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Segment Information | 3 Months Ended
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Mar. 29, 2025
Notes To Financial Statements [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 the 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. See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances. Net Sales Summary (dollars in thousands)
|  |  | Three Months Ended
|  |  |  |  | Mar 29, 2025 |  | Mar 30, 2024
|  |  |  |  |  |  |  |  | Sales |  | Percent |  | Sales |  | Percent
Business Segments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Foodservice |  |  |  |  |  |  |  |  | $ | 562,717 |  |  | 62.1 | % |  | $ | 581,413 |  |  | 62.7 | %
Food Processing |  |  |  |  |  |  |  |  | 167,906 |  |  | 18.5 |  |  | 171,614 |  |  | 18.5 |
Residential Kitchen |  |  |  |  |  |  |  |  | 176,004 |  |  | 19.4 |  |  | 173,899 |  |  | 18.8 |
Total |  |  |  |  |  |  |  |  | $ | 906,627 |  |  | 100.0 | % |  | $ | 926,926 |  |  | 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 March 29, 2025 |  |  |  |  |  |  |  |  |  |
Net sales | $ | 562,717 |  |  | $ | 167,906 |  |  | $ | 176,004 |  |  | $ | — |  |  | $ | 906,627 |  |
Cost of sales | 330,445 |  |  | 106,953 |  |  | 122,650 |  |  | 646 |  |  | 560,694 |  |
Other segment items (3) | 80,865 |  |  | 30,887 |  |  | 32,738 |  |  | 19,363 |  |  | 163,853 |  |
Segment adjusted EBITDA (4) | 151,407 |  |  | 30,066 |  |  | 20,616 |  |  | (20,009) |  |  | 182,080 |  |
Depreciation expense (5) | 6,630 |  |  | 2,891 |  |  | 4,010 |  |  | 825 |  |  | 14,356 |  |
Amortization expense (6) | 11,294 |  |  | 2,914 |  |  | 1,784 |  |  | 1,797 |  |  | 17,789 |  |
Net capital expenditures | 6,739 |  |  | 19,291 |  |  | 7,252 |  |  | 450 |  |  | 33,732 |  |
Total assets | 3,606,005 |  |  | 1,248,168 |  |  | 1,966,111 |  |  | 581,097 |  |  | 7,401,381 |  |
Three Months Ended March 30, 2024 |  |  |  |  |  |  |  |  |  |
Net sales | $ | 581,413 |  |  | $ | 171,614 |  |  | $ | 173,899 |  |  | $ | — |  |  | $ | 926,926 |  |
Cost of sales | 353,574 |  |  | 105,102 |  |  | 122,741 |  |  | (849) |  |  | 580,568 |  |
Other segment items (3) | 75,907 |  |  | 26,693 |  |  | 39,956 |  |  | 18,016 |  |  | 160,572 |  |
Segment adjusted EBITDA (4) | 151,932 |  |  | 39,819 |  |  | 11,202 |  |  | (17,168) |  |  | 185,785 |  |
Depreciation expense (5) | 6,817 |  |  | 2,235 |  |  | 3,805 |  |  | 416 |  |  | 13,273 |  |
Amortization expense (6) | 13,594 |  |  | 1,954 |  |  | 1,802 |  |  | 1,787 |  |  | 19,137 |  |
Net capital expenditures | 6,056 |  |  | 1,845 |  |  | 5,259 |  |  | 583 |  |  | 13,743 |  |
Total assets | 3,668,831 |  |  | 1,046,171 |  |  | 1,939,293 |  |  | 276,110 |  |  | 6,930,405 |  |
(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 consist of selling, general and administrative expenses. Other segment items excludes the impact of depreciation, intangible amortization, restructuring, 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)Excludes the impacts mentioned in Other segment items. (5)Includes depreciation on right of use assets. (6)Includes amortization of deferred financing costs and Convertible Notes issuance costs. 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:
| Three Months Ended
| Mar 29, 2025 |  | Mar 30, 2024
Adjusted EBITDA | $ | 182,080 |  |  | $ | 185,785 |
Less: Other segment operating expenses (1) | 41,482 |  |  | 48,652 |
Income from operations | 140,598 |  |  | 137,133 |
Interest expense and deferred financing amortization, net | 18,364 |  |  | 26,274 |
Net periodic pension benefit (other than service cost & curtailment) | (1,497) |  |  | (3,678) |
Other expense (income), net | 2,274 |  |  | (300) |
Earnings before income taxes | 121,457 |  |  | 114,837 |
Provision for income taxes | 29,105 |  |  | 28,269 |
Net earnings | $ | 92,352 |  |  | $ | 86,568 |
(1) Consists of the impact of depreciation, intangible amortization, restructuring, 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):
| Mar 29, 2025 |  | Mar 30, 2024
United States and Canada | $ | 510,773 |  |  | $ | 506,334 |
Asia | 37,466 |  |  | 39,136 |
Europe and Middle East | 279,580 |  |  | 207,847 |
Latin America | 10,165 |  |  | 12,370 |
Total international | $ | 327,211 |  |  | $ | 259,353 |
| $ | 837,984 |  |  | $ | 765,687 |

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