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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2011
Schedule of Inventory, Current | Inventories at December 31, 2011 and January 1, 2011 are as follows:
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Raw materials and parts |  | $ | 69,576 |  |  | $ | 60,452 |
Work in process |  |  | 15,204 |  |  |  | 12,292 |
Finished goods |  |  | 39,261 |  |  |  | 33,432 |
|  |  | 124,041 |  |  |  | 106,176 |
LIFO reserve |  |  | 259 |  |  |  | 287 |
|  | $ | 124,300 |  |  | $ | 106,463
Property, Plant and Equipment | Property, plant and equipment are carried at cost as follows:
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Land |  | $ | 8,189 |  |  | $ | 6,566 |
Building and improvements |  |  | 46,104 |  |  |  | 37,796 |
Furniture and fixtures |  |  | 11,680 |  |  |  | 8,037 |
Machinery and equipment |  |  | 50,548 |  |  |  | 38,612 |
|  |  | 116,521 |  |  |  | 91,011 |
Less accumulated depreciation |  |  | (54,014 | ) |  |  | (47,355 | )
|  | $ | 62,507 |  |  | $ | 43,656
Schedule Of Useful Lives For Property Plant Equipment | Following is a summary of the estimated useful lives:
Description |  | Life
Building and improvements |  | 20 to 40 years
Furniture and fixtures |  | 3 to 7 years
Machinery and equipment |  | 3 to 10 year
Schedule of Goodwill | Goodwill is allocated to the business segments as follows (in thousands):
|  | Commercial |  |  | Food |  |  |  |
|  | Foodservice |  |  | Processing |  |  | Total |
Balance as of January 2, 2010 |  | $ | 326,980 |  |  | $ | 31,526 |  |  | $ | 358,506 |
Goodwill acquired during the year |  |  | 3,555 |  |  |  | 7,962 |  |  |  | 11,517 |
Exchange effect |  |  | (34 | ) |  |  | — |  |  |  | (34 | )
Balance as of January 1, 2011 |  | $ | 330,501 |  |  | $ | 39,488 |  |  | $ | 369,989 |
Goodwill acquired during the year |  |  | 49,204 |  |  |  | 64,486 |  |  |  | 113,690 |
Measurement period adjustments to goodwill acquired in prior year |  |  | (1,272 | ) |  |  | (5 | ) |  |  | (1,277 | )
Exchange effect |  |  | (3,081 | ) |  |  | (1,509 | ) |  |  | (4,590 | )
Balance as of December 31, 2011 |  | $ | 375,352 |  |  | $ | 102,460 |  |  | $ | 477,812
Schedule of Intangible Assets by Major Class | Intangible assets consist of the following (in thousands):
|  | December 31, 2011 |  |  | January 1, 2011 |
|  | Estimated |  |  |  |  |  |  |  |  | Estimated |  |  |  |  |  |  |
|  | Weighted Avg |  |  | Gross |  |  |  |  |  | Weighted Avg |  |  | Gross |  |  |  |
|  | Remaining |  |  | Carrying |  |  | Accumulated |  |  | Remaining |  |  | Carrying |  |  | Accumulated |
|  | Life |  |  | Amount |  |  | Amortization |  |  | Life |  |  | Amount |  |  | Amortization |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer lists |  |  | 3.1 |  |  | $ | 67,904 |  |  | $ | (28,435 | ) |  |  | 3.9 |  |  | $ | 43,662 |  |  | $ | (19,597 | )
Backlog |  |  | 2.0 |  |  |  | 9,733 |  |  |  | (4,378 | ) |  |  | — |  |  |  | 3,568 |  |  |  | (3,568 | )
Developed technology |  |  | 1.7 |  |  |  | 18,106 |  |  |  | (9,033 | ) |  |  | 3.7 |  |  |  | 15,821 |  |  |  | (6,358 | )
|  |  |  |  |  | $ | 95,743 |  |  | $ | (41,846 | ) |  |  |  |  |  | $ | 63.051 |  |  | $ | (29.523 | )
Indefinite-lived assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks and tradenames |  |  |  |  |  | $ | 180,829 |  |  |  |  |  |  |  |  |  |  | $ | 155,726
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets is as follows (in thousands):
2012 |  | $ | 17,465 |
2013 |  |  | 16,322 |
2014 |  |  | 10,887 |
2015 |  |  | 5,683 |
2016 |  |  | 2,876 |
Thereafter |  |  | 664 |
|  | $ | 53,897
Schedule of Accrued Liabilities | Accrued expenses consist of the following at December 31, 2011 and January 1, 2011, respectively:
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Accrued payroll and related expenses |  | $ | 41,434 |  |  | $ | 32,625 |
Advanced customer deposits |  |  | 33,246 |  |  |  | 13,357 |
Accrued customer rebates |  |  | 23,136 |  |  |  | 18,086 |
Accrued warranty |  |  | 13,842 |  |  |  | 14,468 |
Accrued product liability and workers compensation |  |  | 10,771 |  |  |  | 9,711 |
Accrued agent commission |  |  | 8,668 |  |  |  | 7,824 |
Accrued professional services |  |  | 7,497 |  |  |  | 5,944 |
Other accrued expenses |  |  | 31,798 |  |  |  | 23,795 |
|  | $ | 170,392 |  |  | $ | 125,810
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets:
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Unrecognized pension benefit costs, net of tax |  | $ | (7,615 | ) |  | $ | (2,470 | )
Unrealized loss on interest rate swap, net of tax |  |  | (1,691 | ) |  |  | (1,105 | )
Currency translation adjustments |  |  | (11,228 | ) |  |  | (459 | )
|  | $ | (20,534 | ) |  | $ | (4,034 | )
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The company’s financial assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at December 31, 2011 and January 1, 2011 are as follows (in thousands):
|  | Fair Value |  |  | Fair Value |  |  | Fair Value |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
As of December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension Plans |  | $ | 21,229 |  |  | $ | 1,297 |  |  |  | — |  |  | $ | 22,526 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | — |  |  | $ | 3,216 |  |  |  | — |  |  | $ | 3,216 |
Contingent consideration |  |  | — |  |  |  | — |  |  | $ | 3,398 |  |  | $ | 3,398 |
As of January 1, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension Plans |  | $ | 11,241 |  |  | $ | 354 |  |  |  | — |  |  | $ | 11,595 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | — |  |  | $ | 2,186 |  |  |  | — |  |  | $ | 2,186 |
Contingent consideration |  |  | — |  |  |  | — |  |  | $ | 5,579 |  |  | $ | 5,579
Product Warranty Table Disclosure | A rollforward of the warranty reserve for the fiscal years 2011 and 2010 are as follows:
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Beginning balance |  | $ | 14,468 |  |  | $ | 14,265 |
Warranty reserve related to acquisitions |  |  | 939 |  |  |  | 537 |
Warranty expense |  |  | 21,019 |  |  |  | 22,789 |
Warranty claims |  |  | (22,584 | ) |  |  | (23,123 | )
Ending balance |  | $ | 13,842 |  |  | $ | 14,468

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