The Middleby Corporation (MIDD) 10-Q 13 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 03, 2021	May 07, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 3, 2021
Document Transition Report	false
Entity File Number	1-9973
Entity Registrant Name	THE MIDDLEBY CORPORATION
Entity Central Index Key	0000769520
Current Fiscal Year End Date	--01-01
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3352497
Entity Address, Address Line One	1400 Toastmaster Drive,
Entity Address, City or Town	Elgin,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60120
City Area Code	(847)
Local Phone Number	741-3300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	MIDD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		55,632,403
Entity Small Business	false
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Current assets:
Cash and cash equivalents	$ 309,331	$ 268,103
Accounts receivable, net of reserve for doubtful accounts of $19,443 and $19,225	427,935	363,361
Inventories, net	574,277	540,198
Prepaid expenses and other	73,933	81,049
Prepaid Taxes	7,634	17,782
Total current assets	1,393,110	1,270,493
Property, plant and equipment, net of accumulated depreciation of $237,875 and $229,871	336,257	344,482
Goodwill	1,928,644	1,934,261
Other intangibles	1,428,294	1,450,381
Long-term deferred tax assets	74,159	76,052
Other assets	129,449	126,805
Total assets	5,289,913	5,202,474
Current liabilities:
Current maturities of long-term debt	21,093	22,944
Accounts payable	213,431	182,773
Accrued expenses	479,913	494,541
Total current liabilities	714,437	700,258
Long-term debt	1,801,040	1,706,652
Deferred Income Tax Liabilities, Net	126,068	147,224
Liability, Defined Benefit Pension Plan, Noncurrent	462,869	469,500
Other non-current liabilities	190,287	202,191
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 63,651,773 and 63,651,773 shares issued in 2021 and 2020, respectively	147	147
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital	361,487	433,308
Treasury stock, at cost; 8,023,769 and 8,013,296 shares in 2021 and 2020	(538,896)	(537,134)
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings	2,663,074	2,568,756
Accumulated other comprehensive loss	(490,600)	(488,428)
Total stockholders' equity	1,995,212	1,976,649
Total liabilities and stockholders' equity	$ 5,289,913	$ 5,202,474

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Accounts receivable, reserve for doubtful accounts	$ 19,443	$ 19,225
Property, plant and equipment, accumulated depreciation	237,875	229,871
Finite-Lived Intangible Assets, Accumulated Amortization	$ 422,169	$ 403,347
Preferred stock, par value (in usd per share)	$ 0.01
Preferred stock, shares authorized	2,000,000
Preferred stock, shares issued	0
Common Stock, Par or Stated Value Per Share	$ 0.01
Common stock, shares issued	63,651,773	63,651,773
Treasury stock, shares	8,023,769	8,013,296

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended
		Apr. 03, 2021	Mar. 28, 2020
Revenue from Contract with Customer, Excluding Assessed Tax		$ 758,058	$ 677,459
Cost of sales		482,184	427,269
Gross profit		275,874	250,190
Selling, General and Administrative Expense		154,957	143,942
Restructuring Charges		794	834
Gain (Loss) on Disposition of Assets		(1,050)	0
Income from operations	[1],[2]	121,173	105,414
Net interest expense and deferred financing amortization, net		16,067	15,713
Net periodic pension benefit (other than service costs)		(11,373)	(10,089)
Other (income) expense, net		(1,691)	3,326
Earnings before income taxes		118,170	96,464
Provision for income taxes		28,907	22,685
Net earnings		$ 89,263	$ 73,779
Net earnings per share:
Earnings Per Share, Basic		$ 1.62	$ 1.33
Earnings Per Share, Diluted		$ 1.59	$ 1.33
Weighted average number of shares
Basic (in shares)		55,213,000	55,396,000
Dilutive common stock equivalents (in shares)		753,000	2,000
Diluted (in shares)		55,966,000	55,398,000
Comprehensive income		$ 87,091	$ 14,452
[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]	Restructuring expenses are allocated in operating income by segment. See note 16 for further details.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjustment	Paid-in Capital	Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Treasury StockCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (loss)	Accumulated Other Comprehensive Income (loss)Cumulative Effect, Period of Adoption, Adjustment
Balance, Beginning at Dec. 28, 2019	$ 1,946,814		$ 145		$ 387,402		$ (451,262)		$ 2,361,462		$ (350,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	73,779		0		0		0		73,779		0
Currency translation adjustment	(48,916)		0		0		0		0		(48,916)
Change in unrecognized pension benefit costs, net of tax	14,808		0		0		0		0		14,808
Unrealized gain on interest rate swaps, net of tax	(25,219)		0		0		0		0		(25,219)
Stock compensation	4,159		0		4,159		0		0		0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	3,881		0		3,881		0		0		0
Purchase of treasury stock	(74,600)		0		0		(74,600)		0		0
Balance, Ending at Mar. 28, 2020	1,894,706		145		395,442		(525,862)		2,435,241		(410,260)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2020-06 (1) | Accounting Standards Update 2020-06		$ (74,375)		$ 0		$ (79,430)		$ 0		$ 5,055		$ 0
Balance, Beginning at Jan. 02, 2021	1,976,649		147		433,308		(537,134)		2,568,756		(488,428)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	89,263		0		0		0		89,263		0
Currency translation adjustment	(10,614)		0		0		0		0		(10,614)
Change in unrecognized pension benefit costs, net of tax	(3,970)		0		0		0		0		(3,970)
Unrealized gain on interest rate swaps, net of tax	12,412		0		0		0		0		12,412
Stock compensation	7,609		0		7,609		0		0		0
Purchase of treasury stock	(1,762)		0		0		(1,762)		0		0
Balance, Ending at Apr. 03, 2021	$ 1,995,212		$ 147		$ 361,487		$ (538,896)		$ 2,663,074		$ (490,600)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jan. 03, 2021	Jan. 02, 2021
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	$ (877)	$ 3,123
Unrealized (loss) gain on interest rate swap, tax	$ 4,327	$ (9,299)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Cumulative Effect Period of Adoption, Additional Paid In Capital				$ 79,400
Cumulative Effect Period of Adoption, Retained Earnings				5,100
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standards Update 2020-06
Cumulative Effect Period of Adoption of ASU 2020-06, tax impact			$ 1,600
Cumulative Effect, Period of Adoption, Adjustment | Paid-in Capital | Accounting Standards Update 2020-06
Cumulative Effect Period of Adoption of ASU 2020-06, tax impact				$ 25,500

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Cash flows from operating activities--
Net earnings	$ 89,263	$ 73,779
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	30,432	26,599
Non-cash share-based compensation	7,609	4,159
Deferred income taxes	1,913	8,672
Net periodic pension benefit (other than service costs)	(11,373)	(10,089)
Gain (Loss) on Disposition of Assets	(1,050)	0
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	(66,666)	33,408
Inventories, net	(33,266)	(28,094)
Prepaid expenses and other assets	27,407	9,566
Accounts payable	31,662	15,001
Accrued expenses and other liabilities	(16,236)	(45,864)
Net cash provided by operating activities	59,695	87,137
Cash flows from investing activities--
Additions to property and equipment	(8,725)	(9,181)
Proceeds from Sale of Property, Plant, and Equipment	3,354	0
Acquisitions, net of cash acquired	(1,667)	(30,041)
Net cash (used in) investing activities	(7,038)	(39,222)
Cash flows from financing activities--
Proceeds under Credit Facility	18,995	2,303,953
Repayments under Credit Facility	23,683	1,977,453
Net proceeds under international credit facilities	(1,757)	786
Net repayments under other debt arrangement	(78)	(11)
Repurchase of treasury stock	(1,762)	(74,600)
Payments of Debt Issuance Costs	0	7,577
Net cash (used in) provided by financing activities	(8,285)	245,098
Effect of exchange rates on cash and cash equivalents	(3,144)	(6,470)
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	41,228	286,543
Cash and cash equivalents at beginning of year	268,103	94,500
Cash and cash equivalents at end of quarter	$ 309,331	$ 381,043

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 03, 2021
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 2020 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2021. 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 April 3, 2021 and January 2, 2021, the results of operations for the three months ended April 3, 2021 and March 28, 2020, cash flows for the three months ended April 3, 2021 and March 28, 2020 and statement of stockholders' equity for the three months ended April 3, 2021 and March 28, 2020. 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 $7.6 million and $4.2 million for the three months period ended April 3, 2021 and March 28, 2020, respectively. c) Income Taxes A tax provision of $28.9 million, at an effective rate of 24.5%, was recorded during the three months period ended April 3, 2021, as compared to a $22.7 million tax provision at a 23.5% effective rate in the prior year period. The effective tax rates in 2021 and 2020 are higher than the federal tax rate of 21% primarily due to state taxes. The effective tax rate for the three months period ended April 3, 2021 is higher than the comparable prior year rate primarily due to an increase in non-deductible costs. 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 the company's own assumptions. The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands): Fair Value Fair Value Fair Value Total As of April 3, 2021 Financial Assets: Interest rate swaps $ — $ 3,014 $ — $ 3,014 Financial Liabilities: Interest rate swaps $ — $ 37,368 $ — $ 37,368 Contingent consideration $ — $ — $ 25,801 $ 25,801 Foreign exchange derivative contracts $ — $ 750 $ — $ 750 As of January 2, 2021 Financial Liabilities: Interest rate swaps $ — $ 51,093 $ — $ 51,093 Contingent consideration $ — $ — $ 25,558 $ 25,558 Foreign exchange derivative contracts $ — $ 2,191 $ — $ 2,191 The contingent consideration as of April 3, 2021 and January 2, 2021, relates to the earnout provisions recorded in conjunction with various purchase agreements. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreement. On a quarterly basis, the company assesses the projected results for each acquired business in comparison to the earnout targets and adjusts the liability accordingly. e) Consolidated Statements of Cash Flows Cash paid for interest was $16.6 million and $14.1 million for the three months ended April 3, 2021 and March 28, 2020, respectively. Cash payments totaling $12.8 million and $6.2 million were made for income taxes for the three months ended April 3, 2021 and March 28, 2020, respectively. f) Earnings Per Share “Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities. The company’s potentially dilutive securities consist of shares issuable on vesting of restricted stock grants computed using the treasury method and amounted to 8,269 and 2,033 for the three months ended April 3, 2021, and March 28, 2020, respectively. For the three months ended April 3, 2021, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in 744,334 diluted common stock equivalents to be included in the diluted net earnings per share for the period. There have been no conversions to date, See Note 12, Financing Arrangements for further details on the Convertible Notes. There were no anti-dilutive restricted stock grants excluded from common stock equivalents in any period presented.

Acquisitions and Purchase Accou

Acquisitions and Purchase Accounting	3 Months Ended
	Apr. 03, 2021
Business Combinations [Abstract]
Business Combination Disclosure	Acquisitions and Purchase Accounting The company accounts for all business combinations using the acquisition method to record a new cost basis for the assets acquired and liabilities assumed. The difference between the purchase price and the fair value of the assets acquired and liabilities assumed has been recorded as goodwill in the financial statements. The company recognizes identifiable intangible assets, primarily trade names and customer relationships, at their fair value using a discounted cash flow model. The significant assumptions used to estimate the value of the intangible assets include revenue growth rates, projected profit margins, discount rates, royalty rates, and customer attrition rates. These significant assumptions are forward-looking and could be affected by future economic and market conditions. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition. The following represents summarized information of various acquisitions by the company that were not individually material in 2020. The company completed no acquisitions during the three months ended April 3, 2021. 2020 Acquisitions During 2020, the company completed various acquisitions that were not individually material. The estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the 2020 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 14,647 $ — $ 14,647 Current assets 43,670 (13,391) 30,279 Property, plant and equipment 3,014 (241) 2,773 Goodwill 55,335 1,191 56,526 Other intangibles 63,201 — 63,201 Other assets 6,121 52 6,173 Current liabilities (54,478) 12,434 (42,044) Long-term deferred tax liability (123) — (123) Other non-current liabilities (21,902) (45) (21,947) Consideration paid at closing $ 109,485 $ — $ 109,485 Deferred payments 8,666 — 8,666 Contingent consideration 16,144 — 16,144 Net assets acquired and liabilities assumed $ 134,295 $ — $ 134,295 The long-term deferred tax liability amounted to $0.1 million and is related to the difference between the book and tax basis on other assets and liability accounts. The goodwill and $23.1 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $14.0 million allocated to customer relationships, $20.7 million allocated to developed technology and $5.4 million allocated to backlog, which are being amortized over periods of 7 years, 7 to 12 years, and 3 to 9 months, respectively. Goodwill of $56.5 million and other intangibles of $63.2 million of the companies are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Of these assets, goodwill of $20.0 million and all other intangibles are expected to be deductible for tax purposes. Several purchase agreements include deferred payment and earnout provisions providing for contingent payments due to the sellers to the extent certain financial targets are exceeded. The deferred payments are payable between 2021 and 2022. The contractual obligations associated with the deferred payments on the acquisition date amount to $8.7 million. The earnouts are payable between 2021 and 2023, if the company exceeds certain sales and earnings targets. The contractual obligations associated with the contingent earnout provisions recognized on the acquisition date amount to $16.1 million. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for substantially all 2020 acquisitions to date. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. Pro Forma Financial Information In accordance with ASC 805 Business Combinations , the following unaudited pro forma results of operations for the three months ended April 3, 2021 and March 28, 2020, assumes the 2020 acquisitions described above were completed on December 29, 2019 (first day of fiscal year 2020). The following pro forma results include adjustments to reflect amortization of intangibles associated with the acquisition and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): Three Months Ended April 3, 2021 March 28, 2020 Net sales $ 758,058 $ 689,593 Net earnings 91,882 67,302 Net earnings per share: Basic $ 1.66 $ 1.21 Diluted $ 1.64 $ 1.21 The historical consolidated financial information of the Company and the acquisitions have been adjusted in the pro forma information to give effect to pro forma events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Pro forma data may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate the acquired businesses.

Litigation Matters

Litigation Matters	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
Litigation Matters	Litigation MattersFrom time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any pending litigation will have a material effect on its financial condition, results of operations or cash flows.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Apr. 03, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards Accounting Pronouncements - Recently Adopted In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies the accounting for convertible instruments by eliminating the requirement to separate embedded conversion features from the host contract when the conversion features are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. By removing the separation model, a convertible debt instrument will be reported as a single liability instrument with no separate accounting for embedded conversion features. This new standard also removes certain settlement conditions that are required for contracts to qualify for equity classification and simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. Effective January 3, 2021, the company early adopted ASU 2020-06 using the modified retrospective approach. Adoption of the new standard resulted in an increase to the opening balance of retained earnings of $5.1 million, a decrease to additional paid-in capital of $79.4 million, and an increase to convertible senior notes of $98.4 million. In addition, the company ceased recording non-cash interest expense associated with amortization of the debt discount and calculates earnings per share using the if-converted method to the extent those shares are not anti-dilutive. In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)", which removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This guidance is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2020 with early adoption permitted. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings in the period of adoption. The company adopted this guidance on January 3, 2021, and it did not have a material impact on the company's Consolidated Financial Statements upon adoption. Accounting Pronouncements - To be adopted In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting". Subject to meeting certain criteria, ASU 2020-04 provides optional expedients and exceptions to applying contract modification accounting under existing generally accepted accounting principles, for contracts that are modified to address the expected phase out of the London Inter-bank Offered Rate (“LIBOR”) by the end of 2021. Some of the Company’s contracts with respect to its borrowings and interest rate swap contracts already contain comparable alternative reference rates that would automatically take effect upon the phasing out of LIBOR, while for others, the company anticipates negotiating comparable replacement rates with its counterparties. In January 2021, the FASB issued ASU 2021-01 to provide supplemental guidance and to further clarify the scope. This guidance is effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The company is currently evaluating the impacts the adoption of this guidance will have on its Consolidated Financial Statements.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Notes)	3 Months Ended
	Apr. 03, 2021
Revenue Recognition [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue Recognition Disaggregation of Revenue The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its 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 the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands): Commercial Food Processing Residential Kitchen Total Three Months Ended April 3, 2021 United States and Canada $ 338,837 $ 79,650 $ 108,574 $ 527,061 Asia 49,719 4,003 3,032 56,754 Europe and Middle East 82,017 20,425 51,844 154,286 Latin America 10,582 8,416 959 19,957 Total $ 481,155 $ 112,494 $ 164,409 $ 758,058 Three Months Ended March 28, 2020 United States and Canada $ 306,510 $ 72,882 $ 85,074 $ 464,466 Asia 37,524 7,639 978 46,141 Europe and Middle East 79,732 19,347 43,465 142,544 Latin America 19,358 4,398 552 24,308 Total $ 443,124 $ 104,266 $ 130,069 $ 677,459 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 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): Apr 3, 2021 Jan 2, 2021 Contract assets $ 18,899 $ 20,328 Contract liabilities $ 108,766 $ 93,871 Non-current contract liabilities $ 13,020 $ 13,523 During the three months period ended April 3, 2021, the company reclassified $8.7 million to receivables, which was included in the contract asset balance at the beginning of the period. During the three months period ended April 3, 2021, the company recognized revenue of $59.1 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 $84.3 million during the three months period ended April 3, 2021. Substantially, all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the three months period ended April 3, 2021.

Other Comprehensive Income (Not

Other Comprehensive Income (Notes)	3 Months Ended
	Apr. 03, 2021
Disclosure Other Comprehensive Income Additional Information [Abstract]
Other Comprehensive Income	Other Comprehensive Income The company reports changes in equity during a period, except those resulting from investments by owners and distributions to owners, in accordance with ASC 220, "Comprehensive Income". Changes in accumulated other comprehensive income (1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total Balance as of January 2, 2021 $ (49,961) $ (400,919) $ (37,548) $ (488,428) Other comprehensive income before reclassification (10,614) (3,970) 7,389 (7,195) Amounts reclassified from accumulated other comprehensive income — — 5,023 5,023 Net current-period other comprehensive income $ (10,614) $ (3,970) $ 12,412 $ (2,172) Balance as of April 3, 2021 $ (60,575) $ (404,889) $ (25,136) $ (490,600) Balance as of December 28, 2019 $ (105,705) $ (228,336) $ (16,892) $ (350,933) Other comprehensive income before reclassification (48,916) 14,808 (26,486) (60,594) Amounts reclassified from accumulated other comprehensive income — — 1,267 1,267 Net current-period other comprehensive income $ (48,916) $ 14,808 $ (25,219) $ (59,327) Balance as of March 28, 2020 $ (154,621) $ (213,528) $ (42,111) $ (410,260) (1) As of April 3, 2021, pension and interest rate swap amounts are net of tax of $(90.0) million and $(8.8) million, respectively. During the three months ended April 3, 2021, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $(0.9) million and $4.3 million, respectively. As of March 28, 2020 pension and interest rate swap amounts are net of tax of $(45.5) million and $(15.3) million, respectively. During the three months ended March 28, 2020, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $3.1 million and $(9.3) million, respectively. Components of other comprehensive income were as follows (in thousands): Three Months Ended Apr 3, 2021 Mar 28, 2020 Net earnings $ 89,263 $ 73,779 Currency translation adjustment (10,614) (48,916) Pension liability adjustment, net of tax (3,970) 14,808 Unrealized gain (loss) on interest rate swaps, net of tax 12,412 (25,219) Comprehensive income $ 87,091 $ 14,452

Inventories

Inventories	3 Months Ended
	Apr. 03, 2021
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 April 3, 2021 and January 2, 2021 are as follows (in thousands): Apr 3, 2021 Jan 2, 2021 Raw materials and parts $ 292,068 $ 263,200 Work-in-process 57,537 55,104 Finished goods 224,672 221,894 $ 574,277 $ 540,198

Goodwill

Goodwill	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill for the three months ended April 3, 2021 are as follows (in thousands): Commercial Food Residential Kitchen Total Balance as of January 2, 2021 $ 1,228,436 $ 255,798 $ 450,027 $ 1,934,261 Measurement period adjustments to (247) — — (247) Exchange effect (5,558) (2,552) 2,740 (5,370) Balance as of April 3, 2021 $ 1,222,631 $ 253,246 $ 452,767 $ 1,928,644 The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

Intangibles (Notes)

Intangibles (Notes)	3 Months Ended
	Apr. 03, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets Disclosure [Text Block]	Intangibles Intangible assets consist of the following (in thousands): April 3, 2021 January 2, 2021 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer lists 8.3 $ 735,264 $ (362,393) 8.5 $ 735,264 $ (347,029) Backlog 0.1 34,729 (34,268) 0.3 34,729 (31,924) Developed technology 9.8 56,931 (25,508) 10.0 56,931 (24,394) $ 826,924 $ (422,169) $ 826,924 $ (403,347) Indefinite-lived assets: Trademarks and tradenames $ 1,023,539 $ 1,026,804 The aggregate intangible amortization expense was $18.8 million and $16.9 million for the three months period ended April 3, 2021 and March 28, 2020, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands): Twelve Month Period coinciding with the end of the company's Fiscal First Quarter Amortization Expense 2022 $ 65,516 2023 60,567 2024 54,282 2025 41,939 2026 37,501 Thereafter 144,950 $ 404,755

Accrued Expenses

Accrued Expenses	3 Months Ended
	Apr. 03, 2021
Disclosure Accrued Expenses [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): Apr 3, 2021 Jan 2, 2021 Contract liabilities $ 108,766 $ 93,871 Accrued payroll and related expenses 105,085 93,926 Accrued warranty 75,094 69,667 Accrued customer rebates 30,630 43,703 Accrued short-term leases 22,041 22,493 Accrued sales and other tax 16,730 22,030 Accrued professional fees 13,782 12,133 Accrued product liability and workers compensation 12,402 12,909 Accrued agent commission 12,215 11,105 Accrued interest rate swaps 10,672 14,075 Accrued liabilities held for sale — 22,313 Other accrued expenses 72,496 76,316 $ 479,913 $ 494,541

Warranty Costs

Warranty Costs	3 Months Ended
	Apr. 03, 2021
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): Three Months Ended Apr 3, 2021 Balance as of January 2, 2021 $ 69,667 Warranty expense 20,881 Warranty claims (15,454) Balance as of April 3, 2021 $ 75,094

Financing Arrangements

Financing Arrangements	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
Financing Arrangements	Financing Arrangements Apr 3, 2021 Jan 2, 2021 (in thousands) Senior secured revolving credit line $ 755,000 $ 755,000 Term loan facility 331,250 335,938 Convertible senior notes 732,088 632,847 Foreign loans 2,483 4,421 Other debt arrangement 1,312 1,390 Total debt 1,822,133 1,729,596 Less: Current maturities of long-term debt 21,093 22,944 Long-term debt $ 1,801,040 $ 1,706,652 Credit Facility On January 31, 2020, the company entered into an amended and restated five-year, $3.5 billion multi-currency senior secured credit agreement (as amended as described below, the "Credit Facility"). On August 21, 2020, the company entered into an amendment to the Credit Facility, prepaying $400.0 million aggregate principal amount of its term loan obligations owed. The Credit Facility, as amended, is in an aggregate principal amount of $3.1 billion, consisting of (i) a $350 million term loan facility and (ii) a $2.75 billion multi-currency revolving credit facility. The Credit Facility matures on January 31, 2025. The term loan facility amortizes in equal quarterly installments due on the last day of each fiscal quarter in an aggregate annual amount equal to 2.50% of the original aggregate principal amount of the term loan facility, with the balance, plus any accrued interest, due and payable on January 31, 2025. As of April 3, 2021, the company had $1.1 billion of borrowings outstanding under the Credit Facility, including $755.0 million of borrowings in U.S. Dollars and $331.3 million outstanding under the term loan. The company also had $2.3 million in outstanding letters of credit as of April 3, 2021, which reduces the borrowing availability under the Credit Facility. At April 3, 2021, borrowings under the Credit Facility accrued interest at a rate of 1.625% above LIBOR per annum or 1.00% 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, inclusive of hedging instruments, on the debt under the Credit Facility was equal to 3.32% 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 April 3, 2021. The term loan facility had an average interest rate per annum, inclusive of hedging instruments, of 3.28% as of April 3, 2021. In addition, the company has other international credit facilities to fund working capital needs outside the United States. At April 3, 2021, these foreign credit facilities amounted to $2.5 million in U.S. Dollars with a weighted average per annum interest rate of approximately 4.50%. The company’s debt is reflected on the balance sheet at cost. The fair values of the Credit Facility, term debt and foreign and other debt is based on the amount of future cash flows associated with each instrument discounted using the company's incremental borrowing rate. 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 carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt excluding the Convertible Notes is as follows (in thousands): Apr 3, 2021 Jan 2, 2021 Carrying Value Fair Value Carrying Value Fair Value Total debt excluding convertible senior notes $ 1,090,045 $ 1,090,045 $ 1,096,749 $ 1,096,749 The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At April 3, 2021, the company had outstanding floating-to-fixed interest rate swaps totaling $260.0 million notional amount carrying an average interest rate of 2.36% maturing in less than 12 months and $802.0 million notional amount carrying an average interest rate of 1.91% that mature in more than 12 months but less than 71 months. The company believes that its current capital resources, including cash and cash equivalents, cash expected to be generated from operation, 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, as amended, 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, (ii) a maximum Total Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBITDA (each as defined in the Credit Facility) of 5.50 to 1.00, and (iii) a maximum Secured Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBITDA (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 April 3, 2021, the company was in compliance with all covenants pursuant to its borrowing agreements. Convertible Notes The following table summarizes the outstanding principal amount and carrying value of the Convertible Notes: Apr 3, 2021 Jan 2, 2021 (in thousands) Principal amounts: Principal $ 747,500 $ 747,500 Unamortized debt discounts — (98,358) Unamortized issuance costs (15,412) (16,295) Net carrying amount $ 732,088 $ 632,847 The following table summarizes total interest expense recognized related to the Convertible Notes: Three Months Ended Apr 3, 2021 Contractual interest expense $ 1,890 Interest cost related to amortization of issuance costs 883 Total interest expense $ 2,773 On August 21, 2020, the company issued $747.5 million aggregate principal amount of 1.00% Convertible Senior Notes maturing on September 1, 2025 (the "Convertible Notes") in a private offering pursuant to an indenture, dated August 21, 2020 (the "Indenture"), between the company and U.S. Bank National Association, as trustee. The Convertible Notes are general unsecured obligations of the company and bear interest semi-annually in arrears. The estimated fair value of the Convertible Notes was $1.1 billion as of April 3, 2021 and was determined through consideration of quoted market prices. The fair value is classified as Level 2, as defined in Note 1 (d), Fair Value Measurements of this Quarterly Report on Form 10-Q . The if-converted value of the Convertible Notes exceeded their respective principal value by $214.2 million as of April 3, 2021. On January 3, 2021, the company adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity", using the modified retrospective method. Prior to January 3, 2021, the Company separated the Convertible Notes into liability and equity components and the carrying amount of the equity component was recorded as a debt discount and amortized to interest expense. As a result of the adoption of ASU 2020-06, the Convertible Notes are accounted for as a single liability and therefore the company no longer recognized any amortization of debt discounts as interest expense . The annual effective interest rate of the Convertible Notes following adoption of ASU 2020-06 is 1.5%. The Convertible Notes were issued pursuant to the Indenture and bear interest semi-annually in arrears at a rate of 1.00% per annum on March 1 and September 1 of each year. The Convertible Notes are convertible based upon an initial conversion rate of 7.7746 shares of the company's common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $128.62 per share of the company's common stock. The conversion rate will be subject to adjustment upon occurrence of certain specified events in accordance with the Indenture, but will not be adjusted for accrued and unpaid interest. Additionally, in the event of a Fundamental Change (as defined in the Indenture), holders of the Convertible Notes may require the company to repurchase all or a portion of their Convertible Notes at a price equal to 100.0% of the principal amount of Convertible Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. Upon conversion, the company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the company's election, in respect of the remainder, if any, of the company's conversion obligation in excess of the aggregate principal amount of the notes being converted. The Convertible Notes will mature on September 1, 2025 unless they are redeemed, repurchased or converted prior to such date in accordance with their terms. The company may settle the conversions of the Convertible Notes in cash, shares of the company's common stock or any combination thereof at its election. The number of shares of the company's common stock issuable at the conversion price of $128.62 per share is expected to be 5.8 million shares. As of April 3, 2021, there have been no conversions to date. For the three months ended April 3, 2021, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes resulting in 744,334 diluted common stock equivalents to be included in the diluted net earnings per share for the period. The Indenture includes customary terms and covenants, including certain events of default after which the Convertible Notes may become due and payable immediately. Capped Call Transactions In conjunction with the pricing of the Convertible Notes, the company entered into privately negotiated capped call transactions in the aggregate amount of $104.7 million ("Capped Call Transactions"). The Capped Call Transactions are expected generally to reduce the potential dilution and/or offset the cash payments the company is required to make in excess of the principal amount of the Convertible Notes upon conversion of the Convertible Notes in the event that the market price per share of the company's common stock is greater than the strike price of the Capped Call Transactions (which initially corresponds to the initial conversion price of the Convertible Notes and is subject to certain adjustments under the terms of the Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the Capped Call Transactions. Under the Capped Call Transactions, the number of shares of common stock issuable at the conversion price of $207.93 is expected to be 3.6 million shares. As of April 3, 2021, there have been no conversions to date. The Capped Call Transactions cover the number of shares of the company's common stock underlying the Convertible Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes. The Capped Call Transactions are separate transactions entered into by the company with the capped call counterparties, and are not part of the terms of the Convertible Notes and will not affect any holder's right under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Capped Call Transactions. The Capped Call Transactions do not meet the criteria for separate accounting as a derivative as they are indexed to the company's stock. The premiums paid of the Capped Call Transactions have been included as a net reduction to additional paid-in capital with stockholders' equity.

Financial Instruments

Financial Instruments	3 Months Ended
	Apr. 03, 2021
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. Foreign Exchange : The company uses foreign currency forward, foreign exchange swaps and option purchase and sales contracts to hedge its exposure to changes in foreign currency exchange rates. The company’s primary hedging activities are to mitigate its exposure to changes in exchange rates on intercompany and third party trade receivables and payables. The company does not currently enter into derivative financial instruments for speculative purposes. In managing its foreign currency exposures, the company identifies and aggregates naturally occurring offsetting positions and then hedges residual balance sheet exposures. The fair value of the forward and option contracts was a loss of $0.7 million at the end of the first quarter of 2021. 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 April 3, 2021, the fair value of these instruments was a liability of $34.4 million. The change in fair value of these swap agreements in the first three months of 2021 was a gain of $12.4 million, net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Apr 3, 2021 Jan 2, 2021 Fair value Other assets $ 3,014 $ — Fair value Accrued expenses $ 10,672 $ 14,075 Fair value Other non-current liabilities $ 26,696 $ 37,018 The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Presentation of Gain/(loss) Apr 3, 2021 Mar 28, 2020 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 11,716 $ (35,785) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ (5,023) $ (1,267) 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	3 Months Ended
	Apr. 03, 2021
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, Colorado, Florida, Illinois, Michigan, New Hampshire, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Vermont, Washington, Australia, Canada, China, Denmark, Estonia, Italy, Mexico, the Philippines, Poland, Spain, 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, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers, soft serve ice cream equipment, coffee and beverage dispensing equipment, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions. These products are sold and marketed under the brand names: Anets, APW Wyott, Bakers Pride, Beech, BKI, Blodgett, Blodgett Combi, Bloomfield, Britannia, Carter-Hoffmann, Celfrost, Concordia, CookTek, Crown, CTX, Desmon, Deutsche Beverage, Doyon, Eswood, EVO, Firex, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Ink Kegs, Inline Filling Systems, Jade, JoeTap, Josper, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Meheen, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, RAM, Southbend, Ss Brewtech, Star, Starline, Sveba Dahlen, Synesso, Tank, Taylor, Thor, Toastmaster, TurboChef, Ultrafryer, Varimixer, Wells, Wild Goose 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, Pennsylvania, Texas, Virginia, Washington, Wisconsin, Denmark, France, Germany, India, Italy, 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, formers, 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, CV-Tek, Danfotech, Deutsche Process, Drake, Glimek, Hinds-Bock, Maurer-Atmos, MP Equipment, Pacproinc, RapidPak, Scanico, Spooner Vicars, Stewart Systems, Thurne and 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 and the United Kingdom. Principal product lines of this group are ranges, cookers, stoves, cooktops, microwaves, ovens, refrigerators, dishwashers, undercounter refrigeration, wine cellars, ice machines, ventilation equipment and outdoor equipment. These products are sold and marketed under the brand names: AGA, AGA Cookshop, Brava, EVO, 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 Apr 3, 2021 Mar 28, 2020 Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 481,155 63.5 % $ 443,124 65.4 % Food Processing 112,494 14.8 104,266 15.4 Residential Kitchen 164,409 21.7 130,069 19.2 Total $ 758,058 100.0 % $ 677,459 100.0 % The following table summarizes the results of operations for the company's business segments (in thousands): Commercial Food Processing Residential Kitchen Corporate and Other (1) Total Three Months Ended April 3, 2021 Net sales $ 481,155 $ 112,494 $ 164,409 $ — $ 758,058 Income (loss) from operations (2, 3, 4) 96,316 19,662 29,856 (24,661) 121,173 Depreciation expense 5,793 1,315 2,774 255 10,137 Amortization expense (5) 15,204 1,843 1,772 1,476 20,295 Net capital expenditures 5,195 928 2,256 346 8,725 Total assets $ 3,283,354 $ 632,746 $ 1,213,045 $ 160,768 $ 5,289,913 Three Months Ended March 28, 2020 Net sales $ 443,124 $ 104,266 $ 130,069 $ — $ 677,459 Income (loss) from operations (2, 3) 88,607 15,358 12,708 (11,259) 105,414 Depreciation expense 4,900 1,336 2,983 11 9,230 Amortization expense (5) 12,440 1,700 2,720 509 17,369 Net capital expenditures 4,686 1,829 2,545 121 9,181 Total assets $ 3,232,632 $ 626,907 $ 1,145,943 $ 272,497 $ 5,277,979 (1) Includes corporate and other general company assets and operations. (2) 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. (3) Restructuring expenses are allocated in operating income by segment. See note 16 for further details. (4) Gain on sale of plant is included in Commercial Foodservice. (5) Includes amortization of deferred financing costs and Convertible Notes issuance costs. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands): Apr 3, 2021 Mar 28, 2020 United States and Canada $ 330,080 $ 316,087 Asia 27,104 21,751 Europe and Middle East 176,526 157,035 Latin America 6,155 5,518 Total international $ 209,785 $ 184,304 $ 539,865 $ 500,391

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
	Apr. 03, 2021
Employee Retirement Plans [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. 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 former Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the former 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. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 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, 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 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. In December 2020, it was agreed that the Group Pension Scheme will be closed to future pension accruals effective April 5, 2021. The other, much smaller, defined benefit pension plans operating within the AGA Group cover employees in France 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 Apr 3, 2021 Mar 28, 2020 Net Periodic Pension Benefit: Service cost $ 194 $ 645 Interest cost 4,290 6,418 Expected return on assets (19,531) (17,982) Amortization of net loss (gain) 3,152 837 Amortization of prior service cost (credit) 716 638 $ (11,179) $ (9,444) The pension costs for all other plans of the company were not material during the period. 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. (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 (Notes)

Restructuring (Notes)	3 Months Ended
	Apr. 03, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	Restructuring Commercial Foodservice Equipment Group During the fiscal years 2020 and 2019, the company undertook cost reduction initiatives related to the Commercial Foodservice Equipment Group including headcount reductions and facility consolidations. These actions resulted in expenses of $0.4 million and $0.5 million in the three months ended April 3, 2021 and March 28, 2020, respectively, primarily for severance related to headcount reductions and facility consolidations. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The realization of cost savings from the restructuring initiatives began in 2020 with an expected annual savings of approximately $20.0 million. At April 3, 2021, the restructuring obligations accrued for these initiatives are immaterial and will substantially be complete by the end of fiscal 2021. The restructuring expenses for the other segments of the company were not material during the period.

Share Repurchases (Notes)

Share Repurchases (Notes)	3 Months Ended
	Apr. 03, 2021
Text Block [Abstract]
Treasury Stock [Text Block]	Share Repurchases The company treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. For the three months ended April 3, 2021, the company repurchased 10,473 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $1.8 million. These withheld shares are not considered common stock repurchases under the authorized common stock repurchase plan and accordingly are not included in the common stock repurchase totals disclosed below. In November 2017, the company's Board of Directors approved a stock repurchase program authorizing the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. During 2020, the company repurchased 896,965 shares of its common stock under the program for $69.7 million, including applicable commissions, which represented an average price of $77.70. As of April 3, 2021, 1,023,165 shares had been purchased under the 2017 stock repurchase program and 1,476,835 remain authorized for repurchase.

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 03, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On April 20, 2021, the company entered into an Agreement and Plan of Merger ("Merger Agreement") with Welbilt, Inc.("Welbilt"), a Delaware corporation, Middleby Marshall, Inc., a wholly owned subsidiary of the company and Mosaic Merger Sub, Inc., a wholly owned subsidiary of the company (“Merger Sub”), pursuant to which, at the closing, Merger Sub will merge with and into Welbilt, with Welbilt surviving as an indirect, wholly owned subsidiary of the company (“Merger”). Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (“Effective Time”), each share of common stock, par value $0.01 per share, of Welbilt (“Welbilt Common Stock”) issued and outstanding immediately prior to the Effective Time (other than shares of Welbilt common stock held by Welbilt as treasury stock or held, directly or indirectly, by the company) will be converted into the right to receive 0.1240 shares of validly issued, fully paid and non-assessable shares of common stock, par value $0.01 per share, of Middleby (“Middleby Common Stock”) (the ratio of one share of Welbilt Common Stock for 0.1240 shares of Middleby Common Stock, the “Exchange Ratio”). Upon the closing of the Merger, Middleby stockholders will own approximately 76% and Welbilt stockholders will own approximately 24% of the combined company. Following the closing of the Merger, the Middleby Common Stock will continue to be listed on the NASDAQ Global Select Market (“NASDAQ”). Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, Welbilt’s equity-based compensation plan maintained for employees of Welbilt will be assumed by Middleby and (i) all outstanding options to purchase Welbilt Common Stock will be converted into options to purchase shares of Middleby Common Stock, (ii) all outstanding restricted stock awards and restricted stock unit awards with respect to Welbilt Common Stock will be converted into corresponding restricted stock awards and restricted stock unit awards with respect to shares of Middleby Common Stock, and (iii) all outstanding performance stock unit awards with respect to Welbilt Common Stock will be converted into restricted stock unit awards with respect to shares of Middleby Common Stock, with performance criteria deemed satisfied based on the achievement levels set forth in the Merger Agreement, in each case, based on the Exchange Ratio and with respect to such converted stock options, the exercise price of which shall be equal to the exercise price of such option in effect immediately prior to the Effective Time, divided by the Exchange Ratio, rounded up to the nearest whole cent. No fractional shares of Middleby Common Stock will be issued in connection with the Merger, and holders of shares of Welbilt Common Stock will receive cash in lieu of any such fractional shares. The respective boards of directors of Middleby and Welbilt have unanimously approved the Merger Agreement, and the board of directors of Middleby has agreed to recommend that Middleby’s stockholders approve the issuance of the shares of Middleby Common Stock in connection with the Merger, as required by the listing standards of NASDAQ. In addition, the board of directors of Welbilt has agreed to recommend that Welbilt’s stockholders adopt the Merger Agreement. The completion of the Merger is subject to the satisfaction or waiver of customary closing conditions, including (i) approval of the issuance of Middleby Common Stock in connection with the Merger by Middleby’s stockholders, (ii) approval for listing of the Middleby Common Stock to be issued in connection with the Merger on NASDAQ, (iii) the effectiveness of a registration statement on Form S-4 with respect to the Middleby Common Stock to be issued in connection with the Merger, (iv) approval and adoption of the Merger Agreement by Welbilt’s stockholders, (v) expiration or termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"), and receipt of applicable approvals under certain foreign competition, antitrust or merger control laws, (vi) there being no law or order prohibiting consummation of the Merger, (vii) subject to specified materiality standards, the accuracy of the representations and warranties of the parties, (viii) compliance by the parties in all material respects with their respective covenants, (ix) the absence of a material adverse effect with respect to each of Middleby and Welbilt, and (x) the delivery of an officer’s closing certificate by both parties. The completion of the Merger is not conditioned on receipt of financing by Middleby.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 03, 2021
Accounting Policies [Abstract]
Basis of Presentation	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 2020 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2021. 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 April 3, 2021 and January 2, 2021, the results of operations for the three months ended April 3, 2021 and March 28, 2020, cash flows for the three months ended April 3, 2021 and March 28, 2020 and statement of stockholders' equity for the three months ended April 3, 2021 and March 28, 2020.
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	Non-Cash Share-Based CompensationThe 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.
Fair Value Measures	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 the company's own assumptions.
Earnings Per Share, Policy	Earnings Per Share“Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities.

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Policies)	3 Months Ended
	Apr. 03, 2021
Revenue Recognition [Abstract]
Revenue [Policy Text Block]	The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its 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 the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Apr. 03, 2021
Accounting Policies [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands): Fair Value Fair Value Fair Value Total As of April 3, 2021 Financial Assets: Interest rate swaps $ — $ 3,014 $ — $ 3,014 Financial Liabilities: Interest rate swaps $ — $ 37,368 $ — $ 37,368 Contingent consideration $ — $ — $ 25,801 $ 25,801 Foreign exchange derivative contracts $ — $ 750 $ — $ 750 As of January 2, 2021 Financial Liabilities: Interest rate swaps $ — $ 51,093 $ — $ 51,093 Contingent consideration $ — $ — $ 25,558 $ 25,558 Foreign exchange derivative contracts $ — $ 2,191 $ — $ 2,191

Acquisitions and Purchase Acc_2

Acquisitions and Purchase Accounting Acquisition and Purchase Accounting (Tables)	3 Months Ended
	Apr. 03, 2021
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information	The following pro forma results include adjustments to reflect amortization of intangibles associated with the acquisition and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): Three Months Ended April 3, 2021 March 28, 2020 Net sales $ 758,058 $ 689,593 Net earnings 91,882 67,302 Net earnings per share: Basic $ 1.66 $ 1.21 Diluted $ 1.64 $ 1.21
2020 Acquisitions
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	The estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the 2020 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 14,647 $ — $ 14,647 Current assets 43,670 (13,391) 30,279 Property, plant and equipment 3,014 (241) 2,773 Goodwill 55,335 1,191 56,526 Other intangibles 63,201 — 63,201 Other assets 6,121 52 6,173 Current liabilities (54,478) 12,434 (42,044) Long-term deferred tax liability (123) — (123) Other non-current liabilities (21,902) (45) (21,947) Consideration paid at closing $ 109,485 $ — $ 109,485 Deferred payments 8,666 — 8,666 Contingent consideration 16,144 — 16,144 Net assets acquired and liabilities assumed $ 134,295 $ — $ 134,295

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Tables)	3 Months Ended
	Apr. 03, 2021
Revenue Recognition [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands): Commercial Food Processing Residential Kitchen Total Three Months Ended April 3, 2021 United States and Canada $ 338,837 $ 79,650 $ 108,574 $ 527,061 Asia 49,719 4,003 3,032 56,754 Europe and Middle East 82,017 20,425 51,844 154,286 Latin America 10,582 8,416 959 19,957 Total $ 481,155 $ 112,494 $ 164,409 $ 758,058 Three Months Ended March 28, 2020 United States and Canada $ 306,510 $ 72,882 $ 85,074 $ 464,466 Asia 37,524 7,639 978 46,141 Europe and Middle East 79,732 19,347 43,465 142,544 Latin America 19,358 4,398 552 24,308 Total $ 443,124 $ 104,266 $ 130,069 $ 677,459
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): Apr 3, 2021 Jan 2, 2021 Contract assets $ 18,899 $ 20,328 Contract liabilities $ 108,766 $ 93,871 Non-current contract liabilities $ 13,020 $ 13,523

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Apr. 03, 2021
Disclosure Other Comprehensive Income Additional Information [Abstract]
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Changes in accumulated other comprehensive income (1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total Balance as of January 2, 2021 $ (49,961) $ (400,919) $ (37,548) $ (488,428) Other comprehensive income before reclassification (10,614) (3,970) 7,389 (7,195) Amounts reclassified from accumulated other comprehensive income — — 5,023 5,023 Net current-period other comprehensive income $ (10,614) $ (3,970) $ 12,412 $ (2,172) Balance as of April 3, 2021 $ (60,575) $ (404,889) $ (25,136) $ (490,600) Balance as of December 28, 2019 $ (105,705) $ (228,336) $ (16,892) $ (350,933) Other comprehensive income before reclassification (48,916) 14,808 (26,486) (60,594) Amounts reclassified from accumulated other comprehensive income — — 1,267 1,267 Net current-period other comprehensive income $ (48,916) $ 14,808 $ (25,219) $ (59,327) Balance as of March 28, 2020 $ (154,621) $ (213,528) $ (42,111) $ (410,260)
Schedule of Comprehensive Income (Loss)	Components of other comprehensive income were as follows (in thousands): Three Months Ended Apr 3, 2021 Mar 28, 2020 Net earnings $ 89,263 $ 73,779 Currency translation adjustment (10,614) (48,916) Pension liability adjustment, net of tax (3,970) 14,808 Unrealized gain (loss) on interest rate swaps, net of tax 12,412 (25,219) Comprehensive income $ 87,091 $ 14,452

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
Schedule of Inventory, Current	Inventories at April 3, 2021 and January 2, 2021 are as follows (in thousands): Apr 3, 2021 Jan 2, 2021 Raw materials and parts $ 292,068 $ 263,200 Work-in-process 57,537 55,104 Finished goods 224,672 221,894 $ 574,277 $ 540,198

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the three months ended April 3, 2021 are as follows (in thousands): Commercial Food Residential Kitchen Total Balance as of January 2, 2021 $ 1,228,436 $ 255,798 $ 450,027 $ 1,934,261 Measurement period adjustments to (247) — — (247) Exchange effect (5,558) (2,552) 2,740 (5,370) Balance as of April 3, 2021 $ 1,222,631 $ 253,246 $ 452,767 $ 1,928,644 The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Apr. 03, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	Intangible assets consist of the following (in thousands): April 3, 2021 January 2, 2021 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer lists 8.3 $ 735,264 $ (362,393) 8.5 $ 735,264 $ (347,029) Backlog 0.1 34,729 (34,268) 0.3 34,729 (31,924) Developed technology 9.8 56,931 (25,508) 10.0 56,931 (24,394) $ 826,924 $ (422,169) $ 826,924 $ (403,347) Indefinite-lived assets: Trademarks and tradenames $ 1,023,539 $ 1,026,804
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The estimated future amortization expense of intangible assets is as follows (in thousands): Twelve Month Period coinciding with the end of the company's Fiscal First Quarter Amortization Expense 2022 $ 65,516 2023 60,567 2024 54,282 2025 41,939 2026 37,501 Thereafter 144,950 $ 404,755

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Apr. 03, 2021
Disclosure Accrued Expenses [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands): Apr 3, 2021 Jan 2, 2021 Contract liabilities $ 108,766 $ 93,871 Accrued payroll and related expenses 105,085 93,926 Accrued warranty 75,094 69,667 Accrued customer rebates 30,630 43,703 Accrued short-term leases 22,041 22,493 Accrued sales and other tax 16,730 22,030 Accrued professional fees 13,782 12,133 Accrued product liability and workers compensation 12,402 12,909 Accrued agent commission 12,215 11,105 Accrued interest rate swaps 10,672 14,075 Accrued liabilities held for sale — 22,313 Other accrued expenses 72,496 76,316 $ 479,913 $ 494,541

Warranty Costs (Tables)

Warranty Costs (Tables)	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
Product Warranty Table Disclosure	A rollforward of the warranty reserve is as follows (in thousands): Three Months Ended Apr 3, 2021 Balance as of January 2, 2021 $ 69,667 Warranty expense 20,881 Warranty claims (15,454) Balance as of April 3, 2021 $ 75,094

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
Schedule of Long-term Debt Instruments	Apr 3, 2021 Jan 2, 2021 (in thousands) Senior secured revolving credit line $ 755,000 $ 755,000 Term loan facility 331,250 335,938 Convertible senior notes 732,088 632,847 Foreign loans 2,483 4,421 Other debt arrangement 1,312 1,390 Total debt 1,822,133 1,729,596 Less: Current maturities of long-term debt 21,093 22,944 Long-term debt $ 1,801,040 $ 1,706,652
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 excluding the Convertible Notes is as follows (in thousands): Apr 3, 2021 Jan 2, 2021 Carrying Value Fair Value Carrying Value Fair Value Total debt excluding convertible senior notes $ 1,090,045 $ 1,090,045 $ 1,096,749 $ 1,096,749
Convertible Debt	The following table summarizes the outstanding principal amount and carrying value of the Convertible Notes: Apr 3, 2021 Jan 2, 2021 (in thousands) Principal amounts: Principal $ 747,500 $ 747,500 Unamortized debt discounts — (98,358) Unamortized issuance costs (15,412) (16,295) Net carrying amount $ 732,088 $ 632,847
Schedule of Debt Instruments, Interest Expense	The following table summarizes total interest expense recognized related to the Convertible Notes: Three Months Ended Apr 3, 2021 Contractual interest expense $ 1,890 Interest cost related to amortization of issuance costs 883 Total interest expense $ 2,773

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
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 Apr 3, 2021 Jan 2, 2021 Fair value Other assets $ 3,014 $ — Fair value Accrued expenses $ 10,672 $ 14,075 Fair value Other non-current liabilities $ 26,696 $ 37,018
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 Presentation of Gain/(loss) Apr 3, 2021 Mar 28, 2020 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 11,716 $ (35,785) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ (5,023) $ (1,267)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 03, 2021
Notes To Financial Statements [Abstract]
Net Sales Summary By Segment	Net Sales Summary (dollars in thousands) Three Months Ended Apr 3, 2021 Mar 28, 2020 Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 481,155 63.5 % $ 443,124 65.4 % Food Processing 112,494 14.8 104,266 15.4 Residential Kitchen 164,409 21.7 130,069 19.2 Total $ 758,058 100.0 % $ 677,459 100.0 %
Schedule of Segment Reporting Information, by Segment	The following table summarizes the results of operations for the company's business segments (in thousands): Commercial Food Processing Residential Kitchen Corporate and Other (1) Total Three Months Ended April 3, 2021 Net sales $ 481,155 $ 112,494 $ 164,409 $ — $ 758,058 Income (loss) from operations (2, 3, 4) 96,316 19,662 29,856 (24,661) 121,173 Depreciation expense 5,793 1,315 2,774 255 10,137 Amortization expense (5) 15,204 1,843 1,772 1,476 20,295 Net capital expenditures 5,195 928 2,256 346 8,725 Total assets $ 3,283,354 $ 632,746 $ 1,213,045 $ 160,768 $ 5,289,913 Three Months Ended March 28, 2020 Net sales $ 443,124 $ 104,266 $ 130,069 $ — $ 677,459 Income (loss) from operations (2, 3) 88,607 15,358 12,708 (11,259) 105,414 Depreciation expense 4,900 1,336 2,983 11 9,230 Amortization expense (5) 12,440 1,700 2,720 509 17,369 Net capital expenditures 4,686 1,829 2,545 121 9,181 Total assets $ 3,232,632 $ 626,907 $ 1,145,943 $ 272,497 $ 5,277,979 (1) Includes corporate and other general company assets and operations. (2) 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.
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): Apr 3, 2021 Mar 28, 2020 United States and Canada $ 330,080 $ 316,087 Asia 27,104 21,751 Europe and Middle East 176,526 157,035 Latin America 6,155 5,518 Total international $ 209,785 $ 184,304 $ 539,865 $ 500,391

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	3 Months Ended
	Apr. 03, 2021
Employee Retirement Plans [Abstract]
Schedule of Costs of Retirement Plans [Table Text Block]	The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands): Three Months Ended Apr 3, 2021 Mar 28, 2020 Net Periodic Pension Benefit: Service cost $ 194 $ 645 Interest cost 4,290 6,418 Expected return on assets (19,531) (17,982) Amortization of net loss (gain) 3,152 837 Amortization of prior service cost (credit) 716 638 $ (11,179) $ (9,444)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Accounting Policies [Abstract]
Non-cash share-based compensation expense	$ 7,609	$ 4,159
Provision for income taxes	$ 28,907	$ 22,685
Effective Income Tax Rate Reconciliation, Percent	24.50%	23.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Interest paid	$ 16,600	$ 14,100
Income tax payments	$ 12,800	$ 6,200
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	8,269	2,033
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	744,334

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 ($)	Apr. 03, 2021	Jan. 02, 2021
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	$ 3,014,000
Financial Liabilities	37,368,000	$ 51,093,000
Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	25,801,000	25,558,000
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	750,000	2,191,000
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	0
Financial Liabilities	0	0
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	3,014,000
Financial Liabilities	37,368,000	51,093,000
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 2 [Member] | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	750,000	2,191,000
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	0
Financial Liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	25,801,000	25,558,000
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	$ 0	$ 0

Acquisitions and Purchase Acc_3

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - 2020 Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Jan. 02, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,928,644	$ 1,934,261
2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	14,647
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	30,279
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	2,773
Goodwill	56,526
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	63,201
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	6,173
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(42,044)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(123)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(21,947)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	109,485
Business Combination, Deferred Payments, Liability	8,666
Business Combination, Contingent Consideration, Liability	16,144
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	134,295
Business Acquisition, Goodwill, Expected Tax Deductible Amount	20,000
2020 Acquisitions | Initial accounting
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	14,647
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	43,670
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,014
Goodwill	55,335
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	63,201
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	6,121
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(54,478)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(123)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(21,902)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	109,485
Business Combination, Deferred Payments, Liability	8,666
Business Combination, Contingent Consideration, Liability	16,144
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	134,295
2020 Acquisitions | Measurement period adjustment
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	(13,391)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(241)
Goodwill	1,191
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	52
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	12,434
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	(45)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	0
Business Combination, Deferred Payments, Liability	0
Business Combination, Contingent Consideration, Liability	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	0
Tradenames And Trademarks | 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	23,100
Customer Relationships | 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	14,000
Developed Technology Rights | 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	20,700
Backlog | 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 5,400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
Maximum | Customer Relationships | 2020 Acquisitions
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Maximum | Developed Technology Rights | 2020 Acquisitions
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
Maximum | Backlog | 2020 Acquisitions
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 months
Minimum | Developed Technology Rights | 2020 Acquisitions
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	$ 1,222,631	$ 1,228,436
Commercial Foodservice Equipment Group | 2020 Acquisitions
Business Acquisition [Line Items]
Goodwill	56,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 63,200

Acquisitions and Purchase Acc_4

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 758,058	$ 689,593
Business Acquisition, Pro Forma Net Income (Loss)	$ 91,882	$ 67,302
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 1.66	$ 1.21
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 1.64	$ 1.21

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 03, 2021	Jan. 02, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings	$ 2,663,074		$ 2,568,756
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital	361,487		433,308
Convertible Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Instrument, Unamortized Discount	$ 0		$ 98,358
Convertible Debt | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Instrument, Unamortized Discount		$ 98,400

Revenue Recognition Disaggregat

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 758,058	$ 677,459
United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	527,061	464,466
Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	56,754	46,141
Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	154,286	142,544
Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	19,957	24,308
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	481,155	443,124
Commercial Foodservice Equipment Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	338,837	306,510
Commercial Foodservice Equipment Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	49,719	37,524
Commercial Foodservice Equipment Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	82,017	79,732
Commercial Foodservice Equipment Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,582	19,358
Food Processing Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	112,494	104,266
Food Processing Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	79,650	72,882
Food Processing Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,003	7,639
Food Processing Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	20,425	19,347
Food Processing Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,416	4,398
Residential Kitchen
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	164,409	130,069
Residential Kitchen | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	108,574	85,074
Residential Kitchen | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,032	978
Residential Kitchen | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	51,844	43,465
Residential Kitchen | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 959	$ 552

Revenue Recognition Contract wi

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Jan. 02, 2021
Revenue Recognition [Abstract]
Contract with Customer, Asset, Net, Current	$ 18,899	$ 20,328
Contract liabilities	108,766	93,871
Contract with Customer, Liability, Noncurrent	13,020	$ 13,523
Contract with Customer, Asset, Reclassified to Receivable	8,700
Contract with Customer, Liability, Revenue Recognized	59,100
Contract with Customer, Liability, Increase for Contract Acquired during the Period	84,300
Capitalized Contract Cost, Impairment Loss	$ 0

Changes in accumulated other co

Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	$ (488,428)	$ (350,933)
Other comprehensive income before reclassification	(7,195)	(60,594)
Amounts reclassified from accumulated other comprehensive income	5,023	1,267
Net current-period other comprehensive income	(2,172)	(59,327)
End of Period	(490,600)	(410,260)
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax	(90,000)	(45,500)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	(8,800)	(15,300)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	4,300	(9,300)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	(900)	3,100
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	(49,961)	(105,705)
Other comprehensive income before reclassification	(10,614)	(48,916)
Amounts reclassified from accumulated other comprehensive income	0	0
Net current-period other comprehensive income	(10,614)	(48,916)
End of Period	(60,575)	(154,621)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	(400,919)	(228,336)
Other comprehensive income before reclassification	3,970	(14,808)
Amounts reclassified from accumulated other comprehensive income	0	0
Net current-period other comprehensive income	(3,970)	14,808
End of Period	(404,889)	(213,528)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Interest Rate Swap
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	(37,548)	(16,892)
Other comprehensive income before reclassification	7,389	(26,486)
Amounts reclassified from accumulated other comprehensive income	5,023	1,267
Net current-period other comprehensive income	12,412	(25,219)
End of Period	$ (25,136)	$ (42,111)

Components of Other Comprehensi

Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Disclosure Other Comprehensive Income Additional Information [Abstract]
Net earnings	$ 89,263	$ 73,779
Currency Translation Adjustment	(10,614)	(48,916)
Change in unrecognized pension benefit costs, net of tax	(3,970)	14,808
Unrealized gain on interest rate swaps, net of tax	12,412	(25,219)
Comprehensive income	$ 87,091	$ 14,452

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Notes To Financial Statements [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 292,068	$ 263,200
Inventory, Work in Process, Net of Reserves	57,537	55,104
Inventory, Finished Goods, Net of Reserves	224,672	221,894
Inventories, net	$ 574,277	$ 540,198

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Apr. 03, 2021USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 1,934,261
Measurement period adjustments to goodwill acquired in prior year	(247)
Goodwill, Foreign Currency Translation Gain (Loss)	(5,370)
Balance end of period	1,928,644
Commercial Foodservice Equipment Group
Goodwill [Line Items]
Balance beginning of period	1,228,436
Measurement period adjustments to goodwill acquired in prior year	(247)
Goodwill, Foreign Currency Translation Gain (Loss)	(5,558)
Balance end of period	1,222,631
Food Processing Group
Goodwill [Line Items]
Balance beginning of period	255,798
Measurement period adjustments to goodwill acquired in prior year	0
Goodwill, Foreign Currency Translation Gain (Loss)	(2,552)
Balance end of period	253,246
Residential Kitchen
Goodwill [Line Items]
Balance beginning of period	450,027
Measurement period adjustments to goodwill acquired in prior year	0
Goodwill, Foreign Currency Translation Gain (Loss)	2,740
Balance end of period	$ 452,767

Intangibles (Details)

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jan. 02, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 826,924		$ 826,924
Finite-Lived Intangible Assets, Accumulated Amortization	(422,169)		$ (403,347)
Amortization of Intangible Assets	18,800	$ 16,900
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	65,516
Finite-Lived Intangible Assets, Amortization Expense, Year Two	60,567
Finite-Lived Intangible Assets, Amortization Expense, Year Three	54,282
Finite-Lived Intangible Assets, Amortization Expense, Year Four	41,939
Finite-Lived Intangible Assets, Amortization Expense, Year Five	37,501
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	144,950
Finite-Lived Intangible Assets, Net	$ 404,755
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years 3 months 18 days		8 years 6 months
Finite-Lived Intangible Assets, Gross	$ 735,264		$ 735,264
Finite-Lived Intangible Assets, Accumulated Amortization	$ (362,393)		$ (347,029)
Backlog
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 month 6 days		3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 34,729		$ 34,729
Finite-Lived Intangible Assets, Accumulated Amortization	$ (34,268)		$ (31,924)
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	9 years 9 months 18 days		10 years
Finite-Lived Intangible Assets, Gross	$ 56,931		$ 56,931
Finite-Lived Intangible Assets, Accumulated Amortization	(25,508)		(24,394)
Tradenames And Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 1,023,539		$ 1,026,804

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Disclosure Accrued Expenses [Abstract]
Contract liabilities	$ 108,766	$ 93,871
Accrued payroll and related expenses	105,085	93,926
Accrued warranty	75,094	69,667
Accrued customer rebates	30,630	43,703
Accrued sales and other tax	16,730	22,030
Accrued short-term leases	22,041	22,493
Accrued interest rate swaps	10,672	14,075
Accrued Product Liability And Workers Compensation Liability Current	12,402	12,909
Accrued professional services	13,782	12,133
Accrued agent commission	12,215	11,105
Other accrued expenses	72,496	76,316
Accrued expenses	479,913	494,541
Disposal Group, Including Discontinued Operation, Accrued Liabilities	$ 0	$ 22,313

Rollforward of Warranty Reserve

Rollforward of Warranty Reserve (Details) $ in Thousands	3 Months Ended
	Apr. 03, 2021USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]
Beginning balance	$ 69,667
Warranty expense	20,881
Warranty claims	(15,454)
Ending balance	$ 75,094

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021	Aug. 21, 2020
Debt Disclosure [Line Items]
Senior secured revolving credit line	$ 755,000	$ 755,000
Term loan facility	331,250	335,938	$ 350,000
Convertible senior notes	732,088	632,847
Other Long-term Debt	1,312	1,390
Total debt	1,822,133	1,729,596
Less: Current maturities of long-term debt	21,093	22,944
Long-term debt	1,801,040	1,706,652
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 2,483	$ 4,421

Financing Arrangements Addition

Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands	Aug. 21, 2020	Jan. 31, 2020	Apr. 03, 2021	Jan. 02, 2021
Debt Disclosure [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,100,000		$ 3,500,000
Term loan facility	350,000		331,250	$ 335,938
Long-term Line of Credit, Revolving Credit Facility	2,750,000
Term loan facility amortization rate		2.50%
Credit facility, outstanding			1,100,000
Line of Credit Facility, Outstanding Amount, USD Borrowings			755,000
Letters of Credit Outstanding, Amount			$ 2,300
Credit facility, additional interest rate above LIBOR			1.625%
Debt Instrument Interest Additional Interest Above LIBOR Rate Alternative			1.00%
Debt Instrument Interest Additional Interest Above Fed Funds Rate			0.50%
Debt Instrument, Interest Rate, Increase (Decrease)			1.00%
Credit facility, average interest rate			3.32%
Variable commitment fee			0.25%
Term loan facility average interest rate			3.28%
Line of credit, Current and Noncurrent, Foreign			$ 2,500
Line of Credit Facility, Interest Rate at Period End			4.50%
Derivative Notional Amount, Current			$ 260,000
Derivative Notional Amount, NonCurrent			$ 802,000
Derivative Fixed Interest Rate, Current			2.36%
Derivative Fixed Interest Rate, Noncurrent			1.91%
Debt Instrument, Interest Coverage Ratio Range, Low			300.00%
Debt Instrument, Interest Coverage Ratio Range, High			100.00%
Debt Instrument, Qualified Leverage Ratio Range, Low			550.00%
Debt Instrument, Leverage Ratio Range, High			100.00%
Debt Instrument, Leverage Ratio Range, Low			350.00%
Debt Instrument, Qualified Leverage Ratio Range, High			400.00%
Term loan facility
Debt Disclosure [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost	400,000
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	$ 747,500		$ 747,500	$ 747,500
Debt Instrument, Interest Rate, Stated Percentage	1.00%

Carrying Value and Estimated Ag

Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Debt Disclosure [Line Items]
Carrying Value	$ 1,822,133	$ 1,729,596
Debt excluding convertible senior notes
Debt Disclosure [Line Items]
Carrying Value	1,090,045	1,096,749
Fair Value	$ 1,090,045	$ 1,096,749

Convertible Debt (Details)

Convertible Debt (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021	Aug. 21, 2020
Debt Disclosure [Line Items]
Convertible senior notes	$ 732,088	$ 632,847
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	747,500	747,500	$ 747,500
Debt Instrument, Unamortized Discount	0	(98,358)
Unamortized Debt Issuance Expense	$ (15,412)	$ (16,295)

Convertible Debt Interest Expen

Convertible Debt Interest Expense (Details) - Convertible Debt $ in Thousands	3 Months Ended
	Apr. 03, 2021USD ($)
Debt Disclosure [Line Items]
Interest Expense, Debt, Excluding Amortization	$ 1,890
Amortization of Debt Discount (Premium)	883
Interest Expense	$ 2,773

Convertible Debt Additional Inf

Convertible Debt Additional Information (Details) - USD ($)	Aug. 21, 2020	Apr. 03, 2021
Debt Disclosure [Line Items]
Debt Instrument, Convertible, If-converted Value in Excess of Principal		$ 214,200,000
Debt Instrument, Convertible, Estimated Conversion Shares	5,800,000
Debt Instrument, Capped Call Transaction, Estimated Conversion Shares	3,600,000
Convertible Debt
Debt Disclosure [Line Items]
Notes Payable, Fair Value Disclosure		$ 1,100,000,000
Debt Instrument, Interest Rate, Effective Percentage		1.50%
Debt Instrument, Interest Rate, Stated Percentage	1.00%
Debt Conversion, Converted Instrument, Shares Issued	7.7746
Debt Instrument Convertible Principal Amount Used in Conversion Rate	$ 1,000
Debt Instrument, Convertible, Conversion Price	$ 128.62
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	100.00%

Capped Call Information (Detail

Capped Call Information (Details) $ / shares in Units, shares in Thousands	Aug. 21, 2020USD ($)$ / sharesshares
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction, Estimated Conversion Shares | shares	3,600
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction, Net Cost | $	$ 104,700,000
Debt Instrument, Capped Call Transaction Cap Price, Per Share | $ / shares	$ 207.93

Summary of Fair Value of Intere

Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value	$ 10,672	$ 14,075
Other Noncurrent Assets | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	3,014	0
Accrued Liabilities | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value	10,672	14,075
Other Noncurrent Liabilities | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Fair value	$ (26,696)	$ (37,018)

Impact on Earnings from Interes

Impact on Earnings from Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Other Comprehensive Income
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 11,716	$ (35,785)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	$ (5,023)	$ (1,267)

Financial Instruments Additiona

Financial Instruments Additional Information (Details) $ in Millions	3 Months Ended
	Apr. 03, 2021USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 34.4
Loss in fair value of interest rate swaps	12.4
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (0.7)

Net Sales Summary (Details)

Net Sales Summary (Details) - USD ($) $ in Thousands		3 Months Ended
		Apr. 03, 2021		Mar. 28, 2020
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 758,058		$ 677,459
Percent		100.00%		100.00%
Income from operations	[1],[2]	$ 121,173		$ 105,414
Depreciation and amortization expense		30,432		26,599
Capital Expenditures Net		8,725		9,181
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 481,155		$ 443,124
Percent		63.50%		65.40%
Income from operations	[1],[2]	$ 96,316	[3]	$ 88,607
Capital Expenditures Net		5,195		4,686
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 112,494		$ 104,266
Percent		14.80%		15.40%
Income from operations	[1],[2]	$ 19,662		$ 15,358
Capital Expenditures Net		928		1,829
Corporate and Other
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0		0
Income from operations	[1],[2],[4]	(24,661)		(11,259)
Capital Expenditures Net	[4]	346		121
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 164,409		$ 130,069
Percent		21.70%		19.20%
Income from operations	[1],[2]	$ 29,856		$ 12,708
Capital Expenditures Net		2,256		2,545
United States and Canada
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		527,061		464,466
United States and Canada | Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		338,837		306,510
United States and Canada | Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		79,650		72,882
United States and Canada | Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		108,574		85,074
Asia
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		56,754		46,141
Asia | Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		49,719		37,524
Asia | Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		4,003		7,639
Asia | Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		3,032		978
Europe and Middle East
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		154,286		142,544
Europe and Middle East | Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		82,017		79,732
Europe and Middle East | Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		20,425		19,347
Europe and Middle East | Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		51,844		43,465
Latin America
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		19,957		24,308
Latin America | Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		10,582		19,358
Latin America | Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		8,416		4,398
Latin America | Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 959		$ 552
[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]	Restructuring expenses are allocated in operating income by segment. See note 16 for further details.
[3]	Gain on sale of plant is included in Commercial Foodservice.
[4]	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
		Apr. 03, 2021		Mar. 28, 2020	Jan. 02, 2021
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 758,058		$ 677,459
Income from operations	[1],[2]	121,173		105,414
Depreciation		10,137		9,230
Amortization of Intangible Assets and Debt Issuance Costs		20,295		17,369
Capital Expenditures Net		8,725		9,181
Total assets		5,289,913		5,277,979	$ 5,202,474
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		481,155		443,124
Income from operations	[1],[2]	96,316	[3]	88,607
Depreciation		5,793		4,900
Amortization of Intangible Assets and Debt Issuance Costs		15,204		12,440
Capital Expenditures Net		5,195		4,686
Total assets		3,283,354		3,232,632
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		112,494		104,266
Income from operations	[1],[2]	19,662		15,358
Depreciation		1,315		1,336
Amortization of Intangible Assets and Debt Issuance Costs		1,843		1,700
Capital Expenditures Net		928		1,829
Total assets		632,746		626,907
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		164,409		130,069
Income from operations	[1],[2]	29,856		12,708
Depreciation		2,774		2,983
Amortization of Intangible Assets and Debt Issuance Costs		1,772		2,720
Capital Expenditures Net		2,256		2,545
Total assets		1,213,045		1,145,943
Corporate and Other
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0		0
Income from operations	[1],[2],[4]	(24,661)		(11,259)
Depreciation	[4]	255		11
Amortization of Intangible Assets and Debt Issuance Costs	[4],[5]	1,476		509
Capital Expenditures Net	[4]	346		121
Total assets	[4]	$ 160,768		$ 272,497
[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]	Restructuring expenses are allocated in operating income by segment. See note 16 for further details.
[3]	Gain on sale of plant is included in Commercial Foodservice.
[4]	Includes corporate and other general company assets and operations.
[5]	Includes amortization of deferred financing costs and Convertible Notes issuance costs

Long-Lived Assets by Major Geog

Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Mar. 28, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 539,865	$ 500,391
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	330,080	316,087
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	27,104	21,751
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	176,526	157,035
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	6,155	5,518
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 209,785	$ 184,304

Employee Retirement Plans Addit

Employee Retirement Plans Additional Information (Details) $ in Thousands	3 Months Ended
	Apr. 03, 2021USD ($)plan	Mar. 28, 2020USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of defined contribution 401K savings plans | plan	2
Non-US Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 194	$ 645
Interest cost	4,290	6,418
Expected return on assets	(19,531)	(17,982)
Amortization of net loss (gain)	3,152	837
Amortization of prior service cost (credit)	716	638
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (11,179)	$ (9,444)

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 794	$ 834
Covid-19
Restructuring Cost and Reserve [Line Items]
Effects on Future Earnings, Restructuring	20,000
Commercial Foodservice Equipment Group
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 400	$ 500

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Nov. 07, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Shares		896,965
Treasury Stock Acquired, Average Cost Per Share		$ 77.70
Treasury Stock, Value, Acquired, Cost Method	$ 1,762	$ 74,600
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,476,835
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired	10,473
Treasury Stock, Value, Acquired, Cost Method	$ 1,800
2017 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			2,500,000
Stock Repurchased During Period, Value		$ 69,700
Share Repurchase Program, Number of Shares Repurchased	1,023,165