments | 586 | ||
Net assets acquired and liabilities assumed | $ 1,285 |
Acquisitions and Purchase Acc40
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Market Forge Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Jan. 07, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
Business Combination, Contingent Consideration | $ 7,234 | $ 7,053 | |
Market Forge [Member] | |||
Business Acquisition [Line Items] | |||
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 | ||
Business Acquisition, Deferred Payments | 3,000 | ||
Business Combination, Contingent Consideration | 1,500 | ||
Net assets acquired and liabilities assumed | 11,740 | ||
Market Forge [Member] | as initially reported | |||
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 | ||
Business Acquisition, Deferred Payments | 3,000 | ||
Business Combination, Contingent Consideration | 1,374 | ||
Net assets acquired and liabilities assumed | 11,614 | ||
Market Forge [Member] | Scenario, Adjustment [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 | ||
Business Acquisition, Deferred Payments | 0 | ||
Business Combination, Contingent Consideration | 126 | ||
Net assets acquired and liabilities assumed | $ 126 |
Estimated Fair Values of Asse41
Estimated Fair Values of Assets Acquired and Liabilities Assumed for Distributors 2014 Acquisition (Details) - Distributors 2014 [Member] $ in Thousands | Jan. 31, 2014USD ($) |
Business Acquisition [Line Items] | |
Current assets | $ 27,808 |
Property, plant and equipment | 1,709 |
Goodwill | 16,199 |
Current liabilities | (1,260) |
Net assets acquired and liabilities assumed | 44,456 |
Business Combinations, Preexisting Relationship, Liability Forgiveness | (5,971) |
Consideration paid at closing | 38,485 |
as initially reported | |
Business Acquisition [Line Items] | |
Current assets | 35,909 |
Property, plant and equipment | 2,000 |
Goodwill | 7,552 |
Current liabilities | (1,005) |
Net assets acquired and liabilities assumed | 44,456 |
Business Combinations, Preexisting Relationship, Liability Forgiveness | (5,971) |
Consideration paid at closing | 38,485 |
Scenario, Adjustment [Member] | |
Business Acquisition [Line Items] | |
Current assets | (8,101) |
Property, plant and equipment | (291) |
Goodwill | 8,647 |
Current liabilities | (255) |
Net assets acquired and liabilities assumed | 0 |
Business Combinations, Preexisting Relationship, Liability Forgiveness | 0 |
Consideration paid at closing | $ 0 |
Acquisitions and Purchase Acc42
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for PES Acquisition (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jul. 04, 2015 | Jun. 28, 2014 | Jan. 03, 2015 | Mar. 31, 2014 | |
Business Acquisition [Line Items] | ||||
Business Combination, Contingent Consideration | $ 7,234 | $ 7,053 | ||
PES [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 2,058 | |||
Property, plant and equipment | 3,493 | |||
Goodwill | 11,124 | |||
Other intangibles | 1,618 | |||
Other asset | 0 | |||
Current liabilities | (816) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,477) | |||
Consideration paid at closing | 15,000 | |||
Business Combination, Contingent Consideration | 2,477 | |||
Net assets acquired and liabilities assumed | 17,477 | |||
PES [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 0 | $ 15,000 | ||
as initially reported | PES [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 2,211 | |||
Property, plant and equipment | 3,493 | |||
Goodwill | 10,792 | |||
Other intangibles | 1,600 | |||
Other asset | 21 | |||
Current liabilities | (816) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,301) | |||
Consideration paid at closing | 15,000 | |||
Business Combination, 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 | |||
Goodwill | 332 | |||
Other intangibles | 18 | |||
Other asset | (21) | |||
Current liabilities | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (176) | |||
Consideration paid at closing | 0 | |||
Business Combination, Contingent Consideration | 176 | |||
Net assets acquired and liabilities assumed | $ 176 |
Acquisitions and Purchase Acc43
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Concordia Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Sep. 08, 2014 |
Business Acquisition [Line Items] | |||
Business Combination, Contingent Consideration | $ 7,234 | $ 7,053 | |
Concordia [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 345 | ||
Current deferred tax asset | 424 | ||
Current assets | 3,259 | ||
Goodwill | 5,295 | ||
Other intangibles | 4,500 | ||
Long-term tax asset | 1,981 | ||
Current liabilities | (2,280) | ||
Other non-current liabilities | (743) | ||
Consideration paid at closing | 12,781 | ||
Business Combination, Contingent Consideration | 743 | ||
Net assets acquired and liabilities assumed | 13,524 | ||
as initially reported | Concordia [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 345 | ||
Current deferred tax asset | 0 | ||
Current assets | 3,767 | ||
Goodwill | 11,255 | ||
Other intangibles | 4,500 | ||
Long-term tax asset | 0 | ||
Current liabilities | (2,296) | ||
Other non-current liabilities | (4,710) | ||
Consideration paid at closing | 12,861 | ||
Business Combination, Contingent Consideration | 4,710 | ||
Net assets acquired and liabilities assumed | 17,571 | ||
Scenario, Adjustment [Member] | Concordia [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 0 | ||
Current deferred tax asset | 424 | ||
Current assets | (508) | ||
Goodwill | (5,960) | ||
Other intangibles | 0 | ||
Current liabilities | 16 | ||
Other non-current liabilities | 3,967 | ||
Consideration paid at closing | (80) | ||
Business Combination, Contingent Consideration | (3,967) | ||
Net assets acquired and liabilities assumed | $ (4,047) |
Acquisitions and Purchase Acc44
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for U-Line Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Nov. 05, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
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 | 89,226 | ||
Current liabilities | (6,032) | ||
Long-term deferred tax liability | (13,095) | ||
Other non-current liabilities | (2,111) | ||
Consideration paid at closing | 154,522 | ||
as initially reported | 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) | ||
Other non-current liabilities | (2,111) | ||
Consideration paid at closing | 154,797 | ||
Scenario, Adjustment [Member] | ULine [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 0 | ||
Current deferred tax asset | 0 | ||
Current assets | 0 | ||
Property, plant and equipment | 0 | ||
Other intangibles | 0 | ||
Goodwill | (275) | ||
Current liabilities | 0 | ||
Long-term deferred tax liability | 0 | ||
Other non-current liabilities | 0 | ||
Consideration paid at closing | $ (275) |
Acquisitions and Purchase Acc45
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Desmon Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 07, 2015 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
Business Combination, Contingent Consideration | $ 7,234 | $ 7,053 | |
Desmon [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 441 | ||
Current deferred tax asset | 535 | ||
Current assets | 8,221 | ||
Property, plant and equipment | 7,989 | ||
Goodwill | 7,731 | ||
Other intangibles | 3,129 | ||
Current liabilities | (8,668) | ||
Long-term deferred tax liability | (2,389) | ||
Other non-current liabilities | (2,601) | ||
Consideration paid at closing | 14,388 | ||
Business Combination, Contingent Consideration | 2,554 | ||
Net assets acquired and liabilities assumed | 16,942 | ||
as initially reported | Desmon [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 441 | ||
Current deferred tax asset | 535 | ||
Current assets | 8,639 | ||
Property, plant and equipment | 7,989 | ||
Goodwill | 7,175 | ||
Other intangibles | 3,129 | ||
Current liabilities | (8,668) | ||
Long-term deferred tax liability | (2,389) | ||
Other non-current liabilities | (2,463) | ||
Business Combination, Contingent Consideration | 2,416 | ||
Net assets acquired and liabilities assumed | 16,804 | ||
Scenario, Adjustment [Member] | Desmon [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 0 | ||
Current deferred tax asset | 0 | ||
Current assets | (418) | ||
Property, plant and equipment | 0 | ||
Goodwill | 556 | ||
Other intangibles | 0 | ||
Current liabilities | 0 | ||
Long-term deferred tax liability | 0 | ||
Other non-current liabilities | (138) | ||
Business Combination, Contingent Consideration | 138 | ||
Net assets acquired and liabilities assumed | $ 138 |
Acquisitions and Purchase Acc46
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Goldstein Eswood Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 30, 2015 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
Business Combination, Contingent Consideration | $ 7,234 | $ 7,053 | |
GoldsteinEswood [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 8,036 | ||
Property, plant and equipment | 8,690 | ||
Goodwill | 8,575 | ||
Other intangibles | 5,648 | ||
Current liabilities | (1,806) | ||
Other non-current liabilities | (1,737) | ||
Consideration paid at closing | 27,406 | ||
Business Combination, Contingent Consideration | 1,737 | ||
Net assets acquired and liabilities assumed | 29,143 | ||
as initially reported | GoldsteinEswood [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 8,036 | ||
Property, plant and equipment | 8,690 | ||
Goodwill | 8,493 | ||
Other intangibles | 5,648 | ||
Current liabilities | (1,806) | ||
Other non-current liabilities | (1,655) | ||
Consideration paid at closing | 27,406 | ||
Business Combination, Contingent Consideration | 1,655 | ||
Net assets acquired and liabilities assumed | 29,061 | ||
Scenario, Adjustment [Member] | GoldsteinEswood [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 0 | ||
Property, plant and equipment | 0 | ||
Goodwill | 82 | ||
Other intangibles | 0 | ||
Current liabilities | 0 | ||
Other non-current liabilities | (82) | ||
Consideration paid at closing | 0 | ||
Business Combination, Contingent Consideration | 82 | ||
Net assets acquired and liabilities assumed | $ 82 |
Acquisitions and Purchase Acc47
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Marsal Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Feb. 10, 2015 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
Marsal [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 455 | ||
Property, plant and equipment | 196 | ||
Goodwill | 3,017 | ||
Other intangibles | 2,027 | ||
Current liabilities | (195) | ||
Net assets acquired and liabilities assumed | 5,500 | ||
as initially reported | Marsal [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 455 | ||
Property, plant and equipment | 201 | ||
Goodwill | 3,012 | ||
Other intangibles | 2,027 | ||
Current liabilities | (195) | ||
Net assets acquired and liabilities assumed | 5,500 | ||
Scenario, Adjustment [Member] | Marsal [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 0 | ||
Property, plant and equipment | (5) | ||
Goodwill | 5 | ||
Other intangibles | 0 | ||
Current liabilities | 0 | ||
Net assets acquired and liabilities assumed | $ 0 |
Acquisitions and Purchase Acc48
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Thurne Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Apr. 07, 2015 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
as initially reported | Thurne [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 3,419 | ||
Property, plant and equipment | 3,334 | ||
Goodwill | 609 | ||
Other intangibles | 3,625 | ||
Current liabilities | (1,115) | ||
Net assets acquired and liabilities assumed | $ 9,872 |
Acquisitions and Purchase Acc49
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Induc Acquisition (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | May. 30, 2015 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 833,382 | $ 808,491 | |
Business Combination, Contingent Consideration | $ 7,234 | $ 7,053 | |
as initially reported | Induc [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 1,705 | ||
Property, plant and equipment | 536 | ||
Goodwill | 13,496 | ||
Other intangibles | 1,500 | ||
Other asset | 32 | ||
Current liabilities | (854) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (5,793) | ||
Consideration paid at closing | 10,622 | ||
Business Acquisition, Deferred Payments | 1,516 | ||
Business Combination, Contingent Consideration | 4,276 | ||
Net assets acquired and liabilities assumed | $ 16,414 |
Acquisitions and Purchase Acc50
Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jul. 04, 2015 | Jun. 28, 2014 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 851,822 | $ 836,668 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 93,678 | $ 85,874 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 1.65 | $ 1.52 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.65 | $ 1.52 |
Other Comprehensive Income Chan
Other Comprehensive Income Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
Accumulated Other Comprehensive Income/(Loss) [Line Items] | ||||
Currency Translation Adjustment | $ 6,669 | $ 1,856 | $ (9,122) | $ 3,430 |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (31,431) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (8,826) | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 89 | $ (38) | 25 | $ 19 |
Reclassification from accumulated other comprehensive income, current period, net of tax | (441) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (9,267) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (40,698) | (40,698) | ||
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | ||||
Currency Translation Adjustment | (9,122) | |||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (24,655) | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (9,122) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (33,777) | (33,777) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,540) | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (25) | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 25 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,515) | (6,515) | ||
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (236) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 271 | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | (441) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (170) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (406) | $ (406) |
Other Comprehensive Income Comp
Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
Net earnings | $ 54,267 | $ 48,405 | $ 92,498 | $ 81,850 |
Currency Translation Adjustment | 6,669 | 1,856 | (9,122) | 3,430 |
Pension liability adjustment, net of tax | (89) | 38 | (25) | (19) |
Unrealized gain on interest rate swaps, net of tax | 302 | (261) | (170) | 3 |
Comprehensive income | $ 61,149 | $ 50,038 | $ 83,231 | $ 85,264 |
Inventories Additional Informat
Inventories Additional Information (Details) - USD ($) $ in Millions | Jul. 04, 2015 | Jan. 03, 2015 |
LIFO Method Related Items [Abstract] | ||
Inventory under the LIFO method | $ 33 | $ 30.2 |
Percentage of LIFO inventory to total inventory | 11.30% | 11.80% |
Inventories Inventories (Detail
Inventories Inventories (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and parts | $ 134,682 | $ 126,121 |
Work-in-process | 29,900 | 17,828 |
Finished goods | 127,354 | 111,827 |
Inventory, Gross, Total | $ 291,936 | $ 255,776 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jul. 04, 2015USD ($) | |
Goodwill [Line Items] | |
Balance beginning of period | $ 808,491 |
Goodwill acquired during the year | 33,428 |
Measurement period adjustments to goodwill acquired in prior year | (1,579) |
Exchange effect | (6,958) |
Balance end of period | 833,382 |
Commercial Foodservice Equipment Group [Member] | |
Goodwill [Line Items] | |
Balance beginning of period | 450,890 |
Goodwill acquired during the year | 32,819 |
Measurement period adjustments to goodwill acquired in prior year | (1,367) |
Exchange effect | (4,371) |
Balance end of period | 477,971 |
Food Processing | |
Goodwill [Line Items] | |
Balance beginning of period | 134,512 |
Goodwill acquired during the year | 609 |
Measurement period adjustments to goodwill acquired in prior year | 63 |
Exchange effect | (2,587) |
Balance end of period | 132,597 |
Residential Kitchen [Member] | |
Goodwill [Line Items] | |
Balance beginning of period | 223,089 |
Goodwill acquired during the year | 0 |
Measurement period adjustments to goodwill acquired in prior year | (275) |
Exchange effect | 0 |
Balance end of period | $ 222,814 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 |
Disclosure Accrued Expenses [Abstract] | ||
Accrued payroll and related expenses | $ 46,245 | $ 50,844 |
Standard Product Warranty Accrual, Current | 30,550 | 28,786 |
Advanced customer deposits | 44,794 | 20,367 |
Accrued warranty | 30,550 | 28,786 |
Accrued product liability and workers compensation | 14,219 | 14,582 |
Product Liability Contingency, Loss Exposure in Excess of Accrual, High Estimate | 11,325 | 12,125 |
Accrued customer rebates | 21,333 | 32,357 |
Accrued agent commission | 10,295 | 11,207 |
Sales and Excise Tax Payable, Current | 6,827 | 7,660 |
Other accrued expenses | 28,450 | 35,604 |
Accrued expenses | $ 221,272 | $ 220,585 |
Rollforward of Warranty Reserve
Rollforward of Warranty Reserve (Details) $ in Thousands | 6 Months Ended |
Jul. 04, 2015USD ($) | |
Disclosure Rollforward Of Warranty Reserve [Abstract] | |
Beginning balance | $ 28,786 |
Warranty reserve related to acquisitions | 0 |
Warranty expense | 22,007 |
Warranty claims | (20,243) |
Ending balance | $ 30,550 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 |
Debt Disclosure [Line Items] | ||
Senior secured revolving credit line | $ 563,000 | $ 587,500 |
Other Long-term Debt | 265 | 283 |
Total debt | 574,314 | 598,167 |
Less: Current maturities of long-term debt | 10,210 | 9,402 |
Long-term debt | 564,104 | 588,765 |
Foreign | ||
Debt Disclosure [Line Items] | ||
Foreign loans | $ 11,049 | $ 10,384 |
Carrying Value and Estimated Ag
Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 |
Disclosure Carrying Value And Estimated Aggregate Fair Value Of Debt [Abstract] | ||
Carrying Value | $ 574,314 | $ 598,167 |
Fair Value | $ 574,314 | $ 598,167 |
Interest Rate Swaps in Effect (
Interest Rate Swaps in Effect (Details) - Jul. 04, 2015 - USD ($) $ in Thousands | Total |
Interest Rate Swap 1 | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 2.52% |
Derivative, Inception Date | Feb. 23, 2011 |
Maturity | Feb. 23, 2016 |
Derivative, Notional Amount | $ 25,000,000 |
Interest Rate Swap 2 | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 1.185% |
Derivative, Inception Date | Sep. 12, 2011 |
Maturity | Sep. 12, 2016 |
Derivative, Notional Amount | $ 15,000,000 |
Interest Rate Swap 3 | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 0.498% |
Derivative, Inception Date | Feb. 11, 2013 |
Maturity | Jul. 11, 2015 |
Derivative, Notional Amount | $ 10,000,000 |
Interest Rate Swap 4 | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 0.458% |
Derivative, Inception Date | Feb. 11, 2013 |
Maturity | Oct. 11, 2015 |
Derivative, Notional Amount | $ 15,000,000 |
Interest Rate Swap 5 | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 0.635% |
Derivative, Inception Date | Feb. 11, 2013 |
Maturity | Aug. 11, 2016 |
Derivative, Notional Amount | $ 25,000,000 |
Interest Rate Swap 6 | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 0.789% |
Derivative, Inception Date | Feb. 11, 2013 |
Maturity | Mar. 11, 2017 |
Derivative, Notional Amount | $ 25,000,000 |
Interest Rate Swap 7 | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 0.803% |
Derivative, Inception Date | Feb. 11, 2013 |
Maturity | May 11, 2017 |
Derivative, Notional Amount | $ 25,000,000 |
Interest Rate Swap 8 | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 0.88% |
Derivative, Inception Date | Feb. 11, 2013 |
Maturity | Jul. 11, 2017 |
Derivative, Notional Amount | $ 35,000,000 |
Interest Rate Swap 9 [Member] | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 1.48% |
Derivative, Inception Date | Sep. 11, 2013 |
Maturity | Jul. 11, 2017 |
Derivative, Notional Amount | $ 10,000,000 |
interest rate swap 10 [Member] | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 0.92% |
Derivative, Inception Date | Mar. 11, 2014 |
Maturity | Jul. 11, 2017 |
Derivative, Notional Amount | $ 15,000,000 |
interest rate swap 11 [Member] | |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 0.95% |
Derivative, Inception Date | Mar. 11, 2014 |
Maturity | Jul. 11, 2017 |
Derivative, Notional Amount | $ 25,000,000 |
Financing Arrangements Addition
Financing Arrangements Additional Information (Details) $ in Thousands | 6 Months Ended | |
Jul. 04, 2015USD ($) | Jan. 03, 2015USD ($) | |
Debt Disclosure [Line Items] | ||
Credit facility, amount | $ 1,000,000 | |
Credit facility, outstanding | 563,000 | $ 587,500 |
Letter of credit, outstanding | 9,900 | |
Credit facility, remaining | $ 427,100 | |
Credit facility, additional interest rate above LIBOR | 1.50% | |
Credit facility, average interest rate | 2.02% | |
Variable commitment fee | 0.25% | |
Term loan, amount | $ 574,314 | $ 598,167 |
Indebtedness to EBITDA ratio | 0 | |
EBITDA to fixed charges ratio | 0 | |
Houno A/S | ||
Debt Disclosure [Line Items] | ||
Credit facility, amount | $ 3,700 | |
Credit facility, outstanding | $ 2,700 | |
Credit facility, additional interest rate above LIBOR | 1.25% | |
Term loan, amount | $ 1,000 | |
Credit facility, interest rate | 2.80% | |
Term loan, interest rate | 4.55% | |
Debt Instrument Maturity Year | 2,022 | |
Giga Grandi Cucine Srl | ||
Debt Disclosure [Line Items] | ||
Credit facility, amount | $ 1,200 | |
Credit facility, average interest rate | 2.56% | |
Celfrost [Member] | ||
Debt Disclosure [Line Items] | ||
Line of Credit Facility, Interest Rate Description | 0.0125 | |
Credit facility, amount | $ 2,800 | |
Credit facility, average interest rate | 10.25% | |
Cozzini Inc [Member] | ||
Debt Disclosure [Line Items] | ||
Line of Credit Facility, Interest Rate Description | 0.015 | |
Credit facility, amount | $ 3,200 | |
Credit facility, average interest rate | 12.30% | |
Desmon [Member] | ||
Debt Disclosure [Line Items] | ||
Credit facility, amount | $ 200 | |
Credit facility, outstanding | 100 | |
Term loan, amount | $ 100 | |
Credit facility, interest rate | 0.50% | |
Term loan, interest rate | 1.77% |
Forward and Option Purchase Con
Forward and Option Purchase Contracts Outstanding (Details) - Jul. 04, 2015 € in Thousands, £ in Thousands, AUD in Thousands, $ in Thousands | USD ($) | EUR (€) | GBP (£) | AUD |
Derivative Instrument 1 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 6,695,460 | € 6,000,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 2 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 7,520,850 | 6,750,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 3 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 6,996,563 | 6,250,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 4 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 14,015,000 | 12,500,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 5 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 5,496,751 | £ 3,900,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 6 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 7,042,749 | 5,000,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 7 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | € 7,039,279 | £ 5,000,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 8 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 5,731,500 | AUD 7,500,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 9 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 11,496,000 | 15,000,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 10 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 5,737,500 | 7,500,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument 11 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 3,809,000 | 5,000,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument Twelve [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 2,265,000 | 3,000,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument Thirteen [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 5,934,953 | 7,500,000 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument Fourteen [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 6,750,000 | 7,493,175 | ||
Maturity | Oct. 2, 2015 | |||
Derivative Instrument Fifteen [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 1,400,000 | AUD 1,968,781 | ||
Maturity | Oct. 2, 2015 |
Summary of Fair Value of Intere
Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 |
Interest Rate Swap [Member] | Other Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value | $ (1,123) | $ (810) |
Impact on Earnings from Interes
Impact on Earnings from Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) recognized in accumulated other comprehensive income | $ (4) | $ (1,008) | $ (1,301) | $ (1,111) |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | (489) | (572) | (974) | (1,115) |
Other Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) recognized in income (ineffective portion) | $ 2 | $ (48) | $ 15 | $ (17) |
Financial Instruments Additiona
Financial Instruments Additional Information (Details) - Jul. 04, 2015 - USD ($) $ in Millions | Total |
Derivative [Line Items] | |
Fair value of interest rate swaps liability | $ 1.1 |
Maximum | |
Derivative [Line Items] | |
Loss in fair value of interest rate swaps | 0.3 |
Foreign Exchange Forward | |
Derivative [Line Items] | |
Derivative, Fair Value, Net | $ (0.3) |
Net Sales Summary (Details)
Net Sales Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | ||||
Segment Reporting Information [Line Items] | |||||||
Net sales | [1] | $ 436,291 | $ 424,776 | $ 842,887 | $ 797,254 | ||
Percent | 100.00% | 100.00% | 100.00% | 100.00% | |||
Commercial Foodservice Equipment Group [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 288,831 | [1] | $ 263,899 | [1] | $ 551,047 | $ 497,949 | |
Percent | 66.20% | 62.10% | 65.40% | 62.40% | |||
Food Processing | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 71,913 | [1] | $ 89,943 | [1] | $ 141,732 | $ 165,529 | |
Percent | 16.50% | 21.20% | 16.80% | 20.80% | |||
Residential Kitchen [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 75,547 | [1] | $ 70,934 | [1] | $ 150,108 | $ 133,776 | |
Percent | 17.30% | 16.70% | 17.80% | 16.80% | |||
[1] | Non-operating expenses are not allocated to the operating 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. |
Summary of Results of Operation
Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | Jan. 03, 2015 | ||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | [1] | $ 436,291 | $ 424,776 | $ 842,887 | $ 797,254 | |||
Income from operations | 83,360 | [1] | 75,739 | [1] | 149,940 | 131,672 | ||
Depreciation and amortization expense | 10,928 | [1] | 10,793 | [1] | 22,160 | 21,314 | ||
Net capital expenditures | 5,567 | [1] | 3,755 | [1] | 11,684 | 6,986 | ||
Total assets | 2,155,948 | 1,926,099 | 2,155,948 | 1,926,099 | $ 2,066,131 | |||
Commercial Foodservice Equipment Group [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 288,831 | [1] | 263,899 | [1] | 551,047 | 497,949 | ||
Income from operations | 77,616 | [1] | 69,743 | [1] | 141,342 | 124,705 | ||
Depreciation and amortization expense | 5,027 | [1] | 4,903 | [1] | 10,293 | 9,787 | ||
Net capital expenditures | 3,296 | [1] | 2,223 | [1] | 7,920 | 4,466 | ||
Total assets | 1,159,298 | 1,025,374 | 1,159,298 | 1,025,374 | ||||
Food Processing | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 71,913 | [1] | 89,943 | [1] | 141,732 | 165,529 | ||
Income from operations | 14,176 | [1] | 16,988 | [1] | 27,486 | 29,110 | ||
Depreciation and amortization expense | 3,545 | [1] | 2,249 | [1] | 4,982 | 4,370 | ||
Net capital expenditures | 1,782 | [1] | 1,352 | [1] | 2,137 | 1,801 | ||
Total assets | 314,282 | 322,864 | 314,282 | 322,864 | ||||
Residential Kitchen [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 75,547 | [1] | 70,934 | [1] | 150,108 | 133,776 | ||
Income from operations | 9,101 | [1] | 4,787 | [1] | 14,042 | 4,994 | ||
Depreciation and amortization expense | 2,260 | [1] | 3,232 | [1] | 6,389 | 6,323 | ||
Net capital expenditures | 309 | [1] | 180 | [1] | 1,369 | 719 | ||
Total assets | 629,210 | 496,324 | 629,210 | 496,324 | ||||
Corporate and Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 0 | [1],[2] | 0 | [1],[2] | 0 | 0 | ||
Income from operations | (17,533) | [1],[2] | (15,779) | [1],[2] | (32,930) | (27,137) | ||
Depreciation and amortization expense | 96 | [1],[2] | 409 | [1],[2] | 496 | 834 | ||
Net capital expenditures | 180 | [1],[2] | 0 | [1],[2] | 258 | 0 | ||
Total assets | $ 53,158 | $ 81,537 | $ 53,158 | $ 81,537 | ||||
[1] | Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. | |||||||
[2] | Includes corporate and other general company assets and operations. |
Long-Lived Assets by Major Geog
Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Dec. 28, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 174,609 | $ 154,035 | |
United States and Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 106,208 | $ 129,922 | |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 20,835 | 5,267 | |
Europe and Middle East | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 46,165 | 16,904 | |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 1,401 | $ 1,942 | |
Total International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 68,401 | $ 24,113 |
Net Sales by Major Geographic R
Net Sales by Major Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | [1] | $ 436,291 | $ 424,776 | $ 842,887 | $ 797,254 |
United States and Canada | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 327,539 | 295,374 | 624,023 | 554,474 | |
Asia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 36,383 | 46,277 | 84,912 | 80,083 | |
Europe and Middle East | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 57,140 | 55,436 | 100,124 | 115,241 | |
Latin America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 15,229 | 27,689 | 33,828 | 47,456 | |
Total International | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 108,752 | $ 129,402 | $ 218,864 | $ 242,780 | |
[1] | Non-operating expenses are not allocated to the operating 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. |
Employee Retirement Plans Addit
Employee Retirement Plans Additional Information (Details) | 6 Months Ended |
Jul. 04, 2015plan | |
Disclosure Employee Retirement Plans Additional Information [Abstract] | |
Number of defined contribution 401K savings plans | 2 |
Acquisition Integration Initi71
Acquisition Integration Initiatives (Details) $ in Thousands | 6 Months Ended |
Jul. 04, 2015USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance as of January 3, 2015 | $ 184 |
Payments | 956 |
Balance as of July 4, 2015 | 5,305 |
Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance as of January 3, 2015 | 147 |
Expenses | 1,779 |
Payments | 643 |
Balance as of July 4, 2015 | 1,283 |
Inventory and Product [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance as of January 3, 2015 | 0 |
Expenses | 0 |
Payments | 0 |
Balance as of July 4, 2015 | 0 |
Facility Closing [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance as of January 3, 2015 | 0 |
Expenses | 4,307 |
Payments | 310 |
Balance as of July 4, 2015 | 3,997 |
Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance as of January 3, 2015 | 37 |
Expenses | (9) |
Payments | 3 |
Balance as of July 4, 2015 | 25 |
Viking Range Corporation [Member] | Residential Kitchen [Member] | |
Restructuring Reserve [Roll Forward] | |
Expenses | $ 6,077 |
Sub Event (Details)
Sub Event (Details) $ in Millions | Jul. 15, 2015USD ($) |
AgaRangemaster [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 400 |