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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jan. 02, 2021
Accounting Policies [Abstract] |
Schedule of Inventory, Current | Inventories at January 2, 2021 and December 28, 2019 are as follows (in thousands):
| 2020 |  | 2019
Raw materials and parts | $ | 263,200 |  |  | $ | 277,394 |
Work in process | 55,104 |  |  | 58,663 |
Finished goods | 221,894 |  |  | 249,642 |
| $ | 540,198 |  |  | $ | 585,699 |
Property, Plant and Equipment | Property, plant and equipment are carried at cost as follows (in thousands):
| 2020 |  | 2019
Land | $ | 40,707 |  |  | $ | 43,467 |
Building and improvements | 245,435 |  |  | 229,025 |
Furniture and fixtures | 68,063 |  |  | 67,992 |
Machinery and equipment | 220,148 |  |  | 209,290 |
| 574,353 |  |  | 549,774 |
Less accumulated depreciation | (229,871) |  |  | (197,629) |
| $ | 344,482 |  |  | $ | 352,145 |
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 years
Schedule of Goodwill | Goodwill is allocated to the business segments as follows (in thousands):
| Commercial Foodservice |  | Food Processing |  | Residential Kitchen |  | Total
Balance as of December 29, 2018 | $ | 1,102,067 |  |  | $ | 219,054 |  |  | $ | 422,054 |  |  | $ | 1,743,175 |
Goodwill acquired during the year | 81,339 |  |  | 43,613 |  |  | 9,503 |  |  | 134,455 |
Measurement period adjustments to goodwill acquired in prior year | (27,929) |  |  | (3,722) |  |  | — |  |  | (31,651) |
Exchange effect | (1,925) |  |  | (1,266) |  |  | 6,959 |  |  | 3,768 |
Balance as of December 28, 2019 | $ | 1,153,552 |  |  | $ | 257,679 |  |  | $ | 438,516 |  |  | $ | 1,849,747 |
Goodwill acquired during the year | 56,773 |  |  | — |  |  | — |  |  | 56,773 |
Measurement period adjustments to goodwill acquired in prior year | (56) |  |  | (8,732) |  |  | 1,770 |  |  | (7,018) |
Exchange effect | 18,167 |  |  | 6,851 |  |  | 9,741 |  |  | 34,759 |
Balance as of January 2, 2021 | $ | 1,228,436 |  |  | $ | 255,798 |  |  | $ | 450,027 |  |  | $ | 1,934,261 |
Schedule Of Intangible Assets By Major Class | Intangible assets consist of the following (in thousands):
| January 2, 2021 |  | December 28, 2019
| Estimated Weighted Avg Remaining Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Estimated Weighted Avg Remaining Life |  | Gross Carrying Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 8.5 |  | $ | 735,264 |  |  | $ | (347,029) |  |  | 9.2 |  | $ | 717,397 |  |  | $ | (283,846) |
Backlog | 0.3 |  | 34,729 |  |  | (31,924) |  |  | 1.3 |  | 29,426 |  |  | (28,283) |
Developed technology | 10.0 |  | 56,931 |  |  | (24,394) |  |  | 5.2 |  | 32,999 |  |  | (21,378) |
|  |  | $ | 826,924 |  |  | $ | (403,347) |  |  |  |  | $ | 779,822 |  |  | $ | (333,507) |
Indefinite-lived assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks and tradenames |  |  | $ | 1,026,804 |  |  |  |  |  |  | $ | 997,066 |  |  |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets is as follows (in thousands):
2021 | $ | 68,413 |
2022 | 62,050 |
2023 | 56,058 |
2024 | 44,587 |
2025 | 38,226 |
2026 and thereafter | 154,243 |
| $ | 423,577 |
Schedule of Accrued Liabilities | Accrued expenses consist of the following at January 2, 2021 and December 28, 2019, respectively (in thousands):
| 2020 |  | 2019
Accrued payroll and related expenses | $ | 93,926 |  |  | $ | 80,621 |
Contract liabilities | 93,871 |  |  | 74,511 |
Accrued warranty | 69,667 |  |  | 66,374 |
Accrued customer rebates | 43,703 |  |  | 51,709 |
Accrued short-term leases | 22,493 |  |  | 21,827 |
Accrued liabilities held for sale | 22,313 |  |  | — |
Accrued sales and other tax | 22,030 |  |  | 19,862 |
Accrued interest rate swaps | 14,075 |  |  | — |
Accrued product liability and workers compensation | 12,909 |  |  | 15,164 |
Accrued professional fees | 12,133 |  |  | 13,368 |
Accrued agent commission | 11,105 |  |  | 13,816 |
Accrued restructuring | 2,686 |  |  | 1,121 |
Other accrued expenses | 73,630 |  |  | 58,177 |
| $ | 494,541 |  |  | $ | 416,550 |
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 (in thousands):
| 2020 |  | 2019
Unrecognized pension benefit costs, net of tax of $(89,059) and $(48,633) | $ | (400,919) |  |  | $ | (228,336) |
Unrealized gain on interest rate swap, net of tax of $(13,120) and $(5,973) | (37,548) |  |  | (16,892) |
Currency translation adjustments | (49,961) |  |  | (105,705) |
| $ | (488,428) |  |  | $ | (350,933) |
Changes in accumulated other comprehensive income (loss) (1) were as follows (in thousands):
| Currency Translation Adjustment |  | Pension Benefit Costs |  | Unrealized Gain/(Loss) Interest Rate Swap |  | Total
Balance as of December 29, 2018 | $ | (112,771) |  |  | $ | (170,938) |  |  | $ | 7,233 |  |  | $ | (276,476) |
Adoption of ASU 2017-12 (2) | — |  |  | — |  |  | 11 |  |  | 11 |
Other comprehensive income before reclassification | 7,066 |  |  | (59,238) |  |  | (22,880) |  |  | (75,052) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 1,840 |  |  | (1,256) |  |  | 584 |
Net current-period other comprehensive income | $ | 7,066 |  |  | $ | (57,398) |  |  | $ | (24,125) |  |  | $ | (74,457) |
Balance as of December 28, 2019 | $ | (105,705) |  |  | $ | (228,336) |  |  | $ | (16,892) |  |  | $ | (350,933) |
Other comprehensive income before reclassification | 55,744 |  |  | (174,826) |  |  | (36,170) |  |  | (155,252) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 2,243 |  |  | 15,514 |  |  | 17,757 |
Net current-period other comprehensive income | $ | 55,744 |  |  | $ | (172,583) |  |  | $ | (20,656) |  |  | $ | (137,495) |
Balance as of January 2, 2021 | $ | (49,961) |  |  | $ | (400,919) |  |  | $ | (37,548) |  |  | $ | (488,428) |
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 January 2, 2021 and December 28, 2019 are as follows (in thousands):
| Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3 |  | Total
As of January 2, 2021 |  |  |  |  |  |  |
Financial Liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 51,093 |  |  | $ | — |  |  | $ | 51,093 |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 25,558 |  |  | $ | 25,558 |
Foreign exchange derivative contracts | $ | — |  |  | $ | 2,191 |  |  | $ | — |  |  | $ | 2,191 |
As of December 28, 2019 |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 1,830 |  |  | $ | — |  |  | $ | 1,830 |
Financial Liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 25,120 |  |  | $ | — |  |  | $ | 25,120 |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 6,697 |  |  | $ | 6,697 |
Foreign exchange derivative contracts | $ | — |  |  | $ | 901 |  |  | $ | — |  |  | $ | 901 |
Schedule of Product Warranty Liability | A rollforward of the warranty reserve for the fiscal years 2020 and 2019 are as follows (in thousands):
| 2020 |  | 2019
Beginning balance | $ | 66,374 |  |  | $ | 59,451 |
Warranty reserve related to acquisitions | 1,485 |  |  | 7,353 |
Warranty expense | 58,047 |  |  | 68,842 |
Warranty claims paid | (56,239) |  |  | (69,272) |
Ending balance | $ | 69,667 |  |  | $ | 66,374 |

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