Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 01, 2022 | Nov. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 01, 2022 | |
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 | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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 | 53,883,522 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 144,918 | $ 180,362 |
Accounts receivable, net of reserve for doubtful accounts of $17,857 and $18,770 | 593,514 | 577,142 |
Inventories, net | 1,062,634 | 837,418 |
Prepaid expenses and other | 121,271 | 92,269 |
Prepaid Taxes | 28,201 | 19,894 |
Total current assets | 1,950,538 | 1,707,085 |
Property, plant and equipment, net of accumulated depreciation of $282,942 and $266,203 | 423,947 | 380,980 |
Goodwill | 2,287,420 | 2,243,469 |
Other intangibles | 1,781,801 | 1,875,377 |
Long-term deferred tax assets | 22,340 | 33,194 |
Other assets | 205,815 | 143,493 |
Total assets | 6,671,861 | 6,383,598 |
Current liabilities: | ||
Current maturities of long-term debt | 44,664 | 27,293 |
Accounts payable | 261,169 | 304,740 |
Accrued expenses | 631,945 | 582,855 |
Total current liabilities | 937,778 | 914,888 |
Long-term debt | 2,693,325 | 2,387,001 |
Deferred Income Tax Liabilities, Net | 220,400 | 186,935 |
Liability, Defined Benefit Pension Plan, Noncurrent | 154,256 | 219,680 |
Other non-current liabilities | 167,559 | 180,818 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value; 63,508,855 and 63,666,020 shares issued in 2022 and 2021, respectively | 147 | 147 |
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital | 392,659 | 357,309 |
Treasury stock, at cost; 9,625,333 and 8,170,276 shares in 2022 and 2021 | (806,079) | (566,399) |
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings | 3,365,675 | 3,062,303 |
Accumulated other comprehensive loss | (453,859) | (359,084) |
Total stockholders' equity | 2,498,543 | 2,494,276 |
Total liabilities and stockholders' equity | $ 6,671,861 | $ 6,383,598 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Accounts receivable, reserve for doubtful accounts | $ 17,857 | $ 18,770 |
Property, plant and equipment, accumulated depreciation | 282,942 | 266,203 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 489,750 | $ 442,208 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common stock, shares issued | 63,508,855 | 63,666,020 |
Treasury stock, shares | 9,625,333 | 8,170,276 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 992,871 | $ 817,545 | $ 3,001,148 | $ 2,384,376 | ||
Cost of sales | 627,639 | 517,918 | 1,944,664 | 1,505,149 | ||
Gross profit | 365,232 | 299,627 | 1,056,484 | 879,227 | ||
Selling, General and Administrative Expense | 201,200 | 175,354 | 596,757 | 496,022 | ||
Restructuring Charges | 2,327 | 791 | 8,231 | 2,596 | ||
Merger termination fee | 0 | 110,000 | 0 | 110,000 | ||
Gain (Loss) on Disposition of Assets | 0 | 0 | 0 | (763) | ||
Income from operations | [1],[2] | 161,705 | 233,482 | 451,496 | 491,372 | [3] |
Net interest expense and deferred financing amortization, net | 24,067 | 13,192 | 62,563 | 43,481 | ||
Net periodic pension benefit (other than service costs) | (9,944) | (11,363) | (32,244) | (34,268) | ||
Other (income) expense, net | 8,529 | 794 | 18,478 | (1,366) | ||
Earnings before income taxes | 139,053 | 230,859 | 402,699 | 483,525 | ||
Provision for income taxes | 34,684 | 54,893 | 99,327 | 97,711 | ||
Net earnings | $ 104,369 | $ 175,966 | $ 303,372 | $ 385,814 | ||
Net earnings per share: | ||||||
Earnings Per Share, Basic | $ 1.94 | $ 3.19 | $ 5.60 | $ 6.99 | ||
Earnings Per Share, Diluted | $ 1.92 | $ 3.09 | $ 5.50 | $ 6.83 | ||
Weighted average number of shares | ||||||
Basic (in shares) | 53,867,000 | 55,232,000 | 54,190,000 | 55,225,000 | ||
Dilutive common stock equivalents (in shares) | 517,000 | 1,707,000 | 944,000 | 1,301,000 | ||
Diluted (in shares) | 54,384,000 | 56,939,000 | 55,134,000 | 56,526,000 | ||
Comprehensive income | $ 64,883 | $ 163,011 | $ 208,597 | $ 372,037 | ||
[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.[3]Gain/(loss) on sale of plants are included in Commercial Foodservice and Residential Kitchen. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) |
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 | 385,814 | 0 | 0 | 0 | 385,814 | 0 |
Currency translation adjustment | (33,000) | 0 | 0 | 0 | 0 | (33,000) |
Change in unrecognized pension benefit costs, net of tax | 3,052 | 0 | 0 | 0 | 0 | 3,052 |
Unrealized gain (loss) on interest rate swamp, net of tax | 16,171 | 0 | 0 | 0 | 0 | 16,171 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0 | |||||
Stock compensation | 27,136 | 0 | 27,136 | 0 | 0 | 0 |
Purchase of treasury stock | (2,477) | 0 | 0 | (2,477) | 0 | 0 |
Balance, Ending at Oct. 02, 2021 | 2,298,970 | 147 | 381,014 | (539,611) | 2,959,625 | (502,205) |
Balance, Beginning at Jul. 03, 2021 | 2,125,876 | 147 | 370,816 | (539,496) | 2,783,659 | (489,250) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 175,966 | 0 | 0 | 0 | 175,966 | 0 |
Currency translation adjustment | (21,881) | 0 | 0 | 0 | 0 | (21,881) |
Change in unrecognized pension benefit costs, net of tax | 5,870 | 0 | 0 | 0 | 0 | 5,870 |
Unrealized gain (loss) on interest rate swamp, net of tax | 3,056 | 0 | 0 | 0 | 0 | 3,056 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0 | |||||
Stock compensation | 10,198 | 0 | 10,198 | 0 | 0 | 0 |
Purchase of treasury stock | (115) | 0 | 0 | (115) | 0 | 0 |
Balance, Ending at Oct. 02, 2021 | 2,298,970 | 147 | 381,014 | (539,611) | 2,959,625 | (502,205) |
Balance, Beginning at Jan. 01, 2022 | 2,494,276 | 147 | 357,309 | (566,399) | 3,062,303 | (359,084) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 303,372 | 0 | 0 | 0 | 303,372 | 0 |
Currency translation adjustment | (201,176) | 0 | 0 | 0 | 0 | (201,176) |
Change in unrecognized pension benefit costs, net of tax | 44,127 | 0 | 0 | 0 | 0 | 44,127 |
Unrealized gain (loss) on interest rate swamp, net of tax | 63,604 | 0 | 0 | 0 | 0 | 63,604 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (1,330) | 0 | 0 | 0 | 0 | (1,330) |
Stock compensation | 42,641 | 0 | 42,641 | 0 | 0 | 0 |
Purchase of treasury stock | (239,680) | 0 | 0 | (239,680) | 0 | 0 |
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | (7,291) | 0 | (7,291) | 0 | 0 | 0 |
Balance, Ending at Oct. 01, 2022 | 2,498,543 | 147 | 392,659 | (806,079) | 3,365,675 | (453,859) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | (443) | |||||
Balance, Beginning at Jul. 02, 2022 | 2,417,970 | 147 | 376,898 | (806,008) | 3,261,306 | (414,373) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 104,369 | 0 | 0 | 0 | 104,369 | 0 |
Currency translation adjustment | (81,774) | 0 | 0 | 0 | 0 | (81,774) |
Change in unrecognized pension benefit costs, net of tax | 17,928 | 0 | 0 | 0 | 0 | 17,928 |
Unrealized gain (loss) on interest rate swamp, net of tax | 24,360 | 0 | 0 | 0 | 0 | 24,360 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0 | |||||
Stock compensation | 15,761 | 0 | 15,761 | 0 | 0 | 0 |
Purchase of treasury stock | (71) | 0 | 0 | (71) | 0 | 0 |
Balance, Ending at Oct. 01, 2022 | $ 2,498,543 | $ 147 | $ 392,659 | $ (806,079) | $ 3,365,675 | $ (453,859) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Jan. 01, 2022 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | $ 2,775 | $ 1,296 | $ 6,850 | $ 673 | |
Unrealized gain on interest rate swap, tax | $ 8,574 | $ 1,065 | 22,389 | $ 5,637 | |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | (443) | ||||
Adjustments to Additional Paid in Capital, Purchase of Capped Calls, Tax | $ (2,364) | ||||
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 | 9 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Cash flows from operating activities-- | ||
Net earnings | $ 303,372 | $ 385,814 |
Adjustments to reconcile net earnings to net cash provided by operating activities-- | ||
Depreciation and amortization expense | 106,917 | 90,672 |
Non-cash share-based compensation | 42,641 | 27,136 |
Deferred income taxes | 17,657 | (5,704) |
Net periodic pension benefit (other than service costs) | (32,244) | (34,268) |
Gain (Loss) on Disposition of Assets | 0 | (763) |
Other Noncash Income (Expense) | (32,455) | (5,632) |
Changes in assets and liabilities, net of acquisitions | ||
Accounts receivable, net | (11,174) | (94,539) |
Inventories, net | (214,017) | (131,707) |
Prepaid expenses and other assets | (30,832) | 11,132 |
Accounts payable | (47,262) | 61,286 |
Accrued expenses and other liabilities | 70,846 | 42,613 |
Net cash provided by operating activities | 173,449 | 346,040 |
Cash flows from investing activities-- | ||
Additions to property and equipment | (50,914) | (29,732) |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 6,062 |
Payments to Acquire Intangible Assets | (701) | 0 |
Acquisitions, net of cash acquired | (206,253) | (389,009) |
Net cash (used in) investing activities | (257,868) | (412,679) |
Cash flows from financing activities-- | ||
Proceeds under Credit Facility | 1,715,000 | 485,976 |
Repayments under Credit Facility | 1,360,750 | 421,550 |
Premiums paid for capped call | (9,655) | 0 |
Net repayments under international credit facilities | (24,156) | (1,473) |
Payments of deferred purchase price | (7,930) | (5,861) |
Repurchase of treasury stock | (239,680) | (2,477) |
Other, net | (235) | (254) |
Net cash (used in) provided by financing activities | 72,594 | 54,361 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | (23,619) | (4,349) |
Changes in cash and cash equivalents-- | ||
Net (decrease) increase in cash and cash equivalents | (35,444) | (16,627) |
Cash and cash equivalents at beginning of year | 180,362 | 268,103 |
Cash and cash equivalents at end of quarter | $ 144,918 | $ 251,476 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 01, 2022 | |
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 2021 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2022. 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 October 1, 2022 and January 1, 2022, the results of operations for the three and nine months ended October 1, 2022 and October 2, 2021, cash flows for the nine months ended October 1, 2022 and October 2, 2021 and statement of stockholders' equity for the three and nine months ended October 1, 2022 and October 2, 2021. Certain prior year amounts have been reclassified to be consistent with current year presentation, including non-cash unrealized foreign exchange on non-functional currency third party debt, previously reported in changes in assets and liabilities, net of acquisitions to other non-cash items as an adjustments to reconcile net earnings to cash provided by operating activities on the Consolidated Statements of Cash Flows. 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 $15.7 million and $10.2 million for the three months period ended October 1, 2022 and October 2, 2021, respectively. Non-cash share-based compensation expense was $42.6 million and $27.1 million for the nine months period ended October 1, 2022 and October 2, 2021, respectively. c) Income Taxes A tax provision of $34.7 million, at an effective rate of 24.9%, was recorded during the three months period ended October 1, 2022, as compared to a $54.9 million tax provision at an effective rate of 23.8% in the prior year period. A tax provision of $99.3 million, at an effective rate of 24.7%, was recorded during the nine months period ended October 1, 2022, as compared to a $97.7 million tax provision at a 20.2% effective rate in the prior year period. In the three months period ended July 3, 2021, the company recorded several discrete tax benefits, including a deferred tax benefit for the enacted future UK tax rate change from 19% to 25% and tax benefits for amended U.S. tax returns. When excluding the discrete tax adjustments, the 2021 rates were approximately 24.0%. On August 16, 2022, President Biden signed the Inflation Reduction Act ("IRA") into law. The IRA enacted a 15% corporate minimum tax effective in 2023, a 1% tax on share repurchases after December 31, 2022, and created and extended certain tax-related energy incentives. We currently do not expect the tax-related provisions of the IRA to have a material impact on our financial results. 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 October 1, 2022 Financial Assets: Interest rate swaps $ — $ 68,003 $ — $ 68,003 Financial Liabilities: Contingent consideration $ — $ — $ 32,332 $ 32,332 Foreign exchange derivative contracts $ — $ 4,353 $ — $ 4,353 As of January 1, 2022 Financial Assets: Interest rate swaps $ — $ 3,645 $ — $ 3,645 Foreign exchange derivative contracts $ — $ 1,095 $ — $ 1,095 Financial Liabilities: Interest rate swaps $ — $ 21,635 $ — $ 21,635 Contingent consideration $ — $ — $ 34,983 $ 34,983 The contingent consideration as of October 1, 2022 and January 1, 2022, 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 $57.0 million and $38.5 million for the nine months ended October 1, 2022 and October 2, 2021, respectively. Cash payments totaling $84.2 million and $98.9 million were made for income taxes for the nine months ended October 1, 2022 and October 2, 2021, respectively. Other non-cash items in the adjustments to reconcile net earnings to net cash provided by operating activities consists primarily of unrealized foreign exchange on non-functional currency third party debt. 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 23,313 and 28,102 for the three months ended October 1, 2022, and October 2, 2021, respectively. The company’s potentially dilutive securities consist of shares issuable on vesting of restricted stock grants computed using the treasury method and amounted to 12,171 and 16,342 for the nine months ended October 1, 2022 and October 2, 2021, respectively. For the nine months ended October 1, 2022 and October 2, 2021, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in 931,897 and 1,678,501 diluted common stock equivalents to be included in the diluted net earnings per share, respectively. There have been no material 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 | Dec. 27, 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. Termination of Welbilt Merger On April 20, 2021, Middleby entered into a Merger Agreement with Welbilt, Inc. Following Welbilt's receipt of an alternative acquisition proposal, on July 13, 2021, Middleby announced that, under the terms of the Merger Agreement, it would not exercise its right to propose any modifications to the terms of the Merger Agreement and would allow the match period to expire. Accordingly, on July 14, 2021, Welbilt delivered to Middleby a written notice terminating the Merger Agreement and, concurrently with Middleby’s receipt of the termination fee of $110.0 million in cash from Welbilt, the Merger Agreement was terminated on July 14, 2021. The termination fee received is reflected in the Consolidated Statements of Comprehensive Income as the "merger termination fee" and $19.7 million of deal costs associated with the transaction are reflected in selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income. The company completed no material acquisitions during the nine months ended October 1, 2022. Novy Invest NV On July 12, 2021, the company completed its acquisition of all of the capital stock of Novy Invest NV ("Novy"), a leading manufacturer of premium residential ventilation hoods and cook tops located in Belgium, for a purchase price of approximately $250.9 million, net of cash acquired. The final allocation of consideration paid for the Novy acquisition is summarized as follows (in thousands): Preliminary Opening Balance Sheet Measurement Adjusted Opening Balance Sheet Cash $ 16,152 $ — $ 16,152 Current assets 23,762 234 23,996 Property, plant and equipment 17,058 4,383 21,441 Goodwill 142,741 (6,938) 135,803 Other intangibles 126,557 4,149 130,706 Other assets 26 173 199 Current liabilities (23,440) 182 (23,258) Long-term deferred tax liability (33,918) (2,072) (35,990) Other non-current liabilities (1,930) (111) (2,041) Net assets acquired and liabilities assumed $ 267,008 $ — $ 267,008 The long-term deferred tax liability amounted to $36.0 million. The deferred tax liability is comprised of $32.7 million related to the difference between the book and tax basis of identifiable intangible assets and $3.3 million related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $106.6 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $24.1 million allocated to customer relationships, which is being amortized over a period of 10 years. Goodwill of $135.8 million and other intangibles of $130.7 million from this acquisition are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Goodwill and other intangibles are not expected to be deductible for tax purposes. Kamado Joe and Masterbuilt On December 27, 2021, the company completed its acquisition of Masterbuilt Holdings, LLC, including its residential outdoor brands ("Kamado Joe and Masterbuilt"), a leader in outdoor residential cooking located in the Atlanta, Georgia area, for a purchase price of approximately $403.6 million, net of cash acquired. The purchase price was comprised of $403.6 million in cash and 12,921 shares of Middleby common stock valued at $2.5 million. During the third quarter of 2022, the company finalized the purchase price adjustment provided for by the purchase agreement, resulting in a payment to sellers of $2.8 million. The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair values of assets acquired and liabilities assumed (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 5,381 $ (70) $ 5,311 Current assets 137,826 (5,263) 132,563 Property, plant and equipment 7,773 (1,678) 6,095 Goodwill 110,052 45,511 155,563 Other intangibles 215,577 (28,677) 186,900 Other assets 2,143 (1,174) 969 Current liabilities (54,865) (6,774) (61,639) Long-term deferred tax liability (15,907) — (15,907) Other non-current liabilities (1,914) 946 (968) Net assets acquired and liabilities assumed $ 406,066 $ 2,821 $ 408,887 The long-term deferred tax liability amounted to $15.9 million. The net deferred tax liability is comprised of $2.3 million of deferred tax asset related to tax loss carryforwards and $18.2 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $145.4 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $31.4 million allocated to customer relationships, $3.0 million allocated to developed technology, and $7.1 million allocated to backlog, which are being amortized over periods of 10 to 12 years, 11 years, and 3 to 6 months, respectively. Goodwill of $155.6 million and other intangibles of $186.9 million of the company are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $54.2 million and intangibles of $186.9 million are expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for this acquisition. Thus, the provisional measurements of fair values 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. Other 2021 Acquisitions During the year ended January 1, 2022, the company completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2021 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 6,414 $ — $ 6,414 Current assets 76,077 477 76,554 Property, plant and equipment 19,561 (187) 19,374 Goodwill 85,270 8,485 93,755 Other intangibles 158,725 (9,193) 149,532 Other assets 2,101 31 2,132 Current liabilities (33,910) 53 (33,857) Long-term deferred tax asset (liability) (3,010) 3,457 447 Other non-current liabilities (7,092) (3,397) (10,489) Consideration paid at closing $ 304,136 $ (274) $ 303,862 Contingent consideration 9,404 (200) 9,204 Net assets acquired and liabilities assumed $ 313,540 $ (474) $ 313,066 The long-term deferred tax asset amounted to $0.4 million. The net deferred tax asset is comprised of $0.7 million of deferred tax asset related to tax loss carryforwards and $0.3 million of deferred tax liability related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $97.1 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $41.1 million allocated to customer relationships, $3.4 million allocated to developed technology, and $7.9 million allocated to backlog, which are being amortized over periods of 7 years, 7 years, and 3 months, respectively. Goodwill of $28.8 million and other intangibles of $89.0 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Goodwill of $65.0 million and other intangibles of $60.5 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Of these assets, goodwill of $91.8 million and intangibles of $148.4 million are expected to be deductible for tax purposes. One purchase agreement includes earnout provisions providing for contingent payments due to the sellers to the extent certain financial targets are exceeded and upon the achievement of product rollout targets. One earnout is payable upon the achievement of product rollout targets. The second earnout is payable during 2026 if the company exceeds certain earnings targets. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $9.2 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 these acquisitions completed during 2021. Certain intangible assets are pending external valuation and are preliminarily valued using historical information from the Residential Kitchen Equipment Group and Commercial Foodservice Equipment Group and qualitative assessments of the individual businesses at acquisition date. Specifically, the company estimated the fair values of the intangible assets based on the percentage of purchase price assigned to similar intangible assets in previous acquisitions. Thus, the provisional measurements of fair values 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. Other 2022 Acquisitions As of October 1, 2022, the company completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2022 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 19,175 $ 187 $ 19,362 Current assets 89,245 200 89,445 Property, plant and equipment 39,610 (219) 39,391 Goodwill 91,560 2,488 94,048 Other intangibles 66,738 2,112 68,850 Long-term deferred tax asset 426 104 530 Other assets 526 (344) 182 Current portion of long-term debt (22,072) 2,154 (19,918) Current liabilities (42,462) 736 (41,726) Long term debt (4,522) (2,320) (6,842) Long-term deferred tax liability (17,368) 85 (17,283) Other non-current liabilities (4,075) (3,394) (7,469) Consideration paid at closing $ 216,781 $ 1,789 $ 218,570 Contingent consideration 2,990 3,394 6,384 Net assets acquired and liabilities assumed $ 219,771 $ 5,183 $ 224,954 The long-term deferred tax liability amounted to $17.3 million. The deferred tax liability is comprised of $15.2 million related to the difference between the book and tax basis of identifiable intangible assets and $2.1 million related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $31.5 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $27.5 million allocated to customer relationships, $3.8 million allocated to developed technology, and $6.0 million allocated to backlog, which are being amortized over periods of 7 years, 5 to 10 years, and 3 to 6 months, respectively. Goodwill of $86.3 million and other intangibles of $49.9 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $5.4 million and other intangibles of $18.2 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $2.3 million and other intangibles of $0.8 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $21.1 million and intangibles of $9.7 million are expected to be deductible for tax purposes. Two purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. One earnout is payable during 2025 to the extent certain EBITDA targets are met. The other earnout is payable yearly through 2026 based on product sales. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $6.4 million. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for all acquisitions completed during 2022. Certain intangible assets are preliminarily valued using historical information from the Commercial Foodservice Equipment Group, Food Processing Equipment Group and Residential Kitchen Equipment Group and qualitative assessments of the individual businesses at acquisition date. Specifically, the company estimated the fair values of the intangible assets based on the percentage of purchase price assigned to similar intangible assets in previous acquisitions. Thus, the provisional measurements of fair values 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 The following unaudited pro forma results of operations for the nine months ended October 1, 2022 and October 2, 2021, assumes the 2021 and 2022 acquisitions described above were completed on January 3, 2021 (first day of fiscal year 2021). The 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): Nine Months Ended October 1, 2022 October 2, 2021 Net sales $ 3,056,246 $ 2,845,214 Net earnings 332,195 375,112 Net earnings per share: Basic $ 6.13 $ 6.79 Diluted $ 6.03 $ 6.64 The historical consolidated financial information of the company and the acquisitions have been adjusted in the pro forma information to give effect to 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 | 9 Months Ended |
Oct. 01, 2022 | |
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 | 9 Months Ended |
Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Accounting Pronouncements - Recently Adopted On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The company adopted this standard in the first quarter of 2022 and it did not have a material impact on its Consolidated Financial Statements and disclosures. Accounting Pronouncements - To be adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the company on January 2, 2022 and only impacts annual financial statement footnote disclosures. The company is currently evaluating the impacts the adoption of this guidance will have on its Consolidated Financial Statements and disclosures. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard should be applied prospectively, and it allows for a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The company is currently evaluating the impacts the adoption of this guidance will have on its Consolidated Financial Statements and disclosures. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. The new standard expands and clarifies the use of the portfolio layer method for fair value hedges of interest rate risk. The new standard allows non-prepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The new guidance on hedging multiple layers in a closed portfolio should be applied prospectively and the guidance on the accounting for fair value basis adjustments should be applied on a modified retrospective basis. The company is currently evaluating the impacts the adoption of this guidance will have on its Consolidated Financial Statements and disclosures. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Notes) | 9 Months Ended |
Oct. 01, 2022 | |
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 October 1, 2022 United States and Canada $ 464,053 $ 104,367 $ 145,757 $ 714,177 Asia 55,243 7,805 11,647 74,695 Europe and Middle East 86,962 24,264 60,200 171,426 Latin America 17,404 11,808 3,361 32,573 Total $ 623,662 $ 148,244 $ 220,965 $ 992,871 Nine Months Ended October 1, 2022 United States and Canada $ 1,313,332 $ 287,037 $ 563,047 $ 2,163,416 Asia 148,430 15,662 27,724 191,816 Europe and Middle East 267,565 58,924 234,203 560,692 Latin America 47,667 30,477 7,080 85,224 Total $ 1,776,994 $ 392,100 $ 832,054 $ 3,001,148 Three Months Ended October 2, 2021 United States and Canada $ 366,619 $ 84,443 $ 113,230 $ 564,292 Asia 49,489 4,257 2,741 56,487 Europe and Middle East 82,881 14,332 76,310 173,523 Latin America 12,491 9,638 1,114 23,243 Total $ 511,480 $ 112,670 $ 193,395 $ 817,545 Nine Months Ended October 2, 2021 United States and Canada $ 1,064,482 $ 259,577 $ 335,138 $ 1,659,197 Asia 146,849 10,713 7,631 165,193 Europe and Middle East 255,649 56,507 181,359 493,515 Latin America 34,433 28,375 3,663 66,471 Total $ 1,501,413 $ 355,172 $ 527,791 $ 2,384,376 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): Oct 1, 2022 Jan 1, 2022 Contract assets $ 38,327 $ 21,592 Contract liabilities $ 189,863 $ 133,315 Non-current contract liabilities $ 11,452 $ 11,602 During the nine months period ended October 1, 2022, the company reclassified $15.0 million to receivables, which was included in the contract asset balance at the beginning of the period. During the nine months period ended October 1, 2022, the company recognized revenue of $94.5 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 $162.7 million during the nine months period ended October 1, 2022. In addition, contract liabilities increased due to the acquisitions during the nine months ended October 1, 2022. 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 nine months period ended October 1, 2022. |
Other Comprehensive Income (Not
Other Comprehensive Income (Notes) | 9 Months Ended |
Oct. 01, 2022 | |
Disclosure Other Comprehensive Income Additional Information [Abstract] | |
Other Comprehensive Income | Other 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 Unrealized Gain/(Loss) Certain Investments Total Balance as of January 1, 2022 $ (97,654) $ (249,696) $ (13,064) $ 1,330 $ (359,084) Other comprehensive income before reclassification (201,176) 44,127 55,958 (1,330) (102,421) Amounts reclassified from accumulated other comprehensive income — — 7,646 — 7,646 Net current-period other comprehensive income $ (201,176) $ 44,127 $ 63,604 (1,330) $ (94,775) Balance as of October 1, 2022 $ (298,830) $ (205,569) $ 50,540 — $ (453,859) Balance as of January 2, 2021 $ (49,961) $ (400,919) $ (37,548) $ — $ (488,428) Other comprehensive income before reclassification (33,000) 3,052 1,480 — (28,468) Amounts reclassified from accumulated other comprehensive income — — 14,691 — 14,691 Net current-period other comprehensive income $ (33,000) $ 3,052 $ 16,171 $ — $ (13,777) Balance as of October 2, 2021 $ (82,961) $ (397,867) $ (21,377) $ — $ (502,205) (1) As of October 1, 2022, pension and interest rate swap are net of tax of $(32.6) million and $17.9 million, respectively. During the nine months ended October 1, 2022, the adjustments to pension, interest rate swap, and loss on investments were net of tax of $6.9 million, $22.4 million, and $(0.4) million, respectively. As of October 2, 2021, pension and interest rate swap amounts are net of tax of $(88.4) million and $(7.5) million, respectively. During the nine months ended October 2, 2021, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $0.7 million and $5.6 million, respectively. Components of other comprehensive income were as follows (in thousands): Three Months Ended Nine Months Ended Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Net earnings $ 104,369 $ 175,966 $ 303,372 $ 385,814 Currency translation adjustment (81,774) (21,881) (201,176) (33,000) Pension liability adjustment, net of tax 17,928 5,870 44,127 3,052 Unrealized gain on interest rate swaps, net of tax 24,360 3,056 63,604 16,171 Unrealized loss on certain investments, net of tax — — (1,330) — Comprehensive income $ 64,883 $ 163,011 $ 208,597 $ 372,037 |
Inventories
Inventories | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Inventories | Inventories Inventories are composed of material, labor and overhead and are stated at the lower of cost or net realizable value. 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 October 1, 2022 and January 1, 2022 are as follows (in thousands): Oct 1, 2022 Jan 1, 2022 Raw materials and parts $ 569,965 $ 421,361 Work-in-process 95,952 65,581 Finished goods 396,717 350,476 $ 1,062,634 $ 837,418 |
Goodwill
Goodwill | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill for the nine months ended October 1, 2022 are as follows (in thousands): Commercial Food Residential Kitchen Total Balance as of January 1, 2022 $ 1,285,087 $ 250,715 $ 707,667 $ 2,243,469 Goodwill acquired during the year 5,469 86,314 2,265 94,048 Measurement period adjustments to 858 — 53,948 54,806 Exchange effect (31,328) (12,245) (61,330) (104,903) Balance as of October 1, 2022 $ 1,260,086 $ 324,784 $ 702,550 $ 2,287,420 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) | 9 Months Ended |
Oct. 01, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangibles Intangible assets consist of the following (in thousands): October 1, 2022 January 1, 2022 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer lists 7.7 $ 824,595 $ (439,285) 7.6 $ 863,339 $ (411,327) Backlog 0.3 19,556 (16,512) 0.2 13,684 (929) Developed technology 8.5 77,389 (33,953) 8.9 73,461 (29,952) $ 921,540 $ (489,750) $ 950,484 $ (442,208) Indefinite-lived assets: Trademarks and tradenames $ 1,350,011 $ 1,367,101 The aggregate intangible amortization expense was $19.8 million and $18.2 million for the three months period ended October 1, 2022 and October 2, 2021, respectively. The aggregate intangible amortization expense was $69.9 million and $54.9 million for the nine months period ended October 1, 2022 and October 2, 2021, 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 Third Quarter Amortization Expense 2023 $ 75,415 2024 63,916 2025 55,088 2026 52,949 2027 44,612 Thereafter 139,810 $ 431,790 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Oct. 01, 2022 | |
Disclosure Accrued Expenses [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following (in thousands): Oct 1, 2022 Jan 1, 2022 Contract liabilities $ 189,863 $ 133,315 Accrued payroll and related expenses 108,272 115,762 Accrued warranty 78,975 80,215 Accrued customer rebates 64,852 72,451 Accrued short-term leases 23,916 22,753 Accrued professional fees 22,525 19,292 Accrued sales and other tax 19,786 22,684 Accrued agent commission 17,629 13,670 Accrued product liability and workers compensation 11,573 10,952 Accrued contingent consideration 8,409 18,728 Other accrued expenses 86,145 73,033 $ 631,945 $ 582,855 |
Warranty Costs
Warranty Costs | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Warranty Costs | Warranty Costs In the normal course of business, the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, actual claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. A rollforward of the warranty reserve is as follows (in thousands): Nine Months Ended Oct 1, 2022 Balance as of January 1, 2022 $ 80,215 Warranty reserve related to acquisitions 1,523 Warranty expense 53,139 Warranty claims (55,902) Balance as of October 1, 2022 $ 78,975 |
Financing Arrangements
Financing Arrangements | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Financing Arrangements | Financing Arrangements Oct 1, 2022 Jan 1, 2022 (in thousands) Senior secured revolving credit line $ 270,623 $ 683,175 Term loan facility 975,440 993,340 Delayed draw term loan facility 750,000 — Convertible senior notes 737,019 734,417 Foreign loans 3,957 2,224 Other debt arrangement 950 1,138 Total debt 2,737,989 2,414,294 Less: Current maturities of long-term debt 44,664 27,293 Long-term debt $ 2,693,325 $ 2,387,001 Credit Facility As of October 1, 2022, the company had $2.0 billion of borrowings outstanding under its credit facility (the "Credit Facility"), including $981.3 million outstanding under the term loan ($975 million, net of unamortized issuance fees) and $750 million outstanding under the delayed draw term loan. The company also had $1.7 million in outstanding letters of credit as of October 1, 2022, which reduces the borrowing availability under the Credit Facility. Remaining borrowing capacity under this facility was $2.5 billion at October 1, 2022. On August 11, 2022, the company borrowed $750 million against the delayed draw term facility as provided under the Credit Agreement. The funds were used to reduce outstanding borrowings under the revolver. The delayed draw term loan will amortize in quarterly installments due on the last day of each fiscal quarter, commencing on October 1, 2022, in an amount equal to 0.625% of the principal drawn, with the balance, plus any accrued interest payable by October 21, 2026. At October 1, 2022, borrowings under the Credit Facility accrued interest at a rate of 1.625% above LIBOR per annum or 0.625% above the highest of the prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.00%. The 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. Borrowings under the Credit Facility will accrue interest at a minimum of 1.625% above LIBOR and the variable unused commitment fee will be at a minimum of 0.25%. The average interest rate per annum, inclusive of hedging instruments, on the debt under the Credit Facility was equal to 3.60% at the end of the period and the variable commitment fee was equal to 0.25% per annum as of October 1, 2022. The term loan and delayed draw term loan facilities had an average interest rate per annum, inclusive of hedging instruments, of 3.73% as of October 1, 2022. In addition, the company has international credit facilities to fund working capital needs outside the United States. At October 1, 2022, these foreign credit facilities amounted to $4.0 million in U.S. Dollars with a weighted average per annum interest rate of approximately 1.42%. 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): Oct 1, 2022 Jan 1, 2022 Carrying Value Fair Value Carrying Value Fair Value Total debt excluding convertible senior notes $ 2,000,970 $ 2,006,780 $ 1,679,877 $ 1,686,537 The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At October 1, 2022, the company had outstanding floating-to-fixed interest rate swaps totaling $229.0 million notional amount carrying an average interest rate of 2.13% maturing in less than 12 months and $948.0 million notional amount carrying an average interest rate of 1.70% that mature in more than 12 months but less than 64 months. At October 1, 2022, 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: Oct 1, 2022 Jan 1, 2022 (in thousands) Principal amounts: Principal $ 747,499 $ 747,500 Unamortized issuance costs (10,480) (13,083) Net carrying amount $ 737,019 $ 734,417 The following table summarizes total interest expense recognized related to the Convertible Notes: Three Months Ended Nine Months Ended Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Contractual interest expense $ 1,848 $ 1,848 $ 5,606 $ 5,607 Interest cost related to amortization of issuance costs 888 864 2,688 2,620 Total interest expense $ 2,736 $ 2,712 $ 8,294 $ 8,227 The estimated fair value of the Convertible Notes was $859.6 million as of October 1, 2022 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 , in these Notes to the Condensed Consolidated Financial Statement . The if-converted value of the Convertible Notes did not exceed their respective principal value as of October 1, 2022. Capped Call Transactions In connection with the pricing of the Convertible Notes, the company entered into privately negotiated Capped Call Transactions (the "2020 Capped Call Transactions") and the company used the net proceeds of the offering of the Convertible Notes to pay the aggregate amount of $104.7 million for them. The company entered into two tranches of privately negotiated Capped Call Transactions in December 2021 (the "2021 Capped Call Transactions") in the aggregate amount of $54.6 million. On March 15, 2022 , the company entered into an additional tranche of privately negotiated Capped Call Transactions (the "2022 Capped Call Transactions") in the amount of $9.7 million. The 2020, 2021, and 2022 Capped Call Transactions (collectively, 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. The 2020 Capped Call Transactions have an initial cap price of $207.93 per share of the company's common stock. The 2021 Capped Call Transactions have initial cap prices of $216.50 and $225.00 per share of the company's common stock. The 2022 Capped Call Transactions have an initial cap price of $229.00 per share. The Capped Call Transactions cover, initially, 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. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Financial Instruments | Financial Instruments 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 notional amount of foreign currency contracts outstanding was $547.7 million and $350.5 million as of October 1, 2022 and January 1, 2022, respectively. The fair value of the forward and option contracts was a loss of $4.4 million at the end of the third quarter of 2022. 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. In February 2022, the company entered into an additional floating-to-fixed interest rate swap agreement that uses a daily Secured Overnight Financing Rate ("SOFR") in lieu of LIBOR. 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 October 1, 2022, the fair value of these instruments was an asset of $68.0 million. The change in fair value of these swap agreements in the first nine months of 2022 was a gain of $63.6 million, net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Oct 1, 2022 Jan 1, 2022 Fair value Prepaid expense and other $ 5,495 $ — Fair value Other assets $ 62,508 $ 3,645 Fair value Accrued expenses $ — $ 1,171 Fair value Other non-current liabilities $ — $ 20,464 The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Nine Months Ended Presentation of Gain/(loss) Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 33,105 $ (340) $ 78,347 $ 7,117 Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 171 $ (4,461) $ (7,646) $ (14,691) Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions that are counterparties to such swap agreements and assesses their creditworthiness prior to entering into the interest rate swap agreements and throughout the term. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreements. |
Segment Information
Segment Information | 9 Months Ended |
Oct. 01, 2022 | |
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 has a broad portfolio of foodservice equipment, which enables it to serve virtually any cooking, warming, refrigeration, freezing and beverage application within a commercial kitchen or foodservice operation. This equipment is used across all types of foodservice operations, including quick-service restaurants, full-service restaurants, convenience stores, retail outlets, hotels and other institutions. The products offered by this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, 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. The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing pre-cooked meat products, such as hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies and bread. Through its broad line of products, the company is able to deliver a wide array of cooking solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated solutions that provide a food processing operation a uniquely integrated solution providing for the highest level of food quality, product consistency, and reduced operating costs resulting from increased product yields, increased capacity and greater throughput and reduced labor costs through automation. The products offered by this group include a wide array of cooking and baking solutions, including batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems. The company also provides a comprehensive portfolio of complementary food preparation equipment such as tumblers, massagers, 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, and forming equipment, as well as a variety of automated loading and unloading systems, automated washing systems, auto-guided vehicles, food safety, food handling, freezing, defrosting and packaging equipment. This portfolio of equipment can be integrated to provide customers a highly efficient and customized solution. The Residential Kitchen Equipment Group has a broad portfolio of innovative and professional-style residential kitchen equipment. The products offered by this group include ranges, cookers, stoves, cooktops, microwaves, ovens, refrigerators, dishwashers, undercounter refrigeration, wine cellars, ice machines, beer dispensers, ventilation equipment, mixers, rotisseries and outdoor cooking equipment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker evaluates individual segment performance based on operating income. Net Sales Summary (dollars in thousands) Three Months Ended Nine Months Ended Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 623,662 62.8 % $ 511,480 62.6 % $ 1,776,994 59.2 % $ 1,501,413 63.0 % Food Processing 148,244 14.9 112,670 13.8 392,100 13.1 355,172 14.9 Residential Kitchen 220,965 22.3 193,395 23.6 832,054 27.7 527,791 22.1 Total $ 992,871 100.0 % $ 817,545 100.0 % $ 3,001,148 100.0 % $ 2,384,376 100.0 % 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 October 1, 2022 Net sales $ 623,662 $ 148,244 $ 220,965 $ — $ 992,871 Income (loss) from operations (2, 3) 143,678 26,982 29,788 (38,743) 161,705 Depreciation expense 5,855 1,558 1,861 205 9,479 Amortization expense (5) 14,283 4,311 1,289 1,778 21,661 Net capital expenditures 10,235 2,959 5,211 376 18,781 Nine Months Ended October 1, 2022 Net sales $ 1,776,994 $ 392,100 $ 832,054 $ — $ 3,001,148 Income (loss) from operations (2, 3) 390,740 65,642 100,811 (105,697) 451,496 Depreciation expense 17,577 4,182 9,271 578 31,608 Amortization expense (5) 41,644 7,844 20,448 5,373 75,309 Net capital expenditures 23,178 10,108 16,457 1,171 50,914 Total assets $ 3,718,045 $ 856,532 $ 1,949,883 $ 147,401 $ 6,671,861 Three Months Ended October 2, 2021 Net sales $ 511,480 $ 112,670 $ 193,395 $ — $ 817,545 Income (loss) from operations (2, 3, 6) 105,529 21,425 31,322 75,206 233,482 Depreciation expense 5,793 1,353 3,608 122 10,876 Amortization expense (5) 12,822 1,773 3,589 1,570 19,754 Net capital expenditures 6,391 1,106 2,127 797 10,421 Nine Months Ended October 2, 2021 Net sales $ 1,501,413 $ 355,172 $ 527,791 $ — $ 2,384,376 Income (loss) from operations (2, 3, 4, 6) 311,789 68,048 95,088 16,447 491,372 Depreciation expense 17,579 4,005 9,120 476 31,180 Amortization expense (5) 42,272 5,450 7,145 4,625 59,492 Net capital expenditures 17,599 3,539 7,256 1,338 29,732 Total assets $ 3,498,696 $ 640,229 $ 1,578,857 $ 55,069 $ 5,772,851 (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. (4) Gain/(loss) on sale of plants are included in Commercial Foodservice and Residential Kitchen. (5) Includes amortization of deferred financing costs and Convertible Notes issuance costs. (6) Termination fee from Welbilt merger is included in Corporate and Other. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands): Oct 1, 2022 Oct 2, 2021 United States and Canada $ 470,952 $ 353,928 Asia 33,432 18,148 Europe and Middle East 135,341 204,192 Latin America 12,377 8,063 Total international $ 181,150 $ 230,403 $ 652,102 $ 584,331 |
Employee Retirement Plans
Employee Retirement Plans | 9 Months Ended |
Oct. 01, 2022 | |
Employee Retirement Plans [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands): Three Months Ended Nine Months Ended Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Net Periodic Pension Benefit: Service cost $ — $ 194 $ — $ 584 Interest cost 5,881 4,287 18,867 12,927 Expected return on assets (17,505) (19,516) (56,155) (58,851) Amortization of net loss (gain) 847 3,150 2,716 9,498 Amortization of prior service cost (credit) 611 716 1,960 2,158 $ (10,166) $ (11,169) $ (32,612) $ (33,684) |
Share Repurchases (Notes)
Share Repurchases (Notes) | 9 Months Ended |
Oct. 01, 2022 | |
Text Block [Abstract] | |
Treasury Stock [Text Block] | Share Repurchases 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. In May 2022, the company's Board of Directors approved the company to repurchase an additional 2,500,000 shares of its outstanding common stock under the current program. During the nine months period ended October 1, 2022, the company repurchased 1,365,598 shares of its common stock under the program for $224.0 million, including applicable commissions, which represented an average price of $164.07. As of October 1, 2022, 2,530,263 shares had been purchased under the stock repurchase program and 2,469,737 shares remained authorized for repurchase. The company also 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. During the three and nine months period ended October 1, 2022, the company repurchased 555 and 89,459 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $0.1 million and $15.7 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 01, 2022 | |
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 2021 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2022. 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 October 1, 2022 and January 1, 2022, the results of operations for the three and nine months ended October 1, 2022 and October 2, 2021, cash flows for the nine months ended October 1, 2022 and October 2, 2021 and statement of stockholders' equity for the three and nine months ended October 1, 2022 and October 2, 2021. Certain prior year amounts have been reclassified to be consistent with current year presentation, including non-cash unrealized foreign exchange on non-functional currency third party debt, previously reported in changes in assets and liabilities, net of acquisitions to other non-cash items as an adjustments to reconcile net earnings to cash provided by operating activities on the Consolidated Statements of Cash Flows. |
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) | 9 Months Ended |
Oct. 01, 2022 | |
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) | 9 Months Ended |
Oct. 01, 2022 | |
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 October 1, 2022 Financial Assets: Interest rate swaps $ — $ 68,003 $ — $ 68,003 Financial Liabilities: Contingent consideration $ — $ — $ 32,332 $ 32,332 Foreign exchange derivative contracts $ — $ 4,353 $ — $ 4,353 As of January 1, 2022 Financial Assets: Interest rate swaps $ — $ 3,645 $ — $ 3,645 Foreign exchange derivative contracts $ — $ 1,095 $ — $ 1,095 Financial Liabilities: Interest rate swaps $ — $ 21,635 $ — $ 21,635 Contingent consideration $ — $ — $ 34,983 $ 34,983 |
Acquisitions and Purchase Acc_2
Acquisitions and Purchase Accounting Acquisition and Purchase Accounting (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The 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): Nine Months Ended October 1, 2022 October 2, 2021 Net sales $ 3,056,246 $ 2,845,214 Net earnings 332,195 375,112 Net earnings per share: Basic $ 6.13 $ 6.79 Diluted $ 6.03 $ 6.64 |
Kamado Joe and Masterbuilt | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair values of assets acquired and liabilities assumed (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 5,381 $ (70) $ 5,311 Current assets 137,826 (5,263) 132,563 Property, plant and equipment 7,773 (1,678) 6,095 Goodwill 110,052 45,511 155,563 Other intangibles 215,577 (28,677) 186,900 Other assets 2,143 (1,174) 969 Current liabilities (54,865) (6,774) (61,639) Long-term deferred tax liability (15,907) — (15,907) Other non-current liabilities (1,914) 946 (968) Net assets acquired and liabilities assumed $ 406,066 $ 2,821 $ 408,887 |
2021 Acquisitions | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2021 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 6,414 $ — $ 6,414 Current assets 76,077 477 76,554 Property, plant and equipment 19,561 (187) 19,374 Goodwill 85,270 8,485 93,755 Other intangibles 158,725 (9,193) 149,532 Other assets 2,101 31 2,132 Current liabilities (33,910) 53 (33,857) Long-term deferred tax asset (liability) (3,010) 3,457 447 Other non-current liabilities (7,092) (3,397) (10,489) Consideration paid at closing $ 304,136 $ (274) $ 303,862 Contingent consideration 9,404 (200) 9,204 Net assets acquired and liabilities assumed $ 313,540 $ (474) $ 313,066 |
2022 Acquisitions | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2022 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 19,175 $ 187 $ 19,362 Current assets 89,245 200 89,445 Property, plant and equipment 39,610 (219) 39,391 Goodwill 91,560 2,488 94,048 Other intangibles 66,738 2,112 68,850 Long-term deferred tax asset 426 104 530 Other assets 526 (344) 182 Current portion of long-term debt (22,072) 2,154 (19,918) Current liabilities (42,462) 736 (41,726) Long term debt (4,522) (2,320) (6,842) Long-term deferred tax liability (17,368) 85 (17,283) Other non-current liabilities (4,075) (3,394) (7,469) Consideration paid at closing $ 216,781 $ 1,789 $ 218,570 Contingent consideration 2,990 3,394 6,384 Net assets acquired and liabilities assumed $ 219,771 $ 5,183 $ 224,954 |
Revenue Recognition Revenue R_3
Revenue Recognition Revenue Recognition (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 October 1, 2022 United States and Canada $ 464,053 $ 104,367 $ 145,757 $ 714,177 Asia 55,243 7,805 11,647 74,695 Europe and Middle East 86,962 24,264 60,200 171,426 Latin America 17,404 11,808 3,361 32,573 Total $ 623,662 $ 148,244 $ 220,965 $ 992,871 Nine Months Ended October 1, 2022 United States and Canada $ 1,313,332 $ 287,037 $ 563,047 $ 2,163,416 Asia 148,430 15,662 27,724 191,816 Europe and Middle East 267,565 58,924 234,203 560,692 Latin America 47,667 30,477 7,080 85,224 Total $ 1,776,994 $ 392,100 $ 832,054 $ 3,001,148 Three Months Ended October 2, 2021 United States and Canada $ 366,619 $ 84,443 $ 113,230 $ 564,292 Asia 49,489 4,257 2,741 56,487 Europe and Middle East 82,881 14,332 76,310 173,523 Latin America 12,491 9,638 1,114 23,243 Total $ 511,480 $ 112,670 $ 193,395 $ 817,545 Nine Months Ended October 2, 2021 United States and Canada $ 1,064,482 $ 259,577 $ 335,138 $ 1,659,197 Asia 146,849 10,713 7,631 165,193 Europe and Middle East 255,649 56,507 181,359 493,515 Latin America 34,433 28,375 3,663 66,471 Total $ 1,501,413 $ 355,172 $ 527,791 $ 2,384,376 |
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): Oct 1, 2022 Jan 1, 2022 Contract assets $ 38,327 $ 21,592 Contract liabilities $ 189,863 $ 133,315 Non-current contract liabilities $ 11,452 $ 11,602 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 Unrealized Gain/(Loss) Certain Investments Total Balance as of January 1, 2022 $ (97,654) $ (249,696) $ (13,064) $ 1,330 $ (359,084) Other comprehensive income before reclassification (201,176) 44,127 55,958 (1,330) (102,421) Amounts reclassified from accumulated other comprehensive income — — 7,646 — 7,646 Net current-period other comprehensive income $ (201,176) $ 44,127 $ 63,604 (1,330) $ (94,775) Balance as of October 1, 2022 $ (298,830) $ (205,569) $ 50,540 — $ (453,859) Balance as of January 2, 2021 $ (49,961) $ (400,919) $ (37,548) $ — $ (488,428) Other comprehensive income before reclassification (33,000) 3,052 1,480 — (28,468) Amounts reclassified from accumulated other comprehensive income — — 14,691 — 14,691 Net current-period other comprehensive income $ (33,000) $ 3,052 $ 16,171 $ — $ (13,777) Balance as of October 2, 2021 $ (82,961) $ (397,867) $ (21,377) $ — $ (502,205) |
Schedule of Comprehensive Income (Loss) | Components of other comprehensive income were as follows (in thousands): Three Months Ended Nine Months Ended Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Net earnings $ 104,369 $ 175,966 $ 303,372 $ 385,814 Currency translation adjustment (81,774) (21,881) (201,176) (33,000) Pension liability adjustment, net of tax 17,928 5,870 44,127 3,052 Unrealized gain on interest rate swaps, net of tax 24,360 3,056 63,604 16,171 Unrealized loss on certain investments, net of tax — — (1,330) — Comprehensive income $ 64,883 $ 163,011 $ 208,597 $ 372,037 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Schedule of Inventory, Current | Inventories at October 1, 2022 and January 1, 2022 are as follows (in thousands): Oct 1, 2022 Jan 1, 2022 Raw materials and parts $ 569,965 $ 421,361 Work-in-process 95,952 65,581 Finished goods 396,717 350,476 $ 1,062,634 $ 837,418 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended October 1, 2022 are as follows (in thousands): Commercial Food Residential Kitchen Total Balance as of January 1, 2022 $ 1,285,087 $ 250,715 $ 707,667 $ 2,243,469 Goodwill acquired during the year 5,469 86,314 2,265 94,048 Measurement period adjustments to 858 — 53,948 54,806 Exchange effect (31,328) (12,245) (61,330) (104,903) Balance as of October 1, 2022 $ 1,260,086 $ 324,784 $ 702,550 $ 2,287,420 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) | 9 Months Ended |
Oct. 01, 2022 | |
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): October 1, 2022 January 1, 2022 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer lists 7.7 $ 824,595 $ (439,285) 7.6 $ 863,339 $ (411,327) Backlog 0.3 19,556 (16,512) 0.2 13,684 (929) Developed technology 8.5 77,389 (33,953) 8.9 73,461 (29,952) $ 921,540 $ (489,750) $ 950,484 $ (442,208) Indefinite-lived assets: Trademarks and tradenames $ 1,350,011 $ 1,367,101 |
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 Third Quarter Amortization Expense 2023 $ 75,415 2024 63,916 2025 55,088 2026 52,949 2027 44,612 Thereafter 139,810 $ 431,790 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Disclosure Accrued Expenses [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consist of the following (in thousands): Oct 1, 2022 Jan 1, 2022 Contract liabilities $ 189,863 $ 133,315 Accrued payroll and related expenses 108,272 115,762 Accrued warranty 78,975 80,215 Accrued customer rebates 64,852 72,451 Accrued short-term leases 23,916 22,753 Accrued professional fees 22,525 19,292 Accrued sales and other tax 19,786 22,684 Accrued agent commission 17,629 13,670 Accrued product liability and workers compensation 11,573 10,952 Accrued contingent consideration 8,409 18,728 Other accrued expenses 86,145 73,033 $ 631,945 $ 582,855 |
Warranty Costs (Tables)
Warranty Costs (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Product Warranty Table Disclosure | A rollforward of the warranty reserve is as follows (in thousands): Nine Months Ended Oct 1, 2022 Balance as of January 1, 2022 $ 80,215 Warranty reserve related to acquisitions 1,523 Warranty expense 53,139 Warranty claims (55,902) Balance as of October 1, 2022 $ 78,975 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Schedule of Long-term Debt Instruments | Oct 1, 2022 Jan 1, 2022 (in thousands) Senior secured revolving credit line $ 270,623 $ 683,175 Term loan facility 975,440 993,340 Delayed draw term loan facility 750,000 — Convertible senior notes 737,019 734,417 Foreign loans 3,957 2,224 Other debt arrangement 950 1,138 Total debt 2,737,989 2,414,294 Less: Current maturities of long-term debt 44,664 27,293 Long-term debt $ 2,693,325 $ 2,387,001 |
Carrying Value And Fair Value Of Long Term Debt, Disclosure | Oct 1, 2022 Jan 1, 2022 Carrying Value Fair Value Carrying Value Fair Value Total debt excluding convertible senior notes $ 2,000,970 $ 2,006,780 $ 1,679,877 $ 1,686,537 |
Convertible Debt | The following table summarizes the outstanding principal amount and carrying value of the Convertible Notes: Oct 1, 2022 Jan 1, 2022 (in thousands) Principal amounts: Principal $ 747,499 $ 747,500 Unamortized issuance costs (10,480) (13,083) Net carrying amount $ 737,019 $ 734,417 |
Schedule of Debt Instruments, Interest Expense | The following table summarizes total interest expense recognized related to the Convertible Notes: Three Months Ended Nine Months Ended Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Contractual interest expense $ 1,848 $ 1,848 $ 5,606 $ 5,607 Interest cost related to amortization of issuance costs 888 864 2,688 2,620 Total interest expense $ 2,736 $ 2,712 $ 8,294 $ 8,227 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 Oct 1, 2022 Jan 1, 2022 Fair value Prepaid expense and other $ 5,495 $ — Fair value Other assets $ 62,508 $ 3,645 Fair value Accrued expenses $ — $ 1,171 Fair value Other non-current liabilities $ — $ 20,464 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Nine Months Ended Presentation of Gain/(loss) Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 33,105 $ (340) $ 78,347 $ 7,117 Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 171 $ (4,461) $ (7,646) $ (14,691) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Notes To Financial Statements [Abstract] | |
Net Sales Summary By Segment | Net Sales Summary (dollars in thousands) Three Months Ended Nine Months Ended Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 623,662 62.8 % $ 511,480 62.6 % $ 1,776,994 59.2 % $ 1,501,413 63.0 % Food Processing 148,244 14.9 112,670 13.8 392,100 13.1 355,172 14.9 Residential Kitchen 220,965 22.3 193,395 23.6 832,054 27.7 527,791 22.1 Total $ 992,871 100.0 % $ 817,545 100.0 % $ 3,001,148 100.0 % $ 2,384,376 100.0 % |
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 October 1, 2022 Net sales $ 623,662 $ 148,244 $ 220,965 $ — $ 992,871 Income (loss) from operations (2, 3) 143,678 26,982 29,788 (38,743) 161,705 Depreciation expense 5,855 1,558 1,861 205 9,479 Amortization expense (5) 14,283 4,311 1,289 1,778 21,661 Net capital expenditures 10,235 2,959 5,211 376 18,781 Nine Months Ended October 1, 2022 Net sales $ 1,776,994 $ 392,100 $ 832,054 $ — $ 3,001,148 Income (loss) from operations (2, 3) 390,740 65,642 100,811 (105,697) 451,496 Depreciation expense 17,577 4,182 9,271 578 31,608 Amortization expense (5) 41,644 7,844 20,448 5,373 75,309 Net capital expenditures 23,178 10,108 16,457 1,171 50,914 Total assets $ 3,718,045 $ 856,532 $ 1,949,883 $ 147,401 $ 6,671,861 Three Months Ended October 2, 2021 Net sales $ 511,480 $ 112,670 $ 193,395 $ — $ 817,545 Income (loss) from operations (2, 3, 6) 105,529 21,425 31,322 75,206 233,482 Depreciation expense 5,793 1,353 3,608 122 10,876 Amortization expense (5) 12,822 1,773 3,589 1,570 19,754 Net capital expenditures 6,391 1,106 2,127 797 10,421 Nine Months Ended October 2, 2021 Net sales $ 1,501,413 $ 355,172 $ 527,791 $ — $ 2,384,376 Income (loss) from operations (2, 3, 4, 6) 311,789 68,048 95,088 16,447 491,372 Depreciation expense 17,579 4,005 9,120 476 31,180 Amortization expense (5) 42,272 5,450 7,145 4,625 59,492 Net capital expenditures 17,599 3,539 7,256 1,338 29,732 Total assets $ 3,498,696 $ 640,229 $ 1,578,857 $ 55,069 $ 5,772,851 (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. (4) Gain/(loss) on sale of plants are included in Commercial Foodservice and Residential Kitchen. (5) Includes amortization of deferred financing costs and Convertible Notes issuance costs. (6) Termination fee from Welbilt merger is included in Corporate and Other. |
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): Oct 1, 2022 Oct 2, 2021 United States and Canada $ 470,952 $ 353,928 Asia 33,432 18,148 Europe and Middle East 135,341 204,192 Latin America 12,377 8,063 Total international $ 181,150 $ 230,403 $ 652,102 $ 584,331 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 Nine Months Ended Oct 1, 2022 Oct 2, 2021 Oct 1, 2022 Oct 2, 2021 Net Periodic Pension Benefit: Service cost $ — $ 194 $ — $ 584 Interest cost 5,881 4,287 18,867 12,927 Expected return on assets (17,505) (19,516) (56,155) (58,851) Amortization of net loss (gain) 847 3,150 2,716 9,498 Amortization of prior service cost (credit) 611 716 1,960 2,158 $ (10,166) $ (11,169) $ (32,612) $ (33,684) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Accounting Policies [Abstract] | ||||
Non-cash share-based compensation expense | $ 15,700 | $ 10,200 | $ 42,641 | $ 27,136 |
Provision for income taxes | $ 34,684 | $ 54,893 | $ 99,327 | $ 97,711 |
Effective Income Tax Rate Reconciliation, Percent | 24.90% | 23.80% | 24.70% | 20.20% |
UK Tax Rate, percentage | 19% | |||
UK Tax Rate, Change in Enacted Tax Rate, Percentage | 25% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24% | 24% | ||
Interest paid | $ 57,000 | $ 38,500 | ||
Income tax payments | $ 84,200 | $ 98,900 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 23,313 | 28,102 | 12,171 | 16,342 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 931,897 | 1,678,501 | ||
Tax rate on share repurchases | 1% | 1% | ||
Corporate alternative minimum tax | 15% | 15% |
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 ($) | Oct. 01, 2022 | Jan. 01, 2022 |
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | $ 68,003,000 | $ 3,645,000 |
Financial Liabilities | 21,635,000 | |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 32,332,000 | 34,983,000 |
Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 1,095,000 | |
Financial Liabilities | 4,353,000 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Financial Liabilities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | |
Financial Liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 68,003,000 | 3,645,000 |
Financial Liabilities | 21,635,000 | |
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 Assets | 1,095,000 | |
Financial Liabilities | 4,353,000 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Financial Liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Liabilities | 32,332,000 | 34,983,000 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Financial Assets | $ 0 | |
Financial Liabilities | $ 0 |
Acquisitions and Purchase Acc_3
Acquisitions and Purchase Accounting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Business Acquisition [Line Items] | ||||
Merger termination fee | $ 0 | $ (110,000) | $ 0 | $ (110,000) |
Welbilt | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Transaction Costs | $ 19,700 | 19,700 | ||
Merger termination fee | $ 110,000 |
Acquisitions and Purchase Acc_4
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Novy Acquisition (Details) - USD ($) | 9 Months Ended | |||
Jul. 12, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Jan. 01, 2022 | |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 206,253,000 | $ 389,009,000 | ||
Goodwill | 2,287,420,000 | $ 2,243,469,000 | ||
Residential Kitchen | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 702,550,000 | $ 707,667,000 | ||
Novy | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 250,900,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 16,152,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 23,996,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 21,441,000 | |||
Goodwill | 135,803,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 130,706,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 199,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (23,258,000) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (35,990,000) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,041,000) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 267,008,000 | |||
Novy | Book and tax difference, identifiable intangible assets | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 32,700,000 | |||
Novy | Book and tax difference, identifiable tangible assets and liabilities | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 3,300,000 | |||
Novy | Residential Kitchen | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 135,800,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 130,700,000 | |||
Novy | Tradenames And Trademarks | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 106,600,000 | |||
Novy | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 24,100,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Initial accounting | Novy | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 16,152,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 23,762,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,058,000 | |||
Goodwill | 142,741,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 126,557,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 26,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (23,440,000) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (33,918,000) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,930,000) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 267,008,000 | |||
Measurement period adjustment | Novy | ||||
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 | 234,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,383,000 | |||
Goodwill | (6,938,000) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,149,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 173,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 182,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (2,072,000) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (111,000) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 0 |
Acquisitions and Purchase Acc_5
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Kamado Joe and Masterbuilt (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Dec. 27, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Jan. 01, 2022 | |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 206,253 | $ 389,009 | ||
Goodwill | 2,287,420 | $ 2,243,469 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 2,800 | |||
Residential Kitchen | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 702,550 | $ 707,667 | ||
Kamado Joe and Masterbuilt | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 403,600 | |||
Payments to Acquire Businesses, Gross | $ 403,600 | |||
Stock Issued During Period, Shares, Acquisitions | 12,921 | |||
Stock issuance related to acquisition | $ 2,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 5,311 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 132,563 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,095 | |||
Goodwill | 155,563 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 186,900 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 969 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (61,639) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (15,907) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (968) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 408,887 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 54,200 | |||
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount | 186,900 | |||
Kamado Joe and Masterbuilt | Tradenames And Trademarks | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 145,400 | |||
Kamado Joe and Masterbuilt | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 31,400 | |||
Kamado Joe and Masterbuilt | Customer Relationships | Maximum | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | |||
Kamado Joe and Masterbuilt | Customer Relationships | Minimum | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Kamado Joe and Masterbuilt | Backlog | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 7,100 | |||
Kamado Joe and Masterbuilt | Backlog | Maximum | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 months | |||
Kamado Joe and Masterbuilt | Backlog | Minimum | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |||
Kamado Joe and Masterbuilt | Developed Technology Rights | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |||
Kamado Joe and Masterbuilt | Tax loss carryforwards | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | $ (2,300) | |||
Kamado Joe and Masterbuilt | Book and tax difference, identifiable intangible assets | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 18,200 | |||
Kamado Joe and Masterbuilt | Residential Kitchen | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 155,600 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 186,900 | |||
Initial accounting | Kamado Joe and Masterbuilt | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 5,381 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 137,826 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,773 | |||
Goodwill | 110,052 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 215,577 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,143 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (54,865) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (15,907) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (1,914) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 406,066 | |||
Measurement period adjustment | Kamado Joe and Masterbuilt | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | (70) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (5,263) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (1,678) | |||
Goodwill | 45,511 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (28,677) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | (1,174) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (6,774) | |||
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 | 946 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 2,821 |
Acquisitions and Purchase Acc_6
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Labilities Assumed - 2021 Acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2022 | Jan. 01, 2022 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 2,287,420 | $ 2,243,469 |
Business Combination, Contingent Consideration, Liability | 8,409 | 18,728 |
Residential Kitchen | ||
Business Acquisition [Line Items] | ||
Goodwill | 702,550 | 707,667 |
Commercial Foodservice Equipment Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 1,260,086 | $ 1,285,087 |
2021 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 6,414 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 76,554 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19,374 | |
Goodwill | 93,755 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 149,532 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,132 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (33,857) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 447 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (10,489) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 303,862 | |
Business Combination, Contingent Consideration, Liability | 9,204 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 313,066 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 91,800 | |
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount | 148,400 | |
2021 Acquisitions | Residential Kitchen | ||
Business Acquisition [Line Items] | ||
Goodwill | 28,800 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 89,000 | |
2021 Acquisitions | Commercial Foodservice Equipment Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 65,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 60,500 | |
2021 Acquisitions | Tradenames And Trademarks | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 97,100 | |
2021 Acquisitions | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 41,100 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |
2021 Acquisitions | Developed Technology Rights | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,400 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |
2021 Acquisitions | Backlog | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 7,900 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |
2021 Acquisitions | Tax loss carryforwards | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | $ (700) | |
2021 Acquisitions | Book and tax difference, identifiable intangible assets | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 300 | |
Initial accounting | 2021 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 6,414 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 76,077 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19,561 | |
Goodwill | 85,270 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 158,725 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,101 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (33,910) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (3,010) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (7,092) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 304,136 | |
Business Combination, Contingent Consideration, Liability | 9,404 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 313,540 | |
Measurement period adjustment | 2021 Acquisitions | ||
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 | 477 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (187) | |
Goodwill | 8,485 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (9,193) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 31 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 53 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 3,457 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (3,397) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | (274) | |
Business Combination, Contingent Consideration, Liability | (200) | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ (474) |
Acquisitions and Purchase Acc_7
Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2022 Acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2022 | Jan. 01, 2022 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 2,287,420 | $ 2,243,469 |
Business Combination, Contingent Consideration, Liability | 8,409 | 18,728 |
Food Processing Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 324,784 | 250,715 |
Commercial Foodservice Equipment Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 1,260,086 | 1,285,087 |
Residential Kitchen | ||
Business Acquisition [Line Items] | ||
Goodwill | 702,550 | $ 707,667 |
2022 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 19,362 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 89,445 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 39,391 | |
Goodwill | 94,048 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 68,850 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 530 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 182 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt | (19,918) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (41,726) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | (6,842) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (17,283) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (7,469) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 218,570 | |
Business Combination, Contingent Consideration, Liability | 6,384 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 224,954 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 21,100 | |
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount | 9,700 | |
2022 Acquisitions | Tradenames And Trademarks | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 31,500 | |
2022 Acquisitions | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 27,500 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |
2022 Acquisitions | Developed Technology Rights | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,800 | |
2022 Acquisitions | Backlog | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,000 | |
2022 Acquisitions | Book and tax difference, identifiable intangible assets | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 15,200 | |
2022 Acquisitions | Book and tax difference, identifiable tangible assets and liabilities | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 2,100 | |
2022 Acquisitions | Food Processing Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 86,300 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 49,900 | |
2022 Acquisitions | Commercial Foodservice Equipment Group | ||
Business Acquisition [Line Items] | ||
Goodwill | 5,400 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 18,200 | |
2022 Acquisitions | Residential Kitchen | ||
Business Acquisition [Line Items] | ||
Goodwill | 2,300 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 800 | |
2022 Acquisitions | Minimum | Developed Technology Rights | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |
2022 Acquisitions | Minimum | Backlog | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 months | |
2022 Acquisitions | Maximum | Developed Technology Rights | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
2022 Acquisitions | Maximum | Backlog | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 months | |
Initial accounting | 2022 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 19,175 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 89,245 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 39,610 | |
Goodwill | 91,560 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 66,738 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 426 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 526 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt | (22,072) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (42,462) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | (4,522) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | (17,368) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (4,075) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 216,781 | |
Business Combination, Contingent Consideration, Liability | 2,990 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 219,771 | |
Measurement period adjustment | 2022 Acquisitions | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 187 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 200 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (219) | |
Goodwill | 2,488 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,112 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 104 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | (344) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt | 2,154 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 736 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | (2,320) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | 85 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (3,394) | |
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net | 1,789 | |
Business Combination, Contingent Consideration, Liability | 3,394 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 5,183 |
Acquisitions and Purchase Acc_8
Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 3,056,246 | $ 2,845,214 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 332,195 | $ 375,112 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 6.13 | $ 6.79 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 6.03 | $ 6.64 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 992,871 | $ 817,545 | $ 3,001,148 | $ 2,384,376 | |
United States and Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 714,177 | 564,292 | 2,163,416 | 1,659,197 | |
Asia | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 74,695 | 56,487 | 191,816 | 165,193 | |
Europe and Middle East | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 171,426 | 173,523 | 560,692 | 493,515 | |
Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 32,573 | 23,243 | 85,224 | 66,471 | |
Commercial Foodservice Equipment Group | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 623,662 | 511,480 | 1,776,994 | 1,501,413 | |
Commercial Foodservice Equipment Group | United States and Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 464,053 | 366,619 | 1,313,332 | 1,064,482 | |
Commercial Foodservice Equipment Group | Asia | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 55,243 | 49,489 | 148,430 | 146,849 | |
Commercial Foodservice Equipment Group | Europe and Middle East | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 86,962 | 82,881 | 267,565 | 255,649 | |
Commercial Foodservice Equipment Group | Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,404 | 12,491 | 47,667 | 34,433 | |
Food Processing Group | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 148,244 | 112,670 | 392,100 | 355,172 | |
Food Processing Group | United States and Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 104,367 | 84,443 | 287,037 | 259,577 | |
Food Processing Group | Asia | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,805 | 4,257 | 15,662 | 10,713 | |
Food Processing Group | Europe and Middle East | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,264 | 14,332 | 58,924 | 56,507 | |
Food Processing Group | Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,808 | 9,638 | 30,477 | 28,375 | |
Residential Kitchen | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 220,965 | 193,395 | [1] | 832,054 | 527,791 |
Residential Kitchen | United States and Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 145,757 | 113,230 | 563,047 | 335,138 | |
Residential Kitchen | Asia | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,647 | 2,741 | 27,724 | 7,631 | |
Residential Kitchen | Europe and Middle East | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 60,200 | 76,310 | 234,203 | 181,359 | |
Residential Kitchen | Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,361 | $ 1,114 | $ 7,080 | $ 3,663 | |
[1]Gain/(loss) on sale of plants are included in Commercial Foodservice and Residential Kitchen. |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2022 | Jan. 01, 2022 | |
Revenue Recognition [Abstract] | ||
Contract with Customer, Asset, Net, Current | $ 38,327 | $ 21,592 |
Contract liabilities | 189,863 | 133,315 |
Contract with Customer, Liability, Noncurrent | 11,452 | $ 11,602 |
Contract with Customer, Asset, Reclassified to Receivable | 15,000 | |
Contract with Customer, Liability, Revenue Recognized | 94,500 | |
Contract with Customer, Liability, Increase for Contract Acquired during the Period | 162,700 | |
Capitalized Contract Cost, Impairment Loss | $ 0 |
Changes in accumulated other co
Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning of Period | $ (359,084) | $ (488,428) | ||
Other comprehensive income before reclassification | (102,421) | (28,468) | ||
Amounts reclassified from accumulated other comprehensive income | 7,646 | 14,691 | ||
Net current-period other comprehensive income | (94,775) | (13,777) | ||
End of Period | $ (453,859) | $ (502,205) | (453,859) | (502,205) |
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax | (32,600) | (88,400) | (32,600) | (88,400) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax | 17,900 | (7,500) | 17,900 | (7,500) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 6,900 | 700 | ||
Unrealized gain on interest rate swap, tax | 8,574 | 1,065 | 22,389 | 5,637 |
Other Comprehensive Income (Loss), Unrealized Gain (loss) Certain Investments, Tax | (400) | |||
Accumulated Translation Adjustment | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning of Period | (97,654) | (49,961) | ||
Other comprehensive income before reclassification | (201,176) | (33,000) | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Net current-period other comprehensive income | (201,176) | (33,000) | ||
End of Period | (298,830) | (82,961) | (298,830) | (82,961) |
Accumulated Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning of Period | (249,696) | (400,919) | ||
Other comprehensive income before reclassification | (44,127) | (3,052) | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Net current-period other comprehensive income | 44,127 | 3,052 | ||
End of Period | (205,569) | (397,867) | (205,569) | (397,867) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Interest Rate Swap | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning of Period | (13,064) | (37,548) | ||
Other comprehensive income before reclassification | 55,958 | 1,480 | ||
Amounts reclassified from accumulated other comprehensive income | 7,646 | 14,691 | ||
Net current-period other comprehensive income | 63,604 | 16,171 | ||
End of Period | 50,540 | (21,377) | 50,540 | (21,377) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning of Period | 1,330 | 0 | ||
Other comprehensive income before reclassification | (1,330) | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Net current-period other comprehensive income | (1,330) | 0 | ||
End of Period | $ 0 | $ 0 | $ 0 | $ 0 |
Components of Other Comprehensi
Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Disclosure Other Comprehensive Income Additional Information [Abstract] | ||||
Net earnings | $ 104,369 | $ 175,966 | $ 303,372 | $ 385,814 |
Currency Translation Adjustment | (81,774) | (21,881) | (201,176) | (33,000) |
Change in unrecognized pension benefit costs, net of tax | 17,928 | 5,870 | 44,127 | 3,052 |
Unrealized gain (loss) on interest rate swamp, net of tax | 24,360 | 3,056 | 63,604 | 16,171 |
Comprehensive income | 64,883 | 163,011 | 208,597 | 372,037 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | $ 0 | $ 0 | $ (1,330) | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Notes To Financial Statements [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 569,965 | $ 421,361 |
Inventory, Work in Process, Net of Reserves | 95,952 | 65,581 |
Inventory, Finished Goods, Net of Reserves | 396,717 | 350,476 |
Inventories, net | $ 1,062,634 | $ 837,418 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Oct. 01, 2022 USD ($) | |
Goodwill [Line Items] | |
Balance beginning of period | $ 2,243,469 |
Goodwill acquired during the year | 94,048 |
Measurement period adjustments to goodwill acquired in prior year | 54,806 |
Goodwill, Foreign Currency Translation Gain (Loss) | (104,903) |
Balance end of period | 2,287,420 |
Commercial Foodservice Equipment Group | |
Goodwill [Line Items] | |
Balance beginning of period | 1,285,087 |
Goodwill acquired during the year | 5,469 |
Measurement period adjustments to goodwill acquired in prior year | 858 |
Goodwill, Foreign Currency Translation Gain (Loss) | (31,328) |
Balance end of period | 1,260,086 |
Food Processing Group | |
Goodwill [Line Items] | |
Balance beginning of period | 250,715 |
Goodwill acquired during the year | 86,314 |
Measurement period adjustments to goodwill acquired in prior year | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | (12,245) |
Balance end of period | 324,784 |
Residential Kitchen | |
Goodwill [Line Items] | |
Balance beginning of period | 707,667 |
Goodwill acquired during the year | 2,265 |
Measurement period adjustments to goodwill acquired in prior year | 53,948 |
Goodwill, Foreign Currency Translation Gain (Loss) | (61,330) |
Balance end of period | $ 702,550 |
Intangibles (Details)
Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Jan. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 921,540 | $ 950,484 | $ 921,540 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (489,750) | $ (442,208) | (489,750) | ||
Amortization of Intangible Assets | 19,800 | $ 18,200 | 69,900 | $ 54,900 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 75,415 | 75,415 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 63,916 | 63,916 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 55,088 | 55,088 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 52,949 | 52,949 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 44,612 | 44,612 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 139,810 | 139,810 | |||
Finite-Lived Intangible Assets, Net | 431,790 | $ 431,790 | |||
Customer Lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years 7 months 6 days | 7 years 8 months 12 days | |||
Finite-Lived Intangible Assets, Gross | 824,595 | $ 863,339 | $ 824,595 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (439,285) | $ (411,327) | $ (439,285) | ||
Backlog | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 months 12 days | 3 months 18 days | |||
Finite-Lived Intangible Assets, Gross | 19,556 | $ 13,684 | $ 19,556 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (16,512) | $ (929) | $ (16,512) | ||
Developed Technology Rights | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years 10 months 24 days | 8 years 6 months | |||
Finite-Lived Intangible Assets, Gross | 77,389 | $ 73,461 | $ 77,389 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (33,953) | (29,952) | (33,953) | ||
Tradenames And Trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 1,350,011 | $ 1,367,101 | $ 1,350,011 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Disclosure Accrued Expenses [Abstract] | ||
Contract liabilities | $ 189,863 | $ 133,315 |
Accrued payroll and related expenses | 108,272 | 115,762 |
Accrued warranty | 78,975 | 80,215 |
Accrued customer rebates | 64,852 | 72,451 |
Accrued short-term leases | 23,916 | 22,753 |
Accrued sales and other tax | 19,786 | 22,684 |
Accrued professional services | 22,525 | 19,292 |
Accrued agent commission | 17,629 | 13,670 |
Accrued Product Liability And Workers Compensation Liability Current | 11,573 | 10,952 |
Business Combination, Contingent Consideration, Liability | 8,409 | 18,728 |
Other accrued expenses | 86,145 | 73,033 |
Accrued expenses | $ 631,945 | $ 582,855 |
Rollforward of Warranty Reserve
Rollforward of Warranty Reserve (Details) $ in Thousands | 9 Months Ended |
Oct. 01, 2022 USD ($) | |
Disclosure Rollforward Of Warranty Reserve [Abstract] | |
Beginning balance | $ 80,215 |
Warranty reserve related to acquisitions | 1,523 |
Warranty expense | 53,139 |
Warranty claims | (55,902) |
Ending balance | $ 78,975 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Debt Disclosure [Line Items] | ||
Senior secured revolving credit line | $ 270,623 | $ 683,175 |
Term loan facility | 975,440 | 993,340 |
Delayed draw term loan facility | 750,000 | 0 |
Convertible senior notes | 737,019 | 734,417 |
Other Long-term Debt | 950 | 1,138 |
Total debt | 2,737,989 | 2,414,294 |
Less: Current maturities of long-term debt | 44,664 | 27,293 |
Long-term debt | 2,693,325 | 2,387,001 |
Foreign | ||
Debt Disclosure [Line Items] | ||
Foreign loans | $ 3,957 | $ 2,224 |
Financing Arrangements Addition
Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2022 | Jan. 01, 2022 | |
Debt Disclosure [Line Items] | ||
Term loan facility | $ 975,440 | $ 993,340 |
Credit facility, outstanding | 2,000,000 | |
Letters of Credit Outstanding, Amount | $ 1,700 | |
Credit facility, additional interest rate above LIBOR | 1.625% | |
Debt Instrument Interest Additional Interest Above LIBOR Rate Alternative | 0.625% | |
Debt Instrument Interest Additional Interest Above Fed Funds Rate | 0.50% | |
Debt Instrument, Interest Rate, Increase (Decrease) | 1% | |
Credit facility, average interest rate | 3.60% | |
Variable commitment fee | 0.25% | |
Term loan facility average interest rate | 3.73% | |
Line of credit, Current and Noncurrent, Foreign | $ 4,000 | |
Line of Credit Facility, Interest Rate at Period End | 1.42% | |
Derivative Notional Amount, Current | $ 229,000 | |
Derivative Notional Amount, NonCurrent | $ 948,000 | |
Derivative Fixed Interest Rate, Current | 2.13% | |
Term loan facility, gross | $ 981,300 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,500,000 | |
Debt Instrument Interest Additional Interest Above LIBOR Rate, elevated covenants | 1.625% | |
Line Of Credit Facility Commitment Fee Percentage, elevated covenants | 0.25% | |
Delayed draw term loan facility, amortization quarter percent | 0.625% | |
Convertible Debt | ||
Debt Disclosure [Line Items] | ||
Debt Instrument, Face Amount | $ 747,499 | $ 747,500 |
Carrying Value and Estimated Ag
Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Debt Disclosure [Line Items] | ||
Carrying Value | $ 2,737,989 | $ 2,414,294 |
Derivative Fixed Interest Rate, Noncurrent | 1.70% | |
Debt excluding convertible senior notes | ||
Debt Disclosure [Line Items] | ||
Carrying Value | $ 2,000,970 | 1,679,877 |
Fair Value | $ 2,006,780 | $ 1,686,537 |
Convertible Debt (Details)
Convertible Debt (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Debt Disclosure [Line Items] | ||
Convertible senior notes | $ 737,019 | $ 734,417 |
Convertible Debt | ||
Debt Disclosure [Line Items] | ||
Debt Instrument, Face Amount | 747,499 | 747,500 |
Unamortized Debt Issuance Expense | $ (10,480) | $ (13,083) |
Convertible Debt Interest Expen
Convertible Debt Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Debt Disclosure [Line Items] | ||||
Interest Expense, Debt, Excluding Amortization | $ 1,848 | $ 1,848 | $ 5,606 | $ 5,607 |
Amortization of Debt Discount (Premium) | 888 | 864 | 2,688 | 2,620 |
Interest Expense | $ 2,736 | $ 2,712 | $ 8,294 | $ 8,227 |
Convertible Debt Additional Inf
Convertible Debt Additional Information (Details) $ in Millions | Oct. 01, 2022 USD ($) |
Convertible Debt | |
Debt Disclosure [Line Items] | |
Notes Payable, Fair Value Disclosure | $ 859.6 |
Capped Call Information (Detail
Capped Call Information (Details) - USD ($) | 9 Months Ended | |||||
Oct. 01, 2022 | Oct. 02, 2021 | Mar. 22, 2022 | Dec. 22, 2021 | Dec. 16, 2021 | Aug. 21, 2020 | |
Debt Disclosure [Line Items] | ||||||
Premiums paid for capped call | $ 9,655,000 | $ 0 | ||||
2021 Capped Call Transaction One | ||||||
Debt Disclosure [Line Items] | ||||||
Premiums paid for capped call | 54,600,000 | |||||
2022 Capped Call Transaction | ||||||
Debt Disclosure [Line Items] | ||||||
Premiums paid for capped call | $ 9,700,000 | |||||
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 | $ 207.93 | |||||
Convertible Debt | 2021 Capped Call Transaction One | ||||||
Debt Disclosure [Line Items] | ||||||
Debt Instrument, Capped Call Transaction Cap Price, Per Share | $ 216.50 | |||||
Convertible Debt | 2022 Capped Call Transaction | ||||||
Debt Disclosure [Line Items] | ||||||
Debt Instrument, Capped Call Transaction Cap Price, Per Share | $ 229 | |||||
Convertible Debt | 2021 Capped Call Transaction Two | ||||||
Debt Disclosure [Line Items] | ||||||
Debt Instrument, Capped Call Transaction Cap Price, Per Share | $ 225 |
Summary of Fair Value of Intere
Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Jan. 01, 2022 |
Foreign Exchange Forward | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 547,700 | $ 350,500 |
Prepaid Expenses and Other Current Assets | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | 5,495 | 0 |
Other Noncurrent Assets | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | 62,508 | 3,645 |
Accrued Liabilities | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Liability at Fair Value | 0 | 1,171 |
Other Noncurrent Liabilities | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Fair value | $ 0 | $ (20,464) |
Impact on Earnings from Interes
Impact on Earnings from Interest Rate Swaps (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive income | $ 7,646 | $ 14,691 | ||
Interest Rate Swap | Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 33,105 | $ (340) | 78,347 | 7,117 |
Interest Rate Swap | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive income | $ 171 | $ (4,461) | $ (7,646) | $ (14,691) |
Financial Instruments Additiona
Financial Instruments Additional Information (Details) $ in Millions | 9 Months Ended |
Oct. 01, 2022 USD ($) | |
Derivative [Line Items] | |
Fair value of interest rate swaps liability | $ 68 |
Loss in fair value of interest rate swaps | 63.6 |
Foreign Exchange Forward | |
Derivative [Line Items] | |
Derivative, Fair Value, Net | $ (4.4) |
Net Sales Summary (Details)
Net Sales Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | ||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 992,871 | $ 817,545 | $ 3,001,148 | $ 2,384,376 | |||
Percent | 100% | 100% | 100% | 100% | |||
Income from operations | [1],[2] | $ 161,705 | $ 233,482 | $ 451,496 | $ 491,372 | [3] | |
Depreciation and amortization expense | 106,917 | 90,672 | |||||
Capital Expenditures Net | 18,781 | 10,421 | 50,914 | 29,732 | |||
Commercial Foodservice Equipment Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 623,662 | $ 511,480 | $ 1,776,994 | $ 1,501,413 | |||
Percent | 62.80% | 62.60% | 59.20% | 63% | |||
Income from operations | [1],[2] | $ 143,678 | $ 105,529 | [3] | $ 390,740 | $ 311,789 | [3] |
Capital Expenditures Net | 10,235 | 6,391 | 23,178 | 17,599 | |||
Food Processing Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 148,244 | $ 112,670 | $ 392,100 | $ 355,172 | |||
Percent | 14.90% | 13.80% | 13.10% | 14.90% | |||
Income from operations | [1],[2] | $ 26,982 | $ 21,425 | $ 65,642 | $ 68,048 | ||
Capital Expenditures Net | 2,959 | 1,106 | 10,108 | 3,539 | |||
Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |||
Income from operations | [1],[2],[4] | (38,743) | 75,206 | [5] | (105,697) | 16,447 | [5] |
Capital Expenditures Net | [4] | 376 | 797 | 1,171 | 1,338 | ||
Residential Kitchen | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 220,965 | $ 193,395 | [3] | $ 832,054 | $ 527,791 | ||
Percent | 22.30% | 23.60% | 27.70% | 22.10% | |||
Income from operations | [1],[2] | $ 29,788 | $ 31,322 | [3] | $ 100,811 | $ 95,088 | [3] |
Capital Expenditures Net | 5,211 | 2,127 | 16,457 | 7,256 | |||
United States and Canada | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 714,177 | 564,292 | 2,163,416 | 1,659,197 | |||
United States and Canada | Commercial Foodservice Equipment Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 464,053 | 366,619 | 1,313,332 | 1,064,482 | |||
United States and Canada | Food Processing Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 104,367 | 84,443 | 287,037 | 259,577 | |||
United States and Canada | Residential Kitchen | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 145,757 | 113,230 | 563,047 | 335,138 | |||
Asia | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 74,695 | 56,487 | 191,816 | 165,193 | |||
Asia | Commercial Foodservice Equipment Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 55,243 | 49,489 | 148,430 | 146,849 | |||
Asia | Food Processing Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,805 | 4,257 | 15,662 | 10,713 | |||
Asia | Residential Kitchen | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,647 | 2,741 | 27,724 | 7,631 | |||
Europe and Middle East | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 171,426 | 173,523 | 560,692 | 493,515 | |||
Europe and Middle East | Commercial Foodservice Equipment Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 86,962 | 82,881 | 267,565 | 255,649 | |||
Europe and Middle East | Food Processing Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,264 | 14,332 | 58,924 | 56,507 | |||
Europe and Middle East | Residential Kitchen | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 60,200 | 76,310 | 234,203 | 181,359 | |||
Latin America | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 32,573 | 23,243 | 85,224 | 66,471 | |||
Latin America | Commercial Foodservice Equipment Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,404 | 12,491 | 47,667 | 34,433 | |||
Latin America | Food Processing Group | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,808 | 9,638 | 30,477 | 28,375 | |||
Latin America | Residential Kitchen | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,361 | $ 1,114 | $ 7,080 | $ 3,663 | |||
[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.[3]Gain/(loss) on sale of plants are included in Commercial Foodservice and Residential Kitchen.[4]Includes corporate and other general company assets and operations.[5]Termination fee from Welbilt merger is included in Corporate and Other. |
Summary of Results of Operation
Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Jan. 01, 2022 | ||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 992,871 | $ 817,545 | $ 3,001,148 | $ 2,384,376 | ||||
Income from operations | [1],[2] | 161,705 | 233,482 | 451,496 | 491,372 | [3] | ||
Depreciation | 9,479 | 10,876 | 31,608 | 31,180 | ||||
Amortization of Intangible Assets and Debt Issuance Costs | [4] | 21,661 | 19,754 | 75,309 | 59,492 | |||
Capital Expenditures Net | 18,781 | 10,421 | 50,914 | 29,732 | ||||
Total assets | 6,671,861 | 5,772,851 | 6,671,861 | 5,772,851 | $ 6,383,598 | |||
Commercial Foodservice Equipment Group | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 623,662 | 511,480 | 1,776,994 | 1,501,413 | ||||
Income from operations | [1],[2] | 143,678 | 105,529 | [3] | 390,740 | 311,789 | [3] | |
Depreciation | 5,855 | 5,793 | 17,577 | 17,579 | ||||
Amortization of Intangible Assets and Debt Issuance Costs | 14,283 | 12,822 | 41,644 | 42,272 | ||||
Capital Expenditures Net | 10,235 | 6,391 | 23,178 | 17,599 | ||||
Total assets | 3,718,045 | 3,498,696 | 3,718,045 | 3,498,696 | ||||
Food Processing Group | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 148,244 | 112,670 | 392,100 | 355,172 | ||||
Income from operations | [1],[2] | 26,982 | 21,425 | 65,642 | 68,048 | |||
Depreciation | 1,558 | 1,353 | 4,182 | 4,005 | ||||
Amortization of Intangible Assets and Debt Issuance Costs | 4,311 | 1,773 | 7,844 | 5,450 | ||||
Capital Expenditures Net | 2,959 | 1,106 | 10,108 | 3,539 | ||||
Total assets | 856,532 | 640,229 | 856,532 | 640,229 | ||||
Residential Kitchen | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 220,965 | 193,395 | [3] | 832,054 | 527,791 | |||
Income from operations | [1],[2] | 29,788 | 31,322 | [3] | 100,811 | 95,088 | [3] | |
Depreciation | 1,861 | 3,608 | 9,271 | 9,120 | ||||
Amortization of Intangible Assets and Debt Issuance Costs | 1,289 | 3,589 | 20,448 | 7,145 | ||||
Capital Expenditures Net | 5,211 | 2,127 | 16,457 | 7,256 | ||||
Total assets | 1,949,883 | 1,578,857 | 1,949,883 | 1,578,857 | ||||
Corporate and Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | ||||
Income from operations | [1],[2],[5] | (38,743) | 75,206 | [6] | (105,697) | 16,447 | [6] | |
Depreciation | [5] | 205 | 122 | 578 | 476 | |||
Amortization of Intangible Assets and Debt Issuance Costs | [4],[5] | 1,778 | 1,570 | 5,373 | 4,625 | |||
Capital Expenditures Net | [5] | 376 | 797 | 1,171 | 1,338 | |||
Total assets | [5] | $ 147,401 | $ 55,069 | $ 147,401 | $ 55,069 | |||
[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.[3]Gain/(loss) on sale of plants are included in Commercial Foodservice and Residential Kitchen.[4]Includes amortization of deferred financing costs and Convertible Notes issuance costs[5]Includes corporate and other general company assets and operations.[6]Termination fee from Welbilt merger is included in Corporate and Other. |
Long-Lived Assets by Major Geog
Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 652,102 | $ 584,331 |
United States and Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 470,952 | 353,928 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 33,432 | 18,148 |
Europe and Middle East | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 135,341 | 204,192 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 12,377 | 8,063 |
Total International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 181,150 | $ 230,403 |
Employee Retirement Plans Addit
Employee Retirement Plans Additional Information (Details) - Non-US Plans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0 | $ 194 | $ 0 | $ 584 |
Interest cost | 5,881 | 4,287 | 18,867 | 12,927 |
Expected return on assets | (17,505) | (19,516) | (56,155) | (58,851) |
Amortization of net loss (gain) | 847 | 3,150 | 2,716 | 9,498 |
Amortization of prior service cost (credit) | 611 | 716 | 1,960 | 2,158 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (10,166) | $ (11,169) | $ (32,612) | $ (33,684) |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | May 13, 2022 | Nov. 07, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Repurchased During Period, Shares | 1,365,598 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 164.07 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2,469,737 | 2,469,737 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 71 | $ 115 | $ 239,680 | $ 2,477 | ||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 555 | 89,459 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 100 | $ 15,700 | ||||
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 | 2,500,000 | ||||
Stock Repurchased During Period, Value | $ 224,000 | |||||
Share Repurchase Program, Number of Shares Repurchased | 2,530,263 | 2,530,263 |
Uncategorized Items - midd-2022
Label | Element | Value | |
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ (74,375,000) | [1] |
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 | |
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 | |
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (79,430,000) | [1] |
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 5,055,000 | [1] |
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 0 | |
[1]As of January 3, 2021 the company adopted ASU No. 2020-06, A ccounting for Convertible Instruments and Contracts in an Entity’s Own Equity using the modified retrospective method. The adoption of this guidance resulted in a $79.4 million reduction to paid-in capital, net of tax of $25.5 million, and the recognition of $5.1 million as an adjustment to the opening balance of retained earnings, net of tax of $1.6 million. |