Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Sep. 29, 2018 | Nov. 02, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Middleby Corp | |
Entity Central Index Key | 769,520 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 55,846,662 | |
Entity Public Float | $ 54,651,802 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 76,588 | $ 89,654 |
Accounts receivable, net of reserve for doubtful accounts of $13,398 and $13,182 | 410,150 | 328,421 |
Inventories, net | 512,824 | 424,639 |
Prepaid expenses and other | 50,142 | 55,427 |
Prepaid Taxes | 28,876 | 33,748 |
Total current assets | 1,078,580 | 931,889 |
Property, plant and equipment, net of accumulated depreciation of $161,762 and $142,278 | 311,741 | 281,915 |
Goodwill | 1,823,258 | 1,264,810 |
Other intangibles | 1,275,142 | 780,426 |
Long-term deferred tax assets | 39,483 | 44,565 |
Other assets | 50,405 | 36,108 |
Total assets | 4,578,609 | 3,339,713 |
Current liabilities: | ||
Current maturities of long-term debt | 3,125 | 5,149 |
Accounts payable | 197,750 | 146,333 |
Accrued expenses | 373,297 | 322,171 |
Total current liabilities | 574,172 | 473,653 |
Long-term debt | 1,955,243 | 1,023,732 |
Deferred Tax Liabilities, Net, Noncurrent | 110,984 | 87,815 |
Liability, Defined Benefit Pension Plan, Noncurrent | 298,628 | 334,511 |
Other non-current liabilities | 65,949 | 58,854 |
Stockholders' equity: | ||
Common stock, $0.01 par value; 62,735,903 and 62,619,865 shares issued in 2018 and 2017, respectively | 145 | 145 |
Paid-in capital | 380,190 | 374,922 |
Treasury stock, at cost; 6,889,241 and 6,889,241 shares in 2018 and 2017, respectively | (445,118) | (445,118) |
Retained earnings | 1,914,394 | 1,697,618 |
Accumulated other comprehensive loss | (275,978) | (266,419) |
Total stockholders' equity | 1,573,633 | 1,361,148 |
Total liabilities and stockholders' equity | 4,578,609 | $ 3,339,713 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Current assets: | ||
Inventories, net | 507,677 | |
Prepaid expenses and other | 51,895 | |
Current liabilities: | ||
Accrued expenses | 377,718 | |
Deferred Tax Liabilities, Net, Noncurrent | 110,768 | |
Stockholders' equity: | ||
Retained earnings | $ 1,913,583 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Accounts receivable, reserve for doubtful accounts | $ 13,398 | $ 13,182 |
Property, plant and equipment, accumulated depreciation | 161,762 | 142,278 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 247,106 | $ 207,334 |
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 | 62,735,903 | 62,619,865 |
Treasury stock, shares | 6,889,241 | 6,889,241 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |||
Net sales | $ 713,331 | [1] | $ 593,043 | [1] | $ 1,966,259 | $ 1,702,683 |
Cost of sales | 452,171 | 364,524 | 1,242,707 | 1,030,106 | ||
Gross profit | 261,160 | 228,519 | 723,552 | 672,577 | ||
Selling, General and Administrative Expense | 141,372 | 114,857 | 399,328 | 351,473 | ||
Restructuring Charges | 12,111 | 4,218 | 18,245 | 17,437 | ||
Gain (Loss) on Disposition of Assets | 0 | 0 | 0 | (12,042) | ||
Income from operations | 107,677 | [1] | 109,444 | [1] | 305,979 | 315,709 |
Net interest expense and deferred financing amortization, net | 19,143 | 6,550 | 38,370 | 18,057 | ||
Net Periodic Benefit Cost, Other Components | (9,225) | (8,813) | (28,046) | (25,763) | ||
Other (income) expense, net | (260) | (1,068) | 371 | 1,101 | ||
Earnings before income taxes | 98,019 | 112,775 | 295,284 | 322,314 | ||
Provision for income taxes | 25,114 | 38,104 | 72,971 | 99,372 | ||
Net earnings | $ 72,905 | $ 74,671 | $ 222,313 | $ 222,942 | ||
Net earnings per share: | ||||||
Earnings Per Share, Basic | $ 1.31 | $ 1.31 | $ 4 | $ 3.91 | ||
Earnings Per Share, Diluted | $ 1.31 | $ 1.31 | $ 4 | $ 3.91 | ||
Weighted average number of shares | ||||||
Basic (in shares) | 55,577,000 | 56,810,000 | 55,575,000 | 57,070,000 | ||
Dilutive common stock equivalents (in shares) | 0 | [2] | 0 | [2] | 0 | 0 |
Diluted (in shares) | 55,577,000 | 56,810,000 | 55,575,000 | 57,070,000 | ||
Comprehensive income | $ 69,027 | $ 84,320 | $ 212,754 | $ 252,372 | ||
[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] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjJiMWY3ZTg5M2E0OTQ5NjFhZThjNTE4YzRiN2ViODg0fFRleHRTZWxlY3Rpb246RTU4Njc3RkE1NTY4NTEzMDgyMDBDRjM4QjdDQTA4NDQM} |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities-- | ||
Net earnings | $ 222,313 | $ 222,942 |
Adjustments to reconcile net earnings to net cash provided by operating activities-- | ||
Depreciation and amortization expense | 66,455 | 49,276 |
Non-cash share-based compensation | 5,268 | 6,478 |
Deferred taxes | 13,312 | 21,369 |
Gain (Loss) on Disposition of Assets | 0 | (12,042) |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 783 | 2,894 |
Restructuring, Settlement and Impairment Provisions | 5,179 | 0 |
Changes in assets and liabilities, net of acquisitions | ||
Accounts receivable, net | (38,936) | 13,834 |
Inventories, net | (25,604) | (19,967) |
Prepaid expenses and other assets | 10,400 | (3,359) |
Accounts payable | 24,625 | (17,639) |
Accrued expenses and other liabilities | (31,748) | (58,894) |
Net cash provided by operating activities | 252,047 | 204,892 |
Cash flows from investing activities-- | ||
Additions to property and equipment | (32,552) | (42,434) |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 14,278 |
Payments to Acquire Intangible Assets | (5,399) | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | (1,147,738) | (159,458) |
Net cash (used in) investing activities | (1,185,689) | (187,614) |
Cash flows from financing activities-- | ||
Proceeds from Lines of Credit | 1,520,225 | 489,484 |
Repayments of Lines of Credit | (588,911) | (272,185) |
Net (repayments) proceeds under foreign bank loan | (6,997) | (1,062) |
Proceeds from (Repayments of) Notes Payable | (3) | (26) |
Proceeds from (Payments for) Other Financing Activities | (692) | 0 |
Repurchase of treasury stock | 0 | (224,996) |
Net cash (used in) provided by financing activities | 923,622 | (8,785) |
Effect of exchange rates on cash and cash equivalents | (3,046) | 4,748 |
Changes in cash and cash equivalents-- | ||
Net (decrease) increase in cash and cash equivalents | (13,066) | 13,241 |
Cash and cash equivalents at beginning of year | 89,654 | 68,485 |
Cash and cash equivalents at end of quarter | 76,588 | |
CVP Systems [Member] | ||
Changes in cash and cash equivalents-- | ||
Stock Issued During Period, Value, Acquisitions | $ 0 | $ 12,330 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 29, 2018 | |
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 ("SEC"). 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 2017 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2018 . 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 29, 2018 and December 30, 2017 , the results of operations for the three and nine months ended September 29, 2018 and September 30, 2017 and cash flows for the nine months ended September 29, 2018 and September 30, 2017 . Certain prior year amounts have been reclassified to be consistent with current year presentation, including the non-operating components of pension benefit previously reported in Selling, general and administrative expenses to Net periodic pension benefit (other than service cost). 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 $3.5 million and less than $0.1 million for the three months period ended September 29, 2018 and September 30, 2017 , respectively. Non-cash share-based compensation expense was $5.3 million and $6.5 million for the nine months period ended September 29, 2018 and September 30, 2017 , respectively. C) Income Taxes A tax provision of $73.0 million , at an effective rate of 24.7% , was recorded during the nine months period ended September 29, 2018 , as compared to a $99.4 million tax provision at a 30.8% in the prior year period. In comparison to the prior year period, the tax provision reflects a lower federal tax rate of 21.0% , as opposed to 35.0% in 2017, partially offset by additional taxes due under the Tax Cuts and Jobs Act of 2017. The 2017 tax provision was lower than the statutory rate of 35.0% primarily due to a discrete tax benefit recognized as a result of the adoption of ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Accounting". During the nine months ended September 30, 2018, we have not recorded any measurement period adjustments to the provisional estimates recorded at December 31, 2017. Final accounting for these impacts is expected in the fourth quarter of 2018, subsequent to the company's completion of 2017 tax returns. D) Fair Value Measures Accounting Standards Codification ("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 29, 2018 Financial Assets: Interest rate swaps $ — $ 26,485 $ — $ 26,485 Financial Liabilities: Contingent consideration $ — $ — $ 4,070 $ 4,070 As of December 30, 2017 Financial Assets: Interest rate swaps $ — $ 10,266 $ — $ 10,266 Financial Liabilities: Contingent consideration $ — $ — $ 1,780 $ 1,780 The contingent consideration as of September 29, 2018 relates to the earnout provision recorded in conjunction with the acquisitions of Scanico A/S ("Scanico") and Josper S.A ("Josper"). The contingent consideration as of December 30, 2017 relates to the earnout provisions recorded in conjunction with the acquisitions of Scanico and Desmon Food Service Equipment Company ("Desmon"). 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. E) Consolidated Statements of Cash Flows Cash paid for interest was $35.9 million and $17.4 million for the nine months ended September 29, 2018 and September 30, 2017 , respectively. Cash payments totaling $61.3 million and $96.7 million were made for income taxes for the nine months ended September 29, 2018 and September 30, 2017 , respectively. |
Litigation Matters
Litigation Matters | 9 Months Ended |
Sep. 29, 2018 | |
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. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 29, 2018 | |
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 30, 2017 $ (69,721 ) $ (203,063 ) $ 6,365 $ (266,419 ) Adoption of ASU 2018-02 (2) — (487 ) 1,619 1,132 Other comprehensive income before reclassification (29,879 ) 7,041 11,918 (10,920 ) Amounts reclassified from accumulated other comprehensive income — — 229 229 Net current-period other comprehensive income $ (29,879 ) $ 6,554 $ 13,766 $ (9,559 ) Balance as of September 29, 2018 $ (99,600 ) $ (196,509 ) $ 20,131 $ (275,978 ) (1) As of September 29, 2018 pension and interest rate swap amounts are net of tax of $(41.7) million and $6.8 million , respectively. During the nine months ended September 29, 2018 , the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $1.9 million and $2.6 million , respectively. (2) As of December 31, 2017, the company adopted ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". This guidance allowed for the reclassification of $1.1 million of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings. Components of other comprehensive income were as follows (in thousands): Three Months Ended Nine Months Ended Sep 29, 2018 Sep 30, 2017 Sep 29, 2018 Sep 30, 2017 Net earnings $ 72,905 $ 74,671 $ 222,313 $ 222,942 Currency translation adjustment (9,718 ) 15,441 (29,879 ) 44,897 Pension liability adjustment, net of tax 1,674 (5,664 ) 6,554 (14,838 ) Unrealized gain on interest rate swaps, net of tax 4,166 (128 ) 13,766 (629 ) Comprehensive income $ 69,027 $ 84,320 $ 212,754 $ 252,372 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 29, 2018 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition Accounting Policy On December 31, 2017, we adopted the new accounting standard ASU No. 2014-09, “Revenue from Contracts with Customers" (ASC 606) using the modified retrospective method to contracts that were not completed as of December 30, 2017 . We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The adoption of ASC 606 represents a change in accounting principle that will also provide readers with enhanced revenue recognition disclosures. Revenue is recognized when the control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and represents the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The company’s contracts can have multiple performance obligations or just a single performance obligation. For contracts with multiple performance obligations, the contract’s transaction price is allocated to each performance obligation using the company’s best estimate of the standalone selling price of each distinct good or service in the contract. Within the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups, the estimated standalone selling price of equipment is based on observable prices. Within the Food Processing Equipment Group, the company estimates the standalone selling price based on expected cost to manufacture the good or complete the service plus an appropriate profit margin. Control may pass to the customer over time or at a point in time. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under our long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. Installation services provided in connection with the delivery of the equipment are also generally recognized as those services are rendered. Over time transfer of control is measured using an appropriate input measure (e.g., costs incurred or direct labor hours incurred in relation to total estimate). These measures include forecasts based on the best information available and therefore reflect the company's judgment to faithfully depict the transfer of the goods. Contract Estimates Accounting for long-term contracts within the Food Processing Equipment group involves the use of various techniques to estimate total contract revenue and costs. For the company’s long-term contracts, estimated profit for the equipment performance obligations is recognized as the equipment is manufactured and assembled. Profit on the equipment performance obligations is estimated as the difference between the total estimated revenue and expected costs to complete a contract. Contract cost estimates are based on labor productivity and availability, the complexity of the work to be performed; the cost and availability of materials and labor, and the performance of subcontractors. Contracts within the Commercial Foodservice and Residential Foodservice Equipment groups may contain variable consideration in the form of volume rebate programs. The company’s estimate of variable consideration is based on its experience with similarly situated customers using the portfolio approach. Practical Expedients and Policy Elections The company has taken advantage of the following practical expedients: • The company does not disclose information about remaining performance obligations that have original expected durations of one year or less. • The company generally expenses sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses. • As the company’s standard payment terms are less than one year, the company does not assess whether a contract has a significant financing component. The company has made the following accounting policy elections permitted by ASC 606: • The company treats shipping and handling activities performed after the customer obtains control of the good as a contract fulfillment activity. • Sales, use and value added taxes assessed by governmental authorities are excluded from the measurement of the transaction price within the company’s contracts with its customers. Adoption of ASC 606 As a result of the adoption of ASC 606, the company has changed its accounting policy for revenue recognition as detailed below. Equipment Under the company’s historical accounting policies, revenue under long-term sales contracts within the Food Processing Equipment Group was recognized using the percentage of completion method. Upon adoption, a number of contracts that were not completed as of December 31, 2017 did not meet the requirements for recognition of revenue over time under ASC 606. As such the revenue is deferred and recognized at a point in time. Installation Services Under the company’s historical accounting policies, the company used the completed contract method for installation services associated with equipment sold within the Food Processing Equipment Group. Under ASC 606, the Company recognizes revenue from installation services over the period the services are rendered. The cumulative effect of the changes made to our December 30, 2017 Condensed Consolidated Balance Sheet for the adoption of ASC 606 using the modified retrospective method to contracts that were not completed as of December 30, 2017 were as follows (in thousands): Balance at December 30, 2017 (as reported) Adjustments due to ASC 606 Balance at December 30, 2017 (as adjusted) Balance Sheet Assets Accounts receivable $ 328,421 $ (122 ) $ 328,299 Inventories, net 424,639 14,993 439,632 Prepaid expenses and other 55,427 (4,018 ) 51,409 Long-term deferred tax assets 44,565 1,319 45,884 Liabilities & Stockholders' Equity Accrued expenses $ 322,171 $ 16,557 $ 338,728 Retained earnings $ 1,697,618 $ (4,405 ) $ 1,693,213 In accordance with the requirements of ASC 606, the adoption of ASC 606 had no impact on cash provided by operating activities within the company's Condensed Consolidated Statement of Cash Flows. The impact of adoption on our Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Balance Sheet are as follows (in thousands): Three Months Ended September 29, 2018 As Reported Balances without ASC 606 Effect of Change Net sales $ 713,331 $ 710,755 $ 2,576 Cost of sales 452,171 450,440 1,731 Provision for income taxes 25,114 24,857 257 Net earnings $ 72,905 $ 72,317 $ 588 Basic earnings per share $ 1.31 $ 1.30 Diluted earnings per share $ 1.31 $ 1.30 Nine Months Ended September 29, 2018 As Reported Balances without ASC 606 Effect of Change Net sales $ 1,966,259 $ 1,949,110 $ 17,149 Cost of sales 1,242,707 1,230,578 12,129 Provision for income taxes 72,971 71,649 1,322 Net earnings $ 222,313 $ 218,615 $ 3,698 Basic earnings per share $ 4.00 $ 3.93 Diluted earnings per share $ 4.00 $ 3.93 Balance as of September 29, 2018 As Reported Balances without ASC 606 Effect of Change Assets Inventories, net $ 512,824 $ 507,677 $ 5,147 Prepaid expenses and other 50,142 51,895 (1,753 ) Liabilities Accrued expenses 373,297 377,718 (4,421 ) Long-term deferred tax liability 110,984 110,768 216 Equity Retained earnings $ 1,914,394 $ 1,913,583 $ 811 Disaggregation of Revenue We disaggregate our net sales by reportable operating segment and geographical location as we believe it best depicts how the nature, timing and uncertainty of our net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under our long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes our net sales by reportable operating segment and geographical location (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Three Months Ended September 29, 2018 United States and Canada $ 318,962 $ 57,235 $ 98,136 $ 474,333 Asia 50,996 6,464 1,653 59,113 Europe and Middle East 83,763 19,194 51,936 154,893 Latin America 17,877 5,364 1,751 24,992 Total $ 471,598 $ 88,257 $ 153,476 $ 713,331 Nine Months Ended September 29, 2018 United States and Canada $ 863,598 $ 183,476 $ 280,116 $ 1,327,190 Asia 117,987 23,899 5,232 147,118 Europe and Middle East 225,726 44,729 160,810 431,265 Latin America 38,308 18,374 4,004 60,686 Total $ 1,245,619 $ 270,478 $ 450,162 $ 1,966,259 Three Months Ended September 30, 2017 United States and Canada $ 243,233 $ 61,612 $ 89,821 $ 394,666 Asia 38,755 4,543 2,078 45,376 Europe and Middle East 61,327 12,606 57,774 131,707 Latin America 11,513 8,110 1,671 21,294 Total $ 354,828 $ 86,871 $ 151,344 $ 593,043 Nine Months Ended September 30, 2017 United States and Canada $ 707,014 $ 189,288 $ 263,014 $ 1,159,316 Asia 104,598 14,942 6,615 126,155 Europe and Middle East 158,622 29,095 170,934 358,651 Latin America 30,596 23,190 4,775 58,561 Total $ 1,000,830 $ 256,515 $ 445,338 $ 1,702,683 Contract Balances Contract assets primarily relate to the company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Accounts receivable are not considered contract assets under the new revenue standard as contract assets are conditioned upon the company's future satisfaction of a performance obligation. Accounts receivable, in contracts, are unconditional rights to consideration. Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized. The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands): Sep 29, 2018 At Adoption Contract assets $ 8,945 $ 16,753 Contract liabilities $ 69,936 $ 47,647 Non-current contract liabilities $ 10,468 $ 1,859 During the nine months period ended September 29, 2018 , the company reclassified $11.5 million to receivable which was included in the contract asset balance at the beginning of the period. During the nine months period ended September 29, 2018 , the company recognized revenue of $42.1 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $63.7 million during the nine months period ended September 29, 2018 . The increase in the non-current contract liabilities primarily relates to companies acquired during the nine months period ended September 29, 2018 . Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during nine months period ended September 29, 2018 . |
Inventories
Inventories | 9 Months Ended |
Sep. 29, 2018 | |
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 29, 2018 and December 30, 2017 are as follows (in thousands): Sep 29, 2018 Dec 30, 2017 Raw materials and parts $ 233,061 $ 180,559 Work-in-process 56,838 38,917 Finished goods 222,925 205,163 $ 512,824 $ 424,639 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 29, 2018 | |
Notes To Financial Statements [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill for the nine months ended September 29, 2018 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 30, 2017 $ 631,451 $ 198,278 $ 435,081 $ 1,264,810 Goodwill acquired during the year 563,661 19,567 — 583,228 Measurement period adjustments to goodwill acquired in prior year (1,559 ) (468 ) — (2,027 ) Exchange effect (11,941 ) (3,338 ) (7,474 ) (22,753 ) Balance as of September 29, 2018 $ 1,181,612 $ 214,039 $ 427,607 $ 1,823,258 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 29, 2018 | |
Disclosure Accrued Expenses [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following (in thousands): Sep 29, 2018 Dec 30, 2017 Accrued payroll and related expenses $ 70,998 $ 67,935 Contract liabilities 69,936 31,069 Accrued warranty 59,644 52,834 Accrued customer rebates 39,465 48,590 Accrued professional fees 18,723 18,250 Accrued product liability and workers compensation 16,439 11,976 Accrued sales and other tax 15,509 20,881 Accrued agent commission 12,809 11,035 Product recall 5,140 6,068 Restructuring 2,679 1,715 Other accrued expenses 61,955 51,818 $ 373,297 $ 322,171 |
Warranty Costs
Warranty Costs | 9 Months Ended |
Sep. 29, 2018 | |
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 (in thousands): Nine Months Ended Sep 29, 2018 Balance as of December 30, 2017 $ 52,834 Warranty reserve related to acquisitions 5,730 Warranty expense 45,208 Warranty claims (44,128 ) Balance as of September 29, 2018 $ 59,644 |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Sep. 29, 2018 | |
Notes To Financial Statements [Abstract] | |
Financing Arrangements | Financing Arrangements Sep 29, 2018 Dec 30, 2017 (in thousands) Credit Facility $ 1,954,013 $ 1,022,935 Other international credit facilities 4,180 5,768 Other debt arrangement 175 178 Total debt $ 1,958,368 $ 1,028,881 Less: Current maturities of long-term debt 3,125 5,149 Long-term debt $ 1,955,243 $ 1,023,732 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 29, 2018 , the company had $2.0 billion of borrowings outstanding under the Credit Facility, including $1.9 billion of borrowings in U.S. Dollars, $80.0 million of borrowings denominated in Euro and $6.5 million of borrowings denominated in British Pounds. The company also had $12.3 million in outstanding letters of credit as of September 29, 2018 , which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under this facility was $0.5 billion at September 29, 2018 . At September 29, 2018 , borrowings under the Credit Facility accrued interest at a rate of 1.625% above LIBOR per annum or 0.625% 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 3.81% at the end of 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 0.25% per annum as of September 29, 2018 . In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At September 29, 2018 , these foreign credit facilities amounted to $4.2 million in U.S. Dollars with a weighted average per annum interest rate of approximately 5.59% . 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 29, 2018 Dec 30, 2017 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 1,958,368 $ 1,958,368 $ 1,028,881 $ 1,028,881 The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At September 29, 2018 , the company had outstanding floating-to-fixed interest rate swaps totaling $999.0 million notional amount carrying an average interest rate of 2.17% 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 29, 2018 , the company was in compliance with all covenants pursuant to its borrowing agreements. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 29, 2018 | |
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 gain of $0.4 million at the end of the third quarter of 2018 . 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 29, 2018 , the fair value of these instruments was an asset of $26.5 million . The change in fair value of these swap agreements in the first nine months of 2018 was a gain of $13.6 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 29, 2018 Dec 30, 2017 Fair value Other assets $ 26,485 $ 10,266 The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Nine Months Ended Presentation of Gain/(loss) Sep 29, 2018 Sep 30, 2017 Sep 29, 2018 Sep 30, 2017 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 5,389 $ (294 ) $ 16,347 $ (1,937 ) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ (7 ) $ (81 ) $ 229 $ (887 ) Gain/(loss) recognized in income (ineffective portion) Other expense $ 214 $ 28 $ 101 $ 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. 29, 2018 | |
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 foodservice equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in Arkansas, California, Illinois, Michigan, New Hampshire, North Carolina, Ohio, 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, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers and coffee and beverage dispensing 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, Firex, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Jade, Joe Tap, Josper, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, Southbend, Star, Sveba Dahlen, Taylor, 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, Washington, Wisconsin, Denmark, France, Germany, India and the United Kingdom. Principal product lines of this group include batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems , grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment , filling and depositing solutions, forming equipment, automated loading and unloading systems, food safety, food handling, freezing, defrosting and packaging 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, Emico, Glimek, Hinds-Bock, Maurer-Atmos, MP Equipment, RapidPak, Scanico, Spooner Vicars, Stewart Systems and Thurne, Ve.Ma.C. 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 are ranges, cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, refrigerators, wine coolers, ice machines, ventilation equipment and outdoor equipment . These products are sold and marketed under the brand names: 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 29, 2018 Sep 30, 2017 Sep 29, 2018 Sep 30, 2017 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 471,598 66.1 % $ 354,828 59.8 % $ 1,245,619 63.3 % $ 1,000,830 58.8 % Food Processing 88,257 12.4 86,871 14.7 270,478 13.8 256,515 15.1 Residential Kitchen 153,476 21.5 151,344 25.5 450,162 22.9 445,338 26.1 Total $ 713,331 100.0 % $ 593,043 100.0 % $ 1,966,259 100.0 % $ 1,702,683 100.0 % 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 29, 2018 Net sales $ 471,598 $ 88,257 $ 153,476 $ — $ 713,331 Income (loss) from operations (3,4) 102,091 13,831 9,489 (17,734 ) 107,677 Depreciation and amortization expense 17,558 2,209 7,606 460 27,833 Net capital expenditures 7,665 318 1,779 (1,418 ) 8,344 Nine Months Ended September 29, 2018 Net sales $ 1,245,619 $ 270,478 $ 450,162 $ — $ 1,966,259 Income (loss) from operations (3,4) 284,645 39,157 32,598 (50,421 ) 305,979 Depreciation and amortization expense 32,907 9,385 22,767 1,396 66,455 Net capital expenditures 16,371 7,274 9,421 (514 ) 32,552 Total assets $ 2,907,387 $ 492,151 $ 1,111,546 $ 67,525 $ 4,578,609 Three Months Ended September 30, 2017 Net sales $ 354,828 $ 86,871 $ 151,344 $ — $ 593,043 Income (loss) from operations (3,4,5) 89,028 19,975 16,274 (15,833 ) 109,444 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 (3,4,5) 264,576 62,163 40,242 (51,272 ) 315,709 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 (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 16 for further details. (4) Includes reclassifications due to adoption of ASU No. 2017-07. See note 15 for further details. (5) Gain on sale of plant allocated to Commercial Foodservice. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands): Sep 29, 2018 Sep 30, 2017 United States and Canada $ 268,952 $ 212,033 Asia 12,291 15,705 Europe and Middle East 119,732 125,892 Latin America 654 982 Total international $ 132,677 $ 142,579 $ 401,629 $ 354,612 |
Employee Retirement Plans
Employee Retirement Plans | 9 Months Ended |
Sep. 29, 2018 | |
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 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Net Periodic Pension Benefit: Service cost $ 915 $ 1,019 $ 2,849 $ 2,979 Interest cost 7,756 8,205 24,147 23,986 Expected return on assets (18,062 ) (17,728 ) (56,235 ) (51,825 ) Amortization of net (gain) loss 967 761 3,011 2,224 Curtailment loss (gain) 136 — 1,100 — Pension settlement gain (22 ) (51 ) (69 ) (148 ) $ (8,310 ) $ (7,794 ) $ (25,197 ) $ (22,784 ) The pension costs for all other plans of the company were not material during the period. On December 31, 2017, the company adopted ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The service cost component is recognized within Selling, general and administrative expenses and the non-operating components of pension benefit are included within Net periodic pension benefit (other than service cost) in the Condensed Consolidated Statements of Comprehensive Income. The adoption of this standard resulted in a reclassification for the three months period ended September 30, 2017 and nine months period ended September 30, 2017 , in which previously reported selling, general and administrative expenses was increased by $8.8 million and $25.8 million , respectively. Net earnings and net earnings per share did not change as a result of the adoption of this standard. (b) Defined Contribution Plans The company maintains two separate defined contribution 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 United Kingdom based employees. |
Restructuring Restructuring (No
Restructuring Restructuring (Notes) | 9 Months Ended |
Sep. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 16) Restructuring Commercial Foodservice Equipment Group: During the fiscal years 2018 and 2017, the company undertook cost reduction initiatives related to the Commercial Foodservice Equipment Group. These actions, which are not material to the company's operations, resulted in a charge of $1.2 million and $3.3 million in the three and nine months ended September 29, 2018 primarily for severance related to headcount reductions and consolidation of manufacturing operations. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The company estimates that these restructuring initiatives will result in future cost savings of approximately $10.0 million annually. The realization of the savings began in 2017 and will continue into 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 years 2018 and 2017, the company undertook cost reduction initiatives related to the entire Food Processing Equipment Group. These actions, which are not material to the company's operations, resulted in a charge of $0.2 million and $0.6 million in the three and nine months ended September 29, 2018 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. The realization of the savings began in 2018 and will continue through the year and the restructuring costs in the future are not expected to be significant related to these actions. Residential Kitchen Equipment Group: During fiscal years 2018, 2017, 2016 and 2015, the company undertook acquisition integration initiatives related to the AGA Group within the Residential Kitchen Equipment Group. These initiatives included organizational restructuring, headcount reductions and consolidation and disposition of certain facilities and business operations, including the impairment of equipment and facilities. The company recorded additional expense of $10.7 million and $14.4 million in the three and nine months ended September 29, 2018 , related to the AGA Group. The cumulative expenses incurred to date for these initiatives is approximately $55.0 million . During the third quarter, the company undertook additional restructuring efforts for Grange, a non-core business within the Residential Kitchen Group and elected to cease operations. This process is expected to be largely completed in the fourth quarter of 2018, and the company does not expect to incur significant additional charges related to this restructuring. In connection with this exit activity, the company has recorded charges of $8.7 million . Of this amount, $2.0 million primarily relates to charges for fixed assets and $3.2 million for working capital accounts, and $3.5 million for severance obligations and other closure costs. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The company estimated that the main restructuring initiatives in 2017 would result in future cost savings of approximately $20.0 million annually. The realization of the savings began in 2017 and will continue into fiscal year 2018, primarily related to the compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be paid by the end of fiscal year 2018. The lease obligations extend through August 2019. The costs and corresponding reserve balances for the Residential Kitchen Equipment Group are summarized as follows (in thousands): Severance/Benefits Facilities/Operations Other Total Balance as of December 30, 2017 $ 3,698 $ 1,467 $ 157 $ 5,322 Expenses 6,448 3,202 4,714 14,364 Exchange (60 ) (17 ) 20 (57 ) Payments/Utilization (6,879 ) (3,170 ) (3,727 ) (13,776 ) Balance as of September 29, 2018 $ 3,207 $ 1,482 $ 1,164 $ 5,853 |
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 30, 2017 $ 3,698 $ 1,467 $ 157 $ 5,322 Expenses 6,448 3,202 4,714 14,364 Exchange (60 ) (17 ) 20 (57 ) Payments/Utilization (6,879 ) (3,170 ) (3,727 ) (13,776 ) Balance as of September 29, 2018 $ 3,207 $ 1,482 $ 1,164 $ 5,853 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 29, 2018 | |
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 ("SEC"). 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 2017 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2018 . 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 29, 2018 and December 30, 2017 , the results of operations for the three and nine months ended September 29, 2018 and September 30, 2017 and cash flows for the nine months ended September 29, 2018 and September 30, 2017 . |
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 $3.5 million and less than $0.1 million for the three months period ended September 29, 2018 and September 30, 2017 , respectively. |
Income Tax Contingencies | C) Income Taxes A tax provision of $73.0 million , at an effective rate of 24.7% , was recorded during the nine months period ended September 29, 2018 , as compared to a $99.4 million tax provision at a 30.8% in the prior year period. In comparison to the prior year period, the tax provision reflects a lower federal tax rate of 21.0% , as opposed to 35.0% in 2017, partially offset by additional taxes due under the Tax Cuts and Jobs Act of 2017. The 2017 tax provision was lower than the statutory rate of 35.0% primarily due to a discrete tax benefit recognized as a result of the adoption of ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Accounting". |
Fair Value Measures | D) Fair Value Measures Accounting Standards Codification ("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 29, 2018 Financial Assets: Interest rate swaps $ — $ 26,485 $ — $ 26,485 Financial Liabilities: Contingent consideration $ — $ — $ 4,070 $ 4,070 As of December 30, 2017 Financial Assets: Interest rate swaps $ — $ 10,266 $ — $ 10,266 Financial Liabilities: Contingent consideration $ — $ — $ 1,780 $ 1,780 |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Policies) | 9 Months Ended |
Sep. 29, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Accounting Policy On December 31, 2017, we adopted the new accounting standard ASU No. 2014-09, “Revenue from Contracts with Customers" (ASC 606) using the modified retrospective method to contracts that were not completed as of December 30, 2017 . We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The adoption of ASC 606 represents a change in accounting principle that will also provide readers with enhanced revenue recognition disclosures. Revenue is recognized when the control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and represents the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The company’s contracts can have multiple performance obligations or just a single performance obligation. For contracts with multiple performance obligations, the contract’s transaction price is allocated to each performance obligation using the company’s best estimate of the standalone selling price of each distinct good or service in the contract. Within the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups, the estimated standalone selling price of equipment is based on observable prices. Within the Food Processing Equipment Group, the company estimates the standalone selling price based on expected cost to manufacture the good or complete the service plus an appropriate profit margin. Control may pass to the customer over time or at a point in time. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under our long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. Installation services provided in connection with the delivery of the equipment are also generally recognized as those services are rendered. Over time transfer of control is measured using an appropriate input measure (e.g., costs incurred or direct labor hours incurred in relation to total estimate). These measures include forecasts based on the best information available and therefore reflect the company's judgment to faithfully depict the transfer of the goods. Contract Estimates Accounting for long-term contracts within the Food Processing Equipment group involves the use of various techniques to estimate total contract revenue and costs. For the company’s long-term contracts, estimated profit for the equipment performance obligations is recognized as the equipment is manufactured and assembled. Profit on the equipment performance obligations is estimated as the difference between the total estimated revenue and expected costs to complete a contract. Contract cost estimates are based on labor productivity and availability, the complexity of the work to be performed; the cost and availability of materials and labor, and the performance of subcontractors. Contracts within the Commercial Foodservice and Residential Foodservice Equipment groups may contain variable consideration in the form of volume rebate programs. The company’s estimate of variable consideration is based on its experience with similarly situated customers using the portfolio approach. Practical Expedients and Policy Elections The company has taken advantage of the following practical expedients: • The company does not disclose information about remaining performance obligations that have original expected durations of one year or less. • The company generally expenses sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses. • As the company’s standard payment terms are less than one year, the company does not assess whether a contract has a significant financing component. The company has made the following accounting policy elections permitted by ASC 606: • The company treats shipping and handling activities performed after the customer obtains control of the good as a contract fulfillment activity. • Sales, use and value added taxes assessed by governmental authorities are excluded from the measurement of the transaction price within the company’s contracts with its customers. Adoption of ASC 606 As a result of the adoption of ASC 606, the company has changed its accounting policy for revenue recognition as detailed below. Equipment Under the company’s historical accounting policies, revenue under long-term sales contracts within the Food Processing Equipment Group was recognized using the percentage of completion method. Upon adoption, a number of contracts that were not completed as of December 31, 2017 did not meet the requirements for recognition of revenue over time under ASC 606. As such the revenue is deferred and recognized at a point in time. Installation Services Under the company’s historical accounting policies, the company used the completed contract method for installation services associated with equipment sold within the Food Processing Equipment Group. Under ASC 606, the Company recognizes revenue from installation services over the period the services are rendered. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Accounting Policies [Abstract] | |
Summary of Income Tax Examinations | 24.7% , was recorded during the nine months period ended September 29, 2018 , as compared to a $99.4 million tax provision at a 30.8% in the prior year period. In comparison to the prior year period, the tax provision reflects a lower federal tax rate of 21.0% , as opposed to 35.0% in 2017, partially offset by additional taxes due under the Tax Cuts and Jobs Act of 2017. The 2017 tax provision was lower than the statutory rate of 35.0% primarily due to a discrete tax benefit recognized as a result of the adoption of |
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 29, 2018 Financial Assets: Interest rate swaps $ — $ 26,485 $ — $ 26,485 Financial Liabilities: Contingent consideration $ — $ — $ 4,070 $ 4,070 As of December 30, 2017 Financial Assets: Interest rate swaps $ — $ 10,266 $ — $ 10,266 Financial Liabilities: Contingent consideration $ — $ — $ 1,780 $ 1,780 |
Acquisitions and Purchase Accou
Acquisitions and Purchase Accounting (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
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 29, 2018 September 30, 2017 Net sales $ 2,130,166 $ 2,151,230 Net earnings 219,914 198,430 Net earnings per share: Basic $ 3.96 $ 3.48 Diluted 3.96 3.48 |
Burford [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of consideration paid for the Burford acquisition is summarized as follows (in thousands): (as initially reported) May 1, 2017 Measurement Period Adjustments (as adjusted) May 1, 2017 Cash $ 2,514 $ — $ 2,514 Current assets 6,424 104 6,528 Property, plant and equipment 656 (13 ) 643 Goodwill 7,289 997 8,286 Other intangibles 4,900 1,840 6,740 Current liabilities (2,254 ) (665 ) (2,919 ) Long term deferred tax liability (1,840 ) 224 (1,616 ) Other non-current liabilities — (2,836 ) (2,836 ) Net assets acquired and liabilities assumed $ 17,689 $ (349 ) $ 17,340 |
CVP Systems [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of consideration paid for the CVP Systems acquisition is summarized as follows (in thousands): (as initially reported) June 30, 2017 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 (695 ) 19,602 Other intangibles 8,700 4,350 13,050 Current liabilities (1,532 ) (581 ) (2,113 ) Long term deferred tax liability (3,168 ) (443 ) (3,611 ) Other non-current liabilities — (1,833 ) (1,833 ) Net assets acquired and liabilities assumed $ 31,129 $ (728 ) $ 30,401 |
Sveba Dahlen [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | (as initially reported) June 30, 2017 Measurement Period Adjustments (as adjusted) June 30, 2017 Cash $ 4,569 $ — $ 4,569 Current assets 22,686 (997 ) 21,689 Property, plant and equipment 9,128 (431 ) 8,697 Goodwill 33,785 4,330 38,115 Other intangibles 34,175 225 34,400 Other assets 1,170 (280 ) 890 Current portion of long-term debt — (14 ) (14 ) Current liabilities (11,782 ) (342 ) (12,124 ) Long-term debt — (140 ) (140 ) Long term deferred tax liability (7,751 ) (626 ) (8,377 ) Other non-current liabilities (42 ) (1,725 ) (1,767 ) Net assets acquired and liabilities assumed $ 85,938 $ — $ 85,938 |
QualServ [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | (as initially reported) August 31, 2017 Measurement Period Adjustments (as adjusted) August 31, 2017 Cash $ 1,130 $ — $ 1,130 Current assets 18,031 (64 ) 17,967 Property, plant and equipment 4,785 — 4,785 Goodwill 14,590 (1,399 ) 13,191 Other intangibles 9,600 1,340 10,940 Current liabilities (6,810 ) (130 ) (6,940 ) Net assets acquired and liabilities assumed $ 41,326 $ (253 ) $ 41,073 |
Globe [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The final allocation of consideration paid for the Globe acquisition is summarized as follows (in thousands): (as initially reported) October 17, 2017 Measurement Period Adjustments (as adjusted) October 17, 2017 Cash $ 3,420 $ — $ 3,420 Current assets 17,197 (40 ) 17,157 Property, plant and equipment 1,120 — 1,120 Goodwill 67,176 (7,182 ) 59,994 Other intangibles 43,444 14,086 57,530 Current liabilities (5,994 ) (398 ) (6,392 ) Long term deferred tax liability (16,456 ) (5,832 ) (22,288 ) Other non-current liabilities (1,907 ) (193 ) (2,100 ) Net assets acquired and liabilities assumed $ 108,000 $ 441 $ 108,441 The long term deferred tax liability amounted to $22.3 million . The net liability is comprised of $21.7 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.6 million of deferred tax liabilities related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. |
Scanico [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) December 7, 2017 Preliminary Measurement Period Adjustments (as adjusted) December 7, 2017 Cash $ 6,766 $ — $ 6,766 Current assets 3,428 (111 ) 3,317 Property, plant and equipment 447 (27 ) 420 Goodwill 30,072 470 30,542 Other intangibles 11,491 — 11,491 Current liabilities (7,987 ) (28 ) (8,015 ) Long term deferred tax liability (3,305 ) 30 (3,275 ) Consideration paid at closing $ 40,912 $ 334 $ 41,246 Contingent consideration 751 — 751 Net assets acquired and liabilities assumed $ 41,663 $ 334 $ 41,997 |
Hinds-Bock [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) February 16, 2018 Preliminary Measurement Period Adjustments (as adjusted) February 16, 2018 Cash $ 5 $ — $ 5 Current assets 5,301 (3 ) 5,298 Property, plant and equipment 3,557 — 3,557 Goodwill 12,686 (397 ) 12,289 Other intangibles 8,081 — 8,081 Current liabilities (3,800 ) — (3,800 ) Net assets acquired and liabilities assumed $ 25,830 $ (400 ) $ 25,430 |
VeMaC [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) April 3, 2018 Preliminary Measurement Period Adjustments (as adjusted) April 3, 2018 Cash $ 1,833 $ — $ 1,833 Current assets 10,722 — 10,722 Property, plant and equipment 389 — 389 Goodwill 7,278 — 7,278 Other intangibles 2,584 — 2,584 Other assets 12 — 12 Current portion of long-term debt (1,901 ) — (1,901 ) Current liabilities (8,076 ) — (8,076 ) Long term deferred tax liability (340 ) — (340 ) Other non-current liabilities (212 ) — (212 ) Net assets acquired and liabilities assumed $ 12,289 $ — $ 12,289 |
Firex [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) April 27, 2018 Preliminary Measurement Period Adjustments (as adjusted) April 27, 2018 Cash $ 10,652 $ (37 ) $ 10,615 Current assets 7,656 81 7,737 Property, plant and equipment 2,447 — 2,447 Goodwill 36,706 (295 ) 36,411 Other intangibles 19,806 — 19,806 Current portion of long-term debt (1,210 ) — (1,210 ) Current liabilities (4,099 ) — (4,099 ) Long term deferred tax liability (4,995 ) — (4,995 ) Long-term debt (1,069 ) — (1,069 ) Other non-current liabilities (1,318 ) — (1,318 ) Net assets acquired and liabilities assumed $ 64,576 $ (251 ) $ 64,325 |
Josper [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 10, 2018 Preliminary Measurement Period Adjustments (as adjusted) May 10, 2018 Cash $ 3,308 $ — $ 3,308 Current assets 6,579 14 6,593 Property, plant and equipment 4,739 — 4,739 Goodwill 27,140 (74 ) 27,066 Other intangibles 13,136 — 13,136 Other assets 2 — 2 Current portion of long-term debt (217 ) — (217 ) Current liabilities (5,146 ) 52 (5,094 ) Long-term debt (1,608 ) — (1,608 ) Long term deferred tax liability (2,934 ) 8 (2,926 ) Other non-current liabilities (2,169 ) — (2,169 ) Consideration paid at closing $ 42,830 $ — $ 42,830 Contingent consideration 3,454 — 3,454 Net assets acquired and liabilities assumed $ 46,284 $ — $ 46,284 |
Taylor [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 22, 2018 Preliminary Measurement Period Adjustments (as adjusted) June 22, 2018 Cash $ 2,551 $ 64 $ 2,615 Current assets 71,162 (523 ) 70,639 Property, plant and equipment 21,187 (112 ) 21,075 Goodwill 491,339 6,017 497,356 Other intangibles 484,210 — 484,210 Other assets — 361 361 Current liabilities (48,417 ) (2,313 ) (50,730 ) Long-term deferred tax liability — 380 380 Other non-current liabilities (8,161 ) — (8,161 ) Net assets acquired and liabilities assumed $ 1,013,871 $ 3,874 $ 1,017,745 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
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 30, 2017 $ (69,721 ) $ (203,063 ) $ 6,365 $ (266,419 ) Adoption of ASU 2018-02 (2) — (487 ) 1,619 1,132 Other comprehensive income before reclassification (29,879 ) 7,041 11,918 (10,920 ) Amounts reclassified from accumulated other comprehensive income — — 229 229 Net current-period other comprehensive income $ (29,879 ) $ 6,554 $ 13,766 $ (9,559 ) Balance as of September 29, 2018 $ (99,600 ) $ (196,509 ) $ 20,131 $ (275,978 ) |
Schedule of Comprehensive Income (Loss) | Components of other comprehensive income were as follows (in thousands): Three Months Ended Nine Months Ended Sep 29, 2018 Sep 30, 2017 Sep 29, 2018 Sep 30, 2017 Net earnings $ 72,905 $ 74,671 $ 222,313 $ 222,942 Currency translation adjustment (9,718 ) 15,441 (29,879 ) 44,897 Pension liability adjustment, net of tax 1,674 (5,664 ) 6,554 (14,838 ) Unrealized gain on interest rate swaps, net of tax 4,166 (128 ) 13,766 (629 ) Comprehensive income $ 69,027 $ 84,320 $ 212,754 $ 252,372 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of the changes made to our December 30, 2017 Condensed Consolidated Balance Sheet for the adoption of ASC 606 using the modified retrospective method to contracts that were not completed as of December 30, 2017 were as follows (in thousands): Balance at December 30, 2017 (as reported) Adjustments due to ASC 606 Balance at December 30, 2017 (as adjusted) Balance Sheet Assets Accounts receivable $ 328,421 $ (122 ) $ 328,299 Inventories, net 424,639 14,993 439,632 Prepaid expenses and other 55,427 (4,018 ) 51,409 Long-term deferred tax assets 44,565 1,319 45,884 Liabilities & Stockholders' Equity Accrued expenses $ 322,171 $ 16,557 $ 338,728 Retained earnings $ 1,697,618 $ (4,405 ) $ 1,693,213 |
Effect of Adopting ASC 606 [Table Text Block] | In accordance with the requirements of ASC 606, the adoption of ASC 606 had no impact on cash provided by operating activities within the company's Condensed Consolidated Statement of Cash Flows. The impact of adoption on our Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Balance Sheet are as follows (in thousands): Three Months Ended September 29, 2018 As Reported Balances without ASC 606 Effect of Change Net sales $ 713,331 $ 710,755 $ 2,576 Cost of sales 452,171 450,440 1,731 Provision for income taxes 25,114 24,857 257 Net earnings $ 72,905 $ 72,317 $ 588 Basic earnings per share $ 1.31 $ 1.30 Diluted earnings per share $ 1.31 $ 1.30 Nine Months Ended September 29, 2018 As Reported Balances without ASC 606 Effect of Change Net sales $ 1,966,259 $ 1,949,110 $ 17,149 Cost of sales 1,242,707 1,230,578 12,129 Provision for income taxes 72,971 71,649 1,322 Net earnings $ 222,313 $ 218,615 $ 3,698 Basic earnings per share $ 4.00 $ 3.93 Diluted earnings per share $ 4.00 $ 3.93 Balance as of September 29, 2018 As Reported Balances without ASC 606 Effect of Change Assets Inventories, net $ 512,824 $ 507,677 $ 5,147 Prepaid expenses and other 50,142 51,895 (1,753 ) Liabilities Accrued expenses 373,297 377,718 (4,421 ) Long-term deferred tax liability 110,984 110,768 216 Equity Retained earnings $ 1,914,394 $ 1,913,583 $ 811 |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue We disaggregate our net sales by reportable operating segment and geographical location as we believe it best depicts how the nature, timing and uncertainty of our net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under our long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes our net sales by reportable operating segment and geographical location (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Three Months Ended September 29, 2018 United States and Canada $ 318,962 $ 57,235 $ 98,136 $ 474,333 Asia 50,996 6,464 1,653 59,113 Europe and Middle East 83,763 19,194 51,936 154,893 Latin America 17,877 5,364 1,751 24,992 Total $ 471,598 $ 88,257 $ 153,476 $ 713,331 Nine Months Ended September 29, 2018 United States and Canada $ 863,598 $ 183,476 $ 280,116 $ 1,327,190 Asia 117,987 23,899 5,232 147,118 Europe and Middle East 225,726 44,729 160,810 431,265 Latin America 38,308 18,374 4,004 60,686 Total $ 1,245,619 $ 270,478 $ 450,162 $ 1,966,259 Three Months Ended September 30, 2017 United States and Canada $ 243,233 $ 61,612 $ 89,821 $ 394,666 Asia 38,755 4,543 2,078 45,376 Europe and Middle East 61,327 12,606 57,774 131,707 Latin America 11,513 8,110 1,671 21,294 Total $ 354,828 $ 86,871 $ 151,344 $ 593,043 Nine Months Ended September 30, 2017 United States and Canada $ 707,014 $ 189,288 $ 263,014 $ 1,159,316 Asia 104,598 14,942 6,615 126,155 Europe and Middle East 158,622 29,095 170,934 358,651 Latin America 30,596 23,190 4,775 58,561 Total $ 1,000,830 $ 256,515 $ 445,338 $ 1,702,683 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands): Sep 29, 2018 At Adoption Contract assets $ 8,945 $ 16,753 Contract liabilities $ 69,936 $ 47,647 Non-current contract liabilities $ 10,468 $ 1,859 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Notes To Financial Statements [Abstract] | |
Schedule of Inventory, Current | Inventories at September 29, 2018 and December 30, 2017 are as follows (in thousands): Sep 29, 2018 Dec 30, 2017 Raw materials and parts $ 233,061 $ 180,559 Work-in-process 56,838 38,917 Finished goods 222,925 205,163 $ 512,824 $ 424,639 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Notes To Financial Statements [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended September 29, 2018 are as follows (in thousands): Commercial Foodservice Food Processing Residential Kitchen Total Balance as of December 30, 2017 $ 631,451 $ 198,278 $ 435,081 $ 1,264,810 Goodwill acquired during the year 563,661 19,567 — 583,228 Measurement period adjustments to goodwill acquired in prior year (1,559 ) (468 ) — (2,027 ) Exchange effect (11,941 ) (3,338 ) (7,474 ) (22,753 ) Balance as of September 29, 2018 $ 1,181,612 $ 214,039 $ 427,607 $ 1,823,258 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Disclosure Accrued Expenses [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consist of the following (in thousands): Sep 29, 2018 Dec 30, 2017 Accrued payroll and related expenses $ 70,998 $ 67,935 Contract liabilities 69,936 31,069 Accrued warranty 59,644 52,834 Accrued customer rebates 39,465 48,590 Accrued professional fees 18,723 18,250 Accrued product liability and workers compensation 16,439 11,976 Accrued sales and other tax 15,509 20,881 Accrued agent commission 12,809 11,035 Product recall 5,140 6,068 Restructuring 2,679 1,715 Other accrued expenses 61,955 51,818 $ 373,297 $ 322,171 |
Warranty Costs (Tables)
Warranty Costs (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Notes To Financial Statements [Abstract] | |
Product Warranty Table Disclosure | A rollforward of the warranty reserve is as follows (in thousands): Nine Months Ended Sep 29, 2018 Balance as of December 30, 2017 $ 52,834 Warranty reserve related to acquisitions 5,730 Warranty expense 45,208 Warranty claims (44,128 ) Balance as of September 29, 2018 $ 59,644 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Notes To Financial Statements [Abstract] | |
Schedule of Long-term Debt Instruments | Sep 29, 2018 Dec 30, 2017 (in thousands) Credit Facility $ 1,954,013 $ 1,022,935 Other international credit facilities 4,180 5,768 Other debt arrangement 175 178 Total debt $ 1,958,368 $ 1,028,881 Less: Current maturities of long-term debt 3,125 5,149 Long-term debt $ 1,955,243 $ 1,023,732 |
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 29, 2018 Dec 30, 2017 Carrying Value Fair Value Carrying Value Fair Value Total debt $ 1,958,368 $ 1,958,368 $ 1,028,881 $ 1,028,881 |
Schedule of Interest Rate Derivatives | , the company had outstanding floating-to-fixed interest rate swaps totaling $999.0 million notional amount carrying an average interest rate of 2.17% that mature in more than 12 months but less than 84 months. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Notes To Financial Statements [Abstract] | |
Foreign Exchange Transaction | The fair value of the forward and option contracts was a gain of $0.4 million at the end of the third quarter of 2018 . |
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 29, 2018 Dec 30, 2017 Fair value Other assets $ 26,485 $ 10,266 |
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 29, 2018 Sep 30, 2017 Sep 29, 2018 Sep 30, 2017 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 5,389 $ (294 ) $ 16,347 $ (1,937 ) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ (7 ) $ (81 ) $ 229 $ (887 ) Gain/(loss) recognized in income (ineffective portion) Other expense $ 214 $ 28 $ 101 $ 13 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Notes To Financial Statements [Abstract] | |
Net Sales Summary By Segment | Net Sales Summary (dollars in thousands) Three Months Ended Nine Months Ended Sep 29, 2018 Sep 30, 2017 Sep 29, 2018 Sep 30, 2017 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 471,598 66.1 % $ 354,828 59.8 % $ 1,245,619 63.3 % $ 1,000,830 58.8 % Food Processing 88,257 12.4 86,871 14.7 270,478 13.8 256,515 15.1 Residential Kitchen 153,476 21.5 151,344 25.5 450,162 22.9 445,338 26.1 Total $ 713,331 100.0 % $ 593,043 100.0 % $ 1,966,259 100.0 % $ 1,702,683 100.0 % |
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 29, 2018 Net sales $ 471,598 $ 88,257 $ 153,476 $ — $ 713,331 Income (loss) from operations (3,4) 102,091 13,831 9,489 (17,734 ) 107,677 Depreciation and amortization expense 17,558 2,209 7,606 460 27,833 Net capital expenditures 7,665 318 1,779 (1,418 ) 8,344 Nine Months Ended September 29, 2018 Net sales $ 1,245,619 $ 270,478 $ 450,162 $ — $ 1,966,259 Income (loss) from operations (3,4) 284,645 39,157 32,598 (50,421 ) 305,979 Depreciation and amortization expense 32,907 9,385 22,767 1,396 66,455 Net capital expenditures 16,371 7,274 9,421 (514 ) 32,552 Total assets $ 2,907,387 $ 492,151 $ 1,111,546 $ 67,525 $ 4,578,609 Three Months Ended September 30, 2017 Net sales $ 354,828 $ 86,871 $ 151,344 $ — $ 593,043 Income (loss) from operations (3,4,5) 89,028 19,975 16,274 (15,833 ) 109,444 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 (3,4,5) 264,576 62,163 40,242 (51,272 ) 315,709 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 (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 29, 2018 Sep 30, 2017 United States and Canada $ 268,952 $ 212,033 Asia 12,291 15,705 Europe and Middle East 119,732 125,892 Latin America 654 982 Total international $ 132,677 $ 142,579 $ 401,629 $ 354,612 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 24.70% | 30.80% | ||
Provision for income taxes | $ 25,114 | $ 38,104 | $ 72,971 | $ 99,372 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Significant Accounting Policies [Line Items] | ||||
Non-cash share-based compensation expense | $ 3,500 | $ 100 | $ 5,268 | $ 6,478 |
Interest paid | 35,900 | 17,400 | ||
Income tax payments | $ 61,300 | $ 96,700 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
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. 29, 2018 | Dec. 30, 2017 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 26,485,000 | $ 10,266,000 |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 4,070,000 | 1,780,000 |
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 |
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 26,485,000 | 10,266,000 |
Fair Value, Inputs, Level 2 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | $ 4,070,000 | $ 1,780,000 |
Acquisitions and Purchase Acc_2
Acquisitions and Purchase Accounting Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,147,738 | $ 159,458 |
Acquisitions and Purchase Acc_3
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Burford Acquisition (Details) - USD ($) $ in Thousands | May 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,823,258 | $ 1,264,810 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 1,147,738 | $ 159,458 | ||
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 | 6,528 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 643 | |||
Goodwill | 8,286 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 1,616 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 2,836 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 14,800 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 300 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 2,700 | |||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 400 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 700 | |||
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 | 2,919 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 17,340 | |||
Food Processing Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 214,039 | $ 198,278 | ||
Food Processing Group [Member] | Trade Names [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 | |||
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, Deferred Tax Liabilities, Net | 1,840 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
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, 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 | 104 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (13) | |||
Goodwill | 997 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (224) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 2,836 | |||
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 | 665 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ (349) |
Acquisitions and Purchase Acc_4
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for CVP Acquisition (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,147,738 | $ 159,458 | ||
Goodwill | 1,823,258 | $ 1,264,810 | ||
Stock Issued During Period, Shares, Acquisitions | 106,254 | |||
Stock Issued During Period, Value, Acquisitions | $ 12,300 | |||
CVP Systems [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 | 29,800 | |||
Payments to Acquire Businesses, Gross | 18,000 | |||
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 | 19,602 | |||
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 | (2,113) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (3,611) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 30,401 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 5,000 | |||
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards | 600 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 800 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,833) | |||
Stock Issued During Period, Value, Acquisitions | 0 | $ 12,330 | ||
Business Combination, Provisional Information Adjustment, Working Capital | 500 | |||
Scenario, Previously Reported [Member] | CVP Systems [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 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Scenario, Adjustment [Member] | CVP Systems [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 | (695) | |||
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 | (581) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (443) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | (728) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,833) | |||
Food Processing Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 214,039 | $ 198,278 | ||
Food Processing Group [Member] | Trade Names [Member] | CVP Systems [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,200 | |||
Customer Relationships [Member] | CVP Systems [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 Systems [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Developed Technology Rights [Member] | CVP Systems [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 Systems [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Backlog [Member] | CVP Systems [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 Systems [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Acc_5
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Sveba Dahlen Acquisition (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $ 2,130,166 | $ 2,151,230 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 1,147,738 | $ 159,458 | ||
Goodwill | 1,823,258 | $ 1,264,810 | ||
Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | $ 8,377 | |||
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 | 21,689 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,697 | |||
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 Liabilities | 900 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 34,400 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 12,124 | |||
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 | 1,767 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 890 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (14) | |||
Goodwill | 38,115 | |||
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 | 626 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (997) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (431) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 225 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 342 | |||
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 | 1,725 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | (280) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (14) | |||
Goodwill | 4,330 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||
Commercial Foodservice Equipment Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,181,612 | $ 631,451 | ||
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 | 21,100 | |||
Backlog [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 500 | |||
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 | $ 12,800 | |||
Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | Sveba Dahlen [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years |
Acquisitions and Purchase Acc_6
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed QualServ (Details) - USD ($) $ in Thousands | Aug. 31, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,823,258 | $ 1,264,810 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 1,147,738 | $ 159,458 | ||
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 | 17,967 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,785 | |||
Goodwill | 13,191 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 10,940 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (6,940) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 41,073 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 39,900 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 300 | |||
Scenario, Previously Reported [Member] | 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 | |||
Scenario, Adjustment [Member] | QualServ [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 | (64) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | (1,399) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,340 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (130) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | (253) | |||
Commercial Foodservice Equipment Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,181,612 | $ 631,451 | ||
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 | 1,800 | |||
Customer Relationships [Member] | QualServ [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 9,100 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years |
Acquisitions and Purchase Acc_7
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Globe (Details) - USD ($) $ in Thousands | Oct. 17, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,823,258 | $ 1,264,810 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 1,147,738 | $ 159,458 | ||
Globe [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 3,420 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 17,157 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,120 | |||
Goodwill | 59,994 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 57,530 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 6,392 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 22,288 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,100) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 108,441 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 21,700 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 600 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 105,000 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 400 | |||
Globe [Member] | Scenario, Previously Reported [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 3,420 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 17,197 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,120 | |||
Goodwill | 67,176 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 43,444 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 5,994 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 16,456 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,907) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 108,000 | |||
Globe [Member] | Scenario, Adjustment [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 | (40) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | (7,182) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 14,086 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 398 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 5,832 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (193) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 441 | |||
Food Processing Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 214,039 | 198,278 | ||
Commercial Foodservice Equipment Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,181,612 | $ 631,451 | ||
Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | Globe [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 28,800 | |||
Customer Relationships [Member] | Globe [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 28,700 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Acquisitions and Purchase Acc_8
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Scanico (Details) - USD ($) $ in Thousands | Dec. 07, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,823,258 | $ 1,264,810 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 1,147,738 | $ 159,458 | ||
Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 6,766 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 3,317 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 420 | |||
Goodwill | 30,542 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,491 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (8,015) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (3,275) | |||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 41,246 | |||
Business Combination, Contingent Consideration, Liability | 751 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 41,997 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 2,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 800 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 34,500 | |||
Business Combination, Provisional Information Adjustment, Working Capital | 300 | |||
Scenario, Previously Reported [Member] | Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 6,766 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 3,428 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 447 | |||
Goodwill | 30,072 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,491 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (7,987) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (3,305) | |||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 40,912 | |||
Business Combination, Contingent Consideration, Liability | 751 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 41,663 | |||
Scenario, Adjustment [Member] | Scanico [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 | (111) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (27) | |||
Goodwill | 470 | |||
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 | (28) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 30 | |||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 334 | |||
Business Combination, Contingent Consideration, Liability | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 334 | |||
Food Processing Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 214,039 | $ 198,278 | ||
Trade Names [Member] | Food Processing Group [Member] | Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,600 | |||
Customer Relationships [Member] | Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,000 | |||
Customer Relationships [Member] | Food Processing Group [Member] | Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Developed Technology Rights [Member] | Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 900 | |||
Developed Technology Rights [Member] | Food Processing Group [Member] | Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Backlog [Member] | Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,000 | |||
Backlog [Member] | Food Processing Group [Member] | Scanico [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months |
Acquisitions and Purchase Acc_9
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Hinds Bock (Details) - USD ($) $ in Thousands | Feb. 17, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Apr. 03, 2018 | Feb. 16, 2018 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,147,738 | $ 159,458 | ||||
Goodwill | 1,823,258 | $ 1,264,810 | ||||
Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 25,400 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 5 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 5,298 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,557 | |||||
Goodwill | 12,289 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 8,081 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (3,800) | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 25,430 | |||||
Business Combination, Provisional Information Adjustment, Working Capital | $ 400 | |||||
Customer Relationships [Member] | Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,400 | |||||
Developed Technology Rights [Member] | Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 400 | |||||
Backlog [Member] | Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 500 | |||||
Food Processing Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 214,039 | $ 198,278 | ||||
Food Processing Group [Member] | Customer Relationships [Member] | Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Food Processing Group [Member] | Developed Technology Rights [Member] | Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Food Processing Group [Member] | Backlog [Member] | Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||||
Trade Names [Member] | Food Processing Group [Member] | Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,800 | |||||
Scenario, Previously Reported [Member] | Hinds-Bock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 5 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 5,301 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,557 | |||||
Goodwill | 12,686 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 8,081 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (3,800) | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 25,830 | |||||
Scenario, Adjustment [Member] | Hinds-Bock [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 | (3) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||||
Goodwill | (397) | |||||
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 | $ 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ (400) |
Acquisitions and Purchase Ac_10
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Ve.Ma.C (Details) - USD ($) $ in Thousands | Apr. 03, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,147,738 | $ 159,458 | ||
Goodwill | 1,823,258 | $ 1,264,810 | ||
VeMaC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1,833 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 10,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 10,722 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 389 | |||
Goodwill | 7,278 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,584 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 12 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (1,901) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (8,076) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 340 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (212) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12,289 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 700 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 400 | |||
Food Processing Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 214,039 | $ 198,278 | ||
Food Processing Group [Member] | Trade Names [Member] | VeMaC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,000 | |||
Developed Technology Rights [Member] | Food Processing Group [Member] | VeMaC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 300 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Customer Relationships [Member] | Food Processing Group [Member] | VeMaC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 600 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Backlog [Member] | Food Processing Group [Member] | VeMaC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 700 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Scenario, Previously Reported [Member] | VeMaC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1,833 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 10,722 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 389 | |||
Goodwill | 7,278 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,584 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 12 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (1,901) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (8,076) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (340) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (212) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 12,289 | |||
Scenario, Adjustment [Member] | VeMaC [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 | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 0 |
Acquisitions and Purchase Ac_11
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed (Firex) (Details) - USD ($) $ in Thousands | Apr. 27, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,147,738 | $ 159,458 | ||
Goodwill | 1,823,258 | $ 1,264,810 | ||
Firex [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 10,615 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 53,700 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 7,737 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,447 | |||
Goodwill | 36,411 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,806 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (1,210) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,099) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (4,995) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,069) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,318) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 64,325 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 5,400 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 400 | |||
Commercial Foodservice Equipment Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,181,612 | $ 631,451 | ||
Trade Names [Member] | Commercial Foodservice Equipment Group [Member] | Firex [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,500 | |||
Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | Firex [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 9,700 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | Firex [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 200 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Backlog [Member] | Commercial Foodservice Equipment Group [Member] | Firex [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 400 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Scenario, Adjustment [Member] | Firex [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ (37) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 81 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | (295) | |||
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, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 0 | |||
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 | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | (251) | |||
Scenario, Previously Reported [Member] | Firex [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 10,652 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 7,656 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,447 | |||
Goodwill | 36,706 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,806 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (1,210) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (4,099) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (4,995) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,069) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,318) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 64,576 | |||
Business Combination, Provisional Information Adjustment, Working Capital | $ 300 |
Acquisitions and Purchase Ac_12
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - Josper (Details) - USD ($) $ in Thousands | May 10, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,147,738 | $ 159,458 | ||
Goodwill | 1,823,258 | $ 1,264,810 | ||
Josper [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 3,308 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 39,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 6,593 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,739 | |||
Goodwill | 27,066 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (13,136) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (217) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (5,094) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,608) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (2,926) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,169) | |||
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 42,830 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 42,830 | |||
Business Combination, Contingent Consideration, Liability | 3,454 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 46,284 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 2,800 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 100 | |||
Commercial Foodservice Equipment Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,181,612 | $ 631,451 | ||
Commercial Foodservice Equipment Group [Member] | Trade Names [Member] | Josper [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (6,300) | |||
Backlog [Member] | Commercial Foodservice Equipment Group [Member] | Josper [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ (300) | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Developed Technology Rights [Member] | Commercial Foodservice Equipment Group [Member] | Josper [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ (200) | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Customer Relationships [Member] | Commercial Foodservice Equipment Group [Member] | Josper [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ (6,400) | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Scenario, Previously Reported [Member] | Josper [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 3,308 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 6,579 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,739 | |||
Goodwill | 27,140 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (13,136) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (217) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (5,146) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (1,608) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 2,934 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,169) | |||
Scenario, Adjustment [Member] | Josper [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 | 14 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||
Goodwill | (74) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 52 | |||
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 | (8) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 0 | |||
Business Combination, Contingent Consideration, Liability | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 0 |
Acquisitions and Purchase Ac_13
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - Taylor (Details) - USD ($) $ in Thousands | Jun. 21, 2018 | Sep. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,147,738 | $ 159,458 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 118,000 | ||||
Goodwill | 1,823,258 | 1,823,258 | $ 1,264,810 | ||
Taylor [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,000,000 | ||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 3,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,615 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 70,639 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 21,075 | ||||
Goodwill | 497,356 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 484,210 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 361 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (50,730) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 380 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (8,161) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,017,745 | ||||
Commercial Foodservice Equipment Group [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,181,612 | $ 1,181,612 | $ 631,451 | ||
Commercial Foodservice Equipment Group [Member] | Customer Relationships [Member] | Taylor [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 237,500 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||
Commercial Foodservice Equipment Group [Member] | Developed Technology Rights [Member] | Taylor [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 15,000 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||
Commercial Foodservice Equipment Group [Member] | Backlog [Member] | Taylor [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,700 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||
Commercial Foodservice Equipment Group [Member] | Trade Names [Member] | Taylor [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 230,000 | ||||
Scenario, Previously Reported [Member] | Taylor [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,551 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 71,162 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 21,187 | ||||
Goodwill | 491,339 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 484,210 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (48,417) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (8,161) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,013,871 | ||||
Scenario, Adjustment [Member] | Taylor [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 64 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (523) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (112) | ||||
Goodwill | 6,017 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 361 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (2,313) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 380 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,874 |
Acquisitions and Purchase Ac_14
Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 2,130,166 | $ 2,151,230 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 219,914 | $ 198,430 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 3.96 | $ 3.48 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 3.96 | $ 3.48 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards Excess Tax Benefit (Details) $ in Millions | Dec. 30, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 4.4 |
Other Comprehensive Income Chan
Other Comprehensive Income Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income/(Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 1,900 | |||
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, Tax, Attributable to Parent, Held-to-maturity Securities | (41,700) | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 6,800 | |||
Currency Translation Adjustment | $ (9,718) | $ 15,441 | (29,879) | $ 44,897 |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (266,419) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (10,920) | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (1,674) | $ 5,664 | (6,554) | $ 14,838 |
Reclassification from accumulated other comprehensive income, current period, net of tax | 229 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (9,559) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (275,978) | (275,978) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 2,600 | |||
Stranded Tax Effects Reclassified from OCI to Retained Earnings | 1,100 | 1,100 | ||
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | ||||
Currency Translation Adjustment | (29,879) | |||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (69,721) | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (29,879) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (99,600) | (99,600) | ||
Stranded Tax Effects Reclassified from OCI to Retained Earnings | 0 | 0 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (203,063) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | (7,041) | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 6,554 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (196,509) | (196,509) | ||
Stranded Tax Effects Reclassified from OCI to Retained Earnings | 487 | 487 | ||
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 | 6,365 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 11,918 | |||
Reclassification from accumulated other comprehensive income, current period, net of tax | 229 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 13,766 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 20,131 | 20,131 | ||
Stranded Tax Effects Reclassified from OCI to Retained Earnings | $ (1,619) | $ (1,619) |
Other Comprehensive Income Comp
Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Net earnings | $ 72,905 | $ 74,671 | $ 222,313 | $ 222,942 |
Currency Translation Adjustment | (9,718) | 15,441 | (29,879) | 44,897 |
Pension liability adjustment, net of tax | 1,674 | (5,664) | 6,554 | (14,838) |
Unrealized gain on interest rate swaps, net of tax | 4,166 | (128) | (629) | |
Comprehensive income | $ 69,027 | $ 84,320 | $ 212,754 | $ 252,372 |
Revenue Recognition Schedule of
Revenue Recognition Schedule of New Accounting Pronouncements and Changes in Accounting Principle (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | $ 713,331 | [1] | $ 593,043 | [1] | $ 1,966,259 | $ 1,702,683 | |
Accounts Receivable, Net, Current | 410,150 | 410,150 | $ 328,421 | ||||
Inventories, net | 512,824 | 512,824 | 424,639 | ||||
Prepaid expenses and other | 50,142 | 50,142 | 55,427 | ||||
Long-term deferred tax assets | 39,483 | 39,483 | 44,565 | ||||
Accrued expenses | 373,297 | 373,297 | 322,171 | ||||
Retained earnings | 1,914,394 | 1,914,394 | 1,697,618 | ||||
Accounting Standards Update 2014-09 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounts Receivable, Net, Current | (122) | ||||||
Inventories, net | 14,993 | ||||||
Prepaid expenses and other | (4,018) | ||||||
Long-term deferred tax assets | 1,319 | ||||||
Accrued expenses | 16,557 | ||||||
Retained earnings | (4,405) | ||||||
BalanceUponAdoption [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounts Receivable, Net, Current | 328,299 | ||||||
Inventories, net | 439,632 | ||||||
Prepaid expenses and other | 51,409 | ||||||
Long-term deferred tax assets | 45,884 | ||||||
Accrued expenses | 338,728 | ||||||
Retained earnings | $ 1,693,213 | ||||||
United States and Canada | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 474,333 | 394,666 | 1,327,190 | 1,159,316 | |||
Asia | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 59,113 | 45,376 | 147,118 | 126,155 | |||
Europe and Middle East | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 154,893 | 131,707 | 431,265 | 358,651 | |||
Latin America | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 24,992 | 21,294 | 60,686 | 58,561 | |||
Commercial Foodservice Equipment Group [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 471,598 | [1] | 354,828 | [1] | 1,245,619 | 1,000,830 | |
Commercial Foodservice Equipment Group [Member] | United States and Canada | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 318,962 | 243,233 | 863,598 | 707,014 | |||
Commercial Foodservice Equipment Group [Member] | Asia | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 50,996 | 38,755 | 117,987 | 104,598 | |||
Commercial Foodservice Equipment Group [Member] | Europe and Middle East | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 83,763 | 61,327 | 225,726 | 158,622 | |||
Commercial Foodservice Equipment Group [Member] | Latin America | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 17,877 | 11,513 | 38,308 | 30,596 | |||
Residential Kitchen [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 153,476 | [1] | 151,344 | [1] | 450,162 | 445,338 | |
Residential Kitchen [Member] | United States and Canada | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 98,136 | 89,821 | 280,116 | 263,014 | |||
Residential Kitchen [Member] | Asia | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 1,653 | 2,078 | 5,232 | 6,615 | |||
Residential Kitchen [Member] | Europe and Middle East | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 51,936 | 57,774 | 160,810 | 170,934 | |||
Residential Kitchen [Member] | Latin America | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 1,751 | 1,671 | 4,004 | 4,775 | |||
Food Processing Group [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 88,257 | [1] | 86,871 | [1] | 270,478 | 256,515 | |
Food Processing Group [Member] | United States and Canada | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 57,235 | 61,612 | 183,476 | 189,288 | |||
Food Processing Group [Member] | Asia | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 6,464 | 4,543 | 23,899 | 14,942 | |||
Food Processing Group [Member] | Europe and Middle East | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | 19,194 | 12,606 | 44,729 | 29,095 | |||
Food Processing Group [Member] | Latin America | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net sales | $ 5,364 | $ 8,110 | $ 18,374 | $ 23,190 | |||
[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. |
Revenue Recognition Effect of A
Revenue Recognition Effect of Adopting ASC 606 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |||
Effect of Adopting ASC 606 [Line Items] | |||||||
Accounts Receivable, Net, Current | $ 410,150 | $ 410,150 | $ 328,421 | ||||
Inventories, net | 512,824 | 512,824 | 424,639 | ||||
Prepaid expenses and other | 50,142 | 50,142 | 55,427 | ||||
Long-term deferred tax assets | 39,483 | 39,483 | 44,565 | ||||
Accounts payable | 197,750 | 197,750 | 146,333 | ||||
Accrued expenses | 373,297 | 373,297 | 322,171 | ||||
Deferred Tax Liabilities, Net, Noncurrent | 110,984 | 110,984 | 87,815 | ||||
Retained earnings | 1,914,394 | 1,914,394 | 1,697,618 | ||||
Net sales | 713,331 | [1] | $ 593,043 | [1] | 1,966,259 | $ 1,702,683 | |
Cost of sales | 452,171 | 364,524 | 1,242,707 | 1,030,106 | |||
Provision for income taxes | 25,114 | 38,104 | 72,971 | 99,372 | |||
Net earnings | $ 72,905 | $ 74,671 | $ 222,313 | $ 222,942 | |||
Earnings Per Share, Basic | $ 1.31 | $ 1.31 | $ 4 | $ 3.91 | |||
Earnings Per Share, Diluted | $ 1.31 | $ 1.31 | $ 4 | $ 3.91 | |||
Accounting Standards Update 2014-09 [Member] | |||||||
Effect of Adopting ASC 606 [Line Items] | |||||||
Accounts Receivable, Net, Current | (122) | ||||||
Inventories, net | 14,993 | ||||||
Prepaid expenses and other | (4,018) | ||||||
Long-term deferred tax assets | 1,319 | ||||||
Accrued expenses | 16,557 | ||||||
Retained earnings | (4,405) | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||
Effect of Adopting ASC 606 [Line Items] | |||||||
Inventories, net | $ 507,677 | $ 507,677 | |||||
Prepaid expenses and other | 51,895 | 51,895 | |||||
Accrued expenses | 377,718 | 377,718 | |||||
Deferred Tax Liabilities, Net, Noncurrent | 110,768 | 110,768 | |||||
Retained earnings | 1,913,583 | 1,913,583 | |||||
Net sales | 710,755 | 1,949,110 | |||||
Cost of sales | 450,440 | 1,230,578 | |||||
Provision for income taxes | 24,857 | 71,649 | |||||
Net earnings | $ 72,317 | $ 218,615 | |||||
Earnings Per Share, Basic | $ 1.30 | $ 3.93 | |||||
Earnings Per Share, Diluted | $ 1.30 | $ 3.93 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||
Effect of Adopting ASC 606 [Line Items] | |||||||
Inventories, net | $ 5,147 | $ 5,147 | |||||
Prepaid expenses and other | (1,753) | (1,753) | |||||
Accrued expenses | (4,421) | (4,421) | |||||
Deferred Tax Liabilities, Net, Noncurrent | 216 | 216 | |||||
Retained earnings | 811 | 811 | |||||
Net sales | 2,576 | 17,149 | |||||
Cost of sales | 1,731 | 12,129 | |||||
Provision for income taxes | 257 | 1,322 | |||||
Net earnings | $ 588 | $ 3,698 | |||||
BalanceUponAdoption [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Effect of Adopting ASC 606 [Line Items] | |||||||
Accounts Receivable, Net, Current | 328,299 | ||||||
Inventories, net | 439,632 | ||||||
Prepaid expenses and other | 51,409 | ||||||
Long-term deferred tax assets | 45,884 | ||||||
Accrued expenses | 338,728 | ||||||
Retained earnings | $ 1,693,213 | ||||||
[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. |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | $ 713,331 | [1] | $ 593,043 | [1] | $ 1,966,259 | $ 1,702,683 |
United States and Canada | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 474,333 | 394,666 | 1,327,190 | 1,159,316 | ||
Asia | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 59,113 | 45,376 | 147,118 | 126,155 | ||
Europe and Middle East | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 154,893 | 131,707 | 431,265 | 358,651 | ||
Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 24,992 | 21,294 | 60,686 | 58,561 | ||
Commercial Foodservice Equipment Group [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 471,598 | [1] | 354,828 | [1] | 1,245,619 | 1,000,830 |
Commercial Foodservice Equipment Group [Member] | United States and Canada | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 318,962 | 243,233 | 863,598 | 707,014 | ||
Commercial Foodservice Equipment Group [Member] | Asia | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 50,996 | 38,755 | 117,987 | 104,598 | ||
Commercial Foodservice Equipment Group [Member] | Europe and Middle East | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 83,763 | 61,327 | 225,726 | 158,622 | ||
Commercial Foodservice Equipment Group [Member] | Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 17,877 | 11,513 | 38,308 | 30,596 | ||
Residential Kitchen [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 153,476 | [1] | 151,344 | [1] | 450,162 | 445,338 |
Residential Kitchen [Member] | United States and Canada | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 98,136 | 89,821 | 280,116 | 263,014 | ||
Residential Kitchen [Member] | Asia | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 1,653 | 2,078 | 5,232 | 6,615 | ||
Residential Kitchen [Member] | Europe and Middle East | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 51,936 | 57,774 | 160,810 | 170,934 | ||
Residential Kitchen [Member] | Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 1,751 | 1,671 | 4,004 | 4,775 | ||
Food Processing Group [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 88,257 | [1] | 86,871 | [1] | 270,478 | 256,515 |
Food Processing Group [Member] | United States and Canada | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 57,235 | 61,612 | 183,476 | 189,288 | ||
Food Processing Group [Member] | Asia | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 6,464 | 4,543 | 23,899 | 14,942 | ||
Food Processing Group [Member] | Europe and Middle East | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | 19,194 | 12,606 | 44,729 | 29,095 | ||
Food Processing Group [Member] | Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net sales | $ 5,364 | $ 8,110 | $ 18,374 | $ 23,190 | ||
[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. |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 29, 2018 | Dec. 31, 2017 | Dec. 30, 2017 | |
Revenue Recognition [Abstract] | |||
Contract with Customer, Liability | $ 69,936 | $ 47,647 | $ 31,069 |
Contract with Customer, Asset, Net, Current | 8,945 | $ 16,753 | |
Contract with Customer, Asset, Reclassified to Receivable | 11,500 | ||
Contract with Customer, Liability, Revenue Recognized | 42,100 | ||
Increase (Decrease) in Deferred Revenue and Customer Advances and Deposits | 63,700 | ||
Contract with Customer, Liability, Noncurrent | $ 10,468 | $ 1,859 |
Inventories Inventories (Detail
Inventories Inventories (Details) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 233,061 | $ 180,559 |
Inventory, Work in Process, Net of Reserves | 56,838 | 38,917 |
Inventory, Finished Goods, Net of Reserves | 222,925 | 205,163 |
Inventories, net | $ 512,824 | $ 424,639 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 29, 2018USD ($) | |
Goodwill [Line Items] | |
Balance beginning of period | $ 1,264,810 |
Goodwill acquired during the year | 583,228 |
Measurement period adjustments to goodwill acquired in prior year | (2,027) |
Exchange effect | (22,753) |
Balance end of period | 1,823,258 |
Commercial Foodservice Equipment Group [Member] | |
Goodwill [Line Items] | |
Balance beginning of period | 631,451 |
Goodwill acquired during the year | 563,661 |
Measurement period adjustments to goodwill acquired in prior year | (1,559) |
Exchange effect | (11,941) |
Balance end of period | 1,181,612 |
Food Processing Group [Member] | |
Goodwill [Line Items] | |
Balance beginning of period | 198,278 |
Goodwill acquired during the year | 19,567 |
Measurement period adjustments to goodwill acquired in prior year | (468) |
Exchange effect | (3,338) |
Balance end of period | 214,039 |
Residential Kitchen [Member] | |
Goodwill [Line Items] | |
Balance beginning of period | 435,081 |
Goodwill acquired during the year | 0 |
Measurement period adjustments to goodwill acquired in prior year | 0 |
Exchange effect | (7,474) |
Balance end of period | $ 427,607 |
Intangibles (Details)
Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 61,942 | $ 61,942 | |||
Amortization of Intangible Assets | 17,600 | $ 9,100 | 38,800 | $ 26,500 | |
Finite-Lived Intangible Assets, Gross | 662,845 | 662,845 | $ 372,670 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (247,106) | (247,106) | (207,334) | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 59,711 | 59,711 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 56,231 | 56,231 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 53,622 | 53,622 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 44,918 | 44,918 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 139,315 | 139,315 | |||
Finite-Lived Intangible Assets, Net | 415,739 | $ 415,739 | |||
Customer Lists [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years | 5 years 2 months | |||
Finite-Lived Intangible Assets, Gross | 602,376 | $ 602,376 | 330,496 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (206,950) | $ (206,950) | (171,005) | ||
Backlog [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 0 years | 9 months | |||
Finite-Lived Intangible Assets, Gross | 19,910 | $ 19,910 | 19,689 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (19,910) | $ (19,910) | (18,081) | ||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years 1 month | 4 years 2 months | |||
Finite-Lived Intangible Assets, Gross | 40,559 | $ 40,559 | 22,485 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (20,246) | (20,246) | (18,248) | ||
Tradenames And Trademarks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 859,403 | $ 859,403 | $ 615,090 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 31, 2017 | Dec. 30, 2017 |
Disclosure Accrued Expenses [Abstract] | |||
Accrued payroll and related expenses | $ 70,998 | $ 67,935 | |
Standard Product Warranty Accrual, Current | 59,644 | 52,834 | |
Accrued warranty | 59,644 | 52,834 | |
Contract with Customer, Liability | 69,936 | $ 47,647 | 31,069 |
Product Liability Contingency, Loss Exposure in Excess of Accrual, High Estimate | 5,140 | 6,068 | |
Accured Restructuring Liabilities, Current | 2,679 | 1,715 | |
Accrued customer rebates | 39,465 | 48,590 | |
Accrued Product Liability And Workers Compensation Liability Current | 16,439 | 11,976 | |
Accrued agent commission | 12,809 | 11,035 | |
Accrued professional services | 18,723 | 18,250 | |
Sales and Excise Tax Payable, Current | 15,509 | 20,881 | |
Other accrued expenses | 61,955 | 51,818 | |
Accrued expenses | $ 373,297 | $ 322,171 |
Rollforward of Warranty Reserve
Rollforward of Warranty Reserve (Details) $ in Thousands | 9 Months Ended |
Sep. 29, 2018USD ($) | |
Disclosure Rollforward Of Warranty Reserve [Abstract] | |
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition | $ 5,730 |
Beginning balance | 52,834 |
Warranty expense | 45,208 |
Warranty claims | (44,128) |
Ending balance | $ 59,644 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Debt Disclosure [Line Items] | ||
Line of credit, Current and Noncurrent, Foreign | $ 4,200 | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | |
Line of Credit Facility, Potential Additional Borrowing Capacity | 3,000,000 | |
Senior secured revolving credit line | 1,954,013 | $ 1,022,935 |
Other Long-term Debt | 175 | 178 |
Total debt | 1,958,368 | 1,028,881 |
Less: Current maturities of long-term debt | 3,125 | 5,149 |
Long-term debt | 1,955,243 | 1,023,732 |
Line of Credit Facility, Outstanding Amount, USD Borrowings | 1,900,000 | |
Line of Credit Facility, Outstanding Amount, EUR Borrowings | 80,000 | |
Line of Credit Facility, Amount Outstanding, GBP Borrowings | 6,500 | |
Letters of Credit Outstanding, Amount | 12,300 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 500,000 | |
Line of Credit Facility, Interest Rate at Period End | 5.59% | |
Foreign | ||
Debt Disclosure [Line Items] | ||
Foreign loans | $ 4,180 | $ 5,768 |
Carrying Value and Estimated Ag
Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Disclosure Carrying Value And Estimated Aggregate Fair Value Of Debt [Abstract] | ||
Fixed Interest Rate | 2.17% | |
Derivative Notional Amount, NonCurrent | $ 999,000 | |
Carrying Value | 1,958,368 | $ 1,028,881 |
Fair Value | $ 1,958,368 | $ 1,028,881 |
Interest Rate Swaps in Effect (
Interest Rate Swaps in Effect (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Debt Disclosure [Line Items] | |||||
Fixed Interest Rate | 2.17% | 2.17% | |||
Derivative Notional Amount, NonCurrent | $ 999,000 | $ 999,000 | |||
Interest Rate Derivative Liabilities, at Fair Value | 26,500 | 26,500 | |||
Foreign Exchange Forward | |||||
Debt Disclosure [Line Items] | |||||
Derivative, Fair Value, Net | (400) | (400) | |||
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | |||||
Debt Disclosure [Line Items] | |||||
Interest Rate Fair Value Hedge Asset at Fair Value | 26,485 | 26,485 | $ 10,266 | ||
Other Comprehensive Income | Interest Rate Swap [Member] | |||||
Debt Disclosure [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 5,389 | $ (294) | 16,347 | $ (1,937) | |
Interest Expense | Interest Rate Swap [Member] | |||||
Debt Disclosure [Line Items] | |||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | (7) | (81) | 229 | (887) | |
Other Expense | Interest Rate Swap [Member] | |||||
Debt Disclosure [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 214 | $ 28 | $ 101 | $ 13 |
Financing Arrangements Addition
Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Dec. 30, 2017 | |
Debt Disclosure [Line Items] | ||
Derivative Notional Amount, NonCurrent | $ 999,000 | |
Fixed Interest Rate | 2.17% | |
Debt Instrument, Interest Coverage Ratio Range, Low | 300.00% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |
Credit facility, outstanding | 1,954,013 | $ 1,022,935 |
Letters of Credit Outstanding, Amount | 12,300 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 500,000 | |
Credit facility, additional interest rate above LIBOR | 0.00% | |
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 | 0.63% | |
Credit facility, average interest rate | 3.81% | |
Variable commitment fee | 0.25% | |
Term loan, amount | $ 1,958,368 | 1,028,881 |
Line of Credit Facility, Interest Rate at Period End | 5.59% | |
Line of credit, Current and Noncurrent, Foreign | $ 4,200 | |
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% | |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Debt Disclosure [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 26,485 | $ 10,266 |
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. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 5,389 | $ (294) | $ 16,347 | $ (1,937) |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | (7) | (81) | 229 | (887) |
Other Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 214 | $ 28 | $ 101 | $ 13 |
Financial Instruments Additiona
Financial Instruments Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Dec. 30, 2017 | |
Derivative [Line Items] | ||
Fair value of interest rate swaps liability | $ 26,500 | |
Maximum | ||
Derivative [Line Items] | ||
Loss in fair value of interest rate swaps | 13,600 | |
Foreign Exchange Forward | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | (400) | |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 26,485 | $ 10,266 |
Net Sales Summary (Details)
Net Sales Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 713,331 | [1] | $ 593,043 | [1] | $ 1,966,259 | $ 1,702,683 |
Percent | 100.00% | 100.00% | 100.00% | 100.00% | ||
Income from operations | $ 107,677 | [1] | $ 109,444 | [1] | $ 305,979 | $ 315,709 |
Depreciation and amortization expense | 27,833 | [1] | 16,961 | [1] | 66,455 | 49,276 |
Capital Expenditures Net | 8,344 | [1] | 12,144 | [1] | 32,552 | 42,434 |
Commercial Foodservice Equipment Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 471,598 | [1] | $ 354,828 | [1] | $ 1,245,619 | $ 1,000,830 |
Percent | 66.10% | 59.80% | 63.30% | 58.80% | ||
Income from operations | $ 102,091 | [1] | $ 89,028 | [1] | $ 284,645 | $ 264,576 |
Depreciation and amortization expense | 17,558 | [1] | 6,977 | [1] | 32,907 | 20,455 |
Capital Expenditures Net | 7,665 | [1] | 7,978 | [1] | 16,371 | 34,727 |
Food Processing Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 88,257 | [1] | $ 86,871 | [1] | $ 270,478 | $ 256,515 |
Percent | 12.40% | 14.70% | 13.80% | 15.10% | ||
Income from operations | $ 13,831 | [1] | $ 19,975 | [1] | $ 39,157 | $ 62,163 |
Depreciation and amortization expense | 2,209 | [1] | 2,101 | [1] | 9,385 | 5,145 |
Capital Expenditures Net | 318 | [1] | 484 | [1] | 7,274 | 2,430 |
Corporate and Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | [1],[2] | 0 | [1],[2] | 0 | 0 |
Income from operations | (17,734) | [1],[2] | (15,833) | [1],[2] | (50,421) | (51,272) |
Depreciation and amortization expense | 460 | [1],[2] | 461 | [1],[2] | 1,396 | 1,420 |
Capital Expenditures Net | (1,418) | [1],[2] | 869 | [1],[2] | (514) | (479) |
Residential Kitchen [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 153,476 | [1] | $ 151,344 | [1] | $ 450,162 | $ 445,338 |
Percent | 21.50% | 25.50% | 22.90% | 26.10% | ||
Income from operations | $ 9,489 | [1] | $ 16,274 | [1] | $ 32,598 | $ 40,242 |
Depreciation and amortization expense | 7,606 | [1] | 7,422 | [1] | 22,767 | 22,256 |
Capital Expenditures Net | 1,779 | [1] | 2,813 | [1] | 9,421 | 5,756 |
United States and Canada | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 474,333 | 394,666 | 1,327,190 | 1,159,316 | ||
United States and Canada | Commercial Foodservice Equipment Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 318,962 | 243,233 | 863,598 | 707,014 | ||
United States and Canada | Food Processing Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 57,235 | 61,612 | 183,476 | 189,288 | ||
United States and Canada | Residential Kitchen [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 98,136 | 89,821 | 280,116 | 263,014 | ||
Asia | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 59,113 | 45,376 | 147,118 | 126,155 | ||
Asia | Commercial Foodservice Equipment Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 50,996 | 38,755 | 117,987 | 104,598 | ||
Asia | Food Processing Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 6,464 | 4,543 | 23,899 | 14,942 | ||
Asia | Residential Kitchen [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 1,653 | 2,078 | 5,232 | 6,615 | ||
Europe and Middle East | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 154,893 | 131,707 | 431,265 | 358,651 | ||
Europe and Middle East | Commercial Foodservice Equipment Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 83,763 | 61,327 | 225,726 | 158,622 | ||
Europe and Middle East | Food Processing Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 19,194 | 12,606 | 44,729 | 29,095 | ||
Europe and Middle East | Residential Kitchen [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 51,936 | 57,774 | 160,810 | 170,934 | ||
Latin America | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 24,992 | 21,294 | 60,686 | 58,561 | ||
Latin America | Commercial Foodservice Equipment Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 17,877 | 11,513 | 38,308 | 30,596 | ||
Latin America | Food Processing Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 5,364 | 8,110 | 18,374 | 23,190 | ||
Latin America | Residential Kitchen [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 1,751 | $ 1,671 | $ 4,004 | $ 4,775 | ||
[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. |
Summary of Results of Operation
Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 29, 2018 | Sep. 30, 2017 | [1] | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | Jul. 01, 2017 | ||
Segment Reporting Information [Line Items] | ||||||||
Net sales | $ 713,331 | [1] | $ 593,043 | $ 1,966,259 | $ 1,702,683 | |||
Income from operations | 107,677 | [1] | 109,444 | 305,979 | 315,709 | |||
Depreciation and amortization expense | 27,833 | [1] | 16,961 | 66,455 | 49,276 | |||
Capital Expenditures Net | 8,344 | [1] | 12,144 | 32,552 | 42,434 | |||
Total assets | 4,578,609 | 4,578,609 | $ 3,339,713 | $ 3,201,143 | ||||
Commercial Foodservice Equipment Group [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 471,598 | [1] | 354,828 | 1,245,619 | 1,000,830 | |||
Income from operations | 102,091 | [1] | 89,028 | 284,645 | 264,576 | |||
Depreciation and amortization expense | 17,558 | [1] | 6,977 | 32,907 | 20,455 | |||
Capital Expenditures Net | 7,665 | [1] | 7,978 | 16,371 | 34,727 | |||
Total assets | 2,907,387 | 2,907,387 | 1,559,757 | |||||
Food Processing Group [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 88,257 | [1] | 86,871 | 270,478 | 256,515 | |||
Income from operations | 13,831 | [1] | 19,975 | 39,157 | 62,163 | |||
Depreciation and amortization expense | 2,209 | [1] | 2,101 | 9,385 | 5,145 | |||
Capital Expenditures Net | 318 | [1] | 484 | 7,274 | 2,430 | |||
Total assets | 492,151 | 492,151 | 393,272 | |||||
Residential Kitchen [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 153,476 | [1] | 151,344 | 450,162 | 445,338 | |||
Income from operations | 9,489 | [1] | 16,274 | 32,598 | 40,242 | |||
Depreciation and amortization expense | 7,606 | [1] | 7,422 | 22,767 | 22,256 | |||
Capital Expenditures Net | 1,779 | [1] | 2,813 | 9,421 | 5,756 | |||
Total assets | 1,111,546 | 1,111,546 | 1,211,388 | |||||
Corporate and Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 0 | [1],[2] | 0 | [2] | 0 | 0 | ||
Income from operations | (17,734) | [1],[2] | (15,833) | [2] | (50,421) | (51,272) | ||
Depreciation and amortization expense | 460 | [1],[2] | 461 | [2] | 1,396 | 1,420 | ||
Capital Expenditures Net | (1,418) | [1],[2] | $ 869 | [2] | (514) | $ (479) | ||
Total assets | $ 67,525 | $ 67,525 | $ 36,726 | |||||
[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. 29, 2018 | Jul. 01, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 401,629 | $ 354,612 |
United States and Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 268,952 | 212,033 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 12,291 | 15,705 |
Europe and Middle East | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 119,732 | 125,892 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 654 | 982 |
Total International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 132,677 | $ 142,579 |
Net Sales by Major Geographic R
Net Sales by Major Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Net sales | $ 713,331 | [1] | $ 593,043 | [1] | $ 1,966,259 | $ 1,702,683 |
[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. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 29, 2018USD ($)plan | Sep. 30, 2017USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net Periodic Benefit Cost, Other Components | $ 9,225 | $ 8,813 | $ 28,046 | $ 25,763 |
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 | (18,062) | (17,728) | $ (56,235) | (51,825) |
Defined Benefit Plan, Service Cost | 915 | 1,019 | 2,849 | 2,979 |
Defined Benefit Plan, Interest Cost | 7,756 | 8,205 | 24,147 | 23,986 |
Defined Benefit Plan, Amortization of Gain (Loss) | 967 | 761 | 3,011 | 2,224 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 136 | 0 | 1,100 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (22) | (51) | (69) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 148 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (8,310) | $ (7,794) | $ (25,197) | $ (22,784) |
Restructuring Restructuring (De
Restructuring Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 12,111 | $ 4,218 | $ 18,245 | $ 17,437 | |
Commercial Foodservice Equipment Group [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 1,200 | 3,300 | |||
Effects on Future Earnings, Restructuring | 10,000 | 10,000 | |||
Food Processing Group [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 200 | 600 | |||
Effects on Future Earnings, Restructuring | 4,000 | 4,000 | |||
Residential Kitchen [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 10,700 | 14,400 | |||
Restructuring Charges, Cumulative | 55,000 | ||||
Effects on Future Earnings, Restructuring | 20,000 | 20,000 | |||
Restructuring Costs and Asset Impairment Charges | 2,000 | ||||
Other Restructuring Costs | 3,200 | ||||
Severance Costs | 3,500 | ||||
Residential Kitchen [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for Restructuring | 6,879 | ||||
Restructuring Reserve | 3,207 | 3,207 | $ 3,698 | ||
Restructuring Charges | 6,448 | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (60) | ||||
Residential Kitchen [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for Restructuring | 3,170 | ||||
Restructuring Reserve | 1,482 | 1,482 | 1,467 | ||
Restructuring Charges | 3,202 | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (17) | ||||
Residential Kitchen [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for Restructuring | 3,727 | ||||
Restructuring Reserve | 1,164 | 1,164 | 157 | ||
Restructuring Charges | 8,700 | 4,714 | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 20 | ||||
Residential Kitchen [Member] | Restructuring Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for Restructuring | 13,776 | ||||
Restructuring Reserve | $ 5,853 | 5,853 | $ 5,322 | ||
Restructuring Charges | 14,364 | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | $ (57) |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Subsequent Event [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 2,130,166 | $ 2,151,230 |