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Segment Information | 9 Months Ended
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Sep. 28, 2024
Notes To Financial Statements [Abstract] |
Segment Information | Segment Information The company operates in three reportable operating segments defined by management reporting structure and operating activities. The Commercial Foodservice Equipment Group has a broad portfolio of foodservice equipment, which enables it to serve virtually any cooking, warming, holding, refrigeration, freezing and beverage application within a commercial kitchen or foodservice operation. This equipment is used across all types of foodservice operations, including quick-service restaurants, full-service restaurants, ghost kitchens, convenience stores, supermarkets, retail outlets, hotels and other institutions. The products offered by this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers, soft serve ice cream equipment, coffee and beverage dispensing equipment, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, IoT solutions and controls development and manufacturing. The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing protein products, such as bacon, salami, hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies, crackers, pies, bread and buns. Through its broad line of products, the company is able to deliver a wide array of food preparation, thermal processing, slicing/packaging, facility automation and equipment sanitation solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated full processing line solutions that provide a food processing operation a uniquely integrated solution providing for the highest level of food quality, product consistency, and reduced operating costs resulting from increased product yields, increased capacity and greater throughput and reduced labor costs through automation. The products offered by this group include a wide array of cooking and baking solutions, including batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems. The company also provides a comprehensive portfolio of complementary food preparation equipment such as tumblers, massagers, grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, filling and depositing solutions, and forming equipment, as well as a variety of automated loading and unloading systems, automated washing systems, auto-guided vehicles, food safety, food handling, freezing, defrosting and packaging equipment. This portfolio of equipment can be integrated to provide customers a highly efficient and customized solution. The Residential Kitchen Equipment Group has a broad portfolio of innovative and professional-style residential kitchen equipment. The products offered by this group include ranges, cookers, stoves, cooktops, microwaves, ovens, refrigerators, dishwashers, undercounter refrigeration, wine cellars, ice machines, beer dispensers, ventilation equipment, mixers, rotisseries and outdoor cooking equipment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker evaluates individual segment performance based on operating income. Net Sales Summary (dollars in thousands)
| Three Months Ended |  | Nine Months Ended
| Sep 28, 2024 |  | Sep 30, 2023 |  | Sep 28, 2024 |  | Sep 30, 2023
| Sales |  | Percent |  | Sales |  | Percent |  | Sales |  | Percent |  | Sales |  | Percent
Business Segments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Foodservice | $ | 600,068 |  |  | 63.6 | % |  | $ | 634,009 |  |  | 64.7 | % |  | $ | 1,809,790 |  |  | 63.3 | % |  | $ | 1,893,607 |  |  | 62.5 | %
Food Processing | 169,523 |  |  | 18.0 |  |  | 166,667 |  |  | 17.0 |  |  | 511,610 |  |  | 17.8 |  |  | 528,918 |  |  | 17.5 |
Residential Kitchen | 173,218 |  |  | 18.4 |  |  | 179,975 |  |  | 18.3 |  |  | 539,881 |  |  | 18.9 |  |  | 605,504 |  |  | 20.0 |
Total | $ | 942,809 |  |  | 100.0 | % |  | $ | 980,651 |  |  | 100.0 | % |  | $ | 2,861,281 |  |  | 100.0 | % |  | $ | 3,028,029 |  |  | 100.0 | %
The following table summarizes the results of operations for the company's business segments(1) (dollars in thousands):
| Commercial Foodservice |  | Food Processing |  | Residential Kitchen |  | Corporate and Other(2) |  | Total
Three Months Ended September 28, 2024 |  |  |  |  |  |  |  |  |
Net sales | $ | 600,068 |  |  | $ | 169,523 |  |  | $ | 173,218 |  |  | $ | — |  |  | $ | 942,809 |
Income (loss) from operations (3) | 146,088 |  |  | 37,497 |  |  | 13,170 |  |  | (23,316) |  |  | 173,439 |
Depreciation expense (4) | 7,115 |  |  | 2,504 |  |  | 3,906 |  |  | 450 |  |  | 13,975 |
Amortization expense (5) | 11,479 |  |  | 1,736 |  |  | 1,814 |  |  | 1,776 |  |  | 16,805 |
Net capital expenditures | 6,049 |  |  | 3,585 |  |  | 1,809 |  |  | 46 |  |  | 11,489 |
Nine Months Ended September 28, 2024 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,809,790 |  |  | $ | 511,610 |  |  | $ | 539,881 |  |  | $ | — |  |  | $ | 2,861,281 |
Income (loss) from operations (3) | 429,459 |  |  | 110,333 |  |  | 27,840 |  |  | (81,352) |  |  | 486,280 |
Depreciation expense (4) | 21,043 |  |  | 6,811 |  |  | 11,680 |  |  | 1,295 |  |  | 40,829 |
Amortization expense (5) | 37,801 |  |  | 5,451 |  |  | 5,415 |  |  | 5,341 |  |  | 54,008 |
Net capital expenditures | 16,338 |  |  | 7,941 |  |  | 10,828 |  |  | 1,062 |  |  | 36,169 |
Total assets | $ | 3,703,812 |  |  | $ | 999,337 |  |  | $ | 1,963,444 |  |  | $ | 534,488 |  |  | $ | 7,201,081 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Net sales | $ | 634,009 |  |  | $ | 166,667 |  |  | $ | 179,975 |  |  | $ | — |  |  | $ | 980,651 |
Income (loss) from operations (3) | 158,582 |  |  | 37,472 |  |  | 10,915 |  |  | (32,528) |  |  | 174,441 |
Depreciation expense (4) | 6,957 |  |  | 1,924 |  |  | 3,304 |  |  | 403 |  |  | 12,588 |
Amortization expense (5) | 13,959 |  |  | 2,677 |  |  | 2,280 |  |  | 1,777 |  |  | 20,693 |
Net capital expenditures | 7,056 |  |  | 6,672 |  |  | 6,825 |  |  | 777 |  |  | 21,330 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,893,607 |  |  | $ | 528,918 |  |  | $ | 605,504 |  |  | $ | — |  |  | $ | 3,028,029 |
Income (loss) from operations (3) | 452,113 |  |  | 111,483 |  |  | 51,197 |  |  | (94,559) |  |  | 520,234 |
Depreciation expense (4) | 20,134 |  |  | 5,910 |  |  | 10,070 |  |  | 974 |  |  | 37,088 |
Amortization expense (5) | 42,905 |  |  | 6,946 |  |  | 6,768 |  |  | 5,351 |  |  | 61,970 |
Net capital expenditures | 34,805 |  |  | 11,744 |  |  | 20,579 |  |  | 2,517 |  |  | 69,645 |
Total assets | $ | 3,775,421 |  |  | $ | 1,030,366 |  |  | $ | 1,976,071 |  |  | $ | 140,750 |  |  | $ | 6,922,608 |
(1)Non-operating expenses are not allocated to the operating segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations. (2)Includes corporate and other general company assets and operations. (3)Restructuring expenses are allocated in operating income by segment. (4)Includes depreciation on right of use assets. (5)Includes amortization of deferred financing costs and Convertible Notes issuance costs. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands):
| Sep 28, 2024 |  | Sep 30, 2023
United States and Canada | $ | 473,941 |  |  | $ | 525,347 |
Asia | 40,953 |  |  | 39,294 |
Europe and Middle East | 225,847 |  |  | 154,794 |
Latin America | 10,958 |  |  | 14,351 |
Total international | $ | 277,758 |  |  | $ | 208,439 |
| $ | 751,699 |  |  | $ | 733,786 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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