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Summary of Significant Accounting Policies | 12 Months Ended
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Dec. 30, 2023
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 2023, 2022, and 2021 ended on December 30, 2023, December 31, 2022 and January 1, 2022, respectively, with each year including 52 weeks. Certain prior year amounts have been reclassified to be consistent with current year presentation. (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 $23.5 million and $20.3 million at December 30, 2023 and December 31, 2022, respectively. At December 30, 2023, 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 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 |
(e)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 |
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 $50.4 million, $44.2 million and $42.7 million in fiscal 2023, 2022 and 2021, 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 1, 2023 over all three reporting units. As a result of the financial performance for the Residential Kitchen reporting unit, the company completed a quantitative analysis. The primary indicator of impairment was market conditions resulting in lower than expected revenue performance in the current year and forecasted revenues for future periods. The fair value of the reporting unit exceeded its carrying unit by more than 10% and no impairment of goodwill was recognized. The company believes the assumptions utilized within the qualitative analysis are reasonable and consistent with assumptions that would be used by other marketplace participants. Based on the qualitative assessment for all other reporting units it was determined there was no impairment of goodwill. 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 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 |
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 |  |  |
The company completed its annual impairment assessment for indefinite-lived intangible assets as of October 1, 2023. We identified indicators of impairment with certain trademarks within the each of its reporting units based on the qualitative assessment. The primary indicator of impairment was market conditions resulting in lower than expected revenue performance in the current year and forecasted revenues for future periods. Based on the results of the quantitative assessments, the company recorded impairment charges of $78.1 million associated with several trademarks, of which $76.1 million was associated with the Residential Kitchen Equipment Group and $2.0 million with the Commercial Foodservice Equipment Group. The gross value of all trademarks tested was approximately $246.2 million, including the impaired trademarks. The fair values of the other trademarks tested with no impairment per the analyses, exceeded their carrying values by 10% or more. The Kamado Joe, Masterbuilt and Char-Griller trademarks within the Residential Kitchen Equipment Group were impaired based on the quantitative assessments. The fair value of trademarks were estimated to be $122.3 million as compared to the carrying value of $198.4 million and resulted in a $76.1 million indefinite-lived intangible asset impairment charge. The diminution in fair value for the trademarks was macroeconomic conditions such as higher inventory levels in the channel following periods of disruption in supply chain and inflationary pressures on the carrying costs of inventory levels in the retail industry. This led to lower than expected revenue in the current year and corresponding reductions of future revenue due to expectations for recovery in demand. The company estimated the fair value of the trademarks using a relief from royalty method under the income approach. In performing the quantitative analyses on these trademark, significant assumptions include revenue growth rates, assumed royalty rates and the discount rate. The company believes the assumptions utilized within the quantitative analysis are reasonable and consistent with assumptions that would be used by other marketplace participants. Collectively, for the Kamado Joe, Masterbuilt and Char-Griller trademarks, a 10.0% reduction in revenues would result in an impairment charge of approximately $11.3 million. A 50 basis point reduction of the royalty rates would result in an impairment charge of approximately $13.4 million. A 50 basis point increase in the discount rates would result in an impairment charge of approximately $7.5 million. The company performed a qualitative assessment as of October 1, 2023 for all other trademarks and trade names and determined it is more like than not that the fair value of its other indefinite-life intangible assets are greater than the carrying amounts. The company elected to perform a qualitative assessment on the other indefinite-life intangible assets noting no events that indicated that the fair value was less than the carrying value that would require a quantitative impairment assessment. 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 global and regional economic market conditions, channel inventory levels, and the underlying demand for its products to assess 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. 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 $75.0 million, $86.3 million and $75.8 million in 2023, 2022 and 2021, respectively. 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 |
(g) Accrued Expenses 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 |
(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. (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):
| 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) |
(1) As of December 30, 2023 pension and unrealized gain/(loss) interest rate swap amounts are net of tax of $4.0 million, and $11.2 million, respectively. During the twelve months ended December 30, 2023, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $6.0 million and $(5.6) 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, which 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 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 |
The contingent consideration, as of December 30, 2023 and December 31, 2022, 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. Discount rates for valuing contingent consideration are determined based on the company rates and specific acquisition risk considerations. Changes in fair value associated with the earnout provisions are recognized in Selling, general and administrative expenses within the Consolidated Statements of 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 |
(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 loss of $8.7 million, loss of $28.1 million and a gain of $0.3 million in 2023, 2022 and 2021, 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 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 |
(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 $53.1 million, $48.9 million and $41.8 million in fiscal 2023, 2022 and 2021, 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 units 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 amounted to 509,000, 852,000 and 1,449,000 for fiscal 2023, 2022 and 2021, respectively. The company's potentially dilutive securities consist of shares issuable on vesting of restricted stock units computed using the treasury method and amounted to approximately 67,000, 73,000 and 56,000 for fiscal 2023, 2022 and 2021, respectively. During fiscal 2023 2022 and 2021, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in approximately 442,000, 779,000 and 1,393,000 diluted common stock equivalents to be included in the diluted net earnings per share, respectively. There have been no material 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 2023, 2022 or 2021. (q)Consolidated Statements of Cash Flows Cash paid for interest was $119.2 million, $77.2 million and $50.6 million in fiscal 2023, 2022 and 2021, respectively. Cash payments totaling $139.7 million, $114.0 million, and $125.8 million were made for income taxes during fiscal 2023, 2022 and 2021, respectively. (r)New Accounting Pronouncements Accounting Pronouncements - Recently Adopted In March 2020, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2 020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow for derivatives impacted by the rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024. These new standards were effective upon issuance and generally can be applied to applicable contract modifications. All of the company's agreements previously utilizing LIBOR have transitioned to Secured Overnight Financing Rate ("SOFR") on or before July 1, 2023. These changes did not have a material impact on its Consolidated Financial Statements and disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new accounting rules require entities to apply “Revenue from Contracts with Customers (Topic 606)” to recognize and measure contract assets and contract liabilities in a business combination. The new accounting rules were effective for the Company in the first quarter of 2023. The company adopted this standard in the first quarter of 2023 and it did not have a material impact 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 as of January 1, 2023 and only impacts annual financial statement footnote disclosures. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard should be applied prospectively, and it allows for a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. The new standard expands and clarifies the use of the portfolio layer method for fair value hedges of interest rate risk. The new standard allows non-prepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The new guidance on hedging multiple layers in a closed portfolio should be applied prospectively and the guidance on the accounting for fair value basis adjustments should be applied on a modified retrospective basis. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures. Accounting Pronouncements - To be adopted In March 2023, the FASB issued Accounting Standards Update ASU 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance is effective for the company beginning on January 1, 2024. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures. In November 2023, the FASB issued Accounting Standard Update ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, as well as disclosure of the title and position of the Chief Operating Decision Maker (“CODM”). The guidance is effective for the company beginning on January 1, 2024. Early adoption is permitted. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures. In December 2023, the FASB issued Accounting Standard Update ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table. This ASU requires consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation and requires disclosure of income taxes paid both domestic and foreign jurisdictions. The guidance is effective for the company beginning on January 1, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. Early adoption is permitted. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.
Cash Flow, Supplemental Disclosures | Consolidated Statements of Cash Flows Cash paid for interest was $119.2 million, $77.2 million and $50.6 million in fiscal 2023, 2022 and 2021, respectively. Cash payments totaling $139.7 million, $114.0 million, and $125.8 million were made for income taxes during fiscal 2023, 2022 and 2021, respectively.

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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//230/tableOfContent + Details
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent + Details
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