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UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 10-Q 
 
(Mark One)
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 30, 2024
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File No. 1-9973
 
THE MIDDLEBY CORPORATION
(Exact name of registrant as specified in its charter)  
Delaware36-3352497
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification Number)
 
1400 Toastmaster Drive,Elgin,Illinois60120
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:(847)741-3300
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No o   
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x   No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “accelerated filer," "large accelerated filer," "smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Smaller reporting company☐Emerging growth company☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common StockMIDDNasdaq Global Select Market
As of May 3, 2024, there were 53,768,507 shares of the registrant's common stock outstanding.


THE MIDDLEBY CORPORATION
 
QUARTER ENDED MARCH 30, 2024
  
INDEX
DESCRIPTIONPAGE
PART I.  FINANCIAL INFORMATION 
  
Item 1. 
   
 CONDENSED CONSOLIDATED BALANCE SHEETS as of MARCH 30, 2024 and DECEMBER 30, 2023
  
 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three months ended MARCH 30, 2024 and APRIL 1, 2023
  
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY for the three months ended MARCH 30, 2024 and APRIL 1, 2023
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the three months ended MARCH 30, 2024 and APRIL 1, 2023
 
  
Item 2.
  
Item 3.
  
Item 4.
  
PART II. OTHER INFORMATION
  
Item 2.
  
Item 6.


PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)
(Unaudited)
 
ASSETSMar 30, 2024Dec 30, 2023
Current assets:  
Cash and cash equivalents$341,018 $247,496 
Accounts receivable, net of reserve for doubtful accounts of $23,696 and $23,464
605,180 644,576 
Inventories, net943,679 935,867 
Prepaid expenses and other116,302 112,690 
Prepaid taxes15,744 25,230 
Total current assets2,021,923 1,965,859 
Property, plant and equipment, net of accumulated depreciation of $349,673 and $339,528
508,140 510,898 
Goodwill2,473,323 2,486,310 
Other intangibles, net of amortization of $589,530 and $574,079
1,669,472 1,693,076 
Long-term deferred tax assets8,033 7,945 
Pension benefits assets42,817 38,535 
Other assets206,697 204,069 
Total assets$6,930,405 $6,906,692 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Current maturities of long-term debt$44,543 $44,822 
Accounts payable233,432 227,080 
Accrued expenses562,908 579,192 
Total current liabilities840,883 851,094 
Long-term debt2,370,107 2,380,373 
Long-term deferred tax liability207,806 216,143 
Accrued pension benefits11,991 12,128 
Other non-current liabilities188,379 197,065 
Stockholders' equity:  
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued
— — 
Common stock, $0.01 par value; 64,210,323 and 63,942,340 shares issued in 2024 and 2023, respectively
148 148 
Paid-in capital493,038 479,216 
Treasury stock, at cost; 10,448,781 and 10,338,922 shares in 2024 and 2023, respectively
(923,026)(906,031)
Retained earnings3,986,322 3,899,754 
Accumulated other comprehensive loss(245,243)(223,198)
Total stockholders' equity3,311,239 3,249,889 
Total liabilities and stockholders' equity$6,930,405 $6,906,692 
 

See accompanying notes
1


THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
 
 
 Three Months Ended
 Mar 30, 2024Apr 1, 2023
Net sales$926,926 $1,007,396 
Cost of sales580,568 628,661 
Gross profit346,358 378,735 
Selling, general and administrative expenses206,048 215,407 
Restructuring expenses3,177 2,306 
Income from operations137,133 161,022 
Interest expense and deferred financing amortization, net26,274 29,462 
Net periodic pension benefit (other than service costs)(3,678)(2,251)
Other (income) expense, net(300)1,896 
Earnings before income taxes114,837 131,915 
Provision for income taxes28,269 32,826 
Net earnings$86,568 $99,089 
Net earnings per share:
Basic$1.61 $1.85 
Diluted$1.59 $1.82 
Weighted average number of shares
Basic53,654 53,594 
Dilutive common stock equivalents740 783 
Diluted54,394 54,377 
Comprehensive income$64,523 $114,918 
 



















See accompanying notes
2

THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(amounts in thousands)
(Unaudited)
Common
Stock		Paid-in
Capital		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Income/(loss)		Total
Stockholders'
Equity
Balance, December 30, 2023$148 $479,216 $(906,031)$3,899,754 $(223,198)$3,249,889 
Net earnings— — — 86,568 — 86,568 
Currency translation adjustments— — — — (26,486)(26,486)
Change in unrecognized pension benefit costs, net of tax of $238
— — — — 1,051 1,051 
Unrealized gain on interest rate swap, net of tax of $108
— — — — 3,390 3,390 
Stock compensation— 13,822 — — — 13,822 
Purchase of treasury stock— — (16,995)— — (16,995)
Balance, March 30, 2024$148 $493,038 $(923,026)$3,986,322 $(245,243)$3,311,239 

Common
Stock		Paid-in
Capital		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Income/(loss)		Total
Stockholders'
Equity
Balance, December 31, 2022$147 $408,376 $(831,176)$3,498,872 $(278,472)$2,797,747 
Net earnings— — — 99,089 — 99,089 
Currency translation adjustments— — — — 26,959 26,959 
Change in unrecognized pension benefit costs, net of tax of $(76)
— — — — (2,809)(2,809)
Unrealized loss on interest rate swap, net of tax of $(2,910)
— — — — (8,321)(8,321)
Stock compensation— 12,232 — — — 12,232 
Stock issuance— 5,173 — — — 5,173 
Purchase of treasury stock— — (67,871)— — (67,871)
Balance, April 1, 2023$147 $425,781 $(899,047)$3,597,961 $(262,643)$2,862,199 

See accompanying notes
3

THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
 Three Months Ended
 Mar 30, 2024Apr 1, 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 amortization32,410 34,947 
Non-cash share-based compensation13,822 12,232 
Deferred income taxes(6,309)(33)
Net periodic pension benefit (other than service costs)(3,678)(2,251)
Other non-cash items691 6,918 
Changes in assets and liabilities, net of acquisitions  
Accounts receivable, net36,316 (17,625)
Inventories, net(12,965)(30,825)
Prepaid expenses and other assets6,182 4,555 
Accounts payable7,804 8,557 
Accrued expenses and other liabilities(19,940)(23,562)
Net cash provided by operating activities140,901 92,002 
Cash flows from investing activities--  
Net additions to property, plant and equipment(13,743)(25,485)
Purchase of 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— 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 financing activities(28,558)(63,377)
Effect of exchange rates on cash and cash equivalents(2,732)2,348 
Changes in cash and cash equivalents--  
Net increase (decrease) in cash and cash equivalents93,522 (5,477)
Cash and cash equivalents at beginning of year247,496 162,001 
Cash and cash equivalents at end of period$341,018 $156,524 
Non-cash investing and financing activities:
Stock issuance related to acquisition and purchase of intangible assets$— $5,173 
 

See accompanying notes
4

THE MIDDLEBY CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH 30, 2024
(Unaudited)
1)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.

5

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 value520 
Ending balance$52,039 


6

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.
7

2)    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 SheetPreliminary Measurement
Period
Adjustments		Adjusted Opening Balance Sheet
Cash$3,102 $— $3,102 
Current assets9,964 98 10,062 
Property, plant and equipment21,954 (214)21,740 
Goodwill38,422 2,990 41,412 
Other intangibles34,337 (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 consideration14,743 216 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.
8

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.
Pro Forma Financial Information
 
In accordance with ASC 805 Business Combinations, the following unaudited pro forma results of operations for the three months ended March 30, 2024 and April 1, 2023, assumes the 2023 and 2024 acquisitions described above were completed on January 1, 2023 (first day of fiscal year 2023). The following pro forma results include adjustments to reflect amortization of intangibles associated with the acquisition and the effects of adjustments made to the carrying value of certain assets (in thousands, except per share data): 
Three Months Ended
 March 30, 2024April 1, 2023
Net sales$926,926 $1,016,112 
Net earnings86,671 98,723 
Net earnings per share:  
Basic$1.62 $1.84 
Diluted$1.59 $1.82 
 
The historical consolidated financial information of the company and the acquisitions have been adjusted in the pro forma information to give effect to events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Pro forma data may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the company has incurred or may incur to integrate the acquired businesses.
3)    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.
9

4)    Recently Issued Accounting Standards
In November 2023, the FASB issued Accounting Standard Update ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, as well as disclosure of the title and position of the Chief Operating Decision Maker (“CODM”). This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.
In December 2023, the FASB issued Accounting Standard Update ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table. This ASU requires consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation and requires disclosure of income taxes paid both domestic and foreign jurisdictions, and also for individual jurisdictions that are greater than 5% of total income taxes paid. The guidance is effective for the company beginning on January 1, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. Early adoption is permitted. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.
In March 2024, the SEC issued a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require large accelerated filers to disclose material climate-related risks that are reasonably likely to have a material impact on its business, results of operations or financial condition. Additionally, required information about climate-related risks involves the disclosure of material direct and indirect greenhouse gas emissions from operations. The new rules will also require disclosure within the notes to the financial statements of the effects of severe weather events and natural conditions and information on any climate-related targets or goals, subject to certain materiality thresholds. The final rule, if adopted, includes a phased-in compliance period which will begin phasing in with the company's annual report for the year ending December 31, 2025.
In April 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The company is currently evaluating the impact the adoption of this guidance will have on its Consolidated Financial Statements and disclosures.
10

5)    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 ProcessingResidential Kitchen Total
Three Months Ended March 30, 2024   
United States and Canada$426,528 $103,030 $107,041 $636,599 
Asia51,387 6,368 2,596 60,351 
Europe and Middle East90,465 41,825 62,157 194,447 
Latin America21,964 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 
Asia56,526 8,587 3,189 68,302 
Europe and Middle East86,965 34,059 70,386 191,410 
Latin America17,789 13,957 2,424 34,170 
Total$613,935 $173,503 $219,958 $1,007,396 


11

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, 2024Dec 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.
12

6)    Other Comprehensive Income
Changes in accumulated other comprehensive income(1) were as follows (in thousands):
 Currency Translation AdjustmentPension Benefit CostsUnrealized Gain/(Loss) Interest Rate SwapTotal
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 reclassification26,959 (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, 2024Apr 1, 2023
Net earnings$86,568 $99,089 
Currency translation adjustment(26,486)26,959 
Pension liability adjustment, net of tax1,051 (2,809)
Unrealized gain (loss) on interest rate swaps, net of tax3,390 (8,321)
Comprehensive income$64,523 $114,918 
7)    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, 2024Dec 30, 2023
Raw materials and parts$498,418 $495,488 
Work-in-process80,496 80,102 
Finished goods364,765 360,277 
 $943,679 $935,867 
13

8)    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 KitchenTotal
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.

9)    Intangibles

Intangible assets consist of the following (in thousands):
 
 March 30, 2024December 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 relationships6.9$842,699 $(542,995)7.0$845,326 $(529,533)
Developed technology8.198,325 (46,535)8.398,593 (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 QuarterAmortization Expense
 
2025$60,802 
202656,607 
202752,086 
202844,031 
202937,581 
Thereafter100,387 
$351,494 

14

10)    Accrued Expenses
Accrued expenses consist of the following (in thousands):
 Mar 30, 2024Dec 30, 2023
Accrued payroll and related expenses$118,573 $121,514 
Contract liabilities110,673 118,681 
Accrued warranty89,340 89,039 
Accrued customer rebates33,962 59,267 
Accrued short-term leases26,078 26,417 
Accrued contingent consideration25,558 17,791 
Accrued professional fees23,254 18,461 
Accrued sales and other tax21,078 24,568 
Accrued agent commission14,476 16,956 
Accrued product liability and workers compensation11,455 11,169 
Other accrued expenses88,461 75,329 
 $562,908 $579,192 

11)    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 expense22,837 
Warranty claims(22,536)
Balance as of March 30, 2024$89,340 

15

12)    Financing Arrangements
 Mar 30, 2024Dec 30, 2023
 (in thousands)
Term loan facility940,008 945,913 
Delayed draw term loan facility721,875 726,563 
Convertible senior notes742,399 741,501 
Foreign loans9,735 10,531 
Other debt arrangement633 687 
Total debt2,414,650 2,425,195 
Less:  Current maturities of long-term debt44,543 44,822 
Long-term debt$2,370,107 $2,380,373 
Credit Facility
As of March 30, 2024, the company had $1.7 billion of borrowings outstanding under its credit facility (the "Credit Facility"), including $943.8 million outstanding under the term loan ($940.0 million, net of unamortized issuance fees) and $721.9 million outstanding under the delayed draw term loan. The company also had $1.5 million in outstanding letters of credit as of March 30, 2024, which reduces the borrowing availability under the Credit Facility. Remaining borrowing capacity under this facility was $2.8 billion at March 30, 2024.
On August 11, 2022, the company borrowed $750.0 million against the delayed draw term facility as provided under the Credit Agreement. The funds were used to reduce outstanding borrowings under the revolver. The delayed draw term loan amortizes in quarterly installments due on the last day of each fiscal quarter, and commenced on December 31, 2022, in an amount equal to 0.625% of the principal drawn, with the balance, plus any accrued interest payable by October 21, 2026.
At March 30, 2024, borrowings under the Credit Facility accrued interest at a rate of 1.375% above the daily simple or term Secured Overnight Financing Rate (“SOFR”) per annum or 0.375% above the highest of the prime rate, the federal funds rate plus 0.50% and one month Term SOFR plus 1.00%. The interest rates on borrowings under the Credit Facility may be adjusted quarterly based on the company’s Funded Debt less Unrestricted Cash to Pro Forma EBITDA (the “Leverage Ratio”) on a rolling four-quarter basis. Additionally, a commitment fee based upon the Leverage Ratio is charged on the unused portion of the commitments under the Credit Facility. As of March 30, 2024, borrowings under the Credit Facility accrued interest at a minimum of 1.375% above SOFR and the variable unused commitment fee will be at a minimum of 0.20%. Borrowings under the Credit Facility accrue interest at a minimum of 1.375% above the daily simple SOFR or term SOFR for the applicable interest period (each of which includes a spread adjustment of 0.10%). The average interest rate per annum, inclusive of hedging instruments, on the debt under the Credit Facility was equal to 5.18% at the end of the period and the variable commitment fee was equal to 0.20% per annum as of March 30, 2024.
The term loan and delayed draw term loan facilities had an average interest rate per annum, inclusive of hedging instruments, of 5.18% as of March 30, 2024.
In addition, the company has international credit facilities to fund working capital needs outside the United States. At March 30, 2024, these foreign credit facilities amounted to $9.7 million in U.S. Dollars with a weighted average per annum interest rate of approximately 2.35%.

The company’s debt is reflected on the balance sheet at cost. The fair values of the Credit Facility, term debt and foreign and other debt is based on the amount of future cash flows associated with each instrument discounted using the company's incremental borrowing rate. The company believes its interest rate margins, based on the company’s Leverage Ratio, on its existing debt are consistent with current market conditions and therefore the carrying value of debt reflects the fair value. The carrying value and estimated aggregate fair value, a level 2 measurement, based primarily on market prices, of debt excluding the Convertible Notes is as follows (in thousands):
 Mar 30, 2024Dec 30, 2023
 Carrying ValueFair ValueCarrying ValueFair Value
Total debt excluding convertible senior notes$1,672,251 $1,675,993 $1,683,694 $1,687,781 
16

The company uses floating-to-fixed interest rate swap agreements to hedge variable interest rate risk associated with the Credit Facility. At March 30, 2024, the company had outstanding floating-to-fixed interest rate swaps totaling $70.0 million notional amount carrying an average interest rate of 2.19% maturing in less than 12 months and $670.0 million notional amount carrying an average interest rate of 1.64% that mature in more than 12 months but less than 47 months.

At March 30, 2024, the company was in compliance with all covenants pursuant to its borrowing agreements.

Convertible Notes
The following table summarizes the outstanding principal amount and carrying value of the Convertible Notes:
 
Mar 30, 2024
Dec 30, 2023
 (in thousands)
Principal amounts:
Principal$747,499 $747,499 
Unamortized issuance costs(5,100)(5,998)
Net carrying amount$742,399 $741,501 
The following table summarizes total interest expense recognized related to the Convertible Notes:
 Three Months Ended
 
Mar 30, 2024
Apr 1, 2023
Contractual interest expense$1,868 $1,869 
Interest cost related to amortization of issuance costs898 898 
Total interest expense$2,766 $2,767 
The estimated fair value of the Convertible Notes was $977.9 million as of March 30, 2024 and was determined through consideration of quoted market prices. The fair value is classified as Level 2, as defined in Note 1(d), Fair Value Measurements, in these Notes to the Condensed Consolidated Financial Statement. The if-converted value of the Convertible Notes did not exceed their respective principal value as of March 30, 2024.

Capped Call Transactions
In connection with the pricing of the Convertible Notes, the company entered into privately negotiated Capped Call Transactions (the "2020 Capped Call Transactions") and the company used the net proceeds of the offering of the Convertible Notes to pay the aggregate amount of $104.7 million for them. The company entered into two tranches of privately negotiated Capped Call Transactions in December 2021 (the "2021 Capped Call Transactions") in the aggregate amount of $54.6 million. On March 15, 2022, the company entered into an additional tranche of privately negotiated Capped Call Transactions (the "2022 Capped Call Transactions") in the amount of $9.7 million.
The 2020, 2021, and 2022 Capped Call Transactions (collectively, the "Capped Call Transactions") are expected generally to reduce the potential dilution and/or offset the cash payments the company is required to make in excess of the principal amount of the Convertible Notes upon conversion of the Convertible Notes in the event that the market price per share of the company's common stock is greater than the strike price of the Capped Call Transactions (which initially corresponds to the initial conversion price of the Convertible Notes and is subject to certain adjustments under the terms of the Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the Capped Call Transactions. The 2020 Capped Call Transactions have an initial cap price of $207.93 per share of the company's common stock. The 2021 Capped Call Transactions have initial cap prices of $216.50 and $225.00 per share of the company's common stock. The 2022 Capped Call Transactions have an initial cap price of $229.00 per share. The Capped Call Transactions cover, initially, the number of shares of the company's common stock underlying the Convertible Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes.

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The Capped Call Transactions are separate transactions entered into by the company with the capped call counterparties, and are not part of the terms of the Convertible Notes and will not affect any holder's right under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Capped Call Transactions. The Capped Call Transactions do not meet the criteria for separate accounting as a derivative as they are indexed to the company's stock. The premiums paid of the Capped Call Transactions have been included as a net reduction to additional paid-in capital with stockholders' equity.
13)    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, 2024Dec 30, 2023
Fair valuePrepaid expense and other$1,630 $2,897 
Fair valueOther 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, 2024Apr 1, 2023
Gain/(loss) recognized in accumulated other comprehensive incomeOther 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.
14)    Segment Information
The company operates in three reportable operating segments defined by management reporting structure and operating activities.
 
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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, 2024Apr 1, 2023
 SalesPercentSalesPercent
Business Segments:
Commercial Foodservice$590,344 63.7 %$613,935 61.0 %
Food Processing162,683 17.5 173,503 17.2 
Residential Kitchen173,899 18.8 219,958 21.8 
    Total$926,926 100.0 %$1,007,396 100.0 %
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The following table summarizes the results of operations for the company's business segments(1) (dollars in thousands):
 Commercial
 Foodservice		Food ProcessingResidential 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 expenditures6,084 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 expenditures16,906 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, 2024Apr 1, 2023
United States and Canada$506,334 $476,073 
Asia39,136 36,597 
Europe and Middle East207,847 149,031 
Latin America12,370 13,688 
Total international$259,353 $199,316 
 $765,687 $675,389 



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15)    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, 2024Apr 1, 2023
Net Periodic Pension Benefit:
Interest cost$10,780 $11,138 
Expected return on assets(15,297)(14,219)
Amortization of net loss13 7 
Amortization of prior service cost659 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.
16)    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.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Special Notes Regarding Forward-Looking Statements
 
This report contains forward-looking statements subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The company cautions readers that these projections are based upon future results or events and are highly dependent upon a variety of important factors which could cause such results or events to differ materially from any forward-looking statements which may be deemed to have been made in this report, or which are otherwise made by or on behalf of the company. Such factors include, but are not limited to, volatility in earnings resulting from goodwill impairment losses which may occur irregularly and in varying amounts; variability in financing costs and interest rates; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; unfavorable tax law changes and tax authority rulings; ability to protect trademarks, copyrights and other intellectual property; cybersecurity attacks and other breaches in security; changing market conditions, including inflation; the impact of competitive products and pricing; the timely development and market acceptance of the company’s products; the availability and cost of raw materials; the company's continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions; and other risks detailed herein and from time-to-time in the company’s SEC filings, including the company’s 2023 Annual Report on Form 10-K. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this report are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Current Events

Inflation and Interest Rate Environment

The company has been negatively impacted by inflation in wages, logistics, energy, raw materials and component costs. Price increases and pricing strategies have been implemented to mitigate the impact of cost inflation on margins and the company continues to actively monitor costs. High inflation an uncertainty surrounding the Federal Reserve's interest rate policy decisions have led to increased interest rates 2023 and the first quarter of 2024, which combined with global macroeconomic uncertainty has and may continue to impact customer demand. Most notably in our residential segment, we have faced recent demand headwinds due to macroeconomic conditions. Even in light of such headwinds, we remain focused on delivering strong financial results and executing on our long-term strategy and profitability objectives.

Supply Chain, Labor and Logistics Constraints

The company continues to actively monitor global supply chain, labor and logistics constraints, which have had a negative impact on the company's ability to source parts and complete and ship units. While the company is seeing improvement on certain supply chain and logistics constraints, supply chains for certain key components remain distressed. The decreased availability of resources and inflationary costs have resulted in heightened inventory levels. To combat these pressures, the company has evaluated alternative sourcing, dual sourcing and collaborated across the organization, where appropriate, without materially presenting new risks or increasing current risks around quality and reliability. Our capital resources have been and the company expects they will continue to be sufficient to address these challenges.

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Net Sales Summary
(dollars in thousands)
 
 Three Months Ended
 Mar 30, 2024Apr 1, 2023
 SalesPercentSalesPercent
Business Segments:
Commercial Foodservice$590,344 63.7 %$613,935 61.0 %
Food Processing162,683 17.5 173,503 17.2 
Residential Kitchen173,899 18.8 219,958 21.8 
    Total$926,926 100.0 %$1,007,396 100.0 %

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Results of Operations
 The following table sets forth certain consolidated statements of earnings items as a percentage of net sales for the periods:
 
 Three Months Ended
 Mar 30, 2024Apr 1, 2023
Net sales100.0 %100.0 %
Cost of sales62.6 62.4 
Gross profit37.4 37.6 
Selling, general and administrative expenses22.2 21.4 
Restructuring0.4 0.2 
Income from operations14.8 16.0 
Interest expense and deferred financing amortization, net2.8 2.9 
Net periodic pension benefit (other than service costs)(0.4)(0.2)
Other (income) expense, net0.1 0.2 
Earnings before income taxes12.3 13.1 
Provision for income taxes3.0 3.3 
Net earnings9.3 %9.8 %

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Three Months Ended March 30, 2024 as compared to Three Months Ended April 1, 2023
NET SALES. Net sales for the three months period ended March 30, 2024 decreased by $80.5 million or 8.0% to $926.9 million as compared to $1,007.4 million in the three months period ended April 1, 2023. Net sales increased by $3.8 million, or 0.4%, from the fiscal 2023 acquisitions of Flavor Burst, Blue Sparq, Filtration Automation, Terry, and Trade-Wind. Excluding acquisitions, net sales decreased $84.3 million, or 8.4%, from the prior year period. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for the three months period ended March 30, 2024 increased net sales by approximately $3.6 million or 0.4%. Excluding the impact of foreign exchange and acquisitions, sales decreased 8.7% for the three months period ended March 30, 2024 as compared to the prior year period, including a net sales decrease of 4.2% at the Commercial Foodservice Equipment Group, a net sales decrease of 7.7% at the Food Processing Equipment Group and a net sales decrease of 22.3% at the Residential Kitchen Equipment Group.
•Net sales of the Commercial Foodservice Equipment Group decreased by $23.6 million, or 3.8%, to $590.3 million in the three months period ended March 30, 2024, as compared to $613.9 million in the prior year period. Net sales from the acquisitions of Flavor Burst, Blue Sparq, and Terry, which were acquired on January 24, 2023, April 3, 2023 and July 5, 2023, respectively, accounted for an increase of $1.0 million during the three months period ended March 30, 2024. Excluding the impact of acquisitions, net sales of the Commercial Foodservice Equipment Group decreased $24.6 million, or 4.0%, as compared to the prior year period. Excluding the impact of foreign exchange and acquisitions, net sales decreased $25.6 million, or 4.2%, at the Commercial Foodservice Equipment Group. Domestically, the company realized a sales decrease of $26.1 million, or 5.8%, to $426.5 million, as compared to $452.6 million in the prior year period. This includes an increase of $0.9 million from the recent acquisitions. Excluding the acquisitions, the net decrease in domestic sales was $27.0 million, or 6.0%. The decrease in domestic sales is related to slow market conditions. International sales increased $2.5 million, or 1.5%, to $163.8 million, as compared to $161.3 million in the prior year period. This includes an increase of $0.1 million from the recent acquisitions and an increase of $1.0 million related to the favorable impact of exchange rates. Excluding the impact of foreign exchange and acquisitions, the net sales increase in international sales was $1.4 million, or 0.9%. The increase in international sales is related to improvements in market conditions, primarily in the European and Latin American markets.
•Net sales of the Food Processing Equipment Group decreased by $10.8 million, or 6.2%, to $162.7 million in the three months period ended March 30, 2024, as compared to $173.5 million in the prior year period. Excluding the impact of the acquisition of Filtration Automation, acquired June 13, 2023, net sales of the Food Processing Equipment Group decreased $12.6 million, or 7.3%, as compared to the prior year period. Excluding the impact of foreign exchange and the acquisition, net sales decreased $13.3 million, or 7.7%, at the Food Processing Equipment Group. Domestically, the company realized a sales decrease of $13.9 million, or 11.9%, to $103.0 million, as compared to $116.9 million in the prior year period. This includes an increase of $1.7 million from the recent acquisitions. Excluding the acquisition, the net decrease in domestic sales was $15.6 million, or 13.3%. International sales increased $3.1 million, or 5.5%, to $59.7 million, as compared to $56.6 million in the prior year period. This includes an increase of $0.1 million from the recent acquisitions and an increase of $0.7 million related to the favorable impact of exchange rates. Excluding the impact of foreign exchange and the acquisition, the net sales increase in international sales was $2.3 million, or 4.1%. The increase in international sales is primarily related to bakery product growth in the European markets.
•Net sales of the Residential Kitchen Equipment Group decreased by $46.1 million, or 21.0%, to $173.9 million in the three months period ended March 30, 2024, as compared to $220.0 million in the prior year period. Excluding the impact of the acquisition of Trade-Wind, acquired August 1, 2023, net sales decreased $47.1 million, or 21.4%. Excluding the impact of foreign exchange and the acquisition, net sales decreased $49.0 million, or 22.3% at the Residential Kitchen Equipment Group. Domestically, the company realized a sales decrease of $37.0 million, or 25.7%, to $107.0 million, as compared to $144.0 million in the prior year period. Excluding the acquisition, the net decrease in domestic sales was $38.0 million, or 26.4%. International sales decreased $9.1 million, or 12.0%, to $66.9 million, as compared to $76.0 million in the prior year period. This includes an increase of $1.9 million related to the favorable impact of exchange rates. Excluding the impact of foreign exchange, the net sales decrease in international sales was $11.0 million, or 14.5%. The decrease in domestic and international sales was primarily driven by challenging market conditions.
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GROSS PROFIT. Gross profit decreased to $346.4 million in the three months period ended March 30, 2024, as compared to $378.7 million in the prior year period, primarily reflecting lower sales volumes. The impact of foreign exchange rates increased gross profit by approximately $1.2 million. The gross margin rate was 37.4% in the three months period ended March 30, 2024, as compared to 37.6% in the prior year period.

•Gross profit at the Commercial Foodservice Equipment Group decreased by $11.1 million, or 4.6%, to $231.0 million in the three months period ended March 30, 2024, as compared to $242.1 million in the prior year period. Gross profit from the acquisitions of Flavor Burst, Blue Sparq, and Terry increased gross profit by $0.5 million. Excluding acquisitions, gross profit decreased by $11.6 million. The impact of foreign exchange rates increased gross profit by approximately $0.3 million. The gross margin rate decreased to 39.1%, as compared to 39.4% in the prior year period related to lower sales volumes. The gross margin rate, excluding acquisitions and the impact of foreign exchange, was 39.1%.

•Gross profit at the Food Processing Equipment Group decreased by $2.2 million, or 3.4%, to $63.4 million in the three months period ended March 30, 2024, as compared to $65.6 million in the prior year period. The impact of foreign exchange rates increased gross profit by approximately $0.3 million. Excluding the acquisition, gross profit decreased by $3.0 million. The gross profit margin rate increased to 39.0%, as compared to 37.8% in the prior year period. The gross margin rate, excluding acquisitions and the impact of foreign exchange, was 38.9%.

•Gross profit at the Residential Kitchen Equipment Group decreased by $19.2 million, or 27.3%, to $51.2 million in the three months period ended March 30, 2024, as compared to $70.4 million in the prior year period. The impact of foreign exchange rates increased gross profit by approximately $0.6 million. Excluding the acquisition, gross profit decreased by $19.8 million related to lower sales volume. The gross margin rate decreased to 29.4%, as compared to 32.0% in the prior year period. The gross margin rate excluding the acquisition and the impact of foreign exchange was 29.2%.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Combined selling, general and administrative expenses decreased to $206.0 million in the three months period ended March 30, 2024, as compared to $215.4 million in the three months period ended April 1, 2023. As a percentage of net sales, selling, general, and administrative expenses were 22.2% in the three months period ended March 30, 2024 as compared to 21.4% in the three months period ended April 1, 2023.

Selling, general and administrative expenses reflect increased costs of $2.5 million associated with acquisitions, including $0.3 million of intangible amortization expense. Selling, general and administrative expenses decreased primarily due to lower compensation costs, selling and marketing expenses and intangible amortization expense. Foreign exchange rates had an unfavorable impact of $0.9 million.

RESTRUCTURING EXPENSES. Restructuring expenses increased $0.9 million to $3.2 million for the three months period ended March 30, 2024, as compared to $2.3 million for the three months period ended April 1, 2023. Restructuring expenses in the three months period ended March 30, 2024 related primarily to headcount reductions and facility consolidations within all three segments. Restructuring expenses in the three months period ended April 1, 2023 related primarily to headcount reductions and facility consolidations within the Residential Kitchen Equipment Group.

NON-OPERATING EXPENSES. Interest and deferred financing amortization costs were $26.3 million in the three months period ended March 30, 2024, as compared to $29.5 million in the prior year period primarily reflecting the decrease in debt levels on our current debt structure. Net periodic pension benefit (other than service costs) increased $1.4 million to $3.7 million in the three months period ended March 30, 2024, as compared to $2.3 million in the prior year period related to the slight decrease in discount rate used to calculate the interest cost and increase in expected return on assets as a result of the higher assets value. Other income was $0.3 million in the three months period ended March 30, 2024, as compared to other expense $1.9 million in the prior year period and consists mainly of foreign exchange gains and losses.

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 $32.8 million 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.




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Financial Condition and Liquidity

 Total cash and cash equivalents increased by $184.5 million to $341.0 million at March 30, 2024 from $156.5 million at April 1, 2023. Total debt amounted to $2.4 billion at March 30, 2024 and December 30, 2023.
 
OPERATING ACTIVITIES. Net cash provided by operating activities after changes in assets and liabilities amounted to $140.9 million as compared to $92.0 million in the prior year.
During the three months period ended March 30, 2024, working capital changes meaningfully impacted operating cash flows primarily driven by increased inventory levels of $13.0 million, a decrease in accounts receivable of $36.3 million due to lower sales volumes and a decrease of $19.9 million in accrued expenses and other liabilities including impacts from the timing of payments made for taxes, various customer programs and incentive programs.
INVESTING ACTIVITIES. During the three months period ended March 30, 2024, net cash used for investing activities amounted to $16.1 million. Cash used to fund an acquisition amounted to $2.3 million. Additionally, $13.7 million was expended, primarily for upgrades of production equipment and manufacturing facilities.
FINANCING ACTIVITIES. Net cash flows used for financing activities amounted to $28.6 million during the three months period ended March 30, 2024. The company’s borrowing activities during 2024 included $10.9 million of net repayments under its Credit Facility. Additionally, during 2024, the company used $17.0 million to repurchase 109,859 shares of Middleby common stock that were surrendered to the company for withholding taxes related to restricted stock vestings.
At March 30, 2024, the company was in compliance with all covenants pursuant to its borrowing agreements. The company believes that its current capital resources, including cash and cash equivalents, cash expected to be generated from operations, funds available from its current lenders and access to the credit and capital markets will be sufficient to finance its operations, debt service obligations, capital expenditures, product development and expenditures for the foreseeable future.
Recently Issued Accounting Standards

See Part I, Item 1, Notes to Condensed Consolidated Financial Statements, Note 4 - Recently Issued Accounting Standards, of this Quarterly Report on Form 10-Q.
Critical Accounting Policies and Estimates
Management's discussion and analysis of financial condition and results of operations are based upon the company's consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the company to make significant estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. On an ongoing basis, the company evaluates its estimates and judgments based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions and any such differences could be material to the company's consolidated financial statements. There have been no changes in the company's critical accounting policies, which include revenue recognition, inventories, goodwill and indefinite-life intangibles, convertible debt, pensions benefits, and income taxes, as discussed in the company's Annual Report on Form 10-K for the year ended December 30, 2023 (the “2023 Annual Report on Form 10-K”).


27

Item 3.   Quantitative and Qualitative Disclosures About Market Risk 
Interest Rate Risk 
The company is exposed to market risk related to changes in interest rates. The following table summarizes the maturity of the company’s debt obligations:
Twelve Month Period coinciding with the end of the company's Fiscal First Quarter

Variable Rate
Debt
 
2025$44,542 
2026786,112 
20271,578,282 
2028705 
2029 and thereafter5,009 
 $2,414,650 
The company is exposed to interest rate risk on its floating-rate debt. 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 potential net loss on fair value for such instruments from a hypothetical 10% adverse change in quoted interest rates would not have a material impact on the company's financial position, results of operations and cash flows.
The company has Convertible Notes that were issued in August 2020, which carry a fixed annual interest rate of 1.00%. As such, the company does not have economic interest rate exposure on the Convertible Notes. The fair value of the Convertible Notes is subject to interest rate risk, market risk and other factors due to its conversion feature. The fair value of the Convertible Notes is also affected by the price and volatility of the company’s common stock and will generally increase or decrease as the market price of our common stock changes. The interest and market value changes affect the fair value of the Convertible Notes but do not impact the company’s financial position, cash flows or results of operations due to the fixed nature of the debt obligation. Additionally, the company carries the Convertible Notes at face value, less any unamortized discount on the balance sheet and presents the fair value for disclosure purposes only.
Foreign Exchange Derivative Financial Instruments
The company uses derivative financial instruments, principally foreign currency forward purchase and sale contracts with terms of less than one year, 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 potential net loss on fair value for such instruments from a hypothetical 10% adverse change in quoted foreign exchange rates would not have a material impact on the company's financial position, results of operations and cash flows. 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.
28

Item 4. Controls and Procedures
The company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the company's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As of March 30, 2024, the company carried out an evaluation, under the supervision and with the participation of the company's management, including the company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the company's disclosure controls and procedures. Based on the foregoing, the company's Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of this period. 
During the quarter ended March 30, 2024, there has been no change in the company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting.
29

PART II. OTHER INFORMATION
The company was not required to report the information pursuant to Items 1 through 6 of Part II of Form 10-Q for the three months ended March 30, 2024, except as follows:
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

c) Issuer Purchases of Equity Securities 
 Total
Number of
Shares
Purchased		Average
Price Paid
per Share		Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plan or
Program
Maximum
Number of
Shares that May
Yet be
Purchased
Under the Plan
or Program (1)
December 31, 2023 to January 27, 2024— $— — 1,883,636 
January 28, 2024 to February 24, 2024— — — 1,883,636 
February 25, 2024 to March 30, 2024— — — 1,883,636 
Quarter ended March 30, 2024— $— — 1,883,636 
(1) On November 7, 2017, the company's Board of Directors resolved to terminate the company's existing share repurchase program, effective as of such date, which was originally adopted in 1998, and approved a new stock repurchase program. This program authorizes the company to repurchase in the aggregate up to 2,500,000 shares of its outstanding common stock. In 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. As of March 30, 2024, the total number of shares authorized for repurchase under the program is 5,000,000. 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.  
    In the consolidated financial statements, 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. These withheld shares are not considered common stock repurchases under the authorized common stock repurchase plan and accordingly are not included in the common stock repurchase totals in the preceding table.

  
30

Item 6. Exhibits
Exhibits:
Exhibit 31.1 –  
Exhibit 31.2 –
 
Exhibit 32.1 –
Exhibit 32.2 –
Exhibit 101 –Financial statements on Form 10-Q for the quarter ended March 30, 2024, filed on May 9, 2024, formatted in Inline Extensive Business Reporting Language (iXBRL); (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of earnings, (iii) condensed statements of cash flows, (iv) notes to the condensed consolidated financial statements.
Exhibit 104 –Cover Page Interactive Data File (formatted as Inline Extensive Business Reporting Language (iXBRL) and contained in Exhibit 101).

31

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 THE MIDDLEBY CORPORATION
 (Registrant)
Date:May 9, 2024By:/s/ Bryan E. Mittelman
  Bryan E. Mittelman
  Chief Financial Officer
32

EXHIBIT 31.1
CERTIFICATIONS
I, Timothy J. FitzGerald, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of The Middleby Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
Date: May 9, 2024
/s/ Timothy J. FitzGerald
Timothy J. FitzGerald
Chief Executive Officer of The Middleby Corporation



EXHIBIT 31.2
CERTIFICATIONS
I, Bryan E. Mittelman, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of The Middleby Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
Date: May 9, 2024
/s/ Bryan E. Mittelman
Bryan E. Mittelman
Chief Financial Officer of The Middleby Corporation



EXHIBIT 32.1
CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER OF
THE MIDDLEBY CORPORATION
PURSUANT TO RULE 13A-14(b) UNDER THE EXCHANGE ACT AND
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)
This certification is being furnished pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
I, Timothy J. FitzGerald, Chief Executive Officer (principal executive officer) of The Middleby Corporation (the “Registrant”), certify, to the best of my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended March 30, 2024 of the Registrant (the “Report”), that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
(2)The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Registrant.
Date: May 9, 2024
/s/ Timothy J. FitzGerald
Timothy J. FitzGerald




EXHIBIT 32.2
CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER OF
THE MIDDLEBY CORPORATION
PURSUANT TO RULE 13A-14(b) UNDER THE EXCHANGE ACT AND
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)
This certification is being furnished pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
I, Bryan E. Mittelman, Chief Financial Officer (principal financial officer) of The Middleby Corporation (the “Registrant”), certify, to the best of my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended March 30, 2024 of the Registrant (the “Report”), that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
(2)The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Registrant.
Date: May 9, 2024
/s/ Bryan E. Mittelman
Bryan E. Mittelman


v3.24.1.u1
Document and Entity Information - shares
 3 Months Ended
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  
v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 30, 2024
Dec. 30, 2023
Current assets:    
Cash and cash equivalents $ 341,018 $ 247,496
Accounts receivable, net of reserve for doubtful accounts of $23,696 and $23,464 605,180 644,576
Inventories, net 943,679 935,867
Prepaid expenses and other 116,302 112,690
Prepaid Taxes 15,744 25,230
Total current assets 2,021,923 1,965,859
Property, plant and equipment, net of accumulated depreciation of $349,673 and $339,528 508,140 510,898
Goodwill 2,473,323 2,486,310
Other intangibles 1,669,472 1,693,076
Long-term deferred tax assets 8,033 7,945
Assets for Plan Benefits, Defined Benefit Plan 42,817 38,535
Other assets 206,697 204,069
Total assets 6,930,405 6,906,692
Current liabilities:    
Current maturities of long-term debt 44,543 44,822
Accounts payable 233,432 227,080
Accrued expenses 562,908 579,192
Total current liabilities 840,883 851,094
Long-term debt 2,370,107 2,380,373
Deferred Income Tax Liabilities, Net 207,806 216,143
Liability, Defined Benefit Pension Plan, Noncurrent 11,991 12,128
Other non-current liabilities 188,379 197,065
Stockholders' equity:    
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued 0 0
Common stock, $0.01 par value; 64,210,323 and 63,942,340 shares issued in 2024 and 2023, respectively 148 148
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital 493,038 479,216
Treasury stock, at cost; 10,448,781 and 10,338,922 shares in 2024 and 2023, respectively (923,026) (906,031)
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings 3,986,322 3,899,754
Accumulated other comprehensive loss (245,243) (223,198)
Total stockholders' equity 3,311,239 3,249,889
Total liabilities and stockholders' equity $ 6,930,405 $ 6,906,692
v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 30, 2024
Dec. 30, 2023
Accounts receivable, reserve for doubtful accounts $ 23,696 $ 23,464
Property, plant and equipment, accumulated depreciation $ 349,673 $ 339,528
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 2,000,000 2,000,000
Preferred stock, shares issued 0 0
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common stock, shares issued 64,210,323 63,942,340
Treasury stock, shares 10,448,781 10,338,922
Long-term deferred tax assets $ 8,033 $ 7,945
Finite-Lived Intangible Assets, Accumulated Amortization $ 589,530 $ 574,079
v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Revenue from Contract with Customer, Excluding Assessed Tax $ 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
Income from operations [1],[2] 137,133 161,022
Net interest expense and deferred financing amortization, net 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.
v3.24.1.u1
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)
v3.24.1.u1
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)
v3.24.1.u1
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
v3.24.1.u1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies 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 value520 
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.
v3.24.1.u1
Acquisitions and Purchase Accounting
 3 Months Ended
Mar. 30, 2024
Business Combinations [Abstract]  
Business Combination Disclosure 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 SheetPreliminary Measurement
Period
Adjustments		Adjusted Opening Balance Sheet
Cash$3,102 $— $3,102 
Current assets9,964 98 10,062 
Property, plant and equipment21,954 (214)21,740 
Goodwill38,422 2,990 41,412 
Other intangibles34,337 (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 consideration14,743 216 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.
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Litigation Matters
 3 Months Ended
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.
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Recently Issued Accounting Standards
 3 Months Ended
Mar. 30, 2024
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block] Recently Issued Accounting Standards
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Revenue Recognition Revenue Recognition
 3 Months Ended
Mar. 30, 2024
Revenue Recognition [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue Recognition
Disaggregation of Revenue

The company disaggregates its net sales by reportable operating segment and geographical location as the company believes it best depicts how the nature, timing and uncertainty of its net sales and cash flows are affected by economic factors. In general, the Commercial Foodservice Equipment and Residential Foodservice Equipment Groups recognize revenue at the point in time control transfers to their customers based on contractual shipping terms. Revenue from equipment sold under the company's long-term contracts within the Food Processing Equipment group is recognized over time as the equipment is manufactured and assembled. The following table summarizes the company's net sales by reportable operating segment and geographical location (in thousands):
 Commercial
 Foodservice		Food ProcessingResidential Kitchen Total
Three Months Ended March 30, 2024   
United States and Canada$426,528 $103,030 $107,041 $636,599 
Asia51,387 6,368 2,596 60,351 
Europe and Middle East90,465 41,825 62,157 194,447 
Latin America21,964 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 
Asia56,526 8,587 3,189 68,302 
Europe and Middle East86,965 34,059 70,386 191,410 
Latin America17,789 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, 2024Dec 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 $52.9 million during the three months period ended March 30, 2024. Substantially all of the company's outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the three months period ended March 30, 2024.
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Other Comprehensive Income
 3 Months Ended
Mar. 30, 2024
Disclosure Other Comprehensive Income Additional Information [Abstract]  
Other Comprehensive Income Other Comprehensive Income
Changes in accumulated other comprehensive income(1) were as follows (in thousands):
 Currency Translation AdjustmentPension Benefit CostsUnrealized Gain/(Loss) Interest Rate SwapTotal
Balance as of December 30, 2023$(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 reclassification26,959 (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, 2024Apr 1, 2023
Net earnings$86,568 $99,089 
Currency translation adjustment(26,486)26,959 
Pension liability adjustment, net of tax1,051 (2,809)
Unrealized gain (loss) on interest rate swaps, net of tax3,390 (8,321)
Comprehensive income$64,523 $114,918 
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Inventories
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Inventories 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, 2024Dec 30, 2023
Raw materials and parts$498,418 $495,488 
Work-in-process80,496 80,102 
Finished goods364,765 360,277 
 $943,679 $935,867 
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Goodwill
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Goodwill 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 KitchenTotal
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.
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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, 2024December 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 relationships6.9$842,699 $(542,995)7.0$845,326 $(529,533)
Developed technology8.198,325 (46,535)8.398,593 (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 QuarterAmortization Expense
 
2025$60,802 
202656,607 
202752,086 
202844,031 
202937,581 
Thereafter100,387 
$351,494 
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Accrued Expenses
 3 Months Ended
Mar. 30, 2024
Disclosure Accrued Expenses [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consist of the following (in thousands):
 Mar 30, 2024Dec 30, 2023
Accrued payroll and related expenses$118,573 $121,514 
Contract liabilities110,673 118,681 
Accrued warranty89,340 89,039 
Accrued customer rebates33,962 59,267 
Accrued short-term leases26,078 26,417 
Accrued contingent consideration25,558 17,791 
Accrued professional fees23,254 18,461 
Accrued sales and other tax21,078 24,568 
Accrued agent commission14,476 16,956 
Accrued product liability and workers compensation11,455 11,169 
Other accrued expenses88,461 75,329 
 $562,908 $579,192 
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Warranty Costs
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Warranty Costs 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 expense22,837 
Warranty claims(22,536)
Balance as of March 30, 2024$89,340 
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Financing Arrangements
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Financing Arrangements 9.7 million
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Financial Instruments
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Financial Instruments 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, 2024Dec 30, 2023
Fair valuePrepaid expense and other$1,630 $2,897 
Fair valueOther 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, 2024Apr 1, 2023
Gain/(loss) recognized in accumulated other comprehensive incomeOther 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.
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Segment Information
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Segment Information Segment Information
The company operates in three reportable operating segments defined by management reporting structure and operating activities.
 
The Commercial Foodservice Equipment Group 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, 2024Apr 1, 2023
 SalesPercentSalesPercent
Business Segments:
Commercial Foodservice$590,344 63.7 %$613,935 61.0 %
Food Processing162,683 17.5 173,503 17.2 
Residential Kitchen173,899 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 ProcessingResidential 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 expenditures6,084 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 expenditures16,906 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, 2024Apr 1, 2023
United States and Canada$506,334 $476,073 
Asia39,136 36,597 
Europe and Middle East207,847 149,031 
Latin America12,370 13,688 
Total international$259,353 $199,316 
 $765,687 $675,389 
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Employee Retirement Plans
 3 Months Ended
Mar. 30, 2024
Employee Retirement Plans [Abstract]  
Employee Retirement Plans 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, 2024Apr 1, 2023
Net Periodic Pension Benefit:
Interest cost$10,780 $11,138 
Expected return on assets(15,297)(14,219)
Amortization of net loss13 7 
Amortization of prior service cost659 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.
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Share Repurchases
 3 Months Ended
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.
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Summary of Significant Accounting Policies (Policies)
 3 Months Ended
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.
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Revenue Recognition Revenue Recognition (Policies)
 3 Months Ended
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.
v3.24.1.u1
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 value520 
Ending balance$52,039 
v3.24.1.u1
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 ProcessingResidential Kitchen Total
Three Months Ended March 30, 2024   
United States and Canada$426,528 $103,030 $107,041 $636,599 
Asia51,387 6,368 2,596 60,351 
Europe and Middle East90,465 41,825 62,157 194,447 
Latin America21,964 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 
Asia56,526 8,587 3,189 68,302 
Europe and Middle East86,965 34,059 70,386 191,410 
Latin America17,789 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, 2024Dec 30, 2023
Contract assets$49,858 $47,072 
Contract liabilities$110,673 $118,681 
Non-current contract liabilities$15,314 $15,721 
v3.24.1.u1
Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 30, 2024
Disclosure Other Comprehensive Income Additional Information [Abstract]  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Changes in accumulated other comprehensive income(1) were as follows (in thousands):
 Currency Translation AdjustmentPension Benefit CostsUnrealized Gain/(Loss) Interest Rate SwapTotal
Balance as of December 30, 2023$(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 reclassification26,959 (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, 2024Apr 1, 2023
Net earnings$86,568 $99,089 
Currency translation adjustment(26,486)26,959 
Pension liability adjustment, net of tax1,051 (2,809)
Unrealized gain (loss) on interest rate swaps, net of tax3,390 (8,321)
Comprehensive income$64,523 $114,918 
v3.24.1.u1
Inventories (Tables)
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Schedule of Inventory, Current Inventories at March 30, 2024 and December 30, 2023 are as follows (in thousands): 
 Mar 30, 2024Dec 30, 2023
Raw materials and parts$498,418 $495,488 
Work-in-process80,496 80,102 
Finished goods364,765 360,277 
 $943,679 $935,867 
v3.24.1.u1
Goodwill (Tables)
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
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 KitchenTotal
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.
v3.24.1.u1
Intangibles (Tables)
 3 Months Ended
Mar. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]
Intangible assets consist of the following (in thousands):
 
 March 30, 2024December 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 relationships6.9$842,699 $(542,995)7.0$845,326 $(529,533)
Developed technology8.198,325 (46,535)8.398,593 (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 QuarterAmortization Expense
 
2025$60,802 
202656,607 
202752,086 
202844,031 
202937,581 
Thereafter100,387 
$351,494 
v3.24.1.u1
Accrued Expenses (Tables)
 3 Months Ended
Mar. 30, 2024
Disclosure Accrued Expenses [Abstract]  
Schedule of Accrued Liabilities
Accrued expenses consist of the following (in thousands):
 Mar 30, 2024Dec 30, 2023
Accrued payroll and related expenses$118,573 $121,514 
Contract liabilities110,673 118,681 
Accrued warranty89,340 89,039 
Accrued customer rebates33,962 59,267 
Accrued short-term leases26,078 26,417 
Accrued contingent consideration25,558 17,791 
Accrued professional fees23,254 18,461 
Accrued sales and other tax21,078 24,568 
Accrued agent commission14,476 16,956 
Accrued product liability and workers compensation11,455 11,169 
Other accrued expenses88,461 75,329 
 $562,908 $579,192 
v3.24.1.u1
Warranty Costs (Tables)
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
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 expense22,837 
Warranty claims(22,536)
Balance as of March 30, 2024$89,340 
v3.24.1.u1
Financing Arrangements (Tables)
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Schedule of Long-term Debt Instruments
 Mar 30, 2024Dec 30, 2023
 (in thousands)
Term loan facility940,008 945,913 
Delayed draw term loan facility721,875 726,563 
Convertible senior notes742,399 741,501 
Foreign loans9,735 10,531 
Other debt arrangement633 687 
Total debt2,414,650 2,425,195 
Less:  Current maturities of long-term debt44,543 44,822 
Long-term debt$2,370,107 $2,380,373 
v3.24.1.u1
Financial Instruments (Tables)
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the company’s fair value of interest rate swaps (in thousands):
Condensed Consolidated
Balance Sheet Presentation		Mar 30, 2024Dec 30, 2023
Fair valuePrepaid expense and other$1,630 $2,897 
Fair valueOther assets$44,430 $39,882 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The impact on earnings from interest rate swaps was as follows (in thousands):
  Three Months Ended
 Presentation of Gain/(loss)Mar 30, 2024Apr 1, 2023
Gain/(loss) recognized in accumulated other comprehensive incomeOther comprehensive income$10,847 $(4,222)
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)Interest expense$7,566 $7,009 
v3.24.1.u1
Segment Information (Tables)
 3 Months Ended
Mar. 30, 2024
Notes To Financial Statements [Abstract]  
Net Sales Summary By Segment
Net Sales Summary
(dollars in thousands)
 Three Months Ended
 Mar 30, 2024Apr 1, 2023
 SalesPercentSalesPercent
Business Segments:
Commercial Foodservice$590,344 63.7 %$613,935 61.0 %
Food Processing162,683 17.5 173,503 17.2 
Residential Kitchen173,899 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 ProcessingResidential 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 expenditures6,084 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 expenditures16,906 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.
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, 2024Apr 1, 2023
United States and Canada$506,334 $476,073 
Asia39,136 36,597 
Europe and Middle East207,847 149,031 
Latin America12,370 13,688 
Total international$259,353 $199,316 
 $765,687 $675,389 
v3.24.1.u1
Employee Retirement Plans (Tables)
 3 Months Ended
Mar. 30, 2024
Employee Retirement Plans [Abstract]  
Schedule of Costs of Retirement Plans [Table Text Block]
The following table summarizes the company's net periodic pension benefit related to the AGA Group pension plans (in thousands):
Three Months Ended
Mar 30, 2024Apr 1, 2023
Net Periodic Pension Benefit:
Interest cost$10,780 $11,138 
Expected return on assets(15,297)(14,219)
Amortization of net loss13 7 
Amortization of prior service cost659 631 
 $(3,845)$(2,443)
v3.24.1.u1
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
v3.24.1.u1
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  
v3.24.1.u1
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  
v3.24.1.u1
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  
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
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  
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
Intangibles (Details) - USD ($)
$ in Thousands
 3 Months Ended
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
v3.24.1.u1
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
v3.24.1.u1
Rollforward of Warranty Reserve (Details)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
USD ($)
Disclosure Rollforward Of Warranty Reserve [Abstract]  
Beginning balance $ 89,039
Warranty expense 22,837
Warranty claims (22,536)
Ending balance $ 89,340
v3.24.1.u1
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
v3.24.1.u1
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%  
v3.24.1.u1
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
v3.24.1.u1
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)
v3.24.1.u1
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
v3.24.1.u1
Convertible Debt Additional Information (Details)
$ in Millions
Mar. 30, 2024
USD ($)
Convertible Debt  
Debt Disclosure [Line Items]  
Notes Payable, Fair Value Disclosure $ 977.9
v3.24.1.u1
Capped Call Information (Details) - USD ($)
 3 Months Ended
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    
v3.24.1.u1
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
v3.24.1.u1
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
v3.24.1.u1
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)
v3.24.1.u1
Net Sales Summary (Details) - USD ($)
$ in Thousands
 3 Months Ended
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%
v3.24.1.u1
Summary of Results of Operations for Business Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Dec. 30, 2023
Segment Reporting Information [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 926,926 $ 1,007,396  
Income from operations [1],[2] 137,133 161,022  
Depreciation [3] 13,273 11,977  
Amortization of Intangible Assets and Debt Issuance Costs [4] 19,137 22,970  
Capital Expenditures Net 13,743 25,485  
Total assets 6,930,405 6,956,137 $ 6,906,692
Commercial Foodservice Equipment Group      
Segment Reporting Information [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 590,344 613,935  
Income from operations [1],[2] 131,658 136,562  
Depreciation [3] 7,021 6,166  
Amortization of Intangible Assets and Debt Issuance Costs 13,594 14,808  
Capital Expenditures Net 6,084 16,906  
Total assets 3,722,126 3,827,805  
Food Processing Group      
Segment Reporting Information [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 162,683 173,503  
Income from operations [1],[2] 32,352 34,687  
Depreciation [3] 2,031 2,097  
Amortization of Intangible Assets and Debt Issuance Costs 1,954 4,137  
Capital Expenditures Net 1,817 2,203  
Total assets 992,876 1,007,569  
Residential Kitchen      
Segment Reporting Information [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 173,899 219,958  
Income from operations [1],[2] 4,537 21,186  
Depreciation [3] 3,805 3,447  
Amortization of Intangible Assets and Debt Issuance Costs 1,802 2,238  
Capital Expenditures Net 5,259 6,214  
Total assets 1,939,293 1,999,632  
Corporate and Other      
Segment Reporting Information [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 0 0  
Income from operations [1],[2],[5] (31,414) (31,413)  
Depreciation [3],[5] 416 267  
Amortization of Intangible Assets and Debt Issuance Costs [4],[5] 1,787 1,787  
Capital Expenditures Net [5] 583 162  
Total assets [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] .
v3.24.1.u1
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
v3.24.1.u1
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)
v3.24.1.u1
Share Repurchases (Details) - USD ($)
$ in Thousands
 3 Months Ended
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      
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