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Revenue Recognition Revenue Recognition | 6 Months Ended
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Jun. 29, 2024
Revenue Recognition [Abstract] |
Revenue from Contract with Customer [Text Block] | Revenue Recognition Disaggregation of Revenue The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):
| Commercial Foodservice |  | Food Processing |  | Residential Kitchen |  |  |  | Total
Three Months Ended June 29, 2024 |  |  |  |  |  |  |  |  |
United States and Canada | $ | 442,395 |  |  | $ | 108,659 |  |  | $ | 124,777 |  |  |  |  | $ | 675,831 |
Asia | 55,992 |  |  | 6,951 |  |  | 3,843 |  |  |  |  | 66,786 |
Europe and Middle East | 98,266 |  |  | 50,354 |  |  | 61,468 |  |  |  |  | 210,088 |
Latin America | 22,726 |  |  | 13,440 |  |  | 2,675 |  |  |  |  | 38,841 |
Total | $ | 619,379 |  |  | $ | 179,404 |  |  | $ | 192,763 |  |  |  |  | $ | 991,546 |
Six Months Ended June 29, 2024 |  |  |  |  |  |  |  |  |
United States and Canada | $ | 868,923 |  |  | $ | 211,689 |  |  | $ | 231,818 |  |  |  |  | $ | 1,312,430 |
Asia | 107,379 |  |  | 13,319 |  |  | 6,439 |  |  |  |  | 127,137 |
Europe and Middle East | 188,731 |  |  | 92,179 |  |  | 123,625 |  |  |  |  | 404,535 |
Latin America | 44,690 |  |  | 24,900 |  |  | 4,780 |  |  |  |  | 74,370 |
Total | $ | 1,209,723 |  |  | $ | 342,087 |  |  | $ | 366,662 |  |  |  |  | $ | 1,918,472 |
Three Months Ended July 1, 2023 |  |  |  |  |  |  |  |  |
United States and Canada | $ | 474,745 |  |  | $ | 126,953 |  |  | $ | 134,755 |  |  |  |  | $ | 736,453 |
Asia | 57,453 |  |  | 15,531 |  |  | 2,092 |  |  |  |  | 75,076 |
Europe and Middle East | 94,175 |  |  | 33,499 |  |  | 66,771 |  |  |  |  | 194,445 |
Latin America | 19,290 |  |  | 12,765 |  |  | 1,953 |  |  |  |  | 34,008 |
Total | $ | 645,663 |  |  | $ | 188,748 |  |  | $ | 205,571 |  |  |  |  | $ | 1,039,982 |
Six Months Ended July 1, 2023 |  |  |  |  |  |  |  |  |
United States and Canada | $ | 927,400 |  |  | $ | 243,853 |  |  | $ | 278,714 |  |  |  |  | $ | 1,449,967 |
Asia | 113,979 |  |  | 24,118 |  |  | 5,281 |  |  |  |  | 143,378 |
Europe and Middle East | 181,140 |  |  | 67,558 |  |  | 137,157 |  |  |  |  | 385,855 |
Latin America | 37,079 |  |  | 26,722 |  |  | 4,377 |  |  |  |  | 68,178 |
Total | $ | 1,259,598 |  |  | $ | 362,251 |  |  | $ | 425,529 |  |  |  |  | $ | 2,047,378 |
Contract Balances Contract assets primarily relate to the company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Accounts receivable are not considered contract assets under the revenue standard as contract assets are conditioned upon the company's future satisfaction of a performance obligation. Accounts receivable, in contracts, are unconditional rights to consideration. Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized. The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands):
| Jun 29, 2024 |  | Dec 30, 2023
Contract assets | $ | 54,968 |  |  | $ | 47,072 |
Contract liabilities | $ | 121,036 |  |  | $ | 118,681 |
Non-current contract liabilities | $ | 14,746 |  |  | $ | 15,721 |
During the six months period ended June 29, 2024, the company reclassified $30.2 million to receivables, which was included in the contract asset balance at the beginning of the period. During the six months period ended June 29, 2024, the company recognized revenue of $49.9 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $84.9 million during the six months period ended June 29, 2024. Remaining Performance Obligations Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the six months period ended June 29, 2024.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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