Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Middleby Corp | |
Entity Central Index Key | 769,520 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 55,912,876 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 81,726 | $ 68,485 |
Accounts receivable, net of reserve for doubtful accounts of $13,594 and $12,600 | 336,805 | 325,868 |
Inventories, net | 425,932 | 368,243 |
Prepaid expenses and other | 46,550 | 42,704 |
Prepaid Taxes | 10,512 | 6,399 |
Total current assets | 901,525 | 811,699 |
Property, plant and equipment, net of accumulated depreciation of $135,922 and $119,435 | 275,365 | 221,571 |
Goodwill | 1,158,654 | 1,092,722 |
Other intangibles | 786,352 | 696,171 |
Long-term deferred tax assets | 45,225 | 51,699 |
Other assets | 34,022 | 43,274 |
Total assets | 3,201,143 | 2,917,136 |
Current liabilities: | ||
Current maturities of long-term debt | 5,192 | 5,883 |
Accounts payable | 144,474 | 146,921 |
Accrued expenses | 316,983 | 335,605 |
Total current liabilities | 466,649 | 488,409 |
Long-term debt | 945,516 | 726,243 |
Long-term deferred tax liability | 108,190 | 77,760 |
Liability, Defined Benefit Pension Plan, Noncurrent | 325,127 | 322,988 |
Other non-current liabilities | 44,159 | 36,418 |
Stockholders' equity: | ||
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,675,917 and 62,445,315 shares issued in 2017 and 2016, respectively | 145 | 144 |
Paid-in capital | 374,093 | 355,287 |
Treasury stock, at cost; 6,763,041 and 4,905,549 shares in 2017 and 2016, respectively | (430,275) | (205,280) |
Retained earnings | 1,622,432 | 1,399,490 |
Accumulated other comprehensive loss | (254,893) | (284,323) |
Total stockholders' equity | 1,311,502 | 1,265,318 |
Total liabilities and stockholders' equity | $ 3,201,143 | $ 2,917,136 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts receivable, reserve for doubtful accounts | $ 13,594 | $ 12,600 |
Property, plant and equipment, accumulated depreciation | 135,922 | 119,435 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 195,835 | $ 168,369 |
Preferred stock, par value (in usd per share) | $ 10 | $ 10 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 95,000,000 | 95,000,000 |
Common stock, shares issued | 62,675,917 | 62,445,315 |
Treasury stock, shares | 6,763,041 | 4,905,549 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | ||||
Net sales | [1] | $ 593,043 | $ 574,224 | $ 1,702,683 | $ 1,671,035 | ||
Cost of sales | 364,524 | 342,496 | 1,030,106 | 1,009,032 | |||
Gross profit | 228,519 | 231,728 | 672,577 | 662,003 | |||
Selling, General and Administrative Expense | 106,044 | 109,140 | 325,710 | 334,131 | |||
Restructuring Charges | 4,218 | 1,149 | 17,437 | 8,145 | |||
Gain (Loss) on Disposition of Assets | 0 | 0 | (12,042) | 0 | |||
Income from operations | 118,257 | [1] | 121,439 | [1] | 341,472 | 319,727 | |
Net interest expense and deferred financing amortization, net | 6,550 | 6,440 | 18,057 | 17,775 | |||
Other (income) expense, net | (1,068) | 3,152 | 1,101 | (1,486) | |||
Earnings before income taxes | 112,775 | 111,847 | 322,314 | 303,438 | |||
Provision for income taxes | 38,104 | 35,996 | 99,372 | 100,158 | |||
Net earnings | $ 74,671 | $ 75,851 | $ 222,942 | $ 203,280 | |||
Net earnings per share: | |||||||
Basic (in usd per share) | $ 1.31 | $ 1.33 | $ 3.91 | $ 3.56 | |||
Diluted (in usd per share) | $ 1.31 | $ 1.33 | $ 3.91 | $ 3.56 | |||
Weighted average number of shares | |||||||
Basic (in shares) | 56,810 | 57,022 | 57,070 | 57,032 | |||
Dilutive common stock equivalents (in shares) | 0 | [2] | 0 | [2] | 0 | 0 | |
Diluted (in shares) | 56,810 | 57,022 | 57,070 | 57,032 | |||
Comprehensive income | $ 84,320 | $ 55,345 | $ 252,372 | $ 167,532 | |||
[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. | ||||||
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CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Cash flows from operating activities-- | ||
Net earnings | $ 222,942 | $ 203,280 |
Adjustments to reconcile net earnings to net cash provided by operating activities-- | ||
Depreciation and amortization | 49,276 | 44,409 |
Non-cash share-based compensation | 6,478 | 17,346 |
Deferred taxes | 21,369 | 19,325 |
Gain (Loss) on Disposition of Assets | (12,042) | 0 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 2,894 | 0 |
Changes in assets and liabilities, net of acquisitions | ||
Accounts receivable, net | 13,834 | (35,984) |
Inventories, net | (19,967) | (35,229) |
Prepaid expenses and other assets | (3,359) | (8,354) |
Accounts payable | (17,639) | (12,933) |
Accrued expenses and other liabilities | (58,894) | (16,763) |
Net cash provided by operating activities | 204,892 | 175,097 |
Cash flows from investing activities-- | ||
Additions to property and equipment | (42,434) | (18,799) |
Proceeds from Sale of Property Held-for-sale | 14,278 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | (159,458) | (210,921) |
Net cash (used in) investing activities | (187,614) | (229,720) |
Cash flows from financing activities-- | ||
Net (repayments) proceeds under current revolving credit facilities | 217,299 | 100,362 |
Net (repayments) proceeds under foreign bank loan | (1,062) | (25,954) |
Proceeds from (Repayments of) Notes Payable | (26) | (26) |
Repurchase of treasury stock | (224,996) | (4,418) |
Excess tax benefit related to share-based compensation | 0 | (830) |
Net cash (used in) provided by financing activities | (8,785) | 62,880 |
Effect of exchange rates on cash and cash equivalents | 4,748 | (2,005) |
Changes in cash and cash equivalents-- | ||
Net (decrease) increase in cash and cash equivalents | 13,241 | 6,252 |
Cash and cash equivalents at beginning of year | 68,485 | $ 55,528 |
Cash and cash equivalents at end of quarter | 81,726 | |
Stock Issued During Period, Value, Acquisitions | $ 12,330 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
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 2016 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2017 . In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of September 30, 2017 and December 31, 2016 , the results of operations for the three and nine months ended September 30, 2017 and October 1, 2016 and cash flows for the nine months ended September 30, 2017 and October 1, 2016 . Certain prior year amounts have been reclassified to be consistent with current year presentation, including combining selling and distribution expenses with general and administrative expenses. 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, non-cash share-based compensation 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 less than $0.1 million and $6.2 million for the third quarter periods ended September 30, 2017 and October 1, 2016 , respectively. Non-cash share-based compensation expense was $6.5 million and $17.3 million for the nine months ended September 30, 2017 and October 1, 2016 , respectively. During the first quarter ended April 1, 2017, the company issued 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 $9.6 million , based on the closing share price of the company's stock at the date of the grant. C) Income Taxes As of December 31, 2016 , the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $20.3 million (of which $20.0 million would impact the effective tax rate if recognized) plus approximately $2.7 million of accrued interest and $4.9 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of September 30, 2017 , the company recognized a tax expense of $3.9 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 $1.9 million of its remaining unrecognized tax benefits may be recognized over the next twelve months as a result of lapses of statutes of limitations. The effective rate for the three months period ended September 30, 2017 was 33.8% as compared to 32.2% for the prior year quarter. In comparison to the prior year, the tax provision reflects a higher effective tax rate attributable to increased tax reserve and a reduction of tax credits. The effective rate for the nine months period ended September 30, 2017 was 30.8% as compared to 33.0% for the nine months period ended October 1, 2016 . The tax rate in the nine months period ended September 30, 2017 was favorably impacted by a tax benefit from the adoption of ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Accounting," which resulted in the recognition of excess tax benefits from share-based payments to be recognized as income tax benefit in the condensed consolidated statement of comprehensive income. A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: United States - federal 2013 – 2016 United States - states 2007 – 2016 Australia 2012 – 2016 Brazil 2012 – 2016 Canada 2007 – 2016 China 2007 – 2016 Czech Republic 2014 – 2016 Denmark 2012 – 2016 Estonia 2013 – 2016 France 2014 – 2016 Germany 2014 – 2016 India 2013 – 2016 Ireland 2011 – 2016 Italy 2012 – 2016 Luxembourg 2012 – 2016 Mexico 2012 – 2016 Netherlands 2005 – 2016 Philippines 2014 – 2016 Poland 2011 – 2016 Romania 2007 – 2016 Spain 2013 – 2016 Sweden 2010 – 2016 Switzerland 2008 – 2016 Taiwan 2012 – 2012 United Kingdom 2015 – 2016 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 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 September 30, 2017 Financial Assets: Interest rate swaps $ — $ 7,705 $ — $ 7,705 Financial Liabilities: Contingent consideration $ 2,864 $ 2,864 As of December 31, 2016 Financial Assets: Interest rate swaps $ — $ 8,842 $ — $ 8,842 Financial Liabilities: Interest rate swaps $ — $ 100 $ — $ 100 Contingent consideration $ — $ — $ 6,612 $ 6,612 The contingent consideration as of September 30, 2017 relates to the earnout provisions recorded in conjunction with the acquisitions of Desmon and Induc. The contingent consideration as of December 31, 2016 relates to the earnout provisions recorded in conjunction with the acquisitions of PES, Desmon, Goldstein Eswood and Induc. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreements. On a quarterly basis, the company assesses the projected results for each of the acquired businesses in comparison to the earnout targets and adjusts the liability accordingly. During the nine months ended September 30, 2017 , the change in contingent consideration is primarily related to payments on earnout provisions. E) Consolidated Statements of Cash Flows Cash paid for interest was $17.4 million and $15.7 million for the nine months ended September 30, 2017 and October 1, 2016 , respectively. Cash payments totaling $96.7 million and $80.3 million were made for income taxes for the nine months ended September 30, 2017 and October 1, 2016 , respectively. |
Litigation Matters
Litigation Matters | 9 Months Ended |
Sep. 30, 2017 | |
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 | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounts Standards Board ("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. In early 2016, the FASB issued additional updates: ASU No. 2016-10, 2016-11 and 2016-12. These updates provide further guidance and clarification on specific items within the previously issued update. In July 2015, the FASB decided to delay the effective date of the new revenue standard to be effective for interim and annual periods beginning on or after December 15, 2017 for public companies. The guidance can be applied using one of two retrospective application methods. The company established a global steering committee with a project plan to analyze the impact of this standard. The company has surveyed businesses within each reporting segment to validate the various revenue streams and identify potential differences in the timing of revenue recognition, which could result from applying the requirements of the new standard. The company also conducted workshops and initiated contract reviews to further corroborate information about the nature, magnitude, and frequency of the underlying transactions identified during the surveys as having a potential impact on revenue recognition. Based on the results, the company is reviewing and revising its accounting policies and formulating plans to address any variations from current practices (including additional disclosure requirements). The company will adopt this standard, as required, for fiscal year 2018 and expects to use the modified retrospective approach, with the cumulative effect, if any, recognized in the opening balance of retained earnings. The company is continuing to evaluate the impact the application of these ASU's will have, if any, on the company's financial position, results of operations or cash flows. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which is intended to simplify the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost and net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. Application of the standard, which should be applied prospectively, is required for the annual and interim periods beginning after December 15, 2016. Early adoption is permitted. We adopted this guidance on January 1, 2017 and it did not have an impact on the company's financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". The amendments under this pronouncement will change the way all leases with a duration of one year of more are treated. Under this guidance, lessees will be required to capitalize virtually all leases on the balance sheet as a right-of-use asset and an associated financing lease liability or capital lease liability. The right-of-use asset represents the lessee’s right to use, or control the use of, a specified asset for the specified lease term. The lease liability represents the lessee’s obligation to make lease payments arising from the lease, measured on a discounted basis. Based on certain characteristics, leases are classified as financing leases or operating leases. Financing lease liabilities, those that contain provisions similar to capitalized leases, are amortized like capital leases are under current accounting, as amortization expense and interest expense in the statement of operations. Operating lease liabilities are amortized on a straight-line basis over the life of the lease as lease expense in the statement of operations. This update is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2018. The company is currently evaluating the impact this standard will have on its policies and procedures pertaining to its existing and future lease arrangements, disclosure requirements and on the company's financial position, results of operations or cash flows. In March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships". The amendments in ASU 2016-05 clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of the hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments in this update may be applied on either a prospective basis or a modified retrospective basis. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2016. We adopted this guidance on January 1, 2017 and it did not have an impact on the company's financial position, results of operations or cash flows. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Accounting". The amendments in ASU-09 simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2016. The company adopted ASU No. 2016-09 effective January 1, 2017 on a prospective basis. The adoption of this guidance resulted in the recognition of excess tax benefits in the company's provision for income taxes within the Condensed Consolidated Statements of Comprehensive Income rather than paid-in-capital of approximately $7.9 million for the nine months period ended September 30, 2017 . Additionally, the company's Condensed Consolidated Statement of Cash Flows now presents excess tax benefits as an operating activity rather than a financing activity. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments". The amendments in ASU-15 address eight specific cash flow classification issues to reduce current and potential future diversity in practice. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2017. The company is evaluating the impact the application of this ASU will have, if any, on the company's cash flows. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory". The amendments in ASU-16 prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer other than inventory until the asset has been sold to an outside party. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2017. The company is evaluating the impact the application of this ASU will have, if any, on the company's financial position, results of operations or cash flows. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business". The amendments in ASU-01 clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2017. The company does not expect the adoption of this ASU to have a material impact on its financial position, results of operations or cash flows. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in ASU-04 simplify the subsequent measurement of goodwill, by removing the second step of the goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This ASU is effective for annual reporting periods, and interim reporting periods, beginning after December 15, 2019. Early adoption is permitted for testing dates after January 1, 2017. The company does not expect the adoption of this ASU to have a material impact on its financial position, results of operations or cash flows. In March 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The amendments in ASU-07 require that an employer report the service costs component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2017. Early adoption is permitted. Net income will not change as a result of the adoption of this standard. The company is currently evaluating the remaining impacts the ASU will have on its condensed consolidated financial statements. In the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". The amendments in ASU-12 provide new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments included in the effectiveness will be recorded in other comprehensive income (OCI) and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. This ASU is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2018 with early adoption permitted. The company is currently evaluating the impacts the ASU will have on its condensed consolidated financial statements. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2017 | |
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 December 31, 2016 $ (116,411 ) $ (173,394 ) $ 5,482 $ (284,323 ) Other comprehensive income before reclassification 44,897 (14,838 ) 258 30,317 Amounts reclassified from accumulated other comprehensive income — — (887 ) (887 ) Net current-period other comprehensive income $ 44,897 $ (14,838 ) $ (629 ) $ 29,430 Balance as of September 30, 2017 $ (71,514 ) $ (188,232 ) $ 4,853 $ (254,893 ) (1) As of September 30, 2017 pension and interest rate swap amounts are net of tax of $(41.1) million and $3.2 million , respectively. Components of other comprehensive income were as follows (in thousands): Three Months Ended Nine Months Ended Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016 Net earnings $ 74,671 $ 75,851 $ 222,942 $ 203,280 Currency translation adjustment 15,441 (20,194 ) 44,897 (40,169 ) Pension liability adjustment, net of tax (5,664 ) (505 ) (14,838 ) 4,351 Unrealized gain on interest rate swaps, net of tax (128 ) 193 (629 ) 70 Comprehensive income $ 84,320 $ 55,345 $ 252,372 $ 167,532 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
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 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 September 30, 2017 and December 31, 2016 are as follows: Sep 30, 2017 Dec 31, 2016 (in thousands) Raw materials and parts $ 180,323 $ 154,647 Work-in-process 41,743 35,975 Finished goods 203,866 177,621 $ 425,932 $ 368,243 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill for the nine months ended September 30, 2017 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 31, 2016 $ 542,090 $ 134,680 $ 415,952 $ 1,092,722 Goodwill acquired during the year 48,860 25,683 — 74,543 Measurement period adjustments to goodwill acquired in prior year (36,408 ) 41 — (36,367 ) Exchange effect 7,175 3,779 16,802 27,756 Balance as of September 30, 2017 $ 561,717 $ 164,183 $ 432,754 $ 1,158,654 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Accrued Expenses [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: Sep 30, 2017 Dec 31, 2016 (in thousands) Accrued payroll and related expenses $ 67,859 $ 74,505 Accrued warranty 50,098 40,851 Advanced customer deposits 40,039 41,735 Accrued customer rebates 39,110 49,923 Accrued professional fees 19,116 16,605 Accrued sales and other tax 16,834 13,565 Accrued agent commission 12,528 12,834 Accrued product liability and workers compensation 12,138 11,417 Product recall 6,046 7,003 Restructuring 3,352 2,295 Other accrued expenses 49,863 64,872 $ 316,983 $ 335,605 |
Warranty Costs
Warranty Costs | 9 Months Ended |
Sep. 30, 2017 | |
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: Nine Months Ended Sep 30, 2017 (in thousands) Balance as of December 31, 2016 $ 40,851 Warranty reserve related to acquisitions 6,474 Warranty expense 41,699 Warranty claims (38,926 ) Balance as of September 30, 2017 $ 50,098 |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Financing Arrangements | Financing Arrangements Sep 30, 2017 Dec 31, 2016 (in thousands) Credit Facility $ 944,663 $ 725,500 Other international credit facilities 5,858 6,413 Other debt arrangement 187 213 Total debt $ 950,708 $ 732,126 Less: Current maturities of long-term debt 5,192 5,883 Long-term debt $ 945,516 $ 726,243 On July 28, 2016, the company entered into an amended and restated five-year $2.5 billion multi-currency senior secured revolving credit agreement (the "Credit Facility"), with the potential under certain circumstances to increase the amount of the Credit Facility to $3.0 billion . As of September 30, 2017 , the company had $944.7 million of borrowings outstanding under the Credit Facility, including $921.5 million of borrowings in U.S. Dollars and $23.2 million of borrowings denominated in British Pounds. The company also had $9.5 million in outstanding letters of credit as of September 30, 2017 , which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under this facility was $1.5 billion at September 30, 2017 . At September 30, 2017 , borrowings under the Credit Facility accrued interest at a rate of 1.13% above LIBOR per annum or 0.13% above the highest of the prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.00% . The average interest rate per annum on the debt under the Credit Facility was equal to 2.33% for the period. The interest rates on borrowings under the Credit Facility may be adjusted quarterly based on the company’s Funded Debt less Unrestricted Cash to Pro Forma EBITDA (the “Leverage Ratio”) on a rolling four-quarter basis. Additionally, a commitment fee based upon the Leverage Ratio is charged on the unused portion of the commitments under the Credit Facility. This variable commitment fee was equal to 0.150% per annum as of September 30, 2017 . In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At September 30, 2017 , these foreign credit facilities amounted to $5.9 million in U.S. Dollars with a weighted average per annum interest rate of approximately 6.79% . The company’s debt is reflected on the balance sheet at cost. The company believes its interest rate margins on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. The interest rate margin is based on the company's Leverage Ratio. The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior secured 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 Credit Facility in July 2021. 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): Sep 30, 2017 Dec 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 950,708 $ 950,708 $ 732,126 $ 732,126 The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At September 30, 2017 , the company had outstanding floating-to-fixed interest rate swaps totaling $324.0 million notional amount carrying an average interest rate of 1.30% that mature in more than 12 months but less than 84 months. 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 terms of the 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 requires, among other things, the company to satisfy certain financial covenants: (i) a minimum Interest Coverage Ratio (as defined in the Credit Facility) of 3.00 to 1.00 and (ii) a maximum Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBIDTA (each as defined in the Credit Facility) of 3.50 to 1.00 , which may be adjusted to 4.00 to 1.00 for a four consecutive fiscal quarter period in connection with certain qualified acquisitions, subject to the terms and conditions contained in the Credit Facility. The 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 foreign and domestic subsidiaries. The 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. At September 30, 2017 , the company was in compliance with all covenants pursuant to its borrowing agreements. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
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, foreign exchange swaps and option purchase and sales contracts 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 fair value of the forward and option contracts was a loss of $4.1 million at the end of the third quarter of 2017 . 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 September 30, 2017 , the fair value of these instruments was an asset of $7.7 million . The change in fair value of these swap agreements in the first nine months of 2017 was a loss of $0.1 million , net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Balance Sheet Presentation Sep 30, 2017 Dec 31, 2016 Fair value Other assets $ 7,705 $ 8,842 Fair value Accrued expenses $ — $ (100 ) The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Nine Months Ended Presentation of Gain/(loss) Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ (294 ) $ 141 $ (1,937 ) $ (589 ) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ (81 ) $ (181 ) $ (887 ) $ (706 ) Gain/(loss) recognized in income (ineffective portion) Other expense $ 28 $ (7 ) $ 13 $ — 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 that are counterparties to such swap agreements and assesses their creditworthiness prior to entering into the interest rate swap agreements and throughout the term. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreements. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
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 Arkansas, California, Illinois, Michigan, New Hampshire, North Carolina, Pennsylvania, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Estonia, Italy, the Philippines, Poland, Sweden 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, Bear Varimixer, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Desmon, Doyon, Eswood, Follett, Frifri, Giga, Goldstein, Holman, Houno, IMC, Induc, Jade, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, Southbend, Star, Sveba Dahlen, Toastmaster, TurboChef, 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, Oklahoma, Texas, Virginia, Wisconsin, 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, seeding, 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, Burford, Cozzini, CVP Systems, Danfotech, Drake, Glimek, 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 California, Michigan, Mississippi, Wisconsin, France, Ireland, Romania, and the United Kingdom. Principal product lines of this group include ranges, cookers, ovens, refrigerators, dishwashers, microwaves, cooktops and outdoor equipment. These products are sold and marketed under the brand names of AGA, AGA Cookshop, Brigade, Fired Earth, Grange, Heartland, La Cornue, Leisure Sinks, Lynx, Marvel, Mercury, Rangemaster, Rayburn, Redfyre, Sedona, Stanley, 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. Net Sales Summary (dollars in thousands) Three Months Ended Nine Months Ended Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 354,828 59.8 % $ 331,571 57.7 % $ 1,000,830 58.8 % $ 931,585 55.8 % Food Processing 86,871 14.7 82,196 14.3 256,515 15.1 244,307 14.6 Residential Kitchen 151,344 25.5 160,457 28.0 445,338 26.1 495,143 29.6 Total $ 593,043 100.0 % $ 574,224 100.0 % $ 1,702,683 100.0 % $ 1,671,035 100.0 % 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 September 30, 2017 Net sales $ 354,828 $ 86,871 $ 151,344 $ — $ 593,043 Income (loss) from operations (3) 89,028 19,975 25,087 (15,833 ) 118,257 Depreciation and amortization expense 6,977 2,101 7,422 461 16,961 Net capital expenditures 7,978 484 2,813 869 12,144 Nine Months Ended September 30, 2017 Net sales $ 1,000,830 $ 256,515 $ 445,338 $ — $ 1,702,683 Income (loss) from operations (3,4) 264,576 62,163 66,005 (51,272 ) 341,472 Depreciation and amortization expense 20,455 5,145 22,256 1,420 49,276 Net capital expenditures 34,727 2,430 5,756 (479 ) 42,434 Total assets $ 1,559,757 $ 393,272 $ 1,211,388 $ 36,726 $ 3,201,143 Three Months Ended October 1, 2016 Net sales $ 331,571 $ 82,196 $ 160,457 $ — $ 574,224 Income (loss) from operations (3) 90,159 19,360 30,560 (18,640 ) 121,439 Depreciation and amortization expense 5,272 1,419 5,249 1,229 13,169 Net capital expenditures 3,469 618 1,604 — 5,691 Nine Months Ended October 1, 2016 Net sales $ 931,585 $ 244,307 $ 495,143 $ — $ 1,671,035 Income (loss) from operations (3) 260,460 56,409 62,775 (59,917 ) 319,727 Depreciation and amortization expense 15,218 4,377 22,191 2,623 44,409 Net capital expenditures 10,975 3,300 4,393 131 18,799 Total assets $ 1,361,244 $ 333,056 $ 1,163,992 $ 57,176 $ 2,915,468 (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. (3) Restructuring expenses are allocated in operating income by segment. See note 15 for further details. (4) Gain on sale of plant allocated to Commercial Foodservice. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands): Sep 30, 2017 Oct 1, 2016 United States and Canada $ 212,033 $ 181,397 Asia 15,705 15,188 Europe and Middle East 125,892 76,498 Latin America 982 1,193 Total international $ 142,579 $ 92,879 $ 354,612 $ 274,276 Net sales (in thousands): Three Months Ended Nine Months Ended Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016 United States and Canada $ 390,142 $ 383,634 $ 1,144,247 $ 1,090,944 Asia 48,842 49,219 136,407 130,809 Europe and Middle East 129,567 119,835 353,334 390,923 Latin America 24,492 21,536 68,695 58,359 Total international $ 202,901 $ 190,590 $ 558,436 $ 580,091 $ 593,043 $ 574,224 $ 1,702,683 $ 1,671,035 |
Employee Retirement Plans
Employee Retirement Plans | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans (a) Pension Plans U.S. Plans: The company maintains a non-contributory defined benefit plan for its union employees at the Elgin, Illinois facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2002, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2002 upon reaching retirement age. The company maintains a non-contributory defined benefit plan for its employees at the Smithville, Tennessee facility, which was acquired as part of the Star acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age. The company also maintains a retirement benefit agreement with its Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the Chairman’s final base salary. Non-U.S. Plans: 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 maintains several pension plans related to AGA and its subsidiaries (collectively, the "AGA Group"), the most significant being the Aga Rangemaster Group Pension Scheme, which covers the majority of employees in the United Kingdom. Membership in the plan on a defined benefit basis of pension provision was closed to new entrants in 2001. The plan became open to new entrants on a defined contribution basis of pension provision in 2002, but was generally closed to new entrants on this basis during 2014. The other, much smaller, defined benefit pension plans operating within the AGA Group cover employees in France, Ireland and the United Kingdom. All pension plan assets are held in separate trust funds although the net defined benefit pension obligations are included in the company's consolidated balance sheet. The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands): Three Months Ended Nine Months Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Net Periodic Pension Benefit: Service cost $ 1,019 $ 824 $ 2,979 $ 2,601 Interest cost 8,205 9,890 23,986 31,214 Expected return on assets (17,728 ) (16,254 ) (51,825 ) (51,503 ) Amortization of net loss (gain) 761 — 2,224 — Pension settlement (51 ) — (148 ) — $ (7,794 ) $ (5,540 ) $ (22,784 ) $ (17,688 ) The pension costs for all other plans of the company were not material during the period. (b) Defined Contribution 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 also maintains defined contribution plans for its U.K. based employees. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Acquisition Integration Initiatives | 15) Restructuring Commercial Foodservice Equipment Group: During the fiscal year 2017, the company undertook cost reduction initiatives related to the entire Commercial Foodservice Equipment Group. This action, which is not material to the company's operations, resulted in a charge of $2.6 million and $4.6 million in the three and nine months ended September 30, 2017 , respectively, primarily for severance related to headcount reductions and consolidation of manufacturing operations. These expenses are reflected in restructuring expenses in the consolidated statements of comprehensive income. The company estimates that these restructuring initiatives will result in future cost savings of approximately $10.0 million annually, beginning in fiscal year 2018 and the restructuring costs in the future are not expected to be significant related to these actions. Food Processing Equipment Group: During the fiscal year 2017, the company undertook cost reduction initiatives related to the entire Food Processing Equipment Group. This action, which is not material to the company's operations, resulted in a charge of $0.3 million and $0.5 million in the three and nine months ended September 30, 2017 , respectively, primarily for severance related to headcount reductions and is reflected in restructuring expenses in the consolidated statements of comprehensive income. The company estimates that these restructuring initiatives will result in future cost savings of approximately $4.0 million annually, beginning in fiscal year 2018 and no significant future costs related to this action are expected. Residential Kitchen Equipment Group: During fiscal years 2015 and 2016, the company undertook acquisition integration initiatives related to the AGA Group within the Residential Kitchen Equipment Group. These initiatives included organizational restructuring and headcount reductions, consolidation and disposition of certain facilities and business operations. The company recorded additional expense of $1.3 million and $12.3 million in the three and nine months ended September 30, 2017 , respectively, primarily related to the AGA Group. The initiatives primarily included additional headcount reductions and impairment of equipment in conjunction of the disposition of certain facilities and business operations. This expense is reflected in restructuring expenses in the consolidated statements of comprehensive income. The cumulative expenses incurred to date for these initiatives is approximately $40.0 million . The company estimated that these restructuring initiatives in 2017 will result in future cost savings of approximately $20.0 million annually, beginning in fiscal year 2018, primarily related to compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be satisfied by the end of fiscal of 2018. The lease obligations extend through November 2018. Severance/Benefits Facilities/Operations Other Total Balance as of December 31, 2016 $ 5,145 $ 2,032 $ 69 $ 7,246 Expenses 6,938 4,979 374 12,291 Exchange 476 343 14 833 Payments/Utilization (5,857 ) (4,350 ) (457 ) (10,664 ) Balance as of September 30, 2017 $ 6,702 $ 3,004 $ — $ 9,706 |
Share Repurchases (Notes)
Share Repurchases (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock [Text Block] | In July 1998, the company's Board of Directors adopted a stock repurchase program and subsequently authorized the purchase of common shares in open market purchases. During 2013, the company's Board of Directors authorized the purchase of additional common shares in open market purchases. For the three months period ended September 30, 2017 the company repurchased 1,680,395 shares of its common stock under the program for $200.4 million , including applicable commissions, which represented an average price of $119.23 . As of September 30, 2017 , the total number of shares authorized for repurchase under the program is 4,570,266 . As of September 30, 2017 , 3,860,996 shares had been purchased under the 1998 stock repurchase program. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 2016 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2017 . In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of September 30, 2017 and December 31, 2016 , the results of operations for the three and nine months ended September 30, 2017 and October 1, 2016 and cash flows for the nine months ended September 30, 2017 and October 1, 2016 . |
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, non-cash share-based compensation 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 less than $0.1 million and $6.2 million for the third quarter periods ended September 30, 2017 and October 1, 2016 , respectively. |
Income Tax Contingencies | C) Income Taxes As of December 31, 2016 , the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $20.3 million (of which $20.0 million would impact the effective tax rate if recognized) plus approximately $2.7 million of accrued interest and $4.9 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of September 30, 2017 , the company recognized a tax expense of $3.9 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 $1.9 million of its remaining unrecognized tax benefits may be recognized over the next twelve months as a result of lapses of statutes of limitations. The effective rate for the three months period ended September 30, 2017 was 33.8% as compared to 32.2% for the prior year quarter. In comparison to the prior year, the tax provision reflects a higher effective tax rate attributable to increased tax reserve and a reduction of tax credits. The effective rate for the nine months period ended September 30, 2017 was 30.8% as compared to 33.0% for the nine months period ended October 1, 2016 . The tax rate in the nine months period ended September 30, 2017 was favorably impacted by a tax benefit from the adoption of ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Accounting," which resulted in the recognition of excess tax benefits from share-based payments to be recognized as income tax benefit in the condensed consolidated statement of comprehensive income. A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: United States - federal 2013 – 2016 United States - states 2007 – 2016 Australia 2012 – 2016 Brazil 2012 – 2016 Canada 2007 – 2016 China 2007 – 2016 Czech Republic 2014 – 2016 Denmark 2012 – 2016 Estonia 2013 – 2016 France 2014 – 2016 Germany 2014 – 2016 India 2013 – 2016 Ireland 2011 – 2016 Italy 2012 – 2016 Luxembourg 2012 – 2016 Mexico 2012 – 2016 Netherlands 2005 – 2016 Philippines 2014 – 2016 Poland 2011 – 2016 Romania 2007 – 2016 Spain 2013 – 2016 Sweden 2010 – 2016 Switzerland 2008 – 2016 Taiwan 2012 – 2012 United Kingdom 2015 – 2016 |
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 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 September 30, 2017 Financial Assets: Interest rate swaps $ — $ 7,705 $ — $ 7,705 Financial Liabilities: Contingent consideration $ 2,864 $ 2,864 As of December 31, 2016 Financial Assets: Interest rate swaps $ — $ 8,842 $ — $ 8,842 Financial Liabilities: Interest rate swaps $ — $ 100 $ — $ 100 Contingent consideration $ — $ — $ 6,612 $ 6,612 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Income Tax Examinations | The effective rate for the nine months period ended September 30, 2017 was 30.8% as compared to 33.0% for the nine months period ended October 1, 2016 . The tax rate in the nine months period ended September 30, 2017 was favorably impacted by a |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The company’s financial 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 September 30, 2017 Financial Assets: Interest rate swaps $ — $ 7,705 $ — $ 7,705 Financial Liabilities: Contingent consideration $ 2,864 $ 2,864 As of December 31, 2016 Financial Assets: Interest rate swaps $ — $ 8,842 $ — $ 8,842 Financial Liabilities: Interest rate swaps $ — $ 100 $ — $ 100 Contingent consideration $ — $ — $ 6,612 $ 6,612 |
Acquisitions and Purchase Accou
Acquisitions and Purchase Accounting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 acquisitions, amortization of intangibles associated with the acquisitions, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): Nine Months Ended September 30, 2017 October 1, 2016 Net sales $ 1,803,636 $ 1,879,104 Net earnings 225,987 211,785 Net earnings per share: Basic 3.96 3.71 Diluted 3.96 3.71 |
Follett [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of cash paid for the Follett acquisition is summarized as follows (in thousands): (as initially reported) May 31, 2016 Measurement Period Adjustments (as adjusted) May 31, 2016 Cash $ 22,620 $ 2,888 $ 25,508 Current assets 41,602 (2,249 ) 39,353 Property, plant and equipment 19,868 8,598 28,466 Goodwill 76,220 (35,656 ) 40,564 Other intangibles 82,450 41,810 124,260 Other assets 1,358 170 1,528 Current liabilities (11,779 ) (10,801 ) (22,580 ) Other non-current liabilities (616 ) (4,064 ) (4,680 ) Net assets acquired and liabilities assumed $ 231,723 $ 696 $ 232,419 |
Emico [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of cash paid for the Emico acquisition is summarized as follows (in thousands): (as initially reported) May 20, 2016 Measurement Period Adjustments (as adjusted) May 20, 2016 Current assets $ 746 (65 ) 681 Goodwill 1,816 183 1,999 Current liabilities (934 ) (62 ) (996 ) Other non-current liabilities (628 ) (56 ) (684 ) Consideration paid at closing $ 1,000 $ — $ 1,000 Deferred payments 1,559 118 1,677 Net assets acquired and liabilities assumed $ 2,559 $ 118 $ 2,677 |
Burford [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 1, 2017 Preliminary Measurement Period Adjustments (as adjusted) May 1, 2017 Cash $ 2,514 $ — $ 2,514 Current assets 6,424 36 6,460 Property, plant and equipment 656 (13 ) 643 Goodwill 7,289 (1,050 ) 6,239 Other intangibles 4,900 1,840 6,740 Current liabilities (2,254 ) (33 ) (2,287 ) Long term deferred tax liability (1,840 ) (780 ) (2,620 ) Net assets acquired and liabilities assumed $ 17,689 $ — $ 17,689 |
CVP [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) June 30, 2017 Preliminary Measurement Period Adjustments (as adjusted) June 30, 2017 Cash $ 621 $ — $ 621 Current assets 5,973 (1,435 ) 4,538 Property, plant and equipment 238 (91 ) 147 Goodwill 20,297 (853 ) 19,444 Other intangibles 8,700 4,350 13,050 Current liabilities (1,532 ) (187 ) (1,719 ) Long term deferred tax liability (3,168 ) (1,784 ) (4,952 ) Net assets acquired and liabilities assumed $ 31,129 $ — $ 31,129 |
Sveba Dahlen [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) June 30, 2017 Preliminary Measurement Period Adjustments (as adjusted) June 30, 2017 Cash $ 4,569 $ — $ 4,569 Current assets 22,686 (359 ) 22,327 Property, plant and equipment 9,128 (332 ) 8,796 Goodwill 33,785 485 34,270 Other intangibles 34,175 — 34,175 Other assets 1,170 (11 ) 1,159 Current portion of long-term debt — (14 ) (14 ) Current liabilities (11,782 ) 945 (10,837 ) Long-term debt — (140 ) (140 ) Long term deferred tax liability (7,751 ) (699 ) (8,450 ) Other non-current liabilities (42 ) 125 83 Net assets acquired and liabilities assumed $ 85,938 $ — $ 85,938 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 December 31, 2016 $ (116,411 ) $ (173,394 ) $ 5,482 $ (284,323 ) Other comprehensive income before reclassification 44,897 (14,838 ) 258 30,317 Amounts reclassified from accumulated other comprehensive income — — (887 ) (887 ) Net current-period other comprehensive income $ 44,897 $ (14,838 ) $ (629 ) $ 29,430 Balance as of September 30, 2017 $ (71,514 ) $ (188,232 ) $ 4,853 $ (254,893 ) |
Schedule of Comprehensive Income (Loss) | Components of other comprehensive income were as follows (in thousands): Three Months Ended Nine Months Ended Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016 Net earnings $ 74,671 $ 75,851 $ 222,942 $ 203,280 Currency translation adjustment 15,441 (20,194 ) 44,897 (40,169 ) Pension liability adjustment, net of tax (5,664 ) (505 ) (14,838 ) 4,351 Unrealized gain on interest rate swaps, net of tax (128 ) 193 (629 ) 70 Comprehensive income $ 84,320 $ 55,345 $ 252,372 $ 167,532 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Schedule of Inventory, Current | Inventories at September 30, 2017 and December 31, 2016 are as follows: Sep 30, 2017 Dec 31, 2016 (in thousands) Raw materials and parts $ 180,323 $ 154,647 Work-in-process 41,743 35,975 Finished goods 203,866 177,621 $ 425,932 $ 368,243 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended September 30, 2017 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 31, 2016 $ 542,090 $ 134,680 $ 415,952 $ 1,092,722 Goodwill acquired during the year 48,860 25,683 — 74,543 Measurement period adjustments to goodwill acquired in prior year (36,408 ) 41 — (36,367 ) Exchange effect 7,175 3,779 16,802 27,756 Balance as of September 30, 2017 $ 561,717 $ 164,183 $ 432,754 $ 1,158,654 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Accrued Expenses [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consist of the following: Sep 30, 2017 Dec 31, 2016 (in thousands) Accrued payroll and related expenses $ 67,859 $ 74,505 Accrued warranty 50,098 40,851 Advanced customer deposits 40,039 41,735 Accrued customer rebates 39,110 49,923 Accrued professional fees 19,116 16,605 Accrued sales and other tax 16,834 13,565 Accrued agent commission 12,528 12,834 Accrued product liability and workers compensation 12,138 11,417 Product recall 6,046 7,003 Restructuring 3,352 2,295 Other accrued expenses 49,863 64,872 $ 316,983 $ 335,605 |
Warranty Costs (Tables)
Warranty Costs (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Product Warranty Table Disclosure | A rollforward of the warranty reserve is as follows: Nine Months Ended Sep 30, 2017 (in thousands) Balance as of December 31, 2016 $ 40,851 Warranty reserve related to acquisitions 6,474 Warranty expense 41,699 Warranty claims (38,926 ) Balance as of September 30, 2017 $ 50,098 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Schedule of Long-term Debt Instruments | Sep 30, 2017 Dec 31, 2016 (in thousands) Credit Facility $ 944,663 $ 725,500 Other international credit facilities 5,858 6,413 Other debt arrangement 187 213 Total debt $ 950,708 $ 732,126 Less: Current maturities of long-term debt 5,192 5,883 Long-term debt $ 945,516 $ 726,243 |
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): Sep 30, 2017 Dec 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 950,708 $ 950,708 $ 732,126 $ 732,126 |
Schedule of Interest Rate Derivatives | , the company had outstanding floating-to-fixed interest rate swaps totaling $324.0 million notional amount carrying an average interest rate of 1.30% that mature in more than 12 months but less than 84 months. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Foreign Exchange Transaction | The fair value of the forward and option contracts was a loss of $4.1 million at the end of the third quarter of 2017 . |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Balance Sheet Presentation Sep 30, 2017 Dec 31, 2016 Fair value Other assets $ 7,705 $ 8,842 Fair value Accrued expenses $ — $ (100 ) |
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 Nine Months Ended Presentation of Gain/(loss) Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ (294 ) $ 141 $ (1,937 ) $ (589 ) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ (81 ) $ (181 ) $ (887 ) $ (706 ) Gain/(loss) recognized in income (ineffective portion) Other expense $ 28 $ (7 ) $ 13 $ — |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes To Financial Statements [Abstract] | |
Net Sales Summary By Segment | Net Sales Summary (dollars in thousands) Three Months Ended Nine Months Ended Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 354,828 59.8 % $ 331,571 57.7 % $ 1,000,830 58.8 % $ 931,585 55.8 % Food Processing 86,871 14.7 82,196 14.3 256,515 15.1 244,307 14.6 Residential Kitchen 151,344 25.5 160,457 28.0 445,338 26.1 495,143 29.6 Total $ 593,043 100.0 % $ 574,224 100.0 % $ 1,702,683 100.0 % $ 1,671,035 100.0 % |
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 September 30, 2017 Net sales $ 354,828 $ 86,871 $ 151,344 $ — $ 593,043 Income (loss) from operations (3) 89,028 19,975 25,087 (15,833 ) 118,257 Depreciation and amortization expense 6,977 2,101 7,422 461 16,961 Net capital expenditures 7,978 484 2,813 869 12,144 Nine Months Ended September 30, 2017 Net sales $ 1,000,830 $ 256,515 $ 445,338 $ — $ 1,702,683 Income (loss) from operations (3,4) 264,576 62,163 66,005 (51,272 ) 341,472 Depreciation and amortization expense 20,455 5,145 22,256 1,420 49,276 Net capital expenditures 34,727 2,430 5,756 (479 ) 42,434 Total assets $ 1,559,757 $ 393,272 $ 1,211,388 $ 36,726 $ 3,201,143 Three Months Ended October 1, 2016 Net sales $ 331,571 $ 82,196 $ 160,457 $ — $ 574,224 Income (loss) from operations (3) 90,159 19,360 30,560 (18,640 ) 121,439 Depreciation and amortization expense 5,272 1,419 5,249 1,229 13,169 Net capital expenditures 3,469 618 1,604 — 5,691 Nine Months Ended October 1, 2016 Net sales $ 931,585 $ 244,307 $ 495,143 $ — $ 1,671,035 Income (loss) from operations (3) 260,460 56,409 62,775 (59,917 ) 319,727 Depreciation and amortization expense 15,218 4,377 22,191 2,623 44,409 Net capital expenditures 10,975 3,300 4,393 131 18,799 Total assets $ 1,361,244 $ 333,056 $ 1,163,992 $ 57,176 $ 2,915,468 (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): Sep 30, 2017 Oct 1, 2016 United States and Canada $ 212,033 $ 181,397 Asia 15,705 15,188 Europe and Middle East 125,892 76,498 Latin America 982 1,193 Total international $ 142,579 $ 92,879 $ 354,612 $ 274,276 |
Schedule of Entity-Wide Information, Revenue from External Customers by Products and Services | Net sales (in thousands): Three Months Ended Nine Months Ended Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016 United States and Canada $ 390,142 $ 383,634 $ 1,144,247 $ 1,090,944 Asia 48,842 49,219 136,407 130,809 Europe and Middle East 129,567 119,835 353,334 390,923 Latin America 24,492 21,536 68,695 58,359 Total international $ 202,901 $ 190,590 $ 558,436 $ 580,091 $ 593,043 $ 574,224 $ 1,702,683 $ 1,671,035 |
Restructuring Acquisition Integ
Restructuring Acquisition Integration Initiatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Residential Kitchen [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Severance/Benefits Facilities/Operations Other Total Balance as of December 31, 2016 $ 5,145 $ 2,032 $ 69 $ 7,246 Expenses 6,938 4,979 374 12,291 Exchange 476 343 14 833 Payments/Utilization (5,857 ) (4,350 ) (457 ) (10,664 ) Balance as of September 30, 2017 $ 6,702 $ 3,004 $ — $ 9,706 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 30.80% | 33.00% |
Summary of Significant Accoun33
Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | |||||
Non-cash share-based compensation expense | $ 100 | $ 6,200 | $ 6,478 | $ 17,346 | |
Unrecognized tax benefits related to federal, state and foreign taxes | $ 20,300 | ||||
Unrecognized tax benefits related to federal, state and foreign taxes of which would impact the effective tax rate if recognized | 20,000 | ||||
Unrecognized tax benefits, accrued interest | 2,700 | ||||
Unrecognized tax benefits, penalties | $ 4,900 | ||||
Recognized Tax Expense | 3,900 | ||||
Amount of unrecognized tax benefits that may be recognized over the next twelve months | 1,900 | 1,900 | |||
Interest paid | 17,400 | 15,700 | |||
Income tax payments | $ 96,700 | $ 80,300 | |||
Restricted Stock [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Grant date fair value | $ 9,600 | ||||
UNITED STATES | Internal Revenue Service (IRS) [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2013 – 2016 | ||||
UNITED STATES | State and Local Jurisdiction [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2007 – 2016 | ||||
AUSTRALIA | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2012 – 2016 | ||||
BRAZIL | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2012 – 2016 | ||||
CANADA | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2007 – 2016 | ||||
CHINA | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2007 – 2016 | ||||
Czech Republic, Koruny | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2014 – 2016 | ||||
DENMARK | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2012 – 2016 | ||||
ESTONIA | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2013 – 2016 | ||||
FRANCE | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2014 – 2016 | ||||
GERMANY | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2014 – 2016 | ||||
INDIA | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2013 – 2016 | ||||
IRELAND | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2011 – 2016 | ||||
ITALY | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2012 – 2016 | ||||
LUXEMBOURG | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2012 – 2016 | ||||
MEXICO | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2012 – 2016 | ||||
NETHERLANDS | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2005 – 2016 | ||||
PHILIPPINES | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2014 – 2016 | ||||
POLAND | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2011 – 2016 | ||||
ROMANIA | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2007 – 2016 | ||||
SPAIN | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2013 – 2016 | ||||
SWEDEN | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2010 – 2016 | ||||
SWITZERLAND | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2008 – 2016 | ||||
TAIWAN, PROVINCE OF CHINA | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2012 – 2012 | ||||
UNITED KINGDOM | |||||
Significant Accounting Policies [Line Items] | |||||
Income Tax Examination Years Subject To Examination | 2015 – 2016 |
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 ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 7,705,000 | $ 8,842,000 |
Financial Liabilities | 100,000 | |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 2,864,000 | 6,612,000 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Financial Liabilities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 7,705,000 | 8,842,000 |
Financial Liabilities | 100,000 | |
Fair Value, Inputs, Level 2 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Financial Liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | $ 2,864,000 | $ 6,612,000 |
Acquisitions and Purchase Acc35
Acquisitions and Purchase Accounting Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 159,458 | $ 210,921 |
Acquisitions and Purchase Acc36
Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 1,803,636 | $ 1,879,104 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 225,987 | $ 211,785 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 3.96 | $ 3.71 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 3.96 | $ 3.71 |
Acquisitions and Purchase Acc37
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Emico Acquisition (Details) - USD ($) $ in Thousands | May 20, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 159,458 | $ 210,921 | ||
Goodwill | 1,158,654 | $ 1,092,722 | ||
Business Acquisition, Deferred Payments | $ 1,000 | |||
Emico [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 681 | |||
Goodwill | 1,999 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (996) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (684) | |||
Consideration paid at closing | 1,000 | |||
Business Acquisition, Deferred Payments | 1,677 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 2,677 | |||
Scenario, Previously Reported [Member] | Emico [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 746 | |||
Goodwill | 1,816 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (934) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (628) | |||
Consideration paid at closing | 1,000 | |||
Business Acquisition, Deferred Payments | 1,559 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 2,559 | |||
Scenario, Adjustment [Member] | Emico [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (65) | |||
Goodwill | 183 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (62) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (56) | |||
Consideration paid at closing | 0 | |||
Business Acquisition, Deferred Payments | 118 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 118 |
Acquisitions and Purchase Acc38
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Follett Acquisition (Details) - USD ($) $ in Thousands | May 31, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 159,458 | $ 210,921 | ||
Goodwill | 1,158,654 | $ 1,092,722 | ||
Follett [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 25,508 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 206,900 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 39,353 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 28,466 | |||
Goodwill | 40,564 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 124,260 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,528 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (22,580) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (4,680) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 232,419 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 700 | |||
Commercial Foodservice Equipment Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 561,717 | $ 542,090 | ||
Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | Follett [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 55,200 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||
Backlog [Member] | Commercial Foodservice Equipment Group [Member] | Follett [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,300 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | Follett [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 67,800 | |||
Scenario, Adjustment [Member] | Follett [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,888 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (2,249) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,598 | |||
Goodwill | (35,656) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 41,810 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 170 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (10,801) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (4,064) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 696 | |||
Scenario, Previously Reported [Member] | Follett [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 22,620 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 41,602 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19,868 | |||
Goodwill | 76,220 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 82,450 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,358 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (11,779) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (616) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 231,723 |
Acquisitions and Purchase Acc39
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Burford Acquisition (Details) - USD ($) $ in Thousands | May 01, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 159,458 | $ 210,921 | ||
Goodwill | 1,158,654 | $ 1,092,722 | ||
Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 2,514 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 15,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 6,460 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 643 | |||
Goodwill | 6,239 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,740 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,287) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (2,620) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 2,700 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 17,689 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 100 | |||
Scenario, Previously Reported [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,514 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 6,424 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 656 | |||
Goodwill | 7,289 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,900 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,254) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (1,840) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 17,689 | |||
Scenario, Adjustment [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 36 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (13) | |||
Goodwill | (1,050) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,840 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (33) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (780) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||
Food Processing Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 164,183 | $ 134,680 | ||
Trade Names [Member] | Food Processing Group [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,700 | |||
Customer Relationships [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,100 | |||
Customer Relationships [Member] | Food Processing Group [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||
Developed Technology Rights [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 700 | |||
Developed Technology Rights [Member] | Food Processing Group [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Backlog [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 300 | |||
Backlog [Member] | Food Processing Group [Member] | Burford [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Acc40
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for CVP Acquisition (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 159,458 | $ 210,921 | ||
Goodwill | 1,158,654 | $ 1,092,722 | ||
Stock Issued During Period, Shares, Acquisitions | 106,254 | 0 | ||
Stock Issued During Period, Value, Acquisitions | $ 12,300 | 12,330 | ||
Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,569 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 81,400 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 22,327 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,796 | |||
Goodwill | 34,270 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 34,175 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (10,837) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 140 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (8,450) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 85,938 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 7,500 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 1,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,159 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 14 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (83) | |||
CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 621 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 30,500 | |||
Payments to Acquire Businesses, Gross | 18,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 4,538 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 147 | |||
Goodwill | 19,444 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 13,050 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (1,719) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (4,952) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 31,129 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 5,100 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 100 | |||
Scenario, Previously Reported [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,569 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 22,686 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,128 | |||
Goodwill | 33,785 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 34,175 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (11,782) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (7,751) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 85,938 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,170 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (42) | |||
Scenario, Previously Reported [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 621 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 5,973 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 238 | |||
Goodwill | 20,297 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 8,700 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (1,532) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (3,168) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 31,129 | |||
Scenario, Adjustment [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (359) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (332) | |||
Goodwill | 485 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 945 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 140 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (699) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | (11) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 14 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 125 | |||
Scenario, Adjustment [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (1,435) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (91) | |||
Goodwill | (853) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,350 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (187) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (1,784) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||
Food Processing Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 164,183 | $ 134,680 | ||
Food Processing Group [Member] | Trade Names [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,200 | |||
Customer Relationships [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 12,000 | |||
Customer Relationships [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 5,700 | |||
Customer Relationships [Member] | Food Processing Group [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Developed Technology Rights [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,200 | |||
Developed Technology Rights [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 800 | |||
Developed Technology Rights [Member] | Food Processing Group [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Backlog [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 300 | |||
Backlog [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 300 | |||
Backlog [Member] | Food Processing Group [Member] | CVP [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Acc41
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Sveba Dahlen Acquisition - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $ 1,803,636 | $ 1,879,104 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 159,458 | $ 210,921 | ||
Goodwill | 1,158,654 | $ 1,092,722 | ||
Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | $ 8,450 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,569 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 22,327 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,796 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 7,500 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 1,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 34,175 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 10,837 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (140) | |||
Payments to Acquire Businesses, Net of Cash Acquired | 81,400 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 83 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,159 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (14) | |||
Goodwill | 34,270 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 85,938 | |||
Scenario, Previously Reported [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 7,751 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,569 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 22,686 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,128 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 34,175 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 11,782 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 42 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,170 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 0 | |||
Goodwill | 33,785 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 85,938 | |||
Scenario, Adjustment [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 699 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (359) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (332) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (945) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (140) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (125) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | (11) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (14) | |||
Goodwill | 485 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||
Commercial Foodservice Equipment Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 561,717 | $ 542,090 | ||
Commercial Foodservice Equipment Group [Member] | Trade Names [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 20,700 | |||
Backlog [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 300 | |||
Backlog [Member] | Commercial Foodservice Equipment Group [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Customer Relationships [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 12,000 | |||
Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Developed Technology Rights [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,200 | |||
Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Acquisitions and Purchase Acc42
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed QualServ (Details) - USD ($) $ in Thousands | Aug. 31, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,158,654 | $ 1,092,722 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 159,458 | $ 210,921 | ||
QualServ [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1,130 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 18,031 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,785 | |||
Goodwill | 14,590 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,600 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (6,810) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 41,326 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 40,200 | |||
Commercial Foodservice Equipment Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 561,717 | $ 542,090 | ||
Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | QualServ [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,200 | |||
Customer Relationships [Member] | QualServ [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,300 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||
Backlog [Member] | QualServ [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 100 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Recently Issued Accounting St43
Recently Issued Accounting Standards Excess Tax Benefit (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Excess tax benefits recognized | $ 7.9 |
Other Comprehensive Income Chan
Other Comprehensive Income Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Accumulated Other Comprehensive Income/(Loss) [Line Items] | ||||
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, Tax, Attributable to Parent, Held-to-maturity Securities | $ (41,100) | |||
Currency Translation Adjustment | $ 15,441 | $ (20,194) | 44,897 | $ (40,169) |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (284,323) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 30,317 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 5,664 | $ 505 | 14,838 | (4,351) |
Reclassification from accumulated other comprehensive income, current period, net of tax | (887) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 29,430 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (254,893) | (254,893) | ||
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | ||||
Currency Translation Adjustment | 44,897 | |||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (116,411) | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 44,897 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (71,514) | (71,514) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (173,394) | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 14,838 | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (14,838) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (188,232) | (188,232) | ||
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 | 5,482 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 258 | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | (887) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (629) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 4,853 | $ 4,853 | ||
Lynx [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Business Combination, Provisional Information Adjustment, Working Capital | $ 3,200 |
Other Comprehensive Income Comp
Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net earnings | $ 74,671 | $ 75,851 | $ 222,942 | $ 203,280 |
Currency Translation Adjustment | 15,441 | (20,194) | 44,897 | (40,169) |
Pension liability adjustment, net of tax | (5,664) | (505) | (14,838) | 4,351 |
Unrealized gain on interest rate swaps, net of tax | (128) | 193 | (629) | 70 |
Comprehensive income | $ 84,320 | $ 55,345 | $ 252,372 | $ 167,532 |
Inventories Inventories (Detail
Inventories Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and parts | $ 180,323 | $ 154,647 |
Work-in-process | 41,743 | 35,975 |
Finished goods | 203,866 | 177,621 |
Inventory, Gross, Total | $ 425,932 | $ 368,243 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Line Items] | |
Balance beginning of period | $ 1,092,722 |
Goodwill acquired during the year | 74,543 |
Measurement period adjustments to goodwill acquired in prior year | (36,367) |
Exchange effect | 27,756 |
Balance end of period | 1,158,654 |
Commercial Foodservice Equipment Group [Member] | |
Goodwill [Line Items] | |
Balance beginning of period | 542,090 |
Goodwill acquired during the year | 48,860 |
Measurement period adjustments to goodwill acquired in prior year | (36,408) |
Exchange effect | 7,175 |
Balance end of period | 561,717 |
Food Processing Group [Member] | |
Goodwill [Line Items] | |
Balance beginning of period | 134,680 |
Goodwill acquired during the year | 25,683 |
Measurement period adjustments to goodwill acquired in prior year | 41 |
Exchange effect | 3,779 |
Balance end of period | 164,183 |
Residential Kitchen [Member] | |
Goodwill [Line Items] | |
Balance beginning of period | 415,952 |
Goodwill acquired during the year | 0 |
Measurement period adjustments to goodwill acquired in prior year | 0 |
Exchange effect | 16,802 |
Balance end of period | $ 432,754 |
Intangibles (Details)
Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 33,402 | $ 33,402 | |||
Amortization of Intangible Assets | 9,100 | $ 5,100 | 26,500 | $ 23,100 | |
Finite-Lived Intangible Assets, Gross | 346,337 | 346,337 | $ 289,449 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (195,835) | (195,835) | (168,369) | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 27,243 | 27,243 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 25,054 | 25,054 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 21,566 | 21,566 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 18,919 | 18,919 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 24,318 | 24,318 | |||
Finite-Lived Intangible Assets, Net | 150,502 | $ 150,502 | |||
Customer Lists [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years 1 month | 5 years 6 months | |||
Finite-Lived Intangible Assets, Gross | 307,502 | $ 307,502 | 251,025 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (161,823) | $ (161,823) | (136,895) | ||
Backlog [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 months | 0 months | |||
Finite-Lived Intangible Assets, Gross | 16,030 | $ 16,030 | 13,550 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (15,963) | $ (15,963) | (13,550) | ||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years 2 months | 4 years 9 months | |||
Finite-Lived Intangible Assets, Gross | 22,805 | $ 22,805 | 24,874 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (18,049) | (18,049) | (17,924) | ||
Tradenames And Trademarks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 635,850 | $ 635,850 | $ 575,091 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Disclosure Accrued Expenses [Abstract] | ||
Accrued payroll and related expenses | $ 67,859 | $ 74,505 |
Standard Product Warranty Accrual, Current | 50,098 | 40,851 |
Advanced customer deposits | 40,039 | 41,735 |
Accrued warranty | 50,098 | 40,851 |
Product Liability Contingency, Loss Exposure in Excess of Accrual, High Estimate | 6,046 | 7,003 |
Accured Restructuring Liabilities, Current | 3,352 | 2,295 |
Accrued customer rebates | 39,110 | 49,923 |
Accrued Product Liability And Workers Compensation Liability Current | 12,138 | 11,417 |
Accrued agent commission | 12,528 | 12,834 |
Accrued professional services | 19,116 | 16,605 |
Sales and Excise Tax Payable, Current | 16,834 | 13,565 |
Other accrued expenses | 49,863 | 64,872 |
Accrued expenses | $ 316,983 | $ 335,605 |
Rollforward of Warranty Reserve
Rollforward of Warranty Reserve (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Disclosure Rollforward Of Warranty Reserve [Abstract] | |
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition | $ 6,474 |
Beginning balance | 40,851 |
Warranty expense | 41,699 |
Warranty claims | (38,926) |
Ending balance | $ 50,098 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Line Items] | ||
Line of Credit Facility, Potential Additional Borrowing Capacity | $ 3,000,000 | |
Senior secured revolving credit line | 944,663 | $ 725,500 |
Other Long-term Debt | 187 | 213 |
Total debt | 950,708 | 732,126 |
Less: Current maturities of long-term debt | 5,192 | 5,883 |
Long-term debt | 945,516 | 726,243 |
Line of Credit Facility, Outstanding Amount, USD Borrowings | 921,500 | |
Line of Credit Facility, Amount Outstanding, GBP Borrowings | 23,200 | |
Foreign | ||
Debt Disclosure [Line Items] | ||
Foreign loans | $ 5,858 | $ 6,413 |
Carrying Value and Estimated Ag
Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Disclosure Carrying Value And Estimated Aggregate Fair Value Of Debt [Abstract] | ||
Carrying Value | $ 950,708 | $ 732,126 |
Fair Value | $ 950,708 | $ 732,126 |
Interest Rate Swaps in Effect (
Interest Rate Swaps in Effect (Details) $ in Millions | Sep. 30, 2017USD ($) |
Debt Disclosure [Line Items] | |
Fixed Interest Rate | 1.30% |
Derivative, Notional Amount | $ 324 |
Financing Arrangements Addition
Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Line Items] | ||
Derivative, Notional Amount | $ 324,000 | |
Fixed Interest Rate | 1.30% | |
Debt Instrument, Interest Coverage Ratio Range, Low | 300.00% | |
Credit facility, amount | $ 2,500,000 | |
Credit facility, outstanding | 944,663 | $ 725,500 |
Letter of credit, outstanding | 9,500 | |
Credit facility, remaining | $ 1,500,000 | |
Credit facility, additional interest rate above LIBOR | 1.13% | |
Debt Instrument Interest Additional Interest Above Fed Funds Rate | 0.50% | |
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |
Debt Instrument Interest Additional Interest Above LIBOR Rate Alternative | 0.13% | |
Credit facility, average interest rate | 2.33% | |
Variable commitment fee | 0.15% | |
Term loan, amount | $ 950,708 | $ 732,126 |
Credit facility, interest rate | 6.79% | |
Line of credit, Current and Noncurrent, Foreign | $ 5,900 | |
Debt Instrument, Interest Coverage Ratio Range, High | 100.00% | |
Debt Instrument, Leverage Ratio Range, Low | 350.00% | |
Debt Instrument, Leverage Ratio Range, High | 100.00% | |
Debt Instrument, Qualified Leverage Ratio Range, Low | 400.00% | |
Debt Instrument, Qualified Leverage Ratio Range, High | 100.00% |
Summary of Fair Value of Intere
Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Interest Rate Swap [Member] | Other Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value | $ 0 | $ (100) |
Impact on Earnings from Interes
Impact on Earnings from Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) recognized in accumulated other comprehensive income | $ (294) | $ 141 | $ (1,937) | $ (589) |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | (81) | (181) | (887) | (706) |
Other Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) recognized in income (ineffective portion) | $ 28 | $ (7) | $ 13 | $ 0 |
Financial Instruments Additiona
Financial Instruments Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Fair value of interest rate swaps liability | $ 7,700 | |
Maximum | ||
Derivative [Line Items] | ||
Loss in fair value of interest rate swaps | 100 | |
Foreign Exchange Forward | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | (4,100) | |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 7,705 | $ 8,842 |
Net Sales Summary (Details)
Net Sales Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | ||||
Segment Reporting Information [Line Items] | |||||||
Net sales | [1] | $ 593,043 | $ 574,224 | $ 1,702,683 | $ 1,671,035 | ||
Percent | 100.00% | 100.00% | 100.00% | 100.00% | |||
Commercial Foodservice Equipment Group [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 354,828 | [1] | $ 331,571 | [1] | $ 1,000,830 | $ 931,585 | |
Percent | 59.80% | 57.70% | 58.80% | 55.80% | |||
Food Processing Group [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 86,871 | [1] | $ 82,196 | [1] | $ 256,515 | $ 244,307 | |
Percent | 14.70% | 14.30% | 15.10% | 14.60% | |||
Residential Kitchen [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 151,344 | [1] | $ 160,457 | [1] | $ 445,338 | $ 495,143 | |
Percent | 25.50% | 28.00% | 26.10% | 29.60% | |||
[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 | 9 Months Ended | |||||||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | Sep. 27, 2014 | ||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | [1] | $ 593,043 | $ 574,224 | $ 1,702,683 | $ 1,671,035 | ||||
Income from operations | 118,257 | [1] | 121,439 | [1] | 341,472 | 319,727 | |||
Depreciation and amortization expense | 16,961 | [1] | 13,169 | [1] | 49,276 | 44,409 | |||
Net capital expenditures | 12,144 | [1] | 5,691 | [1] | 42,434 | 18,799 | |||
Total assets | 3,201,143 | 3,201,143 | $ 2,917,136 | $ 2,915,468 | |||||
Commercial Foodservice Equipment Group [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 354,828 | [1] | 331,571 | [1] | 1,000,830 | 931,585 | |||
Income from operations | 89,028 | [1] | 90,159 | [1] | 264,576 | 260,460 | |||
Depreciation and amortization expense | 6,977 | [1] | 5,272 | [1] | 20,455 | 15,218 | |||
Net capital expenditures | 7,978 | [1] | 3,469 | [1] | 34,727 | 10,975 | |||
Total assets | 1,559,757 | 1,559,757 | 1,361,244 | ||||||
Food Processing Group [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 86,871 | [1] | 82,196 | [1] | 256,515 | 244,307 | |||
Income from operations | 19,975 | [1] | 19,360 | [1] | 62,163 | 56,409 | |||
Depreciation and amortization expense | 2,101 | [1] | 1,419 | [1] | 5,145 | 4,377 | |||
Net capital expenditures | 484 | [1] | 618 | [1] | 2,430 | 3,300 | |||
Total assets | 393,272 | 393,272 | 333,056 | ||||||
Residential Kitchen [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 151,344 | [1] | 160,457 | [1] | 445,338 | 495,143 | |||
Income from operations | 25,087 | [1] | 30,560 | [1] | 66,005 | 62,775 | |||
Depreciation and amortization expense | 7,422 | [1] | 5,249 | [1] | 22,256 | 22,191 | |||
Net capital expenditures | 2,813 | [1] | 1,604 | [1] | 5,756 | 4,393 | |||
Total assets | 1,211,388 | 1,211,388 | 1,163,992 | ||||||
Corporate and Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 0 | [1],[2] | 0 | [1],[2] | 0 | 0 | |||
Income from operations | (15,833) | [1],[2] | (18,640) | [1],[2] | (51,272) | (59,917) | |||
Depreciation and amortization expense | 461 | [1],[2] | 1,229 | [1],[2] | 1,420 | 2,623 | |||
Net capital expenditures | 869 | [1],[2] | $ 0 | [1],[2] | (479) | $ 131 | |||
Total assets | $ 36,726 | $ 36,726 | $ 57,176 | ||||||
[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 | Sep. 30, 2017 | Apr. 04, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 354,612 | $ 274,276 |
United States and Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 212,033 | 181,397 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 15,705 | 15,188 |
Europe and Middle East | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 125,892 | 76,498 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 982 | 1,193 |
Total International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 142,579 | $ 92,879 |
Net Sales by Major Geographic R
Net Sales by Major Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | [1] | $ 593,043 | $ 574,224 | $ 1,702,683 | $ 1,671,035 |
United States and Canada | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 390,142 | 383,634 | 1,144,247 | 1,090,944 | |
Asia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 48,842 | 49,219 | 136,407 | 130,809 | |
Europe and Middle East | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 129,567 | 119,835 | 353,334 | 390,923 | |
Latin America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 24,492 | 21,536 | 68,695 | 58,359 | |
Total International | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 202,901 | $ 190,590 | $ 558,436 | $ 580,091 | |
[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) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | Sep. 30, 2017USD ($)plan | Oct. 01, 2016USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Number of defined contribution 401K savings plans | plan | 2 | |||
Non-US Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | $ (17,728) | $ (16,254) | $ (51,825) | $ (51,503) |
Defined Benefit Plan, Service Cost | 1,019 | 824 | 2,979 | 2,601 |
Defined Benefit Plan, Interest Cost | 8,205 | 9,890 | 23,986 | 31,214 |
Defined Benefit Plan, Amortization of Gain (Loss) | 761 | 0 | 2,224 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (51) | (148) | ||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (7,794) | $ (5,540) | $ (22,784) | $ (17,688) |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Restructuring Reserve [Roll Forward] | ||||
Expenses | $ 4,218 | $ 1,149 | $ 17,437 | $ 8,145 |
Commercial Foodservice Equipment Group [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 2,600 | 4,600 | ||
Effects on Future Earnings, Restructuring | 10,000 | 10,000 | ||
Food Processing Group [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 300 | 500 | ||
Effects on Future Earnings, Restructuring | 4,000 | 4,000 | ||
Residential Kitchen [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 1,300 | 12,300 | ||
Restructuring Charges, Cumulative | 40,000 | |||
Effects on Future Earnings, Restructuring | 20,000 | 20,000 | ||
Residential Kitchen [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 6,938 | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 476 | |||
Payments | (5,857) | |||
Balance as of October 3, 2015 | 6,702 | 6,702 | ||
Residential Kitchen [Member] | Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 4,979 | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 343 | |||
Payments | (4,350) | |||
Balance as of October 3, 2015 | 3,004 | 3,004 | ||
Residential Kitchen [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 374 | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 14 | |||
Payments | (457) | |||
Balance as of October 3, 2015 | 0 | 0 | ||
Residential Kitchen [Member] | Restructuring Charges [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Expenses | 12,291 | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 833 | |||
Payments | (10,664) | |||
Balance as of October 3, 2015 | $ 9,706 | $ 9,706 |
Share Repurchases (Details)
Share Repurchases (Details) | 3 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchased During Period, Shares | 1,680,395 |
Stock Repurchased During Period, Value | $ | $ 200,400,000 |
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 119.23 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 4,570,266 |
Stock Repurchase Program Cumulative Number Of Shares Repurchased | 3,860,996 |
Sub Event (Details)
Sub Event (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Globe [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Pro Forma Revenue | $ 50 |