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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 30, 2023
Accounting Policies [Abstract] |
Schedule of Inventory, Current | Inventories at December 30, 2023 and December 31, 2022 are as follows (in thousands):
| 2023 |  | 2022
Raw materials and parts | $ | 495,488 |  |  | $ | 595,325 |
Work in process | 80,102 |  |  | 86,083 |
Finished goods | 360,277 |  |  | 396,321 |
| $ | 935,867 |  |  | $ | 1,077,729 |
Property, Plant and Equipment | Property, plant and equipment are carried at cost as follows (in thousands):
| 2023 |  | 2022
Land | $ | 73,060 |  |  | $ | 65,794 |
Building and improvements | 346,527 |  |  | 306,004 |
Furniture and fixtures | 69,438 |  |  | 59,438 |
Machinery and equipment | 361,401 |  |  | 311,864 |
| 850,426 |  |  | 743,100 |
Less accumulated depreciation | (339,528) |  |  | (299,572) |
| $ | 510,898 |  |  | $ | 443,528 |
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 January 1, 2022 | $ | 1,298,369 |  |  | $ | 237,433 |  |  | $ | 707,667 |  |  | $ | 2,243,469 |
Goodwill acquired during the year | 30,107 |  |  | 112,254 |  |  | 2,266 |  |  | 144,627 |
Measurement period adjustments to goodwill acquired in prior year | 923 |  |  | — |  |  | 75,344 |  |  | 76,267 |
Exchange effect | (19,623) |  |  | 616 |  |  | (33,522) |  |  | (52,529) |
Balance as of December 31, 2022 | $ | 1,309,776 |  |  | $ | 350,303 |  |  | $ | 751,755 |  |  | $ | 2,411,834 |
Goodwill acquired during the year | 9,640 |  |  | 17,922 |  |  | 13,586 |  |  | 41,148 |
Measurement period adjustments to goodwill acquired in prior year | 4,825 |  |  | 1,540 |  |  |  |  | 6,365 |
Exchange effect | 4,815 |  |  | 5,452 |  |  | 16,696 |  |  | 26,963 |
Balance as of December 30, 2023 | $ | 1,329,056 |  |  | $ | 375,217 |  |  | $ | 782,037 |  |  | $ | 2,486,310 |
Schedule Of Intangible Assets By Major Class | Intangible assets consist of the following (in thousands):
| December 30, 2023 |  | December 31, 2022
| 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 | 7.0 |  | $ | 845,326 |  |  | $ | (529,533) |  |  | 7.6 |  | $ | 839,811 |  |  | $ | (460,885) |
Backlog | 0.0 |  | — |  |  | — |  |  | 0.1 |  | 8,301 |  |  | (6,352) |
Developed technology | 8.3 |  | 98,593 |  |  | (44,546) |  |  | 8.3 |  | 79,763 |  |  | (35,797) |
|  |  | $ | 943,919 |  |  | $ | (574,079) |  |  |  |  | $ | 927,875 |  |  | $ | (503,034) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks and trade names |  |  | $ | 1,323,236 |  |  |  |  |  |  | $ | 1,369,391 |  |  |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets is as follows (in thousands):
2024 | $ | 63,606 |
2025 | 57,400 |
2026 | 54,208 |
2027 | 45,687 |
2028 | 39,380 |
2029 and thereafter | 109,559 |
| $ | 369,840 |
Schedule of Accrued Liabilities | Accrued expenses consist of the following at December 30, 2023 and December 31, 2022, respectively (in thousands):
| 2023 |  | 2022
Contract liabilities | $ | 118,681 |  |  | $ | 185,824 |
Accrued payroll and related expenses | 121,514 |  |  | 122,861 |
Accrued warranty | 89,039 |  |  | 82,096 |
Accrued customer rebates | 59,267 |  |  | 70,706 |
Accrued short-term leases | 26,417 |  |  | 25,250 |
Accrued sales and other tax | 24,568 |  |  | 24,044 |
Accrued professional fees | 18,461 |  |  | 19,541 |
Accrued contingent consideration | 17,791 |  |  | 20,529 |
Accrued agent commission | 16,956 |  |  | 17,381 |
Accrued product liability and workers compensation | 11,169 |  |  | 11,326 |
Other accrued expenses | 75,329 |  |  | 91,769 |
| $ | 579,192 |  |  | $ | 671,327 |
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):
| 2023 |  | 2022
Unrecognized pension benefit costs, net of tax of $3,998 and $(1,995) | $ | (109,713) |  |  | $ | (121,701) |
Unrealized gain on interest rate swap, net of tax of $11,198 and $16,836 | 32,005 |  |  | 48,574 |
Currency translation adjustments | (145,490) |  |  | (205,345) |
| $ | (223,198) |  |  | $ | (278,472) |
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 Loss Certain Investments |  | Total
Balance as of January 1, 2022 | $ | (97,654) |  |  | $ | (249,696) |  |  | $ | (13,064) |  |  | 1,330 |  |  | $ | (359,084) |
Other comprehensive income before reclassification | (107,691) |  |  | 117,840 |  |  | 58,135 |  |  | (1,330) |  |  | 66,954 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 10,155 |  |  | 3,503 |  |  | — |  |  | 13,658 |
Net current-period other comprehensive income | $ | (107,691) |  |  | $ | 127,995 |  |  | $ | 61,638 |  |  | (1,330) |  |  | $ | 80,612 |
Balance as of December 31, 2022 | $ | (205,345) |  |  | $ | (121,701) |  |  | $ | 48,574 |  |  | $ | — |  |  | $ | (278,472) |
Other comprehensive income before reclassification | 59,855 |  |  | 11,392 |  |  | 15,652 |  |  | — |  |  | 86,899 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 596 |  |  | (32,221) |  |  | — |  |  | (31,625) |
Net current-period other comprehensive income | $ | 59,855 |  |  | $ | 11,988 |  |  | $ | (16,569) |  |  | $ | — |  |  | $ | 55,274 |
Balance as of December 30, 2023 | $ | (145,490) |  |  | $ | (109,713) |  |  | $ | 32,005 |  |  | $ | — |  |  | $ | (223,198) |
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 30, 2023 and December 31, 2022 are as follows (in thousands):
| Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3 |  | Total
As of December 30, 2023 |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 42,779 |  |  | $ | — |  |  | $ | 42,779 |
Foreign exchange derivative contracts | $ | — |  |  | $ | 29 |  |  | $ | — |  |  | $ | 29 |
Financial Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 51,538 |  |  | $ | 51,538 |
As of December 31, 2022 |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 64,985 |  |  | $ | — |  |  | $ | 64,985 |
Financial Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 47,242 |  |  | $ | 47,242 |
Foreign exchange derivative contracts | $ | — |  |  | $ | 474 |  |  | $ | — |  |  | $ | 474 |
Schedule of Product Warranty Liability | A rollforward of the warranty reserve for the fiscal years 2023 and 2022 are as follows (in thousands):
| 2023 |  | 2022
Beginning balance | $ | 82,096 |  |  | $ | 80,215 |
Warranty reserve related to acquisitions | 595 |  |  | 3,607 |
Warranty expense | 89,122 |  |  | 70,774 |
Warranty claims paid | (82,774) |  |  | (72,500) |
Ending balance | $ | 89,039 |  |  | $ | 82,096 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | The following table represents changes in the fair value of the contingent consideration liabilities for the fiscal years 2023 and 2022:
| December 30, 2023 |  | December 31, 2022
Beginning balance | $ | 47,242 |  |  | $ | 34,983 |
Payments of contingent consideration | (6,871) |  |  | (5,103) |
New contingent consideration | 15,534 |  |  | 22,299 |
Changes in fair value | (4,367) |  |  | (4,937) |
Ending balance | $ | 51,538 |  |  | $ | 47,242 |

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