The Middleby Corporation (MIDD) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date	Jun. 29, 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		Q2
Amendment Flag		false
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		36-3352497
Entity Address, Address Line One		1400 Toastmaster Drive,
Entity Address, City or Town		Elgin,
Entity Address, State or Province		IL
Entity Address, Postal Zip Code		60120
City Area Code		(847)
Local Phone Number		741-3300
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Filer Category		Large Accelerated Filer
Entity Shell Company		false
Title of 12(b) Security		Common Stock
Trading Symbol		MIDD
Security Exchange Name		NASDAQ
Entity Common Stock, Shares Outstanding			53,769,547
Entity Small Business		false
Entity Emerging Growth Company		false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 459,457	$ 247,496
Accounts receivable, net of reserve for doubtful accounts of $23,125 and $23,464	624,622	644,576
Inventories, net	920,096	935,867
Prepaid expenses and other	125,656	112,690
Prepaid Taxes	13,508	25,230
Total current assets	2,143,339	1,965,859
Property, plant and equipment, net of accumulated depreciation of $361,614 and $339,528	504,661	510,898
Goodwill	2,471,721	2,486,310
Other intangibles	1,650,965	1,693,076
Long-term deferred tax assets	6,814	7,945
Assets for Plan Benefits, Defined Benefit Plan	47,343	38,535
Other assets	200,940	204,069
Total assets	7,025,783	6,906,692
Current liabilities:
Current maturities of long-term debt	44,250	44,822
Accounts payable	238,733	227,080
Accrued expenses	573,880	579,192
Total current liabilities	856,863	851,094
Long-term debt	2,359,996	2,380,373
Deferred Income Tax Liabilities, Net	193,512	216,143
Liability, Defined Benefit Pension Plan, Noncurrent	11,841	12,128
Other non-current liabilities	181,660	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; 64,223,584 and 63,942,340 shares issued in 2024 and 2023, respectively	148	148
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital	500,686	479,216
Treasury stock, at cost; 10,455,077 and 10,338,922 shares in 2024 and 2023, respectively	(924,002)	(906,031)
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings	4,101,717	3,899,754
Accumulated other comprehensive loss	(256,638)	(223,198)
Total stockholders' equity	3,421,911	3,249,889
Total liabilities and stockholders' equity	$ 7,025,783	$ 6,906,692

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Accounts receivable, reserve for doubtful accounts	$ 23,125	$ 23,464
Property, plant and equipment, accumulated depreciation	$ 361,614	$ 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	64,223,584	63,942,340
Treasury stock, shares	10,455,077	10,338,922
Long-term deferred tax assets	$ 6,814	$ 7,945
Finite-Lived Intangible Assets, Accumulated Amortization	$ 605,458	$ 574,079

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 29, 2024		Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenue from Contract with Customer, Excluding Assessed Tax		$ 991,546		$ 1,039,982	$ 1,918,472	$ 2,047,378
Cost of sales		611,904		646,746	1,192,472	1,275,407
Gross profit		379,642		393,236	726,000	771,971
Selling, General and Administrative Expense		198,584		203,521	404,632	418,928
Restructuring Charges		5,350		4,944	8,527	7,250
Income from operations	[1],[3]	175,708	[2]	184,771	312,841	345,793	[2]
Net interest expense and deferred financing amortization, net		24,566		31,529	50,840	60,991
Net periodic pension benefit (other than service costs)		(3,690)		(2,575)	(7,368)	(4,826)
Other (income) expense, net		56		(326)	(244)	1,570
Earnings before income taxes		154,776		156,143	269,613	288,058
Provision for income taxes		39,381		39,293	67,650	72,119
Net earnings		$ 115,395		$ 116,850	$ 201,963	$ 215,939
Net earnings per share:
Earnings Per Share, Basic		$ 2.15		$ 2.18	$ 3.76	$ 4.03
Earnings Per Share, Diluted		$ 2.13		$ 2.16	$ 3.72	$ 3.98
Weighted average number of shares
Basic (in shares)		53,765,000		53,527,000	53,710,000	53,560,000
Dilutive common stock equivalents (in shares)		307,000		515,000	523,000	649,000
Diluted (in shares)		54,072,000		54,042,000	54,233,000	54,209,000
Comprehensive income		$ 104,000		$ 125,781	$ 168,523	$ 240,699
[1].[2].[3] 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	215,939	0	0	0	215,939	0
Currency translation adjustment	31,851	0	0	0	0	31,851
Change in unrecognized pension benefit costs, net of tax	(4,980)	0	0	0	0	(4,980)
Unrealized gain (loss) on interest rate swamp, net of tax	(2,111)	0	0	0	0	(2,111)
Stock compensation	22,130	0	22,130	0	0	0
Stock issuance	13,785	1	13,784	0	0	0
Purchase of treasury stock	(74,835)	0	0	(74,835)	0	0
Balance, Ending at Jul. 01, 2023	2,999,526	148	444,290	(906,011)	3,714,811	(253,712)
Balance, Beginning at Apr. 01, 2023	2,862,199	147	425,781	(899,047)	3,597,961	(262,643)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	116,850	0	0	0	116,850	0
Currency translation adjustment	4,892	0	0	0	0	4,892
Change in unrecognized pension benefit costs, net of tax	(2,171)	0	0	0	0	(2,171)
Unrealized gain (loss) on interest rate swamp, net of tax	6,210	0	0	0	0	6,210
Stock compensation	9,898	0	9,898	0	0	0
Stock issuance	8,612	1	8,611	0	0	0
Purchase of treasury stock	(6,964)	0	0	(6,964)	0	0
Balance, Ending at Jul. 01, 2023	2,999,526	148	444,290	(906,011)	3,714,811	(253,712)
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	201,963	0	0	0	201,963	0
Currency translation adjustment	(36,014)	0	0	0	0	(36,014)
Change in unrecognized pension benefit costs, net of tax	1,575	0	0	0	0	1,575
Unrealized gain (loss) on interest rate swamp, net of tax	999	0	0	0	0	999
Stock compensation	21,470	0	21,470	0	0	0
Purchase of treasury stock	(17,971)	0	0	(17,971)	0	0
Balance, Ending at Jun. 29, 2024	3,421,911	148	500,686	(924,002)	4,101,717	(256,638)
Balance, Beginning at Mar. 30, 2024	3,311,239	148	493,038	(923,026)	3,986,322	(245,243)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	115,395	0	0	0	115,395	0
Currency translation adjustment	(9,528)	0	0	0	0	(9,528)
Change in unrecognized pension benefit costs, net of tax	524	0	0	0	0	524
Unrealized gain (loss) on interest rate swamp, net of tax	(2,391)	0	0	0	0	(2,391)
Stock compensation	7,648	0	7,648	0	0	0
Purchase of treasury stock	(976)	0	0	(976)	0	0
Balance, Ending at Jun. 29, 2024	$ 3,421,911	$ 148	$ 500,686	$ (924,002)	$ 4,101,717	$ (256,638)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	$ 98	$ 170	$ 336	$ 94
Unrealized gain on interest rate swap, tax	$ 748	$ 2,172	$ (856)	$ (738)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities--
Net earnings	$ 201,963	$ 215,939
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	64,056	65,777
Non-cash share-based compensation	21,470	22,130
Deferred income taxes	(18,325)	(6,237)
Net periodic pension benefit (other than service costs)	(7,368)	(4,826)
Other Noncash Income (Expense)	662	4,288
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	14,793	(7,829)
Inventories, net	7,687	7,520
Prepaid expenses and other assets	(419)	(12,740)
Accounts payable	13,728	(41,823)
Accrued expenses and other liabilities	(7,830)	(88,249)
Net cash provided by operating activities	290,417	153,950
Cash flows from investing activities--
Additions to property and equipment	(24,680)	(48,315)
Payments to Acquire Intangible Assets	(80)	(1,805)
Acquisitions, net of cash acquired	(5,557)	(35,146)
Net cash (used in) investing activities	(30,317)	(85,266)
Cash flows from financing activities--
Proceeds under Credit Facility	0	390,000
Repayments under Credit Facility	21,875	387,312
Net repayments under foreign bank loan	(1,122)	(218)
Payments of deferred purchase price	(1,597)	(3,056)
Repurchase of treasury stock	(17,971)	(74,544)
Other, net	(110)	(105)
Net cash (used in) provided by financing activities	(42,675)	(75,235)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	(5,464)	1,829
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	211,961	(4,722)
Cash and cash equivalents at beginning of year	247,496	162,001
Cash and cash equivalents at end of quarter	459,457	157,279
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Stock issuance related to acquisition and purchase of intangible assets	$ 0	$ 13,785

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 29, 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 June 29, 2024 and December 30, 2023, the results of operations for the three and six months ended June 29, 2024 and July 1, 2023, cash flows for the six months ended June 29, 2024 and July 1, 2023 and statement of stockholders' equity for the three and six months ended June 29, 2024 and July 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 $7.6 million and $9.9 million for the three months period ended June 29, 2024 and July 1, 2023, respectively. Non-cash share-based compensation expense was $21.5 million and $22.1 million for the six months period ended June 29, 2024 and July 1, 2023, respectively. c) Income Taxes A tax provision of $39.4 million, at an effective rate of 25.4%, was recorded during the three months period ended June 29, 2024, as compared to a $39.3 million tax provision at an effective rate of 25.2% in the prior year period. A tax provision of $67.7 million, at an effective rate of 25.1%, was recorded during the six months period ended June 29, 2024 as compared to a $72.1 million tax provision at an effective rate of 25.0% in the prior year period. The effective tax rate for the three months period ended June 29, 2024 is higher than the U.S. statutory tax rate of 21.0% 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 fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 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 June 29, 2024 Financial Assets: Interest rate swaps $ — $ 42,922 $ — $ 42,922 Financial Liabilities: Contingent consideration $ — $ — $ 47,580 $ 47,580 Foreign exchange derivative contracts $ — $ 445 $ — $ 445 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 June 29, 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: June 29, 2024 Beginning balance $ 51,538 Payments of contingent consideration (1,745) Changes in fair value (2,213) Ending balance $ 47,580 e) Consolidated Statements of Cash Flows Cash paid for interest was $51.1 million and $62.1 million for the six months ended June 29, 2024 and July 1, 2023, respectively. Cash payments totaling $48.1 million and $90.1 million were made for income taxes for the six months ended June 29, 2024 and July 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 6,000 and 5,000 for the three months ended June 29, 2024 and July 1, 2023, respectively. The company’s potentially dilutive securities consist of shares issuable on vesting of restricted stock grants computed using the treasury method and amounted to 4,000 for both the six months ended June 29, 2024 and July 1, 2023, respectively. For the six months ended June 29, 2024 and July 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 519,000 and 645,000 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
	Jun. 29, 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. 2023 Acquisitions During 2023, the company completed various acquisitions that were not individually material. The final allocation of consideration paid for the 2023 acquisitions is summarized as follows (in thousands): Preliminary Opening Balance Sheet Measurement Adjusted Opening Balance Sheet Cash $ 3,102 $ — $ 3,102 Current assets 9,964 11 9,975 Property, plant and equipment 21,954 (214) 21,740 Goodwill 38,422 3,278 41,700 Other intangibles 34,337 (722) 33,615 Other assets — 5 5 Current liabilities (3,774) (1,147) (4,921) Long-term deferred tax liability (958) 23 (935) Other non-current liabilities (12,099) (216) (12,315) Consideration paid at closing $ 90,948 $ 1,018 $ 91,966 Contingent consideration 14,743 216 14,959 Net assets acquired and liabilities assumed $ 105,691 $ 1,234 $ 106,925 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 $18.0 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 $13.8 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 $40.0 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. 2024 Acquisitions During 2024, 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 date for the 2024 acquisitions and are summarized as follows (in thousands): Preliminary Opening Balance Sheet Cash $ 1 Current assets 1,676 Property, plant and equipment 383 Goodwill 945 Other intangibles 568 Current liabilities (222) Consideration paid at closing 3,351 Net assets acquired and liabilities assumed $ 3,351 The goodwill and $0.3 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $0.3 million allocated to customer relationships, which is being amortized over a period of 5 years. Goodwill of $0.9 million and other intangibles of $0.6 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Of these assets, goodwill of $0.5 million and intangibles of $0.6 million are expected to be deductible for tax purposes. The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for the acquisitions completed during 2024. Certain intangible assets are preliminarily valued using historical information from the Food Processing Equipment Group and qualitative assessment of the business 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	6 Months Ended
	Jun. 29, 2024
Notes To Financial Statements [Abstract]
Litigation Matters	Litigation Matters Legal Proceedings and Contingencies. 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 adverse effect on its financial condition, results of operations or cash flows.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition	6 Months Ended
	Jun. 29, 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 June 29, 2024 United States and Canada $ 442,395 $ 108,659 $ 124,777 $ 675,831 Asia 55,992 6,951 3,843 66,786 Europe and Middle East 98,266 50,354 61,468 210,088 Latin America 22,726 13,440 2,675 38,841 Total $ 619,379 $ 179,404 $ 192,763 $ 991,546 Six Months Ended June 29, 2024 United States and Canada $ 868,923 $ 211,689 $ 231,818 $ 1,312,430 Asia 107,379 13,319 6,439 127,137 Europe and Middle East 188,731 92,179 123,625 404,535 Latin America 44,690 24,900 4,780 74,370 Total $ 1,209,723 $ 342,087 $ 366,662 $ 1,918,472 Three Months Ended July 1, 2023 United States and Canada $ 474,745 $ 126,953 $ 134,755 $ 736,453 Asia 57,453 15,531 2,092 75,076 Europe and Middle East 94,175 33,499 66,771 194,445 Latin America 19,290 12,765 1,953 34,008 Total $ 645,663 $ 188,748 $ 205,571 $ 1,039,982 Six Months Ended July 1, 2023 United States and Canada $ 927,400 $ 243,853 $ 278,714 $ 1,449,967 Asia 113,979 24,118 5,281 143,378 Europe and Middle East 181,140 67,558 137,157 385,855 Latin America 37,079 26,722 4,377 68,178 Total $ 1,259,598 $ 362,251 $ 425,529 $ 2,047,378 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): Jun 29, 2024 Dec 30, 2023 Contract assets $ 54,968 $ 47,072 Contract liabilities $ 121,036 $ 118,681 Non-current contract liabilities $ 14,746 $ 15,721 During the six months period ended June 29, 2024, the company reclassified $30.2 million to receivables, which was included in the contract asset balance at the beginning of the period. During the six months period ended June 29, 2024, the company recognized revenue of $49.9 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $84.9 million during the six months period ended June 29, 2024. Remaining Performance Obligations Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the six months period ended June 29, 2024.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 29, 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 (36,014) 565 15,424 (20,025) Amounts reclassified from accumulated other comprehensive income — 1,010 (14,425) (13,415) Net current-period other comprehensive income $ (36,014) $ 1,575 $ 999 $ (33,440) Balance as of June 29, 2024 $ (181,504) $ (108,138) $ 33,004 $ (256,638) Balance as of December 31, 2022 $ (205,345) $ (121,701) $ 48,574 $ (278,472) Other comprehensive income before reclassification 31,851 (6,106) 13,173 38,918 Amounts reclassified from accumulated other comprehensive income — 1,126 (15,284) (14,158) Net current-period other comprehensive income $ 31,851 $ (4,980) $ (2,111) $ 24,760 Balance as of July 1, 2023 $ (173,494) $ (126,681) $ 46,463 $ (253,712) (1) As of June 29, 2024, pension and unrealized gain on interest rate swap amounts, net of tax, are $4.3 million and $10.3 million, respectively. During the six months ended June 29, 2024, the adjustments to pension and unrealized gain on interest rate swap amounts, net of tax, are $0.3 million and $(0.9) million, respectively. As of July 1, 2023, pension and unrealized gain on interest rate swap amounts, net of tax, were $(1.9) million and $16.1 million, respectively. During the six months ended July 1, 2023, the adjustments to pension and unrealized gain on interest rate swap amounts, net of tax, were $0.1 million and $(0.7) million, respectively. Components of other comprehensive income were as follows (in thousands): Three Months Ended Six Months Ended Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023 Net earnings $ 115,395 $ 116,850 $ 201,963 $ 215,939 Currency translation adjustment (9,528) 4,892 (36,014) 31,851 Pension liability adjustment, net of tax 524 (2,171) 1,575 (4,980) Unrealized (loss) gain on interest rate swaps, net of tax (2,391) 6,210 999 (2,111) Comprehensive income $ 104,000 $ 125,781 $ 168,523 $ 240,699

Inventories

Inventories	6 Months Ended
	Jun. 29, 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 June 29, 2024 and December 30, 2023 are as follows (in thousands): Jun 29, 2024 Dec 30, 2023 Raw materials and parts $ 500,139 $ 495,488 Work-in-process 75,570 80,102 Finished goods 344,387 360,277 $ 920,096 $ 935,867

Goodwill

Goodwill	6 Months Ended
	Jun. 29, 2024
Notes To Financial Statements [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill for the six months ended June 29, 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 — 945 — 945 Measurement period adjustments to 271 57 224 552 Exchange effect (6,591) (5,079) (4,416) (16,086) Balance as of June 29, 2024 $ 1,322,736 $ 371,140 $ 777,845 $ 2,471,721 The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment, the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

Intangibles

Intangibles	6 Months Ended
	Jun. 29, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets Disclosure [Text Block]	Intangibles Intangible assets consist of the following (in thousands): June 29, 2024 December 30, 2023 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer relationships 6.7 $ 841,979 $ (557,157) 7.0 $ 845,326 $ (529,533) Developed technology 7.9 98,153 (48,301) 8.3 98,593 (44,546) $ 940,132 $ (605,458) $ 943,919 $ (574,079) Indefinite-lived assets: Trademarks and tradenames $ 1,316,291 $ 1,323,236 The aggregate intangible amortization expense was $16.2 million and $16.5 million for the three months period ended June 29, 2024 and July 1, 2023, respectively. The aggregate intangible amortization expense was $33.6 million and $37.7 million for the six months period ended June 29, 2024 and July 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 Second Quarter Amortization Expense 2025 $ 58,733 2026 56,222 2027 49,764 2028 42,061 2029 36,430 Thereafter 91,464 $ 334,674

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 29, 2024
Disclosure Accrued Expenses [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): Jun 29, 2024 Dec 30, 2023 Contract liabilities $ 121,036 $ 118,681 Accrued payroll and related expenses 103,300 121,514 Accrued warranty 93,697 89,039 Accrued customer rebates 42,651 59,267 Accrued short-term leases 25,368 26,417 Accrued contingent consideration 24,373 17,791 Accrued sales and other tax 23,286 24,568 Accrued agent commission 15,383 16,956 Accrued professional fees 13,261 18,461 Accrued product liability and workers compensation 11,202 11,169 Other accrued expenses 100,323 75,329 $ 573,880 $ 579,192

Warranty Costs

Warranty Costs	6 Months Ended
	Jun. 29, 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): Six Months Ended Jun 29, 2024 Balance as of December 30, 2023 $ 89,039 Warranty expense 49,471 Warranty claims (44,813) Balance as of June 29, 2024 $ 93,697

Financing Arrangements

Financing Arrangements	3 Months Ended
	Jun. 29, 2024
Notes To Financial Statements [Abstract]
Financing Arrangements	9.7 million

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 29, 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 $242.1 million and $253.1 million as of June 29, 2024 and December 30, 2023, respectively. The fair value of the forward and option contracts was a loss of $0.4 million at the end of the second 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 June 29, 2024, the fair value of these instruments was an asset of $42.9 million. The change in fair value of these swap agreements in the first six months of 2024 was a gain of $1.0 million, net of taxes. The following table summarizes the company’s fair value of interest rate swaps (in thousands): Condensed Consolidated Jun 29, 2024 Dec 30, 2023 Fair value Prepaid expense and other $ 1,181 $ 2,897 Fair value Other assets $ 41,741 $ 39,882 The impact on earnings from interest rate swaps was as follows (in thousands): Three Months Ended Six Months Ended Presentation of Gain/(loss) Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 3,721 $ 16,657 $ 14,568 $ 12,435 Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 6,859 $ 8,275 $ 14,425 $ 15,284 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. As a result, the company has counterparty credit exposure to large global financial institutions, which the company monitors on a regular basis.

Segment Information

Segment Information	6 Months Ended
	Jun. 29, 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 Six Months Ended Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 619,379 62.5 % $ 645,663 62.1 % $ 1,209,723 63.1 % $ 1,259,598 61.5 % Food Processing 179,404 18.1 188,748 18.1 342,087 17.8 362,251 17.7 Residential Kitchen 192,763 19.4 205,571 19.8 366,662 19.1 425,529 20.8 Total $ 991,546 100.0 % $ 1,039,982 100.0 % $ 1,918,472 100.0 % $ 2,047,378 100.0 % 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 June 29, 2024 Net sales $ 619,379 $ 179,404 $ 192,763 $ — $ 991,546 Income (loss) from operations (3) 151,713 40,484 10,132 (26,621) 175,708 Depreciation expense (4) 6,906 2,276 3,969 430 13,581 Amortization expense (5) 12,729 1,760 1,799 1,778 18,066 Net capital expenditures 4,206 2,538 3,760 433 10,937 Six Months Ended June 29, 2024 Net sales $ 1,209,723 $ 342,087 $ 366,662 $ — $ 1,918,472 Income (loss) from operations (3) 283,371 72,837 14,669 (58,036) 312,841 Depreciation expense (4) 13,928 4,306 7,774 846 26,854 Amortization expense (5) 26,323 3,714 3,601 3,564 37,202 Net capital expenditures 10,289 4,356 9,019 1,016 24,680 Total assets $ 3,709,686 $ 980,867 $ 1,939,941 $ 395,289 $ 7,025,783 Three Months Ended July 1, 2023 Net sales $ 645,663 $ 188,748 $ 205,571 $ — $ 1,039,982 Income (loss) from operations (3) 156,969 39,324 19,096 (30,618) 184,771 Depreciation expense (4) 7,011 1,889 3,319 304 12,523 Amortization expense (5) 14,138 132 2,250 1,787 18,307 Net capital expenditures 10,843 2,869 7,540 1,578 22,830 Six Months Ended July 1, 2023 Net sales $ 1,259,598 $ 362,251 $ 425,529 $ — $ 2,047,378 Income (loss) from operations (3) 293,531 74,011 40,282 (62,031) 345,793 Depreciation expense (4) 13,177 3,986 6,766 571 24,500 Amortization expense (5) 28,946 4,269 4,488 3,574 41,277 Net capital expenditures 27,749 5,072 13,754 1,740 48,315 Total assets $ 3,828,055 $ 1,034,594 $ 1,974,752 $ 147,357 $ 6,984,758 (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): Jun 29, 2024 Jul 1, 2023 United States and Canada $ 497,504 $ 497,064 Asia 39,772 38,105 Europe and Middle East 210,869 156,780 Latin America 11,613 13,968 Total international $ 262,254 $ 208,853 $ 759,758 $ 705,917

Employee Retirement Plans

Employee Retirement Plans	6 Months Ended
	Jun. 29, 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 Six Months Ended Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023 Net Periodic Pension Benefit: Interest cost $ 10,809 $ 11,476 $ 21,589 $ 22,614 Expected return on assets (15,340) (14,652) (30,637) (28,871) Amortization of net loss 13 7 26 14 Amortization of prior service cost 660 651 1,319 1,282 $ (3,858) $ (2,518) $ (7,703) $ (4,961)

Share Repurchases

Share Repurchases	6 Months Ended
	Jun. 29, 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 repurchase of 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 June 29, 2024. As of June 29, 2024, 3,116,364 shares had been purchased under the stock repurchase program and 1,883,636 shares remained authorized for repurchase. Subsequent to the end of the second quarter, in July 2024, the company's Board of Directors approved the repurchase of an additional 2,500,000 shares of its outstanding common stock under the current program, leaving 4,383,636 authorized shares available for repurchase. The company also treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. During the three and six months ended June 29, 2024, the company repurchased 6,296 and 116,155 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $1.0 million and $18.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 29, 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 June 29, 2024 and December 30, 2023, the results of operations for the three and six months ended June 29, 2024 and July 1, 2023, cash flows for the six months ended June 29, 2024 and July 1, 2023 and statement of stockholders' equity for the three and six months ended June 29, 2024 and July 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 $7.6 million and $9.9 million for the three months period ended June 29, 2024 and July 1, 2023, respectively. Non-cash share-based compensation expense was $21.5 million and $22.1 million for the six months period ended June 29, 2024 and July 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. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
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.

Comprehensive Text Block List (

Comprehensive Text Block List (Policies)	6 Months Ended
	Jun. 29, 2024
Text Block [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Policies)	6 Months Ended
	Jun. 29, 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)	6 Months Ended
	Jun. 29, 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 June 29, 2024 Financial Assets: Interest rate swaps $ — $ 42,922 $ — $ 42,922 Financial Liabilities: Contingent consideration $ — $ — $ 47,580 $ 47,580 Foreign exchange derivative contracts $ — $ 445 $ — $ 445 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: June 29, 2024 Beginning balance $ 51,538 Payments of contingent consideration (1,745) Changes in fair value (2,213) Ending balance $ 47,580

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Tables)	6 Months Ended
	Jun. 29, 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 June 29, 2024 United States and Canada $ 442,395 $ 108,659 $ 124,777 $ 675,831 Asia 55,992 6,951 3,843 66,786 Europe and Middle East 98,266 50,354 61,468 210,088 Latin America 22,726 13,440 2,675 38,841 Total $ 619,379 $ 179,404 $ 192,763 $ 991,546 Six Months Ended June 29, 2024 United States and Canada $ 868,923 $ 211,689 $ 231,818 $ 1,312,430 Asia 107,379 13,319 6,439 127,137 Europe and Middle East 188,731 92,179 123,625 404,535 Latin America 44,690 24,900 4,780 74,370 Total $ 1,209,723 $ 342,087 $ 366,662 $ 1,918,472 Three Months Ended July 1, 2023 United States and Canada $ 474,745 $ 126,953 $ 134,755 $ 736,453 Asia 57,453 15,531 2,092 75,076 Europe and Middle East 94,175 33,499 66,771 194,445 Latin America 19,290 12,765 1,953 34,008 Total $ 645,663 $ 188,748 $ 205,571 $ 1,039,982 Six Months Ended July 1, 2023 United States and Canada $ 927,400 $ 243,853 $ 278,714 $ 1,449,967 Asia 113,979 24,118 5,281 143,378 Europe and Middle East 181,140 67,558 137,157 385,855 Latin America 37,079 26,722 4,377 68,178 Total $ 1,259,598 $ 362,251 $ 425,529 $ 2,047,378
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): Jun 29, 2024 Dec 30, 2023 Contract assets $ 54,968 $ 47,072 Contract liabilities $ 121,036 $ 118,681 Non-current contract liabilities $ 14,746 $ 15,721

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 29, 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 (36,014) 565 15,424 (20,025) Amounts reclassified from accumulated other comprehensive income — 1,010 (14,425) (13,415) Net current-period other comprehensive income $ (36,014) $ 1,575 $ 999 $ (33,440) Balance as of June 29, 2024 $ (181,504) $ (108,138) $ 33,004 $ (256,638) Balance as of December 31, 2022 $ (205,345) $ (121,701) $ 48,574 $ (278,472) Other comprehensive income before reclassification 31,851 (6,106) 13,173 38,918 Amounts reclassified from accumulated other comprehensive income — 1,126 (15,284) (14,158) Net current-period other comprehensive income $ 31,851 $ (4,980) $ (2,111) $ 24,760 Balance as of July 1, 2023 $ (173,494) $ (126,681) $ 46,463 $ (253,712)
Schedule of Comprehensive Income (Loss)	Components of other comprehensive income were as follows (in thousands): Three Months Ended Six Months Ended Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023 Net earnings $ 115,395 $ 116,850 $ 201,963 $ 215,939 Currency translation adjustment (9,528) 4,892 (36,014) 31,851 Pension liability adjustment, net of tax 524 (2,171) 1,575 (4,980) Unrealized (loss) gain on interest rate swaps, net of tax (2,391) 6,210 999 (2,111) Comprehensive income $ 104,000 $ 125,781 $ 168,523 $ 240,699

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 29, 2024
Notes To Financial Statements [Abstract]
Schedule of Inventory, Current	Inventories at June 29, 2024 and December 30, 2023 are as follows (in thousands): Jun 29, 2024 Dec 30, 2023 Raw materials and parts $ 500,139 $ 495,488 Work-in-process 75,570 80,102 Finished goods 344,387 360,277 $ 920,096 $ 935,867

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 29, 2024
Notes To Financial Statements [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the six months ended June 29, 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 — 945 — 945 Measurement period adjustments to 271 57 224 552 Exchange effect (6,591) (5,079) (4,416) (16,086) Balance as of June 29, 2024 $ 1,322,736 $ 371,140 $ 777,845 $ 2,471,721 The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment, the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 29, 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): June 29, 2024 December 30, 2023 Estimated Gross Accumulated Estimated Gross Accumulated Amortized intangible assets: Customer relationships 6.7 $ 841,979 $ (557,157) 7.0 $ 845,326 $ (529,533) Developed technology 7.9 98,153 (48,301) 8.3 98,593 (44,546) $ 940,132 $ (605,458) $ 943,919 $ (574,079) Indefinite-lived assets: Trademarks and tradenames $ 1,316,291 $ 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 Second Quarter Amortization Expense 2025 $ 58,733 2026 56,222 2027 49,764 2028 42,061 2029 36,430 Thereafter 91,464 $ 334,674

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 29, 2024
Disclosure Accrued Expenses [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands): Jun 29, 2024 Dec 30, 2023 Contract liabilities $ 121,036 $ 118,681 Accrued payroll and related expenses 103,300 121,514 Accrued warranty 93,697 89,039 Accrued customer rebates 42,651 59,267 Accrued short-term leases 25,368 26,417 Accrued contingent consideration 24,373 17,791 Accrued sales and other tax 23,286 24,568 Accrued agent commission 15,383 16,956 Accrued professional fees 13,261 18,461 Accrued product liability and workers compensation 11,202 11,169 Other accrued expenses 100,323 75,329 $ 573,880 $ 579,192

Warranty Costs (Tables)

Warranty Costs (Tables)	6 Months Ended
	Jun. 29, 2024
Notes To Financial Statements [Abstract]
Product Warranty Table Disclosure	A rollforward of the warranty reserve is as follows (in thousands): Six Months Ended Jun 29, 2024 Balance as of December 30, 2023 $ 89,039 Warranty expense 49,471 Warranty claims (44,813) Balance as of June 29, 2024 $ 93,697

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 29, 2024
Notes To Financial Statements [Abstract]
Schedule of Long-term Debt Instruments	Jun 29, 2024 Dec 30, 2023 (in thousands) Term loan facility 934,103 945,913 Delayed draw term loan facility 717,188 726,563 Convertible senior notes 743,286 741,501 Foreign loans 9,092 10,531 Other debt arrangement 577 687 Total debt 2,404,246 2,425,195 Less: Current maturities of long-term debt 44,250 44,822 Long-term debt $ 2,359,996 $ 2,380,373

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 29, 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 Jun 29, 2024 Dec 30, 2023 Fair value Prepaid expense and other $ 1,181 $ 2,897 Fair value Other assets $ 41,741 $ 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 Six Months Ended Presentation of Gain/(loss) Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023 Gain/(loss) recognized in accumulated other comprehensive income Other comprehensive income $ 3,721 $ 16,657 $ 14,568 $ 12,435 Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) Interest expense $ 6,859 $ 8,275 $ 14,425 $ 15,284

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 29, 2024
Notes To Financial Statements [Abstract]
Net Sales Summary By Segment	Net Sales Summary (dollars in thousands) Three Months Ended Six Months Ended Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023 Sales Percent Sales Percent Sales Percent Sales Percent Business Segments: Commercial Foodservice $ 619,379 62.5 % $ 645,663 62.1 % $ 1,209,723 63.1 % $ 1,259,598 61.5 % Food Processing 179,404 18.1 188,748 18.1 342,087 17.8 362,251 17.7 Residential Kitchen 192,763 19.4 205,571 19.8 366,662 19.1 425,529 20.8 Total $ 991,546 100.0 % $ 1,039,982 100.0 % $ 1,918,472 100.0 % $ 2,047,378 100.0 %
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 June 29, 2024 Net sales $ 619,379 $ 179,404 $ 192,763 $ — $ 991,546 Income (loss) from operations (3) 151,713 40,484 10,132 (26,621) 175,708 Depreciation expense (4) 6,906 2,276 3,969 430 13,581 Amortization expense (5) 12,729 1,760 1,799 1,778 18,066 Net capital expenditures 4,206 2,538 3,760 433 10,937 Six Months Ended June 29, 2024 Net sales $ 1,209,723 $ 342,087 $ 366,662 $ — $ 1,918,472 Income (loss) from operations (3) 283,371 72,837 14,669 (58,036) 312,841 Depreciation expense (4) 13,928 4,306 7,774 846 26,854 Amortization expense (5) 26,323 3,714 3,601 3,564 37,202 Net capital expenditures 10,289 4,356 9,019 1,016 24,680 Total assets $ 3,709,686 $ 980,867 $ 1,939,941 $ 395,289 $ 7,025,783 Three Months Ended July 1, 2023 Net sales $ 645,663 $ 188,748 $ 205,571 $ — $ 1,039,982 Income (loss) from operations (3) 156,969 39,324 19,096 (30,618) 184,771 Depreciation expense (4) 7,011 1,889 3,319 304 12,523 Amortization expense (5) 14,138 132 2,250 1,787 18,307 Net capital expenditures 10,843 2,869 7,540 1,578 22,830 Six Months Ended July 1, 2023 Net sales $ 1,259,598 $ 362,251 $ 425,529 $ — $ 2,047,378 Income (loss) from operations (3) 293,531 74,011 40,282 (62,031) 345,793 Depreciation expense (4) 13,177 3,986 6,766 571 24,500 Amortization expense (5) 28,946 4,269 4,488 3,574 41,277 Net capital expenditures 27,749 5,072 13,754 1,740 48,315 Total assets $ 3,828,055 $ 1,034,594 $ 1,974,752 $ 147,357 $ 6,984,758 (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): Jun 29, 2024 Jul 1, 2023 United States and Canada $ 497,504 $ 497,064 Asia 39,772 38,105 Europe and Middle East 210,869 156,780 Latin America 11,613 13,968 Total international $ 262,254 $ 208,853 $ 759,758 $ 705,917

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	6 Months Ended
	Jun. 29, 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 Six Months Ended Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023 Net Periodic Pension Benefit: Interest cost $ 10,809 $ 11,476 $ 21,589 $ 22,614 Expected return on assets (15,340) (14,652) (30,637) (28,871) Amortization of net loss 13 7 26 14 Amortization of prior service cost 660 651 1,319 1,282 $ (3,858) $ (2,518) $ (7,703) $ (4,961)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accounting Policies [Abstract]
Non-cash share-based compensation expense	$ 7,600	$ 9,900	$ 21,470	$ 22,130
Provision for income taxes	$ 39,381	$ 39,293	$ 67,650	$ 72,119
Effective Income Tax Rate Reconciliation, Percent	25.40%	25.20%	25.10%	25%
Interest paid			$ 51,100	$ 62,100
Income tax payments			$ 48,100	$ 90,100
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	6,000	5,000	4,000	4,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities			519,000	645,000

Financial Assets and Liabilitie

Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 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	$ 47,580	$ 51,538
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(1,745)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	(2,213)
Fair Value, Measurements, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	42,922	42,779
Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	47,580	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	445
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	42,922	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	445
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	47,580	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 - 2023 Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,471,721	$ 2,486,310
Business Combination, Contingent Consideration, Liability	24,373	17,791
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,322,736	1,329,056
Food Processing Group
Business Acquisition [Line Items]
Goodwill	371,140	375,217
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	777,845	$ 782,037
2024 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	9,975
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	21,740
Goodwill	41,700
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	(4,921)
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	91,966
Business Combination, Contingent Consideration, Liability	14,959
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	106,925
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(935)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(900)
Business Acquisition, Goodwill, Expected Tax Deductible Amount	40,000
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	32,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	5
2024 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
2024 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
2024 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
2024 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	18,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
2024 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	13,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11,700
2024 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
2024 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
2024 Acquisitions | Developed Technology Rights | Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2024 Acquisitions | Developed Technology Rights | Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
2024 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
2024 Acquisitions | Backlog | Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 months
2024 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
Initial accounting | 2024 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 | 2024 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	11
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(214)
Goodwill	3,278
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	(1,147)
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	1,018
Business Combination, Contingent Consideration, Liability	216
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	1,234
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	23
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 - 2024 Acquisitions (Details) - USD ($)	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,471,721,000	$ 2,486,310,000
Business Combination, Contingent Consideration, Liability	24,373,000	17,791,000
Acquired Finite-Lived Intangible Asset, Residual Value	5
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,322,736,000	1,329,056,000
Food Processing Group
Business Acquisition [Line Items]
Goodwill	371,140,000	375,217,000
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	777,845,000	$ 782,037,000
2024 Acquisitions
Business Acquisition [Line Items]
Business Acquisition, Goodwill, Expected Tax Deductible Amount	500,000
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	600,000
2024 Acquisitions | Food Processing Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	600,000
Business Acquisition [Line Items]
Goodwill	900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	600,000
2024 Acquisitions | Customer Relationships
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	300,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 300,000
2024 Acquisitions | Customer Relationships | Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
2024 Acquisitions | Tradenames And Trademarks
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 300,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	300,000
Initial accounting | 2024 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	568,000
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	1,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	1,676,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	383,000
Goodwill	945,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	568,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(222,000)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	3,351,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 3,351,000

Acquisitions and Purchase Acc_4

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 1,918,563	$ 2,061,294
Business Acquisition, Pro Forma Net Income (Loss)	$ 202,196	$ 214,588
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 3.76	$ 4.01
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 3.73	$ 3.96

Revenue Recognition Disaggregat

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 991,546	$ 1,039,982	$ 1,918,472	$ 2,047,378
United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	675,831	736,453	1,312,430	1,449,967
Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	66,786	75,076	127,137	143,378
Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	210,088	194,445	404,535	385,855
Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38,841	34,008	74,370	68,178
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	619,379	645,663	1,209,723	1,259,598
Commercial Foodservice Equipment Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	442,395	474,745	868,923	927,400
Commercial Foodservice Equipment Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	55,992	57,453	107,379	113,979
Commercial Foodservice Equipment Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	98,266	94,175	188,731	181,140
Commercial Foodservice Equipment Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	22,726	19,290	44,690	37,079
Food Processing Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	179,404	188,748	342,087	362,251
Food Processing Group | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	108,659	126,953	211,689	243,853
Food Processing Group | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,951	15,531	13,319	24,118
Food Processing Group | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	50,354	33,499	92,179	67,558
Food Processing Group | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	13,440	12,765	24,900	26,722
Residential Kitchen
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	192,763	205,571	366,662	425,529
Residential Kitchen | United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	124,777	134,755	231,818	278,714
Residential Kitchen | Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,843	2,092	6,439	5,281
Residential Kitchen | Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	61,468	66,771	123,625	137,157
Residential Kitchen | Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,675	$ 1,953	$ 4,780	$ 4,377

Revenue Recognition Contract wi

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Revenue Recognition [Abstract]
Contract with Customer, Asset, Net, Current	$ 54,968	$ 47,072
Contract liabilities	121,036	118,681
Contract with Customer, Liability, Noncurrent	14,746	$ 15,721
Contract with Customer, Asset, Reclassified to Receivable	30,200
Contract with Customer, Liability, Revenue Recognized	49,900
Contract with Customer, Liability, Increase for Contract Acquired during the Period	84,900
Capitalized Contract Cost, Impairment Loss	$ 0

Changes in accumulated other co

Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			$ (223,198)	$ (278,472)
Other comprehensive income before reclassification			(20,025)	38,918
Amounts reclassified from accumulated other comprehensive income			(13,415)	(14,158)
Net current-period other comprehensive income			(33,440)	24,760
End of Period	$ (256,638)	$ (253,712)	(256,638)	(253,712)
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax	4,300	(1,900)	4,300	(1,900)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	10,300	16,100	10,300	16,100
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax			300	100
Unrealized gain on interest rate swap, tax	748	2,172	(856)	(738)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			(145,490)	(205,345)
Other comprehensive income before reclassification			(36,014)	31,851
Amounts reclassified from accumulated other comprehensive income			0	0
Net current-period other comprehensive income			(36,014)	31,851
End of Period	(181,504)	(173,494)	(181,504)	(173,494)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period			(109,713)	(121,701)
Other comprehensive income before reclassification			(565)	6,106
Amounts reclassified from accumulated other comprehensive income			1,010	1,126
Net current-period other comprehensive income			1,575	(4,980)
End of Period	(108,138)	(126,681)	(108,138)	(126,681)
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			15,424	13,173
Amounts reclassified from accumulated other comprehensive income			(14,425)	(15,284)
Net current-period other comprehensive income			999	(2,111)
End of Period	$ 33,004	$ 46,463	$ 33,004	$ 46,463

Components of Other Comprehensi

Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disclosure Other Comprehensive Income Additional Information [Abstract]
Net earnings	$ 115,395	$ 116,850	$ 201,963	$ 215,939
Currency Translation Adjustment	(9,528)	4,892	(36,014)	31,851
Change in unrecognized pension benefit costs, net of tax	524	(2,171)	1,575	(4,980)
Unrealized gain (loss) on interest rate swamp, net of tax	(2,391)	6,210	999	(2,111)
Comprehensive income	$ 104,000	$ 125,781	$ 168,523	$ 240,699

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Notes To Financial Statements [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 500,139	$ 495,488
Inventory, Work in Process, Net of Reserves	75,570	80,102
Inventory, Finished Goods, Net of Reserves	344,387	360,277
Inventories, net	$ 920,096	$ 935,867

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 29, 2024 USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 2,486,310
Goodwill acquired during the year	945
Measurement period adjustments to goodwill acquired in prior year	552
Goodwill, Foreign Currency Translation Gain (Loss)	(16,086)
Balance end of period	2,471,721
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	271
Goodwill, Foreign Currency Translation Gain (Loss)	(6,591)
Balance end of period	1,322,736
Food Processing Group
Goodwill [Line Items]
Balance beginning of period	375,217
Goodwill acquired during the year	945
Measurement period adjustments to goodwill acquired in prior year	57
Goodwill, Foreign Currency Translation Gain (Loss)	(5,079)
Balance end of period	371,140
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	224
Goodwill, Foreign Currency Translation Gain (Loss)	(4,416)
Balance end of period	$ 777,845

Intangibles (Details)

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 940,132		$ 940,132		$ 943,919
Finite-Lived Intangible Assets, Accumulated Amortization	(605,458)		(605,458)		$ (574,079)
Amortization of Intangible Assets	16,200	$ 16,500	33,600	$ 37,700
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	58,733		58,733
Finite-Lived Intangible Assets, Amortization Expense, Year Two	56,222		56,222
Finite-Lived Intangible Assets, Amortization Expense, Year Three	49,764		49,764
Finite-Lived Intangible Assets, Amortization Expense, Year Four	42,061		42,061
Finite-Lived Intangible Assets, Amortization Expense, Year Five	36,430		36,430
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	91,464		91,464
Finite-Lived Intangible Assets, Net	$ 334,674		$ 334,674
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	6 years 8 months 12 days		6 years 8 months 12 days		7 years
Finite-Lived Intangible Assets, Gross	$ 841,979		$ 841,979		$ 845,326
Finite-Lived Intangible Assets, Accumulated Amortization	$ (557,157)		$ (557,157)		$ (529,533)
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years 10 months 24 days		7 years 10 months 24 days		8 years 3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 98,153		$ 98,153		$ 98,593
Finite-Lived Intangible Assets, Accumulated Amortization	(48,301)		(48,301)		(44,546)
Tradenames And Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 1,316,291		$ 1,316,291		$ 1,323,236

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Disclosure Accrued Expenses [Abstract]
Contract liabilities	$ 121,036	$ 118,681
Accrued payroll and related expenses	103,300	121,514
Accrued warranty	93,697	89,039
Accrued customer rebates	42,651	59,267
Accrued short-term leases	25,368	26,417
Accrued sales and other tax	23,286	24,568
Accrued professional services	13,261	18,461
Accrued agent commission	15,383	16,956
Accrued Product Liability And Workers Compensation Liability Current	11,202	11,169
Business Combination, Contingent Consideration, Liability	24,373	17,791
Other accrued expenses	100,323	75,329
Accrued expenses	$ 573,880	$ 579,192

Rollforward of Warranty Reserve

Rollforward of Warranty Reserve (Details) $ in Thousands	6 Months Ended
	Jun. 29, 2024 USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]
Beginning balance	$ 89,039
Warranty expense	49,471
Warranty claims	(44,813)
Ending balance	$ 93,697

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Term loan facility	$ 934,103	$ 945,913
Delayed draw term loan facility	717,188	726,563
Convertible senior notes	743,286	741,501
Other Long-term Debt	577	687
Total debt	2,404,246	2,425,195
Less: Current maturities of long-term debt	44,250	44,822
Long-term debt	2,359,996	2,380,373
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 9,092	$ 10,531

Financing Arrangements Addition

Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Term loan facility	$ 934,103	$ 945,913
Credit facility, outstanding	1,700,000
Letters of Credit Outstanding, Amount	$ 4,900
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	$ 9,100
Line of Credit Facility, Interest Rate at Period End	2.41%
Derivative Notional Amount, Current	$ 70,000
Derivative Notional Amount, NonCurrent	$ 670,000
Derivative Fixed Interest Rate, Current	2.19%
Term loan facility, gross	$ 937,500
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	Jun. 29, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Carrying Value	$ 2,404,246	$ 2,425,195
Derivative Fixed Interest Rate, Noncurrent	1.64%
Debt excluding convertible senior notes
Debt Disclosure [Line Items]
Carrying Value	$ 1,660,959	1,683,694
Fair Value	$ 1,664,356	$ 1,687,781

Convertible Debt (Details)

Convertible Debt (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Convertible senior notes	$ 743,286	$ 741,501
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	747,499	747,499
Unamortized Debt Issuance Expense	$ (4,213)	$ (5,998)

Convertible Debt Interest Expen

Convertible Debt Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Debt Disclosure [Line Items]
Interest Expense, Debt, Excluding Amortization	$ 1,848	$ 1,868	$ 3,716	$ 3,738
Amortization of Debt Discount (Premium)	888	898	1,786	1,796
Interest Expense	$ 2,736	$ 2,766	$ 5,502	$ 5,534

Convertible Debt Additional Inf

Convertible Debt Additional Information (Details) $ in Millions	Jun. 29, 2024 USD ($)
Convertible Debt
Debt Disclosure [Line Items]
Notes Payable, Fair Value Disclosure	$ 800

Capped Call Information (Detail

Capped Call Information (Details) - USD ($)	6 Months Ended
	Jun. 29, 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	Jun. 29, 2024	Dec. 30, 2023
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 242,100	$ 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	1,181	2,897
Other Noncurrent Assets | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	$ 41,741	$ 39,882

Impact on Earnings from Interes

Impact on Earnings from Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income			$ (13,415)	$ (14,158)
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	$ 3,721	$ 16,657	14,568	12,435
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 6,859	$ 8,275	$ 14,425	$ 15,284

Financial Instruments Additiona

Financial Instruments Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 42.9
Loss in fair value of interest rate swaps	1
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (0.4)

Net Sales Summary (Details)

Net Sales Summary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 991,546	$ 1,039,982	$ 1,918,472	$ 2,047,378
Percent	100%	100%	100%	100%
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 619,379	$ 645,663	$ 1,209,723	$ 1,259,598
Percent	62.50%	62.10%	63.10%	61.50%
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 179,404	$ 188,748	$ 342,087	$ 362,251
Percent	18.10%	18.10%	17.80%	17.70%
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 192,763	$ 205,571	$ 366,662	$ 425,529
Percent	19.40%	19.80%	19.10%	20.80%

Summary of Results of Operation

Summary of Results of Operations for Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 29, 2024		Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023		Dec. 30, 2023
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 991,546		$ 1,039,982	$ 1,918,472	$ 2,047,378
Income from operations	[1],[3]	175,708	[2]	184,771	312,841	345,793	[2]
Depreciation	[2],[4]	13,581		12,523	26,854	24,500
Amortization of Intangible Assets and Debt Issuance Costs	[2],[5]	18,066		18,307	37,202	41,277
Capital Expenditures Net		10,937		22,830	24,680	48,315
Total assets		7,025,783		6,984,758	7,025,783	6,984,758		$ 6,906,692
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		619,379		645,663	1,209,723	1,259,598
Income from operations	[1],[3]	151,713		156,969	283,371	293,531
Depreciation	[4]	6,906		7,011	13,928	13,177
Amortization of Intangible Assets and Debt Issuance Costs	[5]	12,729		14,138	26,323	28,946
Capital Expenditures Net		4,206		10,843	10,289	27,749
Total assets		3,709,686		3,828,055	3,709,686	3,828,055
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		179,404		188,748	342,087	362,251
Income from operations	[1],[3]	40,484		39,324	72,837	74,011
Depreciation	[4]	2,276		1,889	4,306	3,986
Amortization of Intangible Assets and Debt Issuance Costs	[5]	1,760		132	3,714	4,269
Capital Expenditures Net		2,538		2,869	4,356	5,072
Total assets		980,867		1,034,594	980,867	1,034,594
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		192,763		205,571	366,662	425,529
Income from operations	[1],[3]	10,132		19,096	14,669	40,282
Depreciation	[4]	3,969		3,319	7,774	6,766
Amortization of Intangible Assets and Debt Issuance Costs	[5]	1,799		2,250	3,601	4,488
Capital Expenditures Net		3,760		7,540	9,019	13,754
Total assets		1,939,941		1,974,752	1,939,941	1,974,752
Corporate and Other
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[2]	0		0	0	0
Income from operations	[1],[2],[3]	(26,621)		(30,618)	(58,036)	(62,031)
Depreciation	[2],[4]	430		304	846	571
Amortization of Intangible Assets and Debt Issuance Costs	[2],[5]	1,778		1,787	3,564	3,574
Capital Expenditures Net	[2]	433		1,578	1,016	1,740
Total assets	[2]	$ 395,289		$ 147,357	$ 395,289	$ 147,357
[1].[2].[3] 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	Jun. 29, 2024	Jul. 01, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 759,758	$ 705,917
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	497,504	497,064
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	39,772	38,105
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	210,869	156,780
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	11,613	13,968
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 262,254	$ 208,853

Employee Retirement Plans Addit

Employee Retirement Plans Additional Information (Details) - Non-US Plans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 10,809	$ 11,476	$ 21,589	$ 22,614
Expected return on assets	(15,340)	(14,652)	(30,637)	(28,871)
Amortization of net loss	13	7	26	14
Amortization of prior service cost	660	651	1,319	1,282
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (3,858)	$ (2,518)	$ (7,703)	$ (4,961)

Share Repurchases (Details)

Share Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Aug. 14, 2024	Aug. 02, 2024	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		1,883,636
Treasury Stock, Value, Acquired, Cost Method	$ 976	$ 6,964	$ 17,971	$ 74,835
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired	6,296		116,155
Treasury Stock, Value, Acquired, Cost Method	$ 1,000		$ 18,000
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	4,383,636	2,500,000	2,500,000
Share Repurchase Program, Number of Shares Repurchased	3,116,364		3,116,364