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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jan. 01, 2022
Accounting Policies [Abstract] |
Schedule of Inventory, Current | Inventories at January 1, 2022 and January 2, 2021 are as follows (in thousands):
| 2021 |  | 2020
Raw materials and parts | $ | 421,361 |  |  | $ | 263,200 |
Work in process | 65,581 |  |  | 55,104 |
Finished goods | 350,476 |  |  | 221,894 |
| $ | 837,418 |  |  | $ | 540,198 |
Property, Plant and Equipment | Property, plant and equipment are carried at cost as follows (in thousands):
| 2021 |  | 2020
Land | $ | 54,477 |  |  | $ | 40,707 |
Building and improvements | 270,812 |  |  | 245,435 |
Furniture and fixtures | 56,706 |  |  | 68,063 |
Machinery and equipment | 265,188 |  |  | 220,148 |
| 647,183 |  |  | 574,353 |
Less accumulated depreciation | (266,203) |  |  | (229,871) |
| $ | 380,980 |  |  | $ | 344,482 |
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 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 |
Goodwill acquired during the year | 63,849 |  |  | — |  |  | 266,170 |  |  | 330,019 |
Measurement period adjustments to goodwill acquired in prior year | 2,411 |  |  | — |  |  | — |  |  | 2,411 |
Exchange effect | (9,609) |  |  | (5,083) |  |  | (8,530) |  |  | (23,222) |
Balance as of January 1, 2022 | $ | 1,285,087 |  |  | $ | 250,715 |  |  | $ | 707,667 |  |  | $ | 2,243,469 |
Schedule Of Intangible Assets By Major Class | Intangible assets consist of the following (in thousands):
| January 1, 2022 |  | January 2, 2021
| 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 | 7.6 |  | $ | 863,339 |  |  | $ | (411,327) |  |  | 8.5 |  | $ | 735,264 |  |  | $ | (347,029) |
Backlog | 0.2 |  | 13,684 |  |  | (929) |  |  | 0.3 |  | 5,443 |  |  | (2,638) |
Developed technology | 8.9 |  | 73,461 |  |  | (29,952) |  |  | 10.0 |  | 56,931 |  |  | (24,394) |
|  |  | $ | 950,484 |  |  | $ | (442,208) |  |  |  |  | $ | 797,638 |  |  | $ | (374,061) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks and trade names |  |  | $ | 1,367,101 |  |  |  |  |  |  | $ | 1,026,804 |  |  |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets is as follows (in thousands):
2022 | $ | 95,132 |
2023 | 76,386 |
2024 | 64,914 |
2025 | 58,553 |
2026 | 55,277 |
2027 and thereafter | 158,014 |
| $ | 508,276 |
Schedule of Accrued Liabilities | Accrued expenses consist of the following at January 1, 2022 and January 2, 2021, respectively (in thousands):
| 2021 |  | 2020
Contract liabilities | $ | 133,315 |  |  | $ | 93,871 |
Accrued payroll and related expenses | 115,762 |  |  | 93,926 |
Accrued warranty | 80,215 |  |  | 69,667 |
Accrued customer rebates | 72,451 |  |  | 43,703 |
Accrued short-term leases | 22,753 |  |  | 22,493 |
Accrued sales and other tax | 22,684 |  |  | 22,030 |
Accrued professional fees | 19,292 |  |  | 12,133 |
Accrued agent commission | 13,670 |  |  | 11,105 |
Accrued product liability and workers compensation | 10,952 |  |  | 12,909 |
Accrued interest rate swaps | 1,171 |  |  | 14,075 |
Accrued liabilities held for sale | — |  |  | 22,313 |
Other accrued expenses | 90,590 |  |  | 76,316 |
| $ | 582,855 |  |  | $ | 494,541 |
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):
| 2021 |  | 2020
Unrecognized pension benefit costs, net of tax of $(39,470) and $(89,059) | $ | (249,696) |  |  | $ | (400,919) |
Unrealized loss on interest rate swap, net of tax of $(4,501) and $(13,120) | (13,064) |  |  | (37,548) |
Unrealized gain on certain investments, net of tax of $433 and $— | 1,330 |  |  | — |
Currency translation adjustments | (97,654) |  |  | (49,961) |
| $ | (359,084) |  |  | $ | (488,428) |
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 |  | Unrealized Gain Certain Investments |  | Total
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) |
Other comprehensive income before reclassification | (47,693) |  |  | 137,187 |  |  | 6,015 |  |  | 1,330 |  |  | 96,839 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 14,036 |  |  | 18,469 |  |  | — |  |  | 32,505 |
Net current-period other comprehensive income | $ | (47,693) |  |  | $ | 151,223 |  |  | $ | 24,484 |  |  | $ | 1,330 |  |  | $ | 129,344 |
Balance as of January 1, 2022 | $ | (97,654) |  |  | $ | (249,696) |  |  | $ | (13,064) |  |  | $ | 1,330 |  |  | $ | (359,084) |
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 1, 2022 and January 2, 2021 are as follows (in thousands):
| Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3 |  | Total
As of January 1, 2022 |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 3,645 |  |  | $ | — |  |  | $ | 3,645 |
Foreign exchange derivative contracts | $ | — |  |  | $ | 1,095 |  |  | $ | — |  |  | $ | 1,095 |
Financial Liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 21,635 |  |  | $ | — |  |  | $ | 21,635 |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 34,983 |  |  | $ | 34,983 |
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 |
Schedule of Product Warranty Liability | A rollforward of the warranty reserve for the fiscal years 2021 and 2020 are as follows (in thousands):
| 2021 |  | 2020
Beginning balance | $ | 69,667 |  |  | $ | 66,374 |
Warranty reserve related to acquisitions | 5,046 |  |  | 1,485 |
Warranty expense | 68,199 |  |  | 58,047 |
Warranty claims paid | (62,697) |  |  | (56,239) |
Ending balance | $ | 80,215 |  |  | $ | 69,667 |

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