The Middleby Corporation (MIDD) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2023	Aug. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
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	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		53,603,026
Entity Small Business	false
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 157,279	$ 162,001
Accounts receivable, net of reserve for doubtful accounts of $22,795 and $20,295	643,405	631,134
Inventories, net	1,082,523	1,077,729
Prepaid expenses and other	132,030	125,640
Prepaid Taxes	20,967	9,492
Total current assets	2,036,204	2,005,996
Property, plant and equipment, net of accumulated depreciation of $319,856 and $299,572	483,064	443,528
Goodwill	2,451,866	2,411,834
Other intangibles	1,790,771	1,794,232
Long-term deferred tax assets	8,280	6,738
Other assets	214,573	212,538
Total assets	6,984,758	6,874,866
Current liabilities:
Current maturities of long-term debt	44,250	45,583
Accounts payable	232,740	271,374
Accrued expenses	601,415	671,327
Total current liabilities	878,405	988,284
Long-term debt	2,687,544	2,676,741
Deferred Income Tax Liabilities, Net	216,220	220,204
Liability, Defined Benefit Pension Plan, Noncurrent	8,482	14,948
Other non-current liabilities	194,581	176,942
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 63,902,217 and 63,508,855 shares issued in 2023 and 2022, respectively	148	147
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital	444,290	408,376
Treasury stock, at cost; 10,338,768 and 9,814,480 shares in 2023 and 2022	(906,011)	(831,176)
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings	3,714,811	3,498,872
Accumulated other comprehensive loss	(253,712)	(278,472)
Total stockholders' equity	2,999,526	2,797,747
Total liabilities and stockholders' equity	$ 6,984,758	$ 6,874,866

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Accounts receivable, reserve for doubtful accounts	$ 22,795	$ 20,295
Property, plant and equipment, accumulated depreciation	319,856	299,572
Finite-Lived Intangible Assets, Accumulated Amortization	$ 542,801	$ 503,034
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	63,902,217	63,508,855
Treasury stock, shares	10,338,768	9,814,480

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,039,982	$ 1,013,601	$ 2,047,378	$ 2,008,277
Cost of sales		646,746	652,859	1,275,407	1,317,025
Gross profit		393,236	360,742	771,971	691,252
Selling, General and Administrative Expense		203,521	189,486	418,928	395,557
Restructuring Charges		4,944	4,029	7,250	5,904
Income from operations	[1],[2]	184,771	167,227	345,793	289,791
Net interest expense and deferred financing amortization, net		31,529	20,842	60,991	38,496
Net periodic pension benefit (other than service costs)		(2,575)	(10,784)	(4,826)	(22,300)
Other (income) expense, net		(326)	5,888	1,570	9,949
Earnings before income taxes		156,143	151,281	288,058	263,646
Provision for income taxes		39,293	38,033	72,119	64,643
Net earnings		$ 116,850	$ 113,248	$ 215,939	$ 199,003
Net earnings per share:
Earnings Per Share, Basic		$ 2.18	$ 2.10	$ 4.03	$ 3.66
Earnings Per Share, Diluted		$ 2.16	$ 2.07	$ 3.98	$ 3.59
Weighted average number of shares
Basic (in shares)		53,527,000	54,033,000	53,560,000	54,351,000
Dilutive common stock equivalents (in shares)		515,000	621,000	649,000	1,158,000
Diluted (in shares)		54,042,000	54,654,000	54,209,000	55,509,000
Comprehensive income		$ 125,781	$ 46,442	$ 240,699	$ 143,714
[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. (4) Includes depreciation on right of use assets.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Treasury Stock, Common	Retained Earnings	Accumulated Other Comprehensive Income (loss)
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	199,003	0	0	0	199,003	0
Currency translation adjustment	(119,402)	0	0	0	0	(119,402)
Change in unrecognized pension benefit costs, net of tax	26,199	0	0	0	0	26,199
Unrealized gain (loss) on interest rate swamp, net of tax	39,244	0	0	0	0	39,244
Unrealized loss on certain investments, net of tax	(1,330)	0	0	0	0	(1,330)
Stock compensation	26,880	0	26,880	0	0	0
Purchase of treasury stock	(239,609)	0	0	(239,609)	0	0
Purchase of capped calls	(7,291)	0	(7,291)	0	0	0
Balance, Ending at Jul. 02, 2022	2,417,970	147	376,898	(806,008)	3,261,306	(414,373)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	(443)
Balance, Beginning at Apr. 02, 2022	2,427,967	147	363,741	(736,412)	3,148,058	(347,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	113,248	0	0	0	113,248	0
Currency translation adjustment	(92,211)	0	0	0	0	(92,211)
Change in unrecognized pension benefit costs, net of tax	19,955	0	0	0	0	19,955
Unrealized gain (loss) on interest rate swamp, net of tax	8,128	0	0	0	0	8,128
Unrealized loss on certain investments, net of tax	(2,678)	0	0	0	0	(2,678)
Stock compensation	13,157	0	13,157	0	0	0
Purchase of treasury stock	(69,596)	0	0	(69,596)	0	0
Balance, Ending at Jul. 02, 2022	2,417,970	147	376,898	(806,008)	3,261,306	(414,373)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	(892)
Balance, Beginning at Dec. 31, 2022	2,797,747	147	408,376	(831,176)	3,498,872	(278,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	215,939	0	0	0	215,939	0
Currency translation adjustment	31,851	0	0	0	0	31,851
Change in unrecognized pension benefit costs, net of tax	(4,980)	0	0	0	0	(4,980)
Unrealized gain (loss) on interest rate swamp, net of tax	(2,111)	0	0	0	0	(2,111)
Unrealized loss on certain investments, net of tax	0
Stock compensation	22,130	0	22,130	0	0	0
Stock issuance	13,785	1	13,784	0	0	0
Purchase of treasury stock	(74,835)	0	0	(74,835)	0	0
Balance, Ending at Jul. 01, 2023	2,999,526	148	444,290	(906,011)	3,714,811	(253,712)
Balance, Beginning at Apr. 01, 2023	2,862,199	147	425,781	(899,047)	3,597,961	(262,643)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	116,850	0	0	0	116,850	0
Currency translation adjustment	4,892	0	0	0	0	4,892
Change in unrecognized pension benefit costs, net of tax	(2,171)	0	0	0	0	(2,171)
Unrealized gain (loss) on interest rate swamp, net of tax	6,210	0	0	0	0	6,210
Unrealized loss on certain investments, net of tax	0
Stock compensation	9,898	0	9,898	0	0	0
Stock issuance	8,612	1	8,611	0	0	0
Purchase of treasury stock	(6,964)	0	0	(6,964)	0	0
Balance, Ending at Jul. 01, 2023	$ 2,999,526	$ 148	$ 444,290	$ (906,011)	$ 3,714,811	$ (253,712)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	$ 170	$ 3,088	$ 94	$ 4,075
Unrealized gain on interest rate swap, tax	$ 2,172	2,923	$ (738)	13,815
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax		$ (892)		(443)
Adjustments to Additional Paid in Capital, Purchase of Capped Calls, Tax				$ (2,364)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities--
Net earnings	$ 215,939	$ 199,003
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	65,777	75,777
Non-cash share-based compensation	22,130	26,880
Deferred income taxes	(6,237)	8,119
Net periodic pension benefit (other than service costs)	(4,826)	(22,300)
Other Noncash Income (Expense)	4,288	(16,981)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	(7,829)	(50,196)
Inventories, net	7,520	(171,899)
Prepaid expenses and other assets	(12,740)	(11,584)
Accounts payable	(41,823)	19,530
Accrued expenses and other liabilities	(88,249)	33,109
Net cash provided by operating activities	153,950	89,458
Cash flows from investing activities--
Additions to property and equipment	(48,315)	(32,133)
Payments to Acquire Intangible Assets	(1,805)	(240)
Acquisitions, net of cash acquired	(35,146)	(74,886)
Net cash (used in) investing activities	(85,266)	(107,259)
Cash flows from financing activities--
Proceeds under Credit Facility	390,000	700,000
Repayments under Credit Facility	387,312	426,500
Premiums paid for capped call	0	(9,655)
Net (repayments) proceeds under international credit facilities	(218)	693
Payments of deferred purchase price	(3,056)	(7,014)
Repurchase of treasury stock	(74,544)	(239,609)
Other, net	(105)	(177)
Net cash (used in) provided by financing activities	(75,235)	17,738
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	1,829	(13,710)
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	(4,722)	(13,773)
Cash and cash equivalents at beginning of year	162,001	180,362
Cash and cash equivalents at end of quarter	157,279	166,589
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Stock issuance related to acquisition and purchase of intangible assets	$ 13,785	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 01, 2023
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 2022 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2023. Certain reclassifications of prior year data have been made to conform with current year reporting. 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 July 1, 2023 and December 31, 2022, the results of operations for the three and six months ended July 1, 2023 and July 2, 2022, cash flows for the six months ended July 1, 2023 and July 2, 2022 and statement of stockholders' equity for the three and six months ended July 1, 2023 and July 2, 2022. 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 $9.9 million and $13.2 million for the three months period ended July 1, 2023 and July 2, 2022, respectively. Non-cash share-based compensation expense was $22.1 million and $26.9 million for the six months period ended July 1, 2023 and July 2, 2022, respectively. c) Income Taxes A tax provision of $39.3 million, at an effective rate of 25.2%, was recorded during the three months period ended July 1, 2023, as compared to a $38.0 million tax provision at an effective rate of 25.1% in the prior year period. A tax provision of $72.1 million, at an effective rate of 25.0%, was recorded during the six months period ended July 1, 2023, as compared to a $64.6 million tax provision at a 24.5% effective rate in the prior year period. The effective tax rate for the six months period ended July 1, 2023 is higher than the comparable year rate primarily due to an increase in the UK statutory income tax rate from 19% in 2022 to a 23.5% blended rate in 2023 . 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 July 1, 2023 Financial Assets: Interest rate swaps $ — $ 62,136 $ — $ 62,136 Financial Liabilities: Contingent consideration $ — $ — $ 56,475 $ 56,475 Foreign exchange derivative contracts $ — $ 2,079 $ — $ 2,079 As of December 31, 2022 Financial Assets: Interest rate swaps $ — $ 64,985 $ — $ 64,985 Financial Liabilities: Contingent consideration $ — $ — $ 47,242 $ 47,242 Foreign exchange derivative contracts $ — $ 474 $ — $ 474 The contingent consideration as of July 1, 2023 and December 31, 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 of the acquisitions in comparison to the earnout targets and adjusts the liability accordingly. Discount rates for valuing contingent consideration are determined based on the company rates and specific acquisition risk considerations. Changes in fair value associated with the earnout provisions are recognized in Selling, general and administrative expenses within the Condensed Consolidated Statements of Comprehensive Income. The following table represents changes in the fair value of the contingent consideration liabilities: July 1, 2023 Beginning balance $ 47,242 Payments of contingent consideration (3,153) New contingent consideration 10,774 Changes in fair value 1,612 Ending balance $ 56,475 e) Consolidated Statements of Cash Flows Cash paid for interest was $62.1 million and $34.1 million for the six months ended July 1, 2023 and July 2, 2022, respectively. Cash payments totaling $90.1 million and $52.8 million were made for income taxes for the six months ended July 1, 2023 and July 2, 2022, 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 5,000 and 8,000 for the three months ended July 1, 2023, and July 2, 2022, 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 4,000 and 7,000 for the six months ended July 1, 2023 and July 2, 2022, respectively. For the six months ended July 1, 2023 and July 2, 2022, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in 645,000 and 1,151,000 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	3 Months Ended
	Jul. 01, 2023
Business Combinations [Abstract]
Business Combination Disclosure	Acquisitions and Purchase Accounting The company accounts for all business combinations using the acquisition method to record a new cost basis for the assets acquired and liabilities assumed. The difference between the purchase price and the fair value of the assets acquired and liabilities assumed has been recorded as goodwill in the financial statements. The company recognizes identifiable intangible assets, primarily trade names and customer relationships, at their fair value using a discounted cash flow model. The significant assumptions used to estimate the value of the intangible assets include revenue growth rates, projected profit margins, discount rates, royalty rates, and customer attrition rates. These significant assumptions are forward-looking and could be affected by future economic and market conditions. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition. The company completed no material acquisitions during the six months ended July 1, 2023. Other 2022 Acquisitions During 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 $ 25,860 $ 159 $ 26,019 Current assets 115,264 (8,053) 107,211 Property, plant and equipment 44,598 847 45,445 Goodwill 139,633 6,510 146,143 Other intangibles 93,147 7,018 100,165 Long-term deferred tax asset 426 635 1,061 Other assets 1,420 2,870 4,290 Current portion of long-term debt (22,841) 2,154 (20,687) Current liabilities (57,158) (2,098) (59,256) Long term debt (5,646) (2,320) (7,966) Long-term deferred tax liability (23,137) 975 (22,162) Other non-current liabilities (19,061) (6,737) (25,798) Consideration paid at closing $ 292,505 $ 1,960 $ 294,465 Contingent consideration 19,105 3,969 23,074 Net assets acquired and liabilities assumed $ 311,610 $ 5,929 $ 317,539 The net long-term deferred tax liability amounted to $21.1 million. The net deferred tax liability is comprised of $20.9 million related to the difference between the book and tax basis of identifiable intangible assets and $0.2 million related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $46.0 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $31.5 million allocated to customer relationships, $16.0 million allocated to developed technology, and $6.7 million allocated to backlog, which are being amortized over periods of 7 to 9 years, 5 to 11 years, and 3 to 12 months, respectively. Goodwill of $111.8 million and other intangibles of $63.8 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $32.0 million and other intangibles of $35.6 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 $21.5 million and intangibles of $11.9 million are expected to be deductible for tax purposes. Four purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. Three earnouts are payable to the extent certain EBITDA targets are met with measurement dates ending between 2022 and 2025. One of these three earnouts is also payable yearly through 2026 based on product sales. One earnout is payable yearly through 2027 based on product sales. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $23.1 million. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for 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. Other 2023 Acquisitions During 2023, 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 2023 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 1,472 $ — $ 1,472 Current assets 7,428 — 7,428 Property, plant and equipment 10,237 — 10,237 Goodwill 23,434 (64) 23,370 Other intangibles 21,224 — 21,224 Current liabilities (3,186) (109) (3,295) Other non-current liabilities (7,555) — (7,555) Consideration paid at closing $ 53,054 $ (173) $ 52,881 Contingent consideration 10,198 — 10,198 Net assets acquired and liabilities assumed $ 63,252 $ (173) $ 63,079 The goodwill and $7.8 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $6.2 million allocated to customer relationships, and $6.7 million allocated to developed technology, and $0.5 million allocated to backlog, which are being amortized over periods of 7 years, 7 to 12 years, and 3 to 6 months, respectively. Goodwill of $17.8 million and other intangibles of $7.8 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $5.6 million and other intangibles of $13.4 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. All of the goodwill and other intangibles are expected to be deductible for tax reporting purposes. Three purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. Three earnouts are payable to the extent certain sales and EBITDA targets are met with measurement dates ending between 2024 and 2026. One earnout is payable upon the achievement of certain product rollout targets specific to the year of measurement. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $10.2 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 all acquisitions completed during 2023. Certain intangible assets are preliminarily valued using historical information from the 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. Pro Forma Financial Information In accordance with ASC 805 Business Combinations, the following unaudited pro forma results of operations for the six months ended July 1, 2023 and July 2, 2022, assumes the 2022 and 2023 acquisitions described above were completed on January 2, 2022 (first day of fiscal year 2022). The following pro forma results include adjustments to reflect amortization of intangibles associated with the acquisition and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): Six Months Ended July 1, 2023 July 2, 2022 Net sales $ 2,053,062 $ 2,102,303 Net earnings 217,696 189,909 Net earnings per share: Basic $ 4.06 $ 3.49 Diluted $ 4.02 $ 3.42 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	6 Months Ended
	Jul. 01, 2023
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	6 Months Ended
	Jul. 01, 2023
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards Accounting Pronouncements - Recently Adopted In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The new accounting rules require entities to apply “Revenue from Contracts with Customers (Topic 606)” to recognize and measure contract assets and contract liabilities in a business combination. The new accounting rules were effective for the Company in the first quarter of 2023. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures 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 as of January 1, 2023 and only impacts annual financial statement footnote disclosures. The company adopted this standard in the first quarter of 2023 and it did not have a material impact 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 adopted this standard in the first quarter of 2023 and it did not have a material impact 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. 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 adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures. Accounting Pronouncements - To be adopted In March 2023, the FASB issued Accounting Standards Update ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance is effective for the Company beginning on January 1, 2024. 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	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023 United States and Canada $ 474,745 $ 126,953 $ 134,755 $ 736,453 Asia 57,453 15,531 2,092 75,076 Europe and Middle East 94,175 33,499 66,771 194,445 Latin America 19,290 12,765 1,953 34,008 Total $ 645,663 $ 188,748 $ 205,571 $ 1,039,982 Six Months Ended July 1, 2023 United States and Canada $ 927,400 $ 243,853 $ 278,714 $ 1,449,967 Asia 113,979 24,118 5,281 143,378 Europe and Middle East 181,140 67,558 137,157 385,855 Latin America 37,079 26,722 4,377 68,178 Total $ 1,259,598 $ 362,251 $ 425,529 $ 2,047,378 Three Months Ended July 2, 2022 United States and Canada $ 451,296 $ 91,041 $ 189,729 $ 732,066 Asia 45,795 4,121 10,072 59,988 Europe and Middle East 92,327 20,461 78,382 191,170 Latin America 16,856 11,695 1,826 30,377 Total $ 606,274 $ 127,318 $ 280,009 $ 1,013,601 Six Months Ended July 2, 2022 United States and Canada $ 842,620 $ 189,329 $ 419,328 $ 1,451,277 Asia 93,177 7,867 16,077 117,121 Europe and Middle East 180,595 34,668 171,965 387,228 Latin America 29,900 19,032 3,719 52,651 Total $ 1,146,292 $ 250,896 $ 611,089 $ 2,008,277 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): Jul 1, 2023 Dec 31, 2022 Contract assets $ 51,322 $ 40,438 Contract liabilities $ 158,133 $ 185,824 Non-current contract liabilities $ 14,898 $ 12,495 During the six months period ended July 1, 2023, the company reclassified $20.9 million to receivables, which was included in the contract asset balance at the beginning of the period. During the six months period ended July 1, 2023, the company recognized revenue of $83.3 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 $83.1 million during the six months period ended July 1, 2023. In addition, contract liabilities increased due to the acquisitions during the six months ended July 1, 2023. 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 six months period ended July 1, 2023.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jul. 01, 2023
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 Loss Certain Investments Total Balance as of December 31, 2022 $ (205,345) $ (121,701) $ 48,574 $ — $ (278,472) Other comprehensive income before reclassification 31,851 (6,106) 13,173 — 38,918 Amounts reclassified from accumulated other comprehensive income — 1,126 (15,284) — (14,158) Net current-period other comprehensive income $ 31,851 $ (4,980) $ (2,111) — $ 24,760 Balance as of July 1, 2023 $ (173,494) $ (126,681) $ 46,463 — $ (253,712) Balance as of January 1, 2022 $ (97,654) $ (249,696) $ (13,064) $ 1,330 $ (359,084) Other comprehensive income before reclassification (119,402) 26,199 31,427 (1,330) (63,106) Amounts reclassified from accumulated other comprehensive income — — 7,817 — 7,817 Net current-period other comprehensive income $ (119,402) $ 26,199 $ 39,244 $ (1,330) $ (55,289) Balance as of July 2, 2022 $ (217,056) $ (223,497) $ 26,180 $ — $ (414,373) (1) As of July 1, 2023, pension and interest rate swap are net of tax of $(1.9) million and $16.1 million, respectively. During the six months ended July 1, 2023, the adjustments to pension and interest rate swap were net of tax of $0.1 million and $(0.7) million, respectively. As of July 2, 2022, pension, interest rate swap, and gain on investment amounts are net of tax of $(35.4) million and $9.3 million, respectively. During the six months ended July 2, 2022, the adjustments to pension, unrealized gain/(loss) interest rate swap, and loss on investments were net of tax of $4.1 million, $13.8 million, and $(0.4) million, respectively. Components of other comprehensive income were as follows (in thousands): Three Months Ended Six Months Ended Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Net earnings $ 116,850 $ 113,248 $ 215,939 $ 199,003 Currency translation adjustment 4,892 (92,211) 31,851 (119,402) Pension liability adjustment, net of tax (2,171) 19,955 (4,980) 26,199 Unrealized gain (loss) on interest rate swaps, net of tax 6,210 8,128 (2,111) 39,244 Unrealized loss on certain investments, net of tax — (2,678) — (1,330) Comprehensive income $ 125,781 $ 46,442 $ 240,699 $ 143,714

Inventories

Inventories	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023 and December 31, 2022 are as follows (in thousands): Jul 1, 2023 Dec 31, 2022 Raw materials and parts $ 572,508 $ 595,325 Work-in-process 105,561 86,083 Finished goods 404,454 396,321 $ 1,082,523 $ 1,077,729

Goodwill

Goodwill	6 Months Ended
	Jul. 01, 2023
Notes To Financial Statements [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill for the six months ended July 1, 2023 are as follows (in thousands): Commercial Food Residential Kitchen Total Balance as of December 31, 2022 $ 1,309,776 $ 350,303 $ 751,755 $ 2,411,834 Goodwill acquired during the year 5,556 17,814 — 23,370 Measurement period adjustments to 2,014 (498) — 1,516 Exchange effect (917) 2,406 13,657 15,146 Balance as of July 1, 2023 $ 1,316,429 $ 370,025 $ 765,412 $ 2,451,866 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

Intangibles	6 Months Ended
	Jul. 01, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets Disclosure [Text Block]	Intangibles Intangible assets consist of the following (in thousands): July 1, 2023 December 31, 2022 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer lists 7.3 $ 842,004 $ (495,609) 7.6 $ 839,811 $ (460,885) Backlog 0.3 7,520 (6,831) 0.1 8,301 (6,352) Developed technology 8.6 97,158 (40,361) 8.3 79,763 (35,797) $ 946,682 $ (542,801) $ 927,875 $ (503,034) Indefinite-lived assets: Trademarks and tradenames $ 1,386,890 $ 1,369,391 The aggregate intangible amortization expense was $16.5 million and $16.5 million for the three months period ended July 1, 2023 and July 2, 2022, respectively. The aggregate intangible amortization expense was $37.7 million and $50.1 million for the six months period ended July 1, 2023 and July 2, 2022, 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 Second Quarter Amortization Expense 2024 $ 70,689 2025 58,523 2026 55,972 2027 49,514 2028 41,809 Thereafter 127,374 $ 403,881

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jul. 01, 2023
Disclosure Accrued Expenses [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): Jul 1, 2023 Dec 31, 2022 Contract liabilities $ 158,133 $ 185,824 Accrued payroll and related expenses 102,786 122,861 Accrued warranty 85,318 82,096 Accrued customer rebates 50,174 70,706 Accrued short-term leases 26,840 25,250 Accrued sales and other tax 25,853 24,044 Accrued contingent consideration 20,305 20,529 Accrued professional fees 17,225 19,541 Accrued agent commission 16,578 17,381 Accrued product liability and workers compensation 11,312 11,326 Other accrued expenses 86,891 91,769 $ 601,415 $ 671,327

Warranty Costs

Warranty Costs	6 Months Ended
	Jul. 01, 2023
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): Six Months Ended Jul 1, 2023 Balance as of December 31, 2022 $ 82,096 Warranty reserve related to acquisitions 275 Warranty expense 44,292 Warranty claims (41,345) Balance as of July 1, 2023 $ 85,318

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jul. 01, 2023
Notes To Financial Statements [Abstract]
Financing Arrangements	Financing Arrangements Jul 1, 2023 Dec 31, 2022 (in thousands) Senior secured revolving credit line $ 291,811 $ 251,805 Term loan facility 957,724 975,785 Delayed draw term loan facility 735,938 750,000 Convertible senior notes 739,714 737,918 Foreign loans 5,813 5,917 Other debt arrangement 794 899 Total debt 2,731,794 2,722,324 Less: Current maturities of long-term debt 44,250 45,583 Long-term debt $ 2,687,544 $ 2,676,741 Credit Facility As of July 1, 2023, the company had $2.0 billion of borrowings outstanding under its credit facility (the "Credit Facility"), including $962.5 million outstanding under the term loan ($957.7 million, net of unamortized issuance fees) and $735.9 million outstanding under the delayed draw term loan. The company also had $1.9 million in outstanding letters of credit as of July 1, 2023, which reduces the borrowing availability under the Credit Facility. Remaining borrowing capacity under this facility was $2.5 billion at July 1, 2023. On August 11, 2022, the company borrowed $750.0 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 amortizes in quarterly installments due on the last day of each fiscal quarter, and commenced on December 31, 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 July 1, 2023, borrowings under the Credit Facility accrued interest at a rate of 1.625% above the daily simple Secured Overnight Financing Rate (“SOFR”) per annum or 0.625% above the highest of the prime rate, the federal funds rate plus 0.50% and one month Term SOFR 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. As of July 1, 2023, borrowings under the Credit Facility accrued interest at a minimum of 1.625% above SOFR and the variable unused commitment fee will be at a minimum of 0.25%. Borrowings under the Credit Facility accrue interest at a minimum of 1.625% above the daily simple SOFR or term SOFR for the applicable interest period (each of which includes a spread adjustment of 0.10%). The average interest rate per annum, inclusive of hedging instruments, on the debt under the Credit Facility was equal to 4.85% at the end of the period and the variable commitment fee was equal to 0.25% per annum as of July 1, 2023. The term loan and delayed draw term loan facilities had an average interest rate per annum, inclusive of hedging instruments, of 4.71% as of July 1, 2023. In addition, the company has international credit facilities to fund working capital needs outside the United States. At July 1, 2023, these foreign credit facilities amounted to $5.8 million in U.S. Dollars with a weighted average per annum interest rate of approximately 1.06%. 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): Jul 1, 2023 Dec 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Total debt excluding convertible senior notes $ 1,992,081 $ 1,996,856 $ 1,984,406 $ 1,989,871 The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At July 1, 2023, the company had outstanding floating-to-fixed interest rate swaps totaling $308.0 million notional amount carrying an average interest rate of 1.89% maturing in less than 12 months and $740.0 million notional amount carrying an average interest rate of 1.69% that mature in more than 12 months but less than 56 months. At July 1, 2023, 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: Jul 1, 2023 Dec 31, 2022 (in thousands) Principal amounts: Principal $ 747,499 $ 747,499 Unamortized issuance costs (7,785) (9,581) Net carrying amount $ 739,714 $ 737,918 The following table summarizes total interest expense recognized related to the Convertible Notes: Three Months Ended Six Months Ended Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Contractual interest expense $ 1,869 $ 1,868 $ 3,738 $ 3,758 Interest cost related to amortization of issuance costs 898 898 1,796 1,800 Total interest expense $ 2,767 $ 2,766 $ 5,534 $ 5,558 The estimated fair value of the Convertible Notes was $912.5 million as of July 1, 2023 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 exceeded their respective principal value by $111.6 million as of July 1, 2023. 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	6 Months Ended
	Jul. 01, 2023
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 $400.8 million and $562.5 million as of July 1, 2023 and December 31, 2022, respectively. The fair value of the forward and option contracts was a loss of $2.1 million at the end of the second quarter of 2023. 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 SOFR in lieu of LIBOR. In April 2023, all outstanding LIBOR swap agreements were amended to one month term SOFR. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of July 1, 2023, the fair value of these instruments was an asset of $62.1 million. The change in fair value of these swap agreements in the first six months of 2023 was a loss of $2.1 million, net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Jul 1, 2023 Dec 31, 2022 Fair value Prepaid expense and other $ 7,286 $ 6,805 Fair value Other assets $ 54,850 $ 58,180 The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Six Months Ended Presentation of Gain/(loss) Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 16,657 $ 7,195 $ 12,435 $ 45,242 Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 8,275 $ (3,856) $ 15,284 $ (7,817) 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	6 Months Ended
	Jul. 01, 2023
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, holding, 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, ghost kitchens, convenience stores, supermarkets, 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, IoT solutions and controls development and manufacturing. The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing protein products, such as bacon, salami, hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies, crackers, pies, bread and buns. Through its broad line of products, the company is able to deliver a wide array of food preparation, thermal processing, slicing/packaging, facility automation and equipment sanitation solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated full processing line 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 Six Months Ended Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 645,663 62.1 % $ 606,274 59.8 % $ 1,259,598 61.5 % $ 1,146,292 57.1 % Food Processing 188,748 18.1 127,318 12.6 362,251 17.7 250,896 12.5 Residential Kitchen 205,571 19.8 280,009 27.6 425,529 20.8 611,089 30.4 Total $ 1,039,982 100.0 % $ 1,013,601 100.0 % $ 2,047,378 100.0 % $ 2,008,277 100.0 % 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 July 1, 2023 Net sales $ 645,663 $ 188,748 $ 205,571 $ — $ 1,039,982 Income (loss) from operations (2, 3) 156,969 39,324 19,096 (30,618) 184,771 Depreciation expense (4) 7,011 1,889 3,319 304 12,523 Amortization expense (5) 14,138 132 2,250 1,787 18,307 Net capital expenditures 10,843 2,869 7,540 1,578 22,830 Six Months Ended July 1, 2023 Net sales $ 1,259,598 $ 362,251 $ 425,529 $ — $ 2,047,378 Income (loss) from operations (2, 3) 293,531 74,011 40,282 (62,031) 345,793 Depreciation expense (4) 13,177 3,986 6,766 571 24,500 Amortization expense (5) 28,946 4,269 4,488 3,574 41,277 Net capital expenditures 27,749 5,072 13,754 1,740 48,315 Total assets $ 3,828,055 $ 1,034,594 $ 1,974,752 $ 147,357 $ 6,984,758 Three Months Ended July 2, 2022 Net sales $ 606,274 $ 127,318 $ 280,009 $ — $ 1,013,601 Income (loss) from operations (2, 3) 137,584 18,308 46,077 (34,742) 167,227 Depreciation expense (4) 5,817 1,332 3,425 183 10,757 Amortization expense (5) 13,553 1,905 1,030 1,790 18,278 Net capital expenditures 7,373 4,068 5,705 490 17,636 Six Months Ended July 2, 2022 Net sales $ 1,146,292 $ 250,896 $ 611,089 $ — $ 2,008,277 Income (loss) from operations (2, 3) 247,219 38,503 71,023 (66,954) 289,791 Depreciation expense (4) 11,656 2,690 7,410 373 22,129 Amortization expense (5) 27,044 3,850 19,159 3,595 53,648 Net capital expenditures 12,930 7,162 11,246 795 32,133 Total assets $ 3,719,217 $ 698,818 $ 2,042,631 $ 118,707 $ 6,579,373 (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) Includes depreciation on right of use assets. (5) Includes amortization of deferred financing costs and Convertible Notes issuance costs. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands): Jul 1, 2023 Jul 2, 2022 United States and Canada $ 497,064 $ 430,665 Asia 38,105 35,424 Europe and Middle East 156,780 140,716 Latin America 13,968 11,152 Total international $ 208,853 $ 187,292 $ 705,917 $ 617,957

Employee Retirement Plans

Employee Retirement Plans	6 Months Ended
	Jul. 01, 2023
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 Six Months Ended Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Net Periodic Pension Benefit: Interest cost 11,476 6,281 $ 22,614 $ 12,986 Expected return on assets (14,652) (18,694) (28,871) (38,650) Amortization of net loss 7 904 14 1,869 Amortization of prior service cost 651 653 1,282 1,349 $ (2,518) $ (10,856) $ (4,961) $ (22,446)

Share Repurchases

Share Repurchases	6 Months Ended
	Jul. 01, 2023
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 three and six months ended July 1, 2023, the company repurchased 48,758 and 397,738 shares of its common stock under the program for $6.8 million and $55.6 million, including applicable commissions and excise tax, which represented an average price of $138.77 and $139.68. As of July 1, 2023, 3,116,364 shares had been purchased under the stock repurchase program and 1,883,636 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 six months ended July 1, 2023, the company repurchased 1,334 and 126,550 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $0.2 million and $19.7 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 01, 2023
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 2022 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2023. Certain reclassifications of prior year data have been made to conform with current year reporting. 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 July 1, 2023 and December 31, 2022, the results of operations for the three and six months ended July 1, 2023 and July 2, 2022, cash flows for the six months ended July 1, 2023 and July 2, 2022 and statement of stockholders' equity for the three and six months ended July 1, 2023 and July 2, 2022.
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. Non-cash share-based compensation expense was $9.9 million and $13.2 million for the three months period ended July 1, 2023 and July 2, 2022, respectively. Non-cash share-based compensation expense was $22.1 million and $26.9 million for the six months period ended July 1, 2023 and July 2, 2022, respectively.
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)	6 Months Ended
	Jul. 01, 2023
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)	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023 Financial Assets: Interest rate swaps $ — $ 62,136 $ — $ 62,136 Financial Liabilities: Contingent consideration $ — $ — $ 56,475 $ 56,475 Foreign exchange derivative contracts $ — $ 2,079 $ — $ 2,079 As of December 31, 2022 Financial Assets: Interest rate swaps $ — $ 64,985 $ — $ 64,985 Financial Liabilities: Contingent consideration $ — $ — $ 47,242 $ 47,242 Foreign exchange derivative contracts $ — $ 474 $ — $ 474
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table represents changes in the fair value of the contingent consideration liabilities: July 1, 2023 Beginning balance $ 47,242 Payments of contingent consideration (3,153) New contingent consideration 10,774 Changes in fair value 1,612 Ending balance $ 56,475

Acquisitions and Purchase Acc_2

Acquisitions and Purchase Accounting Acquisition and Purchase Accounting (Tables)	6 Months Ended
	Jul. 01, 2023
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information	The following pro forma results include adjustments to reflect amortization of intangibles associated with the acquisition and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): Six Months Ended July 1, 2023 July 2, 2022 Net sales $ 2,053,062 $ 2,102,303 Net earnings 217,696 189,909 Net earnings per share: Basic $ 4.06 $ 3.49 Diluted $ 4.02 $ 3.42
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 $ 25,860 $ 159 $ 26,019 Current assets 115,264 (8,053) 107,211 Property, plant and equipment 44,598 847 45,445 Goodwill 139,633 6,510 146,143 Other intangibles 93,147 7,018 100,165 Long-term deferred tax asset 426 635 1,061 Other assets 1,420 2,870 4,290 Current portion of long-term debt (22,841) 2,154 (20,687) Current liabilities (57,158) (2,098) (59,256) Long term debt (5,646) (2,320) (7,966) Long-term deferred tax liability (23,137) 975 (22,162) Other non-current liabilities (19,061) (6,737) (25,798) Consideration paid at closing $ 292,505 $ 1,960 $ 294,465 Contingent consideration 19,105 3,969 23,074 Net assets acquired and liabilities assumed $ 311,610 $ 5,929 $ 317,539
2023 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 2023 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 1,472 $ — $ 1,472 Current assets 7,428 — 7,428 Property, plant and equipment 10,237 — 10,237 Goodwill 23,434 (64) 23,370 Other intangibles 21,224 — 21,224 Current liabilities (3,186) (109) (3,295) Other non-current liabilities (7,555) — (7,555) Consideration paid at closing $ 53,054 $ (173) $ 52,881 Contingent consideration 10,198 — 10,198 Net assets acquired and liabilities assumed $ 63,252 $ (173) $ 63,079

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Tables)	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023 United States and Canada $ 474,745 $ 126,953 $ 134,755 $ 736,453 Asia 57,453 15,531 2,092 75,076 Europe and Middle East 94,175 33,499 66,771 194,445 Latin America 19,290 12,765 1,953 34,008 Total $ 645,663 $ 188,748 $ 205,571 $ 1,039,982 Six Months Ended July 1, 2023 United States and Canada $ 927,400 $ 243,853 $ 278,714 $ 1,449,967 Asia 113,979 24,118 5,281 143,378 Europe and Middle East 181,140 67,558 137,157 385,855 Latin America 37,079 26,722 4,377 68,178 Total $ 1,259,598 $ 362,251 $ 425,529 $ 2,047,378 Three Months Ended July 2, 2022 United States and Canada $ 451,296 $ 91,041 $ 189,729 $ 732,066 Asia 45,795 4,121 10,072 59,988 Europe and Middle East 92,327 20,461 78,382 191,170 Latin America 16,856 11,695 1,826 30,377 Total $ 606,274 $ 127,318 $ 280,009 $ 1,013,601 Six Months Ended July 2, 2022 United States and Canada $ 842,620 $ 189,329 $ 419,328 $ 1,451,277 Asia 93,177 7,867 16,077 117,121 Europe and Middle East 180,595 34,668 171,965 387,228 Latin America 29,900 19,032 3,719 52,651 Total $ 1,146,292 $ 250,896 $ 611,089 $ 2,008,277
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): Jul 1, 2023 Dec 31, 2022 Contract assets $ 51,322 $ 40,438 Contract liabilities $ 158,133 $ 185,824 Non-current contract liabilities $ 14,898 $ 12,495

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jul. 01, 2023
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 Loss Certain Investments Total Balance as of December 31, 2022 $ (205,345) $ (121,701) $ 48,574 $ — $ (278,472) Other comprehensive income before reclassification 31,851 (6,106) 13,173 — 38,918 Amounts reclassified from accumulated other comprehensive income — 1,126 (15,284) — (14,158) Net current-period other comprehensive income $ 31,851 $ (4,980) $ (2,111) — $ 24,760 Balance as of July 1, 2023 $ (173,494) $ (126,681) $ 46,463 — $ (253,712) Balance as of January 1, 2022 $ (97,654) $ (249,696) $ (13,064) $ 1,330 $ (359,084) Other comprehensive income before reclassification (119,402) 26,199 31,427 (1,330) (63,106) Amounts reclassified from accumulated other comprehensive income — — 7,817 — 7,817 Net current-period other comprehensive income $ (119,402) $ 26,199 $ 39,244 $ (1,330) $ (55,289) Balance as of July 2, 2022 $ (217,056) $ (223,497) $ 26,180 $ — $ (414,373)
Schedule of Comprehensive Income (Loss)	Components of other comprehensive income were as follows (in thousands): Three Months Ended Six Months Ended Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Net earnings $ 116,850 $ 113,248 $ 215,939 $ 199,003 Currency translation adjustment 4,892 (92,211) 31,851 (119,402) Pension liability adjustment, net of tax (2,171) 19,955 (4,980) 26,199 Unrealized gain (loss) on interest rate swaps, net of tax 6,210 8,128 (2,111) 39,244 Unrealized loss on certain investments, net of tax — (2,678) — (1,330) Comprehensive income $ 125,781 $ 46,442 $ 240,699 $ 143,714

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 01, 2023
Notes To Financial Statements [Abstract]
Schedule of Inventory, Current	Inventories at July 1, 2023 and December 31, 2022 are as follows (in thousands): Jul 1, 2023 Dec 31, 2022 Raw materials and parts $ 572,508 $ 595,325 Work-in-process 105,561 86,083 Finished goods 404,454 396,321 $ 1,082,523 $ 1,077,729

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jul. 01, 2023
Notes To Financial Statements [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the six months ended July 1, 2023 are as follows (in thousands): Commercial Food Residential Kitchen Total Balance as of December 31, 2022 $ 1,309,776 $ 350,303 $ 751,755 $ 2,411,834 Goodwill acquired during the year 5,556 17,814 — 23,370 Measurement period adjustments to 2,014 (498) — 1,516 Exchange effect (917) 2,406 13,657 15,146 Balance as of July 1, 2023 $ 1,316,429 $ 370,025 $ 765,412 $ 2,451,866 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)	6 Months Ended
	Jul. 01, 2023
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): July 1, 2023 December 31, 2022 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer lists 7.3 $ 842,004 $ (495,609) 7.6 $ 839,811 $ (460,885) Backlog 0.3 7,520 (6,831) 0.1 8,301 (6,352) Developed technology 8.6 97,158 (40,361) 8.3 79,763 (35,797) $ 946,682 $ (542,801) $ 927,875 $ (503,034) Indefinite-lived assets: Trademarks and tradenames $ 1,386,890 $ 1,369,391
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Twelve Month Period coinciding with the end of the company's Fiscal Second Quarter Amortization Expense 2024 $ 70,689 2025 58,523 2026 55,972 2027 49,514 2028 41,809 Thereafter 127,374 $ 403,881

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jul. 01, 2023
Disclosure Accrued Expenses [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands): Jul 1, 2023 Dec 31, 2022 Contract liabilities $ 158,133 $ 185,824 Accrued payroll and related expenses 102,786 122,861 Accrued warranty 85,318 82,096 Accrued customer rebates 50,174 70,706 Accrued short-term leases 26,840 25,250 Accrued sales and other tax 25,853 24,044 Accrued contingent consideration 20,305 20,529 Accrued professional fees 17,225 19,541 Accrued agent commission 16,578 17,381 Accrued product liability and workers compensation 11,312 11,326 Other accrued expenses 86,891 91,769 $ 601,415 $ 671,327

Warranty Costs (Tables)

Warranty Costs (Tables)	6 Months Ended
	Jul. 01, 2023
Notes To Financial Statements [Abstract]
Product Warranty Table Disclosure	A rollforward of the warranty reserve is as follows (in thousands): Six Months Ended Jul 1, 2023 Balance as of December 31, 2022 $ 82,096 Warranty reserve related to acquisitions 275 Warranty expense 44,292 Warranty claims (41,345) Balance as of July 1, 2023 $ 85,318

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jul. 01, 2023
Notes To Financial Statements [Abstract]
Schedule of Long-term Debt Instruments	Jul 1, 2023 Dec 31, 2022 (in thousands) Senior secured revolving credit line $ 291,811 $ 251,805 Term loan facility 957,724 975,785 Delayed draw term loan facility 735,938 750,000 Convertible senior notes 739,714 737,918 Foreign loans 5,813 5,917 Other debt arrangement 794 899 Total debt 2,731,794 2,722,324 Less: Current maturities of long-term debt 44,250 45,583 Long-term debt $ 2,687,544 $ 2,676,741
Carrying Value And Fair Value Of Long Term Debt, Disclosure	Jul 1, 2023 Dec 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Total debt excluding convertible senior notes $ 1,992,081 $ 1,996,856 $ 1,984,406 $ 1,989,871
Convertible Debt	The following table summarizes the outstanding principal amount and carrying value of the Convertible Notes: Jul 1, 2023 Dec 31, 2022 (in thousands) Principal amounts: Principal $ 747,499 $ 747,499 Unamortized issuance costs (7,785) (9,581) Net carrying amount $ 739,714 $ 737,918
Schedule of Debt Instruments, Interest Expense	The following table summarizes total interest expense recognized related to the Convertible Notes: Three Months Ended Six Months Ended Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Contractual interest expense $ 1,869 $ 1,868 $ 3,738 $ 3,758 Interest cost related to amortization of issuance costs 898 898 1,796 1,800 Total interest expense $ 2,767 $ 2,766 $ 5,534 $ 5,558

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jul. 01, 2023
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 Jul 1, 2023 Dec 31, 2022 Fair value Prepaid expense and other $ 7,286 $ 6,805 Fair value Other assets $ 54,850 $ 58,180
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Six Months Ended Presentation of Gain/(loss) Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 16,657 $ 7,195 $ 12,435 $ 45,242 Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 8,275 $ (3,856) $ 15,284 $ (7,817)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 01, 2023
Notes To Financial Statements [Abstract]
Net Sales Summary By Segment	Net Sales Summary (dollars in thousands) Three Months Ended Six Months Ended Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 645,663 62.1 % $ 606,274 59.8 % $ 1,259,598 61.5 % $ 1,146,292 57.1 % Food Processing 188,748 18.1 127,318 12.6 362,251 17.7 250,896 12.5 Residential Kitchen 205,571 19.8 280,009 27.6 425,529 20.8 611,089 30.4 Total $ 1,039,982 100.0 % $ 1,013,601 100.0 % $ 2,047,378 100.0 % $ 2,008,277 100.0 %
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 July 1, 2023 Net sales $ 645,663 $ 188,748 $ 205,571 $ — $ 1,039,982 Income (loss) from operations (2, 3) 156,969 39,324 19,096 (30,618) 184,771 Depreciation expense (4) 7,011 1,889 3,319 304 12,523 Amortization expense (5) 14,138 132 2,250 1,787 18,307 Net capital expenditures 10,843 2,869 7,540 1,578 22,830 Six Months Ended July 1, 2023 Net sales $ 1,259,598 $ 362,251 $ 425,529 $ — $ 2,047,378 Income (loss) from operations (2, 3) 293,531 74,011 40,282 (62,031) 345,793 Depreciation expense (4) 13,177 3,986 6,766 571 24,500 Amortization expense (5) 28,946 4,269 4,488 3,574 41,277 Net capital expenditures 27,749 5,072 13,754 1,740 48,315 Total assets $ 3,828,055 $ 1,034,594 $ 1,974,752 $ 147,357 $ 6,984,758 Three Months Ended July 2, 2022 Net sales $ 606,274 $ 127,318 $ 280,009 $ — $ 1,013,601 Income (loss) from operations (2, 3) 137,584 18,308 46,077 (34,742) 167,227 Depreciation expense (4) 5,817 1,332 3,425 183 10,757 Amortization expense (5) 13,553 1,905 1,030 1,790 18,278 Net capital expenditures 7,373 4,068 5,705 490 17,636 Six Months Ended July 2, 2022 Net sales $ 1,146,292 $ 250,896 $ 611,089 $ — $ 2,008,277 Income (loss) from operations (2, 3) 247,219 38,503 71,023 (66,954) 289,791 Depreciation expense (4) 11,656 2,690 7,410 373 22,129 Amortization expense (5) 27,044 3,850 19,159 3,595 53,648 Net capital expenditures 12,930 7,162 11,246 795 32,133 Total assets $ 3,719,217 $ 698,818 $ 2,042,631 $ 118,707 $ 6,579,373 (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) Includes depreciation on right of use assets. (5) Includes amortization of deferred financing costs and Convertible Notes issuance costs.
Schedule of Entity-Wide Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country	Long-lived assets, not including goodwill and other intangibles (in thousands): Jul 1, 2023 Jul 2, 2022 United States and Canada $ 497,064 $ 430,665 Asia 38,105 35,424 Europe and Middle East 156,780 140,716 Latin America 13,968 11,152 Total international $ 208,853 $ 187,292 $ 705,917 $ 617,957

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	6 Months Ended
	Jul. 01, 2023
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 Six Months Ended Jul 1, 2023 Jul 2, 2022 Jul 1, 2023 Jul 2, 2022 Net Periodic Pension Benefit: Interest cost 11,476 6,281 $ 22,614 $ 12,986 Expected return on assets (14,652) (18,694) (28,871) (38,650) Amortization of net loss 7 904 14 1,869 Amortization of prior service cost 651 653 1,282 1,349 $ (2,518) $ (10,856) $ (4,961) $ (22,446)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Accounting Policies [Abstract]
Non-cash share-based compensation expense	$ 9,900	$ 13,200	$ 22,130	$ 26,880
Provision for income taxes	$ 39,293	$ 38,033	$ 72,119	$ 64,643
Effective Income Tax Rate Reconciliation, Percent	25.20%	25.10%	25%	24.50%
Interest paid			$ 62,100	$ 34,100
Income tax payments			$ 90,100	$ 52,800
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	5,000	8,000	4,000	7,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities			645,000	1,151,000

Financial Assets and Liabilitie

Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 56,475	$ 47,242
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(3,153)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	10,774
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	1,612
Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	62,136	64,985
Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	56,475	47,242
Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	2,079	474
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	62,136	64,985
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	2,079	474
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	56,475	47,242
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	$ 0	$ 0

Acquisitions and Purchase Acc_3

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2022 Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 2,451,866	$ 2,411,834
Business Combination, Contingent Consideration, Liability	20,305	20,529
Food Processing Group
Business Acquisition [Line Items]
Goodwill	370,025	350,303
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,316,429	1,309,776
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	765,412	$ 751,755
2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	26,019
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	107,211
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	45,445
Goodwill	146,143
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	100,165
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	1,061
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	4,290
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	(20,687)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(59,256)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	(7,966)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	22,162
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(25,798)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	294,465
Business Combination, Contingent Consideration, Liability	23,074
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	317,539
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(21,100)
Business Acquisition, Goodwill, Expected Tax Deductible Amount	21,500
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	11,900
2022 Acquisitions | Tradenames And Trademarks
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	46,000
2022 Acquisitions | Customer Relationships
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	31,500
2022 Acquisitions | Developed Technology Rights
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,000
2022 Acquisitions | Backlog
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	6,700
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	20,900
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	200
2022 Acquisitions | Food Processing Group
Business Acquisition [Line Items]
Goodwill	111,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	63,800
2022 Acquisitions | Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	32,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	35,600
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 | Customer Relationships
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
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 | Customer Relationships
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years
2022 Acquisitions | Maximum | Developed Technology Rights
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	11 years
2022 Acquisitions | Maximum | Backlog
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 months
Initial accounting | 2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 25,860
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	115,264
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	44,598
Goodwill	139,633
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	93,147
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	1,420
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt	(22,841)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(57,158)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	(5,646)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	23,137
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(19,061)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	292,505
Business Combination, Contingent Consideration, Liability	19,105
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	311,610
Measurement period adjustment | 2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	159
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(8,053)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	847
Goodwill	6,510
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,018
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	635
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	2,870
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	(2,098)
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	(975)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(6,737)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	1,960
Business Combination, Contingent Consideration, Liability	3,969
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 5,929

Acquisitions and Purchase Acc_4

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2023 Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 2,451,866	$ 2,411,834
Business Combination, Contingent Consideration, Liability	20,305	20,529
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,316,429	1,309,776
Food Processing Group
Business Acquisition [Line Items]
Goodwill	370,025	$ 350,303
2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	21,224
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	1,472
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	7,428
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	10,237
Goodwill	23,370
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	21,224
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(3,295)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(7,555)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	52,881
Business Combination, Contingent Consideration, Liability	10,198
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	63,079
2023 Acquisitions | Commercial Foodservice Equipment Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	13,400
Business Acquisition [Line Items]
Goodwill	5,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	13,400
2023 Acquisitions | Food Processing Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
Business Acquisition [Line Items]
Goodwill	17,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
2023 Acquisitions | Customer Relationships
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	6,200
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 6,200
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2023 Acquisitions | Developed Technology Rights
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 6,700
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 6,700
2023 Acquisitions | Developed Technology Rights | Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2023 Acquisitions | Developed Technology Rights | Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
2023 Acquisitions | Backlog
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 500
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 500
2023 Acquisitions | Backlog | Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months
2023 Acquisitions | Backlog | Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 months
2023 Acquisitions | Tradenames And Trademarks
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,800
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
Initial accounting | 2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	21,224
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	1,472
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	7,428
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	10,237
Goodwill	23,434
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	21,224
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(3,186)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(7,555)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	53,054
Business Combination, Contingent Consideration, Liability	10,198
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	63,252
Measurement period adjustment | 2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	0
Goodwill	(64)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(109)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	(173)
Business Combination, Contingent Consideration, Liability	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ (173)

Acquisitions and Purchase Acc_5

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 2,053,062	$ 2,102,303
Business Acquisition, Pro Forma Net Income (Loss)	$ 217,696	$ 189,909
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 4.06	$ 3.49
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 4.02	$ 3.42

Revenue Recognition Disaggregat

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,039,982	$ 1,013,601	$ 2,047,378	$ 2,008,277
United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	736,453	732,066	1,449,967	1,451,277
Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	75,076	59,988	143,378	117,121
Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	194,445	191,170	385,855	387,228
Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34,008	30,377	68,178	52,651
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	645,663	606,274	1,259,598	1,146,292
Commercial Foodservice Equipment Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	474,745	451,296	927,400	842,620
Commercial Foodservice Equipment Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	57,453	45,795	113,979	93,177
Commercial Foodservice Equipment Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	94,175	92,327	181,140	180,595
Commercial Foodservice Equipment Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	19,290	16,856	37,079	29,900
Food Processing Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	188,748	127,318	362,251	250,896
Food Processing Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	126,953	91,041	243,853	189,329
Food Processing Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	15,531	4,121	24,118	7,867
Food Processing Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	33,499	20,461	67,558	34,668
Food Processing Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,765	11,695	26,722	19,032
Residential Kitchen
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	205,571	280,009	425,529	611,089
Residential Kitchen | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	134,755	189,729	278,714	419,328
Residential Kitchen | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,092	10,072	5,281	16,077
Residential Kitchen | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	66,771	78,382	137,157	171,965
Residential Kitchen | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,953	$ 1,826	$ 4,377	$ 3,719

Revenue Recognition Contract wi

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Revenue Recognition [Abstract]
Contract with Customer, Asset, Net, Current	$ 51,322	$ 40,438
Contract liabilities	158,133	185,824
Contract with Customer, Liability, Noncurrent	14,898	$ 12,495
Contract with Customer, Asset, Reclassified to Receivable	20,900
Contract with Customer, Liability, Revenue Recognized	83,300
Contract with Customer, Liability, Increase for Contract Acquired during the Period	83,100
Capitalized Contract Cost, Impairment Loss	$ 0

Changes in accumulated other co

Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			$ (278,472)	$ (359,084)
Other comprehensive income before reclassification			38,918	(63,106)
Amounts reclassified from accumulated other comprehensive income			(14,158)	7,817
Net current-period other comprehensive income			24,760	(55,289)
End of Period	$ (253,712)	$ (414,373)	(253,712)	(414,373)
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax	(1,900)	(35,400)	(1,900)	(35,400)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	16,100	9,300	16,100	9,300
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax			100	4,100
Unrealized gain on interest rate swap, tax	2,172	2,923	(738)	13,815
Other Comprehensive Income (Loss), Unrealized Gain (loss) Certain Investments, Tax				(400)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			(205,345)	(97,654)
Other comprehensive income before reclassification			31,851	(119,402)
Amounts reclassified from accumulated other comprehensive income			0	0
Net current-period other comprehensive income			31,851	(119,402)
End of Period	(173,494)	(217,056)	(173,494)	(217,056)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			(121,701)	(249,696)
Other comprehensive income before reclassification			6,106	(26,199)
Amounts reclassified from accumulated other comprehensive income			1,126	0
Net current-period other comprehensive income			(4,980)	26,199
End of Period	(126,681)	(223,497)	(126,681)	(223,497)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Interest Rate Swap
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			48,574	(13,064)
Other comprehensive income before reclassification			13,173	31,427
Amounts reclassified from accumulated other comprehensive income			(15,284)	7,817
Net current-period other comprehensive income			(2,111)	39,244
End of Period	46,463	26,180	46,463	26,180
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			0	1,330
Other comprehensive income before reclassification			0	(1,330)
Amounts reclassified from accumulated other comprehensive income			0	0
Net current-period other comprehensive income			0	(1,330)
End of Period	$ 0	$ 0	$ 0	$ 0

Components of Other Comprehensi

Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disclosure Other Comprehensive Income Additional Information [Abstract]
Net earnings	$ 116,850	$ 113,248	$ 215,939	$ 199,003
Currency Translation Adjustment	4,892	(92,211)	31,851	(119,402)
Change in unrecognized pension benefit costs, net of tax	(2,171)	19,955	(4,980)	26,199
Unrealized gain (loss) on interest rate swamp, net of tax	6,210	8,128	(2,111)	39,244
Comprehensive income	125,781	46,442	240,699	143,714
Unrealized loss on certain investments, net of tax	$ 0	$ (2,678)	$ 0	$ (1,330)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Notes To Financial Statements [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 572,508	$ 595,325
Inventory, Work in Process, Net of Reserves	105,561	86,083
Inventory, Finished Goods, Net of Reserves	404,454	396,321
Inventories, net	$ 1,082,523	$ 1,077,729

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jul. 01, 2023 USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 2,411,834
Goodwill acquired during the year	23,370
Measurement period adjustments to goodwill acquired in prior year	1,516
Goodwill, Foreign Currency Translation Gain (Loss)	15,146
Balance end of period	2,451,866
Commercial Foodservice Equipment Group
Goodwill [Line Items]
Balance beginning of period	1,309,776
Goodwill acquired during the year	5,556
Measurement period adjustments to goodwill acquired in prior year	2,014
Goodwill, Foreign Currency Translation Gain (Loss)	(917)
Balance end of period	1,316,429
Food Processing Group
Goodwill [Line Items]
Balance beginning of period	350,303
Goodwill acquired during the year	17,814
Measurement period adjustments to goodwill acquired in prior year	(498)
Goodwill, Foreign Currency Translation Gain (Loss)	2,406
Balance end of period	370,025
Residential Kitchen
Goodwill [Line Items]
Balance beginning of period	751,755
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	0
Goodwill, Foreign Currency Translation Gain (Loss)	13,657
Balance end of period	$ 765,412

Intangibles (Details)

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 946,682		$ 946,682		$ 927,875
Finite-Lived Intangible Assets, Accumulated Amortization	(542,801)		(542,801)		$ (503,034)
Amortization of Intangible Assets	16,500	$ 16,500	37,700	$ 50,100
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	70,689		70,689
Finite-Lived Intangible Assets, Amortization Expense, Year Two	58,523		58,523
Finite-Lived Intangible Assets, Amortization Expense, Year Three	55,972		55,972
Finite-Lived Intangible Assets, Amortization Expense, Year Four	49,514		49,514
Finite-Lived Intangible Assets, Amortization Expense, Year Five	41,809		41,809
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	127,374		127,374
Finite-Lived Intangible Assets, Net	$ 403,881		$ 403,881
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years 3 months 18 days		7 years 3 months 18 days		7 years 7 months 6 days
Finite-Lived Intangible Assets, Gross	$ 842,004		$ 842,004		$ 839,811
Finite-Lived Intangible Assets, Accumulated Amortization	$ (495,609)		$ (495,609)		$ (460,885)
Backlog
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 months 18 days		3 months 18 days		1 month 6 days
Finite-Lived Intangible Assets, Gross	$ 7,520		$ 7,520		$ 8,301
Finite-Lived Intangible Assets, Accumulated Amortization	$ (6,831)		$ (6,831)		$ (6,352)
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years 7 months 6 days		8 years 7 months 6 days		8 years 3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 97,158		$ 97,158		$ 79,763
Finite-Lived Intangible Assets, Accumulated Amortization	(40,361)		(40,361)		(35,797)
Tradenames And Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 1,386,890		$ 1,386,890		$ 1,369,391

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Disclosure Accrued Expenses [Abstract]
Contract liabilities	$ 158,133	$ 185,824
Accrued payroll and related expenses	102,786	122,861
Accrued warranty	85,318	82,096
Accrued customer rebates	50,174	70,706
Accrued short-term leases	26,840	25,250
Accrued sales and other tax	25,853	24,044
Accrued professional services	17,225	19,541
Accrued agent commission	16,578	17,381
Accrued Product Liability And Workers Compensation Liability Current	11,312	11,326
Business Combination, Contingent Consideration, Liability	20,305	20,529
Other accrued expenses	86,891	91,769
Accrued expenses	$ 601,415	$ 671,327

Rollforward of Warranty Reserve

Rollforward of Warranty Reserve (Details) $ in Thousands	6 Months Ended
	Jul. 01, 2023 USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]
Beginning balance	$ 82,096
Warranty reserve related to acquisitions	275
Warranty expense	44,292
Warranty claims	(41,345)
Ending balance	$ 85,318

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Senior secured revolving credit line	$ 291,811	$ 251,805
Term loan facility	957,724	975,785
Delayed draw term loan facility	735,938	750,000
Convertible senior notes	739,714	737,918
Other Long-term Debt	794	899
Total debt	2,731,794	2,722,324
Less: Current maturities of long-term debt	44,250	45,583
Long-term debt	2,687,544	2,676,741
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 5,813	$ 5,917

Financing Arrangements Addition

Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Term loan facility	$ 957,724	$ 975,785
Credit facility, outstanding	2,000,000
Letters of Credit Outstanding, Amount	$ 1,900
Debt Instrument Interest Additional Interest Above Fed Funds Rate	0.50%
Debt Instrument, Interest Rate, Increase (Decrease)	1%
Credit facility, average interest rate	4.85%
Variable commitment fee	0.25%
Term loan facility average interest rate	4.71%
Line of credit, Current and Noncurrent, Foreign	$ 5,800
Line of Credit Facility, Interest Rate at Period End	1.06%
Derivative Notional Amount, Current	$ 308,000
Derivative Notional Amount, NonCurrent	$ 740,000
Derivative Fixed Interest Rate, Current	1.89%
Term loan facility, gross	$ 962,500
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%
Debt Instrument Interest Additional Interest Above SOFR Rate	1.625%
Debt Instrument Interest Additional Interest Above SOFR Rate Alternative	0.625%
Debt Instrument Interest Additional Interest Above SOFR Rate, elevated covenants	1.625%
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	$ 747,499	$ 747,499
Revolving Credit Facility
Debt Disclosure [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.10%

Carrying Value and Estimated Ag

Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Carrying Value	$ 2,731,794	$ 2,722,324
Derivative Fixed Interest Rate, Noncurrent	1.69%
Debt excluding convertible senior notes
Debt Disclosure [Line Items]
Carrying Value	$ 1,992,081	1,984,406
Fair Value	$ 1,996,856	$ 1,989,871

Convertible Debt (Details)

Convertible Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Convertible senior notes	$ 739,714	$ 737,918
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	747,499	747,499
Unamortized Debt Issuance Expense	$ (7,785)	$ (9,581)

Convertible Debt Interest Expen

Convertible Debt Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Debt Disclosure [Line Items]
Interest Expense, Debt, Excluding Amortization	$ 1,869	$ 1,868	$ 3,738	$ 3,758
Amortization of Debt Discount (Premium)	898	898	1,796	1,800
Interest Expense	$ 2,767	$ 2,766	$ 5,534	$ 5,558

Convertible Debt Additional Inf

Convertible Debt Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Debt Disclosure [Line Items]
Debt Instrument, Convertible, If-converted Value in Excess of Principal	$ 111.6
Convertible Debt
Debt Disclosure [Line Items]
Notes Payable, Fair Value Disclosure	$ 912.5

Capped Call Information (Detail

Capped Call Information (Details) - USD ($)	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Mar. 22, 2022	Dec. 22, 2021	Dec. 16, 2021	Aug. 21, 2020
Debt Disclosure [Line Items]
Premiums paid for capped call	$ 0	$ 9,655,000
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	Jul. 01, 2023	Dec. 31, 2022
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 400,800	$ 562,500
Prepaid Expenses and Other Current Assets | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	7,286	6,805
Other Noncurrent Assets | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	$ 54,850	$ 58,180

Impact on Earnings from Interes

Impact on Earnings from Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income			$ (14,158)	$ 7,817
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	$ 16,657	$ 7,195	12,435	45,242
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 8,275	$ (3,856)	$ 15,284	$ (7,817)

Financial Instruments Additiona

Financial Instruments Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 62.1
Loss in fair value of interest rate swaps	2.1
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (2.1)

Net Sales Summary (Details)

Net Sales Summary (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,039,982	$ 1,013,601	$ 2,047,378	$ 2,008,277
Percent		100%	100%	100%	100%
Income from operations	[1],[2]	$ 184,771	$ 167,227	$ 345,793	$ 289,791
Depreciation and amortization expense				65,777	75,777
Capital Expenditures Net		22,830	17,636	48,315	32,133
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 645,663	$ 606,274	$ 1,259,598	$ 1,146,292
Percent		62.10%	59.80%	61.50%	57.10%
Income from operations	[1],[2]	$ 156,969	$ 137,584	$ 293,531	$ 247,219
Capital Expenditures Net		10,843	7,373	27,749	12,930
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 188,748	$ 127,318	$ 362,251	$ 250,896
Percent		18.10%	12.60%	17.70%	12.50%
Income from operations	[1],[2]	$ 39,324	$ 18,308	$ 74,011	$ 38,503
Capital Expenditures Net		2,869	4,068	5,072	7,162
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],[3]	(30,618)	(34,742)	(62,031)	(66,954)
Capital Expenditures Net	[3]	1,578	490	1,740	795
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 205,571	$ 280,009	$ 425,529	$ 611,089
Percent		19.80%	27.60%	20.80%	30.40%
Income from operations	[1],[2]	$ 19,096	$ 46,077	$ 40,282	$ 71,023
Capital Expenditures Net		7,540	5,705	13,754	11,246
United States and Canada
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		736,453	732,066	1,449,967	1,451,277
United States and Canada | Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		474,745	451,296	927,400	842,620
United States and Canada | Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		126,953	91,041	243,853	189,329
United States and Canada | Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		134,755	189,729	278,714	419,328
Asia
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		75,076	59,988	143,378	117,121
Asia | Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		57,453	45,795	113,979	93,177
Asia | Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		15,531	4,121	24,118	7,867
Asia | Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		2,092	10,072	5,281	16,077
Europe and Middle East
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		194,445	191,170	385,855	387,228
Europe and Middle East | Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		94,175	92,327	181,140	180,595
Europe and Middle East | Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		33,499	20,461	67,558	34,668
Europe and Middle East | Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		66,771	78,382	137,157	171,965
Latin America
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		34,008	30,377	68,178	52,651
Latin America | Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		19,290	16,856	37,079	29,900
Latin America | Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		12,765	11,695	26,722	19,032
Latin America | Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,953	$ 1,826	$ 4,377	$ 3,719
[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. (4) Includes depreciation on right of use assets.

Summary of Results of Operation

Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,039,982	$ 1,013,601	$ 2,047,378	$ 2,008,277
Income from operations	[1],[2]	184,771	167,227	345,793	289,791
Depreciation	[3]	12,523	10,757	24,500	22,129
Amortization of Intangible Assets and Debt Issuance Costs	[4]	18,307	18,278	41,277	53,648
Capital Expenditures Net		22,830	17,636	48,315	32,133
Total assets		6,984,758	6,579,373	6,984,758	6,579,373	$ 6,874,866
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		645,663	606,274	1,259,598	1,146,292
Income from operations	[1],[2]	156,969	137,584	293,531	247,219
Depreciation	[3]	7,011	5,817	13,177	11,656
Amortization of Intangible Assets and Debt Issuance Costs		14,138	13,553	28,946	27,044
Capital Expenditures Net		10,843	7,373	27,749	12,930
Total assets		3,828,055	3,719,217	3,828,055	3,719,217
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		188,748	127,318	362,251	250,896
Income from operations	[1],[2]	39,324	18,308	74,011	38,503
Depreciation	[3]	1,889	1,332	3,986	2,690
Amortization of Intangible Assets and Debt Issuance Costs		132	1,905	4,269	3,850
Capital Expenditures Net		2,869	4,068	5,072	7,162
Total assets		1,034,594	698,818	1,034,594	698,818
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		205,571	280,009	425,529	611,089
Income from operations	[1],[2]	19,096	46,077	40,282	71,023
Depreciation	[3]	3,319	3,425	6,766	7,410
Amortization of Intangible Assets and Debt Issuance Costs		2,250	1,030	4,488	19,159
Capital Expenditures Net		7,540	5,705	13,754	11,246
Total assets		1,974,752	2,042,631	1,974,752	2,042,631
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]	(30,618)	(34,742)	(62,031)	(66,954)
Depreciation	[3],[5]	304	183	571	373
Amortization of Intangible Assets and Debt Issuance Costs	[4],[5]	1,787	1,790	3,574	3,595
Capital Expenditures Net	[5]	1,578	490	1,740	795
Total assets	[5]	$ 147,357	$ 118,707	$ 147,357	$ 118,707
[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. (4) Includes depreciation on right of use assets.

Long-Lived Assets by Major Geog

Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 705,917	$ 617,957
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	497,064	430,665
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	38,105	35,424
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	156,780	140,716
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	13,968	11,152
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 208,853	$ 187,292

Employee Retirement Plans Addit

Employee Retirement Plans Additional Information (Details) - Non-US Plans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 11,476	$ 6,281	$ 22,614	$ 12,986
Expected return on assets	(14,652)	(18,694)	(28,871)	(38,650)
Amortization of net loss	7	904	14	1,869
Amortization of prior service cost	651	653	1,282	1,349
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (2,518)	$ (10,856)	$ (4,961)	$ (22,446)

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	May 13, 2022	Nov. 07, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Shares	48,758		397,738
Stock Repurchased During Period, Value	$ 6,800		$ 55,600
Treasury Stock Acquired, Average Cost Per Share	$ 138.77		$ 139.68
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,883,636		1,883,636
Treasury Stock, Value, Acquired, Cost Method	$ 6,964	$ 69,596	$ 74,835	$ 239,609
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired	1,334		126,550
Treasury Stock, Value, Acquired, Cost Method	$ 200		$ 19,700
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
Share Repurchase Program, Number of Shares Repurchased	3,116,364		3,116,364