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Goodwill | 9 Months Ended
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Sep. 27, 2025
Notes To Financial Statements [Abstract] |
Goodwill | Goodwill Changes in the carrying amount of goodwill for the nine months ended September 27, 2025 are as follows (in thousands):
| Commercial Foodservice |  | Food Processing |  | Residential Kitchen |  | Total
Balance as of December 28, 2024 | $ | 1,312,085 |  |  | $ | 432,161 |  |  | $ | 773,976 |  |  | $ | 2,518,222 |
Goodwill acquired during the year | — |  |  | 13,419 |  |  | — |  |  | 13,419 |
Measurement period adjustments to goodwill acquired in prior year | (985) |  |  | 2,679 |  |  | — |  |  | 1,694 |
Impairments | — |  |  | — |  |  | (572,638) |  |  | (572,638) |
Exchange effect and other | (15,517) |  |  | 52,094 |  |  | 28,084 |  |  | 64,661 |
Balance as of September 27, 2025 | $ | 1,295,583 |  |  | $ | 500,353 |  |  | $ | 229,422 |  |  | $ | 2,025,358 |
See Note 1 - Summary of Significant Accounting Policies, Basis of Presentation regarding reclassifications in the current year and prior year segment balances. The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. During the third quarter of 2025, the company identified an impairment indicator impacting the fair value of Residential Kitchen Equipment Group in connection with conducting a strategic review of its business portfolio, considering a broad range of strategic options. As a result, the company performed an interim quantitative goodwill impairment test for the Residential Kitchen Equipment Group reporting unit as of September 27, 2025. Based on this assessment, the company determined that the carrying amount of the Residential Kitchen Equipment Group reporting unit exceeded its estimated fair value and recorded a non-cash goodwill impairment charge of $572.6 million, which is included within Impairments on the Condensed Consolidated Statements of Comprehensive Income. The impairment was driven by a combination of factors, including macroeconomic conditions such as high interest rates, international tariffs, challenging housing market conditions and higher carrying costs of inventory levels in the channel, which led to lower than expected revenue in the current year and corresponding reductions of future revenue due to lowered expectations for recovery in demand. At the time the interim impairment test was performed, the company estimated the fair value of the Residential Kitchen Equipment Group reporting unit by considering both a market approach and an income approach using a discounted cash flow model, which use level 3 inputs in the fair value hierarchy. For the income approach, key valuation inputs included projected future cash flows, risk-adjusted discount rates and long-term growth rates, which are based on management’s estimates and assumptions believed to be reasonable and reflective of known market conditions as of the interim impairment test date. The estimates of future cash flows used in determining the fair value of the Residential Kitchen Equipment Group reporting unit involves 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.

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