0000769520-24-000004 | 10-K | XBRL Viewer

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Cash flows from operating activities--
Net earnings	$ 400,882	$ 436,569	$ 488,492
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	132,604	138,061	125,243
Non-cash share-based compensation	51,047	58,368	42,330
Deferred income taxes	(2,405)	(6,642)	6,863
Net Periodic Benefit Cost, Other Components	(9,071)	(42,681)	(45,066)
Gain on sale of plant	0	0	(763)
Impairments	78,114	0	0
Non Cash Restructuring	0	0	1,924
Other Noncash Income (Expense)	1,529	(12,127)	(11,805)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	(4,624)	(28,392)	(93,988)
Inventories, net	157,868	(196,313)	(198,264)
Prepaid expenses and other assets	(17,081)	(5,201)	10,853
Accounts payable	(49,369)	(47,742)	61,336
Accrued expenses and other liabilities	(110,704)	38,652	36,244
Net cash provided by operating activities	628,790	332,552	423,399
Cash flows from investing activities--
Additions to property and equipment	(85,179)	(67,289)	(46,551)
Proceeds from Sale of Property Held-for-sale	0	0	6,290
Payments to Acquire Intangible Assets	(1,805)	(2,233)	(5,000)
Payments to Acquire Businesses, Net of Cash Acquired	(68,758)	(278,797)	(963,600)
Net cash (used in) investing activities	(155,742)	(348,319)	(1,008,861)
Cash flows from financing activities--
Proceeds under Credit Facility	640,200	1,870,000	1,739,101
Repayments under Credit Facility	(948,496)	(1,555,250)	(1,135,058)
Payments for Premiums for Capped Call Confirmations, Debt Issuance	0	(9,655)	(54,553)
Net (repayments) proceeds under foreign bank loan	(166)	(24,470)	(2,030)
Payments of deferred purchase price	(7,701)	(7,930)	(5,861)
Repurchase of treasury stock	(74,565)	(264,777)	(29,265)
Payments of Debt Issuance Costs	0	0	(9,242)
Proceeds from (Payments for) Other Financing Activities	(211)	(287)	(303)
Net cash (used in) provided by financing activities	(390,939)	7,631	502,789
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	3,386	(10,225)	(5,068)
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	85,495	(18,361)	(87,741)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	247,496	162,001	180,362
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Stock Issued During Period, Value, Acquisitions	$ 19,794	$ 0	$ 2,522

Financing Arrangements - Schedule of Future Aggregate Debt Payable (Details) $ in Thousands	Dec. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 44,822
2025	785,304
2026	1,589,014
2027	755
2028 and thereafter	5,300
Total Debt Payable	$ 2,425,195

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

12 Months Ended

Dec. 30, 2023

Financial Instruments

FINANCIAL INSTRUMENTS

Derivatives are measured at fair value and recognized as either assets or liabilities. Derivatives that do not qualify as a hedge must be adjusted to fair value in earnings. If a derivative does qualify, 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.

(a)Foreign Exchange

The company periodically enters into derivative instruments, principally forward contracts to reduce exposures pertaining to fluctuations in foreign exchange rates. The notional amount of foreign currency contracts outstanding was $253.1 million and $562.5 million as of December 30, 2023 and December 31, 2022, respectively. The fair value of these forward contracts was an unrealized gain of less than $0.1 million at the end of the year.

(b)Interest Rate

The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. Prior to July 1, 2023, the company amended its Credit Facility and the existing interest rate swap agreements to transition the interest reference rate from one-month LIBOR to one-month SOFR. There were no other changes to the company's Credit Facility or timing of cash flows. The amendment was entered into because the LIBOR rate historically used was no longer published after June 30, 2023. The company utilized expedients within ASC 848 to conclude that this amendment should be treated as a non-substantial modification of the existing contract, resulting in no impact to the company's consolidated financial statements. 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. The fair value of these instruments was an asset of $42.8 million and an asset of $65.0 million as of December 30, 2023 and December 31, 2022, respectively. The change in fair value of these swap agreements in 2023 was a loss of $16.5 million, net of taxes.

A summary of the company’s interest rate swaps is as follows (in thousands):


		Twelve Months Ended
	Location	Dec 30, 2023		Dec 31, 2022
Fair value	Prepaid expenses	$	2,897	$	6,805
Fair value	Other assets	$	39,882	$	58,180


Amount of gain/(loss) recognized in other comprehensive income	Other comprehensive income	$	10,015	$	79,472
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	32,221	$	(3,503)

Interest rate swaps are subject to default risk to the extent the counterparty is unable to satisfy its 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 agreement.

Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Taxes

Earnings before taxes is summarized as follows (in thousands):


	2023		2022		2021
Domestic	$	346,815	$	383,813	$	453,357
Foreign	172,563		180,602		166,147
Total	$	519,378	$	564,415	$	619,504

Schedule of Provision of Taxes

The provision for income taxes is summarized as follows (in thousands):


	2023		2022		2021
Federal	$	67,023	$	62,416	$	84,689
State and local	15,934		23,892		24,363
Foreign	35,539		41,538		21,960
Total	$	118,496	$	127,846	$	131,012

Current	$	120,901	$	134,488	$	124,149
Deferred	(2,405)		(6,642)		6,863
Total	$	118,496	$	127,846	$	131,012

Schedule of Effective Income Tax Reconciliation

Reconciliation of the differences between income taxes computed at the federal statutory rate to the effective rate are as follows:


	2023		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%

State taxes, net of federal benefit	3.1		3.3		3.1
Permanent differences	0.6		0.9		0.5
Foreign income tax rate at rates other than U.S. statutory	0.2		0.2		0.2
Deferred tax changes	—		—		(2.2)
Change in valuation allowances	—		—		0.4
Tax on unremitted earnings	0.4		0.3		0.4
Federal Refund	—		—		(0.7)
Internal restructuring	—		(2.3)		—
Other	(2.5)		(0.7)		(1.6)
Consolidated effective tax	22.8	%	22.7	%	21.1	%

Schedule of Deferred Assets and Liabilities

At December 30, 2023 and December 31, 2022, the company had recorded the following deferred tax assets and liabilities (in thousands):


	2023		2022
Deferred tax assets:
Compensation related	$	29,135	$	26,273
Pension and post-retirement benefits	1,435		1,640
Inventory reserves	27,311		26,134
Accrued liabilities and reserves	22,017		21,743
Warranty reserves	20,956		17,593
Operating lease liability	22,096		19,890
Basis difference on affiliates	12,099		14,473
Capitalized R&D costs	39,585		19,381
Convertible debt	15,860		25,637
Net operating loss carryforwards	12,989		12,964
Other	22,871		14,879
Gross deferred tax assets	226,354		200,607
Valuation allowance	(15,749)		(11,599)
Deferred tax assets	$	210,605	$	189,008

Deferred tax liabilities:
Intangible assets	$	(310,847)	$	(306,814)
Depreciable assets	(40,036)		(32,267)

Operating lease right-of-use assets	(21,139)		(19,240)
Interest rate swaps	(10,927)		(16,836)
Pension and post-retirement benefits	(9,719)		—
Other	(26,135)		(27,317)

Deferred tax liabilities	$	(418,803)	$	(402,474)

Net deferred tax assets (liabilities)	$	(208,198)	$	(213,466)

Long-term deferred asset	7,945		6,738
Long-term deferred liability	(216,143)		(220,204)
Net deferred tax assets (liabilities)	$	(208,198)	$	(213,466)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended January 1, 2022, December 31, 2022 and December 30, 2023 (in thousands):


Balance at January 1, 2022	$	36,209

Increases to current year tax positions	2,195
Increase to prior year tax positions	534
Decrease to prior year tax positions	(1,709)
Settlements	(1,974)
Lapse of statute of limitations	(1,607)

Balance at December 31, 2022	$	33,648

Increases to current year tax positions	2,126



Lapse of statute of limitations	(1,852)

Balance as of December 30, 2023	$	33,922

Lease Commitments Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Payments	$ 30,117	$ 28,104
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 28,524	$ 20,725
Operating Lease, Weighted Average Remaining Lease Term	5 years 2 months 12 days	5 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	3.60%	2.90%

Termination of Welbilt Merger (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 14, 2021	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Business Acquisition [Line Items]
Merger termination fee		$ 0	$ 0	$ 110,000
Welbilt
Business Acquisition [Line Items]
Merger termination fee	$ 110,000
Business Acquisition, Transaction Costs				$ 19,700

Segment Information - Long-lived assets (Details) - USD ($)
$ in Thousands

Dec. 30, 2023

Dec. 31, 2022

Jan. 01, 2022

^[1]

$ 761,447

$ 662,804

$ 557,667

United States And Canada

502,479

471,375

379,431

Asia

40,849

35,965

17,818

Europe And Middle East

205,621

142,326

152,384

Latin America

12,498

13,138

8,034

Total International

Employee Retirement Plans

$ 258,968

$ 191,429

$ 178,236

[1]	Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets.

Employee Retirement Plans

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

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 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, 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. In December 2020, it was agreed that the Group Pension Scheme will be closed to future pension accruals effective April 5, 2021.

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.

A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands)


	Fiscal 2023				Fiscal 2022
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Net Periodic Pension Cost (Benefit):

Interest cost	1,315		46,046		923		25,032
Expected return on assets	(873)		(58,766)		(1,073)		(74,581)
Amortization of net loss	420		186		758		3,671
Amortization of prior service cost	—		2,601		—		2,589


	$	862	$	(9,933)	$	608	$	(43,289)

Change in Benefit Obligation:
Benefit obligation – beginning of year	$	27,550	$	946,153	$	36,423	$	1,544,147


Interest on benefit obligations	1,315		46,046		923		25,032

Actuarial loss (gain)	539		1,970		(8,060)		(409,462)

Net benefit payments	(1,745)		(59,018)		(1,736)		(59,682)

Exchange effect	—		53,955		—		(153,882)
Benefit obligation – end of year	$	27,659	$	989,106	$	27,550	$	946,153

Change in Plan Assets:
Plan assets at fair value – beginning of year	$	14,998	$	943,757	$	18,289	$	1,342,601
Company contributions	1,114		6,012		1,173		5,442
Investment gain (loss)	1,384		81,945		(2,728)		(207,270)


Benefit payments and plan expenses	(1,745)		(59,018)		(1,736)		(59,682)
Exchange effect	—		54,725		—		(137,334)
Plan assets at fair value – end of year	$	15,751	$	1,027,421	$	14,998	$	943,757

Funded Status:
Unfunded benefit obligation	$	(11,908)	$	38,315	$	(12,552)	$	(2,396)

Amounts recognized in balance sheet at year end:
Accrued pension benefits	$	(11,908)	$	38,315	$	(12,552)	$	(2,396)


	Fiscal 2023						Fiscal 2022
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	$	2,011		$	103,705		$	2,402		$	121,292

Pre-tax components recognized in other comprehensive income for the period:
Current year actuarial gain	$	28		$	(17,079)		$	(4,259)		$	(148,515)
Actuarial loss recognized	(420)			(150)			(758)			(4,272)

Prior service cost recognized	—			(360)			—			(7,666)


Total amount recognized	$	(392)		$	(17,589)		$	(5,017)		$	(160,453)

Accumulated Benefit Obligation	$	27,659		$	989,081		$	27,550		$	946,136

Salary growth rate	n/a			0.8		%	n/a			0.8		%
Assumed discount rate	4.8		%	4.6		%	4.9		%	4.8		%
Expected return on assets	6.0		%	6.2		%	6.0		%	6.2		%

The company has engaged non-affiliated third-party professional investment advisors to assist the company in developing its investment policy and establishing asset allocations. The company's overall investment objective is to provide a return, that along with company contributions, is expected to meet future benefit payments. Investment policy is established in consideration of anticipated future timing of benefit payments under the plans. The anticipated duration of the investment and the potential for investment losses during that period are carefully weighed against the potential for appreciation when making investment decisions. The company routinely monitors the performance of investments made under the plans and reviews investment policy in consideration of changes made to the plans or expected changes in the timing of future benefit payments.

The assets of the plans were invested in the following classes of securities (none of which were securities of the company):

U.S. Plans:


	Target Allocation		Percentage of Plan Assets
			2023		2022
Equity	48	%	43	%	45	%
Fixed income	40		42		40
Money market	4		6		5
Other (real estate investment trusts & commodities contracts)	8		9		10
	100	%	100	%	100	%

Non-U.S. Plans:


	Target Allocation		Percentage of Plan Assets
			2023		2022
Equity	17	%	11	%	10	%
Fixed income	38		69		55
Alternatives/Other	32		5		19
Real Estate	13		9		10
Cash and cash equivalents	—		6		6
	100	%	100	%	100	%

In accordance with ASC 820 Fair Value Measurements and Disclosures, the company has measured its defined benefit pension plans at fair value. In accordance with ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets", the company has elected to measure the pension plan assets and obligations as of the calendar month end closest to the fiscal year end. The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 30, 2023 and December 31, 2022 (in thousands):

U.S. Plans:


	Fiscal 2023						Fiscal 2022
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value

Short Term Investment Fund (a)	$	920	$	—	$	920	$	771	$	—	$	771

Equity Securities:
Large Cap	2,862		2,862		—		2,818		2,818		—
Mid Cap	373		373		—		555		555		—
Small Cap	388		388		—		329		329		—
International	3,218		3,218		—		3,002		3,002		—

Fixed Income:
Government/Corporate	4,776		4,776		—		4,973		4,973		—
High Yield	1,063		1,063		—		1,041		1,041		—
Other	705		705		—		—		—		—

Alternative:
Global Real Estate Investment Trust	663		663		—		602		602		—
Commodities Contracts	783		783		—		907		907		—

Total	$	15,751	$	14,831	$	920	$	14,998	$	14,227	$	771

(a)Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

Non-U.S. Plans:


	Fiscal 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value

Cash and cash equivalents	$	64,285	$	10,175	$	25,777	$	—	$	28,333

Equity Securities:
UK	3,665		45		—		—		3,620
International:
Developed	89,498		1,738		—		—		87,760
Emerging	20,698		168		—		—		20,530
Unquoted/Private Equity	282		—		—		—		282

Fixed Income:
Government/Corporate:
UK	247,618		11,049		—		—		236,569
International	133,279		—		—		—		133,279
Index Linked	322,408		2,088		—		—		320,320
Other	3,222		—		—		—		3,222


Real Estate:
Direct	91,993		—		91,993		—		—
Indirect	1,768		37		—		—		1,731

Hedge Fund Strategy:
Equity Long/Short	8,361		—		—		—		8,361
Arbitrage & Event	10,731		—		—		—		10,731
Directional Trading & Fixed Income	315		—		—		—		315
Cash & Other	162,812		—		—		—		162,812
Direct Sourcing	913		—		—		—		913

Leveraged Loans	14,475		—		—		—		14,475

Alternative/Other	(148,902)		1,060		—		—		(149,962)

Total	$	1,027,421	$	26,360	$	117,770	$	—	$	883,291


	Fiscal 2022
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value

Cash and cash equivalents	$	52,041	$	5,372	$	7,372	$	—	$	39,297

Equity Securities:
UK	3,677		68		—		—		3,609
International:
Developed	70,611		2,634		—		—		67,977
Emerging	18,642		298		—		—		18,344
Unquoted/Private Equity	2,083		—		—		—		2,083

Fixed Income:
Government/Corporate:
UK	191,868		8,933		—		—		182,935
International	127,485		—		—		—		127,485
Index Linked	199,220		1,433		—		—		197,787
Other	1,806		—		—		—		1,806


Real Estate:
Direct	83,280		—		83,280		—		—
Indirect	5,073		58		—		—		5,015

Hedge Fund Strategy:
Equity Long/Short	30,266		—		—		—		30,266
Arbitrage & Event	22,398		—		—		—		22,398
Directional Trading & Fixed Income	6,099		—		—		—		6,099
Cash & Other	169,504		—		—		—		169,504
Direct Sourcing	4,014		—		—		—		4,014

Leveraged Loans	8,539		—		—		—		8,539

Alternative/Other	(52,849)		1,583		—		—		(54,432)

Total	$	943,757	$	20,379	$	90,652	$	—	$	832,726

The fair value of the Level 1 assets is based on observable, quoted market prices of the identical underlying security in an active market. The fair value of the Level 2 assets is primarily based on market observable inputs to quoted market prices, benchmark yields and broker/dealer quotes. Level 3 inputs, as applicable, represent unobservable inputs that reflect assumptions developed by management to measure assets at fair value.

The expected return on assets is developed in consideration of the anticipated duration of investment period for assets held by the plan, the allocation of assets in the plan, and the historical returns for plan assets.

Estimated future benefit payments under the plans are as follows (dollars in thousands):


	U.S. Plans		Non-U.S. Plans
2024	$	1,849	$	58,680
2025	1,867		59,708
2026	1,906		59,409
2027	1,944		59,459
2028 through 2033	11,534		356,302

Expected contributions to the U.S. Plans and Non-U.S. Plans to be made in 2024 are $0.6 million and $5.8 million, respectively.

(b)Defined Contribution Plans

As of December 30, 2023, the company maintained two separate defined contribution 401(k) 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 maintained defined contribution plans for its UK based employees.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Long-term Debt Instruments

Financing Arrangements (Tables)

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]


	2023		2022
	(in thousands)
Senior secured revolving credit line	$	—	$	251,805
Term loan facility	945,913		975,785
Delayed draw term loan facility	726,563		750,000
Convertible senior notes	741,501		737,918
Foreign loans	10,531		5,917
Other debt arrangement	687		899
Total debt	2,425,195		2,722,324
Less: Current maturities of long-term debt	44,822		45,583
Long-term debt	$	2,380,373	$	2,676,741

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 excluding the Convertible Notes is as follows (in thousands):


	Dec 30, 2023				Dec 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Total debt excluding convertible senior notes	$	1,683,694	$	1,687,781	$	1,984,406	$	1,989,871

Convertible Debt

The following table summarizes the outstanding principal amount and carrying value of the Convertible Notes:


	Dec 30, 2023		Dec 31, 2022
	(in thousands)
Principal amounts:
Principal	$	747,499	$	747,499
Unamortized issuance costs	(5,998)		(9,581)
Net carrying amount	$	741,501	$	737,918

Schedule of Debt Instruments, Interest Expense

The following table summarizes total interest expense recognized related to the Convertible Notes:


	Twelve Months Ended
	Dec 30, 2023		Dec 31, 2022		Jan 1, 2022
Contractual interest expense	$	7,454	$	7,475	$	7,454
Interest cost related to amortization of debt issuance costs	3,583		3,587		3,484
Total interest expense	$	11,037	$	11,062	$	10,938

Schedule of Maturities of Long-term Debt


2024	$	44,822
2025	785,304
2026	1,589,014
2027	755
2028 and thereafter	5,300

	$	2,425,195

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Restructuring Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 14,134	$ 9,716	$ 7,655
Residential Kitchen
Restructuring Cost and Reserve [Line Items]
Effects on Future Earnings, Restructuring	12,000
Residential Kitchen
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 9,400	$ 5,100

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Income Taxes - Summary of Earnings Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 346,815	$ 383,813	$ 453,357
Foreign	172,563	180,602	166,147
Total	$ 519,378	$ 564,415	$ 619,504

Leases Commitments (Policies)	12 Months Ended
Leases Commitments (Policies)	Dec. 30, 2023
Leases [Abstract]
Lease commitments policy	Accounting Policy At the commencement date of a lease, the company recognizes a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term, including variable fees that are known or subject to a minimum floor. The lease liability includes lease component fees, while non-lease component fees are expensed as incurred for all asset classes. The company's lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. When a contract excludes an implicit rate, the company utilizes an incremental borrowing rate based on information available at the lease commencement date including lease term and geographic region. The initial valuation of the right-of-use (“ROU”) asset includes the initial measurement of the lease liability, lease payments made in advance of the lease commencement date and initial direct costs incurred by the company and excludes lease incentives. Operating lease ROU assets are included in other assets and operating lease liabilities are included in accrued expenses and other non-current liabilities. Leases with an initial term of 12 months or less are classified as short-term leases and are not recorded on the Consolidated Balance Sheets. The lease expense for short-term leases is recognized on a straight-line basis over the lease term.

Lease Commitments Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 29,818
2025	25,794
2026	22,028
2027	16,381
2028	12,432
2029 and thereafter	19,028
Total future lease commitments	125,481
Less imputed interest	11,514
Operating Lease, Liability	$ 113,967	$ 105,492

Lease Commitments

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Lessee, Operating Leases

LEASE COMMITMENTS

Accounting Policy

At the commencement date of a lease, the company recognizes a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term, including variable fees that are known or subject to a minimum floor. The lease liability includes lease component fees, while non-lease component fees are expensed as incurred for all asset classes. The company's lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. When a contract excludes an implicit rate, the company utilizes an incremental borrowing rate based on information available at the lease commencement date including lease term and geographic region. The initial valuation of the right-of-use (“ROU”) asset includes the initial measurement of the lease liability, lease payments made in advance of the lease commencement date and initial direct costs incurred by the company and excludes lease incentives. Operating lease ROU assets are included in other assets and operating lease liabilities are included in accrued expenses and other non-current liabilities.

Leases with an initial term of 12 months or less are classified as short-term leases and are not recorded on the Consolidated Balance Sheets. The lease expense for short-term leases is recognized on a straight-line basis over the lease term.

Leases

The company leases warehouse space, office facilities and equipment under operating leases. The company has operating lease costs of $39.6 million, $35.7 million and $31.5 million in fiscal 2023, 2022 and 2021 respectively, including short-term lease expense and variable lease costs, which were immaterial in the year.


Leases (in thousands)	December 30, 2023		December 31, 2022
Operating lease right-of-use assets:
Other assets	$	109,373	$	102,314


Operating lease liabilities:
Accrued expenses	26,417		25,250
Other non-current liabilities	87,550		80,242
Total Liability	$	113,967	$	105,492


Total Lease Commitments (in thousands)	Operating Leases
2024	$	29,818
2025	25,794
2026	22,028
2027	16,381
2028	12,432
2029 and thereafter	19,028
Total future lease commitments	125,481
Less imputed interest	11,514
Total	$	113,967


Other Lease Information (in thousands, except lease term and discount rate)	Twelve Months Ended December 30, 2023			Twelve Months Ended December 31, 2022
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	30,117		$	28,104

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	28,524			20,725

	December 30, 2023			December 31, 2022

Weighted-average remaining lease terms - Operating	5.2 years			5.5 years

Weighted-average discount rate - Operating	3.6		%	2.9		%

Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Land	$ 73,060	$ 65,794
Building and improvements	346,527	306,004
Furniture and fixtures	69,438	59,438
Machinery and equipment	361,401	311,864
Property, pland and equipment, gross	850,426	743,100
Less accumulated depreciation	(339,528)	(299,572)
Property, plant and equipment, net	510,898	443,528
Depreciation, Excluding Lessor Asset under Operating Lease	$ 50,400	$ 44,200	$ 42,700

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 400,882	$ 436,569	$ 488,492
Other comprehensive income:
Foreign currency translation adjustments	59,855	(107,691)	(47,693)
Pension liability adjustment, net of tax	11,988	127,995	151,223
Unrealized gain (loss) on interest rate swaps, net of tax	(16,569)	61,638	24,484
Unrealized (loss) gain on certain investments, net of tax	0	(1,330)	1,330
Other Comprehensive Income (Loss), Net of Tax	55,274	80,612	129,344
Comprehensive income	$ 456,156	$ 517,181	$ 617,836

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Jan. 01, 2022

Selling, General and Administrative Expense

$ 4,036,605

$ 4,032,853

$ 3,250,792

Cost of Sales

2,502,543

2,586,299

2,055,932

Gross profit

1,534,062

1,446,554

1,194,860

806,946

797,234

667,976

Restructuring Charges

14,134

9,716

7,655

Impairments

78,114

Merger termination fee

(110,000)

Gain on sale of plant

(763)

Income from operations

^[1]

634,868

639,604

629,992

Net interest expense and deferred financing amortization, net

120,348

88,977

57,157

Net Periodic Benefit Cost, Other Than Service Cost & Curtailment

(9,071)

(42,681)

(45,066)

Other expense (income), net

4,213

28,893

(1,603)

Earnings before income taxes

519,378

564,415

619,504

Provision for income taxes

118,496

127,846

131,012

Net earnings

$ 400,882

$ 436,569

$ 488,492

Net earnings per share:

Basic (in usd per share)

$ 7.48

$ 8.07

$ 8.85

Diluted (in usd per share)

$ 7.41

$ 7.95

$ 8.62

Weighted average number of shares

Basic (in shares)

53,577,000

54,095,000

55,216,000

Dilutive common stock equivalents (in shares)

509,000

852,000

1,449,000

Diluted (in shares)

54,086,000

54,947,000

56,665,000

[1]	Restructuring expenses and impairments are included in operating income of the segment to which they pertain. See note 3(f) and 12 for further details

Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Weighted average number diluted shares outstanding (shares)	509,000	852,000	1,449,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	67,000	73,000	56,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	442,000	779,000	1,393,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 247,496	$ 162,001
Accounts Receivable, Net, Current	644,576	631,134
Inventory, Net	935,867	1,077,729
Prepaid expenses and other	112,690	125,640
Prepaid Taxes	25,230	9,492
Total current assets	1,965,859	2,005,996
Property, Plant and Equipment, Net	510,898	443,528
Goodwill	2,486,310	2,411,834
Other intangibles	1,693,076	1,794,232
Deferred Income Tax Assets, Net	7,945	6,738
Assets for Plan Benefits, Defined Benefit Plan	38,535	0
Other assets	204,069	212,538
Total Assets	6,906,692	6,874,866
Current liabilities:
Current maturities of long-term debt	44,822	45,583
Accounts payable	227,080	271,374
Accrued expenses	579,192	671,327
Total current liabilities	851,094	988,284
Long-term debt	2,380,373	2,676,741
Deferred Tax and Other Liabilities, Noncurrent	216,143	220,204
Liability, Defined Benefit Pension Plan, Noncurrent	12,128	14,948
Other non-current liabilities	197,065	176,942
Stockholders' equity:
Common Stock, Value, Issued	148	147
Paid-in capital	479,216	408,376
Treasury Stock, Value	906,031	831,176
Retained earnings	3,899,754	3,498,872
Accumulated other comprehensive loss	(223,198)	(278,472)
Total stockholders' equity	3,249,889	2,797,747
Total liabilities and stockholders' equity	$ 6,906,692	$ 6,874,866

Revenue Recognition

12 Months Ended

Dec. 30, 2023

Revenue Recognition [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE RECOGNITION

Revenue is recognized when the control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and represents the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The company’s contracts can have multiple performance obligations or just a single performance obligation.

For contracts with multiple performance obligations, the contracts transaction price is allocated to each performance obligation using the company’s best estimate of the standalone selling price of each distinct good or service in the contract. As the company’s standard payment terms are less than one year, the company does not assess whether a contract has a significant financing component. The company treats shipping and handling activities performed after the customer obtains control of the good as a contract fulfillment activity. Sales, use and value added taxes assessed by governmental authorities are excluded from the measurement of the transaction price within the company’s contracts with its customers. The company generally expenses sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses.

Within the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups, the estimated standalone selling price of equipment is based on observable prices. Within the Food Processing Equipment Group, the company estimates the standalone selling price based on expected cost to manufacture the good or complete the service plus an appropriate profit margin.

Control may pass to the customer over time or at a point in time. 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 our long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. Installation services provided in connection with the delivery of the equipment are also generally recognized as those services are rendered. Over time transfer of control is measured using an appropriate input measure (e.g., costs incurred or direct labor hours incurred in relation to total estimate). These measures include forecasts based on the best information available and therefore reflect the company's judgment to faithfully depict the transfer of the goods.

Contract Estimates

Accounting for long-term contracts within the Food Processing Equipment group involves the use of various techniques to estimate total contract revenue and costs. For the company’s long-term contracts, estimated profit for the equipment performance obligations is recognized as the equipment is manufactured and assembled. Profit on the equipment performance obligations is estimated as the difference between the total estimated revenue and expected costs to complete a contract. Contract cost estimates are based on labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials and labor, and the performance of subcontractors. The company does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Contracts within the Commercial Foodservice and Residential Foodservice Equipment groups may contain variable consideration in the form of volume rebate programs. The company’s estimate of variable consideration is based on its experience with similarly situated customers using the portfolio approach.

Disaggregation of Revenue

We disaggregate our net sales by reportable operating segment and geographical location as we believe it best depicts how the nature, timing and uncertainty of our 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 our long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes our net sales by reportable operating segment and geographical location (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Twelve Months Ended December 30, 2023
United States and Canada	$	1,828,416	$	479,312	$	513,333	$	2,821,061
Asia	233,039		40,208		12,611		285,858
Europe and Middle East	369,823		145,293		258,201		773,317
Latin America	90,193		55,805		10,371		156,369
Total	$	2,521,471	$	720,618	$	794,516	$	4,036,605

Twelve Months Ended December 31, 2022
United States and Canada	$	1,750,986	$	426,124	$	701,909	$	2,879,019
Asia	212,182		20,306		32,121		264,609
Europe and Middle East	364,120		100,239		303,840		768,199
Latin America	67,474		43,300		10,252		121,026
Total	$	2,394,762	$	589,969	$	1,048,122	$	4,032,853

Twelve Months Ended January 1, 2022
United States and Canada	$	1,417,506	$	364,894	$	454,375	$	2,236,775
Asia	204,380		17,693		11,154		233,227
Europe and Middle East	344,242		77,702		265,508		687,452
Latin America	48,244		38,846		6,248		93,338
Total	$	2,014,372	$	499,135	$	737,285	$	3,250,792

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 Consolidated Balance Sheet. Contract assets are transferred to receivables when the right to consideration becomes unconditional.

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 Consolidated Balance Sheet. Non-current contract liabilities are recorded in other non-current liabilities in the 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):


	December 30, 2023		December 31, 2022
Contract assets	$	47,072	$	40,438
Contract liabilities	$	118,681	$	185,824
Non-current contract liabilities	$	15,721	$	12,495

During the twelve months period ended December 30, 2023, the company reclassified $29.6 million to accounts receivable which was included in the contract asset balance at the beginning of the period. During the twelve months period ended December 30, 2023, the company recognized revenue of $161.7 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 $121.8 million during the twelve months period ended December 30, 2023. Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during twelve months period ended December 30, 2023.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Non-Cash Share-Based Compensation

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

The company's 2021 Stock Incentive Plan (the "2021 Plan"), allows for the granting of stock options, stock appreciation rights, restricted stock and restricted stock units, performance stock, phantom units and other equity-based awards. The company estimates the fair value of restricted stock grants, restricted stock units and performance stock units at the time of grant and recognizes compensation costs over the vesting period of the grants. The expense, net of forfeitures, is recognized using the straight-line method. Non-cash share-based compensation expense is only recognized for those grants expected to vest. See Note 6, "Common and Preferred Stock," for further information on the company's share-based incentive plans.

Earnings Per Share

“Basic earnings per share” is calculated based upon the weighted average number of common shares actually outstanding, and “diluted earnings per share” is calculated based upon the weighted average number of common shares outstanding and other dilutive securities.

The company’s potentially dilutive securities amounted to 509,000, 852,000 and 1,449,000 for fiscal 2023, 2022 and 2021, respectively. The company's potentially dilutive securities consist of shares issuable on vesting of restricted stock units computed using the treasury method and amounted to approximately 67,000, 73,000 and 56,000 for fiscal 2023, 2022 and 2021, respectively. During fiscal 2023 2022 and 2021, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in approximately 442,000, 779,000 and 1,393,000 diluted common stock equivalents to be included in the diluted net earnings per share, respectively. There have been no material conversions to date. See Note 5, Financing Arrangements, in these Notes to the Consolidated Financial Statements for further details on the Convertible Notes. There were no anti-dilutive equity awards excluded from common stock equivalents for 2023, 2022 or 2021.

Basis of Presentation

The consolidated financial statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. Significant items that are subject to such estimates and judgments include allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves and post-retirement obligations. On an ongoing basis, the company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

Fiscal Period

The company's fiscal year ends on the Saturday nearest December 31. Fiscal years 2023, 2022, and 2021 ended on December 30, 2023, December 31, 2022 and January 1, 2022, respectively, with each year including 52 weeks.

Certain prior year amounts have been reclassified to be consistent with current year presentation.

Cash and Cash Equivalents

The company considers all short-term investments with original maturities of three months or less when acquired to be cash equivalents. The company’s policy is to invest its excess cash in interest-bearing deposits with major banks that are subject to minimal credit and market risk.

Accounts Receivable

Accounts receivable, as shown in the consolidated balance sheets, are net of allowances for doubtful accounts of $23.5 million and $20.3 million at December 30, 2023 and December 31, 2022, respectively. At December 30, 2023, all accounts receivable are expected to be collected within one year.

Inventories

InventoriesInventories are composed of material, labor and overhead and are stated at the lower of cost or net realizable value. 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.

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, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable.

Shipping and Handling Costs

Fees billed to the customer for shipping and handling are classified as a component of net revenues. Shipping and handling costs are included in cost of products sold.

Foreign Currency

The income statements of the company’s foreign operations are translated at the monthly average rates. Assets and liabilities of the company’s foreign operations are translated at exchange rates at the balance sheet date. These translation adjustments are not included in determining net income for the period but are disclosed and accumulated in a separate component of stockholders’ equity. Exchange gains and losses on foreign currency transactions are included in determining net income for the period in which they occur. These transactions amounted to a loss of $8.7 million, loss of $28.1 million and a gain of $0.3 million in 2023, 2022 and 2021, respectively, and are included in other expense on the statements of earnings.

Fair Value Measures

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, which are observable either directly or indirectly

Level 3 – Unobservable inputs based on our own assumptions

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 such matter will have a material adverse effect on its financial condition, results of operations or cash flows of the company.

Goodwill and Other Intangibles

The company’s business acquisitions result in the recognition of goodwill and other intangible assets, which are a significant portion of the company’s total assets. Goodwill represents the excess of acquisition costs over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Identifiable intangible assets are recognized separately from goodwill and include trademarks and trade names, technology, customer relationships and other specifically identifiable assets. Trademarks and trade names are deemed to be indefinite-lived. Goodwill and indefinite-lived intangible assets are not amortized but are subject to impairment testing.

The company performs the annual impairment assessment for goodwill and indefinite-lived intangible assets as of first day of the fourth quarter of the fiscal year and more frequently if indicators of impairment exist. The goodwill impairment test is performed at the reporting unit level. The company initially performs a qualitative analysis to determine if it is more likely than not that the goodwill balance or indefinite-life intangible asset is impaired. In conducting a qualitative assessment, the company analyzes a variety of events or factors that may influence the fair value of the reporting unit or indefinite-life intangible, including, but not limited to: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, share price and other relevant factors.

If an indicator of impairment is determined from the qualitative analysis, then the company will perform a quantitative analysis. The fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the resulting difference will be a charge to impairment of goodwill in the Consolidated Statements of Earnings in the period in which the determination is made. Fair value is determined using a combination of present value techniques and market prices of comparable businesses.

Research and Development Costs

Research and development costs, included in cost of sales in the consolidated statements of earnings, are charged to expense when incurred. These costs were $53.1 million, $48.9 million and $41.8 million in fiscal 2023, 2022 and 2021, respectively.

New Accounting Pronouncements

Accounting Pronouncements - Recently Adopted

In March 2020, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow for derivatives impacted by the rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024. These new standards were effective upon issuance and generally can be applied to applicable contract modifications. All of the company's agreements previously utilizing LIBOR have transitioned to Secured Overnight Financing Rate ("SOFR") on or before July 1, 2023. These changes did not have a material impact on its Consolidated Financial Statements and disclosures.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new accounting rules require entities to apply “Revenue from Contracts with Customers (Topic 606)” to recognize and measure contract assets and contract liabilities in a business combination. The new accounting rules were effective for the Company in the first quarter of 2023. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the company as of January 1, 2023 and only impacts annual financial statement footnote disclosures. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard should be applied prospectively, and it allows for a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures.

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. The new standard expands and clarifies the use of the portfolio layer method for fair value hedges of interest rate risk. The new standard allows non-prepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The new guidance on hedging multiple layers in a closed portfolio should be applied prospectively and the guidance on the accounting for fair value basis adjustments should be applied on a modified retrospective basis. The company adopted this standard in the first quarter of 2023 and it did not have a material impact on its Consolidated Financial Statements and disclosures.

Accounting Pronouncements - To be adopted

In March 2023, the FASB issued Accounting Standards Update ASU 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU clarified the accounting for leasehold improvements for leases under common control. The guidance is effective for the company beginning on January 1, 2024. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.

In November 2023, the FASB issued Accounting Standard Update ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, as well as disclosure of the title and position of the Chief Operating Decision Maker (“CODM”). The guidance is effective for the company beginning on January 1, 2024. Early adoption is permitted. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.

In December 2023, the FASB issued Accounting Standard Update ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table. This ASU requires consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation and requires disclosure of income taxes paid both domestic and foreign jurisdictions. The guidance is effective for the company beginning on January 1, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. Early adoption is permitted. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.

Property, Plant and Equipment

Property, plant and equipment are depreciated or amortized on a straight-line basis over their useful lives based on management's estimates of the period over which the assets will be utilized to benefit the operations of the company. The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes. The company periodically reviews these lives relative to physical factors, economic factors and industry trends. If there are changes in the planned use of property and equipment or if technological changes were to occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of increased depreciation and amortization expense in future periods.

Following is a summary of the estimated useful lives:


Description						Life
Building and improvements						20 to 40 years
Furniture and fixtures						3 to 7 years
Machinery and equipment						3 to 10 years

Common and Preferred Stock - Summary of Nonvested Restricted Share Grant Activity Under 2011 Stock Incentive Plans and Related Information (Details) - $ / shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Nonvested shares, beginning balance (shares)	14,356
Granted (shares)	2,080
Vested (shares)	(3,840)
Forfeited (shares)	(10,516)
Nonvested shares, ending balance (shares)	2,080	14,356
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Nonvested shares, beginning balance (usd per share)	$ 136.13	$ 134.43
Granted (usd per share)	136.13	188.31	$ 181.31
Vested (usd per share)	188.31
Forfeited (usd per share)	114.34
Nonvested shares, ending balance (usd per share)	$ 136.13	$ 134.43
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Nonvested shares, beginning balance (shares)	521,455
Granted (shares)	333,031
Vested (shares)	(194,690)
Forfeited (shares)	(8,065)
Nonvested shares, ending balance (shares)	651,731	521,455
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Nonvested shares, beginning balance (usd per share)	$ 160.15	$ 157.55
Granted (usd per share)	147.13	150.07	$ 166.41
Vested (usd per share)	144.11
Forfeited (usd per share)	158.33
Nonvested shares, ending balance (usd per share)	$ 160.15	$ 157.55

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 30, 2023	Feb. 26, 2024	Jul. 01, 2023
Cover [Abstract]
Document Fiscal Period Focus	FY
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 30, 2023
Document Transition Report	false
Entity File Number	1-9973
Entity Registrant Name	THE MIDDLEBY CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3352497
Entity Address, Address Line One	1400 Toastmaster Drive,
Entity Address, City or Town	Elgin,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60120
City Area Code	(847)
Local Phone Number	741-3300
Title of 12(b) Security	Common stock,
Trading Symbol	MIDD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 7,832,982,469
Entity Common Stock, Shares Outstanding		53,603,418
Entity Central Index Key	0000769520
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false

Convertible Debt Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Debt Disclosure [Line Items]
Contractual interest expense	$ 7,454	$ 7,475	$ 7,454
Interest cost related to amortization of debt issuance costs	3,583	3,587	3,484
Total interest expense	$ 11,037	$ 11,062	$ 10,938

Amount of the cost of borrowed funds accounted for as interest expense.

Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Federal	$ 67,023,000	$ 62,416,000	$ 84,689,000
State and local	15,934,000	23,892,000	24,363,000
Foreign	35,539,000	41,538,000	21,960,000
Total	118,496,000	127,846,000	131,012,000
Current	120,901,000	134,488,000	124,149,000
Deferred	(2,405,000)	(6,642,000)	6,863,000
Income Tax Contingency [Line Items]
Provision for income taxes	118,496,000	127,846,000	$ 131,012,000
Tax Adjustments, Settlements, and Unusual Provisions	$ 7,000,000	$ 13

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Summary of Significant Accounting Policies - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss	$ 0
Goodwill [Roll Forward]
Balance beginning of period	2,411,834	$ 2,243,469
Goodwill, Acquired During Period	41,148	144,627
Measurement period adjustments to goodwill acquired in prior year	6,365	76,267
Exchange effect	(26,963)	52,529
Balance end of period	2,486,310	2,411,834
Commercial Foodservice Equipment Group
Goodwill [Roll Forward]
Balance beginning of period	1,309,776	1,298,369
Goodwill, Acquired During Period	9,640	30,107
Measurement period adjustments to goodwill acquired in prior year	4,825	923
Exchange effect	(4,815)	19,623
Balance end of period	1,329,056	1,309,776
Food Processing Group
Goodwill [Roll Forward]
Balance beginning of period	350,303	237,433
Goodwill, Acquired During Period	17,922	112,254
Measurement period adjustments to goodwill acquired in prior year	1,540	0
Exchange effect	(5,452)	(616)
Balance end of period	375,217	350,303
Residential Kitchen
Goodwill [Roll Forward]
Balance beginning of period	751,755	707,667
Goodwill, Acquired During Period	13,586	2,266
Measurement period adjustments to goodwill acquired in prior year		75,344
Exchange effect	(16,696)	33,522
Balance end of period	$ 782,037	$ 751,755

Segment Information - Results of Business Segments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Jan. 01, 2022

$ 4,036,605

$ 4,032,853

$ 3,250,792

^[1]

634,868

639,604

629,992

^[2]

50,416

44,619

42,681

82,188

93,441

82,562

85,179

67,289

46,551

6,906,692

6,874,866

6,383,598

Commercial Foodservice Equipment Group

^[3]

761,447

662,804

557,667

2,521,471

2,394,762

2,014,372

^[1]

616,224

548,536

421,717

^[4]

^[2]

27,323

24,299

23,742

56,728

54,872

54,461

39,272

28,718

26,022

3,751,746

3,788,245

3,520,821

^[3]

340,375

318,457

291,320

Food Processing Group

720,618

589,969

499,135

^[1]

158,469

107,459

95,818

^[2]

7,949

6,045

5,673

9,271

14,034

9,696

14,999

13,957

9,596

1,009,857

983,797

639,061

^[3]

98,920

84,370

56,207

Residential Kitchen

794,516

1,048,122

737,285

^[1]

(12,450)

127,948

124,701

^[4]

^[2]

13,637

13,596

12,655

9,052

17,376

11,628

25,960

20,604

9,232

1,941,204

1,972,351

2,153,758

^[3]

227,131

151,499

169,028

Corporate and Other

^[5]

^[1],[5],[6]

(127,375)

(144,339)

^[7]

(12,244)

^[7]

^[2],[5]

1,507

679

611

^[5],[6],[8]

7,137

7,159

6,777

^[5]

4,948

4,010

1,701

^[5]

203,885

130,473

69,958

Derivative Instruments and Hedging Activities Disclosure [Abstract]

^[3],[5]

$ 95,021

$ 108,478

$ 41,112

[1]	Restructuring expenses and impairments are included in operating income of the segment to which they pertain. See note 3(f) and 12 for further details
[2]	Includes depreciation on right of use assets.
[3]	Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets.
[4]	Gain on sale of plant is included in Commercial Foodservice and Residential Kitchen for 2021.
[5]	Includes corporate and other general company assets and operations.
[6]	Non-operating expenses are not allocated to the reportable segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations.
[7]	Termination fee from Welbilt merger is included in Corporate and Other.
[8]	Includes amortization of deferred financing costs and Convertible Notes issuance costs.

Financial Instruments (Tables)

12 Months Ended

Dec. 30, 2023

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

A summary of the company’s interest rate swaps is as follows (in thousands):


		Twelve Months Ended
	Location	Dec 30, 2023		Dec 31, 2022
Fair value	Prepaid expenses	$	2,897	$	6,805
Fair value	Other assets	$	39,882	$	58,180


Amount of gain/(loss) recognized in other comprehensive income	Other comprehensive income	$	10,015	$	79,472
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense	$	32,221	$	(3,503)

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$ 23,464	$ 20,295

Summary of Significant Accounting Policies - Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Dec. 30, 2023 USD ($)
Accounting Policies [Abstract]
2024	$ 63,606
2025	57,400
2026	54,208
2027	45,687
2028	39,380
2029 and thereafter	109,559
Future amortization expense, net	$ 369,840

Nature of Operations (Details)	12 Months Ended
Nature of Operations (Details)	Dec. 30, 2023 segment
Regulatory Assets [Line Items]
Number of operating segments	3
United States
Regulatory Assets [Line Items]
Number of manufacturing plants	44
International
Regulatory Assets [Line Items]
Number of manufacturing plants	35

Summary of Significant Accounting Policies - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized pension benefit costs, net of tax	$ 109,713	$ 121,701
Unrealized loss on interest rate swap, net of tax	32,005	48,574
Currency translation adjustments	(145,490)	(205,345)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(223,198)	(278,472)	$ (359,084)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(86,899)	(66,954)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	(31,625)	13,658
Other Comprehensive Income (Loss), Net of Tax	55,274	80,612	129,344
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(145,490)	(205,345)	(97,654)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(59,855)	107,691
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	0	0
Other Comprehensive Income (Loss), Net of Tax	59,855	(107,691)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(109,713)	(121,701)	(249,696)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	11,392	117,840
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	596	10,155
Other Comprehensive Income (Loss), Net of Tax	11,988	127,995
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent \| Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	32,005	48,574	(13,064)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(15,652)	(58,135)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	(32,221)	3,503
Other Comprehensive Income (Loss), Net of Tax	(16,569)	61,638
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	0	$ 1,330
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	1,330
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	0	0
Other Comprehensive Income (Loss), Net of Tax	$ 0	$ (1,330)

Credit Facility (Details) - USD ($) $ in Thousands		12 Months Ended
Credit Facility (Details) - USD ($) $ in Thousands	Oct. 21, 2021	Dec. 30, 2023	Dec. 31, 2022	Aug. 21, 2020
Debt Disclosure [Line Items]
Maximum borrowing capacity	$ 4,500,000			$ 3,100,000
Long-term Line of Credit, Revolving Credit Facility	2,750,000
Term loan facility	1,000,000	$ 945,913	$ 975,785
Delayed draw term loan facility	$ 750,000	$ 726,563	$ 750,000
Term loan facility amortization rate		2.50%
Delayed draw term loan facility, amortization quarter percent	0.625%	0.625%
Long-term line of credit		$ 1,700,000
Term loan facility, gross		950,000
Letters of credit outstanding		1,600
Remaining borrowing capacity		$ 2,800,000
Debt Instrument Interest Additional Interest Above Fed Funds Rate		0.50%
Debt Instrument, Interest Rate, Increase (Decrease)		1.00%
Debt Instrument Interest Additional Interest Above LIBOR Rate, elevated covenants		1.625%
Line Of Credit Facility Commitment Fee Percentage, elevated covenants		0.25%
Credit facility, average interest rate		5.22%
Variable commitment fee		0.25%
Term loan facility average interest rate		5.22%
Line of credit, Current and Noncurrent, Foreign		$ 10,500
Interest rate at period end		2.31%
Derivative Notional Amount, Current		$ 155,000
Derivative Fixed Interest Rate, Current		1.81%
Derivative Notional Amount, NonCurrent		$ 695,000
Derivative Fixed Interest Rate, NonCurrent		1.66%
Debt Instrument, Interest Coverage Ratio Range, Low		300.00%
Debt Instrument, Interest Coverage Ratio Range, High		100.00%
Debt Instrument, Qualified Leverage Ratio Range, Low		375.00%
Debt Instrument, Qualified Leverage Ratio Range, High		425.00%
Debt Instrument, Leverage Ratio Range, High		100.00%
Debt Instrument Interest Additional Interest Above SOFR Rate		1.625%
Debt Instrument Interest Additional Interest Above SOFR Rate Alternative		0.625%
Revolving Credit Facility
Debt Disclosure [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.10%
dollar amount
Debt Disclosure [Line Items]
Maximum borrowing capacity	$ 625,000
Line of Credit Facility, Potential Increase, Percentage	100.00%
Scenario One
Debt Disclosure [Line Items]
Delayed draw term loan facility		$ 727,000

Segment Information

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Segment Information

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. The Food Processing Equipment Group manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry. The Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market.

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. Management believes that intersegment sales are made at established arm's length transfer prices.

The following table summarizes the results of operations for the company’s business segments(1) (dollars in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)		Total
2023
Net sales	$	2,521,471	$	720,618	$	794,516	$	—	$	4,036,605
Income (loss) from operations (3)	616,224		158,469		(12,450)		(127,375)		634,868
Depreciation expense (4)	27,323		7,949		13,637		1,507		50,416
Amortization expense (5)	56,728		9,271		9,052		7,137		82,188
Net capital expenditures	39,272		14,999		25,960		4,948		85,179
Total assets	3,751,746		1,009,857		1,941,204		203,885		6,906,692
Long-lived assets (6)	340,375		98,920		227,131		95,021		761,447

2022
Net sales	$	2,394,762	$	589,969	$	1,048,122	$	—	$	4,032,853
Income (loss) from operations (3)	548,536		107,459		127,948		(144,339)		639,604
Depreciation expense (4)	24,299		6,045		13,596		679		44,619
Amortization expense (5)	54,872		14,034		17,376		7,159		93,441
Net capital expenditures	28,718		13,957		20,604		4,010		67,289
Total assets	3,788,245		983,797		1,972,351		130,473		6,874,866
Long-lived assets (6)	318,457		84,370		151,499		108,478		662,804

2021
Net sales	$	2,014,372	$	499,135	$	737,285	$	—	$	3,250,792
Income (loss) from operations (3,7,8)	421,717		95,818		124,701		(12,244)		629,992
Depreciation expense (4)	23,742		5,673		12,655		611		42,681
Amortization expense (5)	54,461		9,696		11,628		6,777		82,562
Net capital expenditures	26,022		9,596		9,232		1,701		46,551
Total assets	3,520,821		639,061		2,153,758		69,958		6,383,598
Long-lived assets (6)	291,320		56,207		169,028		41,112		557,667

(1)Non-operating expenses are not allocated to the reportable segments. Non-operating expenses consist of interest expense and deferred financing amortization, foreign exchange gains and losses and other income and expense items outside of income from operations.

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

(3)Restructuring expenses and impairments are included in operating income of the segment to which they pertain. See note 3(f) and 12 for further details.

(4)Includes depreciation on right of use assets.

(5)Includes amortization of deferred financing costs and Convertible Notes issuance costs.

(6)Long-lived assets consist of property, plant and equipment, long-term deferred tax assets and other assets.

(7)Termination fee from Welbilt merger is included in Corporate and Other.

(8)Gain on sale of plant is included in Commercial Foodservice and Residential Kitchen for 2021.

Geographic Information

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


	2023		2022		2021
United States and Canada	$	502,479	$	471,375	$	379,431

Asia	40,849		35,965		17,818
Europe and Middle East	205,621		142,326		152,384
Latin America	12,498		13,138		8,034
Total International	258,968		191,429		178,236

	$	761,447	$	662,804	$	557,667

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Lessee, Operating Lease, Liability, Maturity

Lease Commitments (Tables)

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Lease, Cost


Leases (in thousands)	December 30, 2023		December 31, 2022
Operating lease right-of-use assets:
Other assets	$	109,373	$	102,314


Operating lease liabilities:
Accrued expenses	26,417		25,250
Other non-current liabilities	87,550		80,242
Total Liability	$	113,967	$	105,492


Total Lease Commitments (in thousands)	Operating Leases
2024	$	29,818
2025	25,794
2026	22,028
2027	16,381
2028	12,432
2029 and thereafter	19,028
Total future lease commitments	125,481
Less imputed interest	11,514
Total	$	113,967

Other Lease Information


Other Lease Information (in thousands, except lease term and discount rate)	Twelve Months Ended December 30, 2023			Twelve Months Ended December 31, 2022
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	30,117		$	28,104

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	28,524			20,725

	December 30, 2023			December 31, 2022

Weighted-average remaining lease terms - Operating	5.2 years			5.5 years

Weighted-average discount rate - Operating	3.6		%	2.9		%

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 4,036,605	$ 4,032,853	$ 3,250,792
United States And Canada
Disaggregation of Revenue [Line Items]
Net sales	2,821,061	2,879,019	2,236,775
Asia
Disaggregation of Revenue [Line Items]
Net sales	285,858	264,609	233,227
Europe And Middle East
Disaggregation of Revenue [Line Items]
Net sales	773,317	768,199	687,452
Latin America
Disaggregation of Revenue [Line Items]
Net sales	156,369	121,026	93,338
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Net sales	2,521,471	2,394,762	2,014,372
Commercial Foodservice Equipment Group \| United States And Canada
Disaggregation of Revenue [Line Items]
Net sales	1,828,416	1,750,986	1,417,506
Commercial Foodservice Equipment Group \| Asia
Disaggregation of Revenue [Line Items]
Net sales	233,039	212,182	204,380
Commercial Foodservice Equipment Group \| Europe And Middle East
Disaggregation of Revenue [Line Items]
Net sales	369,823	364,120	344,242
Commercial Foodservice Equipment Group \| Latin America
Disaggregation of Revenue [Line Items]
Net sales	90,193	67,474	48,244
Food Processing Group
Disaggregation of Revenue [Line Items]
Net sales	720,618	589,969	499,135
Food Processing Group \| United States And Canada
Disaggregation of Revenue [Line Items]
Net sales	479,312	426,124	364,894
Food Processing Group \| Asia
Disaggregation of Revenue [Line Items]
Net sales	40,208	20,306	17,693
Food Processing Group \| Europe And Middle East
Disaggregation of Revenue [Line Items]
Net sales	145,293	100,239	77,702
Food Processing Group \| Latin America
Disaggregation of Revenue [Line Items]
Net sales	55,805	43,300	38,846
Residential Kitchen
Disaggregation of Revenue [Line Items]
Net sales	794,516	1,048,122	737,285
Residential Kitchen \| United States And Canada
Disaggregation of Revenue [Line Items]
Net sales	513,333	701,909	454,375
Residential Kitchen \| Asia
Disaggregation of Revenue [Line Items]
Net sales	12,611	32,121	11,154
Residential Kitchen \| Europe And Middle East
Disaggregation of Revenue [Line Items]
Net sales	258,201	303,840	265,508
Residential Kitchen \| Latin America
Disaggregation of Revenue [Line Items]
Net sales	$ 10,371	$ 10,252	$ 6,248

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Stockholders' Equity Note [Abstract]

Employee Retirement Plans Summary of the Plans' Net Periodic Pension Cost, Benefit Obligations, Funded Status, and Net Balance Sheet Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Amounts recognized in balance sheet at year end:
Liability, Defined Benefit Pension Plan, Noncurrent	$ 12,128	$ 14,948
Non US Plans
Net Periodic Pension Cost:
Interest cost	46,046	25,032
Expected return on assets	(58,766)	(74,581)
Amortization of net loss	(186)	(3,671)
Amortization of prior service cost	2,601	2,589
Defined Benefit Plan, Net Periodic Benefit Cost	(9,933)	(43,289)
Change in Benefit Obligation:
Benefit obligation – beginning of year	946,153	1,544,147
Interest cost	46,046	25,032
Actuarial loss (gain)	1,970	(409,462)
Net benefit payments	(59,018)	(59,682)
Exchange effect	53,955	(153,882)
Benefit obligation – end of year	989,106	946,153
Change in Plan Assets:
Plan assets at fair value – beginning of year	943,757	1,342,601
Company contributions	6,012	5,442
Investment gain (loss)	81,945	(207,270)
Benefit payments and plan expenses	(59,018)	(59,682)
Exchange effect	54,725	(137,334)
Plan assets at fair value – end of year	1,027,421	943,757
Funded Status:
Unfunded benefit obligation	38,315	2,396
Amounts recognized in balance sheet at year end:
Liability, Defined Benefit Pension Plan, Noncurrent	38,315	2,396
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	103,705	121,292
Current year actuarial gain	(17,079)	(148,515)
Actuarial loss recognized	(150)	(4,272)
Prior service cost recognized	(360)	(7,666)
Total amount recognized	17,589	160,453
Accumulated Benefit Obligation	$ 989,081	$ 946,136
Salary growth rate	0.80%	0.80%
Assumed discount rate	4.60%	4.80%
Expected return on assets	6.20%	6.20%
USPlans
Net Periodic Pension Cost:
Interest cost	$ 1,315	$ 923
Expected return on assets	(873)	(1,073)
Amortization of net loss	(420)	(758)
Amortization of prior service cost	0	0
Defined Benefit Plan, Net Periodic Benefit Cost	862	608
Change in Benefit Obligation:
Benefit obligation – beginning of year	27,550	36,423
Interest cost	1,315	923
Actuarial loss (gain)	539	(8,060)
Net benefit payments	(1,745)	(1,736)
Exchange effect	0	0
Benefit obligation – end of year	27,659	27,550
Change in Plan Assets:
Plan assets at fair value – beginning of year	14,998	18,289
Company contributions	1,114	1,173
Investment gain (loss)	1,384	(2,728)
Benefit payments and plan expenses	(1,745)	(1,736)
Exchange effect	0	0
Plan assets at fair value – end of year	15,751	14,998
Funded Status:
Unfunded benefit obligation	11,908	12,552
Amounts recognized in balance sheet at year end:
Liability, Defined Benefit Pension Plan, Noncurrent	11,908	12,552
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	2,011	2,402
Current year actuarial gain	28	(4,259)
Actuarial loss recognized	(420)	(758)
Prior service cost recognized	0	0
Total amount recognized	392	5,017
Accumulated Benefit Obligation	$ 27,659	$ 27,550
Assumed discount rate	4.80%	4.90%
Expected return on assets	6.00%	6.00%

Common and Preferred Stock

12 Months Ended

Dec. 30, 2023

Common and Preferred Stock

COMMON AND PREFERRED STOCK

(a) Shares Authorized

At December 30, 2023 and December 31, 2022, the company had 95,000,000 authorized shares of common stock and 2,000,000 authorized shares of non-voting preferred stock.

(b) Treasury Stock

In November 2017, the company's Board of Directors approved a stock repurchase program authorizing the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. In May 2022, the company's Board of Directors approved the company to repurchase an additional 2,500,000 shares of its outstanding common stock under the current program. During 2022, the company repurchased 1,553,961 shares of its common stock under the program for $249.0 million, including applicable commissions, which represented an average price of $160.27. During 2023, the company repurchased 397,738 shares of its common stock under the program for $55.6 million, including applicable commissions and excise tax, which represented an average price of $139.68. As of December 30, 2023, 3,116,364 shares had been purchased under the 2017 stock repurchase program and 1,883,636 remain authorized for repurchase.

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. During 2022, the company repurchased 90,243 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $15.8 million. During 2023, the company repurchased 126,704 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $19.8 million.

The company maintains an incentive plan under which the company's Board of Directors grants share-based awards to key employees. On May 10, 2021, the 2021 Stock Incentive Plan (the "2021 Plan") was approved, which included a maximum amount of 1,350,000 shares allowed to be awarded plus the shares remaining for future grants under the 2011 Stock Incentive Plan (the "2011 Plan") as of the approval date and any shares outstanding that are subsequently forfeited or expired. Thus, no further shares are available to grant under the 2011 Plan and the maximum amount of shares available for future grants under the 2021 Plan as of December 30, 2023 is 987,922.

Non-cash share-based compensation of $51.0 million, $58.4 million and $42.3 million was recognized for fiscal 2023, 2022 and 2021, respectively, associated with restricted share grants and restricted stock units. The company recorded a related tax benefit of $0.8 million, $1.3 million and less than $0.4 million in fiscal 2023, 2022 and 2021, respectively.

Restricted share grants:

The company has issued restricted share grant awards, which are generally time and performance based and were not subject to market conditions. The fair value of restricted share grants represents the closing share price of the company's stock as of the date of the grant and is recognized over the vesting period of the awards. The weighted average grant date fair value was $136.13, $188.31 and $181.31 per share for restricted share grants in fiscal 2023, 2022 and 2021 respectively, which represents the closing share price of the company’s stock as of the date of grant. The approximate fair value of restricted shares vested were $0.6 million, $29.1 million, $7.3 million for fiscal 2023, 2022 and 2021, respectively.

A summary of the company’s nonvested restricted share grant activity and their corresponding fair value on the date of grant for fiscal year ended December 30, 2023 is as follows:


	Shares	Weighted Average Grant-Date Fair Value






Nonvested shares at December 31, 2022	14,356	$	134.43

Granted	2,080	136.13
Vested	(3,840)	188.31
Forfeited	(10,516)	114.34

Nonvested shares at December 30, 2023	2,080	$	136.13

Restricted stock units:

During 2020, the company began granting restricted stock units, which entitle the holder to shares of common stock subject to time vesting and the achievement of certain market and performance goals. The fair value for time-based units are valued at the closing share price of the company’s stock as of the date of the grant and the fair value for performance units are based upon valuations using the Monte Carlo Methodology. Compensation expense is recognized over the performance measurement period of the units in accordance with ASC 718 Stock Compensation for awards with market and performance vesting conditions.

Time vesting units vest equally over two or three years and performance units vest based on achievement of certain company performance criteria over the two or three year period, as set forth in the grant agreement ranging from 0 to 200% of the target shares granted. The weighted average grant date fair value was $147.13, $150.07 and $166.41 per share for restricted stock units in fiscal 2023, 2022 and 2021, respectively. The approximate fair value of restricted stock units vested were $30.1 million for fiscal 2023.

A summary of the company’s nonvested restricted stock unit activity at target shares and their corresponding fair value on the date of grant for fiscal year ended December 30, 2023 is as follows:


	Units	Weighted Average Grant-Date Fair Value






Nonvested shares at December 31, 2022	521,455	$	157.55

Granted	333,031	147.13
Vested	(194,690)	144.11
Forfeited	(8,065)	158.33

Nonvested shares at December 30, 2023	651,731	$	160.15

As of December 30, 2023, there was $70.8 million of total unrecognized compensation cost related to nonvested restricted stock unit compensation arrangements, if all performance conditions are fully achieved. The remaining weighted average life is 1.76 years.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Inventory, Current

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Permanently Reinvested Foreign Earnings	$ 12,000	$ 10,000
Deferred Tax Liabilities, Undistributed Foreign Earnings	757,000
Operating Loss Carryforwards	12,989	12,964
Deferred Tax Assets, Operating Loss Carryforwards	9,600
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	3,100
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	6,500
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	12,500
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	47,800
Deferred Tax Assets, Valuation Allowance	38,400
Unrecognized tax benefits rleated to federal, state and foreign taxes	33,922	33,648	$ 36,209
Unrecognized tax benefits related to federal, state and foreign taxes that would impact the effective tax rate if recognized	33,900
Unrecognized tax benefits, accured interest	9,400
Unrecognized tax benefits, penalties	7,000
Unrecognized tax benefits, interest recognized	1,400	600	900
Unrecognized tax benefits, penalties recognized	0	$ 200	$ 1,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 4,900

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Inventories at December 30, 2023 and December 31, 2022 are as follows (in thousands):


	2023		2022
Raw materials and parts	$	495,488	$	595,325
Work in process	80,102		86,083
Finished goods	360,277		396,321
	$	935,867	$	1,077,729

Property, Plant and Equipment

Property, plant and equipment are carried at cost as follows (in thousands):


	2023		2022
Land	$	73,060	$	65,794
Building and improvements	346,527		306,004
Furniture and fixtures	69,438		59,438
Machinery and equipment	361,401		311,864
	850,426		743,100
Less accumulated depreciation	(339,528)		(299,572)
	$	510,898	$	443,528

Schedule Of Useful Lives For Property Plant Equipment

Following is a summary of the estimated useful lives:


Description						Life
Building and improvements						20 to 40 years
Furniture and fixtures						3 to 7 years
Machinery and equipment						3 to 10 years

Schedule of Goodwill

Goodwill is allocated to the business segments as follows (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Balance as of January 1, 2022	$	1,298,369	$	237,433	$	707,667	$	2,243,469

Goodwill acquired during the year	30,107		112,254		2,266		144,627
Measurement period adjustments to goodwill acquired in prior year	923		—		75,344		76,267
Exchange effect	(19,623)		616		(33,522)		(52,529)

Balance as of December 31, 2022	$	1,309,776	$	350,303	$	751,755	$	2,411,834

Goodwill acquired during the year	9,640		17,922		13,586		41,148
Measurement period adjustments to goodwill acquired in prior year	4,825		1,540				6,365
Exchange effect	4,815		5,452		16,696		26,963

Balance as of December 30, 2023	$	1,329,056	$	375,217	$	782,037	$	2,486,310

Schedule Of Intangible Assets By Major Class

Intangible assets consist of the following (in thousands):


	December 30, 2023					December 31, 2022
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization		Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationships	7.0	$	845,326	$	(529,533)	7.6	$	839,811	$	(460,885)
Backlog	0.0	—		—		0.1	8,301		(6,352)
Developed technology	8.3	98,593		(44,546)		8.3	79,763		(35,797)
		$	943,919	$	(574,079)		$	927,875	$	(503,034)
Indefinite-lived intangible assets:
Trademarks and trade names		$	1,323,236				$	1,369,391

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated future amortization expense of intangible assets is as follows (in thousands):


2024	$	63,606
2025	57,400
2026	54,208
2027	45,687
2028	39,380
2029 and thereafter	109,559
	$	369,840

Schedule of Accrued Liabilities

Accrued expenses consist of the following at December 30, 2023 and December 31, 2022, respectively (in thousands):


	2023		2022
Contract liabilities	$	118,681	$	185,824
Accrued payroll and related expenses	121,514		122,861
Accrued warranty	89,039		82,096
Accrued customer rebates	59,267		70,706
Accrued short-term leases	26,417		25,250
Accrued sales and other tax	24,568		24,044
Accrued professional fees	18,461		19,541
Accrued contingent consideration	17,791		20,529
Accrued agent commission	16,956		17,381

Accrued product liability and workers compensation	11,169		11,326
Other accrued expenses	75,329		91,769

	$	579,192	$	671,327

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets (in thousands):


	2023		2022
Unrecognized pension benefit costs, net of tax of $3,998 and $(1,995)	$	(109,713)	$	(121,701)
Unrealized gain on interest rate swap, net of tax of $11,198 and $16,836	32,005		48,574

Currency translation adjustments	(145,490)		(205,345)

	$	(223,198)	$	(278,472)

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


	Currency Translation Adjustment		Pension Benefit Costs		Unrealized Gain/(Loss) Interest Rate Swap		Unrealized Loss Certain Investments		Total
Balance as of January 1, 2022	$	(97,654)	$	(249,696)	$	(13,064)	1,330		$	(359,084)
Other comprehensive income before reclassification	(107,691)		117,840		58,135		(1,330)		66,954
Amounts reclassified from accumulated other comprehensive income	—		10,155		3,503		—		13,658
Net current-period other comprehensive income	$	(107,691)	$	127,995	$	61,638	(1,330)		$	80,612
Balance as of December 31, 2022	$	(205,345)	$	(121,701)	$	48,574	$	—	$	(278,472)
Other comprehensive income before reclassification	59,855		11,392		15,652		—		86,899
Amounts reclassified from accumulated other comprehensive income	—		596		(32,221)		—		(31,625)
Net current-period other comprehensive income	$	59,855	$	11,988	$	(16,569)	$	—	$	55,274
Balance as of December 30, 2023	$	(145,490)	$	(109,713)	$	32,005	$	—	$	(223,198)

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

The company’s financial assets and liabilities that are measured at fair value are categorized using the fair value hierarchy at December 30, 2023 and December 31, 2022 are as follows (in thousands):


	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of December 30, 2023
Financial Assets:
Interest rate swaps	$	—	$	42,779	$	—	$	42,779
Foreign exchange derivative contracts	$	—	$	29	$	—	$	29

Financial Liabilities:

Contingent consideration	$	—	$	—	$	51,538	$	51,538


As of December 31, 2022
Financial Assets:
Interest rate swaps	$	—	$	64,985	$	—	$	64,985


Financial Liabilities:

Contingent consideration	$	—	$	—	$	47,242	$	47,242
Foreign exchange derivative contracts	$	—	$	474	$	—	$	474

Schedule of Product Warranty Liability

A rollforward of the warranty reserve for the fiscal years 2023 and 2022 are as follows (in thousands):


	2023		2022
Beginning balance	$	82,096	$	80,215
Warranty reserve related to acquisitions	595		3,607
Warranty expense	89,122		70,774
Warranty claims paid	(82,774)		(72,500)
Ending balance	$	89,039	$	82,096

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

The following table represents changes in the fair value of the contingent consideration liabilities for the fiscal years 2023 and 2022:


	December 30, 2023		December 31, 2022
Beginning balance	$	47,242	$	34,983
Payments of contingent consideration	(6,871)		(5,103)
New contingent consideration	15,534		22,299
Changes in fair value	(4,367)		(4,937)
Ending balance	$	51,538	$	47,242

Financing Arrangements - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Oct. 21, 2021
Debt Instrument [Line Items]
Senior secured revolving credit line	$ 0	$ 251,805
Term loan facility	945,913	975,785	$ 1,000,000
Delayed draw term loan facility	726,563	750,000	$ 750,000
Convertible Senior Notes	741,501	737,918
Other debt arrangement	687	899
Total debt	2,425,195	2,722,324
Less: Current maturities of long-term debt	44,822	45,583
Long-term debt	2,380,373	2,676,741
Foreign loans [Member]
Debt Instrument [Line Items]
Foreign loans	$ 10,531	$ 5,917

Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Jan. 01, 2022

Finite-Lived Intangible Assets, Accumulated Amortization

$ 943,919

$ 927,875

(574,079)

(503,034)

Finite-Lived Intangible Assets, Amortization Expense

75,000

$ 86,300

$ 75,800

Goodwill and Intangible Asset Impairment

$ 78,100

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of Presentation

Certain prior year amounts have been reclassified to be consistent with current year presentation.

(b)Cash and Cash Equivalents

(c)Accounts Receivable

(d) Inventories

Inventories are composed of material, labor and overhead and are stated at the lower of cost or net realizable value. 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 December 30, 2023 and December 31, 2022 are as follows (in thousands):


	2023		2022
Raw materials and parts	$	495,488	$	595,325
Work in process	80,102		86,083
Finished goods	360,277		396,321
	$	935,867	$	1,077,729

(e)Property, Plant and Equipment

Property, plant and equipment are carried at cost as follows (in thousands):


	2023		2022
Land	$	73,060	$	65,794
Building and improvements	346,527		306,004
Furniture and fixtures	69,438		59,438
Machinery and equipment	361,401		311,864
	850,426		743,100
Less accumulated depreciation	(339,528)		(299,572)
	$	510,898	$	443,528

Following is a summary of the estimated useful lives:


Description						Life
Building and improvements						20 to 40 years
Furniture and fixtures						3 to 7 years
Machinery and equipment						3 to 10 years

Depreciation expense amounted to $50.4 million, $44.2 million and $42.7 million in fiscal 2023, 2022 and 2021, respectively.

Expenditures which significantly extend useful lives are capitalized. Maintenance and repairs are charged to expense as incurred. Asset impairments are recorded whenever events or changes in circumstances indicate that the recorded value of an asset is greater than the sum of its expected future undiscounted cash flows. Asset impairments are recorded at the amount by which the recorded value of an asset exceeds its fair value.

(f)Goodwill and Other Intangibles

The company performed a qualitative assessment as of October 1, 2023 over all three reporting units. As a result of the financial performance for the Residential Kitchen reporting unit, the company completed a quantitative analysis. The primary indicator of impairment was market conditions resulting in lower than expected revenue performance in the current year and forecasted revenues for future periods. The fair value of the reporting unit exceeded its carrying unit by more than 10% and no impairment of goodwill was recognized. The company believes the assumptions utilized within the qualitative analysis are reasonable and consistent with assumptions that would be used by other marketplace participants.

Based on the qualitative assessment for all other reporting units it was determined there was no impairment of goodwill. The company has not recognized any goodwill impairments and therefore there are no accumulated impairment losses.

Goodwill is allocated to the business segments as follows (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Balance as of January 1, 2022	$	1,298,369	$	237,433	$	707,667	$	2,243,469

Goodwill acquired during the year	30,107		112,254		2,266		144,627
Measurement period adjustments to goodwill acquired in prior year	923		—		75,344		76,267
Exchange effect	(19,623)		616		(33,522)		(52,529)

Balance as of December 31, 2022	$	1,309,776	$	350,303	$	751,755	$	2,411,834

Goodwill acquired during the year	9,640		17,922		13,586		41,148
Measurement period adjustments to goodwill acquired in prior year	4,825		1,540				6,365
Exchange effect	4,815		5,452		16,696		26,963

Balance as of December 30, 2023	$	1,329,056	$	375,217	$	782,037	$	2,486,310

Intangible assets consist of the following (in thousands):


	December 30, 2023					December 31, 2022
	Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization		Estimated Weighted Avg Remaining Life	Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationships	7.0	$	845,326	$	(529,533)	7.6	$	839,811	$	(460,885)
Backlog	0.0	—		—		0.1	8,301		(6,352)
Developed technology	8.3	98,593		(44,546)		8.3	79,763		(35,797)
		$	943,919	$	(574,079)		$	927,875	$	(503,034)
Indefinite-lived intangible assets:
Trademarks and trade names		$	1,323,236				$	1,369,391

The company completed its annual impairment assessment for indefinite-lived intangible assets as of October 1, 2023. We identified indicators of impairment with certain trademarks within the each of its reporting units based on the qualitative assessment. The primary indicator of impairment was market conditions resulting in lower than expected revenue performance in the current year and forecasted revenues for future periods.

Based on the results of the quantitative assessments, the company recorded impairment charges of $78.1 million associated with several trademarks, of which $76.1 million was associated with the Residential Kitchen Equipment Group and $2.0 million with the Commercial Foodservice Equipment Group. The gross value of all trademarks tested was approximately $246.2 million, including the impaired trademarks. The fair values of the other trademarks tested with no impairment per the analyses, exceeded their carrying values by 10% or more.

The Kamado Joe, Masterbuilt and Char-Griller trademarks within the Residential Kitchen Equipment Group were impaired based on the quantitative assessments. The fair value of trademarks were estimated to be $122.3 million as compared to the carrying value of $198.4 million and resulted in a $76.1 million indefinite-lived intangible asset impairment charge. The diminution in fair value for the trademarks was macroeconomic conditions such as higher inventory levels in the channel following periods of disruption in supply chain and inflationary pressures on the carrying costs of inventory levels in the retail industry. This led to lower than expected revenue in the current year and corresponding reductions of future revenue due to expectations for recovery in demand. The company estimated the fair value of the trademarks using a relief from royalty method under the income approach. In performing the quantitative analyses on these trademark, significant assumptions include revenue growth rates, assumed royalty rates and the discount rate. The company believes the assumptions utilized within the quantitative analysis are reasonable and consistent with assumptions that would be used by other marketplace participants.

Collectively, for the Kamado Joe, Masterbuilt and Char-Griller trademarks, a 10.0% reduction in revenues would result in an impairment charge of approximately $11.3 million. A 50 basis point reduction of the royalty rates would result in an impairment charge of approximately $13.4 million. A 50 basis point increase in the discount rates would result in an impairment charge of approximately $7.5 million.

The company performed a qualitative assessment as of October 1, 2023 for all other trademarks and trade names and determined it is more like than not that the fair value of its other indefinite-life intangible assets are greater than the carrying amounts.

The company elected to perform a qualitative assessment on the other indefinite-life intangible assets noting no events that indicated that the fair value was less than the carrying value that would require a quantitative impairment assessment.

The estimates of future cash flows used in determining the fair value of goodwill and indefinite-lived intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The company continues to monitor global and regional economic market conditions, channel inventory levels, and the underlying demand for its products to assess the impact on its business and financial performance. The actual cash flows could differ materially from management's estimates due to changes in business conditions, operating performance and economic conditions.

Definite-lived intangible assets are amortized over their estimated useful lives and tested for impairment in accordance with the methodology discussed above under "Property, Plant and Equipment."

The aggregate intangible amortization expense was $75.0 million, $86.3 million and $75.8 million in 2023, 2022 and 2021, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):


2024	$	63,606
2025	57,400
2026	54,208
2027	45,687
2028	39,380
2029 and thereafter	109,559
	$	369,840

(g) Accrued Expenses

Accrued expenses consist of the following at December 30, 2023 and December 31, 2022, respectively (in thousands):


	2023		2022
Contract liabilities	$	118,681	$	185,824
Accrued payroll and related expenses	121,514		122,861
Accrued warranty	89,039		82,096
Accrued customer rebates	59,267		70,706
Accrued short-term leases	26,417		25,250
Accrued sales and other tax	24,568		24,044
Accrued professional fees	18,461		19,541
Accrued contingent consideration	17,791		20,529
Accrued agent commission	16,956		17,381

Accrued product liability and workers compensation	11,169		11,326
Other accrued expenses	75,329		91,769

	$	579,192	$	671,327

(h)Litigation Matters

(i)Accumulated Other Comprehensive Income (Loss)

The following table summarizes the components of accumulated other comprehensive income (loss) as reported in the consolidated balance sheets (in thousands):


	2023		2022
Unrecognized pension benefit costs, net of tax of $3,998 and $(1,995)	$	(109,713)	$	(121,701)
Unrealized gain on interest rate swap, net of tax of $11,198 and $16,836	32,005		48,574

Currency translation adjustments	(145,490)		(205,345)

	$	(223,198)	$	(278,472)

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


	Currency Translation Adjustment		Pension Benefit Costs		Unrealized Gain/(Loss) Interest Rate Swap		Unrealized Loss Certain Investments		Total
Balance as of January 1, 2022	$	(97,654)	$	(249,696)	$	(13,064)	1,330		$	(359,084)
Other comprehensive income before reclassification	(107,691)		117,840		58,135		(1,330)		66,954
Amounts reclassified from accumulated other comprehensive income	—		10,155		3,503		—		13,658
Net current-period other comprehensive income	$	(107,691)	$	127,995	$	61,638	(1,330)		$	80,612
Balance as of December 31, 2022	$	(205,345)	$	(121,701)	$	48,574	$	—	$	(278,472)
Other comprehensive income before reclassification	59,855		11,392		15,652		—		86,899
Amounts reclassified from accumulated other comprehensive income	—		596		(32,221)		—		(31,625)
Net current-period other comprehensive income	$	59,855	$	11,988	$	(16,569)	$	—	$	55,274
Balance as of December 30, 2023	$	(145,490)	$	(109,713)	$	32,005	$	—	$	(223,198)

(1) As of December 30, 2023 pension and unrealized gain/(loss) interest rate swap amounts are net of tax of $4.0 million, and $11.2 million, respectively. During the twelve months ended December 30, 2023, the adjustments to pension benefit costs and unrealized gain/(loss) interest rate swap were net of tax of $6.0 million and $(5.6) million, respectively.

(j) Fair Value Measures

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

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

Level 3 – Unobservable inputs based on our own assumptions


	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of December 30, 2023
Financial Assets:
Interest rate swaps	$	—	$	42,779	$	—	$	42,779
Foreign exchange derivative contracts	$	—	$	29	$	—	$	29

Financial Liabilities:

Contingent consideration	$	—	$	—	$	51,538	$	51,538


As of December 31, 2022
Financial Assets:
Interest rate swaps	$	—	$	64,985	$	—	$	64,985


Financial Liabilities:

Contingent consideration	$	—	$	—	$	47,242	$	47,242
Foreign exchange derivative contracts	$	—	$	474	$	—	$	474

The contingent consideration, as of December 30, 2023 and December 31, 2022, 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 agreements. On a quarterly basis, the company assesses the projected results for each of the acquisitions in comparison to the earnout targets and adjusts the liability accordingly. Discount rates for valuing contingent consideration are determined based on the company rates and specific acquisition risk considerations. Changes in fair value associated with the earnout provisions are recognized in Selling, general and administrative expenses within the Consolidated Statements of Earnings.

The following table represents changes in the fair value of the contingent consideration liabilities for the fiscal years 2023 and 2022:


	December 30, 2023		December 31, 2022
Beginning balance	$	47,242	$	34,983
Payments of contingent consideration	(6,871)		(5,103)
New contingent consideration	15,534		22,299
Changes in fair value	(4,367)		(4,937)
Ending balance	$	51,538	$	47,242

(k)Foreign Currency

(l)Shipping and Handling Costs

Fees billed to the customer for shipping and handling are classified as a component of net revenues. Shipping and handling costs are included in cost of products sold.

(m)Warranty Costs

A rollforward of the warranty reserve for the fiscal years 2023 and 2022 are as follows (in thousands):


	2023		2022
Beginning balance	$	82,096	$	80,215
Warranty reserve related to acquisitions	595		3,607
Warranty expense	89,122		70,774
Warranty claims paid	(82,774)		(72,500)
Ending balance	$	89,039	$	82,096

(n)Research and Development Costs

(o)Non-Cash Share-Based Compensation

(p)Earnings Per Share

(q)Consolidated Statements of Cash Flows

Cash paid for interest was $119.2 million, $77.2 million and $50.6 million in fiscal 2023, 2022 and 2021, respectively. Cash payments totaling $139.7 million, $114.0 million, and $125.8 million were made for income taxes during fiscal 2023, 2022 and 2021, respectively.

(r)New Accounting Pronouncements

Accounting Pronouncements - Recently Adopted

Accounting Pronouncements - To be adopted

Commercial Foodservice Equipment Group

Goodwill and Intangible Asset Impairment

$ 2,000

Residential Kitchen

Goodwill and Intangible Asset Impairment

$ 76,100

Scenario One

Impaired Intangible Asset, Facts and Circumstances Leading to Impairment

11.3 million

Scenario Two

Impaired Intangible Asset, Facts and Circumstances Leading to Impairment

13.4 million

Scenario Three

Impaired Intangible Asset, Facts and Circumstances Leading to Impairment

7.5 million

Customer Lists

Estimated Weighted Avg Remaining LIfe

7 years

7 years 7 months 6 days

Finite-Lived Intangible Assets, Accumulated Amortization

$ 845,326

$ 839,811

$ (529,533)

$ (460,885)

Service Backlog

Estimated Weighted Avg Remaining LIfe

0 years

1 month 6 days

Finite-Lived Intangible Assets, Accumulated Amortization

$ 0

$ 8,301

$ 0

$ (6,352)

Developed Technology Rights

Estimated Weighted Avg Remaining LIfe

8 years 3 months 18 days

Finite-Lived Intangible Assets, Accumulated Amortization

$ 98,593

$ 79,763

(44,546)

(35,797)

Tradenames And Trademarks

Tradenames And Trademarks | Tradenames And Trademarks

1,323,236

$ 1,369,391

Tradenames And Trademarks | Scenario One

246,200

Tradenames And Trademarks | Scenario Two

122,300