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Restructuring | 3 Months Ended
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Mar. 31, 2018
Subsequent Events [Abstract] |
Acquisition Integration Initiatives |
16) | Restructuring
Commercial Foodservice Equipment Group: During the fiscal years 2018 and 2017, the company undertook cost reduction initiatives related to the entire Commercial Foodservice Equipment Group. These actions, which are not material to the company's operations, resulted in a charge of $1.0 million in the three months ended March 31, 2018 primarily for severance related to headcount reductions and consolidation of manufacturing operations. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The company estimates that these restructuring initiatives will result in future cost savings of approximately $10.0 million annually. The realization of the savings began in 2017 and will continue into the first six months of fiscal year 2018 and the restructuring costs in the future are not expected to be significant related to these actions. Residential Kitchen Equipment Group: During fiscal years 2017, 2016 and 2015, the company undertook acquisition integration initiatives related to the AGA Group within the Residential Kitchen Equipment Group. These initiatives included organizational restructuring, headcount reductions and consolidation and disposition of certain facilities and business operations, including the impairment of equipment. The company recorded additional expense of $0.7 million in the three months ended March 31, 2018, related to the AGA Group. The expense primarily related to additional headcount reductions in conjunction with disposition of certain facilities and business operations. This expense is reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The cumulative expenses incurred to date for these initiatives is approximately $41.3 million. The company estimated that the main restructuring initiatives in 2017 would result in future cost savings of approximately $20.0 million annually. The realization of the savings began in 2017 and will continue into the first six months of fiscal year 2018, primarily related to the compensation and facility costs. The company anticipates that all severance obligations for the Residential Kitchen Equipment Group will be paid by the end of fiscal year 2018. The lease obligations extend through December 2019. The costs and corresponding reserve balances for the Residential Kitchen Equipment Group are summarized as follows (in thousands):
|  | Severance/Benefits |  | Facilities/Operations |  | Other |  | Total
Balance as of December 30, 2017 |  | $ | 3,698 |  |  | $ | 1,467 |  |  | $ | 157 |  |  | $ | 5,322 |
Expenses |  | 777 |  |  | (183 | ) |  | 146 |  |  | 740 |
Exchange |  | 126 |  |  | 26 |  |  | 3 |  |  | 155 |
Payments/Utilization |  | (2,307 | ) |  | (123 | ) |  | (67 | ) |  | (2,497 | )
Balance as of March 31, 2018 |  | $ | 2,294 |  |  | $ | 1,187 |  |  | $ | 239 |  |  | $ | 3,720 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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