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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 28, 2024
Accounting Policies [Abstract] |
Schedule of Inventory, Current | Inventories at December 28, 2024 and December 30, 2023 are as follows (in thousands):
| 2024 |  | 2023
Raw materials and parts | $ | 453,273 |  |  | $ | 495,488 |
Work-in-process | 76,601 |  |  | 80,102 |
Finished goods | 311,693 |  |  | 360,277 |
| $ | 841,567 |  |  | $ | 935,867 |
Property, Plant and Equipment | Property, plant and equipment are carried at cost as follows (in thousands):
| 2024 |  | 2023
Land | $ | 74,163 |  |  | $ | 73,060 |
Building and improvements | 372,845 |  |  | 346,527 |
Furniture and fixtures | 69,556 |  |  | 69,438 |
Machinery and equipment | 386,809 |  |  | 361,401 |
| 903,373 |  |  | 850,426 |
Less accumulated depreciation | (377,408) |  |  | (339,528) |
| $ | 525,965 |  |  | $ | 510,898 |
Schedule Of Useful Lives For Property Plant Equipment | ollowing 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 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 |
Goodwill acquired during the year | 14,187 |  |  | 46,745 |  |  | — |  |  | 60,932 |
Measurement period adjustments to goodwill acquired in prior year | 271 |  |  | 57 |  |  | 224 |  |  | 552 |
Exchange effect | (11,683) |  |  | (9,604) |  |  | (8,285) |  |  | (29,572) |
Balance as of December 28, 2024 | $ | 1,331,831 |  |  | $ | 412,415 |  |  | $ | 773,976 |  |  | $ | 2,518,222 |
Schedule Of Intangible Assets By Major Class | Intangible assets consist of the following (in thousands):
| December 28, 2024 |  | December 30, 2023
| Estimated Weighted Avg Remaining Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Estimated Weighted Avg Remaining Life |  | Gross Carrying Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer lists | 6.4 |  | $ | 850,540 |  |  | $ | (581,301) |  |  | 7.0 |  | $ | 845,326 |  |  | $ | (529,533) |
Backlog | 0.3 |  | 2,192 |  |  | (804) |  |  | 0.0 |  | — |  |  | — |
Developed technology | 7.4 |  | 98,921 |  |  | (51,737) |  |  | 8.3 |  | 98,593 |  |  | (44,546) |
|  |  | $ | 951,653 |  |  | $ | (633,842) |  |  |  |  | $ | 943,919 |  |  | $ | (574,079) |
Indefinite-lived assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks and tradenames |  |  | $ | 1,293,226 |  |  |  |  |  |  | $ | 1,323,236 |  |  |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets is as follows (in thousands):
2025 | $ | 60,165 |
2026 | 55,638 |
2027 | 47,122 |
2028 | 40,829 |
2029 | 35,856 |
Thereafter | 78,201 |
| $ | 317,811 |
Schedule of Accrued Liabilities | Accrued expenses consist of the following at December 28, 2024 and December 30, 2023, respectively (in thousands):
| 2024 |  | 2023
Contract liabilities | $ | 120,503 |  |  | $ | 118,681 |
Accrued payroll and related expenses | 107,061 |  |  | 121,514 |
Accrued warranty | 98,306 |  |  | 89,039 |
Accrued customer rebates | 54,558 |  |  | 59,267 |
Accrued short-term leases | 27,938 |  |  | 26,417 |
Accrued contingent consideration | 25,748 |  |  | 17,791 |
Accrued sales and other tax | 20,626 |  |  | 24,568 |
Accrued agent commission | 16,730 |  |  | 16,956 |
Accrued professional fees | 13,973 |  |  | 18,461 |
Accrued product liability and workers compensation | 10,386 |  |  | 11,169 |
Other accrued expenses | 80,636 |  |  | 75,329 |
| $ | 576,465 |  |  | $ | 579,192 |
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):
| 2024 |  | 2023
Unrecognized pension benefit costs, net of tax of $13,866 and $3,998 | $ | (78,534) |  |  | $ | (109,713) |
Unrealized gain on interest rate swap, net of tax of $7,978 and $11,198 | 22,399 |  |  | 32,005 |
Currency translation adjustments | (213,255) |  |  | (145,490) |
| $ | (269,390) |  |  | $ | (223,198) |
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 |  |  |  | Total
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) |
Other comprehensive income before reclassification | (67,765) |  |  | 28,585 |  |  | 17,598 |  |  |  |  | (21,582) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 2,594 |  |  | (27,204) |  |  |  |  | (24,610) |
Net current-period other comprehensive income | $ | (67,765) |  |  | $ | 31,179 |  |  | $ | (9,606) |  |  |  |  | $ | (46,192) |
Balance as of December 28, 2024 | $ | (213,255) |  |  | $ | (78,534) |  |  | $ | 22,399 |  |  |  |  | $ | (269,390) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Schedule of Product Warranty Liability | A rollforward of the warranty reserve for the fiscal years 2024 and 2023 is as follows (in thousands):
| 2024 |  | 2023
Beginning balance | $ | 89,039 |  |  | $ | 82,096 |
Warranty reserve related to acquisitions | 420 |  |  | 595 |
Warranty expense | 100,236 |  |  | 89,122 |
Warranty claims paid | (91,389) |  |  | (82,774) |
Ending balance | $ | 98,306 |  |  | $ | 89,039 |
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 2024 and 2023:
| December 28, 2024 |  | December 30, 2023
Beginning balance | $ | 51,538 |  |  | $ | 47,242 |
Payments of contingent consideration | (4,141) |  |  | (6,871) |
New contingent consideration | 8,681 |  |  | 15,534 |
Changes in fair value | (2,850) |  |  | (4,367) |
Ending balance | $ | 53,228 |  |  | $ | 51,538 |

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