0000769520-24-000018 | 10-Q | XBRL Viewer

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 March 30, 2024 and December 30, 2023 are as follows (in thousands):


	Mar 30, 2024		Dec 30, 2023
Raw materials and parts	$	498,418	$	495,488
Work-in-process	80,496		80,102
Finished goods	364,765		360,277
	$	943,679	$	935,867

Convertible Debt Additional Information (Details) $ in Millions	Mar. 30, 2024 USD ($)
Convertible Debt
Debt Disclosure [Line Items]
Notes Payable, Fair Value Disclosure	$ 977.9

Financing Arrangements	3 Months Ended
Financing Arrangements	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Financing Arrangements	9.7 million

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Net Sales Summary (Details) - USD ($) $ in Thousands	3 Months Ended
Net Sales Summary (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 926,926	$ 1,007,396
Percent	100.00%	100.00%
Commercial Foodservice Equipment Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 590,344	$ 613,935
Percent	63.70%	61.00%
Food Processing Group
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 162,683	$ 173,503
Percent	17.50%	17.20%
Residential Kitchen
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 173,899	$ 219,958
Percent	18.80%	21.80%

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.

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Disclosure Other Comprehensive Income Additional Information [Abstract]

Carrying Value and Estimated Aggregate Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Carrying Value	$ 2,414,650	$ 2,425,195
Derivative Fixed Interest Rate, Noncurrent	1.64%
Debt excluding convertible senior notes
Debt Disclosure [Line Items]
Carrying Value	$ 1,672,251	1,683,694
Fair Value	$ 1,675,993	$ 1,687,781

Capped Call Information (Details) - USD ($)	3 Months Ended
Capped Call Information (Details) - USD ($)	Mar. 30, 2024	Mar. 22, 2022	Dec. 22, 2021	Dec. 16, 2021	Aug. 21, 2020
2021 Capped Call Transaction One
Debt Disclosure [Line Items]
54600000	$ 54,600,000
2022 Capped Call Transaction
Debt Disclosure [Line Items]
54600000	$ 9,700,000
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Capped Call Transaction, Net Cost					$ 104,700,000
54600000					$ 207.93
Convertible Debt \| 2021 Capped Call Transaction One
Debt Disclosure [Line Items]
54600000				$ 216.50
Convertible Debt \| 2022 Capped Call Transaction
Debt Disclosure [Line Items]
54600000		$ 229.00
Convertible Debt \| 2021 Capped Call Transaction Two
Debt Disclosure [Line Items]
54600000			$ 225.00

Long-Lived Assets by Major Geographic Region (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 765,687	$ 675,389
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	506,334	476,073
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	39,136	36,597
Europe and Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	207,847	149,031
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	12,370	13,688
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 259,353	$ 199,316

Other Comprehensive Income (Tables)

3 Months Ended

Mar. 30, 2024

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

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


	Currency Translation Adjustment		Pension Benefit Costs		Unrealized Gain/(Loss) Interest Rate Swap		Total
Balance as of December 30, 2023	$	(145,490)	$	(109,713)	$	32,005	$	(223,198)
Other comprehensive income before reclassification	(26,486)		619		10,956		(14,911)
Amounts reclassified from accumulated other comprehensive income	—		432		(7,566)		(7,134)
Net current-period other comprehensive income	$	(26,486)	$	1,051	$	3,390	$	(22,045)
Balance as of March 30, 2024	$	(171,976)	$	(108,662)	$	35,395	$	(245,243)

Balance as of December 31, 2022	$	(205,345)	$	(121,701)	$	48,574	$	(278,472)
Other comprehensive income before reclassification	26,959		(3,479)		(1,312)		22,168
Amounts reclassified from accumulated other comprehensive income	—		670		(7,009)		(6,339)
Net current-period other comprehensive income	$	26,959	$	(2,809)	$	(8,321)	$	15,829
Balance as of April 1, 2023	$	(178,386)	$	(124,510)	$	40,253	$	(262,643)

Schedule of Comprehensive Income (Loss)

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


	Three Months Ended
		Mar 30, 2024		Apr 1, 2023
Net earnings		$	86,568	$	99,089
Currency translation adjustment		(26,486)		26,959
Pension liability adjustment, net of tax		1,051		(2,809)
Unrealized gain (loss) on interest rate swaps, net of tax		3,390		(8,321)

Comprehensive income		$	64,523	$	114,918

Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 267,500	$ 253,100
Prepaid Expenses and Other Current Assets \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	1,630	2,897
Other Noncurrent Assets \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Interest Rate Fair Value Hedge Asset at Fair Value	$ 44,430	$ 39,882

Financing Arrangements (Tables)

3 Months Ended

Mar. 30, 2024

Schedule of Long-term Debt Instruments


	Mar 30, 2024		Dec 30, 2023
	(in thousands)

Term loan facility	940,008		945,913
Delayed draw term loan facility	721,875		726,563
Convertible senior notes	742,399		741,501
Foreign loans	9,735		10,531
Other debt arrangement	633		687
Total debt	2,414,650		2,425,195
Less: Current maturities of long-term debt	44,543		44,822
Long-term debt	$	2,370,107	$	2,380,373

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

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Disclosure Accrued Expenses [Abstract]

Accrued Expenses (Tables)

3 Months Ended

Mar. 30, 2024

Schedule of Accrued Liabilities

Accrued expenses consist of the following (in thousands):


	Mar 30, 2024		Dec 30, 2023
Accrued payroll and related expenses	$	118,573	$	121,514
Contract liabilities	110,673		118,681
Accrued warranty	89,340		89,039
Accrued customer rebates	33,962		59,267
Accrued short-term leases	26,078		26,417
Accrued contingent consideration	25,558		17,791
Accrued professional fees	23,254		18,461
Accrued sales and other tax	21,078		24,568
Accrued agent commission	14,476		16,956
Accrued product liability and workers compensation	11,455		11,169

Other accrued expenses	88,461		75,329

	$	562,908	$	579,192

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2022 Acquisitions (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,473,323	$ 2,486,310
Business Combination, Contingent Consideration, Liability	25,558	17,791
Food Processing Group
Business Acquisition [Line Items]
Goodwill	371,857	375,217
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,322,969	1,329,056
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	778,497	$ 782,037
2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	$ 5

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Warranty Costs

3 Months Ended

Mar. 30, 2024

Revenue from Contract with Customer, Excluding Assessed Tax

Warranty Costs

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

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


	Three Months Ended
	Mar 30, 2024
Balance as of December 30, 2023	$	89,039

Warranty expense	22,837
Warranty claims	(22,536)
Balance as of March 30, 2024	$	89,340

Employee Retirement Plans Additional Information (Details) - Non-US Plans - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 10,780	$ 11,138
Expected return on assets	(15,297)	(14,219)
Amortization of net loss	13	7
Amortization of prior service cost	659	631
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (3,845)	$ (2,443)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

3 Months Ended

Mar. 30, 2024

Apr. 01, 2023

$ 926,926

$ 1,007,396

Cost of sales

580,568

628,661

Gross profit

346,358

378,735

Selling, General and Administrative Expense

206,048

215,407

Restructuring Charges

3,177

2,306

Net interest expense and deferred financing amortization, net

^[1],[2]

137,133

161,022

26,274

29,462

Net periodic pension benefit (other than service costs)

(3,678)

(2,251)

Other (income) expense, net

(300)

1,896

Earnings before income taxes

114,837

131,915

Provision for income taxes

28,269

32,826

Net earnings

$ 86,568

$ 99,089

Net earnings per share:

Earnings Per Share, Basic

$ 1.61

$ 1.85

Earnings Per Share, Diluted

$ 1.59

$ 1.82

Weighted average number of shares

Basic (in shares)

53,654,000

53,594,000

Dilutive common stock equivalents (in shares)

740,000

783,000

Diluted (in shares)

54,394,000

54,377,000

Comprehensive income

$ 64,523

$ 114,918

[1]	.
[2]	Restructuring expenses are allocated in operating income by segment. (4)Includes depreciation on right of use assets.

Acquisitions and Purchase Accounting Estimated Fair Value of Assets Acquired and Liabilities Assumed - 2023 Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,473,323	$ 2,486,310
Business Combination, Contingent Consideration, Liability	25,558	17,791
Commercial Foodservice Equipment Group
Business Acquisition [Line Items]
Goodwill	1,322,969	1,329,056
Food Processing Group
Business Acquisition [Line Items]
Goodwill	371,857	375,217
Residential Kitchen
Business Acquisition [Line Items]
Goodwill	778,497	$ 782,037
2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	33,615
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	3,102
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	10,062
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	21,740
Goodwill	41,412
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	33,615
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(4,920)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(12,315)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	91,759
Business Combination, Contingent Consideration, Liability	14,959
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	106,718
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(942)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	(900)
Business Acquisition, Goodwill, Expected Tax Deductible Amount	39,700
Business Combination, Intangible Assets, Other than Goodwill, Expected Tax Deductible Amount	32,200
2023 Acquisitions \| Book and tax difference, identifiable intangible assets
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	300
2023 Acquisitions \| Book and tax difference, identifiable tangible assets and liabilities
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Net	600
2023 Acquisitions \| Commercial Foodservice Equipment Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	14,100
Business Acquisition [Line Items]
Goodwill	9,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	14,100
2023 Acquisitions \| Food Processing Group
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
Business Acquisition [Line Items]
Goodwill	17,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,800
2023 Acquisitions \| Residential Kitchen
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11,700
Business Acquisition [Line Items]
Goodwill	13,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	11,700
2023 Acquisitions \| Customer Relationships
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7,200
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,200
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2023 Acquisitions \| Developed Technology Rights
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,900
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 7,900
2023 Acquisitions \| Developed Technology Rights \| Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
2023 Acquisitions \| Developed Technology Rights \| Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
2023 Acquisitions \| Backlog
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 600
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 600
2023 Acquisitions \| Backlog \| Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 months
2023 Acquisitions \| Tradenames And Trademarks
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 17,900
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	17,900
2022 Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	5
Initial accounting \| 2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	34,337
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	3,102
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	9,964
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	21,954
Goodwill	38,422
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	34,337
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(3,774)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(12,099)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	90,948
Business Combination, Contingent Consideration, Liability	14,743
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	105,691
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(958)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	0
Measurement period adjustment \| 2023 Acquisitions
Text Block [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(722)
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	98
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	(214)
Goodwill	2,990
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(722)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(1,146)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(216)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Initial Consideration, Net	811
Business Combination, Contingent Consideration, Liability	216
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	1,027
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	16
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	$ 5

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Term loan facility	$ 940,008	$ 945,913
Delayed draw term loan facility	721,875	726,563
Convertible senior notes	742,399	741,501
Other Long-term Debt	633	687
Total debt	2,414,650	2,425,195
Less: Current maturities of long-term debt	44,543	44,822
Long-term debt	2,370,107	2,380,373
Foreign
Debt Disclosure [Line Items]
Foreign loans	$ 9,735	$ 10,531

Goodwill

3 Months Ended

Mar. 30, 2024

Employee Retirement Plans [Abstract]

Goodwill

Changes in the carrying amount of goodwill for the three months ended March 30, 2024 are as follows (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Balance as of December 30, 2023	$	1,329,056	$	375,217	$	782,037	$	2,486,310
Goodwill acquired during the year	—		520		—		520
Measurement period adjustments to goodwill acquired in prior year	265		—		—		265
Exchange effect	(6,352)		(3,880)		(3,540)		(13,772)
Balance as of March 30, 2024	$	1,322,969	$	371,857	$	778,497	$	2,473,323

The annual impairment assessment for goodwill and indefinite-lived intangible assets is performed as of the first day of the fourth quarter and since that assessment, the company does not believe there are any indicators of impairment requiring subsequent analysis. This is supported by the review of order rates, backlog levels and financial performance across business segments.

Employee Retirement Plans (Tables)

3 Months Ended

Mar. 30, 2024

Schedule of Costs of Retirement Plans [Table Text Block]

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


	Three Months Ended
		Mar 30, 2024		Apr 1, 2023
Net Periodic Pension Benefit:
Interest cost		$	10,780	$	11,138
Expected return on assets		(15,297)		(14,219)
Amortization of net loss		13		7
Amortization of prior service cost		659		631


		$	(3,845)	$	(2,443)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities--
Net earnings	$ 86,568	$ 99,089
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	32,410	34,947
Non-cash share-based compensation	13,822	12,232
Deferred income taxes	(6,309)	(33)
Net periodic pension benefit (other than service costs)	(3,678)	(2,251)
Other Noncash Income (Expense)	691	6,918
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	36,316	(17,625)
Inventories, net	(12,965)	(30,825)
Prepaid expenses and other assets	6,182	4,555
Accounts payable	7,804	8,557
Accrued expenses and other liabilities	(19,940)	(23,562)
Net cash provided by operating activities	140,901	92,002
Cash flows from investing activities--
Additions to property and equipment	(13,743)	(25,485)
Payments to Acquire Intangible Assets	(80)	(1,625)
Acquisitions, net of cash acquired	(2,266)	(9,340)
Net cash (used in) investing activities	(16,089)	(36,450)
Cash flows from financing activities--
Proceeds under Credit Facility	0	195,000
Repayments under Credit Facility	10,938	190,875
Net (repayments) proceeds under foreign bank loan	(570)	197
Repurchase of treasury stock	(16,995)	(67,648)
Other, net	(55)	(51)
Net cash (used in) provided by financing activities	(28,558)	(63,377)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	(2,732)	2,348
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	93,522	(5,477)
Cash and cash equivalents at beginning of year	247,496	162,001
Cash and cash equivalents at end of quarter	341,018	156,524
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Stock issuance related to acquisition and purchase of intangible assets	$ 0	$ 5,173

Inventories (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Notes To Financial Statements [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 498,418	$ 495,488
Inventory, Work in Process, Net of Reserves	80,496	80,102
Inventory, Finished Goods, Net of Reserves	364,765	360,277
Inventories, net	$ 943,679	$ 935,867

Employee Retirement Plans

3 Months Ended

Mar. 30, 2024

Employee Retirement Plans [Abstract]

Employee Retirement Plans

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


	Three Months Ended
		Mar 30, 2024		Apr 1, 2023
Net Periodic Pension Benefit:
Interest cost		$	10,780	$	11,138
Expected return on assets		(15,297)		(14,219)
Amortization of net loss		13		7
Amortization of prior service cost		659		631


		$	(3,845)	$	(2,443)

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

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill (Tables)

3 Months Ended

Mar. 30, 2024

Schedule of Goodwill

Changes in the carrying amount of goodwill for the three months ended March 30, 2024 are as follows (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total
Balance as of December 30, 2023	$	1,329,056	$	375,217	$	782,037	$	2,486,310
Goodwill acquired during the year	—		520		—		520
Measurement period adjustments to goodwill acquired in prior year	265		—		—		265
Exchange effect	(6,352)		(3,880)		(3,540)		(13,772)
Balance as of March 30, 2024	$	1,322,969	$	371,857	$	778,497	$	2,473,323

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Financial Instruments

3 Months Ended

Mar. 30, 2024

Business Combination Disclosure

Financial Instruments

Foreign Exchange: The company uses foreign currency forward, foreign exchange swaps and option purchase and sales contracts to hedge its exposure to changes in foreign currency exchange rates. The company’s primary hedging activities are to mitigate its exposure to changes in exchange rates on intercompany and third-party trade receivables and payables. The company does not currently enter into derivative financial instruments for speculative purposes. In managing its foreign currency exposures, the company identifies and aggregates naturally occurring offsetting positions and then hedges residual balance sheet exposures. The notional amount of foreign currency contracts outstanding was $267.5 million and $253.1 million as of March 30, 2024 and December 30, 2023, respectively. The fair value of the forward and option contracts was a loss of $0.2 million at the end of the first quarter of 2024.

Interest Rate: The company has entered into interest rate swaps to fix the interest rate applicable to certain of its variable-rate debt. The agreements swapped one-month LIBOR for fixed rates. In February 2022, the company entered into an additional floating-to-fixed interest rate swap agreement that uses a daily SOFR in lieu of LIBOR. In April 2023, all outstanding LIBOR swap agreements were amended to one month term SOFR. The company has designated these swaps as cash flow hedges and all changes in fair value of the swaps are recognized in accumulated other comprehensive income. As of March 30, 2024, the fair value of these instruments was an asset of $46.1 million. The change in fair value of these swap agreements in the first three months of 2024 was a gain of $3.4 million, net of taxes.

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


	Condensed Consolidated Balance Sheet Presentation	Mar 30, 2024		Dec 30, 2023
Fair value	Prepaid expense and other	$	1,630	$	2,897
Fair value	Other assets	$	44,430	$	39,882

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


		Three Months Ended
	Presentation of Gain/(loss)		Mar 30, 2024		Apr 1, 2023
Gain/(loss) recognized in accumulated other comprehensive income	Other comprehensive income		$	10,847	$	(4,222)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)	Interest expense		$	7,566	$	7,009

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

Acquisitions and Purchase Accounting

3 Months Ended

Mar. 30, 2024

Business Combinations [Abstract]

Acquisitions and Purchase Accounting

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

The company completed no material acquisitions during the three months ended March 30, 2024.

2023 Acquisitions

During 2023, the company completed various acquisitions that were not individually material. The following estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the acquisition dates for the 2023 acquisitions and are summarized as follows (in thousands):


	Preliminary Opening Balance Sheet		Preliminary Measurement Period Adjustments		Adjusted Opening Balance Sheet
Cash	$	3,102	$	—	$	3,102

Current assets	9,964		98		10,062
Property, plant and equipment	21,954		(214)		21,740
Goodwill	38,422		2,990		41,412
Other intangibles	34,337		(722)		33,615

Other assets	—		5		5

Current liabilities	(3,774)		(1,146)		(4,920)

Long-term deferred tax liability	(958)		16		(942)
Other non-current liabilities	(12,099)		(216)		(12,315)

Consideration paid at closing	$	90,948	$	811	$	91,759


Contingent consideration	14,743		216		14,959

Net assets acquired and liabilities assumed	$	105,691	$	1,027	$	106,718

The net long-term deferred tax liability amounted to $0.9 million. The net deferred tax liability is comprised of $0.3 million related to the difference between the book and tax basis of identifiable intangible assets and $0.6 million related to the difference between the book and tax basis on identifiable tangible asset and liability accounts.

The goodwill and $17.9 million of other intangibles associated with the trade names are subject to the non-amortization provisions of ASC 350. Other intangibles also include $7.2 million allocated to customer relationships, $7.9 million allocated to developed technology, and $0.6 million allocated to backlog, which are being amortized over periods of 7 years, 7 to 12 years, and 9 months, respectively. Goodwill of $17.9 million and other intangibles of $7.8 million are allocated to the Food Processing Equipment Group for segment reporting purposes. Goodwill of $9.9 million and other intangibles of $14.1 million are allocated to the Commercial Foodservice Equipment Group for segment reporting purposes. Goodwill of $13.6 million and other intangibles of $11.7 million are allocated to the Residential Kitchen Equipment Group for segment reporting purposes. Of these assets, goodwill of $39.7 million and intangibles of $32.2 million are expected to be deductible for tax purposes.

Four purchase agreements include earnout provisions providing for a contingent payment due to the sellers for the achievement of certain targets. Four earnouts are payable to the extent certain sales and EBITDA targets are met with measurement dates ending between 2024 and 2026. One earnout is payable upon the achievement of certain product rollout targets specific to the year of measurement. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amount to $15.0 million.

The company believes that information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the company is waiting for additional information necessary to finalize those fair values for certain acquisitions completed during 2023. Certain intangible assets are preliminarily valued using historical information from the Commercial Foodservice Equipment Group, Food Processing Equipment Group and Residential Kitchen Equipment Group, and qualitative assessments of the individual businesses at acquisition date. Specifically, the company estimated the fair values of the intangible assets based on the percentage of purchase price assigned to similar intangible assets in previous acquisitions. Thus, the provisional measurements of fair values set forth above are subject to change. The company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date.

Intangibles

3 Months Ended

Mar. 30, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets Disclosure [Text Block]

Intangibles

Intangible assets consist of the following (in thousands):


	March 30, 2024					December 30, 2023
	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	6.9	$	842,699	$	(542,995)	7.0	$	845,326	$	(529,533)

Developed technology	8.1	98,325		(46,535)		8.3	98,593		(44,546)
		$	941,024	$	(589,530)		$	943,919	$	(574,079)
Indefinite-lived assets:
Trademarks and tradenames		$	1,317,978				$	1,323,236

The aggregate intangible amortization expense was $17.4 million and $21.2 million for the three months period ended March 30, 2024 and April 1, 2023, respectively. The estimated future amortization expense of intangible assets is as follows (in thousands):


Twelve Month Period coinciding with the end of the company's Fiscal First Quarter	Amortization Expense

2025	$	60,802
2026	56,607
2027	52,086
2028	44,031
2029	37,581
Thereafter	100,387
	$	351,494

Share Repurchases	3 Months Ended
Share Repurchases	Mar. 30, 2024
Text Block [Abstract]
Treasury Stock [Text Block]	Share Repurchases 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. The company did not purchase shares of its common stock under the program during the three months ended March 30, 2024. As of March 30, 2024, 3,116,364 shares had been purchased under the stock repurchase program and 1,883,636 shares remained 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 the three months ended March 30, 2024, the company repurchased 109,859 shares of its common stock that were surrendered to the company for withholding taxes related to restricted stock vestings for $17.0 million.

Convertible Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Convertible senior notes	$ 742,399	$ 741,501
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	747,499	747,499
Unamortized Debt Issuance Expense	$ (5,100)	$ (5,998)

Share Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended
Share Repurchases (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023	May 13, 2022	Nov. 07, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,883,636
Treasury Stock, Value, Acquired, Cost Method	$ 16,995	$ 67,871
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired	109,859
Treasury Stock, Value, Acquired, Cost Method	$ 17,000
2017 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			2,500,000	2,500,000
Share Repurchase Program, Number of Shares Repurchased	3,116,364

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.

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Revenue from Contract with Customer [Text Block]

Revenue Recognition Revenue Recognition

3 Months Ended

Mar. 30, 2024

Revenue Recognition [Abstract]

Revenue Recognition

Disaggregation of Revenue

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


	Commercial Foodservice		Food Processing		Residential Kitchen		Total







Three Months Ended March 30, 2024
United States and Canada	$	426,528	$	103,030	$	107,041	$	636,599
Asia	51,387		6,368		2,596		60,351
Europe and Middle East	90,465		41,825		62,157		194,447
Latin America	21,964		11,460		2,105		35,529
Total	$	590,344	$	162,683	$	173,899	$	926,926








Three Months Ended April 1, 2023
United States and Canada	$	452,655	$	116,900	$	143,959	$	713,514
Asia	56,526		8,587		3,189		68,302
Europe and Middle East	86,965		34,059		70,386		191,410
Latin America	17,789		13,957		2,424		34,170
Total	$	613,935	$	173,503	$	219,958	$	1,007,396

Contract Balances

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

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

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


	Mar 30, 2024		Dec 30, 2023
Contract assets	$	49,858	$	47,072
Contract liabilities	$	110,673	$	118,681
Non-current contract liabilities	$	15,314	$	15,721

During the three months period ended March 30, 2024, the company reclassified $17.4 million to receivables, which was included in the contract asset balance at the beginning of the period. During the three months period ended March 30, 2024, the company recognized revenue of $38.5 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 $52.9 million during the three months period ended March 30, 2024. Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the three months period ended March 30, 2024.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue Recognition Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Revenue Recognition [Abstract]
Contract with Customer, Asset, Net, Current	$ 49,858	$ 47,072
Contract liabilities	110,673	118,681
Contract with Customer, Liability, Noncurrent	15,314	$ 15,721
Contract with Customer, Asset, Reclassified to Receivable	17,400
Contract with Customer, Liability, Revenue Recognized	38,500
Contract with Customer, Liability, Increase for Contract Acquired during the Period	52,900
Capitalized Contract Cost, Impairment Loss	$ 0

Convertible Debt Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Debt Disclosure [Line Items]
Interest Expense, Debt, Excluding Amortization	$ 1,868	$ 1,869
Amortization of Debt Discount (Premium)	898	898
Interest Expense	$ 2,766	$ 2,767

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

Summary of Significant Accounting Policies Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Accounting Policies [Abstract]
Non-cash share-based compensation expense	$ 13,822	$ 12,232
Provision for income taxes	$ 28,269	$ 32,826
Effective Income Tax Rate Reconciliation, Percent	24.60%	24.90%
Interest paid	$ 27,900	$ 30,500
Income tax payments	$ 8,400	$ 8,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	3,000	2,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	737,000	781,000

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

Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disclosure Other Comprehensive Income Additional Information [Abstract]
Net earnings	$ 86,568	$ 99,089
Currency Translation Adjustment	(26,486)	26,959
Change in unrecognized pension benefit costs, net of tax	1,051	(2,809)
Unrealized gain (loss) on interest rate swamp, net of tax	3,390	(8,321)
Comprehensive income	$ 64,523	$ 114,918

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

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Inventories (Tables)

3 Months Ended

Mar. 30, 2024

Schedule of Inventory, Current

Inventories at March 30, 2024 and December 30, 2023 are as follows (in thousands):


	Mar 30, 2024		Dec 30, 2023
Raw materials and parts	$	498,418	$	495,488
Work-in-process	80,496		80,102
Finished goods	364,765		360,277
	$	943,679	$	935,867

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2023 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2024. In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of March 30, 2024 and December 30, 2023, the results of operations for the three months ended March 30, 2024 and April 1, 2023, cash flows for the three months ended March 30, 2024 and April 1, 2023 and statement of stockholders' equity for the three months ended March 30, 2024 and April 1, 2023.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the notes herein.
Non-Cash Share-Based Compensation	Non-Cash Share-Based Compensation The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $13.8 million and $12.2 million for the three months period ended March 30, 2024 and April 1, 2023, respectively.
Fair Value Measures	Fair Value Measures Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 – Unobservable inputs based the company's own assumptions.
Earnings Per Share, Policy	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.

Segment Information

3 Months Ended

Mar. 30, 2024

Segment Information

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

The Commercial Foodservice Equipment Group has a broad portfolio of foodservice equipment, which enables it to serve virtually any cooking, warming, holding, refrigeration, freezing and beverage application within a commercial kitchen or foodservice operation. This equipment is used across all types of foodservice operations, including quick-service restaurants, full-service restaurants, ghost kitchens, convenience stores, supermarkets, retail outlets, hotels and other institutions. The products offered by this group include conveyor ovens, combi-ovens, convection ovens, baking ovens, proofing ovens, deck ovens, speed cooking ovens, hydrovection ovens, ranges, fryers, rethermalizers, steam cooking equipment, food warming equipment, catering equipment, heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, induction cooking equipment, countertop cooking equipment, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, coldrooms, ice machines, freezers, soft serve ice cream equipment, coffee and beverage dispensing equipment, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, IoT solutions and controls development and manufacturing.

The Food Processing Equipment Group offers a broad portfolio of processing solutions for customers producing protein products, such as bacon, salami, hot dogs, dinner sausages, poultry and lunchmeats and baked goods such as muffins, cookies, crackers, pies, bread and buns. Through its broad line of products, the company is able to deliver a wide array of food preparation, thermal processing, slicing/packaging, facility automation and equipment sanitation solutions to service a variety of food processing requirements demanded by its customers. The company can offer highly integrated full processing line solutions that provide a food processing operation a uniquely integrated solution providing for the highest level of food quality, product consistency, and reduced operating costs resulting from increased product yields, increased capacity and greater throughput and reduced labor costs through automation. The products offered by this group include a wide array of cooking and baking solutions, including batch ovens, baking ovens, proofing ovens, conveyor belt ovens, continuous processing ovens, frying systems and automated thermal processing systems. The company also provides a comprehensive portfolio of complementary food preparation equipment such as tumblers, massagers, grinders, slicers, reduction and emulsion systems, mixers, blenders, battering equipment, breading equipment, seeding equipment, water cutting systems, food presses, food suspension equipment, filling and depositing solutions, and forming equipment, as well as a variety of automated loading and unloading systems, automated washing systems, auto-guided vehicles, food safety, food handling, freezing, defrosting and packaging equipment. This portfolio of equipment can be integrated to provide customers a highly efficient and customized solution.

The Residential Kitchen Equipment Group has a broad portfolio of innovative and professional-style residential kitchen equipment. The products offered by this group include ranges, cookers, stoves, cooktops, microwaves, ovens, refrigerators, dishwashers, undercounter refrigeration, wine cellars, ice machines, beer dispensers, ventilation equipment, mixers, rotisseries and outdoor cooking equipment.

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

Net Sales Summary

(dollars in thousands)


	Three Months Ended
		Mar 30, 2024	Apr 1, 2023
			Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice			$	590,344	63.7	%	$	613,935	61.0	%
Food Processing			162,683		17.5		173,503		17.2
Residential Kitchen			173,899		18.8		219,958		21.8
Total			$	926,926	100.0	%	$	1,007,396	100.0	%

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


	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)		Total







Three Months Ended March 30, 2024
Net sales	$	590,344	$	162,683	$	173,899	$	—	$	926,926
Income (loss) from operations (3)	131,658		32,352		4,537		(31,414)		137,133
Depreciation expense (4)	7,021		2,031		3,805		416		13,273
Amortization expense (5)	13,594		1,954		1,802		1,787		19,137
Net capital expenditures	6,084		1,817		5,259		583		13,743

Total assets	$	3,722,126	$	992,876	$	1,939,293	$	276,110	$	6,930,405








Three Months Ended April 1, 2023
Net sales	$	613,935	$	173,503	$	219,958	$	—	$	1,007,396
Income (loss) from operations (3)	136,562		34,687		21,186		(31,413)		161,022
Depreciation expense (4)	6,166		2,097		3,447		267		11,977
Amortization expense (5)	14,808		4,137		2,238		1,787		22,970
Net capital expenditures	16,906		2,203		6,214		162		25,485

Total assets	$	3,827,805	$	1,007,569	$	1,999,632	$	121,131	$	6,956,137

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

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

(3)Restructuring expenses are allocated in operating income by segment.

(4)Includes depreciation on right of use assets.

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

Geographic Information

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


	Mar 30, 2024		Apr 1, 2023
United States and Canada	$	506,334	$	476,073

Asia	39,136		36,597
Europe and Middle East	207,847		149,031
Latin America	12,370		13,688
Total international	$	259,353	$	199,316
	$	765,687	$	675,389

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

3 Months Ended

Mar. 30, 2024

Apr. 01, 2023

Dec. 30, 2023

Revenue from Contract with Customer, Excluding Assessed Tax

$ 926,926

$ 1,007,396

^[1],[2]

137,133

161,022

Amortization of Intangible Assets and Debt Issuance Costs

^[3]

13,273

11,977

^[4]

19,137

22,970

13,743

25,485

Commercial Foodservice Equipment Group

6,930,405

6,956,137

$ 6,906,692

Revenue from Contract with Customer, Excluding Assessed Tax

590,344

613,935

^[1],[2]

131,658

136,562

Amortization of Intangible Assets and Debt Issuance Costs

^[3]

7,021

6,166

13,594

14,808

6,084

16,906

3,722,126

3,827,805

Food Processing Group

Revenue from Contract with Customer, Excluding Assessed Tax

162,683

173,503

^[1],[2]

32,352

34,687

Amortization of Intangible Assets and Debt Issuance Costs

^[3]

2,031

2,097

1,954

4,137

1,817

2,203

992,876

1,007,569

Residential Kitchen

Revenue from Contract with Customer, Excluding Assessed Tax

173,899

219,958

^[1],[2]

4,537

21,186

Amortization of Intangible Assets and Debt Issuance Costs

^[3]

3,805

3,447

1,802

2,238

5,259

6,214

1,939,293

1,999,632

Corporate and Other

Revenue from Contract with Customer, Excluding Assessed Tax

^[1],[2],[5]

(31,414)

(31,413)

Amortization of Intangible Assets and Debt Issuance Costs

^[3],[5]

416

267

^[4],[5]

1,787

^[5]

583

162

Disclosure Other Comprehensive Income Additional Information [Abstract]

^[5]

$ 276,110

$ 121,131

[1]	.
[2]	Restructuring expenses are allocated in operating income by segment. (4)Includes depreciation on right of use assets.
[3]	Includes depreciation on right of use assets
[4]	Includes amortization of deferred financing costs and Convertible Notes issuance costs
[5]	.

Other Comprehensive Income

3 Months Ended

Mar. 30, 2024

Other Comprehensive Income

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


	Currency Translation Adjustment		Pension Benefit Costs		Unrealized Gain/(Loss) Interest Rate Swap		Total
Balance as of December 30, 2023	$	(145,490)	$	(109,713)	$	32,005	$	(223,198)
Other comprehensive income before reclassification	(26,486)		619		10,956		(14,911)
Amounts reclassified from accumulated other comprehensive income	—		432		(7,566)		(7,134)
Net current-period other comprehensive income	$	(26,486)	$	1,051	$	3,390	$	(22,045)
Balance as of March 30, 2024	$	(171,976)	$	(108,662)	$	35,395	$	(245,243)

Balance as of December 31, 2022	$	(205,345)	$	(121,701)	$	48,574	$	(278,472)
Other comprehensive income before reclassification	26,959		(3,479)		(1,312)		22,168
Amounts reclassified from accumulated other comprehensive income	—		670		(7,009)		(6,339)
Net current-period other comprehensive income	$	26,959	$	(2,809)	$	(8,321)	$	15,829
Balance as of April 1, 2023	$	(178,386)	$	(124,510)	$	40,253	$	(262,643)

(1) As of March 30, 2024, pension and unrealized gain on interest rate swap amounts, net of tax, are $4.2 million and $11.1 million, respectively. During the three months ended March 30, 2024, the adjustments to pension and unrealized gain/(loss) on interest rate swap amounts, net of tax, are $0.2 million and $0.1 million, respectively. As of April 1, 2023, pension and unrealized gain/(loss) on interest rate swap amounts, net of tax, were $(2.1) million and $13.9 million, respectively. During the three months ended April 1, 2023, the adjustments to pension and unrealized loss on interest rate swap amounts, net of tax, were $(0.1) million and $(2.9) million, respectively.

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


	Three Months Ended
		Mar 30, 2024		Apr 1, 2023
Net earnings		$	86,568	$	99,089
Currency translation adjustment		(26,486)		26,959
Pension liability adjustment, net of tax		1,051		(2,809)
Unrealized gain (loss) on interest rate swaps, net of tax		3,390		(8,321)

Comprehensive income		$	64,523	$	114,918

Acquisitions and Purchase Accounting Acquisitions and Purchase Accounting - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 926,926	$ 1,016,112
Business Acquisition, Pro Forma Net Income (Loss)	$ 86,671	$ 98,723
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 1.62	$ 1.84
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 1.59	$ 1.82

Warranty Costs (Tables)

3 Months Ended

Mar. 30, 2024

Product Warranty Table Disclosure

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


	Three Months Ended
	Mar 30, 2024
Balance as of December 30, 2023	$	89,039

Warranty expense	22,837
Warranty claims	(22,536)
Balance as of March 30, 2024	$	89,340

Summary of Significant Accounting Policies

3 Months Ended

Mar. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

a)Basis of Presentation

The condensed consolidated financial statements have been prepared by The Middleby Corporation (the "company" or “Middleby”), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements are unaudited and certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the company believes that the disclosures are adequate to make the information not misleading. These financial statements should be read in conjunction with the financial statements and related notes contained in the company's 2023 Form 10-K. The company’s interim results are not necessarily indicative of future full year results for the fiscal year 2024.

In the opinion of management, the financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly the financial position of the company as of March 30, 2024 and December 30, 2023, the results of operations for the three months ended March 30, 2024 and April 1, 2023, cash flows for the three months ended March 30, 2024 and April 1, 2023 and statement of stockholders' equity for the three months ended March 30, 2024 and April 1, 2023.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses. Significant estimates and assumptions are used for, but are not limited to, allowances for doubtful accounts, reserves for excess and obsolete inventories, long-lived and intangible assets, warranty reserves, insurance reserves, income tax reserves, non-cash share-based compensation and post-retirement obligations. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the notes herein.

b)Non-Cash Share-Based Compensation

The company estimates the fair value of market-based stock awards and stock options at the time of grant and recognizes compensation cost over the vesting period of the awards and options. Non-cash share-based compensation expense was $13.8 million and $12.2 million for the three months period ended March 30, 2024 and April 1, 2023, respectively.

c)Income Taxes

A tax provision of $28.3 million, at an effective rate of 24.6%, was recorded during the three months period ended March 30, 2024, as compared to a $32.8 million tax provision at an effective rate of 24.9% in the prior year period. The effective tax rate for the three months period ended March 30, 2024 is higher than the U.S. statutory tax rate of 21% primarily due to state taxes and foreign tax rate differentials.

d)Fair Value Measures

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

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

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

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

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


	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of March 30, 2024
Financial Assets:
Interest rate swaps	$	—	$	46,060	$	—	$	46,060

Financial Liabilities:

Contingent consideration	$	—	$	—	$	52,039	$	52,039
Foreign exchange derivative contracts	$	—	$	196	$	—	$	196

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

The contingent consideration as of March 30, 2024 and December 30, 2023, relates to the earnout provisions recorded in conjunction with various purchase agreements.

Earn-out liabilities are classified within Level 3 in the fair value hierarchy, as the methodology used to estimate fair value includes significant unobservable inputs reflecting management’s own assumptions. The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and earnings, as defined in the respective purchase agreement. On a quarterly basis, the company assesses the projected results for each 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 Condensed Consolidated Statements of Comprehensive Income.

The following table represents changes in the fair value of the contingent consideration liabilities:


	March 30, 2024
Beginning balance	$	51,538
Payments of contingent consideration	(19)

Changes in fair value	520
Ending balance	$	52,039

e) Consolidated Statements of Cash Flows

Cash paid for interest was $27.9 million and $30.5 million for the three months ended March 30, 2024 and April 1, 2023, respectively. Cash payments totaling $8.4 million and $8.0 million were made for income taxes for the three months ended March 30, 2024 and April 1, 2023, respectively.

Other non-cash items in the adjustments to reconcile net earnings to net cash provided by operating activities consists primarily of unrealized foreign exchange on non-functional currency third party debt.

f) 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 consist of shares issuable on vesting of restricted stock grants computed using the treasury method and amounted to 3,000 and 2,000 for the three months ended March 30, 2024 and April 1, 2023, respectively. For the three months ended March 30, 2024 and April 1, 2023, the average market price of the company's common stock exceeded the exercise price of the Convertible Notes (as defined below) resulting in 737,000 and 781,000 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 12, Financing Arrangements for further details on the Convertible Notes. There were no anti-dilutive restricted stock grants excluded from common stock equivalents in any period presented.

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	$ 238	$ (76)
Unrealized gain on interest rate swap, tax	$ 108	$ (2,910)

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 30, 2024

Accounting Policies [Abstract]

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

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


	Fair Value Level 1		Fair Value Level 2		Fair Value Level 3		Total
As of March 30, 2024
Financial Assets:
Interest rate swaps	$	—	$	46,060	$	—	$	46,060

Financial Liabilities:

Contingent consideration	$	—	$	—	$	52,039	$	52,039
Foreign exchange derivative contracts	$	—	$	196	$	—	$	196

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

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table represents changes in the fair value of the contingent consideration liabilities:


	March 30, 2024
Beginning balance	$	51,538
Payments of contingent consideration	(19)

Changes in fair value	520
Ending balance	$	52,039

Revenue Recognition Revenue Recognition (Tables)

3 Months Ended

Mar. 30, 2024

Revenue Recognition [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):


	Commercial Foodservice		Food Processing		Residential Kitchen		Total







Three Months Ended March 30, 2024
United States and Canada	$	426,528	$	103,030	$	107,041	$	636,599
Asia	51,387		6,368		2,596		60,351
Europe and Middle East	90,465		41,825		62,157		194,447
Latin America	21,964		11,460		2,105		35,529
Total	$	590,344	$	162,683	$	173,899	$	926,926








Three Months Ended April 1, 2023
United States and Canada	$	452,655	$	116,900	$	143,959	$	713,514
Asia	56,526		8,587		3,189		68,302
Europe and Middle East	86,965		34,059		70,386		191,410
Latin America	17,789		13,957		2,424		34,170
Total	$	613,935	$	173,503	$	219,958	$	1,007,396

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

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


	Mar 30, 2024		Dec 30, 2023
Contract assets	$	49,858	$	47,072
Contract liabilities	$	110,673	$	118,681
Non-current contract liabilities	$	15,314	$	15,721

Segment Information (Tables)

3 Months Ended

Mar. 30, 2024

Net Sales Summary By Segment

Net Sales Summary

(dollars in thousands)


	Three Months Ended
		Mar 30, 2024	Apr 1, 2023
			Sales		Percent		Sales		Percent
Business Segments:
Commercial Foodservice			$	590,344	63.7	%	$	613,935	61.0	%
Food Processing			162,683		17.5		173,503		17.2
Residential Kitchen			173,899		18.8		219,958		21.8
Total			$	926,926	100.0	%	$	1,007,396	100.0	%

Schedule of Segment Reporting Information, by Segment

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


	Commercial Foodservice		Food Processing		Residential Kitchen		Corporate and Other(2)		Total







Three Months Ended March 30, 2024
Net sales	$	590,344	$	162,683	$	173,899	$	—	$	926,926
Income (loss) from operations (3)	131,658		32,352		4,537		(31,414)		137,133
Depreciation expense (4)	7,021		2,031		3,805		416		13,273
Amortization expense (5)	13,594		1,954		1,802		1,787		19,137
Net capital expenditures	6,084		1,817		5,259		583		13,743

Total assets	$	3,722,126	$	992,876	$	1,939,293	$	276,110	$	6,930,405








Three Months Ended April 1, 2023
Net sales	$	613,935	$	173,503	$	219,958	$	—	$	1,007,396
Income (loss) from operations (3)	136,562		34,687		21,186		(31,413)		161,022
Depreciation expense (4)	6,166		2,097		3,447		267		11,977
Amortization expense (5)	14,808		4,137		2,238		1,787		22,970
Net capital expenditures	16,906		2,203		6,214		162		25,485

Total assets	$	3,827,805	$	1,007,569	$	1,999,632	$	121,131	$	6,956,137

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

(3)Restructuring expenses are allocated in operating income by segment.

(4)Includes depreciation on right of use assets.

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

Schedule of Entity-Wide Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country

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


	Mar 30, 2024		Apr 1, 2023
United States and Canada	$	506,334	$	476,073

Asia	39,136		36,597
Europe and Middle East	207,847		149,031
Latin America	12,370		13,688
Total international	$	259,353	$	199,316
	$	765,687	$	675,389

Financial Assets and Liabilities that are Measured At Fair Value and are Categorized Using Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 52,039	$ 51,538
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(19)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	520
Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	46,060	42,779
Fair Value, Measurements, Recurring \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	52,039	51,538
Fair Value, Measurements, Recurring \| Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		29
Financial Liabilities	196
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	0	0
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Measurements, Recurring \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Measurements, Recurring \| Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		0
Financial Liabilities	0
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	46,060	42,779
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Recurring \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	0	0
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Recurring \| Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		29
Financial Liabilities	196
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets	0	0
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Liabilities	52,039	51,538
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring \| Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets		$ 0
Financial Liabilities	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Treasury Stock, Common	Retained Earnings	Accumulated Other Comprehensive Income (loss)
Balance, Beginning at Dec. 31, 2022	$ 2,797,747	$ 147	$ 408,376	$ (831,176)	$ 3,498,872	$ (278,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	99,089	0	0	0	99,089	0
Currency translation adjustment	26,959	0	0	0	0	26,959
Change in unrecognized pension benefit costs, net of tax	(2,809)	0	0	0	0	(2,809)
Unrealized gain (loss) on interest rate swamp, net of tax	(8,321)	0	0	0	0	(8,321)
Stock compensation	12,232	0	12,232	0	0	0
Stock issuance	5,173	0	5,173	0	0	0
Purchase of treasury stock	(67,871)	0	0	(67,871)	0	0
Balance, Ending at Apr. 01, 2023	2,862,199	147	425,781	(899,047)	3,597,961	(262,643)
Balance, Beginning at Dec. 30, 2023	3,249,889	148	479,216	(906,031)	3,899,754	(223,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	86,568	0	0	0	86,568	0
Currency translation adjustment	(26,486)	0	0	0	0	(26,486)
Change in unrecognized pension benefit costs, net of tax	1,051	0	0	0	0	1,051
Unrealized gain (loss) on interest rate swamp, net of tax	3,390	0	0	0	0	3,390
Stock compensation	13,822	0	13,822	0	0	0
Purchase of treasury stock	(16,995)	0	0	(16,995)	0	0
Balance, Ending at Mar. 30, 2024	$ 3,311,239	$ 148	$ 493,038	$ (923,026)	$ 3,986,322	$ (245,243)

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

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangibles (Tables)

3 Months Ended

Mar. 30, 2024

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

Intangible assets consist of the following (in thousands):


	March 30, 2024					December 30, 2023
	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	6.9	$	842,699	$	(542,995)	7.0	$	845,326	$	(529,533)

Developed technology	8.1	98,325		(46,535)		8.3	98,593		(44,546)
		$	941,024	$	(589,530)		$	943,919	$	(574,079)
Indefinite-lived assets:
Trademarks and tradenames		$	1,317,978				$	1,323,236

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


Twelve Month Period coinciding with the end of the company's Fiscal First Quarter	Amortization Expense

2025	$	60,802
2026	56,607
2027	52,086
2028	44,031
2029	37,581
Thereafter	100,387
	$	351,494

Accrued Expenses

3 Months Ended

Mar. 30, 2024

Disclosure Accrued Expenses [Abstract]

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	Mar 30, 2024		Dec 30, 2023
Accrued payroll and related expenses	$	118,573	$	121,514
Contract liabilities	110,673		118,681
Accrued warranty	89,340		89,039
Accrued customer rebates	33,962		59,267
Accrued short-term leases	26,078		26,417
Accrued contingent consideration	25,558		17,791
Accrued professional fees	23,254		18,461
Accrued sales and other tax	21,078		24,568
Accrued agent commission	14,476		16,956
Accrued product liability and workers compensation	11,455		11,169

Other accrued expenses	88,461		75,329

	$	562,908	$	579,192

Financial Instruments Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Derivative [Line Items]
Fair value of interest rate swaps liability	$ 46.1
Loss in fair value of interest rate swaps	3.4
Foreign Exchange Forward
Derivative [Line Items]
Derivative, Fair Value, Net	$ (0.2)

Impact on Earnings from Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ (7,134)	$ (6,339)
Interest Rate Swap \| Other Comprehensive Income
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	10,847	(4,222)
Interest Rate Swap \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 7,566	$ 7,009

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 926,926	$ 1,007,396
United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	636,599	713,514
Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	60,351	68,302
Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	194,447	191,410
Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	35,529	34,170
Commercial Foodservice Equipment Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	590,344	613,935
Commercial Foodservice Equipment Group \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	426,528	452,655
Commercial Foodservice Equipment Group \| Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	51,387	56,526
Commercial Foodservice Equipment Group \| Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	90,465	86,965
Commercial Foodservice Equipment Group \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,964	17,789
Food Processing Group
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	162,683	173,503
Food Processing Group \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	103,030	116,900
Food Processing Group \| Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,368	8,587
Food Processing Group \| Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	41,825	34,059
Food Processing Group \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	11,460	13,957
Residential Kitchen
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	173,899	219,958
Residential Kitchen \| United States and Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	107,041	143,959
Residential Kitchen \| Asia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,596	3,189
Residential Kitchen \| Europe and Middle East
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	62,157	70,386
Residential Kitchen \| Latin America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,105	$ 2,424

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.

Litigation Matters	3 Months Ended
Litigation Matters	Mar. 30, 2024
Notes To Financial Statements [Abstract]
Litigation Matters	Litigation Matters From time to time, the company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach, such as a change in settlement strategy in dealing with these matters. The company does not believe that any pending litigation will have a material effect on its financial condition, results of operations or cash flows.

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

Revenue Recognition Revenue Recognition (Policies)	3 Months Ended
Revenue Recognition Revenue Recognition (Policies)	Mar. 30, 2024
Revenue Recognition [Abstract]
Revenue [Policy Text Block]	The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 30, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
Document Transition Report	false
Entity File Number	1-9973
Entity Registrant Name	THE MIDDLEBY CORPORATION
Entity Central Index Key	0000769520
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	MIDD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		53,768,507
Entity Small Business	false
Entity Emerging Growth Company	false

Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
Intangibles (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 941,024		$ 943,919
Finite-Lived Intangible Assets, Accumulated Amortization	(589,530)		$ (574,079)
Amortization of Intangible Assets	17,400	$ 21,200
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	60,802
Finite-Lived Intangible Assets, Amortization Expense, Year Two	56,607
Finite-Lived Intangible Assets, Amortization Expense, Year Three	52,086
Finite-Lived Intangible Assets, Amortization Expense, Year Four	44,031
Finite-Lived Intangible Assets, Amortization Expense, Year Five	37,581
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	100,387
Finite-Lived Intangible Assets, Net	$ 351,494
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	6 years 10 months 24 days		7 years
Finite-Lived Intangible Assets, Gross	$ 842,699		$ 845,326
Finite-Lived Intangible Assets, Accumulated Amortization	$ (542,995)		$ (529,533)
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years 1 month 6 days		8 years 3 months 18 days
Finite-Lived Intangible Assets, Gross	$ 98,325		$ 98,593
Finite-Lived Intangible Assets, Accumulated Amortization	(46,535)		(44,546)
Tradenames And Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 1,317,978		$ 1,323,236

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Disclosure Accrued Expenses [Abstract]
Contract liabilities	$ 110,673	$ 118,681
Accrued payroll and related expenses	118,573	121,514
Accrued warranty	89,340	89,039
Accrued customer rebates	33,962	59,267
Accrued short-term leases	26,078	26,417
Accrued sales and other tax	21,078	24,568
Accrued professional services	23,254	18,461
Accrued agent commission	14,476	16,956
Accrued Product Liability And Workers Compensation Liability Current	11,455	11,169
Business Combination, Contingent Consideration, Liability	25,558	17,791
Other accrued expenses	88,461	75,329
Accrued expenses	$ 562,908	$ 579,192

Financing Arrangements Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Debt Disclosure [Line Items]
Term loan facility	$ 940,008	$ 945,913
Credit facility, outstanding	1,700,000
Letters of Credit Outstanding, Amount	$ 1,500
Debt Instrument Interest Additional Interest Above Fed Funds Rate	0.50%
Debt Instrument, Interest Rate, Increase (Decrease)	1.00%
Credit facility, average interest rate	5.18%
Variable commitment fee	0.20%
Term loan facility average interest rate	5.18%
Line of credit, Current and Noncurrent, Foreign	$ 9,700
Line of Credit Facility, Interest Rate at Period End	2.35%
Derivative Notional Amount, Current	$ 70,000
Derivative Notional Amount, NonCurrent	$ 670,000
Derivative Fixed Interest Rate, Current	2.19%
Term loan facility, gross	$ 943,800
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,800,000
Debt Instrument Interest Additional Interest Above LIBOR Rate, elevated covenants	1.375%
Line Of Credit Facility Commitment Fee Percentage, elevated covenants	0.20%
Delayed draw term loan facility, amortization quarter percent	0.625%
Debt Instrument Interest Additional Interest Above SOFR Rate	1.375%
Debt Instrument Interest Additional Interest Above SOFR Rate Alternative	0.375%
Debt Instrument Interest Additional Interest Above SOFR Rate, elevated covenants	1.375%
Convertible Debt
Debt Disclosure [Line Items]
Debt Instrument, Face Amount	$ 747,499	$ 747,499
Revolving Credit Facility
Debt Disclosure [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.10%

Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($)
Goodwill [Line Items]
Balance beginning of period	$ 2,486,310
Goodwill acquired during the year	520
Measurement period adjustments to goodwill acquired in prior year	265
Goodwill, Foreign Currency Translation Gain (Loss)	(13,772)
Balance end of period	2,473,323
Commercial Foodservice Equipment Group
Goodwill [Line Items]
Balance beginning of period	1,329,056
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	265
Goodwill, Foreign Currency Translation Gain (Loss)	(6,352)
Balance end of period	1,322,969
Food Processing Group
Goodwill [Line Items]
Balance beginning of period	375,217
Goodwill acquired during the year	520
Measurement period adjustments to goodwill acquired in prior year	0
Goodwill, Foreign Currency Translation Gain (Loss)	(3,880)
Balance end of period	371,857
Residential Kitchen
Goodwill [Line Items]
Balance beginning of period	782,037
Goodwill acquired during the year	0
Measurement period adjustments to goodwill acquired in prior year	0
Goodwill, Foreign Currency Translation Gain (Loss)	(3,540)
Balance end of period	$ 778,497

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.

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Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	$ (223,198)	$ (278,472)
Other comprehensive income before reclassification	(14,911)	22,168
Amounts reclassified from accumulated other comprehensive income	(7,134)	(6,339)
Net current-period other comprehensive income	(22,045)	15,829
End of Period	(245,243)	(262,643)
Accumulated Other Comprehensive (income) Loss, Defined Benefit Plan, Tax	4,200	(2,100)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	11,100	13,900
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	200	(100)
Unrealized gain on interest rate swap, tax	108	(2,910)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	(145,490)	(205,345)
Other comprehensive income before reclassification	(26,486)	26,959
Amounts reclassified from accumulated other comprehensive income	0	0
Net current-period other comprehensive income	(26,486)	26,959
End of Period	(171,976)	(178,386)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	(109,713)	(121,701)
Other comprehensive income before reclassification	(619)	3,479
Amounts reclassified from accumulated other comprehensive income	432	670
Net current-period other comprehensive income	1,051	(2,809)
End of Period	(108,662)	(124,510)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent \| Interest Rate Swap
Accumulated Other Comprehensive Income [Roll Forward]
Beginning of Period	32,005	48,574
Other comprehensive income before reclassification	10,956	(1,312)
Amounts reclassified from accumulated other comprehensive income	(7,566)	(7,009)
Net current-period other comprehensive income	3,390	(8,321)
End of Period	$ 35,395	$ 40,253

Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024