Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Nov. 01, 2013 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'Middleby Corp | ' |
Entity Central Index Key | '0000769520 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 19,119,162 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $29,355 | $34,366 |
Accounts receivable, net of reserve for doubtful accounts of $7,480 and $6,377 | 195,477 | 162,230 |
Inventories, net | 209,758 | 153,490 |
Prepaid expenses and other | 31,832 | 19,151 |
Prepaid Taxes | 3,323 | 0 |
Current deferred taxes | 44,403 | 43,365 |
Total current assets | 514,148 | 412,602 |
Property, plant and equipment, net of accumulated depreciation of $73,892 and $63,974 | 117,739 | 63,886 |
Goodwill | 635,718 | 526,011 |
Other intangibles | 419,951 | 233,341 |
Other assets | 12,932 | 8,440 |
Total assets | 1,700,488 | 1,244,280 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 778 | 1,850 |
Accounts payable | 94,557 | 69,653 |
Accrued expenses | 187,198 | 170,932 |
Total current liabilities | 282,533 | 242,435 |
Long-term debt | 536,608 | 258,220 |
Long-term deferred tax liability | 45,065 | 44,838 |
Other non-current liabilities | 54,779 | 48,760 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued | ' | ' |
Common stock, $0.01 par value; 47,500,000 shares authorized; 23,777,203 and 23,438,287 shares issued in 2013 and 2012, respectively | 144 | 141 |
Paid-in capital | 264,897 | 233,213 |
Treasury stock, at cost; 4,658,041 and 4,635,315 shares in 2013 and 2012, respectively | -150,938 | -147,352 |
Retained earnings | 680,431 | 576,424 |
Accumulated other comprehensive loss | -13,031 | -12,399 |
Total stockholders' equity | 781,503 | 650,027 |
Total liabilities and stockholders' equity | $1,700,488 | $1,244,280 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, reserve for doubtful accounts | $6,522 | $6,377 |
Property, plant and equipment, accumulated depreciation | $64,591 | $63,974 |
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 | ' | ' |
Common stock, par value (in usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 47,500,000 | 47,500,000 |
Common stock, shares issued | 23,442,565 | 23,438,287 |
Treasury stock, shares | 4,648,795 | 4,635,315 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Net sales | $360,013 | [1] | $257,699 | [1] | $1,051,265 | [1] | $746,562 | [1] |
Cost of sales | 218,575 | 157,254 | 651,985 | 456,818 | ||||
Gross profit | 141,438 | 100,445 | 399,280 | 289,744 | ||||
Selling and distribution expenses | 41,769 | 25,965 | 116,559 | 79,414 | ||||
General and administrative expenses | 32,181 | 27,051 | 112,713 | 80,903 | ||||
Income from operations | 67,488 | [1] | 47,429 | [1] | 170,008 | 129,427 | ||
Net interest expense and deferred financing amortization, net | 4,249 | 2,988 | 11,729 | 7,046 | ||||
Other (income) expense, net | 1,394 | 2,765 | 1,998 | 3,652 | ||||
Earnings before income taxes | 61,845 | 41,676 | 156,281 | 118,729 | ||||
Provision for income taxes | 20,903 | 11,907 | 52,274 | 35,820 | ||||
Net earnings | 40,942 | 29,769 | 104,007 | 82,909 | ||||
Net earnings per share: | ' | ' | ' | ' | ||||
Basic (in usd per share) | $2.19 | $1.63 | $5.60 | $4.55 | ||||
Diluted (in usd per share) | $2.18 | $1.60 | $5.58 | $4.47 | ||||
Weighted average number of shares | ' | ' | ' | ' | ||||
Basic (in shares) | 18,726 | 18,296 | 18,569 | 18,237 | ||||
Dilutive common stock equivalents (in shares) | 16 | [2] | 284 | [2] | 86 | [2] | 302 | [2] |
Diluted (in shares) | 18,742 | 18,580 | 18,655 | 18,539 | ||||
Comprehensive income | $47,123 | $35,956 | $103,375 | $87,642 | ||||
[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] | There were no anti-dilutive equity awards excluded from common stock equivalents for any period presented. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities-- | ' | ' |
Net earnings | $104,007 | $82,909 |
Adjustments to reconcile net earnings to net cash provided by operating activities-- | ' | ' |
Depreciation and amortization | 35,017 | 20,690 |
Non-cash share-based compensation | 8,895 | 9,009 |
Deferred taxes | 2,507 | 868 |
Unrealized loss/(gain) on derivative financial instruments | -27 | 18 |
Changes in assets and liabilities, net of acquisitions | ' | ' |
Accounts receivable, net | -13,285 | 12,569 |
Inventories, net | -18,758 | -14,342 |
Prepaid expenses and other assets | -13,801 | -9,150 |
Accounts payable | -5,419 | 8,163 |
Accrued expenses and other liabilities | -15,551 | -16,740 |
Net cash provided by operating activities | 83,585 | 93,994 |
Cash flows from investing activities-- | ' | ' |
Additions to property and equipment | -11,056 | -5,963 |
Proceeds from Sale of Property Held-for-sale | 7,000 | 0 |
Payments to Acquire Intangible Assets | -5,000 | 0 |
Net cash (used in) investing activities | -385,217 | -44,590 |
Cash flows from financing activities-- | ' | ' |
Net (repayments) proceeds under current revolving credit facilities | 278,500 | 264,500 |
Net (Repayments) Proceeds Under Previous Revolving Credit Facilities | 0 | 309,400 |
Net (repayments) proceeds under foreign bank loan | -1,208 | -3,109 |
Repayments of Notes Payable | -23 | 0 |
Repurchase of treasury stock | -3,586 | -15,985 |
Debt issuance costs | 0 | -5,475 |
Excess tax benefit related to share-based compensation | 19,194 | 12,509 |
Net proceeds from stock issuances | 3,599 | 2,039 |
Net cash (used in) provided by financing activities | 296,476 | -54,921 |
Effect of exchange rates on cash and cash equivalents | 145 | 406 |
Changes in cash and cash equivalents-- | ' | ' |
Net (decrease) increase in cash and cash equivalents | -5,011 | -5,111 |
Cash and cash equivalents at beginning of year | 34,366 | 40,216 |
Cash and cash equivalents at end of quarter | 29,355 | 35,105 |
Cooktek | ' | ' |
Cash flows from investing activities-- | ' | ' |
Payments for (Proceeds from) Previous Acquisition | -817 | -335 |
Danfotech | ' | ' |
Cash flows from investing activities-- | ' | ' |
Proceeds (Payments) From (To) Acquire Businesses, Gross | 0 | 361 |
Baker (formerly known as Turkington) | ' | ' |
Cash flows from investing activities-- | ' | ' |
Payments for (Proceeds from) Previous Acquisition | 0 | -10,250 |
Drake | ' | ' |
Cash flows from investing activities-- | ' | ' |
Payments for (Proceeds from) Previous Acquisition | 0 | -403 |
Stewart [Member] | ' | ' |
Cash flows from investing activities-- | ' | ' |
Payments for (Proceeds from) Previous Acquisition | 1,303 | -28,000 |
Viking Range Corporation [Member] | ' | ' |
Cash flows from investing activities-- | ' | ' |
Payments for (Proceeds from) Previous Acquisition | 361,731 | 0 |
Distributors [Member] | ' | ' |
Cash flows from investing activities-- | ' | ' |
Payments for (Proceeds from) Previous Acquisition | $14,916 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
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. 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 2012 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2013. | ||||||||||||||||
In the opinion of management, the financial statements contain all adjustments necessary to present fairly the financial position of the company as of September 28, 2013 and December 29, 2012, and the results of operations for the three and nine months ended September 28, 2013 and September 29, 2012 and cash flows for the nine months ended September 28, 2013 and September 29, 2012. | ||||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long lived and intangible assets, warranty reserves, insurance reserves, income tax reserves and post-retirement obligations. Actual results could differ from the company's estimates. | ||||||||||||||||
B) | Non-Cash Share-Based Compensation | |||||||||||||||
The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $3.0 million and $3.1 million for the third quarter periods ended September 28, 2013 and September 29, 2012, respectively. Non-cash share-based compensation expense was $8.9 million and $9.0 million for the nine month periods ended September 28, 2013 and September 29, 2012, respectively. | ||||||||||||||||
C) | Income Taxes | |||||||||||||||
As of December 29, 2012, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $12.1 million (of which $10.4 million would impact the effective tax rate if recognized) plus approximately $1.6 million of accrued interest and $1.6 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of September 28, 2013, the company recognized a tax expense of $1.5 million for unrecognized tax benefits related to current year tax exposures. | ||||||||||||||||
It is reasonably possible that the amounts of unrecognized tax benefits associated with state, federal and foreign tax positions may decrease over the next twelve months due to expiration of a statute or completion of an audit. The company believes that it is reasonably possible that approximately $0.2 million of its currently remaining unrecognized tax benefits may be recognized over the next twelve months as a result of lapses of statutes of limitations. | ||||||||||||||||
A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: | ||||||||||||||||
United States - federal | 2008 – 2012 | |||||||||||||||
United States - states | 2004 – 2012 | |||||||||||||||
Australia | 2011 – 2012 | |||||||||||||||
Brazil | 2010 – 2012 | |||||||||||||||
Canada | 2009 – 2012 | |||||||||||||||
China | 2003 – 2012 | |||||||||||||||
Denmark | 2009 – 2012 | |||||||||||||||
France | 2011 – 2012 | |||||||||||||||
Germany | 2011 – 2012 | |||||||||||||||
Italy | 2009 – 2012 | |||||||||||||||
Luxembourg | 2011 – 2012 | |||||||||||||||
Mexico | 2007 – 2012 | |||||||||||||||
Philippines | 2009 – 2012 | |||||||||||||||
South Korea | 2007 – 2012 | |||||||||||||||
Spain | 2008 – 2012 | |||||||||||||||
Taiwan | 2008 – 2012 | |||||||||||||||
United Kingdom | 2009 – 2012 | |||||||||||||||
D) | Fair Value Measures | |||||||||||||||
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 on our own assumptions. | ||||||||||||||||
The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands): | ||||||||||||||||
Fair Value | Fair Value | Fair Value | Total | |||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
As of September 28, 2013 | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Pension plans | $ | 24,889 | $ | 1,062 | $ | — | $ | 25,951 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 1,909 | $ | — | $ | 1,909 | ||||||||
Contingent consideration | $ | — | $ | 10,059 | $ | 10,059 | ||||||||||
As of December 29, 2012 | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Pension plans | $ | 24,346 | $ | 935 | $ | — | $ | 25,281 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 2,853 | $ | — | $ | 2,853 | ||||||||
Contingent consideration | $ | — | $ | — | $ | 8,609 | $ | 8,609 | ||||||||
The contingent consideration at September 28, 2013 relates to the earnout provisions recorded in conjunction with the acquisitions of Stewart, Nieco and Spooner Vicars. | ||||||||||||||||
E) | Consolidated Statements of Cash Flows | |||||||||||||||
Cash paid for interest was $10.8 million and $5.8 million for the nine months ended September 28, 2013 and September 29, 2012, respectively. Cash payments totaling $28.1 million and $32.4 million were made for income taxes for the nine months ended September 28, 2013 and September 29, 2012, respectively. |
Acquisitions_and_Purchase_Acco
Acquisitions and Purchase Accounting | 9 Months Ended | ||||||||||||||
Sep. 28, 2013 | |||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||
Acquisitions and Purchase Accounting | ' | ||||||||||||||
Acquisitions and Purchase Accounting | |||||||||||||||
The company operates in a highly fragmented industry and has completed numerous acquisitions over the past several years as a component of its growth strategy. The company has acquired industry leading brands and technologies to position itself as a leader in the commercial foodservice equipment and food processing equipment industries. | |||||||||||||||
The company has accounted for all business combinations using the acquisition method to record a new cost basis for the identifiable 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 results of operations are reflected in the consolidated financial statements of the company from the date of acquisition. | |||||||||||||||
Drake | |||||||||||||||
On December 2, 2011, the company completed its acquisition of all of the capital stock of the F.R. Drake Company (“Drake”), a manufacturer of automated loading systems for the food processing industry for a purchase price of approximately $21.7 million, net of cash acquired. During the second quarter of 2012, the company finalized the working capital provision provided for by the purchase agreement resulting in an additional payment to the seller of $0.4 million. | |||||||||||||||
The final allocation of cash paid for the Drake acquisition is summarized as follows (in thousands): | |||||||||||||||
(as initially reported) | Measurement Period | (as adjusted) | |||||||||||||
2-Dec-11 | Adjustments | 2-Dec-11 | |||||||||||||
Cash | $ | 427 | $ | — | $ | 427 | |||||||||
Deferred tax asset | 390 | 56 | 446 | ||||||||||||
Current assets | 4,245 | (213 | ) | 4,032 | |||||||||||
Property, plant and equipment | 1,773 | — | 1,773 | ||||||||||||
Goodwill | 15,237 | 474 | 15,711 | ||||||||||||
Other intangibles | 5,810 | — | 5,810 | ||||||||||||
Other assets | 9 | — | 9 | ||||||||||||
Current liabilities | (3,334 | ) | 54 | (3,280 | ) | ||||||||||
Long-term deferred tax liability | (2,395 | ) | 32 | (2,363 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 22,162 | $ | 403 | $ | 22,565 | |||||||||
The current deferred tax asset and long term deferred tax liability amounted to $0.4 million and $2.4 million, respectively. The current deferred tax asset represents $0.4 million of assets arising from the difference between the book and tax basis of tangible asset and liability accounts. The net long term deferred tax liability is comprised of $0.1 million arising from the difference between the book and tax basis of tangible assets and liability accounts and $2.3 million related to the difference between the book and tax basis of identifiable intangible assets. | |||||||||||||||
The goodwill and $3.2 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350 "Intangibles-Goodwill and Other". Other intangibles also includes $2.5 million allocated to customer relationships and $0.1 million allocated to backlog, which are being amortized over periods of 5 years and 1 month, respectively. Goodwill and other intangibles of Drake are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. | |||||||||||||||
Armor Inox | |||||||||||||||
On December 21, 2011, the company completed its acquisition of all of the capital stock of Armor Inox, S.A., together with its subsidiaries Armor Inox Production S.a.r.l and Armor Inox UK Ltd (collectively “Armor Inox”), a manufacturer of thermal processing systems for the food processing industry for a purchase price of approximately $28.7 million, net of cash acquired. | |||||||||||||||
The final allocation of cash paid for the Armor Inox acquisition is summarized as follows (in thousands): | |||||||||||||||
(as initially reported) | Measurement Period | (as adjusted) | |||||||||||||
21-Dec-11 | Adjustments | 21-Dec-11 | |||||||||||||
Cash | $ | 18,201 | $ | — | $ | 18,201 | |||||||||
Current assets | 14,612 | (958 | ) | 13,654 | |||||||||||
Property, plant and equipment | 941 | 630 | 1,571 | ||||||||||||
Goodwill | 23,789 | 2,346 | 26,135 | ||||||||||||
Other intangibles | 12,155 | (2,735 | ) | 9,420 | |||||||||||
Other assets | 25 | — | 25 | ||||||||||||
Current liabilities | (18,440 | ) | (186 | ) | (18,626 | ) | |||||||||
Long-term deferred tax liability | (3,975 | ) | 903 | (3,072 | ) | ||||||||||
Other non-current liabilities | (450 | ) | — | (450 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 46,858 | $ | — | $ | 46,858 | |||||||||
The goodwill and $3.4 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $1.1 million allocated to customer relationships, $1.1 million allocated to developed technology and $3.8 million allocated to backlog, which are being amortized over periods of 6 years, 7 years and 2 years, respectively. Goodwill and other intangibles of Armor Inox are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes. | |||||||||||||||
Baker | |||||||||||||||
On March 14, 2012, the company completed its acquisition of certain assets of Turkington USA, LLC (now known as Baker Thermal Solutions "Baker"), a manufacturer of automated baking ovens for the food processing industry, for a purchase price of approximately $10.3 million. | |||||||||||||||
The final allocation of cash paid for the Baker acquisition is summarized as follows (in thousands): | |||||||||||||||
(as initially reported) Mar 14, 2012 | Measurement Period Adjustments | (as adjusted) | |||||||||||||
14-Mar-12 | |||||||||||||||
Current assets | $ | 4,617 | $ | (2,236 | ) | $ | 2,381 | ||||||||
Property, plant and equipment | 221 | — | 221 | ||||||||||||
Goodwill | 5,797 | 1,481 | 7,278 | ||||||||||||
Other intangibles | — | 750 | 750 | ||||||||||||
Current liabilities | (385 | ) | 5 | (380 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 10,250 | $ | — | $ | 10,250 | |||||||||
The goodwill is subject to the non-amortization provisions of ASC 350. Other intangibles includes $0.8 million allocated to customer relationships, which are being amortized over 5 years. Goodwill of Baker is allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | |||||||||||||||
Stewart | |||||||||||||||
On September 5, 2012, the company completed its acquisition of certain assets of Stewart Systems Global, LLC ("Stewart"), a manufacturer of automated proofing and oven baking systems for the food processing industry, for a purchase price of approximately $27.8 million. An additional payment is also payable upon the achievement of certain financial targets. During the second quarter of 2013, the company finalized the working capital provision provided by the purchase agreement resulting in a refund from the seller of $1.3 million. Subsequent to the acquisition of Stewart, the company purchased intangible assets from a third party company previously associated with Stewart. These assets consist of the trade name, Spooner Vicars and have been allocated to Stewart. | |||||||||||||||
The final allocation of cash paid for the Stewart acquisition is summarized as follows (in thousands): | |||||||||||||||
(as initially reported) Sep 5, 2012 | Preliminary Measurement Period Adjustments | (as adjusted) | |||||||||||||
Sep 5, 2012 | |||||||||||||||
Cash | $ | — | $ | 244 | $ | 244 | |||||||||
Current assets | 11,839 | (1,922 | ) | 9,917 | |||||||||||
Property, plant and equipment | 653 | 583 | 1,236 | ||||||||||||
Goodwill | 17,886 | (2,140 | ) | 15,746 | |||||||||||
Other intangibles | 6,850 | 4,030 | 10,880 | ||||||||||||
Current liabilities | (5,228 | ) | (1,511 | ) | (6,739 | ) | |||||||||
Other non-current liabilities | (4,000 | ) | (587 | ) | (4,587 | ) | |||||||||
Consideration paid at closing | $ | 28,000 | $ | (1,303 | ) | $ | 26,697 | ||||||||
Contingent consideration | 4,000 | 587 | 4,587 | ||||||||||||
Net assets acquired and liabilities assumed | $ | 32,000 | $ | (716 | ) | $ | 31,284 | ||||||||
The goodwill and $4.6 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $5.9 million allocated to customer relationships and $0.4 million allocated to backlog, which are being amortized over periods of 5 years and 6 months, respectively. Goodwill and other intangibles of Stewart are allocated to the Food Processing Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. | |||||||||||||||
The Stewart purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarters of 2014 and 2015, respectively, if Stewart exceeds certain sales and earnings targets for fiscal 2013 and 2014. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $4.6 million. | |||||||||||||||
Nieco | |||||||||||||||
On October 31, 2012, the company completed its acquisition of Nieco Corporation, ("Nieco"), a leading manufacturer of automated broilers for the commercial foodservice industry, for a purchase price of approximately $23.9 million. An additional payment is also payable upon the achievement of certain financial targets. During the second quarter of 2013, the company finalized the working capital provision provided by the purchase agreement resulting in no adjustment to the original purchase price. | |||||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||||||
(as initially reported) Oct 31, 2012 | Preliminary Measurement Period Adjustments | (as adjusted) | |||||||||||||
31-Oct-12 | |||||||||||||||
Cash | $ | 140 | $ | — | $ | 140 | |||||||||
Current assets | 4,011 | — | 4,011 | ||||||||||||
Property, plant and equipment | 268 | — | 268 | ||||||||||||
Goodwill | 18,855 | (3,473 | ) | 15,382 | |||||||||||
Other intangibles | 5,620 | 4,060 | 9,680 | ||||||||||||
Current liabilities | (1,836 | ) | — | (1,836 | ) | ||||||||||
Other non-current liabilities | (3,058 | ) | (587 | ) | (3,645 | ) | |||||||||
Consideration paid at closing | $ | 24,000 | $ | — | $ | 24,000 | |||||||||
Contingent consideration | 3,058 | 587 | 3,645 | ||||||||||||
Net assets acquired and liabilities assumed | $ | 27,058 | $ | 587 | $ | 27,645 | |||||||||
The goodwill and $3.1 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $6.5 million allocated to customer relationships and $0.1 million allocated to backlog, which are being amortized over periods of 4 years and 3 months, respectively. Goodwill and other intangibles of Nieco are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets 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. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | |||||||||||||||
The Nieco purchase agreement includes an earnout provision providing for a contingent payment due the sellers to the extent certain financial targets are exceeded. This earnout is payable within the first quarters of 2014 and 2015, respectively, if Nieco exceeds certain sales and earnings targets for fiscal 2013 and 2014. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $3.6 million. | |||||||||||||||
Viking | |||||||||||||||
On December 31, 2012 (subsequent to the 2012 fiscal year end), the company completed its acquisition of Viking Range Corporation, ("Viking"), a leading manufacturer of kitchen equipment for the residential market, for a purchase price of approximately $373.0 million, net of cash acquired. During the third quarter of 2013, the company finalized the working capital provision provided by the purchase agreement resulting in a return from the seller of $11.2 million. | |||||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||||||
(as initially reported) Dec 31, 2012 | Preliminary Measurement Period Adjustments | (as adjusted) Dec 31, 2012 | |||||||||||||
Cash | $ | 6,900 | $ | (121 | ) | $ | 6,779 | ||||||||
Current assets | 40,794 | — | 40,794 | ||||||||||||
Property, plant and equipment | 76,693 | (23,208 | ) | 53,485 | |||||||||||
Goodwill | 144,833 | (32,671 | ) | 112,162 | |||||||||||
Other intangibles | 152,500 | 44,500 | 197,000 | ||||||||||||
Other assets | 12,604 | 45 | 12,649 | ||||||||||||
Current liabilities | (52,202 | ) | 230 | (51,972 | ) | ||||||||||
Other non-current liabilities | (2,386 | ) | (1 | ) | (2,387 | ) | |||||||||
Net assets acquired and liabilities assumed | $ | 379,736 | $ | (11,226 | ) | $ | 368,510 | ||||||||
The goodwill and $151.0 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also includes $44.0 million allocated to customer relationships and $2.0 million allocated to backlog which are being amortized over periods of 6 years and 3 months, respectively. Goodwill and other intangibles of Viking are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets are expected to be deductible for tax purposes. Certain acquired assets were classified as held for sale at the date of acquisition and were sold during the second quarter of 2013. | |||||||||||||||
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. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | |||||||||||||||
Results of Operations | |||||||||||||||
The following unaudited results of operations for the three and nine months ended September 28, 2013 and September 29, 2012, reflect the operations of Viking on a stand-alone basis (in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
Sep 28, 2013 | Sep 29, 2012 | Sep 28, 2013 | Sep 29, 2012 | ||||||||||||
Net sales | $ | 57,997 | 53,865 | $ | 175,471 | $ | 159,368 | ||||||||
Income (loss) from operations | $ | 8,498 | (17,598 | ) | $ | 5,173 | $ | (15,636 | ) | ||||||
Pro forma financial information | |||||||||||||||
In accordance with ASC 805 “Business Combinations”, the following unaudited pro forma results of operations for the quarter and nine months ended September 29, 2012, assumes the 2013 acquisition of Viking was completed on January 1, 2012. The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
Sep 29, 2012 | Sep 29, 2012 | ||||||||||||||
Net sales | $ | 316,332 | $ | 920,232 | |||||||||||
Net earnings | $ | 16,107 | $ | 70,217 | |||||||||||
Net earnings per share: | |||||||||||||||
Basic | $ | 0.88 | $ | 3.85 | |||||||||||
Diluted | $ | 0.87 | $ | 3.79 | |||||||||||
The supplemental pro forma financial information presented above has been prepared for comparative purposes and is not necessarily indicative of either the results of operations that would have occurred had the acquisition of Viking been effective on January 1, 2012 nor are they indicative of any future results. Also, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate Viking. Excluding Viking, other acquisitions were not material to the pro forma information provided. | |||||||||||||||
Distributors | |||||||||||||||
Subsequent to and in connection with the acquisition of Viking, the company, through Viking, purchased certain assets of four of Viking's former distributors ("Distributors"). The aggregate purchase price of these transactions as of June 29, 2013 was approximately $23.6 million. This included $8.7 million in forgiveness of liabilities owed to Viking resulting from pre-existing relationships with Viking. | |||||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||||||
(as initially reported) Jun 29, 2013 | Preliminary Measurement Period Adjustments | (as adjusted) Jun 29, 2013 | |||||||||||||
Current assets | $ | 21,390 | $ | (1,218 | ) | $ | 20,172 | ||||||||
Property, plant and equipment | 1,318 | — | 1,318 | ||||||||||||
Goodwill | 1,709 | 1,218 | 2,927 | ||||||||||||
Current liabilities | (804 | ) | — | (804 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 23,613 | $ | — | $ | 23,613 | |||||||||
Forgiveness of liabilities owed to Viking | (8,697 | ) | — | (8,697 | ) | ||||||||||
Consideration paid at closing | $ | 14,916 | $ | — | $ | 14,916 | |||||||||
The goodwill is subject to the non-amortization provisions of ASC 350. Goodwill of these Distributor purchases is allocated to the Residential Kitchen Equipment Group for segment reporting purposes. These assets 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. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition dates. |
Litigation_Matters
Litigation Matters | 9 Months Ended |
Sep. 28, 2013 | |
Notes To Financial Statements [Abstract] | ' |
Litigation Matters | ' |
Litigation Matters | |
From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The accrual requirement may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any pending litigation will have a material effect on its financial condition, results of operations or cash flows. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 28, 2013 | |
Notes To Financial Statements [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
On July 27, 2012, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2012-02, “Intangibles - Goodwill and Other (Topic 350)”. ASU-2012-02 allows an entity the option to make a qualitative evaluation to determine whether the existence of events and circumstances indicate that it is more likely than not the indefinite-lived intangible asset is impaired thus requiring the entity to perform quantitative impairment tests in accordance with ASC 350-30. The ASU also amends previous guidance by expanding upon the examples of events and circumstances that an entity should consider when making the qualitative evaluation. The adoption of this guidance did not have an impact on the company's financial position, results of operations or cash flows. | |
In January 2013, the FASB issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities". This update provides clarification on the disclosure requirements related to recognized derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and lending transactions. This update is effective for annual reporting periods and corresponding interim periods beginning on or after January 1, 2013, and retrospective application is required. The company is currently evaluating the impact of the adoption of ASU No. 2013-01 on its financial position, results of operations and cash flows. | |
In March 2013, the FASB issued ASU No. 2013-02, “Comprehensive Income - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The guidance does not change the items reported in other comprehensive income or when an item of other comprehensive income is reclassified to net income. The company adopted the provisions of ASU No. 2013-02 on December 30, 2012. As this guidance only revises the presentation of comprehensive income, there was no impact to the company’s financial position, results of operations or cash flows. |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Other Comprehensive Income | ' | |||||||||||||||
5) | Other Comprehensive Income | |||||||||||||||
The company reports changes in equity during a period, except those resulting from investments by owners and distributions to owners, in accordance with ASC 220, "Comprehensive Income." | ||||||||||||||||
Changes in accumulated other comprehensive income(1) were as follows (in thousands): | ||||||||||||||||
Currency Translation Adjustment | Pension Benefit Costs | Unrealized Gain/(Loss) Interest Rate Swap | Total | |||||||||||||
Beginning balance | $ | (5,355 | ) | $ | (5,597 | ) | $ | (1,447 | ) | $ | (12,399 | ) | ||||
Other comprehensive income before reclassification | (1,406 | ) | 224 | 598 | (584 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | (48 | ) | (48 | ) | ||||||||||
Net current-period other comprehensive income | $ | (1,406 | ) | $ | 224 | $ | 550 | $ | (632 | ) | ||||||
Ending balance | $ | (6,761 | ) | $ | (5,373 | ) | $ | (897 | ) | $ | (13,031 | ) | ||||
(1) All amounts are net of tax. | ||||||||||||||||
Components of other comprehensive income were as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | |||||||||||||
Net earnings | $ | 40,942 | $ | 29,769 | $ | 104,007 | $ | 82,909 | ||||||||
Currency translation adjustment | 6,559 | 6,042 | (1,406 | ) | 4,500 | |||||||||||
Pension liability adjustment, net of tax | (16 | ) | 130 | 224 | 271 | |||||||||||
Unrealized gain on interest rate swaps, net of tax | (362 | ) | 15 | 550 | (38 | ) | ||||||||||
Comprehensive income | $ | 47,123 | $ | 35,956 | $ | 103,375 | $ | 87,642 | ||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventories at two of the company's manufacturing facilities have been determined using the last-in, first-out ("LIFO") method. These inventories under the LIFO method amounted to $21.5 million at September 28, 2013 and $22.2 million at December 29, 2012 and represented approximately 10.2% and 14.5% of the total inventory at each respective period. The amount of LIFO reserve at September 28, 2013 and December 29, 2012 was not material. Costs for all other 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 September 28, 2013 and December 29, 2012 are as follows: | ||||||||
28-Sep-13 | 29-Dec-12 | |||||||
(in thousands) | ||||||||
Raw materials and parts | $ | 111,752 | $ | 87,184 | ||||
Work-in-process | 21,420 | 18,957 | ||||||
Finished goods | 76,586 | 47,349 | ||||||
$ | 209,758 | $ | 153,490 | |||||
Goodwill
Goodwill | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
Goodwill | ||||||||||||||||
Changes in the carrying amount of goodwill for the nine months ended September 28, 2013 are as follows (in thousands): | ||||||||||||||||
Commercial | Food | Residential Kitchen | Total | |||||||||||||
Foodservice | Processing | |||||||||||||||
Balance, December 29, 2012 | $ | 397,246 | $ | 128,765 | $ | — | $ | 526,011 | ||||||||
Goodwill acquired during the year | — | — | 115,089 | 115,089 | ||||||||||||
Measurement period adjustments to goodwill acquired in prior year | (3,472 | ) | 56 | — | (3,416 | ) | ||||||||||
Exchange effect | (1,061 | ) | (905 | ) | — | (1,966 | ) | |||||||||
Balance as of September 28, 2013 | $ | 392,713 | $ | 127,916 | $ | 115,089 | $ | 635,718 | ||||||||
Accrued_Expenses
Accrued Expenses | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ||||||||
Accrued expenses consist of the following: | ||||||||
28-Sep-13 | 29-Dec-12 | |||||||
(in thousands) | ||||||||
Accrued payroll and related expenses | $ | 46,104 | $ | 42,960 | ||||
Advanced customer deposits | 34,212 | 37,392 | ||||||
Accrued warranty | 24,528 | 17,593 | ||||||
Accrued customer rebates | 21,354 | 23,901 | ||||||
Accrued product liability and workers compensation | 15,329 | 13,290 | ||||||
Accrued agent commission | 11,064 | 9,531 | ||||||
Accrued professional services | 7,566 | 8,346 | ||||||
Other accrued expenses | 27,041 | 17,919 | ||||||
$ | 187,198 | $ | 170,932 | |||||
Warranty_Costs
Warranty Costs | 9 Months Ended | |||
Sep. 28, 2013 | ||||
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: | ||||
Nine Months Ended | ||||
28-Sep-13 | ||||
(in thousands) | ||||
Beginning balance | $ | 17,593 | ||
Warranty reserve related to acquisitions | 8,386 | |||
Warranty expense | 27,626 | |||
Warranty claims | (29,077 | ) | ||
Ending balance | $ | 24,528 | ||
Financing_Arrangements
Financing Arrangements | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Financing Arrangements | ' | |||||||||||||||
Financing Arrangements | ||||||||||||||||
28-Sep-13 | 29-Dec-12 | |||||||||||||||
(in thousands) | ||||||||||||||||
Senior secured revolving credit line | $ | 535,000 | $ | 256,500 | ||||||||||||
Foreign loans | 2,060 | 3,220 | ||||||||||||||
Other debt arrangement | 326 | 350 | ||||||||||||||
Total debt | $ | 537,386 | $ | 260,070 | ||||||||||||
Less: Current maturities of long-term debt | 778 | 1,850 | ||||||||||||||
Long-term debt | $ | 536,608 | $ | 258,220 | ||||||||||||
On August 7, 2012, the company entered into a new senior secured multi-currency credit facility. Terms of the company’s senior credit agreement provide for $1.0 billion of availability under a revolving credit line. As of September 28, 2013, the company had $535.0 million of borrowings outstanding under this facility. The company also had $13.0 million in outstanding letters of credit as of September 28, 2013, which reduces the borrowing availability under the revolving credit line. Remaining borrowing availability under this facility was $452.0 million at September 28, 2013. | ||||||||||||||||
At September 28, 2013, borrowings under the senior secured credit facility are assessed at an interest rate of 1.75% above LIBOR for long-term borrowings or at the higher of the Prime rate and the Federal Funds Rate. At September 28, 2013 the average interest rate on the senior debt amounted to 1.95%. The interest rates on borrowings under the senior secured credit facility may be adjusted quarterly based on the company’s indebtedness ratio on a rolling four-quarter basis. Additionally, a commitment fee based upon the indebtedness ratio is charged on the unused portion of the revolving credit line. This variable commitment fee amounted to 0.28% as of September 28, 2013. | ||||||||||||||||
In August 2006, the company completed its acquisition of Houno A/S in Denmark. This acquisition was funded in part with locally established debt facilities with borrowings in Danish Krone. These facilities included a revolving credit facility and term loan. At September 28, 2013 these facilities amounted to $1.6 million in U.S. dollars, including $0.2 million outstanding under a revolving credit facility and $1.4 million under a term loan. The interest rate on the revolving credit facility is assessed at 1.25% above Euro LIBOR, which amounted to 2.70% on September 28, 2013. The term loan matures in 2022 and the interest rate is assessed at 4.55%. | ||||||||||||||||
In April 2008, the company completed its acquisition of Giga Grandi Cucine S.r.l in Italy. This acquisition was funded in part with locally established debt facilities with borrowings denominated in Euro. At September 28, 2013 these facilities amounted to $0.4 million in U.S. dollars. The interest rate on the credit facilities is variable based on the three-month Euro LIBOR. At September 28, 2013, the average interest rate on these facilities was approximately 4.26%. The facilities are secured by outstanding accounts receivable collectible within six months. | ||||||||||||||||
The company’s debt is reflected on the balance sheet at cost. Based on current market conditions, the company believes its interest rate margins on its existing debt are consistent with current market conditions and therefore the carrying value of debt approximates fair value. However, as the interest rate margin is based upon numerous factors, including but not limited to the credit rating of the borrower, the duration of the loan, the structure and restrictions under the debt agreement, current lending policies of the counterparty, and the company’s relationships with its lenders, there is no readily available market data to ascertain the current market rate for an equivalent debt instrument. As a result, the current interest rate margin is based upon the company’s best estimate based upon discussions with its lenders. | ||||||||||||||||
The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend at September 28, 2013 to achieve sufficient cash inflows to cover the cash outflows under the company’s senior revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the company’s senior revolving credit facility in August 2017. Although borrowings could be materially greater or less than the current amount of borrowings outstanding at the end of the period, it is not practical to estimate the amounts that may be outstanding during future periods. The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands): | ||||||||||||||||
28-Sep-13 | 29-Dec-12 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Total debt | $ | 537,386 | $ | 537,386 | $ | 260,070 | $ | 260,070 | ||||||||
The company believes that its current capital resources, including cash and cash equivalents, cash expected to be generated from operations, funds available from its current lenders and access to the credit and capital markets will be sufficient to finance its operations, debt service obligations, capital expenditures, product development and expenditures for the foreseeable future. | ||||||||||||||||
The company has historically entered into interest rate swap agreements to effectively fix the interest rate on a portion of its outstanding debt. The agreements swap one-month LIBOR for fixed rates. As of September 28, 2013 the company had the following interest rate swaps in effect: | ||||||||||||||||
Fixed | ||||||||||||||||
Notional | Interest | Effective | Maturity | |||||||||||||
Amount | Rate | Date | Date | |||||||||||||
$25,000,000 | 1.61% | 2/23/11 | 2/24/14 | |||||||||||||
$25,000,000 | 2.52% | 2/23/11 | 2/23/16 | |||||||||||||
$25,000,000 | 0.98% | 7/18/11 | 7/18/14 | |||||||||||||
$15,000,000 | 1.19% | 9/12/11 | 9/12/16 | |||||||||||||
$15,000,000 | 0.62% | 9/12/11 | 9/11/14 | |||||||||||||
$10,000,000 | 0.50% | 2/11/13 | 7/11/15 | |||||||||||||
$15,000,000 | 0.46% | 2/11/13 | 10/11/15 | |||||||||||||
$25,000,000 | 0.64% | 2/11/13 | 8/11/16 | |||||||||||||
$25,000,000 | 0.79% | 2/11/13 | 3/11/17 | |||||||||||||
$25,000,000 | 0.80% | 2/11/13 | 5/11/17 | |||||||||||||
$35,000,000 | 0.88% | 2/11/13 | 7/11/17 | |||||||||||||
$10,000,000 | 1.48% | 9/11/13 | 7/11/17 | |||||||||||||
The terms of the senior secured credit facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; and enter into certain transactions with affiliates; and require, among other things, a maximum ratio of indebtedness to EBITDA of 3.5 and a fixed charge coverage ratio (as defined in the senior secured credit facility) of 1.25. The senior secured credit facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material domestic subsidiaries. The senior secured credit facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the Company guarantee or any subsidiary guaranty; and a change of control of the company. The credit agreement also provides that if a material adverse change in the company’s business operations or conditions occurs, the lender could declare an event of default. Under terms of the agreement, a material adverse effect is defined as (a) a material adverse change in, or a material adverse effect upon, the operations, business properties, condition (financial and otherwise) or prospects of the company and its subsidiaries taken as a whole; (b) a material impairment of the ability of the company to perform under the loan agreements and to avoid any event of default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the company of any loan document. A material adverse effect is determined on a subjective basis by the company's creditors. At September 28, 2013, the company was in compliance with all covenants pursuant to its borrowing agreements. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||||
Financial Instruments | ' | |||||||||||||||||
Financial Instruments | ||||||||||||||||||
ASC 815 “Derivatives and Hedging” requires an entity to recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If a derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in the fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a hedge's change in fair value will be immediately recognized in earnings. | ||||||||||||||||||
Foreign Exchange: The company uses foreign currency forward purchase and sale contracts with terms of less than one year 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 following table summarizes the forward contracts outstanding at September 28, 2013. The fair value of the forward contracts was a loss of $0.1 million at the end of the third quarter of 2013. | ||||||||||||||||||
Sell | Purchase | Maturity | ||||||||||||||||
25,000,000 | British Pounds | 29,641,034 | Euro Dollars | December 27, 2013 | ||||||||||||||
15,000,000 | Euro Dollars | 20,296,500 | US Dollars | December 27, 2013 | ||||||||||||||
Interest Rate: The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of September 28, 2013, the fair value of these instruments was a liability of $1.9 million. The change in fair value of these swap agreements in the first nine months of 2013 was a gain of $0.6 million, net of taxes. | ||||||||||||||||||
The following tables summarize the company’s fair value of interest rate swaps (in thousands): | ||||||||||||||||||
Condensed Consolidated | 28-Sep-13 | 29-Dec-12 | ||||||||||||||||
Balance Sheet Presentation | ||||||||||||||||||
Fair value | Other non-current liabilities | $ | (1,909 | ) | $ | (2,853 | ) | |||||||||||
The impact on earnings from interest rate swaps was as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Presentation of Gain/(loss) | 28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||
Gain/(loss) recognized in accumulated other comprehensive income | Other comprehensive income | $ | (1,131 | ) | $ | (486 | ) | $ | (523 | ) | $ | (1,638 | ) | |||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | Interest expense | $ | (528 | ) | $ | (501 | ) | $ | (1,440 | ) | $ | (1,518 | ) | |||||
Gain/(loss) recognized in income (ineffective portion) | Other expense | $ | (7 | ) | $ | 5 | $ | 27 | $ | 18 | ||||||||
Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions and assesses its creditworthiness prior to entering into the interest rate swap agreements. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreements. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||
The company operates in three reportable operating segments defined by management reporting structure and operating activities. | |||||||||||||||||||||||||||||
The Commercial Foodservice Equipment Group manufactures, sells, and distributes cooking equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in California, Illinois, Michigan, New Hampshire, North Carolina, Tennessee, Texas, Vermont, Australia, China, Denmark, Italy, the Philippines and the United Kingdom. Principal product lines of this group include conveyor ovens, ranges, steamers, convection ovens, combi-ovens, broilers and steam cooking equipment, induction cooking systems, baking and proofing ovens, charbroilers, catering equipment, fryers, toasters, hot food servers, foodwarming equipment, griddles, coffee and beverage dispensing equipment and kitchen processing and ventilation equipment. These products are sold and marketed under the brand names: Anets, Beech, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, CookTek, Doyon, Frifri, Giga, Holman, Houno, IMC, Jade, Lang, Lincat, MagiKitch’n, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, Southbend, Star, Toastmaster, TurboChef, Viking and Wells. | |||||||||||||||||||||||||||||
The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. This business segment has manufacturing operations in Illinois, Iowa, North Carolina, Texas, Virginia, Wisconsin, Australia, France, Germany and Mexico. Principal product lines of this group include batch ovens, belt ovens, continuous processing ovens, frying systems, automated thermal processing systems, automated loading and unloading systems, meat presses, breading, battering, mixing, forming, grinding and slicing equipment, food suspension, reduction and emulsion systems, defrosting equipment, packaging and food safety equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Danfotech, Drake, Maurer-Atmos, MP Equipment, RapidPak, Spooner Vicars and Stewart. | |||||||||||||||||||||||||||||
The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. This business segment has manufacturing facilities in Greenwood, MS. Principal product lines of this group are ranges, ovens, refrigerators, dishwashers, microwaves, cooktops and outdoor equipment. These products are sold and marketed under the brand names of Viking and Brigade. | |||||||||||||||||||||||||||||
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. Management believes that intersegment sales are made at established arms length transfer prices. | |||||||||||||||||||||||||||||
Net Sales Summary | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||||||
Sales | Percent | Sales | Percent | Sales | Percent | Sales | Percent | ||||||||||||||||||||||
Business Segments: | |||||||||||||||||||||||||||||
Commercial Foodservice | $ | 230,807 | 64.1 | % | $ | 198,615 | 77.1 | % | $ | 651,211 | 61.9 | % | $ | 573,431 | 76.8 | % | |||||||||||||
Food Processing | 71,209 | 19.8 | 59,084 | 22.9 | 224,583 | 21.4 | 173,131 | 23.2 | |||||||||||||||||||||
Residential Kitchen | 57,997 | 16.1 | — | — | — | 175,471 | 16.7 | — | — | ||||||||||||||||||||
Total | $ | 360,013 | 100 | % | $ | 257,699 | 100 | % | $ | 1,051,265 | 100 | % | $ | 746,562 | 100 | % | |||||||||||||
The following table summarizes the results of operations for the company's business segments(1) (in thousands): | |||||||||||||||||||||||||||||
Commercial | Food Processing | Residential Kitchen | Corporate | Total | |||||||||||||||||||||||||
Foodservice | and Other(2) | ||||||||||||||||||||||||||||
Three Months Ended September 28, 2013 | |||||||||||||||||||||||||||||
Net sales | $ | 230,807 | $ | 71,209 | $ | 57,997 | $ | — | $ | 360,013 | |||||||||||||||||||
Income (loss) from operations | 61,947 | 8,905 | 8,498 | (11,862 | ) | 67,488 | |||||||||||||||||||||||
Depreciation and amortization expense | 4,557 | 2,017 | 2,215 | 411 | 9,200 | ||||||||||||||||||||||||
Net capital expenditures | 1,705 | 377 | 872 | 6 | 2,960 | ||||||||||||||||||||||||
Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||||||
Net sales | $ | 651,211 | $ | 224,583 | $ | 175,471 | $ | — | $ | 1,051,265 | |||||||||||||||||||
Income (loss) from operations | 169,089 | 34,010 | 5,173 | (38,264 | ) | 170,008 | |||||||||||||||||||||||
Depreciation and amortization expense | 13,826 | 6,173 | 13,799 | 1,219 | 35,017 | ||||||||||||||||||||||||
Net capital expenditures | 6,491 | 2,517 | 1,941 | 107 | 11,056 | ||||||||||||||||||||||||
Total assets | $ | 878,591 | $ | 302,239 | $ | 434,330 | $ | 85,328 | $ | 1,700,488 | |||||||||||||||||||
Three Months Ended September 29, 2012 | |||||||||||||||||||||||||||||
Net sales | $ | 198,615 | $ | 59,084 | $ | — | $ | — | $ | 257,699 | |||||||||||||||||||
Income (loss) from operations | 50,105 | 7,877 | — | (10,553 | ) | 47,429 | |||||||||||||||||||||||
Depreciation and amortization expense | 4,238 | 2,250 | — | 613 | 7,101 | ||||||||||||||||||||||||
Net capital expenditures | 779 | 2,029 | — | 58 | 2,866 | ||||||||||||||||||||||||
Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||||||
Net sales | $ | 573,431 | $ | 173,131 | $ | — | $ | — | $ | 746,562 | |||||||||||||||||||
Income (loss) from operations | 139,508 | 23,755 | — | (33,836 | ) | 129,427 | |||||||||||||||||||||||
Depreciation and amortization expense | 13,445 | 6,182 | — | 1,063 | 20,690 | ||||||||||||||||||||||||
Net capital expenditures | 3,108 | 2,752 | — | 103 | 5,963 | ||||||||||||||||||||||||
Total assets | $ | 853,582 | $ | 277,129 | $ | — | $ | 63,291 | $ | 1,194,002 | |||||||||||||||||||
(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. | |||||||||||||||||||||||||||||
Geographic Information | |||||||||||||||||||||||||||||
Long-lived assets, not including goodwill and other intangibles (in thousands): | |||||||||||||||||||||||||||||
28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||||||||
United States and Canada | $ | 108,854 | $ | 50,415 | |||||||||||||||||||||||||
Asia | 4,126 | 3,486 | |||||||||||||||||||||||||||
Europe and Middle East | 16,207 | 19,042 | |||||||||||||||||||||||||||
Latin America | 1,484 | 1,260 | |||||||||||||||||||||||||||
Total international | $ | 21,817 | $ | 23,788 | |||||||||||||||||||||||||
$ | 130,671 | $ | 74,203 | ||||||||||||||||||||||||||
Net sales (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||||||
United States and Canada | $ | 264,665 | $ | 176,982 | $ | 779,394 | $ | 511,475 | |||||||||||||||||||||
Asia | 30,721 | 23,495 | 75,128 | 66,634 | |||||||||||||||||||||||||
Europe and Middle East | 46,510 | 42,289 | 135,726 | 123,165 | |||||||||||||||||||||||||
Latin America | 18,117 | 14,933 | 61,017 | 45,288 | |||||||||||||||||||||||||
Total international | $ | 95,348 | $ | 80,717 | $ | 271,871 | $ | 235,087 | |||||||||||||||||||||
$ | 360,013 | $ | 257,699 | $ | 1,051,265 | $ | 746,562 | ||||||||||||||||||||||
Employee_Retirement_Plans
Employee Retirement Plans | 9 Months Ended | |
Sep. 28, 2013 | ||
Notes To Financial Statements [Abstract] | ' | |
Employee Retirement Plans | ' | |
Employee Retirement Plans | ||
(a) | Pension Plans | |
The company maintains a non-contributory defined benefit plan for its union employees at the Elgin, Illinois facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2002, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2002 upon reaching retirement age. The employees participating in the defined benefit plan were enrolled in a newly established 401K savings plan on July 1, 2002, further described below. | ||
The company maintains a non-contributory defined benefit plan for its employees at the Smithville, Tennessee facility, which was acquired as part of the Star acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age. | ||
The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility, which was acquired as part of the Lincat acquisition. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 prior to Middleby’s acquisition of the company. No further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age. | ||
The company also maintains a retirement benefit agreement with its Chairman. The retirement benefits are based upon a percentage of the Chairman’s final base salary. | ||
(b) | 401K Savings Plans | |
The company maintains two separate defined contribution 401K savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company makes profit sharing contributions to the various plans in accordance with the requirements of the plan. Profit sharing contributions for the Elgin Union 401K savings plans are made in accordance with the agreement. |
Acquisition_Integration_Initia
Acquisition Integration Initiatives | 9 Months Ended | |
Sep. 28, 2013 | ||
Subsequent Events [Abstract] | ' | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | |
14) | Acquisition Integration Initiatives | |
During the first quarter of 2013, in connection with the Viking acquisition, the company made decisions and took actions to improve certain of the operations of Viking. The company anticipates these initiatives will be substantially complete by the end of the 2013 fiscal year. The company recorded expense in the amount of $7.4 million in the first nine months of the year primarily for severance and employee benefits, product discontinuance, office consolidation and termination of agreements associated with this initiative. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 9 Months Ended |
Sep. 28, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
On October 15, 2013, subsequent to the end of the third quarter, the company, through its newly created Indian subsidiary, Middleby Commercial Food Innovations Pvt. Ltd., completed its acquisition of Celfrost Innovations Pvt. Ltd. ("Celfrost"), a leading manufacturer of commercial refrigeration and foodservice products located in Gurgaon, India with annual revenues of approximately $20.0 million. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Basis of Presentation | ' | |||||||||||||||
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. 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 2012 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2013. | ||||||||||||||||
In the opinion of management, the financial statements contain all adjustments necessary to present fairly the financial position of the company as of September 28, 2013 and December 29, 2012, and the results of operations for the three and nine months ended September 28, 2013 and September 29, 2012 and cash flows for the nine months ended September 28, 2013 and September 29, 2012. | ||||||||||||||||
Non-Cash Share-Based Compensation | ' | |||||||||||||||
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 $3.0 million and $3.1 million for the third quarter periods ended September 28, 2013 and September 29, 2012, respectively. Non-cash share-based compensation expense was $8.9 million | ||||||||||||||||
Income Tax Contingencies | ' | |||||||||||||||
C) | Income Taxes | |||||||||||||||
As of December 29, 2012, the total amount of liability for unrecognized tax benefits related to federal, state and foreign taxes was approximately $12.1 million (of which $10.4 million would impact the effective tax rate if recognized) plus approximately $1.6 million of accrued interest and $1.6 million of penalties. The company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of September 28, 2013, the company recognized a tax expense of $1.5 million for unrecognized tax benefits related to current year tax exposures. | ||||||||||||||||
It is reasonably possible that the amounts of unrecognized tax benefits associated with state, federal and foreign tax positions may decrease over the next twelve months due to expiration of a statute or completion of an audit. The company believes that it is reasonably possible that approximately $0.2 million of its currently remaining unrecognized tax benefits may be recognized over the next twelve months as a result of lapses of statutes of limitations. | ||||||||||||||||
A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: | ||||||||||||||||
United States - federal | 2008 – 2012 | |||||||||||||||
United States - states | 2004 – 2012 | |||||||||||||||
Australia | 2011 – 2012 | |||||||||||||||
Brazil | 2010 – 2012 | |||||||||||||||
Canada | 2009 – 2012 | |||||||||||||||
China | 2003 – 2012 | |||||||||||||||
Denmark | 2009 – 2012 | |||||||||||||||
France | 2011 – 2012 | |||||||||||||||
Germany | 2011 – 2012 | |||||||||||||||
Italy | 2009 – 2012 | |||||||||||||||
Luxembourg | 2011 – 2012 | |||||||||||||||
Mexico | 2007 – 2012 | |||||||||||||||
Philippines | 2009 – 2012 | |||||||||||||||
South Korea | 2007 – 2012 | |||||||||||||||
Spain | 2008 – 2012 | |||||||||||||||
Taiwan | 2008 – 2012 | |||||||||||||||
United Kingdom | 2009 – 2012 | |||||||||||||||
Fair Value Measures | ' | |||||||||||||||
D) | Fair Value Measures | |||||||||||||||
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 on our own assumptions. | ||||||||||||||||
The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands): | ||||||||||||||||
Fair Value | Fair Value | Fair Value | Total | |||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
As of September 28, 2013 | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Pension plans | $ | 24,889 | $ | 1,062 | $ | — | $ | 25,951 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 1,909 | $ | — | $ | 1,909 | ||||||||
Contingent consideration | $ | — | $ | 10,059 | $ | 10,059 | ||||||||||
As of December 29, 2012 | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Pension plans | $ | 24,346 | $ | 935 | $ | — | $ | 25,281 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 2,853 | $ | — | $ | 2,853 | ||||||||
Contingent consideration | $ | — | $ | — | $ | 8,609 | $ | 8,609 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Income Tax Examinations | ' | |||||||||||||||
A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are: | ||||||||||||||||
United States - federal | 2008 – 2012 | |||||||||||||||
United States - states | 2004 – 2012 | |||||||||||||||
Australia | 2011 – 2012 | |||||||||||||||
Brazil | 2010 – 2012 | |||||||||||||||
Canada | 2009 – 2012 | |||||||||||||||
China | 2003 – 2012 | |||||||||||||||
Denmark | 2009 – 2012 | |||||||||||||||
France | 2011 – 2012 | |||||||||||||||
Germany | 2011 – 2012 | |||||||||||||||
Italy | 2009 – 2012 | |||||||||||||||
Luxembourg | 2011 – 2012 | |||||||||||||||
Mexico | 2007 – 2012 | |||||||||||||||
Philippines | 2009 – 2012 | |||||||||||||||
South Korea | 2007 – 2012 | |||||||||||||||
Spain | 2008 – 2012 | |||||||||||||||
Taiwan | 2008 – 2012 | |||||||||||||||
United Kingdom | 2009 – 2012 | |||||||||||||||
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 | |||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
As of September 28, 2013 | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Pension plans | $ | 24,889 | $ | 1,062 | $ | — | $ | 25,951 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 1,909 | $ | — | $ | 1,909 | ||||||||
Contingent consideration | $ | — | $ | 10,059 | $ | 10,059 | ||||||||||
As of December 29, 2012 | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Pension plans | $ | 24,346 | $ | 935 | $ | — | $ | 25,281 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 2,853 | $ | — | $ | 2,853 | ||||||||
Contingent consideration | $ | — | $ | — | $ | 8,609 | $ | 8,609 | ||||||||
Acquisitions_and_Purchase_Acco1
Acquisitions and Purchase Accounting (Tables) | 9 Months Ended | ||||||||||||||
Sep. 28, 2013 | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||
The following pro forma results include adjustments to reflect additional interest expense to fund the acquisition, amortization of intangibles associated with the acquisition, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
Sep 29, 2012 | Sep 29, 2012 | ||||||||||||||
Net sales | $ | 316,332 | $ | 920,232 | |||||||||||
Net earnings | $ | 16,107 | $ | 70,217 | |||||||||||
Net earnings per share: | |||||||||||||||
Basic | $ | 0.88 | $ | 3.85 | |||||||||||
Diluted | $ | 0.87 | $ | 3.79 | |||||||||||
Distributors [Member] | ' | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||||||
(as initially reported) Jun 29, 2013 | Preliminary Measurement Period Adjustments | (as adjusted) Jun 29, 2013 | |||||||||||||
Current assets | $ | 21,390 | $ | (1,218 | ) | $ | 20,172 | ||||||||
Property, plant and equipment | 1,318 | — | 1,318 | ||||||||||||
Goodwill | 1,709 | 1,218 | 2,927 | ||||||||||||
Current liabilities | (804 | ) | — | (804 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 23,613 | $ | — | $ | 23,613 | |||||||||
Forgiveness of liabilities owed to Viking | (8,697 | ) | — | (8,697 | ) | ||||||||||
Consideration paid at closing | $ | 14,916 | $ | — | $ | 14,916 | |||||||||
Drake | ' | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||
The final allocation of cash paid for the Drake acquisition is summarized as follows (in thousands): | |||||||||||||||
(as initially reported) | Measurement Period | (as adjusted) | |||||||||||||
2-Dec-11 | Adjustments | 2-Dec-11 | |||||||||||||
Cash | $ | 427 | $ | — | $ | 427 | |||||||||
Deferred tax asset | 390 | 56 | 446 | ||||||||||||
Current assets | 4,245 | (213 | ) | 4,032 | |||||||||||
Property, plant and equipment | 1,773 | — | 1,773 | ||||||||||||
Goodwill | 15,237 | 474 | 15,711 | ||||||||||||
Other intangibles | 5,810 | — | 5,810 | ||||||||||||
Other assets | 9 | — | 9 | ||||||||||||
Current liabilities | (3,334 | ) | 54 | (3,280 | ) | ||||||||||
Long-term deferred tax liability | (2,395 | ) | 32 | (2,363 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 22,162 | $ | 403 | $ | 22,565 | |||||||||
Armor Inox | ' | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||
The final allocation of cash paid for the Armor Inox acquisition is summarized as follows (in thousands): | |||||||||||||||
(as initially reported) | Measurement Period | (as adjusted) | |||||||||||||
21-Dec-11 | Adjustments | 21-Dec-11 | |||||||||||||
Cash | $ | 18,201 | $ | — | $ | 18,201 | |||||||||
Current assets | 14,612 | (958 | ) | 13,654 | |||||||||||
Property, plant and equipment | 941 | 630 | 1,571 | ||||||||||||
Goodwill | 23,789 | 2,346 | 26,135 | ||||||||||||
Other intangibles | 12,155 | (2,735 | ) | 9,420 | |||||||||||
Other assets | 25 | — | 25 | ||||||||||||
Current liabilities | (18,440 | ) | (186 | ) | (18,626 | ) | |||||||||
Long-term deferred tax liability | (3,975 | ) | 903 | (3,072 | ) | ||||||||||
Other non-current liabilities | (450 | ) | — | (450 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 46,858 | $ | — | $ | 46,858 | |||||||||
Baker | ' | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||
The final allocation of cash paid for the Baker acquisition is summarized as follows (in thousands): | |||||||||||||||
(as initially reported) Mar 14, 2012 | Measurement Period Adjustments | (as adjusted) | |||||||||||||
14-Mar-12 | |||||||||||||||
Current assets | $ | 4,617 | $ | (2,236 | ) | $ | 2,381 | ||||||||
Property, plant and equipment | 221 | — | 221 | ||||||||||||
Goodwill | 5,797 | 1,481 | 7,278 | ||||||||||||
Other intangibles | — | 750 | 750 | ||||||||||||
Current liabilities | (385 | ) | 5 | (380 | ) | ||||||||||
Net assets acquired and liabilities assumed | $ | 10,250 | $ | — | $ | 10,250 | |||||||||
Stewart [Member] | ' | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||
The final allocation of cash paid for the Stewart acquisition is summarized as follows (in thousands): | |||||||||||||||
(as initially reported) Sep 5, 2012 | Preliminary Measurement Period Adjustments | (as adjusted) | |||||||||||||
Sep 5, 2012 | |||||||||||||||
Cash | $ | — | $ | 244 | $ | 244 | |||||||||
Current assets | 11,839 | (1,922 | ) | 9,917 | |||||||||||
Property, plant and equipment | 653 | 583 | 1,236 | ||||||||||||
Goodwill | 17,886 | (2,140 | ) | 15,746 | |||||||||||
Other intangibles | 6,850 | 4,030 | 10,880 | ||||||||||||
Current liabilities | (5,228 | ) | (1,511 | ) | (6,739 | ) | |||||||||
Other non-current liabilities | (4,000 | ) | (587 | ) | (4,587 | ) | |||||||||
Consideration paid at closing | $ | 28,000 | $ | (1,303 | ) | $ | 26,697 | ||||||||
Contingent consideration | 4,000 | 587 | 4,587 | ||||||||||||
Net assets acquired and liabilities assumed | $ | 32,000 | $ | (716 | ) | $ | 31,284 | ||||||||
Nieco Corporation [Member] | ' | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||||||
(as initially reported) Oct 31, 2012 | Preliminary Measurement Period Adjustments | (as adjusted) | |||||||||||||
31-Oct-12 | |||||||||||||||
Cash | $ | 140 | $ | — | $ | 140 | |||||||||
Current assets | 4,011 | — | 4,011 | ||||||||||||
Property, plant and equipment | 268 | — | 268 | ||||||||||||
Goodwill | 18,855 | (3,473 | ) | 15,382 | |||||||||||
Other intangibles | 5,620 | 4,060 | 9,680 | ||||||||||||
Current liabilities | (1,836 | ) | — | (1,836 | ) | ||||||||||
Other non-current liabilities | (3,058 | ) | (587 | ) | (3,645 | ) | |||||||||
Consideration paid at closing | $ | 24,000 | $ | — | $ | 24,000 | |||||||||
Contingent consideration | 3,058 | 587 | 3,645 | ||||||||||||
Net assets acquired and liabilities assumed | $ | 27,058 | $ | 587 | $ | 27,645 | |||||||||
Viking Range Corporation [Member] | ' | ||||||||||||||
Business Combinations Results of Operations [Table Text Block] | ' | ||||||||||||||
The following unaudited results of operations for the three and nine months ended September 28, 2013 and September 29, 2012, reflect the operations of Viking on a stand-alone basis (in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
Sep 28, 2013 | Sep 29, 2012 | Sep 28, 2013 | Sep 29, 2012 | ||||||||||||
Net sales | $ | 57,997 | 53,865 | $ | 175,471 | $ | 159,368 | ||||||||
Income (loss) from operations | $ | 8,498 | (17,598 | ) | $ | 5,173 | $ | (15,636 | ) | ||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||
The following estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed (in thousands): | |||||||||||||||
(as initially reported) Dec 31, 2012 | Preliminary Measurement Period Adjustments | (as adjusted) Dec 31, 2012 | |||||||||||||
Cash | $ | 6,900 | $ | (121 | ) | $ | 6,779 | ||||||||
Current assets | 40,794 | — | 40,794 | ||||||||||||
Property, plant and equipment | 76,693 | (23,208 | ) | 53,485 | |||||||||||
Goodwill | 144,833 | (32,671 | ) | 112,162 | |||||||||||
Other intangibles | 152,500 | 44,500 | 197,000 | ||||||||||||
Other assets | 12,604 | 45 | 12,649 | ||||||||||||
Current liabilities | (52,202 | ) | 230 | (51,972 | ) | ||||||||||
Other non-current liabilities | (2,386 | ) | (1 | ) | (2,387 | ) | |||||||||
Net assets acquired and liabilities assumed | $ | 379,736 | $ | (11,226 | ) | $ | 368,510 | ||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Notes To Financial Statements [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 | |||||||||||||
Beginning balance | $ | (5,355 | ) | $ | (5,597 | ) | $ | (1,447 | ) | $ | (12,399 | ) | ||||
Other comprehensive income before reclassification | (1,406 | ) | 224 | 598 | (584 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | (48 | ) | (48 | ) | ||||||||||
Net current-period other comprehensive income | $ | (1,406 | ) | $ | 224 | $ | 550 | $ | (632 | ) | ||||||
Ending balance | $ | (6,761 | ) | $ | (5,373 | ) | $ | (897 | ) | $ | (13,031 | ) | ||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||
Components of other comprehensive income were as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | |||||||||||||
Net earnings | $ | 40,942 | $ | 29,769 | $ | 104,007 | $ | 82,909 | ||||||||
Currency translation adjustment | 6,559 | 6,042 | (1,406 | ) | 4,500 | |||||||||||
Pension liability adjustment, net of tax | (16 | ) | 130 | 224 | 271 | |||||||||||
Unrealized gain on interest rate swaps, net of tax | (362 | ) | 15 | 550 | (38 | ) | ||||||||||
Comprehensive income | $ | 47,123 | $ | 35,956 | $ | 103,375 | $ | 87,642 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventories at September 28, 2013 and December 29, 2012 are as follows: | ||||||||
28-Sep-13 | 29-Dec-12 | |||||||
(in thousands) | ||||||||
Raw materials and parts | $ | 111,752 | $ | 87,184 | ||||
Work-in-process | 21,420 | 18,957 | ||||||
Finished goods | 76,586 | 47,349 | ||||||
$ | 209,758 | $ | 153,490 | |||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||
Changes in the carrying amount of goodwill for the nine months ended September 28, 2013 are as follows (in thousands): | ||||||||||||||||
Commercial | Food | Residential Kitchen | Total | |||||||||||||
Foodservice | Processing | |||||||||||||||
Balance, December 29, 2012 | $ | 397,246 | $ | 128,765 | $ | — | $ | 526,011 | ||||||||
Goodwill acquired during the year | — | — | 115,089 | 115,089 | ||||||||||||
Measurement period adjustments to goodwill acquired in prior year | (3,472 | ) | 56 | — | (3,416 | ) | ||||||||||
Exchange effect | (1,061 | ) | (905 | ) | — | (1,966 | ) | |||||||||
Balance as of September 28, 2013 | $ | 392,713 | $ | 127,916 | $ | 115,089 | $ | 635,718 | ||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Notes To Financial Statements [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued expenses consist of the following: | ||||||||
28-Sep-13 | 29-Dec-12 | |||||||
(in thousands) | ||||||||
Accrued payroll and related expenses | $ | 46,104 | $ | 42,960 | ||||
Advanced customer deposits | 34,212 | 37,392 | ||||||
Accrued warranty | 24,528 | 17,593 | ||||||
Accrued customer rebates | 21,354 | 23,901 | ||||||
Accrued product liability and workers compensation | 15,329 | 13,290 | ||||||
Accrued agent commission | 11,064 | 9,531 | ||||||
Accrued professional services | 7,566 | 8,346 | ||||||
Other accrued expenses | 27,041 | 17,919 | ||||||
$ | 187,198 | $ | 170,932 | |||||
Warranty_Costs_Tables
Warranty Costs (Tables) | 9 Months Ended | |||
Sep. 28, 2013 | ||||
Notes To Financial Statements [Abstract] | ' | |||
Product Warranty Table Disclosure | ' | |||
A rollforward of the warranty reserve is as follows: | ||||
Nine Months Ended | ||||
28-Sep-13 | ||||
(in thousands) | ||||
Beginning balance | $ | 17,593 | ||
Warranty reserve related to acquisitions | 8,386 | |||
Warranty expense | 27,626 | |||
Warranty claims | (29,077 | ) | ||
Ending balance | $ | 24,528 | ||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||
28-Sep-13 | 29-Dec-12 | |||||||||||||||
(in thousands) | ||||||||||||||||
Senior secured revolving credit line | $ | 535,000 | $ | 256,500 | ||||||||||||
Foreign loans | 2,060 | 3,220 | ||||||||||||||
Other debt arrangement | 326 | 350 | ||||||||||||||
Total debt | $ | 537,386 | $ | 260,070 | ||||||||||||
Less: Current maturities of long-term debt | 778 | 1,850 | ||||||||||||||
Long-term debt | $ | 536,608 | $ | 258,220 | ||||||||||||
Carrying Value And Fair Value Of Long Term Debt, Disclosure | ' | |||||||||||||||
The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands): | ||||||||||||||||
28-Sep-13 | 29-Dec-12 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Total debt | $ | 537,386 | $ | 537,386 | $ | 260,070 | $ | 260,070 | ||||||||
Schedule of Interest Rate Derivatives | ' | |||||||||||||||
As of September 28, 2013 the company had the following interest rate swaps in effect: | ||||||||||||||||
Fixed | ||||||||||||||||
Notional | Interest | Effective | Maturity | |||||||||||||
Amount | Rate | Date | Date | |||||||||||||
$25,000,000 | 1.61% | 2/23/11 | 2/24/14 | |||||||||||||
$25,000,000 | 2.52% | 2/23/11 | 2/23/16 | |||||||||||||
$25,000,000 | 0.98% | 7/18/11 | 7/18/14 | |||||||||||||
$15,000,000 | 1.19% | 9/12/11 | 9/12/16 | |||||||||||||
$15,000,000 | 0.62% | 9/12/11 | 9/11/14 | |||||||||||||
$10,000,000 | 0.50% | 2/11/13 | 7/11/15 | |||||||||||||
$15,000,000 | 0.46% | 2/11/13 | 10/11/15 | |||||||||||||
$25,000,000 | 0.64% | 2/11/13 | 8/11/16 | |||||||||||||
$25,000,000 | 0.79% | 2/11/13 | 3/11/17 | |||||||||||||
$25,000,000 | 0.80% | 2/11/13 | 5/11/17 | |||||||||||||
$35,000,000 | 0.88% | 2/11/13 | 7/11/17 | |||||||||||||
$10,000,000 | 1.48% | 9/11/13 | 7/11/17 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | |||||||||||||||||
Foreign Exchange Transaction | ' | |||||||||||||||||
The fair value of the forward contracts was a loss of $0.1 million at the end of the third quarter of 2013. | ||||||||||||||||||
Sell | Purchase | Maturity | ||||||||||||||||
25,000,000 | British Pounds | 29,641,034 | Euro Dollars | December 27, 2013 | ||||||||||||||
15,000,000 | Euro Dollars | 20,296,500 | US Dollars | December 27, 2013 | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||
The following tables summarize the company’s fair value of interest rate swaps (in thousands): | ||||||||||||||||||
Condensed Consolidated | 28-Sep-13 | 29-Dec-12 | ||||||||||||||||
Balance Sheet Presentation | ||||||||||||||||||
Fair value | Other non-current liabilities | $ | (1,909 | ) | $ | (2,853 | ) | |||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||||
The impact on earnings from interest rate swaps was as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Presentation of Gain/(loss) | 28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||
Gain/(loss) recognized in accumulated other comprehensive income | Other comprehensive income | $ | (1,131 | ) | $ | (486 | ) | $ | (523 | ) | $ | (1,638 | ) | |||||
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | Interest expense | $ | (528 | ) | $ | (501 | ) | $ | (1,440 | ) | $ | (1,518 | ) | |||||
Gain/(loss) recognized in income (ineffective portion) | Other expense | $ | (7 | ) | $ | 5 | $ | 27 | $ | 18 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Net Sales Summary By Segment | ' | ||||||||||||||||||||||||||||
Net Sales Summary | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||||||
Sales | Percent | Sales | Percent | Sales | Percent | Sales | Percent | ||||||||||||||||||||||
Business Segments: | |||||||||||||||||||||||||||||
Commercial Foodservice | $ | 230,807 | 64.1 | % | $ | 198,615 | 77.1 | % | $ | 651,211 | 61.9 | % | $ | 573,431 | 76.8 | % | |||||||||||||
Food Processing | 71,209 | 19.8 | 59,084 | 22.9 | 224,583 | 21.4 | 173,131 | 23.2 | |||||||||||||||||||||
Residential Kitchen | 57,997 | 16.1 | — | — | — | 175,471 | 16.7 | — | — | ||||||||||||||||||||
Total | $ | 360,013 | 100 | % | $ | 257,699 | 100 | % | $ | 1,051,265 | 100 | % | $ | 746,562 | 100 | % | |||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||||||
The following table summarizes the results of operations for the company's business segments(1) (in thousands): | |||||||||||||||||||||||||||||
Commercial | Food Processing | Residential Kitchen | Corporate | Total | |||||||||||||||||||||||||
Foodservice | and Other(2) | ||||||||||||||||||||||||||||
Three Months Ended September 28, 2013 | |||||||||||||||||||||||||||||
Net sales | $ | 230,807 | $ | 71,209 | $ | 57,997 | $ | — | $ | 360,013 | |||||||||||||||||||
Income (loss) from operations | 61,947 | 8,905 | 8,498 | (11,862 | ) | 67,488 | |||||||||||||||||||||||
Depreciation and amortization expense | 4,557 | 2,017 | 2,215 | 411 | 9,200 | ||||||||||||||||||||||||
Net capital expenditures | 1,705 | 377 | 872 | 6 | 2,960 | ||||||||||||||||||||||||
Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||||||
Net sales | $ | 651,211 | $ | 224,583 | $ | 175,471 | $ | — | $ | 1,051,265 | |||||||||||||||||||
Income (loss) from operations | 169,089 | 34,010 | 5,173 | (38,264 | ) | 170,008 | |||||||||||||||||||||||
Depreciation and amortization expense | 13,826 | 6,173 | 13,799 | 1,219 | 35,017 | ||||||||||||||||||||||||
Net capital expenditures | 6,491 | 2,517 | 1,941 | 107 | 11,056 | ||||||||||||||||||||||||
Total assets | $ | 878,591 | $ | 302,239 | $ | 434,330 | $ | 85,328 | $ | 1,700,488 | |||||||||||||||||||
Three Months Ended September 29, 2012 | |||||||||||||||||||||||||||||
Net sales | $ | 198,615 | $ | 59,084 | $ | — | $ | — | $ | 257,699 | |||||||||||||||||||
Income (loss) from operations | 50,105 | 7,877 | — | (10,553 | ) | 47,429 | |||||||||||||||||||||||
Depreciation and amortization expense | 4,238 | 2,250 | — | 613 | 7,101 | ||||||||||||||||||||||||
Net capital expenditures | 779 | 2,029 | — | 58 | 2,866 | ||||||||||||||||||||||||
Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||||||
Net sales | $ | 573,431 | $ | 173,131 | $ | — | $ | — | $ | 746,562 | |||||||||||||||||||
Income (loss) from operations | 139,508 | 23,755 | — | (33,836 | ) | 129,427 | |||||||||||||||||||||||
Depreciation and amortization expense | 13,445 | 6,182 | — | 1,063 | 20,690 | ||||||||||||||||||||||||
Net capital expenditures | 3,108 | 2,752 | — | 103 | 5,963 | ||||||||||||||||||||||||
Total assets | $ | 853,582 | $ | 277,129 | $ | — | $ | 63,291 | $ | 1,194,002 | |||||||||||||||||||
(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. | |||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||
28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||||||||
United States and Canada | $ | 108,854 | $ | 50,415 | |||||||||||||||||||||||||
Asia | 4,126 | 3,486 | |||||||||||||||||||||||||||
Europe and Middle East | 16,207 | 19,042 | |||||||||||||||||||||||||||
Latin America | 1,484 | 1,260 | |||||||||||||||||||||||||||
Total international | $ | 21,817 | $ | 23,788 | |||||||||||||||||||||||||
$ | 130,671 | $ | 74,203 | ||||||||||||||||||||||||||
Schedule of Entity-Wide Information, Revenue from External Customers by Products and Services | ' | ||||||||||||||||||||||||||||
Net sales (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||||||
United States and Canada | $ | 264,665 | $ | 176,982 | $ | 779,394 | $ | 511,475 | |||||||||||||||||||||
Asia | 30,721 | 23,495 | 75,128 | 66,634 | |||||||||||||||||||||||||
Europe and Middle East | 46,510 | 42,289 | 135,726 | 123,165 | |||||||||||||||||||||||||
Latin America | 18,117 | 14,933 | 61,017 | 45,288 | |||||||||||||||||||||||||
Total international | $ | 95,348 | $ | 80,717 | $ | 271,871 | $ | 235,087 | |||||||||||||||||||||
$ | 360,013 | $ | 257,699 | $ | 1,051,265 | $ | 746,562 | ||||||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Non-cash share-based compensation expense | $3,000,000 | $3,100,000 | $8,895,000 | $9,009,000 | ' |
Unrecognized tax benefits related to federal, state and foreign taxes | ' | ' | ' | ' | 12,100,000 |
Unrecognized tax benefits related to federal, state and foreign taxes of which would impact the effective tax rate if recognized | ' | ' | ' | ' | 10,400,000 |
Unrecognized tax benefits, accrued interest | ' | ' | ' | ' | 1,600,000 |
Unrecognized tax benefits, penalties | ' | ' | ' | ' | 1,600,000 |
Recognized Tax Expense | 1,500,000 | ' | ' | ' | ' |
Amount of unrecognized tax benefits that may be recognized over the next twelve months | 200,000 | ' | 200,000 | ' | ' |
Interest paid | ' | ' | 10,800,000 | 5,800,000 | ' |
Income tax payments | ' | ' | $28,100,000 | $32,400,000 | ' |
Summary_of_Tax_Years_that_Rema
Summary of Tax Years that Remain Subject to Examination in Company Major Tax Jurisdictions (Detail) | 9 Months Ended |
Sep. 28, 2013 | |
United States | Federal | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2008 |
United States | Federal | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
United States | States | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2004 |
United States | States | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Australia | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Brazil | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2010 |
Brazil | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Canada | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2009 |
Canada | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
China | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2003 |
China | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Denmark | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2009 |
Denmark | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
France | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Germany | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Italy | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2009 |
Italy | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Luxembourg | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Mexico | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2007 |
Mexico | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Philippines | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2008 |
Philippines | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
South Korea | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2006 |
South Korea | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Spain | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2008 |
Spain | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Taiwan | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2008 |
Taiwan | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
United Kingdom | Minimum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2008 |
United Kingdom | Maximum | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Years Subject to Examination | '2012 |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) (Fair Value, Measurements, Recurring, USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Assets | $25,951 | $25,281 |
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Liabilities | 1,909 | 2,853 |
Contingent Consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Liabilities | 10,059 | 8,609 |
Fair Value, Inputs, Level 1 | Pension Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Assets | 24,889 | 24,346 |
Fair Value, Inputs, Level 1 | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Contingent Consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 | Pension Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Assets | 1,062 | 935 |
Fair Value, Inputs, Level 2 | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Liabilities | 1,909 | 2,853 |
Fair Value, Inputs, Level 2 | Contingent Consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Liabilities | ' | 0 |
Fair Value, Inputs, Level 3 | Pension Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Assets | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Contingent Consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Financial Liabilities | $10,059 | $8,609 |
Acquisitions_and_Purchase_Acco2
Acquisitions and Purchase Accounting Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||
Dec. 02, 2011 | Sep. 29, 2012 | Dec. 02, 2011 | Dec. 02, 2011 | Dec. 02, 2011 | Dec. 02, 2011 | Sep. 28, 2013 | Dec. 02, 2011 | Sep. 28, 2013 | Dec. 02, 2011 | Dec. 21, 2011 | Dec. 21, 2011 | Dec. 21, 2011 | Sep. 28, 2013 | Dec. 21, 2011 | Sep. 28, 2013 | Dec. 21, 2011 | Sep. 28, 2013 | Dec. 21, 2011 | Mar. 14, 2012 | Sep. 28, 2013 | Mar. 14, 2012 | Sep. 05, 2012 | Sep. 05, 2012 | Sep. 05, 2012 | Sep. 28, 2013 | Sep. 05, 2012 | Sep. 28, 2013 | Sep. 05, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Sep. 28, 2013 | Oct. 31, 2012 | Sep. 28, 2013 | Oct. 31, 2012 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Jun. 29, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 02, 2011 | Dec. 21, 2011 | Sep. 05, 2012 | Oct. 31, 2012 | Dec. 31, 2012 | |
Drake | Drake | Drake | Drake | Drake | Drake | Drake | Drake | Drake | Drake | Armor Inox | Armor Inox | Armor Inox | Armor Inox | Armor Inox | Armor Inox | Armor Inox | Armor Inox | Armor Inox | Baker | Baker | Baker | Stewart [Member] | Stewart [Member] | Stewart [Member] | Stewart [Member] | Stewart [Member] | Stewart [Member] | Stewart [Member] | Nieco Corporation [Member] | Nieco Corporation [Member] | Nieco Corporation [Member] | Nieco Corporation [Member] | Nieco Corporation [Member] | Nieco Corporation [Member] | Nieco Corporation [Member] | Viking Range Corporation [Member] | Viking Range Corporation [Member] | Viking Range Corporation [Member] | Viking Range Corporation [Member] | Viking Range Corporation [Member] | Distributors [Member] | Distributors [Member] | Distributors [Member] | Distributors [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | |
Measurement Period Adjustments | as initially reported | Book and Tax Basis Difference | Book and Tax Basis Difference | Backlog | Backlog | Customer Relationships | Customer Relationships | Measurement Period Adjustments | as initially reported | Backlog | Backlog | Customer Relationships | Customer Relationships | Developed Technology | Developed Technology | Customer Relationships | Customer Relationships | Measurement Period Adjustments | as initially reported | Food Processing | Food Processing | Food Processing | Food Processing | Measurement Period Adjustments | as initially reported | Commercial Foodservice | Commercial Foodservice | Commercial Foodservice | Commercial Foodservice | Residential Kitchen [Member] | Residential Kitchen [Member] | Residential Kitchen [Member] | Residential Kitchen [Member] | Measurement Period Adjustments | as initially reported | Drake | Armor Inox | Stewart [Member] | Nieco Corporation [Member] | Viking Range Corporation [Member] | ||||||||||
Tangible Assets and Liability Accounts | Intangible Assets | Backlog | Backlog | Customer Relationships | Customer Relationships | Backlog | Backlog | Customer Relationships | Customer Relationships | Backlog | Backlog | Customer Relationships | Customer Relationships | Food Processing | Commercial Foodservice | Residential Kitchen [Member] | ||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Asset, Current | $400,000 | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net | ' | ' | ' | ' | 100,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 21,700,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 28,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | ' | ' | 27,800,000 | ' | ' | ' | ' | ' | ' | 23,900,000 | ' | ' | ' | ' | ' | ' | 373,000,000 | ' | ' | ' | ' | 23,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 2,500,000 | ' | ' | ' | ' | 3,800,000 | ' | 1,100,000 | ' | 1,100,000 | ' | ' | 800,000 | ' | ' | ' | ' | 400,000 | ' | 5,900,000 | ' | ' | ' | ' | 100,000 | ' | 6,500,000 | ' | ' | 2,000,000 | ' | 44,000,000 | ' | ' | ' | ' | 3,200,000 | 3,400,000 | 4,600,000 | 3,100,000 | 151,000,000 |
Acquisition, other intangibles, amortization period | ' | ' | ' | ' | ' | ' | '1 month | ' | '5 years | ' | ' | ' | ' | '2 years | ' | '6 years | ' | '7 years | ' | ' | '5 years | ' | ' | ' | ' | '6 months | ' | '5 years | ' | ' | ' | ' | '3 months | ' | '4 years | ' | ' | '3 months | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,072,000 | -903,000 | 3,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current deferred tax asset | 446,000 | ' | 56,000 | 390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term deferred tax liability | -2,363,000 | ' | 32,000 | -2,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,587,000 | 587,000 | 4,000,000 | ' | ' | ' | ' | 3,645,000 | 587,000 | 3,058,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information Adjustment, Working Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Preacquisition Contingency, Amount of Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($8,697,000) | $0 | ($8,697,000) | ' | ' | ' | ' | ' |
Estimated_Fair_Values_of_Asset
Estimated Fair Values of Assets Acquired and Liabilities Assumed for Drake Acquisition (Details) (Drake, USD $) | Dec. 02, 2011 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Cash | $427 |
Current assets | 4,032 |
Deferred tax asset | 446 |
Property, plant and equipment | 1,773 |
Goodwill | 15,711 |
Other intangibles | 5,810 |
Other assets | 9 |
Current liabilities | -3,280 |
Long-term deferred tax liability | -2,363 |
Net assets acquired and liabilities assumed | 22,565 |
as initially reported | ' |
Business Acquisition [Line Items] | ' |
Cash | 427 |
Current assets | 4,245 |
Deferred tax asset | 390 |
Property, plant and equipment | 1,773 |
Goodwill | 15,237 |
Other intangibles | 5,810 |
Other assets | 9 |
Current liabilities | -3,334 |
Long-term deferred tax liability | -2,395 |
Net assets acquired and liabilities assumed | 22,162 |
Measurement Period Adjustments | ' |
Business Acquisition [Line Items] | ' |
Cash | 0 |
Current assets | -213 |
Deferred tax asset | 56 |
Property, plant and equipment | 0 |
Goodwill | 474 |
Other intangibles | 0 |
Other assets | 0 |
Current liabilities | 54 |
Long-term deferred tax liability | 32 |
Net assets acquired and liabilities assumed | $403 |
Estimated_Fair_Values_of_Asset1
Estimated Fair Values of Assets Acquired and Liabilities Assumed for Armor Inox Acquisition (Details) (Armor Inox, USD $) | Dec. 21, 2011 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Cash | $18,201 |
Current assets | 13,654 |
Property, plant and equipment | 1,571 |
Goodwill | 26,135 |
Other intangibles | 9,420 |
Other assets | 25 |
Current liabilities | -18,626 |
Long-term deferred tax liability | -3,072 |
Other non-current liabilities | -450 |
Net assets acquired and liabilities assumed | 46,858 |
as initially reported | ' |
Business Acquisition [Line Items] | ' |
Cash | 18,201 |
Current assets | 14,612 |
Property, plant and equipment | 941 |
Goodwill | 23,789 |
Other intangibles | 12,155 |
Other assets | 25 |
Current liabilities | -18,440 |
Long-term deferred tax liability | -3,975 |
Other non-current liabilities | -450 |
Net assets acquired and liabilities assumed | 46,858 |
Measurement Period Adjustments | ' |
Business Acquisition [Line Items] | ' |
Cash | 0 |
Current assets | -958 |
Property, plant and equipment | 630 |
Goodwill | 2,346 |
Other intangibles | -2,735 |
Other assets | 0 |
Current liabilities | -186 |
Long-term deferred tax liability | 903 |
Other non-current liabilities | 0 |
Net assets acquired and liabilities assumed | $0 |
Estimated_Fair_Values_of_Asset2
Estimated Fair Values of Assets Acquired and Liabilities Assumed for Baker Acquisition (Details) (Baker, USD $) | Mar. 14, 2012 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Current assets | $2,381 |
Property, plant and equipment | 221 |
Goodwill | 7,278 |
Other intangibles | 750 |
Current liabilities | -380 |
Net assets acquired and liabilities assumed | 10,250 |
as initially reported | ' |
Business Acquisition [Line Items] | ' |
Current assets | 4,617 |
Property, plant and equipment | 221 |
Goodwill | 5,797 |
Other intangibles | 0 |
Current liabilities | -385 |
Net assets acquired and liabilities assumed | 10,250 |
Measurement Period Adjustments | ' |
Business Acquisition [Line Items] | ' |
Current assets | -2,236 |
Property, plant and equipment | 0 |
Goodwill | 1,481 |
Other intangibles | 750 |
Current liabilities | 5 |
Net assets acquired and liabilities assumed | $0 |
Acquisitions_and_Purchase_Acco3
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Stewart Acquisition (Details) (Stewart [Member], USD $) | 0 Months Ended |
Sep. 05, 2012 | |
Business Acquisition [Line Items] | ' |
Business Combination, Provisional Information Adjustment, Working Capital | $1,300,000 |
Cash | 244,000 |
Current assets | 9,917,000 |
Property, plant and equipment | 1,236,000 |
Goodwill | 15,746,000 |
Other intangibles | 10,880,000 |
Current liabilities | -6,739,000 |
Other non-current liabilities | -4,587,000 |
Consideration paid at closing | 26,697,000 |
Contingent consideration | 4,587,000 |
Net assets acquired and liabilities assumed | 31,284,000 |
as initially reported | ' |
Business Acquisition [Line Items] | ' |
Cash | 0 |
Current assets | 11,839,000 |
Property, plant and equipment | 653,000 |
Goodwill | 17,886,000 |
Other intangibles | 6,850,000 |
Current liabilities | -5,228,000 |
Other non-current liabilities | -4,000,000 |
Consideration paid at closing | 28,000,000 |
Contingent consideration | 4,000,000 |
Net assets acquired and liabilities assumed | 32,000,000 |
Scenario, Adjustment [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash | 244,000 |
Current assets | -1,922,000 |
Property, plant and equipment | 583,000 |
Goodwill | -2,140,000 |
Other intangibles | 4,030,000 |
Current liabilities | -1,511,000 |
Other non-current liabilities | -587,000 |
Consideration paid at closing | -1,303,000 |
Contingent consideration | 587,000 |
Net assets acquired and liabilities assumed | ($716,000) |
Acquisitions_and_Purchase_Acco4
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Nieco Acquisition (Details) (Nieco Corporation [Member], USD $) | Oct. 31, 2012 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Cash | $140 |
Current assets | 4,011 |
Property, plant and equipment | 268 |
Goodwill | 15,382 |
Other intangibles | 9,680 |
Current liabilities | 1,836 |
Other non-current liabilities | 3,645 |
Consideration paid at closing | 24,000 |
Contingent consideration | 3,645 |
Net assets acquired and liabilities assumed | 27,645 |
as initially reported | ' |
Business Acquisition [Line Items] | ' |
Cash | 140 |
Current assets | 4,011 |
Property, plant and equipment | 268 |
Goodwill | 18,855 |
Other intangibles | 5,620 |
Current liabilities | 1,836 |
Other non-current liabilities | 3,058 |
Consideration paid at closing | 24,000 |
Contingent consideration | 3,058 |
Net assets acquired and liabilities assumed | 27,058 |
Scenario, Adjustment [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash | 0 |
Current assets | 0 |
Property, plant and equipment | 0 |
Goodwill | -3,473 |
Other intangibles | 4,060 |
Current liabilities | 0 |
Other non-current liabilities | 587 |
Consideration paid at closing | 0 |
Contingent consideration | 587 |
Net assets acquired and liabilities assumed | $587 |
Acquisitions_and_Purchase_Acco5
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Viking Acquisition (Details) (Details) (Viking Range Corporation [Member], USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Cash | $6,779 |
Current assets | 40,794 |
Property, plant and equipment | 53,485 |
Goodwill | 112,162 |
Other intangibles | 197,000 |
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets | 12,649 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | -51,972 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | -2,387 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 368,510 |
Scenario, Adjustment [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash | -121 |
Current assets | 0 |
Property, plant and equipment | -23,208 |
Goodwill | -32,671 |
Other intangibles | 44,500 |
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets | 45 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | 230 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | -1 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | -11,226 |
as initially reported | ' |
Business Acquisition [Line Items] | ' |
Cash | 6,900 |
Current assets | 40,794 |
Property, plant and equipment | 76,693 |
Goodwill | 144,833 |
Other intangibles | 152,500 |
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets | 12,604 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | -52,202 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | -2,386 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | $379,736 |
Acquisitions_and_Purchase_Acco6
Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed for Distributors Acquisition (Details) (Distributors [Member], USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Current assets | $20,172 |
Property, plant and equipment | 1,318 |
Goodwill | 2,927 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | -804 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 23,613 |
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 8,697 |
Business Acquisition Cost Of Acquired Entity Consideration Paid | 14,916 |
as initially reported | ' |
Business Acquisition [Line Items] | ' |
Current assets | 21,390 |
Property, plant and equipment | 1,318 |
Goodwill | 1,709 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | -804 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 23,613 |
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 8,697 |
Business Acquisition Cost Of Acquired Entity Consideration Paid | 14,916 |
Scenario, Adjustment [Member] | ' |
Business Acquisition [Line Items] | ' |
Current assets | -1,218 |
Property, plant and equipment | 0 |
Goodwill | 1,218 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | 0 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 0 |
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 0 |
Business Acquisition Cost Of Acquired Entity Consideration Paid | $0 |
Acquisitions_and_Purchase_Acco7
Acquisitions and Purchase Accounting Pro Forma Financial Information (Details) (Viking Range Corporation [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2012 | Sep. 29, 2012 |
Viking Range Corporation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Pro Forma Revenue | $316,332 | $920,232 |
Business Acquisition, Pro Forma Net Income (Loss) | $16,107 | $70,217 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.88 | $3.85 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.87 | $3.79 |
Acquisitions_and_Purchase_Acco8
Acquisitions and Purchase Accounting Results of Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ||||
Revenue, Net | $360,013 | [1] | $257,699 | [1] | $1,051,265 | [1] | $746,562 | [1] |
Operating Income (Loss) | 67,488 | [1] | 47,429 | [1] | 170,008 | 129,427 | ||
Viking Range Corporation [Member] | ' | ' | ' | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ||||
Revenue, Net | 57,997 | 53,865 | 175,471 | 159,368 | ||||
Operating Income (Loss) | $8,498 | ($17,598) | $5,173 | ($15,636) | ||||
[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. |
Other_Comprehensive_Income_Cha
Other Comprehensive Income Changes in accumulated other comprehensive income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Accumulated Other Comprehensive Income/(Loss) [Line Items] | ' | ' | ' | ' |
Currency Translation Adjustment | $6,559 | $6,042 | ' | $4,500 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | -12,399 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | -584 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 16 | -130 | ' | -271 |
Reclassification from accumulated other comprehensive income, current period, net of tax | ' | ' | -48 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | ' | ' | -632 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -13,031 | ' | -13,031 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income/(Loss) [Line Items] | ' | ' | ' | ' |
Currency Translation Adjustment | ' | ' | -1,406 | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | -5,355 | ' |
Reclassification from accumulated other comprehensive income, current period, net of tax | ' | ' | 0 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | ' | ' | -1,406 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -6,761 | ' | -6,761 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | -5,597 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | -224 | ' |
Reclassification from accumulated other comprehensive income, current period, net of tax | ' | ' | 0 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | ' | ' | 224 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -5,373 | ' | -5,373 | ' |
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | -1,447 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | 598 | ' |
Reclassification from accumulated other comprehensive income, current period, net of tax | ' | ' | -48 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | ' | ' | 550 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($897) | ' | ($897) | ' |
Other_Comprehensive_Income_Com
Other Comprehensive Income Components of Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ' | $7,500,000 | ' | $7,500,000 |
Net earnings | 40,942,000 | 29,769,000 | 104,007,000 | 82,909,000 |
Currency Translation Adjustment | 6,559,000 | 6,042,000 | ' | 4,500,000 |
Pension liability adjustment, net of tax | -16,000 | 130,000 | ' | 271,000 |
Unrealized gain on interest rate swaps, net of tax | -362,000 | 15,000 | 550,000 | -38,000 |
Comprehensive income | $47,123,000 | $35,956,000 | $103,375,000 | $87,642,000 |
Inventories_Additional_Informa
Inventories Additional Information (Details) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Millions, unless otherwise specified | ||
LIFO Method Related Items [Abstract] | ' | ' |
Inventory under the LIFO method | $21.50 | $22.20 |
Percentage of LIFO inventory to total inventory | 10.20% | 14.50% |
Inventories_Inventories_Detail
Inventories Inventories (Details) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and parts | $111,752 | $87,184 |
Work-in-process | 21,420 | 18,957 |
Finished goods | 76,586 | 47,349 |
Inventory, Gross, Total | $209,758 | $153,490 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Goodwill [Line Items] | ' |
Balance beginning of period | $526,011 |
Goodwill acquired during the year | 115,089 |
Measurement period adjustments to goodwill acquired in prior year | -3,416 |
Exchange effect | -1,966 |
Balance end of period | 635,718 |
Commercial Foodservice | ' |
Goodwill [Line Items] | ' |
Balance beginning of period | 397,246 |
Goodwill acquired during the year | 0 |
Measurement period adjustments to goodwill acquired in prior year | -3,472 |
Exchange effect | -1,061 |
Balance end of period | 392,713 |
Food Processing | ' |
Goodwill [Line Items] | ' |
Balance beginning of period | 128,765 |
Goodwill acquired during the year | 0 |
Measurement period adjustments to goodwill acquired in prior year | 56 |
Exchange effect | -905 |
Balance end of period | 127,916 |
Residential Kitchen [Member] | ' |
Goodwill [Line Items] | ' |
Balance beginning of period | 0 |
Goodwill acquired during the year | 115,089 |
Measurement period adjustments to goodwill acquired in prior year | 0 |
Exchange effect | 0 |
Balance end of period | $115,089 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Disclosure Accrued Expenses [Abstract] | ' | ' |
Accrued payroll and related expenses | $34,212 | $37,392 |
Standard Product Warranty Accrual, Current | 24,528 | 17,593 |
Advanced customer deposits | 46,104 | 42,960 |
Accrued warranty | ' | 17,593 |
Accrued product liability and workers compensation | 15,329 | 13,290 |
Accrued customer rebates | 21,354 | 23,901 |
Accrued agent commission | 11,064 | 9,531 |
Accrued professional services | 7,566 | 8,346 |
Other accrued expenses | 27,041 | 17,919 |
Accrued expenses | $187,198 | $170,932 |
Rollforward_of_Warranty_Reserv
Rollforward of Warranty Reserve (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Disclosure Rollforward Of Warranty Reserve [Abstract] | ' |
Beginning balance | $17,593 |
Warranty reserve related to acquisitions | 8,386 |
Warranty expense | 27,626 |
Warranty claims | -29,077 |
Ending balance | $24,528 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Line Items] | ' | ' |
Senior secured revolving credit line | $535,000 | $256,500 |
Other Long-term Debt | 326 | 350 |
Total debt | 537,386 | 260,070 |
Less: Current maturities of long-term debt | 778 | 1,850 |
Long-term debt | 536,608 | 258,220 |
Foreign | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Foreign loans | $2,060 | $3,220 |
Carrying_Value_and_Estimated_A
Carrying Value and Estimated Aggregate Fair Value of Debt (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Disclosure Carrying Value And Estimated Aggregate Fair Value Of Debt [Abstract] | ' | ' |
Carrying Value | $537,386 | $260,070 |
Fair Value | $537,386 | $260,070 |
Interest_Rate_Swaps_in_Effect_
Interest Rate Swaps in Effect (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Interest Rate Swap 4 | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | $25,000,000 |
Fixed Interest Rate | 1.61% |
Effective Date | 23-Feb-11 |
Maturity Date | 24-Feb-14 |
Interest Rate Swap 5 | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 25,000,000 |
Fixed Interest Rate | 2.52% |
Effective Date | 23-Feb-11 |
Maturity Date | 23-Feb-16 |
Interest Rate Swap 6 | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 25,000,000 |
Fixed Interest Rate | 0.98% |
Effective Date | 18-Jul-11 |
Maturity Date | 18-Jul-14 |
Interest Rate Swap 7 | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 15,000,000 |
Fixed Interest Rate | 1.19% |
Effective Date | 12-Sep-11 |
Maturity Date | 12-Sep-16 |
Interest Rate Swap 8 | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 15,000,000 |
Fixed Interest Rate | 0.62% |
Effective Date | 12-Sep-11 |
Maturity Date | 11-Sep-14 |
Interest Rate Swap 9 [Member] | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 10,000,000 |
Fixed Interest Rate | 0.50% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Jul-15 |
interest rate swap 10 [Member] | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 15,000,000 |
Fixed Interest Rate | 0.46% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Oct-15 |
interest rate swap 11 [Member] | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 25,000,000 |
Fixed Interest Rate | 0.64% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Aug-16 |
Interest Rate Swap 12 [Member] | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 25,000,000 |
Fixed Interest Rate | 0.79% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Mar-17 |
Interest Rate Swap 13 [Member] | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | 25,000,000 |
Fixed Interest Rate | 0.80% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-May-17 |
Interest rate swap 14 [Member] | ' |
Debt Disclosure [Line Items] | ' |
Notional Amount | $35,000,000 |
Fixed Interest Rate | 0.88% |
Effective Date | 11-Feb-13 |
Maturity Date | 11-Jul-17 |
Financing_Arrangements_Additio
Financing Arrangements Additional Information (Details) (USD $) | 9 Months Ended | |
Sep. 28, 2013 | Dec. 29, 2012 | |
Debt Disclosure [Line Items] | ' | ' |
Line of Credit Facility, Interest Rate Description | '1.00% above LIBOR for long-term borrowings or at the higher of the Prime rate and the Federal Funds Rate. | ' |
Credit facility, amount | $1,000,000,000 | ' |
Credit facility, outstanding | 535,000,000 | 256,500,000 |
Letter of credit, outstanding | 13,000,000 | ' |
Credit facility, remaining | 452,000,000 | ' |
Credit facility, additional interest rate above LIBOR | 1.75% | ' |
Credit facility, average interest rate | 1.95% | ' |
Variable commitment fee | 0.28% | ' |
Term loan, amount | 537,386,000 | 260,070,000 |
Indebtedness to EBITDA ratio | 0 | ' |
EBITDA to fixed charges ratio | 0 | ' |
Houno A/S | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Line of Credit Facility, Interest Rate Description | '1.25% above Euro LIBOR | ' |
Credit facility, amount | 1,600,000 | ' |
Term loan, maturity | '2022 | ' |
Term loan, interest rate | 4.55% | ' |
Giga Grandi Cucine Srl | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Credit facility, amount | $400,000 | ' |
Credit facility, average interest rate | 4.26% | ' |
Forward_and_Option_Purchase_Co
Forward and Option Purchase Contracts Outstanding (Details) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
Currency, British Pound Sterling | Currency, Euro | Currency, Euro | Currency, U.S. Dollar | |
Derivative Instrument 2 | Derivative Instrument 2 | Derivative Instrument 3 | Derivative Instrument 1 | |
GBP (£) | EUR (€) | GBP (£) | USD ($) | |
Derivative [Line Items] | ' | ' | ' | ' |
Forward contracts to purchase | ' | € 29,641,034 | ' | $20,296,500 |
Forward contracts to sell | £ 25,000,000 | ' | £ 15,000,000 | ' |
Maturity | 27-Dec-13 | 27-Dec-13 | 27-Dec-13 | 27-Dec-13 |
Summary_of_Fair_Value_of_Inter
Summary of Fair Value of Interest Rate Swaps (Details) (Interest Rate Swap [Member], Other Noncurrent Liabilities, USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | Other Noncurrent Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value | ($1,909) | ($2,853) |
Impact_on_Earnings_from_Intere
Impact on Earnings from Interest Rate Swaps (Details) (Interest Rate Swap [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Other Comprehensive Income | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(loss) recognized in accumulated other comprehensive income | ($1,131) | ($486) | ($523) | ($1,638) |
Interest Expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion) | -528 | -501 | -1,440 | -1,518 |
Other Expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(loss) recognized in income (ineffective portion) | ($7) | $5 | $27 | $18 |
Financial_Instruments_Addition
Financial Instruments Additional Information (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Derivative [Line Items] | ' |
Fair value of interest rate swaps liability | $1.90 |
Maximum | ' |
Derivative [Line Items] | ' |
Loss in fair value of interest rate swaps | 0.6 |
Foreign Exchange Forward | ' |
Derivative [Line Items] | ' |
Fair value of the forward contracts liability | ($0.10) |
Net_Sales_Summary_Details
Net Sales Summary (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | $360,013 | [1] | $257,699 | [1] | $1,051,265 | [1] | $746,562 | [1] |
Percent | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Commercial Foodservice | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 230,807 | [1] | 198,615 | [1] | 651,211 | 573,431 | ||
Percent | 64.10% | 77.10% | 61.90% | 76.80% | ||||
Food Processing | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 71,209 | [1] | 59,084 | [1] | 224,583 | 173,131 | ||
Percent | 19.80% | 22.90% | 21.40% | 23.20% | ||||
Residential Kitchen [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | $57,997 | [1] | $0 | [1] | $175,471 | [1] | $0 | |
Percent | 16.10% | 0.00% | 16.70% | 0.00% | ||||
[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. |
Summary_of_Results_of_Operatio
Summary of Results of Operations for Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | $360,013 | [1] | $257,699 | [1] | $1,051,265 | [1] | $746,562 | [1] | ' |
Income from operations | 67,488 | [1] | 47,429 | [1] | 170,008 | 129,427 | ' | ||
Depreciation and amortization expense | 9,200 | [1] | 7,101 | [1] | 35,017 | 20,690 | ' | ||
Net capital expenditures | 2,960 | [1] | 2,866 | [1] | 11,056 | 5,963 | ' | ||
Total assets | 1,700,488 | 1,194,002 | 1,700,488 | 1,194,002 | 1,244,280 | ||||
Long-lived assets | 130,671 | 74,203 | 130,671 | 74,203 | ' | ||||
Commercial Foodservice | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 230,807 | [1] | 198,615 | [1] | 651,211 | 573,431 | ' | ||
Income from operations | 61,947 | [1] | 50,105 | [1] | 169,089 | [1] | 139,508 | ' | |
Depreciation and amortization expense | 4,557 | [1] | 4,238 | [1] | 13,826 | [1] | 13,445 | ' | |
Net capital expenditures | 1,705 | [1] | 779 | [1] | 6,491 | [1] | 3,108 | ' | |
Total assets | 878,591 | 853,582 | 878,591 | 853,582 | ' | ||||
Food Processing | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 71,209 | [1] | 59,084 | [1] | 224,583 | 173,131 | ' | ||
Income from operations | 8,905 | [1] | 7,877 | [1] | 34,010 | [1] | 23,755 | ' | |
Depreciation and amortization expense | 2,017 | [1] | 2,250 | [1] | 6,173 | [1] | 6,182 | ' | |
Net capital expenditures | 377 | [1] | 2,029 | [1] | 2,517 | [1] | 2,752 | ' | |
Total assets | 302,239 | 277,129 | 302,239 | 277,129 | ' | ||||
Residential Kitchen [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 57,997 | [1] | 0 | [1] | 175,471 | [1] | 0 | ' | |
Income from operations | 8,498 | [1] | 0 | [1] | 5,173 | [1] | 0 | ' | |
Depreciation and amortization expense | 2,215 | [1] | 0 | [1] | 13,799 | [1] | 0 | ' | |
Net capital expenditures | 872 | [1] | 0 | [1] | 1,941 | [1] | 0 | ' | |
Total assets | 434,330 | 0 | 434,330 | 0 | ' | ||||
Corporate and Other | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 0 | [1],[2] | 0 | [1],[2] | 0 | 0 | ' | ||
Income from operations | -11,862 | [1],[2] | -10,553 | [1],[2] | -38,264 | -33,836 | ' | ||
Depreciation and amortization expense | 411 | [1],[2] | 613 | [1],[2] | 1,219 | 1,063 | ' | ||
Net capital expenditures | 6 | [1],[2] | 58 | [1],[2] | 107 | 103 | ' | ||
Total assets | $85,328 | $63,291 | $85,328 | $63,291 | ' | ||||
[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. |
LongLived_Assets_by_Major_Geog
Long-Lived Assets by Major Geographic Region (Details) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $130,671 | $74,203 |
United States and Canada | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 108,854 | 50,415 |
Asia | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 4,126 | 3,486 |
Europe and Middle East | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 16,207 | 19,042 |
Latin America | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 1,484 | 1,260 |
Total International | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $21,817 | $23,788 |
Net_Sales_by_Major_Geographic_
Net Sales by Major Geographic Region (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Net sales | $360,013 | [1] | $257,699 | [1] | $1,051,265 | [1] | $746,562 | [1] |
United States and Canada | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Net sales | 264,665 | 176,982 | 779,394 | 511,475 | ||||
Asia | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Net sales | 30,721 | 23,495 | 75,128 | 66,634 | ||||
Europe and Middle East | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Net sales | 46,510 | 42,289 | 135,726 | 123,165 | ||||
Latin America | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Net sales | 18,117 | 14,933 | 61,017 | 45,288 | ||||
Total International | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Net sales | $95,348 | $80,717 | $271,871 | $235,087 | ||||
[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. |
Employee_Retirement_Plans_Addi
Employee Retirement Plans Additional Information (Details) | 9 Months Ended |
Sep. 28, 2013 | |
plan | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Number of defined contribution 401K savings plans | 2 |
Acquisition_Integration_Initia1
Acquisition Integration Initiatives (Details) (Viking Range Corporation [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Viking Range Corporation [Member] | ' |
Subsequent Event [Line Items] | ' |
Business Combination, Integration Related Costs | $7.40 |
Subsequent_Event_Details
Subsequent Event (Details) (Celfrost [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 15, 2013 |
Celfrost [Member] | ' |
Subsequent Event [Line Items] | ' |
Payments to Acquire Businesses, Gross | $20 |