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Segment Information (Tables) | 12 Months Ended
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Dec. 28, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | 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.
Schedule of Entity-Wide Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | 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 |

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