XML 33 R16.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Segment Information | 12 Months Ended
--- | ---
Dec. 28, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION An operating segment is defined as a component of an enterprise which has discrete financial information that is evaluated regularly. The company determined that its Chief Executive Officer is the Chief Operating Decision Maker (the "CODM") who possesses the ultimate authority with respect to assessment of performance, allocation of resources, and all strategic actions of the company. In performing this responsibility, the CODM regularly reviews key internal management reports, financial information including forecasts, and quarterly results, which are prepared at the operating segment level. In accordance with ASC 280-10, Segment Reporting, the company operates in three reportable operating segments defined by management reporting structure and operating activities. The Company’s reportable segments are: (i) the Commercial Foodservice Equipment Group, (ii) the Food Processing Equipment Group, and (iii) the Residential Kitchen Equipment Group. Adjusted EBITDA is the profitability metric reported to the CODM for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The company defines Adjusted EBITDA as operating income less depreciation, intangible amortization, restructuring, acquisition related adjustments, impairments, stock compensation and other non-recurring items which management considers to be outside core operating results. The CODM reviews this metric regularly to compare the profitability of segments, identify trends, and evaluate which segments require additional resources or strategic adjustments. The CODM uses Adjusted EBITDA to support the allocation of resources predominantly in the annual budget and forecasting process. The company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business. Management believes that inter-segment sales are made at established arm's length transfer prices. All inter-segment transactions are eliminated and values are presented net of eliminations. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Additional detail about each of the reportable segments and its corporate income and expenses is set forth below: The Commercial Foodservice Equipment Group manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. 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
2024 |  |  |  |  |  |  |  |  |
Net sales | $ | 2,419,236 |  |  | $ | 731,003 |  |  | $ | 724,923 |  |  | $ | — |  |  | $ | 3,875,162 |
Cost of sales | 1,460,903 |  |  | 440,358 |  |  | 506,372 |  |  | (2,840) |  |  | 2,404,793 |
Other segment items (3,4) | 294,375 |  |  | 103,382 |  |  | 144,961 |  |  | 61,356 |  |  | 604,074 |
Segment adjusted EBITDA (5) | 663,958 |  |  | 187,263 |  |  | 73,590 |  |  | (58,516) |  |  | 866,295 |
Depreciation expense (6) | 28,621 |  |  | 9,386 |  |  | 15,847 |  |  | 1,755 |  |  | 55,609 |
Amortization expense (7) | 49,133 |  |  | 8,091 |  |  | 7,214 |  |  | 7,127 |  |  | 71,565 |
Net capital expenditures | 23,220 |  |  | 12,636 |  |  | 12,514 |  |  | 940 |  |  | 49,310 |
Total assets | 3,657,431 |  |  | 1,142,875 |  |  | 1,930,705 |  |  | 552,140 |  |  | 7,283,151 |
Long-lived assets (8) | 338,989 |  |  | 133,994 |  |  | 272,644 |  |  | 78,222 |  |  | 823,849 |
2023 |  |  |  |  |  |  |  |  |
Net sales | $ | 2,521,471 |  |  | $ | 720,618 |  |  | $ | 794,516 |  |  | $ | — |  |  | $ | 4,036,605 |
Cost of sales | 1,510,920 |  |  | 446,239 |  |  | 544,532 |  |  | 852 |  |  | 2,502,543 |
Other segment items (3) | 311,131 |  |  | 95,044 |  |  | 154,139 |  |  | 73,354 |  |  | 633,668 |
Segment adjusted EBITDA (5) | 699,420 |  |  | 179,335 |  |  | 95,845 |  |  | (74,206) |  |  | 900,394 |
Depreciation expense (6) | 27,323 |  |  | 7,949 |  |  | 13,637 |  |  | 1,507 |  |  | 50,416 |
Amortization expense (7) | 56,728 |  |  | 9,271 |  |  | 9,052 |  |  | 7,137 |  |  | 82,188 |
Net capital expenditures | 39,272 |  |  | 14,999 |  |  | 25,960 |  |  | 4,948 |  |  | 85,179 |
Total assets | 3,751,746 |  |  | 1,009,857 |  |  | 1,941,204 |  |  | 203,885 |  |  | 6,906,692 |
Long-lived assets (8) | 340,375 |  |  | 98,920 |  |  | 227,131 |  |  | 95,021 |  |  | 761,447 |
2022 |  |  |  |  |  |  |  |  |
Net sales | $ | 2,394,762 |  |  | $ | 589,969 |  |  | $ | 1,048,122 |  |  | $ | — |  |  | $ | 4,032,853 |
Cost of sales | 1,485,321 |  |  | 377,389 |  |  | 722,358 |  |  | 1,231 |  |  | 2,586,299 |
Other segment items (3) | 282,385 |  |  | 82,437 |  |  | 146,675 |  |  | 81,649 |  |  | 593,146 |
Segment adjusted EBITDA (5) | 627,056 |  |  | 130,143 |  |  | 179,089 |  |  | (82,880) |  |  | 853,408 |
Depreciation expense (6) | 24,299 |  |  | 6,045 |  |  | 13,596 |  |  | 679 |  |  | 44,619 |
Amortization expense (7) | 54,872 |  |  | 14,034 |  |  | 17,376 |  |  | 7,159 |  |  | 93,441 |
Net capital expenditures | 28,718 |  |  | 13,957 |  |  | 20,604 |  |  | 4,010 |  |  | 67,289 |
Total assets | 3,788,245 |  |  | 983,797 |  |  | 1,972,351 |  |  | 130,473 |  |  | 6,874,866 |
Long-lived assets (8) | 318,457 |  |  | 84,370 |  |  | 151,499 |  |  | 108,478 |  |  | 662,804 |
(1)Non-operating expenses are not allocated to the reportable 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)Other segment items for each reportable segment includes operating expenses, which primarily consists of selling, general and administrative expenses. Other segment items excludes the impact of depreciation, intangible amortization, restructuring, impairments, stock compensation and other items that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance. (4)Gain on sale of plant is included in Food Processing. (5)Excludes the impacts mentioned in Other segment items. (6)Includes depreciation on right of use assets. (7)Includes amortization of deferred financing costs and Convertible Notes issuance costs. (8)Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets. A reconciliation of our segment information for earnings before income taxes to the corresponding amounts in the Consolidated Statements of Earnings is shown in the table below for the periods presented:
| 2024 |  | 2023 |  | 2022
Adjusted EBITDA | $ | 866,295 |  |  | $ | 900,394 |  |  | $ | 853,408 |
Less: Other segment operating expenses (1) | 210,107 |  |  | 265,526 |  |  | 213,804 |
Income from operations | 656,188 |  |  | 634,868 |  |  | 639,604 |
Interest expense and deferred financing amortization, net | 92,229 |  |  | 120,348 |  |  | 88,977 |
Net periodic pension benefit (other than service cost & curtailment) | (14,897) |  |  | (9,071) |  |  | (42,681) |
Other expense, net | 1,536 |  |  | 4,213 |  |  | 28,893 |
Earnings before income taxes | 577,320 |  |  | 519,378 |  |  | 564,415 |
Provision for income taxes | 148,887 |  |  | 118,496 |  |  | 127,846 |
Net earnings | $ | 428,433 |  |  | $ | 400,882 |  |  | $ | 436,569 |
(1) Consists of the impact of depreciation, intangible amortization, restructuring, impairments, stock compensation and other items that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance. Geographic Information Long-lived assets, not including goodwill and other intangibles (in thousands):
| 2024 |  | 2023 |  | 2022
United States and Canada | $ | 511,454 |  |  | $ | 502,479 |  |  | $ | 471,375 |
Asia | 37,610 |  |  | 40,849 |  |  | 35,965 |
Europe and Middle East | 264,337 |  |  | 205,621 |  |  | 142,326 |
Latin America | 10,448 |  |  | 12,498 |  |  | 13,138 |
Total International | 312,395 |  |  | 258,968 |  |  | 191,429 |
| $ | 823,849 |  |  | $ | 761,447 |  |  | $ | 662,804 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration