XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.25.3

Intangibles | 9 Months Ended
--- | ---
Sep. 27, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
Intangible Assets Disclosure [Text Block] | Intangibles Intangible assets consist of the following (in thousands):
| September 27, 2025 |  | December 28, 2024
| Estimated Weighted Avg Remaining Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Estimated Weighted Avg Remaining Life |  | Gross Carrying Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 5.8 |  | $ | 866,145 |  |  | $ | (629,828) |  |  | 6.4 |  | $ | 850,540 |  |  | $ | (581,301) |
Backlog | 0.4 |  | 3,455 |  |  | (2,072) |  |  | 0.3 |  | 2,192 |  |  | (804) |
Developed technology | 6.9 |  | 102,879 |  |  | (61,478) |  |  | 7.4 |  | 98,921 |  |  | (51,737) |
|  |  | $ | 972,479 |  |  | $ | (693,378) |  |  |  |  | $ | 951,653 |  |  | $ | (633,842) |
Indefinite-lived assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks and tradenames |  |  | $ | 1,191,323 |  |  |  |  |  |  | $ | 1,293,226 |  |  |
As discussed in Note 8 – Goodwill, during the third quarter the company, in connection with conducting a strategic review of its business portfolio, identified an impairment indicator for indefinite-lived and amortized intangible assets within the Residential Kitchen Equipment Group and performed quantitative impairment tests as of September 27, 2025. Based on the results of the quantitative tests of indefinite-lived trademarks and tradenames, the company recorded a non-cash impairment charge of $131.8 million associated with several trademarks and tradenames within the Residential Kitchen Equipment Group, which is included within Impairments in the Condensed Consolidated Statements of Comprehensive Income. The gross value of all indefinite-lived trademarks and tradenames tested was approximately $473.0 million, including those which were impaired. The diminution in fair value for the trademarks and tradenames was due to macroeconomic conditions such as high interest rates, international tariffs, challenging housing market conditions and higher carrying costs of inventory levels in the channel. This led to lower than expected revenue in the current year and corresponding reductions of future revenue due to lowered expectations for recovery in demand. The company estimated the fair value of trademarks and tradenames using a relief from royalty method under the income approach. In performing the quantitative analyses on the trademarks and tradenames, significant assumptions include revenue growth rates, assumed royalty rates and discount rates, which are considered level 3 inputs in the fair value hierarchy. The company believes the assumptions utilized within the quantitative analysis are reasonable and consistent with assumptions that would be used by other marketplace participants. The estimates of future cash flows used in determining the fair value of the indefinite-lived intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management's estimates due to changes in business conditions, operating performance and economic conditions. Based on the results of quantitative tests over amortized intangible assets, the company recorded an impairment charge of $3.5 million related to developed technology. The aggregate intangible amortization expense was $15.5 million and $15.0 million for the three months period ended September 27, 2025 and September 28, 2024, respectively. The aggregate intangible amortization expense was $46.9 million and $48.7 million for the nine months period ended September 27, 2025 and September 28, 2024, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):
Twelve Month Period coinciding with the end of the company's Fiscal Third Quarter | Amortization Expense
2026 | $ | 59,968 |
2027 | 49,239 |
2028 | 43,618 |
2029 | 37,510 |
2030 | 33,119 |
Thereafter | 55,647 |
| $ | 279,101 |

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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