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Summary of Significant Accounting Policies | 12 Months Ended
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Jan. 01, 2022
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of Presentation The consolidated financial statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. Significant items that are subject to such estimates and judgments include allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves and post-retirement obligations. On an ongoing basis, the company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2021, 2020, and 2019 ended on January 1, 2022, January 2, 2021 and December 28, 2019, respectively, and included 52, 53 and 52 weeks, respectively. (b)Cash and Cash Equivalents The company considers all short-term investments with original maturities of three months or less when acquired to be cash equivalents. The company’s policy is to invest its excess cash in interest-bearing deposits with major banks that are subject to minimal credit and market risk. (c)Accounts Receivable Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $18.8 million and $19.2 million at January 1, 2022 and January 2, 2021, respectively. At January 1, 2022, all accounts receivable are expected to be collected within one year. (d) Inventories Inventories are composed of material, labor and overhead and are stated at the lower of cost or net realizable value. Costs for inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. 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 |
(e)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 |
Property, plant and equipment are depreciated or amortized on a straight-line basis over their useful lives based on management's estimates of the period over which the assets will be utilized to benefit the operations of the company. The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes. The company periodically reviews these lives relative to physical factors, economic factors and industry trends. If there are changes in the planned use of property and equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of increased depreciation and amortization expense in future periods. 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
Depreciation expense amounted to $42.7 million, $39.1 million and $37.9 million in fiscal 2021, 2020 and 2019, respectively. Expenditures which significantly extend useful lives are capitalized. Maintenance and repairs are charged to expense as incurred. Asset impairments are recorded whenever events or changes in circumstances indicate that the recorded value of an asset is greater than the sum of its expected future undiscounted cash flows. Asset impairments are recorded at the amount by which the recorded value of an asset exceeds its fair value. (f)Goodwill and Other Intangibles The company’s business acquisitions result in the recognition of goodwill and other intangible assets, which are a significant portion of the company’s total assets. Goodwill represents the excess of acquisition costs over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Identifiable intangible assets are recognized separately from goodwill and include trademarks and trade names, technology, customer relationships and other specifically identifiable assets. Trademarks and trade names are deemed to be indefinite-lived. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing. The company performs the annual impairment assessment for goodwill and indefinite-lived intangible assets as of first day of the fourth quarter of the fiscal year and more frequently if indicators of impairment exist. The goodwill impairment test is performed at the reporting unit level. The company initially performs a qualitative analysis to determine if it is more likely than not that the goodwill balance or indefinite-life intangible asset is impaired. In conducting a qualitative assessment, the company analyzes a variety of events or factors that may influence the fair value of the reporting unit or indefinite-life intangible, including, but not limited to: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, share price and other relevant factors. If an indicator of impairment is determined from the qualitative analysis, then the company will perform a quantitative analysis. The fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the resulting difference will be a charge to impairment of goodwill in the Consolidated Statements of Earnings in the period in which the determination is made. Fair value is determined using a combination of present value techniques and market prices of comparable businesses. The company performed a qualitative assessment as of October 3, 2021 over all three reporting units and determined it is not more likely than not that the fair values of our reporting units are less than the carrying amounts and therefore quantitative analysis is not required. No impairment was recognized and the company has not recognized any goodwill impairments and therefore there are no accumulated impairment losses. 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 |
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 |  |  |
The company completed its annual impairment assessment for indefinite-lived intangible assets as of October 3, 2021. Based on this qualitative assessment, the company determined it is not more likely than not that the fair values of our reporting units are less than the carrying amounts and therefore a quantitative impairment analysis was not required. The estimates of future cash flows used in determining the fair value of goodwill and indefinite-lived intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The company continues to monitor the global impact of the COVID-19 pandemic to assess the outlook for demand of its products and the impact on its business and financial performance. The actual cash flows could differ materially from management's estimates due to changes in business conditions, operating performance and economic conditions. During 2020 testing, the company recorded impairment charges of $11.6 million associated with several trade names, none of which were individually material. The company recorded charges of $5.3 million associated with trademarks within the Commercial Foodservice Equipment Group, $5.4 million for the Food Processing Equipment Group and $0.9 million for the Residential Kitchen Equipment Group. Definite-lived intangible assets are amortized over their estimated useful lives and tested for impairment in accordance with the methodology discussed above under "Property, Plant and Equipment." The aggregate intangible amortization expense was $75.8 million, $69.0 million and $64.0 million in 2021, 2020 and 2019, respectively. 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 |
(g) Accrued Expenses 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 |
(h)Litigation Matters From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any such matter will have a material adverse effect on its financial condition, results of operations or cash flows of the company. During 2019, we reached a settlement with respect to a lawsuit filed by the company arising from a prior acquisition included our Residential Kitchen Equipment Segment. The gain associated with this settlement, which is net of the release of funds in escrow, is reflected in the consolidated statement of earnings. (i)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) |
(1) As of January 1, 2022 pension, unrealized gain/(loss) interest rate swap and gain on certain investments amounts are net of tax of $(39.5) million, $(4.5) million and $0.4 million, respectively. During the twelve months ended January 1, 2022, the adjustments to pension benefit costs unrealized gain/(loss) interest rate swap and gain on certain investments were net of tax of $49.6 million, $8.6 million and $0.4 million, respectively. (j) Fair Value Measures ASC 820 Fair Value Measurements and Disclosures defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels: Level 1 – Quoted prices in active markets for identical assets or liabilities Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly Level 3 – Unobservable inputs based on our own assumptions 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 |
The contingent consideration, as of January 1, 2022 and January 2, 2021, relates to the earnout provisions recorded in conjunction with various purchase agreements. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreements. On a quarterly basis, the company assesses the projected results for each of the acquisitions in comparison to the earnout targets and adjusts the liability accordingly. During fiscal 2021 the increase in contingent consideration was associated with 2021 acquisitions and there were no material performance assumption adjustments. (k)Foreign Currency The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur. These transactions amounted to a gain of $0.3 million, loss of $2.9 million and a loss of $0.9 million in 2021, 2020 and 2019, respectively, and are included in other expense on the statements of earnings. (l)Shipping and Handling Costs Fees billed to the customer for shipping and handling are classified as a component of net revenues. Shipping and handling costs are included in cost of products sold. (m)Warranty Costs In the normal course of business, the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable. 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 |
(n)Research and Development Costs Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. These costs were $41.8 million, $35.3 million and $41.2 million in fiscal 2021, 2020 and 2019, respectively. (o)Non-Cash Share-Based Compensation The company's 2021 Stock Incentive Plan (the "2021 Plan"), allows for the granting of stock options, stock appreciation rights, restricted stock and restricted stock units, performance stock, phantom units and other equity-based awards. The company estimates the fair value of restricted stock grants, restricted stock units and performance stock at the time of grant and recognizes compensation costs over the vesting period of the grants. The expense, net of forfeitures, is recognized using the straight-line method. Non-cash share-based compensation expense is only recognized for those grants expected to vest. See Note 6, "Common and Preferred Stock," for further information on the company's share-based incentive plans. (p)Earnings Per Share “Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities. The company’s potentially dilutive securities consist of shares issuable on exercise of outstanding options and vesting of restricted stock grants computed using the treasury method and amounted to approximately 1,449,000, 43,000, and 9,000 for fiscal 2021, 2020 and 2019, respectively. The company’s potentially dilutive securities consist of shares issuable on vesting of restricted stock grants computed using the treasury method and amounted to approximately 56,000 for fiscal 2021. During fiscal 2021, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes resulting in approximately 1,393,000 diluted stock equivalents to be included in the diluted net earnings per share. There have been no conversions to date. See Note 5, Financing Arrangements, in these Notes to the Consolidated Financial Statements for further details on the Convertible Notes. There were no anti-dilutive equity awards excluded from common stock equivalents for 2021, 2020 or 2019. (q)Consolidated Statements of Cash Flows Cash paid for interest was $50.6 million, $65.6 million and $80.9 million in fiscal 2021, 2020 and 2019, respectively. Cash payments totaling $125.8 million, $41.2 million, and $91.5 million were made for income taxes during fiscal 2021, 2020 and 2019, respectively. (r)New Accounting Pronouncements Accounting Pronouncements - Recently Adopted In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity," which simplifies the accounting for convertible instruments by eliminating the requirement to separate embedded conversion features from the host contract when the conversion features are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. By removing the separation model, a convertible debt instrument is reported as a single liability instrument with no separate accounting for embedded conversion features. This new standard also removes certain settlement conditions that are required for contracts to qualify for equity classification and simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. Effective January 3, 2021, the company early adopted ASU 2020-06 using the modified retrospective approach. Adoption of the new standard resulted in an increase to the opening balance of retained earnings of $5.1 million, a decrease to additional paid-in capital of $79.4 million, and an increase to convertible senior notes of $98.4 million. In addition, the company ceased recording non-cash interest expense associated with amortization of the debt discount and calculates earnings per share using the if-converted method to the extent those shares are not anti-dilutive. In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)", which removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This guidance is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2020 with early adoption permitted. The company adopted this guidance on January 3, 2021, and it did not have a material impact on the company's Consolidated Financial Statements upon adoption. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)," which clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition related to reference rate reform. The amendments in this update were effective immediately for all entities. The adoption of this guidance did not materially impact the company's Consolidated Financial Statements. Accounting Pronouncements - To be adopted On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The company is currently evaluating the impacts the adoption of this guidance will have on its Consolidated Financial Statements and disclosures. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the company on January 2, 2022 and only impacts annual financial statement footnote disclosures. The company is currently evaluating the impacts the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.

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