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Segment Information | 9 Months Ended
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Oct. 01, 2011
Segment Information |
12) | Segment Information
The company operates in two 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, griddles, 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, Nu-Vu, PerfectFry, Pitco, Southbend, Star, Toastmaster, TurboChef and Wells. The Food Processing Equipment Group manufactures preparation, cooking, packaging and food safety equipment for the food processing industry. This business division has manufacturing operations in Illinois, Iowa, Wisconsin, Australia, Germany and Mexico. Principal product lines of this group include batch ovens, belt ovens, conveyorized cooking 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, Auto-Bake, Danfotech, Maurer-Atmos, MP Equipment and RapidPak. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief 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 |
|  | Oct 1, 2011 |  |  | Oct 2, 2010 |  |  | Oct 1, 2011 |  |  | Oct 2, 2010 |
|  | Sales |  |  | Percent |  |  | Sales |  |  | Percent |  |  | Sales |  |  | Percent |  |  | Sales |  |  | Percent |
Business Divisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Foodservice |  | $ | 189,133 |  |  |  | 86.5 |  |  | $ | 156,081 |  |  |  | 87.8 |  |  | $ | 521,137 |  |  |  | 85.1 |  |  | $ | 450,036 |  |  |  | 87.9 |
Food Processing |  |  | 29,587 |  |  |  | 13.5 |  |  |  | 21,712 |  |  |  | 12.2 |  |  |  | 91,010 |  |  |  | 14.9 |  |  |  | 61,852 |  |  |  | 12.1 |
Total |  | $ | 218,720 |  |  |  | 100.0 | % |  | $ | 177,793 |  |  |  | 100.0 | % |  | $ | 612,147 |  |  |  | 100.0 | % |  | $ | 511,888 |  |  |  | 100.0 | %
The following table summarizes the results of operations for the company's business segments(1)(in thousands):
|  | Commercial |  |  | Food |  |  | Corporate |  |  |  |
|  | Foodservice |  |  | Processing |  |  | and Other(2) |  |  | Total |
Three months ended October 1, 2011 |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 189,133 |  |  | $ | 29,587 |  |  | $ | — |  |  | $ | 218,720 |
Income from operations |  |  | 47,875 |  |  |  | 2,484 |  |  |  | (13,173 | ) |  |  | 37,186 |
Depreciation and amortization expense |  |  | 3,995 |  |  |  | 1,106 |  |  |  | 233 |  |  |  | 5,334 |
Net capital expenditures |  |  | 1,533 |  |  |  | 23 |  |  |  | 173 |  |  |  | 1,729 |
Nine months ended October 1, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 521,137 |  |  | $ | 91,010 |  |  | $ | — |  |  | $ | 612,147 |
Income from operations |  |  | 127,118 |  |  |  | 13,706 |  |  |  | (37,026 | ) |  |  | 103,798 |
Depreciation and amortization expense |  |  | 11,886 |  |  |  | 2,207 |  |  |  | 574 |  |  |  | 14,667 |
Net capital expenditures |  |  | 4,327 |  |  |  | 162 |  |  |  | 391 |  |  |  | 4.880 |
Total assets |  |  | 827,276 |  |  |  | 139,618 |  |  |  | 63,473 |  |  |  | 1,030,367 |
Long-lived assets |  |  | 602,164 |  |  |  | 85,263 |  |  |  | 33,760 |  |  |  | 721,187 |
Three months ended October 2, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 156,081 |  |  | $ | 21,712 |  |  | $ | — |  |  | $ | 177,793 |
Income from operations |  |  | 38,002 |  |  |  | 4,040 |  |  |  | (10,031 | ) |  |  | 32,011 |
Depreciation and amortization expense |  |  | 3,257 |  |  |  | 438 |  |  |  | 154 |  |  |  | 3,849 |
Net capital expenditures |  |  | 400 |  |  |  | 65 |  |  |  | 138 |  |  |  | 603 |
Nine months ended October 2, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 450,036 |  |  | $ | 61,852 |  |  | $ | — |  |  | $ | 511,888 |
Income from operations |  |  | 107,042 |  |  |  | 12,076 |  |  |  | (30,943 | ) |  |  | 88,175 |
Depreciation and amortization expense |  |  | 10,040 |  |  |  | 1,150 |  |  |  | 466 |  |  |  | 11,656 |
Net capital expenditures |  |  | 2,492 |  |  |  | 167 |  |  |  | 349 |  |  |  | 3,008 |
Total assets |  |  | 709,733 |  |  |  | 104,377 |  |  |  | 52,528 |  |  |  | 866,638 |
Long-lived assets |  |  | 524,905 |  |  |  | 58,271 |  |  |  | 30,169 |  |  |  | 613,345 |
| (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.
Long-lived assets by major geographic region are as follows (in thousands):
|  | Oct 1, 2011 |  |  | Oct 2, 2010 |
United States and Canada |  | $ | 583,632 |  |  | $ | 586,151 |
Asia |  |  | 34,254 |  |  |  | 1,826 |
Europe and Middle East |  |  | 102,274 |  |  |  | 24,412 |
Latin America |  |  | 1,027 |  |  |  | 956 |
Total international |  | $ | 137,555 |  |  | $ | 27,194 |
|  | $ | 721,187 |  |  | $ | 613,345 |
Net sales by major geographic region were as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | Oct 1, 2011 |  |  | Oct 2, 2010 |  |  | Oct 1, 2011 |  |  | Oct 2, 2010 |
United States and Canada |  | $ | 149,891 |  |  | $ | 141,179 |  |  | $ | 446,071 |  |  | $ | 410,444 |
Asia |  |  | 17,228 |  |  |  | 12,503 |  |  |  | 41,052 |  |  |  | 29,724 |
Europe and Middle East |  |  | 41,628 |  |  |  | 17,675 |  |  |  | 95,248 |  |  |  | 56,915 |
Latin America |  |  | 9,973 |  |  |  | 6,436 |  |  |  | 29,776 |  |  |  | 14,805 |
Total international |  | $ | 68,829 |  |  | $ | 36,614 |  |  | $ | 166,076 |  |  | $ | 101,444 |
|  | $ | 218,720 |  |  | $ | 177,793 |  |  | $ | 612,147 |  |  | $ | 511,888

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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