The Middleby Corporation (MIDD) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 30, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
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	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3352497
Entity Address, Address Line One	1400 Toastmaster Drive,
Entity Address, City or Town	Elgin,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60120
City Area Code	(847)
Local Phone Number	741-3300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	MIDD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		53,768,507
Entity Small Business	false
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 341,018	$ 247,496
Accounts receivable, net of reserve for doubtful accounts of $23,696 and $23,464	605,180	644,576
Inventories, net	943,679	935,867
Prepaid expenses and other	116,302	112,690
Prepaid Taxes	15,744	25,230
Total current assets	2,021,923	1,965,859
Property, plant and equipment, net of accumulated depreciation of $349,673 and $339,528	508,140	510,898
Goodwill	2,473,323	2,486,310
Other intangibles	1,669,472	1,693,076
Long-term deferred tax assets	8,033	7,945
Assets for Plan Benefits, Defined Benefit Plan	42,817	38,535
Other assets	206,697	204,069
Total assets	6,930,405	6,906,692
Current liabilities:
Current maturities of long-term debt	44,543	44,822
Accounts payable	233,432	227,080
Accrued expenses	562,908	579,192
Total current liabilities	840,883	851,094
Long-term debt	2,370,107	2,380,373
Deferred Income Tax Liabilities, Net	207,806	216,143
Liability, Defined Benefit Pension Plan, Noncurrent	11,991	12,128
Other non-current liabilities	188,379	197,065
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 64,210,323 and 63,942,340 shares issued in 2024 and 2023, respectively	148	148
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital	493,038	479,216
Treasury stock, at cost; 10,448,781 and 10,338,922 shares in 2024 and 2023, respectively	(923,026)	(906,031)
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings	3,986,322	3,899,754
Accumulated other comprehensive loss	(245,243)	(223,198)
Total stockholders' equity	3,311,239	3,249,889
Total liabilities and stockholders' equity	$ 6,930,405	$ 6,906,692

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Accounts receivable, reserve for doubtful accounts	$ 23,696	$ 23,464
Property, plant and equipment, accumulated depreciation	$ 349,673	$ 339,528
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	64,210,323	63,942,340
Treasury stock, shares	10,448,781	10,338,922
Long-term deferred tax assets	$ 8,033	$ 7,945
Finite-Lived Intangible Assets, Accumulated Amortization	$ 589,530	$ 574,079

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended
		Mar. 30, 2024	Apr. 01, 2023
Revenue from Contract with Customer, Excluding Assessed Tax		$ 926,926	$ 1,007,396
Cost of sales		580,568	628,661
Gross profit		346,358	378,735
Selling, General and Administrative Expense		206,048	215,407
Restructuring Charges		3,177	2,306
Income from operations	[1],[2]	137,133	161,022
Net interest expense and deferred financing amortization, net		26,274	29,462
Net periodic pension benefit (other than service costs)		(3,678)	(2,251)
Other (income) expense, net		(300)	1,896
Earnings before income taxes		114,837	131,915
Provision for income taxes		28,269	32,826
Net earnings		$ 86,568	$ 99,089
Net earnings per share:
Earnings Per Share, Basic		$ 1.61	$ 1.85
Earnings Per Share, Diluted		$ 1.59	$ 1.82
Weighted average number of shares
Basic (in shares)		53,654,000	53,594,000
Dilutive common stock equivalents (in shares)		740,000	783,000
Diluted (in shares)		54,394,000	54,377,000
Comprehensive income		$ 64,523	$ 114,918
[1].[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 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	99,089	0	0	0	99,089	0
Currency translation adjustment	26,959	0	0	0	0	26,959
Change in unrecognized pension benefit costs, net of tax	(2,809)	0	0	0	0	(2,809)
Unrealized gain (loss) on interest rate swamp, net of tax	(8,321)	0	0	0	0	(8,321)
Stock compensation	12,232	0	12,232	0	0	0
Stock issuance	5,173	0	5,173	0	0	0
Purchase of treasury stock	(67,871)	0	0	(67,871)	0	0
Balance, Ending at Apr. 01, 2023	2,862,199	147	425,781	(899,047)	3,597,961	(262,643)
Balance, Beginning at Dec. 30, 2023	3,249,889	148	479,216	(906,031)	3,899,754	(223,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	86,568	0	0	0	86,568	0
Currency translation adjustment	(26,486)	0	0	0	0	(26,486)
Change in unrecognized pension benefit costs, net of tax	1,051	0	0	0	0	1,051
Unrealized gain (loss) on interest rate swamp, net of tax	3,390	0	0	0	0	3,390
Stock compensation	13,822	0	13,822	0	0	0
Purchase of treasury stock	(16,995)	0	0	(16,995)	0	0
Balance, Ending at Mar. 30, 2024	$ 3,311,239	$ 148	$ 493,038	$ (923,026)	$ 3,986,322	$ (245,243)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	$ 238	$ (76)
Unrealized gain on interest rate swap, tax	$ 108	$ (2,910)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities--
Net earnings	$ 86,568	$ 99,089
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	32,410	34,947
Non-cash share-based compensation	13,822	12,232
Deferred income taxes	(6,309)	(33)
Net periodic pension benefit (other than service costs)	(3,678)	(2,251)
Other Noncash Income (Expense)	691	6,918
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	36,316	(17,625)
Inventories, net	(12,965)	(30,825)
Prepaid expenses and other assets	6,182	4,555
Accounts payable	7,804	8,557
Accrued expenses and other liabilities	(19,940)	(23,562)
Net cash provided by operating activities	140,901	92,002
Cash flows from investing activities--
Additions to property and equipment	(13,743)	(25,485)
Payments to Acquire Intangible Assets	(80)	(1,625)
Acquisitions, net of cash acquired	(2,266)	(9,340)
Net cash (used in) investing activities	(16,089)	(36,450)
Cash flows from financing activities--
Proceeds under Credit Facility	0	195,000
Repayments under Credit Facility	10,938	190,875
Net (repayments) proceeds under foreign bank loan	(570)	197
Repurchase of treasury stock	(16,995)	(67,648)
Other, net	(55)	(51)
Net cash (used in) provided by financing activities	(28,558)	(63,377)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	(2,732)	2,348
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	93,522	(5,477)
Cash and cash equivalents at beginning of year	247,496	162,001
Cash and cash equivalents at end of quarter	341,018	156,524
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Stock issuance related to acquisition and purchase of intangible assets	$ 0	$ 5,173

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 30, 2024
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 2023 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2024. 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 March 30, 2024 and December 30, 2023, the results of operations for the three months ended March 30, 2024 and April 1, 2023, cash flows for the three months ended March 30, 2024 and April 1, 2023 and statement of stockholders' equity for the three months ended March 30, 2024 and April 1, 2023. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the notes herein. 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 $13.8 million and $12.2 million for the three months period ended March 30, 2024 and April 1, 2023, respectively. c) Income Taxes A tax provision of $28.3 million, at an effective rate of 24.6%, was recorded during the three months period ended March 30, 2024, as compared to a $32.8 million tax provision at an effective rate of 24.9% in the prior year period. The effective tax rate for the three months period ended March 30, 2024 is higher than the U.S. statutory tax rate of 21% primarily due to state taxes and foreign tax rate differentials. 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 March 30, 2024 Financial Assets: Interest rate swaps $ — $ 46,060 $ — $ 46,060 Financial Liabilities: Contingent consideration $ — $ — $ 52,039 $ 52,039 Foreign exchange derivative contracts $ — $ 196 $ — $ 196 As of December 30, 2023 Financial Assets: Interest rate swaps $ — $ 42,779 $ — $ 42,779 Foreign exchange derivative contracts $ — $ 29 $ — $ 29 Financial Liabilities: Contingent consideration $ — $ — $ 51,538 $ 51,538 The contingent consideration as of March 30, 2024 and December 30, 2023, relates to the earnout provisions recorded in conjunction with various purchase agreements. Earn-out liabilities are classified within Level 3 in the fair value hierarchy, as the methodology used to estimate fair value includes significant unobservable inputs reflecting management’s own assumptions. 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: March 30, 2024 Beginning balance $ 51,538 Payments of contingent consideration (19) Changes in fair value 520 Ending balance $ 52,039 e) Consolidated Statements of Cash Flows Cash paid for interest was $27.9 million and $30.5 million for the three months ended March 30, 2024 and April 1, 2023, respectively. Cash payments totaling $8.4 million and $8.0 million were made for income taxes for the three months ended March 30, 2024 and April 1, 2023, 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 3,000 and 2,000 for the three months ended March 30, 2024 and April 1, 2023, respectively. For the three months ended March 30, 2024 and April 1, 2023, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in 737,000 and 781,000 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
	Mar. 30, 2024
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 three months ended March 30, 2024. 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 2023 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Preliminary Measurement Adjusted Opening Balance Sheet Cash $ 3,102 $ — $ 3,102 Current assets 9,964 98 10,062 Property, plant and equipment 21,954 (214) 21,740 Goodwill 38,422 2,990 41,412 Other intangibles 34,337 (722) 33,615 Other assets — 5 5 Current liabilities (3,774) (1,146) (4,920) Long-term deferred tax liability (958) 16 (942) Other non-current liabilities (12,099) (216) (12,315) Consideration paid at closing $ 90,948 $ 811 $ 91,759 Contingent consideration 14,743 216 14,959 Net assets acquired and liabilities assumed $ 105,691 $ 1,027 $ 106,718 The net long-term deferred tax liability amounted to $0.9 million. The net deferred tax liability is comprised of $0.3 million related to the difference between the book and tax basis of identifiable intangible assets and $0.6 million related to the difference between the book and tax basis on identifiable tangible asset and liability accounts. The goodwill and $17.9 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $7.2 million allocated to customer relationships, $7.9 million allocated to developed technology, and $0.6 million allocated to backlog, which are being amortized over periods of 7 years, 7 to 12 years, and 9 months, respectively. Goodwill of $17.9 million and other intangibles of $7.8 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $9.9 million and other intangibles of $14.1 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $13.6 million and other intangibles of $11.7 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $39.7 million and intangibles of $32.2 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. Four 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 $15.0 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 certain acquisitions completed during 2023. 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.

Litigation Matters

Litigation Matters	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Litigation Matters	Litigation Matters From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach, such as a change in settlement strategy in dealing with these mat ters. The company does not believe that any pending litigation will have a material effect on its financial condition, results of operations or cash flows.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 United States and Canada $ 426,528 $ 103,030 $ 107,041 $ 636,599 Asia 51,387 6,368 2,596 60,351 Europe and Middle East 90,465 41,825 62,157 194,447 Latin America 21,964 11,460 2,105 35,529 Total $ 590,344 $ 162,683 $ 173,899 $ 926,926 Three Months Ended April 1, 2023 United States and Canada $ 452,655 $ 116,900 $ 143,959 $ 713,514 Asia 56,526 8,587 3,189 68,302 Europe and Middle East 86,965 34,059 70,386 191,410 Latin America 17,789 13,957 2,424 34,170 Total $ 613,935 $ 173,503 $ 219,958 $ 1,007,396 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): Mar 30, 2024 Dec 30, 2023 Contract assets $ 49,858 $ 47,072 Contract liabilities $ 110,673 $ 118,681 Non-current contract liabilities $ 15,314 $ 15,721 During the three months period ended March 30, 2024, the company reclassified $17.4 million to receivables, which was included in the contract asset balance at the beginning of the period. During the three months period ended March 30, 2024, the company recognized revenue of $38.5 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $52.9 million during the three months period ended March 30, 2024. Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the three months period ended March 30, 2024.

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
	Mar. 30, 2024
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 Total Balance as of December 30, 2023 $ (145,490) $ (109,713) $ 32,005 $ (223,198) Other comprehensive income before reclassification (26,486) 619 10,956 (14,911) Amounts reclassified from accumulated other comprehensive income — 432 (7,566) (7,134) Net current-period other comprehensive income $ (26,486) $ 1,051 $ 3,390 $ (22,045) Balance as of March 30, 2024 $ (171,976) $ (108,662) $ 35,395 $ (245,243) Balance as of December 31, 2022 $ (205,345) $ (121,701) $ 48,574 $ (278,472) Other comprehensive income before reclassification 26,959 (3,479) (1,312) 22,168 Amounts reclassified from accumulated other comprehensive income — 670 (7,009) (6,339) Net current-period other comprehensive income $ 26,959 $ (2,809) $ (8,321) $ 15,829 Balance as of April 1, 2023 $ (178,386) $ (124,510) $ 40,253 $ (262,643) (1) As of March 30, 2024, pension and unrealized gain on interest rate swap amounts, net of tax, are $4.2 million and $11.1 million, respectively. During the three months ended March 30, 2024, the adjustments to pension and unrealized gain/(loss) on interest rate swap amounts, net of tax, are $0.2 million and $0.1 million, respectively. As of April 1, 2023, pension and unrealized gain/(loss) on interest rate swap amounts, net of tax, were $(2.1) million and $13.9 million, respectively. During the three months ended April 1, 2023, the adjustments to pension and unrealized loss on interest rate swap amounts, net of tax, were $(0.1) million and $(2.9) million, respectively. Components of other comprehensive income were as follows (in thousands): Three Months Ended Mar 30, 2024 Apr 1, 2023 Net earnings $ 86,568 $ 99,089 Currency translation adjustment (26,486) 26,959 Pension liability adjustment, net of tax 1,051 (2,809) Unrealized gain (loss) on interest rate swaps, net of tax 3,390 (8,321) Comprehensive income $ 64,523 $ 114,918

Inventories

Inventories	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 and December 30, 2023 are as follows (in thousands): Mar 30, 2024 Dec 30, 2023 Raw materials and parts $ 498,418 $ 495,488 Work-in-process 80,496 80,102 Finished goods 364,765 360,277 $ 943,679 $ 935,867

Goodwill

Goodwill	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill for the three months ended March 30, 2024 are as follows (in thousands): Commercial Food Residential Kitchen Total Balance as of December 30, 2023 $ 1,329,056 $ 375,217 $ 782,037 $ 2,486,310 Goodwill acquired during the year — 520 — 520 Measurement period adjustments to 265 — — 265 Exchange effect (6,352) (3,880) (3,540) (13,772) Balance as of March 30, 2024 $ 1,322,969 $ 371,857 $ 778,497 $ 2,473,323 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	3 Months Ended
	Mar. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets Disclosure [Text Block]	Intangibles Intangible assets consist of the following (in thousands): March 30, 2024 December 30, 2023 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer relationships 6.9 $ 842,699 $ (542,995) 7.0 $ 845,326 $ (529,533) Developed technology 8.1 98,325 (46,535) 8.3 98,593 (44,546) $ 941,024 $ (589,530) $ 943,919 $ (574,079) Indefinite-lived assets: Trademarks and tradenames $ 1,317,978 $ 1,323,236 The aggregate intangible amortization expense was $17.4 million and $21.2 million for the three months period ended March 30, 2024 and April 1, 2023, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands): Twelve Month Period coinciding with the end of the company's Fiscal First Quarter Amortization Expense 2025 $ 60,802 2026 56,607 2027 52,086 2028 44,031 2029 37,581 Thereafter 100,387 $ 351,494

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 30, 2024
Disclosure Accrued Expenses [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): Mar 30, 2024 Dec 30, 2023 Accrued payroll and related expenses $ 118,573 $ 121,514 Contract liabilities 110,673 118,681 Accrued warranty 89,340 89,039 Accrued customer rebates 33,962 59,267 Accrued short-term leases 26,078 26,417 Accrued contingent consideration 25,558 17,791 Accrued professional fees 23,254 18,461 Accrued sales and other tax 21,078 24,568 Accrued agent commission 14,476 16,956 Accrued product liability and workers compensation 11,455 11,169 Other accrued expenses 88,461 75,329 $ 562,908 $ 579,192

Warranty Costs

Warranty Costs	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Warranty Costs	Warranty Costs In the normal course of business, the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, actual claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. A rollforward of the warranty reserve is as follows (in thousands): Three Months Ended Mar 30, 2024 Balance as of December 30, 2023 $ 89,039 Warranty expense 22,837 Warranty claims (22,536) Balance as of March 30, 2024 $ 89,340

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Financing Arrangements	9.7 million

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 30, 2024
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 $267.5 million and $253.1 million as of March 30, 2024 and December 30, 2023, respectively. The fair value of the forward and option contracts was a loss of $0.2 million at the end of the first quarter of 2024. 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 swapped 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 March 30, 2024, the fair value of these instruments was an asset of $46.1 million. The change in fair value of these swap agreements in the first three months of 2024 was a gain of $3.4 million, net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Mar 30, 2024 Dec 30, 2023 Fair value Prepaid expense and other $ 1,630 $ 2,897 Fair value Other assets $ 44,430 $ 39,882 The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Presentation of Gain/(loss) Mar 30, 2024 Apr 1, 2023 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 10,847 $ (4,222) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 7,566 $ 7,009 Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions that are counterparties to such swap agreements and assesses their creditworthiness prior to entering into the interest rate swap agreements and throughout the term. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreements.

Segment Information

Segment Information	3 Months Ended
	Mar. 30, 2024
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, 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 Mar 30, 2024 Apr 1, 2023 Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 590,344 63.7 % $ 613,935 61.0 % Food Processing 162,683 17.5 173,503 17.2 Residential Kitchen 173,899 18.8 219,958 21.8 Total $ 926,926 100.0 % $ 1,007,396 100.0 % The following table summarizes the results of operations for the company's business segments (1) (dollars in thousands): Commercial Food Processing Residential Kitchen Corporate and Other (2) Total Three Months Ended March 30, 2024 Net sales $ 590,344 $ 162,683 $ 173,899 $ — $ 926,926 Income (loss) from operations (3) 131,658 32,352 4,537 (31,414) 137,133 Depreciation expense (4) 7,021 2,031 3,805 416 13,273 Amortization expense (5) 13,594 1,954 1,802 1,787 19,137 Net capital expenditures 6,084 1,817 5,259 583 13,743 Total assets $ 3,722,126 $ 992,876 $ 1,939,293 $ 276,110 $ 6,930,405 Three Months Ended April 1, 2023 Net sales $ 613,935 $ 173,503 $ 219,958 $ — $ 1,007,396 Income (loss) from operations (3) 136,562 34,687 21,186 (31,413) 161,022 Depreciation expense (4) 6,166 2,097 3,447 267 11,977 Amortization expense (5) 14,808 4,137 2,238 1,787 22,970 Net capital expenditures 16,906 2,203 6,214 162 25,485 Total assets $ 3,827,805 $ 1,007,569 $ 1,999,632 $ 121,131 $ 6,956,137 (1) Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. (2) Includes corporate and other general company assets and operations. (3) Restructuring expenses are allocated in operating income by segment. (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): Mar 30, 2024 Apr 1, 2023 United States and Canada $ 506,334 $ 476,073 Asia 39,136 36,597 Europe and Middle East 207,847 149,031 Latin America 12,370 13,688 Total international $ 259,353 $ 199,316 $ 765,687 $ 675,389

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
	Mar. 30, 2024
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 Mar 30, 2024 Apr 1, 2023 Net Periodic Pension Benefit: Interest cost $ 10,780 $ 11,138 Expected return on assets (15,297) (14,219) Amortization of net loss 13 7 Amortization of prior service cost 659 631 $ (3,845) $ (2,443)

Share Repurchases

Share Repurchases	3 Months Ended
	Mar. 30, 2024
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. The company did not purchase shares of its common stock under the program during the three months ended March 30, 2024. As of March 30, 2024, 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 months ended March 30, 2024, the company repurchased 109,859 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $17.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 30, 2024
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 2023 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2024. 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 March 30, 2024 and December 30, 2023, the results of operations for the three months ended March 30, 2024 and April 1, 2023, cash flows for the three months ended March 30, 2024 and April 1, 2023 and statement of stockholders' equity for the three months ended March 30, 2024 and April 1, 2023.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the notes herein.
Non-Cash Share-Based Compensation	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 $13.8 million and $12.2 million for the three months period ended March 30, 2024 and April 1, 2023, 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)	3 Months Ended
	Mar. 30, 2024
Revenue Recognition [Abstract]
Revenue [Policy Text Block]	The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 Financial Assets: Interest rate swaps $ — $ 46,060 $ — $ 46,060 Financial Liabilities: Contingent consideration $ — $ — $ 52,039 $ 52,039 Foreign exchange derivative contracts $ — $ 196 $ — $ 196 As of December 30, 2023 Financial Assets: Interest rate swaps $ — $ 42,779 $ — $ 42,779 Foreign exchange derivative contracts $ — $ 29 $ — $ 29 Financial Liabilities: Contingent consideration $ — $ — $ 51,538 $ 51,538
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table represents changes in the fair value of the contingent consideration liabilities: March 30, 2024 Beginning balance $ 51,538 Payments of contingent consideration (19) Changes in fair value 520 Ending balance $ 52,039

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Tables)	3 Months Ended
	Mar. 30, 2024
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 March 30, 2024 United States and Canada $ 426,528 $ 103,030 $ 107,041 $ 636,599 Asia 51,387 6,368 2,596 60,351 Europe and Middle East 90,465 41,825 62,157 194,447 Latin America 21,964 11,460 2,105 35,529 Total $ 590,344 $ 162,683 $ 173,899 $ 926,926 Three Months Ended April 1, 2023 United States and Canada $ 452,655 $ 116,900 $ 143,959 $ 713,514 Asia 56,526 8,587 3,189 68,302 Europe and Middle East 86,965 34,059 70,386 191,410 Latin America 17,789 13,957 2,424 34,170 Total $ 613,935 $ 173,503 $ 219,958 $ 1,007,396
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): Mar 30, 2024 Dec 30, 2023 Contract assets $ 49,858 $ 47,072 Contract liabilities $ 110,673 $ 118,681 Non-current contract liabilities $ 15,314 $ 15,721

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 30, 2024
Disclosure Other Comprehensive Income Additional Information [Abstract]
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Changes in accumulated other comprehensive income (1) were as follows (in thousands): Currency Translation Adjustment Pension Benefit Costs Unrealized Gain/(Loss) Interest Rate Swap Total Balance as of December 30, 2023 $ (145,490) $ (109,713) $ 32,005 $ (223,198) Other comprehensive income before reclassification (26,486) 619 10,956 (14,911) Amounts reclassified from accumulated other comprehensive income — 432 (7,566) (7,134) Net current-period other comprehensive income $ (26,486) $ 1,051 $ 3,390 $ (22,045) Balance as of March 30, 2024 $ (171,976) $ (108,662) $ 35,395 $ (245,243) Balance as of December 31, 2022 $ (205,345) $ (121,701) $ 48,574 $ (278,472) Other comprehensive income before reclassification 26,959 (3,479) (1,312) 22,168 Amounts reclassified from accumulated other comprehensive income — 670 (7,009) (6,339) Net current-period other comprehensive income $ 26,959 $ (2,809) $ (8,321) $ 15,829 Balance as of April 1, 2023 $ (178,386) $ (124,510) $ 40,253 $ (262,643)
Schedule of Comprehensive Income (Loss)	Components of other comprehensive income were as follows (in thousands): Three Months Ended Mar 30, 2024 Apr 1, 2023 Net earnings $ 86,568 $ 99,089 Currency translation adjustment (26,486) 26,959 Pension liability adjustment, net of tax 1,051 (2,809) Unrealized gain (loss) on interest rate swaps, net of tax 3,390 (8,321) Comprehensive income $ 64,523 $ 114,918

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Schedule of Inventory, Current	Inventories at March 30, 2024 and December 30, 2023 are as follows (in thousands): Mar 30, 2024 Dec 30, 2023 Raw materials and parts $ 498,418 $ 495,488 Work-in-process 80,496 80,102 Finished goods 364,765 360,277 $ 943,679 $ 935,867

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the three months ended March 30, 2024 are as follows (in thousands): Commercial Food Residential Kitchen Total Balance as of December 30, 2023 $ 1,329,056 $ 375,217 $ 782,037 $ 2,486,310 Goodwill acquired during the year — 520 — 520 Measurement period adjustments to 265 — — 265 Exchange effect (6,352) (3,880) (3,540) (13,772) Balance as of March 30, 2024 $ 1,322,969 $ 371,857 $ 778,497 $ 2,473,323 The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment, the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 30, 2024
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): March 30, 2024 December 30, 2023 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer relationships 6.9 $ 842,699 $ (542,995) 7.0 $ 845,326 $ (529,533) Developed technology 8.1 98,325 (46,535) 8.3 98,593 (44,546) $ 941,024 $ (589,530) $ 943,919 $ (574,079) Indefinite-lived assets: Trademarks and tradenames $ 1,317,978 $ 1,323,236
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Twelve Month Period coinciding with the end of the company's Fiscal First Quarter Amortization Expense 2025 $ 60,802 2026 56,607 2027 52,086 2028 44,031 2029 37,581 Thereafter 100,387 $ 351,494

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 30, 2024
Disclosure Accrued Expenses [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands): Mar 30, 2024 Dec 30, 2023 Accrued payroll and related expenses $ 118,573 $ 121,514 Contract liabilities 110,673 118,681 Accrued warranty 89,340 89,039 Accrued customer rebates 33,962 59,267 Accrued short-term leases 26,078 26,417 Accrued contingent consideration 25,558 17,791 Accrued professional fees 23,254 18,461 Accrued sales and other tax 21,078 24,568 Accrued agent commission 14,476 16,956 Accrued product liability and workers compensation 11,455 11,169 Other accrued expenses 88,461 75,329 $ 562,908 $ 579,192

Warranty Costs (Tables)

Warranty Costs (Tables)	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Product Warranty Table Disclosure	A rollforward of the warranty reserve is as follows (in thousands): Three Months Ended Mar 30, 2024 Balance as of December 30, 2023 $ 89,039 Warranty expense 22,837 Warranty claims (22,536) Balance as of March 30, 2024 $ 89,340

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Schedule of Long-term Debt Instruments	Mar 30, 2024 Dec 30, 2023 (in thousands) Term loan facility 940,008 945,913 Delayed draw term loan facility 721,875 726,563 Convertible senior notes 742,399 741,501 Foreign loans 9,735 10,531 Other debt arrangement 633 687 Total debt 2,414,650 2,425,195 Less: Current maturities of long-term debt 44,543 44,822 Long-term debt $ 2,370,107 $ 2,380,373

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 30, 2024
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 Mar 30, 2024 Dec 30, 2023 Fair value Prepaid expense and other $ 1,630 $ 2,897 Fair value Other assets $ 44,430 $ 39,882
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Presentation of Gain/(loss) Mar 30, 2024 Apr 1, 2023 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 10,847 $ (4,222) Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 7,566 $ 7,009

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Net Sales Summary By Segment	Net Sales Summary (dollars in thousands) Three Months Ended Mar 30, 2024 Apr 1, 2023 Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 590,344 63.7 % $ 613,935 61.0 % Food Processing 162,683 17.5 173,503 17.2 Residential Kitchen 173,899 18.8 219,958 21.8 Total $ 926,926 100.0 % $ 1,007,396 100.0 %
Schedule of Segment Reporting Information, by Segment	The following table summarizes the results of operations for the company's business segments (1) (dollars in thousands): Commercial Food Processing Residential Kitchen Corporate and Other (2) Total Three Months Ended March 30, 2024 Net sales $ 590,344 $ 162,683 $ 173,899 $ — $ 926,926 Income (loss) from operations (3) 131,658 32,352 4,537 (31,414) 137,133 Depreciation expense (4) 7,021 2,031 3,805 416 13,273 Amortization expense (5) 13,594 1,954 1,802 1,787 19,137 Net capital expenditures 6,084 1,817 5,259 583 13,743 Total assets $ 3,722,126 $ 992,876 $ 1,939,293 $ 276,110 $ 6,930,405 Three Months Ended April 1, 2023 Net sales $ 613,935 $ 173,503 $ 219,958 $ — $ 1,007,396 Income (loss) from operations (3) 136,562 34,687 21,186 (31,413) 161,022 Depreciation expense (4) 6,166 2,097 3,447 267 11,977 Amortization expense (5) 14,808 4,137 2,238 1,787 22,970 Net capital expenditures 16,906 2,203 6,214 162 25,485 Total assets $ 3,827,805 $ 1,007,569 $ 1,999,632 $ 121,131 $ 6,956,137 (1) Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. (2) Includes corporate and other general company assets and operations. (3) Restructuring expenses are allocated in operating income by segment. (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): Mar 30, 2024 Apr 1, 2023 United States and Canada $ 506,334 $ 476,073 Asia 39,136 36,597 Europe and Middle East 207,847 149,031 Latin America 12,370 13,688 Total international $ 259,353 $ 199,316 $ 765,687 $ 675,389

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	3 Months Ended
	Mar. 30, 2024
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 Mar 30, 2024 Apr 1, 2023 Net Periodic Pension Benefit: Interest cost $ 10,780 $ 11,138 Expected return on assets (15,297) (14,219) Amortization of net loss 13 7 Amortization of prior service cost 659 631 $ (3,845) $ (2,443)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Accounting Policies [Abstract]
Non-cash share-based compensation expense	$ 13,822	$ 12,232
Provision for income taxes	$ 28,269	$ 32,826
Effective Income Tax Rate Reconciliation, Percent	24.60%	24.90%
Interest paid	$ 27,900	$ 30,500
Income tax payments	$ 8,400	$ 8,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	3,000	2,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	737,000	781,000

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	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 52,039	$ 51,538
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(19)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	520
Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	46,060	42,779
Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	52,039	51,538
Fair Value, Measurements, Recurring | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		29
Financial Liabilities	196
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 Assets		0
Financial Liabilities	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	46,060	42,779
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 Assets		29
Financial Liabilities	196
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	52,039	51,538
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 Assets		$ 0
Financial Liabilities	$ 0

Acquisitions and Purchase Acc_2

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2022 Acquisitions (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,473,323	$ 2,486,310
Business Combination, Contingent Consideration, Liability	25,558	17,791
Food Processing Group
Business Acquisition [Line Items]
Goodwill	371,857	375,217
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,322,969	1,329,056
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	778,497	$ 782,037
2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	$ 5

Acquisitions and Purchase Acc_3

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2023 Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,473,323	$ 2,486,310
Business Combination, Contingent Consideration, Liability	25,558	17,791
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,322,969	1,329,056
Food Processing Group
Business Acquisition [Line Items]
Goodwill	371,857	375,217
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	778,497	$ 782,037
2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	33,615
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	3,102
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	10,062
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	21,740
Goodwill	41,412
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	33,615
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(4,920)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(12,315)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	91,759
Business Combination, Contingent Consideration, Liability	14,959
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	106,718
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(942)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(900)
Business Acquisition, Goodwill, Expected Tax Deductible Amount	39,700
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	32,200
2023 Acquisitions | Book and tax difference, identifiable intangible assets
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	300
2023 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	600
2023 Acquisitions | Commercial Foodservice Equipment Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	14,100
Business Acquisition [Line Items]
Goodwill	9,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	14,100
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	17,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
2023 Acquisitions | Residential Kitchen
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11,700
Business Acquisition [Line Items]
Goodwill	13,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11,700
2023 Acquisitions | Customer Relationships
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,200
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,200
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	$ 7,900
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,900
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	$ 600
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 600
2023 Acquisitions | Backlog | Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 months
2023 Acquisitions | Tradenames And Trademarks
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 17,900
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	17,900
2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	5
Initial accounting | 2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	34,337
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	3,102
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	9,964
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	21,954
Goodwill	38,422
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	34,337
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(3,774)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(12,099)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	90,948
Business Combination, Contingent Consideration, Liability	14,743
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	105,691
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(958)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	0
Measurement period adjustment | 2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(722)
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	98
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(214)
Goodwill	2,990
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(722)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(1,146)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(216)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	811
Business Combination, Contingent Consideration, Liability	216
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	1,027
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	16
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	$ 5

Acquisitions and Purchase Acc_4

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 926,926	$ 1,016,112
Business Acquisition, Pro Forma Net Income (Loss)	$ 86,671	$ 98,723
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 1.62	$ 1.84
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 1.59	$ 1.82

Revenue Recognition Disaggregat

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 926,926	$ 1,007,396
United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	636,599	713,514
Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	60,351	68,302
Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	194,447	191,410
Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	35,529	34,170
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	590,344	613,935
Commercial Foodservice Equipment Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	426,528	452,655
Commercial Foodservice Equipment Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	51,387	56,526
Commercial Foodservice Equipment Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	90,465	86,965
Commercial Foodservice Equipment Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,964	17,789
Food Processing Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	162,683	173,503
Food Processing Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	103,030	116,900
Food Processing Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,368	8,587
Food Processing Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	41,825	34,059
Food Processing Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	11,460	13,957
Residential Kitchen
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	173,899	219,958
Residential Kitchen | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	107,041	143,959
Residential Kitchen | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,596	3,189
Residential Kitchen | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	62,157	70,386
Residential Kitchen | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,105	$ 2,424

Revenue Recognition Contract wi

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Revenue Recognition [Abstract]
Contract with Customer, Asset, Net, Current	$ 49,858	$ 47,072
Contract liabilities	110,673	118,681
Contract with Customer, Liability, Noncurrent	15,314	$ 15,721
Contract with Customer, Asset, Reclassified to Receivable	17,400
Contract with Customer, Liability, Revenue Recognized	38,500
Contract with Customer, Liability, Increase for Contract Acquired during the Period	52,900
Capitalized Contract Cost, Impairment Loss	$ 0

Changes in accumulated other co

Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	$ (223,198)	$ (278,472)
Other comprehensive income before reclassification	(14,911)	22,168
Amounts reclassified from accumulated other comprehensive income	(7,134)	(6,339)
Net current-period other comprehensive income	(22,045)	15,829
End of Period	(245,243)	(262,643)
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax	4,200	(2,100)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	11,100	13,900
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	200	(100)
Unrealized gain on interest rate swap, tax	108	(2,910)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	(145,490)	(205,345)
Other comprehensive income before reclassification	(26,486)	26,959
Amounts reclassified from accumulated other comprehensive income	0	0
Net current-period other comprehensive income	(26,486)	26,959
End of Period	(171,976)	(178,386)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	(109,713)	(121,701)
Other comprehensive income before reclassification	(619)	3,479
Amounts reclassified from accumulated other comprehensive income	432	670
Net current-period other comprehensive income	1,051	(2,809)
End of Period	(108,662)	(124,510)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Interest Rate Swap
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	32,005	48,574
Other comprehensive income before reclassification	10,956	(1,312)
Amounts reclassified from accumulated other comprehensive income	(7,566)	(7,009)
Net current-period other comprehensive income	3,390	(8,321)
End of Period	$ 35,395	$ 40,253

Components of Other Comprehensi

Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disclosure Other Comprehensive Income Additional Information [Abstract]
Net earnings	$ 86,568	$ 99,089
Currency Translation Adjustment	(26,486)	26,959
Change in unrecognized pension benefit costs, net of tax	1,051	(2,809)
Unrealized gain (loss) on interest rate swamp, net of tax	3,390	(8,321)
Comprehensive income	$ 64,523	$ 114,918

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Notes To Financial Statements [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 498,418	$ 495,488
Inventory, Work in Process, Net of Reserves	80,496	80,102
Inventory, Finished Goods, Net of Reserves	364,765	360,277
Inventories, net	$ 943,679	$ 935,867

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 2,486,310
Goodwill acquired during the year	520
Measurement period adjustments to goodwill acquired in prior year	265
Goodwill, Foreign Currency Translation Gain (Loss)	(13,772)
Balance end of period	2,473,323
Commercial Foodservice Equipment Group
Goodwill [Line Items]
Balance beginning of period	1,329,056
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	265
Goodwill, Foreign Currency Translation Gain (Loss)	(6,352)
Balance end of period	1,322,969
Food Processing Group
Goodwill [Line Items]
Balance beginning of period	375,217
Goodwill acquired during the year	520
Measurement period adjustments to goodwill acquired in prior year	0
Goodwill, Foreign Currency Translation Gain (Loss)	(3,880)
Balance end of period	371,857
Residential Kitchen
Goodwill [Line Items]
Balance beginning of period	782,037
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	0
Goodwill, Foreign Currency Translation Gain (Loss)	(3,540)
Balance end of period	$ 778,497

Intangibles (Details)

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 941,024		$ 943,919
Finite-Lived Intangible Assets, Accumulated Amortization	(589,530)		$ (574,079)
Amortization of Intangible Assets	17,400	$ 21,200
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	60,802
Finite-Lived Intangible Assets, Amortization Expense, Year Two	56,607
Finite-Lived Intangible Assets, Amortization Expense, Year Three	52,086
Finite-Lived Intangible Assets, Amortization Expense, Year Four	44,031
Finite-Lived Intangible Assets, Amortization Expense, Year Five	37,581
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	100,387
Finite-Lived Intangible Assets, Net	$ 351,494
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	6 years 10 months 24 days		7 years
Finite-Lived Intangible Assets, Gross	$ 842,699		$ 845,326
Finite-Lived Intangible Assets, Accumulated Amortization	$ (542,995)		$ (529,533)
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years 1 month 6 days		8 years 3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 98,325		$ 98,593
Finite-Lived Intangible Assets, Accumulated Amortization	(46,535)		(44,546)
Tradenames And Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 1,317,978		$ 1,323,236

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Disclosure Accrued Expenses [Abstract]
Contract liabilities	$ 110,673	$ 118,681
Accrued payroll and related expenses	118,573	121,514
Accrued warranty	89,340	89,039
Accrued customer rebates	33,962	59,267
Accrued short-term leases	26,078	26,417
Accrued sales and other tax	21,078	24,568
Accrued professional services	23,254	18,461
Accrued agent commission	14,476	16,956
Accrued Product Liability And Workers Compensation Liability Current	11,455	11,169
Business Combination, Contingent Consideration, Liability	25,558	17,791
Other accrued expenses	88,461	75,329
Accrued expenses	$ 562,908	$ 579,192

Rollforward of Warranty Reserve

Rollforward of Warranty Reserve (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]
Beginning balance	$ 89,039
Warranty expense	22,837
Warranty claims	(22,536)
Ending balance	$ 89,340

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Term loan facility	$ 940,008	$ 945,913
Delayed draw term loan facility	721,875	726,563
Convertible senior notes	742,399	741,501
Other Long-term Debt	633	687
Total debt	2,414,650	2,425,195
Less: Current maturities of long-term debt	44,543	44,822
Long-term debt	2,370,107	2,380,373
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 9,735	$ 10,531

Financing Arrangements Addition

Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Term loan facility	$ 940,008	$ 945,913
Credit facility, outstanding	1,700,000
Letters of Credit Outstanding, Amount	$ 1,500
Debt Instrument Interest Additional Interest Above Fed Funds Rate	0.50%
Debt Instrument, Interest Rate, Increase (Decrease)	1%
Credit facility, average interest rate	5.18%
Variable commitment fee	0.20%
Term loan facility average interest rate	5.18%
Line of credit, Current and Noncurrent, Foreign	$ 9,700
Line of Credit Facility, Interest Rate at Period End	2.35%
Derivative Notional Amount, Current	$ 70,000
Derivative Notional Amount, NonCurrent	$ 670,000
Derivative Fixed Interest Rate, Current	2.19%
Term loan facility, gross	$ 943,800
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,800,000
Debt Instrument Interest Additional Interest Above LIBOR Rate, elevated covenants	1.375%
Line Of Credit Facility Commitment Fee Percentage, elevated covenants	0.20%
Delayed draw term loan facility, amortization quarter percent	0.625%
Debt Instrument Interest Additional Interest Above SOFR Rate	1.375%
Debt Instrument Interest Additional Interest Above SOFR Rate Alternative	0.375%
Debt Instrument Interest Additional Interest Above SOFR Rate, elevated covenants	1.375%
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	Mar. 30, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Carrying Value	$ 2,414,650	$ 2,425,195
Derivative Fixed Interest Rate, Noncurrent	1.64%
Debt excluding convertible senior notes
Debt Disclosure [Line Items]
Carrying Value	$ 1,672,251	1,683,694
Fair Value	$ 1,675,993	$ 1,687,781

Convertible Debt (Details)

Convertible Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Convertible senior notes	$ 742,399	$ 741,501
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	747,499	747,499
Unamortized Debt Issuance Expense	$ (5,100)	$ (5,998)

Convertible Debt Interest Expen

Convertible Debt Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Debt Disclosure [Line Items]
Interest Expense, Debt, Excluding Amortization	$ 1,868	$ 1,869
Amortization of Debt Discount (Premium)	898	898
Interest Expense	$ 2,766	$ 2,767

Convertible Debt Additional Inf

Convertible Debt Additional Information (Details) $ in Millions	Mar. 30, 2024 USD ($)
Convertible Debt
Debt Disclosure [Line Items]
Notes Payable, Fair Value Disclosure	$ 977.9

Capped Call Information (Detail

Capped Call Information (Details) - USD ($)	3 Months Ended
	Mar. 30, 2024	Mar. 22, 2022	Dec. 22, 2021	Dec. 16, 2021	Aug. 21, 2020
2021 Capped Call Transaction One
Debt Disclosure [Line Items]
54600000	$ 54,600,000
2022 Capped Call Transaction
Debt Disclosure [Line Items]
54600000	$ 9,700,000
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction, Net Cost					$ 104,700,000
54600000					$ 207.93
Convertible Debt | 2021 Capped Call Transaction One
Debt Disclosure [Line Items]
54600000				$ 216.50
Convertible Debt | 2022 Capped Call Transaction
Debt Disclosure [Line Items]
54600000		$ 229
Convertible Debt | 2021 Capped Call Transaction Two
Debt Disclosure [Line Items]
54600000			$ 225

Summary of Fair Value of Intere

Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 267,500	$ 253,100
Prepaid Expenses and Other Current Assets | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	1,630	2,897
Other Noncurrent Assets | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	$ 44,430	$ 39,882

Impact on Earnings from Interes

Impact on Earnings from Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ (7,134)	$ (6,339)
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	10,847	(4,222)
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 7,566	$ 7,009

Financial Instruments Additiona

Financial Instruments Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 46.1
Loss in fair value of interest rate swaps	3.4
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (0.2)

Net Sales Summary (Details)

Net Sales Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 926,926	$ 1,007,396
Percent	100%	100%
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 590,344	$ 613,935
Percent	63.70%	61%
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 162,683	$ 173,503
Percent	17.50%	17.20%
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 173,899	$ 219,958
Percent	18.80%	21.80%

Summary of Results of Operation

Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 926,926	$ 1,007,396
Income from operations	[1],[2]	137,133	161,022
Depreciation	[3]	13,273	11,977
Amortization of Intangible Assets and Debt Issuance Costs	[4]	19,137	22,970
Capital Expenditures Net		13,743	25,485
Total assets		6,930,405	6,956,137	$ 6,906,692
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		590,344	613,935
Income from operations	[1],[2]	131,658	136,562
Depreciation	[3]	7,021	6,166
Amortization of Intangible Assets and Debt Issuance Costs		13,594	14,808
Capital Expenditures Net		6,084	16,906
Total assets		3,722,126	3,827,805
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		162,683	173,503
Income from operations	[1],[2]	32,352	34,687
Depreciation	[3]	2,031	2,097
Amortization of Intangible Assets and Debt Issuance Costs		1,954	4,137
Capital Expenditures Net		1,817	2,203
Total assets		992,876	1,007,569
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		173,899	219,958
Income from operations	[1],[2]	4,537	21,186
Depreciation	[3]	3,805	3,447
Amortization of Intangible Assets and Debt Issuance Costs		1,802	2,238
Capital Expenditures Net		5,259	6,214
Total assets		1,939,293	1,999,632
Corporate and Other
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0	0
Income from operations	[1],[2],[5]	(31,414)	(31,413)
Depreciation	[3],[5]	416	267
Amortization of Intangible Assets and Debt Issuance Costs	[4],[5]	1,787	1,787
Capital Expenditures Net	[5]	583	162
Total assets	[5]	$ 276,110	$ 121,131
[1].[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	Mar. 30, 2024	Apr. 01, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 765,687	$ 675,389
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	506,334	476,073
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	39,136	36,597
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	207,847	149,031
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	12,370	13,688
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 259,353	$ 199,316

Employee Retirement Plans Addit

Employee Retirement Plans Additional Information (Details) - Non-US Plans - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 10,780	$ 11,138
Expected return on assets	(15,297)	(14,219)
Amortization of net loss	13	7
Amortization of prior service cost	659	631
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (3,845)	$ (2,443)

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	May 13, 2022	Nov. 07, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,883,636
Treasury Stock, Value, Acquired, Cost Method	$ 16,995	$ 67,871
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired	109,859
Treasury Stock, Value, Acquired, Cost Method	$ 17,000
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