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Net interest expense and deferred financing amortization, net

^[1],[2]

105,414

101,061

15,713

20,520

Net Periodic Benefit Cost, Other Components

(10,089)

(7,761)

Other (income) expense, net

3,326

(1,413)

Earnings before income taxes

96,464

89,715

Provision for income taxes

22,685

20,702

Net earnings

$ 73,779

$ 69,013

Net earnings per share:

Earnings Per Share, Basic

$ 1.33

$ 1.24

Earnings Per Share, Diluted

$ 1.33

$ 1.24

Weighted average number of shares

Basic (in shares)

55,396,000

55,601,000

Dilutive common stock equivalents (in shares)

^[3]

2,000

Diluted (in shares)

55,398,000

55,601,000

Comprehensive income

$ 14,452

$ 65,066

[1]	Non-operating expenses are not allocated to the operating 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]	Restructuring expenses are allocated in operating income by segment. See note 16 for further details.
[3]	¹There were no anti-dilutive equity awards excluded from common stock equivalents for any period presented.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (loss)
Balance, Beginning at Dec. 29, 2018	$ 1,665,203	$ 145	$ 377,419	$ (445,118)	$ 2,009,233	$ (276,476)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	69,013	0	0	0	69,013	0
Currency translation adjustment	10,683	0	0	0	0	10,683
Change in unrecognized pension benefit costs, net of tax	(5,263)	0	0	0	0	(5,263)
Unrealized gain on interest rate swaps, net of tax	(9,367)	0	0	0	0
Unrealized gain on interest rate swaps, net of tax \| Accounting Standards Update 2017-12	(9,378)					(9,378)
Stock compensation	1,069	0	1,069	0	0	0
Purchase of treasury stock	(5,268)	0	0	(5,268)	0	0
Balance, Ending at Mar. 30, 2019	1,726,059	145	378,488	(450,386)	2,078,235	(280,423)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2017-12 (1)	(100)
Adoption of ASU 2017-12 (1) \| Accounting Standards Update 2017-12	0	0	0	0	(11)	11
Balance, Beginning at Dec. 28, 2019	1,946,814	145	387,402	(451,262)	2,361,462	(350,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	73,779	0	0	0	73,779	0
Currency translation adjustment	(48,916)	0	0	0	0	(48,916)
Change in unrecognized pension benefit costs, net of tax	14,808	0	0	0	0	14,808
Unrealized gain on interest rate swaps, net of tax	(25,219)	0	0	0	0	(25,219)
Stock compensation	4,159	0	4,159	0	0	0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	3,881	0	3,881	0	0	0
Purchase of treasury stock	(74,600)	0	0	(74,600)	0	0
Balance, Ending at Mar. 28, 2020	$ 1,894,706	$ 145	$ 395,442	$ (525,862)	$ 2,435,241	$ (410,260)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	$ 3,123	$ (1,383)
Unrealized (loss) gain on interest rate swap, tax	$ (9,299)	$ (3,177)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Cash flows from operating activities--
Net earnings	$ 73,779	$ 69,013
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	26,599	25,514
Non-cash share-based compensation	4,159	1,069
Deferred income taxes	8,672	984
Net Periodic Benefit Cost, Other Components	(10,089)	(7,761)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	33,408	11,743
Inventories, net	(28,094)	(54,532)
Prepaid expenses and other assets	9,566	8,117
Accounts payable	15,001	4,573
Accrued expenses and other liabilities	(45,864)	(24,772)
Net cash provided by operating activities	87,137	33,948
Cash flows from investing activities--
Additions to property and equipment	(9,181)	(8,095)
Acquisitions, net of cash acquired	(30,041)	(12,397)
Net cash (used in) investing activities	(39,222)	(20,492)
Cash flows from financing activities--
Proceeds under Credit Facility	2,303,953	103,957
Repayments under Credit Facility	1,977,453	102,107
Net proceeds (repayments) under international credit facilities	786	(72)
Net repayments under other debt arrangement	(11)	(175)
Payments of deferred purchase price	0	(446)
Repurchase of treasury stock	(74,600)	(5,268)
Payments of Debt Issuance Costs	7,577	0
Net cash (used in) provided by financing activities	245,098	(4,111)
Effect of exchange rates on cash and cash equivalents	(6,470)	164
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	286,543	9,509
Cash and cash equivalents at beginning of year	94,500	71,701
Cash and cash equivalents at end of quarter	$ 381,043	$ 81,210

Summary of Significant Accounting Policies

3 Months Ended

Mar. 28, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


A)	Basis of Presentation

The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2019 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2020.

In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of March 28, 2020 and December 28, 2019, the results of operations for the three months ended March 28, 2020 and March 30, 2019, cash flows for the three months ended March 28, 2020 and March 30, 2019 and statement of stockholders' equity for the three months ended March 28, 2020 and March 30, 2019.

Certain prior year amounts have been reclassified to be consistent with current year presentation, including classifying the non-operating components of pension benefit as an individual adjustment within the operating activities on the Consolidated Statements of Cash Flows. Previously the amounts were reported as changes in accrued expenses and other liabilities.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates.


B)	Non-Cash Share-Based Compensation

The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $4.2 million and $1.1 million for the three months period ended March 28, 2020 and March 30, 2019, respectively.


C)	Income Taxes

A tax provision of $22.7 million, at an effective rate of 23.5%, was recorded during the three months period ended March 28, 2020, as compared to a $20.7 million tax provision at a 23.1% effective rate in the prior year period. The effective rates in 2020 and 2019 are higher than the federal tax rate of 21% primarily due to state taxes.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security ("CARES") Act was enacted and signed into U.S. law to provide economic relief to individuals and businesses facing economic hardship as a result of the COVID-19 pandemic. As of March 28, 2020, CARES did not have a material impact on the company's financial statements.


D)	Fair Value Measures

Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

Level 3 – Unobservable inputs based the company's own assumptions.

The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands):



	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of March 28, 2020
Financial Liabilities:
Interest rate swaps	$	—	$	57,808	$	—	$	57,808
Contingent consideration	$	—	$	—	$	7,950	$	7,950
Foreign exchange derivative contracts	—		1,275		—		$	1,275

As of December 28, 2019
Financial Assets:
Interest rate swaps	$	—	$	1,830	$	—	$	1,830

Financial Liabilities:
Interest rate swaps	$	—	$	25,120	$	—	$	25,120
Contingent consideration	$	—	$	—	$	6,697	$	6,697
Foreign exchange derivative contracts	$	—	$	901	$	—	$	901

The contingent consideration as of March 28, 2020 and December 28, 2019, relates to the earnout provisions recorded in conjunction with various purchase agreements. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreement. On a quarterly basis, the company assesses the projected results for each acquired business in comparison to the earnout targets and adjusts the liability accordingly.

E) Consolidated Statements of Cash Flows

Cash paid for interest was $14.1 million and $20.4 million for the three months ended March 28, 2020 and March 30, 2019, respectively. Cash payments totaling $6.2 million and $3.0 million were made for income taxes for the three months ended March 28, 2020 and March 30, 2019, respectively.

Acquisitions and Purchase Accounting

3 Months Ended

Mar. 28, 2020

Business Combinations [Abstract]

Business Combination Disclosure

Acquisitions and Purchase Accounting

The company operates in a highly fragmented industry and has completed numerous acquisitions over the past several years as a component of its growth strategy. The company has acquired industry leading brands and technologies to position itself as a leader in the commercial foodservice equipment, food processing equipment and residential kitchen equipment industries.

The company has accounted for all business combinations using the acquisition method to record a new cost basis for the assets acquired and liabilities assumed. The difference between the purchase price and the fair value of the assets acquired and liabilities assumed has been recorded as goodwill in the financial statements. The company also recognizes identifiable intangible assets, primarily trade names and customer relationships, at their fair value using a discounted cash flow model. The significant assumptions used to estimate the value of the intangible assets include revenue growth rates, projected profit margins, discount rates, royalty rates, and customer attrition rates. These significant assumptions are forward-looking and could be affected by future economic and market conditions. The results of operations are reflected in the consolidated financial statements of the company from the dates of acquisition.

The following represents the company's significant acquisitions in 2020 and 2019 as well as summarized information on various acquisitions that were not individually material. The company also made smaller acquisitions not presented below which are individually and collectively immaterial.

Cooking Solutions Group

On April 1, 2019, the company completed its acquisition of all of the capital stock of Cooking Solutions Group, Inc. ("Cooking Solutions Group") from Standex International Corporation, which consists of the brands APW Wyott, Bakers Pride, BKI and Ultrafryer with locations in Texas, South Carolina and Mexico for a purchase price of approximately $106.1 million, net of cash acquired. During the third quarter of 2019, the company finalized the working capital provision provided for by the purchase agreement resulting in a payment due to the sellers of $0.1 million.

The final allocation of consideration paid for the Cooking Solutions Group acquisition is summarized as follows (in thousands):



	(as initially reported) April 1, 2019			Measurement Period Adjustments			(as adjusted) April 1, 2019
Cash	$	843		$	—		$	843
Current assets	33,666			(1,625		)	32,041
Property, plant and equipment	15,959			(58		)	15,901
Goodwill	31,207			6,330			37,537
Other intangibles	53,450			(5,850		)	47,600
Other assets	—			1,470			1,470
Current liabilities	(15,130		)	(1,583		)	(16,713		)
Long-term deferred tax liability	(13,082		)	2,553			(10,529		)
Other non-current liabilities	—			(1,163		)	(1,163		)

Net assets acquired and liabilities assumed	$	106,913		$	74		$	106,987

The long-term deferred tax liability amounted to $10.5 million. The net deferred tax liability is comprised of $11.6 million of deferred tax liability related to the difference between the book and tax basis on identifiable intangible asset and liability accounts and $1.1 million of deferred tax asset related to the difference between the book and tax basis on identifiable tangible assets and liability accounts.

The goodwill and $24.7 million of other intangibles associated with the trade name are subject to the non-amortization provisions of ASC 350. Other intangibles also include $22.5 million allocated to customer relationships and $0.4 million allocated to backlog, which are being amortized over periods of 9 years and 3 months, respectively. Goodwill and other intangibles of Cooking Solutions Group are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. These assets are not expected to be deductible for tax purposes.

Other 2019 Acquisitions

During 2019, the company completed various other acquisitions that were not individually material. The estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2019 acquisitions and are summarized as follows (in thousands):



	Preliminary Opening Balance Sheet			Preliminary Measurement Period Adjustments			Adjusted Opening Balance Sheet
Cash	$	2,683		$	(10	)	$	2,673
Current assets	21,525			922			22,447
Property, plant and equipment	8,920			(166		)	8,754
Goodwill	99,838			(3,300		)	96,538
Other intangibles	64,019			389			64,408
Long-term deferred tax asset	1,288			1,428			2,716
Other assets	137			854			991
Current liabilities	(20,437		)	(201		)	(20,638		)
Other non-current liabilities	(6,170		)	(529		)	(6,699		)

Consideration paid at closing	$	171,803		$	(613	)	$	171,190

Deferred payments	2,404			—			2,404
Contingent consideration	4,258			—			4,258

Net assets acquired and liabilities assumed	$	178,465		$	(613	)	$	177,852

The long-term deferred tax asset amounted to $2.7 million. The net deferred tax asset is comprised of $2.9 million of deferred tax asset related to tax loss carryforwards, $1.0 million of deferred tax liability related to the difference between the book and tax basis of identifiable intangible assets and $0.8 million of deferred tax asset related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $29.6 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $22.3 million allocated to customer relationships, $11.1 million allocated to developed technology and $1.4 million allocated to backlog, which are being amortized over periods of 2 to 10 years, 5 to 7 years, and 3 months, respectively. Goodwill of $42.8 million and other intangibles of $35.5 million of the companies are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $43.7 million and other intangibles of $21.3 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $9.9 million and other intangibles of $7.6 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $85.5 million and intangibles of $53.8 million are expected to be deductible for tax purposes.

One purchase agreement includes deferred payments and earnout provisions providing for contingent payments due to the sellers to the extent certain financial targets are exceeded. The deferred payments are payable between 2020 and 2022. The contractual obligation associated with the deferred payments on the acquisition date is $2.4 million. The earnout is payable in 2022, if the company exceeds certain sales and earnings targets. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $4.3 million.

The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for substantially all 2019 acquisitions. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocations during 2020.

2020 Acquisitions

As of March 28, 2020, the company has completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the acquisitions and are summarized as follows (in thousands):



	Preliminary Opening Balance Sheet
Cash	$	2,347
Current assets	31,089
Property, plant and equipment	1,032
Goodwill	12,776
Other intangibles	16,484
Other assets	1,708
Current liabilities	(30,005		)
Other non-current liabilities	(3,070		)

Consideration paid at closing	$	32,361

Deferred payments	1,250
Contingent consideration	1,774

Net assets acquired and liabilities assumed	$	35,385

The goodwill and $9.0 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $6.5 million allocated to customer relationships, $0.2 million allocated to developed technology and $0.8 million allocated to backlog, which are being amortized over periods of 7 years, 7 years, and 6 months, respectively. Goodwill of $12.8 million and other intangibles of $16.5 million of the companies are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes and are expected to be deductible for tax purposes.

One purchase agreement includes a deferred payment and earnout provision providing for contingent payments due to the sellers to the extent certain financial targets are exceeded. The deferred payment is payable during 2020. The contractual obligation associated with the deferred payments on the acquisition date is $1.3 million. The earnout is payable in 2023, if the company exceeds certain sales and earnings targets. The contractual obligation associated with the contingent earnout provision recognized on the acquisition date is $1.8 million.

The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for substantially all 2020 acquisitions to date. Thus, the provisional measurements of fair value set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date.

Pro Forma Financial Information

In accordance with ASC 805 Business Combinations, the following unaudited pro forma results of operations for the three months ended March 28, 2020 and March 30, 2019, assumes the 2019 and 2020 acquisitions described above were completed on December 30, 2018 (first day of fiscal year 2019). The following pro forma results include adjustments to reflect additional interest expense to fund the acquisitions, amortization of intangibles associated with the acquisitions, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data):



	Three Months Ended
	March 28, 2020		March 30, 2019
Net sales	$	679,980	$	734,592
Net earnings	73,810		55,471

Net earnings per share:
Basic	$	1.33	$	1.00
Diluted	$	1.33	$	1.00

The historical consolidated financial information of the Company and the acquisitions have been adjusted in the pro forma information to give effect to pro forma events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Pro forma data may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate the acquired businesses.

Litigation Matters	3 Months Ended
Litigation Matters	Mar. 28, 2020
Notes To Financial Statements [Abstract]
Litigation Matters	Litigation Matters From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The company does not believe that any pending litigation will have a material effect on its financial condition, results of operations or cash flows.

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 28, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards Accounting Pronouncements - Recently Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, and has since modified the standard with several ASUs (collectively, the “new credit loss standard”). The new credit loss standard requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The company adopted the new standard as of December 29, 2019 (first day of fiscal year 2020) using the modified retrospective approach. As a result of the company's assessment process on its receivables and contract assets portfolio, which is the only financial instrument in scope of this standard, the adoption of this guidance did not have a material impact on the company's Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in ASU-04 simplify the subsequent measurement of goodwill, by removing the second step of the goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value. The new guidance does not amend the optional qualitative assessment of goodwill impairment. The company adopted this guidance on December 29, 2019 on a prospective basis. The adoption of this guidance did not have an impact on the company's Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement". The amendments in ASU-13 remove, modify and add various disclosure requirements around fair value measurement in order to clarify and improve the cost-benefit nature of disclosures. The company adopted this guidance on December 29, 2019 on a prospective basis. The adoption of this guidance did not have an impact on the company's Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)". The amendments in ASU-15 align the requirements for capitalizing implementation costs in a service contract hosting arrangement with those of developing or obtaining internal-use software. The company adopted this guidance on December 29, 2019 on a prospective basis. The adoption of this guidance did not have an impact on the company's Condensed Consolidated Financial Statements. Accounting Pronouncements - To be adopted In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)". The amendments in ASU-14 remove, modify and add various disclosure requirements around the topic in order to clarify and improve the cost-benefit nature of disclosures. This guidance is effective for annual reporting periods, and interim periods with those reporting periods, beginning after December 15, 2020 with early adoption permitted. The amendments must be applied on a retrospective basis for all periods presented. The company is currently evaluating the impacts the adoption of this guidance will have on its Condensed Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)", which removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This guidance is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2020 with early adoption permitted. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings in the period of adoption. The company is currently evaluating the impacts the adoption of this guidance will have on its Condensed Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting". Subject to meeting certain criteria, ASU 2020-04 provides optional expedients and exceptions to applying contract modification accounting under existing generally accepted accounting principles, for contracts that are modified to address the expected phase out of the London Inter-bank Offered Rate (“LIBOR”) by the end of 2021. Some of the Company’s contracts with respect to its borrowings and interest rate swap contracts already contain comparable alternative reference rates that would automatically take effect upon the phasing out of LIBOR, while for others, the company anticipates negotiating comparable replacement rates with its counterparties. This guidance is effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The company is currently evaluating the impacts the adoption of this guidance will have on its Condensed Consolidated Financial Statements.

Revenue Recognition Revenue Recognition (Notes)

3 Months Ended

Mar. 28, 2020

Revenue Recognition [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue Recognition

Disaggregation of Revenue

The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):



	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Three Months Ended March 28, 2020
United States and Canada	$	306,510	$	72,882	$	85,074	$	464,466
Asia	37,524		7,639		978		46,141
Europe and Middle East	79,732		19,347		43,465		142,544
Latin America	19,358		4,398		552		24,308
Total	$	443,124	$	104,266	$	130,069	$	677,459

Three Months Ended March 30, 2019
United States and Canada	$	300,275	$	57,589	$	83,358	$	441,222
Asia	48,293		8,682		1,398		58,373
Europe and Middle East	89,896		20,618		50,615		161,129
Latin America	19,067		5,585		1,426		26,078
Total	$	457,531	$	92,474	$	136,797	$	686,802

Contract Balances

Contract assets primarily relate to the company's right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Accounts receivable are not considered contract assets under the revenue standard as contract assets are conditioned upon the company's future satisfaction of a performance obligation. Accounts receivable, in contracts, are unconditional rights to consideration.

Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Consolidated Balance Sheet. Contract liabilities are reduced when the associated revenue from the contract is recognized.

The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands):



	Mar 28, 2020		Dec 28, 2019
Contract assets	$	23,174	$	22,675
Contract liabilities	$	102,564	$	74,511
Non-current contract liabilities	$	12,370	$	12,870

During the three months period ended March 28, 2020, the company reclassified $5.1 million to receivables, which was included in the contract asset balance at the beginning of the period. During the three months period ended March 28, 2020, the company recognized revenue of $45.3 million which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized to date were $63.2 million during the three months period ended March 28, 2020. The increase in contract liabilities primarily relates to companies acquired during the three months period ended March 28, 2020. Substantially, all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the three months period ended March 28, 2020.

Other Comprehensive Income

3 Months Ended

Mar. 28, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Income

The company reports changes in equity during a period, except those resulting from investments by owners and distributions to owners, in accordance with ASC 220, "Comprehensive Income".

Changes in accumulated other comprehensive income⁽¹⁾ were as follows (in thousands):



	Currency Translation Adjustment			Pension Benefit Costs			Unrealized Gain/(Loss) Interest Rate Swap			Total
Balance as of December 28, 2019	$	(105,705	)	$	(228,336	)	$	(16,892	)	$	(350,933	)
Other comprehensive income before reclassification	(48,916		)	14,808			(23,952		)	(58,060		)
Amounts reclassified from accumulated other comprehensive income	—			—			(1,267		)	(1,267		)
Net current-period other comprehensive income	$	(48,916	)	$	14,808		$	(25,219	)	$	(59,327	)
Balance as of March 28, 2020	$	(154,621	)	$	(213,528	)	$	(42,111	)	$	(410,260	)

Balance as of December 29, 2018	$	(112,771	)	$	(170,938	)	$	7,233		$	(276,476	)
Adoption of ASU 2017-12 (2)	—			—			11			11
Other comprehensive income before reclassification	10,683			(5,263		)	(10,144		)	(4,724		)
Amounts reclassified from accumulated other comprehensive income	—			—			766			766
Net current-period other comprehensive income	$	10,683		$	(5,263	)	$	(9,367	)	$	(3,947	)
Balance as of March 30, 2019	$	(102,088	)	$	(176,201	)	$	(2,134	)	$	(280,423	)

(1) As of March 28, 2020, pension and interest rate swap amounts are net of tax of $(45.5) million and $(15.3) million, respectively. During the three months ended March 28, 2020, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $3.1 million and $(9.3) million, respectively. As of March 30, 2019 pension and interest rate swap amounts are net of tax of $(38.1) million and $(0.6) million, respectively. During the three months ended March 30, 2019, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $(1.4) million and $(3.2) million, respectively.

(2) As of December 30, 2018, the company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" using the modified retrospective method. The adoption of this guidance resulted in the recognition of less than $(0.1) million as an adjustment to the opening balance of retained earnings.

Components of other comprehensive income were as follows (in thousands):



	Three Months Ended
	Mar 28, 2020			Mar 30, 2019
Net earnings	$	73,779		$	69,013
Currency translation adjustment	(48,916		)	10,683
Pension liability adjustment, net of tax	14,808			(5,263		)
Unrealized gain on interest rate swaps, net of tax	(25,219		)	(9,367		)
Comprehensive income	$	14,452		$	65,066

Inventories

3 Months Ended

Mar. 28, 2020

Inventories

Inventories are composed of material, labor and overhead and are stated at the lower of cost or market. Costs for inventory have been determined using the first-in, first-out ("FIFO") method. The company estimates reserves for inventory obsolescence and shrinkage based on its judgment of future realization. Inventories at March 28, 2020 and December 28, 2019 are as follows (in thousands):



	Mar 28, 2020		Dec 28, 2019
Raw materials and parts	$	289,616	$	277,394
Work-in-process	62,906		58,663
Finished goods	271,300		249,642
	$	623,822	$	585,699

Goodwill

3 Months Ended

Mar. 28, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Goodwill

Changes in the carrying amount of goodwill for the three months ended March 28, 2020 are as follows (in thousands):



	Commercial Foodservice			Food Processing			Residential Kitchen			Total
Balance as of December 28, 2019	$	1,153,552		$	257,679		$	438,516		$	1,849,747
Goodwill acquired during the year	12,776			—			—			12,776
Measurement period adjustments to goodwill acquired in prior year	344			79			376			799
Exchange effect	(9,749		)	(2,189		)	(15,597		)	(27,535		)
Balance as of March 28, 2020	$	1,156,923		$	255,569		$	423,295		$	1,835,787

The company continues to monitor the global outbreak of the COVID-19 pandemic to assess the outlook for demand of its products and the impact on its business and financial performance. The potential impact of the COVID-19 pandemic on demand, production levels, and its operating results in the short-term is uncertain, but the company remains committed to the strategic actions necessary to realize long-term revenue and cash flow growth rates. The potential negative demand effect on revenues is also uncertain given the volatile environment, but demand and production levels are anticipated to recover.

As a result of the company's analysis, and in consideration of the totality of events and circumstances, there were no triggering events requiring an interim goodwill impairment assessment identified during the first quarter of 2020.

Additionally, for the assessment of indefinite-life intangible assets other than goodwill, primarily trademarks and trade names, the company identified several trademarks and trade names with indicators of potential risk for impairment and performed quantitative assessments. The fair values of the trademarks tested exceeded their carrying values by more than 10%. As a result, no impairment charges for goodwill and indefinite-lived intangible assets were recorded during the first quarter of 2020.

Intangibles (Notes)

3 Months Ended

Mar. 28, 2020

Intangible Assets Disclosure [Text Block]

Intangibles

Intangible assets consist of the following (in thousands):



	March 28, 2020						December 28, 2019
	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	9.0	$	722,235	$	(299,564	)	9.2	$	717,397	$	(283,846	)
Backlog	0.9	30,236		(28,724		)	1.3	29,426		(28,283		)
Developed technology	4.7	35,150		(22,507		)	5.2	32,999		(21,378		)
		$	787,621	$	(350,795	)		$	779,822	$	(333,507	)
Indefinite-lived assets:
Trademarks and tradenames		$	997,313					$	997,066

The aggregate intangible amortization expense was $16.9 million and $16.1 million for the three months period ended March 28, 2020 and March 30, 2019, 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 First Quarter	Amortization Expense

2021	$	66,969
2022	62,588
2023	57,618
2024	51,337
2025	37,710
Thereafter	160,604
	$	436,826

Accrued Expenses

3 Months Ended

Mar. 28, 2020

Disclosure Accrued Expenses [Abstract]

Accrued Expenses

Accrued expenses consist of the following (in thousands):



	Mar 28, 2020		Dec 28, 2019
Contract liabilities	$	102,564	$	74,511
Accrued payroll and related expenses	71,062		81,541
Accrued warranty	64,422		66,374
Accrued customer rebates	24,162		51,709
Accrued short-term leases	23,274		21,827
Accrued product liability and workers compensation	14,814		15,164
Accrued agent commission	11,904		13,816
Accrued sales and other tax	11,848		19,862
Accrued professional fees	10,451		13,368
Other accrued expenses	59,074		58,378

	$	393,575	$	416,550

Warranty Costs

3 Months Ended

Mar. 28, 2020

Warranty Costs

In the normal course of business, the company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, actual claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable.

A rollforward of the warranty reserve is as follows (in thousands):



	Three Months Ended
	Mar 28, 2020
Balance as of December 28, 2019	$	66,374
Warranty reserve related to acquisitions	1,215
Warranty expense	14,451
Warranty claims	(17,618		)
Balance as of March 28, 2020	$	64,422

Financing Arrangements

3 Months Ended

Mar. 28, 2020

Financing Arrangements



	Mar 28, 2020		Dec 28, 2019
	(in thousands)
Senior secured revolving credit line	$	1,445,146	$	1,869,402
Term loan facility	750,000		—
Foreign loans	3,836		3,622
Other debt arrangement	105		116
Total debt	2,199,087		1,873,140
Less: Current maturities of long-term debt	21,933		2,894
Long-term debt	2,177,154		1,870,246

On January 31, 2020, the company entered into an amended and restated five-year, $3.5 billion multi-currency senior secured credit agreement (the "Credit Facility"). The Credit Facility amends the company's pre-existing $3.0 billion credit facility, which had an original maturity of July 2021. The Credit Facility consists of (i) a $750.0 million term loan facility and (ii) a $2.75 billion multi-currency revolving credit facility, with the potential under certain circumstances, to increase the amount of the credit facility to up to a total of $4.0 billion (plus additional amounts, subject to compliance with a senior secured net leverage ratio). The Credit Facility matures on January 31, 2025. The term loan facility will amortize in equal quarterly installments due on the last day of each fiscal quarter, commencing with the first full fiscal quarter after January 31, 2020, in an aggregate annual amount equal to 2.50% of the original aggregate principal amount of the term loan facility, with the balance, plus any accrued interest, due and payable on January 31, 2025.

As of March 28, 2020, the company had $1.4 billion of borrowings outstanding under the revolving credit facility, including $1.4 billion of borrowings in U.S. Dollars and $47.1 million of borrowings denominated in Euro, and $750.0 million outstanding under the term loan. The company also had $13.2 million in outstanding letters of credit as of March 28, 2020, which reduces the borrowing availability under the Credit Facility. Remaining borrowing availability under this facility was $1.3 billion at March 28, 2020.

At March 28, 2020, borrowings under the Credit Facility accrued interest at a rate of 1.625% above LIBOR per annum or 0.625% above the highest of the prime rate, the federal funds rate plus 0.50% and one month LIBOR plus 1.00%. The average interest rate per annum on the debt under the Credit Facility was equal to 2.41% at the end of the period. The interest rates on borrowings under the Credit Facility may be adjusted quarterly based on the company’s Funded Debt less Unrestricted Cash to Pro Forma EBITDA (the “Leverage Ratio”) on a rolling four-quarter basis. Additionally, a commitment fee based upon the Leverage Ratio is charged on the unused portion of the commitments under the Credit Facility. This variable commitment fee was equal to 0.25% per annum as of March 28, 2020.

The term loan facility had an average interest rate per annum of 3.19% as of March 28, 2020.

In addition, the company has other international credit facilities to fund working capital needs outside the United States and the United Kingdom. At March 28, 2020, these foreign credit facilities amounted to $3.8 million in U.S. Dollars with a weighted average per annum interest rate of approximately 5.32%.

The company’s debt is reflected on the balance sheet at cost. The company believes its interest rate margins on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. The interest rate margin is based on the company's Leverage Ratio.

The company estimated the fair value of its loans by calculating the upfront cash payment a market participant would require to assume the company’s obligations. The upfront cash payment is the amount that a market participant would be able to lend to achieve sufficient cash inflows to cover the cash outflows under the company’s senior secured revolving credit facility assuming the facility was outstanding in its entirety until maturity. Since the company maintains its borrowings under a revolving credit facility and there is no predetermined borrowing or repayment schedule, for purposes of this calculation the company calculated the fair value of its obligations assuming the current amount of debt at the end of the period was outstanding until the maturity of the Credit Facility in January 2025. Although borrowings could be materially greater or less than the current amount of borrowings outstanding at the end of the period, it is not practical to estimate the amounts that may be outstanding during future periods. The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands):



	Mar 28, 2020				Dec 28, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt	$	2,199,087	$	2,199,087	$	1,873,140	$	1,873,140

The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At March 28, 2020, the company had outstanding floating-to-fixed interest rate swaps totaling $51.0 million notional amount carrying an average interest rate of 1.27% maturing in less than 12 months and $1,062.0 million notional amount carrying an average interest rate of 2.02% that mature in more than 12 months but less than 84 months.

The terms of the Credit Facility limit the ability of the company and its subsidiaries to, with certain exceptions: incur indebtedness; grant liens; engage in certain mergers, consolidations, acquisitions and dispositions; make restricted payments; enter into certain transactions with affiliates; and requires, among other things, the company to satisfy certain financial covenants: (i) a minimum Interest Coverage Ratio (as defined in the Credit Facility) of 3.00 to 1.00 and (ii) a maximum Leverage Ratio of Funded Debt less Unrestricted Cash to Pro Forma EBITDA (each as defined in the Credit Facility) of 4.00 to 1.00, which may be adjusted to 4.50 to 1.00 for a four consecutive fiscal quarter period in connection with certain qualified acquisitions, subject to the terms and conditions contained in the Credit Facility. The Credit Facility is secured by substantially all of the assets of Middleby Marshall, the company and the company's domestic subsidiaries and is unconditionally guaranteed by, subject to certain exceptions, the company and certain of the company's direct and indirect material foreign and domestic subsidiaries. The Credit Facility contains certain customary events of default, including, but not limited to, the failure to make required payments; bankruptcy and other insolvency events; the failure to perform certain covenants; the material breach of a representation or warranty; non-payment of certain other indebtedness; the entry of undischarged judgments against the company or any subsidiary for the payment of material uninsured amounts; the invalidity of the company guarantee or any subsidiary guaranty; and a change of control of the company. At March 28, 2020, the company was in compliance with all covenants pursuant to its borrowing agreements.

The company was in compliance with all covenants pursuant to its borrowing agreements. The company has run various scenarios to estimate the impact of the COVID-19 pandemic and continues to believe that its future cash generated from operations, together with its capacity under its Credit Facility and its cash on hand, will provide adequate resources to meet its working capital needs and cash requirements for at least the next 12 months. The company expects to be in compliance with the financial covenants in its Credit Facility; however, given the uncertainty of conditions for the remainder of 2020, the company will aggressively monitor and assess whether compliance is at substantial risk and may warrant further actions with banking partners. The company believes any necessary actions would result in the ability to achieve subsequent compliance and avoidance of default under its borrowing agreements.

Financial Instruments

3 Months Ended

Mar. 28, 2020

Financial Instruments

ASC 815 “Derivatives and Hedging” requires an entity to recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If a derivative does qualify as a hedge under ASC 815, changes in the fair value will either be offset against the change in the fair value of the hedged assets, liabilities or firm commitments or recognized in other accumulated comprehensive income until the hedged item is recognized in earnings.

Foreign Exchange: The company uses foreign currency forward, foreign exchange swaps and option purchase and sales contracts to hedge its exposure to changes in foreign currency exchange rates. The company’s primary hedging activities are to mitigate its exposure to changes in exchange rates on intercompany and third party trade receivables and payables. The company does not currently enter into derivative financial instruments for speculative purposes. In managing its foreign currency exposures, the company identifies and aggregates naturally occurring offsetting positions and then hedges residual balance sheet exposures. The fair value of the forward and option contracts was a loss of $1.3 million at the end of the first quarter of 2020.

Interest Rate: The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swap one-month LIBOR for fixed rates. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of March 28, 2020, the fair value of these instruments was a liability of $57.8 million. The change in fair value of these swap agreements in the first three months of 2020 was a loss of $25.2 million, net of taxes.

The following table summarizes the company’s fair value of interest rate swaps (in thousands):



	Condensed Consolidated Balance Sheet Presentation	Mar 28, 2020		Dec 28, 2019
Fair value	Other assets	$	—	$	1,830
Fair value	Other non-current liabilities	$	57,808	$	25,120

The impact on earnings from interest rate swaps was as follows (in thousands):



		Three Months Ended
	Presentation of Gain/(loss)	Mar 28, 2020			Mar 30, 2019
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income	$	(35,785	)	$	(11,789	)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	(1,267	)	$	766

Interest rate swaps are subject to default risk to the extent the counterparties are unable to satisfy their settlement obligations under the interest rate swap agreements. The company reviews the credit profile of the financial institutions that are counterparties to such swap agreements and assesses their creditworthiness prior to entering into the interest rate swap agreements and throughout the term. The interest rate swap agreements typically contain provisions that allow the counterparty to require early settlement in the event that the company becomes insolvent or is unable to maintain compliance with its covenants under its existing debt agreements.

Segment Information

3 Months Ended

Mar. 28, 2020

Employee Retirement Plans [Abstract]

Segment Information

The company operates in three reportable operating segments defined by management reporting structure and operating activities.

The Commercial Foodservice Equipment Group manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. This business segment has manufacturing facilities in Arkansas, California, Illinois, Massachusetts, Michigan, New Hampshire, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Washington, Australia, China, Denmark, Estonia, Italy, Mexico, the Philippines, Poland, Sweden and the United Kingdom. Principal product lines of this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers, and soft serve ice cream, coffee, and beverage dispensing equipment. These products are sold and marketed under the brand names: Anets, APW Wyott, Bakers Pride, Beech, BKI, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, CTX, Carter-Hoffmann, Celfrost, Concordia, CookTek, Crown, Desmon, Deutsche, Doyon, Eswood, EVO, Firex, Follett, Frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Jade, JoeTap, Josper, L2F, Lang, Lincat, MagiKitch’n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, RAM, SiteSage, Southbend, Star, Sveba Dahlen, Ss Brewtech, Synesso, Taylor, Toastmaster, TurboChef, Ultrafryer, Varimixer, Wells and Wunder-Bar.

The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. This business segment has manufacturing operations in Georgia, Illinois, Iowa, North Carolina, Oklahoma, Pennsylvania, Texas, Virginia, Washington, Wisconsin, Denmark, France, Germany, India and the United Kingdom. Principal product lines of this group include batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems, grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, filling and depositing solutions, forming equipment, automated loading and unloading systems, food safety, food handling, freezing, defrosting and packaging equipment. These products are sold and marketed under the brand names: Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Burford, Cozzini, CVP Systems, Danfotech, Drake, Emico, Glimek, Hinds-Bock, Maurer-Atmos, MP Equipment, M-TEK, Pacpro, RapidPak, Scanico, Spooner Vicars, Stewart Systems, Thurne and Ve.Ma.C.

The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. This business segment has manufacturing facilities in California, Michigan, Mississippi, Oregon, Wisconsin, France, Ireland, Romania and the United Kingdom. Principal product lines of this group are ranges, cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, wine coolers, ice machines, ventilation equipment and outdoor equipment. These products are sold and marketed under the brand names: AGA, AGA Cookshop, Brava, Brigade, EVO, Fired Earth, Heartland, La Cornue, Leisure Sinks, Lynx, Marvel, Mercury, Rangemaster, Rayburn, Redfyre, Sedona, Stanley, TurboChef, U-Line and Viking.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker evaluates individual segment performance based on operating income.

Net Sales Summary

(dollars in thousands)



	Three Months Ended
	Mar 28, 2020				Mar 30, 2019
	Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice	$	443,124	65.4	%	$	457,531	66.6	%
Food Processing	104,266		15.4		92,474		13.5
Residential Kitchen	130,069		19.2		136,797		19.9
Total	$	677,459	100.0	%	$	686,802	100.0	%

The following table summarizes the results of operations for the company's business segments (in thousands):



	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other ⁽¹⁾			Total
Three Months Ended March 28, 2020
Net sales	$	443,124	$	104,266	$	130,069	$	—		$	677,459
Income (loss) from operations ⁽²⁾⁽³⁾	88,607		15,358		12,708		(11,259		)	105,414
Depreciation expense	4,900		1,336		2,983		11			9,230
Amortization expense ⁽⁴⁾	12,440		1,700		2,720		509			17,369
Net capital expenditures	4,686		1,829		2,545		121			9,181

Total assets	$	3,232,632	$	626,907	$	1,145,943	$	272,497		$	5,277,979
Three Months Ended March 30, 2019
Net sales	$	457,531	$	92,474	$	136,797	$	—		$	686,802
Income (loss) from operations ⁽²⁾⁽³⁾	96,811		12,586		18,771		(27,107		)	101,061
Depreciation expense	4,919		1,141		2,908		48			9,016
Amortization expense ⁽⁴⁾	11,261		2,383		2,451		403			16,498
Net capital expenditures	5,973		701		1,421		—			8,095

Total assets	$	2,970,850	$	530,440	$	1,156,191	$	30,636		$	4,688,117

(1)Includes corporate and other general company assets and operations.

(2)Non-operating expenses are not allocated to the operating 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.

(3)Restructuring expenses are allocated in operating income by segment. See note 16 for further details.

(4)Includes amortization of deferred financing costs.

Geographic Information

Long-lived assets, not including goodwill and other intangibles (in thousands):



	Mar 28, 2020		Mar 30, 2019
United States and Canada	$	316,087	$	265,512
Asia	21,751		15,089
Europe and Middle East	157,035		183,445
Latin America	5,518		2,804
Total international	$	184,304	$	201,338
	$	500,391	$	466,850

Employee Retirement Plans

3 Months Ended

Mar. 28, 2020

Employee Retirement Plans

(a)Pension Plans

U.S. Plans:

The company maintains a non-contributory defined benefit plan for its union employees at the Elgin, Illinois facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2002, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2002 upon reaching retirement age.

The company maintains a non-contributory defined benefit plan for its employees at the Smithville, Tennessee facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age.

The company also maintains a retirement benefit agreement with its former Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the former Chairman’s final base salary.

Non-U.S. Plans:

The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 prior to Middleby’s acquisition of the company. No further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age.

The company maintains several pension plans related to AGA and its subsidiaries (collectively, the "AGA Group"), the most significant being the Aga Rangemaster Group Pension Scheme in the United Kingdom. Membership in the plan on a defined benefit basis of pension provision was closed to new entrants in 2001.The plan became open to new entrants on a defined contribution basis of pension provision in 2002, but was generally closed to new entrants on this basis during 2014.

The other, much smaller, defined benefit pension plans operating within the AGA Group cover employees in France and the United Kingdom. All pension plan assets are held in separate trust funds although the net defined benefit pension obligations are included in the company's consolidated balance sheet.

The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands):



	Three Months Ended
	Mar 28, 2020			Mar 30, 2019
Net Periodic Pension Benefit:
Service cost	$	645		$	626
Interest cost	6,418			8,432
Expected return on assets	(17,982		)	(16,998		)
Amortization of net (gain) loss	837			157
Amortization of prior service cost (credit)	638			648
	$	(9,444	)	$	(7,135	)

The pension costs for all other plans of the company were not material during the period. The service cost component is recognized within Selling, general and administrative expenses and the non-operating components of pension benefit are included within Net periodic pension benefit (other than service cost) in the Condensed Consolidated Statements of Comprehensive Income.

(b)Defined Contribution Plans

The company maintains two separate defined contribution savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintains defined contribution plans for its United Kingdom based employees.

Restructuring (Notes)	3 Months Ended
Restructuring (Notes)	Mar. 28, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Activities Disclosure [Text Block]	Restructuring Commercial Foodservice Equipment Group: During fiscal 2019, the company undertook cost reduction initiatives related to the Commercial Foodservice Equipment Group including headcount reductions and facility consolidations. These actions resulted in an additional charge of $0.5 million in the three months ended March 28, 2020. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The company estimates that these restructuring initiatives, which began in 2019, will result in future cost savings of approximately $10.0 million to $15.0 million annually. At March 28, 2020, the restructuring obligations accrued for these initiatives are immaterial and are expected to be completed by second quarter of fiscal year 2020. The restructuring expenses for the other segments of the company were not material during the period.

Share Repurchases (Notes)	3 Months Ended
Share Repurchases (Notes)	Mar. 28, 2020
Text Block [Abstract]
Treasury Stock [Text Block]	Share Repurchases On November 7, 2017, the company's Board of Directors approved a stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock in open market purchase transactions. For the three months ended March 28, 2020, the company repurchased 896,965 shares of its common stock under the program for $69.7 million, including applicable commissions, which represented an average price of $77.70. As of March 28, 2020, 1,023,165 shares had been purchased under the 2017 stock repurchase program. The company also treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. For the three months ended March 28, 2020, the company repurchased 59,374 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $4.9 million.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 28, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2019 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2020. In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of March 28, 2020 and December 28, 2019, the results of operations for the three months ended March 28, 2020 and March 30, 2019, cash flows for the three months ended March 28, 2020 and March 30, 2019 and statement of stockholders' equity for the three months ended March 28, 2020 and March 30, 2019.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Actual results could differ from the company's estimates.
Non-Cash Share-Based Compensation	Non-Cash Share-Based Compensation The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $4.2 million and $1.1 million for the three months period ended March 28, 2020 and March 30, 2019, respectively.
Income Tax Contingencies	Income Taxes A tax provision of $22.7 million, at an effective rate of 23.5%, was recorded during the three months period ended March 28, 2020, as compared to a $20.7 million tax provision at a 23.1% effective rate in the prior year period.
Fair Value Measures	Fair Value Measures Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 – Unobservable inputs based the company's own assumptions.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

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+ Details

Revenue Recognition Revenue Recognition (Policies)	3 Months Ended
Revenue Recognition Revenue Recognition (Policies)	Mar. 28, 2020
Revenue from Contract with Customer [Abstract]
Revenue [Policy Text Block]	disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 28, 2020

Accounting Policies [Abstract]

The company’s financial assets and liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows (in thousands):



	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of March 28, 2020
Financial Liabilities:
Interest rate swaps	$	—	$	57,808	$	—	$	57,808
Contingent consideration	$	—	$	—	$	7,950	$	7,950
Foreign exchange derivative contracts	—		1,275		—		$	1,275

As of December 28, 2019
Financial Assets:
Interest rate swaps	$	—	$	1,830	$	—	$	1,830

Financial Liabilities:
Interest rate swaps	$	—	$	25,120	$	—	$	25,120
Contingent consideration	$	—	$	—	$	6,697	$	6,697
Foreign exchange derivative contracts	$	—	$	901	$	—	$	901

Acquisitions and Purchase Accounting Acquisition and Purchase Accounting (Tables)

3 Months Ended

Mar. 28, 2020

Business Acquisition, Pro Forma Information

The following pro forma results include adjustments to reflect additional interest expense to fund the acquisitions, amortization of intangibles associated with the acquisitions, and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data):



	Three Months Ended
	March 28, 2020		March 30, 2019
Net sales	$	679,980	$	734,592
Net earnings	73,810		55,471

Net earnings per share:
Basic	$	1.33	$	1.00
Diluted	$	1.33	$	1.00

Cooking Solutions Group

Schedule of Business Acquisitions, by Acquisition

The final allocation of consideration paid for the Cooking Solutions Group acquisition is summarized as follows (in thousands):



	(as initially reported) April 1, 2019			Measurement Period Adjustments			(as adjusted) April 1, 2019
Cash	$	843		$	—		$	843
Current assets	33,666			(1,625		)	32,041
Property, plant and equipment	15,959			(58		)	15,901
Goodwill	31,207			6,330			37,537
Other intangibles	53,450			(5,850		)	47,600
Other assets	—			1,470			1,470
Current liabilities	(15,130		)	(1,583		)	(16,713		)
Long-term deferred tax liability	(13,082		)	2,553			(10,529		)
Other non-current liabilities	—			(1,163		)	(1,163		)

Net assets acquired and liabilities assumed	$	106,913		$	74		$	106,987

2019 Acquisitions

Schedule of Business Acquisitions, by Acquisition

The estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the other 2019 acquisitions and are summarized as follows (in thousands):



	Preliminary Opening Balance Sheet			Preliminary Measurement Period Adjustments			Adjusted Opening Balance Sheet
Cash	$	2,683		$	(10	)	$	2,673
Current assets	21,525			922			22,447
Property, plant and equipment	8,920			(166		)	8,754
Goodwill	99,838			(3,300		)	96,538
Other intangibles	64,019			389			64,408
Long-term deferred tax asset	1,288			1,428			2,716
Other assets	137			854			991
Current liabilities	(20,437		)	(201		)	(20,638		)
Other non-current liabilities	(6,170		)	(529		)	(6,699		)

Consideration paid at closing	$	171,803		$	(613	)	$	171,190

Deferred payments	2,404			—			2,404
Contingent consideration	4,258			—			4,258

Net assets acquired and liabilities assumed	$	178,465		$	(613	)	$	177,852

2020 Acquisitions

Schedule of Business Acquisitions, by Acquisition

The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the acquisitions and are summarized as follows (in thousands):



	Preliminary Opening Balance Sheet
Cash	$	2,347
Current assets	31,089
Property, plant and equipment	1,032
Goodwill	12,776
Other intangibles	16,484
Other assets	1,708
Current liabilities	(30,005		)
Other non-current liabilities	(3,070		)

Consideration paid at closing	$	32,361

Deferred payments	1,250
Contingent consideration	1,774

Net assets acquired and liabilities assumed	$	35,385

Revenue Recognition Revenue Recognition (Tables)

3 Months Ended

Mar. 28, 2020

Revenue Recognition [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue



	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Three Months Ended March 28, 2020
United States and Canada	$	306,510	$	72,882	$	85,074	$	464,466
Asia	37,524		7,639		978		46,141
Europe and Middle East	79,732		19,347		43,465		142,544
Latin America	19,358		4,398		552		24,308
Total	$	443,124	$	104,266	$	130,069	$	677,459

Three Months Ended March 30, 2019
United States and Canada	$	300,275	$	57,589	$	83,358	$	441,222
Asia	48,293		8,682		1,398		58,373
Europe and Middle East	89,896		20,618		50,615		161,129
Latin America	19,067		5,585		1,426		26,078
Total	$	457,531	$	92,474	$	136,797	$	686,802

Contract with Customer, Asset and Liability [Table Text Block]

The following table provides information about contract assets and contract liabilities from contracts with customers (in thousands):



	Mar 28, 2020		Dec 28, 2019
Contract assets	$	23,174	$	22,675
Contract liabilities	$	102,564	$	74,511
Non-current contract liabilities	$	12,370	$	12,870

Other Comprehensive Income (Tables)

3 Months Ended

Mar. 28, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Changes in accumulated other comprehensive income⁽¹⁾ were as follows (in thousands):



	Currency Translation Adjustment			Pension Benefit Costs			Unrealized Gain/(Loss) Interest Rate Swap			Total
Balance as of December 28, 2019	$	(105,705	)	$	(228,336	)	$	(16,892	)	$	(350,933	)
Other comprehensive income before reclassification	(48,916		)	14,808			(23,952		)	(58,060		)
Amounts reclassified from accumulated other comprehensive income	—			—			(1,267		)	(1,267		)
Net current-period other comprehensive income	$	(48,916	)	$	14,808		$	(25,219	)	$	(59,327	)
Balance as of March 28, 2020	$	(154,621	)	$	(213,528	)	$	(42,111	)	$	(410,260	)

Balance as of December 29, 2018	$	(112,771	)	$	(170,938	)	$	7,233		$	(276,476	)
Adoption of ASU 2017-12 (2)	—			—			11			11
Other comprehensive income before reclassification	10,683			(5,263		)	(10,144		)	(4,724		)
Amounts reclassified from accumulated other comprehensive income	—			—			766			766
Net current-period other comprehensive income	$	10,683		$	(5,263	)	$	(9,367	)	$	(3,947	)
Balance as of March 30, 2019	$	(102,088	)	$	(176,201	)	$	(2,134	)	$	(280,423	)

Schedule of Comprehensive Income (Loss)

Components of other comprehensive income were as follows (in thousands):



	Three Months Ended
	Mar 28, 2020			Mar 30, 2019
Net earnings	$	73,779		$	69,013
Currency translation adjustment	(48,916		)	10,683
Pension liability adjustment, net of tax	14,808			(5,263		)
Unrealized gain on interest rate swaps, net of tax	(25,219		)	(9,367		)
Comprehensive income	$	14,452		$	65,066

Inventories (Tables)

3 Months Ended

Mar. 28, 2020

Schedule of Inventory, Current

Inventories at March 28, 2020 and December 28, 2019 are as follows (in thousands):



	Mar 28, 2020		Dec 28, 2019
Raw materials and parts	$	289,616	$	277,394
Work-in-process	62,906		58,663
Finished goods	271,300		249,642
	$	623,822	$	585,699

Goodwill (Tables)

3 Months Ended

Mar. 28, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the three months ended March 28, 2020 are as follows (in thousands):



	Commercial Foodservice			Food Processing			Residential Kitchen			Total
Balance as of December 28, 2019	$	1,153,552		$	257,679		$	438,516		$	1,849,747
Goodwill acquired during the year	12,776			—			—			12,776
Measurement period adjustments to goodwill acquired in prior year	344			79			376			799
Exchange effect	(9,749		)	(2,189		)	(15,597		)	(27,535		)
Balance as of March 28, 2020	$	1,156,923		$	255,569		$	423,295		$	1,835,787

Intangibles (Tables)

3 Months Ended

Mar. 28, 2020

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

Intangible assets consist of the following (in thousands):



	March 28, 2020						December 28, 2019
	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	9.0	$	722,235	$	(299,564	)	9.2	$	717,397	$	(283,846	)
Backlog	0.9	30,236		(28,724		)	1.3	29,426		(28,283		)
Developed technology	4.7	35,150		(22,507		)	5.2	32,999		(21,378		)
		$	787,621	$	(350,795	)		$	779,822	$	(333,507	)
Indefinite-lived assets:
Trademarks and tradenames		$	997,313					$	997,066

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

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 First Quarter	Amortization Expense

2021	$	66,969
2022	62,588
2023	57,618
2024	51,337
2025	37,710
Thereafter	160,604
	$	436,826

Accrued Expenses (Tables)

3 Months Ended

Mar. 28, 2020

Disclosure Accrued Expenses [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consist of the following (in thousands):



	Mar 28, 2020		Dec 28, 2019
Contract liabilities	$	102,564	$	74,511
Accrued payroll and related expenses	71,062		81,541
Accrued warranty	64,422		66,374
Accrued customer rebates	24,162		51,709
Accrued short-term leases	23,274		21,827
Accrued product liability and workers compensation	14,814		15,164
Accrued agent commission	11,904		13,816
Accrued sales and other tax	11,848		19,862
Accrued professional fees	10,451		13,368
Other accrued expenses	59,074		58,378

	$	393,575	$	416,550

Warranty Costs (Tables)

3 Months Ended

Mar. 28, 2020

Product Warranty Table Disclosure

A rollforward of the warranty reserve is as follows (in thousands):



	Three Months Ended
	Mar 28, 2020
Balance as of December 28, 2019	$	66,374
Warranty reserve related to acquisitions	1,215
Warranty expense	14,451
Warranty claims	(17,618		)
Balance as of March 28, 2020	$	64,422

Financing Arrangements (Tables)

3 Months Ended

Mar. 28, 2020

Schedule of Long-term Debt Instruments



	Mar 28, 2020		Dec 28, 2019
	(in thousands)
Senior secured revolving credit line	$	1,445,146	$	1,869,402
Term loan facility	750,000		—
Foreign loans	3,836		3,622
Other debt arrangement	105		116
Total debt	2,199,087		1,873,140
Less: Current maturities of long-term debt	21,933		2,894
Long-term debt	2,177,154		1,870,246

Carrying Value And Fair Value Of Long Term Debt, Disclosure

The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt is as follows (in thousands):



	Mar 28, 2020				Dec 28, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt	$	2,199,087	$	2,199,087	$	1,873,140	$	1,873,140

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 28, 2020

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the company’s fair value of interest rate swaps (in thousands):



	Condensed Consolidated Balance Sheet Presentation	Mar 28, 2020		Dec 28, 2019
Fair value	Other assets	$	—	$	1,830
Fair value	Other non-current liabilities	$	57,808	$	25,120

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The impact on earnings from interest rate swaps was as follows (in thousands):



		Three Months Ended
	Presentation of Gain/(loss)	Mar 28, 2020			Mar 30, 2019
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income	$	(35,785	)	$	(11,789	)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	(1,267	)	$	766

Segment Information (Tables)

3 Months Ended

Mar. 28, 2020

Net Sales Summary By Segment

Net Sales Summary

(dollars in thousands)



	Three Months Ended
	Mar 28, 2020				Mar 30, 2019
	Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice	$	443,124	65.4	%	$	457,531	66.6	%
Food Processing	104,266		15.4		92,474		13.5
Residential Kitchen	130,069		19.2		136,797		19.9
Total	$	677,459	100.0	%	$	686,802	100.0	%

Schedule of Segment Reporting Information, by Segment

The following table summarizes the results of operations for the company's business segments (in thousands):



	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other ⁽¹⁾			Total
Three Months Ended March 28, 2020
Net sales	$	443,124	$	104,266	$	130,069	$	—		$	677,459
Income (loss) from operations ⁽²⁾⁽³⁾	88,607		15,358		12,708		(11,259		)	105,414
Depreciation expense	4,900		1,336		2,983		11			9,230
Amortization expense ⁽⁴⁾	12,440		1,700		2,720		509			17,369
Net capital expenditures	4,686		1,829		2,545		121			9,181

Total assets	$	3,232,632	$	626,907	$	1,145,943	$	272,497		$	5,277,979
Three Months Ended March 30, 2019
Net sales	$	457,531	$	92,474	$	136,797	$	—		$	686,802
Income (loss) from operations ⁽²⁾⁽³⁾	96,811		12,586		18,771		(27,107		)	101,061
Depreciation expense	4,919		1,141		2,908		48			9,016
Amortization expense ⁽⁴⁾	11,261		2,383		2,451		403			16,498
Net capital expenditures	5,973		701		1,421		—			8,095

Total assets	$	2,970,850	$	530,440	$	1,156,191	$	30,636		$	4,688,117

(1)Includes corporate and other general company assets and operations.

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):



	Mar 28, 2020		Mar 30, 2019
United States and Canada	$	316,087	$	265,512
Asia	21,751		15,089
Europe and Middle East	157,035		183,445
Latin America	5,518		2,804
Total international	$	184,304	$	201,338
	$	500,391	$	466,850

Employee Retirement Plans (Tables)

3 Months Ended

Mar. 28, 2020

Employee Retirement Plans [Abstract]

Schedule of Costs of Retirement Plans [Table Text Block]

The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands):



	Three Months Ended
	Mar 28, 2020			Mar 30, 2019
Net Periodic Pension Benefit:
Service cost	$	645		$	626
Interest cost	6,418			8,432
Expected return on assets	(17,982		)	(16,998		)
Amortization of net (gain) loss	837			157
Amortization of prior service cost (credit)	638			648
	$	(9,444	)	$	(7,135	)

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Accounting Policies [Abstract]
Non-cash share-based compensation expense	$ 4,159	$ 1,069
Provision for income taxes	$ 22,685	$ 20,702
Effective Income Tax Rate Reconciliation, Percent	23.50%	23.10%
Interest paid	$ 14,100	$ 20,400
Income tax payments	$ 6,200	$ 3,000

Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - Fair Value, Measurements, Recurring - USD ($)	Mar. 28, 2020	Dec. 28, 2019
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		$ 1,830,000
Financial Liabilities	$ 57,808,000	25,120,000
Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	7,950,000	6,697,000
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	1,275,000	901,000
Fair Value, Inputs, Level 1 [Member] \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		0
Financial Liabilities	0	0
Fair Value, Inputs, Level 1 [Member] \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 1 [Member] \| Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		1,830,000
Financial Liabilities	57,808,000	25,120,000
Fair Value, Inputs, Level 2 [Member] \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] \| Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	1,275,000	901,000
Fair Value, Inputs, Level 3 [Member] \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		0
Financial Liabilities	0	0
Fair Value, Inputs, Level 3 [Member] \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	7,950,000	6,697,000
Fair Value, Inputs, Level 3 [Member] \| Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	$ 0	$ 0

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - Cooking Solutions Group (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2019	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 30,041	$ 12,397
Goodwill		1,835,787		$ 1,849,747
Cooking Solutions Group
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 106,100
Business Combination, Provisional Information Adjustment, Working Capital	100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	843
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	32,041
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	15,901
Goodwill	37,537
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	47,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,470
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(16,713)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	10,529
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	11,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	1,163
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	106,987
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	1,100
Previously Reported \| Cooking Solutions Group
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	843
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	33,666
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	15,959
Goodwill	31,207
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	53,450
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(15,130)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	13,082
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	106,913
Scenario, Adjustment \| Cooking Solutions Group
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(1,625)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(58)
Goodwill	6,330
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(5,850)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,470
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(1,583)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(2,553)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	1,163
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	74
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill		$ 1,156,923		$ 1,153,552
Trade Names \| Commercial Foodservice Equipment Group \| Cooking Solutions Group
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	24,700
Customer Relationships \| Commercial Foodservice Equipment Group \| Cooking Solutions Group
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 22,500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years
Backlog \| Commercial Foodservice Equipment Group \| Cooking Solutions Group
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - 2019 Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Dec. 28, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,835,787	$ 1,849,747
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,156,923	1,153,552
Food Processing Group
Business Acquisition [Line Items]
Goodwill	255,569	257,679
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	423,295	$ 438,516
2019 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	2,673
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	22,447
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	8,754
Goodwill	96,538
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	64,408
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	2,716
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	991
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(20,638)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(6,699)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	171,190
Business Combination, Deferred Payments, Liability	2,404
Business Combination, Contingent Consideration, Liability	4,258
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	177,852
Business Combinations, Deferred Tax Assets, Operating Loss Carryforwards	2,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(1,000)
Deferred Tax Assets, Tax Deferred Expense, Other	800
Business Acquisition, Goodwill, Expected Tax Deductible Amount	85,500
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	53,800
2019 Acquisitions \| Previously Reported
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	2,683
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	21,525
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	8,920
Goodwill	99,838
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	64,019
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	1,288
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	137
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(20,437)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(6,170)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	171,803
Business Combination, Deferred Payments, Liability	2,404
Business Combination, Contingent Consideration, Liability	4,258
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	178,465
2019 Acquisitions \| Scenario, Adjustment
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	(10)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	922
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(166)
Goodwill	(3,300)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	389
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	1,428
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	854
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(201)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(529)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	(613)
Business Combination, Deferred Payments, Liability	0
Business Combination, Contingent Consideration, Liability	0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	(613)
2019 Acquisitions \| Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	42,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	35,500
2019 Acquisitions \| Food Processing Group
Business Acquisition [Line Items]
Goodwill	43,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	21,300
2019 Acquisitions \| Residential Kitchen
Business Acquisition [Line Items]
Goodwill	9,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,600
Tradenames And Trademarks \| 2019 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	29,600
Customer Relationships \| 2019 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 22,300
Customer Relationships \| 2019 Acquisitions \| Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
Customer Relationships \| 2019 Acquisitions \| Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Developed Technology Rights \| 2019 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 11,100
Developed Technology Rights \| 2019 Acquisitions \| Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Developed Technology Rights \| 2019 Acquisitions \| Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Backlog \| 2019 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,400
Backlog \| 2019 Acquisitions \| Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 months

Acquisitions and Purchase Accounting Estimated Fair Values of Assets Acquired and Liabilities Assumed - 2020 Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Dec. 28, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,835,787	$ 1,849,747
2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Deferred Payments, Liability	1,300
Business Combination, Contingent Consideration, Liability	1,800
Previously Reported \| 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	2,347
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	31,089
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1,032
Goodwill	12,776
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	16,484
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	1,708
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(30,005)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(3,070)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	32,361
Business Combination, Deferred Payments, Liability	1,250
Business Combination, Contingent Consideration, Liability	1,774
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	35,385
Tradenames And Trademarks \| 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	9,000
Customer Relationships \| 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	6,500
Developed Technology Rights \| 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	200
Backlog \| 2020 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 800
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 months
Maximum \| Customer Relationships \| 2020 Acquisitions
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Maximum \| Developed Technology Rights \| 2020 Acquisitions
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	$ 1,156,923	$ 1,153,552
Commercial Foodservice Equipment Group \| 2020 Acquisitions
Business Acquisition [Line Items]
Goodwill	12,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 16,500

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 679,980	$ 734,592
Business Acquisition, Pro Forma Net Income (Loss)	$ 73,810	$ 55,471
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 1.33	$ 1.00
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 1.33	$ 1.00

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 677,459	$ 686,802
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	443,124	457,531
Food Processing Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	104,266	92,474
Residential Kitchen
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 130,069	$ 136,797

Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Dec. 28, 2019
Revenue Recognition [Abstract]
Contract with Customer, Asset, Net, Current	$ 23,174	$ 22,675
Contract liabilities	102,564	74,511
Contract with Customer, Liability, Noncurrent	12,370	$ 12,870
Contract with Customer, Asset, Reclassified to Receivable	5,100
Contract with Customer, Liability, Revenue Recognized	45,300
Increase (Decrease) in Deferred Revenue and Customer Advances and Deposits	63,200
Capitalized Contract Cost, Impairment Loss	$ 0

Other Comprehensive Income Changes in accumulated other comprehensive income (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 28, 2020

Mar. 30, 2019

Dec. 28, 2019

Accumulated Other Comprehensive Income [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (350,933)

$ (276,476)

Currency Translation Adjustment

(48,916)

10,683

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

(58,060)

(4,724)

Reclassification from accumulated other comprehensive income, current period, net of tax

(1,267)

766

Other Comprehensive Income (Loss), before Reclassifications, before Tax

(59,327)

(3,947)

Accumulated Other Comprehensive Income (Loss), Net of Tax

(410,260)

(280,423)

Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax

(45,500)

$ (38,100)

Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax

(15,300)

$ (600)

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax

(9,300)

(3,200)

Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax

3,100

(1,400)

Cumulative Effect of New Accounting Principle in Period of Adoption

(100)

Accumulated Translation Adjustment [Member]

Accumulated Other Comprehensive Income [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(105,705)

(112,771)

Currency Translation Adjustment

(48,916)

10,683

Reclassification from accumulated other comprehensive income, current period, net of tax

Other Comprehensive Income (Loss), before Reclassifications, before Tax

(48,916)

10,683

Accumulated Other Comprehensive Income (Loss), Net of Tax

(154,621)

(102,088)

Accumulated Defined Benefit Plans Adjustment

Accumulated Other Comprehensive Income [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(228,336)

(170,938)

Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax

14,808

(5,263)

Reclassification from accumulated other comprehensive income, current period, net of tax

Other Comprehensive Income (Loss), before Reclassifications, before Tax

14,808

(5,263)

Accumulated Other Comprehensive Income (Loss), Net of Tax

(213,528)

(176,201)

Interest Rate Swap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent

Accumulated Other Comprehensive Income [Roll Forward]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(16,892)

7,233

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

(23,952)

(10,144)

Reclassification from accumulated other comprehensive income, current period, net of tax

(1,267)

766

Other Comprehensive Income (Loss), before Reclassifications, before Tax

(25,219)

(9,367)

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (42,111)

(2,134)

Accounting Standards Update 2017-12

Accumulated Other Comprehensive Income [Roll Forward]

Other comprehensive income (loss), adopt of new accounting pronouncement

^[1]

Cumulative Effect of New Accounting Principle in Period of Adoption

Accounting Standards Update 2017-12 | Accumulated Translation Adjustment [Member]

Accumulated Other Comprehensive Income [Roll Forward]

Other comprehensive income (loss), adopt of new accounting pronouncement

^[1]

Accounting Standards Update 2017-12 | Accumulated Defined Benefit Plans Adjustment

Accumulated Other Comprehensive Income [Roll Forward]

Other comprehensive income (loss), adopt of new accounting pronouncement

^[1]

Accounting Standards Update 2017-12 | Interest Rate Swap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent

Accumulated Other Comprehensive Income [Roll Forward]

Other comprehensive income (loss), adopt of new accounting pronouncement

^[1]

$ 11

[1]

As of December 30, 2018, the company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" using the modified retrospective method. The adoption of this guidance resulted in the recognition of less than $(0.1) million as an adjustment to the opening balance of retained earnings.

Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 73,779	$ 69,013
Currency Translation Adjustment	(48,916)	10,683
Change in unrecognized pension benefit costs, net of tax	14,808	(5,263)
Unrealized gain on interest rate swaps, net of tax	(25,219)	(9,367)
Comprehensive income	$ 14,452	$ 65,066

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Inventories (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Inventory Disclosure [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 289,616	$ 277,394
Inventory, Work in Process, Net of Reserves	62,906	58,663
Inventory, Finished Goods, Net of Reserves	271,300	249,642
Inventories, net	$ 623,822	$ 585,699

Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2020 USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 1,849,747
Goodwill acquired during the year	12,776
Measurement period adjustments to goodwill acquired in prior year	799
Exchange effect	(27,535)
Balance end of period	1,835,787
Goodwill, Impairment Loss	0
Commercial Foodservice Equipment Group
Goodwill [Line Items]
Balance beginning of period	1,153,552
Goodwill acquired during the year	12,776
Measurement period adjustments to goodwill acquired in prior year	344
Exchange effect	(9,749)
Balance end of period	1,156,923
Food Processing Group
Goodwill [Line Items]
Balance beginning of period	257,679
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	79
Exchange effect	(2,189)
Balance end of period	255,569
Residential Kitchen
Goodwill [Line Items]
Balance beginning of period	438,516
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	376
Exchange effect	(15,597)
Balance end of period	$ 423,295

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Intangibles (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 787,621		$ 779,822
Finite-Lived Intangible Assets, Accumulated Amortization	(350,795)		$ (333,507)
Amortization of Intangible Assets	16,900	$ 16,100
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	66,969
Finite-Lived Intangible Assets, Amortization Expense, Year Two	62,588
Finite-Lived Intangible Assets, Amortization Expense, Year Three	57,618
Finite-Lived Intangible Assets, Amortization Expense, Year Four	51,337
Finite-Lived Intangible Assets, Amortization Expense, Year Five	37,710
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	160,604
Finite-Lived Intangible Assets, Net	$ 436,826
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	9 years		9 years 2 months 12 days
Finite-Lived Intangible Assets, Gross	$ 722,235		$ 717,397
Finite-Lived Intangible Assets, Accumulated Amortization	$ (299,564)		$ (283,846)
Backlog
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 months 24 days		1 year 3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 30,236		$ 29,426
Finite-Lived Intangible Assets, Accumulated Amortization	$ (28,724)		$ (28,283)
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years 8 months 12 days		5 years 2 months 12 days
Finite-Lived Intangible Assets, Gross	$ 35,150		$ 32,999
Finite-Lived Intangible Assets, Accumulated Amortization	(22,507)		(21,378)
Tradenames And Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 997,313		$ 997,066

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Disclosure Accrued Expenses [Abstract]
Contract liabilities	$ 102,564	$ 74,511
Accrued payroll and related expenses	71,062	81,541
Accrued warranty	64,422	66,374
Accrued customer rebates	24,162	51,709
Accrued short-term leases	23,274	21,827
Accrued Product Liability And Workers Compensation Liability Current	14,814	15,164
Accrued agent commission	11,904	13,816
Accrued agent commission	11,848	19,862
Accrued professional services	10,451	13,368
Other accrued expenses	59,074	58,378
Accrued expenses	$ 393,575	$ 416,550

Rollforward of Warranty Reserve (Details) $ in Thousands	3 Months Ended
Rollforward of Warranty Reserve (Details) $ in Thousands	Mar. 28, 2020 USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]
Beginning balance	$ 66,374
Warranty reserve related to acquisitions	1,215
Warranty expense	14,451
Warranty claims	(17,618)
Ending balance	$ 64,422

Long-Term Debt (Details) - USD ($)	Mar. 28, 2020	Dec. 28, 2019
Debt Disclosure [Line Items]
Senior secured revolving credit line	$ 1,445,146,000	$ 1,869,402,000
Term loan facility	750,000,000	0
Other Long-term Debt	105,000	116,000
Total debt	2,199,087,000	1,873,140,000
Less: Current maturities of long-term debt	21,933,000	2,894,000
Long-term debt	2,177,154,000	1,870,246,000
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 3,836,000	$ 3,622,000

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Disclosure Carrying Value And Estimated Aggregate Fair Value Of Debt [Abstract]
Carrying Value	$ 2,199,087	$ 1,873,140
Fair Value	$ 2,199,087	$ 1,873,140

Financing Arrangements Additional Information (Details) - USD ($)		3 Months Ended
	Jan. 31, 2020	Mar. 28, 2020	Dec. 28, 2019
Debt Disclosure [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 3,500,000,000
Line of Credit Facility, Replaced Facility		3,000,000,000.0
Term loan facility		750,000,000	$ 0
Long-term Line of Credit, Revolving Credit Facility	$ 2,750,000,000
Line of Credit Facility, Potential Additional Borrowing Capacity	$ 4,000,000,000.0
Term loan facility amortization rate	2.50%
Credit facility, outstanding		1,445,146,000	$ 1,869,402,000
Line of Credit Facility, Outstanding Amount, USD Borrowings		1,400,000,000
Line of Credit Facility, Amount Outstanding, EUR Borrowings		47,100,000
Letters of Credit Outstanding, Amount		13,200,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 1,300,000,000
Credit facility, additional interest rate above LIBOR		1.625%
Debt Instrument Interest Additional Interest Above LIBOR Rate Alternative		0.625%
Debt Instrument Interest Additional Interest Above Fed Funds Rate		0.50%
Debt Instrument, Interest Rate, Increase (Decrease)		1.00%
Credit facility, average interest rate		2.41%
Variable commitment fee		0.25%
Term loan facility average interest rate		3.19%
Line of credit, Current and Noncurrent, Foreign		$ 3,800,000
Line of Credit Facility, Interest Rate at Period End		5.32%
Derivative Notional Amount, NonCurrent		$ 1,062,000,000.0
Fixed Interest Rate		2.02%
Debt Instrument, Interest Coverage Ratio Range, Low		300.00%
Debt Instrument, Interest Coverage Ratio Range, High		100.00%
Debt Instrument, Leverage Ratio Range, Low		400.00%
Debt Instrument, Leverage Ratio Range, High		100.00%
Debt Instrument, Qualified Leverage Ratio Range, Low		450.00%
Debt Instrument, Qualified Leverage Ratio Range, High		100.00%
maturity less than 12 months [Member]
Debt Disclosure [Line Items]
Derivative Notional Amount, NonCurrent		$ 51,000,000.0
Fixed Interest Rate		1.27%

Summary of Fair Value of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	$ 0	$ 1,830
Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Fair value	$ (57,808)	$ (25,120)

Impact on Earnings from Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Other Comprehensive Income
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ (35,785)	$ (11,789)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	$ (1,267)	$ 766

Financial Instruments Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 28, 2020 USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 57.8
Loss in fair value of interest rate swaps	25.2
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (1.3)

Net Sales Summary (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 28, 2020

Mar. 30, 2019

Revenue from Contract with Customer, Excluding Assessed Tax

$ 677,459

$ 686,802

100.00%

Depreciation and amortization expense

^[1],[2]

$ 105,414

$ 101,061

26,599

25,514

Commercial Foodservice Equipment Group

9,181

8,095

Revenue from Contract with Customer, Excluding Assessed Tax

$ 443,124

$ 457,531

65.40%

66.60%

^[1],[2]

$ 88,607

$ 96,811

4,686

5,973

Food Processing Group

Revenue from Contract with Customer, Excluding Assessed Tax

$ 104,266

$ 92,474

15.40%

13.50%

^[1],[2]

$ 15,358

$ 12,586

1,829

701

Corporate and Other

Revenue from Contract with Customer, Excluding Assessed Tax

^[1],[2],[3]

(11,259)

(27,107)

^[3]

121

Residential Kitchen

Revenue from Contract with Customer, Excluding Assessed Tax

$ 130,069

$ 136,797

19.20%

19.90%

^[1],[2]

$ 12,708

$ 18,771

2,545

1,421

United States and Canada

Revenue from Contract with Customer, Excluding Assessed Tax

464,466

441,222

United States and Canada | Commercial Foodservice Equipment Group

Revenue from Contract with Customer, Excluding Assessed Tax

306,510

300,275

United States and Canada | Food Processing Group

Revenue from Contract with Customer, Excluding Assessed Tax

72,882

57,589

United States and Canada | Residential Kitchen

Revenue from Contract with Customer, Excluding Assessed Tax

85,074

83,358

Asia

Revenue from Contract with Customer, Excluding Assessed Tax

46,141

58,373

Asia | Commercial Foodservice Equipment Group

Revenue from Contract with Customer, Excluding Assessed Tax

37,524

48,293

Asia | Food Processing Group

Revenue from Contract with Customer, Excluding Assessed Tax

7,639

8,682

Asia | Residential Kitchen

Revenue from Contract with Customer, Excluding Assessed Tax

978

1,398

Europe and Middle East

Revenue from Contract with Customer, Excluding Assessed Tax

142,544

161,129

Europe and Middle East | Commercial Foodservice Equipment Group

Revenue from Contract with Customer, Excluding Assessed Tax

79,732

89,896

Europe and Middle East | Food Processing Group

Revenue from Contract with Customer, Excluding Assessed Tax

19,347

20,618

Europe and Middle East | Residential Kitchen

Revenue from Contract with Customer, Excluding Assessed Tax

43,465

50,615

Latin America

Revenue from Contract with Customer, Excluding Assessed Tax

24,308

26,078

Latin America | Commercial Foodservice Equipment Group

Revenue from Contract with Customer, Excluding Assessed Tax

19,358

19,067

Latin America | Food Processing Group

Revenue from Contract with Customer, Excluding Assessed Tax

4,398

5,585

Latin America | Residential Kitchen

Revenue from Contract with Customer, Excluding Assessed Tax

$ 552

$ 1,426

[1]	Non-operating expenses are not allocated to the operating 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]	Restructuring expenses are allocated in operating income by segment. See note 16 for further details.
[3]	Includes corporate and other general company assets and operations.

Summary of Results of Operations for Business Segments (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 28, 2020

Mar. 30, 2019

Dec. 28, 2019

Revenue from Contract with Customer, Excluding Assessed Tax

$ 677,459

$ 686,802

^[1],[2]

105,414

101,061

Amortization of Intangible Assets and Debt Issuance Costs

9,230

9,016

^[3]

17,369

16,498

9,181

8,095

Commercial Foodservice Equipment Group

5,277,979

4,688,117

$ 5,002,143

Revenue from Contract with Customer, Excluding Assessed Tax

443,124

457,531

^[1],[2]

88,607

96,811

Amortization of Intangible Assets and Debt Issuance Costs

4,900

4,919

^[3]

12,440

11,261

4,686

5,973

3,232,632

2,970,850

Food Processing Group

Revenue from Contract with Customer, Excluding Assessed Tax

104,266

92,474

^[1],[2]

15,358

12,586

Amortization of Intangible Assets and Debt Issuance Costs

1,336

1,141

^[3]

1,700

2,383

1,829

701

626,907

530,440

Residential Kitchen

Revenue from Contract with Customer, Excluding Assessed Tax

130,069

136,797

^[1],[2]

12,708

18,771

Amortization of Intangible Assets and Debt Issuance Costs

2,983

2,908

^[3]

2,720

2,451

2,545

1,421

1,145,943

1,156,191

Corporate and Other

Revenue from Contract with Customer, Excluding Assessed Tax

^[1],[2],[4]

(11,259)

(27,107)

Amortization of Intangible Assets and Debt Issuance Costs

^[4]

^[3]

509

403

^[4]

121

^[4]

$ 272,497

$ 30,636

[1]	Non-operating expenses are not allocated to the operating 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]	Restructuring expenses are allocated in operating income by segment. See note 16 for further details.
[3]	Includes amortization of deferred financing costs.
[4]	Includes corporate and other general company assets and operations.

Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 500,391	$ 466,850
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	316,087	265,512
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	21,751	15,089
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	157,035	183,445
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	5,518	2,804
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 184,304	$ 201,338